MIRA INFORM REPORT
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Report No. : |
342709 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TTK PRESTIGE LIMITED |
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Registered
Office : |
Plot No. 38, SIPCOT Industrial Complex, Hosur – 635126, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
22.10.1955 |
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Com. Reg. No.: |
18-015049 |
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Capital
Investment / Paid-up Capital : |
Rs.116.548 Million |
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CIN No.: [Company Identification
No.] |
L85110TZ1955PLC015049 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00535D |
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PAN No.: [Permanent Account No.] |
AAACT6503G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The company operates through two segments, Kitchen
Appliances and Property and Investment. Its products include pressure cookers
and pans, non-stick cookware, gas stoves, mixer grinders, wet grinders, hand
blenders, electric rice cookers, induction cook-tops, hobs and hoods,
electric kettles, pop-up toasters, barbeques, ovens, grills, cook tops,
chimneys, and knives and tools. |
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No. of Employees
: |
1267 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit : |
USD 18000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is among the leading brands in the kitchen equipment space,
especially in the pressure cooker segment. It has a diversified product
profile, with 37 per cent of its revenue coming from pressure cookers, about
17 per cent from cookware and the remainder from gas stoves and appliances. Rating reflects takes into consideration its strong market position in
the kitchen equipment pace and its healthy financial base marked by a debt
free balance sheet and healthy liquidity position. However, rating strengths are partially offset by the high degree of
competition in the kitchen equipment space and the vulnerability of its
operating profitability to volatile raw material prices. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company regarded as promising business
partner for medium to long term business dealings. |
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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=AA- |
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Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
14.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
14.07.2015 |
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 co-operative (Tel No.: 91-4344-276655/ 276755)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 38, SIPCOT Industrial Complex, Hosur – 635126, Tamilnadu,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
11th Floor, Brigade Towers, 135, Brigade Road, Bangalore –
560025, Karnataka, India |
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Tel. No.: |
91-80-22217438/ 39 |
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Fax No.: |
91-80-22277446 |
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E-Mail : |
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Factory 1 : |
Plot No.82 and 85, SIPCOT Industrial Complex, Hosur Dharmapuri District – 635126, Tamilnadu, India |
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Factory 2 : |
SF-234/1, Pollachi Road, Myleripalayam Village, Coimbatore – 641032, Tamilnadu, India |
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Factory 3 : |
Plot No. 1A and 2, Dev Bhoomi Industrial Estate,
Roorke-247667, |
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Branch Office : |
Located At: · Ahmedabad · Bangalore · Chandigarh · Chennai ·
·
· Dehradun · Ernakulam · Ghaziabad · Goa · Gurgaon · Guwahati · Hubli · Hyderabad · Indore · Jaipur · Jamshedpur · Kolkata · Lucknow · Ludhiana · Mumbai · Parwanoo (HP) · Patna · Pune · Raipur · Trichy · Vijayawada |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Rangarajan Srinivasan |
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Designation : |
Director |
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Address : |
Dhanya,, 126, Nandidurg Road, Bangalore - 560046, Karnataka, India |
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Date of Appointment : |
21.08.2014 |
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DIN No.: |
00043658 |
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Name : |
Mr. Dileep Kumar Krishnaswamy |
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Designation : |
Director |
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Address : |
New No.19, Old No. 34/1, Vani Vilas Road, Bangalore - 560004, Karnataka, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
00176595 |
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Name : |
Mr. Arun Kannan Thiagarajan |
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Designation : |
Director |
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Address : |
Grace Home, 37, Kanakapura Road, Basavanagudi, Bangalore - 560004, Karnataka, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
00292757 |
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Name : |
Ms. Vandana Ramchandra Walvekar |
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Designation : |
Director |
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Address : |
62, Suriya Apartments, Pochkahanwala Road, Mumbai - 400025, Maharashtra, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
00059160 |
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Name : |
Mr. Murali Neelakantan |
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Designation : |
Director |
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Address : |
3702, B Wing, Lodha Bellissimo, Apollo Hills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
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Date of Appointment : |
25.03.2015 |
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DIN No.: |
02453014 |
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Name : |
Mr. Chandru Kalro |
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Designation : |
Managing Director |
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Address : |
P-55, Sector X, 7th Main, Jeevanbimanagar, Bangalore - 560025, Karnataka, India |
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Date of Appointment : |
01.04.2015 |
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DIN No.: |
03474813 |
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Name : |
Mr. Shankaran Krishnamurthy |
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Designation : |
Director |
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Address : |
