|
|
|
MIRA INFORM REPORT
|
Report No. : |
504186 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
GEE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. E-1,
Road No. 7, Wagle Industrial Estate, Thane – 400604, Maharashtra |
|
Tel. No.: |
91-22-25820619 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
24.11.1960 |
|
|
|
|
Com. Reg. No.: |
11-011879 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 47.252 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1960PLC011879 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTIN : [Goods & Service Tax Registration No.] |
27AAACG2377B1ZY |
|
|
|
|
TIN No : |
27310299362 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG04756D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG2377B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing
of welding electrodes, copper coated wires, flux cored wires and welding
fluxes. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1960 and it is engaged as manufacturer of welding electrodes, copper coated wires, flux corded wires and welding fluxes. 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 satisfactory financial risk profile marked by adequate net worth base and average debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by extensive experience of Gee's promoters in the welding electrodes industry. As per quarterly financials of December 2017, the company has achieved a sales turnover of INR 580.3 million and reported fair profit margin of approximately 3%. However, these rating strength gets partially offset by susceptibility of revenue and profitability to intense competition and volatility in raw material prices. Payment seems to be usually correct. 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.
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 Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
30.03.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk |
|
Date |
30.03.2017 |
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 BY
|
Name : |
Mr. Milind |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-25820619 |
|
Date : |
17.04.2018 |
[Tel No.: 91-2522-281190/ 22-25820619 (Ringing)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. E-1,
Road No. 7, Wagle Industrial Estate, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25820619/ 2620/ 1277 |
|
Fax No.: |
91-22-25828938 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. B-12, MIDC, Kalyan Bhiwandi Road, Saravali, Kalyan – 421311,
Maharashtra, India |
|
Tel. No.: |
91-2522-280358 / 281176 / 88/90 |
|
Fax No.: |
91-2522-281199 |
|
|
|
|
Factory 3 : |
Sankrail Industrial Park, NH-6, Village and P.O Kanduah, P.S. Sankrail, Howrah-711302, West Bengal, India |
|
Tel. No.: |
91-33-32501526/ 34 |
|
Fax No.: |
91-33-22426794/ 32432434 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located at: · Kolkata · Baroda · Dubai ·
Turkey |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Govind Kumar Saraf |
|
Designation : |
Wholetime Director |
|
Address : |
Park Towers 14, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
21.01.1950 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No : |
00718228 |
|
|
|
|
Name : |
Mr. Madhusudan Prahlad Dhanuka |
|
Designation : |
Director |
|
Address : |
23, Juhu Ajanta CHS, Gulmohar Road, JVPD Scheme, Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1940 |
|
Date of Appointment : |
16.01.2002 |
|
DIN No : |
00746295 |
|
|
|
|
Name : |
Mr. Sanwarmal Agarwal |
|
Designation : |
Wholetime Director |
|
Address : |
14/D, Regency Park, Eden Woods Smt. G.A Marg, Pokhran Road No 2, Thane (W) Mumbai – 400601, Maharashtra, India |
|
Date of Appointment : |
01.01.2015 |
|
DIN No : |
01007594 |
|
|
|
|
Name : |
Mr. Kobad Maneckshah Panthaki |
|
Designation : |
Director |
|
Address : |
Bulding No.7, Flat 501, Siddhachal Phase II, Majiwada, Vasant Vihar, Thane- 400610, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
DIN No : |
02319162 |
|
|
|
|
Name : |
Ms. Payal Agarwal |
|
Designation : |
30.05.2015 |
|
Address : |
14d Regency Park, A Eden Wood Smt G A Marg, Off Pokhran Road 2, Thane (West) Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
06.08.2015 |
|
DIN No : |
07198236 |
|
|
|
|
Name : |
Mr. Rakesh Mundra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ashok Kumar |
|
Designation : |
Chairman-Independent Director |
|
|
|
|
Name : |
Mr. Sujit Sen |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Utsav Kapadia |
|
Designation : |
Non-Executive Non Independent Director |
|
Date of Birth/Age : |
06.03.1952 |
KEY EXECUTIVES
