MIRA INFORM REPORT
|
Report No. : |
351233 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT BOROSIL LIMITED |
|
|
|
|
Registered
Office : |
Village Govali, Taluka – Jhagadia, Bharuch – 393001, |
|
Tel. No.: |
91- 2645-220300 |
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Country : |
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|
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Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
22.12.1988 |
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|
|
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Com. Reg. No.: |
04-011663 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.1241.038 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26100GJ1988PLC011663 |
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|
|
|
IEC No.: |
0390002739 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00751C |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACG8440M |
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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
: |
Manufacture of Flat glass. |
|
|
|
|
No. of Employees
: |
390 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1988, it is well established
company having satisfactory track record. The rating reflects company’s satisfactory financial profile marked by
it decent capital structure base, negligible debt and above average debt
protection metrics. The rating further takes consideration on company growing scale of
revenue along with sound profitability margin, long track record of its
business operations and experienced promoters. This rating strength is partial offset by volatility in raw material
prices, foreign exchange fluctuation risk and reported low profitability from
its previous FY-14. However, trade relations are fair. Business is active. Payments terms
are reported to be usually correct. The company can be considered normal 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.
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok Jain |
|
Designation : |
Director |
|
Contact No.: |
91-9820097537 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Village Govali, Taluka – Jhagadia, Bharuch – 393001, Gujarat, India |
|
Tel. No.: |
91-2645-258100 |
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Fax No.: |
91-2645-258156 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
1101, Crescenzo, G Block, Opposite MCA Club, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67406300 |
|
Fax No.: |
91-22-67406514 |
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|
|
|
Head Office : |
Khanna Construction House, 44, Dr. R. G. Thandani Marg, Worli, Mumbai – 400018, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. B. L. Kheruka |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. P. K. Kheruka |
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Designation: |
Vice Chairman |
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|
Name : |
Mr. Shashi Mehra |
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Designation : |
Director |
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|
Name : |
Mr. Jagdish Joshi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ashok Jain |
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Designation : |
Whole-time Director |
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|
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|
Name : |
Mr. Ashok Kumar Doda |
|
Designation : |
Additional Director |
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|
|
|
Name : |
Ms. Shalini Kamath |
|
Designation : |
Director (w.e.f. 03.11.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Kishor Talreja |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sunil Kumar Roongta |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
39822376 |
58.38 |
|
|
39822376 |
58.38 |
|
|
|
|
|
|
11300000 |
16.57 |
|
|
11300000 |
16.57 |
|
Total shareholding of Promoter
and Promoter Group (A) |
51122376 |
74.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
128582 |
0.19 |
|
|
128582 |
0.19 |
|
|
|
|
|
|
2778898 |
4.07 |
|
|
|
|
|
Individual shareholders holding
nominal share capital up to Rs.0.100 million |
11707895 |
17.17 |
|
Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
2177292 |
3.19 |
|
|
292457 |
0.43 |
|
|
156853 |
0.23 |
|
|
135604 |
0.20 |
|
|
16956542 |
24.86 |
|
Total Public shareholding (B) |
17085124 |
25.05 |
|
Total (A)+(B) |
68207500 |
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) |
68207500 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Borosil Glass Works Limited |
1,72,22,376 |
25.25 |
|
Fennel Investment and Finance
Private Limited |
2,26,00,000 |
33.13 |
|
Broadfield Holdings Limited |
1,13,00,000 |
16.57 |
|
Total |
5,11,22,376 |
74.95 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Chandra Kumar Rajgarhia |
850000 |
1.25 |
|
Gems Flora Private Limited |
1007800 |
1.48 |
|
Shresth Enterprises Private
Limited |
710000 |
1.04 |
|
Total |
2567800 |
