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|
|
MIRA INFORM REPORT
|
Report No. : |
502062 |
|
Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AMARA RAJA BATTERIES LIMITED |
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|
|
|
Registered
Office : |
Renigunta, Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh |
|
Tel. No.: |
91-877-226500 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.02.1985 |
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Com. Reg. No.: |
01-005305 |
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Capital
Investment / Paid-up Capital : |
INR 170.800 Million |
|
|
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CIN No.: [Company Identification
No.] |
L31402AP1985PLC005305 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0988006723 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA02631G |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
36AABCA9264E1ZQ |
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|
|
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PAN No.: [Permanent Account No.] |
AABCA9264E |
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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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|
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Line of Business
: |
Subject is engaged in the manufacture and trading of lead
acid storage batteries. (Registered activity) |
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No. of Employees
: |
6222 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 74000000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a manufacturer of Lead Acid storage Batteries for Industrial and Automotive Applications in India. For the financial year 2017, the company has achieved 15.37% growth in its revenue as compared to previous year revenue and has maintained decent profitability margin of 8% during the year under review. The robust financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has favourable Earning Per Share (EPS) of INR 28.01 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 805 against the Face Value (FV) of INR 01 on BSE as on 4th April, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 15534.6 million and has reported profit margin of 8.65%. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 05.04.2018.
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 DENIED
Management Non-Cooperative (Tel. No.: 91-877-226500)
Tel. No.: 91-877-2285561 Incorrect number.
LOCATIONS
|
Registered Office / Factory: |
Renigunta, Cuddapah Road, Karakambadi, Tirupati-517520, |
|
Tel. No.: |
91-877-2285561 / 2265000 |
|
Fax No.: |
91-877-2285600 / 2286999 |
|
E-Mail : |
amararaja@amartpt.gnmds.global.net.in |
|
|
|
|
Corporate Office 1 : |
Riaz Garden, #
12, K.H. Road Nungambakkam Chennai-600034, Tamil Nadu, India |
|
Tel. No.: |
91-44 -2821 3270 |
|
Fax No.: |
91-44 -2828 4821 |
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|
|
|
Corporate Office 2 : |
5th Floor, Astra Towers,
12P, Hi-tech City, Kondapur, Hyderabad-500038, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23683000 |
|
Fax No.: |
91-40-23118219 |
|
Email : |
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|
|
Corporate Operations Office 3 : |
1-18/1/AMR/NR, Nanakramguda, Gachibowli, Hyderabad – 500032, Telangana, India |
|
Tel. No.: |
91-40-23139000 |
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Fax No.: |
91-40-23139001 |
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|
|
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Branch Office: |
Located At: B-93A, Panchsheel Vihar, Near Triveni Commercial Complex, Sheikh Sarai Phase I, New Delhi – 110017, India Tel No.: 91-11-48235500 Fax No.: 91-11-48235566 · Hyderabad · Chandigarh · Ghaziabad · Jaipur · Lucknow · Ahmedabad · Patna · Ranchi · Guwahati · Indore · Vijayawada · Bhuvaneshwar · Bangalore · Kolkata · Chennai · Mumbai · Coimbatore · Cochin · Nagpur |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Srivishnu Raju Nandyala |
