MIRA INFORM REPORT
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Report No. : |
346363 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
GODFREY PHILLIPS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Macropolo Building’ Ground Floor, Next To Kala Chowky P. O. , Dr. Babasahesb
Ambedkar Road, Lalbagh, Mumbai-400033, Maharashtra |
|
Tel. No.: |
91-11-26832155/26836468 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
03.12.1936 |
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Com. Reg. No.: |
11-008587 |
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Capital
Investment / Paid-up Capital : |
Rs.103.988 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L16004MH1936PLC008587 |
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|
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IEC No.: |
0588034495 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08521C |
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PAN No.: [Permanent Account No.] |
AABCG4768K |
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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
: |
The subject is engaged in manufacturing of cigarettes and chewing products and in trading of tobacco products, tea and other retail products |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 36900000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an associate of Philip Morvis Global Brands Inc. and KK
Modi Group. For the FY 2015, the company has impressive revenue profile marked by
good profitability margin, which has increased as compared to previous year. The company possesses strong financial risk profile, marked by low
gearing and healthy liquidity. Rating also takes into consideration company’s comfortable market
position supported by well established brands. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of long track record and good brand name, the company can be
considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
05.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
05.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON COOPERATIVE [Tel No.: 91-11-26832155/ 26836468]
LOCATIONS
|
Registered Office : |
Macropolo Building’ Ground Floor, Next To Kala Chowky P. O. , Dr.
Babasahesb Ambedkar Road, Lalbagh, Mumbai-400033, Maharashtra, India |
|
Tel. No.: |
91-22-61952300/11-26832155/26836468 |
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Fax No.: |
91-22-61952319 |
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E-Mail : |
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Website : |
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Head / Corporate Office 1 : |
49, Community Centre, New Friends Colony, New Delhi – 110065, India |
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Tel. No.: |
91-11-26832155/26836468 |
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Fax No.: |
91-11-26840775/26835803 |
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E-Mail : |
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Corporate Office 2: |
14, Omaxe Square, Jasola District Centre, New Delhi – 110025, India |
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Tel. No.: |
91-11-268 32155/61119300 |
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Fax No.: |
91-11-268 40775/268 35803 |
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Branch Office : |
Located at: ·
Ahmedabad ·
Baramati ·
Chandigarh ·
Chennai ·
Dubai ·
Ghaziabad ·
Hyderabad ·
Kolkata ·
Mumbai ·
New Delhi ·
Rabale ·
Singapore |
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|
|
|
Leaf Division : |
Guntur, Andhra Pradesh, India |
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Factory 1 : |
Ghaziabad
Factory International Tobacco Company Post Box No 97, Guldhar, Ghaziabad – 201301 , India |
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Tel. No.: |
91-120-2788235 |
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Fax No.: |
91-120-2788247 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. R. A. Shah |
|
Designation : |
Chairman |
|
Address : |
Panorama , 2nd Floor, 202, walkeshwar Road, Mumbai- 400006,
Maharashtra, India |
|
Date of Birth/Age : |
07.07.1931 |
|
Date of Appointment : |
07.06.1969 |
|
DIN No. : |
00009851 |
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|
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Name : |
Mr. K. K. Modi |
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Designation : |
