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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504891

Report Date :

20.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

AKZO NOBEL INDIA LIMITED (w.e.f. 2010)

 

 

Formerly Known As :

ICI INDIA LIMITED (w.e.f. 25.05.1989)

 

IEL LIMITED (w.e.f. 1985)

 

INDIAN EXPLOSIVES LIMITED

 

 

Registered Office :

Geetanjali Apartment, 1st Floor, 8 – B, Middleton Street, Kolkata - 700071, West Bengal

Tel. No.:

91-33-22267462

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

12.03.1954

 

 

Com. Reg. No.:

21-021516

 

 

Capital Investment / Paid-up Capital :

INR 467.000 Million

 

 

CIN No.:

[Company Identification No.]

L24292WB1954PLC021516

 

 

IEC No.:

[Import-Export Code No.]

0288002822

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

TIN No.:

29370129837

 

 

PAN No.:

[Permanent Account No.]

AAACI6297A

 

 

Legal Form :

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

 

 

Line of Business :

The Company is engaged in to the business of manufacturing, trading and selling of paints, chemicals and related products. [Registered Activity]

 

 

No. of Employees :

1902 (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++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Maximum Credit Limit :

USD 28800000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Akzo Nobel India Limited is a step-down subsidiary of “Azo Nobel N.V., Netherlands” and was incorporated in the year 1954.


The company is engaged in manufacturing, trading and selling of paints, chemicals and related products. The company also has provides research and development services.


For the financial year ended 2017, the company has achieved revenue growth of 7.00% as compared to the previous year along with a fair profit margin of 8.74%.

The sound financial risk profile of the company is marked by adequate net worth base along with adequate net worth base along with negligible debt balance sheet profile.


Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters.


Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team.


Payment seems to be regular.


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


Note: Site visit report will be sent in due course.

 

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

Short term bank facilities (withdrawn) = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

08.09.2016

 

Note:  Reason for suspension: At company’s request.

 

 

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 20.04.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

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

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vikash Prajapati

Designation :

91-9873641006

Contact No.:

Assistant Manager

Date :

18.04.2018

 

 

LOCATIONS

 

Registered Office :

Geetanjali Apartment, 1st Floor, 8-B, Middleton Street, Kolkata-700071, West Bengal, India

Tel. No.:

91-33-22267462

Fax No.:

91-33-22277925

E-Mail :

investor.india@akzonobel.com

aditya_narayan@ici.com

r-guha@ici.com

r.guha@akzonobel.com

Website :

www.akzonobel.co.in

 

 

Corporate Office :

DLF Epitome, Building No 5, Tower A, 20th Floor Cyber City, DLF Phase III, Gurugram - 122002, Haryana, India

Tel. No.:

91-124-2540400

Fax No.:

91-124-2540841

 

 

Depo :

Kattupakkam, Chennai, Site No. 14/2B, Gorasanullur Village, Chennai – 600056, Tamilnadu, India

 

 

Plant (Coatings)/ Thane Office :

Plot No. 1/1 TTC Industrial Area, Thane Belapur Road, Kopar Khairane, Navi Mumbai – 400709, Maharashtra, India

Tel. No.:

91-22-27787356

Fax No.:

91-22-27780025

E-Mail :

anil_krishna@ici.com

 

 

Branch Office 1:

Opposite House of Kaydees N H No 8, 8 Raghuveer Estate, Ahmedabad - 382 427, Gujarat, India

 

 

Branch Office 2:

Timeless Building, 2nd Floor, 209/1B/1A, Range Hills, Pune, Maharashtra, India

 

 

PLANT LOCATIONS:

 

 

 

Coatings:

·         Hyderabad Works, Balanagar, Hyderabad - 500037, Telangana, India

 

·         Plot # 62P, 62A, 62B, 43E, Hoskote Industrial Area, Bangalore - 562114, Karnataka, India

 

·         Plot No. GAE-1 (Part), GAF-1 and GAF-2, Industrial Area, Ghirongi (Malanpur), Bhind - 477117, Madhya Pradesh, India

 

·         Plot No. A-42, Phase-VIIIB, Focal Point, SAS Nagar, Mohali - 160059, Punjab, India

 

 

Chemicals :

Plot No. E-19/20, MIDC Area, Mahad, Raigad – 402301, Maharashtra, India

 

 

Headquarters : 

Located at:

 

·         Gurugram, Haryana, India

 

 

Research and Technology Centre : 

Located at

 

·         Thane, Maharashtra, India

 

 

Surface Chemistry :

Located at

 

·         Thane, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Jayakumar Krishnaswamy

Designation :

Managing Director

Address :

11C, 1st Floor, Kalpataru Estate, J V Link Road, Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/ Age:

50 Years

Qualification :

Mechanical Engineer

Date of Appointment :

01.03.2014

Din No.:

02099219

 

 

Name :

Mr. Amit Jain

Designation :

Non-Executive Director

Address :

114 Ground Floor, Navjiwan Vihar, New Delhi-110017, India

Date of Birth/ Age:

