MIRA INFORM REPORT

 

 

Report No. :

344667

Report Date :

10.10.2015

 

IDENTIFICATION DETAILS

 

Name :

APAR INDUSTRIES LIMITED (w.e.f  08.10.1999)

 

 

Formerly Known As :

GUJARAT APAR POLYMER LIMITED

 

 

Registered Office :

301, Panorama Complex,  R. C. Dutt Road, Vadodara – 390007, Gujarat

Tel No. :

91-265-2331935

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

28.09.1989

 

 

Com. Reg. No.:

04-012802

 

 

Capital Investment / Paid-up Capital :

Rs.385.000 Million

 

 

 

CIN No.:

[Company Identification No.]

L91110GJ1989PLC012802

 

 

IEC No.:

0389059471

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDA01335F / BRDA01312D / BRDA00836D

 

 

PAN No.:

[Permanent Account No.]

AACG1840M

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer, Exporter and Importer of conductors, Transformer/specialty oils and power/telecom cables.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1989 and it operates under two division specialty oil and electronic component division. Specialty oil division engaged in the manufacturing of transformer oils, industrial oils, lubricants, white oil, rubber processing oil and ink oil. Electronic component division engaged in manufacturing and development of aluminum conductors.

 

With respect to the operational performance of 2015, company has registered a growth of 12.04% in its sales turnover profile but profit of the company has declined by 30.42% as compared to previous year profit.

 

Ratings continue to draw strength from established market position of the company in the product segments it operates backed by diversified revenue profile and well experienced management team of the company.

 

Moreover, rating also takes into account of its healthy financial profile marked by adequate net worth base along with sound gearing and debt protection metrics of the company.

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of healthy financial base, the company can be considered good for normal 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

CARE

Rating

Long term bank facilities =A+

Rating Explanation

Have adequate degree of safety and carry low credit risk.

Date

30.12.2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities=A1+

Rating Explanation

Have very strong degree of safety and carry lowest credit risk.

Date

30.12.2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Milind Soni

Designation :

Assistant Manager

 

 

LOCATIONS

 

Registered Office:

301, Panorama Complex, R. C. Dutt Road, Vadodara – 390007, Gujarat, India

Tel. No.:

91-265-2331935/ 2339906/2306537

Fax No.:

91-265-2330309

E-Mail :

aisbmby@bom3.vsnl.net.in

com_sec@apar.com

Website :

http://www.aparind.com

http://www.apar.com

Location :

Owned

 

 

Corporate Office :

Apar House, Corporate Park, Sion-Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-25263400/67800400

Fax No.:

91-22-25246326

E-Mail :

aisbmby@bom3.vsnl.net.in

corporate@apar.com

Website :

http://www.apar.com

 

 

Specialty Oils Manufacturing Facility 1 :

Rabale – Navi Mumbai

18, TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone. Exchange,
Thane Belapur Road, Rabale, Navi Mumbai - 400 701, Maharashtra, India.

Tel. No.:

91-22 - 27694756

Fax No.:

91-22 - 27694757

E-Mail :

apar_thane@apar.com

 

 

Specialty Oils Manufacturing Facility 2 / Al:

Silvassa – D. and NH

Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India.

Tel. No.:

91-260 - 2630193 / 2630194 / 2630282 / 2630961

E-Mail :

aparsil@apar.com

 

 

Aluminium Conductors Manufacturing Facility :

Silvassa – D. and NH

Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India.

Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961

 Email: aparsil@apar.com

 

Nalagarh – HP

Khasra No. 467, Hadbast No. 101, Muuza Beer Plassi, Tehsil. Nalagarh, 
P.O. Manjhauli (Jagatkhana),   District Solan - 174 101, Himachal Pradesh, India  

Tel. No.: 91-1795 - 265389 / 200384

Email: apar_nalagarh@apar.com

 

 

Cables Division Manufacturing

Plot No.158 to 163, GIDC, Umbergaon, District Valsad-396171, Gujarat, India

Tel. No.:

91-260-2562412 / 2563412

Fax No.:

91-260-2562950 / 2562954

E-Mail :

cable.production@apar.com

 

 

Cables Division Marketing  :

12/13, Jyoti Wire House, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India 

Tel. No.:

91 22 2674 0001/2/3

Fax No.:

91 22 2674 0600

E-Mail :

info.cable@apar.com

 

 

Branch Office  :

Located At:

 

·         Bangalore

·         Chennai

·         New India

·         Kolkata

·         Hyderabad

·         Pune

·         Jabalpur

·         Bhopal 

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Dr. Narendra D. Desai

Designation :

Chairman and Managing Director

Qualification :

B.Sc. (Hons), London, M.S. (Ele. Engg.), Ph.D., Penn., USA, Sigma XI, A.A.M.I.E.E.