Managing Directors |
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Address : |
A-1, Maharani Bagh, New Delhi-110065, Delhi, India |
|
Qualification : |
B.Sc., Advanced Management Programme from Harvard Business School,
Boston |
|
Date of Birth/Age : |
27.08.1940 |
|
Date of Appointment : |
14.08.2012 |
|
DIN No. : |
00029407 |
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|
|
|
Name : |
Mr. R. Ramamurthy |
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Designation : |
Whole-time Director |
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Address : |
D-84, 1st Floor, Gulmohar Park, New Delhi-110049, Delhi,
India |
|
Qualification : |
B.A., B.L. from Madras University |
|
Experience : |
35 years |
|
Date of Birth/Age : |
02.07.1944 |
|
Date of Appointment : |
14.08.2012 |
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DIN No. : |
00030463 |
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|
|
|
Name : |
Mr. Samir Kumar Modi |
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Designation : |
Whole-time Director |
|
Address : |
A-1, Maharani Bagh, New Delhi-110065, Delhi, India |
|
Date of Birth/Age : |
15.12.1969 |
|
Date of Appointment : |
01.09.2013 |
|
DIN No. : |
00029554 |
|
|
|
|
Name : |
Ms. Bina Modi |
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Designation : |
Additional Director |
|
Address : |
A-1, Maharani Bagh, New Delhi-110065, Delhi, India |
|
Date of Birth/Age : |
10.09.1944 |
|
Date of Appointment : |
23.09.2014 |
|
DIN No. : |
00048606 |
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|
|
|
Name : |
Mr. Lalit Bhasin |
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Designation : |
Executive Director |
|
Address : |
10, Hailey Road, 10th Floor, Dakshineshwar Building, New
Delhi-110001, Delhi, India |
|
Qualification : |
B.A. (Hons.), LL.B., FCIArb |
|
Date of Birth/Age : |
19.01.1939 |
|
Date of Appointment : |
31.03.1986 |
|
DIN No. : |
00001607 |
|
|
|
|
Name : |
Mr. Anup N. Kothari |
|
Designation : |
Executive Director |
|
Address : |
D- 1056, New Friends Colony, New Delhi-110065, Delhi, India |
|
Qualification : |
B.Arch., F.I.I.A |
|
Date of Birth/Age : |
03.09.1939 |
|
Date of Appointment : |
15.03.1989 |
|
DIN No. : |
00294737 |
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|
|
|
Name : |
Mr. Atul Kumar Gupta |
|
Designation : |
Executive Director |
|
Qualification : |
M.Sc. (Physics) from Allahabad University |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
|
Address : |
63, Saakshara Apartments, A-3, Paschim Vihar, New Delhi-110063, Delhi,
India |
|
Date of Birth/Age : |
12.09.1964 |
|
Date of Appointment : |
01.11.2008 |
|
PAN No: |
AAAPG1042Q |
|
|
|
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
18940 |
0.04 |
|
|
22593890 |
43.45 |
|
|
1805380 |
3.47 |
|
|
1801380 |
3.46 |
|
|
4000 |
0.01 |
|
|
24418210 |
46.96 |
|
|
|
|
|
|
13050475 |
25.10 |
|
|
13050475 |
25.10 |
|
Total shareholding of
Promoter and Promoter Group (A) |
37468685 |
72.06 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
404668 |
0.78 |
|
|
48872 |
0.09 |
|
|
24000 |
0.05 |
|
|
5105038 |
9.82 |
|
|
826358 |
1.59 |
|
|
826358 |
1.59 |
|
|
6408936 |
12.33 |
|
|
|
|
|
|
701270 |
1.35 |
|
|
|
|
|
|
6204939 |
11.93 |
|
|
1033362 |
1.99 |
|
|
176728 |
0.34 |
|
|
124698 |
0.24 |
|
|
23530 |
0.05 |
|
|
28500 |
0.05 |
|
|
8116299 |
15.61 |
|
Total Public shareholding
(B) |
14525235 |
27.94 |
|
Total (A)+(B) |
51993920 |
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) |
51993920 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged in manufacturing of cigarettes and chewing products and in trading of tobacco products, tea and other retail products |
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Products : |
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|
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
·
State Bank of India ·
Bank of Baroda ·
Bank of India ·
Citibank N. A., Connaught Circus,
New Delhi ·
State Bank of Hyderabad ·
State Bank of Travancore ·
The Hong Kong and Shanghai Banking
Corporation Limited, 1, Queen’s Road Central, Hong Kong Special
Administrative Region, Hong Kong-9999999 ·
The Hong Kong and Shanghai Banking
Corporation Limited, Fort, Mumbai-400001, Maharashtra, India ·
Union Bank of India |
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|
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Facilities : |
(Rs.