51 Years

Qualification :

management degree from the Faculty of Management Studies, Delhi, and has completed an Advanced Management Program from the Wharton Business School

Date of Appointment :

02.01.2014

Din No.:

01770475

 

 

Name :

Mr. Ramabadran  Gopalakrishnan

Designation :

Non-Executive Director

Address :

101 Baug, E Abbas 21-A ,Cuffe Parade, Mumbai-400005, Maharashtra, India

Qualification :

Bachelor of Science in Physics from the University of Calcutta and has a B.Tech from IIT, Kharagpur

Date of Appointment :

19.05.1999

Din No.:

00027858

 

 

Name :

Mr. Raj Shamlal  Kapur

Designation :

Non-Executive Director

Address :

Apartment No. 620a, The Magnolias Dlf Golf Links, Dlf City, Gurgaon-122001, Haryana, India

Date of Birth/ Age:

September, 1950

Qualification :

Chemical Engineer from the Indian Institute of Technology (IIT), Kanpur and a Masters in Business Administration (MBA) in Finance & Marketing from the Central Michigan University, USA. He also holds a Masters in Polymer Engineering from Case Western University, USA.

Date of Appointment :

01.03.2014

Din No.:

00060056

 

 

Name :

Dr. Sanjiv Misra

Designation :

Non-Executive Director

Address :

Flat No. 1541, Ats Village, Sector 93-A, Noida-201304, Uttar Pradesh, India

Date of Birth/ Age:

68 Years

 

MPA And Phd

Date of Appointment :

14.05.2010

Din No.:

03075797

 

 

Name :

Mr. Arvind Uppal

Designation :

Non-Executive Director

Address :

R-200 Greater Kailash , Part I, New Delhi-110048, India

Qualification :

Chemical Engineer from IIT, Delhi and a Masters in Business Administration from the Faculty of Management Studies, New Delhi

Date of Appointment :

01.04.2011

Din No.:

00104992

 

 

Name :

Mr. Arabinda Ghosh (w.e.f 28 May 2015)

Designation :

Director

Address :

Wilhelminaplein 1, Wassenaar-2243, Netherlands

Date of Appointment :

28.05.2015

Din No.:

07194797

 

 

Name :

Mr. Kimsuka Narasimhan

Designation :

Director

Address :

309-B, Beverly Park – I, Gurugram - 122002, Haryana, India

Date of Appointment :

30.01.2015

Din No.:

02102783

 

 

Name :

Mr. Pradip Kumar Menon

Designation :

Whole-time Director

Address :

Premdeep Mulagunnathu Kavu, Thrissur-680596, Kerala, India

Date of Appointment :

01.02.2016

PAN No.:

AAYPM3156B

Din No.:

07417530

 

 

Name :

Mr. Nihal  Kaviratne CBE

Designation :

Chairman, Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Pradip Kumar Menon

Designation :

Chief Financial Officer (KMP)

Address :

Premdeep Mulagunnathu Kavu, Thrissur-680596, Kerala, India

Date of Appointment :

01.02.2016

PAN No.:

AAYPM3156B

 

 

Name :

Mr. H Agarwal

Designation :

Chief Financial Officer

 

 

Name :

Mr. Guha Rajasekaran

Designation :

Company Secretary / Chief Internal Auditor

Address :

104 B, Hamloton Court, DLF City Phase-4, Gurugram – 122009, Haryana, India

Date of Appointment :

27.07.2000

PAN No.:

ACDPG9323R

 

 

Name :

Mr. Vikash Prajapati

Designation :

91-9873641006

 

 

Audit Committee:
  • Dr S Misra (Chairman)
  • Mr. A Ghosh
  • Mr. R Gopalakrishnan
  • Mr. A Jain
  • Mr. R S Kapur
  • Ms. K Narsimhan
  • Mr. A Uppal

 

 

Nomination and Remuneration Committee:
  • Mr. R Gopalakrishnan (Chairman)
  • Mr. A Ghosh
  • Mr. A Jain
  • Mr. R S Kapur
  • Mr. N Kaviratne CBE
  • Dr. S Misra
  • Mr. A Uppal

 

 

Stakeholders Relationship Committee:
  • Mr. A Uppal (Chairman)
  • Mr. K Jayakumar
  • Mr. P Menon

 

 

CSR Committee:
  • Mr. R S Kapur (Chairman)
  • Mr. K Jayakumar
  • Mr. P Menon

 

 

SHAREHOLDING PATTERN

 

AS 31.03.2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter and Promoter Group

34044335

72.96

(B) Public

12615979

27.04

Grand Total

46660314

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

A1) Indian

0.00

A2) Foreign

0.00

Any Other (specify)

34044335

72.96

Imperial Chemicals Industries Limited

22977544

49.24

Akzo Nobel Coatings International B.V.

11066495

23.72

Akzo Nobel (C) Holdings B.V.

291

0.00

Panter B.V.

