MIRA INFORM REPORT
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Report No. : |
320472 |
|
Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALMER LAWRIE AND COMPANY LIMITED |
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Registered
Office : |
Balmer Lawrie House, 21, Netaji Subhas Road, Kolkata –
700001, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.02.1924 |
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Com. Reg. No.: |
21-004835 |
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Capital
Investment / Paid-up Capital : |
Rs.285.006 Million |
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CIN No.: [Company Identification
No.] |
L15492WB1924GOI004835 |
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PAN No.: [Permanent Account No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALB00200E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufactures
industrial packaging, barrels and drums, LPG cylinders, greases and lubricants,
leather chemicals, functional additives and marine freight containers. |
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|
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No. of Employees
: |
1431 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having excellent track record. The company’s balance sheet is totally debt free, financial position
of the company is strong. Fundamentals of the company is healthy. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
10.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and very lowest
credit risk. |
|
Date |
10.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office / Corporate Office : |
Balmer Lawrie House, 21, Netaji Subhas Road, Kolkata – 700
001, West |
|
Tel. No.: |
91-33-22225322 / 5314 / 2222 5218 |
|
Fax No.: |
91-33-2248 3768 / 4558 / 2243 4477 / 4478 / 4479 |
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E-Mail : |
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Website : |
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SBU-Industrial Packaging : |
149, |
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Tel. No.: |
91-22-2413 2421 |
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SBU-Performance
Chemicals : |
32, Sattangadu Village, Thiruvottiyur, Manali Road, Chennai-600088, Tamilnadu, India |
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|
SBU-Greases and
Lubricants : |
P-43, Hide Road
Extension, Kolkata-700088, West Bengal, India |
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Tel. No.: |
91-33-24505306 |
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SBU-Tours and
Travel : |
4th Floor, Core
8, Scope Complex, 7 Lodhi Road, New Delhi - 110 003, India |
|
Tel. No.: |
91-11-46412240/
46412248/ 46412254 |
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City Office : |
5, J N Herdia Marg, Ballard Estate Mumbai – 400001, Maharashtra, India
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OFFICE AND PLANT
LOCATIONS |
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Industrial
Packaging: |
Located at ·
Mumbai ·
·
Silvassa ·
Chennai ·
Kolkata ·
Asaoti ·
·
Chittoor |
|
|
|
|
Greases and Lubricants |
Located at ·
Chennai ·
Kolkata ·
Silvassa ·
Mumbai ·
Kolkata ·
Kolkata ·
Mumbai ·
·
Secund- erabad ·
Vadodara ·
Bengaluru ·
·
Chennai ·
Pune ·
Jaipur ·
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Travel and |
Located at ·
Ahmedabad ·
Bengaluru ·
Vadodara ·
Hubaneswar ·
Chennai ·
·
Kolkata ·
·
Mumbai ·
Thiruvanan- thapuram ·
Pune ·
·
Deharadun ·
Bokaro ·
Port Blair ·
·
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|
Logistics Services |
Located at ·
Kolkata ·
Mumbai ·
·
Bengaluru ·
Chennai ·
·
Ahmedabad ·
·
·
Karur ·
·
Pune ·
Thiruvanan- thapuram ·
Tuticorin ·
Vlsakha- patnam ·
·
Mangalore ·
Bhuban- eswar ·
·
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Performance Chemical: |
Located at ·
Chennai ·
·
·
Ranipet ·
Kolkala ·
Ambur ·
Vaniyambad |
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Tea: |
Kolkata, West Bengal, India |
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Logistics Infrastructure: |
Located at ·
Kolkata ·
Mumbai ·
Chenna ·
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Refinery and
Oilfield Services: |
Kolkata, West Bengal, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Virendra Sinha |
|
Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
13.07.1955 |
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Qualification : |
BA, MBA |
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Experience : |
35 Years |
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Date of Appointment : |
01.12.2006 |
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|
Name : |
Mr. Alok
Chandra |
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Designation : |
Govt. Nominee Director |
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|
Name : |
Mr. Partha S. Das |
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Designation : |
Govt. Nominee Director |
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Name : |
Mr. Niraj Gupta |
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Designation : |
Director (Service Business) |
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Date of Birth/Age : |
17.07.1955 |
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Qualification : |
B.Com (H) ACA |
|
Experience : |
34 Years |
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Date of Appointment : |
03.03.1980 |
|
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|
Name : |
Mr. Anand Dayal, |
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Designation : |
Director (Manufacturing Business) |
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Date of Birth/Age : |
13.12.1954 |
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Qualification : |
BA Dip in Marketing Management |
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Experience : |
37 Years |
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Date of Appointment : |
01.01.2008 |
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|
Name : |
Mr. Prabal Basu |
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Designation : |
Director (Finance) |
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Date of Birth/Age : |
18.10.1963 |
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Qualification : |
B.Com (Hons), ACA, ACMA, ACS |
|
Experience : |
27 Years |
|
Date of Appointment : |
04.04.1988 |
|
Name : |
Hari Kishan Bhoklay |
|
Designation : |
Executive Director (Corporate Affairs) |
|
Date of Birth/Age : |
04.02.1955 |
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Qualification : |
B.Sc (Hons) Agri PG DIP IN MGMT |
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Experience : |
36 Years |
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Date of Appointment : |
02.05.1978 |
KEY EXECUTIVES
|
Name : |
Mr. S Ravikumar |
|
Designation : |
Chief Operating Officer |
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Date of Birth/Age : |
01.05.1954 |
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Qualification : |
B. Tech (Chem), ME (Chem) |
|
Experience : |
34 Years |
