|
|
|
MIRA INFORM REPORT
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Report No. : |
506027 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
BOROSIL GLASS WORKS LIMITED |
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Registered
Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai – 400
018, |
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Mob. No.: |
91-22-24930362 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
14.12.1962 |
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Com. Reg. No.: |
11-012538 |
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Capital
Investment / Paid-up Capital : |
INR 23.100 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1962PLC012538 |
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IEC No.: [Import-Export Code No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00740F/ MUMB11821F |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACB5484G1ZN |
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TIN No.: |
27870298666 |
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PAN No.: [Permanent Account No.] |
AAACB5484G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Sells of Scientific and Industrial Products
(SIP) and Consumer Products (CP). SIP consist of laboratory glassware,
instruments, disposable plastics, liquid handling systems and explosion proof
lighting glassware. CP consist of microwavable and flameproof kitchenware,
glass tumblers, Appliances and Storage products. [Registered Activity] |
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|
|
|
No. of Employees
: |
185 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1962 and it is engaged in manufacturing of laboratory glassware and microwave kitchenware. The company also offers laboratory instruments, disposable plastics, liquid handling systems and explosion proof lighting glassware. As per financials of March 2017, the company has registered a growth of 20.15% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 47.45% under review. Rating takes into consideration the company’s long established track record of business operations marked by healthy net worth base along with low solvency indicators due to debt free balance sheet and good liquidity position. Rating also takes into account the extensive experience of its promoters and diversified client base of the company. Share are quoted very high on Stock Exchanges. (Share are traded at a price of INR 888.25 against its face value of INR 1.) As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 788.400 million and has reported good profit margin of 16.17%. Payments seems to be regular as per commitments. In view of aforesaid, the company can be considered good for business dealing at usual trade terms and conditions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 26.04.2018.
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. Sunil |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-24930362 |
|
Date : |
24.04.2018 |
Tel. No.: 91-22-67406300 / 28508990 [Ringing]
LOCATIONS
|
Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
|
Tel. No.: |
91-22-24930362 |
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Fax No.: |
91-22-24950561 |
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E-Mail : |
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Website : |
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Head Office / International Division : |
410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai –
400 025, Maharashtra, India |
|
Tel. No.: |
91-22-24320779 / 24309539 / 24303436 |
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E-Mail : |
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Corporate Office : |
1101, Crescenzo, G Block, Opposite MCA Club, Bandra Kurla Complex,
Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel No.: |
91-22-67406300 |
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Fax No.: |
91-22-67406514 |
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Ahmedabad office: |
214, Sakar V, Behind Natraj Cinema, Off Ashram Road, Ahmedabad – 390009, Gujarat, India |
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Factory 1 : |
Marol-Maroshi Road, Off Military Road, Andheri, Mumbai-400 059,
Maharashtra, India |
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Tel. No.: |
91-22-2850 8990 |
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Fax No.: |
91-22-2850 6685 |
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Factory 2 : |
A1F, Industrial Complex, Marai Malai Nagar - 603 209, Tamilnadu, India |
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|
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Zonal Sales
Office : |
·
Western India Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century
Bazar, Prabhadevi, Mumbai – 400025, Maharashtra, India Tel. No : 91-22-67406400/ 67406405 / 67406406 / 67406410 Fax. No. 91-22-67406444 Email : bsolabware@borosil.com ·
