MIRA INFORM REPORT
|
Report No. : |
342478 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BANCO PRODUCTS
(INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Bil, Near
Bhaili Railway Station, |
|
Tel. No.: |
91-265-2680220 |
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Country : |
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|
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
16.03.1961 |
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Com. Reg. No.: |
04-001039 |
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Capital Investment
/ Paid-up Capital : |
Rs.143.037 Million |
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|
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CIN No.: [Company Identification
No.] |
L51100GJ1961PLC001039 |
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|
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IEC No.: |
0888002637 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB00588A |
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|
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PAN No.: [Permanent Account No.] |
AAACB8630L |
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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
: |
Manufacturing and selling of radiators. |
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|
|
|
No. of Employees
: |
531 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1961 engaged in manufacturing and
supplying of original equipment for commercial vehicles, passenger vehicles
and industrial products. Its product includes cooling systems, sealing
gaskets, jointing gaskets and rubber products. For the financial year ended 2015, sales turnover of the company has
declined by 9.39% which has resulted into dip of 37.24% in its profit as
compared to previous year operation performance. However, rating takes into consideration long standing experience and
strong market position in supplying radiators to leading domestic auto majors
supported by its well-established track record of business operations along
with adequate financial base and sound debt coverage indicators. Rating strength partially offset by company’s working capital
intensive operations marked by high bargaining power of OEMs which restricts
margin expansion and exposure to cyclical M&HCV and tractor industry. Trade relations are reported as fair. Payment are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term-Fund Based= AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
December, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term-Non Fund Based= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
December, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Devendra Agarwal |
|
Designation : |
General Manager Finance / Accounts |
|
Contact No.: |
91-265-3097100 |
|
Date : |
24.09.2015 |
LOCATIONS
|
Registered
Office / Factory 1 : |
Bil, Near
Bhaili Railway Station, |
|
Tel. No.: |
91-265-2680220 / 2680221 / 2680222 / 2680223 / 3097100 |
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Fax No.: |
91-265-2680433 |
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E-Mail : |
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Website : |
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Area : |
60,000 sq. ft. |
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Location: |
Owned |
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Locality : |
Suburb |
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Factory 2 : |
At Zone No.11, Holding No.1, Birsanagar, Jamshedpur – 831004, Jharkhand, India |
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Other Factory
: |
Located at · Rudrapur Owned · Waghodia (SEZ Unit) (Leased) |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mehul Kanubhai Patel |
|
Designation : |
Chairman (w.e.f. 01.11.2014) |
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Address : |
58,Alkapuri Society, Alkapuri, Vadodara - 390005, Gujarat, India |
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Date of Appointment : |
08.02.1990 |
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DIN No.: |
01772099 |
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Name : |
Mr. Vimal K. Patel |
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Designation : |
Chairman (upto 30.09.2014) |
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Date of Appointment : |
15.04.1986 |
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DIN No.: |
00161625 |
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|
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Name : |
Mr. Samir K. Patel |
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Designation : |
Director |
|
Address : |
52, Urmi Society, Productivity Road,, Vadodara - 390015, Gujarat, India |
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Date of Appointment : |
25.09.1983 |