No.124,Ii Cross, Ii Main, Sarvabhowmanagar. Bilikanahalli, Bangalore - 560017, Karnataka, India |
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Date of Appointment : |
01.11.1993 |
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DIN No.: |
00043205 |
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Name : |
Mr. Raghunathan Thattai Thiruvallur |
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Designation : |
Director |
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Address : |
91/1 (Old), 146(New), Santhome High Road, Chennai - 600028, Tamilnadu, India |
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Date of Appointment : |
03.08.1995 |
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DIN No.: |
00043455 |
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Name : |
Mr. Jagannathan Thattai Thiruvallur |
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Designation : |
Whole-Time Director |
|
Address : |
No.6, Brunton Cross Road, Museum Road, Ashok Nagar, Bangalore - 560025, Karnataka, India |
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Date of Appointment : |
01.07.2013 |
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DIN No.: |
00191522 |
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Name : |
Mr. Mukund Thattai Thiruvallur |
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Designation : |
Director Appointed In Casual Vacancy |
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Address : |
5/13, Brunton Road Cross, Richmond Town, Bangalore - 560025, Karnataka, India |
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Date of Appointment : |
29.05.2015 |
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DIN No.: |
07193370 |
KEY EXECUTIVES
|
Name : |
Mr. Jagannathan Thattai Thiruvallur |
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Designation : |
Executive Chairman |
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Name : |
Mr. T.T. Raghunathan |
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Designation : |
Vice Chairman |
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Name : |
Shankaran Krishnamurthy |
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Designation : |
Secretary |
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Address : |
D-57, Golden Enclave, Airport Road, Bangalore - 560017, Karnataka, India |
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Date of Appointment : |
09.10.1990 |
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PAN No.: |
AAIPS7832E |
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Name : |
Sundaresan Vaithianathan |
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Designation : |
Chief Executive Officer |
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Address : |
#101, Srivas Apartments, 18th Cross, Kashi Mutt, Road, Malleshwaram, Bangalore - 560055, Karnataka, India |
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Date of Appointment : |
15.07.2014 |
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PAN No.: |
AKEPS1782M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a
% of Total No. of Shares |
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||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
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|
1188869 |
10.21 |
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|
14800 |
0.13 |
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|
6988747 |
60.03 |
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|
6988747 |
60.03 |
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|
8192416 |
70.37 |
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Total
shareholding of Promoter and Promoter Group (A) |
8192416 |
70.37 |
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(B)
Public Shareholding |
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|
589339 |
5.06 |
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|
884 |
0.01 |
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|
1964051 |
16.87 |
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|
2554274 |
21.94 |
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|
272504 |
2.34 |
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|
581492 |
5.00 |
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|
20160 |
0.17 |
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|
20344 |
0.17 |
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|
1881 |
0.02 |
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|
17663 |
0.15 |
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|
800 |
0.01 |
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|
894500 |
7.68 |
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Total
Public shareholding (B) |
3448774 |
29.63 |
|
Total
(A)+(B) |
11641190 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
11641190 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company operates through two segments, Kitchen
Appliances and Property and Investment. Its products include pressure cookers
and pans, non-stick cookware, gas stoves, mixer grinders, wet grinders, hand
blenders, electric rice cookers, induction cook-tops, hobs and hoods,
electric kettles, pop-up toasters, barbeques, ovens, grills, cook tops,
chimneys, and knives and tools. |
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Products : |
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Brand Names : |
“PRESTIGE AND MANTTRA” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1267 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S. Viswanathan Chartered Accountants |
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Address : |
27/34, II Floor, Nandi Durg Road, Jayamahal Extension, Bangalore – 560046, Karnataka, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises over which Key Management personnel have significant
control: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11668490 |
Equity Shares |
Rs.10/- each
|
Rs.116.685Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11641190 |
Equity Shares |
Rs.10/- each
|
Rs.116.412
Million |
|
27300 |
Add: Equity Shares Forfeited |
Rs.5/- each |
Rs.0.136
Million |
|
|
|
|
|
|
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Total |
|
Rs.116.548 Million |
Paid Up Share Capital of 1,16,41,190 shares (Previous Year : 1,16,41,190 shares) includes 78,69,064 shares of ` 10 each allotted as Bonus Shares fully paid-up by capitalisation of reserves and 20106 shares issued to shareholders of M/s. Prestige Housewares India Limited(PHIL) consequent to merger of PHIL with TTK Prestige Limited. This also includes 3,00,000 Equity shares of Rs.10 each allotted on preferential basis to M/s. Cartica Capital Limited during previous financial year.
