MIRA INFORM REPORT
|
Report No. : |
349130 |
|
Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAHYADRI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
39/D Gultekdi, JN Road, Pune – 410037, Maharashtra |
|
Tel. No.: |
91-20-26444625/26/27, 26452064, 26453075 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
13.06.1994 |
|
|
|
|
Com. Reg. No.: |
11-078941 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.95.615 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26956PN1994PLC078941 |
|
|
|
|
IEC No.: |
3195003414 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN5870A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The subject is engaged in the production of Cement Sheets and Accessories, trading of steel doors and in generation of wind power electricity |
|
|
|
|
No. of Employees
: |
642 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was set up by Mr. Lalji Bhai Patel in 1994. The company is
part of the Swastik group, and manufactures asbestos-cement (AC) sheets under
brand, Swastik, for roofing purposes, especially in the rural regions. Rating on company reflects its comfortable capital structure and
established market position in the corrugated asbestos-cement sheets
industry. Further rating derives strengths from its well experienced promoter,
y-o-y growing scale of operation and decent profitability margin and
comfortable debt protection metrics. This rating strength is partially offset by the company’s
susceptibility to volatile input prices and foreign exchange rates and
sizeable working capital requirements. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. The company can be considered for business dealings 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Bank Facilities = BB+ |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
September, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and high credit risk. |
|
Date |
September, 2015 |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
39/D Gultekdi, JN Road, Pune – 410037, Maharashtra, India |
|
Tel. No.: |
91-20-26444625/26/27, 26452064, 26453075 |
|
Fax No.: |
91-20 2644 4624, 2645 8888 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Plot No. 39, 44 to 49, Block No. D III, MIDC, Chinchwad, Pune –
411019, Maharashtra, India |
|
|
|
|
Factory 2: |
Gat No. 322/323, Village Kedgaon, Taluka – Daunf, District Pune,
Maharashtra, India |
|
|
|
|
Factory 3: |
Plot No. KK2(N) And KK2(S), SIPCOT Industrial Growth, Centre,
Perundurai – 638052, Erode District, Tamilnadu, India |
|
|
|
|
Factory 4: |
S. No. 127, 128, 129, 186, 187, 129/1/1, block No. 88, 89, Village
Mahuvej, Taluka – Mangrol, District Surat, Gujarat, India |
|
|
|
|
Factory 5: |
Survey No 118, Narsimhama Palam, Veerulapadu, Perundurai – 638052,
Erode District, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Jayesh Purushottam Pate |
|
Designation : |
Chairman |
|
Address : |
39/D, Gultekdi, J.N. Road, Pune - 411037, Maharashtra, India |
|
Date of Appointment : |
15.01.1999 |
|
DIN No.: |
00131517 |
|
|
|
|
Name : |
Satyen Vallabhbhai Patel |
|
Designation : |
Managing Director |
|
Address : |
39/D, Gultekdi, J.N. Road, Pune - 411037, Maharashtra, India |
|
Date of Appointment : |
01.08.1998 |
|
DIN No.: |
00131344 |
|
|
|
|
Name : |
Purushottambhai Laljibhai Patel |
|
Designation : |
Managing Director |
|
Address : |
39/D, Gultekdi, J.N. Road, Pune - 411037, Maharashtra, India |
|
Date of Appointment : |
01.04.1997 |
|
DIN No.: |
00131547 |
|
|
|
|
Name : |
Mr. Vallabbhai Laljibhai Patel |
|
Designation : |
Whole-time director |
|
Address : |
39/D, Gultekdi, J.N. Road, Pune - 411037, Maharashtra, India |
|
Date of Appointment : |
30.06.1994 |
|
DIN No.: |
00131462 |
|
|
|
|
Name : |
Dinyar Bamansha Kasad |
|
Designation : |
Director |
