MIRA INFORM REPORT
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Report No. : |
320958 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SHALIMAR WIRES INDUSTRIES LIMITED |
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Registered
Office : |
25, Ganesh Chandra Avenuep S Bowbazar, Kolkata – 700013, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
21-081521 |
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Capital Investment
/ Paid-up Capital : |
Rs. 368.645 Million |
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CIN No.: [Company Identification
No.] |
L74140WB1996PLC081521 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturer and Exporter of Synthetic Wire Cloth, Metallic Wire Cloth,
Pulp Mill Wire Cloth, Dryer Screen etc. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
The subject company is declared as a sick unit by board for Industrial
and Financial Reconstruction. The Management has register case (Case No. 117/2004) with Board for
Industrial and financial Reconstruction. The net worth of the company has been fully eroded. However, Business is active. Payment terms are slow and delayed. The company can be considered for business on a fully safe and secured
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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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.
INFORMATION PARTED BY
|
Name : |
Mr. Rajkumar Gupta |
|
Designation : |
DGM |
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Contact No.: |
91-33-26638186 |
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Date : |
05.05.2014 |
|
Name : |
Mr. Debashish |
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Designation : |
Accounts Manager |
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Contact No.: |
91-33-40126481 |
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Date : |
05.05.2014 |
LOCATIONS
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Registered Office : |
25, Ganesh Chandra Avenuep S Bowbazar, Kolkata – 700013, West Bengal,
India |
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Tel. No.: |
91-33-22349308/09/10 |
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Fax No.: |
91-33-22116880 |
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E-Mail : |
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Website : |
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Factory 1: |
77,Netaji Subhas Road, UƩarpara,
Dist. Hooghly, West Bengal, India |
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Factory 2: |
E-26/29, Industrial Area, Satpur, Nashik – 422007, Maharashtra, India |
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Factory 3 : |
Paper Machine Wire Unit 73, Industrial Estate, Satpur, Nashik – 422007, Maharashtra, India |
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Branch Office : |
38E/252-A, Shahpur Jat. Vijay Tower, 3rd Floor, Opp. Panchsheel Commercial Complex, New Delhi - 110049 |
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Branches : |
Located At :
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DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Sunil Khaitan |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Manash Chakraborty |
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Designation : |
(Nominee Director represenƟng
ARCIL) |
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Name : |
Mr. Dipak Rudra |
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Designation : |
Director |
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Name : |
Mr. Dipak Dasgupta |
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Designation : |
Director |
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Name : |
Probir Roy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name |
R.P. Dhanuka |
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Designation : |
Sr. President |
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Name : |
D. Khaitan |
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Designation : |
President – Paper Machine Wire Unit (Nashik) |
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Name : |
S. J. Sengupta |
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Designation : |
Sr. VP and CFO |
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Name : |
S. K. Kejriwal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
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(A) Shareholding of Promoter
and Promoter Group |
||
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12696169 |
33.76 |
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15127813 |
40.23 |
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27823982 |
73.99 |
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Total shareholding of Promoter
and Promoter Group (A) |
27823982 |
73.99 |
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(B) Public Shareholding |
||
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|
|
679 |
0.00 |
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|
13165 |
0.04 |
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|
763576 |
2.03 |
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|