There was no issue/buy back of shares of the nature mentioned in clause (i) of note 6A of general instructions to
Schedule III of the Companies Act 2013, in the last five years.
Reconciliation of number of Equity Shares outstanding at the beginning
and at the end of the year
|
Particulars |
As at 31st March 2015 |
|
|
|
|
Number of
shares outstanding as at the beginning of the year |
11641190 |
|
Add :
Number of shares issued during the year |
- |
|
Number of
shares outstanding as at the end of the year |
11641190 |
Shares in the
company held by each shareholder holding more than 5% shares
|
Name of the Share Holders |
Number
of Shares held in the company |
Percentage
of shares held |
|
|
|
|
|
T.T,
Krishnamachari and Company represented by its partners |
6988747 |
60.03% |
LISTING DETAILS:
|
|
BSE
: 517506 NSE
: TTKPRESTIG ISIN : INE690A01010
|
|
Stock Exchange Place : |
The Stock
Exchange, Mumbai National
Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
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 |
116.548 |
116.548 |
113.548 |
|
(b) Reserves & Surplus |
6343.076 |
5736.589 |
3841.082 |
|
(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) |
6459.624 |
5853.137 |
3954.630 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
4.322 |
9.597 |
|
(b) Deferred tax liabilities
(Net) |
259.914 |
205.293 |
101.150 |
|
(c) Other long term
liabilities |
50.000 |
50.000 |
50.000 |
|
(d) long-term provisions |
35.266 |
41.160 |
78.207 |
|
Total
Non-current Liabilities (3) |
345.180 |
300.775 |
238.954 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
253.763 |
1135.454 |
|
(b) Trade payables |
1055.446 |
1230.101 |
1233.298 |
|
(c) Other current liabilities |
763.685 |
767.160 |
918.782 |
|
(d) Short-term provisions |
335.013 |
313.046 |
426.056 |
|
Total
Current Liabilities (4) |
2154.144 |
2564.070 |
3713.590 |
|
|
|
|
|
|
TOTAL |
8958.948 |
8717.982 |
7907.174 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3354.100 |
3377.773 |
1658.422 |
|
(ii) Intangible Assets |
11.356 |
18.400 |
22.533 |
|
(iii) Capital work-in-progress |
263.843 |
243.057 |
1400.792 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.165 |
0.165 |
0.165 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
78.623 |
90.205 |
224.468 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3708.087 |
3729.600 |
3306.380 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
35.063 |
90.251 |
0.000 |
|
(b) Inventories |
2746.778 |
2668.100 |
2355.271 |
|
(c) Trade receivables |
1593.094 |
1491.105 |
1432.070 |
|
(d) Cash and cash equivalents |
295.433 |
296.015 |
325.507 |
|
(e) Short-term loans and
advances |
522.762 |
403.799 |
472.948 |
|
(f) Other current assets |
57.731 |
39.112 |
14.998 |
|
Total
Current Assets |
5250.861 |
4988.382 |
4600.794 |
|
|
|
|
|
|
TOTAL |
8958.948 |
8717.982 |
7907.174 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
13882.838 |
12938.296 |
13584.839 |
|
|
Other Income |
51.026 |
78.752 |
47.323 |
|
|
TOTAL
(A) |
13933.864 |
13017.048 |
13632.162 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4418.323 |
3669.852 |
3669.466 |
|
|
Purchases of Stock-in-Trade |
3645.897 |
3826.795 |
4579.078 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(107.109) |
(173.159) |
(482.880) |
|
|
Employees benefits expense |
1035.772 |
910.010 |
835.804 |
|
|
Other expenses |
3397.579 |
3102.567 |
2946.092 |
|
|
Extraordinary Items |
-24.418 |
-69.592 |
0.000 |
|
|
TOTAL
(B) |
12366.044 |
11266.473 |
11547.560 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1567.820 |
1750.575 |
2084.602 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.666 |
85.356 |
142.653 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1523.154 |
1665.219 |
1941.949 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
190.126 |
147.715 |
89.902 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1333.028 |
