MIRA INFORM REPORT
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Report No. : |
313329 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA PRECISION TECHNOLOGIES LIMITED (w.e.f. 04.01.2008) |
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Formerly Known
As : |
BIRLA KENNAMETAL LIMITED |
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Registered Office
: |
B-15/4, MIDC Industrial Area, Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.10.1986 |
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Com. Reg. No.: |
11-041214 |
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Capital Investment
/ Paid-up Capital : |
Rs.105.304 Million |
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|
CIN No.: [Company Identification
No.] |
L29220MH1986PLC041214 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB01779B |
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PAN No.: [Permanent Account No.] |
AAACB2046A |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer, Exporter of Industrial
Engineering Goods, Machine Tools. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during FY
2014 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for
business dealing. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Shyamraj |
|
Designation : |
Account Head |
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Contact No.: |
91-240-2554300 |
|
Date: |
18.03.2015 |
LOCATIONS
|
Registered Office : |
B-15/4, MIDC Industrial Area, Waluj, Aurangabad – 431133, Maharashtra,
India |
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Tel. No.: |
91-240-2554300/2554301/2554945 |
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Fax No.: |
91-240-2554302 |
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E-Mail : |
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Website : |
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Plant Location : |
Tool Holder
Division: B- 15/4, M.I.D.C., Waluj, Aurangabad -431133, Maharashtra, India Tool Division: B-l5/3/l,
M.I.D.C.,Waluj, Aurangabad- 431133, Maharashtra, India 62/63, M.I.D.C., Satpur, Nashik - 422007, Maharashtra, India Foundry Division
: B-l5/3/2, M.I.D.C.,Waluj,
Aurangabad- 431133, Maharashtra, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M.S. Arora |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Shailesh
Sheth |
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Designation : |
Director |
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|
Name : |
Mr. M.S. Adige |
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Designation : |
Director |
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Name : |
Mr.
Augustine Kurias |
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Designation : |
Director |
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Name : |
Smt.
Avanti Birla |
|
Designation : |
Director (Resigned w.e.f 17th October, 2013) |
KEY EXECUTIVES
|
Name : |
Ms. Rupa Khanna |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Gopinath Barhate |
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Designation : |
Finance Officer |
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Name : |
Mr. Shyamraj |
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Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
817507 |
1.55 |
|
|
26297145 |
49.95 |
|
|
27114652 |
51.50 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
27114652 |
51.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1222 |
0.00 |
|
|
56741 |
0.11 |
|
|
57963 |
0.11 |
|
|
|
|
|
|
7978699 |
15.15 |
|
|
|
|
|
|
10485898 |
19.92 |
|
|
6666617 |
12.66 |
|
|
347927 |
0.66 |
|
|
903 |
0.00 |
|
|
333436 |
0.63 |
|
|
13588 |
0.03 |
|
|
25479141 |
48.39 |
|
Total Public shareholding (B) |
25537104 |
48.50 |
|
Total (A)+(B) |
52651756 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
52651756 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Shearson Investment & Trading Company Private Limited |
1,02,69,289 |
19.50 |
566666 |
5.52 |
1.08 |
19.50 |
|
2 |
Nirved Traders Private Limited |
64,68,329 |
12.29 |
0 |
0.00 |
0.00 |
12.29 |
|
3 |
Vedant Consultancy Private Limited |
46,07,663 |
8.75 |
0 |
0.00 |
0.00 |
8.75 |
|
4 |
Birla International Private Limited |
24,00,000 |
4.56 |
0 |
0.00 |
0.00 |
4.56 |
|
5 |
Godavari Corporation Private Limited |
16,38,700 |
3.11 |
0 |
0.00 |
0.00 |
3.11 |
|
6 |
Khopoli Investments Limited |
5,00,000 |
0.95 |
0 |
0.00 |
0.00 |
0.95 |
|
7 |
Godavari Corporation Private Limited |
4,37,500 |
0.83 |
0 |
0.00 |
0.00 |
0.83 |
|
8 |
Yashovardhan Birla |
3,15,542 |
0.60 |
0 |
0.00 |
0.00 |
0.60 |
|
9 |
Birla Bombay Private Limited |
3,14,105 |
0.60 |
0 |
0.00 |
0.00 |
0.60 |
|
10 |
Asian Distributors Private Limited |
98,828 |
0.19 |
0 |
0.00 |
0.00 |
0.19 |
|
11 |
Yash Society |
25,056 |
0.05 |
0 |
0.00 |
0.00 |
0.05 |
|
12 |
Yashovardhan Birla |
21,875 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
13 |
Matri Seva Sadan Charity Trust |
10,617 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
14 |
