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|
MIRA INFORM REPORT
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Report No. : |
504110 |
|
Report Date : |
16.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MANPASAND BEVERAGES LIMITED (w.e.f. 07.10.2014) |
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|
|
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Registered
Office : |
MANPASAND BEVERAGES PRIVATE LIMITED |
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Registered
Office : |
Survey No. 1768 & 1774/1, Manjusar Village, Savali,
Vadodara – 391775, Gujarat |
|
Tel. No.: |
91-2667-290290/91 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.12.2010 |
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|
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Com. Reg. No.: |
04-063283 |
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Capital
Investment / Paid-up Capital : |
INR 572.162 Million |
|
|
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|
CIN No.: [Company Identification
No.] |
L15549GJ2010PLC063283 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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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 engaged in the
business of manufacturing fruit juices in the
beverages segment
(Registered Activity) |
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No. of Employees
: |
717 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2010 having good track record. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile reflected by increasing cash accrual, and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by strong market position in the market. The company is listed on BSE and NSE. Price quoted at BSE is at INR 409.10 against its face value of INR 10. As per 3rd quarter results of December 2017, the company has achieved revenue of INR 1431.312 million and has clocked profit margin of approximately 10.36 %. However, these rating strengths are partially offset by susceptibility of profitability to volatility in raw material (mainly agricultural produce) prices, and intense competition in the non-carbonated drinks segment. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
31.01.2018 |
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 16.04.2018
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 BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2667-290290/ 291 |
|
Date : |
13.04.2018 |
LOCATIONS
|
Registered Office / Factory 1: |
Survey No. 1768 & 1774/1, Manjusar Village, Savali,
Vadodara – 391775, Gujarat, India |
|
Tel. No.: |
91-2667-290290/91 |
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Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
|
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|
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Factory 2: |
E-93 & 94, Manjusar G.I.D.C., Savli Road,
Vadodara-391776, Gujarat, India |
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|
|
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Factory 3: |
A/7 & A/8, Agropark, Kharkhiyaon, Varanasi, Uttar
Pradesh, India |
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Factory 4: |
Charba, Vikas Nagar, Dehradun, Uttrakhand, India |
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Factory 5: |
Plot No. 122-125, Sector - II, SAHA Industrial Estate,
Ambala, Haryana, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Dhirendra Hansraj Singh |
|
Designation : |
Managing Director |
|
Address : |
402 - Riovista Gulabwadi, Old Padra Road, Vadodara-390020, Gujarat, India |
|
Date of Appointment : |
17.12.2010 |
|
DIN No.: |
00626056 |
|
|
|
|
Name : |
Mr. Abhishek Dhirendra Singh |
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Designation : |
