MIRA INFORM REPORT
|
Report No. : |
341916 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELANTAS BECK
INDIA LIMITED |
|
|
|
|
Registered
Office : |
147, Mumbai-Pune Road, Pimpri, Pune – 411018, Maharashtra |
|
Tel. No.: |
91-20-30610800 |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.12.2014 |
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|
|
|
Date of
Incorporation : |
15.03.1956 |
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Com. Reg. No.: |
11-134746 |
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Capital
Investment / Paid-up Capital : |
Rs. 79.276 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24222PN1956PLC134746 |
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|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02788C |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACD0538M |
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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 of wide range of specialty chemicals for electrical
insulation and construction industries. |
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No. of Employees
: |
177 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 is an old and established company incorporated in the year
1956 having good track. Financial position of the company is strong. Fundamentals of the
company are healthy. The rating also takes into consideration rich experience of its
promoters, good operating efficiency and long track record of business
operation. Share price are quoted high on stock exchange (Face value Rs.10 with
Share price Rs.1265). Trade relations are reported as fair. Business is active. Payments
terms are reported as regular and as per commitment. The company can be considered good 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
Management non – cooperative
LOCATIONS
|
Registered / Corporate /
Factory 1 : |
147, Mumbai-Pune Road, Pimpri, Pune – 411018, Maharashtra, India |
|
Tel. No.: |
91-20-30610800 |
|
Fax No.: |
91-20-30610792 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 1 (A, B and C), GIDC Industrial Area, Ankleshwar – 393002, Gujarat, India |
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|
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|
Marketing and Export Head
Office : |
Beck
House, 147, Mumbai – Pune Road, Pimpri, Pune – 411018, Maharashtra,
India |
|
E-Mail : |
|
|
|
|
|
Regional Offices : |
403,
World Trade Centre, Babar Road, New Delhi – 110001, India Tel. No.
: 91-11-23411664/ 23412940 Fax
No. : 91-11-23413408 E-mail
: ravi.kiran@beckindia.com Kolkata Unit
708, 7th Floor, Om Tower, 32, J. L. Nehru Road, Kolkata – 700079,
West Bengal, India Tel.
No.: 91-33-22271841 Fax
No. : 91-33-22271843 E-mail
: nirjhar.k@beckindia.com 1176,
12th H.A.L. II Stage, Bangalore – 560008, Karnataka, India Tel.
No. : 91-80-25281649/ 25283093 Fax
No. : 91-80-25280831 E-mail
: bhaskar.n@beckindia.com |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr. Ravindra Kumar |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Dr. Matthias Wolfgruber |
|
Designation : |
Chairman |
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|
Name : |
Mr. Dr. Guido Forstbatch |
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Designation : |
Director |
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|
Name : |
Mr. Martin babilas |
|
Designation : |
(appointed w.e.f. 06.05.2014) |
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|
Name : |
Mr. Suresh Talwar |
|
Designation : |
Diector |
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|
|
|
Name : |
Mr. Ravindra Kulkarni |
|
Designation : |
Director |
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|
Name : |
Mr. Ranjal Laxmana Shenoy |
|
Designation : |
Director |
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|
Name : |
Mrs. Kishori Udeshi |
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Designation : |
Director (w.e.f. 06.05.2014) |
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Name : |
Mr. Ravindra Kumar |
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Designation : |
Managing Director |
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KEY EXECUTIVES
|
Name : |
Mr. Shirish Dabir |
|
Designation : |
DGM – Legal, HRM and Company Secretary |
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|
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Name : |
Mr. Sanjay Kulkarni |
|
Designation : |
General Manager - Finance & Materials (CFO) |
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|
Name : |
Dr. Vinayak Bhanu |
|
Designation : |
General Manager-Research & Development |
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Name : |
Mr. Milind Talathi |
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Designation : |
Vice President - Manufacturing |
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|