|
Address : |
Plot No.3, Sector 27, Nigdi, Pune - 411044, Maharashtra, India |
|
Date of Appointment : |
08.08.2015 |
|
DIN No.: |
00137977 |
|
|
|
|
Name : |
Suresh Uddhav Joshi |
|
Designation : |
Director |
|
Address : |
15,'Akshay', Eknath Nagar, Pune - 411037, Maharashtra, India |
|
Date of Appointment : |
08.08.2015 |
|
DIN No.: |
00130591 |
|
|
|
|
Name : |
Jaykumar Ganpat Awate |
|
Designation : |
Director |
|
Address : |
H-16/2-22, Shri Rang Park,, Parvati, Pune - 411009, Maharashtra, India |
|
Date of Appointment : |
08.08.2015 |
|
DIN No.: |
00138193 |
|
|
|
|
Name : |
Suresh Yashwant Mestry |
|
Designation : |
Director |
|
Address : |
A 401, Twin Towers, Wireless Colony, Aundh, Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
08.08.2015 |
|
DIN No.: |
01288571 |
|
|
|
|
Name : |
Sarita Jagannath Kotasthane |
|
Designation : |
Director |
|
Address : |
A 101, Oakwood Hills, Opposite, Pancard Clubs, Baner, Pune - 411045, Maharashtra, India |
|
Date of Appointment : |
27.01.2015 |
|
DIN No.: |
07100082 |
KEY EXECUTIVES
|
Name : |
Mahendra Kumar Vishveshwarlal Sharma |
|
Designation : |
Chief Financial Officer |
|
Address : |
A-3, 207, Colorado, Near Kumar Pruthvi,, Kondhava Khurda, Pune - 411048, Maharashtra, India |
|
Date of Appointment : |
10.05.2014 |
|
PAN No: |
AJUPS3658M |
|
Name : |
Mr. Jaiwant Rege |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
6319089 |
66.09 |
|
|
33602 |
0.35 |
|
|
6352691 |
66.44 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
6352691 |
66.44 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1200 |
0.01 |
|
|
1200 |
0.01 |
|
|
|
|
|
|
503725 |
5.27 |
|
|
|
|
|
|
1837063 |
19.21 |
|
|
696925 |
7.29 |
|
|
169896 |
1.78 |
|
|
44193 |
0.46 |
|
|
125703 |
1.31 |
|
|
3207609 |
33.55 |
|
Total Public shareholding
(B) |
3208809 |
33.56 |
|
Total (A)+(B) |
9561500 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9561500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in the production of Cement Sheets and Accessories, trading of steel doors and in generation of wind power electricity |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
642 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
Notes: LONG
TERM BORROWINGS: *Rupee Term loans excepting loans against vehicles are secured by exclusive first charge on assets financed by /mortgaged to/hypothecation in favour of Term lending Bank and personal guarantee of four Directors in three cases and two directors in one case. Loans against vehicle are secured by hypothecation of vehicles purchased. **Foreign Currency Term loans are secured by exclusive first charge on assets financed, receivables of project financed and personal guarantee of one Director. SHORT TERM
BORROWINGS: Working Capital loans are secured by entire current assets of the Company, collateral security of fixed assets of the Company and personal guarantee of two Directors. |
|
Auditors : |
|
|
Name : |
M/s Parag Patwa and Associates Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9561500 |
Equity Shares |
Rs.10/- each |
Rs.95.615
Million |
|
|
|
|
|
Terms / rights
attached to equity shares:
The company has only one class of equity shares having a face value of 10/- per share. Each holder of equity share is entitled to one vote per share. In the event of Liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
The details of
shareholders holding more than 5% of equity shares
|
|
As on 31.03.2015 |
|
|
Name of the
shareholders |
% Of Holding |
Number |
|
Vallabh Lalaji Patel |
5.11% |
488435 |
|
Jayesh Purshottam Patel |
6.06% |
579350 |
|
Chetan Purshottam Patel |
6.01% |
574323 |
|
Shilpa Jignesh Patel |
5.90% |
564150 |
|
Trilochana Vipul Patel |
6.05% |
578250 |
|
Harsha Jayesh Patel |
5.39% |
515400 |
|
Purna Chetan Patel |