5

0.00

Sub Total A2

34044335

72.96

A=A1+A2

34044335

72.96

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

0

0.00

Mutual Funds/

2305167

4.94

Aditya Birla Sun Life Trustee Company Private Limited A/c Aditya Birla Sun Life Frontline Equity Fund

831210

1.78

Foreign Portfolio Investors

805636

1.73

Financial Institutions/ Banks

22233

0.05

Insurance Companies

1873222

4.01

General Insurance Corporation of India

690100

1.48

The New India Assurance Company Limited

609147

1.31

Sub Total B1

5006258

10.73

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

0

0.00

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

276

0.00

Sub Total B2

276

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

3457593

7.41

Individual share capital in excess of INR 0.200 Million

138405

0.30

Any Other (specify)

4013447

8.60

Asian Paints Limited

2010626

4.31

Bajaj Allianz Life Insurance Company Limited

849979

1.82

ICICI Prudential Life Insurance Company Limited

491795

1.05

Non-Resident Indian (NRI)

73699

0.16

Non-Resident Indian (NRI)

43333

0.09

Enemy Property

1048

0.00

Trusts

1256

0.00

Clearing Members

16100

0.03

IEPF

281307

0.60

Unclaimed or Suspense or Escrow Account

5332

0.01

Sub Total B3

7609445

16.31

B=B1+B2+B3

12615979

27.04

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in to the business of manufacturing, trading and selling of paints, chemicals and related products. [Registered Activity]

 

 

Products / Services :

NIC Code

Product/ Services Description

202

Manufacture of paints and varnishes, enamels or lacquers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

1902 (Approximately)

 

 

Bankers :
  • Citibank
  • Deutsche Bank
  • HDFC Bank
  • Hongkong and Shanghai Banking Corporation
  • ICICI Bank
  • Royal Bank of Scotland
  • Standard Chartered Bank
  • State Bank of India

 

Auditors :

 

Name :

Price Waterhouse LLP

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:

Akzo Nobel N.V., Netherlands

 

 

Fellow Subsidiaries:
  • Akzo Nobel Coatings A.E.
  • Akzo Nobel Paints Singapore Pte Limited
  • Akzo Nobel Car Refinishes Indonesia
  • Akzo Nobel Projects & Engineering B.V.
  • Akzo Nobel Chemicals (Boxing) Co. Limited
  • Akzo Nobel Packaging Coatings S.A.
  • Akzo Nobel Chemicals (Ningbo) Co. Limited
  • Akzo Nobel Paints (Asia Pacific) Pte Limited
  • Akzo Nobel Decorative Coatings B.V.
  • Akzo Nobel Paints (Malaysia) Sdn. Bhd.
  • Akzo Nobel Functional Chemicals B.V.
  • Akzo Nobel Paints (Thailand) Limited
  • Akzo Nobel Functional Chemicals LLC
  • Akzo Nobel Paints Lanka (Private ) Limited
  • Akzo Nobel Indl Coatings
  • Akzo Nobel Paints Taiwan Limited
  • Akzo Nobel Industrial Coating Korea Co. Limited
  • Akzo Nobel Paints Vietnam Limited
  • Akzo Nobel Industrial Paints SL
  • Akzo Nobel Polymer Chemicals LLC
  • Akzo Nobel Middle East FZE
  • Akzo Nobel Powder Coatings (Ningbo) Co. Limited
  • Akzo Nobel Netherlands BV
  • Akzo Nobel Powder Coatings B.V.
  • Akzo Nobel Pakistan Limited
  • Akzo Nobel Powder Coatings Korea Co. Limited
  • Akzo Nobel Performance Coatings (Shanghai) Co. Limited
  • Akzo Nobel Pty. Limited
  • Akzo Nobel Powder Coatings (Vietnam) Co. Limited
  • Akzo Nobel Surface Chemistry AB
  • Akzo Nobel Powder Coatings FZE
  • Akzo Nobel Surface Chemistry LLC
  • Akzo Nobel Powder Coatings GMBH
  • Akzo Nobel UAE Paints L.L.C.
  • Akzo Nobel Pulp and Performance
  • Chemicals AB ICI Dulux (Pty) Limited
  • Akzo Nobel Surface Chemistry Pte. Limited
  • International Paint – Vietnam
  • Akzo Nobel Swire Paints (Shanghai) Limited
  • International Paint Japan K.K.
  • Akzo Nobel (Shanghai) Co. Limited
  • International Paint Limited
  • Akzo Nobel Boya Sanayi ve Ticaret A.S.
  • International Farbenwerke GmbH
  • Akzo Nobel Car Refinishes (Singapore) Pte Limited
  • International Maling A/S
  • Akzo Nobel Car Refinishes B.V.
  • International Paint (Akzo Nobel Chile) Ltda
  • Akzo Nobel Car Refinishes SL
  • International Paint (Hong Kong) Limited
  • Akzo Nobel Chang Cheng Coatings (Guangdong) Co. Limited
  • International Paint (Korea) Limited
  • Akzo Nobel Chemicals AG
  • International Paint (Nederland) B.V.
  • Akzo Nobel Chemicals International B.V.
  • International Paint (Panama) Inc.
  • Akzo Nobel Coatings (Dongguan) Co. Limited
  • International Paint (Taiwan) Limited
  • Akzo Nobel Coatings (Jiaxing) Co. Limited
  • International Paint LLC
  • Akzo Nobel Packaging Coatings GmbH
  • International Paint of Shanghai Co. Limited
  • Akzo Nobel Coatings Inc.
  • International Paint Pazarlama Limited Sirketi
  • Akzo Nobel Coatings International B.V.
  • International Paint Singapore Pte Limited
  • Akzo Nobel Coatings Limited
  • International Peinture S.A.
  • Akzo Nobel Coatings S.P.A.
  • IP Singapore Pte –Vietnam
  • Akzo Nobel Cross-Linking Peroxides (Ningbo) Co. Limited
  • Keum Jung Akzo Nobel Peroxides Limited
  • Akzo Nobel Limited
  • PT ICI Paints Indonesia
  • Akzo Nobel Packaging Coatings Limited
  • PT International Paint Indonesia
  • Akzo Nobel Powder Coatings Schramm
  • SSCP Hanoi Company Limited
  • Akzo Nobel Saudi Arabia LIMITED
  • Tianjin Akzo Nobel Peroxides Co. Limited
  • International Paint (East Russia) Limited
  • PT Akzo Nobel Car Refinishes Indonesia
  • International Paint Turkey