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Date of Appointment : |
18.11.1983 |
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Name : |
Mr. Ananda Sengupta |
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Designation : |
Chief Oprating Officer (Logistics Infrastructure) |
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Date of Birth/Age : |
26.02.1956 |
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Qualification : |
BME, PGDBM, PGDHRM |
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Experience : |
33 Years |
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Date of Appointment : |
16.07.2001 |
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|
Name : |
Mr. Murthy Ramakrishna |
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Designation : |
Chief Operating Officer (Industrial Packaging) |
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Date of Birth/Age : |
10.10.1954 |
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Qualification : |
B.SC (Hons), MA in Social Sc, Dip PM and IR, LL.B |
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Experience : |
35 Years |
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Date of Appointment : |
09.06.1980 |
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|
Name : |
Mr. K Swaminathan |
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Designation : |
Chief Operating Officer (Logistics Infrastructure) |
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Date of Birth/Age : |
15.02.1960 |
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Qualification : |
ACMA, ACS |
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Experience : |
31 Years |
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Date of Appointment : |
02.11.2009 |
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|
Name : |
Mr. Manash Mukhopadhyay |
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Designation : |
Senior Vice President (Information Technology) |
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Date of Birth/Age : |
06.01.1955 |
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Qualification : |
B.SC (Hons), M. Stat Dip in Comp SC |
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Experience : |
35 Years |
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Date of Appointment : |
01.06.1993 |
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Name : |
Mr. Biswarup Chakraborti |
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Designation : |
Senior Vice President (New Initiatives) |
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Date of Birth/Age : |
14.02.1957 |
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Qualification : |
BE (Metallurgical), PGD in SQC Dip in Management |
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Experience : |
32 Years |
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Date of Appointment : |
04.05.1985 |
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|
Name : |
Mr. Pukhraj Sabharwal |
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Designation : |
Chief Operating Officer (Tours and Travel) |
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Date of Birth/Age : |
30.09.1954 |
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Qualification : |
B.SC (Hons), MA Dip in Business Admin TVl course On IATA-UFTAA |
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Experience : |
36 Years |
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Date of Appointment : |
01.03.1977 |
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Name : |
Mr. Abhijit Roy |
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Designation : |
Chief Operating officer |
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Date of Birth/Age : |
19.11.1958 |
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Qualification : |
B.SC (Chemistry), M.SC (Organic) |
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Experience : |
31 Years |
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Date of Appointment : |
01.07.1982 |
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|
Name : |
Mr. Manoj Lakhanpal |
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Designation : |
Senior Vice President (Finance) |
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Date of Birth/Age : |
15.08.1958 |
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Qualification : |
B.Com, ACA |
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Experience : |
32 Years |
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Date of Appointment : |
15.04.1988 |
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|
|
|
Name : |
Santanu Chakrabarti |
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Designation : |
Chief Operating Officer (Logistics Services) |
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Date of Birth/Age : |
05.10.1961 |
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Qualification : |
BE |
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Experience : |
31 Years |
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Date of Appointment : |
16.09.2002 |
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|
|
Name : |
Mr. Amrit Mukhopadhyay |
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Designation : |
Senior Vice President (Technical) |
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Date of Birth/Age : |
11.12.1957 |
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Qualification : |
BE (Civil), ME (Collaborative), In Proj Engg, MBA |
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Experience : |
34 Years |
|
Date of Appointment : |
03.12.1984 |
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|
Name : |
Mr. Amit Ghosh |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
21.10.1954 |
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Qualification : |
B.Com (Hons), ACA, ACS, LL.B |
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Experience : |
33 Years |
|
Date of Appointment : |
13.08.2007 (On Deputation 01.05.2012 on Absorption) |
|
Name : |
Adika Ratna Sekhar |
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Designation : |
Senior Vice President (Human Resource) |
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Date of Birth/Age : |
10.06.1964 |
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Qualification : |
B.A MSW |
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Experience : |
26 Years |
|
Date of Appointment : |
27.01.2014 |
|
Name : |
Ravishankar Ramchandran |
|
Designation : |
Chief Operating Officer [Tours – Vacations Exotica] |
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Date of Birth/Age : |
04.01.1959 |
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Qualification : |
B.Sc, Degree In Law, Diploma In Travel & Tourism Diploma In Marketing Mgmt |
|
Experience : |
34 Years |
|
Date of Appointment : |
01.02.2014 |
DEPUTED / SECONDED FROM
BALMER LAWRIE TO JOINT VENTURE COMPANY
|
Name : |
Samir Ghosh |
|
Designation : |
President Director Pt. Balmer Lawrie Indonesia |
|
Date of Birth/Age : |
02.05.1957 |
|
Qualification : |
B.Com (Hons) M.Com Ll.B Ca Cma |
|
Experience : |
36 Years |
|
Date of Appointment : |