5.44% |
520000 |
|
Harimudra Securites
Private Limited. |
5.58% |
533682 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
95.615 |
95.615 |
95.615 |
|
(b) Reserves &
Surplus |
1045.894 |
1031.537 |
1093.900 |
|
(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) |
1141.509 |
1127.152 |
1189.515 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
674.037 |
638.151 |
799.017 |
|
(b) Deferred tax
liabilities (Net) |
258.746 |
257.850 |
284.057 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.236 |
7.076 |
0.000 |
|
Total Non-current
Liabilities (3) |
945.019 |
903.077 |
1083.074 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
968.091 |
760.803 |
919.776 |
|
(b) Trade payables |
565.695 |
255.831 |
198.141 |
|
(c) Other current
liabilities |
640.648 |
619.930 |
591.330 |
|
(d) Short-term provisions |
30.413 |
11.930 |
44.670 |
|
Total Current Liabilities
(4) |
2204.847 |
1648.494 |
1753.917 |
|
|
|
|
|
|
TOTAL |
4291.375 |
3678.723 |
4026.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1638.647 |
1622.519 |
1735.904 |
|
(ii) Intangible Assets |
11.032 |
13.550 |
16.978 |
|
(iii) Capital
work-in-progress |
637.672 |
427.176 |
30.776 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.420 |
1.468 |
1.468 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
162.333 |
169.302 |
157.451 |
|
(e) Other Non-current
assets |
26.263 |
74.538 |
78.288 |
|
Total Non-Current Assets |
2477.367 |
2308.553 |
2020.865 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1215.970 |
824.566 |
1472.730 |
|
(c) Trade receivables |
427.249 |
335.647 |
340.837 |
|
(d) Cash and cash
equivalents |
19.430 |
61.666 |
62.234 |
|
(e) Short-term loans and
advances |
138.689 |
127.957 |
84.780 |
|
(f) Other current assets |
12.670 |
20.334 |
45.060 |
|
Total Current Assets |
1814.008 |
1370.170 |
2005.641 |
|
|
|
|
|
|
TOTAL |
4291.375 |
3678.723 |
4026.506 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4376.496 |
3723.665 |
4077.373 |
|
|
Other Income |
11.081 |
14.232 |
37.992 |
|
|
TOTAL (A) |
4387.577 |
3737.897 |
4115.365 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2709.893 |
1865.501 |
2464.516 |
|
|
Purchases of
Stock-in-Trade |
18.072 |
7.593 |
13.502 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(271.338) |
470.712 |
(392.184) |
|
|
Employees benefits
expense |
252.241 |
191.325 |
198.990 |
|
|
Other expenses |
1298.861 |
984.900 |
1213.609 |
|
|
Self-Produced material capitalised |
(0.983) |
(2.259) |
0.000 |
|
|
TOTAL (B) |
4006.746 |
3517.772 |
3498.433 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
380.831 |
220.125 |
616.932 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
139.506 |
164.577 |
180.393 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
241.325 |
55.548 |
436.539 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
132.072 |
141.936 |
147.225 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
109.253 |
(86.388) |
289.314 |
|
|
|
|
|
|
|
Less |
TAX (H) |
38.092 |
(26.207) |
94.523 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
71.161 |
(60.181) |
194.791 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
815.229 |
881.003 |
734.178 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
0.000 |
20.000 |
|
|
Dividend |
17.262 |
5.593 |
27.966 |
|
|
Balance Carried to the
B/S |
869.128 |
815.229 |
881.003 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
502.490 |
201.884 |
87.696 |
|
|
TOTAL EARNINGS |
502.490 |
201.884 |
87.696 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1386.275 |
916.452 |
1309.357 |
|
|
Components and Stores
parts |
5.374 |
2.036 |
1.115 |
|
|
Capital Goods |
5.527 |
0.000 |
2.241 |
|
|
Trading items |
13.059 |
5.371 |
20.768 |
|
|
TOTAL IMPORTS |
1410.235 |
923.859 |
