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MIRA INFORM REPORT
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Report No. : |
502775 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SURYA ROSHNI LIMITED [w.e.f. 14.12.1990] |
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Formerly Known
As : |
PRAKASH TUBES LIMITED |
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Registered
Office : |
Prakash Nagar, Delhi-Rohtak Road, Sankhol,
Bahadurgarh-124507, Haryana |
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Tel. No.: |
91-1276-241540 / 241541 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.10.1973 |
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Com. Reg. No.: |
05-007543 |
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Capital
Investment / Paid-up Capital : |
INR 438.313 Million |
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CIN No.: [Company Identification
No.] |
L31501HR1973PLC007543 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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
: |
The company has identified the following two Primary Business Segments :
[Registered Activity] |
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No. of Employees
: |
3309 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Surya Roshni Limited (SRL), promoted by Mr. JP Agarwal, was incorporated in 1973. It is manufacturer, exporter and seller of steel and lighting products. As per the financial of 2017, the company possesses a healthy financial profile marked by strong networth base along with a decent growth in its revenue, good liquidity and average profitability. The rating continue to draw support from the experienced promoters, consistent track record of profitable operations of the company, established brand name with well-developed nation-wide marketing network and diversified product profile of the company. The company has its share price trading at around INR 417.05 on BSE as on April 06, 2018 as against the Face Value (FV) of INR 10. Trade relations are fair. Business is active. Payment seems to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: During the year under review, Board has approved the scheme of amalgamation of Surya Global Steel Tubes Limited with the Company for which Company has received the “No Objection” from the Stock Exchanges and has filed the petition of merger of Surya Global Steel Tubes Limited (SGSTL) with itself with the National Company Law Tribunal (NCLT) Chandigarh Bench for their directions / orders. Board of both the companies has approved the Scheme of Arrangement along with valuation report and fairness report of independent valuer (s) which laid out in particular the share exchange ratio i.e. 782 (Seven Hundred Eighty Two) Equity shares of face value of INR 10/- (Rupees Ten) each to be issued in Transferee Company for every 10,000 (Ten Thousand) Equity shares of face value of INR 10/- (Rupee Ten) each held by them in ‘Transferor Company’ pursuant to this Scheme of Amalgamation between the company and Surya Global Steel Tubes Limited. |
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 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Commercial Paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
08.03.2018 |
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. 91-1276-241540 / 241541)
91-9999447089 / 9818227317 (RINGING)
LOCATIONS
|
Registered Office / Works-Steel Division : |
Prakash Nagar, Delhi-Rohtak Road, Sankhol, Bahadurgarh -124507, Haryana, India |
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Tel. No.: |
91-1276-241540 / 241541 |
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Mob. No.: |
91-9999447089 (Mr. Kishan) |
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Fax No.: |
91-1276-241886 |
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E-Mail : |
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Website : |
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Head Office: |
Padma Tower - 1, 2nd Floor 5 Rajendra Place, New Delhi -
110008, India |
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Tel. No.: |
91-11-25810093-96/ 47108000 |
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Fax No.: |
91-11-25789560 |
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E-Mail : |
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Works - Steel Division (Malanpur) |
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Works - Lighting Division 1 : |
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Factory : |
S. No. 188, Anjar Mundra Highway, Bhuvad Taluka - Anjur, District –
Kutch -370133, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Jai Prakash Agarwal |
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Designation : |
Executive Chairman |
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Address: |
36/78, Punjabi Bagh (West), New Delhi – 110026, India |
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Qualification : |
Graduate |
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Date of Appointment : |
08.09.1975 |
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DIN No.: |
00041119 |
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Name : |
Mr. Urmil Agarwal |
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Designation : |
Additional Director |
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Address: |
36/78, West Punjabi Bagh (West), New Delhi - 110026, India |
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Experience : |
38 Years |
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Date of Appointment : |
19.12.2016 |
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DIN No.: |
00053809 |
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Name : |
Mr. Krishan Kumar Narula |
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Designation : |
Director |
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Address: |
A-25, Preet Vihar, Delhi – 110092, India |
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Qualification : |
M.com, CAIIB |
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Experience : |
53 Years |
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Date of Appointment : |
29.03.2000 |
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DIN No.: |
00098124 |
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Name : |
Mr. Tara Sankar Bhattacharya |
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Designation : |