Birla Industries Group Charity Trust |
5,475 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
15 |
Birla Industries Group Charity Trust |
472 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
16 |
G L Lath |
438 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
17 |
G L Lath |
400 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
18 |
Birla Shloka Edutech Ltd |
231 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
19 |
Girdharilal Lath |
44 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
20 |
Yashovardhan Birla |
44 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
21 |
Avanti Birla |
44 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
2,71,14,652 |
51.50 |
566666 |
2.09 |
1.08 |
51.50 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Endogram Leasing & Trading Company Private Limited |
1307949 |
2.48 |
2.48 |
|
|
2 |
Patton International Limited |
1086680 |
2.06 |
2.06 |
|
|
3 |
VSS Metals Private Limited |
583333 |
1.11 |
1.11 |
|
|
4 |
Sunil Talwar |
881545 |
1.67 |
1.67 |
|
|
5 |
Dhanlaxmi Cotex Limited |
553977 |
1.05 |
1.05 |
|
|
|
Total |
4413484 |
8.38 |
8.38 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Industrial
Engineering Goods, Machine Tools. |
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Product: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking Relations
: |
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Memberships : |
-- |
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Collaborators : |
-- |
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Auditors : |
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|
Name : |
Thakur, Vaidyanath Aiyar and Company Chartered Accountants |
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Address : |
11-B, Vatsa House, (RPI House), Janmabhoomi Marg, Fort, Mumbai – 400001,
Maharashtra, India |
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Tel No.: |
91-22-22842502/22870067 |
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Fax No.: |
91-22-22046386 |
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Email: |
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Enterprises owned or
significantly influenced by Key Management personnel or their relatives: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.2/- each |
Rs.1200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52651756 |
Equity Shares |
Rs.2/- each |
Rs.105.304 Million |
|
|
|
|
|
Note:
3,66,51,756 Equity Shares issued, subscribed and fully paid up share capital were allotted in the last five years pursuant to the scheme of merger and amalgamation without payment being received in cash (3,66,51,756).
The reconciliation of the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
At the beginning of the year |
52651756 |
105.304 |
|
Issued during the year |
-- |
-- |
|
Outstanding at
the end of the year |
52651756 |
105.304 |
The Company has only one class of equity shares having a par value of Rs.2/- Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend if any, in Indian rupees. The dividend proposed if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The details of Shareholders holding more than 5% shares:
|
Name of Shareholder |
Number
of Shares |
% holding |
|
Equity shares of Rs.2/- each fully paid |
|
|
|
Shearson
Investment and Trading Company Private Limited |
10519289 |
19.98 |
|
Nirved Traders Private Limited |
6468329 |
12.29 |
|
Vedant Consultancy Private Limited |
4607663 |
8.75 |
As per of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
105.304 |
105.304 |
64.056 |
|
(b)Share Suspense |
0.000 |
0.000 |
41.248 |
|
(c) Reserves & Surplus |
1205.433 |
1173.986 |
1071.866 |
|
(d) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1310.737 |
1279.290 |
1177.170 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
53.985 |
76.336 |
103.069 |
|
(b) Deferred tax liabilities
(Net) |
11.538 |
25.913 |
30.250 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.258 |
14.637 |
13.545 |
|
Total
Non-current Liabilities (3) |
77.781 |
116.886 |
146.864 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
265.747 |
382.401 |
360.080 |
|
(b) Trade payables |
213.688 |
289.194 |
276.380 |
|
(c) Other current liabilities |
151.719 |
180.652 |
174.073 |
|
(d) Short-term provisions |
86.398 |
100.255 |
150.076 |
|
Total
Current Liabilities (4) |
717.552 |
952.502 |
960.609 |
|
|
|
|
|
|
TOTAL |
2106.070 |
2348.678 |
2284.643 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
460.226 |
542.278 |
522.667 |
|
(ii) Intangible Assets |
0.998 |
1.353 |
2.101 |
|
(iii) Capital work-in-progress |
0.590 |
0.490 |
36.551 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.455 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
67.409 |
67.411 |
60.922 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
529.223 |
611.532 |
622.696 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
295.818 |
392.205 |
399.660 |
|
(c) Trade receivables |
720.038 |
645.949 |
458.085 |
|
(d) Cash and cash equivalents |
73.001 |
91.452 |
172.442 |