North India 19/90, Connaught Circus (Madras Hotel Block), New Delhi- 110001,
India Tel. No. :91-11-2336 2988 / 2334 3897/ 2374 2136 Fax No. :91-11-2374 6689 Email :
delhi@borosil.com ·
Southern India No.22, Wheat Croft Road, Ist Floor, Nungambakkam, Chennai- 600 034,
Tamilnadu, India Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com ·
Eastern India Dabriwala House , 4th Floor, 10 Middleton Row, Kolkata- 700071, West
Bengal, India Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com/
pralay.guha@borosil.com ·
1st Floor, New No.20, Old No.9 Brahadammal Road,
Nungambakkam, Chennai – 600 034, Tamilnadu, India |
|
|
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Overseas
Office : |
United Scientific Supplies, Incorporation, 3055 N. Oak Grove Avenue, Waukegan, IL 60087 Phone : 91-847-336 7556 Fax: : 91-847-336 7571 Email : rsoni@unitedsci.com |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Bajrang Lal Kheruka |
|
Designation : |
Whole Time Director |
|
Address: |
115, Southern Avenue Kolkata-700029, West Bengal, India |
|
Date of Appointment: |
16.12.2013 |
|
DIN No.: |
00016861 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Kheruka |
|
Designation : |
Managing Director |
|
Address: |
Apartment No. 3101, Tower 5, Burj Residence, Down Town, Dubai |
|
Date of Appointment: |
24.11.1988 |
|
DIN No.: |
00016909 |
|
|
|
|
Name : |
Mr. Shreevar Kheruka |
|
Designation : |
Managing Director |
|
Address: |
17B, Sterling Apartments, 38, Peddar Road, Mumbai- 400026, Maharashtra, India |
|
Date of Appointment: |
24.08.2009 |
|
DIN No.: |
01802416 |
|
|
|
|
Name : |
Mr. Ramaswami Velayudhan Pillai |
|
Designation : |
Whole Time Director |
|
Address: |
B-507, Sheetal Apnaghar No. 9 Co-Operative housing Society, Lokhandwala, Swami Samarth Nagar, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Appointment: |
01.09.2009 |
|
DIN No.: |
00011024 |
|
|
|
|
Name : |
Mr. Sukhinder Surinder Bagai |
|
Designation : |
Director |
|
Address: |
93, Sea Lord -B Cuffe Parade Mumbai-400005, Maharashtra, India |
|
Date of Appointment: |
29.06.2002 |
|
DIN No.: |
00011176 |
|
|
|
|
Name : |
Mr. Utpalkumar Anilkumar Mukhopadhya |
|
Designation : |
Additional Director |
|
Address: |
10-S Dilwara, Maharshi Karve Road, Mumbai 400021, Maharashtra, India |
|
Date of Appointment: |
24.08.2009 |
|
DIN No.: |
02766045 |
|
|
|
|
Name : |
Mr. Naveen Kumar Kshatriya |
|
Designation : |
Director |
|
Address: |
1101, B Wing, 11th Floor, Lodha Bellissimo, Apollo Mills Compound, N.M. Joshi Road, Mumbai-400011, Maharashtra, India |
|
Date of Appointment: |
09.05.2013 |
|
DIN No.: |
00046813 |
|
|
|
|
Name : |
Mr. Anupa Rajiv Sahney |
|
Designation : |
Director |
|
Address: |
6, Manavi Apartment, 36, Ridge Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment: |
30.05.2014 |
|
DIN No.: |
00341721 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Rajesh Kumar Chaudhary |
|
Designation : |
Additional Director |
|
Address : |
C/1001, Ekta Meadows, BHD Siddharth Nagar, Borivali
(East), Mumbai – 400066, Maharashtra, India |
|
Date of Appointment : |
01.04.2018 |
|
DIN No.: |
07425111 |
KEY EXECUTIVES
|
Name : |
Ms. Gita Yadav |
|
Designation : |
Company Secretary |
|
Address: |
QTR No. Y2/47, Old Navy Nagar, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Appointment: |
02.11.2015 |
|
PAN No.: |
ADHPY2742B |
|
|
|
|
Name : |
Swadhin Padia |
|
Designation : |
Chief finance Officer |
|
Address: |
B-1/601, Greenland Co-Operative Housing Society Limited, Mumbai-400059, Maharashtra, India |
|
Date of Appointment: |
01.04.2016 |
|
PAN No.: |
AGHPP6820C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
1,68,28,930 |
72.85 |
|
|
(B) Public |
62,71,070 |
27.15 |
|
|
Grand Total |
2,31,00,000 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
|
0.00 |
|
|
Individuals/Hindu undivided Family |
99,13,860 |
42.92 |
|
|
Bajrang Lal Kheruka |
28,40,920 |
12.30 |
|
|
Kiran Kheruka |
35,61,470 |
15.42 |
|
|
Rekha Kheruka |
35,10,970 |
15.20 |
|
|
Shreevar Kheruka |
500 |
0.00 |
|
|
Any Other (specify) |
42,74,150 |
18.50 |
|
|
Croton Trading Private Limited |
25,07,980 |
10.86 |
|
|
Fennel Investment And Finance Private Limited, |
12,40,570 |
5.37 |
|
|
Glachem Agents And Traders Private Limited |
29,840 |
0.13 |
|
|
Kanchan Labware Private Limited |
30,430 |
0.13 |
|
|
Serene Trading & Agencies P. Limited, |
180 |
0.00 |
|
|
Chotila Silica Private Limited |
4,65,130 |
2.01 |
|
|
Gujarat Fusion Glass LLP |
20 |
0.00 |
|
|
Sub Total A1 |
1,41,88,010 |
61.42 |
|
|
A2) Foreign |
|
0.00 |
|
|
Individuals (NonResident Individuals/ Foreign Individuals) |
26,40,920 |
11.43 |
|
|
Pradeep Kumar Kheruka |
26,40,920 |
11.43 |
|
|
Sub Total A2 |
26,40,920 |
11.43 |
|
|
A=A1+A2 |
1,68,28,930 |
72.85 |
|
Statement
showing shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
|
0.00 |
|
|
Mutual Funds/ |
5,000 |
0.02 |
|
|