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DIN No.: |
00161448 |
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Name : |
Mr. Atul G. Shroff |
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Designation : |
Director (upto 11.01.2015) |
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Date of Birth/Age : |
23.12.1947 |
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Qualification : |
Matriculation |
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Date of Appointment : |
15.04.1986 |
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DIN No.: |
00019645 |
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|
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Name : |
Mr. Ramkisan Amirchand Devidayal |
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Designation : |
Director |
|
Address : |
Flat # 17, Sakseria Building, 74 Marine Drive, Mumbai - 400020, Maharashtra, India |
|
Date of Appointment : |
30.07.2001 |
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DIN No.: |
00238853 |
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|
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Name : |
Mr. Mukesh D Patel |
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Designation : |
Director |
|
Address : |
93, Urmi Society, Productivity Road, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
27.03.2009 |
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DIN No.: |
00009605 |
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|
|
|
Name : |
Mr. Devesh A. Pathak |
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Designation : |
Director (w.e.f. 13.02.2015) |
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Address : |
51, Udyognagar Society, Near Ayurvedic College, Outside Panigate, Vadodara - 390019, Gujarat, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
00017515 |
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|
|
|
Name : |
Mr. Udayan P. Patel |
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Designation : |
Director (w.e.f. 13.02.2015) |
|
Address : |
Nilkanth, Behind Kamdhenu, Race Course Circle, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
00598313 |
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|
|
|
Name : |
Mr. Sudesh Kumar Duggal |
|
Designation : |
Director (upto 22.09.2014) |
|
Date of Appointment : |
23.09.2009 |
|
DIN No.: |
00566943 |
|
|
|
|
Name : |
Mr. Shailesh Anantrai Thakker |
|
Designation : |
Executive Director and CFO (upto 23.09.2014) |
|
Date of Appointment : |
19.07.2008 |
|
DIN No.: |
02271833 |
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|
|
|
Name : |
Mr. Kiran Kumar Shetty |
|
Designation : |
Executive Director |
|
Address : |
311 Mittal Appartment,, Near Rajvi Towers, Old Padra Road, Vadodara - 390020, Gujarat, India |
|
Date of Birth/Age : |
10.06.1970 |
|
Qualification : |
Bachelor of Technology |
|
Date of Appointment : |
31.07.2010 |
|
DIN No.: |
03129699 |
|
|
|
|
Name : |
Ms. Himali Patel |
|
Designation : |
Whole time Director and CFO (w.e.f. 13.02.2015) |
|
Address : |
10 A Shrinagar Society, Beside Shubhechha Multispeciality, Akota Hospital, Vadodara - 390020, Gujarat, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
07081636 |
|
PAN No.: |
AQPPP7019P |
KEY EXECUTIVES
|
Name : |
Mr. Deepkumar Sarjendrakumar Vaghela |
|
Designation : |
Company Secretary |
|
Address : |
416 Vijaynagar, Tarsali, Vadodara - 390009, Gujarat, India |
|
Date of Appointment : |
13.02.2015 |
|
PAN No.: |
AFWPV6754R |
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|
|
|
Name : |
Mr. Devendra Agarwal |
|
Designation : |
General Manager Finance / Accounts |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18072763 |
25.27 |
|
|
3567269 |
4.99 |
|
|
3567269 |
4.99 |
|
|
21640032 |
30.26 |
|
|
|
|
|
|
26909960 |
37.63 |
|
|
26909960 |
37.63 |
|
Total shareholding of Promoter and Promoter Group (A) |
48549992 |
67.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3618164 |
5.06 |
|
|
15968 |
0.02 |
|
|
73247 |
0.10 |
|
|
1781961 |
2.49 |
|
|
1781961 |
2.49 |
|
|
5489340 |
7.68 |
|
|
|
|
|
|
1463398 |
2.05 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 million |
9932196 |
13.89 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 million |
1698914 |
2.38 |
|
|
4384810 |
6.13 |
|
|
188021 |
0.26 |
|
|
3358555 |
4.70 |
|
|
800 |
0.00 |
|
|
251400 |
0.35 |
|
|
586034 |
0.82 |
|
|
17479318 |
24.44 |
|
Total Public shareholding (B) |
22968658 |
32.12 |
|
Total (A)+(B) |
71518650 |
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) |
71518650 |
0.00 |
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Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Vimal K Patel |
55,72,836 |
7.79 |
|
Samir K Patel |
50,16,997 |
7.01 |
|
Mehul K Patel |
56,15,382 |
7.85 |
|
Hasumati K Patel |
18,67,548 |
2.61 |
|
Overseas Pearl Limited |
2,69,09,960 |
37.63 |
|
Pritty V Patel |
11,82,085 |
1.65 |
|
Monal S Patel |