Director |
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Address: |
8E, 8th Floor, Harbour Heights, Building No-B-I, Nasawant Marg, Colaba, Mumbai – 400005, Maharashtra, India |
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Qualification : |
MSC, PG Diploma in Management Science |
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Date of Appointment : |
14.02.2011 |
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DIN No.: |
00157305 |
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Name : |
Mr. Raju Bista |
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Designation : |
Managing Director |
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Address: |
18/75, Road No.75, Punjabi West, Delhi – 110026, India |
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Date of Appointment : |
18.06.2009 |
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DIN No.: |
01299297 |
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Name : |
Mr. Mukesh Tripathi |
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Designation : |
Director |
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Address: |
D-11, Bhagaya Vihar, Madanpur Dabas Extention P/O Ranikhera, New Delhi – 110081, India |
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Date of Appointment : |
28.05.2013 |
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DIN No.: |
01951272 |
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Name : |
Mr. Surendra Singh Khurana |
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Designation : |
Director |
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Address: |
RB 5, Hospital Road, Moti Bagh, New Delhi -110021, India |
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Date of Appointment : |
30.05.2014 |
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DIN No.: |
02126149 |
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Name : |
Mr. Sudhanshu Kumar Awasthi |
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Designation : |
Director |
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Address: |
27/301, East End Apartments Mayur Vihar, Phase I, Extension, Delhi – 110096, India |
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Date of Appointment : |
30.05.2014 |
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DIN No.: |
02162923 |
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Name : |
Mr. Ravinder Kumar Narang |
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Designation : |
Director |
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Address: |
14/81, West Punjabi Bagh, New Delhi – 110026, India |
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Date of Appointment : |
18.06.2009 |
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DIN No.: |
02318041 |
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Name : |
Mr. UtpalKumar Anilkumar Mukhopadhyayk |
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Designation : |
Director |
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Address: |
10-S Dilwara, Maharshi Karve Road, Mumbai – 400021, Maharashtra, India |
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Date of Appointment : |
14.02.2011 |
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DIN No.: |
02766045 |
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Name : |
Shivani Singla |
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Designation : |
Nominee Director |
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Address: |
WZ-1086-J/1, Basai Darapur, Opposite Bali Nagar, Ramesh Nagar H. O, West Delhi – 110015, India |
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Date of Appointment : |
11.12.2017 |
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DIN No.: |
07715894 |
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Name : |
Mr. Sunil Sikka |
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Designation : |
Additional Director |
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Address: |
A-1/103, Safdarjung Enclave, New Delhi – 110029, India |
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Date of Appointment : |
12.02.2018 |
|
DIN No.: |
08063385 |
KEY EXECUTIVES
|
Name : |
Mr. Tarun Kumar Baldua |
|
Designation : |
Chief Financial Officer |
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Address : |
F-25, Bakhtawar Ram Nagar, Behind Ajeet Club, Indore – 452001, Madhya Pradesh, India |
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Date of Appointment : |
14.11.2014 |
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PAN No.: |
ABAPB9375L |
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Name : |
Roop Narain Maloo |
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Designation : |
Chief Financial Officer |
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Address : |
B-111, Sector 40, Shiv Mandir, Noida – 201303, Uttar Pradesh,India |
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Date of Appointment : |
30.12.2013 |
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PAN No.: |
AAZPM3519K |
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Name : |
Mr. Bharat Bhushan Singal |
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Designation : |
Company Secretary |
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Address : |
D-64 Pushpanjali, Enclave, Pitampura, New Delhi - -110034, India |
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Date of Appointment : |
15.07.1997 |
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PAN No.: |
AAMPS6517N |
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Name : |
Ramanjit Singh |
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Designation : |
Chief Financial Officer |
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Address : |
A-3/136, Paschim Vihar, Delhi – 110063, India |
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Date of Appointment : |
13.08.2015 |
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PAN No.: |
AMCPS8944D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.01.2018
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
34223744 |
62.90 |
|
|
Public |
20185230 |
37.10 |
|
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Grand Total |
54408974 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
2682690 |
4.93 |
|
|
JAI PRAKASH AGARWAL |
2305723 |
4.24 |
|
|
URMIL AGARWAL |
210431 |
0.39 |
|
|
VINAY SURYA |
166536 |
