MIRA INFORM REPORT
|
Report No. : |
342269 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
RUSHIL DECOR LIMITED (w.e.f. 04.12.2007) |
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Formerly Known
As : |
RUSHIL DECOR PRIVATE LIMITED |
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Registered
Office : |
S. No. 125, Near Kalyanpura Patia Village ITLA,
Gandhinagar Mansa Road, Taluka Kalol, Gandhinagar – 382845, Gujarat |
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Tel No.: |
91-2764-287487 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
24.05.1993 |
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Com. Reg. No.: |
04-019532 |
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Capital
Investment / Paid-up Capital : |
Rs.144.000 Million |
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CIN No.: [Company Identification
No.] |
L25209GJ1993PLC019532 |
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IEC No.: |
0893008401 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMR01041F |
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PAN No.: [Permanent Account No.] |
AABCR3005N |
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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 Laminate Sheets and MDF Board. |
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No. of Employees
: |
426 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1993 by Ahmedabad – based Thakker family.
It is a public limited listed company engaged in manufacturing Laminates
sheets and medium density fiber board. It has satisfactory track record. The company has incurred loss from its operations during FY 2015.
However, general financial position of the company seems to be decent. The rating continue to derive strength from the vast experience of its
promoters in the Laminates and Medium Density Fibre (MDF) board segment and
its established marketing network. The ratings also take into consideration, an acceptable share price of
Rs.182.30/- recorded by the company as against a face value of Rs.10.00 as on
September 21, 2015. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
27.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A3+ |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
27.07.2014 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (91-79-26622323)
LOCATIONS
|
Registered Office/ Factory 1 (Unit - RHPL)/: |
S. No. 125, Near Kalyanpura Patia Village ITLA, Gandhinagar
Mansa Road, Taluka Kalol, Gandhinagar – 382845, Gujarat, India |
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Tel. No.: |
91-79-26634346 |
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Fax No.: |
91-79-26640969 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
2, |
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Corporate Office 2 : |
1, Krinkal Apartment, Opposite Mahalaxmi Mandir, Near
Mahalaxmi Char Rasta Paldi, Ahmedabad - 380007, |
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Tel. No.: |
91-79-26640970/ 26651346/ 26622323 |
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Fax No. : |
91-79-26640969 |
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Factory 2 (Unit –
RDL) : |
608, GIDC, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-270395 |
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Fax No.: |
91-2763-270695 |
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Factory 3 (Unit
–MRPL) : |
At Dholakuva Patia, Gandhinagar Mansa Road, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-271695 |
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Factory 4 (Unit –Navalgadh) : |
Particle Board
Division: S. No. 270, at Village Navalgadh, Taluka Dhrangadhra, District Surendranagar, Gujarat, India |
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Tel. No.: |
91-2754-293100 |
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Factory 5 (Unit –Karnataka) : |
MDF Board Division: Plot No. 58, 59 and 60P, Amble Industrial Estate, Village Amble, Taluka and District Chikmagalur, Karnataka, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ghanshyambhai A. Thakkar |
|
Designation : |
Chairman and Whole time Director |
|
Address: |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
18.11.1943 |
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Qualification : |
B.Sc. Diploma in Civil Engineering |
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Date of Appointment : |
08.03.2007 |
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|
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Name : |
Mr. Krupesh Ghanshyambhai Thakkar |
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Designation : |
