|
|
|
MIRA INFORM REPORT
|
Report No. : |
501744 |
|
Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
COSMO FERRITES LIMITED |
|
|
|
|
Registered
Office : |
P. O. Jabli, District Solan, Jabli – 173209, Himachal Pradesh |
|
Tel. No.: |
91-1792-277231-32/35/36 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
24.07.1985 |
|
|
|
|
Com. Reg. No.: |
06-006378 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 140.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27106HP1985PLC006378 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Soft Ferrites. (Registered Activity) |
|
|
|
|
No. of Employees
: |
257 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985 and it is a manufacturer and exporter of soft ferrites. As per financials of March 2017, the company has registered a decent growth in its revenue but has reported losses. Rating takes into consideration the company’s continuous losses from its operations marked by moderate financial risk profile along with low reserves level and unfavourable gap between its trade payables to its trade receivables. However, rating weakness is partially offset by established presence in soft ferrites industry and long standing client associations Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating=B+ |
|
Rating Explanation |
Risk prone credit quality and carries very
high credit risk. |
|
Date |
24.08.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
24.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 04.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-11-49398800/1792-277231)
LOCATIONS
|
Registered Office / Manufacturing Plant : |
P. O. Jabli, District Solan, Jabli – 173209, Himachal Pradesh |
|
Tel. No.: |
91-1792-277231-32/35/36 |
|
Fax No.: |
91-1792-277234 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Sales Office/ Corporate Office : |
517, 5th Floor, DLF Tower-A, Jasola New District Centre, Jasola, New Delhi – 110025, India. |
|
Tel. No.: |
91-11-49398800 |
|
Fax No.: |
91-11-49398888 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Shreekant Somany |
|
Designation : |
Director |
|
Address : |
32, Friends Colony (East), New Delhi -110020, India |
|
Date of Appointment : |
28.07.2000 |
|
DIN No : |
00021423 |
|
|
|
|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Director |
|
Address : |
C-2, Sector – 20, Noida - 201301, Uttar Pradesh, India |
|
Qualification : |
Diploma (Mechanical) |
|
Date of Appointment : |
12.08.2011 |
|
DIN No : |
00027911 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Nangia |
|
Designation : |
Director |
|
Address : |
B-27, Soami Nagar, Delhi - 110017, India |
|
Date of Appointment : |
19.09.2003 |
|
DIN No : |
00147386 |
|
|
|
|
Name : |
Mr. Naresh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
J-32 Sarita Vihar, New Delhi - 110044, India |
|
Date of Appointment : |
29.01.2004 |
|
DIN No : |
00214602 |
|
|
|
|
Name : |
Mr. Ambrish Jaipuria |
|
Designation : |
Wholetime Director |
|
Address : |
1/27, Shanti Niketan, New Delhi - 110021, India |
|
Qualification : |
Commerce graduate in Business Administration |
|
Experience : |
Experience in Finance and Accounts and General Management functions in industrial enterprises in India. |
|
Date of Appointment : |
29.01.2004 |
|
DIN No : |
00214687 |
|
|
|
|
Name : |
Mr. Rama Kant Dwivedi |
|
Designation : |
Director |
|
Address : |
404, Millenia Emerald, Ramprastha Green Vaishali, Sector-7, Ghaziabad - 201010, Uttar Pradesh, India |
|
Date of Appointment : |
04.11.2014 |
|
DIN No : |
06922891 |
|
|
|
|
Name : |
Ms. Jyoti Dixit |
|
Designation : |
Director |
|
Address : |
83g, SFS Flats, Sector 8, Jasola, New Delhi -110025, India |
|
Date of Appointment : |
07.08.2014 |
|
DIN No : |
06953089 |
|
|
|
|
Name : |
Mr. Janardhan Pralhadrao Gupta |
|
Designation : |
Director |
|
Address : |
419, N-3, CIDCO, Aurangabad - 431003, Maharashtra, India |
|
Date of Appointment : |
04.11.2014 |
|
DIN No : |
07029205 |
KEY EXECUTIVES
|
Name : |
Ms. Neha Pawar |
|