In Million)
Notes: LONG TERM
BORROWINGS: Details of security and terms
of above loans: These loans carry
interest ranging between 3.8% to 5.5% per annum and are repayable in half
yearly/yearly instalments ranging between 3 to 5 years. Further, these loans
are secured by way of exclusive charge over specific plant and machinery. SHORT TERM
BORROWINGS: * Secured against
hypothecation of stocks and book debts and second charge on all movable fixed
assets of the Company: |
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
|
|
|
Solicitors : |
Crawford Bayley and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
companies : |
·
International Tobacco Company Limited ·
Chase Investments Limited |
|
|
|
|
Subsidiaries
of the subsidiary companies : |
·
Kashyap Metal and Allied Industries
Limited ·
Unique Space Developers Limited ·
Rajputana Infrastructure Corporate Limited
(subsidiary of Kashyap Metal and Allied Industries Limited) ·
Gopal Krishna Infrastructure &
Real Estate Limited (subsidiary of Unique Space Developers Limited) |
|
|
|
|
Associates
: |
·
Philip Morris Global Brands Inc., of
which the Company is an associate. ·
K K Modi Investment & Financial
Service Private Limited, of which the Company is an associate. ·
Success Principles India Limited, an
associate of the Company. ·
IPM India Wholesale Trading Private
Limited, an associate of the Company. ·
KKM Management Centre Private
Limited, an associate of the Company |
|
|
|
|
Enterprises over which key management
personnel and their relatives are able to exercise significant influence : |
·
Modicare Limited ·
Beacon Travels Private Limited ·
Indofil Industries Limited ·
HMA Udyog Private Limited ·
Bina Fashion N Food Private Limited ·
Modicare Foundation ·
Priyal Hitay Nidhi ·
Colorbar Cosmetics Private Limited ·
Gujarmal Modi Science Foundation ·
Modi Healthcare Placement India
Private Limited ·
Modi Innovative Education Society ·
International Research Park
Laboratories Limited ·
Rajputana Fertilizers Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122000000 |
Equity Shares |
Rs.2/- each |
Rs.244.000 Million |
|
60000 |
Preference shares |
Rs. 100 each |
Rs.6.000 Million |
|
|
Total |
|
Rs. 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51993920 |
Equity Shares |
Rs. 2/- each |
Rs.103.988 Million |
|
|
|
|
|
(i) The face value of equity shares of the Company has been split from Rs.10 to Rs. 2 per share w.e.f. December 1, 2014.
(ii) There has been no movement in the equity shares in the current and previous year.
(iii) The Company has only one class of equity shares having a par value of Rs. 2 (Previous year Rs.10) per share. Each holder of equity shares is entitled to one vote per share.
(iv) The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by the profits of the Company.