1517.504 |
1852.047 |
|
|
|
|
|
|
|
Less |
TAX (H) |
409.854 |
399.582 |
521.150 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
923.174 |
1117.922 |
1330.897 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
527.609 |
548.305 |
652.055 |
|
|
TOTAL
EARNINGS |
527.609 |
548.305 |
652.055 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1864.707 |
1975.166 |
2477.765 |
|
|
Capital Goods |
3.023 |
17.328 |
62.817 |
|
|
TOTAL
IMPORTS |
1867.730 |
1992.494 |
2540.582 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
79.30 |
96.78 |
117.35 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
10.904 |
6.002 |
|
Cash generated from operations |
1047.593 |
1321.161 |
1292.518 |
|
Net cash flow from operating activity |
674.757 |
850.406 |
968.316 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
UnAudited |
1st Quarter |
|
Net Sales |
3485.700 |
|
Total Expenditure |
3103.400 |
|
PBIDT (Excl OI) |
382.300 |
|
Other Income |
24.500 |
|
Operating Profit |
406.800 |
|
Interest |
6.400 |
|
Exceptional Items |
(37.400) |
|
PBDT |
363.000 |
|
Depreciation |
46.500 |
|
Profit Before Tax |
316.500 |
|
Tax |
96.900 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
219.600 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
219.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.65 |
8.64 |
9.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.29 |
13.53 |
15.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.33 |
17.91 |
28.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.26 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.05 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44 |
1.95 |
1.24 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.3773.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
113.548 |
116.548 |
116.548 |
|
Reserves & Surplus |
3841.082 |
5736.589 |
6343.076 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3954.630 |
5853.137 |
6459.624 |
|
long-term borrowings |
9.597 |
4.322 |
0.000 |
|
Short term borrowings |
1135.454 |
253.763 |
0.000 |
|
Total
borrowings |
1151.053 |
268.989 |
0.000 |
|
Debt/Equity
ratio |
0.291 |
0.046 |
0.000 |
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 |
13584.839 |
12938.296 |
13882.838 |
|
|
|
(4.759) |
7.300 |
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 |
13584.839 |
12938.296 |
13882.838 |
|
Profit |
1330.897 |
1117.922 |
923.174 |
|
|
9.80% |
8.64% |
6.65% |
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 |
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF
PERFORMANCE:
The Company’s current year performance has to be judged from the background of continuing sluggish economy coupled with weak consumer demand and most importantly from the point of view of investments being made even during this sluggish phase keeping in view the long-term health of the Company. The investments have been not only in the nature of capital assets creating capacity for the long-term but also revenue expenses in building brand, distribution and human capital for the future. Therefore these measures do have a transient impact on margins which can improve over a period of time once the investments start fueling growth.
Shareholders are also aware that the Company does not follow a standalone margin-led policy but is focussed on growth with a fair long-term return on capital employed.
The Company is back to growth path, albeit at a lower rate of 7.4% after a decline of around 4% in the previous financial year. This growth is in line with the overall economic growth notwithstanding specific factors affecting the growth in appliances segment in general. It is to be noted that the channel conflict on account of entry of online channels had some adverse impact on primary sales for the year especially the period between August 2014 and February 2015.