Designation : |
Company Secretary |
|
Address : |
G-20, House No.-96, Sector-7 Rohini, Delhi Delhi 110085 India |
|
Experience : |
AOTPP5162R |
|
Date of Appointment : |
23.09.2013 |
|
|
|
|
Name : |
Mr. Ramesh Chand |
|
Designation : |
Cfo(Kmp) |
|
Address : |
H. No. - 2105/3 Sector – 45, C Chandigarh 160047, Chhattisgarh, India |
|
Experience : |
ABDPC9672J |
|
Date of Appointment : |
06.05.2014 |
|
|
|
|
Name : |
Mr. Ashok Jaipuria |
|
Designation : |
Chairman |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
7637500 |
63.49 |
|
|
(B) Public |
4392500 |
36.51 |
|
|
Grand Total |
12030000 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
195000 |
1.62 |
|
|
Ashok Jaipuria |
79900 |
0.66 |
|
|
Aanchal Jaipuria Bhandari |
55500 |
0.46 |
|
|
Ambrish Jaipuria |
52100 |
0.43 |
|
|
Abha Jaipuria |
7500 |
0.06 |
|
|
Any Other (specify) |
7442500 |
61.87 |
|
|
Pravasi Enterprises Limited |
50 |
0.00 |
|
|
Sunrise Manufacturing Co Ltd |
575 |
0.00 |
|
|
Super Sadiq Enterprises Private Ltd |
3685000 |
30.63 |
|
|
Andheri Properties & Finance Ltd |
3756875 |
31.23 |
|
|
Sub Total A1 |
7637500 |
63.49 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
7637500 |
63.49 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
7100 |
0.06 |
|
|
Financial Institutions/ Banks |
300 |
0.00 |
|
|
Sub Total B1 |
7400 |
0.06 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto Rs. 2 Lacs |
2243421 |
18.65 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1304823 |
10.85 |
|
|
NBFCs registered with RBI |
18690 |
0.16 |
|
|
Any Other (specify) |
818166 |
6.80 |
|
|
Clearing Members |
12121 |
0.10 |
|
|
Bodies Corporate |
544036 |
4.52 |
|
|
Devyani Enterprises Private Limited |
200000 |
1.66 |
|
|
NRI |
15881 |
0.13 |
|
|
HUF |
246128 |
2.05 |
|
|
Sub Total B3 |
4385100 |
36.45 |
|
|
B=B1+B2+B3 |
4392500 |
36.51 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Soft Ferrites. (Registered Activity) |
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Products / Services
: |
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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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|
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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 : |
257 (Approximately) |
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Bankers : |
|
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Facilities : |
Note : (i)
Rupee Term Loans are secured by first
equitable mortgage of immovable assets both present and future and
hypothecation of moveable assets (save and except book debts) charged to rank
pari-passu inter se and subject to prior charges created in favour of the
company’s for working capital loans and assets exclusively charged. (ii)
Assets purchased under Hire Purchase Finance
Schemes are hypothecated to the financers. (iii)
Secured by hypothecation of inventories and book
debts and further secured by way of second charge on fixed assets both
present and future. |
|
Auditors : |
|
|
Name : |
B. K. Shroff and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over
which key managerial personnel of the company and their relatives have
significant influence : |
· Cosmo Films Limited · Sterling Oxide Limited · Gayatri and Annapurna · Super Sadiq Enterprises Private Limited ·
Pravasi Enterprises Limited ·
Andheri Properties & Finance Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
800000 |
Preference Shares |
INR 100/- each |
INR 80.000 Million |
|
|
Total |
|
INR 230.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12030000 |
Equity Shares |
INR 10/- each |
INR 120.300 Million |
|
200000 |
Preference Shares |
INR 100/- each |
INR 20.000 Million |
|
|
Total |
|
INR 140.300
Million |
Notes :
The above preference shares are non convertible, cumulative and redeemable at end of 10 years from the date of allotment i.e. 29.01.2014 and 22.08.2014 or earlier at the option of the company. Dividend @ 10% is payable on these shares.
