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|
|
MIRA INFORM REPORT
|
Report No. : |
502997 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST KANTO CYLINDER LIMITED (w.e.f. 07.06.2005) |
|
|
|
|
Formerly Known
As : |
EVEREST KANTO CYLINDER PRIVATE LIMITED |
|
|
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Registered
Office : |
204, Raheja Centre, Free Press Journal Marg, 214, Nariman
Point, Mumbai – 400021, Maharashtra |
|
Tel. No.: |
91-22-30268300 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation
: |
24.06.1978 |
|
|
|
|
Com. Reg. No.: |
11-020434 |
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|
Capital
Investment / Paid-up Capital : |
INR 224.415 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29200MH1978PLC020434 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0390001937 |
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|
|
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TIN No.: |
27300330844 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACE0836F |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACE0836F1Z0 |
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|
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Subject is engaged in the manufacture of high pressure seamless
gas cylinders and other cylinders, equipments, appliances and tanks with
their parts and accessories used for containing and storage of liquefied
petroleum gases and other gases, liquids and air. (Registered activity and also confirmed by
management) |
|
|
|
|
No. of Employees
: |
595 (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is an established company incorporated in the year 1978 having
satisfactory track record. For the financial year ended 2017, the company has witnessed a healthy
growth in its revenue by 42.91% (approximately) and has achieved decent
profit margin at 29.42% (approximately). Rating takes into consideration company’s long established track
record of business operation backed by healthy networth base and fair debt
level of the company. Further, the rating takes into consideration significant improvement
in networth due to reduction of debt from sale of Gandhidham facility and
improved operational performance. Trade relations are reported as fair. Business is active. Payment
terms are to be slow but correct. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term = (BB) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
16.11.2017 |
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 12.04.2018
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 PARTED BY
|
Name : |
Mr. Kishore Kashiram Thakkar |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-22-30268300 |
|
Date : |
09.04.2018 |
LOCATIONS
|
Registered Office : |
204, Raheja Centre, Free Press Journal Marg, 214, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-30268300-01 |
|
Fax No.: |
91-22-22870718/0720 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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Locality : |
Commercial |
|
|
|
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Plant 1: |
Plot No. 525 to 542, 618, 619, 627 and 628, Sector – New Extended
Area, Kandla Special Economic Zone, Gandhidham, Kutch – 370230, Gujarat,
India |
|
|
|
|
Plant 2: |
N – 62, MIDC Industrial Area, Tarapur, Kumbhavali Naka, Boisar – 401506,
Maharashtra, India |
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|
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Branch Office 1: |
No.9, Mota Chambers, Milier Road, Bangalore – 560052, Karnataka, India |
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Tel No: |
91-80-22280457/ 4202 |
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Fax No: |
91-80-22284201 |
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|
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Branch Office 2: |
B- 69/ 2, Wazirpur Industrial Area, |
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Tel No: |
91-11-42474916/ 4917 /4919/ 4920 |
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Fax No: |
91-11-27377530/ 91-11-42474918 |
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Branch Office 3: |
Located at Kolkata, West Bengal, India |
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|
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|
Located At:
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Prem Kumar Khurana |
|
Designation : |
Managing Director |
|
Address : |
203 B, Maker Tower 'B', Cuffe Parade, Mumbai - 400005, Maharashtra,
India |
|
Date of Appointment : |
01.08.1978 |
|
DIN No.: |
00004050 |
|
|
|
|
Name : |
Mr. Pushkar Khurana |
|
Designation : |
Director |
|
Address : |
202 B, Maker Tower, Cuffe Parade, Colaba, Mumbai - 400005 Maharashtra,
India |
|
Date of Birth/ Age : |
17.07.1972 |
|
Date of Appointment : |