(v) Shares held by each shareholder holding more than 5%
|
Name of Shareholder |
Number of Shares |
% holding |
|
Philip Morris Global Brands Inc. |
13050475 |
25.10% |
|
K K Modi Investment and Financial Services Private Limited |
15196660 |
29.23% |
|
Good Investment (India) Limited |
4095220 |
7.88% |
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 |
103.988 |
103.988 |
103.988 |
|
(b) Reserves &
Surplus |
12822.191 |
11533.003 |
10313.239 |
|
(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) |
12926.179 |
11636.991 |
10417.227 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
312.525 |
970.704 |
1661.274 |
|
(b) Deferred tax
liabilities (Net) |
2.615 |
2.040 |
2.020 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
358.182 |
|
(d) long-term provisions |
474.581 |
362.337 |
38.380 |
|
Total Non-current
Liabilities (3) |
789.721 |
1335.081 |
2059.856 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1753.039 |
554.243 |
592.547 |
|
(b) Trade payables |
1512.328 |
1465.721 |
1574.725 |
|
(c) Other current
liabilities |
2817.276 |
3470.944 |
2610.326 |
|
(d) Short-term provisions |
641.053 |
616.485 |
629.902 |
|
Total Current Liabilities
(4) |
6723.696 |
6107.393 |
5407.500 |
|
|
|
|
|
|
TOTAL |
20439.596 |
19079.465 |
17884.583 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6303.768 |
6585.324 |
6932.096 |
|
(ii) Intangible Assets |
53.805 |
69.279 |
59.075 |
|
(iii) Capital
work-in-progress |
651.574 |
450.094 |
152.715 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3186.342 |
2815.408 |
1615.008 |
|
(c) Deferred tax assets
(net) |
165.250 |
97.262 |
0.000 |
|
(d) Long-term Loan and Advances |
421.111 |
449.125 |
419.899 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
10781.850 |
10466.492 |
9178.793 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
37.500 |
737.500 |
1570.287 |
|
(b) Inventories |
7382.634 |
5845.105 |
5383.545 |
|
(c) Trade receivables |
1298.175 |
1035.335 |
792.967 |
|
(d) Cash and cash
equivalents |
251.424 |
232.107 |
221.073 |
|
(e) Short-term loans and advances |
489.668 |
556.111 |
584.982 |
|
(f) Other current assets |
198.345 |
206.815 |
152.936 |
|
Total Current Assets |
9657.746 |
8612.973 |
8705.790 |
|
|
|
|
|
|
TOTAL |
20439.596 |
19079.465 |
17884.583 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
25864.301 |
24784.801 |
20964.772 |
|
|
Other Income |
327.755 |
279.362 |
306.054 |
|
|
TOTAL (A) |
26192.056 |
25064.163 |
21270.826 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5717.238 |
5309.671 |
4755.467 |
|
|
Purchases of
Stock-in-Trade |
5595.292 |
4470.530 |
4234.274 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(379.007) |
200.651 |
(939.363) |
|
|
Employees benefits
expense |
2486.944 |
2166.478 |
2008.143 |
|
|
Other expenses |
8843.655 |
8863.826 |
7694.097 |
|
|
|
0.000 |
353.829 |
0.000 |
|
|
TOTAL (B) |
22264.122 |
21364.985 |
17752.618 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3927.934 |
3699.178 |
3518.208 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
191.381 |
286.883 |
269.173 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
3736.553 |
3412.295 |
3249.035 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1022.565 |
865.543 |
880.003 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
2713.988 |
2546.752 |
2369.032 |
|
|
|
|
|
|
|
Less |
TAX (H) |
883.144 |
840.346 |
674.254 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
1830.844 |
1706.406 |
1694.778 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (K) |
8936.931 |
7917.167 |
6909.031 |
|
|
|
|
|
|
|
Less |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
41.027 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
415.951 |
415.951 |
415.951 |
|
|
Corporate Dividend Tax |
84.678 |
70.691 |
70.691 |
|
|
Transfer to General
Reserve |
200.000 |
200.000 |
200.000 |
|
|
Balance Carried to the
B/S (J+K+L-M) |
10726.748 |
8936.931 |
7917.167 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods on F.O.B. basis |
6011.555 |
4816.981 |
3525.383 |
|
|
Others including freight, etc. |
94.090 |
97.678 |
80.471 |
|
|
Insurance |
|
|
|
|
|
TOTAL EARNINGS |
6105.645 |
4914.659 |
3605.854 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
879.443 |
893.58 |
430.479 |
|
|
Components and Stores
parts |
41.285 |
45.110 |
23.419 |
|
|
Capital Goods |
158.721 |
217.193 |
295.717 |
|
|
Purchases for resale -
cigars, etc. |
24.404 |
10.777 |
19.191 |
|
|
TOTAL IMPORTS |
1103.853 |
1155.883 |
749.615 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
35.21 |
