MIRA INFORM REPORT
|
Report No. : |
346864 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SRIKALAHASTHI PIPES LIMITED (w.e.f. 29.09.2014) |
|
|
|
|
Formerly Known
As : |
LANCO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Rachgunneri Village, Srikalahasthi Mandal, District Chittoor - 517641,
Andhra Pradesh |
|
Tel. No.: |
91-8578-286650/55 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
01.11.1991 |
|
|
|
|
Com. Reg. No.: |
01-013391 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 397.636 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999AP1991PLC013391 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL00513C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL4108M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject’s main
business is manufacturing and selling pipes, in addition subject is also
manufacturing and selling Cement and producing Pig Iron and LAM Coke for
captive use. |
|
|
|
|
No. of Employees
: |
1390 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behavior : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company incorporated in the year 1991 having
good track. Available financial indicates company sound financial risk profile marked
by healthy networth position with fair liquidity and decent profit margin of
the company. Directors are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported as fair. Business is active. Payments
terms are reported as regular and as per commitment. In view of long track record and sound financial base, 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.
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 |
Adequate degree of safety and carry low credit risk. |
|
Date |
July 03, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
July 03, 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 PARTED BY
|
Name : |
Mr. Naryan |
|
Designation : |
Senior Officer |
|
Contact No.: |
91-8578-286650/55 |
|
Date : |
23.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Rachagunneri Village, Srikalahasthi Mandal, District Chittoor –
517641, Andhra Pradesh, India |
|
Tel. No.: |
91-8578-286650-55 |
|
Fax No.: |
91-8578-286657 |
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E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Marketing Head Office : |
No.148/150 (Old No. 98/99), Luz Church Road, Chennai – 600 004,
Tamilnadu, India |
|
Tel. No.: |
91-44-24674900 |
|
Fax No.: |
91-44-24995229 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mayank Kejriwal |
|
Designation : |
Managing Director |
|
Address : |
Nav-Nikunj, 13, Gurusaday Road, Kolkata - 700019, West Bengal, India |
|
Date of Appointment : |
30.04.2012 |
|
DIN No.: |
00065980 |
|
|
|
|
Name : |
Mr. Shermadevi Yegnaswami Rajagopalan |
|
Designation : |
Director |
|
Address : |
Udayan, UD-08-1003, 1050/1, Survey Park, Kolkata - 700075, West Bengal, India |
|
Date of Appointment : |
25.08.2011 |
|
DIN No.: |
00067000 |
|
|
|
|
Name : |
Mr. Maruthi Rao Gollapudi |
|
Designation : |
Director |
|
Address : |
8/6, Saradhambal Street, Gokulam Colony, T.Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Appointment : |
30.03.2002 |
|
DIN No.: |
00083950 |
|
|
|
|
Name : |
Mr. Gouri Shankar Rathi |
|
Designation : |
Whole-Time Director |
|
Address : |
2A, Suvarnalok (2nd Floor), 34 (Old No.19), Malony Road, T.Nagar, Chennai - 600017, Tamilnadu, India |
|
Date of Birth/Age : |
09.01.1950 |
|
Qualification : |
B.Com (Hons.),
FCS, LLB |
|
Special Expertise : |
Expertise in general
Administrative management and Marketing. |
|
Date of Appointment : |
25.07.2015 |
|
DIN No.: |
00083992 |
|
|
|
|
Name : |
Mr. Subramanian Hemamalini |
|
Designation : |
Director |
|
Address : |
#13, 2nd Cross Street, EKR Colony, Jafferkhanpet, Chennai - 600095, Tamilnadu, India |
|
