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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504663

Report Date :

19.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AIA ENGINEERING LIMITED (w.e.f. 02.05.2000)

 

 

Formerly Known As :

AIA MAGOTTEAUX PRIVATE LIMITED (w.e.f. 11.05.1992)

 

MAGOTTEAUX (INDIA) PRIVATE LIMITED

 

 

Registered Office :

115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat

Tel. No.:

91-79-22901078

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

11.03.1991

 

 

Com. Reg. No.:

04-015182

 

 

Capital Investment / Paid-up Capital :

INR 188.641 Million

 

 

CIN No.:

[Company Identification No.]

L29259GJ1991PLC015182

 

 

IEC No.:

[Import-Export Code No.]

0888003986

 

 

TIN No.:

24075102863

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AABCA2777J1ZO

 

 

PAN No.:

[Permanent Account No.]

AABCA2777J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of High Chrome Mill Internals. (Registered Activity)

 

 

No. of Employees :

1255 (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 :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject was established in the year 1991 and it manufactures high-chrome grinding media, lines and diaphragms, collectively knowns as mill internals.

 

As per the financial record of 2017, the company has achieved revenue growth of 14.70% as compared to the previous year along with a decent profit margin of 19.66%.

 

The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage indicators due to low debt balance sheet profile.

 

Rating continue to reflect the company’s strong market position in the high-chrome mill parts and components market globally, and well-diversified revenue profile (both in terms of end-user segments and geographic coverage).

 

However, rating strength is partially offset by large working capital requirement because of a need to maintain large inventory. In addition, the company’s operating margin is susceptible to volatility in prices of raw materials, particularly steel scrap and ferrochrome.

 

Payments seems to be regular.

 

 In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and condition.

 

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

CRISIL

Rating

Long Term Borrowing = AA+

Rating Explanation

High degree of safety and very low credit risk.

Date

19.05.2017

 

Rating Agency Name

CRISIL

Rating

Short Term Borrowing = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

19.05.2017

 

 

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 19.04.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED

 

MANAGEMENT NON-COOPERATIVE: 91-79-22901078 / 66114000

 

 

LOCATIONS

 

Registered Office :

115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat, India

Tel. No.:

91-79-22901078-81

Fax No.:

91-79-22901077

E-Mail :

snj@aiaengineering.com

ric@aiaengineering.com

Website :

http://www.aiaengineering.com

 

 

Corporate Office :

11-12, Sigma Corporate, B/H. HOF Showroom, Off. S. G. Highway Sindhu Bhavan Road, Bodakdev, Ahmedabad – 380054, Gujarat, India

Tel. No.:

91-79-66047800

Fax No.:

91-79-66047848

 

 

Factory 1 :

235-236, and other Plants at GVMM Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India

 

 

Factory 2 :

129/129-A, GVMM Estate, Odhav Road, (Erstwhile Reclamation Welding Limited), Ahmedabad-382410, Gujarat, India

 

 

Factory 3 :

Plot No. 70-77, Survey No. 423/P, 426/P and 427/P, Mahagujarat Industrial Estate, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India

 

 

Factory 4 :

18/P, 20th Mile Stone, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India

 

 

Factory 5 :

Plot No. 14, (Survey No. 67, 67A and 70), Girnar Scooter Compound, Odhav, Ahmedabad-382410, Gujarat, India

 

 

Factory 6 :

L-3, MIDC Industrial Area (Erstwhile Paramount Centrispun Castings Private Limited), Hingna Nagar, Nagpur-440016, Maharashtra, India

 

 

Factory 7 :

SF No. 514, 5A1, 5A2, 5A3, (erstwhile DCPL Foundries Ltd.) Thathamangalam Village, Kariamanickam Road, S. Pudur, Samayapuram, Trichy - 621 115, Tamilnadu, India

 

 

Factory 8 :

103/104/115 to 118, Kerala GIDC Estate, Taluka Bavala, Ahmedabad-382 220, Gujarat, India

 

 

DIRECTORS

 

As on 2018

 

Name :

Mr. Rajan Ramkrishna Harivallabhdas

Designation :

Director

Address :

B-7 426 Co-Operative Housing Society, Gurudwara Road Near Gurudwara Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.06.1948

Qualification :

Graduate from Gujarat University (India) with a Bachelors Degree in Commerce

and Masters Degree of Business Administration from USA.

Expertise in specific functional areas :

Former Managing Director and Director in various companies as part of the family owning Textile, Engineering and Chemical companies known as Shri Ambica Group from 1973 to 1988. In this capacity he dealt with US, Swiss and German companies and acquired experience of management, finance and

marketing from 1988 to 1996. Promoted and managed the family’s private chemical manufacturing companies. Promoted and managed as Chairman and Managing Director of a Public Listed chemical manufacturing company HK. Finechem Limited from 1996 to 2010. The company is one of the few manufacturers of specialty chemicals from vegetable oil based raw materials using for the first time in India large molecular distillation equipment imported from UIC GmbH of Germany along with fractionation distillation column designed by Sulzer of Switzerland.