11,82,806 |
1.65 |
|
Gayatri M Patel |
12,02,378 |
1.68 |
|
Total |
4,85,49,992 |
67.88 |
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
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Bhartibala R Patel |
990000 |
1.38 |
|
Palate Star Inv Limited |
900000 |
1.26 |
|
Japan Metal Gaskets Company Limited Japan |
881361 |
1.23 |
|
Frankin India Smaller Companies Fund |
1510594 |
2.11 |
|
HDFC Small Midcap Fund |
877000 |
1.23 |
|
Birla Sun Life Trustee Company Private Limited A/c Birla
Sun Life Pure Value Fund |
743984 |
1.04 |
|
Total |
5902939 |
8.25 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of radiators. |
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Products : |
|
|
|
|
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Brand Names : |
Not Divulged |
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|
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Agencies Held : |
Not Divulged |
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Exports : |
|
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Products : |
Finished Goods |
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Countries : |
European Courtiers |
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Europe |
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|
|
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Terms : |
|
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Selling : |
L/C, Cash and Credit |
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|
|
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
531 (Approximately) |
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Bankers : |
· State Bank of India - Industrial Finance Branch Lead Bank, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India · Bank of Baroda |
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Facilities : |
NOTES: Long Term Borrowings * Foreign currency term loan carries interest@ 3M LIBOR plus 2%. The loan is repayable within 4 years on quarterly installments. The loan is secured by hypothecation of specific movable assets of the company by way of first charge. # Indian rupees term loan outstanding of ` 97.50 lacs (31st March 2014, Rs.10.400 million) from bank carries interest base rate plus 100 bps p.a. The Loan is repayable within 5 years including moratorium of 12 months from the date of 1st disbursement with repayment in 16 equal quarterly installments thereafter. The loan is secured by 1st Exclusive charge on specific Plant and Machinery of the company. ** The management has taken decision to repay the entire outstanding of Rs.9.750 million during the financial year 2015-2016. # Indian rupees term loan outstanding of Nil (31st March 2014, Rs.50.000 million) from bank carries interest base rate plus 105 bps p.a. The Loan is repayable within 2 years on quarterly installments from the date of loan, viz. 30th January, 2013 the loan is secured by hypothecation of specific movable assets of the Company by way of first charge. Short Term Borrowings · Cash credit loans are secured against first charge on pari passu basis by way of hypothecation of the current assets both present and future in favour of participating scheduled banks. · Short term loans from bank carries interest rate @ 10 % to 12% p.a. during the year. |
|
Auditors : |
|
|
Name : |
Manubhai and Shah Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
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Membership : |
Not Divulged |
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Subsidiary
companies : |
· Banco Gaskets (India) Limited · Lake Mineral (Mauritius) Limited · Nederlandse Radiateuren Fabriek Limited |
|
|
|
|
Indirect subsidiary
company : |
· Kilimanjaro Biochem Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152000000 |
Equity Shares |
Rs.2/- each |
Rs.304.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71519000 |
Equity Shares |
Rs.2/- each |
Rs.143.037
Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
31st March 2015 |
|
|
No. of Share (In Million) |
|
Balance at the beginning of the year |
71.519 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
71.519 |
|
|
|
|
|
Share Capital (Rs. in Million) |
|
Balance at the beginning of the year |
143.037 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
143.037 |
Terms/rights attached to each equity share
The company has only one class of share referred to as equity share having a par value of Rs.2 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The dividend proposed by the board of directors is subject to approval of the shareholders in the ensuring annual general meeting. In the unlikely event of the liquidation of the company the equity shareholders are eligible to receive the residual value of the assets of the company if any after secured and unsecured creditors of the company are paid off, in the proportion of their shareholding in the company.