Date of Appointment : |
24.08.2015 |
|
DIN No.: |
01947327 |
|
|
|
|
Name : |
Mr. Rajkumar Khanna |
|
Designation : |
Director |
|
Address : |
Flat No. 229, Malwa Singh Block, Asian Games Village, New Delhi - 110049, Delhi, India |
|
Date of Birth/Age : |
19.10.1952 |
|
Qualification : |
Graduate in
Management, Finance, Certificate in Infrastructure and Housing Finance from
USA |
|
Special Expertise : |
Expertise in Financial
Management and Infrastructure development. |
|
Date of Appointment : |
26.08.2013 |
|
DIN No.: |
05180042 |
KEY EXECUTIVES
|
Name : |
Mr. Atosh R. Surana |
|
Designation : |
Chief Financial Officer/ Secretary |
|
Address : |
No. 999, Ponamalle High Road, Chennai - 600084, Tamilnadu, India |
|
PAN No : |
AAMPS7974H |
|
Date of Appointment : |
01.07.2013 |
|
|
|
|
Name : |
Mr. Naryan |
|
Designation : |
Senior Officer |
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|
|
|
Name : |
Mr. V. Poyyamozhi |
|
Designation : |
Chief Operating Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of
Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
20193178 |
50.78 |
|
|
20193178 |
50.78 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
20193178 |
50.78 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
32880 |
0.08 |
|
|
39990 |
0.10 |
|
|
244200 |
0.61 |
|
|
1212824 |
3.05 |
|
|
1529894 |
3.85 |
|
|
|
|
|
|
6360141 |
15.99 |
|
|
|
|
|
|
5459858 |
13.73 |
|
|
4888141 |
12.29 |
|
|
1332383 |
3.35 |
|
|
1216868 |
3.06 |
|
|
115515 |
0.29 |
|
|
18040523 |
45.37 |
|
Total Public shareholding
(B) |
19570417 |
49.22 |
|
Total (A)+(B) |
39763595 |
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) |
39763595 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject’s main
business is manufacturing and selling pipes, in addition subject is also manufacturing
and selling Cement and producing Pig Iron and LAM Coke for captive use. |
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Products : |
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Brand Names : |
Ductile Iron Pipes is Branded as “SRIPIPES” Cement is Branded as “ SRIKALAHASTHI GOLD CEMENT” |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cheque and Online |
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Purchasing : |
Cheque and Online |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
1390 (Approximately) |
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Bankers : |
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Facilities : |
Long Term
Borrowings Terms of Repayment
and rate of interest: a) Rupee Term Loan of Rs. 468.750 Million is repayable in 15 Quarterly instalments of Rs. 31.250 Million each starting from 30/06/2015 and it carries an interest @ 11% p.a. payable monthly. b) Rupee Term Loan of Rs. 37.500 Million repayable in 4 Quarterly instalments of Rs. 9.375 Million each and it carries an interest @ 13.50% p.a. payable monthly. c) Rupee Term Loan of Rs. 500.000 Million (Drawn Rs. 400.000 Million) repayable in 8 Quarterly instalments of Rs. 15.625 Million each starting from 1/12/15 to 1/9/17 and 12 Quarterly instalments of Rs. 31.250 Million from 1/12/17 to 1/9/20, it carries an interest @ 11.45% p.a. payable monthly. d) Rupee Term Loan of Rs. 250.000 Million (Drawn Rs.100.000 Million) repayable in 8 Quarterly instalments of Rs. 7.812 Million each starting from 30/9/16 to 30/6/18 and 12 Quarterly instalments of Rs. 15.625 Million from 30/9/18 to 30/6/21, it carries an interest @ 12.25% p.a. payable monthly. e) Foreign Currency loan of Rs. 824.747 Million (US$ 131.976 Lakhs) is repayable in 11 half yearly instalments of US$ 12,00,600 in September and March and carries an interest at LIBOR plus 4.6262% p.a. payable half yearly. f) Foreign Currency loan of Rs. 468.750 Million (US$ 75