Date of Appointment :

14.05.2015

DIN No.:

00014265

 

 

Name :

Mr. Dileep Chinubhai Choksi

Designation :

Director

Address :

E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

26.12.1949

Qualifications:

B. Com, LLB, FCA and Grad. CWA

Expertise in specific functional areas

Leading Chartered Accountant, qualified Lawyer and a Cost Accountant with over 36 years of experience. Areas of specialization include tax planning and structuring for domestic and international clients, including expatriates, finalizing collaborations and joint ventures, executive advisory and decision support, corporate restructuring with a focus on start-ups, turnaround and change management strategies and analyzing tax impact of various instruments. Former joint Managing Partner of Deloitte in India. He has set up C.C.Chokshi Advisors Private Limited, the activities of which aim to provide complete solutions for all business requirements.

Date of Appointment :

27.01.2014

DIN No.:

00016322

 

 

Name :

Mr. Bhadresh Kantilal Shah

Designation :

Managing Director

Address :

9a, Ashok Vatika No.1 Ambali Bopal Road, Bopal, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

07.10.1951

Qualifications:

B. Tech (Metallurgy)

Expertise in specific functional areas

He is B. Tech (Metallurgy) from Indian Institute of Technology, Kanpur. Over 46 years in the manufacturing and design of various kinds of value added, impact, abrasion and corrosion resistant high chrome castings. These components include products like grinding media, liners, diaphragms, vertical mill parts etc. all manufactured in high chrome metallurgy. The main application of these products is in the grinding operation in the mills in the cement, thermal power and mining industries. He is very well versed in all aspects of production, cost and technical administration. His emphasis on manufacturing process improvements, new product development, quality and adhering to international manufacturing standards has ensured that Company’s products are recognized domestically as well as internationally.

Date of Appointment :

11.03.1991

DIN No.:

00058177

 

 

Name :

Mr. Rajendra Shantilal Shah

Designation :

Director

Address :

289-C, Manekbaug Society Behind Manekbaug Hall, Ambawadi, Ahmedabad 380015 Gj I

Date of Birth/Age :

01.02.1948

Qualifications:

B. E. (Mech.)

Expertise in specific functional areas

Mr. Rajendra S. Shah is a Mechanical Engineer and is an Industrialist. He has an entrepreneurial insight into running engineering business. He possesses rich and varied experience in Administration and Finance. He is the Chairman and Managing Director of Harsha Engineers Limited, manufacturers of Bearing Cages

Date of Appointment :

15.03.2005

DIN No.:

00061922

 

 

Name :

Mr. Sanjay Shaileshbhai Majmudar

Designation :

Director

Address :

24, Sumadhur Co-Operative Housing Society Limited. B/H. Ocean Park, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.03.1953

Qualifications:

B.Com, FCA & ACS

Expertise in specific functional areas

Practicing Chartered Accountants. Extensive experience and expertise in the field of Corporate Laws, Direct Tax Laws, Financial Advisory Services, Debt Syndications, Project Finance, International Structures and Taxation Planning, M & A etc. Contributed Papers and participated as Speaker on Corporate Laws in Seminars and conferences hosted by ICAI and CA Association, Ahmedabad.

Regular Speaker in the SMTP Programme of the Institute of Company Secretaries of India, Ahmedabad Chapter.

Date of Appointment :

07.05.2007

DIN No.:

00091305

 

 

Name :

Mr. Sundararajan Srikumar

Designation :

Director

Address :

19-Kh, No. 786, Harcharan Bagh, Andheriya Bagh Mor, Gurgaon Road, New Delhi – 110030, India

Date of Birth/Age :

25.11.1959

Qualifications:

M. Tech (Industrial Engg.), Ph. D and PGDM from AIMA

Expertise in specific functional areas

Vast knowledge and experience of Industry, Project Management, Technical Evaluation, Engineering Coordination and Administration.

Date of Appointment :

20.01.2009

DIN No.:

01025579

 

 

Name :

Mrs. Bhumika Shyamal Shodhan

Designation :

Director

Address :

17/328, Satyagrah Chavani Society Satellite Road, Ahmedabad – 380015, Gujrat, India

Date of Birth/Age :

11.03.1980

Qualifications:

Diploma in Fashion Designing

Expertise in specific functional areas

She possesses rich and varied experience in Marketing, Administration and Accounts.

Date of Appointment :

07.11.2014

DIN No.:

02099400

 

 

Name :

Mr. Yashwant Manubhai Patel

Designation :

Wholetime Director

Address :

304, Kashi Parekh Complex, Near Swastik Char Rasta, C.G. Road, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

05.10.1943

Qualifications:

B. Sc (Chemistry)

Expertise in specific functional areas

He possesses rich and varied experience in Production, Administration, HR and Accounts

Date of Appointment :

12.11.2010

DIN No.:

02103312

 

 

Name :

Mrs. Khushali Samip Solanki

Designation :

Director

Address :

P-1 Kanha Parthsarthi Avenue, Opposite -Bileshwar Mahadev Shyamal Char Rasta, Satelite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

09.05.1977

Qualifications:

Diploma in Hotel Management

Expertise in specific functional areas

She possesses rich and varied experience in Production, Administration and Accounts.