Whole-Time Director |
|
Address : |
403-Rio Vista Gulabwadi, Old Padra Road, Vadodara-390020, Gujarat, India |
|
Date of Appointment : |
17.12.2010 |
|
DIN No.: |
01326637 |
|
|
|
|
Name : |
Mr. Chirag Janardan Doshi |
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Designation : |
Director |
|
Address : |
86, Royal Acres, Near Vadsar Over Bridge, Vadsar, Vadodara-390010, Gujarat, India |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
00008489 |
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|
|
|
Name : |
Mr. Bharatkumar Mahendrabhai Vyas |
|
Designation : |
Director |
|
Address : |
2 Sahyog Flats, Near Suchita Park, B/H Civil Court, Anand-388001, Gujarat, India |
|
Date of Appointment : |
29.11.2011 |
|
DIN No.: |
00043804 |
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|
|
|
Name : |
Ms. Bharti Pratish Naik |
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Designation : |
Director |
|
Address : |
403, Sundaram Tower, Near Basil School, Scube Residency, Old Padra Road, Vadodara-390020, Gujarat, India |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
06627217 |
|
|
|
|
Name : |
Mr. Dhruv Kanahiyalal Agrawal |
|
Designation : |
Director |
|
Address : |
07, Paritosh Society, Navjeevan Ajwa Road, Vadodara-390019, Gujarat, India |
|
Date of Birth/Age : |
13.09.1975 |
|
Date of Appointment : |
01.05.2015 |
|
DIN No.: |
06896866 |
|
|
|
|
Name : |
Mr. Milindkumar Vasantrao Babar |
|
Designation : |
Director |
|
Address : |
22-A, Amin Park, Vishvamitri, Vadodara-390011, Gujarat, India |
|
Date of Appointment : |
03.10.2014 |
|
DIN No.: |
06984063 |
|
|
|
|
Name : |
Mr. Vishal Satinder Sood |
|
Designation : |
Nominee Director |
|
Address : |
B 902, Central Park 1, Golf Course Road Sector - 42, Gurugram- 122002, Haryana, India |
|
Date of Appointment : |
22.07.2011 |
|
DIN No.: |
01780814 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavesh P Jingar |
|
Designation : |
Company Secretary |
|
Address : |
K 34 Sweta Park 2, Near Vijay Nagar Opposite Dhaval Nursing Home, Karelibaug Vadodara 390006, Gujarat, India |
|
Date of Appointment : |
18.09.2014 |
|
PAN No.: |
AQFPJ0409D |
|
|
|
|
Name : |
Mr. Paresh Chimanlal Thakkar |
|
Designation : |
Chief Financial Officer |
|
Address : |
A 14 Manasvi Society, Near Poonam Complex, Waghodia Road, Vadodara 390025, Gujarat, India |
|
Date of Appointment : |
03.09.2014 |
|
PAN No.: |
ACQPT7457C |
|
|
|
|
Name : |
Mr. Rakesh |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
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 % |
|
|
(A) Promoter & Promoter
Group |
50506000 |
44.12 |
|
|
(B) Public |
63956396 |
55.88 |
|
|
Grand Total |
114462396 |
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 % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
50506000 |
44.12 |
|
|
DHIRENDRA HANSRAJ SINGH |
50491000 |
44.11 |
|
|
SUSHMA DHIRENDRA SINGH |
5000 |
0.00 |
|
|
ABHISHEK DHIRENDRA SINGH |
5000 |
0.00 |
|
|
HARSHVARDHAN DHIRENDRA SINGH |
5000 |
0.00 |
|
|
Sub
Total A1 |
50506000 |
44.12 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
50506000 |
44.12 |
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 % |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
13278974 |
11.60 |
|
|
ICICI PRUDENTIAL MIDCAP FUND |
1193926 |
1.04 |
|
|
SBI MAGNUM MULTIPLIER FUND |
5041156 |
4.40 |
|
|
MOTILAL OSWAL MOST FOCUSED
MULTICAP 35 FUND |
6281259 |
5.49 |
|
|
Foreign
Portfolio Investors |
24681647 |
21.56 |
|
|
NOMURA INDIA INVESTMENT FUND
MOTHER FUND |
2784375 |
2.43 |
|
|
THE NOMURA TRUST AND BANKING
CO., LIMITED AS THE TRUSTEE OF NOMURA INDIA STOCK MOTHER FUND |
1578453 |
1.38 |
|
|
PARVEST EQUITY INDIA |
1228000 |
1.07 |
|
|
NOMURA FUNDS IRELAND PUBLIC
LIMITED COMPANY- NOMURA FUNDS IRELAND - INDIA EQUITY FUND |
1204380 |