Lakhs) is repayable in 5 half yearly instalments of US$ 10 lakhs on
22/5/2015, US$ 15 lakhs each on 22/11/2015, 22/5/2016, 22/11/2016 and US$ 20
lakhs on 22/5/2017 and carries an interest at LIBOR plus 3.7239% p.a. payable
half yearly Nature of security: Rupee term loan of Rs. 868.750 Million is secured by way
of first pari-passu charge on the movable and immovable Fixed Assets of the
company and subservient charge of raw materials, semi-finished goods and
finished goods, consumables, stores and spares, book debts, both present and
future. Rupee term loans of Rs. 137.500 Million and Foreign Currency loans from Banks are secured by way of first pari-passu charge on the movable and immovable Fixed Assets of the company both present and future. Short Term
Borrowings Nature of Security and rate of interest Working Capital
facilities availed from banks are secured by hypothecation of raw materials,
semi-finished goods and finished goods, consumables, stores and spares, book
debts, both present and future of the company and rank pari-passu among
themselves and the rate of interest ranges from 10% to 13.5% p.a and are
payable on demand. |
|
Auditors : |
|
|
Name : |
K.R. Bapuji and Company Chartered Accountants |
|
Address : |
Hyderabad, Tamilnadu, India |
|
|
|
|
Memberships : |
----- |
|
|
|
|
Collaborators : |
----- |
|
|
|
|
Solicitors : |
Khaitan and Company |
|
|
|
|
Associate Company : |
Electrosteel Castings Limited |
|
|
|
|
Enterprise where
other directors have significant influence or control : |
Lanco Infratech Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Rs. In lakhs |
|
|
|
|
|
|
530.00 |
Equity Shares |
Rs.10/- each |
Rs. 530.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
397.63 |
Equity Shares |
Rs.10/- each |
Rs. 397.636 Million |
Reconciliation of
Shares outstanding at the beginning and at the end of the reporting period.
|
Particulars |
As at 31st March, 2015 |
|
|
No. of Shares in lakhs |
Rs. in lakhs |
|
|
Opening number of Shares Outstanding |
397.63 |
397.636 |
|
Closing number of Shares Outstanding |
397.63 |
397.636 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.
A dividend of 30% has been recognized as distribution to equity shareholders for the year ended 31.03.2015 (31st March 2014:15%)
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the 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.
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
As at 31st March, 2015 |
|
|
No. of Shares (in Lakhs) |
% holding |
|
|
Equity shares
with voting rights |
|
|
|
Electrosteel Castings Limited |
193.01 |
48.54 |
|
Avis-Tie Up Private Limited |
34.35 |
8.64 |
|
Dalmia Securities Private Limited |
---- |
---- |
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 |
397.636 |
397.636 |
397.636 |
|
(b) Reserves &
Surplus |
2535.306 |
1857.205 |
1540.051 |
|
(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) |
2932.942 |
2254.841 |
1937.687 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1799.672 |
1746.243 |
1506.558 |
|
(b) Deferred tax
liabilities (Net) |
654.731 |
304.184 |
277.022 |
|
(c) Other long term
liabilities |
131.193 |
494.664 |
740.356 |
|
(d) long-term provisions |
39.300 |
29.064 |
14.668 |
|
Total Non-current
Liabilities (3) |
2624.896 |
2574.155 |
2538.604 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1986.630 |
2355.734 |
2767.082 |
|
(b) Trade payables |
1024.040 |
1957.017 |
1047.990 |
|
(c) Other current
liabilities |
966.470 |
945.162 |
737.274 |
|
(d) Short-term provisions |
176.912 |
94.572 |
27.420 |
|
Total Current Liabilities
(4) |
4154.052 |
5352.485 |
4579.766 |
|
|
|
|
|
|
TOTAL |
9711.890 |
10181.481 |
9056.057 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4863.554 |
4347.003 |
4402.970 |
|
(ii) Intangible Assets |
9.432 |
7.542 |
10.768 |
|
(iii) Capital