1333.481 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
7.44 |
(6.29) |
20.37 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
190.548 |
216.213 |
191.577 |
|
Cash generated from operations |
264.646 |
830.347 |
56.306 |
|
Net cash from operating activities |
247.180 |
820.467 |
(0.571) |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter
|
|
Net Sales |
|
1485.400 |
722.680 |
|
Total Expenditure |
|
1316.250 |
730.760 |
|
PBIDT (Excl OI) |
|
169.150 |
(8.080) |
|
Other Income |
|
3.040 |
1.130 |
|
Operating Profit |
|
172.190 |
(6.950) |
|
Interest |
|
46.890 |
49.130 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
125.300 |
(56.080) |
|
Depreciation |
|
69.800 |
68.730 |
|
Profit Before Tax |
|
55.500 |
(124.810) |
|
Tax |
|
3.660 |
(46.230) |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
51.840 |
(78.580) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
51.840 |
(78.580) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.63 |
(1.62) |
4.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.70 |
5.91 |
15.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.99 |
(2.66) |
7.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
(0.08) |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.61 |
1.43 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.83 |
1.14 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.84.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
95.615 |
95.615 |
95.615 |
|
Reserves & Surplus |
1093.900 |
1031.537 |
1045.894 |
|
Net worth |
1189.515 |
1127.152 |
1141.509 |
|
|
|
|
|
|
Long-term borrowings |
799.017 |
638.151 |
674.037 |
|
Short term borrowings |
919.776 |
760.803 |
968.091 |
|
Current maturities of
long-term debts |
191.577 |
216.213 |
190.548 |
|
Total borrowings |
1910.370 |
1615.167 |
1832.676 |
|
Debt/Equity ratio |
1.606 |
1.433 |
1.605 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4077.373 |
3723.665 |
4376.496 |
|
|
|
(8.675) |
17.532 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4077.373 |
3723.665 |
4376.496 |
|
Profit/ (Loss) |
194.791 |
(60.181) |
71.161 |
|
|
4.78% |
(1.62%) |
1.63% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS PERFORMANCE/STATE
OF COMPANY AFFAIRS:
The sales and other income for the year ended 31st March 2015 were Rs. 4387.578 million as against Rs.3737.897 million in the previous year. The operating profit amounted to Rs.109.253 million as against Loss of Rs. 86.688 million in the previous year. The net profit after tax was Rs. 71.161 million as against loss of Rs. 60.181 million in the previous year. The company product has been well received in the overseas market and the export turnover has substantially increased to Rs.5402.03 lacs as compared to Rs. 214.385 million in previous year.
FINANCIAL
PERFORMANCE:
For the year, the sales volume as well as sales value have increased over the previous year. There has also been an increase in the profitability of the Company. The export sales are principal contributory to the improvement in financial performance. Fibre Cement roofing sheet is a seasonal business and Company as also industry as whole depend upon season ability of demand. However Company is taking new initiatives to insulate it from seasonability of demand for traditional product. The Company is focusing on furthering and strengthening exports. The reasonable productivity gains are expected to accrue from better balancing of existing plants and commissioning of 180000 annual tonnes capacity new plant at Vijaywada. The Company has commenced commercial production at Vijaywada plant. Thenewplant at Vijaywada is expected to bring in cost savings. Business confidence has grown due to stable government at the Centre. Rupee has also stabilised against dollar. It will help to manage/ optimise import costs.