Foreign Portfolio Investors |
6,13,888 |
2.66 |
|
|
Government Pension Fund Global |
5,09,780 |
2.21 |
|
|
Financial Institutions/ Banks |
3,500 |
0.02 |
|
|
Insurance Companies |
1,000 |
0.00 |
|
|
Sub Total B1 |
6,23,388 |
2.70 |
|
|
B2) Central Government/ State Government(s)/ President of India |
|
0.00 |
|
|
B3) Non-Institutions |
|
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
44,11,900 |
19.10 |
|
|
NBFCs registered with RBI |
49,260 |
0.21 |
|
|
Any Other (specify) |
11,86,522 |
5.14 |
|
|
Clearing Members |
77,466 |
0.34 |
|
|
Trusts |
55,600 |
0.24 |
|
|
Bodies Corporate |
2,69,534 |
1.17 |
|
|
Non-Resident Indian (NRI) |
1,54,260 |
0.67 |
|
|
Foreign Nationals |
9,750 |
0.04 |
|
|
LLP |
19,432 |
0.08 |
|
|
HUF |
1,71,400 |
0.74 |
|
|
IEPF |
4,29,080 |
1.86 |
|
|
Sub Total B3 |
56,47,682 |
24.45 |
|
|
B=B1+B2+B3 |
62,71,070 |
27.15 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sells of Scientific and Industrial Products
(SIP) and Consumer Products (CP). SIP consist of laboratory glassware,
instruments, disposable plastics, liquid handling systems and explosion proof
lighting glassware. CP consist of microwavable and flameproof kitchenware,
glass tumblers, Appliances and Storage products. [Registered Activity] |
||||||
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
185 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Pathak H.D. and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over
which persons described in (d) & (e) above are able to exercise
significant influence (Other Related Parties) with whom transactions have
taken place : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
INR 10/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2310000 |
Equity Shares |
INR 10/- each |
INR 23.100
Million |
|
|
|
|
|
Reconciliation of number
of Equity Shares outstanding at the beginning and at the end of the year :
|
Particulars |
31.03.2017 |
|
|
No. of shares |
INR In Million |
|
|
Shares outstanding at the beginning of the year |
2310000 |
23.100 |
|
Less : Buy back and Extinguishment of Equity Shares |
-- |
-- |
|
Shares outstanding at
the end of the year |
2310000 |
23.100 |
Terms/Rights attached
to Equity Shares :
The Company has only one class of shares referred to as equity shares having a par value of INR 10/- per share. Holders of equity shares are entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring annual general meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
Shareholder holding more than 5% of Equity Share Capital:
|
Particulars |
31.03.2017 |
|
|
No. of shares |
% of holding |
|
|
Gujarat Fusion Glass LLP (Formerly known as Gujarat Fusion Glass Limited) |
-- |
-- |
|
Kiran Kheruka |
357697 |
15.48 |
|
Rekha Kheruka |
352647 |
15.27 |
|
Bajrang Lal Kheruka |
284092 |
12.30 |
|
Pradeep Kumar Kheruka |
264092 |
11.43 |
|
Fennel Investment and Finance Private Limited |
124057 |
5.37 |
|
Croton Trading Private Limited |
250798 |
10.86 |
|
|
|
|
There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment.
Aggregate number of shares
bought back during the period of five years immediately preceding the reporting
date:-
|
Particulars |
31.03.2017 No. of shares |
|
Shares bought back |
1653928 |
|
|
|
Dividend paid and
proposed:-
|
Particulars |
31.03.2017 No. of shares |
|
Dividend declared
and paid |
|
|
Final dividend declared and paid for the year ended on 31st March, 2016 at Nil per share and for the year ended 3St March, 2015 at INR 25 per share. |
-- |
|
Dividend Distribution
Tax on final dividend |
-- |
|
Interim dividend declared and paid for the year ended on 31st March, 2017 at Nil per share and for the year ended 31st March, 2016 at INR 25 per share. |
-- |
|
Dividend Distribution
Tax on interim dividend |
-- |
|
Proposed Dividends |
|
|
Final dividend proposed for the year ended on 31st March, 2017 at INR 25 per share and for the year ended 31st March, 2016 at Nil per share. |
57.750 |
|
Dividend Distribution
Tax on proposed dividend |
11.757 |
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a liability (including Dividend Distribution Tax thereon) as at 31st March.
During the previous year, pursuant to the approval of the Board of Directors and Shareholders of the Company under Section 68 of the Companies Act, 2013 and regulations as specified in the "Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998’ and amendments thereto (the “Regulations”), the Company had bought back and extinguished 6,96,000 equity shares at the rate of INR 2,500 per share for a total consideration of INR 1740.000 lacs, on a proportionate basis through the “Tender Offer” route by utilising INR 1,446.13 lacs from General Reserve and INR 1588.427 Million from Retained Earning. In terms of Section 69 of the Companies Act, 2013, Capital Redemption Reserve of INR 6.960 lacs (sum is equal to nominal value of shares so bought back) had been created out of General Reserve.
