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MIRA INFORM REPORT
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Report No. : |
501708 |
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Report Date : |
04.04.2018 |
IDENTIFICATION DETAILS
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Name : |
LOYAL EQUIPMENTS LIMITED (w.e.f. 12.05.2015) |
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|
Formerly Known
As : |
LOYAL
EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Block No.35/1-2-3-4, Village – Zak, Dahegam, Gandhinagar – 382330,
Gujarat |
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Tel. No.: |
91-2718-247236 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
20.04.2007 |
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Com. Reg. No.: |
04-050607 |
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Capital
Investment / Paid-up Capital : |
INR 68.000 Million |
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CIN No.: [Company Identification
No.] |
L29190GJ2007PLC050607 |
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IEC No.: |
0807014460 |
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GST No.: |
24AABCL3222D1Z8 |
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TIN No.: |
24060306402 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCL3222D |
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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
: |
Subject is engaged in the business of Design, Manufacturing, Supply and Erection/Commissioning of Process Equipment’s like Pressure Vessels, Air Cooled Heat Exchanger, Shell & Tube Heat Exchanger, Storage Tanks, Pressure Receivers, Chimney, Heavy Structural items, Skids, Base plates and other items for Oil/Gas, Petroleum, Chemical, Sugar, Steel, Fertilizers and Power Plant Sector. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007 and was originally known as “Loyal Equipment’s Private Limited” and later in the year 2015 it got converted into public limited company and its shares are listed on Bombay stock exchange. The subject is engaged as manufacturer and exporter of pressure vessel, heat exchangers, and heavy structural platforms. For the financial year 2017, the company has achieved top line growth in its revenue as compared to its previous year along with good profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by comfortable net worth base and strong debt protection metrics. Rating continue to derive strength from its established track record of its business operation backed by its well-experienced management team. The company has its share price trading at around INR 57.75 on BSE as on 2nd April 2018 as against its face value of INR 10. As per the 2nd quarter results of September 2017, the company has achieved revenue of 122.43 million and has clocked profit margin of approximately 14%. However, these rating strength gets partially offset by its susceptibility of margins to volatile raw material prices and exposure to intense competition in industry. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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.: 91-2818-247236/ 91-9099039354/
9825039407]
Given number [91-2716-269399] not working
LOCATIONS
|
Registered Office / Factory : |
Block No.35/1-2-3-4, Village – Zak, Dahegam, Gandhinagar – 382330,
Gujarat, India |
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Tel. No.: |
91-2718-247236 |
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Mobile No.: |
91-9099039354/ 9825039407 (Office) |
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Fax No.: |
91-2718-269033 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Babubhai Patel |
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Designation : |
Non-Executive Independent Director |
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Address : |
51 Surdhara Bungalows, Opp T. Tower , Drive In Road , Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
11.06.2015 |
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DIN No.: |
00116495 |
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Name : |
Mr. Rameshchandra Nathalal Patel |
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Designation : |
Chairman cum Whole Time Director |
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Address : |
6 Chitrakoot Bunglows Nr. Surdhara Soc Dahegamrd Naroda, Ahmedabad - 382330, Gujarat, India |
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Date of Appointment : |
20.04.2007 |
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DIN No.: |
01307699 |
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Name : |
Mrs. Jyotsanaben Rameshchandra Patel |