|
(e) Short-term loans and
advances |
376.179 |
530.088 |
589.075 |
|
(f) Other current assets |
111.811 |
77.452 |
42.685 |
|
Total
Current Assets |
1576.847 |
1737.146 |
1661.947 |
|
|
|
|
|
|
TOTAL |
2106.070 |
2348.678 |
2284.643 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1550.238 |
1671.423 |
1934.286 |
|
|
Other Income |
73.392 |
60.963 |
87.073 |
|
|
TOTAL
(A) |
1623.630 |
1732.386 |
2021.359 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
545.443 |
663.917 |
737.339 |
|
|
Purchases of Stock-in-Trade |
18.404 |
18.953 |
25.023 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
30.539 |
(49.988) |
(11.689) |
|
|
Employees benefits expense |
301.474 |
315.303 |
303.301 |
|
|
Other expenses |
515.576 |
521.063 |
604.333 |
|
|
TOTAL
(B) |
1411.436 |
1469.248 |
1658.307 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
212.194 |
263.138 |
363.052 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.137 |
84.657 |
78.515 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
133.057 |
178.481 |
284.537 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
86.746 |
86.330 |
87.964 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
46.311 |
92.151 |
196.573 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
17.864 |
(9.969) |
76.042 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
28.447 |
102.120 |
120.531 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
644.779 |
542.659 |
419.887 |
|
|
|
|
|
|
|
Add |
NET
SURPLUS FOR THE YEAR ENDED 31ST MARCH, 2011 |
NA |
0.000 |
2.241 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
644.779 |
542.659 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
218.481 |
225.600 |
223.649 |
|
|
TOTAL
EARNINGS |
218.481 |
225.600 |
223.649 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6.352 |
78.367 |
47.943 |
|
|
Stores & Spares |
3.515 |
2.944 |
6.244 |
|
|
Capital Goods |
0.392 |
8.657 |
38.962 |
|
|
TOTAL
IMPORTS |
10.259 |
89.968 |
93.149 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.54 |
1.94 |
3.76 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2014 1st Quarter |
30.09.2014 2nd Quarter |
31.12.2014 3rd Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
354.700 |
407.100 |
383.000 |
|
Total Expenditure |
328.500 |
378.300 |
346.700 |
|
PBIDT (Excl OI) |
26.200 |
28.800 |
36.300 |
|
Other Income |
9.500 |
9.600 |
5.600 |
|
Operating Profit |
35.700 |
38.400 |
42.000 |
|
Interest |
13.700 |
18.000 |
18.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
22.000 |
20.400 |
23.300 |
|
Depreciation |
21.300 |
13.300 |
15.800 |
|
Profit Before Tax |
0.800 |
7.100 |
7.500 |
|
Tax |
1.200 |
4.300 |
2.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(0.400) |
2.800 |
4.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(0.400) |
2.800 |
4.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.84 |
6.11 |
6.23 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.69 |
15.74 |
18.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.20 |
3.92 |
8.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.07 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.36 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
1.82 |
1.73 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
64.056 |
105.304 |
105.304 |
|
Share Suspense |
41.248 |
0.000 |
0.000 |
|
Reserves & Surplus |
1071.866 |
1173.986 |
1205.433 |
|
Net
worth |
1177.170 |
1279.290 |
1310.737 |
|
|
|
|
|
|
long-term borrowings |
103.069 |
76.336 |
53.985 |
|
Short term borrowings |
360.080 |
382.401 |
265.747 |
|
Total
borrowings |
463.149 |
458.737 |
319.732 |
|
Debt/Equity
ratio |
0.393 |
0.359 |
0.244 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1934.286 |
1671.423 |
1550.238 |
|
|
|
(13.590) |
(7.250) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1934.286 |
1671.423 |
1550.238 |
|
Profit |
120.531 |
102.120 |
28.447 |
|
|
6.23% |
6.11% |
1.84% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Million) |
||
|
Current maturities of long-term debt |
19.001 |
23.167 |
47.888 |
|
|
|
|
|
|
Total |
19.001 |
23.167 |
47.888 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE REVIEW
The Sales and Other Income of the Company for the financial year 2013-14 stood at Rs.1623.630 Million as against last year’s Rs.1732.386 Million. The Profit before tax is reduced to Rs.46.311 Million as against Rs.92.151 Million of last year. Profit after tax stood at Rs.28.447 Million as against Rs.102.120 Million of last year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The Global economic environment continues to deteriorate in the second half of 2013 with concerns over fiscal sustainability in Europe and US Market. Overall global economy grew sluggish last year. Hardening credit constraints and risk aversion have transferred financial sector difficulties to the real economy for developing countries in general, with higher funding costs, sharply weakened capital flows. Global economic conditions still showing some uncertainty as to how markets will evolve over the medium term.