Name : |
Mr. Joy Ghosh |
|
Designation : |
Head – Market and Technology Development |
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 |
||
|
|
|
|
|
|
|
|
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|
5945761 |
75.00 |
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|
5945761 |
75.00 |
|
Total shareholding of Promoter and Promoter
Group (A) |
5945761 |
75.00 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
316206 |
3.99 |
|
|
50 |
0.00 |
|
|
1400 |
0.02 |
|
|
317656 |
4.01 |
|
|
|
|
|
|
313807 |
3.96 |
|
|
|
|
|
|
1086213 |
13.70 |
|
|
133482 |
1.68 |
|
|
130763 |
1.65 |
|
|
32043 |
0.40 |
|
|
98720 |
1.25 |
|
|
1664265 |
20.99 |
|
Total Public shareholding (B) |
1981921 |
25.00 |
|
Total (A)+(B) |
7927682 |
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) |
7927682 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of wide range of specialty chemicals for electrical
insulation and construction industries. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
177 (Approximately) |
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Bankers : |
· The Bank of Nova Scotia · HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
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Auditors : |
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|
Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
703, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune - 411001. Maharashtra, India |
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Tel. No.: |
91-22-39896000 |
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Fax No.: |
91-22-30902511 |
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Internal Auditors : |
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|
Name : |
Mahajan and Aibara Chartered Accountants |
|
Address : |
1 Chawla House, 62 Woodhouse Road, Colaba, Mumbai -
400005, Maharashtra, India |
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|
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Cost Auditors : |
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|
Name : |
Dhananjay V Joshi and Associates |
|
Address : |
CMA Pride, Ground Floor, Plot No. 6, S. No. 16/6, Erandwana Co-operative
Housing Society, Erandwana – 411004, Pune, India |
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Solicitors : |
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|
Name : |
Talwar Thakore and Associates |
|
Address : |
3rd Floor, Kalpataru Heritage, 127, M.G. Road, Fort,
Mumbai – 400001, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
·
SKion GMBH (Holding company of Altana AG) ·
Altana Ag (Holding company of Altana Chemie GMBH) ·
Altana Chemie GmbH
(Holding company of
Elantas GMBH) · Elantas GmbH (Holding company (75.00%)) |
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|
|
|
Fellow Subsidiary : |
·
BYK-Chemie GmbH
|
CAPITAL STRUCTURE
As on: 31.12.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7927682 |
Equity Shares |
Rs.10/- each |
Rs. 79.277
Million |
|
|
|
|
|
Rights, preferences and
restrictions attached to equity shares:
The Company has a single class of equity shares. Each holder of equity shares is entitled to one vote per share. Accordingly, all equity shares rank equally with regards to dividends and share in the Company’s residual assets. The equity shareholders are entitled to receive dividend was declared from time to time.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company after distribution of all preferential amounts in proportion to the number of equity shares held.
Equity shares held by
Holding / ultimate holding company and / or their subsidiaries:
5,945,761 (Previous year 6,214,870) equity shares of ` 10 each held by ELANTAS GmbH (Holding Company)
Particulars of
shareholders holding more than 5% of equity shares:
5,945,761 (Previous year 6,214,870) equity shares of ` 10 each held by ELANTAS GmbH.
(Percentage of holding 75.00% (previous year 78.39%))
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
79.277 |
79.277 |
79.277 |
|
(b) Reserves & Surplus |
1277.011 |
1003.756 |
1202.004 |
|
(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) |
1356.288 |
1083.033 |
1281.281 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
13.436 |
18.965 |
14.989 |
|
(c) Other long term
liabilities |
11.246 |
10.711 |
14.953 |
|
(d) long-term
provisions |
32.159 |
34.956 |
35.741 |
|
Total Non-current
Liabilities (3) |
56.841 |
64.632 |
65.683 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
335.070 |
239.623 |
254.646 |
|
(c) Other
current liabilities |
109.564 |
102.971 |
94.047 |
|
(d) Short-term
provisions |
66.120 |
520.332 |
852.864 |
|
Total Current
Liabilities (4) |
510.754 |
862.926 |
1201.557 |
|
|
|
|
|
|
TOTAL |
1923.883 |
2010.591 |
2548.521 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
447.568 |
469.033 |