777420 |
2.07 |
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|
7068523 |
18.80 |
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|
1746858 |
4.65 |
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|
176313 |
0.47 |
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|
12027 |
0.03 |
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|
11875 |
0.03 |
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|
27 |
0.00 |
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|
125 |
0.00 |
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|
9003721 |
23.94 |
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Total Public shareholding (B) |
9781141 |
26.01 |
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Total (A)+(B) |
37605123 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
37605123 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Synthetic Wire Cloth, Metallic Wire
Cloth, Pulp Mill Wire Cloth, Dryer Screen etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cheque and Credit |
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Purchasing : |
Cheque and Credit |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. S. Kothari & Co Chartered Accountants |
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Solicitors : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over which key management personnel and their relatives are able to exercise significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
50000000 |
Equity Shares |
Rs. 2/- each |
Rs.100.000 Million |
|
5000000 |
Preference Shares |
Rs. 100/- each |
Rs. 500.000 Million |
|
|
Total |
|
Rs. 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
37605123 |
Equity Shares |
Rs. 2/- each |
Rs. 75.210 Million |
|
2934349 |
8% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 293.435 Million |
|
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Total |
|
Rs. 368.645
Million |
Reconciliation
of the number of Equity Shares Outstanding :
|
Particular |
2013-2014 |
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|
Nos |
Nos |
|
|
Number of Shares outstanding at the beginning of the year |
|
31655123 |
|
Add: Number of shares allotted as fully paid up during the year to lenders on conversion of loan into share capital without payment being received in cash. |
5950000 |
5950000 |
|
Number of Shares outstanding at the end of the year |
|
37605123 |
Reconciliation
of the number of Preference Shares Outstanding:
|
Particular |
2013-2014 |
|
|
Nos |
Nos |
|
|
Number of Shares outstanding at the beginning of the year |
-- |
2934349 |
|
Number of Shares outstanding at the end of the year |
-- |
2934349 |
Shares in the Company
held by each Shareholders holding more than 5% Shares.
|
Name of Shareholders |
2013-2014 |
|
|
Number of Shares
held |
% of Share held |
|
|
|
Nos |
Nos |
|
Sunita Khaitan |
10118900 |
26.91 |
|
Reliance Sheet Works Private Limited |
7251481 |
19.28 |
|
Amit Commercial Company Limited |
7230132 |
19.23 |
|
Asset Reconstruction Company Limited |
5950000 |
15.82 |
In terms of the Order dated 10th June, 2010 of the BIFR, 5,950,000 fully paid Equity Shares of Rs.2/- have been issued at par during the year to ARCIL towards conversion of part of the term loan due to them for Rs.11.900 Million without payment being received in cash.
Rights, Preferences
and Restrictions aached to shares:
i) Each Equity Share holder holding shares of Rs.2/- each is eligible for one vote per share held and are entitled to receive dividends as declared from time to time. In the event of liquidation the equity shares holdes are eligible to receive the remaining assets of the Company after distribution of all preferential creditors in proportion to their Shareholdings.
ii) 8% Cumulative Redeemable Preference shares issued as per IDBI sanction dated 13th June 2006 by way of converting their overdue interest and is redeemable in sixteen installments commencing from 1st April 2017 and ending on 1st January 2021. Cumulative Preference dividend is expected to be paid annually over a period of four years commencing from the financial years 2017-18, based on the projected profitability and cash flows of the Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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I.
EQUITY AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
368.645 |
356.745 |
330.645 |
|
(b) Reserves &
Surplus |
(1822.656) |
(1837.439) |
(1928.169) |
|
(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) |
(1454.011) |
(1480.694) |
(1597.524) |
|
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|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
508.680 |
532.666 |
533.307 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
46.708 |
53.206 |
64.642 |
|
(d) long-term provisions |
39.970 |
35.343 |
33.368 |
|
Total Non-current Liabilities
(3) |
595.358 |
621.215 |
631.317 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
78.972 |
69.515 |
63.436 |
|
(c) Other current
liabilities |
2053.040 |
2025.410 |
2037.765 |
|
(d) Short-term provisions |
7.765 |
6.293 |
4.891 |
|
Total Current Liabilities
(4) |
2139.777 |
2101.218 |
2106.092 |
|
|
|
|
|
|
TOTAL |