|
Designation : |
Director |
|
Address : |
Plot No.616, Road No.33, Jubilee Hills, Hyderabad – 500033, Telangana, India |
|
Date of Appointment : |
14.08.2008 |
|
DIN No.: |
00025063 |
|
|
|
|
Name : |
Mr. Nagarjun Valluripalli |
|
Designation : |
Director |
|
Address : |
Road No 5 Plot No. 40 Jubilee Hills, Hyderabad – 500034, Telangana, India |
|
Date of Appointment : |
20.12.2015 |
|
DIN No.: |
00034389 |
|
|
|
|
Name : |
Mr. Galla Ramachandra Naidu |
|
Designation : |
Director |
|
Address : |
Giridrushya Renigunta-Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh, India |
|
Date of Appointment : |
08.07.1985 |
|
DIN No.: |
00133761 |
|
|
|
|
Name : |
Mr. Galla Jayadev |
|
Designation : |
Managing Director |
|
Address : |
H.No.A-54, Road No.11, Film Nagar, Jubilee Hills, Hyderabad – 500034, Telangana, India |
|
Date of Appointment : |
01.09.2015 |
|
DIN No.: |
00143610 |
|
|
|
|
Name : |
Mr. Bhairavi Tushar Jani |
|
Designation : |
Director |
|
Address : |
10- Ramnivas Sion Koliwada, Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Appointment : |
28.03.2015 |
|
DIN No.: |
00185929 |
|
|
|
|
Name : |
Tharmapuram Ramachandran Narayanaswamy |
|
Designation : |
Director |
|
Address : |
New No.12, Old No.34, 3rd & 4th Floor Expressions Apartments, ABM Avenue, R A Puram, Chennai – 600028, Tamilnadu, India |
|
Date of Appointment : |
01.06.2009 |
|
DIN No.: |
01143563 |
|
|
|
|
Name : |
Trent Moore Nevill |
|
Designation : |
Director |
|
Address : |
Room No. 1601, N0.2 Lane 28, Huayuanshiquiao Road,
Shanghai, NA CN |
|
Date of Appointment : |
22.01.2017 |
|
DIN No.: |
07699463 |
|
|
|
|
Name : |
Mr. Marc David Andraca |
|
Designation : |
Additional Director |
|
Address : |
4707 North Cumberland Boulevard Whitefish Bay Wisconsin
53211 US |
|
Date of Appointment : |
10.02.2018 |
|
DIN No.: |
08032189 |
KEY EXECUTIVES
|
Name : |
Rajaram Mosur Ranganathan |
|
Designation : |
Company Secretary |
|
Address : |
F2, Sairam Enclave LB Nagar , Neredmet, Hyderabad –
500056, Telangana, India |
|
Date of Appointment : |
11.06.2013 |
|
PAN No.: |
AGPPM4534L |
|
|
|
|
Name : |
Raghavendra Venkata Shermadevi |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
F-201, Sri Srinivasa Apartments Krishna Nagar, Krupa
Complex, Hyderabad – 500056, Telangana, India |
|
Date of Appointment : |
08.04.2014 |
|
PAN No.: |
ACCPS0083R |
|
|
|
|
Name : |
Vijayanand Samudrala |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Flat No. 404, Block No. 22, Rain Tree Park Malaysian
Township, Kukatpally Hyderabad – 500085, Telangana, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
BLDPS6809N |
|
|
|
|
Name : |
B Jaikrishna |
|
Designation : |
HR and Administration |
|
|
|
|
Name : |
G Vijay Naidu |
|
Designation : |
CI Quality Management and HSE |
|
|
|
|
Name : |
G Jagan Mohan |
|
Designation : |
Head Operations |
|
|
|
|
Name : |
L Venkat Madhav |
|
Designation : |
Head – Supply Chain Management |
|
|
|
|
Name : |
Srinivasa Rao Ganga |
|
Designation : |
Chief Marketing Officer |
|
|
|
|
Name : |
Rajesh Jindal |
|
Designation : |
Chief Marketing Officer (Automotive Battery Division) |
|
|
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|
Name : |
M Jagdish |
|
Designation : |
Head – Technology |
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|
|
|
Name : |
Kishore I Hirani |
|
Designation : |
Chief Information Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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+B+C2) |
|
|
(A) Promoter & Promoter Group |
8,89,27,452 |
52.06 |
|
|
(B) Public |
8,18,85,048 |
47.94 |
|
|
Grand Total |
17,08,12,500 |
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 (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Any Other (specify) |
4,45,16,202 |
26.06 |
|
|
Mangal Industries Limited |
31,15,500 |
1.82 |
|
|
Rngalla Family Private Limited |
4,14,00,702 |
24.24 |
|
|