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 |
23.100 |
23.100 |
30.060 |
|
(b) Reserves &
Surplus |
7694.381 |
6338.930 |
6944.502 |
|
(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) |
7717.481 |
6362.030 |
6974.562 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
5.973 |
33.554 |
129.314 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
5.973 |
33.554 |
129.314 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
325.366 |
21.726 |
|
(b) Trade payables |
144.961 |
95.944 |
86.647 |
|
(c) Other current
liabilities |
232.429 |
217.575 |
169.751 |
|
(d) Short-term provisions |
25.253 |
19.797 |
115.191 |
|
Total Current Liabilities
(4) |
402.643 |
658.682 |
393.315 |
|
|
|
|
|
|
TOTAL |
8126.097 |
7054.266 |
7497.191 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1060.322 |
1573.407 |
1559.214 |
|
(ii) Intangible Assets |
8.034 |
0.000 |
5.128 |
|
(iii) Capital
work-in-progress |
44.086 |
48.412 |
56.096 |
|
(iv) Intangible assets
under development |
2.028 |
2.647 |
0.000 |
|
(b) Non-current
Investments |
3104.065 |
2752.093 |
2864.075 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
582.382 |
141.985 |
451.147 |
|
(e) Other Non-current
assets |
211.634 |
244.519 |
9.819 |
|
Total Non-Current Assets |
5012.551 |
4763.063 |
4945.479 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1460.107 |
1047.763 |
1583.986 |
|
(b) Inventories |
404.584 |
397.414 |
362.389 |
|
(c) Trade receivables |
441.684 |
371.241 |
316.331 |
|
(d) Cash and cash
equivalents |
44.886 |
69.325 |
53.293 |
|
(e) Short-term loans and
advances |
82.990 |
290.460 |
196.975 |
|
(f) Other current assets |
679.295 |
115.000 |
38.738 |
|
Total Current Assets |
3113.546 |
2291.203 |
2551.712 |
|
|
|
|
|
|
TOTAL |
8126.097 |
7054.266 |
7497.191 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2669.983 |
2222.133 |
1754.194 |
|
|
Other Income |
349.795 |
354.049 |
660.037 |
|
|
TOTAL |
3019.778 |
2576.182 |
2414.231 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
1445.896 |
1299.861 |
1064.338 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6.404) |
(36.441) |
(52.112) |
|
|
Employees benefits expense |
272.023 |
246.733 |
202.445 |
|
|
Other expenses |
767.966 |
851.036 |
464.791 |
|
|
Exceptional Items |
-908.764 |
0.000 |
42.171 |
|
|
TOTAL |
1570.717 |
2361.189 |
1721.633 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1449.061 |
214.993 |
692.598 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
11.740 |
11.624 |
2.541 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1437.321 |
203.369 |
690.057 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
58.130 |
53.172 |
54.822 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1379.191 |
150.197 |
635.235 |
|
|
|
|
|
|
|
Less |
TAX |
112.267 |
(5.526) |
143.661 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1266.924 |
155.723 |
491.574 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
NA |
6430.725 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
50.000 |
|
|
Proposed Dividend |
NA |
NA |
75.150 |
|
|
Tax on Proposed Dividend |
NA |
NA |
15.299 |
|
|
Premium paid on buy back of Equity Shares |
NA |
NA |
0.000 |
|
|
Interim Dividend (Dividend per share INR 25) |
NA |
NA |
0.000 |
|
|
Balance Carried to the
B/S |
NA |
NA |
6781.850 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
89.894 |
98.069 |
|
|
TOTAL EARNINGS |
NA |
89.894 |
98.069 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
|
|
|
|
Traded Goods |
NA |
0.780 |
0.000 |
|
|
Capital Goods |
NA |
274.044 |
213.974 |
|
|
TOTAL IMPORTS |
NA |
274.824 |
213.974 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
548.45 |
53.5 |
16.353 |
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 |
378.875 |
145.726 |
109.900 |
|
Net cash flow from operating activity |
253.350 |
61.877 |
35.063 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1ST
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
Net Sales |
500.900 |
794.000 |
788.400 |
|
Total Expenditure |
471.000 |
665.800 |
660.900 |
|
PBIDT (Excl OI) |
29.900 |
128.200 |
127.500 |
|
Other Income |
75.500 |
86.200 |
87.300 |
|
Operating Profit |
105.400 |
214.400 |
214.800 |
|
Interest |
0.600 |
0.700 |
0.600 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
104.800 |
213.700 |
214.200 |
|
Depreciation |
12.500 |
13.400 |
13.100 |
|
Profit Before Tax |
92.300 |
200.300 |
201.100 |
|
Tax |
39.300 |
64.900 |
73.600 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
53.000 |
135.400 |
127.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
53.000 |
135.400 |
127.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
60.38 |
60.98 |
65.82 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.05 |
5.99 |
5.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
36.59 |
26.94 |
29.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.58 |
0.54 |
1.91 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.30 |
0.13 |
0.43 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.05 |
0.09 |
0.05 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.05 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.05 |
0.10 |
0.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.14 |
0.26 |
0.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
123.43 |
18.50 |
272.57 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
47.45 |
7.01 |
28.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
15.59 |
2.21 |
6.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
16.42 |
2.45 |
7.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
7.73 |
3.48 |
6.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
6.73 |
2.88 |
5.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.95 |
0.90 |
0.93 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
14.09 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
7.73 |
3.48 |
6.49 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
30.060 |
23.100 |
23.100 |
|
Reserves & Surplus |
6944.502 |
6338.930 |
7694.381 |
|
Net worth |
6974.562 |
6362.030 |
7717.481 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
21.726 |
325.366 |
0.000 |
|
Total borrowings |
21.726 |
325.366 |
0.000 |
|
Debt/Equity ratio |
0.003 |
0.051 |
0.000 |
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 |
1754.194 |
2222.133 |
2669.983 |
|
|
|
26.675 |
20.154 |
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 |
1754.194 |
2222.133 |
2669.983 |
|
Profit |
491.574 |
155.723 |
1266.924 |
|
