|
|
|
MIRA INFORM REPORT
|
Report No. : |
505197 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AXTEL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 43/1, Village Nurpura, P.O. Baska, Talukha Halol,
Panchmahal-389350, Gujarat |
|
Tel. No.: |
91-2676-247900 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
28.08.1991 |
|
|
|
|
Com. Reg. No.: |
04-016185 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 161.548 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L91110GJ1991PLC016185 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3499002752 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
TIN No.: |
24171100439 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AACCA3227E1ZB |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3227E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Food processing Plant, machinery and Equipment and Dairy Machinery. (Registered activity and also Confirmed by management) |
|
|
|
|
No. of Employees
: |
154 (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 established in the year 1991 and is a manufacturer of food processing plant and machinery.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Borrowing = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
06.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Borrowing = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
06.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 24.04.2018
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. Jayesh |
|
Designation : |
Account Assistant |
|
Contact No.: |
91-2676-247900 |
|
Date : |
23.04.2018 |
MANAGEMENT NON-COOPERATIVE: 91-7259668712 / 2676-247900
/ 247125
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 43/1, Village Nurpura, P.O. Baska, Talukha Halol,
Panchmahal-389350, Gujarat, India |
|
Tel. No.: |
91-2676-247900 |
|
Fax No.: |
91-2676-247125 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ajay Naishad Desai |
|
Designation : |
Wholetime Director |
|
Address : |
15, Nilamber Palms, Near Bright Day School, Vasna Bhali Road, Vadodara-391410, Gujarat, India |
|
Date of Appointment : |
28.08.1991 |
|
DIN No.: |
00452821 |
|
|
|
|
Name : |
Mr. Ajay Nalin Parikh |
|
Designation : |
Wholetime Director |
|
Address : |
14A, Dutt Vihar Society, R. C. Dutt Road, Vadodara-390007, Gujarat, India |
|
Date of Appointment : |
28.08.1991 |
|
DIN No.: |
00453711 |
|
|
|
|
Name : |
Mr. Ameet Nalin Parikh |
|
Designation : |
Director |
|
Address : |
16, Navjivan, 20, Nepeansea Road, Mumbai-400036, Maharashtra, India |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
00007036 |
|
|
|
|
Name : |
Mr. Ajitsingh Mohansingh Bubber |
|
Designation : |
Director |
|
Address : |
52 - A, Jolly Maker Apts No.1, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1962 |
|
Qualification : |
S.Y.B.A. |
|
Date of Appointment : |
01.04.1995 |
|
DIN No.: |
00454111 |
|
|
|
|
Name : |
Mr. Sandeep Gul Lalwani |
|
Designation : |
Director |
|
Address : |
254, Sindh Cooperative Housing Society, Aundh,
Pune-411007, Maharashtra, India |
|
Date of Appointment : |
08.11.2011 |
|
DIN No.: |
01679803 |
|
|
|
|
Name : |
Mrs. Anjali Harshavardhan Hegde |
|
Designation : |
Director |
|
Address : |
E-8, Press Enclave, Saket, New Delhi-110017, India |
|
Date of Appointment : |
07.09.2015 |
|
DIN No.: |
01683723 |
|
|
|
|
Name : |
Kirit Kumar Pathak |
|
Designation : |
Director |
|
Address : |
Orchard House, Victoria Road, Heaton Bolton-20111 Gb |
|
Date of Appointment : |
13.11.1991 |
|
DIN No.: |
01849295 |
|
|
|
|
Name : |
Mr. Nikhil Ramesh Parikh |
|
Designation : |
Director |
|
Address : |
Plot No-9, Police Officers Society, Fisheries University
Road, Off. Seven Bunglows, Andheri-West, Mumbai-400061, Maharashtra, India |
|
Date of Appointment : |
07.09.2015 |
|
DIN No.: |
01868080 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh |
|
Designation : |
Account Assistant |
|
|
|
|
Name : |
Mr. Rajendra Kantilal Bhavsar |
|
Designation : |
Chief Financial Officer |
|
Address : |
2, Gayatridham Society, Near Paragraj Society,
Harni-Varasia Ring Road, Vadodara-390006, Gujarat, India |
|
Date of Appointment : |
10.03.2016 |
|
PAN No: |
ABIPB3228Q |
|
|
|
|
Name : |
Mrs. Prerna Sudeep Bokil |
|
Designation : |
Company Secretary |
|
Address : |
Mujumdar Wada, Near Kumar Motors, Pratap Road, Vadodara-390001, Gujarat, India |
|
Date of Appointment : |
30.03.2015 |
|
PAN No: |
AWBPB9191N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March 2018