|
Name : |
Ms. Payal Agarwal |
|
Designation : |
Chief Finance Officer |
|
Address : |
14d Regency Park, A Eden Wood Smt G A Marg, Off Pokhran Road 2, Thane (West) Thane - 400607, Maharashtra, India |
|
PAN : |
ALQPS3820H |
|
Date of Appointment : |
06.08.2015 |
|
|
|
|
Name : |
Sumeet Sadanand More |
|
Designation : |
Company Secretary |
|
Address : |
Room No.1, Shivasheth Chawl, Hariyali Village Vikhroli (East), Mumbai - 400083 , Maharashtra, India |
|
PAN : |
BLCPM9818E |
|
Date of Appointment : |
27.05.2017 |
|
|
|
|
Name : |
Mr. Omkar Chandrakant Mhamunkar |
|
Designation : |
Company Secretary (upto 8th May 2017) |
|
|
|
|
Name : |
Mr. M P Dhanuka |
|
Designation : |
Executive Officer |
|
|
|
|
Name : |
Mr. Milind |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
17650345 |
74.71 |
|
|
(B) Public |
5975533 |
25.29 |
|
|
Grand Total |
23625878 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
9890149 |
41.86 |
|
|
Shankar Lal Agarwal |
2077783 |
8.79 |
|
|
Jyoti Agarwal |
1375500 |
5.82 |
|
|
Ram Kishan Agarwal |
1091289 |
4.62 |
|
|
Nirmala Agarwal |
1058591 |
4.48 |
|
|
Omprakash Agarwal |
989459 |
4.19 |
|
|
Umesh Agarwal |
968265 |
4.10 |
|
|
Sanwarmal Agarwal |
653898 |
2.77 |
|
|
Sneha Agarwal |
379000 |
1.60 |
|
|
Vidyawati Agarwal |
329008 |
1.39 |
|
|
Payal Agarwal |
242095 |
1.02 |
|
|
Puja Agarwal |
227614 |
0.96 |
|
|
Govind Kumar Saraf |
197868 |
0.84 |
|
|
Nikhil Agarwal |
121000 |
0.51 |
|
|
Ranjana Saraf |
91601 |
0.39 |
|
|
Anant Agarwal |
50000 |
0.21 |
|
|
Govind Kumar Saraf |
37178 |
0.16 |
|
|
Any Other (specify) |
7760196 |
32.85 |
|
|
Vidya Finvest Limited |
5796667 |
24.54 |
|
|
Vitro Commodities Private Limited |
1542939 |
6.53 |
|
|
Sagar Consolidated Holdings Private Limited |
420590 |
1.78 |
|
|
Sub Total A1 |
17650345 |
74.71 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
17650345 |
74.71 |
STATEMENT
SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Financial Institutions/ Banks |
639717 |
2.71 |
|
|
Life Insurance Corporation Of India |
638517 |
2.70 |
|
|
Sub Total B1 |
639717 |
2.71 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
2198879 |
9.31 |
|
|
Individual share capital in excess of INR 0.200 Million |
615377 |
2.60 |
|
|
Bhavana Govindbhai Desai |
504000 |
2.13 |
|
|
Any Other (specify) |
2521560 |
10.67 |
|
|
IEPF |
112015 |
0.47 |
|
|
Trusts |
257 |
0.00 |
|
|
HUF |
250556 |
1.06 |
|
|
Non-Resident Indian (NRI) |
40284 |
0.17 |
|
|
Clearing Members |
49960 |
0.21 |
|
|
Bodies Corporate |
2068488 |
8.76 |
|
|
Venkatesh Shelter Private Limited |
1712944 |
7.25 |
|
|
Sub Total B3 |
5335816 |
22.58 |
|
|
B=B1+B2+B3 |
5975533 |
25.29 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing
of welding electrodes, copper coated wires, flux cored wires and welding
fluxes. (Registered
Activity) |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
350 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Ford Rhodes, Parks and Company Chartered Accountants |
|
Address : |
Sai Commercial Building, 312/313, 3rd Floor, BKS Devshi
Marg, Govandi (East), Mumbai-400088, Maharashtra, India |
|
Tel. No.: |
91-22-67979819/ 67979820 |
|
Mobile No.: |
91-22-67979821 |
|
Fax No.: |
|
|
|
|
|
Cost Auditor : |
Ajekar Shivraya Kini Practicing Company Secretary |
|
|
|
|
Secretarial
Auditor : |
Deep Shukla and Associates Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Entities over which KMP has Significant Influence (with whom
transactions have taken place during the year) |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 2/- each |
INR 100.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23644778 |
Equity Shares |
INR 2/- each |
INR 47.289
Million |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23625878 |
Equity Shares |
INR 2/- each |
INR 47.252
Million |
|
|
|
|
|
Reconciliation of
Shares at beginning and at year end:
|
Particulars |
Equity Shares |
|
|
|
No. of Shares |
INR in Million |
|
Shares outstanding at the beginning of the year |
23625878 |
47.252 |
|
Share issued during the year |
-- |
-- |
|
Share bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
23625878 |
47.252 |
Rights, Preference
and Restrictions of Shareholders:
Equity shares of the company has per value of INR 2/- per shares. Each
holder of equity is entitled to one vote per share. In the event of liquidation
of the company, the holder of equity shares will be entitled to receive
remaining assets if any after distribution of all preferential accounts. The
distribution will be pro rata to the equity share held by the shareholder.