0.31 |
|
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Any Other (specify) |
31541054 |
57.97 |
|
|
GARGIYA FINANCE AND INVESTMENT PRIVATE LIMITED |
522487 |
0.96 |
|
|
GOEL DIE CAST LIMITED |
1927962 |
3.54 |
|
|
JITS COURIER AND FINANCE PRIVATE LIMITED |
1001499 |
1.84 |
|
|
LUSTRE MERCHANTS PRIVATE LIMITED |
72394 |
0.13 |
|
|
S M VYAPAAR PRIVATE LIMITED |
1983920 |
3.65 |
|
|
VIKSIT TRADING AND HOLDING PRIVATE LIMITED |
237346 |
0.44 |
|
|
DIWAKAR MARKETING PRIVATE LIMITED |
5637500 |
10.36 |
|
|
CUBITEX MARKETING PRIVATE LIMITED |
4861000 |
8.93 |
|
|
PANKAJ INVESTMENTS LIMITED |
969348 |
1.78 |
|
|
SAHAJ TIE-UP PRIVATE LIMITED |
3125087 |
5.74 |
|
|
SHIRIN COMMODEAL PRIVATE LIMITED |
2116189 |
3.89 |
|
|
SHREYANSH MERCANTILE PRIVATE LIMITED |
3178000 |
5.84 |
|
|
ZATCO VYAPAR PRIVATE LIMITED |
1403455 |
2.58 |
|
|
B M GRAPHICS PRIVATE LIMITED |
961078 |
1.77 |
|
|
DICORD COMMODEAL PRIVATE LIMITED |
2265610 |
4.16 |
|
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SADABAHAR TRADECOMM PRIVATE LIMITED |
1278179 |
2.35 |
|
|
Sub Total A1 |
34223744 |
62.90 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
34223744 |
62.90 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
1370 |
0.00 |
|
|
Alternate Investment Funds |
1159522 |
2.13 |
|
|
INDIA WHIZDOM FUND |
1159522 |
2.13 |
|
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Foreign Portfolio Investors |
509242 |
0.94 |
|
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Financial Institutions/ Banks |
57810 |
0.11 |
|
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Insurance Companies |
3000 |
0.01 |
|
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Any Other (specify) |
250 |
0.00 |
|
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Sub Total B1 |
1731194 |
3.18 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
6999039 |
12.86 |
|
|
Individual share capital in excess of INR 0.200 Million |
2507165 |
4.61 |
|
|
NBFCs registered with RBI |
73205 |
0.13 |
|
|
Any Other (specify) |
8874627 |
16.31 |
|
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NRI |
355557 |
0.65 |
|
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Clearing Members |
237536 |
0.44 |
|
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Trusts |
15200 |
0.03 |
|
|
Bodies Corporate |
8116821 |
14.92 |
|
|
VLS FINANCE LIMITED |
802000 |
1.47 |
|
|
HENCO COMMERCIALS PVT. LIMITED |
1475020 |
2.71 |
|
|
PRAJIN BARTER PRIVATE LIMITED |
705599 |
1.30 |
|
|
RAXON MOTOR FINANCE PRIVATE LIMITED |
1537959 |
2.83 |
|
|
Unclaimed or Suspense or Escrow Account |
149513 |
0.27 |
|
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Sub Total B3 |
18454036 |
33.92 |
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|
B=B1+B2+B3 |
20185230 |
37.10 |
BUSINESS DETAILS
|
Line of Business : |
The company has identified the following two Primary Business Segments :
[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
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Suppliers : |
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Customers : |
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No. of Employees : |
3309 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : LONG-TERM
BORROWINGS Term Loans are secured by way of first pari-passu charge on all fixed Assets of the Company including equitable mortgage of Land and Building and further secured by way of second pari-passu charge on Company’s entire Current Assets both present and future and personal guarantee of the Chairman of the Company. a) Rupee Term Loans from banks aggregating INR 393.500 Million (as at 31.03.2016 INR 1101.900 Million; as at 01.04.2015 INR 2727.300 Million) are payable in 28 (maximum) quarterly installments, with last repayment date 30th September, 2025, carrying floating interest rate linked with MCLR of respective banks ranging from MCLR + 80 bps to 90 bps spread with periodical interest reset. b) Rupee term loans from financial institutions of INR 42.66 Million (as at 31.03.2016 INR 510.000 Million; as at 01.04.2015 INR Nil Million) are repayable maximum up to 22 quarterly installments with last repayment date 1st September 2022, carrying interest rate linked with 1year G-Sec.+275 bps spread with periodical interest reset. c) Foreign Currency Term Loan from banks aggregating INR 2581.000 Million (as at 31.03.2016 INR 2206.200 Million; as at 01.04.2015 INR 1593.900 Million) are payable in 28 (maximum) quarterly installments, with last repayment date 30th September, 2025, carrying floating interest rate ranging from LIBOR + 200 bps to 275 bps spread with periodical interest reset. SHORT-TERM BORROWINGS Working Capital Loans are secured against Company’s entire Current Assets both present and future and further secured by way of second charge on all Fixed Assets of the Company including equitable mortgage of Land and Building and personal guarantee of the Chairman of the Company. The commercial paper(s) carrying interest rate from 6.55% to 7.05%, rupee loans linked with MCLR of respective banks ranging from MCLR + 10 to 90 bps spread and foreign currency loan from LIBOR + 200 to 275 bps spread. |
|
Statutory Auditors |
|
|
Name : |
Sastry K.
Anandam and Company Chartered Accountants |
|
|
|
|
Cost Auditors |
|
|
Name : |
R. J. Goel and
Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
U28999HR2008PLC065843 |
CAPITAL STRUCTURE
After 23.09.2016
Authorised Capital : INR 2675.000 Million
Issued, Subscribed & Paid-up Capital : INR 544.090
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49800000 |
Equity Shares |
INR 10/- each |
INR 498.000 Million |
|
620000 |
Preference shares |
INR 10/- each |
INR 62.000 Million |
|
|
Total |
|
INR 560.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43831250 |
Equity Shares |
INR 10/- each |
INR 438.313 Million |
|
|
|
|
|
Terms / rights attached to equity shares
The company has one class of equity shares having at par value of INR 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of shares
held by each shareholder holding more than 5% shares:
|
Names |
As at 31st March
2017 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Diwakar Marketing Private Limited |
5637500 |
12.86 |
|
Cubitex Marketing Private Limited |
4861000 |
11.09 |
|
Shreyansh Mercantile Private Limited |
3178000 |
7.25 |
|
Sahaj Tie-Up Private Limited |
3116250 |
7.11 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
438.300 |
438.300 |
438.313 |
|