01.01.2008 |
|
DIN No.: |
00040489 |
|
|
|
|
Name : |
Mr. Mohan Motiram Jayakar |
|
Designation : |
Director |
|
Address : |
12, Makani Manor, 1st Floor, Peddar Road, Mumbai - 400026,
Maharashtra, India |
|
Date of Appointment : |
05.07.2005 |
|
DIN No.: |
00925962 |
|
|
|
|
Name : |
Maganti Narayanarao Sudhindra |
|
Designation : |
Director |
|
Address : |
D- 3207/08, 32nd Floor, Ashok Towers, S.S. Rao Road, Lower Parel,
Mumbai - 400012, Maharashtra, India |
|
Date of Appointment : |
28.09.2015 |
|
DIN No.: |
01820347 |
|
|
|
|
Name : |
Mrs. Uma Achyut Acharya |
|
Designation : |
Director |
|
Address : |
179/A, Room No. 2, Yashoda Building, L.J. Road Near Shivsena Bhavan,
Dadar West Mumbai - 400028, Maharashtra, India |
|
Date of Appointment : |
28.09.2015 |
|
DIN No.: |
07165976 |
KEY EXECUTIVES
|
Name : |
Mr. Puneet Khurana |
|
Designation : |
Chief Executive Officer |
|
Address : |
202 B, Maker Tower, Cuffe Parade, Colaba, Mumbai - 400005 Maharashtra,
India |
|
Date of Appointment : |
10.02.2017 |
|
PAN No.: |
AGGPK6151Q |
|
|
|
|
Name : |
Mr. Dinesh Ram Bhalotia |
|
Designation : |
Chief Financial Officer |
|
Address : |
B/702, Vastu Tower, Evershine Nagar, Malad (West), Mumbai – 400064,
Maharashtra, India |
|
Date of Appointment : |
14.12.2017 |
|
PAN No.: |
AOLPB6244A |
|
|
|
|
Name : |
Mr. Kishore Kashiram Thakkar |
|
Designation : |
Chief Finance Office |
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|
|
|
Name : |
Mr. Santosh |
|
Designation : |
Accounts Department |
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BOARD
COMMITTEES |
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Audit
Committee : |
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Stakeholders’
Relationship Committee : |
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Nomination
& Remuneration Committee : |
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Share
Allotment Committee : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
74245800 |
66.17 |
|
|
(B) Public |
37961882 |
33.83 |
|
|
Grand
Total |
112207682 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
Number of Locked
in shares |
Number of Shares
pledged or otherwise encumbered |
|||
|
No. |
As a % of total
Shares held |
No. |
As a % of total
Shares held |
||||
|
A1) Indian |
0.00 |
0.00 |
0.00 |
||||
|
Individuals/Hindu
undivided Family |
50259731 |
44.79 |
2525000 |
5.02 |
14331600 |
28.52 |
|
|
Suman Premkumar Khurana |
15230691 |
13.57 |
0.00 |
0.00 |
|||
|
Premkumar Dharampal
Khurana |
12218000 |
10.89 |
0.00 |
12218000 |
100.00 |
||
|
Puneet Premkumar Khurana |
7782933 |
6.94 |
865519 |
11.12 |
0.00 |
||
|
Pushkar Premkumar Khurana |
5895107 |
5.25 |
1659481 |
28.15 |
598600 |
10.15 |
|
|
Premkumar Dharampal
Khurana (HUF) |
4800000 |
4.28 |
0.00 |
1515000 |
31.56 |
||
|
Varun Khurana |
4322000 |
3.85 |
0.00 |
0.00 |
|||
|
Nishita Khurana |
10000 |
0.01 |
0.00 |
0.00 |
|||
|
Pooja Khurana |
1000 |
0.00 |
0.00 |
0.00 |
|||
|
Any Other (specify) |
22377203 |
19.94 |
2525000 |
11.28 |
19320000 |
86.34 |
|
|
Khurana Gases Private
Limited |
17577203 |
15.66 |
2525000 |
14.37 |
14520000 |
82.61 |
|
|
Medical Engineers India
Limited |
4800000 |
4.28 |
0.00 |
4800000 |
100.00 |
||
|
Sub Total A1 |
72636934 |
64.73 |
5050000 |
6.95 |
33651600 |
46.33 |
|
|
A2) Foreign |
0.00 |
0.00 |
0.00 |
||||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
1608866 |
1.43 |
0.00 |
0.00 |
|||
|
Pushkar Kumar Khurana |
1608866 |
1.43 |
0.00 |
0.00 |
|||
|
Sub Total A2 |
1608866 |
1.43 |
0.00 |
0.00 |
|||
|
A=A1+A2 |
74245800 |
66.17 |
5050000 |
6.80 |
33651600 |
45.32 |
|
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Foreign Portfolio
Investors |
69692 |
0.06 |
|
|
Financial Institutions/
Banks |
309642 |
0.28 |
|
|
Sub Total B1 |
379334 |
0.34 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
13624 |
0.01 |
|
|
Sub Total B2 |
13624 |
0.01 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
23417770 |
20.87 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1099333 |
0.98 |
|
|
Any Other (specify) |
13051821 |
11.63 |
|
|
HUF |
1746831 |
1.56 |
|
|
NRI – Non- Repat |
219404 |
0.20 |
|
|
NRI – Repat |
736690 |
0.66 |
|
|
Clearing Members |
2557239 |
2.28 |
|
|
Bodies Corporate |
7791657 |
6.94 |
|
|
Sub Total B3 |
37568924 |
33.48 |
|
|
B=B1+B2+B3 |
37961882 |
33.83 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of high pressure
seamless gas cylinders and other cylinders, equipments, appliances and tanks with
their parts and accessories used for containing and storage of liquefied
petroleum gases and other gases, liquids and air. (Registered activity and also confirmed by
management) |
||||
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|
||||
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Products/ Services : |
|
||||
|
|
|