Apart from right, restrictions and preferences prescribed by the
companies Act 2013. The Articles of Association of the company elaborately deal
with the above. The reader is requisite to respective document for details.
Particulars of
Shareholders holding 5% or more shares
|
Name
of Shareholders |
As at 31 March 2017 |
|
|
|
No. of Shares held |
% of holding |
|
Vidya Finvest Private Limited |
5796667 |
24.54 |
|
Shankar Agarwal |
2078938 |
8.80 |
|
Venkatesh Shelter Private Limited |
1712944 |
7.25 |
|
Vitro Commodities Private Limited |
1542939 |
6.53 |
|
Jyoti Agarwal |
1375500 |
5.82 |
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 |
47.252 |
47.252 |
47.252 |
|
(b) Reserves & Surplus |
610.196 |
575.640 |
538.451 |
|
(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 |
657.448 |
622.892 |
585.703 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.173 |
3.123 |
107.021 |
|
(b) Deferred tax liabilities (Net) |
54.948 |
53.602 |
51.788 |
|
(c) Other long term
liabilities |
1.305 |
0.937 |
0.862 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities |
58.426 |
57.662 |
159.671 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
475.848 |
392.078 |
358.184 |
|
(b) Trade
payables |
128.297 |
212.368 |
127.462 |
|
(c) Other
current liabilities |
80.075 |
109.800 |
120.141 |
|
(d) Short-term
provisions |
18.000 |
27.539 |
18.539 |
|
Total Current
Liabilities |
702.220 |
741.785 |
624.326 |
|
|
|
|
|
|
TOTAL |
1418.094 |
1422.339 |
1369.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
490.547 |
470.428 |
477.477 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.780 |
9.692 |
5.113 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33.459 |
25.203 |
26.197 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.798 |
13.772 |
15.256 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
545.584 |
519.095 |
524.043 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
334.481 |
403.734 |
333.593 |
|
(c) Trade
receivables |
386.254 |
336.776 |
345.387 |
|
(d) Cash
and cash equivalents |
34.099 |
43.813 |
31.421 |
|
(e)
Short-term loans and advances |
116.111 |
117.350 |
130.583 |
|
(f) Other
current assets |
1.565 |
1.571 |
4.673 |
|
Total
Current Assets |
872.510 |
903.244 |
845.657 |
|
|
|
|
|
|
TOTAL |
1418.094 |
1422.339 |
1369.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1979.509 |
1895.330 |
1800.969 |
|
|
Other Income |
8.569 |
26.414 |
6.563 |
|
|
TOTAL |
1988.078 |
1921.744 |
1807.532 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1394.301 |
1343.070 |
1343.772 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
19.547 |
17.834 |
(43.369) |
|
|
Employees benefits expense |
141.162 |
117.693 |
91.458 |
|
|
Other expenses |
290.732 |
273.303 |
263.474 |
|
|
TOTAL |
1845.742 |
1751.900 |
1655.335 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
142.336 |
169.844 |
152.197 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
53.023 |
65.233 |
71.872 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
89.313 |
104.611 |
80.325 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
32.830 |
32.282 |
36.167 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
56.483 |
72.329 |
44.158 |
|
|
|
|
|
|
|
Less |
TAX |
21.927 |
26.600 |
20.497 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
34.556 |
45.729 |
23.661 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
258.788 |
193.425 |
0.000 |
|
|
TOTAL
EARNINGS |
258.788 |
193.425 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
144.532 |
318.774 |
0.000 |
|
|
TOTAL
IMPORTS |
144.532 |