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Designation : |
Whole-time Director |
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Address : |
6 Chitrakoot Bunglows Nr Surdhara Soc Dahegamrd, Naroda, Ahmedabad -382330, Gujarat, India |
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Date of Appointment : |
20.04.2007 |
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DIN No.: |
01307770 |
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Name : |
Mr. Alkesh Rameshchandra Patel |
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Designation : |
Managing Director |
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Address : |
6, Chitrakut Plots Near Surdhara Society, Naroda, Ahmedabad - 382330, Gujarat, India |
|
Date of Appointment : |
20.04.2007 |
|
DIN No.: |
02672297 |
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|
Name : |
Mr. Girish Nathubhai Desai |
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Designation : |
Non-Executive Independent Director |
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Address : |
1 Pushpa Deep,23 Pushpakunj Soc Kankaria, Ahmedabad - 380028, Gujarat, India |
|
Date of Appointment : |
11.06.2015 |
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DIN No.: |
02824731 |
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|
Name : |
Mr. Kalpesh Lalitchandra Joshi |
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Designation : |
Non-Executive Independent Director |
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Address : |
B-103 Vasat Vihar Tower Daffnala, Shahibaug, Ahmedabad - 380004, Gujarat, India |
|
Date of Appointment : |
12.06.2015 |
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DIN No.: |
07210197 |
KEY EXECUTIVES
|
Name : |
Mr. Amitkumar Chandubhai Patel |
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Designation : |
CFO(KMP) |
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Address : |
415 Janivas Post, Vahelal, Tal Daskroi, Ahmedabad - 382330, Gujarat, India |
|
Date of Appointment : |
18.05.2015 |
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PAN No.: |
AWTPP9204G |
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Name : |
Mr. Komal Manoharlal Motiani |
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Designation : |
Company Secretary |
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Address : |
153,Hirabhaug - 2, Opposite Astha Flate Gatloria, Ahmedabad - 380061, Gujarat, India |
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Date of Appointment : |
18.05.2015 |
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PAN No.: |
COWPM2511Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
7499985 |
73.53 |
|
(B) Public |
2700015 |
26.47 |
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|
|
|
|
Total |
10200000 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
7499985 |
73.53 |
|
|
PARUL ALKESHBHAI
PATEL |
15 |
0.00 |
|
|
JYOTSANABEN RAMESHCHANDRA
PATEL |
3300000 |
32.35 |
|
|
PATEL KALPESHBHAI
H |
15 |
0.00 |
|
|
ALKESH
RAMESHCHANDRA PATEL |
2099940 |
20.59 |
|
|
HEMA MAHESHKUMAR
PATEL |
15 |
0.00 |
|
|
RAMESHCHANDRA
NATHALAL PATEL |
2100000 |
20.59 |
|
|
Sub Total A1 |
7499985 |
73.53 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
7499985 |
73.53 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
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|||
|
B1) Institutions |
0 |
0.00 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
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|
Individual share
capital upto INR 0.200 Million |
750000 |
7.35 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1272015 |
12.47 |
|
|
SAVJIBHAI M
MENPARA |
102000 |
1.00 |
|
|
SUNITA SARWANKUMAR
SARAF |
150000 |
1.47 |
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|
KAMINI BHAVESH
SHAH |
120000 |
1.18 |
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Any Other
(specify) |
678000 |
6.65 |
|
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Bodies Corporate |
102000 |
1.00 |
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Clearing Members |
116000 |
1.14 |
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HUF |
262000 |
2.57 |
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GHANSHYAM KALWANI |
198000 |
1.94 |
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NRI – Repat |
198000 |
1.94 |
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Sub Total B3 |
2700015 |
26.47 |
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B=B1+B2+B3 |
2700015 |