Date of Appointment :

28.09.1989

 

 

Name :

Mr. N. K. Thingalaya

Designation :

Director

Date of Birth/Age :

04.11.1937

Qualification :

Ph. D. (Economics)

Date of Appointment :

27.07.2001

Other Directorships:-

Canbank Investment Management Services  Limited

 

 

Name :

Mr. F. B. Virani

Designation :

Director

Date of Birth/Age :

26.06.1945

Qualification :

B. E. (Chemical Engineering), M. S. (Chemical Engineering) (USA), MBA (USA)

Date of Appointment :

27.07.2001

Other Directorships:-

1. Dyna Cybertech Services Private Limited

2. Uniflex Cables Limited

 

 

Name :

Mr. Kushal N. Desai

Designation :

Managing Director

Date of Birth/Age :

21.02.1967

Qualification :

B.Sc. Hons., (Ele. Engg.) USA, B.S. Eco. Hons., (Wharton), USA

Date of Appointment :

24.03.1999

 

 

Name :

Mr. C. N. Desai

Designation :

Joint Managing Director

Date of Birth/Age :

15.07.1971

Qualification :

B.Sc (Hons.) (Chem. Engg.) USA, B.S. Eco. (Hons.) (Wharton), USA

Date of Appointment :

29.05.1993

 

 

Name :

Mr. Rajesh Sehgal

Designation :

Additional Director (w.e.f. 27th June, 2011)

Date of Birth/Age :

16.02.1971

Qualification :

PGDBM, CFA.

Other Directorships:-

HPL Additives Limited

 

 

Name :

Mr. Suyash Saraogi

Designation :

Additional Director (w.e.f. 30.05.2014)

 

 

Name :

Ms. Nina Kapasi

Designation :

Additional Director (w.e.f. 30.05.2014)

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjaya Kunder

Designation :

Company Secretary

 

 

Name :

Mr. V.C. Diwadkar

Designation :

Chief Financial Officer

 

 

Audit Committee:

·         Dr. N.K. Thingalaya Chairman

·         Mr. F.B. Virani

·         Mr. Rajesh Sehgal

·         Mr. Kushal N. Desai (w.e.f 30.05.2014)

·         Mr. Suyash Saraogi (w.e.f 30.05.2014)

·         Ms. Nina Kapasi  (w.e.f 30.05.2014)

 

 

 

SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B+C)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

22196762

57.66

http://www.bseindia.com/include/images/clear.gifBodies Corporate

111278

0.29

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1735387

4.51

http://www.bseindia.com/include/images/clear.gifTrusts

1735387

4.51

http://www.bseindia.com/include/images/clear.gifSub Total

24043427

62.46

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

24043427

62.46

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

3524833

9.16

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1191

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

2429283

6.31

http://www.bseindia.com/include/images/clear.gifSub Total

5955307

15.47

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

5587177

14.51

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2192087

5.69

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

483853

1.26

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

234918

0.61

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

129800

0.34

http://www.bseindia.com/include/images/clear.gifNRIs/Foreign Individuals

105070

0.27

http://www.bseindia.com/include/images/clear.gifTrusts

48

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

8498035

22.07

Total Public shareholding (B)

14453342

37.54

Total (A)+(B)

38496769

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

38496769

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of conductors, Transformer/specialty oils and power/telecom cables.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Acrylonitrile Butadiene Rubber

4002.59

Transformer and Specialty Oils

2710.90

AAC/AAAC/ACSR Conductors

7614.90

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • UAE
  • Qatar
  • Saudi Arabia
  • Oman
  • Kuwait
  • South America