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
Promoter & Promoter Group |
8069307 |
49.95 |
|
|
Public |
8085493 |
50.05 |
|
|
Grand
Total |
16154800 |
100.00 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category
of shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
1914307 |
11.85 |
|
|
Ajay Naishad Desai |
921935 |
5.71 |
|
|
Ajay Nalin Parikh |
466044 |
2.88 |
|
|
Karan Ajay Parikh |
370230 |
2.29 |
|
|
Chhaya Parikh |
143298 |
0.89 |
|
|
Rati Ajay Desai |
12800 |
0.08 |
|
|
Any Other (specify) |
6155000 |
38.10 |
|
|
SHIVASH BUSINESS ADVISORY LLP |
3100000 |
19.19 |
|
|
CHAYKAR BUSINESS ADVISORY LLP |
3055000 |
18.91 |
|
|
Sub Total A1 |
8069307 |
49.95 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
8069307 |
49.95 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC
SHAREHOLDER
|
Category &
Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
2996132 |
18.55 |
|
|
Individual share
capital in excess of INR 0.200 Million |
2626328 |
16.26 |
|
|
Anjali Pathak |
335341 |
2.08 |
|
|
Rani H Bubber |
294650 |
1.82 |
|
|
Anuradha Hardipsingh Bubber |
227591 |
1.41 |
|
|
Hardipsingh J Bubber |
212002 |
1.31 |
|
|
Anita A Bubber |
208225 |
1.29 |
|
|
Rajivsingh H Bubber |
171800 |
1.06 |
|
|
Any Other
(specify) |
2463033 |
15.25 |
|
|
HUF |
62160 |
0.38 |
|
|
Non-Resident Indian (NRI) |
3959 |
0.02 |
|
|
KIRITKUMAR PATHAK |
765144 |
4.74 |
|
|
MENNA PATHAK |
359462 |
2.23 |
|
|
NAYAN PATHAK |
335399 |
2.08 |
|
|
Clearing Members |
35773 |
0.22 |
|
|
Indianivesh Financial Advisors Limited |
162187 |
1.00 |
|
|
Sub Total B3 |
8085493 |
50.05 |
|
|
B=B1+B2+B3 |
8085493 |
50.05 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food processing Plant, machinery and Equipment and Dairy Machinery. (Registered activity and also Confirmed by management) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cheque, NEFT and RTGS |
||||
|
|
|
||||
|
Purchasing : |
Cheque, NEFT and RTGS |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Direct Customers
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
154 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG-TERM
BORROWINGS Additional
Information: a. Details of security for secured loans INR NIL (P.Y. 225,00,000/·) secured Term loan from bank Secured by first charge on hypothecation of Plant and machinery, Book debts and stock and equitable mortgage of land and building. b Terms of repayment of term loans and others Term Loan from bank is repayable in 18 Quarterly instalments commencing from 30.09.2014 at interest rate of 12.50% p.a. SHORT-TERM
BORROWINGS a Details of security for secured loans 1. INR 27.103 Million (P.Y. INR 48.665 Million) secured loan from bank for working Capital Facilities and INR 225,00,000/· (P.Y. 3,00,00,000/·) Secured loan from bank for Expansion are Secured by first charge on hypothecation of Plant and machinery, Book debts and stock and equitable mortgage of land and building. |
|
Auditors : |
|
|
Name : |
V. K. Shastri and Company Chartered Accountants |
|
Address : |
402, Capri House, Behind Express Hotel, Alkapuri, Vadodara - 390007, Gujarat, India |
|
Tel. No.: |
91-3298197 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16154800 |
Equity Shares |
INR 10/- each |
INR161.548 Million |
|
|
|
|
|
Particulars of equity
shareholders holding more than 5% of the total number of equity share capital:
|
Particulars |
As at 31st March,2017 No. of Shares |
|
Ajay Desai |
921935 |
|
Shivash Business Advisory LLP |
3100000 |
|
Chaykar Business Advisory LLP |
3055000 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
161.548 |
161.548 |
161.548 |
|
(b) Reserves & Surplus |
209.633 |
141.532 |
96.693 |
|
(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) |
371.181 |
303.080 |
258.241 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
22.500 |
52.500 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
3.124 |
|
(c) Other long term
liabilities |
40.277 |
33.225 |
27.439 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
40.277 |
55.725 |
83.063 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
49.603 |
78.665 |
72.463 |
|
(b) Trade payables |
115.374 |
84.288 |
126.912 |
|
(c) Other current liabilities |
60.940 |
65.138 |
119.066 |
|
(d) Short-term provisions |
24.618 |
27.406 |
28.855 |
|
Total
Current Liabilities (4) |
250.535 |
255.497 |
347.296 |
|
|
|
|
|
|
TOTAL |
661.993 |
614.302 |
688.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
162.796 |
182.590 |
212.443 |
|
(ii) Intangible Assets |