1.05 |
|
|
BARON EMERGING MARKETS FUND |
5688184 |
4.97 |
|
|
NEW HORIZON OPPORTUNITIES
MASTER FUND |
3000000 |
2.62 |
|
|
Financial
Institutions/ Banks |
15123 |
0.01 |
|
|
Any
Other (specify) |
20112000 |
17.57 |
|
|
SAIF PARTNERS INDIA IV LIMITED |
20112000 |
17.57 |
|
|
Sub
Total B1 |
58087744 |
50.75 |
|
|
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 |
2848950 |
2.49 |
|
|
Individual
share capital in excess of INR 0.200 million |
518650 |
0.45 |
|
|
NBFCs
registered with RBI |
8550 |
0.01 |
|
|
Any
Other (specify) |
2492502 |
2.18 |
|
|
Trusts |
2264 |
0.00 |
|
|
Non-Resident Indian (NRI) |
289366 |
0.25 |
|
|
Clearing Members |
79956 |
0.07 |
|
|
Bodies Corporate |
2120916 |
1.85 |
|
|
Sub
Total B3 |
5868652 |
5.13 |
|
|
B=B1+B2+B3 |
63956396 |
55.88 |
BUSINESS DETAILS
|
Line of Business : |
The Company engaged in the
business of manufacturing fruit juices in the
beverages segment
(Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
||||
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||||
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Imports : |
Not Divulged |
||||
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
717 (Approximately) |
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Bankers : |
· Union Bank of India, Manjusar Branch, 115 – 116, GIDC, Savli Road, Vadodara-391775, Gujarat, India · Bank of Baroda · ICICI Bank Limited |
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|
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
31, Nutan Bharat Society, Vadodara – 390007, Gujarat,
India |
|
Tel. No.: |
91-265-2333776 |
|
Fax No.: |
91-265-2339729 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Significant
Influence holding more than 20% : |
SAIF Partners India IV Limited (up to October 3, 2016) |
|
|
|
|
Significant
Influence of Key Management Personnel : |
· Manpasand Snack and Beverages Limited · M-Tel Electronics Private Limited · X-Cite Nutritions Private Limited |
|
|
|
|
Hindu Undivided
Family where KMP is the Karta : |
D H Singh – HUF |
|
|
|
|
Entity controlled
by Director : |
Bipin and Co. |
CAPITAL STRUCTURE
After 31.03.2017
Authorised Capital : INR 1150.000 Million
Issued, Subscribed & Paid-up Capital : INR 1144.624
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
INR 10/- each |
INR 650.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57216198 |
Equity Shares |
INR 10/- each |
INR 572.162 Million |
|
|
|
|
|
Movement of Share
Capital
|
Particulars |
Number of Shares |
Amount (INR In million) |
|
Balance as at April 1, 2015 |
37554000 |
375.540 |
|
Public Issue of Shares |
12500000 |
125.000 |
|
Balance as at March 31, 2016 |
50054000 |
500.540 |
|
Issue of Shares under the Company's employee share option plan |
40000 |
0.400 |
|
Issue of Shares under Qualified Institutional Placement |
7092198 |
70.922 |
|
Issue of Shares under the Company's employee share option plan |
30000 |
0.300 |
|
Balance as at March 31, 2017 |
57216198 |
572.162 |
The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, if any, in proportion to their shareholding
Note i. The Company completed its Initial Public Offering (IPO) of 12500000 Equity Shares of INR 10/- each at a price of INR 320/- per Equity Share and the said shares were listed on National Stock Exchange of India Limited and BSE Limited on 9th July, 2015.
ii. The QIP Committee of the Board of Directors of the Company at its meeting held on 3rd October, 2016 approved the allotment of 7092198 Equity Shares of face value of INR 10/- each to Qualified Institutional Buyers (QIBs) at the issue price of INR 705.00 per Equity Shares (including a premium of INR 695.00) aggregating to INR 5000.0000 million in accordance with the Provisions of Chapter VIII of SEBI (ICDR) Regulations, 2009.
