|
|
|
MIRA INFORM REPORT
|
Report No. : |
505527 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
PRECISION WIRES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Saiman HSC, 2nd, Floor, 1st Khedgall
Khed Galli, Prabhadevi, Mumbai – 400025, Maharashtra |
|
Tel. No.: |
91-22-24376281 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
23.11.1989 |
|
|
|
|
Com. Reg. No.: |
11-054356 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 115.644 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1989PLC054356 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0390007803 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACP7555L1ZY |
|
|
|
|
TIN / CST No.: |
27860331021 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP7555L |
|
|
|
|
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 manufacture of winding wires of copper. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
577 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989. It is a manufacturer of winding wires of copper. For the financial year 2017, the revenue of the company has increased by 4.82% along with average profit margin of 2.49%. The sound financial profile of the company is marked by healthy networth base and favorable gap between trade payables and trade receivables along with strong debt coverage indicators due to low debt balance sheet profile. The company has its share price trading at around INR 309.40 against the face value (FV) of INR 05 on BSE as on 21st April, 2018. Rating takes into consideration the company’s established track record in manufacturing copper winding wires, reputed clientele and strong distribution network. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 307.823 million and has reported profit margin of 2.49%. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good business dealings 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 |
CARE |
|
Rating |
Long-Term Bank Facilities = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
03.01.2018 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
03.01.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 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 DENIED BY
|
Name : |
Mr. Mohan Pai |
|
Designation : |
Chief Financial
Officer |
|
Contact No.: |
91-22-24360089 |
|
Date : |
21.04.2018 |
LOCATIONS
|
Registered Office : |
Saiman HSC, 2nd, Floor, 1st Khedgall
Khed Galli, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-24376281/24360089 |
|
Mobile No.: |
91-9327537986 (Mr. Rao) |
|
Fax No.: |
91-91-22-24362593/ 24370687 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
1C/4A-I, Ground Floor, D.T.I
N.I.T, Faridabad – 121001, Haryana, India |
|
|
|
|
Factory 1 : |
Unit I and II : Atlas Wires Plot Survey No.125/2, Amli Hanuman (66KVA) Road, Silvassa – 396 230, Union
Territory of Dadra and Nagar Haveli, India |
|
|
|
|
Factory 2 : |
Palej Unit : Atlas Wires Plot No.3, GIDC, N.H. No.8, Palej, Bharuch – 392220, Gujarat, India |
|
|
|
|
Factory 3 : |
Palghar Unit : Plot No.44, Phase I, Genesis Industrial Complex, Kolgaon, Palghar,
District Thane – 401404, Maharashtra, India
|
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Mahendra R. Mehta |
|
Designation : |
Chairman and Managing Director and Chief Executive Officer |
|
Address: |
B-26, Sterling Apartments 38, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Appointment: |
01.10.2008 |
|
DIN No.: |
00003558 |
|
|
|
|
Name : |
Mr. Milan Mahendra Mehta |
|
Designation : |
Vice Chairman and Managing Director |
|
Address: |
B-26, Sterling Apartments 38, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Qualifications : |
B.S. (E.E.) |
|
Date of Appointment: |
28.08.2015 |
|
DIN No.: |
00003624 |
|
|
|
|
Name : |
Mr. Deepak M. Mehta |
|
Designation : |
Whole Time Director |
|
Address: |
A-2, Sterling Apartments 38, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Qualifications : |
B.Com |
|
01.08.2007 |
|
|
DIN No.: |
00003646 |
|
|
|
|
Name : |
Mr. Vijay Mohan Crishna |
|
Designation : |
Independent and Non-Executive Director |
|
Address: |
A-261, Grand Paradi Apartments, Off August Kranti Marg,
Mumbai – 400036, Maharashtra, India |
|
Date of Birth & Age : |
08.03.1945 |
|
Qualifications : |
B.A.(Economics) |
|
Experience : |
Expertise in Engineering and I.T. Industry and extensive managerial
experience |
|
DIN No.: |
00066267 |
|
|
|
|
Name : |
Mr. Ashwin Pannalal Kothari |
|
Designation : |
Independent and Non-Executive Director |
