|
|
|
MIRA INFORM REPORT
|
Report No. : |
502811 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
CMI FPE LIMITED |
|
|
|
|
Registered
Office : |
Mehta House, Plot No. 64, Road No. 13, MIDC Industrial Area, Marol, Andheri (East), Mumbai-400093,
Maharashtra |
|
Tel. No.: |
91-22-66762737 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
28.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039921 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 49.378 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC039921 |
|
|
|
|
IEC No.: |
0388196955 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03321D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0252G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Cold Rolling and Processing Equipments [Registered Activity] |
|
|
|
|
No. of Employees
: |
457 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 4400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1986. It operates as a subsidiary of Cockerill Maintenance and Ingenerate S.A., Belgium. It is engaged in the manufacturing of cold rolling (CR) mills, galvanize lines, colour coating lines etc. For the quarterly results of December 2017, the company has achieved sales turnover of INR 1168.551 million along with average profitability margin. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year but has managed to maintain an average net profit margin of 2.25%. The company possesses strong financial position marked by healthy net worth base along with zero debt balance sheet profile and sufficient liquidity base. The company has its share price trading at around INR 985.90 on BSE as on April 07, 2018 as against the Face Value (FV) of INR 10. The rating further takes into account its long track record and established marked position and experienced management team. Business is active. Payment terms are reported to be regular and as per commitment. In view of long and established track record of business operations along with decent financials, the company can be considered for business dealings with 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 (31.03.2017) |
Current Rating (30.06.2017) |
|
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 |
|
Rating |
Long Term Loans (Withdrawal) = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
16.06.2017 |
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Short Term Loans (Withdrawal) = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
16.06.2017 |
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
31-03-2018.
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 07.04.2018.
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.: 91-22-66762727)
LOCATIONS
|
Registered/ Head Office : |
Mehta House, Plot No. 64, Road No. 13, MIDC Industrial Area, Marol, Andheri (East), Mumbai-400093, |
|
Tel. No.: |
91-22-66762727 |
|
Fax No.: |
91-22-66762237 / 62738 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
A-84/2,3, M.I.D.C., Taloja Industrial Area, Taluka:
Panvel, District Raigad Maharashtra – 410208, |
|
Tel. No.: |
91-22-66731500 |
|
Fax No.: |
91-22-27410664 |
|
|
|
|
Factory 2 : |
Gat No. 21,41 and 61, Village Hedavali, Khopoli-Pali Road,
Taluka Sudhagad, District Raigad-410205, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Balaji Rao Jagannathrao Doveton |
|
Designation : |
Director |
|
Address : |
D-103, Adarsh Residency, 47th Cross, 2nd Main, Jayanagar,
8th Block, Bangalore-560082, Karnataka, india |
|
Date of Appointment : |
30.10.2008 |
|
DIN No.: |
00025254 |
|
|
|
|
Name : |
Mr. Sundararajan Natarajan |
|
Designation : |
Director |
|
Address : |
26A, Third Cross Street, Jayaramnagar, Tiruvanmiyur,
Chennai-600041, Tamilnadu, India |
|
Date of Appointment : |
28.10.2010 |
|
DIN No.: |
00051040 |
|
|
|
|
Name : |
Mr. Roma Ashok Balwani |
|
Designation : |
Director |
|
Address : |
Paliputra, Flat No.2, 16th Road, Khar (West),
Mumbai-400052, Maharashtra, India |
|
Date of Appointment : |
29.10.2014 |
|
DIN No.: |
00112756 |
|
|
|
|
Name : |
Mr. Raman Madhok |
|
Designation : |
Director |
|
Address : |
19, Rose Avenue, Aldeia De Goa P.O. Goa University,
Goa-403206, India |
|
Date of Appointment : |
30.01.2009 |
|
DIN No.: |
01798377 |
|
|
|
|
Name : |
Mr. Raman Madhok |
|
Designation : |
Managing Director |
|
Address : |
7, Ecstacy, 16th Road, Khar West, Mumbai – 400052,
Maharashtra, India |
|
Date of Appointment : |
09.10.2013 |
|
DIN No.: |
00672492 |
|
|
|
|
Name : |
Mr. Yves Ernest Leon Jean Honhon |
|
Designation : |
Director |
|
Address : |
Avenue Louis David, 21 Waterloo 1410 Belgium |
|