|
28.02% |
7.01% |
47.45% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
23.100 |
23.100 |
|
(b) Reserves &
Surplus |
|
7631.526 |
6149.441 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
555.475 |
346.233 |
|
Total Shareholders’ Funds
(1) + (2) |
|
8210.101 |
6518.774 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
159.689 |
286.328 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
27.497 |
7.199 |
|
(d) long-term provisions |
|
193.589 |
116.578 |
|
Total Non-current
Liabilities (3) |
|
380.775 |
410.105 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
349.062 |
497.501 |
|
(b) Trade payables |
|
365.323 |
281.964 |
|
(c) Other current
liabilities |
|
618.369 |
592.762 |
|
(d) Short-term provisions |
|
39.031 |
32.072 |
|
Total Current Liabilities
(4) |
|
1371.785 |
1404.299 |
|
|
|
|
|
|
TOTAL |
|
9962.661 |
8333.178 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2877.387 |
3235.280 |
|
(ii) Intangible Assets |
|
12.271 |
12.093 |
|
(iii) Capital
work-in-progress |
|
423.208 |
72.351 |
|
(iv) Intangible assets
under development |
|
5.742 |
2.921 |
|
(v) Goodwill |
|
174.291 |
90.768 |
|
(b) Non-current
Investments |
|
1195.473 |
1066.923 |
|
(c) Deferred tax assets
(net) |
|
75.150 |
12.329 |
|
(d) Long-term Loan and Advances |
|
353.382 |
141.985 |
|
(e) Other Non-current
assets |
|
545.618 |
346.053 |
|
Total Non-Current Assets |
|
5662.522 |
4980.703 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1460.107 |
1197.017 |
|
(b) Inventories |
|
946.851 |
835.686 |
|
(c) Trade receivables |
|
937.282 |
775.219 |
|
(d) Cash and cash
equivalents |
|
107.359 |
94.525 |
|
(e) Short-term loans and
advances |
|
2.841 |
251.083 |
|
(f) Other current assets |
|
845.699 |
198.945 |
|
Total Current Assets |
|
4300.139 |
3352.475 |
|
|
|
|
|
|
TOTAL |
|
9962.661 |
8333.178 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
5770.286 |
4230.392 |
|
|
Other Income |
|
427.312 |
362.546 |
|
|
TOTAL |
|
6197.598 |
4592.938 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
729.805 |
489.375 |
|
|
Purchases of
Stock-in-Trade |
|
1420.680 |
1300.298 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(92.689) |
10.145 |
|
|
Excise Duty |
|
200.652 |
81.678 |
|
|
Employees benefits
expense |
|
723.933 |
468.620 |
|
|
Other expenses |
|
2184.547 |
1657.913 |
|
|
Share in profit of an
associate |
|
(24.159) |
(15.437) |
|
|
Exceptional Items |
|
(908.764) |
0.000 |
|
|
TOTAL |
|
4234.005 |
3992.592 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1963.593 |
600.346 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
77.701 |
35.599 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1885.892 |
564.747 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
324.495 |
209.098 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1561.397 |
355.649 |
|
|
|
|
|
|
|
Less |
TAX |
|
192.596 |
64.188 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1368.801 |
291.461 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
592.55 |
100.13 |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Borosil Glass Works Limited ("the Company") is a limited Company domiciled and incorporated in India and its shares are publicly traded on the Bombay Stock Exchange (BSE), in India. The registered office of the Company is situated at Khanna Construction House, 44, Dr. R.G. Thadani Marg, Worli, Mumbai 400 018.
Company is engaged in the business of Scientific and Industrial Products (SIP) and Consumer Products (CP). SIP consist of laboratory glassware, instruments, disposable plastics, liquid handling systems and explosion proof lighting glassware. CP consist of microwavable and flameproof kitchenware, glass tumblers, Appliances and Storage products.
The financial statements of the Company for the year ended 31st March, 2017 were approved and adopted by board of directors in their meeting held on 13th May, 2017
REVIEW OF OPERATIONS
During FY17, your Company achieved Revenue from Operations of INR 2670.000 Million as against INR 2222.000 Million in FY16, registering a strong growth of 20.2%.
The Company’s Operational Profit Before Tax (PBT) grew by 67% from INR 22.6 crores in FY16 to INR 37.6 crores in FY17.
The Company earned Other Income of INR 350.000 Million during FY17 (mainly from investments) as compared to INR 354.000 Million in FY16.
The Company recorded a Profit Before Tax of INR 470.000 Million (before exceptional item) as compared to INR 150.000 Million in FY16, a growth of 213%. During FY17 the Company made a one-time exceptional net gain of INR 909.000 Million from the acquisition of a piece of land from the company by Municipal Corporation of Greater Mumbai (MCGM)
Profit After Tax (PAT) recorded a growth of 130% from INR 156.000 Million in FY16 to INR 358.000 Million in FY17. After including the one-time gain in FY17, the growth in PAT was 714%.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
Notwithstanding sluggish global growth in recent years, the Indian economy has shown robust growth. It continues to be one of the fastest growing large economies. A large domestic market and sector diversity helps to insulate the country from external shocks. Both the World Bank and the International Monetary Fund have projected growth rates of over 7.0% in India’s GDP over each of the next three years. India could thus be considered one of the engines for global growth. On a US$ 2.3 trillion base, India would add US$ 600-900 billion over the next 5 years even with a modest 5% - 7% growth rate.
Prime Minister Narendra Modi’s, Bharatiya Janata Party (BJP) won a sweeping mandate in the last general elections in 2014 resulting in a single party rule at the central government as opposed to coalition rule for the first time in 30 years. This has given this administration the opportunity to govern without the drag of coalition politics. It is seen as pro-business and pro-reform. A stable and forward looking government is expected to drive several positive economic changes. Current and fiscal deficits have been lowered and inflation has been moderate this year aided by better agricultural output as well as lower international crude oil prices. Prevalence of high inflation had prevented India from softening interest rates. Interest rates had reached a high of 14.5% during CY13. These have since declined to about 11% and are expected to come down further to about 10% giving a boost to investment demand.