work-in-progress |
88.894 |
200.423 |
170.164 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
56.143 |
558.622 |
652.020 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5018.023 |
5113.590 |
5235.922 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1345.924 |
2367.514 |
2082.610 |
|
(c) Trade receivables |
1860.467 |
1480.088 |
1194.271 |
|
(d) Cash and cash
equivalents |
592.452 |
573.502 |
102.062 |
|
(e) Short-term loans and
advances |
392.131 |
265.199 |
138.525 |
|
(f) Other current assets |
502.893 |
381.588 |
302.667 |
|
Total Current Assets |
4693.867 |
5067.891 |
3820.135 |
|
|
|
|
|
|
TOTAL |
9711.890 |
10181.481 |
9056.057 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10835.508 |
9893.956 |
8638.893 |
|
|
Other Income |
86.603 |
72.637 |
100.243 |
|
|
TOTAL |
10922.111 |
9966.593 |
8739.136 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5320.425 |
5443.678 |
5697.438 |
|
|
Purchases of
Stock-in-Trade |
533.872 |
550.370 |
103.837 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
103.498 |
(144.022) |
76.319 |
|
|
Employees benefits
expense |
484.494 |
443.627 |
379.894 |
|
|
Other expenses |
2537.023 |
2430.386 |
1868.891 |
|
|
TOTAL |
8979.312 |
8724.039 |
8126.379 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1942.799 |
1242.554 |
612.757 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
436.937 |
548.961 |
604.180 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1505.862 |
693.593 |
8.577 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
311.690 |
279.428 |
221.842 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1194.172 |
414.165 |
(213.265) |
|
|
|
|
|
|
|
Less |
TAX |
364.360 |
27.162 |
(82.303) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
829.812 |
387.003 |
(130.962) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
101.608 |
(15.546) |
115.416 |
|
|
|
|
|
|
|
Add |
PRIOR PERIOD ADJUSTMENT |
(8.136) |
(0.067) |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
500.000 |
200.000 |
0.000 |
|
|
Dividend |
143.574 |
69.782 |
0.000 |
|
|
Tax on Dividend |
0.000 |
0.000 |
|
|
|
Total |
643.574 |
269.782 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
279.710 |
101.608 |
(15.546) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
22.477 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
22.477 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1848.686 |
3135.437 |
1575.612 |
|
|
Components and Stores
parts |
169.199 |
372.918 |
116.436 |
|
|
Capital Goods |
132.707 |
5.120 |
180.437 |
|
|
TOTAL IMPORTS |
2150.592 |
3513.475 |
1872.485 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
20.87 |
9.73 |
-3.29 |
Expected Sales (2015-16): Rs. 10830.000 Million
The above information has been parted by Mr. Narayan (Senior Officer).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
500.075 |
401.054 |
394.112 |
|
Cash generated from operations |
1344.358 |
1376.280 |
1851.526 |
|
Net cash flow from (used in) operations |
1576.222 |
1451.213 |
1851.526 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.66 |
3.91 |
(1.52) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.93 |
12.56 |
7.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.41 |
4.15 |
(2.40)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.18 |
(0.11)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.29 |
1.82 |
2.21
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
0.95 |
0.83
|
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. 313.10/- |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st Quarter |
|
Net Sales |
|
|
2558.520 |
|
Total Expenditure |
|
|
1945.800 |
|
PBIDT (Excl OI) |
|
|
612.720 |
|
Other Income |
|
|
26.160 |
|
Operating Profit |
|
|
638.880 |
|
Interest |
|
|
112.670 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
526.210 |
|