While there has been recovery in business growth, the EBIDTA prior to exceptional items declined by about 8% from Rs.1681.000 Million to Rs.1543.400 Million after providing for CSR contributions of about Rs.33.800 Million. The operating EBIDTA margin was around 11% as compared to 12.7% in the previous year. The background for this decline is stated in para ‘a’ above. The capacity building initiatives coupled with soft investments in brand building, distribution, service network and human resources resulted in transient under absorption of overheads. There was also some lag in passing on input costs on account of pipeline inventory. The product mixes in certain appliance categories while contributing to volume growth resulted in a lower absolute value in top line and thus lower absolute margins.
Net profits declined by about 17% from Rs.1117.900 Million to Rs.923.200 Million due to higher provision for depreciation on account of the changes brought about by Companies Act 2013 and also higher provision for taxation as the 100% benefits from Uttarakhand units are reduced to 30% from 2014-15 onwards. As a result the Earnings per Share stood at Rs.79.30 (PY Rs.96.78).
The Company became debt-free as at the end of 31st March, 2015 and is carrying significant net free cash.
In spite of substantial additions to manufacturing asset base and lower capacity utilisation the ROCE was healthy at 24.20%.
The Board has recommended a higher dividend of Rs.22/- per share (PY Rs.20/- per share) a gross pay-out ratio (including dividend distribution tax) in excess of 30% of net profits.
The Board of Directors is of the view that the current year performance is commendable taking into account the general sluggish economy both domestic and global. The market share of the key product categories was maintained or improved across geographies which are key-factors to note.
AWARDS AND
RECOGNITIONS
The Company continued to be recognized by various agencies for its high quality performance in various parameters. During the Financial Year 14-15, the Company bagged the following awards.
- D and B top 500 Companies Award May 2014-15
- Frost and Sullivan Award 2014-15
- World Brand Summit Award
- Readers Digest Most trusted brand
- ET Now Best Brand Award
- Asia’s Most promising brand in kitchen appliances segment 100 most valuable brands of the year Franchisee India Award - Home products Award for Retail Excellence in Home Products & office Equipment
The Company’s brand Prestige continues to be recognized as the Super Brand in the Kitchen Appliances Segment
MANAGEMENT DISCUSSION
AND ANALYSIS
CONOMY /INDUSTRY
SCENARIO
The macroeconomic environment continued to pose challenges in the Fiscal Year 2014-15, compounded by erratic monsoon behaviour and unseasonal rains affecting Agricultural Sector. Though there has been a marginal
growth in GDP, the consumer sentiment continued to be weak even during festive seasons. Despite the rate of inflation being on the lower side, years of high inflation in the past have left continuing impact on disposable income and Final Private Consumption Expenditure. Every geography has been seeing ups and downs in short spells making it difficult to forecast and work on a stable marketing plan.
While certain macro factors like fiscal deficit, inflation, foreign investor interest etc., show improvement besides
structural correction initiatives by the New Government, these are yet to have any impact on the consumer demand and employment generation. It is expected that if reforms like land acquisition, recodification of labour laws, GST., and initiatives like infrastructure development, power generation and development of smart cities are kick started India can get back to growth rates in excess of 7% in the coming years,
The Company operates in the kitchen appliances segment with a wide range of product categories. The product categories consist of Pressure Cookers, Cookware, Gas Stoves and Domestic Kitchen Electrical Appliances. The market for Pressure Cookers is shared amongst organized national branded players, regional players and unorganized players. Over the years, the share of the unorganized players has been gradually coming down as there has been a shift in the consumer preference to reliable branded products. The market for organized brands is estimated at about 60% of the total market. The share of unorganized players is greater for cookware as compared to pressure cookers. For the rest of the product categories, the market structure is fragmented and the share and the role of regional brands and unorganized players continue to be significant.
The momentum of shift from unorganised players to organised branded players has slowed down in the last couple of years due to sluggish consumer demand and lower growth in GDP. The reversal of this trend depends on several reform initiatives and development agenda kicking in as mentioned earlier.