10.12.1986 |
DEPUTED FROM THE GOVT OF
INDIA TO BALMER LAWRIE
|
Name : |
Amit Mohan Prasad , Ias |
|
Designation : |
Chief Vigilance Officer |
|
Date of Birth/Age : |
04.03.1964 |
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Qualification : |
M.A. (Economics) M.A. (Governance & Development) |
|
Experience : |
23 Years |
|
Date of Appointment : |
12.09.2013 |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
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||
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(A) Shareholding of
Promoter and Promoter Group |
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(B) Public Shareholding |
||
|
|
|
|
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|
971790 |
3.41 |
|
|
30032 |
0.11 |
|
|
13098 |
0.05 |
|
|
2213697 |
7.77 |
|
|
969435 |
3.40 |
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|
4198052 |
14.73 |
|
|
|
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|
18619582 |
65.33 |
|
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|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
4615758 |
16.20 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
685155 |
2.40 |
|
|
382094 |
1.34 |
|
|
867 |
0.00 |
|
|
80436 |
0.28 |
|
|
28408 |
0.10 |
|
|
246089 |
0.86 |
|
|
26294 |
0.09 |
|
|
24302589 |
85.27 |
|
Total Public shareholding
(B) |
28500641 |
100.00 |
|
|
|
|
|
Total (A)+(B) |
28500641 |
100.00 |
|
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
28500641 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
industrial packaging, barrels and drums, LPG cylinders, greases and lubricants,
leather chemicals, functional additives and marine freight containers. |
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Products : |
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Brand Name : |
BALMEROL |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not
Available |
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Customers : |
Not
Available |
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No. of Employees : |
1431 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
Messrs Vidya and Company |
|
Address : |
Centre Point, 21 Hemanta Basu Sarani Kolkata - 700 001, West Bengal,
India |
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Branch Auditors
: |
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|
Name : |
Messrs Suri and Company |
|
Address : |
No. 4(Old No. 55A) |
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|
Name : |
Messrs Om Prakash S. Chaplot and Company |
|
Address : |
101 Vatsalya Co-operative Society, Vatsalya Building, Nr. RTO Office
RTO Road, Andheri (W) Mumbai 400 053, |
|
|
|
|
Name : |
Messrs
BGJC and
Associates |
|
Address : |
Raj
Tower, G-1, Alaknanda, Community Centre, New Delhi - 110 019, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Messrs
Deloitte Haskins & Sells |
|
Address : |
Bengal Intelligent Park Building Alpha, 1st Floor, Block - EP & GP, Sector – V, Salt Lake Electronics Complex, Kolkata - 700 091, West Bengal, India |
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Wholly owned Subsidiary : |
Balmer Lawrie
(U.K.) Limited |
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Holding Company: |
Balmer Lawrie
Investments Limited |
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Joint Venture: |
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Subsidiary of Balmer
Lawrie Van Leer Limited: |
Proseal Closures Limited |
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Joint Venture of
Balmer Lawrie ( |
PT
Balmer Lawrie Indonesia |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28500641 |
Equity Shares |
Rs.10/- each |
Rs.285.006 Million |
|
|
|
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|
·
Rights, Preferences and Restrictions attached to Shares
The Company has
one class of equity shares having a par value of Rs. 10 per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
·
Details of Equity Shares held by the Holding Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Balmer Lawrie Investments Ltd. |
17613225 |
61.80 |
·
There are no other individual shareholders holding 5%
or more in the issued share capital of the company.
·
The Board of Directors have approved the issue of
additional 1,22,14,560 bonus equity shares of Rs.10 each at its meeting held on
March 26, 2013, which have been allotted on May 25, 2013, after obtaining the
assent of the members.
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 |
285.006 |
162.861 |
162.861 |
|
(b) Reserves & Surplus |
7911.437 |
7067.082 |
6026.239 |
|
(c) 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) |
8196.443 |
7229.943 |
6189.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
12.508 |
|
(c) Other long term
liabilities |
341.844 |
414.966 |
432.742 |
|
(d) long-term
provisions |
0.385 |
2.000 |
5.579 |
|
Total Non-current
Liabilities (3) |
342.229 |
416.966 |
450.829 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2645.732 |
2146.615 |
2252.266 |
|
(c) Other
current liabilities |
2019.013 |
1813.844 |
1488.200 |
|
(d) Short-term
provisions |
1180.544 |
1123.498 |
1237.816 |
|
Total Current
Liabilities (4) |
5845.289 |
5083.957 |
4978.282 |
|
|
|
|
|
|
TOTAL |
14383.961 |
12730.866 |
11618.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2732.833 |
2612.661 |
2268.339 |
|
(ii)
Intangible Assets |
170.142 |
22.222 |
12.068 |
|
(iii)
Capital work-in-progress |
737.925 |
81.424 |
49.602 |
|
(iv)
Intangible assets under development |
0.000 |
10.082 |
7.595 |
|
(b) Non-current Investments |
573.932 |
551.710 |
454.225 |
|
(c) Deferred tax assets (net) |
43.492 |
21.992 |
0.000 |
|
(d) Long-term Loan and Advances |
142.707 |
215.734 |
307.216 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4401.031 |
3515.825 |
3099.045 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1417.200 |
1195.974 |
1233.509 |
|
(c) Trade
receivables |
4106.943 |
3610.298 |
3537.294 |
|
(d) Cash
and cash equivalents |
3468.600 |
3703.875 |
3163.699 |
|
(e)
Short-term loans and advances |
751.001 |
565.283 |
531.989 |
|
(f) Other
current assets |
239.186 |
139.611 |
52.675 |
|
Total
Current Assets |
9982.930 |
9215.041 |
8519.166 |
|
|
|
|
|
|
TOTAL |
14383.961 |
12730.866 |
11618.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26266.278 |
25806.831 |
22859.546 |
|
|
|
Other Income |
807.113 |
589.178 |
531.111 |
|
|
|
TOTAL (A) |
27073.391 |
26396.009 |
23390.657 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
21042.446 |
20492.849 |
17952.731 |
|
|
|
Purchase of Stock-in-trade |
0.710 |
3.429 |
3.343 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and stock-in-trade |
(154.164) |
(27.890) |
(1.320) |
|
|
|
Employee Benefits Expenses |
1724.295 |
1588.006 |
1408.223 |
|
|
|
Other Expenses |
2008.086 |
1895.912 |
1926.272 |
|
|
|
TOTAL (B) |
24621.373 |
23952.306 |
21289.249 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2452.018 |
2443.703 |
2101.408 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.964 |
42.170 |
46.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2392.054 |
2401.533 |
2054.488 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
195.855 |
166.330 |