Share in the company held by each
shareholder holding more than 5% shares specifying the no. of shares
|
Particulars |
31st March 2015 |
|
|
No. in Lacs (Holding in %) |
|
Vimal K. Patel |
55.73 (7.79%) |
|
Samir K. Patel |
50.17 (7.01%) |
|
Mehul K. Patel |
56.15 (7.85%) |
|
Overseas Pearl Limited |
269.10 (37.63%) |
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 |
143.037 |
143.037 |
143.037 |
|
(b) Reserves & Surplus |
3947.275 |
3760.029 |
3224.518 |
|
(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) |
4090.312 |
3903.066 |
3367.555 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.244 |
216.791 |
387.466 |
|
(b) Deferred tax liabilities (Net) |
98.882 |
94.864 |
103.412 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
26.668 |
15.419 |
14.542 |
|
Total Non-current
Liabilities (3) |
168.794 |
327.074 |
505.420 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4.244 |
703.429 |
969.762 |
|
(b) Trade
payables |
229.473 |
361.475 |
277.801 |
|
(c) Other
current liabilities |
327.375 |
362.267 |
332.827 |
|
(d) Short-term
provisions |
196.638 |
31.230 |
154.117 |
|
Total Current
Liabilities (4) |
757.730 |
1458.401 |
1734.507 |
|
|
|
|
|
|
TOTAL |
5016.836 |
5688.541 |
5607.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1224.507 |
1227.302 |
1241.611 |
|
(ii)
Intangible Assets |
10.085 |
15.169 |
17.591 |
|
(iii)
Capital work-in-progress |
30.036 |
66.970 |
24.189 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1712.406 |
1978.324 |
1806.462 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
64.243 |
431.128 |
498.405 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3041.277 |
3718.893 |
3588.258 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3.660 |
3.325 |
8.537 |
|
(b)
Inventories |
794.686 |
757.711 |
922.787 |
|
(c) Trade
receivables |
743.721 |
921.432 |
904.560 |
|
(d) Cash
and cash equivalents |
274.964 |
62.884 |
20.114 |
|
(e)
Short-term loans and advances |
147.305 |
208.966 |
163.226 |
|
(f) Other
current assets |
11.223 |
15.330 |
0.000 |
|
Total
Current Assets |
1975.559 |
1969.648 |
2019.224 |
|
|
|
|
|
|
TOTAL |
5016.836 |
5688.541 |
5607.482 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
4201.088 (Due
to Market Fluctuation) |
4472.235 |
4457.133 |
|
|
|
|
Other Income |
155.832 |
336.648 |
96.016 |
|
|
|
|
TOTAL (A) |
4356.920 |
4808.883 |
4553.149 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2430.635 |
2442.761 |
2626.996 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(52.415) |
44.120 |
(55.387) |
|
|
|
|
Employee Benefits Expenses |
293.306 |
257.031 |
248.844 |
|
|
|
|
Other Expenses |
929.130 |
928.646 |
973.768 |
|
|
|
|
TOTAL (B) |
3600.656 |
3672.558 |
3794.221 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
756.264 |
1136.325 |
758.928 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
56.810 |
142.177 |
117.953 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
699.454 |
994.148 |
640.975 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
164.638 |
165.171 |
157.379 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
534.816 |
828.977 |
483.596 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
118.058 |
164.879 |
135.085 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
416.758 |
664.098 |
348.511 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2548.426 |
2082.180 |
1944.283 |
||
|
|
|
|
|
|
||
|
Add |
REVERSAL OF EXCESS
DIVIDEND DISTRIBUTION TAX PROVISION |
3.637 |
18.926 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Interim dividend paid during the year |
35.759 |
121.582 |
0.000 |
|
|
|
|
Tax on interim dividend |
0.009 |
0.094 |
0.000 |
|
|
|
|
Proposed dividend |
178.797 |
21.456 |
128.735 |
|
|
|
|
Tax on final dividend |
14.271 |
3.646 |
21.879 |
|
|
|
|
Transfer to general reserve |
70.000 |
70.000 |
60.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2669.985 |
2548.426 |
2082.180 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
||
|
|
|
Exports at FOB Value |
1262.633 |
146.739 |
1281.656 |
|
|
|
|
Interest on loans |
12.907 |
35.828 |
24.963 |
|
|
|
|
Others- Tooling |
7.980 |
5.301 |
6.189 |
|
|
|
TOTAL EARNINGS |
1283.520 |
187.868 |
1312.808 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
991.581 |
904.073 |
1014.405 |
|
|
|
|
Components and spares parts |
44.091 |
16.034 |
24.943 |
|
|
|
|
Capital Goods |
165.135 |
32.675 |
69.203 |
|
|
|
TOTAL IMPORTS |
1200.807 |
952.782 |