Depreciation |
|
|
67.580 |
|
Profit Before Tax |
|
|
458.630 |
|
Tax |
|
|
119.370 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
339.260 |
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 |
397.636 |
397.636 |
397.636 |
|
Reserves & Surplus |
1540.051 |
1857.205 |
2535.306 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1937.687 |
2254.841 |
2932.942 |
|
|
|
|
|
|
long-term borrowings |
1506.558 |
1746.243 |
1799.672 |
|
Short term borrowings |
2767.082 |
2355.734 |
1986.630 |
|
Current maturities of
long-term debts |
394.112 |
401.054 |
500.075 |
|
Total borrowings |
4667.752 |
4503.031 |
4286.377 |
|
Debt/Equity ratio |
2.409 |
1.997 |
1.461 |
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 |
8638.893 |
9893.956 |
10835.508 |
|
|
|
14.528 |
9.516 |
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 |
8638.893 |
9893.956 |
10835.508 |
|
Profit |
(130.962) |
387.003 |
829.812 |
|
|
(1.52%) |
3.91% |
7.66% |
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 |
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 |
Yes |
|
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 |
Yes |
|
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 |
10534366 |
27/09/2014 |
350,000,000.00 |
YES BANK LIMITED |
NEHRU NAGAR, 9TH FLOOR, DISCOVERY OF INDIA,
DR. |
C35458256 |
|
2 |
10529804 |
19/12/2014 * |
250,000,000.00 |
ING VYSYA BANK LIMITED |
SIKKIM HOUSE, KOLKATA - 700071, WEST
BENGAL, INDIA |
C39925516 |
|
3 |
10530118 |
26/09/2014 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
4/1,MIDDLETON STREET, SIKKIM HOUSE,
KOLKATA- 700071, WEST BENGAL, INDIA |
C32908394 |
|
4 |
10553563 |
07/07/2014 |
500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, 3A, GURUSADAY ROAD,
KOLKATA- 700019, WE |
C45584257 |
|
5 |
10470218 |
04/04/2014 * |
500,000,000.00 |
INDUSIND BANK LIMITED |
INDUSIND BANK LIMITED, KOLKATA, KOLKATA-
700017, WEST BENGAL, INDIA |
C02537918 |
|
6 |
10443660 |
24/06/2013 |
900,000,000.00 |
IDBI BANK LIMITED |
44, SHAKESPHEARE SARANI, KOLKOTA - 700017,
WEST BENGAL, INDIA |
B82299595 |
|
7 |
10367456 |
31/12/2012 * |
560,920,000.00 |
STANDARD CHARTERED BANK |
AND ON BEHALF OF STANDARD CHARTERED BANK,
LONDON), |
B65961708 |
|
8 |
10343785 |
10/05/2012 * |
600,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD, KOLKATA - 70 |
B39170287 |
|
9 |
10300564 |
13/09/2011 * |
400,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. |
B21276019 |
|
10 |
10291964 |
12/09/2011 * |
810,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA
- 390015, GUJARAT, INDIA |
B20721015 |
* Date of charge modification
CORPORATE INFORMATION
Srikalahasthi Pipes Limited, incorporated under the
Companies Act in the year 1991, is engaged in the manufacture and supply of Ductile
Iron Pipe as its core business with its domicile presence in the State of
Andhra Pradesh, India. The Company’s name was earlier Lanco Industries Limited
and the name was changed with effect from 29th September, 2014 to its present
name. The company is a leading Public Utility Services company predominantly
catering to the needs of Water Infrastructure Development. The Company also
produces Low Ash Metallurgical Coke, Sinter and Power for captive consumption
in its integrated complex. It also manufactures and supply Pig Iron and Cement,
in the process. The Company’s shares are listed on the National Stock Exchange
Limited and the Bombay Stock Exchange Limited and the shares are traded
regularly.
REVIEW OF OPERATIONS
The Company has achieved Gross operating revenue of Rs. 11230.400 Million during the year as against Rs. 10371.600 Million in the previous year, thus registering an increase of 8.29% in gross revenue.
The production of D.I. Pipes during the FY 2014-15 was higher at 1,69,500 MT as compared to 1,62,892 MT for the FY 2013-14.