318.774 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.46 |
1.94 |
1.0 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.174 |
35.554 |
64.380 |
|
Cash generated from operations |
40.533 |
190.806 |
62.807 |
|
Net cash flows from (used in) operating activity |
19.961 |
166.020 |
48.669 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
524.240 |
507.450 |
580.350 |
|
Total Expenditure |
507.150 |
487.210 |
542.900 |
|
PBIDT (Excl OI) |
17.090 |
20.240 |
37.450 |
|
Other Income |
7.290 |
4.070 |
3.350 |
|
Operating Profit |
24.380 |
24.310 |
40.800 |
|
Interest |
12.610 |
12.000 |
11.570 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
11.770 |
12.310 |
29.230 |
|
Depreciation |
8.250 |
8.250 |
8.250 |
|
Profit Before Tax |
3.520 |
4.060 |
20.980 |
|
Tax |
1.000 |
1.000 |
4.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
2.520 |
3.060 |
16.980 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
2.520 |
3.060 |
16.980 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
71.22 |
64.86 |
70.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.12 |
5.63 |
5.21 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
33.59 |
57.71 |
35.78 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.43 |
0.42 |
0.46 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.29 |
0.35 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.50 |
0.55 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.73 |
0.69 |
0.90 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
1.07 |
1.19 |
1.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.75 |
0.77 |
0.82 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.68 |
2.60 |
2.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.75 |
2.41 |
1.31 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.44 |
3.22 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.26 |
7.34 |
4.04 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.24 |
1.22 |
1.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.77 |
0.67 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.46 |
0.44 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
10.16 |
9.12 |
11.21 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.24 |
1.22 |
1.35 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 02.00/- |
|
Market Value |
INR 43.55/- |
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 |
47.252 |
47.252 |
47.252 |
|
Reserves & Surplus |
538.451 |
575.640 |
610.196 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
585.703 |
622.892 |
657.448 |
|
|
|
|
|
|
long-term borrowings |
107.021 |
3.123 |
2.173 |
|
Short term borrowings |
358.184 |
392.078 |
475.848 |
|
Current maturities of
long-term debts |
64.380 |
35.554 |
2.174 |
|
Total
borrowings |
529.585 |
430.755 |
480.195 |
|
Debt/Equity
ratio |
0.904 |
0.692 |
0.730 |
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 |
1800.969 |
1895.330 |
1979.509 |
|
|
|
5.239 |
4.441 |
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 |
1800.969 |
1895.330 |
1979.509 |
|
Profit |
23.661 |
45.729 |
34.556 |
|
|
1.31% |
2.41% |
1.75% |
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 |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The company in engaged in the business of manufacturing of welding
electrodes, copper coated wires, flux cored wires and welding fluxes. The
manufacturing activities are located in Kalyan and Kolkata.
STATE OF AFFAIRS
AND OPERATIONAL REVIEW
During the financial year, the government had imposed minimum Import
price which allowed domestic steel manufacturers to raise the price of steel.