1108.551 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
5.83 |
9.29 |
4.87 |
||
Expected Sales (2015-2016): Rs.4500.000 Million
The above information has been parted by Mr. Devendra
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
182.725 |
216.282 |
199.985 |
|
Cash generated from operations |
724.852 |
1066.751 |
927.584 |
|
Net cash flow from operating activities |
612.001 |
887.091 |
813.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
9.92 |
14.85 |
7.82 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.00 |
25.41 |
17.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
16.33 |
22.75 |
12.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.21 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06 |
0.29 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61 |
1.35 |
1.16 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.155.90/- |
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 |
143.037 |
143.037 |
143.037 |
|
Reserves & Surplus |
3224.518 |
3760.029 |
3947.275 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3367.555 |
3903.066 |
4090.312 |
|
|
|
|
|
|
long-term borrowings |
387.466 |
216.791 |
43.244 |
|
Short term borrowings |
969.762 |
703.429 |
4.244 |
|
Current Maturities of Long term debt |
199.985 |
216.282 |
182.725 |
|
Total
borrowings |
1557.213 |
1136.502 |
230.213 |
|
Debt/Equity
ratio |
0.462 |
0.291 |
0.056 |
%20LIMITED%20-%20342478_MIRA%2025-Sep-2015_files/image022.gif)
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 |
4457.133 |
4472.235 |
4201.088 |
|
|
|
0.339 |
(6.063) |
%20LIMITED%20-%20342478_MIRA%2025-Sep-2015_files/image024.gif)
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
|
4457.133 |
4472.235 |
4201.088 |
|
Profit |
348.511 |
664.098 |
416.758 |
|
|
7.82% |
14.85% |
9.92% |
%20LIMITED%20-%20342478_MIRA%2025-Sep-2015_files/image026.gif)
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
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 |
CORPORATE
INFORMATION
Subject is a
public company domiciled in India and incorporated under the Companies Act,
1956. Equity shares of subject are listed on two stock exchanges in India. The
Company is engage d in manufacturing and selling of radiators. Subject caters
to both domestic and international market.
OPERATIONS:
Subject has sound
manufacturing facilities which have been further upgraded to manufacture
complex cooling modules with higher quality standards. Furthermore, new Research
and Development building extension together with investment in equipment,
software for development of advanced future engine cooling products will
strengthen company’s capabilities to take on global supply projects for
international OEMs and other automotive customers and further widen scope of
customer base.
MANAGEMENT'S
DISCUSSION AND ANALYSIS INTRODUCTION:
Subject is a
leading supplier to the Auto OEM and Industrial OEM Industries for more than
five decades. They design, develop and manufacturing Engine Cooling Modules and
Individual Cooling Products across a wide range of user industries. These
products are considered very critical for Internal Combustion Engines, mainly
in for Automobiles, Commercial Vehicles, Agricultural, Power Generation, Earth
Moving and Industrial applications. Sales to aftermarket is also important to
our business and making available top quality and reliable Radiators to repair
trade.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Subject is largely
dependent on Automobile and Industrial Equipments manufacturers in India, which
has been passing rough patch of stagnant sales and increased competitions from
new vehicles producers. However, in the recent months, the Company has seen
improvement in these sectors. In-depth Research and Development activities
coupled with various value engineering and cost reduction exercises within the
organisation has helped the Company to acquire large share of business from
existing customer base and also from new customers in near future.
OPERATIONS:
The factories are
equipped with state-of-the-art SPM production equipment from Europe, USA with a
capability to manufacture both high and low volume products at short notice and
deliver on timely basis for the automotive industry.
The manufacturing
facilities are on constant upgrade and change mode, coupled with continuous
skills up gradation and training being imparted to employees which is being
recognized by all OEM customers during their stringent process audits.