iii Share Options granted under the Company's Employee Share Option Plan At March 31, 2017, executives and senior employees held options over 30000 equity shares of the company, of which options over 30000 equity shares will expire on October 3, 2017. At 31 March, 2016, executives and senior employees held options over 100000 equity shares of the company, of which options over 70000 equity shares will expire on October 3, 2016 and remaining options over 30000 equity shares will expire on October 3, 2017
Details of Shares
held by Shareholders holding more than 5% shares
|
Name of
Shareholders |
As at 31.03.2017 |
|
|
|
Number of Shares |
% holding of Equity Shares |
|
Dhirendra Hansraj Singh |
25245500 |
44.12 |
|
SAIF Partners India IV Limited |
10056000 |
17.58 |
|
SBI Mutual Fund |
3290776 |
5.75 |
Aggregate number and
class of shares allotted as fully paid up pursuant to contract without payment
being received in cash and Bonus Shares for the period of 5 years immediately
preceeding the Balance Sheet date
|
Particulars |
Aggregate number of shares As at 31.03.2017 |
|
Fully Paid up Equity shares with voting rights |
|
|
pursuant to contracts without payment |
|
|
SBI Mutual Fund |
|
|
being received in cash |
2524300 |
|
By way of bonus shares |
33798600 |
The Board of Directors at it meeting held on June 13, 2017
have recommended a payment of final dividend of INR 1 (Rupee One Only) per
equity share of the face value of INR 10 each for the financial year ended on
31st March 2017
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
572.162 |
500.540 |
375.540 |
|
(b) Reserves & Surplus |
10963.023 |
5515.291 |
1533.613 |
|
(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) |
11535.185 |
6015.831 |
1909.153 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.532 |
0.000 |
491.556 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
3.515 |
|
Total
Non-current Liabilities (3) |
2.532 |
0.000 |
495.071 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
525.000 |
|
(b) Trade payables |
672.301 |
447.540 |
205.652 |
|
(c) Other current liabilities |
121.270 |
135.134 |
276.004 |
|
(d) Short-term provisions |
4.521 |
10.816 |
94.043 |
|
Total
Current Liabilities (4) |
798.092 |
593.490 |
1100.699 |
|
|
|
|
|
|
TOTAL |
12335.809 |
6609.321 |
3504.923 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4363.388 |
2659.576 |
845.757 |
|
(ii) Intangible Assets |
2.338 |
0.895 |
0.889 |
|
(iii) Capital work-in-progress |
183.373 |
1339.360 |
1316.325 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
223.459 |
151.901 |
1.243 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
3078.717 |
198.263 |
255.858 |
|
Total
Non-Current Assets |
7851.275 |
4349.995 |
2420.072 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2054.189 |
6.499 |
0.300 |
|
(b) Inventories |
615.960 |
704.192 |
423.752 |
|
(c) Trade receivables |
751.934 |
677.497 |
593.351 |
|
(d) Cash and cash equivalents |
357.572 |
398.514 |
43.069 |
|
(e) Short-term loans and
advances |
0.318 |
1.009 |
24.379 |
|
(f) Other current assets |
704.561 |
471.615 |
0.000 |
|
Total
Current Assets |
4484.534 |
2259.326 |
1084.851 |
|
|
|
|
|
|
TOTAL |
12335.809 |
6609.321 |
3504.923 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7014.636 |
5210.763 |
3597.487 |
|
|
Other Income |
179.089 |
91.404 |
4.117 |
|
|
TOTAL
|
7193.725 |
5302.167 |
3601.604 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4235.151 |
3379.811 |
2049.774 |
|
|
Purchases of Stock-in-Trade |
11.500 |
30.713 |
41.936 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
188.826 |
(155.129) |
2.041 |
|
|
Employees benefits expense |
209.630 |
159.265 |
90.869 |
|
|
Other expenses |
971.773 |
692.992 |
771.789 |
|
|
TOTAL |
5616.880 |
4107.652 |
2956.409 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1576.845 |
1194.515 |
645.195 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.848 |
57.157 |
106.476 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1564.997 |
1137.358 |
538.719 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
737.568 |
570.512 |
205.290 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
827.429 |
566.846 |
333.429 |
|
|
|
|
|
|
|
Less |
TAX |
101.058 |
61.855 |
33.976 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
726.371 |
504.991 |
299.453 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1122.071 |
737.679 |
438.777 |
|
|
|
|
|
|
|
|
Other Comprehensive Income arising from remeasurement of
Defined Benefit Obligation net of Income Tax |
3.536 |
0.112 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Payment of Dividend on equity
shares for the year 2014-15 |
0.000 |
50.054 |
50.054 |
|
|
Dividend Distribution Tax on
Dividend for 2014-15 |
0.000 |
8.832 |
8.833 |
|
|
Interim Dividend Paid for the year
2015-16 |
0.000 |
50.054 |
0.000 |
|
|
Dividend Distribution Tax on
Interim Dividend for the year 2015-16 |
0.000 |
11.547 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1844.906 |
1122.071 |