(b) Reserves & Surplus |
7055.200 |
6476.300 |
7671.855 |
|
(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) |
7493.500 |
6914.600 |
8110.168 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3055.800 |
3327.800 |
3642.752 |
|
(b) Deferred tax liabilities
(Net) |
523.300 |
523.500 |
513.036 |
|
(c) Other long term
liabilities |
89.300 |
78.100 |
70.285 |
|
(d) long-term provisions |
317.400 |
233.900 |
192.082 |
|
Total
Non-current Liabilities (3) |
3985.800 |
4163.300 |
4418.155 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5460.000 |
5131.800 |
5155.215 |
|
(b) Trade payables |
2590.400 |
2145.200 |
1721.285 |
|
(c) Other current liabilities |
1274.200 |
1317.900 |
1206.839 |
|
(d) Short-term provisions |
197.100 |
96.700 |
71.933 |
|
Total
Current Liabilities (4) |
9521.700 |
8691.600 |
8155.272 |
|
|
|
|
|
|
TOTAL |
21001.000 |
19769.500 |
20683.595 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7869.200 |
7534.400 |
9364.739 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
151.400 |
183.700 |
263.783 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
500.000 |
500.000 |
500.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
90.000 |
82.400 |
72.875 |
|
Total
Non-Current Assets |
8610.600 |
8300.500 |
10201.397 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5409.100 |
4698.800 |
3895.221 |
|
(c) Trade receivables |
5421.300 |
5256.800 |
5242.279 |
|
(d) Cash and cash equivalents |
192.000 |
272.600 |
263.514 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
1071.655 |
|
(f) Other current assets |
1368.000 |
1240.800 |
9.529 |
|
Total
Current Assets |
12390.400 |
11469.000 |
10482.198 |
|
|
|
|
|
|
TOTAL |
21001.000 |
19769.500 |
20683.595 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
34128.300 |
31965.000 |
28570.981 |
|
|
Other Income |
7.600 |
18.500 |
37.313 |
|
|
TOTAL
|
34135.900 |
31983.500 |
28608.294 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
20656.300 |
19649.100 |
18583.531 |
|
|
Purchases of Stock-in-Trade |
3446.400 |
2299.300 |
2005.457 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(596.300) |
(215.700) |
44.925 |
|
|
Employees benefits expense |
1996.400 |
1856.600 |
1563.748 |
|
|
Excise duty |
2673.700 |
2323.400 |
0.000 |
|
|
Other expenses |
3653.500 |
3628.500 |
4142.439 |
|
|
TOTAL |
31830.000 |
29541.200 |
26340.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2305.900 |
2442.300 |
2268.194 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
877.400 |
964.300 |
1089.984 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1428.500 |
1478.000 |
1178.210 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
559.200 |
610.100 |
560.425 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
869.300 |
867.900 |
617.785 |
|
|
|
|
|
|
|
Less |
TAX |
207.100 |
236.900 |
76.913 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
662.200 |
631.000 |
540.872 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
2769.529 |
2371.058 |
|
|
TOTAL
EARNINGS |
NA |
2769.529 |
2371.058 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
1909.958 |
1320.355 |
|
|
Components and Stores parts |
NA |
12.051 |
12.832 |
|
|
Capital Goods |
NA |
51.58 |
7.072 |
|
|
TOTAL
IMPORTS |
NA |
1973.589 |
1340.259 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
15.11 |
14.4 |
12.34 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
345.300 |
490.300 |
678.428 |
|
Cash generated from operations |
91.500 |
2298.100 |
2785.170 |
|
Net cash flow from operating activity |
1809.300 |
2082.800 |
2666.950 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
9936.400 |
8853.300 |
13128.000 |
|
Total Expenditure |
8827.700 |
8251.600 |
12210.600 |
|
PBIDT (Excl OI) |
508.700 |
601.700 |
917.400 |
|
Other Income |
1.200 |
0.900 |
9.500 |
|
Operating Profit |
509.900 |
602.600 |
926.900 |
|
Interest |
205.600 |
196.600 |
256.900 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
304.300 |
406.000 |
670.000 |
|
Depreciation |
143.900 |
145.300 |
218.000 |
|
Profit Before Tax |
160.400 |
260.700 |
452.000 |
|
Tax |
43.000 |
75.500 |
141.800 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
117.400 |
185.200 |
310.200 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
117.400 |
185.200 |
310.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
57.98 |
60.03 |
66.97 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.30 |
6.08 |
5.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
39.23 |
35.67 |
30.51 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.43 |
0.52 |
0.58 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.29 |
0.32 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.62 |
0.63 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.18 |
1.29 |
1.17 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.27 |
1.26 |
1.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.07 |
1.12 |
1.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.63 |
2.53 |
2.08 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
1.94 |
1.97 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.15 |
3.19 |
2.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.84 |
9.13 |
6.67 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.30 |
1.32 |
1.29 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.73 |
0.78 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.36 |
0.35 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
20.22 |
20.42 |
21.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.30 |
1.32 |
1.29 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 417.05/- each |
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 |
438.313 |
438.300 |
438.300 |
|
Reserves & Surplus |
7671.855 |
6476.300 |
7055.200 |
|
Net
worth |
8110.168 |
6914.600 |
7493.500 |
|
|
|
|
|
|
Long Term borrowings |
3642.752 |
3327.800 |
3055.800 |
|
Short Term borrowings |
5155.215 |
5131.800 |
5460.000 |
|
Current Maturities of Long term debt |
678.428 |
490.300 |
345.300 |
|
Total
borrowings |
9476.395 |
8949.900 |
8861.100 |
|
Debt/Equity
ratio |
1.168 |
1.294 |
1.183 |
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
|
28570.981 |
31965.000 |
34128.300 |
|
|
|
11.879 |
6.768 |
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
|
28570.981 |
31965.000 |
34128.300 |
|
Profit |
540.872 |
631.000 |
662.200 |
|
|
1.89% |
1.97% |
1.94% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
438.300 |
438.300 |
|
(b) Reserves & Surplus |
|
7234.100 |