Date of Appointment :

07.11.2014

DIN No.:

07008918

 

 

KEY EXECUTIVES

 

Name :

Mr. Bhupesh Parmeshwar Porwal

Designation :

Chief Financial Officer (KMP)

Address :

A-101, Nisarg, Diwalipura Off Old Padra Road, Vadodara-390015, Gujarat, India

Date of Appointment :

14.11.2017

PAN No.:

ABSPP4949C

 

 

Name :

Mr. Satyanarayan Chhogalal Jetheliya

Designation :

Company Secretary

Address :

12, Roopkamal Society Gayatri Mandir Road, Ranip, Ahmedabad - 382480, Gujarat, India

Date of Appointment :

01.05.1993

PAN No.:

ABLPJ6305K

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March 2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares

(A) Promoter & Promoter Group

58148920

61.65

(B) Public

36171450

38.35

Grand Total

94320370

100.00

 

 


STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

 

Individuals/Hindu undivided Family

58148920

61.65

 

Bhadresh Kantilal Shah

58128900

61.63

 

Khushali Bhadreshbhai Shah

10010

0.01

 

Bhumika B. Shah

10005

0.01

 

Gita Bhadresh Shah

5

0.00

 

Sub Total A1

58148920

61.65

 

A2) Foreign

0.00

 

A=A1+A2

58148920

61.65

 

 

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 (A+B+C2)

 

B1) Institutions

0

0.00

 

Mutual Funds/

9496604

10.07

 

Hdfc Trustee Company Ltd - A/C Hdfc Mid - Capopportunities Fund

2384409

2.53

 

Sbi Magnum Balanced Fund

1792212

1.90

 

L&T Mutual Fund Trustee Limited-L&T Emerging Businesses Fund

1511815

1.60

 

Icici Prudential Long Term Equity Fund Tax Savings

1221531

1.30

 

Alternate Investment Funds

155000

0.16

 

Foreign Portfolio Investors

21778289

23.09

 

Nalanda India Equity Fund Limited

9127809

9.68

 

Matthews India Fund

2362314

2.50

 

Pinebridge Investments Gf Mauritius Limited

1415047

1.50

 

Financial Institutions/ Banks

134318

0.14

 

Sub Total B1

31564211

33.46

 

B2) Central Government/ State Government(s)/ President of India

0

0.00

 

Central Government/ State Government(s)/ President of India

191416

0.20

 

Sub Total B2

191416

0.20

 

B3) Non-Institutions

0

0.00

 

Individual share capital upto INR 0.200 Million

1969112

2.09

 

Any Other (specify)

2446711

2.59

 

Trusts

862

0.00

 

HUF

90324

0.10

 

Non-Resident Indian (NRI)

176701

0.19

 

Clearing Members

55847

0.06

 

Bodies Corporate

2122977

2.25

 

Sub Total B3

4415823

4.68

 

B=B1+B2+B3

36171450

38.35

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of High Chrome Mill Internals. (Registered Activity)

 

 

Products :

Item Code No.

Product Description

3371

Mfg. of High Chrome Mill Internals

 

 

Brand Names :

“Vega”

“AIA”

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

1255 (Approximately)

 

 

Bankers :

HSBC Bank Limited

7th Floor, Mardia Plaza, Upper Level, C. G. Road, Ahmedabad – 380 009, Gujarat, India

 

State Bank of India

G.V.M.S.A.V. Limited. Branch, Odhav Road, Odhav Ahmedabad – 382 410, Gujarat, India

 

Citi Bank N.A.

1st Floor, Kalapurnam, Near Municipal Market, C. G. Road, Ahmedabad – 380 009, Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

LONG-TERM BORROWINGS

 

 

Term Loan

From banks:

 

 

External Commercial Borrowings

0.000

247.771

 

 

 

SHORT TERM BORROWINGS

 

 

Loan repayable on demand

 

 

From banks*

429.591

300.000

 

 

 

Total

 

429.591

547.771

Notes:

SHORT TERM BORROWINGS

* Secured by the pari-passu charge over inventories and book debts.

 

Pre shipment Credit in Foreign Currency (PCFC) borrowing is a short term working capital finance denominated in foreign currency and disbursed in INR using the prevailing exchange rate. The interest on the loan is linked to Libor with a margin spread. The Loan is repayable from export proceeds.

 

Auditors :

 

Name :

B S R and Company LLP

Chartered Accountants

Address :

903 Commerce House V, Near Vodafone House Prahaladnagar, Corporation Road, Ahmedabad-380051, Gujarat, India

Tel. No.:

91-79-40144800

Fax No.:

91-79-40144850

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Post-Employment benefit plan of AIA Engineering Limited  :

AIA Employees’ Gratuity Trust Fund, India

 

 

Entities on which Key Management Personnel have significant influence  :

·         AB Tradelink Limited

·         Powertec Engineering Private Limited

·         Powertec Infrastructure Private Limited

·         Vee Connect Travels Private Limited

·         Discus IT Private Limited

·         Harsha Engineers Limited

·         RNCA & Associates

 

 

Subsidiaries :

 

·         Welcast Steels Limited

·         Vega Industries (Middle East) FZC, U.A.E.

·         Vega Industries Limited, U.K.

·         Vega Industries Limited, U.S.A.

