MIRA INFORM REPORT
|
Report No. : |
342022 |
|
Report Date : |
21.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JASCH
INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonipat -
131021, Haryana |
|
Tel. No.: |
91-130-3053600 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
11.12.1985 |
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|
|
|
Com. Reg. No.: |
05-022758 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.113.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24302HR1985PLC022758 |
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|
|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACJ0766B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in manufacturing of PU/PVC Coated Fabrics (also known as Synthetic Leather or Artificial Leather) and Allied Products and Nucleonic and X-Ray Source based Thickness Gauging Systems in Electronic Gauge Division. |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 890000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a well-established company
having satisfactory track record. Rating takes consideration on company’s year on year operational
growth and strong financial risk profile, profitability margin and healthy
capital structure along with above average debt protection metrics. Rating further derive strength from the long track record of the
company and promoters seems to be knowledgeable and respectful businessmen. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
18.09.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
18.09.2015 |
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 DENIED BY
|
Name : |
Mr. M. Paliwal |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-130-3053600 |
|
Date : |
19.09.2015 |
LOCATIONS
|
Registered Office / Factory : |
43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonipat -
131021, Haryana, India |
|
Tel. No.: |
91-130-3053600/ 5431363/ 5423714/ 5418205 |
|
Fax No.: |
91-130-3053698/ 5435484 |
|
E-Mail : |
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|
Website : |
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Corporate Office
: |
502, Block C, NDM-2, Netaji Subhash Place, Pitampura,
Delhi – 110034, India |
|
Tel. No.: |
91-11-28723745 /46/47/49 |
|
Fax No.: |
91-11-28723748 / 28723732 |
|
E-Mail : |
|
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|
Branch Office
1 : |
Jasch House,
Behind Khalsa Collage, 5105/01, Dev Nagar, Karol Bagh, |
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Branch Office 2 : |
107, Shivlok House-II, Karampura Commercial Complex, |
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Overseas
Offices : |
Located At: ·
·
Europe and ·
·
· Sweden ·
· Brazil |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. J.K. Garg |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
68 years |
|
Qualification : |
Mechanical Engineer |
|
|
|
|
Name : |
Mr. Manish Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. Ramnik Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. Navneet Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. Kamlesh Garg (Ms) |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. S.K. Khandelwal (Dr.) |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
86 Years |
|
|
|
|
Name : |
Dr. K.C. Varshney (Dr.) |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
77 Years |
|
|
|
|
Name : |
Mr. Kuldeep Singal |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
71 Years |
|
|
|
|
Name : |
K.L. Khetarpaul |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
72 Years |
|
|
|
|
Name : |
Mr. Naresh Kumar, IRS (Retd)@ |
|
Designation : |
Independent Director |
NOTE
@appointed Independent Additional Director w.e.f. 31-05-2014
KEY EXECUTIVES
|
Name : |
Mr. S. K. Verma |
|
Designation : |
Vice President and Company Secretary |
|
|
|
|
Name : |
Mr. M. Paliwal |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
6245871 |
55.13 |
|
|
6245871 |
55.13 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6245871 |
55.13 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1100 |
0.01 |
|
|
1100 |
0.01 |
|
|
|
|
|
|
434734 |
3.84 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
2674973 |
23.61 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
1836884 |
16.21 |
|
|
136438 |
1.20 |
|
|
136438 |
1.20 |
|
|
5083029 |
44.86 |
|
Total Public
shareholding (B) |
5084129 |
44.87 |
|
Total (A)+(B) |