|
Address: |
Gold Cornet, Flat No. 4, 1st Floor, 11, Nawroji Gamadia
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth & Age : |
14.09.1942 |
|
Qualifications : |
S.B.(MIT) |
|
Experience : |
Expertise in Ferrous and Non-Ferrous Metal and Chemical Industries. |
|
DIN No.: |
00033730 |
|
|
|
|
Name : |
Mr. Pradip Roy |
|
Designation : |
Additional Independent and Non-Executive Director |
|
Address: |
Building, 2C, Flat N0 -42, Kalpataru Estate, J V L Road, Andheri East,
Mumbai – 400093, Maharashtra, India |
|
Date of Appointment: |
14.11.2011 |
|
DIN No.: |
00026457 |
|
|
|
|
Name : |
Mrs. Swati Gokul Maheshwari |
|
Designation : |
Additional Director |
|
Address: |
602, Sai Sagar, Natwar Nagar, Road No. 5 H F Society Road, Jogeshwari East
Mumbai – 400060, Maharashtra, India |
|
Date of Appointment: |
10.02.2015 |
|
DIN No.: |
07091067 |
KEY EXECUTIVES
|
Name : |
Mrs. Nishthi Haresh Dharmani |
|
Designation : |
Company Secretary |
|
Address: |
29A, Collectors Colony, Chembur, Mumbai – 400074, Maharashtra,
India |
|
Date of Appointment: |
21.01.2014 |
|
PAN No.: |
ADDPL2666H |
|
|
|
|
Name : |
Mr. Mohandas Ganapathi Pai |
|
Designation : |
Chief Financial Officer and GM Finance and Accounts |
|
Address: |
B-8 New Dahisar Apartments Vidya Mandir Road Dahisar East, Mumbai –
400068, Maharashtra, India |
|
Date of Appointment: |
28.05.2014 |
|
PAN No.: |
ADNPP9486D |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
13799566 |
59.67 |
|
(B) Public |
9327680 |
40.33 |
|
Grand Total |
23127246 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
10330230 |
44.67 |
|
Mahendra Ratilal
Mehta |
2882350 |
12.46 |
|
Nirbhay Deepak
Mehta |
1749650 |
7.57 |
|
Gira Milan Mehta |
1375094 |
5.95 |
|
Milan M Mehta |
1016446 |
4.40 |
|
Deepak M Mehta |
838120 |
3.62 |
|
Sujata D Mehta |
779144 |
3.37 |
|
Maithili Milan
Mehta |
772950 |
3.34 |
|
Milan M Mehta HUF |
559450 |
2.42 |
|
Depak M Mehta HUF |
306200 |
1.32 |
|
Aanchal Nirbhay
Mehta |
50826 |
0.22 |
|
Any Other
(specify) |
3469336 |
15.00 |
|
Galvawire
Agencies Pvt Ltd. |
3469336 |
15.00 |
|
Sub Total A1 |
13799566 |
59.67 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
13799566 |
59.67 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Foreign Portfolio
Investors |
195462 |
0.85 |
|
Financial
Institutions/ Banks |
66662 |
0.29 |
|
Sub Total B1 |
262124 |
1.13 |
|
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 |
4980060 |
21.53 |
|
Individual share
capital in excess of INR 0.200 million |
2533594 |
10.96 |
|
Anita Bhandari |
268000 |
1.16 |
|
Any Other
(specify) |
1551902 |
6.71 |
|
IEPF |
123600 |
0.53 |
|
Trusts |
5000 |
0.02 |
|
HUF |
216173 |
0.93 |
|
Non-Resident
Indian (NRI) |
324455 |
1.40 |
|
Clearing Members |
69046 |
0.30 |
|
KCP Sugar And
Industries Corporation Limited |
333698 |
1.44 |
|
Bodies Corporate |
813628 |
3.52 |
|
Sub Total B3 |
9065556 |
39.20 |
|
B=B1+B2+B3 |
9327680 |
40.33 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacture of winding wires of copper. [Registered
Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
577 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S R Divatia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related party : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
INR 5/- each |
INR 120.000 Million |
|
3000000 |
Unclassified Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 150.000
Million |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23130446 |
Equity Shares |
INR 5/- each |
INR 115.652 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23127246 |
Equity Shares |
INR 5/- each |
INR 115.636 Million |
|
|
Add : Forfeiture of 3,200, Equity shares |
|
INR 0.008 Million |
|
|
|
|
|
|
|
Total |
|
INR 115.644
Million |
The details of
Shareholders holding more than 5% share
|
Name of the
Shareholders |
31.03.2017 |
|
|
No. of Shares held |
% held |
|
|
Galvawire Agencies Private Limited |
3469336 |
15.00 |
|
Mahendra R. Mehta |
3882350 |
16.79 |
|
Milan M. Mehta (including as Karta of HUF) |
1575896 |
6.82 |
|
Nirbhay D. Mehta |
1299650 |
5.62 |
The reconciliation of
the number of shares outstanding is set out below:
|
Particulars |
31.03.2017 |
|
No. of Shares held |
|
|
Equity Shares at the beginning of the year |
23127246 |
|
Equity Shares at the end of the year ** |
23127246 |
** During the Financial Year 2015-16 Equity Share of the face value of INR 10/- each fully paid up was split into Two Equity Shares of Face Value of INR 5/- each.
