MIRA INFORM REPORT
|
Report No. : |
344450 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANGAL INDUSTRIES LIMITED [w.e.f.30.07.2012] |
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|
|
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Formerly Known
As : |
MANGAL PRECISION PRODUCTS LIMITED [w.e.f.19.03.2009] MANGAL PRECISION PRODUCTS PRIVATE LIMITED [w.e.f.21.10.2004] HARSHA ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
Renigunta-Cuddapah Road, Karakambadi, Tirupati, Chittoor – 517520, Andhra Pradesh |
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Tel. No.: |
91-877-2285561 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.11.1990 |
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Com. Reg. No.: |
01-011932 |
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Capital Investment
/ Paid-up Capital : |
Rs. 116.222 Million |
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CIN No.: [Company Identification
No.] |
U15122AP1990PLC011932 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM01837D |
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PAN No.: [Permanent Account No.] |
AADCM5441K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Plastic Products. |
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No. of Employees
: |
Not Available [We tried to confirm
the number of employees but no one is ready to part any information from the
company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject operates as a subsidiary of Amara Raja Group having
satisfactory track record. It is an established company incorporated in the year 1990 and it is
engaged in manufacturing of plastic products. Rating reflects company’s sound financial risk profile supported by
its healthy networth position and fair profitability. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of aforesaid, 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April 10, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
April 10, 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Subramanian |
|
Contact No.: |
91-877-2265000 |
|
Date : |
08.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Renigunta-Cuddapah Road, Karakambadi, Tirupati, Chittoor – 517520, Andhra Pradesh, India |
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Tel. No.: |
91-877-2285561 |
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Fax No.: |
91-877-2285600 |
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E-Mail : |
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Website : |
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Corporate
Operations Office : |
Terminal A 1-18/1/AMR/NR, Nanakramguda, Gachibowli, Hyderabad – 500032, Andhra Pradesh, India |
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Tel. No.: |
91-40-23139000 |
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Fax No.: |
91-40-23139001 |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Padmavathi Galla |
|
Designation : |
Managing director |
|
Address : |
A-54, Road No.11, Film Nagar, Jubilee Hills, Hyderabad - 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
06.09.1967 |
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Qualification : |
BA |
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Date of Appointment : |
17.01.1994 |
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PAN No.: |
AEOPG4729C |
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DIN No.: |
00143767 |
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|
|
|
Name : |
Dr. Galla Ramachandra Naidu |
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Designation : |
Director |
|
Address : |
Giridrushya, Renigunta-Cuddapah Road, Karakambadi, Tirupati, Chitoor - 517520, Andhra Pradesh, India |
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Date of Birth/Age : |
01.06.1938 |
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Qualification : |
ME (Applied Electronics), MS (System Sciences) |
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Date of Appointment : |
17.01.1994 |
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PAN No.: |
ACYPG9385N |
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DIN No.: |
00133761 |
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|
|
|
Name : |
Mr. Galla Jayadev |
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Designation : |
Director |
|
Address : |
H. No. A-54, Road No.11, Film Nagar, Jubilee Hills, Hyderabad - 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
24.03.1966 |
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Qualification : |
Bachelor’s Degree in Political Science and Economics |
|
Date of Appointment : |
02.12.2000 |
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PAN No.: |
ACYPG9383L |
|
DIN No.: |
00143610 |
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|
|
|
Name : |
Chemuduri Prasanth |
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Designation : |
Director |
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Address : |
Plot No. 10, Silent Lake Valley Road, 51, Jubilee Hills, Hyderabad – 500033, Telangana, India |
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Date of Birth/Age : |
04.07.1964 |
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Qualification : |
BBA |
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Date of Appointment : |
10.07.2012 |
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DIN No.: |
00468442 |
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|
|
|
Name : |
Balakrishna Murthy Iskapalli |
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Designation : |
Director |
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Address : |
12-2-417/10, Sarada Nagar, Gudimalkapur, Hyderabad - 500067, Andhra Pradesh, India |
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Date of Birth/Age : |