11330000 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11330000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of PU/PVC Coated Fabrics (also known as Synthetic Leather or Artificial Leather) and Allied Products and Nucleonic and X-Ray Source based Thickness Gauging Systems in Electronic Gauge Division. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 (31.03.2015)
|
Class of Goods |
Unit |
Production for the Year Ended 31st March |
|
PVC - Coated Fabric |
Meter |
1939758.00 |
|
PVC - C P S |
Meter |
253954.00 |
|
PU - Coated Fabric |
Meter |
530890.00 |
|
PU - N L F |
Meter |
5.00 |
|
5 PU - C P S |
Meter |
899144.00 |
|
PU - Pu Resin |
Kgs. |
216133.50 |
|
Cut Pieces |
Kgs. |
160265.00 |
|
Bardana and Scrap |
Kgs. |
|
|
Raw Material sales as such |
|
|
|
Electronic Gauge |
Nos. |
63.00 |
|
Electronic Gauge Parts |
Nos. |
532.00 |
|
AMC |
|
|
|
Others |
Meter |
0.00 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM
BORROWING Term Loans From HDFC Bank Limited secured by a first mortgage by deposit of title deeds of the Company's immovable properties both present and future ranking inter se and also personal guarantee of four directors. Loans for Vehicles are secured by hypothecation of respective vehicles. SHORT TERM
BORROWINGS Working Capital Loan from HDFC Bank Limited is secured by
hypothecation of present and future stock of raw materials, stock-in-
process, finished goods, consumables, stores and spares, book debts,
receivables, claims, materials in transit and personal guarantee of four
Directors |
|
Auditors : |
|
|
Name : |
Arora and Choudhary Associates Chartered Accountant |
|
Address : |
8/28, W.E.A Abdul Aziz Road, Karol Bagh, New Delhi –
110005, India |
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|
|
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Secretarial
Auditors : |
|
|
Name : |
Mukesh Arora and Company Company Secretaries |
|
Address : |
Chamber No. 304, Nai Wala, Karol Bagh, New Delhi – 110005, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly owned
subsidiaries (WOS) : |
Jasch North America Company (USA) |
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|
Other subsidiary : |
Indev Gauging Systems, Inc. (USA) |
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Enterprises owned
or significantly influenced by KMP, Directors or their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11330000 |
Equity Shares |
Rs.10/- each |
Rs.113.300
Million |
There has been no movement in the shares outstanding from the prior year to the current year.
Terms / rights
attached to Equity Shares:
Company has only one class of equity shares having a par value of Rs.10/- Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.
The details of
Shareholders holding more than 5% shares:
|
Name of the
Shareholder |
As At 31.03.2015 |
|
|
No. of Shares |
% held |
|
|
Jai Kishan Garg |
2398491 |
21.17 |
|
Manish Garg |
847349 |
7.47 |
|
Ramnik Garg |
802573 |
7.08 |
|
Kamlesh Garg |
605945 |
5.35 |
There were no instance of shares issued, on which there were
any calls remaining unpaid or instances of any forfeitures during the years ended
March 31, 2015 and 2014
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 |
113.300 |
113.300 |
113.300 |
|
(b) Reserves &
Surplus |
199.399 |
168.491 |
149.389 |
|
(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) |
312.699 |
281.791 |
262.689 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
58.356 |
43.102 |
53.205 |
|
(b) Deferred tax liabilities
(Net) |
30.067 |
30.333 |
31.156 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
88.423 |
73.435 |
84.361 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
87.931 |
86.349 |
108.152 |
|
(b) Trade payables |
125.744 |
101.075 |
144.436 |
|
(c) Other current
liabilities |
65.779 |
77.904 |
76.527 |
|
(d) Short-term provisions |
10.356 |
9.491 |
5.738 |
|
Total Current Liabilities
(4) |
289.810 |
274.819 |
334.853 |
|
|
|
|
|
|
TOTAL |
690.932 |
630.045 |
681.903 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
232.386 |
228.500 |
236.098 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
15.190 |
2.560 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.180 |
52.180 |
52.180 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.485 |
2.689 |
2.529 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
303.241 |
285.929 |
290.807 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.728 |
2.109 |
1.480 |
|
(b) Inventories |
122.352 |
131.451 |
148.231 |
|
(c) Trade receivables |
234.120 |
186.950 |
208.656 |
|
(d) Cash and cash equivalents |
15.242 |
12.738 |
15.670 |
|
(e) Short-term loans and
advances |
8.352 |
5.971 |
12.162 |
|