470.146 |
|
(ii)
Intangible Assets |
0.957 |
10.272 |
21.951 |
|
(iii)
Capital work-in-progress |
10.178 |
0.442 |
2.789 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.469 |
1.469 |
1.469 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.296 |
26.082 |
30.943 |
|
(e) Other
Non-current assets |
4.952 |
5.913 |
6.187 |
|
Total Non-Current
Assets |
498.420 |
513.211 |
533.485 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
301.606 |
453.300 |
999.912 |
|
(b)
Inventories |
515.364 |
437.750 |
447.147 |
|
(c) Trade
receivables |
494.945 |
467.129 |
384.912 |
|
(d) Cash
and cash equivalents |
74.351 |
109.963 |
148.091 |
|
(e)
Short-term loans and advances |
34.415 |
24.328 |
29.452 |
|
(f) Other
current assets |
4.782 |
4.910 |
5.522 |
|
Total
Current Assets |
1425.463 |
1497.380 |
2015.036 |
|
|
|
|
|
|
TOTAL |
1923.883 |
2010.591 |
2548.521 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3414.452 |
3043.238 |
2744.606 |
|
|
|
Other Income |
84.792 |
109.030 |
107.118 |
|
|
|
TOTAL |
3499.244 |
3152.268 |
2851.724 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2366.787 |
2132.479 |
1923.849 |
|
|
|
Purchases of Stock-in-Trade |
3.446 |
4.680 |
4.383 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
11.280 |
(33.333) |
2.269 |
|
|
|
Employees benefits expense |
189.791 |
169.634 |
164.665 |
|
|
|
Other expenses |
421.653 |
377.183 |
337.867 |
|
|
|
TOTAL |
2992.957 |
2650.643 |
2433.033 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
506.287 |
501.625 |
418.691 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.398 |
1.779 |
1.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
503.889 |
499.846 |
417.676 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
54.217 |
53.804 |
47.446 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
449.672 |
446.042 |
370.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
133.609 |
128.531 |
94.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
316.063 |
317.511 |
275.763 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
626.165 |
565.705 |
509.208 |
|
|
|
Components and Stores parts |
0.686 |
0.764 |
9.887 |
|
|
|
Capital Goods |
0.180 |
0.622 |
0.000 |
|
|
|
TOTAL IMPORTS |
627.031 |
567.091 |
519.095 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.87 |
40.05 |
34.78 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
0.485 |
0.468 |
0.455 |
|
Cash generated from operations |
449.807 |
353.593 |
347.434 |
|
Net cash flows from (used in) operations |
306.192 |
232.177 |
256.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2015 (1st Quarter) |
30.06.2015 (2nd Quarter) |
|
|
|
Unaudited |
Unaudited |
|
Net Sales |
|
804.250 |
927.720 |
|
Total Expenditure |
|
675.020 |
746.770 |
|
PBIDT (Excl OI) |
|
129.230 |
180.950 |
|
Other Income |
|
20.170 |
13.010 |
|
Operating Profit |
|
149.400 |
193.960 |
|
Interest |
|
1.460 |
0.200 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
147.940 |
193.760 |
|
Depreciation |
|
16.480 |
11.090 |
|
Profit Before Tax |
|
131.460 |
182.670 |
|
Tax |
|
45.140 |
56.410 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
86.330 |
126.260 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
86.330 |
126.260 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.26 |
10.43 |
10.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.83 |
16.48 |
15.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.52 |
22.21 |
14.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.41 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79 |
1.74 |
1.68 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.1265.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
79.277 |
79.277 |
79.277 |
|
Reserves & Surplus |
1202.004 |
1003.756 |
1277.011 |
|
Net
worth |
1281.281 |
1083.033 |
1356.288 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.455 |
0.468 |
0.485 |
|
Total
borrowings |
0.455 |
0.468 |
0.485 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2744.606 |
3043.238 |
3414.452 |
|
|
|
10.881 |
12.198 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2744.606 |
3043.238 |
3414.452 |
|
Profit |
275.763 |
317.511 |
316.063 |
|
|
10.05% |
10.43% |
9.26% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
No |
|
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 |
No |
|
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 |
STATEMENT OF
ASSETS AND LIABILITIES
|
Particulars |
|
|
Half
Year Ended 30.06.2015 |
|
|
|
|
(Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
79.277 |
|
(b) Reserves & Surplus |
|
|
1480.558 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1559.835 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Deferred tax liabilities
(Net) |
|
|
7.626 |
|
(b) Other long term
liabilities |
|
|
11.245 |
|
(c) long-term provisions |
|
|
31.315 |
|
Total
Non-current Liabilities (3) |
|
|