3.76 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Flat glass. |
|
|
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|
Products : |
·
Flat Glass ·
Solar Glass |
|
|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Kenya ·
Srilanka ·
Australia ·
Mauritius ·
Tanga ·
Ghana ·
Italy |
|
|
|
|
Imports : |
|
|
Products : |
Solar Glass |
|
Countries : |
·
China ·
Germany |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users, OEMs
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No. of Employees : |
390 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: Long Term Borrowings 1. Foreign Currency Term Loan - ECB from Banks is secured by way of mortgage of all the fixed assets of the Company both present and future, ranking pari passu and by way of Hypothecation of all the moveables (save and except book debts) present and future, subject to prior charges created in favor of Company's bankers for working capital facilities. The same is further secured by personal guarantee of two directors. 2. Repayment of Foreign Currency Term Loan - ECB due within one year is Rs 110.025 million shown under Other Current Liabilities. 3. Foreign Currency Term Loan - ECB is repayable in 10 half yearly structured installments from October 2012 4. Interest rate of Foreign Currency Term Loan - ECB is 445 bps above Libor. Short Term Borrowings 1. Working Capital Facility from Banks is secured by Hypothecation on all stocks and book debts of the Company and additionally secured by way of a second charge on Fixed Assets of the Company. The said facilities are further secured by personal guarantee of two Directors. 2. Interest rate on Working Capital Facility is BOB Base Rate + 3% i.e.13.25%. |
|
Statutory Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
|
|
|
Internal Auditors : |
Vikas Runthala |
|
|
|
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Collaborators : |
Not Divulged |
|
|
|
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Membership : |
Not Divulged |
|
|
|
|
Associate Companies
: |
· Borosil Glass Works Limited · Borosil International Limited · Broadfield Holdings Limited · Cycas Trading LLP · Fennel Investment and Finance Private Limited · Gujarat Fusion Glass LLP · Sonargaon Properties LLP · Swapan Properties LLP · Vyline Glass Works Limited · Window Glass Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92000000 |
Equity Shares |
Rs.5/- each * |
Rs.460.000 Million |
|
|
Unclassified Share Capital |
|
Rs. 40.000 Million |
|
|
|
|
|
|
9000000 |
9% Cumulative Non-Convertible Redeemable Preference Shares |
Rs.100/- each |
Rs.900.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68207500 |
Equity Shares |
Rs.5/- each * |
Rs. 341.038
Million |
|
9000000 |
9% Cumulative Non-Convertible Redeemable Preference Shares |
Rs.100/- each ** |
Rs. 900.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs.1241.038 Million |
* Face value reduced From Rs. 10/- to Rs 5/- per share as per approval of shareholders in the EGM held on 14th February, 2003.
** i) The preference shares have the priority in case of payment of dividend and in case of winding up that of repayment of Capital and arrears of dividend.
ii) Dividend on Preference Share Capital is in arrear from 17.03.2012 to 31.03.2015 amounting to Rs. 246.320 million (Previous Year Rs. 165.320 million)
iii) These shares are redeemable not later than 7 years from the date of issue i.e. 17th March 2012 but the Company has option to redeem it any time by giving two months’ notice in writing.
|
Shareholders holding More Than 5%
Of Equity Shares |
% |
No. of Shares |
|
Fennel Investment and
Finance Private Limited |
33.13 |
22600000 |
|
Borosil Glass Works
Limited |
25.25 |
17222376 |
|
Broadfield Holdings
Limited |
16.57 |
11300000 |
|
Shareholders holding More Than 5%
of Preference Shares |
% |
No. of Shares |
|
Borosil Glass Works
Limited |
100.00 |
9000000 |
Reconciliation
of the No of shares outstanding and the amount of share capital as at March 31,
2015
|
Particulars |
31.03.2015 |
|
|
No. of shares |
(Rs. In Million) |
|
|
Equity Shares |
|
|
|
Number of shares at the
beginning |
68207500 |
341.038 |
|
Add : Shares Issued
during the Year |
Nil |
Nil |
|
Number of shares at the
end |
68207500 |
341.038 |
|
|
|
|
|
Preference Shares |
|
|
|
Number of shares at the
beginning |
9000000 |
900.000 |
|
Add : Shares Issued
during the Year |
Nil |
Nil |
|
Number of shares at the
end |
9000000 |
900.000 |
In March 2012, the Company had issued 90,00,000 9% Cumulative Non-Convertible Redeemable Preference Shares of Rs.100/- each fully paid up.
Preference Shares carry a dividend of 9%, when declared by the company and redeemed at the end of seven years i.e. on 16.03.2019.
The Preference shareholder has acquired voting rights due to non-payment of dividend for two years.
The holder of Preference Shares will have priority over Equity Shares in the payment of dividend and repayment of capital, in the event of liquidation of the company before redemption of Preference Shares.