(f) Other current assets |
4.897 |
4.897 |
4.897 |
|
Total Current Assets |
387.691 |
344.116 |
391.096 |
|
|
|
|
|
|
TOTAL |
690.932 |
630.045 |
681.903 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
946.566 |
877.227 |
805.075 |
|
|
Other Income |
5.052 |
2.916 |
2.105 |
|
|
TOTAL |
951.618 |
880.143 |
807.180 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
656.183 |
609.850 |
589.402 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
9.021 |
12.998 |
(15.031) |
|
|
Employees benefits expense |
58.630 |
41.681 |
35.320 |
|
|
Other expenses |
134.358 |
131.810 |
117.599 |
|
|
TOTAL |
858.192 |
796.339 |
727.290 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
93.426 |
83.804 |
79.890 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
21.638 |
24.154 |
27.760 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
71.788 |
59.650 |
52.130 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.638 |
26.776 |
24.780 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
47.150 |
32.874 |
27.350 |
|
|
|
|
|
|
|
Less |
TAX |
16.242 |
13.772 |
9.220 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
30.908 |
19.102 |
18.130 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
168.491 |
149.389 |
128.259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
199.399 |
168.491 |
146.389 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
|
|
|
|
|
|
|
|
|
|
(Earning in US$ -
12,39,487) |
75.907 |
85.071 |
75.43 |
|
|
(Earning in EURO -
84,379) |
5.881 |
11.500 |
12.585 |
|
|
|
|
|
|
|
|
(Earning in US$ - 10,288) |
0.626 |
1.515 |
1.799 |
|
|
TOTAL EARNINGS |
82.414 |
98.086 |
89.814 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
2.72 |
1.68 |
1.60 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
19.647 |
6.892 |
18.093 |
|
Cash generated from operations |
49.547 |
98.527 |
82.072 |
|
Net cash flows from |
38.126 |
87.127 |
74.004 |
QUARTERLY RESULTS
(Rs. In Million)
|
Particulars (Unaudited) |
30.06.2015 1st
Quarter |
|
Net Sales |
250.130 |
|
Total Expenditure |
221.660 |
|
PBIDT (Excl OI) |
28.470 |
|
Other Income |
0.170 |
|
Operating Profit |
28.640 |
|
Interest |
5.150 |
|
Exceptional Items |
0.000 |
|
PBDT |
23.490 |
|
Depreciation |
6.550 |
|
Profit Before Tax |
16.940 |
|
Tax |
5.760 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
11.180 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
11.180 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.27 |
2.18 |
2.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.87 |
9.55 |
9.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.56 |
5.71 |
4.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.53 |
0.49 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.25 |
1.17 |
STOCK
PRICES
|
Face Value |
Rs.10.00 /- |
|
Market Value |
Rs.26.10 /- |
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 |
113.300 |
113.300 |
113.300 |
|
Reserves & Surplus |
149.389 |
168.491 |
199.399 |
|
Net worth |
262.689 |
281.791 |
312.699 |
|
|
|
|
|
|
long-term borrowings |
53.205 |
43.102 |
58.356 |
|
Short term borrowings |
108.152 |
86.349 |
87.931 |
|
Current Maturities of
Long Term Debt |
18.093 |
6.892 |
19.647 |
|
Total borrowings |
179.832 |
136.779 |
166.389 |
|
Debt/Equity ratio |
0.685 |
0.485 |
0.532 |
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 |
805.075 |
877.227 |
946.566 |
|
|
|
8.962 |
7.904 |
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 |
805.075 |
877.227 |
946.566 |
|
Profit |
18.130 |
19.102 |
30.908 |
|
|
2.25% |
2.18% |
3.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loan From Directors and their relatives |
28.503 |
28.365 |
|
Total |
28.503 |
28.365 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10580848 |
27/04/2015 |
750,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL |
C59322081 |
|
2 |
10565530 |
21/03/2015 |
2,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
C51670743 |
|
3 |
10469224 |
14/03/2014 * |
360,175,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
C00325498 |
* Date of charge modification
PERFORMANCE DURING THE
FINANCIAL YEAR UNDER REPORT