50.186 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Trade payables |
|
|
356.192 |
|
(b) Other current liabilities |
|
|
87.767 |
|
(c) Short-term provisions |
|
|
51.031 |
|
Total
Current Liabilities (4) |
|
|
494.990 |
|
|
|
|
|
|
TOTAL |
|
|
2105.011 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
451.933 |
|
(b) Non-current Investments |
|
|
1.469 |
|
(d) Long-term Loan and Advances |
|
|
34.319 |
|
(e) Other Non-current assets |
|
|
4.462 |
|
Total
Non-Current Assets |
|
|
492.183 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
439.900 |
|
(b) Inventories |
|
|
516.145 |
|
(c) Trade receivables |
|
|
527.971 |
|
(d) Cash and cash equivalents |
|
|
83.419 |
|
(e) Short-term loans and
advances |
|
|
40.81 |
|
(f) Other current assets |
|
|
4.583 |
|
Total
Current Assets |
|
|
1612.828 |
|
|
|
|
|
|
TOTAL |
|
|
2105.011 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2015
(Rs. In Million)
|
Particulars
|
Three Months Ended ( Unaudited) |
Six Months Ended |
|
|
|
31.03.2015 |
30.06.2015 |
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
800.740 |
924.045 |
1724.785 |
|
b) Other operating income |
3.510 |
3.673 |
7.183 |
|
Total
income from Operations(net) |
804.250 |
927.718 |
1731.968 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
537.105 |
574.047 |
1111.152 |
|
b) Purchases of stock in trade |
0.598 |
0.883 |
1.481 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(22.511) |
15.372 |
(7.139) |
|
d) Employees benefit expenses |
61.801 |
49.000 |
110.801 |
|
e) Depreciation and amortization expenses |
16.481 |
11.088 |
27.569 |
|
f) Other expenditure |
98.018 |
107.480 |
205.498 |
|
Total expenses |
691.492 |
757.870 |
1449.362 |
|
3. Profit from operations before other income and
financial costs |
112.758 |
169.848 |
282.606 |
|
4. Other income |
20.168 |
13.014 |
33.182 |
|
5. Profit from ordinary activities before finance costs |
131.464 |
182.862 |
315.788 |
|
6. Finance costs |
1.462 |
0.197 |
1.659 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
131.464 |
182.665 |
314.129 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
131.464 |
182.665 |
314.129 |
|
10.Tax expenses |
45.136 |
56.409 |
101.545 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
86.328 |
126.256 |
212.584 |
|
12.Extraordinary Items (net
of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
86.328 |
126.256 |
212.584 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
79.277 |
79.277 |
79.277 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
10.89 |
15.93 |
26.82 |
|
(b) Diluted |
10.89 |
15.93 |
26.82 |
|
Particulars
|
Three Months Ended (Unaudited) |
Six Months Ended (Unaudited) |
|
|
|
|
31.03.2015 |
30.06.2015 |
30.06.2015 |
|
|
A. Particulars of shareholding |
|
|
|
|
|
1. Public Shareholding |
|
|
|
|
|
- Number of shares |
1981921 |
1981921 |
1981921 |
|
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
Number of shares |
5945761 |
5945761 |
5945761 |
|
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
75.00% |
75.00% |
75.00% |
|
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
|
Pending at the beginning of the quarter |
-- |
-- |
-- |
|
|
Receiving during the quarter |
-- |
-- |
-- |
|
|
Disposed of during the quarter |
-- |
-- |
-- |
|
|
Remaining unreserved at the end of the quarter |
-- |
-- |
-- |
|
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
Three Months Ended ( Unaudited) |
Six Months Ended (Unaudited) |
|
|
|
31.03.2015 |
30.06.2015 |
30.06.2015 |
|
1. Segment Revenue |
|
|
|
|
(Includes other Income allocable to segments) |
|
|
|
|
a. Electrical Insulations |
659.377 |
768.696 |
1428.073 |
|
b. Engineering and Electronic Resins and Materials |
155.474 |
159.856 |
315.330 |
|
Total |
814.851 |
928.552 |
1743.403 |
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
Net Income from
Operations |
814.851 |
928.552 |
1743.403 |
|
|
|
|
|
|
2. Segment Result: Profit/ (Loss) |
|
|
|
|
a. Electrical Insulations |
101.582 |
148.338 |
249.920 |
|
b. Engineering and Electronic Resins and Materials |
24.190 |
29.860 |
54.050 |
|
Total |
125.772 |
178.198 |
303.970 |
|
|
|
|
|
|
Less : i) Interest |
1.462 |
0.197 |
1.659 |
|
ii) Other Un-allocable Income net Un-allocable Expenditure profit
before Tax |
7.154 |
4.664 |
11.818 |
|
Profit before Tax |
131.464 |
182.665 |
314.129 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a. Electrical Insulations |
873.494 |
886.345 |
886.345 |
|
b. Engineering and Electronic Resins and Materials |
214.814 |
210.362 |
210.362 |
|
c. Others |
345.269 |
463.128 |
463.128 |
|
Total |
1433.577 |
1559.835 |
1559.835 |
1. The unaudited
financial results for the quarter ended 30 June 2015 have been reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on 28 July 2015. The statutory auditors have carried out a limited review
and expressed an unqualified opinion.