Date of Appointment : |
25.06.2008 |
|
DIN No.: |
02268831 |
|
|
|
|
Name : |
Mr. Fabrice Victor Suzanne Orban |
|
Designation : |
Director |
|
Address : |
Rue Du Trone 93/001e 1050 Ixelles Ixelles Na Belgium |
|
Date of Appointment : |
06.02.2014 |
|
DIN No.: |
05114495 |
|
|
|
|
Name : |
Mr. Joao Manuel Felix Da Silva |
|
Designation : |
Director |
|
Address : |
Rue Bonne Esperance 42 4500 Huy Huy 4500 BE |
|
Date of Appointment : |
30.05.2017 |
|
DIN No.: |
07662251 |
KEY EXECUTIVES
|
Name : |
Mr. Akash Ohri |
|
Designation : |
Chief Finance Officer |
|
Address : |
A-103, Shiv Corner, Plot No.19, Sector- 9 Panchanand
Phase-1, Taloja, Raigarh – 410208, Maharashtra, India |
|
Date of Appointment : |
27.05.2014 |
|
PAN No.: |
AADPO1740L |
|
|
|
|
Name : |
Mr. Haresh Bachubhai Vala |
|
Designation : |
Company Secretary |
|
Address : |
D 1, Shanti Nagar, Datta Mandir Road, Opposite Dada Dadi
Park, Malad East, Mumbai-400097, Maharashtra, India |
|
Date of Appointment : |
29.05.2015 |
|
PAN No.: |
ACMPV0532A |
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+B+C2) |
|
|
(A) Promoter & Promoter Group |
37,03,200 |
75.00 |
|
|
(B) Public |
12,34,613 |
25.00 |
|
|
Grand Total |
49,37,813 |
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) |
5,500 |
0.11 |
|
|
CMI Industry Automation Private Limited |
5,500 |
0.11 |
|
|
Sub Total A1 |
5,500 |
0.11 |
|
|
A2) Foreign |
0.00 |
|
|
|
Any Other (specify) |
36,97,700 |
74.89 |
|
|
Cockerill Maintenance and Ingenierie SA |
36,97,700 |
74.89 |
|
|
Sub Total A2 |
36,97,700 |
74.89 |
|
|
A=A1+A2 |
37,03,200 |
75.00 |
|
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 |
|
|
|
Any Other (specify) |
750 |
0.02 |
|
|
Foreign Institutional Investors |
750 |
0.02 |
|
|
Sub Total B1 |
750 |
0.02 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central Government/ State Government(s)/ President of India |
10,917 |
0.22 |
|
|
Sub Total B2 |
10,917 |
0.22 |
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
6,51,581 |
13.20 |
|
|
Individual share capital in excess of INR 0.200 Million |
4,33,519 |
8.78 |
|
|
Datta Mahendra Shah |
69,108 |
1.40 |
|
|
Jay Mahendra Shah |
81,444 |
1.65 |
|
|
Jay Mahendra Shah (H.U.F.) |
1,15,193 |
2.33 |
|
|
Any Other (specify) |
1,37,846 |
2.79 |
|
|
Bodies Corporate |
65,703 |
1.33 |
|
|
Clearing Members |
56,660 |
1.15 |
|
|
NRI – Non- Repat |
958 |
0.02 |
|
|
NRI |
14,525 |
0.29 |
|
|
Sub Total B3 |
12,22,946 |
24.77 |
|
|
B=B1+B2+B3 |
12,34,613 |
25.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cold Rolling and Processing Equipments [Registered Activity] |
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|
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|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
457 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
·
Canara Bank ·
Kotak Mahindra Bank
Limited
|
||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
19th Floor, Shapath-V, S.G. Highway, Ahmedabad-380015,
Gujarat, India |
|
Tel. No.: |
91-79-66827300 |
|
Fax No.: |
91-79-66827400 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Kishore
Bhatia and Associates Cost
Accountants |
|
|
|
|
Legal Advisors : |
PDS
and Associates Advocates
and Solicitors |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Cockerill Maintenance & Ingenierie SA |
|
|
|
|
Fellow Subsidiaries
(with whom Company has made transactions during the year) : |
|
|
|
|
|
Enterprises over
which Key Managerial Personnel are able to exercise significant influence (with
whom Company has made transactions during the year) : |
Indo-Belgian Luxembourg Chamber of Commerce and Industry |
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 |
|
200000 |
Preference Shares |
INR 100/- each |
INR 20.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4937813 |
Equity Shares |
INR 10/- each |
INR 49.378 Million |
|
|
|
|
|
i)
Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting period:
|
Particulars |
31.03.2017 |
|
|
Number |
INR in Million |
|
|
Shares outstanding at the beginning of the year |
4937813 |
49.378 |
|
Shares issued during the year |
-- |
-- |
|
Shares issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
4937813 |
49.378 |
|
|
|
|
ii)
Terms/rights
attached to equity shares:
The Company is having only one class of equity shares having par value of INR 10/- each. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend, if proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after the distribution of all preferential amounts. The distribution will be in proportion of the paid up share capital held by the shareholders.