Managing Director |
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Address : |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.05.1993 |
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Name : |
Mr. Kaushikbhai J. Thakkar |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
27.03.1958 |
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Qualification : |
Higher Secondary |
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Date of Appointment : |
30.03.2013 |
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|
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Name : |
Mr. Rohitbhai B. Thakkar |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
11.04.1955 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
30.03.2013 |
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|
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|
Name : |
Mr. Shankar Prasad Bhagat |
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Designation : |
Independent Director |
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Address : |
B-9, Goyal Plaza, Jadges Bunglow Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
11.10.1974 |
|
Date of Appointment : |
13.10.2007 |
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|
Name : |
Ms. Jingle P. Thakkar |
|
Designation : |
Additional Director (w.e.f. 7th August, 2014) |
KEY EXECUTIVES
|
Name : |
Mr. Hasmukh K. Modi |
|
Designation : |
Company Secretary and Compliance Officer |
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|
Name : |
Mr. Keyur M. Gajjar |
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Designation : |
Chief Executive 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 |
|
|
|
|
|
|
|
|
6205964 |
43.10 |
|
|
1845770 |
12.82 |
|
|
1845770 |
12.82 |
|
|
8051734 |
55.91 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
8051734 |
55.91 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
843500 |
5.86 |
|
|
843500 |
5.86 |
|
|
|
|
|
|
3597364 |
24.98 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
503130 |
3.49 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
1377472 |
9.57 |
|
|
26800 |
0.19 |
|
|
20911 |
0.15 |
|
|
5889 |
0.04 |
|
|
5504766 |
38.23 |
|
Total Public
shareholding (B) |
6348266 |
44.09 |
|
Total (A)+(B) |
14400000 |
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) |
14400000 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Ghanshyambhai Ambalal Thakkar |
2025950 |
14.07 |
|
2 |
Krupesh Ghanshyambhai Thakkar |
1845770 |
12.82 |
|
3 |
Krupesh Ghanshyambhai Thakkar |
1542484 |
10.71 |
|
4 |
Krupesh Ghanshyambhai Thakkar |
1389693 |
9.65 |
|
5 |
Krupa Krupesh Thakkar |
407415 |
2.83 |
|
6 |
Ghanshyambhai Ambalal Thakkar |
385382 |
2.68 |
|
7 |
Dinuben Ghanshyambhai Thakkar |
246516 |
1.71 |
|
8 |
Sarswatiben Ambalal Thakkar |
208524 |
1.45 |
|
|
Total |
8051734 |
55.91 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Shriram Insight Share Brokers Limited |
678104 |
4.71 |
|
|
2 |
Anand Rathi Share and Stock Brokers Limited |
624538 |
4.34 |
|
|
3 |
Leman Diversified Fund |
583500 |
4.05 |
|
|
4 |
Anand Rathi Share and Stock Brokers Limited |
522702 |
3.63 |
|
|
5 |
Shriram Insight Share Brokers Limited |
445132 |
3.09 |
|
|
6 |
Giraben Atulbhai Shah |
442449 |
3.07 |
|
|
7 |
Sumti Nath Shares and Services Private Limited |
301030 |
2.09 |
|
|
8 |
Shriram Credit Company Limited |
268904 |
1.87 |
|
|
9 |
Davos International Fund |
190000 |
1.32 |
|
|
|
Total |
4056359 |
28.17 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing Laminate Sheets and MDF Board. |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
426 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
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|
Name : |
Parikh and Majmudar Chartered Accountants |
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Address : |
303, GCP Business Centre, Opposite Memnagar Fire Station, Near Vijay Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Associate Companies/Enterprise : |
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Other Related parties : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14400000 |
Equity Shares |
Rs.10/- each |
Rs.144.000 Million |
NOTE:
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting year
|
Particulars |
In numbers |
31.03.2015 (Rs. In Million) |
|
At the beginning of period |
14400000 |
144.000 |
|
Issued vide Initial Public Offer |
--- |
--- |
|
Outstanding at the end of year |
14400000 |
144.000 |
Note:
The Company has only one class of shares having Par value of Rs.10 per share
Each Share Holder is eligible for one vote Per Share.