6601.900 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7672.400 |
7040.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3055.800 |
3327.800 |
|
(b) Deferred tax liabilities
(Net) |
|
523.300 |
523.500 |
|
(c) Other long term
liabilities |
|
89.300 |
78.100 |
|
(d) long-term provisions |
|
317.400 |
233.900 |
|
Total
Non-current Liabilities (3) |
|
3985.800 |
4163.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5460.000 |
5131.800 |
|
(b) Trade payables |
|
2590.400 |
2145.200 |
|
(c) Other current liabilities |
|
1274.200 |
1317.900 |
|
(d) Short-term provisions |
|
197.100 |
96.700 |
|
Total
Current Liabilities (4) |
|
9521.700 |
8691.600 |
|
|
|
|
|
|
TOTAL |
|
21179.900 |
19895.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
7869.200 |
7534.400 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
151.400 |
183.700 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
678.900 |
625.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
90.000 |
82.400 |
|
Total
Non-Current Assets |
|
8789.500 |
8426.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5409.100 |
4698.800 |
|
(c) Trade receivables |
|
5421.300 |
5256.800 |
|
(d) Cash and cash equivalents |
|
192.000 |
272.600 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1368.000 |
1240.800 |
|
Total
Current Assets |
|
12390.400 |
11469.000 |
|
|
|
|
|
|
TOTAL |
|
21179.900 |
19895.100 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
34128.300 |
31965.000 |
|
|
Other Income |
|
7.600 |
18.500 |
|
|
TOTAL
|
|
34135.900 |
31983.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
20656.300 |
19649.100 |
|
|
Purchases of Stock-in-Trade |
|
3446.400 |
2299.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(596.300) |
(215.700) |
|
|
Employees benefits expense |
|
1996.400 |
1856.600 |
|
|
Excise duty |
|
2673.700 |
2323.400 |
|
|
Other expenses |
|
3653.500 |
3628.500 |
|
|
TOTAL |
|
31830.000 |
29541.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2305.900 |
2442.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
877.400 |
964.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1428.500 |
1478.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
559.200 |
610.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
869.300 |
867.900 |
|
|
|
|
|
|
|
Less |
TAX |
|
207.100 |
236.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
662.200 |
631.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
16.34 |
15.35 |
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 |
CORPORATE AND GENERAL
INFORMATION
The Company’ is domiciled and incorporated in India and its shares are publicly traded on the National Stock Exchange (‘NSE’) and the BSE Limited, in India. The registered office of SRL is situated at Prakash Nagar, Sankhol, Rohtak Road, Bahadurgarh – 124507 (Haryana) India.
SRL is more than four decade old manufacturing conglomerate with business interest spanning Steel Pipes and Strips, Lighting, fittings, Fans, electric Appliances and PVC pipes and fittings. Besides enjoying market presence across the length and breadth of India, it also export products to more than 25 countries globally. Company is the largest GI Steel Pipe Manufacturer and the second largest in lighting in India.
These financial statements were approved and adopted by board of directors of the Company in their meeting dated 30th May, 2017.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC REVIEW
Global Economy
According to the
World Economic Outlook, the global economic growth has slumped from 3.4% in
2015 to 3.2% in 2016. The Advanced Economies (AE) lost some steam during the
year with just 1.7% growth. With economic activities picking up in the second
half of 2016, the AE growth forecasts for 2017 and 2018 is pegged at 2.2% and
2.0% respectively. The forecast is particularly uncertain in light of potential
changes in the policy stance of the United States under the incoming
administration. The Emerging Markets and Developing Economies (EMDE)
demonstrated resilience growth of 4.3% in 2016. The agreed restrictions on oil
supply triggered the recovery of global commodity prices bringing a huge sigh
of relief to commodity exporters aiding to global inflation and condense
deflationary pressures. India’s economy remained buoyant despite demonetization. With strong market
sentiments, EMDEs are expected to grow by 4.6% and 4.9% in 2017 and 2018
respectively. Overall, strong financial markets and a longawaited cyclical
recovery in manufacturing and trade are likely to push the global economic
growth to 3.6% and 3.7% in 2017 and 2018 respectively.
Stronger
economic activity, expectations of more robust global demand, reduced
deflationary pressures, and optimistic financial markets are all upside
developments. Although structural impediments to a stronger recovery and a
balance of risks that remains tilted to the downside, especially over the
medium term, remain important challenges.
BRIEF DESCRIPTION
Surya Group has
emerged as a reputed manufacturing conglomerate, catering diverse consumer need
in both domestic and industrial categories. Over the years, it has manifested, not
just a strong brand image, but also an irreplaceable mark onto the minds and
consideration of customers. The Company’s business segments has two verticals:
In its Steel
Pipe and Strips segment , the Company manufactures ERW Steel pipes and CR
Strips and is currently India’s biggest GI pipe manufacturer. The Company manufactures pipes in the
range of 1⁄2”
to 104”
DIA. The Companys Pipe manufacturing units are located in Haryana, Madhya
Pradesh and Andhra Pradesh and is currently exporting its ERW and Spiral welded
pipes to over 50 countries across the globe.
Lighting and
Consumer Durables and Steel Pipes and Strips. Under Lighting, the Company
offers some of the widest range of lighting products, ranging from conventional
GLS, CFL, to modern Luminaries to LEDs. Company also operates its Fans and
Appliances business, where the Company offers several models of fans and
domestic home appliances and heating appliances products like Juicer Mixer
Grinders, Induction Cooktops, Toasters, Dry Irons, Steam Irons, Water Heaters
and Air Coolers and Air heaters. The Companys lighting manufacturing units are
located in Uttarakhand and Madhya Pradesh.
Portfolio Stars
- One of the largest and most reputed GI, Black, Hollow Section and
ERW Pipes manufacturer
- ERW pipe Manufacturing unit at Bahadurgarh, Malanpur (M.P.) and
Hindupur (A.P.)