151.761 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
2196.199 |
2235.203 |
1902.727 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
629.500 |
607.500 |
522.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1566.699 |
1627.703 |
1380.727 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3366.900 |
2626.000 |
2075.300 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
|
Proposed Final Dividend |
513.000 |
501.600 |
456.010 |
|
|
|
Corporate Tax on Dividend |
87.200 |
85.200 |
73.977 |
|
|
BALANCE CARRIED
TO THE B/S |
4033.400 |
3366.900 |
2626.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods and components [FOB Basis] |
150.042 |
134.729 |
109.304 |
|
|
|
Interest and Dividend |
109.722 |
80.972 |
91.876 |
|
|
|
Services |
125.669 |
50.458 |
64.721 |
|
|
|
Freight, Insurance, Exchange Gain and
Miscellaneous items |
2.424 |
1.705 |
1.296 |
|
|
TOTAL EARNINGS |
387.857 |
267.864 |
267.197 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
428.266 |
233.385 |
271.330 |
|
|
|
Stores & Spares |
1.823 |
0.794 |
3.454 |
|
|
|
Capital Goods |
423.259 |
69.798 |
7.940 |
|
|
TOTAL IMPORTS |
853.348 |
303.977 |
282.724 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
54.97 |
57.11 |
84.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
5.96 |
6.31 |
6.04 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
9.34 |
9.47 |
9.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.86 |
18.53 |
17.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.31 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.81 |
1.71 |
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 |
162.861 |
162.861 |
285.006 |
|
Reserves & Surplus |
6026.239 |
7067.082 |
7911.437 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6189.100 |
7229.943 |
8196.443 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
22859.546 |
25806.831 |
26266.278 |
|
|
|
12.893 |
1.780 |
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 |
22859.546 |
25806.831 |
26266.278 |
|
Profit |
1380.727 |
1627.703 |
1566.699 |
|
|
6.04% |
6.31% |
5.96% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
Yes |
OVERVIEW
At the close of another year of sustained performance, the Company recorded
its highest ever Turnover of Rs. 28430 Million in 2013-14 – despite the
slowdown in the economy – as against Rs .27620 Million achieved in 2012-13,
representing a growth of around 3% over the previous year.
Profit Before Tax during 2013-14 aggregated Rs.2200 Million, which was a
marginal diminution from Rs. 2240 Million in 2012-13, the decline being
attributable primarily to tough economic environment prevalent both in the
manufacturing and service sectors.
Consequently, Profit After Tax also decreased from Rs.1630 Million in
the previous year to Rs. 1570 Million in 2013-14,
Segment-wise performance analysis indicates that the Service sectors,
led by SBU: Logistics Services and Logistics Infrastructure were the main
Profit drivers.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRIAL
PACKAGING [SBU-IP]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
SBU: Industrial Packaging is the largest manufacturer of 200 litre
capacity Steel Drums in the Rigid Industrial Packaging segment. The major
customers of Steel Drums are from Lubricants, Greases, Transformer Oil,
Chemicals, Agrochemicals as well as Food and Fruit Industries. Steel Drums are
utilized for safe packing, transport and storage of the above products. The
Company effects sale of the manufactured Steel Drums through its own pan-India
marketing network.
SBU:IP offers a product range which covers both 165 litre and 200 litre
capacity Steel Drums produced from CRCA steel in its six manufacturing
locations spread across the country and located in the major consumption
centres.
The SBU has commissioned state-of-the-art facility for manufacture of
200 litre capacity Steel Drums at Navi Mumbai.
The High Throughput Plant is capable of producing 800 drums per hour and
has the facility of manufacturing Drums of different variety including Conical/
Expandable/Necked-in Drums. The entire equipment in this plant has been
imported and is technically at par with Best-in-the-World similar facilities.
Focusing now on the Industry, surplus capacities and a large number of
manufacturers, leading to depressed margins, characterized the operations of
the industry. Cold rolled steel is the main raw material. Output prices were
generally stable throughout the year.
The SBU continued to hold its position as market leader in India.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
Off-take of steel drums were generally better during 2013-14 compared to
2012-13 which has resulted in the highest-ever sales volume during 2013-14.
This was accomplished despite the shrinkage of the market in the wake of
directive to Government Companies to procure MS Drums only from Small &
Medium Enterprises.
OUTLOOK
Indicative trends point to a positive 2014-15 with the fruit segment
expecting a bumper crop and liquidation of all finished stock held with the
fruit pulp customers. On the other hand, however, various contracts with PSU
Oil Companies would be terminating during 2014- 15 and hence further supply
from PSU Oil Companies and Government customers would cease because of the
Government’s decision to reserve procurement of MS Drums by Government
Companies from Small and Medium Enterprises only.
On the brighter side, GDP growth rate in the country is poised to go up
and as a concomitant thereof, the SBU expects its volume to grow and market
share to remain stable, if not improve, during 2014-15. Equipment up gradation
during the current year has led to augmentation of the production capacity. The
High Throughput Plant at Navi Mumbai would commence commercial production soon
and this would impart requisite competitive edge to the SBU.
GREASES &
LUBRICANTS [SBU-G&L]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Indian lubricant market ranks as the seventh largest in the world and
the second largest in Asia after China. The lubricant industry in India is
estimated to have an annual turnover of around Rs.350000 Million and the
consumption level during 2013-14 was of the order of about 2.09 million tonnes.
About 67% of the lube market comprises Automotive Grades leaving the balance
33% for Industrial Grades. The market is highly competitive with a large number
of players including PSU Oil Companies, global majors as well as small regional
players and several units in the unorganized sector all in the fray. Prominent
players in the lubricant market can be categorized as under:
1. Major PSU Oil companies viz., Indian Oil Corporation, Hindustan
Petroleum and Bharat Petroleum.
2. Multinationals working directly or through their subsidiaries, such
as Castrol, Mobil, Valvoline, Shell, Total etc.
3. Indian lubricant companies like Tide Water Oil and Balmer Lawrie.
4. Niche market players, who operate in select segments such as Fuchs,
Quaker and Bechem.
The industry is currently dominated by a few major MNCs and the three Oil
PSU Companies, which together have a market share of about 70% due to their
brand equity value and reach. The balance 30% is shared amongst the rest.