Details of
shares held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2015 |
|
|
Numbers of Shares held |
% holding in the class of shares |
|
|
Ghanshyambhai Ambalal Thakkar |
2025950 |
14.07 |
|
Krupesh Ghanshyambhai Thakkar and Ghanshyambhai Ambalal Thakkar Repre. Rushil International (Partnership Firm) |
1845770 |
12.82 |
|
Krupesh Ghanshyambhai Thakkar |
1542484 |
10.71 |
|
Krupesh G. Thakkar Karta of Krupesh Ghanshyambhai Thakkar (HUF) |
1389693 |
9.65 |
|
Shriram Insight Share Brokers Limited |
965406 |
6.70 |
|
Anand Rathi Share and stock Brokers Limited |
948240 |
6.58 |
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 |
144.000 |
144.000 |
144.000 |
|
(b) Reserves & Surplus |
596.260 |
604.631 |
574.281 |
|
(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) |
740.260 |
748.631 |
718.281 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
562.965 |
761.744 |
683.782 |
|
(b) Deferred tax liabilities
(Net) |
140.437 |
108.015 |
86.838 |
|
(c) Other long term
liabilities |
41.555 |
59.114 |
57.127 |
|
(d) long-term provisions |
5.660 |
6.139 |
4.171 |
|
Total
Non-current Liabilities (3) |
750.617 |
935.012 |
831.918 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
432.495 |
513.458 |
430.046 |
|
(b) Trade payables |
493.634 |
547.395 |
485.064 |
|
(c) Other current liabilities |
195.589 |
213.526 |
166.072 |
|
(d) Short-term provisions |
6.792 |
6.557 |
14.691 |
|
Total
Current Liabilities (4) |
1128.510 |
1280.936 |
1095.873 |
|
|
|
|
|
|
TOTAL |
2619.387 |
2964.579 |
2646.072 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1366.990 |
1545.280 |
1485.695 |
|
(ii) Intangible Assets |
0.378 |
0.561 |
0.538 |
|
(iii) Capital work-in-progress |
0.000 |
2.153 |
3.962 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.067 |
0.087 |
0.087 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.293 |
54.172 |
30.898 |
|
(e) Other Non-current assets |
42.974 |
36.742 |
17.617 |
|
Total
Non-Current Assets |
1453.702 |
1638.995 |
1538.797 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
563.217 |
653.203 |
502.557 |
|
(c) Trade receivables |
435.411 |
421.120 |
391.901 |
|
(d) Cash and cash equivalents |
68.906 |
55.900 |
46.995 |
|
(e) Short-term loans and
advances |
98.151 |
195.361 |
165.822 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1165.685 |
1325.584 |
1107.275 |
|
|
|
|
|
|
TOTAL |
2619.387 |
2964.579 |
2646.072 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2756.558 |
2556.723 |
1820.252 |
|
|
Other Income |
24.270 |
16.264 |
14.807 |
|
|
TOTAL
|
2780.828 |
2572.987 |
1835.059 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1689.385 |
1635.348 |
1156.466 |
|
|
Purchases of Stock-in-Trade |
70.936 |
16.662 |
8.604 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.564 |
-65.836 |
(34.488) |
|
|
Employees benefits expense |
157.179 |
144.579 |
94.142 |
|
|
Manufacturing and Other
expenses |
555.822 |
546.389 |
361.196 |
|
|
Extraordinary Items |
60.191 |
0.000 |
0.000 |
|
|
TOTAL
|
2534.077 |
2277.142 |
1585.920 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
246.751 |
295.845 |
249.139 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
143.456 |
154.264 |
111.666 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
103.295 |
141.581 |
137.473 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
69.233 |
76.286 |
51.240 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
34.062 |
65.295 |
86.233 |
|
|
|
|
|
|
|
Less |
TAX |
40.516 |
35.130 |
45.973 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(6.454) |
30.165 |
40.260 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
191.861 |
161.696 |
129.804 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on Equity Shares
(including tax on dividends) |
0.000 |
0.000 |
8.368 |
|
|
Total
|
0.000 |
0.000 |
8.368 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
185.407 |
191.861 |
161.696 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
835.235 |
840.437 |
855.23 |
|
|
TOTAL
EARNINGS |
835.235 |
840.437 |
855.23 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
611.892 |
698.947 |
329.071 |
|
|
Capital Goods |
6.676 |
10.699 |
18.519 |
|
|
TOTAL
IMPORTS |
618.568 |
709.646 |
347.590 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.44) |
2.09 |
2.79 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
179.548 |
162.040 |
152.633 |
|
Cash generated from operations |
375.857 |
195.695 |
155.749 |
|
Net cash flows from (used in) operations |
365.954 |
180.537 |
139.306 |
QUARTERLY
RESULTS
(Rs.