The production of Mini Blast Furnace (MBF), producing liquid metal mainly for Ductile Iron Pipe Plant was higher during the FY 2014-15 by 10.18% at 2,18,206 MT compared to 1,98,036 MT for the FY 2013-14. The production of Low Ash Metallurgical Coke was higher in FY 2014-15 by 16.90% at 1,60,554 MT as against 1,37,339 MT in FY 2013-14. The power generation from 12 MW Waste Heat Recovery Based Captive Power Plant was also higher in FY 2014-15 by 4.20% at 919 lakh units as against Rs. 88.200 Million units in the FY 2013-14. The production of Cement during the FY 2014-15was higher by 27.26% at 85,770 MT compared to 67,396 MT in the previous year.
During the year the company has successfully completed its capital expenditure programme of Rs. 1000.000 Million. to increase the production of Ductile Iron pipes by 50,000 TPA. The Company has also successfully commissioned and synchronized 132 KV substation, which has reduced power interruptions and substantially improved quality of power supplied from the grid, besides resulting in a marginal decrease in power tariff.
Company has undertaken cost reduction measures such as reduction of coke consumption, CRC scrap, HSD oil, effective utilization of sinter plant in terms of capacity and consumption ratio and reduction of power cost by increased captive power generation. Further, favourable trend in the prices of major raw materials viz. iron ore, coal helped the Company in sustaining overall reduction of the input cost during the year.
Besides the reduced cost of production and improved
operational efficiency, the lower finance cost, the growth in the volume of the
Ductile Iron Pipes coupled with improved sales realization increased the
pre-tax profit of the Company to Rs. 1194.200 Million. in the FY 2014-15 as
against Rs. 414.200 Million reported in the FY 2013-14.
FUTURE PROSPECTS
With the successful completion of capital expenditure program of Rs. 1000.000 Million. The company would start reaping the benefits of increased production from the current year. The company is exploring additional measure of cost reduction and value addition to remain competitive in the industry
In spite of growing competition in the domestic market, your Company is maintaining a satisfactory order position for the FY 2015-16.
To be fully self-sufficient in its power requirements, the company during FY 2015-16 is planning to increase the capacity of its coke oven plant thereby increasing its captive power generation from 12 MW to 18 MW.
Being the low cost producer of quality Ductile Iron Pipes in India, having excellent logistics and integrated facility coupled with cost control measures, rising demand of D.I. Pipes, both in domestic and export market, the company is optimistic of its bright future.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
Srikalahasthi Pipes Limited (Formerly known as Lanco Industries Limited) ventured its base in the Temple Town of Srikalahasthi as a small beginning and the following are the major MILESTONES since inception.
1991 – Incorporation of Srikalahasthi Pipes Limited.
1994 – Setting up of Mini Blast Furnace of 1,50,000 TPA
1995 – Setting up a 250 TPD Mini Cement Plant.
1997 – Setting up of Ductile Iron Pipes Facility of 60,000 TPA.
2002 – Strategic Alliance with Electrosteel Casting Limited.
2003 – Capacity of DI Pipes increased from 60,000 TPA to 90,000 TPA.
2005 – Commissioning of 150,000 TPA coke oven plant.
2005 – Setting up of Captive Power Plant of 12 MW by using the waste heat recovered from the coke oven plant.
2006 – Capacity of DI Pipes increased from 90,000 TPA to 1,20,000 TPA.
2009 – Capacity of DI Pipes increased from 1,20,000 TPA to 1,50,000 TPA.
2010 – Capacity of Mini Blast Furnace increased from 1,50,000 TPA to 2,25,000 TPA.
2011 – Commissioning of the first of its kind project to use primarily treated sewerage water of Tirupati Municipal Corporation for industrial purpose.
2012 – Commissioning of Sinter Plant to substitute usage of lump ore with iron ore fines to a larger extent and enhancement of capacity of Coke Oven Plant.
2014 – Name of the Company has been changed from Lanco Industries Limited to “Srikalahasthi Pipes Limited”.