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 |
115.644 |
115.644 |
115.644 |
|
(b) Reserves & Surplus |
1955.371 |
1832.409 |
1752.849 |
|
(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) |
2071.015 |
1948.053 |
1868.493 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
43.145 |
41.431 |
56.137 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.100 |
|
(d) long-term
provisions |
16.848 |
16.220 |
13.725 |
|
Total Non-current
Liabilities (3) |
59.993 |
57.651 |
69.962 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
377.977 |
277.950 |
346.252 |
|
(b) Trade
payables |
1248.758 |
1070.640 |
1075.577 |
|
(c) Other
current liabilities |
213.246 |
157.851 |
172.453 |
|
(d) Short-term
provisions |
72.025 |
55.098 |
43.203 |
|
Total Current
Liabilities (4) |
1912.006 |
1561.539 |
1637.485 |
|
|
|
|
|
|
TOTAL |
4043.014 |
3567.243 |
3575.940 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
805.304 |
791.396 |
853.824 |
|
(ii)
Intangible Assets |
8.537 |
11.456 |
14.649 |
|
(iii)
Capital work-in-progress |
51.824 |
119.416 |
27.690 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.565 |
18.565 |
0.014 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
6.198 |
6.278 |
6.340 |
|
Total Non-Current
Assets |
890.428 |
947.111 |
902.517 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1080.944 |
974.450 |
952.649 |
|
(c) Trade
receivables |
1817.452 |
1350.064 |
1375.010 |
|
(d) Cash
and cash equivalents |
152.024 |
170.608 |
181.981 |
|
(e) Short-term
loans and advances |
87.458 |
98.018 |
113.863 |
|
(f) Other
current assets |
14.708 |
26.992 |
49.920 |
|
Total
Current Assets |
3152.586 |
2620.132 |
2673.423 |
|
|
|
|
|
|
TOTAL |
4043.014 |
3567.243 |
3575.940 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
8841.471 |
8434.861 |
8807.745 |
|
|
Other Income |
29.277 |
16.109 |
32.467 |
|
|
TOTAL |
8870.748 |
8450.970 |
8840.212 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7474.157 |
7129.985 |
7586.727 |
|
|
Purchases of
Stock-in-Trade |
9.909 |
2.048 |
0.914 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.181) |
(11.801) |
(20.530) |
|
|
Employees benefits
expense |
207.015 |
174.626 |
155.152 |
|
|
Other expenses |
674.428 |
621.197 |
612.050 |
|
|
TOTAL |
8309.328 |
7916.055 |
8334.313 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
561.420 |
534.915 |
505.899 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
92.287 |
111.210 |
142.189 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
469.133 |
423.705 |
363.710 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
141.768 |
157.739 |
195.903 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
327.365 |
265.966 |
167.807 |
|
|
|
|
|
|
|
Less |
TAX |
106.980 |
95.670 |
66.768 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
220.385 |
170.296 |
101.039 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
26.196 |
21.364 |
21.638 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
117.000 |
75.000 |
25.000 |
|
|
Dividend |
28.909 |
75.163 |
63.600 |
|
|
Dividend proposed |
52.036 |
0.000 |
0.000 |
|
|
Tax on Dividend |
16.479 |
15.301 |
12.713 |
|
|
Total (M) |
214.424 |
165.464 |
101.313 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
32.157 |
26.196 |
21.364 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1016.675 |
892.199 |
950.968 |
|
|
Freight
Insurance |
18.217 |
17.139 |
8.123 |
|
|
TOTAL EARNINGS |
1034.892 |
909.338 |
959.091 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2126.077 |
1610.312 |
1439.743 |
|
|
Components and Stores
parts |
7.545 |
11.454 |
7.259 |
|
|
Capital Goods |
37.250 |
109.281 |
28.896 |
|
|
TOTAL IMPORTS |
2170.872 |
1731.047 |
1475.898 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
9.53 |
7.36 |
8.74 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
30.504 |
|
Cash generated from operations |
232.183 |
544.984 |
386.196 |
|
Net cash flow from (used in) operations |
126.672 |
446.902 |
321.848 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
3104.030 |
3070.910 |
4149.900 |
|
Total Expenditure |
2895.630 |
2879.770 |
3903.850 |
|
PBIDT (Excluding Other Income) |
208.400 |
191.140 |
246.050 |
|
Other income |
NA |
NA |
NA |
|
Operating Profit |
208.400 |
191.140 |
246.050 |
|
Interest |
31.180 |
29.910 |
35.860 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
177.220 |
161.220 |
210.190 |
|
Depreciation |
33.340 |
37.560 |
34.860 |
|
Profit Before Tax |
143.880 |
123.660 |
175.330 |
|
Tax |
50.290 |
47.040 |
66.230 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
93.590 |
76.620 |
109.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