 

 

Other related parties:
  • Imperial Chemical Industries Limited, England, which is wholly owned by Akzo Nobel N.V.
  • ICI India Research and Technology Centre

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

126690000

Equity Shares

INR 10/- each

INR 1267.000 Million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

46660314

Equity Shares

INR 10/- each

INR 467.000 Million

 

Note:

 

Reconciliation of equity shares outstanding at the beginning and at the end of the year:

 

Particular

31 March 2017

 

Numbers

INR  In Million

Opening balance

46660314

466603140

Add: Equity shares issued during the year

-

-

Closing balance

46660314

466603140

 

Terms and rights attached to equity shares

 

The Company has only one class of equity shares, having a par value of INR 10 per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividend in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to their shareholding.

 

Shares of the company held by holding/ultimate holding company or their subsidiary/ associates

 

The ultimate holding company is Akzo Nobel N.V., Netherlands, which does not hold any shares directly in the Company. The following are the shareholding details of wholly owned subsidiaries of the ultimate holding company.

 

Particular

As at 31 March 2016

 

No. of shares

Imperial Chemical Industries Limited, England

22977544

Akzo Nobel Coatings International B.V., The Netherlands

8626648

Akzo Nobel Chemicals International B.V., The Netherlands

2439847

Akzo Nobel Coatings Holdings B.V., The Netherlands

291

Panter B.V., The Netherlands

5

 

Shareholders holding more than 5% shares in the Company

 

Particular

As at 31 March 2016

 

No. of shares

% of shares held

Imperial Chemical Industries Limited, England

22977544

49.24

Akzo Nobel Coatings International B.V., The Netherlands

8626648

18.49

Akzo Nobel Chemicals International B.V., The Netherlands

2439847

5.23

As per of the Company, including its register of shareholders/ members, the above shareholding represents legal ownership of shares

 

During the year ended 31 March 2013, the Company bought back 1300000 equity shares through a tender offer process.

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

467.000

467.000

467.000

(b) Reserves & Surplus

9622.000

11158.000

8733.000

(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)

10089.000

11625.000

9200.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

26.000

26.000

0.000

(b) Deferred tax liabilities (Net)

14.000

186.000

109.000

(c) Other long term liabilities

160.000

157.000

161.000

(d) long-term provisions

620.000

509.000

602.000

Total Non-current Liabilities (3)

820.000

878.000

872.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

6232.000

5890.000

4590.000

(c) Other current liabilities

1476.000

1759.000

1149.000

(d) Short-term provisions

219.000

282.000

2180.000

Total Current Liabilities (4)

7927.000

7931.000

7919.000

 

 

 

 

TOTAL

18836.000

20434.000

17991.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5076.000

5229.000

5164.000

(ii) Intangible Assets

115.000

0.000

0.000

(iii) Capital work-in-progress

232.000

89.000

119.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

663.000

623.000

500.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

5.000

5.000

1075.000

(e) Other Non-current assets

724.000

671.000

5.000

Total Non-Current Assets

6815.000

6617.000

6863.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2693.000

5381.000

3444.000

(b) Inventories

4054.000

3609.000

3647.000

(c) Trade receivables

4121.000

3522.000

2784.000

(d) Cash and cash equivalents

346.000

551.000

601.000

(e) Short-term loans and advances

13.000

8.000

516.000

(f) Other current assets

794.000

746.000

136.000

Total Current Assets

12021.000

13817.000

11128.000

 

 

 

 

TOTAL

18836.000

20434.000

17991.000

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

28249.000

26401.000

25270.000

 