679.343 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
0.718 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
12.70 |
10.78 |
9.41 |
|
|
Diluted
|
12.69 |
10.76 |
7.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
146.626 |
|
Cash generated from operations |
1640.286 |
969.564 |
581.977 |
|
Net cash (used)/ generated by operating activities |
1455.929 |
815.583 |
526.750 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3014.620 |
1258.170 |
1431.310 |
|
Total Expenditure |
2451.240 |
1042.840 |
1164.000 |
|
PBIDT (Excl OI) |
563.380 |
215.330 |
267.310 |
|
Other Income |
98.400 |
64.490 |
53.010 |
|
Operating Profit |
661.780 |
279.820 |
320.320 |
|
Interest |
4.280 |
8.920 |
5.510 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
657.500 |
270.900 |
314.810 |
|
Depreciation |
236.630 |
169.220 |
175.480 |
|
Profit Before Tax |
420.870 |
101.680 |
139.330 |
|
Tax |
61.810 |
12.170 |
19.380 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
359.060 |
89.500 |
119.950 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
359.060 |
89.500 |
119.950 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
39.13 |
47.46 |
60.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
9.33 |
7.69 |
6.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
57.78 |
47.90 |
35.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.56 |
1.70 |
1.52 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.30 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.06 |
0.09 |
0.50 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.61 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.07 |
0.10 |
0.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.39 |
0.66 |
1.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
133.09 |
20.90 |
6.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
10.36 |
9.69 |
8.32 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.89 |
7.64 |
8.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.30 |
8.39 |
15.69 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
5.62 |
3.81 |
0.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
4.85 |
2.62 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.94 |
0.91 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
3.10 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
5.62 |
3.81 |
0.99 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 409.10/- |
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 |
375.540 |
500.540 |
572.162 |
|
Reserves & Surplus |
1533.613 |
5515.291 |
10963.023 |
|
Net
worth |
1909.153 |
6015.831 |
11535.185 |
|
|
|
|
|
|
long-term borrowings |
491.556 |
0.000 |
2.532 |
|
Short term borrowings |
525.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
146.626 |
0.000 |
0.000 |
|
Total
borrowings |
1163.182 |
0.000 |
2.532 |
|
Debt/Equity
ratio |
0.609 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3597.487 |
5210.763 |
7014.636 |
|
|
|
44.845 |
34.618 |
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 |
3597.487 |
5210.763 |
7014.636 |
|
Profit |
299.453 |
504.991 |
726.371 |
|
|
8.32% |
9.69% |
10.36% |
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) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
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 |
NOTE: Registered office of the company has been shifted from E -62, Manjusar GIDC, Savli Road, Vadodara – 391775, Gujarat, India to the present address w.e.f. 03.02.2017
GENERAL INFORMATION
The Company was incorporated on December 17, 2010 in the state of Gujarat under the provisions of the Companies Act, 1956 with CIN No. L15549GJ2010PLC063283.
The Company is in the business of fruits drinks. The Company's business operations, which were being carried out in a different entity, were taken over by the Company effective from 1st April 2011. Further, effective from August 5, 2011 the name of the Company was changed to Manpasand Beverages Private Limited. Subsequently, effective from October 7, 2014 the name of the Company has been changed to Manpasand Beverages Limited
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
This has been a remarkable financial year. After a milestone year of 2015-16, the Company reached newer heights in the financial year of 2016-2017. They not only kept their promise of expansion, but also made a mark in the ever-growing beverage market of India. One of the biggest highlights of the year was beginning work on four new manufacturing units simultaneously.
While they continue to grow, they still remain close to their roots – rural and semi-urban markets of India. Despite demonetisation, they were able to offer quality products to their customers at an affordable price and convenient packs. In order to be a brand preferred by the masses of India, they have introduced smaller packs in most of their product lines. In the coming days, they will be focused on strengthening their market positions, enhancing their brands and investing behind making their sales system, supply chain and people.