Sub Total A1 |
4,45,16,202 |
26.06 |
|
|
A2) Foreign |
0.00 |
|
|
|
Foreign Portfolio Investor |
4,44,11,250 |
26.00 |
|
|
Johnson Controls (Mauritius) Private Limited |
4,44,11,250 |
26.00 |
|
|
Sub Total A2 |
4,44,11,250 |
26.00 |
|
|
A=A1+A2 |
8,89,27,452 |
52.06 |
|
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 (A+B+C2) |
|
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
1,89,14,289 |
11.07 |
|
|
ICICI Prudential Mutual Fund - All Schemes |
41,65,687 |
2.44 |
|
|
Reliance Capital Mutual Fund-All Schemes |
43,43,066 |
2.54 |
|
|
Franklin Templeton Mutual Fund-All Schemes |
44,12,530 |
2.58 |
|
|
Uti Mutual Fund - All Schemes |
20,10,994 |
1.18 |
|
|
Alternate Investment Funds |
5,37,769 |
0.31 |
|
|
Foreign Portfolio Investors |
2,85,31,345 |
16.70 |
|
|
Smallcap World Fund, Inc |
31,18,756 |
1.83 |
|
|
Nalanda India Equity Fund Limited |
87,82,508 |
5.14 |
|
|
Financial Institutions/ Banks |
23,24,313 |
1.36 |
|
|
Sub Total B1 |
5,03,07,716 |
29.45 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central Government/ State Government(s)/ President of India |
5,31,761 |
0.31 |
|
|
Sub Total B2 |
5,31,761 |
0.31 |
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
1,50,89,434 |
8.83 |
|
|
Individual share capital in excess of INR 0.200 Million |
10,80,064 |
0.63 |
|
|
Any Other (specify) |
1,48,76,073 |
8.71 |
|
|
Sub Total B3 |
3,10,45,571 |
18.18 |
|
|
B=B1+B2+B3 |
8,18,85,048 |
47.94 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and trading of lead
acid storage batteries. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
6222 (Approximately) |
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Bankers : |
|
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Auditors : |
|
|
Name 1 : |
Brahmayya and Company Chartered Accountants |
|
Address : |
D. No. 33-25-33/B, Govindarajulu Naidu Street, Suryaraopet, Vijayawada – 520002, Andhra Pradesh, India |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
D. No. 1-8-384&385, 3rd Floor, Gowra Grand, S.P Road, Begumpet, Secunderabad – 500003, Telangana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
|
Entity exercising
significant influence : |
|
|
|
|
|
Entities in which
KMP / Relatives of KMP exercise significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 1/- each |
INR 200.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175028500 |
Equity Shares |
INR 1/- each |
INR 175.000
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170812500 |
Equity Shares |
INR 1/- each |
INR 170.800
Million |
|
|
|
|
|
i)
Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the year:
|
Particulars |
Number of Shares |
INR In Million |
|
Balance at March 31, 2017 |
170812500 |
170.800 |
|
|
|
|
ii)
Rights, preferences and restrictions
attached to the equity shares
The
Company has only one class of shares referred to as equity shares having a face
value of INR 1/- each. Each holder of equity share is eligible for one vote per
share held. The Company declares and pays dividends in Indian rupees and
foreign currency. The dividend proposed by the Board of Directors is subject to
the approval of the Shareholders in the ensuing Annual General Meeting, except
in the case of interim dividend. In the event of liquidation, the holders of
equity shares will be entitled to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to the number of
equity shares held by the shareholders.
iii)
Details of equity shares held by each
shareholder holding more than 5% of the equity shares:
|
Particulars |
Number of Shares |
% of Holding |
|
RN Galla Family & Company* |
40231308 |
23.55 |
|
Dr. Ramachandra N Galla |
-- |
-- |
|
Jayadev Galla |
376150 |
0.22 |
|
Johnson Controls (Mauritius) Private Limited |
44411250 |
26.00 |
|
|
|
|
*
Beneficial interest in respect of 12,795,074 shares of Dr. Ramachandra N Galla,
12,445,834 shares of Jayadev Galla and 14,990,400 shares of the rest was
transferred in the name of RN Galla Family and Company.