93.590 |
76.620 |
109.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
75.03 |
58.42 |
56.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.86 |
6.25 |
6.41 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
60.90 |
54.79 |
51.74 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.52 |
0.55 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.65 |
0.58 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.47 |
0.44 |
0.47 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.18 |
0.14 |
0.20 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.92 |
0.80 |
0.88 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.42 |
0.47 |
0.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.08 |
4.81 |
3.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
2.49 |
2.02 |
1.15 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.45 |
4.77 |
2.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.64 |
8.74 |
5.41 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.65 |
1.68 |
1.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.08 |
1.05 |
1.05 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.51 |
0.55 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.27 |
2.40 |
3.26 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.65 |
1.68 |
1.63 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
Market Value |
INR 309.40/- |
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 |
115.644 |
115.644 |
115.644 |
|
Reserves & Surplus |
1752.849 |
1832.409 |
1955.371 |
|
Net
worth |
1868.493 |
1948.053 |
2071.015 |
|
|
|
|
|
|
Long-Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term Borrowings |
346.252 |
277.950 |
377.977 |
|
Current Maturities of Long term debt |
30.504 |
0.000 |
0.000 |
|
Total
borrowings |
376.756 |
277.950 |
377.977 |
|
Debt/Equity
ratio |
0.202 |
0.143 |
0.183 |
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 |
8807.745 |
8434.861 |
8841.471 |
|
|
|
(4.234) |
4.821 |
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
|
8807.745 |
8434.861 |
8841.471 |
|
Profit |
101.039 |
170.296 |
220.385 |
|
|
1.15% |
2.02% |
2.49% |
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 |
No |
|
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 |
OPERATIONS
The Production and sales during the year are higher than last year. Internal Rates of their Primary Input, Copper rose in the second half of the year.
The overall fiscal, economic and industrial climate and sentiment in the country is improving. Demand from the Electrical Equipment Sector has shown some signs of revival. Emphasis of the Government for the growth of Electric Power, Capital Goods and Infrastructure Sector continues. They are optimistic for the future growth of the Industry as the above sectors are the Principal customer of their Products.
GST is around the corner and they welcome the same. However, there may be lower demand for their Goods in the initial stages of GST as the Industry may adjust their inventories and will try to understand and experience the operational part of the new legislation. They hope that the Government will be able to sort out the initial difficulties quickly and will simplify the Rules for easier and faster implementation. In the long term, GST could be beneficial for the Industry, Trade and the Country.
Imports through all FTA''s and PTA''s need to be looked into by the Government so as to protect the downstream Electrical Equipment Manufacturing Industry and to ensure a level playing field. This includes the proposed RCEP Trade Agreement which is currently under negotiation.
Considering the challenging Industrial and Economic Climate during the Year, the Company has performed well.
Briefly stated the financial performance is as under, in INR/Million: The PBDIT is INR 558.029 Million (534.916 Million), Finance Cost INR 92.287 Million (111.210 Million) Depreciation INR 141.768 Million (157.738 Million), PBT INR 327.364 Million (265.968), and Provision for Tax INR 106.981 Million (95.671 Million). PAT INR 220.883 Million (170.297 Million) is higher than previous year. Their Reserves and Surplus (excluding Revaluation) are about INR 955.371 Million (1831.500 Million) at the end of March 2017. Their important operating ratios are healthy.
In anticipation of a revival in the Power Sector, the Company is further increasing capacity of Continuously Transposed Conductors (CTC).
Their New Unit 5 for Enameller Round Wires commenced production during Q2 of FY 2016-17
The Company plans to invest during the next 2-3 years on Capital Equipments and other Fixed Assets mostly the purpose of modernization.