||||
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Brand Names : |
Not Available |
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||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
|
||||
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Products : |
Finished Goods |
||||
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Countries : |
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||||
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|
||||
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Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
China |
||||
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|
||||
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Terms : |
|
||||
|
Selling : |
L/C, Cheque, Credit (30/ 60 Days), Others (RTGS/ NEFT) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cheque, Credit (30/ 60 Days), Others (RTGS/ NEFT) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, End Users
|
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|
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|
No. of Employees : |
595 (Approximately) |
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Bankers : |
|
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66262600 |
|
Fax No.: |
91-22-66262601 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies : |
|
|
|
|
|
Step Down Subsidiary Companies : |
|
|
|
|
|
Other Related Parties where Promoters, Directors and Relatives exercise
significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
INR 2/- each |
INR 250.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112207682 |
Equity Shares |
INR 2/- each |
INR 224.415 Million |
|
|
|
|
|
Reconciliation
of Number of Shares
|
Equity Shares |
As at 31st March, 2017 |
|
|
Number of Shares |
Amount In Million |
|
|
Shares outstanding at the beginning of the year |
112207682 |
224.415 |
|
Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
112207682 |
224.415 |
During the previous year,
the Company had made preferential allotment of 5050000 Equity Shares having face
value of INR 2 each at a premium of INR 14 per share pursuant to the approval
of its shareholders at the Extra Ordinary General Meeting held on 22nd March,
2016.
Rights,
Preferences and Restrictions attached to Shares
The Company has only one
class of Equity Shares having a par value of INR 2 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 the share
holding.
Details
of shares held by shareholders holding more than 5% of the aggregate shares in
the Company
|
Name of
Shareholder |
As at 31st March, 2017 |
|
|
Number of Held |
Percentage of Shares Held |
|
|
Khurana Gases Private Limited (Promoter) |
17577203 |
15.66 |
|
Suman Khurana (Promoter) |
15230691 |
13.57 |
|
P. K. Khurana (Promoter) |
12218000 |
10.89 |
|
Pushkar Prem Kumar Khurana (Promoter) |
7503973 |
6.69 |
|
Puneet Prem Kumar Khurana (Promoter) |
7503973 |
6.69 |
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 |
224.415 |
224.415 |
214.315 |
|
(b) Reserves & Surplus |
1259.544 |
541.515 |
1620.882 |
|
(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) |
1483.959 |
765.930 |
1835.197 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1465.131 |
2365.389 |
2861.392 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.884 |
|
(d) Long-term
provisions |
10.175 |
9.412 |
7.099 |
|
Total Non-current
Liabilities (3) |
1475.306 |
2374.801 |
2871.375 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
650.459 |
751.889 |
1059.770 |
|
(b) Trade
payables |
1033.598 |
1203.986 |
651.223 |
|
(c) Other
current liabilities |
2240.074 |
1229.132 |
571.299 |
|
(d) Short-term
provisions |
0.818 |
1.308 |
1.781 |
|
Total Current Liabilities
(4) |
3924.949 |
3186.315 |
2284.073 |
|
|
|
|
|
|
TOTAL |
6884.214 |
6327.046 |
6990.645 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1931.536 |
2533.810 |
2687.949 |
|
(ii)
Intangible Assets |
1.290 |
3.194 |
5.836 |
|
(iii)
Capital work-in-progress |
71.205 |
237.451 |
234.290 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
367.974 |
366.974 |
366.611 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
148.307 |
153.686 |
151.508 |
|
(e) Other
Non-current assets |
6.500 |
18.500 |
35.000 |
|
Total Non-Current
Assets |
2526.812 |
3313.615 |
3481.194 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
142.779 |
342.767 |
542.754 |
|
(b)
Inventories |
951.088 |
1076.691 |
1439.674 |
|
(c) Trade
receivables |
503.266 |
407.506 |
526.756 |
|
(d) Cash
and cash equivalents |
53.197 |
48.551 |
35.891 |
|
(e)
Short-term loans and advances |
538.947 |
728.025 |
520.363 |
|
(f) Other
current assets |
2168.125 |
409.891 |
444.013 |
|
Total
Current Assets |
4357.402 |
3013.431 |
3509.451 |
|
|
|
|
|
|
TOTAL |
6884.214 |
6327.046 |
6990.645 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2440.608 |