Other Income

493.000

567.000

650.000

 

TOTAL

28742.000

26968.000

25920.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

12745.000

12139.000

11970.000

 

Purchases of Stock-in-Trade

3317.000

2667.000

2219.000

 

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

(236.000)

57.000

(126.000)

 

Employees benefits expense

2584.000

2325.000

2058.000

 

Exceptional Items

(39.000)

(99.000)

(27.000)

 

Other expenses

6351.000

6178.000

6535.000

 

TOTAL

24722.000

23267.000

22629.000

 

 

 

 

 

 

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

4020.000

3701.000

3291.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

32.000

22.000

15.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3988.000

3679.000

3276.000

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

565.000

537.000

526.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3423.000

3142.000

2750.000

 

 

 

 

 

Less

TAX

953.000

1000.000

887.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2470.000

2142.000

1863.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

NA

838.000

 

TOTAL EARNINGS

NA

NA

838.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

NA

3365.000

 

Components and Stores parts

NA

NA

4.000

 

Capital Goods

NA

NA

40.000

 

TOTAL IMPORTS

NA

NA

3409.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

52.93

45.90

39.93

 

Diluted

52.93

45.90

39.93

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

3.000

3.000

NA

Net cash generated from operations

2587.000

3759.000

2283.000

Net cash from operating activities

1463.000

2632.000

1554.000

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1st Quarter

30.09.2017

2nd Quarter

31.12.2017

3rd Quarter

Unaudited

 

 

 

Net Sales

7912.500

7044.900

7119.900

Total Expenditure

7247.000

6406.500

6130.300

PBIDT (Excl OI)

665.500

638.400

989.600

Other Income

67.700

80.500

182.400

Operating Profit

733.200

718.900

1172.000

Interest

4.500

6.500

7.500

Exceptional Items

20.000

NA

NA

PBDT

748.700

712.400

1164.500

Depreciation

146.600

155.000

142.500

Profit Before Tax

602.100

557.400

1022.000

Tax

189.400

169.500

225.100

Provisions and contingencies

NA

NA

NA

Profit After Tax

412.700

387.900

796.900

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

412.700

387.900

826.300

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

[Sundry Debtors / Income * 365]

53.25

48.69

40.21

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

6.85

7.50

9.08

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

141.62

145.20

118.07

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.99

1.03

0.90

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.74

0.70

0.62

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.42

0.39

0.44

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.79

0.68

0.86

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.54

0.46

0.57

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

125.63

168.23

219.40

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales

((PAT / Sales) * 100)

%

8.74

8.11

7.37

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

13.11

10.48

10.36

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

24.48

18.43

20.25

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.52

1.74

1.41

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.01

1.29

0.94

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.54

0.57

0.51

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.06

0.06

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.52

1.74

1.41

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

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR1911.00/-

 

 

 

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

467.000

467.000

467.000

Reserves & Surplus

8733.000

11158.000

9622.000

Net worth

9200.000

11625.000

10089.000

 

 

 

 

Long Term borrowings

0.000

26.000

26.000

Short Term borrowings

0.000

0.000

0.000

Total borrowings

0.000

26.000

26.000

Debt/Equity ratio

0.000

0.002

0.003

 

 

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

25270.000

26401.000

28249.000

 

 

4.476

7.000

 

 

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

25270.000

26401.000

28249.000

Profit

1863.000

2142.000

2470.000

 

7.37%

8.11%

8.74%

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

467.000

467.000

(b) Reserves & Surplus

 

9629.000

11165.000

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

10096.000

11632.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

26.000

26.000

(b) Deferred tax liabilities (Net)

 

14.000

186.000

(c) Other long term liabilities

 

160.000

157.000

(d) long-term provisions

 

620.000

509.000

Total Non-current Liabilities (3)

 

820.000

878.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

0.000

0.000

(b) Trade payables

 

6232.000

5890.000

(c) Other current liabilities

 

1478.000

1760.000

(d) Short-term provisions

 

219.000

282.000

Total Current Liabilities (4)

 

7929.000

7932.000

 

 

 

 

TOTAL

 

18845.000

20442.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

5076.000

5229.000

(ii) Intangible Assets

 

115.000

0.000

(iii) Capital work-in-progress

 

232.000

89.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

663.000

623.000

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

6.000

20.000

(e) Other Non-current assets

 

724.000

657.000

Total Non-Current Assets

 

6816.000

6618.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

2693.000

5381.000

(b) Inventories

 

4054.000

3609.000

(c) Trade receivables

 

4121.000

3522.000

(d) Cash and cash equivalents

 

354.000

560.000

(e) Short-term loans and advances

 

13.000

8.000

(f) Other current assets

 

794.000

744.000

Total Current Assets

 

12029.000

13824.000

 

 

 

 

TOTAL

 

18845.000

20442.000

 

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

28249.000

26401.000

 

Other Income

 

493.000

567.000

 

TOTAL

 

28742.000

26968.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

12745.000

12139.000

 

Purchases of Stock-in-Trade

 