Public and private investment driven GDP growth is expected to see a rise in the per capital income. On a Purchasing Power Parity (PPP) basis its per capital income is about $ 6000 per year. Rising income is leading to an upward mobility with about 150 million expected to be added to the middle class by 2025 creating a large consumer market in India (Source: Boston Consulting Group). India has the largest youth population with about 356 million between 10-24 years of age. It is expected that 64% of the population will be working age by 2021 giving India the advantage of a demographic dividend. The reduced expenditure on dependents will increase the ability to save as well as enable individuals to spend more on discretionary consumption, education, entertainment with a wider variety and higher value of purchases. India is seeing a rapid trend in urbanization. Its urban population is expected to increase by about 300 million over the next 30 years. India has the second largest base of internet users and an explosion in mobile phone penetration has brought in large numbers of mobile first internet users. This is leading to a rapidly growing trend of online consumption.
From the financial year 2017-18, India is expected to witness the benefit of two very significant economic policy developments. A constitutional amendment has paved the way for the long awaited and transformational Goods and Services Tax (GST). It is expected to be implemented by July, 2017. It will create a common Indian market leading to a simplification of taxation, eliminate the cascading effect of multiplicity of taxation and widen the tax base through improved compliance. On November 8, 2016 the government “demonetized” the two largest denomination currency notes. This 86% of the currency in circulation ceased to be legal tender. These were to be deposited in banks by December 30, 2016. The aim was to curb corruption, counterfeiting and accumulation of “black money” generated from income that had not been declared to tax authorities. While this led to short term inconvenience and hardship, demonetization has the long term potential of reducing corruption, greater digitization of the economy and greater formalization of the economy.
Borosil Glass Works Limited conducts its operations in two business segments, namely its Scientific & Industrial
Products Division (SIP) and its Consumer Products Division (CPD).
SIP caters to the needs of the Pharmaceutical, Research and Development, Education and Healthcare segments of the market. These industries are seeing a rapid move towards automation. This shift is improving productivity multifold and exponentially increasing the volumes of tests and analyses being conducted. New methodologies are being developed for sample preparation enabling multiple analyses. Consequently, there is a large market emerging for new equipment and other products. Traditionally the Company used to market glassware including a wide variety of scientific, industrial and pharmaceutical glass items sourced both from international and domestic markets. Changing with market needs, it has now begun to see itself evolve from a glassware manufacturer to a solutions provider to its customers for their laboratory and product needs. A beginning has been made through the marketing of HPLC vials, Liquid Handling Systems as well as Bench Top Equipment under the brand Labquest by Borosil.
CPD has been marketing microwaveable glassware products to consumers. There is a definite trend in terms of increased disposable income of households, more nuclear families and changes in consumer lifestyle. Kitchen designs are improving (even as they might get smaller) and consumers are entertaining at home more often. This gives rise to the need for kitchen and serving products that perform more efficiently and are at the same time more elegant. Borosil products seek to empower their consumers with just that, in accordance with our tag-line “performs beautifully”. With a rise in health consciousness in the country, there is a gradual shift from storage of food items in plastic to glass containers. The Company now markets Larah by Borosil, a range of opal tableware products, a glass storage range and has introduced a range of kitchen appliances to exploit these opportunities.
SCHEME OF
AMALGAMATION
In Q3FY17 the board of the company approved a scheme of amalgamation to transfer all the assets and liabilities of Hopewell Tableware Private Limited (HTPL), Fennel Investment and Finance Private Limited (FIFPL) and Vyline Glass Works Limited (VGWL) into Borosil Glass Works Limited (BGWL). HTPL engaged in the business of manufacturing and marketing opal tableware items, is a wholly owned subsidiary of BGWL so no shares will be issued to the shareholders of HTPL under the scheme.
FIFPL is an associate company of BGWL and registered as a Non-Banking Financial Institution. It is held by BGWL and the promoters of BGWL. Shareholders of FIFPL will be issued 10 equity shares of BGWL for every 207 equity shares of FIFPL held.
VGWL, held by the promoters of BGWL, is in the business of manufacturing glass and glass products which it supplies primarily to BGWL. Shareholders of VGWL will be issued 4 equity shares of BGWL for every 65 equity shares of VGWL held.
The share exchange ratio was arrived at as per a valuation report and an addendum thereto by SSPA & Co, Chartered Accountant. A fairness opinion including an addendum was provided by M/s Keynote Corporate Services Limited.
The amalgamation will eliminate cross holdings among group companies and simplify the group structure. A key rationale is the reduction in related party transactions in the current operations. The merger of HTPL, FIFPL and VGWL would lead to consolidation of the entities and business operations of HTPL and VGWL with BGWL which will result in reduction in costs for administration, legal and compliance and lead to greater general administrative efficiency and optimal utilization of various resources.
The scheme of amalgamation is subject to various requisite approvals including that of shareholders, creditors, Securities and Exchange Board of India, BSE Limited and the jurisdictional High Court. The scheme would become effective thereafter and the Company expects this to be accomplished during H2FY18. Consequent to the scheme becoming effective, BGWL’s issued and paid up equity shares will increase from 2.31 million to 2.51 million leading to a dilution of about 9%. The promoter shareholding in BGWL will increase from 74.28% to 76.28%.