2.797 |
3.691 |
0.755 |
|
(iii) Capital work-in-progress |
2.307 |
0.000 |
3.120 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.637 |
0.094 |
0.000 |
|
(d) Long-term Loan and Advances |
46.011 |
35.458 |
29.670 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
215.548 |
221.833 |
245.988 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
35.186 |
0.000 |
0.000 |
|
(b) Inventories |
122.484 |
136.814 |
178.536 |
|
(c) Trade receivables |
179.136 |
182.269 |
130.391 |
|
(d) Cash and cash equivalents |
33.822 |
8.254 |
63.156 |
|
(e) Short-term loans and
advances |
75.817 |
65.132 |
70.529 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
446.445 |
392.469 |
442.612 |
|
|
|
|
|
|
TOTAL |
661.993 |
614.302 |
688.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
761.096 |
671.247 |
399.257 |
|
|
Other Income |
10.499 |
2.239 |
2.345 |
|
|
TOTAL
|
771.595 |
673.486 |
401.602 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
334.586 |
286.760 |
267.764 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
29.871 |
28.898 |
(68.683) |
|
|
Employees benefits expense |
160.290 |
139.351 |
122.481 |
|
|
Exceptional Items |
(0.140 |
0.000 |
0.000 |
|
|
Other expenses |
129.583 |
113.104 |
100.656 |
|
|
TOTAL |
654.190 |
568.113 |
422.218 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
117.405 |
105.373 |
(20.616) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.412 |
13.721 |
19.425 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
110.993 |
91.652 |
(40.041) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
27.821 |
34.458 |
38.861 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
83.172 |
57.194 |
(78.902) |
|
|
|
|
|
|
|
Less |
TAX |
14.827 |
9.182 |
(3.508) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
68.345 |
48.012 |
(75.394) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
136.976 |
91.852 |
167.246 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Arrears Depreciation |
0.000 |
2.888 |
0.000 |
|
|
Total
|
0.000 |
2.888 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
205.321 |
136.976 |
91.852 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
169.383 |
9.065 |
77.502 |
|
|
TOTAL
EARNINGS |
169.383 |
9.065 |
77.502 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1.561 |
14.057 |
24.509 |
|
|
TOTAL
IMPORTS |
1.561 |
14.057 |
24.509 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
4.23 |
2.97 |
(5.00) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
120.483 |
(12.402) |
66.945 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
128.870 |
241.630 |
143.940 |
|
Total Expenditure |
112.110 |
218.820 |
130.960 |
|
PBIDT (Excl OI) |
16.760 |
22.810 |
12.980 |
|
Other Income |
0.330 |
1.000 |
2.610 |
|
Operating Profit |
17.090 |
23.810 |
15.590 |
|
Interest |
1.400 |
0.720 |
1.760 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
15.690 |
23.090 |
13.830 |
|
Depreciation |
5.540 |
5.540 |
6.710 |
|
Profit Before Tax |
10.150 |
17.560 |
7.120 |
|
Tax |
NA |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
10.150 |
17.560 |
7.120 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
10.150 |
17.560 |
7.120 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
85.91 |
99.11 |
119.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.25 |
3.68 |
3.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
125.86 |
107.29 |
173.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.96 |
0.77 |
(0.12) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.70 |
0.57 |
(0.10) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.38 |
0.45 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.13 |
0.33 |
0.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.67 |
0.84 |
1.34 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.45 |
0.61 |
0.84 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
18.31 |
7.68 |
(1.06) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.98 |
7.15 |
(18.88) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
10.32 |
7.82 |
(10.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.41 |
15.84 |
(29.20) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.78 |
1.54 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.29 |
1.00 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.56 |
0.49 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.31 |
0.63 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.78 |
1.54 |
1.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 95.00/- |