18.07.1942 |
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Qualification : |
M. Tech |
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Date of Appointment : |
27.08.2009 |
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DIN No.: |
02774534 |
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|
|
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Name : |
Gourineni Vikramadithya |
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Designation : |
Alternate director |
|
Address : |
Diguwamagham, Aragonda, Chitoor - 517129, Andhra Pradesh, India |
|
Date of Birth/Age : |
24.11.1989 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
29.09.2014 |
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DIN No.: |
03167659 |
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|
|
|
Name : |
Dr. Ramadevi Gourineni |
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Designation : |
Director |
|
Address : |
3420, Adams Road, Oak Brook Illinois 60523, United States of America |
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Date of Birth/Age : |
22.09.1964 |
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Qualification : |
MD |
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Date of Appointment : |
31.10.2002 |
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PAN No.: |
ACYPG9736B |
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DIN No.: |
01347211 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Kumar Puvvada |
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Designation : |
Secretary |
|
Address : |
Flat No. 204, Prabath Apartments, Kukatpally, Hyderabad - 500072, Andhra Pradesh, India |
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Date of Birth/Age : |
27.12.1981 |
|
Date of Appointment : |
18.05.2010 |
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PAN No.: |
AXQPP4375A |
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|
|
|
Name : |
Mr. Vijay Naidu Galla |
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Designation : |
Chief Executive Officer |
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|
Name : |
Mr. Subrahmanyam Kedarisetty |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Amara Kumari Galla |
|
393366 |
|
Padmavathi Galla |
|
469006 |
|
Galla Jayadev |
|
1615370 |
|
Ramadevi Gourineni |
|
956666 |
|
Harshavardhana |
|
140400 |
|
Vikramaditya |
|
130400 |
|
Galla Ramachandra Naidu |
|
7555154 |
|
Ashok Galla |
|
176507 |
|
Siddharth Galla |
|
130607 |
|
Srinivasulu Naidu G. |
|
10133 |
|
Jayaram Naidu G. |
|
10133 |
|
Parvathy Y |
|
10133 |
|
R Bhanu Murthy Naidu |
|
8612 |
|
R Ramakrishna |
|
15705 |
|
|
|
|
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Total |
|
11622192 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
99.53 |
|
Others |
0.47 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Plastic Products. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information from
the company management] |
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Bankers : |
· State Bank of India Settipalli Branch, Renigunta Road, Tirupati - 517506, Andhra Pradesh, India · Kotak Mahindra Bank Limited · Bank of Bahrain and Kuwait BSC · Andhra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· L & T Finance Limited L&T House, Ballard Estate, Mumbai - 400001,
Maharashtra, India |
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Auditors : |
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Name : |
E Phalguna Kumar and Company Chartered Accountants |
|
Address : |
599/2, Balaji Colony, Hyderabad, Andhra Pradesh, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFE1485A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Other Related
Party : |
Mangamma and Gangulu Naidu Memorial Trust |
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|
Enterprises
which are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Amara Raja Batteries Limited [L31402AP1985PLC005305] · Amara Raja Electronics Limited [U31402AP1999PLC032257] · Amara Raja Power Systems Limited [U31102AP1984PLC005165] · Amara Raja Infra Private Limited [U40102AP2008PTC059398] · Amara Raja Industrial Services Private limited [U93000AP2009PTC064031] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,622,192 |
Equity Shares |
Rs. 10/- each |
Rs. 116.222 Millions |
|
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
116.222 |
116.222 |
68.035 |
|
(b) Reserves & Surplus |
904.210 |
726.526 |
466.042 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
2.145 |
|
Total
Shareholders’ Funds (1) + (2) |
1020.432 |
842.748 |
536.222 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
547.885 |
527.909 |
398.992 |
|
(b) Deferred tax liabilities (Net) |
152.860 |
57.616 |
8.256 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
10.396 |
|
(d)
long-term provisions |
14.395 |
13.239 |
8.330 |
|
Total
Non-current Liabilities (3) |
715.140 |
598.764 |
425.974 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
550.239 |
358.933 |
492.525 |
|
(b)
Trade payables |
382.433 |
312.091 |
262.119 |
|
(c)
Other current liabilities |
230.676 |
209.678 |
232.356 |
|
(d)
Short-term provisions |
57.179 |
26.111 |
8.534 |
|
Total
Current Liabilities (4) |
1220.527 |
906.813 |
995.534 |
|
|
|
|
|
|
TOTAL |
2956.099 |
2348.325 |
1957.730 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1637.839 |
1104.287 |
1116.551 |
|
(ii)
Intangible Assets |
0.260 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.575 |
255.026 |
16.523 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13.626 |
13.771 |
13.771 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
41.903 |
113.314 |
11.311 |
|
(e)
Other Non-current assets |
0.532 |
0.048 |
0.238 |
|
Total
Non-Current Assets |
1710.735 |
1486.446 |
1158.394 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