3317.000

2667.000

 

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

 

(236.000)

57.000

 

Employees benefits expense

 

2625.000

2360.000

 

Exceptional Items

 

(39.000)

(99.000)

 

Other expenses

 

6310.000

6143.000

 

TOTAL

 

24722.000

23267.000

 

 

 

 

 

 

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

 

4020.000

3701.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

32.000

22.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

3988.000

3679.000

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

565.000

537.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

3423.000

3142.000

 

 

 

 

 

Less

TAX

 

953.000

1000.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

2470.000

2142.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

 

52.93

45.90

 

Diluted

 

52.93

45.90

 

 

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

BACKGROUND

 

Subject was incorporated in India on 12 March 1954 as Indian Explosives Limited. A fresh certificate of incorporation consequent to the change in name to Akzo Nobel India Limited was issued by the Dy. Registrar of Companies, Kolkata on 15 February 2010 under Section 23(1) of the Companies Act, 1956. The Company is domiciled in India and is limited by shares. The registered office of the Company is situated in Kolkata (West Bengal). The Company is engaged in to the business of manufacturing, trading and selling of paints, chemicals and related products. The Company also provides research and development services and other services to the holding company and its group companies.

 

GENERAL INFORMATION

 

The chief operating decision maker (CODM) (i.e. the Country Leadership Team comprising of Managing Director, Chief Financial Officer, Business Heads, Head HR) examines the Company’s performance from a product perspective and has identified the below mentioned segments of its business, which are the Company’s strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic business units, the CODM reviews internal management reports based on profit or loss to assess the performance of the operating segments.

 

BUSINESS ENVIRONMENT

 

India’s GDP for FY 2016-17 is expected to grow by ~7% compared to the previous year’s 7.6%. Headline inflation based on Consumer Price Index was 3.8% in March 2017, versus previous year’s 4.8%. Interest rates dropped  significantly during the year, on account of lower inflation and excess liquidity in the banking system triggered by demonetization announced in November 2016. Forex reserves have shown growth during the year indicating confidence of international investors in India. INR has appreciated against the USD by 2% towards the end of the year, after remaining subdued for most part of the year. Various credit rating agencies have affirmed India’s rating

with a positive outlook stating that the reforms initiated by the government will enable the country to improve its performance over the medium term.

 

Global economic activity is also seen to be picking up in tandem with a long awaited cyclical recovery in investment, manufacturing, and trade. Stronger activity and expectations of robust global demand have also resulted in commodity prices recovering from the troughs of 2016. The year saw a limited upward movement in crude oil prices and demonetization impacting the consumption and economic activity albeit temporarily. Economic activity has since recovered to normal levels, with a modest industrial growth reported in March 2017.

 

Several measures have been initiated by the government to promote affordable housing, digitalization of the economy and improved tax compliance. Rollout of GST scheduled for July 2017 is expected to act as a ‘Booster’ to drive higher rate of economic growth. With GST replacing multiple indirect taxes, ease of doing business is expected to improve. While the future outlook on business is positive, in the short term GST implementation could be disruptive as companies reorganize their business processes to adapt to the new environment.

 

PERFORMANCE EVALUATION OF BOARD MEMBERS

 

The Company has a mechanism to evaluate the performance of all Board members. The Board works with the Nomination and Remuneration Committee to lay down the evaluation criteria for the performance of all its directors. For the year 2016-17, the evaluation was done through a peer-evaluation survey in accordance with the SEBI Guidance Note on Board Evaluation dated 5 January 2017. The findings from the survey were shared with the Chairman, who in turn, held discussions with individual Board members. Individual evaluations were in line with the full board evaluation, with no Board Member receiving negative feedback on any aspect.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE

 

The Company is present in Coatings and Specialty Chemicals segments.

 

The Coatings segment has two main components:

 

Decorative Paints and Performance Coatings and is served by both organised and unorganised sectors. Decorative Paints account for a major part of the industry.

 

The main drivers for the growth of this sector have been shortening of the repainting cycle and increased demand from smaller towns

 

Performance Coatings is essentially a B2B business and is technology intensive with a diverse set of growth drivers, with strong emphasis on selling a solution rather than a product.

 

Product quality, performance and service levels will continue as the key differentiators in this market. In Specialty Chemicals segment, the Company operates in Polymer Chemistry and Surface Chemistry businesses, which cater to oil & gas, personal care and agrochemical industries.

 

Business Performance

 

Coatings

 

Overall market for Coatings was moderately positive barring demonetization blues during the third quarter of the fiscal year. The segment recorded a revenue of H 28,703 million during the year 2016-17, compared to the previous year’s H 27,382 million, a growth of 5%. Segment Profit, however, improved by 12% to H 2,860 million, reflecting impact of cost control and productivity improvement. Top-line growth was driven by premium as well as mass market products. Margins were impacted by drop in realisation in the previous year, which was partly mitigated by better mix, productivity improvement and value creation initiatives.