The Company has achieved Gross Sales of Rs.1056.600 Million during 2014-2015 which were 8.30% higher as compared with the sales of previous year. The sales of Synthetic Leather Division at Rs.839.300 Million during 2014-2015 were 17.34% higher as compared with the sales of previous year. The sales of Electronic Gauging Division at Rs.217.300 Million during the year were 16.52% lower as compared with the previous year, due to recessionary conditions in user industry, both domestic and international. The Company Operating Profit Before Interest, Depreciation, Deferred Tax increased by 11.48% to Rs.93.400 Million during 2014-2015 as compared with Rs.83.800 Million during the previous year despite higher cost of Power, Salary/ Wages and Freight costs. The Interest and Finance Charges decreased to Rs.21.600 Million (previous year Rs.24.200 Million) despite higher sales, due to effective working capital management. The Net profit after Interest, Depreciation and Taxes has increased to Rs.30.900 Million during the year which is 61.81% higher as compared with the Net profit of Rs.19.100 Million in the previous year. Keeping in the view weak economy resulting in stagnant sales realization and all around increase in the cost of inputs due to inflationary conditions, the management considers overall performance to be satisfactory in a difficult year. The Board has not proposed carrying of any amounts to reserves. During the year, there has not been any change in nature of business of the company. No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future. The Financial Statements of the Company have been audited by Independent Statutory Auditors, who have previously subjected themselves to peer review. Their Audit Report, which is annexed, is self-explanatory and does not contain any qualification, reservation, adverse remark or disclaimer calling for comments by the Board.
FUTURE PROSPECTS
The Company is continuously upgrading its technology and modernizing plant and machinery to maintain competitive edge in the market. Despite tough competition in the market, its sales are growing every year.
For some time now, the Company has been concentrating on PU resin where completion is somewhat less. Taking a cue from the "Make in India" campaign of Government of India, the Company explored the opportunities of developing high quality, breathable and import substitution products. The Company has been successful in developing breathable PU resin using high quality resins. These products, which offer higher margins, have been well accepted by market. The Company is also in the process of modifying its production line, which promises better products and significant energy saving. These measures are expected to give some measurable boost to Company's margins.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
PRODUCT INTRODUCTION
Subject is engaged in manufactures PU/PVC Coated Fabrics (also known as Synthetic Leather or Artificial Leather) and Allied Products and Nucleonic and X-Ray Source based Thickness Gauging Systems in Electronic Gauge Division. The major business segment and their product applications are as follows:-
Business Segment 01 –
PU/PVC Coated Fabric and Allied product PU/PVC Coated Fabric (Synthetic Leather) is mostly used in footwear industry as raw material for shoe-upper, lining, insole, chappal, sandal straps, in garments as lining material and in automobiles as seat covers. It is also used in furniture upholstery material, ladies and gents purses, bags, and luggage and in the manufacture of sports goods and accessories.
Business Segment 02 –
Electronic Gauges Electronic Gauges are used for online measurement of thickness, grammage, moisture and ash contents in paper making industry, on line measurement of thickness and coating weight in plastics, steel, sheet rolling, galvanizing, aluminum foil and nonferrous metal rolling industry.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Synthetic Leather Industry in India is badly fragmented and somewhat concentrated in Northern India and Western India. Most of the units are in small scale and unorganized sector manufacturing cheap quality products for small and unorganized sector. The Industry has not been able to achieve its full potential due to tough competition from imported material from China, Taiwan, Hong Kong and Korea, where there are very large units enjoying benefits of economies of scale.
However, the company has been able to withstand competition
from both domestic and abroad, as it is an integrated player with in-house
manufacturing facility for PU Resin, which is the main raw material for PU
coated Fabrics. Further, the company is continuously upgrading its technology
and modernizing plant and machinery to maintain competitive edge in the market
and hence despite tough competition in the market, its sales are growing every
year. The company is now concentrating on PU Synthetic Leather where
competition is somewhat less.