·         Vega Steel Industries (RSA) Proprietary Limited, South Africa

·         Wuxi Vega Trade Co. Limited, China

·         PT. Vega Industries Indonesia, Indonesia

·         AIA CSR Foundation

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

230000000

Equity Shares

INR 2/- each

INR 460.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

94320370

Equity Shares

INR 2/- each

INR 188.641 Million

 

 

 

 

 

The reconciliation of the number of Equity Shares outstanding as at 31st March, 2017, 31st March, 2016 and 1st April, 2015 is set out below :

 

Particulars

As at 31st March, 2017

 

No. of shares

INR in Million

Shares outstanding at the beginning of the year

94,320,370

188.641

Add: Shares issued during the year

---

---

Shares outstanding at the end of the year

94,320,370

188.641

 

Rights, preferences and restrictions attached to Equity Shares :

 

The company has one class of equity shares having a par value of INR 2 each. 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. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

During the financial year 2016-17, the Company has declared and paid an interim dividend of INR 4 (200%) per share on 9,43,20,370 equity shares of the face value of INR 2 each amounting to INR 377.281 Million on 13th February, 2017.

 

The Board of Directors in their meeting dated 25th May, 2017 has recommended a Final dividend of INR 4 (200%) per Equity Share of the face value of INR 2 each amounting to INR 377.281 Million, thereby making aggregate dividend of `8 per share (400%) for the financial year 2016-17.

 

The details of shareholders holding more than 5% shares are set out below:

 

Particulars

As at 31st March, 2017

 

No. of shares

% of holding

Bhadresh K.Shah

58128900

61.63

Nalanda India Equity Fund Limited

9127809

9.68

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

188.641

188.641

188.641

(b) Reserves & Surplus

24032.156

20324.727

17218.455

(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)

24220.797

20513.368

17407.096

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

3.357

252.876

550.739

(b) Deferred tax liabilities (Net)

870.806

554.272

418.336

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

50.456

75.054

67.873

Total Non-current Liabilities (3)

924.619

882.202

1036.948

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1154.564

1110.332

0.000

(b) Trade payables

1109.045

956.796

1128.698

(c) Other current liabilities

664.204

656.085

664.142

(d) Short-term provisions

269.049

128.001

63.832

Total Current Liabilities (4)

3196.862

2851.214

1856.672

 

 

 

 

TOTAL

28342.278

24246.784

20300.716

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6430.544

6452.815

5242.028

(ii) Intangible Assets

21.656

20.764

16.316

(iii) Capital work-in-progress

424.332

378.003

464.757

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

159.003

149.153

149.053

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

16.793

16.334

13.166

(e) Other Non-current assets

215.689

104.848

291.116

Goodwill

46.069

46.069

46.069

Total Non-Current Assets

7314.086

7167.986

6222.505

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

9250.582

9083.532

6168.244

(b) Inventories

2991.115

2084.239

2264.325

(c) Trade receivables

6610.052

4012.642

2263.822

(d) Cash and cash equivalents

233.298

349.534

1238.921

(e) Short-term loans and advances

13.213

10.166

10.552

(f) Other current assets

1929.932

1538.685

2132.347

Total Current Assets

21028.192

17078.798

14078.211

 

 

 

 

TOTAL

28342.278

24246.784

20300.716

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Revenue from Operations

21223.955

18843.897

20940.279

 

Other Income

1389.700

3579.180

1373.241

 

TOTAL                                    

22613.655

22423.077

22313.520

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

7007.388

6033.888

7315.975

 

Purchases of Stock-in-Trade

1913.856

1139.606

2030.110

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(528.203)

(7.514)

(27.467)

 

Employees benefits expense

773.425

704.400

662.135

 

Other expenses

5912.585

5191.036

5870.198

 

Excise Duty on Sales

566.439

638.403

0.000

 

TOTAL                                    

15645.490

13699.819

15850.951

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

6968.165

8723.258

6462.569

 

 

 

 

 

Less

FINANCIAL EXPENSES                       

44.639

44.682

33.988

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

6923.526

8678.576

6428.581

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

712.890

641.410

676.145

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX                        

6210.636

8037.166

5752.436

 

 

 

 

 

Less

TAX                                                                 

2037.501

1880.884

1594.717

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX               

4173.135

6156.282

4157.719

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Goods

 

12438.372

14552.992

 

 

Dividend Received from Subsidiaries

 

2466.210

541.836

 

 

Miscellaneous Receipts (Corporate Guarantee charges recovered)

 

4.084

13.346

 

TOTAL EARNINGS

14339.101

14908.666

15108.174

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials - Scrap

511.913

919.225

 

 

Raw Materials - Ferro Alloys

 

971.022

1178.729

 

 

Stores

 

200.370

293.892

 

 

Capital Goods

 

107.336

122.180

 

TOTAL IMPORTS

NA

1790.641

2514.026

 

 

 

 

 

 

Earnings/ (Loss) Per Share (INR)

44.24

65.27

43.95

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

244.084

332.256

344.478

Cash generated from operations

2086.404

5075.773

182.245

Net Cash Inflow / (Outflow) From Operating Activities

456.404

3355.773

3247.094

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

Audited / Unaudited

Unaudited

Unaudited

Unaudited

 

1ST Quarter

2nd Quarter

3rd Quarter

Net Sales

4908.800

4971.180

5038.810

Total Expenditure

3784.170

4177.150

3990.730

PBIDT (Excl OI)