- Recently commissioned ERW Black and GI pipe manufacturing unit at
Hindupur, Dist. Ananthapuramu (AP)
- Enhanced product offering with Square and Section and Rectangular
section pipes in steel
- Asia’s largest ribbon glass plant from Dema Glass UK at Gwalior, Madhya
Pradesh
- The only lighting company with 100% backward integration with 100%
in-house manufacturing
- The second largest seller of GLS and FTL lighting product in India
- Surya lamps save up to 85% electricity and have enduring life
- Surya Technology and Innovation Centre (STIC) – the
state-of-the-art lighting laboratory in Noida is one of the best lighting
laboratories in Asia. STIC has been recognized as an RandD centre by DSIR,
Ministry of Science and Technology. It is also listed as one of the best
testing laboratories in India by BEE.
- To compliment its foray in the luminaries segment, the Company has
set up a state-of-the-art manufacturing facility for diverse Lighting
Systems and Octagonal Poles.
- Surya provides wide categories of designer and colorful range of
ceiling, table, pedestal and wall mounting fans along with a wide range of
domestic exhaust fans.
- Surya launched super energy-efficient BLDC SS-32 WATT fan with
energy saving of 60%
- Offers a premium and contemporary range of electrical home
appliances like Electrical Storage Water Heaters, Room Heaters, Dry Irons,
Steam Irons, Immersion Heater and Kitchen appliances like Mixer Grinders,
Juicer Mixer Grinders, Induction Cooktops and Toasters.
OUTLOOK
With the
increasing investment cycle and inflation well in control, India’s economic
growth is in the upward trajectory. The government is determined on
accelerating the economic growth in India through a number of policy measures.
Further, a better monsoon as compared to last two years would further support
the growth momentum. The Company’s businesses are well placed to leverage the
growing demand, both domestic as well as international, to maintain a firm
growth over the coming years.
Segment Outlook
a) Steel segment
On account of
Government emphasis through the National Steel Policy for increasing the
capacity of steel sector, generating Solar Power, Wind Power, improving road
infrastructure, Housing for all, Elevated tracks for Railways, city gas
projects etc. and increasing infrastructure spending will accelerate the steel
pipes business as the requirements of diverse variety of pipes with different
needs will grow manifold in near future. The strategic plant locations will
provide savings in logistics cost and help us in catering the customer demand
swiftly. Surya Roshni is geared up to achieve its business goals through
adoption of latest technology, operational efficiency, excellent customer service
and launch of innovative and diversified products in the market.
b) Lighting segment
The LED technology will continue to grow and dominate the lighting segment. It will account for increasing share of revenue within the Lighting segment. Low cost and government’s push for LED lamps will account for a higher share of volume growth in 2017-18. The pricing as well as the introduction of solutions based products in a competitive market will have a bearing on the growth of the overall lighting market.
c) Home Appliances and Fans segment
We have combined
their synergies to diversify their consumer durables segment with the launch of
high efficiency BLDC fan and other home appliances. The designing of all the
products are based on energy efficiency and cost savings. Looking at the
increasing benefits of low cost and high efficiency products, consumer demand
is increasingly shifting towards these products. Surya has well-trained
efficient pool of qualified professionals to handle today’s smart consumers.
We are focused on aligning brand promise with right delivery in product
performance and service. Their value-based products stand out in the herds of
look alikes and we are also making effective business strategies to ensure the
customer demands are met seamlessly.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G54425806 |
100124806 |
EXPORT IMPORT BANK OF INDIA |
28/09/2017 |
- |
- |
250000000.0 |
Centre One Building, Floor 21,World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN |
|
2 |
G55723597 |
100126654 |
HDFC BANK LIMITED |
13/09/2017 |
- |
- |
365000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PARLE WMUMBAIMH400013IN |
|
3 |
G53450508 |
100122774 |
DCB BANK LIMITED |
08/08/2017 |
- |
- |
240000000.0 |
A-Set House, III Floor,7/56 Desh Bandhu Gupta Road, Karol Bagh,New DelhiDL110005IN |
|
4 |
G47045653 |
100105864 |
HDFC BANK LIMITED |
30/05/2017 |
- |
- |
650000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PARLE WMUMBAIMH400013IN |
|
5 |
G47373220 |
100106849 |
PUNJAB NATIONAL BANK |
30/05/2017 |
- |
- |
571200000.0 |
28A, K. G. Marg,ECE House,New DelhiDL110001IN |