The Indian automotive lubricant market is highly price sensitive and
volume growth is slow due to longer drain intervals considering usage of
upgraded version of engine oils being used in 4-wheelers & 2-wheelers.
Nevertheless, in the longer term, the overall outlook for the automotive
lubricant market portends to be bright considering the projected growth of the
Indian economy and increasing purchasing power in the hands of customers.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
The business of SBU: G&L may be divided into [a] Processing/Contract
Manufacturing Business and [b] Direct Sales or what the SBU refers to as
“Balmerol” Sales segment.
The “Balmerol” sale segment can, in turn, be classed into –
(a) Institutional / Industrial Sales – basically sales to Railways,
Defence, Steel and the Coal sectors, OEM, Sponge Iron, Power and
Infrastructure.
(b) Retail Sales
(c) Export
In 2013-14, the SBU recorded an all-time high sales volume, registering
a volumetric growth of 8% and turnover growth of 11% over the previous year.
This was achieved despite various constraints holding up growth of the
manufacturing sector, although the bottom line was affected due to adverse
market conditions.
The SBU is laying thrust on the Retail sector through expansion of its
distribution network, participation in various promotional campaigns and
incentive schemes which would activate retail sales growth.
OUTLOOK
The SBU expects to achieve a significant improvement in Retail sales
with a target of achieving a much higher market share within the next couple of
years. Currently, the Indian market has negligible presence in eco-friendly /
biodegradable lubricants; however, the Company aims increasingly to pioneer
development of such value-added specialty products for niche markets
particularly for the steel and the automobile sectors, which are poised for
major takeoff.
PERFORMANCE
CHEMICALS [SBU-PC]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Leather is one of the most widely traded commodities globally. The
growth in its demand is driven by the demand for leather articles, such as, garments,
footwear, furniture upholstery, interior design and automotive upholstery
amongst others. Global leather trade in 2011 and 2013 were of the order of US
Dollars 160 billion and 195 billion respectively. This Leather industry is
expected to grow at 10% CAGR and touch US Dollars 283 billion by 2017.
Around 60% of the global Leather and leather articles are produced in
Asian countries such as China, India, Vietnam and Bangladesh. China’s export is
around 30% of the global trade followed by Italy 13%, Vietnam 6.5%, Germany 4%
and India at 3% occupies 7th position on the global trade map. It is
being seen that Asian countries are progressively becoming stronger in terms of
producing and exporting leather and leather products. For India there is also a
large captive domestic market waiting to be tapped.
40% of India’s export in the last fiscal consisted of footwear and
footwear related materials followed by leather goods which aggregated 23% and
finished leather which recorded 20%. There was also a steady domestic demand
and inclusive of this demand, the turnover of the Indian leather industry has
been projected to touch US Dollars 9 Billion in 2013-14.
Indian Leather Chemicals market is estimated to be around Rs.15000
Million. While MNCs have the major share in the Leather Chemicals market, there
is stiff competition in the market on account of the presence of these MNC
Companies and small domestic manufacturers.
Availability of power is a constraint in the Leather industry especially
in the Southern Region. In certain areas unscheduled power cuts last as long as
4-5 hours per day. This pushes up the power costs as the industry has to run on
diesel generators. Raw material shortage is also a persistent problem, as large
quantities of semi-finished leather are exported to China andItaly. The Union
Government has recently decided to accept the view of the Council for Leather
Exports that certification by the Central Leather Research institute be made
mandatory for leather exports, to ensure conformity with the Government’s
regulatory policies. This would also promote standardization and prevent
clandestine exports of raw hides and skins.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
In the Financial Year 2013-14, the SBU achieved overall turnover growth
of 14% over the preceding year and overall growth in volume by 7%. In the Fat
Liquor segment the Company has also achieved a volume growth of 7% whereas
growth in the Syntans segment was 12% over 2012-13.
The SBU achieved 43% growth in volume for overseas business during
2013-14 and recorded highest ever export volume, which is a significant
achievement.
OUTLOOK
The future outlook for the SBU appears very challenging. The SBU
proposes to combat the challenges through continuous innovation and intensive
R&D work. To sustain leadership in Fat Liquor, new innovative products are
planned to be launched. There is an need to increase volume and this would be
achieved through increase in the market share for Syntans focusing on both
domestic market and overseas business. Commensurate with the increase in sales
volume, plans for stepping up production volume are also on the anvil. With
these efforts, it is expected that the SBU would successfully carry on business
maintaining continuity, sustainability and growth.
LOGISTICS SERVICES
[SBU-LS]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The twin factors – growth of the economy and the resultant rise in the
volume of freight traffic -- which have made
the Logistics sector in India an area of priority continued to remain
suppressed. However, towards the end of the year, increase in the volume of
traffic, especially exports has infused growth opportunities in all segments of
the logistics trade including transportation, warehousing, freight forwarding,
express cargo delivery, container services, shipping services etc. Various
estimates have put the market size of the Indian logistics industry to be
between US Dollar 90 – 100 billion. The industry employs an estimated 45
million people and this is growing at 15% per annum with some sub-sectors
growing at even double the rate.
Various surveys conducted by leading companies highlights India’s
attractiveness as a potential destination for strong growth in logistics.
However, the Indian logistics sector continues to be stuck in the quagmire of
inefficiencies in transportation, complex tax structure, low rate of technology
adoption and poor skills of logistics professionals.
The coming fiscal year holds promise with shift in government policy towards
infrastructure development, opening up of Foreign Direct investment in Defence
sector coupled with intent to implement Goods and Services Tax which shall act
as a catalyst to create more opportunity in this industry.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
Air Cargo handling and provision of related support services like
customs clearance and chartering continued to form the core revenue generator
of the SBU in the financial year 2013-14. However, top line growth was
flat as compared to previous year
predominantly because of slow down of the Indian economy. Nevertheless, better
product mix including increased handling of air charter services crystallized
into a growth of 15% in contribution over the previous year.