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Qutar
  • UAE
  • Saudi Arabia

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Vedanta Aluminium Limited, Odisha

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

End Users

 

Reference :

Power Grid Corporatioon of India

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

·         Union Bank of India

·         Syndicate Bank

·         Kotak Mahindra Bank Limited

·         IDBI Bank Limited

·         ICICI Bank Limited

·         State Bank of India

·         Standard Chartered Bank

·         Indian Bank

·         Bank of Baroda

·         Axis Bank Limited

·         Credit Agricole – Corporate and Investment Bank

·         Bank of India

·         ING Vysya Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

 

 

Foreign currency loan from banks

481.200

551.300

Rupees Term Loan from bank

466.700

0.000

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

 

 

Rupee Loans

0.000

25.800

Packing Credit loan in foreign currency from banks

1623.200

1407.000

 

 

 

Total

2571.100

1984.100

 

NOTE:

 

LONG TERM BORROWINGS

 

The Foreign Currency term loan from Credit Agricole CI Bank, Singapore is secured by exclusive charge on the assets acquired by the

Company with the proceeds of the facility.

 

The Foreign Currency term loan from Union Bank of India, Hong Kong is secured by first charge by way of equitable mortgage by deposit of title deeds of Company’s Athola properties and exclusive hypothecation charge on the assets acquired by the Company with the proceeds of the facility situated at other locations.

 

The rupees term loan from ING Vysya Bank Limited (Now Kotak Mahindra Bank) is secured by first charge by way of equitable mortgage by deposit of title deed of Company’s Khatalwada properties and hypothecation of movable plant & machinery at Khatalwada excluding movable machinery hypothecated to ECB Lenders.

 

Terms of repayment of term loan.

 

In respect of Foreign Currency Term Loans from Bank in August, 2015 Rs.93.700 Million, in May, 2016 Rs.100.000 Million, in August, 2016 Rs. 125.000 Million, in May, 2017 Rs. 112.500 Million, in May, 2018 Rs. 143.700 Million,.

 

In respect of Rupee Term Loan from Bank in 15 quarterly installments commencing from March, 2016 till September, 2019, 14 installments of Rs. 33.300 Million each and last of Rs. 33.400 Million.

 

SHORT TERM BORROWINGS

 

Working capital loans from banks (secured) Rs.1623.200 Million are secured by :

 

·         Hypothecation of specified stocks, specified book debts of the Company.

·         First charge by way of equitable mortgage by deposit of title deeds of Company’s specified immovable properties, both present and future.

 

Financial Institute:

Il and Fs Trust Company Limited, Il and Fs Financial Centreplot No C22 G Block Bandra , Kurla Complex Bandra East, Mumbai- 400051, Maharashtra, India

 

 

Auditors :

 

Name :

Sharp and Tannan

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Subsidiary Companies :

·         Petroleum Specialties Private Limited, Singapore

·         Quantum Apar Specialty Oil Private Limited (subsidiary of Petroleum Specialties Private Limited)

·         Apar ChemateK Lubricants Limited (w.e.f. 26th September, 2012)

·         Petroleum Specialities FZE, Sharjah (100% subsidiary of Petroleum Specialities Private Limited) incorporated on 18th November, 2014)

 

 

Joint Venture Company (As on 31.03.2014) :

·         Apar ChemateK Lubricants Limited

(Upto 25.09.2012, became subsidiary w.e.f. 26.09.2012)

 

 

Entities over which significant influence is exercised by key management personnel / individuals having significant influence (As on 31.03.2014) :
  • Apar Corporation Private Limited
  • Scope Private Limited and its' subsidiaries, viz
  • Apar Investment (Singapore) Private Limited
  • Apar Investment Inc.
  • Kushal N. Desai Family Trust
  • Kushal Chaitanya N. Desai Family Trust
  • Chaitanya N. Desai Family Trust
  • Catalis World Private Limited
  • Gayatri Associates
  • AIL Benefit Trust
  • Maithili Trusteeship Services Private Limited
  • Kushal N. Desai Family Private Trust
  • Narendra D. Desai Family Private Trust

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

91998750

Equity Shares

Rs.10/- each

Rs.920.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38496503

Equity Shares

Rs.10/- each

Rs.384.965 Million

 

 

 

 

 

 

a.     Reconciliation of the number of shares outstanding at the beginning and at the end of the year.