2015 – Capacity of DI Pipes and MBF, increased to 2,25,000 TPA and 2,75,000 TPA, respectively. Commissioning of 132 KVA substation for quality and uninterrupted power supply with reduction in tariff.
INDUSTRY OUTLOOK
The importance of tap water in the developing countries is
increasing day by day. People have started realizing the necessity of safe
water, as 80% diseases are attributed to water and sanitation conditions.
Currently, India, a developing country, ranks low on access to clean drinking
water and sanitation. The government of India and states are in the process of
finalizing ambitious water supply projects, both for drinking and sewerage.
Government of India have allotted over rupees one lakh crores for its
implementation on priority through Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) and Smart Cities Mission. In addition, there are other
state specific major projects viz., Telangana Water Grid, Water Supply Schemes
for new capital City of Amaravati in AP, etc. The emphasis of water supply and
sanitation is expected to continue for many years to come and the estimated
demand for the D.I. Pipes is expected to grow at a CAGR of around 15%. The
prospects of D.I. Pipe industry are bright because of its superiority over
other pipes and it being the preferred choice of designers for water and
sanitation sectors.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(Rs. In Million)
|
Particulars |
Quarter Ended 30.06.2015 (Unaudited) |
|
Income from Operations |
|
|
(a) Net sates/income from operations (Net of excise duty) |
2558.523 |
|
(b) Other Operating Income |
0.000 |
|
Total income from
operations (net) |
2558.523 |
|
Expenses |
|
|
(a) Cost of materials consumed |
1179.780 |
|
(b) Purchases of stock-in trade |
69.049 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(53.402) |
|
(d) Employee benefits expense |
137.009 |
|
(e) Depreciation and Amortization Expenses |
67.576 |
|
(f) Other Expenses |
601.337 |
|
(g) Power and Fuel |
0.000 |
|
(h) Value of Wind Power |
0.000 |
|
Total expenses |
2001.349 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
557.174 |
|
Other Income |
26.162 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
583.336 |
|
Finance Costs |
124.706 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
458.630 |
|
Exceptional items |
119.371 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
339.259 |
|
Tax expenses |
397.636 |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
339.259 |
|
Extraordinary item (net of tax expense) |
----- |
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates |
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
339.763 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
|
|
Earnings per share
(before extraordinary items) of Rs.10/- each (not annualized): |
|
|
(a) Basic |
8.53 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
A. Public Shareholding |
|
|
- Number of shares |
19570417 |
|
- Percentage of shareholding |
49.22 |
|
Promoters and Promoter group shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
NIL |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
NIL |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
NIL |
|
b) Non Encumbered |
|
|
- Number of shares |
20193178 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
50.78 |
|
|
|
|
Investors Complaints |
|
|
Beginning |
Nil |
|
Received |
4 |
|
Disposed Off |
4 |
|
Remaining Unresolved |
Nil |
Notes:
The above results were reviewed by the Audit Committee and taken on record by the Board of Directors in their meeting held on 25th July; 2015.
The Company has only "Pipes" as a significant reportable segment.
Finance cost includes loss on account of foreign exchange fluctuations of Rs 12.042 Million (Rs 0.109 Million gain during the corresponding quarter ended 30.06.2014 and loss of Rs. 8.721 Million during the Quarter ended 31.03.2015).
The Auditors of the Company have carried out a Limited Review of the aforesaid financial results for the quarter ended 30th June, 2015 in terms of Clause 41 of the Listing Agreement with Stock Exchanges.
Figures of the previous period are re-arranged wherever
necessary to conform to the figures of current period.
FIXED ASSETS
Tangible Assets
- Land
- Leasehold
Land
- Factory
Building
- Non Factory
Building
- Plant and
Machinery
- Electrical
Installation
- Office
Equipment
Intangible Assets
- Computer
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 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. 64.88 |
|
|
1 |
Rs. 99.88 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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
unfavorable 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.