1124.630

794.030

1048.080

Other Income

172.500

594.010

277.240

Operating Profit

1297.130

1388.040

1325.320

Interest

13.320

14.980

10.400

Exceptional Items

NA

NA

NA

PBDT

1283.810

1373.060

1314.910

Depreciation

174.620

156.480

175.580

Profit Before Tax

1109.190

1216.580

1139.330

Tax

385.910

299.010

234.610

Provisions and contingencies

NA

NA

NA

Profit After Tax

723.280

917.580

904.720

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

723.280

917.580

904.720

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

113.68

77.72

39.46

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.21

4.70

9.25

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

45.37

48.68

44.08

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.33

4.19

2.85

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.01

1.27

1.13

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.12

0.14

0.14

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.06

0.08

0.05

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.13

0.14

0.11

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.28

0.33

0.33

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

156.10

195.23

190.14

 

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

19.66

32.67

19.86

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

14.66

25.49

20.48

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

17.16

30.12

23.89

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

6.58

5.99

7.58

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

5.64

5.26

6.36

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.85

0.85

0.86

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

7.43

8.99

4.75

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

6.58

5.99

7.58

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 1415.00/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

188.641

188.641

188.641

Reserves & Surplus

17218.455

20324.727

24032.156

Share Application money pending allotment

0.000

0.000

0.000

Net worth

17407.096

20513.368

24220.797

 

 

 

 

long-term borrowings

550.739

252.876

3.357

Short term borrowings

0.000

1110.332

1154.564

Current Maturities of Long term debt

344.478

332.256

244.084

Total borrowings

895.217

1695.464

1402.005

Debt/Equity ratio

0.051

0.083

0.058

 

 

 

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

20940.279

18843.897

21223.955

 

 

-10.011

12.630

 

 

 

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

20940.279

18843.897

21223.955

Profit/ (Loss)

4157.719

6156.282

4173.135

 

19.86%

32.67%

19.66%

 

 

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

188.641

188.641

(b) Reserves & Surplus

 

26983.890

23037.925

(c) Non-Controlling Interest

 

80.198

75.941

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

27252.729

23302.507

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

3.357

252.876

(b) Deferred tax liabilities (Net)

 

712.332

495.571

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

78.397

104.693

Total Non-current Liabilities (3)

 

794.086

853.140

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1154.564

1252.631

(b) Trade payables

 

1206.515

982.647

(c) Other current liabilities

 

560.144

430.817

(d) Short-term provisions

 

932.904

1024.905

Total Current Liabilities (4)

 

3854.127

3691.000

 

 

 

 

TOTAL

 

31900.942

27846.647

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

6481.861

6504.644

(ii) Intangible Assets

 

21.841

20.878

(iii) Capital work-in-progress

 

425.905

378.003

(iv) Intangible assets under development

 

0.000

0.000

(v) Goodwill

 

46.069

46.069

(vi) Goodwill on consolidation

 

150.184

150.488

(b) Non-current Investments

 

9.959

0.110

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

16.793

16.334

(e) Other Non-current assets

 

265.334

182.890

Total Non-Current Assets

 

7417.946

7299.416

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

9586.237

9464.274

(b) Inventories

 

5340.596

3891.216

(c) Trade receivables

 

4960.601

4312.159

(d) Cash and cash equivalents

 

2477.935

1240.730

(e) Short-term loans and advances

 

15.068

18.832

(f) Other current assets

 

2102.559

1620.020

Total Current Assets

 

24482.996

20547.231

 

 

 

 

TOTAL

 

31900.942

27846.647

 

 

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

23203.430

21723.884

 

Other Income

 

1044.423

1019.380

 

TOTAL

 

24247.853

22743.264

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

8321.056

6725.760

 

Purchases of Stock-in-Trade

 

0.000

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(1051.902)

423.897

 

Employees benefits expense

 

1067.107

1024.304

 

Excise Duty on Sales

 

743.290

739.970

 

Other expenses

 

7778.178

6716.859

 

TOTAL

 

16857.729

15630.790

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

7390.124

7112.474

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

44.922

48.727

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7345.202

7063.747

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

724.771

655.160

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

6620.431

6408.587

 

 

 

 

 

Less

TAX

 

2048.299

1840.645

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

4572.132

4567.942

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

Items that will not be reclassified to profit or loss

 

(270.793)

2.281

 

Items that will be reclassified to profit or loss

 

(2.800)

50.901

 

Income tax relating to items that will be reclassified to profit or loss

 

94.744

(15.167)

 

Total

 

(178.849)

38.015

 

 

 

 

 

 

Total Comprehensive Income for the period (VII + VIII) (Comprising Profit and Other Comprehensive Income for the period)

 

4393.283

4605.957

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

48.43

48.44

 

 

LEGAL CASES

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 171 of 2016 To TAX APPEAL No. 172 of 2016

 

 

Status : PENDING

( Converted from : O/ST/233/2016 )

CCIN No : 001092201600171

 

 

Last Listing Date:

09/06/2016

Coram

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE A.J. SHASTRI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

THE PRINCIPAL COMMISSIONER OF INCOME TAX-1

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1

AIA ENGINEERING LTD

RULE NOT RECD BACK for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1
RULE SERVED for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

Presented On

: 28/01/2016

Registered On

: 03/02/2016

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 5 times

StageName

: FOR FINAL HEARING

 