 

 

March 31, 2015

Equity Shares

No. of shares

Rs.  Million

At the beginning of the year

38470431

384.700

Issued during the period-fresh issue*

*26072

00.300

Outstanding at the end of the year

38496503

384.965

 

*Issued during the year to the Employees / Director under Apar Industries Limited Stock Option Plan – 2007 at Rs.2070.500 Million

 

b.    Terms/rights attached to equity shares

 

The Company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

 During the year ended 31st March 2015, the amount of per share dividend recognised as distributions to equity shareholders is Rs.35.000, (Previous year Rs. 52.500).

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

c.     Details of Shareholders holding more than 5% shares in the company

 

Equity shares of Rs. 10/- each fully paid

March 31, 2015

No. of shares

% of holdings in the class

Dr. N. D. Desai

7271761

18.89%

Kushal N. Desai

7378528

19.17%

Chaitanya N. Desai

7367260

19.14%

Templeton Strategic Emerging Markets Fund III, L.D.C.

3636363

9.45%

Reliance Capital Trustee Company Limited A/c. Reliance Diversified Power Sector Fund

1437992

3.74%

Shinny Limited, Mauritius

--

--

 

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

 

d.    Shares reserved for issue under options

 

The Company provides share-based payment to its employees. During the year ended 31st March 2015, an Employee Stock Option Plan (ESOP) was in existence. The relevant details of the scheme and the grant are as below:

 

Members’ approval was obtained at the Annual General Meeting held on 9th August, 2007 for introduction of Employee Stock Option Scheme to issue and grant upto 1,616,802 options, but the Board has granted 175,150 options till date.

 

 

Particulars

March 31, 2015

Outstanding at the beginning of the year

99,294

Vested during the year

--

Forfeited during the year

63,551

Exercised during the year

26,072

Outstanding at the end of the year

9,671

Exercisable at the end of the year

9,671

 

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

385.000

384.700

384.700

(b) Reserves & Surplus

5984.200

5683.000

5217.300

(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)

6369.200

6067.700

5602.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

947.900

701.300

329.400

(b) Deferred tax liabilities (Net)

275.500

225.300

109.500

(c) Other long term liabilities

21.900

66.500

137.900

(d) long-term provisions

37.000

28.500

25.800

Total Non-current Liabilities (3)

1282.300

1021.600

602.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3866.700

7079.900

9403.200

(b) Trade payables

15611.500

13864.000

13277.000

(c) Other current liabilities

1203.900

972.600

2933.100

(d) Short-term provisions

156.900

242.900

242.200

Total Current Liabilities (4)

20839.000

22159.400

25855.500

 

 

 

 

TOTAL

28490.500

29248.700

32060.100

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3821.000

3346.600

2396.200

(ii) Intangible Assets

0.000

30.800

26.900

(iii) Capital work-in-progress

0.000

180.800

451.000

(iv) Intangible assets under development

0.000

0.000

2.800

(b) Non-current Investments

299.300

284.900

284.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

433.400

446.400

457.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4553.700

4289.500

3619.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

7.200

15.000

796.200

(b) Inventories

9293.900

10104.400

7408.500

(c) Trade receivables

12391.700

10442.100

7935.600

(d) Cash and cash equivalents

377.600

2272.300

10320.900

(e) Short-term loans and advances

1480.200

1641.900

1314.600

(f) Other current assets

386.200

483.500

665.300

Total Current Assets

23936.800

24959.200

28441.100

 

 

 

 

TOTAL

28490.500

29248.700

32060.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

50109.700

44832.000

45321.900

 

 

Other Income

83.700

44.700

77.000

 

 

TOTAL                                              (A)

50193.400

44876.700

45398.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of raw materials and components consumed

40123.500

35004.200

35559.100

 

 

Purchases of stock-in-trade

633.700

773.500

293.300

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(898.000)

(77.200)

(197.000)

 

 

Employee benefits expense

699.700

591.700

518.100

 

 

Other expenses

7138.300

5855.700

6211.200

 

 

Exceptional items

2.500

8.600

46.200

 