SEGMENT-WISE
PERFORMANCE
During the year under Report, the segment-wise performance
of the Company had been as follows:
COATED FABRICS/PU
RESIN
Key performance parameters of Synthetic Leather Segment are
as under:-
(Rs. In Million)
|
|
2014-15 |
2013-14 |
|
Production lakh meter |
3.624 |
3.284 |
|
Segment Revenue |
840.843 |
717.026 |
|
Segment Profits/(Loss) before interest and other common
Unallocable expenditure |
35.175 |
16.568 |
|
Segment Assets |
598.640 |
535.360 |
ELECTRONIC GAUGES
Electronic Gauging Systems has been developed by in-house
research and development. This division's performance has been satisfactory as
may be evident from the following results. (Unless stated otherwise, the
figures are in Rs. Million)
|
|
2014-15 |
2013-14 |
|
Production (in Nos.) (Gauges + Parts) |
63+532 |
87+392 |
|
Segment Revenue |
220.789 |
261.489 |
|
Segment Profits/(Loss) before interest and other common
Unallocable expenditure |
33.613 |
40.459 |
|
Segment Assets |
92.292 |
94.679 |
OUTLOOK
The Company is continuously upgrading its technology and
modernizing plant and machinery to maintain competitive edge in the market.
Despite tough competition in the market, its sales are growing every year. For
some time now, the Company has been concentrating on PU resin where completion
is somewhat less. Taking a cue from the "Make in India" campaign of
Government of India, the Company explored the opportunities of developing high
quality, breathable and import substitution products. The Company has been
successful in developing breathable PU resin using high quality resins. These
products, which offer higher margins, have been well accepted by market. The
Company is also in the process of modifying its production line, which promises
better products and significant energy saving. These measures are expected to
give some measurable boost to Company's margins.
CONTINGENT LIABILITIES
(Rs. In Million)
|
PARTICULARS |
Rs.
in million 31.03.2015 |
Rs.
in million 31.03.2014 |
|
(a) Claim against the company / disputed liabilities not acknowledged as debts |
0.000 |
0.000 |
|
(b) Guarantees |
|
|
|
(i) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties |
|
|
|
a) In Respect of Wholly Owned Subsidiary ($3Lakhs@62.59) |
18.777 |
18.030 |
|
b) In Respect of Others |
0.000 |
0.000 |
|
(ii) Advance / Performance Guarantees (Margin Money with
Bank Rs.2.180 Million) |
14.405 |
5.748 |
|
(iii) Outstanding guarantees furnished to Bank in respect
of Letters of Credits (Margin Money with Bank Rs.8.376 Million) |
71.073 |
66.892 |
|
(c) Other Money for which the company is contingently liable |
|
|
|
i) Liability in respect
of bill discounted with bank |
0.000 |
0.000 |
|
ii) Liability in respect of Sales Tax surety for third parties |
0.800 |
0.800 |
|
d) Un-hedged foreign currency exposure at the year end |
|
|
|
i) Trade receivables |
25.796 |
16.366 |
|
ii) Trade Payables |
37.255 |
26.952 |
|
iii) Trade Advances |
4.440 |
2.906 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30.06.2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.16.2015 |
|
|
(Unaudited) |
|
Income
from operations |
|
|
Net sales/ Income from operation (net of excise duty) |
249.402 |
|
Other operating income |
0.729 |
|
Total
income from Operations(net) |
250.131 |
|
Expenditure |
|
|
Cost of material consumed |
177.067 |
|
Purchases of stock in trade |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(5.973) |
|
Employees benefit expenses |
16.096 |
|
Depreciation and amortization expenses |
6.553 |
|
Power and Fuel |
12.043 |
|
Other expenditure |
22.423 |
|
Total expenses |
228.209 |
|
Profit
from operations before other income and financial costs |
21.922 |
|
Other income |
0.172 |
|
Profit from
ordinary activities before finance costs |
22.094 |