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 |
170.800 |
170.800 |
170.810 |
|
(b) Reserves &
Surplus |
25759.900 |
20987.900 |
16824.900 |
|
(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) |
25930.700 |
21158.700 |
16995.710 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
690.100 |
724.700 |
741.380 |
|
(b) Deferred tax
liabilities (Net) |
815.100 |
537.500 |
368.480 |
|
(c) Other long term
liabilities |
409.400 |
325.800 |
0.000 |
|
(d) long-term provisions |
404.200 |
382.900 |
443.060 |
|
Total Non-current
Liabilities (3) |
2318.800 |
1970.900 |
1552.920 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4184.400 |
3492.900 |
2609.080 |
|
(c) Other current
liabilities |
2875.200 |
2338.800 |
1509.430 |
|
(d) Short-term provisions |
536.600 |
546.300 |
1195.720 |
|
Total Current Liabilities
(4) |
7596.200 |
6378.000 |
5314.230 |
|
|
|
|
|
|
TOTAL |
35845.700 |
29507.600 |
23862.860 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14870.200 |
13479.500 |
9398.930 |
|
(ii) Intangible Assets |
51.200 |
40.600 |
43.690 |
|
(iii) Capital
work-in-progress |
2402.500 |
1226.800 |
861.680 |
|
(iv) Intangible assets
under development |
0.000 |
1.700 |
1.520 |
|
(b) Non-current
Investments |
188.800 |
200.000 |
160.760 |
|
(c) Deferred tax assets
(net) |
108.800 |
41.300 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
701.700 |
|
(e) Other Non-current
assets |
638.000 |
436.300 |
0.000 |
|
Total Non-Current Assets |
18259.500 |
15426.200 |
11168.280 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1277.800 |
0.000 |
0.000 |
|
(b) Inventories |
8169.500 |
6016.400 |
4181.330 |
|
(c) Trade receivables |
5704.900 |
5921.500 |
5541.020 |
|
(d) Cash and cash
equivalents |
1709.200 |
1502.500 |
2221.710 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
660.810 |
|
(f) Other current assets |
724.800 |
641.000 |
89.710 |
|
Total Current Assets |
17586.200 |
14081.400 |
12694.580 |
|
|
|
|
|
|
TOTAL |
35845.700 |
29507.600 |
23862.860 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
59813.900 |
51843.400 |
42113.290 |
|
|
Other Income |
492.400 |
458.800 |
422.990 |
|
|
TOTAL |
60306.300 |
52302.200 |
42536.280 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
34521.600 |
27421.400 |
25494.670 |
|
|
Purchases of
Stock-in-Trade |
2074.300 |
2869.700 |
2746.490 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1711.000) |
(1186.000) |
(479.950) |
|
|
Excise Duty |
6642.400 |
5665.800 |
0.000 |
|
|
Employees benefits
expense |
2777.500 |
2429.100 |
1950.930 |
|
|
Other expenses |
7010.000 |
6413.600 |
5383.190 |
|
|
TOTAL |
51314.800 |
43613.600 |
35095.330 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
8991.500 |
8688.600 |
7440.950 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
57.700 |
55.300 |
2.410 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
8933.800 |
8633.300 |
7438.540 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1911.700 |
1406.900 |
1339.920 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
7022.100 |
7226.400 |
6098.620 |
|
|
|
|
|
|
|
Less |
TAX |
2237.200 |
2310.100 |
1990.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
4784.900 |
4916.300 |
4108.620 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
2781.780 |
2376.810 |
|
|
TOTAL EARNINGS |
NA |
2781.780 |
2376.810 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
10596.080 |
9839.320 |
|
|
Components and Stores
parts |
NA |
156.610 |
138.670 |
|
|
Capital Goods |
NA |
1745.270 |
878.310 |
|
|
TOTAL IMPORTS |
NA |
12497.960 |
10856.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
28.01 |
28.78 |
24.05 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
34.600 |
16.700 |
180.900 |
|
Cash generated from operations |
7552.800 |
7728.500 |
58722.400 |
|
Net cash flow from operating activity |
5528.900 |
5547.100 |
39502.800 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1ST
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Net Sales |
16712.800 |
14275.000 |
15534.600 |
|
Total Expenditure |
14784.500 |
11894.100 |
13118.800 |
|
PBIDT (Excl OI) |
1928.300 |
2380.900 |
2415.800 |
|
Other Income |
136.800 |
122.300 |
167.600 |
|
Operating Profit |
2065.100 |
2503.200 |
2583.400 |
|
Interest |
13.700 |
12.500 |
11.300 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
2051.400 |
2490.700 |
2572.100 |
|
Depreciation |
544.200 |
583.500 |
587.400 |
|
Profit Before Tax |
1507.200 |
1907.200 |
1984.700 |
|
Tax |
508.700 |
635.000 |
640.200 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
998.500 |
1272.200 |
1344.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
998.500 |
1272.200 |
1344.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
34.81 |
41.69 |
48.02 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
10.48 |
8.76 |
7.60 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
41.73 |
42.09 |
33.72 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.10 |
1.44 |
1.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.52 |
0.59 |
0.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.23 |
0.24 |
0.26 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.03 |