1281.124 |
1241.739 |
1139.885 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
414.688 |
437.736 |
408.459 |
|
(ii) Intangible Assets |
13.082 |
17.526 |
0.448 |
|
(iii) Capital
work-in-progress |
96.234 |
42.825 |
3.265 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.517 |
2.712 |
2.921 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.236 |
73.583 |
98.095 |
|
(e) Other Non-current
assets |
32.066 |
15.705 |
11.544 |
|
Total Non-Current Assets |
636.823 |
590.087 |
524.732 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
278.576 |
267.181 |
246.242 |
|
(c) Trade receivables |
291.865 |
305.906 |
278.951 |
|
(d) Cash and cash
equivalents |
22.374 |
19.329 |
39.980 |
|
(e) Short-term loans and
advances |
50.893 |
58.110 |
49.082 |
|
(f) Other current assets |
0.593 |
1.126 |
0.898 |
|
Total Current Assets |
644.301 |
651.652 |
615.153 |
|
|
|
|
|
|
TOTAL |
1281.124 |
1241.739 |
1139.885 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
906.296 |
924.979 |
864.819 |
|
|
Other Income |
17.153 |
12.819 |
12.645 |
|
|
TOTAL (A) |
923.449 |
937.798 |
877.464 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
325.291 |
288.371 |
237.777 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(12.305) |
3.921 |
24.996 |
|
|
Employees benefits
expense |
182.897 |
173.352 |
156.521 |
|
|
Other expenses |
314.946 |
277.462 |
250.097 |
|
|
Exceptional item |
(46.536) |
0.000 |
0.000 |
|
|
TOTAL (B) |
764.293 |
743.106 |
669.391 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
159.156 |
194.692 |
208.073 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
68.656 |
30.244 |
33.541 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
90.500 |
164.448 |
174.532 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.830 |
65.140 |
53.316 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
23.670 |
99.308 |
121.216 |
|
|
|
|
|
|
|
Less |
TAX (H) |
8.888 |
8.578 |
1.707 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
14.782 |
90.730 |
119.509 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
244.490 |
219.456 |
188.244 |
|
|
TOTAL EARNINGS |
244.490 |
219.456 |
188.244 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
250.832 |
210.869 |
179.613 |
|
|
Components and Stores
parts |
24.403 |
19.047 |
19.084 |
|
|
Capital Goods |
21.911 |
60.944 |
34.718 |
|
|
TOTAL IMPORTS |
297.146 |
290.860 |
233.415 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
0.39 |
2.87 |
2.95 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
1.63 |
9.81 |
13.82 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.56 |
21.05 |
24.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00 |
8.30 |
10.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
-0.02 |
-0.07 |
-0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
-0.35 |
-0.36 |
-0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.30 |
0.31 |
0.29 |
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 |
330.645 |
356.745 |
368.645 |
|
Reserves & Surplus |
(1928.169) |
(1837.439) |
(1822.656) |
|
Net worth |
(1597.524) |
(1480.694) |
(1454.011) |
|
|
|
|
|
|
long-term borrowings |
533.307 |
532.666 |
508.680 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
533.307 |
532.666 |
508.680 |
|
Debt/Equity ratio |
(0.334) |
(0.360) |
(0.350) |
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 |
864.819 |
924.979 |
906.296 |
|
|
|
6.956 |
(2.020) |
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 |
864.819 |
924.979 |
906.296 |
|
Profit |
119.509 |
90.730 |
14.782 |
|
|
13.82% |
9.81% |
1.63% |
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 |
No |
|
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 |
No |
|
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 |
OPERATIONAL REVIEW
During the year, the total revenue of the company was Rs.923.449 Million as compared to Rs. 937.798 Million in the previous year. The opera ng surplus (profit before finance cost and depreciation) of the Company was Rs. 114.619 Million as compared to Rs.194.693 Million in the previous year. The Company has accounted for exceptional income of Rs. 46.537 Million during the current year. The Company has incurred loss of Rs. 8.888 Million for its discontinuing opera on as against Rs. 8.578 Million in the previous year. The net profit during the year was Rs. 14.783 Million as compared to Rs. 90.730 Million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Paper Machine
Clothings (PMC)
PMC Industries are solely dependent on the Paper making activities. Paper making industries are growing on a verge of 7% p.s. for the last 7 years. Their per-capita paper consumption is only 7.0 Kgs as against world’s average of 56.0 Kgs., indicating great potentiality for growth at home. Besides, the real growth in Paper making activity is taking place in Asian region while the other part of the world has already come to a saturating stage. Therefore, being stationed in the developing region and with sufficient knowledge about paper making condition of Asian sub-continent, they see a great future in export potentiality for PMC products. They are also in the process of developing new PMC products to fetch more business from export market.