32.82 |
162.98 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
700.056 |
862.848 |
781.776 |
|
Cash generated from operations |
1549.936 |
3850.739 |
2517.604 |
|
Net cash from operating activities |
634.688 |
2957.834 |
1908.527 |
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
6004.800 |
|
Total Expenditure |
|
|
4944.600 |
|
PBIDT (Excl OI) |
|
|
1060.200 |
|
Other Income |
|
|
24.700 |
|
Operating Profit |
|
|
1084.900 |
|
Interest |
|
|
35.100 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
1049.800 |
|
Depreciation |
|
|
222.500 |
|
Profit Before Tax |
|
|
827.300 |
|
Tax |
|
|
289.500 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
537.800 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
537.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
7.08 |
6.88 |
8.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.19 |
14.93 |
16.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.51 |
16.20 |
14.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.22 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.21 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.41 |
1.61 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.926.85/- |
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 |
103.988 |
103.988 |
103.988 |
|
Reserves & Surplus |
10313.239 |
11533.003 |
12822.191 |
|
Net worth |
10417.227 |
11636.991 |
12926.179 |
|
|
|
|
|
|
long-term borrowings |
1661.274 |
970.704 |
312.525 |
|
Short term borrowings |
592.547 |
554.243 |
1753.039 |
|
Current maturities of
long-term debts |
781.776 |
862.848 |
700.056 |
|
Total borrowings |
3035.597 |
2387.795 |
2765.620 |
|
Debt/Equity ratio |
0.291 |
0.205 |
0.214 |
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 |
20964.772 |
24784.801 |
25864.301 |
|
|
|
18.221 |
4.355 |
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 |
20964.772 |
24784.801 |
25864.301 |
|
Profit |
1694.778 |
1706.406 |
1830.844 |
|
|
8.08% |
6.88% |
7.08% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC
ENVIRONMENT:
The global economic recovery continued to be uneven during 2014-15, with low inflation turning to deflation in many countries, while advanced economies reported a pick-up in growth and emerging and developing economies continued to slow down resulting in modest global economic growth of 3.4% in 2014. Geopolitical tensions, stagnation and deflationary conditions and continued slowdown in China with its consequent adverse impact on commodity prices, represents some of the key challenges to global economic recovery. IMF, in their latest outlook, has marked the global economic growth for 2015 at 3.3%. Later in the year, it is expected that the US Fed and Bank of England will reverse the interest rate cycle leading to flight of capital to these regions. This is likely to further impact the emerging economies negatively.
Compared to the trends of other emerging and developing economies, the Indian economy showed some resilience with a growth of 7.4% in 2014-15 based on the new GDP series as compared with 6.9% in 2013-14. There was room for cheers on some counts, as there was a 2.8% growth in IIP, robust 10.6% growth in the services sector, declining rate of inflation (both CPI and WPI), containing fiscal deficit within the target at 4% of GDP, narrowing current account deficit at 1.3% of GDP, improved investor sentiment, healthy foreign exchange reserves at over $ 350 billion, stable Rupee and rising stock markets. IMF has estimated that India will grow at 7.5% in 2015-16 and therefore, India shall continue to remain, one of the fastest growing economies in the world. However, if India has to live up to its true potential, there is an need to focus on job creation and skill up-gradation to address the issue of unemployment, especially among the youth. And, for this the manufacturing sector needs to get the required boost and the Modi government’s call for ‘Make in India’ should travel beyond the
Realms of mere sloganeering.
SEGMENTWISE
PERFORMANCE IN 2014-2015
Cigarettes
The domestic cigarette industry continues to reel under pressure of increased indirect taxes with volumes declining by over 9% in 2014-15. Though the Company has witnessed decline in volume, it still was able to register a growth of 4.2% in terms of operating revenue from Rs. 32630.000 million in previous year to Rs. 34000.000 million. We have been able to increase volume in the 64 mm segment despite aggressive competitive moves, but kept a balanced mix of the lower margin 64 mm and the higher margin 69 mm segments.