In Million)
|
Particulars (Unaudited) |
30.06.2015 |
|
1st
Quarter |
|
|
Net Sales |
716.13 |
|
Total Expenditure |
622.99 |
|
PBIDT (Excl OI) |
93.14 |
|
Other Income |
3.27 |
|
Operating Profit |
96.41 |
|
Interest |
32.71 |
|
Exceptional Items |
0.000 |
|
PBDT |
63.70 |
|
Depreciation |
16.17 |
|
Profit Before Tax |
47.53 |
|
Tax |
26.82 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
20.71 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
20.71 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.23) |
1.18 |
2.21 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
8.95 |
11.57 |
13.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.30 |
2.20 |
3.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.09 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.59 |
1.92 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.03 |
1.01 |
STOCK
PRICES
|
Face Value |
Rs.10 /- |
|
Market Value |
Rs.182.30 /- |
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 |
144.000 |
144.000 |
144.000 |
|
Reserves & Surplus |
574.281 |
604.631 |
596.260 |
|
Net worth |
718.281 |
748.631 |
740.260 |
|
|
|
|
|
|
long-term borrowings |
683.782 |
761.744 |
562.965 |
|
Short term borrowings |
430.046 |
513.458 |
432.495 |
|
Current Maturities of
Long Term Debt |
152.633 |
162.040 |
179.548 |
|
Total borrowings |
1266.461 |
1437.242 |
1175.008 |
|
Debt/Equity ratio |
1.763 |
1.920 |
1.587 |
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 |
1820.252 |
2556.723 |
2756.558 |
|
|
|
40.460 |
7.816 |
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 |
1820.252 |
2556.723 |
2756.558 |
|
Profit |
40.260 |
30.165 |
(6.454) |
|
|
2.21% |
1.18% |
(0.23%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 LOANS
(Rs. In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loans from
related parties |
|
|
|
From directors and related parties |
16.207 |
13.195 |
|
Total |
16.207 |
13.195 |
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10090484 |
18/11/2014 * |
1,440,800,000.00 |
BANK OF BARODA |
Kalol (N.G.) Branch, KALOL - 382721, Gujarat, INDIA |
C34041939 |
|
2 |
10090486 |
18/11/2014 * |
1,440,800,000.00 |
Bank of Baroda |
Kalol (N.G.) Branch, Kalol - 382721, Gujarat, INDIA |
C34044917 |
* Date of charge modification
COMPANY’S FINANCIAL
PERFORMANCE
Net revenue from operations increased to Rs.2756.559 Million as against Rs.2556.723 Million in the previous year showing a growth of 7.82%.
The Profit before Extra-Ordinary Items and Tax for the current year is Rs.94.255 Million as against Rs.65.296 Million in the previous year showing a growth of 44.35%. However, Profit before tax for the current year is Rs.34.064 Million which was Rs.65.296 Million in the previous year. Profit before tax in the current year compared to previous year is gone down by Rs.31.232 Million. The reason for going down the Profit before tax is because of the company sold sizable fixed assets of its Navalgadh Unit in current year resulted in loss of Rs.60.191 Million. The said loss is reflected under the extraordinary item in the statement of Profit and Loss.
After deduction of Tax, there is a loss in the current year of Rs.6.454 Million as against Rs.30.165 Million profit in the previous year. The PAT of current year was affected mainly due to the loss in sale of fixed assets of its Navalgadh Unit as mentioned above.
There are no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the
financial year 2014-15 and the date of this Report.
OUTLOOK
After the long time Central Government is changed and we might have got stable government which has more focus on the development side and improving environment conditions of countries, which may lead to growth in infrastructure and real estate sector i.e. road, bridge, hospitals, Housing, Hotels, Commercial Properties etc.,. The growth in this sector will lead to the growth of Companies which are connected with Interior Infrastructure items.
Further the Reserve Bank of India has already eased the monetary cycle and is expected to bring out more interest rate cuts going forward. The multinationals that were hesitant to enter in the Indian markets are ready to lay their hand on the arising opportunity the new government is creating. Inflation including the house price components has now been reduced to the lowest level in the recallable history. Property buyers are back in the most cities as enquiries have rebounded.
All this favorable factors coupled with some of the important developmental reforms that are being pursued by the Central Government like the tax, reform and push for infrastructure spending will set the stage for further pick-up in economic activity in 2015-16. This may provide the favorable platform to Laminate and Penal Board industries.
The Company’s outlook for the year 2015-16 is to add more
products in the product range as per requirement in the market. Our company go
forward as per the market trend and satisfy the market demand by implementing
various plans, markets strategy, introducing new designs and finishes or
textures, improving quality of product with reasonable price etc. and may also
increase production capacity by making capital investment, if required to
satisfy the markets demand.