26.47 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Design, Manufacturing, Supply and Erection/Commissioning of Process Equipment’s like Pressure Vessels, Air Cooled Heat Exchanger, Shell & Tube Heat Exchanger, Storage Tanks, Pressure Receivers, Chimney, Heavy Structural items, Skids, Base plates and other items for Oil/Gas, Petroleum, Chemical, Sugar, Steel, Fertilizers and Power Plant Sector. [Registered Activity] |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Reliance Industries Limited · Alstom · LT · Eil · Kirloskar · Ingersoll Rand · GSPC, etc |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Kotak Mahindra Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
J.M. Patel and Bros. Chartered Accountants |
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Address : |
204-205-206, Harsh Aevenue, Second Floor, Navjivan Press Road, off Ashram Road, Navijan Post, Ahmedabad-380014, Gujarat, India |
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Tel. No.: |
91-79-27541460/ 27541560 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related
Party : |
Loyal Engineers |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
INR 10/- each |
INR 80.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6800000 |
Equity Shares |
INR 10/- each |
INR 68.000 Million |
|
|
|
|
|
The details of
Shareholders holding more than 5% shares
|
Name of the
Shareholders |
31.03.2017 |
|
|
|
No. of Shares |
% of holding |
|
Alkesh Rameshchandra Patel |
1399960 |
20.59% |
|
Jyotsnaben Rameshchandra Patel |
2200000 |
32.35% |
|
Rameshchandra Nathalal Patel |
1400000 |
20.59% |
The reconciliation of
the number of shares outstanding is set out below
|
Particulars |
|
31.03.2017 |
|
|
|
No. of Shares |
|
Equity Shares at the beginning of the year |
|
6800000 |
|
Add : Shares issued during the year |
|
0.000 |
|
Equity Shares at
the end of the year |
|
6800000 |
FINANCIAL DATA
[all figures are
in 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 |
68.000 |
68.000 |
30.000 |
|
(b) Reserves & Surplus |
48.900 |
27.315 |
33.630 |
|
(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) |
116.900 |
95.315 |
63.630 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
8.740 |
9.500 |
17.478 |
|
(b) Deferred tax liabilities (Net) |
0.294 |
0.732 |
1.443 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.127 |
1.877 |
0.000 |
|
Total
Non-current Liabilities (3) |
11.161 |
12.109 |
18.921 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
31.684 |
31.076 |
19.511 |
|
(b)
Trade payables |
16.095 |
13.137 |
14.814 |
|
(c)
Other current liabilities |
11.735 |
32.870 |
1.794 |
|
(d)
Short-term provisions |
10.492 |
7.413 |
9.802 |
|
Total
Current Liabilities (4) |
70.006 |
84.496 |
45.921 |
|
|
|
|
|
|
TOTAL |
198.067 |
191.920 |
128.472 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
49.287 |
47.708 |
51.283 |
|
(ii)
Intangible Assets |
1.983 |
3.061 |
2.714 |
|
(iii)
Capital work-in-progress |
1.120 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.409 |
0.400 |
0.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.688 |
0.988 |
0.044 |
|
(e)
Other Non-current assets |
2.074 |
2.765 |
0.000 |
|
Total
Non-Current Assets |
56.561 |
54.922 |
54.441 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
14.407 |
15.920 |
0.000 |
|
(b)
Inventories |
62.651 |
61.561 |
45.089 |
|
(c)
Trade receivables |
28.186 |
17.982 |
14.146 |
|
(d)
Cash and cash equivalents |
19.499 |
32.585 |
1.106 |
|
(e)
Short-term loans and advances |
0.415 |
2.805 |
0.000 |
|
(f)
Other current assets |
16.348 |
6.145 |
13.690 |
|
Total
Current Assets |
141.506 |
136.998 |
74.031 |
|
|
|
|
|
|
TOTAL |
198.067 |
191.920 |
128.472 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
193.041 |
111.309 |
148.568 |
|
|
|
Other Income |
1.798 |
1.215 |
0.152 |
|
|
|
TOTAL |
194.839 |
112.524 |
148.720 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
94.383 |
50.370 |
86.830 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
6.910 |
3.075 |
(8.066) |
|
|
|
Employees benefits expense |
22.828 |
19.263 |
15.475 |
|
|
|
Other expenses |
25.359 |
17.995 |
15.657 |
|
|
|
TOTAL |
149.480 |
90.703 |
109.896 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
45.359 |
21.821 |
38.824 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.051 |
3.269 |
3.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
42.308 |
18.552 |
35.405 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.766 |
10.105 |
10.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
32.542 |
8.447 |
25.110 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.707 |
3.193 |
8.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
21.835 |
5.254 |
16.364 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
3.21 |
0.84 |
3.44 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
7.463 |
32.265 |
22.175 |
|
|
|
|
|
|
Net cash from operating activities |
(0.602) |
23.880 |