iii)
Details
of shares held by the Holding Company, and their Subsidiaries:
|
Particulars |
31.03.2017 |
|
Equity Shares with
voting rights |
Number of Shares |
|
Cockerill Maintenance and Ingenierie SA, the Holding Company |
3697700 |
|
CMI Industry Automation Private Limited, Subsidiary of the Holding Company |
5500 |
iv)
Details
of shares held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2017 |
|
|
Equity Shares with
voting rights |
Number of Shares Held |
% of Holding |
|
Equity shares with voting rights |
|
|
|
Cockerill Maintenance and Ingenierie SA |
3697700 |
74.89% |
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 |
49.378 |
49.378 |
49.378 |
|
(b) Reserves &
Surplus |
1496.803 |
1457.615 |
1335.665 |
|
(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) |
1546.181 |
1506.993 |
1385.043 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
115.429 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
22.959 |
130.455 |
92.663 |
|
(d) long-term provisions |
24.000 |
19.348 |
50.344 |
|
Total Non-current
Liabilities (3) |
46.959 |
149.803 |
258.436 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
80.294 |
|
(b) Trade payables |
363.393 |
615.538 |
613.673 |
|
(c) Other current
liabilities |
811.343 |
449.114 |
1059.258 |
|
(d) Short-term provisions |
62.897 |
115.657 |
137.932 |
|
Total Current Liabilities
(4) |
1237.633 |
1180.309 |
1891.157 |
|
|
|
|
|
|
TOTAL |
2830.773 |
2837.105 |
3534.636 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
659.529 |
682.873 |
702.192 |
|
(ii) Intangible Assets |
1.162 |
0.620 |
3.160 |
|
(iii) Capital
work-in-progress |
4.143 |
11.394 |
10.121 |
|
(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) |
35.953 |
38.592 |
100.985 |
|
(d) Long-term Loan and Advances |
147.149 |
122.385 |
68.987 |
|
(e) Other Non-current
assets |
3.331 |
14.723 |
106.782 |
|
Total Non-Current Assets |
851.267 |
870.587 |
992.227 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
187.788 |
214.760 |
216.243 |
|
(c) Trade receivables |
446.898 |
1223.540 |
1317.825 |
|
(d) Cash and cash
equivalents |
661.359 |
45.329 |
268.820 |
|
(e) Short-term loans and
advances |
163.348 |
97.089 |
86.220 |
|
(f) Other current assets |
520.113 |
385.800 |
653.301 |
|
Total Current Assets |
1979.506 |
1966.518 |
2542.409 |
|
|
|
|
|
|
TOTAL |
2830.773 |
2837.105 |
3534.636 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1538.061 |
2053.781 |
2193.339 |
|
|
|
|
Other Income |
140.656 |
91.126 |
215.939 |
|
|
|
|
TOTAL |
1678.717 |
2144.907 |
2409.278 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
699.677 |
1045.866 |
576.894 |
|
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
889.335 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(8.023) |
14.174 |
(5.794) |
|
|
|
|
Employees benefits expense |
486.999 |
441.585 |
441.051 |
|
|
|
|
Other expenses |
393.546 |
509.090 |
376.183 |
|
|
|
|
Exceptional Items |
0.000 |
(143.393) |
(55.648) |
|
|
|
|
TOTAL |
1572.199 |
1867.322 |
2222.021 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
106.518 |
277.585 |
187.257 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
10.293 |
23.745 |
42.957 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
96.225 |
253.840 |
144.300 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
52.485 |
57.919 |
65.013 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
43.740 |
195.921 |
79.287 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
9.191 |
64.693 |
(15.440) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
34.549 |
131.228 |
94.727 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
61.013 |
146.962 |
485.307 |
|
|
|
TOTAL IMPORTS |
61.013 |
146.962 |
485.307 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
7.00 |
26.58 |
19.18 |
||