The companies operating in the industry were however unable to pass on the
price increased to the customer in the backdrop of stiff competition. Despites
this, the company has achieved satisfactory performance by increasing annual
net revenue by 4.5% from INR 1900 Million in 2015-16 to INR 1980 million in 2016-17. There is
decrease in profit before tax from INR 72.33 million in 2015-16 to INR 56.480
Million in 2016-17. However, this due to non regular income of INR 18.000
Million in 2015-16 on account of sale of Investment and interest income.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G69109452 |
100138219 |
TJSB SAHAKARI BANK LIMITED |
10/11/2017 |
- |
40000000.0 |
SHOP NO.10 & 11, GROUND FLOOR, TIP TOP PLAZA, L.B.S. WAGLE INDUSTRIAL ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
|
2 |
G60694254 |
10601234 |
TJSB SAHAKARI BANK LIMITED |
28/10/2015 |
03/11/2017 |
300000000.0 |
SHOP NO.10 & 11, GROUND FLOOR, TIP TOP PLAZA, L.B.S. WAGLE INDUSTRIAL ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
|
3 |
C74826942 |
10610843 |
TJSB SAHAKARI BANK LIMITED |
29/05/2015 |
- |
100000000.0 |
SHOP NO.10 & 11, GROUND FLOOR, TIP TOP PLAZA, L.B.S. WAGLE INDUSTRIAL ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
|
4 |
C82002791 |
10564801 |
DBS BANK LTD |
11/04/2015 |
14/03/2016 |
12000000.0 |
4A NANDALAL BASU SARANIKOLKATAWB700071IN |
|
5 |
G73484776 |
10564799 |
DBS BANK LTD |
11/04/2015 |
03/11/2017 |
293500000.0 |
4A NANDALAL BASU SARANIKOLKATAWB700071IN |
|
6 |
C43854710 |
10549628 |
TJSB SAHAKARI BANK LIMITED |
20/10/2014 |
- |
200000000.0 |
SHOP NO.10 & 11, GROUND FLOOR, TIP TOP PLAZA, L.B.S. WAGLE INDUSTRIAL ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
|
7 |
B12781092 |
10286836 |
THE THANE JANATA SAHAKARI BANK LTD. |
31/03/2011 |
- |
100000000.0 |
SHOP NO.10 & 11, GROUND FLOOR, TIP TOP PLAZA, L.B.S. WAGLE INDUSTRIAL ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
|
8 |
Y10251592 |
90151822 |
BANK OF BARODA |
27/06/1994 |
27/06/1994 |
5000000.0 |
INDUSTRIAL FINANCE BRANCHBARODA HOUSE; C.P.STREET; FORTBOMBAYMH400001IN |
|
9 |
Y10251591 |
90151821 |
BANK OF BARODA |
17/06/1994 |
- |
5000000.0 |
INDUSTRIAL FINANCE BRANCHBARODA HOUBOMBAYMH400023IN |
|
10 |
Y10251499 |
90151729 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LTD. |
24/09/1984 |
25/08/1988 |
159600.0 |
163 BACKBAY RECLAMATION, BOMBAYMH400020IN |
CONTINGENT
LIABILITIES:
- Guarantees outstanding as at 31st
March, 2017 (Partly secured by line on fixed deposits to the extent of 5%
of the guarantee amount INR 8.089 Million (as at 31st March, 2015
INR 3.323 Million)
- Excise Duty-INR 9.391 million (as at 31st
March 2016 INR 9.391 Million)
The company had received a show cause notice
dated 12th May 2010demanding INR 40.200 million of CENVAT credit on
certain imported material, imported in
the year 2008-09. Under the instrument from excise authorities the company has
already reversed under protest CENVAT credit of INR 30.900 million in the
earlier year.
Pending disposal of the case sum of INR
20.700 Million reversed under protest is shown under “Claimed against the
excise authorities” under the head loans and advances.
After filing an early hearing application on
10th August, 2015, the matter came up several time during the
financial year, but was adjourned. The nest date of hearing id 24th July
2017. Based on the legal opinion, the company is hopeful of favorable order as
the matter is one interpretation of law.