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 |
161.548 |
161.548 |
161.548 |
|
Reserves & Surplus |
96.693 |
141.532 |
209.633 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
258.241 |
303.080 |
371.181 |
|
|
|
|
|
|
Long Term borrowings |
52.500 |
22.500 |
0.000 |
|
Short Term borrowings |
72.463 |
78.665 |
49.603 |
|
Total
borrowings |
124.963 |
101.165 |
49.603 |
|
Debt/Equity
ratio |
0.484 |
0.334 |
0.134 |
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
|
399.257 |
671.247 |
761.096 |
|
|
|
68.124 |
13.385 |
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
|
399.257 |
671.247 |
761.096 |
|
Profit
/ (Loss) |
(75.394) |
48.012 |
68.345 |
|
|
(18.88%) |
7.15% |
8.98% |
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 |
GENERAL
INFORMATION:
1. Nature of Industry: Engineering
industry manufacturing food processing plant, machinery and equipment and dairy
machinery since 1993.
2. Financial Performance: The Company's
net profit after taxation is INR 68.345 Million for the year ended 31"
March, 2017
3. Export Performance: The
Company has made export of INR 1693.83 Million during the year ended 31"
March, 2017.
BRIEF DESCRIPTION OF
THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'S AFFAIR
Total turnover during the year 2016-17 increased by INR 89.849 Million (increase of 13.39%) compare to previous year 2015-16 and there is profit of INR 68.345 Million (after tax) (increase of 42.35%) during the year 2016-17 against profit of INR 48.012 Million (after tax) during the year 2015-16.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Industry Structure
and Development$:
Subject is engaged in the manufacture of custom designed food processing plants and machineries as per the Requirement/ specifications of its various clients. It is a leading supplier of process engineering equipment and turnkey systems to the food and pharmaceutical industries meeting the standards of quality, design and specifications of its clients.
The company has been manufacturing the various categories of Process Plants/ Equipments.
The growth of the company is mainly linked to the growth of the food processing industry. Given below is the profile and outlook of the same.
Indian Food and Food
Processing Industry
The Indian food and drinks market has observed strong growth over the past few years. Economic liberalization and rising Income of middle class population have had a positive impact on consumer spending and consumption in both rural and urban areas. Indian consumer now spends a significant proportion of disposable income on food and other essential commodities. Several other factors like demographic and macro-economic conditions have also given fillip to expenditure on food in the country.
Packaged food and ready-to-eat food have also seen strong demand as life in metros becomes more hectic and busy. People look for healthy and ready to eat food to avoid time wastage on preparation.
World Food and Food
Processing Industry
Key factors driving market growth include development of food products, new processes, increased consumer awareness, and government regulations regarding health and hygiene. In addition, economic growth in developing nations is expected to propel the market demand for food processing machinery and equipment.
The market for food processing machinery is linked to the structure, behaviour and trends in the food processing industry. The food processing market is undergoing major changes due to the .rapid technological advancements and tightening of environmental and hygienic regulations. Manufacturers of food and beverage processing, sterilization, conservation and packaging machineries, especially those dealing with meat and dairy products, are focusing on addressing these changes in order to exploit new opportunities. Reliability and efficiency of the equipment, extensive distribution facilities, and effective service are key factors for success in this highly competitive industry.
Developments:
- Create new markets quickly through products based on technology
- Enhance growth by reaching new customers, deepening the customer experience and allowing them to dynamically mange pricing
- Increase profitability by altering operating cost structures through greater process automation
- Adopt business models that increase asset efficiency and long-term competitiveness
OUTLOOK:
The outlook for business is positive as the company continue to remain focused on risk management and mitigation.