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 |
57.714 |
|
Cash generated from operations |
577.809 |
(43.750) |
265.039 |
|
Net cash flows from (used in) operations |
597.709 |
(96.238) |
309.487 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 1st Quarter |
30.09.2017 2nd Quarter |
31.12.2017 3rd Quarter |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net sales |
557.460 |
598.750 |
1168.550 |
|
Total Expenditure |
566.920 |
569.880 |
1112.940 |
|
PBIDT (Excluding Other Income) |
(9.460) |
28.870 |
55.610 |
|
Other income |
40.090 |
59.920 |
12.180 |
|
Operating Profit |
30.630 |
88.790 |
67.790 |
|
Interest |
3.680 |
2.750 |
2.510 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
26.950 |
86.040 |
65.280 |
|
Depreciation |
12.6900 |
13.240 |
13.880 |
|
Profit Before Tax |
14.260 |
72.800 |
51.400 |
|
Tax |
12.320 |
27.570 |
21.390 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
1.940 |
45.230 |
30.010 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1.940 |
45.230 |
30.010 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
106.05 |
217.45 |
219.30 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.44 |
1.68 |
1.66 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
189.57 |
214.82 |
152.77 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.57 |
1.29 |
0.87 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.16 |
0.40 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.44 |
0.42 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.80 |
0.78 |
1.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.43 |
0.46 |
0.52 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
10.35 |
11.69 |
4.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.25 |
6.39 |
4.32 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.22 |
4.63 |
2.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.23 |
8.71 |
6.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.60 |
1.67 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.45 |
1.48 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.53 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
3.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.60 |
1.67 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 985.90/- |
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 |
49.378 |
49.378 |
49.378 |
|
Reserves & Surplus |
1335.665 |
1457.615 |
1496.803 |
|
Net worth |
1385.043 |
1506.993 |
1546.181 |
|
|
|
|
|
|
long-term borrowings |
115.429 |
0.000 |
0.000 |
|
Short term borrowings |
80.294 |
0.000 |
0.000 |
|
Total borrowings |
195.723 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.141 |
0.000 |
0.000 |
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 |
2193.339 |
2053.781 |
1538.061 |
|
|
|
(6.363) |
(25.111) |
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 |
2193.339 |
2053.781 |
1538.061 |
|
Profit |
94.727 |
131.228 |
34.549 |
|
|
4.32% |
6.39% |
2.25% |
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G46714143 |
90237236 |
Canara Bank |
08/12/1997 |
07/06/2017 |
- |
1950000000.0 |
1st Floor, A Wing, Canara Bank BuildingC-14, G Block, Bandra Kurla Complex, Bandra EastMumbaiMH400051IN |
|
2 |
C77413086 |
10339492 |
HDFC BANK LIMITED |
15/02/2012 |
- |
20/01/2016 |
300000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
A13193651 |
90235160 |
EXPORT - IMPORT BANK OF INDIA |
10/02/2006 |
- |
21/03/2007 |
308000000.0 |
CENTRE ONE BUILDING FLOOR - 21WORLD TRADE CENTRE COMPLEX; CUFFEP PRADEMUMBAIMHIN |
CORPORATE INFORMATION:
The principal activities of the Company comprise customised manufacturing and installation of cold rolling mills, galvanizing lines, colour coating lines, tension levelling lines, skin pass mills, acid regeneration plants, wet flux line and pickling lines (“the projects”) for ferrous and non-ferrous industries world wide.