414.783 |
311.639 |
306.185 |
|
(c)
Trade receivables |
538.595 |
422.774 |
422.141 |
|
(d)
Cash and cash equivalents |
77.594 |
7.893 |
17.567 |
|
(e)
Short-term loans and advances |
204.821 |
116.320 |
50.784 |
|
(f)
Other current assets |
9.571 |
3.253 |
2.659 |
|
Total
Current Assets |
1245.364 |
861.879 |
799.336 |
|
|
|
|
|
|
TOTAL |
2956.099 |
2348.325 |
1957.730 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3332.621 |
2797.737 |
2511.928 |
|
|
|
Other Income |
61.876 |
53.942 |
34.754 |
|
|
|
TOTAL (A) |
3394.497 |
2851.679 |
2546.682 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2195.042 |
1754.450 |
1592.643 |
|
|
|
Purchases of Stock-in-Trade |
7.980 |
125.153 |
82.851 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(47.417) |
(17.692) |
6.996 |
|
|
|
Employees benefits expense |
296.342 |
230.893 |
186.906 |
|
|
|
Other expenses |
448.425 |
459.048 |
395.689 |
|
|
|
Extraordinary Items |
2.142 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2902.514 |
2551.852 |
2265.085 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
491.983 |
299.827 |
281.597 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
137.369 |
104.286 |
132.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
354.614 |
195.541 |
149.527 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
81.865 |
67.372 |
71.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
272.749 |
128.169 |
78.099 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.065 |
51.851 |
37.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
177.684 |
76.318 |
40.728 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
556.502 |
470.932 |
394.294 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
707.752 |
562.315 |
437.553 |
|
|
|
Capital Goods |
25.463 |
22.796 |
19.170 |
|
|
TOTAL IMPORTS |
733.215 |
585.111 |
456.723 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.29 |
8.93 |
5.17 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
135.219 |
114.972 |
125.057 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
401.530 |
179.978 |
220.718 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.33 |
2.73 |
1.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.76 |
10.72 |
11.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.32 |
6.16 |
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21 |
1.19 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.95 |
0.80 |
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 |
68.035 |
116.222 |
116.222 |
|
Reserves & Surplus |
466.042 |
726.526 |
904.210 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
2.145 |
0.000 |
0.000 |
|
Net
worth |
536.222 |
842.748 |
1020.432 |
|
|
|
|
|
|
Long-term borrowings |
398.992 |
527.909 |
547.885 |
|
Short term borrowings |
492.525 |
358.933 |
550.239 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
125.057 |
114.972 |
135.219 |
|
Total
borrowings |
1016.574 |
1001.814 |
1233.343 |
|
Debt/Equity ratio |
1.896 |
1.189 |
1.209 |
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 |
2511.928 |
2797.737 |
3332.621 |
|
|
|
11.378 |
19.118 |
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 |
2511.928 |
2797.737 |
3332.621 |
|
Profit |
40.728 |
76.318 |
177.684 |
|
|
1.62% |
2.73% |
5.33% |
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 |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10522669 |
08/01/2015 * |
75,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
27BKC, C 27, G BLOCK,
BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
C53495743 |
|
2 |
10511713 |
09/07/2014 |
180,000,000.00 |
BANK OF BAHRAIN
& KUWAIT. B.S.C |
43, GOVERNMENT
AVENUE, MANAMA, MANAMA, - 597, BAHRAIN |
C14163257 |
|
3 |
10489846 |
22/03/2014 |
1,500,000.00 |
ANDHRA BANK |
TIRUPATI MAIN
BRANCH, TIRUPATI, ANDHRA PRADESH - 517501, INDIA |
C03727542 |
|
4 |
10436376 |
12/09/2014 * |
351,600,000.00 |
STATE BANK OF
INDIA |
SME BRANCH, PLOT.NO-95,
NEW BALAJI COLONY, AIR BYPASS ROAD, TIRUPATI, ANDHRA PRADESH - 517502, INDIA |
C20413597 |
|
5 |
10431763 |
29/05/2013 |
12,000,000.00 |
L & T FINANCE
LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI, MAHARASHTRA |
B77384451 |
|
6 |
10297855 |
14/07/2012 * |
220,000,000.00 |
BANK OF BAHRAIN
& KUWAIT B.S.C |
6-3-550,
AKASHGANGA, SOMAJIGUDA, HYDERABAD, ANDHRA |
B43550359 |
|
7 |
80015486 |
22/07/2015 * |
836,000,000.00 |
ANDHRA BANK |
TIRUPATI MAIN BRANCH,
BERI STREET, TIRUPATI, ANDHRA PRADESH - 517501, INDIA |
C61758371 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
28.571 |
|
Deferred payment liabilities |
10.039 |
10.039 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
193.360 |
154.174 |
|
Loans and advances from related parties |
55.000 |
7.538 |
|
|
|
|
|
Total |
258.399 |
200.322 |
PERFORMANCE
OVERVIEW:
During the year, the domestic market growth continued to be muted with
the second successive year of sub 5% GDP growth. The year saw steep currency depreciation
in an environment where industrial activity remained in contraction mode,
consumption demand continued to weaken, while lacklustre capital goods
production pointed to stalled investment demand. The year continued to witness
slowing automobile production impacting the business fortunes of auto component
industry. Despite challenging macro-economic environment, one of the key
customers, Amara Raja Batteries Limited, has performed better than market in
the battery industry, which helped the engineering division to outperform with
highest ever turnover and Profit. Remarkable turn-around in the performance of
the fasteners and pulp division aided by enhanced volume in exports, improving
private label beverage business and various efforts towards cost optimization
and operational efficiencies helped the Company to attain higher levels of
overall revenue and profits for the year.