In order to meet the continuing demands of the customers, the Company fasttracked the completion of its plant at Ambala, adding 50,000 cases to its overall production capacity. The construction work for new plants in Sri City, Vadodara & Varanasi has already begun . Manpasand is in the process of identifying location for the fourth plant in the eastern part of India. These new plants will help Manpasand reach out to newer markets, especially in northeastern and southern India and other neigbouring countries like Nepal and Bangladesh. Inspired by their honourable Prime Minis ter's 'Make in India' campaign, they are determined to set up more manufacturing units in the coming fiscal year. With these plants in place, the Company will double its production capacity in the coming 12-18 months.
They also took the significant step of entering the southern markets and strengthened their reach across South India.
From being India's first listed pure play beverage company, they are the country’s one of the leading fruit juice manufacturers. In the fast and evergrowing fruit-based beverage market in India, Manpasand Beverages today stands out as a proud Indian company giving firm competition to National and Multinational beverage players alike. A customer-centric approach, value-formoney offerings, strong focus on affordable price points, innovation and research, brand building, production capacity expansions and strong distribution strategies continue to remain as the Company's major strengths.
The ‘Fruits Up’ brand crossed a turnover of 180 crore in this financial year. ` Positioned as a premium fruit drink with ‘real fruit’ content, Fruits Up caters to the urban market to adapt to the changing preferences of the consumers and to offer them with healthier alternatives. The Bollywood youth icon Taapsee Pannu was also signed as the brand Ambassador of ‘Fruits Up’ in December 2016.
The Company’s flagship brand 'MANGO SIP' has established a strong presence in the mango drink segment and is one of the most preferred mango drink brand in India. In coming days, they are hopeful that this share will increase to over 25%.Manpasand has phenomenally increased its foot prints in the Modern Trade segment and its brand ‘Mango Sip’ became one of the fastest selling mango drinks in the entire chain of Walmart India and Spar India outlets, pan India, in FY 17.
With an aim to introduce more innovative and traditional products, Manpasand entered the traditional drink segment with its brand ‘Jeera Sip’, earlier this summer. The traditional drink segment is one of the fast-growing categories in the Indian beverage market owing to changing consumer dynamics and shifting preferences towards
Industry Overview:
The Indian packaged juice industry size is about INR 100000.000 Million and it has been growing at more than 30% per annum in last few years and will maintain that pace in future as well. India’s per capita consumption of packaged beverages is hardly 5% that of the USA per capita consumption. Rural consumption level in India is still standing at 2/3 of urban consumption. Carbonated drink s account for more than half of the soft drink market in India. Mango based drinks still remain the most popular drink s among Indian consumers
Outlook:
The Company is the first listed beverage company in the
Indian capitals market. It has a strong presence in rural/semiurban areas and
is now aggressively expanding its base in urban markets too. Since last two
years, the Company has embarked on a growth mode by increasing its production
capacity and product portfolio. With intense R&D, it
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G62723861 |
10295999 |
Union Bank of India |
15/07/2011 |
01/12/2014 |
09/11/2017 |
1345500000.0 |
Manjusar Branch115 - 116 GIDC Savli Road, Vadodara Gujarat 391775 India |
|
2 |
G62723879 |
10296034 |
Union Bank of India |
15/07/2011 |
15/09/2014 |
09/11/2017 |
1345500000.0 |
Manjusar Branch115 - 116 GIDC Savli Road, Vadodara Gujarat 391775 India |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against the Company not acknowledged as debts |
|
|
|
Income Tax demand - Disputed by Company |
68.202 |
0.792 |
|
EPCG - Custom Duty [secured against bank guarantee |
18.084 |
18.084 |
|
Sales Tax demand - Disputed by Company |
17.170 |
0.000 |
|
Total |
103.456 |
18.876 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Nine Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