The appliance category is also witnessing entry of quite a few players - regional, national as well as global players
who have brand strength mostly in non-kitchen appliance business or brands outside India but not exposed to India.
OUTLOOK
Forecasts on the GDP Growth of over 7% and the growth in Private consumption expenditure of 12% augur well for the Company. If this expectation materializes it can aid the Company look for improved growth rates .Various industry friendly measures announced by the Government would lay a strong foundation for the future of the Company. The Company is banking on its new brand strategy and new product strategy including tapping some export opportunities to get back to the improved growth trajectory and any revival in the economy in general and consumer sentiment in particular will add strength to the Company’s plans.
FINANCES:
The Company continues to generate substantial post-tax operating free cash flows and the same has been applied to meet capital expenditure besides other uses including retirement of debt.
The Company became debt free at the end of the year and carried cash and cash equivalents of Rs.251.300 Million.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Others |
0.000 |
4.322 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Others |
0.000 |
3.763 |
|
|
|
|
|
Total |
0.000 |
8.085 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10336405 |
31/12/2011 |
350,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B32489197 |
|
2 |
10295807 |
27/06/2011 |
700,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL |
B16415929 |
|
3 |
10173018 |
07/11/2014 * |
2,565,000,000.00 |
CANARA BANK |
PRIME CORPOPRATE
BRANCH, NO.25, M G ROAD, BANGALO |
C35516954 |
|
4 |
10135033 |
05/12/2008 |
556,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH, SHANKARANARAYANA BUILDING |
A53490926 |
|
5 |
10071379 |
07/11/2014 * |
2,565,000,000.00 |
CANARA BANK |
PRIME CORPOPRATE
BRANCH, NO.25, M G ROAD, BANGALO |
C35514496 |
|
6 |
10019932 |
05/09/2006 |
590,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH,, RICHMOND RO |
A04899811 |
|
7 |
80038866 |
22/11/2007 * |
829,000,000.00 |
BANK OF BARODA
(LEADER BANK) |
CORPORATE
FINANCIAL SERVICES BRANCH, RICHMOND ROA |
A26870352 |
STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH JUNE 2015
(RS. IN MILLIONS)
|
PARTICULARS |
Quarter ended 30.06.2015 Unaudited |
|
|
|
|
Sales / Income from Operations |
3565.400 |
|
Less:
Excise duty |
79.700 |
|
a) Net Sales / Income from operations (Net of excise duty) |
3485.700 |
|
b) Other
Operating Income |
0.000 |
|
Total
Income from Operations (net) |
3485.700 |
|
|
|
|
EXPENSES |
|
|
a) Cost of
Materials consumed |
1137.300 |
|
b)
Purchase of stock-in-Trade |
774.300 |
|
c) Changes
in Inventories of Finished Goods, Work in Progress and Stock-in-Trade |
61.800 |
|
d)
Employee benefits expense |
258.500 |
|
e)
Depreciation and amortisation expense |
46.500 |
|
f) Other
expenses |
871.500 |
|
Total
Expenses |
3149.900 |
|
|
|
|
Profit
from ordinary activities before other Income, Finance costs & exceptional
items(1-2) |
335.800 |
|
Other
Income |
24.500 |
|
Profit
from ordinary activities before finance costs and exceptional items(3+4) |
360.300 |
|
Finance
Costs |
6.400 |
|
Profit
from ordinary activities after finance costs but before exceptional items
(5-6) |
353.900 |
|
Exceptional
items |
(37.400) |
|
Profit (+)
/ Loss (-) from ordinary activities before tax (7-8) |
316.500 |
|
Tax
Expense |
|
|
- Current
Tax |
96.700 |
|
- Deferred
Tax |
0.200 |
|
|
|
|
Net Profit
(+) / Loss (-) from ordinary activities after tax (9-10) |
219.600 |
|
Extra-ordinary
items (Net of tax expense) |
0.000 |
|
Net Profit
(+) / Loss (-) for the period (11+12) |
219.600 |
|
Paid up