Classification
  • DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT

Act
  • INCOME-TAX ACT, 1961

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

28/01/2016

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MRS MAUNA M BHATT(174) for P:1

2

28/01/2016

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT(174), for P:1

3

01/02/2016

ADDITIONAL FEE ON CERTIFIEDCOPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MRS MAUNA M BHATT(174) for P:1

4

01/02/2016

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT(174) for P:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

08/02/2016

4

78

ADMISSION ( FRESH MATTERS )

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE MOHINDER PAL

2

15/02/2016

6

55

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE G.R.UDHWANI

3

01/03/2016

6

59

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE G.R.UDHWANI

4

21/03/2016

4

-

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE G.R.UDHWANI

5

09/06/2016

4

19

ADJOURNED MATTERS

RULE/ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE A.J. SHASTRI

 

 

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

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

COMPANY OVERVIEW

 

AIA Engineering Limited (the ‘Company’) is a Company domiciled in India, with its registered office situated at 115, G.V.M.M Estate, Odhav Road, Odhav, Ahmedabad-382410, Gujarat, India. The Company has been incorporated under the provisions of Companies Act applicable in India and its equity shares are listed on the National Stock Exchange of India Ltd. (NSE) and BSE Ltd. in India. The Company is primarily involved in manufacturing of High Chrome Mill Internals.

 

 

STANDALONE OPERATING RESULTS:

 

During the year, the Revenue from operations of the Company is INR 21223.955 Million as compared to INR 18843.897 Million in the previous Financial Year.

 

Exports Turnover registered in the same period was INR 14338.331 Million as against the Export Turnover of INR 12140.008 Million in the previous Financial Year.

 

During the year, Company has earned a Profit Before Tax (PBT) of INR 6210.636 Million and Profit After Tax (PAT) of INR 4173.135 Million as compared to PBT of INR 8037.166 Million and PAT of INR 6156.282 Million respectively in the previous Financial year.

 

FINANCE:

 

Cash and cash equivalents as at 31st March, 2017 were INR 9482.771 Million. The Company continues to focus on judicious management of its Working Capital, Receivables, Inventories, all other Working Capital parameters were kept under strict check through continuous monitoring.

 

 

BUSINESS PROSPECTS:

 

Future growth prospects of the Company will rely on making further inroads in mining industry worldwide.

 

The growth prospects are primarily emanating out of the large annual replacement market in this industry, primarily in four major metal ore types, viz., Iron, Platinum, Gold and Copper. The Company is now focusing on certain strategic drivers in the Mining Segment over and above the cost reduction due to much lower wear rates owing to High Chrome, viz. improved process efficiencies, reduction in the cost of other consumables (other than high-chrome grinding media), significantly reduced environment hazards and consequently improved environmental benefits, etc. for providing comprehensive solution to the mining industry. This has helped the Company in creating a unique positioning which augurs well for the consistent and steady growth in this industry over medium to long term. Reliance on multiple ores means that declining fortunes of one commodity will not significantly impact the Company’s growth prospects. During last few years, they have steadily increased their presence in the major mining groups across the globe with a stronger focus on major mining centers like North America, Latin America, Australia, Africa, and the Far East Asia, etc. The Company has fairly aggressive growth plans so as to capitalize upon the available opportunity in the mining segment and the vision is to emerge as the leading global solution provider in this segment. While the current focus of the Company in mining segment is outside India, the Company also has a major share of the domestic mining demand and shall be able to capture incremental demand as and when the same arises.

 

In as much as the cement segment is concerned, the near term prospects continue to remain flat, although in India it seems that the average capacity utilization levels of cement companies have started to go up. It is also expected that with the government taking lot of initiatives on the infrastructure segment, more particularly the road

construction and port infrastructure, it might provide much needed stimulus to the overall construction and industrial segments and it is hoped that from the current fiscal year onwards the positive impact of this stimulus should start coming in. As and when India’s cement production will go up the company will be an immediate beneficiary in terms of incremental production going to service the additional requirement. On the global front, while most of the key markets like North America, Latin America, Western and Eastern Europe, Africa, etc. continue to remain sluggish, there are certain specific markets in Asia, Africa and South America, which continue to add capacity or have increased capacity utilization. In China, the Company currently maintains a limited presence by marketing specific products. On the whole, in near term, the Company continues to believe that the overall production and sales will remain flat in this segment.

 

In the Utility sector (Thermal Power Plants), which is more prominent in the domestic market, the Company continues to enjoy a niche position. The Company will strive to maintain a steady growth rate in this particular segment matching with the rate at which the sector grows.

 

 

FUTURE EXPANSION:

 

The Company’s effective capacity reached 3,40,000 Metric TONNES after successful commission of Phase I of Kerala GIDC brownfield expansion project during 2016-17. they are on track for of implementing second phase of capital expenditure plan at GIDC Kerala involving augmentation of the total capacity by further 1,00,000 MT, which is expected to be commissioned in FY 2018-19, which will take the total installed capacity to 4,40,000 MT. The incremental Capex to be incurred for the second phase is estimated around INR 3500.000 Million and the same is being funded entirely from internal cash accruals.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY OVERVIEW:

 

AIA Engineering Ltd. (AIAE) manufactures and markets a wide range of High Chromium consumable wear parts (mill internals) which are used in the process of Crushing/Grinding in the Cement, Mining, Thermal Power and Aggregate Industries. The Company employs alloy-casting process for manufacture of the products, which entails designing and choosing the high-chrome alloy composition in relation to the end application.