INDIAN ECONOMY
2012-13 was a difficult year for the Indian industry. Unfortunately, 2013-14 (FY 2014) also continued to be poor in the backdrop of sub-5% real GDP growth for the second year in succession which has been the worst economic performance of this country in a long time. The slowdown is partly caused by structural problems (major infrastructural projects facing delays due to the lack of political stability, slowdown of inflow of foreign capital, delay in taking decision on coal and gas issues, mining and the telecom sectors), tighter macroeconomic policies, slow growth in the core OECD (Organization for Economic Co-operation and Development) countries.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Sales Tax Deferred Payment Loan |
52.018 |
54.668 |
|
Short-term
borrowings |
|
|
|
From Bodies Corporates |
11.922 |
73.331 |
|
From Others |
1.000 |
12.600 |
|
Total |
64.940 |
140.599 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10389844 |
06/11/2012 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B63276182 |
|
2 |
10390600 |
12/10/2012 |
2,503,000,000.00 |
STATE BANK OFINDIA |
INDUSTRIAL FINANCE
BRANCH, WORLD TRADE CENTRE, CU |
B63585830 |
|
3 |
10306550 |
16/08/2011 |
195,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20661278 |
|
4 |
10299755 |
19/07/2011 |
260,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B17906058 |
|
5 |
10299760 |
20/09/2011 * |
45,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20906707 |
|
6 |
10131023 |
06/10/2008 |
37,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, T |
A51309300 |
|
7 |
10123461 |
16/09/2008 |
100,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, T |
A45875424 |
|
8 |
10123463 |
11/09/2008 |
200,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A45963253 |
|
9 |
90165234 |
23/08/1997 |
2,500,000.00 |
BANK OF MAHARASHTRA |
AURANGABAD CITY BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
10 |
90162965 |
06/07/1994 |
1,900,000.00 |
BANK OF MAHARASHTRA |
AURANGABAD CITY BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Amount of duty saved under EPCG Scheme against export obligations |
48.114 |
|
Sales Tax Demands in Appeals |
2.736 |
|
Entry Tax Demands in Appeals |
0.000 |
|
Income Tax Demands in Appeals |
9.976 |
|
Excise and Service Tax Demands in Appeals |
4.580 |
|
Claim on account of PF not acknowledged as debts |
0.401 |
|
Bank Guarantees / Letters of Credit |
65.681 |
|
Corporate Guarantee to Banks for a loan taken Group Company |
2503.000 |
|
Claims against Company not acknowledged as debts |
3.061 |
FIXED ASSETS:
Tangible Assets
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture, Fixtures
· Office Equipment’s
· Vehicles
Intangible Assets
· Technical Knowhow Fee
· Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31, DECEMBER, 2014
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Year to date ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
380.126 |
405.759 |
1139.654 |
|
b) Other operating income |
2.894 |
1.329 |
5.125 |
|
Total
income from Operations(net) |
383.020 |
407.088 |
1144.779 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
134.857 |
136.031 |
408.645 |
|
b) Purchases of stock in trade |
4.940 |
7.010 |
13.041 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(2.585) |
29.456 |
24.085 |
|
d) Employees benefit expenses |
79.669 |
80.215 |
233.371 |
|
e) Depreciation and amortization expenses |
15.787 |
13.334 |
50.387 |
|
f) Other expenditure |
129.796 |
125.544 |
374.273 |
|
Total expenses |
362.464 |
391.590 |
1103.802 |
|
3. Profit from operations before other income and
financial costs |
20.556 |
15.498 |
40.977 |
|
4. Other income |
5.625 |
9.616 |
24.736 |
|
5. Profit from ordinary activities before finance costs |
26.181 |
25.114 |
65.713 |
|
6. Finance costs |
18.671 |
18.032 |
50.353 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
7.510 |
7.082 |
15.360 |
|
8. Exceptional item |
0.000 |
0.000 |
0.00 |
|
9. Profit from ordinary activities before tax
Expense: |
7.510 |
7.082 |
15.360 |
|
10.Tax expenses |
|
|
|
|
- Current Tax |
3.600 |
6.300 |
15.100 |
|
- Provision for earlier period |
0.00 |
(0.700) |
0.00 |
|
- Deferred Tax |
(0.844) |
(1.306) |
(6.850) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
4.754 |
2.788 |
7.110 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.00 |
|
13.Net Profit / (Loss) for the period (11 -12) |
4.754 |
2.788 |
7.110 |
|
14.Paid-up
equity share capital (Nominal value Rs.2/- per share) |
105.304 |
105.304 |
105.304 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.09 |
0.05 |
0.14 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
25537104 |
25537104 |
25537104 |
|
- Percentage of shareholding |
48.50 |
48.50 |
48.50 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
565665 |
|
|
|
Number of shares |
2.09 |
|
565665 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
1.08 |
|
2.09 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
1.08 |
|
|
|
|
|
|
b) Non Encumbered |
26547986 |
|
|
|
Number of shares |
97.91 |
|
26547986 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
50.42 |
|
97.91 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
50.42 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
11 |
|
Disposed of during the quarter |
11 |
|
Remaining unreserved at the end of the quarter |
0 |
NOTES:
The above results were reviewed by the Audit Committee and
thereafter were approved and taken on record by the Board of Directors in their
meeting held on 12th February. 2015. The Statutory Auditors have carried out a
Limited Review of the above results pursuant to Clause 41 of the Listing
Agreement and furnished their report thereon.