 

The Company will continue to stay focused on growing ahead of the market. Positive outlook on macro-economic

factors like GDP indicates a boost in revenue growth in the medium term. Highlights of different businesses within the Coatings  segment are given below:

 

Decorative Paints business has presence in premium as well as mass market and economy segments, with strong positioning in the premium segment. The business has launched a series of innovative new products during the year that have received encouraging response from the market. Some of them are:

 

• Dulux Stay Bright Gloss – a water based alternative to solvent based enamel

• Dulux Quick drying water based Primer for wood & metal substrate as an alternative to solvent based primers

• Dulux Weathershield Crack Bridging primer

• Velvet Touch Platinum Glo in the Super Premium Interior category

• Dulux Enamel Gloss Small Packs and Universal Stainers

• Dulux Weather Shield Express - a 2 coat system that eliminates the need for a primer The business has also established itself as a manufacturing hub for Colorants and Tinters to neighbouring countries by leveraging its capacities.

 

Going forward, macro developments like nuclear families, availability of easy finance for housing, govt’s thrust on

affordable housing etc are expected to push up the percapita consumption of Paints in the country and sustain

the growth momentum in this business. However, upward trend in key RM prices and possible disruptions due to GST implementation remain a concern in the near term.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Obligations under finance leases

26.000

26.000

Total

26.000

26.000

Note:

 

(a) In respect of leasehold land capitalised as property, plant and equipment

 

31.03.2017

INR In Million

31.03.2016

INR In Million

Minimum lease payments payable

 

 

Not later than one year

3.000

3.000

Later than one year and not later than five years

13.000

13.000

Later than five years

284.000

287.000

 

300.000

303.000

Present value of minimum lease payments payable

 

 

Not later than one year

3.000

3.000

Later than one year and not later than five years

9.000

9.000

Later than five years

17.000

17.000

Total minimum lease payments payable

29.000

29.000

Current

3.000

3.000

Non-current

26.000

26.000

(b) The lease period of the finance lease obligation is 99 years which is discounted at the rate of 11%. The lease term is expected to end by March 2110. The lease has various terms with no escalation clause and no renewal rights.

 

 

INDEX OF CHARGE:

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G55615884

90197288

DEUTSCHE BANK

20/12/1997

04/01/2002

05/10/2017

710000000.0

BANGALORE BRANCH M.G. ROADBANGALOREKA560001IN

2

G55614804

90199062

DEUTSCHE BANK AG

20/12/1997

04/01/2002

05/10/2017

71000000.0

BANGALORE BRANCHRAHEJA TOWER; NO.26-27; M.G. ROADBANGALOREKAIN

3

C04574141

90192325

The Hongkong and Shanghai Banking Corporation Limited

13/11/2000

09/11/2001

30/04/2014

32000000.0

MANIPAL CENTREDICKENSON ROADBANGALOREKA560042IN

4

B13366653

80038806

ANZ GRINDLAYS BANK LIMITED

10/06/1998

-

27/04/2011

700000000.0

H-BLOCK, CANAUGHT CIRCUSNEW DELHIDL110001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Claims against the Company not acknowledged as debts

61.000

54.000

Sales tax/VAT matters under appeal

212.000

222.000

Excise & Service Tax matters in dispute / under appeal

113.000

88.000

Income tax matters in dispute / under appeal *

854.000

100.00

Note:

 

* The Income tax assessments for the Company have been completed up to the financial year ended 31 March 2012 and demands aggregating from such assessments and appellate orders amount to H 854 (31 March 2016 - H 1,300, 1 April 2015- H 1,145). The Company as well as the Income tax department have filed appeals on various matters arising from these assessments. Based on the available documentation and tax experts view, the

Company has created provisions wherever required and for the balance matters, it is believed that the amount more likely than not, these disputes would not result in additional outflow of resources.

 

The Company is contesting certain claims raised by authorities towards excise, service tax and sales tax/VAT dues at various forums. Based on the available documentation and expert view, the Company has created provisions wherever required and for the balance matters, it believes that the amount more likely than not, these disputes would not result in additional outflow of resources.

 

The Company is contesting certain claims filed against the Company by past employees and external parties in various forums. Based on the available documentation and expert view, the Company has created provisions wherever required and for the balance matters, it believes that the amount more likely than not, these disputes would not result in additional outflow of resources.

 

Significant Estimates: The assessment undertaken in recognising provisions and contingencies have been made in accordance with Ind AS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’. The evaluation of the likelihood of the contingent events requires best judgement by management considering the probability of exposure to potential loss. Judgement includes consideration of experts opinion, facts of the matter, underlying documentation and historical experience. Changes in assumptions about these factors could affect the reported value of contingencies and provisions.