 

AIAE now sells and services customers in more than 120 countries. Most of the growth is now targeted from the large opportunity of converting conventional grinding media used in the mining industry which are manufactured using the forging process and replacing them by cast high chrome grinding media. In line with this mission, Company has grown its presence in the mining space by increasing its sales which includes customers in gold, platinum, iron ore and copper ores.

 

As a significant development in the FY 2016-17, raw material prices were very volatile. In the last financial year, commodity prices started with soft prices and then towards the end of the financial year, commodity prices moved up significantly in line with increased purchases from China. This is reflected in our quarterly raw material prices also as they moved up in the 4th quarter. Along with raw material prices, shipping rates also saw a significant increase in most sea routes on account of major consolidation in the shipping industry.

 

On the business front, Cement markets continue to remain flat worldwide in line with trends observed over past many years. In mining segment, as per our internal estimates, the present annual requirement of consumable wear parts is in the region of around 3 million tons per annum. Bulk of this is presently met by forged components, with less than 15% being serviced by high chrome wear parts. The prospect of conversion of the conventional wear parts into high chrome use is a sizeable opportunity available to AIAE.

 

As far as prospects in India are concerned, GDP growth forecast of 7% in India pre-supposes an improved manufacturing base and infrastructural push, which makes domestic business prospect for AIAE better albeit on a smaller base.

 

 

OUTLOOK AND PROSPECTS:

 

AIAE has a strategic direction linked to growth in its market share in the mining segment. In FY 2016-17, significant contribution in your Company’s growth has come from the mining industry. The growth prospects are primarily emanating out of the large annual replacement market in this industry. Here, we are currently catering to

the requirements of four major metal ore types, viz., Iron, Platinum, Gold and Copper, with total emphasis on the

replacement market. Again the Company is now focusing on certain strategic drivers in the Mining Segment over

and above the cost reduction due to much lower wear rates owing to High Chrome, viz. improved process efficiencies, reduction in the cost of other consumables (other than high-chrome grinding media), significantly reduced environment hazards and consequentially improved environmental benefits, etc. for providing comprehensive solution to the mining industry. This has helped the Company in creating a unique positioning which augurs well for the consistent and steady growth in this industry over medium to long term. During last few years, they have steadily increased our presence in the major mining groups across the globe with a stronger focus on major mining centers like North America, Latin America, Australia, Africa, and the Far East Asia, etc. Over the coming years the Company has fairly aggressive growth plans so as to capitalize upon the available opportunity in the mining segment and the vision is to emerge as the leading global solution provider in this segment. While the current focus of the Company in mining segment is outside India, the Company also has a major share of the domestic mining demand and shall be able to capture incremental demand as and when the same arises.

 

In as much as the cement segment is concerned, the near-term prospects continue to remain flat, although in India it seems that the average capacity utilization levels of cement companies have started to go up. As and when India’s cement production will go up the Company will be an immediate beneficiary in terms of incremental production going to service the additional requirement. On the global front, most developing and developed markets continue to be marginal growth phase reflecting flat sales for AIAE. In China, the Company currently maintains a limited presence by marketing specific products. On the whole in near term the Company continues to believe that the overall production and sales will remain flat in this segment.

 

In as much as the thermal power plants are concerned the Company continues to enjoy a niche position in this particular segment in India. The Company will strive to maintain a steady growth rate in this particular segment matching with the rate at which the sector grows.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

LONG-TERM BORROWINGS

 

 

Deferred Payment Liabilities *

* Deferred Sales tax under Package Scheme of Incentives 1993 of Maharashtra for erstwhile Paramount Centrispun Castings Private Limited

3.357

5.105

 

 

 

SHORT TERM BORROWINGS

 

 

Loan repayable on demand

 

 

From banks

724.973

810.332

Total

728.330

815.437

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G49009665

100111567

DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED

28/06/2017

-

-

4913740.0

Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN

2

C40959140

10544152

State Bank of India

27/12/2014

-

-

2293200000.0

Overseas Br.1st Flr.Nr. ShapthV, Iscon ElegenceS.G. HIGHWAY Near Shapath V, S G Highway,AHMEDABADGJ380015IN

3

G78832847

10502105

CITI BANK N.A.