1707.689 |
1801.921 |
|
|
Other Income |
69.427 |
42.506 |
113.378 |
|
|
TOTAL |
2510.035 |
1750.195 |
1915.299 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1460.667 |
1177.693 |
1263.585 |
|
|
Purchases of
Stock-in-Trade |
59.033 |
10.179 |
7.136 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(143.207) |
123.961 |
65.884 |
|
|
Employees benefits
expense |
153.500 |
136.747 |
161.187 |
|
|
Other expenses |
545.583 |
465.484 |
514.833 |
|
|
Own
Goods Capitalised |
0.000 |
0.000 |
(1.260) |
|
|
Foreign
Exchange Variation Loss |
(38.565) |
40.581 |
24.832 |
|
|
Exceptional
Items |
(752.719) |
293.442 |
198.000 |
|
|
TOTAL |
1284.292 |
2248.087 |
2234.197 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
1225.743 |
(497.892) |
(318.898) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
360.206 |
471.644 |
501.054 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
865.537 |
(969.536) |
(819.952) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
147.508 |
169.508 |
171.51 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
718.029 |
(1139.044) |
(991.462) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
10.568 |
(0.153) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
718.029 |
(1149.612) |
(991.309) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(2788.071) |
(1638.004) |
(636.607) |
|
|
|
|
|
|
|
Add |
Transitional adjustment on account of Schedule II
to Companies Act, 2013 |
0.000 |
(0.455) |
(10.088) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(2070.042) |
(2788.071) |
(1638.004) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of Goods
calculated on F.O.B. basis |
27.441 |
50.582 |
102.106 |
|
|
Exports of Consumables/
RM Pipe on F.O.B. basis |
19.337 |
13.603 |
8.786 |
|
|
Exports of Capital Goods
on F.O.B. basis |
0.140 |
0.329 |
0.000 |
|
|
Exports of Stock-in-Trade
on F.O.B. basis |
45.380 |
0.000 |
0.000 |
|
|
Commission for Bank
Guarantees |
4.494 |
5.342 |
5.315 |
|
|
Interest on Loans given
(Net of Provision) |
0.000 |
8.040 |
24.987 |
|
|
Gain from sale of Specified
Assets at Gandhidham |
1292.338 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1389.130 |
77.896 |
141.194 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and
Components |
1089.522 |
856.508 |
776.795 |
|
|
Stores, Spares, etc. |
9.458 |
4.500 |
0.460 |
|
|
Capital Goods |
41.037 |
3.002 |
0.000 |
|
|
TOTAL IMPORTS |
1140.017 |
864.010 |
777.255 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.40 |
(10.73) |
(9.25) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
- Indian Rupee Term Loan from Bank |
1000.000 |
9.785 |
190.601 |
|
- Foreign Currency Term Loan From Bank |
168.580 |
331.665 |
0.000 |
|
- Vehicle Loan from Financial Institution |
0.437 |
0.000 |
0.000 |
|
- Sales Tax Deferment Loan |
29.703 |
29.786 |
35.909 |
|
Total
|
1198.720 |
371.236 |
226.510 |
|
Cash generated from operations |
452.385 |
1030.301 |
(112.027) |
|
Net cash flow from operating activity |
431.652 |
1025.223 |
(117.499) |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
667.600 |
732.300 |
781.800 |
|
Total Expenditure |
605.400 |
620.900 |
683.400 |
|
PBIDT (Excl OI) |
62.200 |
111.400 |
98.400 |
|
Other Income |
6.300 |
10.500 |
128.800 |
|
Operating Profit |
68.500 |
121.900 |
227.200 |
|
Interest |
75.700 |
63.400 |
61.600 |
|
Exceptional Items |
(46.800) |
(50.000) |
NA |
|
PBDT |
(54.000) |
8.500 |
165.600 |
|
Depreciation |
31.400 |
32.100 |
32.200 |
|
Profit Before Tax |
(85.400) |
(23.600) |
133.400 |
|
Tax |
NA |
NA |
7.500 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(85.400) |
(23.600) |
125.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(85.400) |
(23.600) |
125.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
75.26 |
87.10 |
106.70 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.85 |
4.19 |
3.42 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
248.25 |
369.95 |
187.06 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.29 |
(0.46) |
(0.22) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.61 |
(0.18) |
(0.11) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.96 |
0.94 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.23 |
4.55 |
2.26 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.64 |
4.16 |
1.24 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.35 |
3.62 |
1.60 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.40 |
(1.06) |
(0.64) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
29.42 |
(67.32) |
(55.01) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.43 |
(18.17) |
(14.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
48.39 |
(150.09) |
(54.02) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.11 |
0.95 |
1.54 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.87 |