Their Direct Exports though lower, are holding, despite severe competition and Custom Tariff discrimination.
They have provided for CSR Contribution for the Year as required.
The Company has been performing consistently well, is continuously a dividend-paying company with low debt gearing and is the market leader. They have discharged all their fiscal obligations on time, without delay or default.
OUTLOOK:
Long Term outlook of the Indian Economy, and consequently, electric-power-sector is healthy.
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE:
The Company's core activity is production and sale of only one product i.e. Winding Wires made of Copper. Despite adverse operating condition, we have maintained and marginally increased production levels. Sale income is lower due to a fall in the rate of their primary input. Profit during the year under review has improved. Their emphasis on export continues. Their insulating varnish division at Palej continues to operate satisfactorily and provides important contribution to the quality of their finished product.
FINANCIAL PERFORMANCE:
Reserve and surplus (excluding revaluation) increased to INR 1955.400 Million [1831.500 Million]. Debt / Equity ratio was 0.18. Subject to the approval by Members at the ensuing AGM, the total proposed Dividend declared is INR 0.350 I.e. 70 % on fully paid equity shares of INR 5. The original face value of the share of INR 10 was split into Two Shares of INR 5 each with effect from 23 March, 2016. Finance cost INR 92.300 Million [111.200 Million], Depreciation and amortization expenses INR 141.800 Million [157.700], were lower. Power and Fuel INR 201.000 Million [184.400 Million], Freight and Transportation INR 114.300 Million [103.700], Other Expenses INR 104.400 Million [94.000] increased. Employees Benefit Expense were higher at INR 207.000 Million [174.600] due to full-year impact of the wage Agreement revised last year. These include contribution to provident fund and bonus etc. Short term borrowing INR 377.900 Million [277.900 Million], Trade payables INR 1248.700 Million [1070.600 Million] and other current liabilities INR 213.200 Million [157.700 Million]. The Company's financial performance is satisfactory and profit during the year is higher. The Company continues to be market leader in the field of Winding Wires made of Copper in India. The Company has discharged all financial obligations in time on due dates, without any default or delay.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers Credit in Foreign
Currency (from Bank) |
193.527 |
199.748 |
|
|
|
|
|
Total |
193.527 |
199.748 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.06.2017
(INR in Million)
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Six Months ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net
Sales/ Income from Operations |
3067.823 |
3102.378 |
6170.201 |
|
b)
Other Operating Income |
3.090 |
1.649 |
4.739 |
|
Total Income from Operations |
3070.913 |
3104.027 |
6174.940 |
|
|
|
|
|
|
Expenses |
|
|
|
|
a)
Cost of materials consumed |
2876.778 |
2235.740 |
5112.518 |
|
b)
Purchase of stock in trade |
1.155 |
0.572 |
1.727 |
|
c)
Changes in inventories of finished goods |
(193.735) |
(8.457) |
(202.192) |
|
d)
Excise duty |
0.000 |
425.657 |
425.657 |
|
d)
Employee benefits expense |
51.614 |
58.283 |
109.897 |
|
e)
Depreciation and amortisation expense |
37.563 |
33.341 |
70.904 |
|
f)
Power and Fuel |
40.534 |
50.816 |
91.350 |
|
g)
Finance cost |
29.913 |
31.176 |
61.089 |
|
g)
Other expenses |
103.427 |
133.019 |
236.446 |
|
Total Expenses |
2947.249 |
2960.147 |
5907.396 |
|
|
|
|
|
|
Profit before tax |
123.664 |
143.880 |
267.544 |
|
Tax expenses |
|
|
|
|
Current tax |
43.604 |
53.604 |
97.208 |
|
Deferred tax |
3.440 |
(3.311) |
0.129 |
|
|
|
|
|
|
Profit for the period before extraordinary item |
76.620 |
93.587 |
170.207 |
|
|
|
|
|
|
Extraordinary item |
-- |
-- |
-- |
|
|
|
|
|
|
Profit for the period |
76.620 |
93.587 |
170.207 |
|
|
|
|
|
|
Other compressive income |
-- |
-- |
-- |
|
|
|
|
|
|
Total compressive income |
76.620 |
93.587 |
170.207 |
|
|
|
|
|
|
Paid - up Equity Share Capital (Face value of INR 5/- per share) |
115.636 |
115.636 |
115.636 |
|
|
|
|
|
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before exceptional
Items for the period (INR) |
3.31 |
4.05 |
7.36 |
|
b) Basic and diluted EPS after exceptional Items
for the period (INR) |
3.31 |
4.05 |
7.36 |
NOTES:
1. Previous year's figures have been regrouped & reworked wherever necessary to make them comparable with the Current Year.