CONTINGENT
LIABILITIES: (RS. IN MILLION)
|
Particulars |
31.03.2015 |
31.03.2014 |
|
Outstanding Letter of Credit |
26.826 |
6.029 |
|
Disputed Income Tax Demand - Matter under Appeal |
3.950 |
1.257 |
|
Disputed Sales Tax Demand Matter under Appeal |
68.163 |
0.000 |
|
There is a case u/s.92 of the Factories Act, 1948 as well as u/s. 304A of the Indian Penal Code for accidents at Chikmagalur, Medium density fiber board manufacturing plant. The case is at additional Civil Judge, Senior Division, Chikmagalur. The matter is pending for decision by court. |
0.000 |
0.100 |
|
There is a case of the Factories Act, 1948 for accidents at Navalgadh, Particle board manufacturing plant. The case is at Judicial Magistrate (first class) court,Dhrangadhra. The matter is pending for decision by court. |
0.000 |
0.100 |
|
Theft of Cash |
0.000 |
0.100 |
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 |
|
|
Net sales/ Income from operation (net of excise duty) |
697.361 |
|
Other operating income |
18.764 |
|
Total
income from Operations(net) |
716.125 |
|
Expenditure |
|
|
Cost of material consumed |
396.389 |
|
Purchases of stock in trade |
11.816 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
15.110 |
|
Employees benefit expenses |
39.847 |
|
Depreciation and amortization expenses |
16.170 |
|
Other expenditure |
159.817 |
|
Total expenses |
639.149 |
|
Profit
from operations before other income and financial costs |
76.976 |
|
Other income |
3.266 |
|
Profit from
ordinary activities before finance costs |
80.242 |
|
Finance costs |
32.713 |
|
Profit from ordinary activities after finance costs but before exceptional items |
47.529 |
|
Exceptional Items |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
47.529 |
|
Tax expenses |
|
|
Current Tax |
9.691 |
|
Deferred Tax |
17.124 |
|
Net Profit / (Loss)
from ordinary activities after tax |
20.714 |
|
Extraordinary Items |
0.000 |
|
Net Profit / (Loss) for the period |
20.714 |
|
Paid-up equity share capital (face value of Rs.10/- each) |
144.000 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
0.000 |
|
Earnings per share
(before and after extraordinary items) of Rs.10/- each) (not annualized): |
|
|
Basic and diluted |
1.44 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
6348266 |
|
- Percentage of shareholding |
44.09% |
|
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 |
8051734 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
55.91% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
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 |
|
|
Laminates and allied products |
402.601 |
|
Particle Board |
0.000 |
|
Medium Density Fiber Board |
300.154 |
|
Unallocated |
0.000 |
|
Sub Total |
702.755 |
|
Less: Inter-segment Revenue |
5.394 |
|
Net Sales / Income From Operations |
697.361 |
|
Segment results (Profit/ Loss before tax and interest |
|
|
Laminates and allied products |
34.639 |
|
Particle Board |
0.077 |
|
Medium Density Fiber Board |
52.489 |
|
Unallocated |
0.000 |
|
Sub Total |
87.205 |
|
Less: Interest |
32.713 |
|
Other un-allocable expenditure |
6.963 |
|
Add: |
|
|
Unallocable Income |
0.000 |
|
Total profit before tax |
47.529 |
|
Capital Employed (Segment assets-Segment Liabilities) |
|
|
Laminates and allied products |
272.579 |
|
Particle Board |
39.321 |
|
Medium Density Fiber Board |
1174.513 |
|
Unallocated |
(2.616) |
|
Total Capital Employed |
1483.797 |
Note:
- The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at their respective meetings held on August 08, 2015. The Statutory Auditors have carried out a Limited Review of the Unaudited financial results for the Quarter ended on June 30, 2015.
- Deferred tax for the quarter ended June 30, 2015 is in accordance with the requirements of Accounting Standard (AS-22) on “Accounting for Taxes on Income”.
- Previous year's /period's figure have been regrouped / rearranged wherever necessary.
FIXED ASSETS
Tangible assets
- Land
- Leasehold Land
- Building
- Plant and Machinery
- Computer and Accessories
- Vehicles
- Furniture and Fixture
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.65.62 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.