0.61 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.22 |
0.12 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
14.77 |
15.54 |
19.35 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.11 |
0.95 |
1.54 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 50.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
214.315 |
224.415 |
224.415 |
|
Reserves & Surplus |
1620.882 |
541.515 |
1259.544 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1835.197 |
765.930 |
1483.959 |
|
|
|
|
|
|
long-term borrowings |
2861.392 |
2365.389 |
1465.131 |
|
Short term borrowings |
1059.770 |
751.889 |
650.459 |
|
Current Maturities of
Long term debt |
226.510 |
371.236 |
1198.720 |
|
Total borrowings |
4147.672 |
3488.514 |
3314.310 |
|
Debt/Equity ratio |
2.260 |
4.555 |
2.233 |
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 |
1801.921 |
1707.689 |
2440.608 |
|
|
|
(5.230) |
42.919 |
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 |
1801.921 |
1707.689 |
2440.608 |
|
Profit/(Loss) |
(991.309) |
(1149.612) |
718.029 |
|
|
(55.01%) |
(67.32%) |
29.42% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
224.415 |
224.415 |
|
(b) Reserves &
Surplus |
|
3952.658 |
3209.270 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Minority Interest |
|
0.137 |
0.137 |
|
Total Shareholders’ Funds
(1) + (2) |
|
4177.210 |
3433.822 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1976.857 |
2489.774 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
173.765 |
210.512 |
|
Total Non-current
Liabilities (3) |
|
2150.622 |
2700.286 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2196.091 |
2738.516 |
|
(b) Trade payables |
|
783.158 |
574.244 |
|
(c) Other current
liabilities |
|
1863.436 |
954.949 |
|
(d) Short-term provisions |
|
16.809 |
14.451 |
|
Total Current Liabilities
(4) |
|
4859.494 |
4282.160 |
|
|
|
|
|
|
TOTAL |
|
11187.326 |
10416.268 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4190.559 |
5104.626 |
|
(ii) Intangible Assets |
|
12.956 |
16.593 |
|
(iii) Capital
work-in-progress |
|
138.672 |
283.864 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
4.495 |
4.495 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
161.763 |
169.422 |
|
(e) Other Non-current
assets |
|
6.500 |
18.500 |
|
Total Non-Current Assets |
|
4514.945 |
5597.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.272 |
0.260 |
|
(b) Inventories |
|
2590.120 |
2875.790 |
|
(c) Trade receivables |
|
1161.807 |
1064.132 |
|
(d) Cash and cash
equivalents |
|
349.471 |
272.082 |
|
(e) Short-term loans and
advances |
|
596.809 |
371.422 |
|
(f) Other current assets |
|
1973.902 |
235.082 |
|
Total Current Assets |
|
6672.381 |
4818.768 |
|
|
|
|
|
|
TOTAL |
|
11187.326 |
10416.268 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
5676.599 |
5057.579 |
|
|
Other Income |
|
70.943 |
26.239 |
|
|
TOTAL |
|
5747.542 |
5083.818 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2187.087 |
2024.447 |
|
|
Purchases of
Stock-in-Trade |
|
722.481 |
793.178 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(74.502) |
37.433 |
|
|
Employees benefits
expense |
|
862.755 |
806.314 |
|
|
Other expenses |
|
1332.555 |
1278.769 |
|
|
Recoveries against Doubtful Debts |
|
(29.483) |
(15.533) |
|
|
Foreign Exchange Variation Gain / (Loss) |
|
36.455 |
95.280 |
|
|
Exceptional Items Gain/ (Loss) (net) |
|
(957.106) |
40.839 |
|
|
TOTAL |
|
4080.242 |
5060.727 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1667.300 |
23.091 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
445.269 |
535.140 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
1222.031 |
(512.049) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
433.581 |
715.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
788.450 |
(1227.349) |
|
|
|
|
|
|
|
Less |
TAX |
|
1.530 |
13.537 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
786.920 |
(1240.886) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
7.01 |
(11.58) |
LEGAL
CASES
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 06/05/2017 |
|||||||
|
Lodging No. : |
ITXAL/1059/2017 |
Failing Date:- |
06/05/2017 |
Reg. No.:- |
ITXA/1128/2017 |
Reg. Date:- |
05/08/2017 |
|
Petitioner:- |
COMMISSIONER OF INCOME TAX-LTU |
Respondent:- |
EVEREST KANTO CYLINDER LIMITED |
||||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
||||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION – FRESH |
||||
|
Next Date:- |
19/04/2018 |
||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act, 1961 |
Under Section 260A |
|||||
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is engaged in the manufacture of high pressure seamless gas cylinders and other cylinders, equipments, appliances and tanks with their parts and accessories used for containing and storage of liquefied petroleum gases and other gases, liquids and air.