Despite the challenging scenario faced by it, your Company is aiming for steady growth through balanced brand portfolio, consumer engagement programs, quicker response to environmental changes and datadriven decision making process. Multiple cross-functional integrated projects are currently underway towards making our brands consumer centric in the market place to gain market share. In view of the pricing pressure on consumers, the Company has already enhanced its focus on more economical price points to regain volume growth. We are offering increasingly superior products at multiple price points which are affordable to various sections of society. Our effort will be to improve consumer satisfaction with our brands through quality and innovation, using the latest techniques in consumer research, R and D and manufacturing excellence.
Tea
Domestic tea business remained subdued during the year with income lower at Rs. 1020.000 million against Rs.1160.000 v last year. Efforts were made towards premiumization of brand portfolio, leading to value cent this year. The Company is proud of its foray into the prestigious Canteen Stores Department (CSD), an organization under the aegis of the Ministry of Defense, catering to India’s Armed Forces. To provide quality products to the discerning consumers, the Company has installed a new state-of-the-art blending drum at its Kolkata factory. In order to grow the business and stay ahead of the curve in the coming years, the Company is focusing on contemporary formats and value added teas and is hopeful of better performance during the current year.
Chewing Products
The Company suffered a setback in its foray into chewing business during the year despite investing significant time and money to develop the business. The Company is following a consumer centric approach to gain deeper understanding of consumer behavior and his unfulfilled needs. Introduction of larger SKUs and expansion of geographical footprint are some other measures planned by the Company to drive growth.
Retail
Company’s foray into retail business through 24x7 convenience stores is making slow but steady progress. New business models are currently under evaluation with the help of Japanese consultants and we hope to scale greater heights in times to come.
TREASURY OPERATIONS
The Company continues to enjoy the highest rating of ‘CRISIL A1+’ for Short Term Debt Programme, ‘CRISIL AA+/Stable’ for Long Term Loan, ‘CRISIL AA+/Stable’ for fund based Credit Limit and ‘CRISIL A1+’ for non-fund based. With these ratings in place, the Company is able to raise funds at most competitive terms. Guided by the policy of safe, liquid and tax efficient returns, the Company has been deploying its long term surplus funds primarily in debt oriented schemes of reputed mutual funds. Also, the Company continued to park its temporary surpluses in liquid schemes of various mutual funds.
FINANCIAL RESULTS
During the year ended March 31, 2015, the Company registered operating
revenue of Rs. 44530.000 million as against Rs. 41930.000 million during
corresponding previous financial year, a growth of almost 6.2%. The profit
After tax was higher at Rs. 1830.800 million against Rs. 1706.400 million last
year. The Union Budget 2015 has yet again increased the excise duty on
cigarette which works out to around 15% on weighted average volume base of the
Company and this is apart from some State Governments hiking VAT rates. The
trend of steep increase in taxation on cigarette as prevalent over the last
several years is likely to continue.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2015 |
|
SHORT TERM
BORROWING |
|
|
|
Demand loan from banks |
950.000 |
0.000 |
|
Cash credits from banks |
0.084 |
0.000 |
|
Total |
950.084 |
0.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
10734.800 |
|
b) Other operating income |
|
|
4857.700 |
|
C)
other operating Income |
|
|
1277 |
|
Total
income from Operations(net) |
|
|
6004.800 |
|
2.Expenditure |
|
|
|
|
a)
a) Cost of material consumed |
|
|