OVERVIEW OF COMPANY’S
FINANCIAL PERFORMANCE
OPERATIONS
The year marked the deflation of commodity prices globally reducing the steel prices. The growth in the demand for Indian steel lagged much behind the expectations. The net revenue from operations of the Company dropped by almost 24% and the profitability of the Company also decreased. The combination of predatory prices and import has jeopardized the loans raised by the domestic steel industry for capacity expansion.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Economic Environment:
Economic indicators : The International Monetary Fund (IMF) and the World Bank forecast India’s GDP to grow at 6.6 per cent and 7 per cent, respectively, in FY17. The impact of demonetisation is expected to be transitory. The Indian economy is expected to rebound in the second half of 2017 and continue as abright spot in the global economic map — GDP growth rate is forecast to be 6.75–7.5 per cent in FY18. The demonetisation exercise is also expected to further drive India’s GDP growth, owing to increased tax collections.
The industrial sector is estimated to grow at 7.4 per cent in FY17 compared with 9.3 per cent in FY16, owing to a steep decline in the demand of capital goods and consumer non-durable segments.
The services sector is expected to grow at 8.8 per cent in FY17 compared with 8.9 per cent in FY16. The slight slowdown is attributed to a deceleration in growth of trade, hotels, transport and storage from 9 per cent in FY16 to 6 per cent in FY17. However, public administration, defence and other services sectors are estimated to grow at a faster pace at 12.8 per cent in FY17 as against 6.6 per cent in FY16, offsetting the deceleration in other services sub-sectors.
OPPORTUNITIES AND
THREATS :
In the coming months, the company sees strengthening sentiment in terms of business opportunities in its principal markets. The management has put in place a business plan to leverage the company’s position in its markets – both domestic and overseas
CMI FPE, being a project management company which undertakes projects with an average gestation time of 12 to 18 months is exposed to certain inherent risks like variations in input prices, unforeseen adverse developments at customer-end leading to project delays, etc. which could impact project schedules. Though all care is taken to mitigate the impact of any adverse elements, the inherent nature of project business cannot be devoid of such elements.
The Company has over three decades of experience and proven process expertise in Cold Rolling and Metal Processing Industry, with continuous innovation, value engineering and cost effective solutions, enabling it to stay ahead of its competitors and be a vendor of choice to its customers.
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) Revenue from Operation |
1168.551 |
598.747 |
2324.760 |
|
b) Other Income |
12.177 |
59.921 |
112.188 |
|
Total Income from
Operations (net) |
1180.728 |
658.668 |
2436.948 |
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
872.092 |
320.361 |
1507.676 |
|
b) Purchase of
stock-in-trade |
-- |
-- |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1.074) |
(6.156) |
17.125 |
|
d) Excise Duty |
-- |
-- |
28.886 |
|
d) Employee benefits
expense |
126.246 |
128.439 |
384.136 |
|
e) Finance Cost |
2.509 |
2.748 |
8.937 |
|
f) Depreciation and
amortisation expense |
13.883 |
13.237 |
39.807 |
|
g) Other expenses |
115.668 |
127.241 |
311.922 |
|
Total Expenses |
1129.324 |
585.870 |
2298.499 |
|
Profit/ (Loss) from Operations before Other Income,
Exchange gain/(loss), Finance costs and Exceptional items |
51.404 |
72.798 |
138.459 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit /(Loss) before tax |
51.404 |
72.798 |
138.459 |
|
Tax
expenses |
|
|
|
|
Current
Tax |
3.910 |
9.810 |
13.720 |
|
Deferred
Tax |
17.481 |
17.756 |
47.553 |
|
Net
Profit / (Loss) after tax |
30.013 |
45.232 |
77.186 |
|
Other
Comprehensive Income |
|
|
|
|
i)
Item that will not reclassified to profit or loss ii)
Income tax relating to items that will not be reclassified
to profit or loss |
(7.739) |
-- |
(7.739) |
|
Effective portion of
gains and loss on designated portion of hedging instruments in a cash flow
hedge (net of tax) |
9.500 |
7.456 |
(2.641) |
|
Total
Comprehensive Income for the period |
22.369 |
52.688 |
66.806 |
|
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
49.378 |
49.378 |
49.378 |
|
Other Equity |
|
|
|
|
Basic
Earning Per Share |
6.08 |
9.16 |
15.63 |
|
Diluted
Earning Per Share |
6.08 |
9.16 |
15.63 |
FIXED ASSETS:
·
Land
·
Freehold Land
·
Building
·
Part 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 records 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 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
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 |
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.