An expected improvement in the economic outlook In 2016-17 as total turnover during the year 2016-17 was INR 761.097 Million increased by INR 89.849 Million (13.39%) compare to turnover during previous year 2015-16 of INR 671.247 Million and there is profit of INR 68.344 Million (after tax) during the year 2016-17 against profit of INR 48.012 Million (after tax) during the year 2015-16.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G83947085 |
100169190 |
YES BANK LIMITED |
19/03/2018 |
- |
- |
13950600.0 |
9th Floor, Discovery of India, Nehru Centre,Dr. Annie Basant Road, Worli, Mumbai.MUMBAIMH400018IN |
|
2 |
B28500650 |
10245352 |
BANK OF BARODA |
28/09/2010 |
26/12/2011 |
- |
295000000.0 |
5-6,YAMUNAKUNJ,NEAR BUS STAND,HALOLGJ389350IN |
|
3 |
A96139803 |
10173257 |
STATE BANK OF INDIA |
31/08/2009 |
14/10/2009 |
29/09/2010 |
80000000.0 |
PAVAGARH ROAD,HALOLGJ389350IN |
|
4 |
A70925417 |
10120238 |
ABN AMRO BANK N.V. |
22/07/2008 |
26/11/2008 |
06/10/2009 |
50000000.0 |
ALKAPURI, VADODARAVADODARAGJ390005IN |
|
5 |
A42730267 |
80001838 |
STATE BANK OF INDIA |
09/11/1995 |
13/06/2007 |
29/07/2008 |
38600000.0 |
HALOL BRANCH,HALOLGJ389350IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
DECEMBER 2017
|
Particulars
|
Quarter ended |
Nine months Ended |
|
|
|
31.12.2017 |
30.09.2016 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation |
143.941 |
241.631 |
514.443 |
|
b) Other operating income |
2.605 |
0.998 |
3.928 |
|
Total
income from Operations(net) |
146.546 |
242.629 |
518.371 |
|
2.Expenditure |
|
|
|
|
a) Cost of materials consumed |
91.201 |
78.119 |
285.549 |
|
b) Purchase of stock-in-trade |
-- |
-- |
-- |
|
c) Change in inventories of finished goods,
work-in-progress and stock-in -trade |
(32.197) |
58.645 |
(48.118) |
|
d) Employee benefit expenses |
42.960 |
44.236 |
128.683 |
|
e) Finance costs |
1.755 |
0.721 |
3.880 |
|
e) Depreciation |
6.711 |
5.535 |
17.781 |
|
f) Other expenses |
28.995 |
37.812 |
95.760 |
|
Total expenses |
139.425 |
225.068 |
483.535 |
|
Profit / (Loss) from ordinary activities after finance costs but before Exceptional Items |
7.121 |
17.561 |
34.836 |
|
Exceptional Items |
--- |
-- |
-- |
|
Profit/ (Loss) from
ordinary activities before tax |
7.121 |
17.561 |
34.836 |
|
Tax expenses |
-- |
-- |
-- |
|
Net Profit/ (Loss) from ordinary activities after
tax |
7.121 |
17.561 |
34.836 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit/ (Loss) for the period/ Year |
7.121 |
17.561 |
34.836 |
|
Other
Comprehensive Income |
(0.227) |
(0.020) |
(0.229) |
|
Total Comprehensive Income |
6.894 |
17.559 |
34.607 |
|
17.Paid-up equity share capital (Face value INR10/- per share) |
161.548 |
161.548 |
161.548 |
|
19. Earnings per share (EPS)
(INR)(not annualised) |
|
|
|
|
(a) Basic and Diluted EPS before extraordinary items |
0.44 |
1.09 |
2.16 |
|
(a) Basic and Diluted EPS after extraordinary items |
0.44 |
1.09 |
2.16 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees (Bank) |
81.865 |
44.462 |
|
Tax demands under disputes Including FBT |
0.193 |
0.193 |
FIXED ASSETS
• Land
• Buildings (Factory)
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office equipment
• Buildings (Office)
• Electrification
• Computer Systems
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 66.01 |
|
|
1 |
INR 92.72 |
|
Euro |
1 |
INR 81.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SRY |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.