Details of shares in
the company held by each shareholder holding more than 5% of shares is as
under:
|
Name of the
Shareholder |
No. of Shares |
Percentage of Holding |
|
Andheri Properties & Finance Limited |
3756375 |
31.23 |
|
Super Sadiq Enterprises Private Limited |
3685000 |
30.63 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
140.300 |
140.300 |
140.300 |
|
(b) Reserves & Surplus |
82.898 |
91.055 |
91.023 |
|
(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 |
223.198 |
231.355 |
231.323 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
52.142 |
31.600 |
39.696 |
|
(b) Deferred tax liabilities (Net) |
38.148 |
42.094 |
41.854 |
|
(c) Other long term
liabilities |
0.418 |
0.415 |
0.305 |
|
(d) long-term
provisions |
16.047 |
12.567 |
12.083 |
|
Total Non-current
Liabilities |
106.755 |
86.676 |
93.938 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
242.376 |
230.934 |
191.589 |
|
(b) Trade
payables |
91.231 |
68.026 |
66.256 |
|
(c) Other
current liabilities |
64.234 |
58.956 |
46.798 |
|
(d) Short-term
provisions |
2.250 |
2.599 |
1.957 |
|
Total Current
Liabilities |
400.091 |
360.515 |
306.600 |
|
|
|
|
|
|
TOTAL |
730.044 |
678.546 |
631.861 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
445.001 |
407.414 |
348.430 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.837 |
0.831 |
59.449 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.715 |
5.043 |
4.781 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
452.553 |
413.288 |
412.660 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
111.394 |
96.734 |
80.685 |
|
(c) Trade
receivables |
110.461 |
117.133 |
74.548 |
|
(d) Cash
and cash equivalents |
25.621 |
30.025 |
28.438 |
|
(e)
Short-term loans and advances |
3.243 |
2.899 |
10.357 |
|
(f) Other
current assets |
26.772 |
18.467 |
25.173 |
|
Total
Current Assets |
277.491 |
265.258 |
219.201 |
|
|
|
|
|
|
TOTAL |
730.044 |
678.546 |
631.861 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
660.985 |
594.644 |
540.925 |
|
|
Other Income |
6.781 |
9.244 |
11.408 |
|
|
TOTAL
|
667.766 |
603.888 |
552.333 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
196.248 |
170.484 |
157.427 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.006 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.127) |
(5.522) |
(12.500) |
|
|
Employees benefits expense |
153.981 |
140.571 |
118.802 |
|
|
Other expenses |
260.156 |
234.767 |
248.795 |
|
|
TOTAL |
606.258 |
540.300 |
512.530 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
61.508 |
63.588 |
39.803 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
33.683 |
26.156 |
27.424 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.825 |
37.432 |
12.379 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
39.927 |
36.916 |
36.113 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(12.102) |
0.516 |
(23.734) |
|
|
|
|
|
|
|
Less |
TAX |
(3.945) |
0.484 |
(6.937) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(8.157) |
0.032 |
(16.797) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.325 |
23.293 |
42.398 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Adjustment on account of
depreciation |
0.000 |
0.000 |
2.308 |
|
|
Total
|
0.000 |
0.000 |
2.308 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
15.168 |
23.325 |
23.293 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
299.041 |
281.713 |
301.631 |
|
|
TOTAL
EARNINGS |
299.041 |
281.713 |
301.631 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
115.697 |
117.256 |
99.117 |
|
|
Components and Stores parts |
29.925 |
19.701 |
18.731 |
|
|
Capital Goods |
31.624 |
21.049 |
77.758 |
|
|
TOTAL
IMPORTS |
177.246 |
158.006 |
195.606 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.068 |
0.00 |
(1.40) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
32.622 |
21.612 |
13.421 |
|
Cash generated from operations |
56.336 |
15.074 |
58.414 |
|
Net cash flows from (used in) operating activity |
30.184 |
(0.625) |
36.263 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
172.300 |
201.800 |
211.300 |
|
Total Expenditure |