The Company has recorded 19% growth in revenue. The profit after tax has
registered an impressive 132% growth compared with the previous financial year.
Engineering
Strategic Business Unit (ESBU): The Engineering Strategic Business Unit
(ESBU) had contributed significantly to the revenue and profitability of the
Company during the year 2013-14, more particularly the Plastics and Sheet Metal
divisions leading with higher volumes. Storage Solutions division has primarily
focused on stabilization of processes and participation in bidding processes of
large warehousing projects. The performance of each division is as follows:
- Plastics
Division (PLD)
During the year the division added six injection molding machines
ranging from 275 T to 650 T clamp force, which generates the additional
capacity to process 750 Tons of plastics/year. Further the recycling capacities
were also utilized at 80% of the installed capacities. There is an overall
improvement in manufacturing operations by operating the equipment at higher
uptimes, lower energy per unit and lower inventory compared to earlier year.
The division has processed 5,442 metric tons of raw material; a 12% enhanced
volume compared to the previous
financial year with improved utilization levels adopting best business
practices. The division has successfully completed certain process automation
for manufacture of products meant for leading automobile OEMs and other
customers. QCC team won the award at national level QCFI competitions.
- Sheet Metal
Division (SMD)
During the year the division processed a total of 7,372 metric tons of
steel for its products as compared to 6,090 metric tons of steel in the
previous year. The division also improved the fabrication up time, painting up
time, developed several processes and improved the work environment to enhance
the comfort and increase the productivity. Continuous focus on improvement in
manufacturing operations through lean concept helped to meet the Just In Time
(JIT) delivery requirements of customers while maintaining the optimum level of
inventory. One of the QCC teams won NCQC award for the year 2013.
- Precision
Components Division (PCD)
During the year the division has forged 1,753 Tons of products and met
the customer requirements comfortably. The division has received the Best
Kaizen Award from Ashok Leyland Limited, a recognition of the employee
involvement in taking up the improvement initiatives. The division has expanded
the Fasteners range from M6 ~ M18 to M4 ~ M18 by adding one set of Forging and
rolling machines in M4 ~ M6 range. The division could reduce the Manufacturing
expenses to great extent by means of improving the uptimes and operational
efficiencies. Sourcing of Raw material from alternate sources has helped the
division in reducing the input cost. During the year the division could achieve
a considerable increase in business volume with leading players in the Indian
Automobile Industry.
The Company has successfully negotiated price increases from most of the
customers. This coupled with lower input cost of raw material, change in
product mix to specials, reduction in conversion costs, better management of
working capital helped the division to turn-around and made profit for the
first time in its history.
There are scope for further improvement and potential to expand the
capacities to serve the current and new customers.
- Storage
Solutions Division (SSD)
During the year the Company has successfully commissioned the new
Storage Solutions Plant at Rangampet and started commercial production from
September, 2013 onwards. The division also successfully executed a few projects
from its new plant in sectors like Automobile, Logistics-3PL and Manufacturing.
The division has taken various initiatives in building its own brand viz.,
SILVER LINING- Storage Solutions with a tagline SAVING TIME AND SPACE
specifically for marketing its products and also launched its own website for
catering the specific and customized needs of various industries.