11.057 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
53.29 |
58.97 |
34.75 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.85 |
6.19 |
10.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
62.24 |
95.20 |
62.27 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.72 |
0.35 |
0.86 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.87 |
0.43 |
0.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.40 |
0.49 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.35 |
0.43 |
0.58 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.60 |
0.89 |
0.72 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.45 |
0.53 |
0.85 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
14.87 |
6.68 |
11.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.31 |
4.72 |
11.01 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.02 |
2.74 |
12.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.68 |
5.51 |
25.72 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.02 |
1.62 |
1.61 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.13 |
0.89 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.59 |
0.50 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.59 |
0.60 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.02 |
1.62 |
1.61 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 57.75/- |
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 |
30.000 |
68.000 |
68.000 |
|
Reserves & Surplus |
33.630 |
27.315 |
48.900 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
63.630 |
95.315 |
116.900 |
|
|
|
|
|
|
long-term borrowings |
17.478 |
9.500 |
8.740 |
|
Short term borrowings |
19.511 |
31.076 |
31.684 |
|
Total
borrowings |
36.989 |
40.576 |
40.424 |
|
Debt/Equity
ratio |
0.581 |
0.426 |
0.346 |
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 |
148.568 |
111.309 |
193.041 |
|
|
|
-25.079 |
73.428 |
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 |
148.568 |
111.309 |
193.041 |
|
Profit |
16.364 |
5.254 |
21.835 |
|
|
11.01% |
4.72% |
11.31% |
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 |
No |
|
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G48290662 |
10554626 |
KOTAK MAHINDRA
BANK LIMITED |
13/03/2015 |
07/07/2017 |
- |
60000000.0 |
27BKC, C 27, G BLOCKBANDRA
KURLA COMPLEX, BANDRA (E),MUMBAIGJ382305IN |
|
2 |
B94804416 |
10473839 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
23/01/2014 |
- |
- |
20000000.0 |
1ST FLOOR ,
NAVJIVAN AMRIT JIYANTI BHAVAN,B/H GUJARAT VIDYAPITH, OFF ASHRAM ROAD,AHMEDABADGJ380014IN |
|
3 |
C49765050 |
10524664 |
THE NARODA NAGRIK
CO.OP. BANK LIMITED |
20/12/2008 |
24/01/2014 |
19/03/2015 |
15000000.0 |
NARODA BRAABOVE
HANUMANJI'S TEMPLE,NARODAAHMEDABADGJ382330IN |
|
4 |
C50026129 |
10141595 |
THE NARODA NAGRIK
CO.OP. BANK LIMITED |
30/12/2008 |
- |
18/03/2015 |
5000000.0 |
NARODA BRAABOVE
HANUMANJI'S TEMPLE,NARODA,AHMEDABADGJ382330IN |
|
5 |
C50027093 |
10141594 |
THE NARODA NAGRIK
CO.OP. BANK LIMITED |
30/12/2008 |
- |
18/03/2015 |
3000000.0 |
NARODA BRAABOVE
HANUMANJI'S TEMPLE,NARODA,AHMEDABADGJ382330IN |
COMPANY OVERVIEW
The Company was incorporated on April 20, 2007 and is engaged in the business of design, manufacturing, supply and erection/commissioning of process equipment’s like Pressure vessels, Air cooled heat exchanger, Shell & tube heat exchanger, Storage tanks, Pressure receivers, Chimney, Heavy structural items, Skids, Base plates and other items for Oil/Gas, petroleum, chemical, sugar, steel, fertilizers and power plant sector. The company was converted into limited Company in the year 2015 from private limited company.
OPERATION &
REVIEW:
Revenue from the operations of the Company for the year 2016-17 was INR 193.041 Million, 73.43% higher than INR 111.309 Million in the previous year. Profit before Depreciation Interest & Tax for the current year was INR 45.359 Million against INR 21.822 Million in the previous year. Profit after Tax for the current year at INR 21.835 Million was higher by 315.58% over INR 5.254 Million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
OUTLOOK
Global growth is estimated to have fallen to 2.3 percent in 2016—the weakest performance since the global financial crisis. Anemic global investment was accompanied by a further weakening of global trade. Mitigating these headwinds for emerging market and developing economies (EMDEs), commodity prices strengthened. However, the rapid rise in U.S. bond yields and appreciation of U.S. dollar towards the end of the year led to a notable tightening of financing conditions for EMDEs, and in some cases significant portfolio outflows. In 2017, global growth should pick up to 2.7 percent, with the recovery mainly driven by receding obstacles to activity in commodity-exporting EMDEs.