CORPORATE
INFORMATION:
The subject has set up Wind Turbine Generators in Maharashtra, Rajasthan is engaged in the production of Cement Sheets and Accessories, trading of steel doors and in generation of wind power electricity. The company presently has four operational manufacturing units situated at Maharashtra, Tamilnadu and Gujarat. The subject has set up Wind Turbine Generators in Maharashtra, Rajasthan and Tamilnadu.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
1485.397 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
731.843 |
|
b) Purchases of stock in trade |
|
|
3.744 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
137.534 |
|
d) Employees benefit expenses |
|
|
71.059 |
|
e) Depreciation and amortization expenses |
|
|
69.796 |
|
f) Other expenditure |
|
|
372.467 |
|
g) Self-Produced material capitalised |
|
|
(0.388) |
|
Total expenses |
|
|
1386.056 |
|
3. Profit from operations before other income and
financial costs |
|
|
99.341 |
|
4. Other income |
|
|
3.043 |
|
5. Profit from ordinary activities before finance costs |
|
|
102.384 |
|
6. Finance costs |
|
|
46.885 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
|
|
55.499 |
|
8. Exceptional item |
|
|
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
|
|
55.499 |
|
10.Tax expenses |
|
|
3.661 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
51.838 |
|
12.Extraordinary Items (net
of tax expense) |
|
|
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
51.838 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
95.615 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
0.000 |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
|
|
5.42 |
|
(b) Diluted |
|
|
5.42 |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
3208809 |
|
- Percentage of shareholding |
|
|
33.56 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
6352691 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100.00 |
|
|
|
|
66.44 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
1. Segment Revenue |
|
|
|
|
a. Segment – Building Material |
|
|
1451.127 |
|
b. Segment – Power Generation |
|
|
44.121 |
|
Total |
|
|
1495.248 |
|
Less : Inter Segment Revenue |
|
|
9.851 |
|
Net Sales |
|
|
1485.397 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. Segment – Building Material |
|
|
79.173 |
|
b. Segment – Power Generation |
|
|
22.011 |
|
Total |
|
|
101.184 |
|
|
|
|
|
|
Add : Interest |
|
|
46.885 |
|
Less: Foreign Exchange (Gain)/ Loss on Buyers Credit (net) |
|
|
1.200 |
|
Profit before Tax |
|
|
55.499 |
|
3. Capital Employed |
|
|
|
|
a. Segment – Building Material |
|
|
668.515 |
|
b. Segment – Power Generation |
|
|
519.504 |
|
c. Unallocable |
|
|
3.471 |
|
Total |
|
|
1191.490 |
|
Notes: 1. The above unaudited financial
results have been reviewed by the Audit Committee and were approved by the
Board of Directors at their meeting held on 10th August, 2015. |
|||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWINGS |
|
|
|
From Directors and Promoter group |
21.150 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Directors and Promoter group |
137.600 |
136.200 |
|
Inter-corporate Deposit from related parties |
27.166 |
5.064 |
|
Total |
185.916 |
141.264 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10588526 |
04/08/2015 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C62842091 |
|
2 |
10573565 |
19/05/2015 |
849,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJRAT - 390015, INDIA |
C55790356 |
|
3 |
10573566 |
16/05/2015 |
846,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C55790927 |
|
4 |
10562234 |
08/07/2015 * |
188,700,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
COSMOS TOWER, PLOT NO 6, ICS COLONY,, UNIVERSITY |
C60600384 |
|
5 |
10562488 |
30/03/2015 |
991,763.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C50521319 |
|
6 |
10561291 |
20/03/2015 |
1,025,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJRAT - 390015, INDIA |
C50022185 |
|
7 |
10560219 |
31/12/2014 |
921,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C49519804 |
|
8 |
10547503 |
17/10/2014 |
4,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C42720227 |
|
9 |
10528432 |
10/10/2014 |
200,000,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA |
C31772254 |
|
10 |
10547857 |
30/09/2014 |
873,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C42918391 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Bank Guarantees |
2.877 |
2.647 |
|
Due towards disputed statutory liability (Total amount disputed 210.53 lacs, amount paid 16.11 lacs, net under protest 194.42 lacs) |
19.442 |
6.709 |
|
Claims against the company not acknowledged as debts |
0.041 |
0.033 |
FIXED ASSETS
Tangible Asset
- Land
- Factory Building
- Plant and Machinery
- Electrical Installation
- Computers
- Computer Peripherals
- Furniture
- Vehicles
- Office Equipment
- Laboratory Equipment’s
- Electrical Genset
- Canteen Equipment’s
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 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.66.35 |
|
UK Pound |
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.