PERFORMANCE
REVIEW
During the financial year
2016-17, the Company saw the upward trend in the sales compared to sales in the
previous year. The Company has encountered an increase in demand towards end of
the financial year, due to CNG cylinders requirements in Northern India for
controlling the pollution due to recent ruling by Supreme Court for not
registering Diesel Vehicles. Further due to decrease in debt capital, the
Company was able to reduce the burden of financial cost which has which has
resulted in improvement in profits During the year Company has sold its land
and building located in Gandhidham, Gujarat and the proceedings received from
the sale has been accounted in the financials for 2016-17.
On standalone basis, for
the financial year 2016-17, revenues at INR 2652.644 Million were higher by
around 41% over the previous year's revenues of INR 1871.398 Million and Net
Profit at INR 718.029 Million against Net Loss of INR 1149.612 Million in the
previous year. The Net Profit for the financial year 2016-17 includes provision
of INR 282.647 Million as against previous year’s provision of INR 1980.00 made
in respect of the value of the investments in two subsidiary companies.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
During the financial year
2016-17, Indian economy witnessed challenging time especially in the Second
half of the financial year on account of demonetization. As per the Government
data the gross domestic product grew 7.1% in the full financial year 2016-17,
slower than 8% recorded in the previous year.
The impact of
demonetization was significantly felt as India’s economic growth slowed to 6.1%
in the fourth quarter ending March 2017, compared with 7.1% in the previous
quarter, as aforesaid decision slowed activity in cash-dependent sectors.
The impact of
demonetization and implementation of Goods and Service Tax (GST) would be short
lived as various other parameters like significant good monsoon, implementation
of 7th Pay Commission, tapering of retail inflation to 3.8% in March 17 from
5.16% in April 16 would augur well and would lead to resumption of domestic
consumer demand.
The International Monetary
Fund predicted that India would retain the status of fastest growing economy
until 2020.
DOMESTIC
BUSINESS
The continuing slow-down
and erratic periodic pattern of the industrial sector growth during the year
maintained its adverse impact for the demand for the company’s product.
CNG has become popular fuel
for transport sector. While its usage has been mandated in the case of public
transport in Delhi, the switch over to CNG has been voluntary in case of
private car segment due to cost economics weighing in its favour. Use of CNG as
a vehicular fuel is well established and growing worldwide.
In an effort to curb air
pollution and to improve ambient air quality in NCR & Delhi, the National
Green Tribunal (NGT) in a landmark ruling on April 7th 2015 banned diesel
vehicles over ten years old from plying on Delhi roads and all petrol vehicles
which are 15 years old shall not be registered in NCR & Delhi. It is
expected that more numbers of CNG private cars would be added, as customers
would prefer CNG over Diesel for their new purchases also. Accordingly company
has seen some spike in sale of CNG cylinders, however the further expansion
would depend upon Supreme Court judgement in the aforesaid matter as Central
Government have appeal against the NGT Order.
The Government of India
emphasize on “Make in India” is expected to garner tremendous business
opportunities for the Company as many foreign companies from varied field like
defence, automobiles, aviation, oil and gas, ports and shipping, space, thermal
power etc intends to set up their establishments in india.
The business situation can
improve only on change of key relevant macro parameters, such as, increase in
availability of domestic natural gas at reasonable prices, which would enable
the government to roll-out its City Gas Distribution policy to many more cities
and also enable more CNG outlets to be opened, higher allocation of natural gas
by the Government for the CGD sector by moving the sector higher on the
priority list, improvement in investment cycle which will spur industrial
growth consistently creating demand for industrial cylinders, increase in
demand for automobiles run on CNG, increased thrust of government on
environment and pollution-reduction, etc. Being the market leader with highest
market share and with the large installed capacity, established infrastructure
and diverse product range, the Company will be the biggest beneficiary on the
happening of these macro level improvements.
There are four types of cylinders
available for use in CNG kits: Type 1, 2, 3 and 4. Indian market has Type 1
cylinder technology. The global cylinder industry has witnessed a gradual shift
from Type 1 cylinders to an increased use of composite cylinders (Type 4).
Indian auto industry has recognized the need to upgrade technology to Type 4
cylinders. The Company has been producing Type 4 cylinders in USA.
Taking into consideration,
the Indian government in an attempt to fulfill its COP-21 commitments is
increasing the gas share in the country’s fuel basket from 7% to the world
average of 24%. The primary benefit of Type 4 technology is substantial weight
reduction and hence reduction in carbon emission. Composite cylinder market
holds promising future for light weight cylinders with an increased focus on
environment and fuel efficiency. Composite cylinders are light weight, robust,
corrosion proof plastic inside shell which enables them to be used for wide
range of vehicles: cars, buses, trucks etc.