170.900 |
194.700 |
210.100 |
|
PBIDT (Excl OI) |
1.400 |
7.100 |
1.200 |
|
Other Income |
1.100 |
5.100 |
1.400 |
|
Operating Profit |
2.500 |
12.200 |
2.600 |
|
Interest |
11.100 |
12.900 |
13.400 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(8.600) |
(0.700) |
(10.800) |
|
Depreciation |
10.500 |
10.500 |
10.900 |
|
Profit Before Tax |
(19.100) |
(11.100) |
(21.700) |
|
Tax |
(11.100) |
(9.200) |
(11.400) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(8.000) |
(1.900) |
(10.300) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(8.000) |
(1.900) |
(10.300) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
61.00 |
71.90 |
50.30 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.98 |
5.08 |
7.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
169.68 |
145.64 |
153.61 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.55 |
0.66 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.14 |
0.16 |
0.10 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.66 |
0.61 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.47 |
1.23 |
1.06 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.79 |
1.56 |
1.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.00 |
1.76 |
1.76 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.83 |
2.43 |
1.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(1.23) |
0.01 |
(3.11) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(1.12) |
0.00 |
(2.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(3.65) |
0.01 |
(7.26) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.69 |
0.74 |
0.71 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.42 |
0.47 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.31 |
0.34 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.33 |
2.03 |
1.74 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.69 |
0.74 |
0.71 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00.- |
|
Market Value |
INR 22.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
140.300 |
140.300 |
140.300 |
|
Reserves & Surplus |
91.023 |
91.055 |
82.898 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
231.323 |
231.355 |
223.198 |
|
|
|
|
|
|
long-term borrowings |
39.696 |
31.600 |
52.142 |
|
Short term borrowings |
191.589 |
230.934 |
242.376 |
|
Current maturities of
long-term debts |
13.421 |
21.612 |
32.622 |
|
Total
borrowings |
244.706 |
284.146 |
327.140 |
|
Debt/Equity
ratio |
1.058 |
1.228 |
1.466 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
540.925 |
594.644 |
660.985 |
|
|
|
9.931 |
11.156 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
540.925 |
594.644 |
660.985 |
|
Profit/ (Loss) |
(16.797) |
0.032 |
(8.157) |
|
|
(3.11%) |
0.01% |
(1.23%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
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 |
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 OPERATIONS
For the year ending 31st March 2017 sales increased to INR 667.766 Million as compared to INR 603.333 Million for previous year.
Net loss for the year is INR 12.102 Million as compared to Net Profit before tax INR 0.516 Million in the previous year.
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
Industry Structure
& Developments:
The Company is in the business of manufacturing soft ferrites cores. Major applications of ferrites are inverter transformers, Domestic Lighting, Energy Meter, Mobile Charger, SMPS, Transformer Manufacturers current transformers, pulse transformers, line filters, choke, noise suppressors etc. The industry is witnessing a decent growth rate and it is expected to grow at a similar rate in the near future as well, in both Domestic and Exports industry. The rapid urbanization and increase in usage of products using soft ferrites has given this industry a big fillip to the soft ferrites industry in the recent years.
The Company in continuation of developing new products to match the latest requirement has successfully commenced the Production of LED Lamps and Lighting effects completed phase 1 of the LED Project at its manufacturing unit located at Noida.