UNAUDITAED
FINANCIAL RESULT FOR THE QUARTER ENDED AND NINE MONTHS ON DECEMBER 31, 2017
(INR
in Million)
|
PARTICULARS |
Quarter
ended |
Nine
Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from
Operations |
|
|
|
|
Net Sales/income from
operations |
580.352 |
507.446 |
1612.035 |
|
Other Income |
3.346 |
4.073 |
14.709 |
|
Total Income from operations (net) |
583.698 |
511.519 |
1626.744 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
427.930 |
395.017 |
1210.569 |
|
Purchases of stock-in trade |
|
|
|
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
11.774 |
(5.089) |
(31.914) |
|
Exicse Duty |
- |
- |
46.971 |
|
Employee benefits expense |
37.071 |
33.139 |
103.010 |
|
Finance Costs |
11.567 |
12.002 |
36.177 |
|
Depreciation and Amortization Expenses |
8.250 |
8.250 |
24.750 |
|
Other Expenses |
66.124 |
64.138 |
208.621 |
|
Total expenses |
562.716 |
507.457 |
1598.183 |
|
|
|
|
|
|
Profit/ (Loss) before tax |
20.982 |
4.062 |
28.561 |
|
Tax
expenses |
|
|
|
|
Current Tax |
4.000 |
1.000 |
6.000 |
|
Deferred tax |
- |
- |
- |
|
Total
Tax expenses |
4.000 |
1.000 |
6.000 |
|
Profit/ (Loss) from continuing
operations |
16.982 |
3.062 |
22.561 |
|
Profit/loss from discontinue
operation before tax |
- |
- |
- |
|
Liabilities attributes |
- |
- |
- |
|
Profit for the period |
16.982 |
3.062 |
22.561 |
|
Other Comprehensive Income |
|
|
|
|
(i) Items that will not be
reclassified to profit and loss |
0.003 |
(0.003) |
(0.001) |
|
(ii) Income tax relating to item
that will not be reclassified to profit or loss |
- |
- |
- |
|
(i) Items that will be
reclassified to profit and loss |
- |
- |
- |
|
(ii) Income tax relating to item
that will be reclassified to profit or loss |
- |
- |
- |
|
Total Other Comprehensive Income |
0.003 |
(0.003) |
(0.001) |
|
Total Comprehensive Income for the period (Net of Tax) |
16.985 |
3.059 |
22.560 |
|
|
|
|
|
|
Equity per share |
|
|
|
|
(a) Basic |
0.72 |
0.13 |
0.95 |
|
(b) Diluted |
0.72 |
0.13 |
0.95 |
|
Paid up equity share capital of INR 2/- each |
47.252 |
47.252 |
47.252 |
|
Face Value of Equity share capital |
2.00 |
2.00 |
2.00 |
Notes :
1. The Company adopted the Indian Accounting Standards (IND AS) from 1 April 2017 and these financials have been prepared in accordance with the recognition and measurement principles laid down in IND AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The date of transition to IND AS is 1 April 2016. The impact of transition has been accounted for in opening reserves and comparative period results have been restated accordingly.
2. Results for the quarter ended 31st December 2017 are in compliance with
Indian Accounting Standards (Ind-AS) notified by the Ministry of Corporate
Affairs, consequently, results for quarter ended 31st December 2016 have been
re-stated to comply with Ind-AS to make them comparable.
3. The above results were reviewed by the Audit Committee and thereafter
approved by the Board of Directors in its meeting held on 14th February
2018
5. Revenue for quarter ending Dec 17 are net of GST and revenue for quarter
ending Dec-16 are inclusive of excise duty. Accordingly the figures for periods
upto Dec -16 are not strictly relatable to those thereafter.
|
PARTICULARS |
Quarter
ended |
Nine
Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/income from
operations |
672.875 |
556.471 |
1752.943 |
|
GST recovered |
92.523 |
- |
140.908 |
|
Income from operations (net of GST and Excise Duty) |
580.352 |
507.509 |
1565.064 |
6. The Company account for gratuity/leave salary provisions at year end on
actuarial basis.
7. Deferred tax assets/ liability will be computed at year end.
8. The above results may require adjustment before constituting the first set
of financial statement for the financial year ended 31st March, 2018 due to
change in financial reporting assumptions & applications arising from new
or revised standards or interpretations received or changes in the use of one
or more optional exemptions as permitted under Indian Accounting Standards
(Ind-AS) 101 issued under Companies (Indian Accounting Standards) 2015 as
amended by Companies (Indian Accounting Standards) (Amendment) Rules 2016 by
Ministry of Corporate Affairs.
9. Previous year figures have been regrouped whenever necessary.
FIXED ASSETS
- Free hold
Land
- Leasehold
Land
- Building
·
Plant and Machinery
·
Electrical Equipment
·
Furniture
·
Office Equipment
·
Computers
·
Motor Cars
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
|
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRUP |
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 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.