2. The Company operates in two business segments, Electrical Insulations and
Engineering and Electronic Resins and Materials, as defined by Accounting
Standard 17, 'Segment Reporting' notified pursuant to Companies (Accounting
Standards) Rules, 2006 which continue to apply under Section 133 of the
Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.
3. Based on internal evaluation, the Company during the quarters, reassessed
the remaining useful lives of fixed assets effective 1 January 2015 and has
adopted useful lives prescribed in Schedule II to the Companies Act 2013. This
resulted in a charge of Rs.9.038 Million (net of deferred tax) in reserves in
terms of transitional provisions of the Schedule II and an additional charge of
Rs.4.618 l Million during six months period ended 30 June 2015 (of which
Rs.5.749 Million were accounted in quarter ended 31 March 2015 and a reversal
of Rs.1.131 Million has been accounted in the current quarter).
PERFORMANCE
The sales at Rs. 3400.815 Million for the year ended 31 December 2014 registered 12.2% growth over the sales of Rs. 3031.152 Million for the previous year ended 31 December 2013. In terms of sales quantity, the tonnage sold during the year ended 31 December 2014 increased by 8.4% over the previous year. This, along with sales price alignments, stronger rupee for most part of the year, also softening of input costs towards end of the year, helped the Company to report better operating profits. The profit before tax, however showed marginal increase of Rs. 3.630 Million over the profit before tax posted last year, mainly on account of the lower income from investments which were reduced after the payment of dividends last year. The Profit before Tax and Profit after Tax were Rs. 449.672 Million and Rs. 316.063 Million respectively
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
In the year 2014, the seeds of much needed sustainable economic stability were sown, with a Government enjoying clear majority coming to power at the Centre, after a two decade long of coalition politics.
While with this change, the future could be viewed with a certain degree of optimism, the year 2014 proved to be as tumultuous as the preceding one, particularly against the backdrop of:
- Subdued manufacturing growth leading to overall depressed demand.
- Tweaked input costs.
- Continued suboptimal capacity utilization of the user industry.
- Increasing imports of Electrical Equipment contracting the local production of electrical equipments.
- Sharp fall in global oil price levels towards the end of 2014, leading to a mismatch between market expectations and extent of softening of input costs.
Against these odds, the Company could deliver a satisfactory financial performance in terms of top and bottom line growth. This significant achievement was possible due to combination of proactive measures such as:
- Appropriate ‘value proposition’ through continuous value engineering.
- Fine tuning the product offering thru favorable product mix.
- Exploiting the global synergies.
- A sharp focus on product development through a close coordination between application engineering and Research and Development.
- Timely price correction.
The above measure ensured that the Company continues to maintain its dominant market position in the business lines of Primary and Secondary Insulation while significantly improving its market position in the business line of Electronic & Engineering Materials.
SEGMENT WISE
PERFORMANCE
ELECTRICAL INSULATION SYSTEMS
- The EIS Business, covering business lines PI and SI, forms a major element of Company’s business contributing by over 80% to the Company’s total sales revenue. This business also constitutes the core business of the Company.
- The major segments that are being catered through EIS are Magnet Wire Industry and Original Equipment Industry covering a host of electrical equipments such as rotating machines, transformers etc. besides a major chunk of repair segment.
- The year has been quite challenging, with majority of the end use segment which includes replacement market languishing for want of demand leading to low capacity utilization.
- At the same time, the increased incidence of imports of Electrical Equipments especially from China has not exactly helped in growth of Original Equipment Manufacturers.
- Added to this, beginning with Q4, with price of Copper going southwards, the winding wire industry resorted to production cutbacks to avoid any possible losses on inventory.
- The fall out of Crude Oil softening in excess of 50%, during 2 half has had its impact on market sentiments leading to a virtual price war for price elastic commodity segment that the Company is dealing in, besides clamor for overall price correction. The Company too had to go in for a selective price correction, yet without any value erosion.
- Against all these adversities, the EIS performance during 2014 stands out representing 9% sales revenue growth over 2013.
- This achievement was
possible with timely introduction of new products of judicious value
proposition through tradeoffs between volumes and margins.
GOING FORWARD THE
EMERGING MARKET LOOKS QUITE BUOYANT WITH:
- Government’s resolve to prioritize power segment.
- Projected installed capacity of power generation by 2022, to be in the region of 400 GW.