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 |
1241.038 |
1241.038 |
1241.038 |
|
(b) Reserves & Surplus |
60.865 |
49.404 |
(33.460) |
|
(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) |
1301.903 |
1290.442 |
1207.578 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
190.706 |
317.194 |
457.127 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.235 |
2.847 |
2.261 |
|
Total Non-current Liabilities (3) |
193.941 |
320.041 |
459.388 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
18.682 |
79.173 |
53.566 |
|
(b) Trade payables |
115.879 |
167.657 |
159.627 |
|
(c) Other current
liabilities |
172.286 |
107.915 |
95.267 |
|
(d) Short-term provisions |
9.520 |
14.248 |
13.258 |
|
Total Current Liabilities (4) |
316.367 |
368.993 |
321.718 |
|
|
|
|
|
|
TOTAL |
1812.211 |
1979.476 |
1988.684 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1079.288 |
1179.524 |
1227.771 |
|
(ii) Intangible Assets |
1.236 |
1.771 |
1.260 |
|
(iii) Capital
work-in-progress |
26.527 |
19.552 |
31.858 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.271 |
0.268 |
0.243 |
|
(c) Deferred tax assets (net) |
90.550 |
95.734 |
137.414 |
|
(d) Long-term Loan and Advances |
71.442 |
71.439 |
86.556 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1269.314 |
1368.288 |
1485.102 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
25.000 |
5.010 |
30.233 |
|
(b) Inventories |
247.538 |
307.973 |
233.452 |
|
(c) Trade receivables |
211.704 |
230.406 |
171.392 |
|
(d) Cash and cash
equivalents |
12.869 |
23.874 |
9.224 |
|
(e) Short-term loans and
advances |
14.675 |
22.319 |
30.158 |
|
(f) Other current assets |
31.111 |
21.606 |
29.123 |
|
Total Current Assets |
542.897 |
611.188 |
503.582 |
|
|
|
|
|
|
TOTAL |
1812.211 |
1979.476 |
1988.684 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1519.240 |
1328.259 |
955.319 |
|
|
|
|
Other Income |
8.522 |
4.110 |
13.159 |
|
|
|
|
TOTAL (A) |
1527.762 |
1332.369 |
968.478 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
375.033 |
341.664 |
260.662 |
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
47.137 |
(46.196) |
5.982 |
|
|
|
|
Employees benefits expense |
158.044 |
141.342 |
141.626 |
|
|
|
|
Selling & Distribution
Expenses |
205.256 |
185.637 |
135.473 |
|
|
|
|
Other expenses |
514.208 |
437.519 |
363.004 |
|
|
|
|
Exceptional Items |
56.925 |
(47.292) |
0.000 |
|
|
|
|
TOTAL (B) |
1356.603 |
1012.674 |
906.747 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
171.159 |
319.695 |
61.731 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
19.206 |
29.205 |
34.371 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
151.953 |
290.490 |
27.360 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
129.734 |
161.771 |
148.694 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
22.219 |
128.719 |
-121.334 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
6.929 |
45.855 |
-41.431 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
15.290 |
82.864 |
-79.903 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(159.211) |
(242.075) |
(162.172) |
||
|
|
|
|
|
|
||
|
Less |
ADJUSTMENT OF DEPRECIATION |
3.829 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(147.750) |
(159.211) |
(242.075) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
154.080 |
47.093 |
73.141 |
|
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Components and Spare Parts |
7.327 |
26.077 |
26.495 |
|
|
|
|
Packing Material |
0.328 |
0.939 |
1.510 |
|
|
|
|
Raw Material |
87.143 |
40.788 |
49.900 |
|
|
|
|
Capital Items |
7.865 |
14.913 |
102.147 |
|
|
|
TOTAL IMPORTS |
102.663 |
82.717 |
180.052 |
||
|
|
|
|
|
|
||
|
|
Earnings / (Loss) Per Share (Rs.) |
(0.96) |
0.03 |
(2.36) |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
110.025 |
70.717 |
55.949 |
|
Cash generated from operations |
215.105 |
175.665 |
157.903 |
|
Net cash flow from (used in) operations |
215.070 |
171.490 |
157.878 |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
424.100 |
383.900 |
|
Total Expenditure |
|
331.900 |
312.700 |
|
PBIDT (Excluding Other Income) |
|
92.200 |
71.200 |
|
Other income |
|
1.200 |
1.400 |
|
Operating Profit |
|
93.400 |
72.600 |
|
Interest |
|
3.800 |
4.100 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
89.600 |
68.500 |
|
Depreciation |
|
35.500 |
34.200 |
|
Profit Before Tax |
|
54.100 |
34.300 |
|
Tax |
|
26.900 |
10.600 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit after tax |
|
27.200 |
23.700 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
27.200 |
23.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
1.01 |
6.24 |
-8.36 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.27 |
24.07 |
6.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
1.31 |