After the scheme of amalgamation becomes effective, the profits and losses of Vyline will get consolidated in BGWL. Moreover, Gujarat Borosil Limited., a manufacturer and marketer of solar glass which is held 25.25% by BGWL will become a 58.38% subsidiary of BGWL. Gujarat Borosil Limited. is listed on BSE and had a market capitalization of ` 553 crore at the close of trading on March 31, 2017.
OUTLOOK
In the SIP business, the company expects to maintain its dominant market leadership in the lab glassware segment in India. The market is expected to grow at 8% to 10%. The company has also begun to grow an international franchise and will focus on The Middle East, Africa and South East Asia. Two new avenues of growth are being built through the introduction of Lab Quest for lab instrumentation and an entry into the pharma packaging segment with the acquisition of 60.3% equity stake in Klasspack. Overall the SIP division is expected to grow 12% to 15% in the medium term.
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G71587786 |
100142421 |
KOTAK MAHINDRA BANK LIMITED |
14/12/2017 |
- |
- |
300000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
2 |
C81022220 |
10570704 |
INDUSIND BANK LIMITED |
02/05/2015 |
25/02/2016 |
- |
150000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
3 |
G81481269 |
100130540 |
IDFC BANK LIMITED |
29/06/2017 |
- |
19/03/2018 |
125000000.0 |
KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet,Chennai |
|
4 |
G45099256 |
100058843 |
IIFL WEALTH FINANCE LIMITED |
21/07/2016 |
- |
31/05/2017 |
750000000.0 |
6th Floor, IIFL Centre, Kamala City,Senapati Bapat Marg, Lower Parel,MumbaiMa400013IN |
|
5 |
G13860721 |
10625001 |
India Infoline Finance Limited |
19/01/2016 |
- |
27/09/2016 |
750000000.0 |
12A-10, 13th Floor, Parinee Crescenzo, G Block,C-38&39, Bandra Kurla Complex, Bandra- EastMumbaiMH400051IN |
|
6 |
A92596311 |
90232030 |
THE BANK OF BARODA LIMITED |
22/07/1997 |
29/03/2007 |
27/08/2010 |
176500000.0 |
Corporate Financial Services - Fort Branch,4th Floor, 10/12 Mumbai Samachar Marg, Fort.MumbaiMH400023IN |
|
7 |
A92562263 |
10179644 |
BANK OF BARODA |
14/09/2009 |
- |
27/08/2010 |
530000000.0 |
COROPORATE FINANCE SERVICES- FORT BRANCH10/12,4TH FLOOR, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN |
|
8 |
A92596790 |
10165312 |
BANK OF BARODA |
08/06/2009 |
10/07/2009 |
27/08/2010 |
300000000.0 |
CORPORATE FINANCIAL SERVICES-FORT BRANCH10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN |
|
9 |
A91764472 |
10193112 |
BANK OF BARODA |
11/12/2009 |
- |
08/08/2010 |
50000000.0 |
CORPORATE FINANCE SERVICES - FORT BRANCH10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORT,MUMBAIMH400023IN |
|
10 |
A81965584 |
80051448 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
19/12/2001 |
- |
17/03/2010 |
20000000.0 |
MUMBAI MAIN BR., ZOROASTRIAN ASSOCIATION BUILDING,16, HORNIMAN CIRCLE, FORT,MUMBAIMH400023IN |
|
11 |
A37178506 |
80013922 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
17/07/2001 |
31/10/2006 |
30/04/2008 |
28708000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
12 |
A37179397 |
80013923 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
18/03/1998 |
31/10/2006 |
30/04/2008 |
40000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
13 |
A03871076 |
80010404 |
THE WESTERN INDIA TRUSTEE AND EXECUTER CO LIMITED |
05/02/1991 |
14/08/2003 |
04/09/2006 |
118590600.0 |
NARIMAN POINTMUMBAIMH400021IN |
|
14 |
Y10334712 |
90231921 |
ICICI BANK LTD. |
20/01/1995 |
30/12/2004 |
19/09/2005 |
42500000.0 |
BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400027IN |
|
15 |
Y10334967 |
90232176 |
ICICI BANK LTD. |
27/11/2000 |
30/12/2004 |
19/09/2005 |
40000000.0 |
BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400051IN |
|
16 |
Y10334767 |
90231976 |
ICICI BANK LTD. |
04/04/1996 |
30/12/2004 |
19/09/2005 |
28850000.0 |
BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400027IN |
|
17 |
Y10334720 |
90231929 |
ICICI BANK LTD. |
29/03/1995 |
30/12/2004 |
19/09/2005 |
120000000.0 |
BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400027IN |
|
18 |
Y10334949 |
90232158 |
ICICI BANK LTD. |
06/03/2000 |
30/12/2004 |
19/09/2005 |
40000000.0 |
BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400025IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Disputed