|
6 |
G47369087 |
100106826 |
HDFC BANK LIMITED |
24/05/2017 |
- |
- |
210000000.0 |
HDFC BANK HOUSE SENAPATI PAPAT MARGLOWER PARLE WMUMBAIMH400013IN |
|
7 |
G69397313 |
100089075 |
State Bank of India |
14/02/2017 |
20/09/2017 |
- |
500000000.0 |
Special Commercial BranchSCO 103-106, Sector 17-B,ChandigarhCH160017IN |
|
8 |
G08034282 |
10620146 |
State Bank of India |
19/01/2016 |
08/07/2016 |
- |
250000000.0 |
Specialised Commercial Branch, SCO103-106, Sector 17-BChandigarhCH160017IN |
|
9 |
G08703803 |
10611502 |
EXPORT-IMPORT BANK OF INDIA |
29/12/2015 |
06/07/2016 |
- |
250000000.0 |
Centre one Building, Floor-21,World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN |
|
10 |
G40214215 |
10577937 |
State Bank of India |
09/06/2015 |
08/03/2017 |
- |
1650000000.0 |
Special Commercial Branch, SCO-103-106Sector 17-BChandigarhCH160017IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees |
|
|
|
Bank Guarantees issued by banks for which counter guarantee given by the Company |
1388.800 |
1029.900 |
|
Other contingent
liabilities |
|
|
|
Bonds Executed by the Company to Custom Department against export obligation under EPCG Scheme |
186.900 |
166.500 |
|
Claims against the company not acknowledged as debt |
19.000 |
19.300 |
|
Total |
1594.700 |
1215.700 |
FIXED ASSETS
- Land Freehold
- Land under lease
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Computer
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
13128.000 |
11362.100 |
35859.100 |
|
|
|
b) Other Operating Income |
9.500 |
0.900 |
11.500 |
|
|
Total Income from
Operations (Net) |
13137.500 |
11363.000 |
35870.600 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
9603.900 |
8473.100 |
25518.900 |
|
|
b) |
Purchase of Stock-in-trade |
709.400 |
482.300 |
2071.700 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(109.400) |
(333.700) |
(770.300) |
|
|
d) |
Employee benefit expenses |
669.200 |
679.600 |
2000.300 |
|
|
e) |
Finance Costs |
256.900 |
261.400 |
774.600 |
|
|
f) |
Depreciation and amortization expense |
218.000 |
218.800 |
649.900 |
|
|
g) |
Excise duty |
0.000 |
0.000 |
806.000 |
|
|
h) |
Other expenses |
1337.500 |
1237.300 |
3790.800 |
|
|
Total Expenses |
12685.500 |
11018.800 |
34841.900 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
452.000 |
344.200 |
1028.800 |
|
|
4 |
Tax Expense |
141.800 |
108.800 |
318.600 |
|
|
5 |
Net Profit for the
period after tax |
310.200 |
235.400 |
710.200 |
|
|
|
|
|
|
|
|
|
6 |
Other Comprehensive Income |
|
|
|
|
|
|
Items that will not be reclassified of profit or loss |
(7.700) |
(8.400) |
(24.000) |
|
|
|
Income tax related to Items that will not be reclassified of profit or loss |
2.600 |
2.900 |
8.200 |
|
|
|
Total
Comprehensive Income |
305.100 |
229.900 |
694.400 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.70 |
4.33 |
13.05 |
|
SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2017
(INR
in Million)
|
Sr. No |
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
Segment Revenue |
|
|
|
|
|
· Steel Pipe and Strips |
9752.100 |
7931.700 |
25921.400 |
|
|
· Lighting and Consumer Durables |
3380.500 |
3433.900 |
9960.800 |
|
|
Total |
13132.600 |
11365.600 |
35882.200 |
|
|
Less :Inter Segment Revenue |
(4.600) |
(3.500) |
(23.100) |
|
|
Net Sales / Income
from Operations |
13128.000 |
11362.100 |
35859.100 |
|
|
|
|
|
|
|
2. |
Segment Results
(Profit/Loss) |
|
|
|
|
|
Before Interest and
Tax |
|
|
|
|
|
Segment wise : |
|
|
|
|
|
· Steel Pipe and Strips |
411.900 |
313.900 |
996.200 |
|
|
· Lighting and Consumer Durables |
297.000 |
291.700 |
807.200 |
|
|
Total |
708.900 |
605.600 |
1803.400 |
|
|
Less : Finance Cost |
256.900 |
261.400 |
774.600 |
|
|
: Other Unallocable expenditure net of Income |
0.000 |
0.000 |
0.000 |
|
|
Total Profit before
Tax |
452.000 |
344.200 |
1028.800 |
|
|
|
|
|
|
|
|
Segment Assets |
|
|
|
|
|
· Steel Pipe and Strips |
19036.700 |
18086.000 |
19036.700 |
|
|
· Lighting and Consumer Durables |
8980.900 |
9070.900 |
8980.900 |
|
|
· Unallocated assets |
602.600 |
539.000 |
602.600 |
|
|
Total |
28620.200 |
27695.900 |
28620.200 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
· Steel Pipe and Strips |
4759.200 |
3982.400 |
4759.200 |
|
|
· Lighting and Consumer Durables |
2217.200 |
1976.900 |
2217.200 |
|
|
· Unallocated liabilities (including borrowings) |
11440.200 |
11838.100 |
11440.200 |
|
|
Total |
18416.600 |
17797.400 |
18416.600 |
NOTE :
1. The above financial results of the Company have been prepared in accordance with Indian Accounting Standard (Ind AS) - 34, “Interim Financial Reporting “ as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India.
2. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 12th February, 2018. The statutory auditors of the Company have conducted limited review of these financial results.