FOODS STRATEGIC
BUSINESS UNIT (SBU)
During the financial year the division has contributed highest net sales
of Rs.740.000 Million and reported a net profit of Rs.39.290 Million compared
to the last year net profit of Rs.18.630 Million.
- Pulp Division
Main factors which enabled better than expected performance were higher
volume of mango pulp/concentrate exports, private labeling business and
improvement in operational efficiency, reduction in manufacturing cost. The
division has fortified its relationship with key customers in pulp/concentrate
business which helped to secure repeat orders as well enhance the share of
business with key customers. During the year the division has achieved highest
sales of tomato paste.
- Beverage
Division
The division continued to focus on private labeling for beverage sales
with introduction of new variants (Tropical Flavors). The division has revamped
the Galla brand with re-designed primary packaging which will be more
contemporary and attractive and is expected to enhance the business in coming
years. The division is in the process of establishing stronger relationship with
leading beverage brands for launch of beverage variants developed by the
division under private label program and also for supply of pulp. The division
is taking steps to improve the margins from the beverages business through
operational efficiency and quality improvement.
Food business is confident of improved performance in the years ahead,
since the products of the Foods division have been well accepted for their
quality in all its addressable markets.
OUTLOOK
The Country’s economic environment is expected to see a rebound during
the second half of the current financial year aided by a stable government at
the center. It is expected that political stability would enable the government
to take new policy initiatives which would improve the overall capital market
and consumer sentiments resulting in revival of industrial growth. Anticipated
large investments into Infrastructure and revival in consumer confidence will
help automobile industry and hence the demand for auto-components. Industrial
growth coupled with GST introduction will enhance the demand for warehousing
infrastructure.
Engineering business is expected to grow in double digit during the
current financial year 2014-15 on account of enhanced demand for components
from the entities in the Amara Raja group. The Amara Raja Batteries Limited
(ARBL) has recently commissioned a green field capacity expansion project in
medium VRLA product line and carried out capacity expansion in Large VRLA and
motorcycle product ranges at the existing location. The growth in volumes of
ARBL will enlarge the demand for battery components. Further the season for
Home UPS is expected to be better than previous year due to expected weakness
in monsoon and continuing shortage in power availability. This will increase the
demand for components meant for Home UPS. Further anticipated revival in
automobile industry is expected to improve the off take of fasteners and with a
focused sales and marketing efforts the division is projected with a growth of
50% over FY14.
Food business will strive for increased share from the existing
customers and also look for the new opportunities. Galla Brand will be
strengthened and a multifold growth would be expected for the coming years.
Further consolidation of private label business will also provide new
opportunities to the Food business.
AWARDS
Achieved Gold award under plastics division PLD and Silver award under
sheet metal in QCC competitions, at Hyderabad and also Excellence awards each
under Sheet metal and plastics divisions in NCQC competitions, at Calcutta
conducted by QCFI.
The foods division facilities has been through the following
certifications to the Highest Standard of Food Safety and Hygiene:
1. FSSC 22000: 2010 (ISO 22000 :
2005 and ISO / TS 22002 1 Pre-requisite Programmes on Food Safety Part 1: Food
Manufacturing )- This certifies the presence of highest food safety management
system including the pre-requisite programmes covering all organizations in the
food chain from farm to fork certified by TUV NORD.
2. SGF
International E.V: This certifies participation of the company in Voluntary Control system
for fulfilling its due diligence safeguarding the perfect quality of its
products i.e. safety, authenticity, hygiene, sustainability, traceability and
labelling and enhancing customer and consumer safety when purchasing and
enjoying its products certified by SGF.
3. HALAL
Certificate: This certificate is a recognition that the products are permissible in
Islamic Law and the Company obtained this certificate to export its products to
Islamic Countries.
4. OU KOSHER
Certificate: The logo has become an increasingly important marketing device, which
generates additional revenues by expanding the size of the market Certification
gives a product a competitive edge that makes it sell faster, thus causing
supermarkets to favor brands with certification. That also means that
certification would lead to an increase in a company’s private label business.
This will not only help the sales, but will also make the products easily
identifiable as kosher by food industry personnel, kosher inspectors, and
consumers throughout the world.
5. U.S. FCE SID: The certification
is awarded by USFDA Registrar Corp to supply their products to US Market.
All the management systems certifications were obtained through world
renowned certification body TUV Nord.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property
or assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
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. 64.78 |
|
|
1 |
Rs. 99.54 |
|
Euro |
1 |
Rs. 73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.