6.91 |
-6.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.10 |
-0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25 |
0.36 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.66 |
1.57 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.43.96/- |
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 |
1241.038 |
1241.038 |
1241.038 |
|
Reserves & Surplus |
(33.460) |
49.404 |
60.865 |
|
Net
worth |
1207.578 |
1290.442 |
1301.903 |
|
|
|
|
|
|
long-term borrowings |
457.127 |
317.194 |
190.706 |
|
Short term borrowings |
53.566 |
79.173 |
18.682 |
|
Current Maturities of Long term debt |
55.949 |
70.717 |
110.025 |
|
Total
borrowings |
566.642 |
467.084 |
319.413 |
|
Debt/Equity
ratio |
0.469 |
0.362 |
0.245 |
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 |
955.319 |
1328.259 |
1519.240 |
|
|
|
39.038 |
14.378 |
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
|
955.319 |
1328.259 |
1519.240 |
|
Profit |
-79.903 |
82.864 |
15.290 |
|
|
-8.36% |
6.24% |
1.01% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
The company
successfully introduced its new product, solar glass with Anti-reflective
coating, which resulted in increasing overall sales revenue and volume, as more
and more customers, both domestic and international, switched over to this
product. The sales prices for this product are naturally higher than for
uncoated glass. The selling prices for Patterned glass improved. The net sales
grew from Rs. 1328.300 million to Rs. 1519.200 million.
Profit before
interest, depreciation and tax as a percentage of net revenue was 15% (before
making provision of Rs 56.925 million for doubtful export debts) as compared to
20.5% in the previous year. The drop is attributed to increased pressure on
prices due to cheap imports of dumped solar glass from China, as well as
inordinate rise in fuel and other costs which could not be passed on to
customers. The working results show a Profit before tax of Rs 79.144 million
(before making provision for doubtful export debts of Rs 56.925 million) as
compared to Rs 81.427 million in the previous year.
In September
2014 gas supplies were abruptly cut by over 50% for some consumers in South
Gujarat, including the company, who were obliged to pay exorbitantly higher
prices for alternate fuel to meet the demand gap. In November 2014, prices were
raised for even the remaining gas which the company was getting. This led to
significant hike in power and fuel cost for the company, which could not be
passed on in higher prices of Solar Glass due to fierce competition from cheap
Chinese imports.
In the budget
of July 2014, excise was removed on solar tempered glass against submission of
required forms/declarations by the buyers. However, despite repeated promises
by the Finance Minister in Parliament, Excise/CVD continues to be levied till
today on the inputs for Solar glass thus continuing with the inverted duty
structure, whereas imports of solar glass are completely exempt from all kinds
of duty, domestically made solar glass suffers duty on its inputs. Inability to
avail credit for inputs inevitably increases cost of our product.
Imposition of
anti-dumping duty by (European Union) EU on imports of Chinese solar glass
allowed prices there to normalize, and helped promote exports of our glass to
that market.
The Company has
been focusing mainly on the domestic market. However there has been surge in
cheap imports in India from China after EU imposed Anti-Dumping Duty on import
of solar glass from China. This has led to pressure on domestic prices and
margins have eroded further. The matter has been taken up with Ministry for New
and Renewable Energy to either impose at least a basic import duty to provide a
level playing field to the domestic industry or include solar glass within the
definition of domestic content in the projects being set up by the government
with domestic content requirement (DCR). Unfortunately, the Government has been
dragging its feet on both the fronts though they verbally sympathize with us
and have advised manufacturers to buy solar glass from local sources in view of
a very insignificant impact on the cost of setting up a project.
Dispute with an
international customer continued. The Company had been successful in obtaining
attachment order on personal properties of directors holding them personally
liable. However this decision was overturned by the appeal court which held
that there was no personal liability of Directors. Soon after this, the
customer filed for bankruptcy and liquidator has been appointed. The civil suit
filed by the company has been recently heard by the court only on the subject
of personal liability, since another court is monitoring the bankruptcy issue.