3. As per the requirement of Ind AS Revenue for the period(s) up to 30th June 2017 were reported inclusive of Excise Duty. The Government of India has implemented Goods and Service Tax (“GST”) from 1st July 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per Ind AS 18 the revenue for the quarter ended 30th September 2017 and 31st December, 2017, is reported net of GST. Had the previously reported revenue shown net of excise duty, comparative revenue of the Company would have been as follows;
(INR in Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
Year ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
31.03.2017 |
|
(A) Steel Pipe and Strips |
9752.100 |
7931.700 |
25232.600 |
26049.200 |
|
(B) Lighting and Consumer Durables |
3380.500 |
3433.900 |
9843.600 |
12822.400 |
|
Total |
13132.600 |
11365.600 |
36076.200 |
38871.600 |
|
Less :Inter Segment Revenue |
(4.600) |
(3.500) |
23.100 |
36.300 |
|
Net Sales / Income
from Operations |
13128.000 |
11362.100 |
35053.100 |
38835.300 |
4. Hon’ble National Company Law Tribunal at Chandigarh Bench (NCLT) vide its order dated 11th December, 2017 have approved the Scheme of Arrangement for amalgamation of Surya Global Steel Tubes Limited with Surya Roshni Limited under section 230 and 232 of Companies Act, 2013. As per approved scheme, the same is effective from the date of filing with Registrar of Companies ‘ROC’. The Company has filed the order along with Scheme with ROC on 11th January, 2018. Since the Appointed date is 1st April, 2016, accordingly, Company has reported the above results for the current and all earlier period considering the effect of the amalgamation. The earlier published results for the above mentioned period(s) in brief are given below :
(INR in Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
Year ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
31.03.2017 |
|
Total Income |
8854.200 |
8726.400 |
24786.600 |
34135.900 |
|
Total Expenses |
8593.500 |
8489.500 |
24199.400 |
33266.600 |
|
Profit before tax |
260.700 |
236.900 |
587.200 |
869.300 |
|
Tax expenses |
75.500 |
60.400 |
150.700 |
207.100 |
|
Profit for the period |
185.200 |
176.500 |
436.500 |
662.200 |
|
Other Comprehensive income / (loss) |
(4.200) |
(4.900) |
(9.500) |
(30.500) |
|
Total Comprehensive income |
181.000 |
171.600 |
427.000 |
631.700 |
|
Earnings per equity share (Basic & Diluted) |
42.200 |
40.300 |
99.600 |
151.100 |
5. Pursuant to the approved scheme ,Company has issued 1,05,77,724 equity shares to the shareholders of Surya Global Steel Tubes Limited on 25th January, 2018, which are deemed to be allotted on 1st April, 2016, hence share capital and earning per share ( EPS) of the quarter/ period since 1st April, 2016 are also revised accordingly .
PRESS RELEASE
SURYA ROSHNI TO DE-MERGE ITS LIGHTING AND CONSUMER
DURABLES BUSINESS
February 14, 2018
The company has asked
its business reorganization committee to come up with alternative strategies of
re-organization, separation or demerger of its two business verticals.
Surya Roshni has indicated that it plans to separate its two business verticals - Lighting and Consumer Durables and Steel Pipes & Strips, in a recent BSE filing. As the two businesses are not inter-related and have different business dynamics, the company has indicated its business reorganization committee to come up with alternative strategies of re-organization or demerger of its two business verticals.
The talks of de-merger of its Lighting and Consumer Durables business have been going on since almost 1-2 years. However, subdued performance of its Steel Pipes & Strips division was a concern, which may have prevented a smooth demerger. Therefore, in 2016 the company merged its associate company, Surya Global Steel Tubes (SGSTL) in its Steel division. SGSTL is an exports-focused unit with cost advantages over others, and hence, the merger is expected to improve margin and returns of its steel business as well. Hence, we believe the de-merger will benefit both the verticals, as they will be able to focus on their core competencies and follow an independent growth trajectory.
For 9MFY18 and Q3FY18 the company’s Lighting and Consumer Durables division’s performance has been good despite GST related disruptions. The segment's sales (net of excise duty and GST for yoy comparison) have grown by 5.1% yoy each in 9MFY18 and Q3FY18 to reach Rs984.4cr and Rs338.1cr respectively. During 9MFY18, lighting division has contributed ~28% to total revenues of the company. Light-emitting diode (LED) lights are a main product of this division which has grown 38% yoy during 9MFY18.
In FY17, Lighting and Consumer Durables division had revenue of ~INR 13.490 Million and contributed ~40% to its revenues. The ROCE for this business in FY17 was ~17%. In this division, lighting business of the company had been impacted due to phasing out of compact fluorescent lightbulbs (CFL) from the market as a result of migration towards light-emitting diode (LEDs), which is a better quality and more energy-efficient option. The company has recently launched premium range of LED down-lighters, street lights and flood lights. The company has also obtained contracts for supply of LED street lights and other lighting products worth INR 2200.000 Million (exclusive of taxes) from EESL. As per the company’s 2016-17 annual report, it is enjoying 18-20% market share in the LED lighting organized market. Therefore, lighting business is expected to deliver healthy performance going forward.
The Lighting and Consumer Durables division also includes appliances such as fans, kitchen appliances, etc. During FY17, the volume growth in LED business was 77% yoy, whereas the fan and home appliances business grew by 55% yoy. In FY17, the fans segment had 3% market share of the total Indian fan market and achieved sales of INR 1800.000 Million in FY17.
Surya Roshni has wide spread market network of over 2,000 distributors and 2 lakh countrywide retailers across PAN India and exports to over 25 countries globally, across the Middle East, Europe, Africa and Asia.
We believe de-merger of its business verticals will help the company unlock value in its Lighting and Consumer Durables division. Currently, the company’s TTM P/E is 34.5x (source: Bloomberg). However, its competitors in the lighting and consumer electrical products - Crompton Greaves Consumer Electricals, Havells India and Bajaj Electricals trade at higher TTM P/Ex of ~52x, ~67x and ~52x respectively.
Surya Roshni Ltd is currently trading at INR 492.250, down by INR 5.100 or 1.03% from its previous closing of INR 497.35 on the BSE.
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 : |
AKS |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
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.