 

Transfer to capital assets

0.100

(35.100)

(16.700)

 

 

TOTAL                                               (B)

47699.800

42121.400

42414.200

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2493.600

2755.300

2984.700

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1500.900

1458.100

1343.100

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

992.700

1297.200

1641.600

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

310.400

268.900

238.600

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

682.300

1028.300

1403.000

 

 

 

 

 

Less

TAX                                                                  (H)

203.700

340.400

381.400

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

478.600

687.900

1021.600

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1837.100

 

1585.500

1041.200

 

 

 

 

 

 

Loss of Amalgamating Subsidiary

0.000

0.000

(57.600)

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transitional provisions for depreciation net of deferred tax

28.400

0.000

0.000

 

 

Transfer to General Reserve

50.000

200.000

183.400

 

 

Proposed Dividend

0.000

202.000

202.000

 

 

Tax on Proposed Dividend

0.000

34.300

34.300

 

BALANCE CARRIED TO THE B/S

2315.700

1837.100

1585.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods calculated on FOB basis

15121.500

13671.400

12825.400

 

 

Deemed Exports

1514.800

142.500

0.900

 

 

Dividend from subsidiaries

60.100

0.000

54.500

 

 

Other Earnings

651.900

565.200

877.300

 

TOTAL EARNINGS

17348.300

14379.100

13758.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

30432.300

29781.800

22406.900

 

 

Stores & Spares

26.300

17.200

3.600

 

 

Capital Goods

180.500

142.100

137.600

 

TOTAL IMPORTS

30639.100

30639.100

22548.100

 

 

 

 

 

 

Earnings Per Share (Rs.)

12.44

17.88

26.56

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

205.400

201.500

227.200

Cash generated from (used in)  operations

2416.100

(5927.200)

4436.900

Net cash flows from (used in) operations

2272.300

(6124.000)

4149.800

 

 

 

QUARTERLY RESULTS

 

Particulars

 

 

 

30.06.2015

(Unaudited)

 

 

 

1st  Quarter

Net Sales

 

 

12478.50

Total Expenditure

 

 

11793.70

PBIDT (Excl OI)

 

 

684.80

Other Income

 

 

0.70

Operating Profit

 

 

685.50

Interest

 

 

184.00

Exceptional Items

 

 

NA

PBDT

 

 

501.50

Depreciation

 

 

82.20

Profit Before Tax

 

 

419.30

Tax

 

 

143.60

Provisions and contingencies

 

 

NA

Profit After Tax

 

 

275.70

Extraordinary Items

 

 

NA

Prior Period Expenses

 

 

NA

Other Adjustments

 

 

NA

Net Profit

 

 

275.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

0.96

1.53

2.25

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

4.98

6.15

6.58

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.42

3.57

4.48

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.17

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.79

1.32

1.78

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.13

1.10

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.419.10/-

 

 

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

384.700

384.700

385.000

Reserves & Surplus

5217.300

5683.000

5984.200

Net worth

5602.000

6067.700

6369.200

 

 

 

 

long-term borrowings

329.400

701.300

947.900

Short term borrowings

9403.200

7079.900

3866.700

Current maturities of long-term debts

227.200

201.500

205.400

Total borrowings

9959.800

7982.700

5020.000

Debt/Equity ratio

1.778

1.316

0.788

 

 

 

 

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

45321.900

44832.000

50109.700

 

 

(1.081)

11.772

 

 

 

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

45321.900

44832.000

50109.700

Profit

1021.600

687.900

478.600

 

2.25%

1.53%

0.96%

 

 

 

 

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

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

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

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS:

 

 

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 445 of 2012

 

Status : PENDING

( Converted from : ST/1224/2012)

CCIN No : 001092201200445

 

 

Last Listing Date:

18/09/2012

Coram
  • HONOURABLE MR.JUSTICE AKIL KURESHI
  • HONOURABLE MS.JUSTICE HARSHA DEVANI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER - CENTRAL EXCISE CUSTOMS AND SERVICE TAX - VAPI

MR GAURANG H BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondent

Advocate On Record

1

APAR INDUSTRIES LIMITED

MR PA JADEJA for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 20/06/2012

Registered On

: 09/07/2012

Bench Category

: DIVISION BENCH

District

: VALSAD

Case Originated From

:THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 51 times

StageName

: FOR FINAL HEARING

 

Classification

DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

CENTRAL EXCISES AND SALT ACT, 1944

 

Other Forums

 

S.No.