Advanced economies: heightened policy uncertainty. Advanced economies continue to be afflicted by weak underlying growth and low inflation, while uncertainty about future policy direction increased. Growth is projected to recover modestly to 1.8 percent in 2017 (from 1.6 percent in 2016), although the range of possible outcomes has markedly widened after the electoral outcome in the United States and the United Kingdom’s decision to leave the European Union. In particular, current forecasts do not incorporate the potential effects of policy proposals suggested by the new U.S. administration, as their scope is still highly uncertain. Fiscal stimulus, if implemented, could result in stronger U.S. growth than currently predicted. However, some other policy changes, or persistent policy uncertainty, could dampen U.S. and international growth prospects.
CAPITAL GOODS &
ENGINEERING EQUIPMENT INDUSTRY
India has a strong engineering and capital goods base. The engineering sector is the largest segment of Indian Industry. The important groups within the engineering industry include machinery & instruments, castings, forgings, fasteners, electronic goods and project exports. The engineering sector employs over 4 million skilled and semiskilled workers (direct and indirect). For the quarter ended June 2007, the total engineering production was about US$ 5 billion.
The sector can be categorised into Heavy Engineering and Light Engineering segments. Heavy engineering constitutes over 80 per cent of the total industry, while light engineering contributes the rest. The heavy engineering industry includes capital goods/machinery and equipment, and transport equipment. The light engineering industry includes items like castings, forgings and fasteners and sophisticated microprocessor-based process control equipment and diagnostic medical instruments.
Growth in India’s manufacturing sector has provided a stimulus for the engineering industry to develop capabilities in product development and advanced manufacturing technology. India manufactures the entire range of industrial machinery. Apart from demand from user industries, the availability of technical education infrastructure that provides an increased number of technically trained human resources, each year has been another key factor aiding the engineering industry in India.
The bulk of capital goods required for power projects, fertilizer, cement, steel and petrochemical plants and mining equipment are made in India. The country also makes construction machinery, equipment for irrigation projects, diesel engines, tractors, transport vehicles, cotton textile and sugar mill machinery. The recent spurt in the domestic construction and infrastructure industry has accelerated the demand for most of the products. India also exports a range of heavy and light engineering goods.
FUTURE OUTLOOK
The Engineering sector’s future outlook is promising. Drivers like power projects, other infrastructure development activities, industrial growth and favorable policy regulations will drive growth in manufacturing. The Indian engineering industry has been witnessing significant level of capability enhancement over the years. As export markets open up, this will help India develop a strong presence in global engineering exports.
SUMMARY OF THEIR
BUSINESS
Loyal Equipments limited is ISO certified, ASME “U” & “U2” Stamp holder, one of the known reputed company in India for design, manufacturing, supply and erection/commissioning of process equipments like Pressure vessels, Air cooled heat exchanger, Shell & tube heat exchanger, Storage tanks, Pressure receivers, Chimney, Heavy structural items, Skids, Base plates and other items for Oil/Gas, petroleum, chemical, sugar, steel, fertilizers and power plant sector.