The Company having more
than 35 years of experience, proposes to extended its role in Fire Protection,
Detection And Alarm, Gas Suppression, Low And High Pressure Water Mist Systems
And Specialized Gas Suppression Systems. Firetrace Aerospace division has a
strong presence in the US defence for supplying specialized fire protection
systems for defence vehicles. Taking into consideration the present “Make in
India” trend, their Company would be placed at an advantageous position with an
alliance with Firetrace Aerospace division USA for the Indian defence.
INTERNATIONAL
BUSINESS
Dubai
Operations
The Dubai operations which
have been under strain since the third quarter of 2011 due to the sudden
closure of its dominant Iran market due to economic sanctions imposed upon it
continued to remain so. However, with sanctions getting lifted from Iran and
the Iran market will soon reopen, which will bode well for the Dubai
operations. The new markets in South America, CIS countries, Europe, etc. that
have been developed are gaining traction and stability. However, the volumes
and the margins continue to be low. The Dubai operations has started dealing in
industrial cylinders and cascades and tapping the Gulf market. EKC
International FZE is also entering a new line of business of Gas Suppression
& Specialized Gas Fire Suppression Systems and Fire Detection & Alarm
Systems. The identified territories for this business would be Pan India,
Middle East, and East Africa.
USA
Operations
The US operations have done
relatively well during the year, in terms of turnover and margins. The order
book position has improved and looks encouraging, with larger proportion of
high margin orders. The business prospects remain promising due to the expected
uptick in the US economy and the encouragement to the natural gas sector
prompted by the shale gas discovery (despite the recent challenges due to
decline in crude oil price) and improvement in natural gas supply and
distribution infrastructure. The Composite Cylinders did not see the expected
ramp up in volumes due to the initial technical and other hitches, which have
now been overcome. Going forward, this business is expected to grow well and
will provide the required diversification, adding significantly to the revenue
and margins. However, Composite Cylinder product development costs and other
one-time charges dented the financial results at the net level. The US
operations obtained the DOT approval during the year after rigorous approval
process over 24 months; this will enable marketing of Industrial Cylinders in
the US, which will be sourced from India and Dubai.
China
Operations
The China operations
continue to remain under severe strain due to the intense competition from the
local players
who are much large in size
and product range, exerting demand and pricing pressures. The slowdown in the
Chinese economy and the tough operating environment in China, especially for
foreign players, also impacted the operations. The Company’s continued its
thrust on Jumbo cylinders in niche segments due to better realization and
margins and lower competition but several challenges remain. The Composite
Cylinders business did not grow as anticipated due to smaller volumes and
regulatory issues. As a result, the plants operated at sub-optimal
capacity. The China
operations now acts as raw material sourcing hub for the India, Dubai and USA
operations, which will yield some margins to it, while reducing the overall raw
material costs of the other operations.
Europe
Operations
The Europe subsidiary has developed
the Europe market and clientele and will procure Cylinders from India, Dubai
and USA plants. The subsidiary has played crucial and stellar role in Composite
Cylinder product development for the US plant by providing in-house expertise.
African
Operations
Taking into consideration
business opportunities in private and public sector in Tanzania, the Company
has formed Joint venture (JV) with Kamal Group of Companies, Tanzania. To avail
benefits available to local entities, the Company has formed JV with 49% stake
in it.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term
loans |
|
|
|
-
Sales Tax Deferment Loan |
58.788 |
88.131 |
|
-
Loans from Related Parties |
248.700 |
217.400 |
|
Total |
307.488 |
305.531 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
C62883335 |
10588643 |
IDBI TRUSTEESHIP SERVICES LIMITED |
04/08/2015 |
- |
5278640000.0 |
Asian Building, Ground Floor, 17R. Kamani Marg, Ballard Estate, MumbaiMumbaiMH400001IN |
|
2 |
C11818549 |
10509719 |
ICICI BANK LIMITED |
01/07/2014 |
- |
209200000.0 |
ICICI BANK TOWERS, BANDRA KURLA COMPLEXMUMBAI 400 051MUMBAIMH400051IN |
|
3 |
B72616246 |
10418476 |
YES BANK LIMITED |
15/03/2013 |
- |