19/05/2014

22/01/2018

-

1500000000.0

Kalapurnam, C. G. Road,NavrangpuraAhmedabadGJ380009IN

4

A83081745

90104117

STATE BANK OF INDIA

23/12/2000

31/03/2010

-

3630000000.0

MID CORPORATE LOAN ADMINISTRATION UNIT4TH FLOOR, BHADRAAHMEDABADGJ380001IN

5

G76839810

10425511

The Hongkong and Shanghai Banking Corporation Limited

14/05/2013

-

30/01/2018

420000000.0

52/60,Mahatma Gandhi Road, FortMumbaiMH400001IN

6

G59576298

10392966

CITIBANK N.A

13/12/2012

-

26/10/2017

1028500000.0

1st Floor, KalapurnamNear Municipal Market, CG RoadAhmedabadGJ380009IN

7

C69860807

90107020

State Bank of India

26/11/2004

25/08/2009

10/11/2015

3630000000.0

MID CORPORATE LOAN ADMINISTRATION UNIT4TH FLOOR, BHADRAAHMEDABADGJ380001IN

8

B76756790

90106122

STATE BANK OF INDIA

04/11/1992

26/12/2004

25/05/2013

63500000.0

GVMSAV LTD BRANCHODHAV ROAD; ODHAVAHMEDABADGJ382410IN

9

A92368448

90237383

CANARA BANK

03/08/2000

25/07/2006

16/08/2010

142500000.0

ITWARI BRANCH,YAMUNA SADAN,TANGA STAND, ITWARINAGPURMH440002IN

10

A91066191

90232683

CANARA BANK

04/03/1996

11/03/1998

14/07/2010

39500000.0

YAMUNA SADAN ITWARINAGPURMHIN

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 31ST DECEMBER 2017

 

        

 

 

Particulars

quarter ended

quarter ended

Nine months ended

 

 

 

31.12.2017

30.09.2017

31.12.2017

1

 

Income from Operations

 

 

 

 

 

Sales/Income from Operations (Gross)

5038.810

4971.181

14918.789

 

 

b) Other Operating Income

277.241

594.008

1043.755

 

Total Income from Operations (Net)

5316.051

5565.189

15962.544

2

Expenses

 

 

 

 

a)

Cost of Materials consumed

1884.151

1961.094

5850.429

 

b)

Excise duty on Sales

--

--

154.320

 

c)

Purchase of Stock-in-trade

514.532

478.113

1576.947

 

d)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(89.915)

33.773

(715.746)

 

e)

Employee benefit expenses

205.083

202.782

602.925

 

f)

Finance Costs

10.395

14.979

38.698

 

g)

Depreciation and amortization expense

175.583

156.480

506.678

 

h)

Other expenses

1476.890

1501.386

4483.187

 

Total Expenses

4176.719

4348.607

12497.438

 

 

 

 

 

9

Profit /(Loss) from ordinary activities before tax

1139.332

1216.582

3465.106

10

Tax Expense

 

 

 

 

Current Tax

354.550

324.340

1032.450

 

Excess provision of earlier periods written back

(55.987)

--

(55.987)

 

Deferred Tax

(63.950)

(25.335)

(56.931)

11

Net Profit /(Loss) for the period

234.613

299.005

919.532

 

Other Comprehensive Income:

 

 

 

 

A. Items that will not be reclassified to profit or loss

(3.750)

(3.750)

(11.250)

 

Income tax relating to items that will be reclassified to profit or loss

--

--

--

 

B. Items that will be reclassified to profit or loss

(102.589)

35.864

(12.740)

 

Income tax relating to items that will be reclassified to profit or loss

35.504

(12.412)

4.409

 

Other Comprehensive Income for the year, net of taxes

(70.835)

19.702

(19.581)

 

Total Other Comprehensive Income for the period

833.884

937.279

2525.993

 

 

 

 

 

12

Paid up equity share capital (Eq. shares of  INR 10/- each)

188.641

188.641

188.641

13

Reserve excluding revaluation reserves

 

 

 

14

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

 

 

Basic & Diluted

9.59

9.73

26.99

 

Note:

 

1. The above Un-audited Standalone Financial Results for the quarter and nine months ended 31st December, 2017 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors in their respective meetings held on 6th February, 2018. These Un-audited Standalone Financial Results are subjected to "Limited review" by the statutory auditors of the Company. The statutory auditors have issued an unmodified opinion. Further, amounts for the quarter and nine months ended 31st December, 2016 and year ended 31st March, 2017 were audited by previous auditors - Talati and Talati, Chartered Accountants.


2. This Un-audited Financial Results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (Ind AS) 34 - 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act 2013.


3. Effective 1st July 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the quarter and nine months ended 31st December, 2017 are not comparable with previous period corresponding figures.

 
4. The Company has only one reportable primary business segment as per IND AS 108 - "Operating Segments", i.e., Manufacturing of High Chrome Mill Internals.


5. Figures for the previous period have been regrouped, reclassified and restated wherever necessary to make them comparable with the current period's figures.

 

 

CONTINGENT LIABILITIES:

(INR in million)

Particulars

31.03.2017

(INR In Million)

31.03.2016

(INR In Million)

a. Claims against the Company not acknowledged as Debts

 

 

Central Excise & Service Tax

322.741

257.698

Income Tax

1164.028

783.413

Sales Tax / Central Sales Tax

5.724

5.724

b. Guarantees

 

 

Bank Guarantees Outstanding

1460.511

1291.934

Corporate Guarantees Outstanding to Customers

57.994

62.483

Guarantees given by the Company on behalf of Subsidiaries

842.344

794.987

Corporate Guarantees given by the Company on behalf of

Subsidiaries

---

---

Letter of Credit (L/C)

101.788

---

Others

59.509

59.508

 

 

FIXED ASSETS

 

Tangible Assets

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machineries

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Goodwill

·         Computer Software

·         Patents and Copyrights

 

 

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 65.68

UK Pound

1

INR 93.98

Euro

1

INR 81.30

 

 

INFORMATION DETAILS

 

Information Gathered by :

ARC

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

SUJ

 

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

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.