CASED ETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

A/15/WZB/AHD/2012

CUSTOMS EXCISE AND SERVICE TAX APPELLATE TRIBUNAL, WEST ZONAL BENCH, AHMEDABAD

MEMBER (JUDICIAL) AND MEMBER (TECHNICAL)

27/12/2011

VALSAD

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

20/06/2012

CERTIFIED COPY

MR GAURANG H BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MR GAURANG H BHATT:1

2

20/06/2012

MEMO OF PETITION/APPEAL/SUIT

MR GAURANG H BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR GAURANG H BHATT:1

3

15/08/2012

VAKALATNAMA

MR GAURANG H BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR GAURANG H BHATT:1

4

15/08/2012

VAKALATNAMA

MR PA JADEJA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR PA JADEJA:1

5

17/09/2012

PAPER BOOK

MR PA JADEJA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR PA JADEJA:1

 

Application

S.No.

CASED ETAILS

Status Name

Disposal Date

Action/ Coram

1

CIVIL APPLICATION

DISPOSED

03/09.2012

Any other mode @ FH

  • HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI
  • HONOURABLE MR. JUSTICE N.V. ANJARIA

 

 

UNSECURED LOANS:

 

Particulars

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

 

 

Public Deposits

0.000

143.500

Deposits from Directors

0.000

6.500

 

 

 

SHORT TERM BORROWINGS

 

 

Packing credit loan in foreign currency from Banks

915.800

818.600

Buyer's credit in foreign currency

1327.700

4784.200

Public deposits

0.000

5.800

Director’s deposits

0.000

38.500

 

 

 

Total

2243.500

5797.100

 

 

INDEX OF CHARGE:

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10593886

16/09/2015

500,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI- 400051, MAHARASHTRA , INDIA

C65597148

2

10552476

25/02/2015

500,000,000.00

ING VYSYA BANK LIMITED

PLOT NO. C-12, 'G' BLOCK, 8TH FLOOR,, BKC, BANDRA
(EAST), MUMBAI- 400051, MAHARASHTRA, INDIA

C45265717

3

10449812

17/09/2013

330,000,000.00

UNION BANK OF INDIA

OVERSEAS BRANCH, UNION BANK BHAVAN, 239, VIDHAN
BHAVAN MARG, NARIMAN POINT,, MUMBAI-
400021, MAHARASHTRA, INDIA

B85302081

4

10426504

15/05/2013

330,000,000.00

UNION BANK OF INDIA

OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI- 400021,
MAHARASHTRA, INDIA,

B75406249

5

10348687

28/04/2015 *

38,750,000,000.00

IL AND FS TRUST COMPANY LIMITED

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA
, KURLA COMPLEX BANDRA EAST, MUMBAI- 400051, MAHARASHTRA, INDIA

C52172152

6

10317838

14/11/2011

250,400,000.00

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

168, ROBINSON ROAD,, #22-01, CAPITAL TOWER,, SING
APORE, - 068912, SINGAPORE

B25379025

7

10133842

02/12/2014 *

36,046,500,000.00

IL AND FS TRUST COMPANY LIMITED

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI- 400051, MAHARASHTRA
, INDIA

C36877751

 

 

*Date of modification Charges

 

 

MANAGEMENT DISCUSSION AND ANALYSIS/ OUTLOOK:

 

FY 2015 was a demanding year for the Indian power sector which had to navigate through uncertainties with regards to fuel supply, poor health of the distribution sector and a drastic drop in global crude oil prices witnessed in the second half of the year. However, one by one, the government has been addressing the challenges in the sector.

 

Already, over the last 10 months, the fuel security issue has been tackled head on with a transparent mechanism for allocating coal blocks via e-auction, 11,000 MW of stranded gas plants have been revived and the power ministry is also looking at innovative financing models and custom solutions to improve the health of discoms. Of late, there is also growing consensus on the need for comprehensive second generation structural reforms in the power distribution sector. The power ministry expects bidding of up to Rs. 0.100 Million of transmission projects in next six to eight months to create a robust infrastructure across the country.