Equity Share Capital (face value Rs.10/-) |
116.400 |
|
Reserves
excluding Revaluation Reserves as per Balance Sheet of previous account year |
-- |
|
Earnings
Per Share - Rs. Ps. |
|
|
a) Basic
and Diluted EPS before Extraordinary items for the period, for the year to
date and for the previous year (Not to be annualised) |
18.86 |
|
|
|
|
b) Basic
and Diluted EPS after Extraordinary items for the period, for the year to
date and for the previous year (Not to be annualised) |
18.86 |
|
|
|
|
PART II |
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number
of Shares |
3448774 |
|
-
Percentage of shareholding |
29.63% |
|
|
|
|
Promoters and Promoters Group shareholding |
|
|
(a)
Pledged / Encumbered |
|
|
- Number
of Shares |
Nil |
|
- Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
-
Percentage of Shares (as a % of the total share capital of the company) |
Nil |
|
|
|
|
(b) Non-encumbered |
|
|
- Number
of Shares |
8192416 |
|
- Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
|
-
Percentage of Shares (as a % of the total share capital of the company) |
71.37% |
|
|
|
|
Particulars |
Quarter Ended 30.06.2013 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
0 |
|
Received
during the quarter |
8 |
|
Disposed
of during the quarter |
8 |
|
Remaining
unresolved at the end of the quarter |
0 |
SEGMENT WISE REVENUE
RESULTS AND CAPITAL EMPLOYED
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended 30.06.2015 Un-audited |
|
Segment Revenue |
|
|
Kitchen Appliances |
|
|
Gross
Sales |
3565.400 |
|
Less:
Excise Duty |
79.700 |
|
Net Sales / Income
from Operations |
3485.700 |
|
|
|
|
Property
& Investment |
3.300 |
|
Less:
Inter-Segment Revenue |
(3.300) |
|
Net Sales / Income
from Operations |
3485.700 |
|
|
|
|
SEGMENT
RESULTS |
|
|
Kitchen
Appliances |
357.700 |
|
Property
& Investment |
2.600 |
|
Total |
360.300 |
|
|
|
|
Less:
Interest Expenses |
6.400 |
|
Less:
Unallocable Expenses (Net of Unallocable Income) |
0.000 |
|
Total
Profit (+) / Loss(-) from ordinary activities before tax and exceptional
items |
353.900 |
|
Less:
Exceptional items - VRS Compensation |
(37.400) |
|
Total
Profit (+) / Loss(-) from ordinary activities before tax and after
exceptional items |
316.500 |
|
Extra-ordinary
items |
0.000 |
|
Total
Profit (+) / Loss(-) from ordinary activities before fax and after
extraordinary items |
316.500 |
|
|
|
|
CAPITAL
EMPLOYED |
|
|
(Segment
Assets - Segment Liabilities) |
|
|
Kitchen
Appliances |
6682.000 |
|
Property
& Investment |
305.300 |
|
Total
Capital Employed in Segments |
6987.300 |
|
Add:
Unallocable Corporate Assets Less Unallocable Corporate Liabilities |
0.000 |
|
Total
Capital Employed in the Company |
6987.300 |
NOTES:
·
The
above results have been reviewed by the Audit Committee of the Board and were
approved by the Board of Directors at its meeting held on July 23rd, 2015.
·
The
Company operates in two segments namely, a) Kitchen appliances, b) Property and
investment.
·
The
segments have been identified in line with the Accounting Standard on Segment
Reporting (AS 17) considering the organization structure and the differential
risk and returns of these segments.
·
The
investors can visit the company's website www.ttkprestige.com for updated
information.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Guarantees/LC |
124.414 |
110.431 |
|
Tax matters under appeal (IT/ST/ED etc) |
70.964 |
43.274 |
FIXED ASSETS
- Freehold Buildings
- Leasehold Buildings
- Plant and Machinery
- Electrical Installations
- Tools, Moulds and Dies
- Furniture and Fixtures
- Office equipment
- Vehicles
- ERP 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 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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.