The judgment of court is awaited. On meeting the liquidator it was discovered
that there are secured lenders of sizable amount and recovery if any would
first go to pay their dues. In view of these developments the chances of
receiving any amount look extremely difficult. Accordingly, provision for the entire
amount, net of the claims negotiated earlier and provided for, has been made in
the accounts.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The Company is engaged
in low iron solar glass production for application in solar power sector. Solar
PV market has faced tough times internationally in view of extraordinary
capacity increase in China since 2011, resulting in an international market
crash. In India, the newly established Government at the Centre has given
enormous momentum to the use of solar power, and the Solar energy targets of
100 GW is now proposed to be realized by 2022. In encouraging investments by
their own power producers and large PSUs, the Government is providing momentum
to the solarisation programme.
Simultaneously,
emphasis has been given to meet demands for agricultural pumps and remote
habitats by offering off-grid roof-top and standalone solar power solutions.
These are likely to materialize in the near future.
The company
expects increase in demand for solar glass. However, considering slim margins
due to dumping by China, it continues to produce Patterned glass for
Architectural applications and make available a superior product with exclusive
designs for shower cubicles, partitions and tabletops etc. The Company has
plans to continue to serve this segment in niche applications.
SEGMENTWISE OR
PRODUCTWISE PERFORMANCE
The Company’s
business activity falls within a single primary business segment viz.
Manufacture of Flat glass.
OUTLOOK
The growth of
solar energy in the Country is expected to accelerate which will require huge
quantity of low iron glass. The Government plans to set up 100 GW of solar
power plants by 2022 as against earlier plan of 20 GW by 2020. The Government
has put solar power under priority sector lending which augurs well for the
growth.
The solar
energy produced will be more dependable by this non-conventional route and will
reduce pressure on natural resources besides being non-polluting and
environment friendly. The Government is looking at cutting oil import bill by
going aggressively on solar power which will lead to policy push. The action on
the ground has to follow the same.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Inter Corporate Deposit |
0.000 |
13.080 |
|
|
|
|
|
Total |
0.000 |
13.080 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
419.200 |
382.800 |
802.000 |
|
b) Other operating income |
4.900 |
1.100 |
6.000 |
|
Total
income from Operations(net) |
424.100 |
383.900 |
808.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
108.300 |
34.200 |
204.200 |
|
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 |
(19.400) |
(1.400) |
(20.800) |
|
d) Employees benefit expenses |
47.600 |
47.100 |
94.700 |
|
e) Depreciation and amortization expenses |
35.500 |
34.200 |
69.700 |
|
f) Power and Fuel |
77.300 |
71.400 |
148.700 |
|
g) Packing Expenses |
30.300 |
21.100 |
51.400 |
|
h) Exchange Rate Difference |
(0.400) |
(0.500) |
(0.900) |
|
i) Manufacturing, admin & Other Expenses |
39.900 |
38.500 |
78.400 |
|
j) Selling & Distribution Expenses |
47.900 |
40.100 |
88.000 |
|
Total expenses |
367.000 |
346.000 |
713.400 |
|
3. Profit from operations before other income and
financial costs |
57.100 |
37.500 |
94.600 |
|
4. Other income |
0.800 |
0.900 |
1.700 |
|
5. Profit from ordinary activities before finance costs |
57.900 |
38.400 |
96.300 |
|
6. Finance costs |
3.800 |
4.100 |
7.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
54.100 |
34.300 |
88.400 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
54.100 |
34.300 |
88.400 |
|
10.Tax expenses |
26.900 |
10.600 |
37.500 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
27.200 |
23.700 |
50.900 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
27.200 |
23.700 |
50.900 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
341.000 |
341.00 |
341.000 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.21 |
0.05 |
0.26 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
17085124 |
17085124 |
17085124 |
|
- Percentage of shareholding |
25.05 |
25.05 |
25.05 |
|
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 |
51122376 |
51122376 |
51122376 |
|
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) |
74.95 |
74.95 |
74.95 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
4 |
|
|
|
Disposed of during the quarter |
4 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
Rs. In Million
|
SOURCES OF FUNDS |
30.09.2015 (Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1241.000 |
|
(b) Reserves & Surplus |
111.700 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1352.700 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
138.700 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term liabilities |
0.000 |
|
(d) long-term provisions |
3.200 |
|
Total
Non-current Liabilities (3) |
141.900 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
16.200 |
|
(b) Trade payables |
103.700 |
|
(c) Other current liabilities |
218.200 |
|
(d) Short-term provisions |
10.000 |
|
Total
Current Liabilities (4) |
348.100 |
|
|
|
|
TOTAL |
|
|
|
|
|
II. ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
1095.500 |
|
(b)
Non-Current investments |
0.600 |
|
(c) Deferred
tax assets (net) |
53.000 |
|
(d) Long
term loans and advances |
74.300 |
|
(e) Other
non-current assets |
0.000 |
|
Sub-total of
Non-Current Assets |
1223.400 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
65.000 |
|
(b) Inventories |
268.700 |
|
(c) Trade receivables |
201.200 |
|
(d) Cash and cash
equivalents |
18.600 |
|
(e) Short-term loans and
advances |
20.200 |
|
(f) Other current assets |
45.600 |
|
Sub-total of
Current Assets |
619.300 |
|
|
|
|
TOTAL |
1842.700 |
NOTES:
1.