Liabilities in Appeal (No Cash outflow is expected in the near future) |
|
|
|
Sales Tax (amount paid under protest is INR 2.353 Million) |
64.091 |
59.408 |
|
Income Tax |
33.220 |
30.284 |
|
Excise (amount paid under protest of INR 590.08 Lacs, INR 589.64 Lacs and INR 589.40 Lacs as at 31st March, 2017, 31st March, 2016 and 1st April, 2015 respectively) |
125.213 |
125.213 |
|
Cenvat Credit/Service Tax (amount paid under protest of INR 0.185 lacs and INR 0.038 lacs as at 31st March, 2017 and 31st March, 2016 respectively) |
5.299 |
6.643 |
|
Others |
4.981 |
4.981 |
|
|
|
|
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 |
31.12.017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from Operations
|
|
|
|
|
a)
Revenue from Operations |
788.400 |
794.00 |
2083.300 |
|
b)
Other Income |
87.300 |
86.200 |
249.000 |
|
Total Income |
875.700 |
880.200 |
2332.300 |
|
|
|
|
|
|
Expenses |
|
|
|
|
a) Purchases of stock-in-trade |
336.500 |
436.100 |
1019.900 |
|
b) Changes in inventories of stock-in-trade |
54.800 |
(51.800) |
31.100 |
|
c) Employees benefits expense |
85.800 |
79.400 |
234.300 |
|
d) Finance Cost |
0.600 |
0.700 |
1.900 |
|
e)
Depreciation and amortisation |
13.100 |
13.400 |
39.000 |
|
f)
Other expenses |
183.800 |
202.100 |
512.400 |
|
Total Expenses |
674.600 |
679.900 |
1838.600 |
|
|
|
|
|
|
Profit from ordinary activities after
finance costs but before exceptional Items |
201.100 |
200.300 |
493.700 |
|
Exceptional
Item |
-- |
-- |
-- |
|
Profit from ordinary activities before tax |
201.100 |
200.300 |
493.700 |
|
Tax
expenses |
73.600 |
64.900 |
177.800 |
|
Net Profit for the period |
127.500 |
135.400 |
315.900 |
|
Other comprehensive income |
|
|
|
|
i)Items
that will be reclassified to profit or loss |
|
|
|
|
a) Gain on debts instrument
through OCI |
29.300 |
29.200 |
87.800 |
|
b) Income tax effect on
above |
(4.600) |
(4.400) |
(13.200) |
|
ii)Items
that will not be reclassified to profit or loss |
|
|
|
|
a)
Re-measurement pains/(losses) on defined benefit plans |
(1.200) |
(1.200) |
(3.600) |
|
b)
Income tax effect on above |
0.500 |
0.400 |
1.300 |
|
|
24.000 |
24.000 |
72.300 |
|
Total
comprehensive income |
151.500 |
159.400 |
388.200 |
|
|
|
|
|
|
Paid-up Equity Share Capital (face value of INR 10/- face value) |
23.100 |
23.100 |
23.100 |
|
Reserves
excluding Revaluation Reserves |
|
|
|
|
Earning per share (Before Other Comprehensive Income) of INR 10/-each (Basic and Diluted) |
5.53 |
5.85 |
13.68 |
|
Earning per share (After Other Comprehensive Income) of INR 10/-each (Basic and Diluted) |
5.53 |
5.85 |
13.68 |
STANDALONE BUSINESS SEGMENT INFORMATION:
(INR
In Million)
|
PARTICULARS |
Quarter Ended |
Nine
Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue: |
|
|
|
|
Scientificware |
375.200 |
319.100 |
930.500 |
|
Consumerware |
411.400 |
472.500 |
1147.300 |
|
Others |
1.800 |
2.400 |
5.500 |
|
Total |
788.400 |
794.000 |
2083.300 |
|
Inter Segment Revenue |
-- |
-- |
-- |
|
Total Income from Operations |
788.400 |
794.000 |
2083.300 |
|
Segment result
(Profit before tax) |
|
|
|
|
Scientificware |
81.200 |
67.700 |
176.000 |
|
Consumerware |
63.700 |
73.800 |
152.200 |
|
Investment |
56.200 |
78.800 |
198.700 |
|
Others |
0.500 |
0.600 |
1.400 |
|
Total |
201.600 |
220.900 |
528.300 |
|
Less : |
|
|
|
|
(i)Finance Cost |
0.600 |
0.700 |
1.900 |
|
(ii) Exceptional Items |
-- |
-- |
-- |
|
(iii) Other Un-allowable expenditure |
(0.100) |
19.900 |
32.700 |
|
Profit / (Loss)
before Taxes |
201.100 |
200.300 |
493.700 |
|
Segment Assets |
|
|
|
|
Scientificware |
447.000 |
386.900 |
447.000 |
|
Consumerware |
591.700 |
749.400 |
591.700 |
|
Investments |
5527.500 |
5320.600 |
5527.500 |
|
Others |
2.000 |
1.900 |
2.000 |
|
Unallocated |
2028.300 |
2072.400 |
2028.300 |
|
Total |
8596.500 |
8531.200 |
8596.500 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Scientificware |
219.200 |
179.200 |
219.200 |
|
Consumerware |
267.200 |
382.900 |
267.200 |
|
Investments |
-- |
1.100 |
-- |
|
Others |
0.200 |
0.200 |
0.200 |
|
Unallocated |
72.700 |
83.200 |
72.700 |
|
Total |
559.300 |
646.600 |
559.300 |
FIXED ASSETS
- Land
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Office
Equipment
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 66.70 |
|
|
1 |
INR 93.14 |
|
Euro |
1 |
INR 81.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.