OUTLOOK
The financial year 2013-14 saw the SBU exploring the possibility of
realigning its business verticals and inculcate Operational Excellence.
Accordingly, a study was commissioned to analyze the existing business
portfolios and suggest the way forward in pursuit of Business Excellence. In
line with the study & recommendations, the SBU is looking at newer segments
like 3 PL activities and Project Logistics segment for pushing its growth. The
SBU plans to invest substantial amount in technology up-gradation of its
existing system to make it compatible with the best in the industry. Also on
the anvil are plans to re-organize its human resource structure to make it more
customer-focused.
LOGISTICS
INFRASTRUCTURE [SBU-LI]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Logistics Infrastructure comprises three main segments viz., Container
Freight Station [CFS] typically set up in the vicinity of Ports, Inland
Container Depot [ICD] established with proximity to Industrial belts and
located in the hinterland and Warehousing And Distribution (W&D). CFS / ICD
are facilities set up mainly as extension of a Port for custom clearance with a
view to decongesting ports and to handle and temporarily store exim cargo-laden
containers/empty containers. These provide an integrated platform for pursuing
activities such as loading, unloading, transporting, stuffing and de-stuffing
of containers.
Presently, the SBU operates three state-of-the-art CFSs located at Nhava
Sheva (Navi Mumbai), Chennai and Kolkata. These three ports account for nearly
59% of the total container traffic handled in Indian Ports, which is lower by
6% since the last fiscal. The drop was mainly attributable to congestion at
Jawaharlal Nehru Port Trust [JNPT] and better infrastructure facility and
increase in vessel frequency at private ports such as Mundra and Pipavav.
Import volume in the three ports of JNPT, Kolkata and Chennai dropped by 3% in
2013-14.
Warehousing and Distribution has been a traditional activity of the
Company and the SBU operates such warehousing facilities at Kolkata and
Coimbatore. Warehousing is an integral part of the logistics value chain
facilitating collection, receipt, storage, sorting and dissemination of goods.
Unorganised players continue to dominate the industry accounting for almost 85%
of the market share. However, with 3 PL [Third Party Logistics] Providers
catching up, share of the organized sector is expected to increase over the
next few years.
Temperature Controlled Industry [TCI] is worth Indian Rupee 150-159
Billion and the Industry is expected to grow at the rate of 15-20% per annum.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
SBU: Logistics Infrastructure -- together with SBU: Logistics Services
which has considerable synergy 54 with the former -- continues to be the
bottom-line driver. However, during 2013-14, the CFS business witnessed sharp
decline in volumes, revenues and earnings compared to the previous year on
account of severe competition especially from Shipping Company-owned-CFSs,
reduction in volumes available to CFS operators and loss of business from the
shipping companies who have traditionally supported the Company. The Import –
Export mix was largely the same that is, 86% Imports and 14% exports.
However, warehousing activity turned in a decent performance and
exceeded the previous year’s bottom-line.
OUTLOOK
Diversification of operations not only acts as a profitability driver
but also as a hedging tool. Realizing that the market is in need of one-stop
logistics solution and would be willing to pay a premium for such a service, the
SBU has initiated actions to offer a bouquet of services to the customers as a
value added proposition. Considering the potential in Cold Chain Logistics, SBU
has begun work towards establishing three Temperature Controlled Warehouses
[TCW] at Hyderabad, National Capital Region [NCR] and Mumbai in the first
phase. Land has, accordingly, been acquired at Hyderabad whereas acquisition in
the NCR is at an advanced stage.
The SBU has towards the close of 2013-14 executed a Shareholders’ /
Joint Venture Agreement with Visakhapatnam Port Trust [VPT] for setting up a
Multi Modal Logistics Hub at Visakhapatnam. The Company with 60% and VPT with
40%, would be the two equity partners in the joint venture. The Multi- Modal
Logistics Hub [MMLH] would be set up on land to be provided by VPT and would be
equipped with facilities for handling exim and domestic cargo, a railhead, a
truck terminal, warehousing facilities - both general and temperature
controlled container repair facilities, etc.
However, both the activities -- TCW and MMLH—have a gestation period and
hence likely to be operative in 2015-16 only.
TOURS & TRAVEL
[SBU-T&T]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Government of India, as an austerity measure, down scaled
entitlement on Domestic sector of Government officials. The applicability of
Code of Conduct due to elections in the major states has also impacted the
travel industry.
The positive step initiated by the Government last year viz., permitting
Foreign Direct Investment to foreign airlines bore fruit during the year with
Etihad investing in Jet Airways, Air Asia joining hands with Tatas and
Singapore Airlines announcing Vistara in joint venture with Tata. Another new
Domestic Airline, Air Costa, was also launched.
The entry of Air Asia resulted in a price war with all Airlines wooing
customers to ensure more than 70% occupancy. On top of this, the margins in the
sector have been eroded by high taxation and increasing competition from online
portals. Weakening of the Indian Rupee by 7% against the Dollar has adversely
affected International airfares and reduced leisure traffic.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
Despite the adverse environment, the SBU has continued to provide
sizeable turnover from the ticketing business, which is higher than that of the
previous year though marginally lower than the budget. Domestic travel
accounted for 60% of the turnover while international travel was around 21%.
The revenue generated from other activities touched 8% of the turnover.
OUTLOOK
With the ‘feel good’ factor driving the economy, postelections, a
positive impact on the Tours and Travel business is anticipated. Low Cost
Carriers (LCC) have commenced operations on both Domestic and International
sectors. They have even added new Aircrafts and are poised to grow. Vistara,
the Tata Group and Singapore International Airlines joint venture is expected
to be launched in October 2014 and the Airline hopes to link its flyers with
the global network of Singapore Airlines. Advent of this new Airline is
expected to have a favourable impact on business.