Loyal Equipment is an ISO 9001-2008 certified company and follow Quality Management Systems for the entire business process right from the beginning to manufacturing/fabrication and installation at the site. Loyal Equipment is having continuously long experience with EIL, GSPC, GAIL, ONGC, Ingersoll Rand, Linde, Dresser Rand, L&T, Reliance, ALSTOM, Kirlosker, Texas Southpiller-USA and others govt. & private organization.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
6 Months ended on 30.09.2017 (Unaudited) |
Year to date figures for current
period ended 30.09.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
Revenue from operations |
122.434 |
122.434 |
|
Other Operating Income |
0.000 |
0.000 |
|
Total
Income from Operations |
122.434 |
122.434 |
|
|
|
|
|
EXPENSES |
|
|
|
Changes in inventories of finished goods and
work-in-progress |
(13.171) |
(13.171) |
|
Cost of materials consumed |
75.798 |
75.798 |
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
Employee benefits expense |
13.272 |
13.272 |
|
Depreciation and Amortization expenses |
5.106 |
13.272 |
|
Other Expenditure |
15.719 |
15.719 |
|
Total
Expenses |
96.724 |
96.724 |
|
Profit/(Loss) from Operations before
other income, finance costs and exceptional Items (1-2) |
25.710 |
25.710 |
|
Other
Income |
1.096 |
1.096 |
|
Profit/(Loss)
from ordinary activities
after finance costs and exceptional Items (3+4) |
26.806 |
26.806 |
|
Finance
costs |
1.498 |
1.498 |
|
Profit/(Loss) from ordinary activities
after finance costs but before exceptional Items (5+6) |
25.308 |
25.308 |
|
Exceptional
Items |
0.000 |
0.000 |
|
Profit/(Loss) from ordinary activities before tax (7+8) |
25.308 |
25.308 |
|
Tax
expense |
8.212 |
8.212 |
|
Profit/(Loss) from ordinary activities after tax (9-10) |
17.095 |
17.095 |
|
Extra Ordinary Items (Net of tax expenses) |
0.000 |
0.000 |
|
Profit/ loss for the period (11-12) |
17.095 |
17.095 |
|
Paid-up Equity Share Capital (Face value of share capital
shall be indicated) |
102.000 |
102.000 |
|
Reserves including
Statutory Reserves excluding Revaluation Reserves) |
48.900 |
48.900 |
|
Earnings Per Share |
|
|
|
a)
Basic and Diluted EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualized) |
1.68 |
1.68 |
|
b)
Basic and Diluted EPS after Extraordinary items for the period, for the year
to date and for the previous year (not to be annualized) |
1.68 |
1.68 |
Notes:
1. The above results have been reviewed by the audit committee & approved by the Board of Directors held on 10th November, 2017.
2. The Statutory Auditors of the company have carried out Limited Review as
required under Regulation 33 of SEBI (LORD), 2015 and the related report is
being submitted to the concerned stock Exchange.
3. Previous Period/year figures have been re-grouped/ re- classified wherever
necessary.
STATEMENT OF ASSETS AND
LIABILITIES (STAND-ALONE)
|
Particulars |
As at |
|
|
|
6 months ended 30.09.2017 |
|
|
|
|
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
102.000 |
|
|
b] Reserves and Surplus |
31.995 |
|
|
c] Money received
against share warrants |
0.000 |
|
|
Sub-total –
Shareholders’ funds |
133.995 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long Term Borrowings |
6.195 |
|
|
b] Deferred tax Liabilities (Net) |
0.296 |
|
|
c] Other
Long-Term Liabilities |
0.000 |
|
|
d] Long Term Provision |
2.127 |
|
|
Sub-total -
Non-current Liabilities |
8.618 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
8.753 |
|
|
b] Trade Payables |
51.728 |
|
|
c] Other Current Liabilities |
11.055 |
|
|
d] Short Term Provision |
8.212 |
|
|
Sub-total - Current Liabilities |
79.748 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
222.361 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
53.784 |
|
|
(ii) Intangible
Assets |
1.608 |
|
|
(iii) Capital
work-in-progress |
4.561 |
|
|
(b) Non-current Investments |
0.546 |
|
|
(c) Deferred tax assets (net) |
0.000 |
|
|
(d) Long-term Loan and Advances |
1.956 |
|
|
(e) Other Non-current assets |
1.728 |
|
|
Sub-total – Non- current assets |
64.184 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000
|
|
|
Inventories |
79.296
|
|
|
Trade Receivables |
59.771
|
|
|
Cash & Bank Balances |
8.298
|
|
|
Short Term loans and advances |
2.494
|
|
|
Other Current Assets |
8.319
|
|
Sub-total – Current Assets |
158.178
|
|
|
|
|
|
|
TOTAL - ASSETS |
222.361 |
|
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bank Guarantees |
2.177 |
1.681 |
FIXED ASSETS:
Tangible Assets
· Land/Shed
· Buildings
·
Plant and Equipment
· Furniture and Fixtures
·
Vehicles
·
Office Equipment
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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
UK Pound |
1 |
INR 91.46 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
ARC |
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 opera tions 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.