3250000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
4 |
B61523775 |
10384879 |
YES BANK LIMITED |
09/10/2012 |
- |
3250000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
5 |
G36891026 |
10351760 |
EXPORT-IMPORT BANK OF INDIA |
24/04/2012 |
15/09/2016 |
335000000.0 |
CENTRE 1 BUILDING, FLOOR 21, WORLD TRADE CENTRE,CUFFE PARADE,MUMBAIMH400005IN |
|
6 |
B60264132 |
10153982 |
State Bank of Hyderabad |
19/03/2009 |
22/09/2012 |
810000000.0 |
Corporate Finance Branch, 11 C, Mittal Towers,1st Floor, 210, Nariman Point,MumbaiMH400021IN |
|
7 |
C62208137 |
10009493 |
Citi Bank N.A. |
26/06/2006 |
30/07/2015 |
1539200000.0 |
Bandra Kurla ComplexBandraMumbaiMH400051IN |
|
8 |
Z00101393 |
80021414 |
CITIBANK NA |
30/09/2005 |
- |
150000000.0 |
BANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
9 |
Y10288758 |
90186859 |
STATE BANK OF HYDERABAD |
29/06/2001 |
- |
142500000.0 |
11/C;MITTAL TOWER210; NARIMAN POINTMUMBAIMH400021IN |
|
10 |
Y10288678 |
90186779 |
ICICI BANK LTD. |
18/08/2000 |
08/10/2001 |
57000000.0 |
215; FREE PRESS HOUSENARIMAN POINTMUMBIAMH400021IN |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR in
million)
|
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Year to date figure for the previous
period ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue From Operations |
781.800 |
732.300 |
2181.700 |
|
Other Income |
98.300 |
10.500 |
115.100 |
|
Total
Income from Operations |
880.100 |
742.800 |
2296.800 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
370.600 |
412.800 |
1080.100 |
|
Purchase of Stock in Trade |
24.800 |
0.600 |
124.900 |
|
Changes in inventories of finished goods and
work-in-progress |
75.300 |
(23.400) |
5.400 |
|
Excise Duty expenses |
0.00 |
0.000 |
34.400 |
|
Employee benefits expense |
47.500 |
51.200 |
141.400 |
|
Finance Cost |
61.600 |
63.400 |
200.700 |
|
Depreciation and Amortization expenses |
32.200 |
32.100 |
95.700 |
|
Other Expenditure |
|
|
|
|
-Power and Fuel |
50.200 |
41.900 |
142.500 |
|
-Others |
115.000 |
130.400 |
369.600 |
|
Total
Expenses |
777.200 |
709.000 |
2194.700 |
|
|
|
|
|
|
Profit/(Loss)
from ordinary activities before foreign exchange variation gain (loss),
exceptional items and tax |
102.900 |
33.800 |
102.100 |
|
Foreign Exchange Variation Gain/ (Loss) |
30.500 |
(7.400) |
19.100 |
|
Profit/
(Loss) from ordinary activities before exceptional items and tax |
133.400 |
26.400 |
121.200 |
|
Exceptional Items |
0.000 |
(50.000) |
(96.800) |
|
Profit
/ (Loss) before Tax |
133.400 |
(23.600) |
24.400 |
|
Tax Expense |
7.500 |
0.000 |
7.500 |
|
Profit
/ (Loss) after Tax |
125.900 |
(23.600) |
16.900 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
224.400 |
224.400 |
224.400 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
and diluted |
1.12 |
(0.21) |
0.15 |
Notes:
- The Company adopted Indian Accounting Standard ("Ind AS") from 1 April 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Consequently, the financial results for the quarter and nine months ended 31 December 2016 have been restated as per the principles of Ind AS 34 to make them comparable.
- In view of the various clarifications issued and being issued by the Ind AS transition facilitation group (ITFG) constituted by the Accounting Standards Board of the Institute of Chartered Accountants of India, it may be possible that the interim financials may undergo adjustments on finalisation of full year Ind AS financial statements as at and for the year ending 31 March 2018, due to treatments/methods suggested by ITFG on applicability of various Ind AS.
- The Company has availed exemption under circular no. CIR/CFD/FAC/62/2016 dated 5 July 2016 issued by the Securities and Exchange Board of India, for not submitting the Ind AS compliant Financial Results for the previous year ended 31 March 2017.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Disputed Tax Matters |
|
|
|
- Income Tax |
185.384 |
154.672 |
|
- Sales Tax and Value Added Tax |
86.710 |
97.259 |
|
- Lease Tax |
2.105 |
2.105 |
|
- Service Tax |
0.538 |
-- |
|
Future cash flows in respect of the above are determinable only on pronouncements of judgments/ decisions pending with various forums/ authorities |
||
|
Corporate Guarantees given on behalf of a subsidiary and a step down subsidiary |
778.063 |
1094.493 |
|
Amounts outstanding there against corporate guarantees |
588.727 |
821.397 |
|
Claims against the Company not acknowledged as Debts |
5.075 |
5.175 |
|
Bonds executed in favour of Government Authorities |
69.317 |
1.994 |
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Computers
- Gas Cylinders
- Electrical Installation
Intangible Assets
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.12 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.