1431.312 |
1258.167 |
5704.100 |
|
b. Other Income |
53.006 |
64.493 |
215.897 |
|
Total Income from
Operations (Net) |
1484.318 |
1322.660 |
5919.997 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
1058.627 |
773.145 |
3675.776 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(189.006) |
(0.120) |
(161.614) |
|
Excise Duty |
0.000 |
0.000 |
66.787 |
|
Employees Benefit Expenses |
61.671 |
62.001 |
193.199 |
|
Finance Cost |
5.512 |
8.917 |
18.713 |
|
Depreciation and Amortization Expenses |
175.475 |
169.220 |
581.324 |
|
Other expenses |
232.714 |
207.818 |
883.936 |
|
Total Expenses |
1344.993 |
1220.981 |
5258.121 |
|
|
|
|
|
|
Profit / (Loss)
before exceptional items and tax |
139.325 |
101.679 |
661.876 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
before tax |
139.325 |
101.679 |
661.876 |
|
Tax Expense |
119.947 |
12.179 |
93.371 |
|
Net Profit After
Tax |
119.947 |
89.500 |
568.505 |
|
|
|
|
|
|
Other comprehensive income |
(0.884) |
(0.884) |
(2.652) |
|
Items that will not be reclassified to profit or loss |
(1.352) |
(1.352) |
(4.056) |
|
Income tax effect on above |
0.468 |
0.468 |
1.404 |
|
Total Other comprehensive income |
119.063 |
88.616 |
565.853 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
1144.624 |
1144.324 |
1144.624 |
|
Other Equity (as per balance sheet of the previous
accounting year) |
|
|
|
|
|
|
|
|
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic |
1.05 |
0.78 |
4.97 |
|
Diluted |
1.05 |
0.78 |
4.97 |
Note :
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on January 30, 2018.
2. On November 14, 2017, the Company has issued and allotted 30,000 Equity
Shares of INR 10/- each, upon exercise of 30,000 options by optionees under the
Company's Employee Stock Options Plan (ESOP-2014). Consequently, with effect
from November 14, 2017, the issued, subscribed and paid up Share Capital of the
Company stands increased to INR 1144.624 million divided into 114462396 Equity
Shares of INR 10/- each.
3. Consequent to the introduction of the Goods and Service Tax (“GST”), with
effect from July 1, 2017, Central Excise, Value Added Tax (“VAT”), etc. have
been subsumed into GST. In accordance with Indian Accounting Standard Ind AS –
18 on Revenue and Schedule III to the Companies Act, 2013, unlike Excise
Duties, levies like GST, VAT etc. are not part of Revenue. Accordingly, the
figures for the periods upto June 30, 2017 are not strictly relatable to those
thereafter. The following additional information is being provided to
facilitate such understanding:
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Nine Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
1431.312 |
1258.167 |
5704.100 |
|
b. Other Income |
-- |
-- |
66.787 |
|
Total Income from
Operations (Net) |
1431.312 |
1258.167 |
5770.887 |
4. The Bonus issue in the proportion of 1:1 i.e. 1 (One) bonus equity share of INR 10/- each for every 1 (One) fully paid-up equity share held has been approved by the shareholders of the Company on September 20, 2017 through postal ballot / e-voting. For this purpose, September 28, 2017, had been fixed as the record date. Consequently, on September 29, 2017, the Company alloted 57216198 equity share of Rs.10/- each fully paid up, to the shareholders of the Company as at the record date by transferring equivalent amount from "Securities Premium Account" to "Share Capital". The Earnings Per Share figures for the year ended March 31, 2017 and Quarter and Nine months ended December 31, 2016 have been restated to give effect to the allotment of the bonus shares, as required by Ind AS-33.
5. The Company is in the business of "Fruit Drinks" and hence has
only one reportable operating segment as per Ind AS 108 - Operating
Segments.
6. In view of the seasonality of Fruit Drinks business, financial results for
the Quarter and Nine months ended December 31, 2017 are not indicative of full
year's performance.
7. Corresponding figures of the previous period / year have been regrouped and
/ or reclassified and / or reclassified to make them comparable wherever
necessary.
FIXED ASSETS
- Land (Lease hold)
- Land (Free Factory hold)
- Factory Buildings
- Plant and Equipment
- Furniture & Fixtures
- Vehicles
- Office Equipment
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
UK Pound |
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·