1081.200 |
|
b)
b) Purchases of stock in trade |
|
|
1097.100 |
|
c)
c) Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
|
|
227.400 |
|
d)
d) Employees benefit expenses |
|
|
633.200 |
|
e)
Advertising and sales promotion |
|
|
562.200 |
|
f)
e) Depreciation and amortization
expenses |
|
|
222.500 |
|
g)
f) Other expenditure |
|
|
1343.500 |
|
Total expenses |
|
|
5167.100 |
|
3. Profit from operations before other income and
financial costs |
|
|
837.700 |
|
4. Other income |
|
|
24.700 |
|
5. Profit from ordinary activities before finance costs |
|
|
862.400 |
|
6. Finance costs |
|
|
35.100 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
|
|
827.300 |
|
8. Exceptional item |
|
|
-- |
|
9. Profit from ordinary
activities before tax Expense: |
|
|
827.300 |
|
10.Tax expenses |
|
|
289.500 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
537.800 |
|
12.Extraordinary Items (net
of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
537.800 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
104.000 |
|
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 |
|
|
10.34 |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
14824235 |
|
- Percentage of shareholding |
|
|
28.51 |
|
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 |
|
|
37169685 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100.00% |
|
|
|
|
71.49 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
- |
|
Receiving during the quarter |
|
|
1 |
|
Disposed of during the quarter |
|
|
1 |
|
Remaining unreserved at the end of the quarter |
|
|
- |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
Quarter
Ended (Unaudited) |
|
|
30.06.2014 |
|
1. Segment
Revenue |
|
|
Cigarettes and
Tobacco Products |
5301.400 |
|
Tea and Other
Retail Products |
703.400 |
|
Total income
from operations (net) |
6004.800 |
|
|
|
|
2. Segment
Results |
|
|
Cigarettes and
Tobacco Products |
949.000 |
|
Tea and Other
Retail Products |
(94.500) |
|
Total |
854.500 |
|
Less: Finance
Costs |
(35.100) |
|
Un-allocable
income/expenditure net of un-allocable income/expenditure |
7.900 |
|
Total Profit
Before Tax |
827.300 |
|
|
|
|
3. Capital
Employed |
|
|
Cigarettes and
Tobacco Products |
10923.100 |
|
Tea and Other
Retail Products |
805.600 |
|
Total segment
capital employed |
11728.700 |
|
Unallocated
capital employed |
1735.300 |
|
Total capital
employed |
13464.000 |
|
Notes: 1. The above results are as per clause 41 of the
Listing Agreement and have been taken on record by the Board of Directors at
its meeting held on July 31, 2015 after being reviewed by the Audit
Committee. |
|
INDEX OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10578434 |
12/06/2015 |
600,000,000.00 |
CITI
BANK N.A. |
JEEVAN
BHARTI BULIDING, 4TH FLOOR, 124 CONNAUGHT |
C58178005 |
|
2 |
10342737 |
29/02/2012 |
980,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
1,
QUEEN'S ROAD CENTRAL,, HONG KONG SPECIAL ADMINISTRATIVE REGION, HONG KONG, -
9999999, HONG KONG |
B35248517 |
|
3 |
80057364 |
14/02/2013
* |
635,500,000.00 |
STATE
BANK OF INDIA |
JAWAHAR
VYAPAR BHAWAN, 11TH AND 12TH FLOOR, 1, TOLSTOY MARG, DELHI - 110001, INDIA |
B70214705 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
a) Demands from excise, income
tax, sales tax and other authorities disputed by the Group@ |
374.084 |
365.143 |
|
b) Claims against the
Group not acknowledged as debts |
0.137 |
0.137 |
|
@ all these matters are subject
to legal proceedings in the ordinary course of business and in the opinion of
the Group, these are not expected to have material effect on the financial
results of the Group when ultimately concluded |
||
FIXED ASSETS
·
Land-leasehold
·
Land-freehold
·
Buildings
·
Leasehold building improvements
·
Plant and machinery
·
Electrical installation and Equipments
·
Computers and information technology Equipments
·
Furniture, fixtures and office Equipments
·
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.64.88 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
74 |
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.