One of the major concerns for the SBU would be deep financial problems
being faced by most airlines including the national carrier. Another area of
concern is usage of technology whereby the customers are making their own
bookings and gradually becoming less and less dependent on travel agents.
Keeping in view the changing trend of travel , the SBU has embarked on a major
plan to upgrade its technology which will help it to drastically improve its
service levels and reduce overheads. The SBU is also in the process of
consolidating travel related contents on the travel portal
(Air/Train/Hotel/Cruise/Cars/Insurance and Visa Services), which are all under
designing and implementation. The corporate customer prefers use of Self
Booking Tool and these would be increasingly provided for prime clients as has
already been done for a few clients.
Travel and Tourism’s economic contribution is expected to grow by 7%
this year, thereby giving a boost to the Indian economy. As per Centre for Asia
Pacific Aviation (CAPA), Domestic traffic is expected to expand by 4 – 6% and
International by 10-12% in the near term. The Indian aviation industry could
also grow signicantly in 2014 owing to special initiatives taken by
the Government towards improving airport infrastructure, attracting foreign
investment and allowing airlines to deploy A380s in India.
Introduction of the facility of Visa-on-Arrival to a few countries and implementation
of e-visas would make important contribution to the Indian aviation industry.
There is likelihood of addition of more airlines having 50-70 seater small
planes for providing connectivity to smaller towns. However, 2014 will witness
very stiff competition in the domestic aviation sector
SBU: TOURS &
TRAVEL.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Travel and Tourism is one of the world’s largest industries and the
Indian Outbound Market is emerging as one of the fastest-growing sector.
Absolute numbers and overall value of spending by travelers in the Out bound
travel sector in India is second only to China.
Increase in disposable income has energized the sector to grow further
and, accordingly, the outbound tourism is on positive growth. The size of the
Indian middle class roughly stands at more than 350 million --the size of the
US population -- and is estimated to grow at the rate of 40-50 million
annually.
With 17% of the world’s population (and a median age of 25 years), India
is ranked as one of the top five countries for potential outbound travel.
Consequently, the number of Indians travelling abroad annually is set to rise
from around 15 million today to 50 million by 2020. There was a time when
Indian travellers were perceived to be cautious and non-experimental but today
globe-trotting Indian travellers are a familiar sight.
India’s business and MICE travel market is flourishing. Taking into
account the rapid pace of development of the segment, several countries,
including Canada, Singapore, Macau and USA are in quest for taking advantage of
the scenario.
Referring to the Inbound Tourism market, the total tourist visits in
India have been growing at a steady pace of about 16% annually over the past
five years. The Travel & Tourism Sector in India generates significant
socio-economic benefits for the country. Over the next decade, the sector has
been projected to grow at the rate of 12%.
Several industry drivers such as government initiatives, diverse product
offerings, growing economy, increasing disposable income and marketing
initiatives along with key trends such as increasing number of women and senior
citizen travellers, multiple short-trips with weekend holidays, introduction of
innovative tourism concepts and customized tour packages are all playing a
pivotal role in shaping the Indian tourism sector.
The USA and UK accounted for the maximum number of foreign tourist
visits in the northern states of India in 2012. The country also had a fair
share of tourists from non-English speaking countries like Germany, Japan and
UAE underlining the need for tourist information to be made available in
multiple languages.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
As seen in the past, there has been consistent growth in most of the
segments such as the International Group Tours, Customized Travel, Cruises,
Eurail and importantly Indian Holidays. The main travel service segments are
Group Inclusive Tours [GIT] and Free Individual Travellers [FIT]. About 49% of
the sales revenue comes from GIT whereas 36% arise from FIT. Indian Holidays
account for 3% of the sales
.
Europe tops as the highest selling destination in both categories, GIT
& FIT, followed by the USA, Australia, New Zealand, South Africa, the Far
East, Middle East and China.
REFINERY &
OILFIELD SERVICES [SBU-ROFS]
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The SBU: Refinery and Oil field Services is engaged in the activity of
Mechanized Oil Tank Sludge Cleaning and Hydrocarbon Recovery Services. The SBU is
also in other technology driven services such as Composite repair service,
non-metallic technology for repair of pipelines and storage tanks to avoid
unplanned shutdowns. This continues to be a nascent industry with a very
limited number of players and the Company is a pioneer and leader in this
nascent market. Segment wise or Product wise Performance
In 2013-14, the SBU could maintain its turnover pertaining to oily
sludge processing in Refineries and oil installations. However, overall growth
could not be achieved on account of non-availability of work in the power
sector.