The Company has identified two reporting segments namely. 1. Tools and
Precision Components 2. Casting and Machining as reporting segments under
AS-17.
The same accounting policies are followed in the interim financial statements
as those followed in the most recent annual financial statements.
The Company has adopted estimated useful life of fixed assets as stipulated by Schedule II to the Companies Act. 2013. applicable for accounting periods commencing 1st April 2014 or reassessed useful life based on internal technical evaluation Accordingly depreciation of Rs. 5.254 Million (net of deferred tax of Rs. 2.524 Million) on account of assets whose useful life is already exhausted as on 1st April 2014. has been adjusted against retained earnings. The depreciation charged to the statement of profit and loss is Rs. 34.600 Million based on Schedule II. Had the Company followed the earlier pattern the depreciation charge would have been higher by Rs. 7.050 Million.
Corresponding previous period/year figures have been
regrouped/recast and reclassified wherever necessary.
|
Description |
Total estimated cost
Rs. In Million |
Deployed upto 31.12.2014 Rs. In Million |
|
Aurangabad Project: |
|
|
|
Building |
12.000 |
10.295 |
|
Plant, Machinery and Electrical |
136.550 |
42.025 |
|
Miscellaneous Fixed Assets |
32.936 |
-- |
|
Contingencies |
18.500 |
-- |
|
Pre Operative Expenses |
8.000 |
-- |
|
Margin Money for working capital requirement for |
5.000 |
-- |
|
Sub-total |
212.986 |
52.320 |
|
Conversion of unsecured loan into equity raised by |
47.014 |
47.014 |
|
To meet expenses of issue |
30.000 |
27.642 |
|
Total |
290.000 |
126.976 |
The above mentioned status of utilization of funds raised by BMTL (formerly Dagger Frost Tools Limited) in its Rights cum Follow on Issue in 2007 has been revised / adjusted, due to the Scheme approved by the Honorable High Court of Bombay for amalgamation of Birla Machining & Toolings Limited and Birla Accucast Limited (Transferor Companies) with Birla Precision Technologies Limited (Transferee Company).
As per approved scheme the pending project for machining of castings will be
undertaken by the merged entity namely Birla Precision Technologies Limited.
In view of delay in implementation of the Aurangabad project, the balance
amount of Rs. 15,95,20.244/-has been utilized for funding the company's Working
Capital requirements and for Inter Corporate Deposits given to group companies
and others.
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
Quarter
Ended (
Unaudited) |
Year to date (
Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1.
Segment Revenue |
|
|
|
|
a. Tools and Precision
Components |
269.805 |
266.696 |
767.47 |
|
b. Casting and Machining |
113.215 |
140.392 |
377.342 |
|
Total |
383.020 |
407.088 |
1144.779 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Tools and Precision
Components |
28.674 |
20.952 |
62.247 |
|
b. Casting and Machining |
(8.118) |
(5.454) |
(21.270) |
|
Total |
20.556 |
15.498 |
40.977 |
|
|
|
|
|
|
Less
: Interest |
18.671 |
18.032 |
50.353 |
|
Add: Un-allocable income. |
5.625 |
9.616 |
24.736 |
|
Profit
before Tax |
7.510 |
7.082 |
15.360 |
|
3.
Capital Employed |
|
|
|
|
a. Tools and Precision
Components |
1024.727 |
1025.059 |
1024.727 |
|
b. Casting and Machining |
319.838 |
324.070 |
319.838 |
|
c. Un-allocable |
(31.972) |
(41.290) |
(31.972) |
|
Total |
1312.593 |
1307.839 |
1312.593 |
NOTE:
Corresponding previous period/year figures
have been regrouped / recast, wherever necessary.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.