0.04 |
0.05 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.29 |
0.30 |
0.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.67 |
0.70 |
0.61 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
155.83 |
157.12 |
3087.53 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.00 |
9.48 |
9.76 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
13.35 |
16.66 |
17.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.45 |
23.24 |
24.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.32 |
2.21 |
2.39 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.24 |
1.26 |
1.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.72 |
0.72 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.24 |
4.34 |
5.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
2.32 |
2.21 |
2.39 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 805.60/- |
FINANCIAL ANALYSIS
[all figures are
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 |
170.810 |
170.800 |
170.800 |
|
Reserves & Surplus |
16824.900 |
20987.900 |
25759.900 |
|
Net worth |
16995.710 |
21158.700 |
25930.700 |
|
|
|
|
|
|
long-term borrowings |
741.380 |
724.700 |
690.100 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long term debt |
180.900 |
16.700 |
34.600 |
|
Total borrowings |
922.280 |
741.400 |
724.700 |
|
Debt/Equity ratio |
0.054 |
0.035 |
0.028 |
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 |
42113.290 |
51843.400 |
59813.900 |
|
|
|
23.105 |
15.374 |
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 |
42113.290 |
51843.400 |
59813.900 |
|
Profit |
4108.620 |
4916.300 |
4784.900 |
|
|
9.76% |
9.48% |
8.00% |
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 |
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 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long Term
borrowings |
|
|
|
Deferred
Payment Liabilities Sales tax deferment loans |
724.700 |
741.400 |
|
Less:
Current maturities of sales tax deferment loans disclosed under Note 18 -
Other Financial liabilities - Current |
34.600 |
16.700 |
|
|
|
|
|
Total |
690.100 |
724.700 |
|
Note: The
interest free sales tax deferment loans were availed by the Company under the
Government of Andhra Pradesh TARGET 2000 New Industrial Policy as per which
the loans are repayable at the end of the 14th year from the year in which
these loans were availed. The Company has also entered into agreements with
the Deputy Commissioner of Commercial Taxes, Chittoor in respect of the
aforementioned loans per which the repayment schedule of the loans have been
determined as being repayable at the end of the 14th year from the month in
which these loans were availed. The Management is however of the view that
these loans are repayable at the end of the 14th year from the year in which
these loans were availed in terms of the sanction of these loans by the
Government of Andhra Pradesh, Commissionerate of Industries and are
accordingly making an yearly repayment of these loans |
||
MANAGEMENT
DISSCUSSION AND ANALYSIS
INDIAN ECONOMIC
OVERVIEW
The Indian economy has been growing at an accelerated pace since 2014, supported by favorable government reforms and stringent fiscal regime that reigned in inflation. But, India could not sustain its 7%-plus GDP growth momentum registered over the last three years. In 2016-17, India’s GDP growth has been pegged at 6.5% down from 7.9% recorded in the previous financial year –largely owing to policy Initiatives like demonetisation.
The Index of Industrial Production (IIP), a measure of industrial performance, registering a growth of 5% during 2016-17, against 3.4% during 2015-16.
The halving of global oil prices that began in late 2014, boosted economic activity in India, further improved the external current account and fiscal positions and helped lower inflation in the past.
CHALLENGES:
A key concern for the country is the health of the banking system, which continues to battle with rising bad loans and heightened corporate vulnerabilities in certain key sectors of the economy. Besides, the firming up of crude oil prices in the end of 2016 at about US$ 55/barrel against about US$ 45/barrel earlier, reduced commodity exports and almost stagnant non commodity exports in 2016-17 may result in an increase in trade and current account deficits.
OUTLOOK:
India’s economic growth is expected to improve in 2017-18. This optimism is based on two critical realities.
The adoption of the Goods and Service Tax (GST) promises to create a single national market which will enhance efficiency of the movement of goods and services. This critical fiscal policy could make an important contribution to raise India’s medium-term GDP growth to over 8% (Source: IMF). Further, the Union Budget 2017-18, Agenda to Transform, Energise & Clean India (TEC India) puts an unprecedented thrust on rural infrastructure development which will have a multi-sector cascading impact. This initiative promises to make an important contribution to India’s economic resurgence with a good news of India becoming energy surplus with various policy reforms.