2. The results for Quarter IV and year ended 31st March, 2017 have been reviewed and recommended by the Audit Committee of the Board and have been approved by the Board of Directors at its meeting held on 8th May. 2017. The Financial Results of the Company have been audited by the Statutory Auditor of the Company. The Audit Report does not contain any qualification.
3. The 3oard of Directors of the Company declared and paid Interim Dividend of INR 1.25 (25%) and on Face Value of INR 5/- per fully paid-up Equity Share in November, 2016. The Board of Directors of the Company have recommended Final Dividend of INR 2.25 (45%) on Face Value of INR 5/- per Equity Share, subject to the approval of the Shareholders at the ensuing Annual General Meeting.
4. The Company is primarily engaged in a single Segment i.e. Business of manufacture of Winding Wires. Therefore, Segment reporting as defined in Accounting Standard AS-17 is not applicable
5. According to the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2016, revenue for the quarter ended 30th June. 2017 was reported inclusive of excise duty. Goods and Service Tax (’GST) has been implemented with effect from 1st July. 2017 which replaces Excise Duty and other indirect taxes. As per IND AS 18. The revenue for the quarter ended 30th September. 2017 is reported net of GST. Therefore the revenue from operations for the cunent quarter are not comparable with previous periods
6. Statement of reconciliation of Net Profit reported under IND AS and Net Profit reported under Previous Indian GAAP for the quarter ended 30th September. 2016, Half Year ending 30th September, 2016, 31st March, 2017 and Equity Reconciliation as at 31st March, 2017.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1156.440 |
|
(b) Reserves & Surplus |
|
|
21157.750 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
22314.190 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
403.030 |
|
(b) Deferred tax liabilities (Net) |
|
|
186.620 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Sub-total of
Non-Current liabilities |
|
|
589.650 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
5791.700 |
|
(b) Trade
payables |
|
|
20639.380 |
|
(c) Other current
liabilities |
|
|
1731.300 |
|
(d) Short-term
provisions |
|
|
333.410 |
|
Sub-total of Current liabilities |
|
|
28495.790 |
|
|
|
|
|
|
TOTAL |
|
|
51399.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
8123.700 |
|
(b)
Non-Current investments |
|
|
132.590 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
62.680 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
8986.370 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
11610.080 |
|
(c) Trade
receivables |
|
|
24953.720 |
|
(d) Cash
and cash equivalents |
|
|
4977.390 |
|
(e) Short-term
loans and advances |
|
|
702.880 |
|
(f) Other
current assets |
|
|
169.190 |
|
Sub-total of
Current Assets |
|
|
42413.260 |
|
|
|
|
|
|
TOTAL |
|
|
51399.630 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G14368476 |
90237746 |
BANK OF BARODA |
28/12/2005 |
19/09/2016 |
- |
1825000000.0 |
PALEJ BRANCH, 4/374, DHANJISHA JIN, PALEJ GJ392220IN |
|
2 |
G14514160 |
90237508 |
BANK OF BARODA |
08/08/2002 |
24/08/2016 |
- |
1825000000.0 |
PALEJ BRANCH, 4/374, DHANJISHA JIN, PALEJ GJ392220IN |
|
3 |
A86793254 |
10037262 |
BNP PARIBAS |
06/02/2007 |
- |
31/05/2010 |
600000000.0 |
FRENCH BANK BUILDING, 62 HOMJI STREET, FORT MUMBAI MH400001IN |
|
4 |
Y10345184 |
90237547 |
BANK OF BARODA |
27/03/2003 |
31/08/2004 |
19/01/2006 |
0.0 |
PALEJ BRANCH; PALEJ GJ392220I |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
Disputed Wealth Tax Demands (not acknowledged) against
which Company has preferred an appeal |
0.340 |
0.340 |
|
Disputed demands of Central Excise against erstwhile Atlas
Wires Limited pending in Appeal |
0.455 |
0.455 |
|
Disputed demands of Central Excise pending in Appeal |
0.500 |
0.500 |
|
Guarantees given by Bank to third parties |
235.944 |
259.384 |
FIXED ASSETS:
Tangible Assets:
·
Land - Free Hold
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
Intangible Assets:
·
Technology Transfer Cost
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 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information Gathered
by : |
PNM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--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.