 

This augurs well for the Company, given our leading presence in the Indian transmission and distribution (T&D)

Sector – more than 70% of our revenues are from the power sector. Over the years, we have taken strong strategic initiatives by building new generation product capacities to support the technology shifts required for a high efficiency T&D network in the country. The new products are also attractive for our export markets.

 

Our continuous in-house R&D efforts and strategic tie-ups have spurred development of many new technology products for the Company like extra high voltage transformer oils, high temperature conductors, E-Beam cables and new generation optical fiber cables (OFC). These high her value added products, with good growth prospects will drive the company’s growth and profitability going forward.

 

The company is in the top five largest conductor manufacturers and is the fourth largest transformer oil manufacturer in the world. We also have a strong product portfolio in cables and auto lubricants as well as other specialty oils. This well diversified product basket has helped the company maintain Growth in what has been a very challenging environment. Apart from a diversified product mix, we have, over the years, been continuously building global presence. The Company today exports to over 100 countries.

 

Our global presence, strong technical capabilities, higher focus on R&D and improved operational efficiency has

Enabled the company to consolidate its leadership position across segments.

 

 

THE OPPORTUNITIES AND OUTLOOK THAT EXIST FOR THE COMPANY ARE AS FOLLOWS:

 

INDUSTRY STRUCTURE, DEVELOPMENT, OPPORTUNITIES, THREATS, OUTLOOK AND RISK AND CONCERNS

 

GLOBAL SCENARIO

 

The global power sector is expected to grow by 66% between 2011-2035 mainly driven by China, India, Southeast Asia and the Middle East. Over $16.4 trillion investment is expected in the power sector globally with 58% in generation and remainder in T&D. OECD countries are expected to account for $6.2 trillion, mainly to replace ageing infrastructure and meet decarburization targets. In non-OECD countries, governments need to facilitate a larger role for private capital to raise the $10 trillion needed to expand networks and generation capacity to meet rapid demand growth. The global power transformer market is expected to grow at a CAGR of 6.34% over the period 2014-2019.

 

INDIAN SCENARIO

 

The Indian power sector, after a dismal phase, is moving towards ‘better days’ buoyed by the renewed focus from

The new central government. The 12th Five Year Plan lays special emphasis on development of the infrastructure

Sector, including power as an imperative for sustaining high growth, an investment of US$ 1 trillion is required in the infrastructure sector in India.

 

The transmission and distribution sector can expect private sector investments of nearly Rs. 300,000 Crores over the next four years. The private sector will be supported by over Rs. 100,000 crores from the government through schemes such as the Deen Dayal Upadhyay Gram Jyoti Yojana and the Integrated Power Development Scheme to meet government’s target of 24X7 power goal. The Centre has set a target to double coal production by 2019, thereby doubling power generation.

 

Gradual turnaround will be witnessed in Power sector with

Major steps taken by the Indian government:

  • Increase in coal by Coal India
  • Successful coal mines bidding process
  • Tariff revisions and financial restructuring plan to improve SEBs financial health

 

 

BUSINESS PERFORMANCE

 

Despite the sluggish domestic environment, the Company reported a healthy 11% growth in revenues in FY’15.

Consolidated revenue increased to Rs. 5122.000 Million as compared to Rs. 4632.000 Million in FY’14, driven by over 40% growth in conductors. Our EBITDA was at Rs. 254.000 Million in FY’15 and our profit after tax was Rs. 49.000 Million This has been possible due to the strategic initiatives taken by the company over the years such as building our presence in over 100 overseas markets and increasing capacities for new generation products across all our businesses. The year gone by saw successful commissioning of expansions done in last year to drive growth in high value products. Going forward, we see acceleration in our new higher value added segments spurring growth in India and abroad.

 

 

FIXED ASSETS:

 

·         Land Freehold

·         Leasehold Building

·         Plant and Machinery

·         Furniture and Fixture

·         Motor Vehicles

·         Intangible Assets

 

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 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

 

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. 64.78

UK Pound

1

Rs. 99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

RKH

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

GTA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

64

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.