OUTLOOK
In the near term, the SBU aims to widen its service portfolio –
involving processing of hazardous sludge - into other industries. The SBU
nurtures plans for increasing market awareness as to the utility of composite
repairing services. The SBU is still weighing 58 the factors pertaining to
entry into Environmental Engineering in the waste management area, which is
expected to offer significant growth opportunities.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80049217 |
08/06/2010 * |
120,000,000.00 |
VIJAYA BANK |
A-1, GILLANDERS HOUSE, 8, N.S. ROAD, KOLKATA, WES |
A89562318 |
|
2 |
80060744 |
17/08/2010 * |
750,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARA |
A93734473 |
|
3 |
90249307 |
27/03/2004 |
200,000,000.00 |
INDUSIND BANK LTD. |
24; PARK STREET, CALCUTTA, WEST BENGAL - 700016, I |
- |
|
4 |
90249271 |
11/03/2003 |
150,000,000.00 |
DENA BANK |
3; PARK STREET, CALCUTTA, WEST BENGAL - 700016, IN |
- |
|
5 |
90252131 |
03/03/2003 |
200,000,000.00 |
DENA BANK |
3; PARK STREET, CALCUTTA, WEST BENGAL - 700016, IN |
- |
|
6 |
90252063 |
03/05/2002 |
250,000,000.00 |
PUNJAB NATIONAL BANK |
18A; BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001 |
- |
|
7 |
90252053 |
26/03/2002 |
380,000,000.00 |
BANK OF BARODA |
4; INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 70 |
- |
|
8 |
90252048 |
21/03/2002 * |
200,000,000.00 |
ALLAHABAD BANK |
S. S. HOGG MARKET, PHASE-III; NEW COMPLEX; 3RD FL |
- |
|
9 |
90252041 |
05/03/2002 |
120,000,000.00 |
BANK OF BARODA |
4; INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 70 |
- |
|
10 |
90250493 |
08/02/2002 |
400,000,000.00 |
CANARA BNAK |
112; J.C. ROAD, BANGALORE, KARNATAKA - 560002, IND |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings and Sidings
· Plant and Machinery
· Spares for Plant and Machinery
· Electrical Installation and Equipment
·
Furniture and Fittings
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
7047.500 |
6831.500 |
21041.900 |
|
b) Other operating income |
74.300 |
62.600 |
222.300 |
|
Total
income from Operations(net) |
7121.800 |
6894.100 |
21264.200 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
5735.900 |
5570.300 |
17125.600 |
|
b) Purchases of stock in trade |
-- |
-- |
54.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
91.900 |
(8.300) |
101.900 |
|
d) Employees benefit expenses |
420.600 |
488.600 |
1359.400 |
|
e) Depreciation and amortization expenses |
72.600 |
68.700 |
199.900 |
|
f) Other expenditure |
521.600 |
573.600 |
1648.300 |
|
Total expenses |
6842.600 |
6692.900 |
20489.700 |
|
3. Profit from operations before other income and
financial costs |
279.200 |
201.200 |
774.500 |
|
4. Other income |
236.600 |
83.700 |
430.600 |
|
5. Profit from ordinary activities before finance costs |
515.800 |
284.900 |
1205.100 |
|
6. Finance costs |
8.500 |
14.000 |
42.700 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
507.300 |
270.900 |
1162.400 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
507.300 |
270.900 |
1162.400 |
|
10.Tax expenses |
144.900 |
97.600 |
377.100 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
362.400 |
173.300 |
785.300 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
362.400 |
173.300 |
785.300 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
285.000 |
285.000 |
285.000 |
|
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 |
12.71 |
6.08 |
27.55 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
10887416 |
10887416 |
10887416 |
|
- Percentage of shareholding |
38.20 |
38.20 |
38.20 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
17613225 |
17613225 |
17613225 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
61.80 |
61.80 |
61.80 |
|
B.
Investor Complaints |
3 Months ended 31.12.2014 |
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
6 |
|
Disposed of during the quarter |
5 |
|
Remaining unreserved at the end of the quarter |
1 |
NOTES:
(i) Previous period / year's figures have been re-grouped / re-arranged wherever necessary.
(ii)
The above results including Segment Reporting
have been approved by the Board of Directors at its meeting held on 6th
February, 2015.
(iii)
Pursuant
to the enactment of the Companies Act 2013 (the 'Act'), the Company has,
effective 1st April,2014, reviewed and revised the estimated useful lives of
its fixed assets, in accordance with the provisions of Schedule II of the Act.
The consequential estimated impact (after considering the transition provision
specified in Schedule II) on the results of the quarter is not material and an
amount of Rs. 20.300 Million (net of deferred tax) has been adjusted against
the opening balance of Retained Earnings for the assets which had no residual
life as on 1st April, 2014.
(iv)
The above results have been subjected to limited
review by the Statutory Auditors of the Company in terms of Clause 41 of the
Listing Agreement.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Industrial Packaging |
1126.400 |
1323.100 |
4090.100 |
|
|
Logistics and Infrastructures and Services |
1451.100 |
1254.800 |
3859.000 |
|
|
Travel and Tours |
3376.600 |
3250.400 |
9877.800 |
|
|
Greases and Lubricants |
1030.200 |
923.800 |
2957.800 |
|
|
Others |
203.800 |
206.300 |
667.000 |
|
|
Unallocated |
7188.100 |
6958.400 |
21451.70 |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
81.200 |
70.900 |
216.100 |
|
|
Add : Other
Un-allocable revenue |
14.900 |
6.600 |
28.600 |
|
|
Net Sales/Income
From Operations |
7121.800 |
6894.100 |
21264.200 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Industrial Packaging |
40.700 |
47.400 |
220.200 |
|
|
Logistics and Infrastructures and Services |
360.700 |
295.900 |
933.300 |
|
|
Travel and Tours |
19.800 |
45.900 |
114.600 |
|
|
Greases and Lubricants |
50.700 |
(0.100) |
49.100 |
|
|
Others |
6.300 |
1.500 |
5.300 |
|
|
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
478.200 |
390.600 |
1322.500 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Finance cost |
8.500 |
14.000 |
42.700 |
|
|
Other Un-allocable Expenditure net off Un-allocable income |
(37.600) |
105.700 |
117.400 |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
507.300 |
270.900 |
1162.400 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Industrial Packaging |
2106.500 |
2430.100 |
2106.500 |
|
|
Logistics and Infrastructures and Services |
1148.800 |
987.300 |
1148.800 |
|
|
Travel and Tours |
1827.300 |
1622.700 |
1827.300 |
|
|
Greases and Lubricants |
1514.200 |
1768.800 |
1514.200 |
|
|
Others |
2494.500 |
2221.100 |
2494.500 |
|
|
Unallocated |
-- |
-- |
-- |
|
|
TOTAL |
9091.300 |
9030.000 |
9091.300 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 r 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.63.58 |
|
UK Pound |
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
68 |
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 & 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.