|
Finance costs |
5.150 |
|
Profit from ordinary activities after finance costs but before exceptional items |
16.944 |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
16.944 |
|
Tax expenses |
5.761 |
|
Net Profit / (Loss)
from ordinary activities after tax |
11.183 |
|
Paid-up equity share capital (face value shall be indicated) |
113.300 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
210.583 |
|
Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic and diluted |
0.99 |
|
Earnings per share (after
extraordinary items) |
|
|
Basic and diluted |
0.99 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
5084129 |
|
- Percentage of shareholding |
44.87% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
6245871 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
55.13% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
1 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
0 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES AS AT JUNE 30, 2015
(Rs. In Million)
|
Particulars |
30.06.2015 |
|
(Unaudited) |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
113.300 |
|
Reserve and Surplus |
210.582 |
|
Money received against share warrants |
0.000 |
|
Sub-total
shareholders’ funds |
323.882 |
|
Share application money pending allotment |
|
|
Minority Interest |
|
|
Non-current liabilities |
|
|
Long term borrowings |
57.942 |
|
Deferred tax liabilities (net) |
30.066 |
|
Other long term liabilities |
0.000 |
|
Long term provisions |
0.000 |
|
Sub-total
Non-current liabilities |
88.009 |
|
Current liabilities |
|
|
Short term borrowings |
79.451 |
|
Trade payables |
127.491 |
|
Other current liabilities |
65.282 |
|
Short term provisions |
9.311 |
|
Sub-total-current
liabilities |
281.537 |
|
TOTAL EQUITY AND
LIABILITIES |
693.429 |
|
|
|
|
ASSTES |
|
|
Non-current assets |
|
|
Fixed assets |
245.303 |
|
Goodwill on consolidation |
0.000 |
|
Non-current investments |
52.180 |
|
Deferred tax assets (net) |
0.000 |
|
Long term loans and advances |
3.485 |
|
Other non-current assets |
0.000 |
|
Sub-total-Non-current
assets |
300.968 |
|
Current assets |
|
|
Current Investments |
2.727 |
|
Inventories |
126.285 |
|
Trade receivables |
235.545 |
|
Cash and cash equivalents |
16.488 |
|
Short term loans and advances |
6.517 |
|
Other current assets |
4.896 |
|
Sub-total-current
assets |
392.460 |
|
TOTAL - ASSETS |
693.429 |
SEGMENT WISE
REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED ON 30TH
JUNE, 2015
(Rs. In Million)
|
Particulars |
Quarter Ended
30.06.2015 |
|
Segment Revenue |
|
|
Electronic Thickness Gauge (BTG) |
56.905 |
|
Synthetic Leather and Allied Products |
224.149 |
|
Sub Total |
281.054 |
|
Less: Inter-segment Revenue /Excise Duty |
30.751 |
|
Net Sales / Income From Operations |
250.303 |
|
Segment results (Profit/ Loss before tax and interest |
|
|
Electronic Thickness Gauge (BTG) |
9.1099 |
|
Synthetic Leather and Allied Products |
12.985 |
|
Sub Total |
22.094 |
|
Less: Interest |
5.150 |
|
Other un-allocable expenditure |
0.000 |
|
Total profit before tax |
16.944 |
|
Capital Employed (Segment assets-Segment Liabilities) |
|
|
Electronic Thickness Gauge (BTG) |
97.890 |
|
Synthetic Leather and Allied Products |
314.002 |
|
Total Capital Employed |
411.892 |
Note:
- Previous years/period Figures have been regrouped wherever necessary.
- The results have been reviewed by the Audit Committee and approved and the Board Meeting held on 31st July, 2015. The Auditors have also carried out a limited review of the above results.
FIXED ASSETS
- Factory Building
- Plant and Machinery-Printing
- Boilers
- Utility
- Gen Sets
- Vehicles
- Pu Plant
- Automation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.92 |
|
|
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.