a) The terms of Preference shares were
varied from Cumulative to Non-cumulative vide special resolution passed by
Shareholders on 26th August, 2015 through postal ballot,
b) For the Limited purpose of
calculating Earnings per share (EPS), proportionate dividend on Cumulative
Preference shares has been taken into consideration up to 26th August, 2015.
Due to this the EPS is impacted.
2.
The Company had filed legal case
against one of its export debtors and had shown the same as doubtful of recovery
in the accounts and made full provision for doubtful debts. The legal case
against personal liability of Directors has not succeeded and the court is
unable to proceed against the Debtor since the same is now under liquidator.
There being no chances of any recovery the entire amount has been written off
in September 2015 and the provision made for doubtful debts has been reversed.
This has no impact on the results for the quarter/half year ended 30th
September, 2015.
3.
No provision for MAT has been made in
view of set off of permitted brought forward book loss. Necessary provision
will be made at the end of the year, if required.
4.
a) In a matter relating to valuation
for excise purposes, the Company’s appeal is pending before the Supreme Court
against orders of the CESTAT demanding duty of Rs.45.500 million plus
equivalent penalty for February 1999 to June 2005 and interest amounting to Rs
34.200 million. The Supreme Court while deciding the departmental appeal on the
same issue for the period July 2006 to June 2007 has held in favour of the
Company dismissing the Depts. appeal. Further, the matter for July 2005 to June
2006 which was remanded back to Commissioner has been decided in favour of the
Company. The Commissioner has decided in favour of the company on the
show-cause notices issued for the period July 2007 to March 2011.
b) (i) In another excise matter
there is an order for refund of Rs 37.100 million paid under protest earlier
and lying in advances. The appeal filed by excise dept. before High Court of
Gujarat has been dismissed.
(ii) The excise dept. has also
passed order allowing interest of Rs 20.800 million on this refund. An appeal
filed by the dept. against the said order is pending before Commissioner
(Appeals). Necessary accounting adjustments for above will be made after final
outcome in the above matters.
5.
The figures for the corresponding
previous periods have been restated / regrouped, wherever necessary, to make
them comparable.
6.
The Company is engaged in the business of
manufacture and trading of Flat Glass which is a single segment in terms of
Accounting Standard ‘Segment Reporting (AS-17)’.
7.
The Audit Committee reviewed the above
results. The Board of Directors at its meeting held on 4th November, 2015
approved the same and authorized its release.
8.
The Statutory Auditors of the company
have carried out a limited review of the results for the quarter ended 30th
September, 2015.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10522443 |
10/09/2014 |
20,000,000.00 |
Bank of Baroda |
Mumbai Main Office Branch, Post Box No.347, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India |
C22980684 |
|
2 |
10135914 |
26/12/2008 |
360,975,000.00 |
Bank of Baroda |
Corporate Financial Services- Fort Branch, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India |
A53867529 |
|
3 |
90109302 |
11/08/2011 * |
90,600,000.00 |
Bank of Baroda |
Corporate Financial Services- Fort Branch, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India |
B18986398 |
*Date of modification Charges
FIXED ASSETS:
Tangible Assets
· Land (Free hold) and Site Development
· Building
· Plant and Machinery
· Furniture, Fixtures and Fittings
· Motor Vehicles
· Computers
Intangible Assets
· Computer system software
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.