EDM Wires
Use of EDM machines in Tool Room Industry is gaining popularity all over the world. The situation has become challenging to the EDM wire makers with the invention of developed EDM machines and it has increased demand of specialty EDM wires happily, which are the major product of Uttarpara Plant. Similar situation prevails all the over the world and with their reputation in export market with their Patented products especially to the developed countries, they see a bright future for this product. A new product DYNA “XT” is specially being developed to fetch more business from the export market as well as home market.
OUTLOOK
The outlook of Company appears bright. The Company anticipates modest growth in its operations in coming years and have taken steps to improve further in following areas:
- Maintain high Quality Standards consistently.
- Create wide based product range to cater to export market.
- Modernize after-sales service.
- Improve efficiency at all states from procurement to disposal.
- Upgrading the Old machinery.
- Develop new design of fabric.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10395066 |
05/12/2012 |
312,600,000.00 |
IDBI BANK LIMITED |
CORPORATE BANKING GROUP, IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B65200305 |
|
2 |
80055237 |
19/12/2009 * |
290,300,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI ARCADE, AUGUST KRANTI MARG,, NANA CHOWK, MUMBAI, MAHARASHTRA - 400036, INDIA |
A77731149 |
|
3 |
80049783 |
07/11/2008 * |
64,157,000.00 |
INDIAN OVERSEAS BANK |
NO.2, OSWAL CHAMBERS, 1ST FLOOR, CHURCH LANE, KOLKATA, WEST BENGAL - 700001, INDIA |
A53325148 |
|
4 |
80048588 |
29/08/2008 * |
35,900,000.00 |
BANK OF INDIA |
KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
A46588612 |
|
5 |
80048587 |
29/08/2008 * |
141,835,000.00 |
BANK OF INDIA |
KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
A48006563 |
|
6 |
90248168 |
21/05/2009 * |
253,000,000.00 |
STATE BANK OF INDIA |
STRESSED ASSETS MANAGEMENT
BRANCH, 8TH FL, NAGALAND HOUSE,11 & 13, SHAKESPEARE SARANI,
KOLKATA, WES |
A63355994 |
|
7 |
80057460 |
29/10/2001 * |
10,000,000.00 |
THE WESTERN INDIA EXCEUTOR & TRUST CO. LTD. |
VISHWASTHA BHAVAN, 218 PRATAPGUNJ PETH, SATRA, MAHARASHTRA - 415002, INDIA |
- |
|
8 |
80055238 |
26/06/2009 * |
50,000,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
SHREEPATI ARCADE, AUGUST KRANTI MARG,, NANA CHOWK, MUMBAI, MAHARASHTRA - 400036, INDIA |
A67575688 |
|
9 |
80049330 |
23/09/2008 * |
172,200,000.00 |
ALLAHABAD BANK |
57, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A50399336 |
|
10 |
80057483 |
29/10/2001 * |
10,000,000.00 |
THE WESTERN INDIA TRUATEE & EXECUTOR CO.LTD |
VISHWASTHA BHAVAN, 218 PRATAPGUNJ PETH, SATARA, MAHARASHTRA - 415002, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Other Parties |
|
|
|
Body Corporates |
1.125 |
1.325 |
|
SICOM |
4.757 |
4.758 |
|
Sale Tax Loan (Under Sales Tax Deferral Scheme) |
28.906 |
28.906 |
|
Less : Overdue Portion of Long Term Debt |
26.931 |
20.199 |
|
Less : Current maturities of Long Term Debts |
6.733 |
6.733 |
|
Loans and Advances
from Related Parties: |
|
|
|
Mr. Sunil Kumar Khaitan |
1.675 |
1.675 |
|
Total |
2.799 |
9.732 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claim against the company not acknowledged as debt |
9.008 |
9.008 |
|
Guarantees |
7.692 |
7.705 |
|
Other money for which the company is contingently liable |
0 |
0 |
|
Sale Tax Demands |
212.785 |
211.743 |
|
Excise Demands |
193.517 |
193.517 |
|
Municipal Tax Demands |
1.857 |
1.857 |
|
Non fulfillment of Export Obligaon under DEEC Scheme |