Research and
Development facilities have been further upgraded with building and facility
expansion to enable company to take on more complex and advanced projects with
the objective to develop complex cooling units enabling our clients to
manufacture engines, vehicles which meet emissions and fuel efficiency
standards for the future years.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
Foreign currency loan-packing credit |
0.000 |
41.600 |
|
Short-term loan from banks |
0.000 |
425.000 |
|
|
|
|
|
Total |
0.000 |
466.600 |
|
NOTES: Short
Term Borrowings · Short term loans from bank carries interest rate @ 10 % to 12% p.a. during the year. · Foreign currency buyer credit and packing credits are repayable within 90 to 180 days and carries interest @ LIBOR plus 2% to 3%. |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
Rs. In Million
|
Particulars |
(Quarter Ended)30.06.2015 |
|
|
(Unaudited) |
|
Net Sales/ Income from Operations |
1113.100 |
|
Other Operating Income |
21.200 |
|
Total income
from operation |
1134.300 |
|
Expenditure |
|
|
a) Cost of Materials Consumed |
647.100 |
|
b) Purchase of Stock in trade |
0.000 |
|
c) Change in inventories of finished goods, work in progress & stock in trade |
(3.800) |
|
d) Employee benefits expense |
64.200 |
|
e) Depreciation and amortization expense |
38.700 |
|
f) Other expenses |
220.100 |
|
Total |
966.300 |
|
Profit from operations
before Other Income, Interest and Exceptional Items (1-2) |
168.000 |
|
Other Income |
142.900 |
|
Profit before Interest and Exceptional Items (3+4) |
310.900 |
|
Interest |
5.400 |
|
Profit after Interest but before Exceptional Items (5-6) |
305.500 |
|
Exceptional Items |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
305.500 |
|
Tax expense |
67.500 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
238.000 |
|
Extraordinary Items (Net of tax expense) |
0.000 |
|
Net Profit (+)/ Loss (-) for the period |
238.000 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
143.000 |
|
Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year |
|
|
Earnings per
share |
|
|
Before Extraordinary items (not annualized) |
|
|
- Basic (Rs.) |
3.33 |
|
- Diluted (Rs.) |
3.33 |
|
|
|
|
|
|
|
Public Shareholding |
|
|
- No. of shares |
22968658 |
|
- Percentage of shareholding |
32.12 |
|
Promoters and promoter group shareholding |
|
|
Pledged/ Encumbered |
|
|
- No. of shares |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
Non-encumbered |
|
|
- No. of shares |
48549992 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
67.88 |
|
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
0 |
|
Disposed during the quarter |
0 |
|
Remaining unresolved at the end of the quarter |
-- |
NOTES:
1.
Previous periods figures are regrouped
/ recast wherever necessary.
2.
The Company is primarily engaged in
Automobile Ancillary business and therefore reporting under AS-17 is not given.
3.
The Consolidated Accounts have been
prepared in due compliance of applicable Accounting Standards as per Companies
Accounting Standard Rules, 2006 (as amended) read with rule 7 of the Companies
(Accounts) Rules, 2014.
4.
The Statutory Auditors of the Company
have carried out limited review of the above results and the same have been
reviewed by the Audit Committee and taken on record by the Board of Directors
of the Company at their respective meetings held on 06.08.2015.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10557228 |
23/03/2015 |
100,000,000.00 |
Bank of Baroda |
First Floor, Opp. - Petrol Pump,, R.C. Dutt Road, Alkapuri, Baroda, Gujarat - 390007, India |
C47567086 |
|
2 |
10557230 |
17/03/2015 |
100,000,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad, Gujarat - 380006, India |
C47499447 |
|
3 |
10555362 |
09/03/2015 |
100,000,000.00 |
State Bank of India |
Industrial Finance Branch, Marble Arch,, Race Course Circle,, Baroda, Gujarat - 390007, India |
C46465043 |
|
4 |
10555357 |
24/02/2015 |
100,000,000.00 |
HDFC Bank Limited |
HDFC Bank House, Senapati Bapat Marg,, Lower Parel (West), Mumbai, Maharashtra - 400013, India |
C46436820 |
|
5 |
10298321 |
19/06/2012 * |
664,300,000.00 |
Standard Chartered Bank |
Abhijeet II, Ground Floor,, Near Mithakali Six Roads, Ahmedabad, Gujarat - 380006, India |
B42111518 |
*Date of modification Charges
FIXED ASSETS:
Tangible Assets
· Leasehold Land
· Freehold Land
· Buildings
· Plant and Equipment’s
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· 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 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.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
68 |
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.