- Per capita electricity consumption which is less than 1/3 of Global Average is expected to go up.
- Setting up of “Smart City”, a concept which is bound to push the infrastructure demand including downstream electrical equipment.
The Company is well equipped to address the possible demand
spurt in an effective fashion, ensuring in the process, and sustained market
leadership in the EIS segment.
Electronic &
Engineering Materials
E&EM business
comprises of business lines:
- Electronic and Electrical (EL) Compounds
- Construction chemicals
The E&EM business contributed about 18.4% of the total sales revenue during the year.
The growth potential for EL products is high, in view of specialty product offerings for Electronics, Auto Electricals, Capacitors, Filters and High Voltage applications. The EL business is identified as the thrust area for growth in the Company.
Company’s specialty products based on newer chemistries of Epoxy and Polyurethane have been well received by the Auto electric component manufacturers mainly for two and three Wheeler industries. OEM customers are replacing the imported Epoxy and Polyurethane compounds by their in-house developed systems based on indigenous raw materials. Active help from European & US affiliates of ELANTAS has aided in speeding the development process and offer better products.
In addition to conventional electronic and electrical applications, newer areas are being explored like adhesives and sealing compounds for RO/UV filtration membranes, LED potting, advanced battery adhesives etc. The initial response from the industry has been very encouraging. These products are based on specialized chemistries and have good opportunities in upcoming markets.
To keep pace with the changing global needs, Company is well equipped to develop and supply specialty products meeting technical specifications with active support from global technology network within ELANTAS group. The Company offers environmentally safe ‘ROHS and REACH’ compliant products to meet specific customer demand.
Company offers UL (Underwriters Laboratory, USA) listed products to Electronic and Electrical manufacturer’s targeting export to USA and other countries.
The Company has strengthened its research, development &
technical support mechanism to ensure complete customer satisfaction in terms
of quality, product solution expertise, innovation and service.
CURRENT FUTURE AND
OUTLOOK:
On the background of political stability and economic sustainability, the overall and specific business outlook of the Company, looks positive.
Some of the emerging positives perceived by the Company are:
- Domestic demand is likely to go up with increased spending caused due to lowering of the inflation combined with sharp reduction in oil prices.
- Lower fuel subsidies along with repeated fuel tax hikes gives the necessary elbow room to the Government to boost the fortunes of infrastructure and manufacturing segment, the key segments under focus.
- The availability of coal is now most likely to improve in the near future giving positive outlook to power sector. Government’s commitment to “Make in India” might lead to possible tax sops for Manufacturing Segment along with correction to inverted duty structure.
- A visible shift from ‘cooperative’ to ‘competitive’ federalism attracting more and more investors.
- Last, but not the least, Central Government is also committed to:
- High Growth Trajectory
- Predictable Tax Regime
- Fiscal Prudence
- Rapid Infrastructure Development
- Accelerated reforms in Power, Energy, Railways, and Ports etc.
- GST roll out
The Company is already well positioned with necessary organizational restructuring to capitalize on emerging opportunities as listed above.
At the same time, the timely delivery of commitment is equally critical to support these upbeat sentiments. The Company therefore prefers to view the outlook with cautious optimization.
COMPANY PERFORMANCE:
During the year, the Company’s performance improved on YoY basis.
- As explained earlier, the challenging extraneous factors including subdued demand notwithstanding sales of the Company stood at 19049 t valued at Rs. 3400.815 Million reflecting YoY growth of 8.4% by volume and 12.2 % by value.
- Similarly, the profit before tax at Rs. 449.672 Million representing an improvement of 0.8% over Y2013.
- Net cash flows from operating activities during the year at Rs. 306.192 Million were higher as compared to ` Rs. 232.177 Million during the previous year.
- The Net Working Capital,
a key performance indicator, stood at 74 days as of 31 December 2014 as
against 86 days as of 31 December 2013.
CONTINGENT
LIABILITIES
|
|
2014 |
2013 |
|
a) Claims against the Company not
acknowledged as debts |
18.263 |
18.574 |
|
b) Excise duty matters |
23.314 |
22.696 |
|
c) Income tax matters |
2.393 |
2.393 |
|
d) Sales tax matters |
44.856 |
33.423 |
|
e) Guarantee in favor of Gujarat
Industrial Development Corporation |
1.224 |
1.224 |
|
Total |
90.050 |
78.310 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings and Roads
- Plant and Machinery
- Furniture and Fixtures
- Motor Vehicles
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.63 |
|
UK Pound |
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
65 |
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.