57.325 |
57.325 |
|
Non fulfillment of Export Obligaon under ISIL Scheme |
0.000 |
3.399 |
|
Total |
482.184 |
484.554 |
FIXED ASSETS
- Land
- Building
- Plant and equipment
- Furniture and Fixtures
- Vehicle
- Office Equipment
- Computer
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
|
Particulars |
Quarter ended |
Nine Months ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
212.447 |
234.150 |
695.655 |
|
|
(b) Other Operating Income |
2.780 |
2.721 |
8.063 |
|
|
Total income from operations (net) |
215.227 |
236.871 |
703.718 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
66.883 |
74.184 |
226.641 |
|
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(11.790) |
(13.015) |
(21.913) |
|
|
(d) Employee benefits expense |
51.343 |
51.409 |
154.512 |
|
|
(e) Depreciation and Anmortisation Expenses |
14.644 |
17.587 |
43.934 |
|
|
(f) Other Expenses |
72.965 |
75.328 |
223.668 |
|
|
Total expenses |
194.045 |
205.493 |
626.842 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
21.182 |
31.378 |
76.876 |
|
4 |
Other Income |
0.002 |
0.000 |
0.002 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
21.184 |
31.378 |
76.878 |
|
6 |
Finance Costs |
29.074 |
37.460 |
86.418 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(7.890) |
(6.082) |
(9.540) |
|
8 |
Exceptional items |
0.000 |
0.218 |
0.218 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(7.890) |
(5.864) |
(9.322) |
|
10 |
Tax expenses |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(7.890) |
(5.864) |
(9.322) |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(7.890) |
(5.864) |
(9.322) |
|
14 |
Paid up equity share capital |
|
|
|
|
|
Fully paid up(Face Value of Rs2/- each) |
75.210 |
75.210 |
75.210 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
0.000 |
0.000 |
0.000 |
|
16.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
(0.21) |
(0.16) |
(0.25) |
|
|
(b) Diluted |
(0.21) |
(0.16) |
(0.25) |
|
16.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
(0.21) |
(0.16) |
(0.25) |
|
|
(b) Diluted |
(0.21) |
(0.16) |
(0.25) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
9779037 |
9779645 |
9779037 |
|
|
- Percentage of shareholding |
26.01% |
26.01% |
26.01% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
27826086 |
2825478 |
27826086 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100% |
10.15% |
100% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
73.99% |
7.51% |
73.99% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
0.000 |
25000000 |
0.000 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
0.000 |
100% |
0.000 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
0.000 |
66.48% |
0.000 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended (31.12.2014) Unaudited |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
-- |
|
|
Disposed of during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Information relating to discounting operations
|
Particulars |
3 Months ended |
Nine Months ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
Profit/ (Loss) before tax from ordinary activities attributable to
discounting Operation |
(1.947) |
(1.996) |
(5.794) |
|
2 |
Gain / (Loss) on disposal assets / settlement of liabilities
attributable to discounting operations |
- |
-- |
-- |
|
3 |
Add/ (Less) : Tax expenses of discounting operation |
-- |
-- |
-- |
CMT
REPORT (Corruption, Money Laundering & 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 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. 63.88 |
|
|
1 |
Rs. 97.21 |
|
Euro |
1 |
Rs. 72.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.