OUTLOOK
The outlook for the industry and the company looks bright
and new markets in the global arena are being developed by the company. The
Company is also focusing on cost cutting and increased productivity to enhance
its competitiveness.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Inter Corporate loan from related party |
17.000 |
5.000 |
|
Deposits 2 |
0.285 |
0.285 |
|
Total |
17.285 |
5.285 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
6 |
A10525079 |
80022275 |
STATE BANK OF INDIA |
14/03/2003 |
16/01/2004 |
08/02/2007 |
36887643.53 |
SECTOR 1PARWANOO, HP173220IN |
|
5 |
B20964284 |
80022278 |
EXPORT IMPORT BANK OF INDIA |
24/03/2005 |
02/06/2005 |
09/09/2011 |
60000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-00005IN |
|
4 |
B88449954 |
10070510 |
EXPORT IMPORT BANK OF INDIA |
26/09/2007 |
23/01/2009 |
11/10/2013 |
20000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-00005IN |
|
3 |
B88451638 |
10071840 |
EXPORT-IMPORT BANK OF INDIA |
26/09/2007 |
19/05/2008 |
23/10/2013 |
30000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-00005IN |
|
2 |
C19377571 |
80007977 |
STATE BANK OF INDIA |
23/06/1988 |
07/07/2006 |
02/09/2014 |
17300000.0 |
SECTOR 1, PARWANOOPARWANOOHP173209IN |
|
1 |
G78461894 |
80022279 |
STATE BANK OF INDIA |
14/09/2005 |
08/02/2018 |
- |
467700000.0 |
SME ParwanooDistt SolanSolanHP173220IN |
CONTINGENT
LIABILITIES:
(INR
in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the company not acknowledged as debts |
1.500 |
2.500 |
|
Taxation matters disputed in appeals/rectification against
which payments made INR 0.892 Million |
2.421 |
2.434 |
|
Bank Guarantee |
4.113 |
4.113 |
|
Bill discounted with Banks |
26.178 |
19.767 |
|
Arrears of dividend on cumulative preference shares and
tax thereon |
6.750 |
4.343 |
AUDITED STANDALONE FINANCIAL RESULTS
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation |
211.300 |
201.800 |
585.400 |
|
b) Other income |
1.400 |
5.100 |
9.000 |
|
Total
income from Operations(net) |
212.700 |
206.900 |
594.400 |
|
2.Expenditure |
|
|
|
|
(Increase) /decrease in finished goods, stock in trade and work in progress |
(2.500) |
7.800 |
0.300 |
|
Cost of raw materials |
72.700 |
65.600 |
190.400 |
|
Employees benefits expense |
58.200 |
50.600 |
150.400 |
|
Finance costs |
13.400 |
12.900 |
37.400 |
|
Depreciation |
10.900 |
10.500 |
31.900 |
|
Other Expenses |
81.700 |
70.600 |
235.900 |
|
Total expenses |
234.400 |
218.000 |
646.300 |
|
|
|
|
|
|
Net profit/(loss) before exceptional
items |
(21.700) |
(11.100) |
(51.900) |
|
Exceptional item |
-- |
-- |
-- |
|
Profit before tax |
(21.700) |
(11.100) |
(51.900) |
|
Tax expenses |
|
|
|
|
Current Tax |
(11.400) |
(9.200) |
(31.700) |
|
Differed Tax |
(11.400) |
(9.200) |
(31.700) |
|
Total
Tax expenses |
(10.300) |
(1.900) |
(20.200) |
|
Other
comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or
loss |
(0.100) |
(0.200) |
(0.400) |
|
Items that will be reclassified to profit or loss |
-- |
-- |
-- |
|
Total comprehensive Income |
(0.100) |
(0.200) |
(0.400) |
|
|
|
|
|
|
Pain up equity share capital
of INR 10/- each) |
120.300 |
120.300 |
120.300 |
|
Earnings per share (after extraordinary items) |
|
|
|
|
Basic and diluted |
(0.85) |
(0.17) |
(1.68) |
- The above statement of audited financial result was taken on record by the Board of Directors in their meeting held on 07.02.2018.
- The company has adopted Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder, from 01 April, 2017 and accordingly, these standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 “Interim Financial Reporting” and the other accounting principles generally accepted in India.
- Revenue from operations for the periods upto June 30, 2017 includes excise duty, which is discontinued effective July 01, 2017 upon implementation of Goods and Service Tax (GST) in India. In accordance with 'Ind-AS 18, Revenue' GST is not included in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter/six months ended on December 30, 2017 are not comparable with the previous periods. Had the previously reported revenue shown net of excise duty, comparative revenue from operations would have been as under :
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation |
211.300 |
201.800 |
574.100 |
- Reconciliation of net
profit / (loss) under Indian GAAP (Previous GAAP) and Ind AS is as under:
a. Processing fees and transaction costs on long term loans are amortised over the span of borrowings.
b. Cumulative Redeemable Preference Shares has been considered as borrowings and dividend thereon (including dividend tax) has been provided under finance cost.
c. Tax impact includes premeasurement of deferred tax liability on election of fair value as deemed cost of land at the transition date.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Vehicle
- Plant and
Machinery
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 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.45 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.