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C55893630 |
10573803 |
STATE BANK OF INDIA |
09/05/2015 |
- |
- |
250000000.0 |
SME BRANCH,PLOT NO. 95, NEW BALAJI COLONYAIR BYPASS ROADTirupatiAP517502IN |
|
2 |
A83307306 |
90118450 |
Andhra Bank |
31/05/1993 |
26/03/2010 |
- |
275000000.0 |
Beri StreetTirupatiAP517501IN |
|
3 |
C32749947 |
10146206 |
The Bank of Nova Scotia |
06/03/2009 |
28/05/2013 |
15/10/2014 |
250000000.0 |
Classic Towers, 1547 Trichy RoadCoimbatoreTN641018IN |
|
4 |
B23319122 |
10054731 |
BNP Paribas |
26/03/2007 |
- |
11/10/2011 |
440000000.0 |
20, Collyer Quay,#01-01,Tung Centre,SingaporeNA049319SG |
|
5 |
A70787122 |
10042441 |
Citibank N.A |
06/03/2007 |
- |
30/09/2009 |
400000000.0 |
Ist Floor Queens Plaza, S.P.RoadHyderabadAP500003IN |
|
6 |
A69462943 |
10117546 |
The Bank of Nova Scotia |
24/07/2008 |
- |
09/09/2009 |
400000000.0 |
Classic Towers, 1547 Trichy RoadCoimbatoreTN641018IN |
|
7 |
A60227626 |
80053050 |
IFCI LIMITED |
24/01/1990 |
- |
31/03/2009 |
17500000.0 |
BANK OF BARODA BUILDINGNO.16, SANSAD MARGNEWDELHIDL110001IN |
|
8 |
A60227394 |
80053049 |
IFCI LIMITED |
26/03/1990 |
05/02/1991 |
31/03/2009 |
11787000.0 |
BANK OF BARODA BUILDINGNO.16 SANSAD MARG,NEWDELHIDL110001IN |
|
9 |
A60213220 |
80053048 |
IFCI LIMITED |
26/03/1990 |
- |
31/03/2009 |
11787000.0 |
BANK OF BARODA BUILDINGNO.16, SANSAD MARGNEWDELHIDL110001IN |
|
10 |
A55958888 |
10126407 |
BNP Paribas |
12/09/2008 |
- |
04/02/2009 |
470000000.0 |
20, Collyer Quay#01-01, Tung CentreSingaporeNA049319SG |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company
not acknowledged as debt |
|
|
|
Excise duty / Service tax |
11.000 |
11.00 |
|
Sales tax/VAT |
132.900 |
79.300 |
|
Income tax |
1.600 |
2.000 |
|
Electricity related |
724.200 |
701.600 |
|
Other |
56.700 |
56.700 |
|
|
|
|
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
a) Net Sales / Income
from Operations |
15534.600 |
14275.000 |
46522.400 |
|
b) Other Income |
167.600 |
122.300 |
426.700 |
|
Total Income from
Operations (net) |
15702.200 |
14397.300 |
46949.100 |
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
10867.400 |
8642.100 |
28783.200 |
|
b) Purchase of
stock-in-trade |
401.500 |
437.200 |
1734.600 |
|
b) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(879.400) |
340.900 |
(221.500) |
|
c) Excise duty on sale of goods |
-- |
-- |
1738.300 |
|
d) Employee benefits
expense |
757.600 |
741.600 |
2307.000 |
|
e) Finance Costs |
11.300 |
12.500 |
37.500 |
|
f) Depreciation and amortisation expense |
587.400 |
583.500 |
1715.100 |
|
g) Other expenses |
1971.700 |
1732.300 |
5455.800 |
|
Total Expenses |
13717.500 |
12490.100 |
41550.000 |
|
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items |
1984.700 |
1907.200 |
5399.100 |
|
Tax
Expenses |
640.200 |
635.000 |
1783.900 |
|
Net
Profit / (Loss) After Tax |
1344.500 |
1272.200 |
3615.200 |
|
Other
comprehensive income |
|
|
|
|
Items that will not be
reclassified to profit or loss |
|
|
|
|
Remeasurements defined
benefit liability |
-- |
(0.06) |
(0.32) |
|
Income tax relating to
above |
(0.27) |
0.87 |
0.60 |
|
Other comprehensive
income/expenses, net of tax |
-- |
-- |
-- |
|
Total Comprehensive income for the period |
(0.27) |
0.810 |
0.280 |
|
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
7.87 7.87 |
7.45 7.45 |
21.17 21.17 |
FIXED ASSETS
- Land
- Leasehold
improvement
- Buildings
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Office Equipment
- Computer
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 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Information Gathered
by : |
AKS |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
NO |
|
--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.