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

(INR in Million)

PARTICULARS

Quarter Ended

Nine Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

1. Income from Operations

 

 

Sales/income from operations

7119.900

6585.800

20924.300

Other Operating Income

182.400

77.800

310.200

Total income from operations

7302.300

6663.600

21234.500

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

2980.700

3184.100

9309.000

Purchases of stock-in trade

258.900

475.100

1273.300

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

833.600

(135.400)

658.600

Excise duty

0.000

0.000

734.900

Employee benefits expense

639.700

656.100

1951.400

Finance Costs

7.500

6.500

18.500

Depreciation and Amortization Expenses

142.500

148.700

432.200

Other Expenses

1417.400

1780.500

4704.700

Total expenses

6280.300

6115.600

19082.600

Profit after finance cost but before exceptional items

1022.000

548.000

2151.900

Exceptional items – Income

0.000

0.000

20.000

Profit before tax

1022.000

548.000

2171.900

Tax expenses

 

 

 

-Current Tax

204.800

168.500

557.000

-Deferred Tax

20.300

(7.000)

19.500

Net Profit for the period from continuing operation

796.900

386.500

1595.400

Discontinued operations

 

 

 

Profit from discontinued operation before tax

45.200

9.400

54.000

Tax expense of discontinued operation

15.800

8.800

23.200

Profit for the period from discontinued operations

29.400

1.400

31.700

Net Profit for the period

826.300

387.900

1627.100

Other comprehensive expenses/ (income), net to income from continuing operations

 

 

 

a. item that will not be reclassified to profit or loss

48.800

(120.100)

(56.700)

b. item that will be reclassified to profit or loss

(16.900)

41.600

19.600

Total other comprehensive expenses/ (income), net to income tax

 

 

 

Other comprehensive expenses/ (income), net to income from discontinuing operations

 

 

 

a. item that will not be reclassified to profit or loss

(4.500)

(0.300)

(2.700)

b. item that will be reclassified to profit or loss

1.600

0.100

0.900

Total comprehensive income for the period

797.300

466.600

1666.000

Arising from continuing operations

765.000

465.000

1632.500

Arising from discontinued operations

32.300

1.600

33.500

Paid-up equity share capital

466.600

466.600

466.600

Earning per share (of INR 10 each) (not annualised)

 

 

 

Basic

17.71

8.31

34.87

Diluted

17.71

8.31

34.87

 

 

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES AND CAPITAL EMPLOYED

 

(INR in Million)

PARTICULARS

Quarter Ended

Nine Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

Segment revenue (including other operating income)

 

 

 

a. Coatings

7160.000

6608.200

21026.100

b. Others

626.900

474.700

1810.900

Inter – Segment elimination-Continued operation

(40.100)

(22.400)

(101.800)

Inter – Segment elimination-Discontinued operation

(9.400)

(15.600)

(40.500)

Total income from operations

7737.400

7044.900

22694.700

 

 

 

 

Segment results (Profit before interest and tax from each segment)

 

 

 

a. Coatings

897.300

493.000

1939.100

b. Others

54.600

25.000

95.200

Total

951.900

518.000

2034.300

 

 

 

 

Finance cost

(7.500)

(6.500)

(18.500)

Other un-allocable income (net of un-allocable expenditure)

122.800

45.900

190.900

 

1067.200

557.400

2206.700

 

 

 

 

Exceptional item – Income

0.000

0.000

20.000

Profit before tax

1067.200

557.400

2226.700

 

 

 

 

 

 

 

 

Segment assets

 

 

 

a. Coatings

16687.900

16370.000

NA

b. Discontinued operation

1223.400

0.000

NA

c. Others

0.000

933.600

NA

Unallocated

1906.800

1698.300

NA

Total

19818.100

19001.900

NA

 

 

 

 

Segment Liabilities

 

 

 

a. Coatings

7896.900

7949.300

NA

b. Discontinued operation

592.900

504.100

NA

c. Others

0.000

0.000

NA

Unallocated

809.900

827.400

NA

Total

9299.700

9280.800

NA

 

 

 

 

Capital Employed (Segment Assets – Segment Liabilities)

 

 

 

a. Coatings

8791.000

8420.700

NA

b. Discontinued operation

630.500

429.500

NA

c. Others

0.000

0.000

NA

Unallocated

1096.900

870.900

NA

Total

10518.400

9721.100

NA

 

Note:

 

  • This statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 1 February 2018. The figures for the quarter ended 31 December 2017 have been subjected to limited review by the statutory auditors.

 

  • This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

 

  • Exceptional items reported during the year ended 31 March 2017 and nine months ended 31 December 2017 represent divestment provisions no longer required written back.

 

  • During the nine months ended 31 December 2017, the Company has changed the assumptions relating to actuarial valuation due to change in macro-economic and other factors. Other comprehensive income for the quarter ended 30 September 2017 and quarter and nine months ended 31 December 2017 reflect the impact of this change. The impact if any for future periods is not determinable at this stage

 

FIXED ASSETS:

 

  • Land
  • Buildings
  • Plant and machinery
  • Motor vehicles
  • Furniture and fixtures
  • Office equipment’s
  • Leasehold improvements
  • Data processing equipment

 

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 65.78

UK Pound

1

INR 93.41

Euro

1

INR 81.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

PNM

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SUD

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

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

 

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

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

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.
 
 

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