|
|
|
MIRA INFORM REPORT
|
Report No. : |
505520 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
VOLTAS LIMITED |
|
|
|
|
Registered
Office : |
Voltas House
"A", |
|
Tel. No.: |
91-22-66656666 |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
06.09.1954 |
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|
|
|
Com. Reg. No.: |
11-009371 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 330.753 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29308MH1954PLC009371 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388028807 |
|
|
|
|
TIN No.: |
27590000060 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACV2809D |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACV2809D1ZM |
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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
: |
The Company, a premier Air
Conditioning and Engineering company. It is a Tata Group company in the field
of air conditioning, refrigeration, in the business of electro-mechanical
projects as an EPC contractor both in domestic and international geographies
(Middle East and Singapore), and also in the business of engineering product
services for mining, water management and treatment, construction equipments
and textile industry.
(Registered Activity) |
|
|
|
|
No. of Employees
: |
2555 (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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|
|
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Litigation : |
Exists |
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|
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|
Comments : |
Voltas Limited is a part of the “Tata Group”. The company was incorporated 1954. For the financial year 2017, the revenue of the company has increased by 5.08% along with decent profit margin of 8.99%. The sound financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating takes into consideration strong financial and managerial support that the company receives from Tata Group entity backed by its well experienced management team. Voltas has also entered into a Joint Venture with Turkey based Ardutch (a subsidiary of Arçelik, part of the Koç Group making the Beko brand of home appliances). It began producing refrigerators, washing machines and kitchen appliances under the name of Voltas Beko. The rating also takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 635.85 against the Face Value (FV) of INR 01 on BSE as on 21st April, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 18404.300 million and has reported profit margin of 8.57%. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and condition. |
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 |
ICRA |
|
Rating |
Term Loans : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
18.01.2018 |
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 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. Vijay Kumar |
|
Designation : |
Manager |
|
Contact No.: |
91-9204465978 |
|
Date : |
21.04.2018 |
LOCATIONS
|
Registered Office : |
Voltas House,
"A", Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai - 400033,
Maharashtra, India |
|
Tel. No.: |
91-22-66656666 |
|
Mobile No.: |
91-9204465978 (Office) |
|
Fax No.: |
91-22-56656311/
22/ 46102331/ 22618504 |
|
E-Mail : |
|
|
Website : |
www.voltasltd.com
|
|
|
|
|
Factory 1 : |
Thane Plant 2nd Pokhran Road, Thane - 400601, Maharashtra, India |
|
Tel. No.: |
91-22-67920111 |
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Fax No.: |
91-22-25343258 |
|
|
|
|
Factory 2 : |
Uttarakhand
Plant (EM AND RBG) Plot No.1, Sector 8, I.I.E. Pant Nagar Industrial Area, District U.S.
Nagar, Rudrapur – 263145, Uttarakhand, India |
|
Tel. No.: |
91-5944-250006 / 8 |
|
|
|
|
Factory 3 : |
Dadra Plant (EM
AND RBG) Shreenath Industrial Estate, C Building, Survey No.197, Near Dadra
Check Post, Dadra – 396230, India |
|
Tel. No.: |
91-260-6619999 / 2669648 |
|
Fax No.: |
91-260-2669647 |
|
|
|
|
Factory 4 : |
Uttarakhand
Plant (UPBG) Plot Nos.2-5, Sector 8, I.I.E. Pantnagar Industrial Area, District
Udham Singh Nagar, Rudrapur - 263145, Uttarakhand, India |
|
Tel. No.: |
91-5944-250009 |
|
|
|
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Branch Office: |
Water Management Business Division, T. B. Kadam Marg, Chinchpokli, Mumbai - 400003, Maharashtra, India |
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|
|
Territorial / Area
Offices: |
Located at: Ahmedabad Baroda Calicut Bengaluru Chennai Coimbatore Delhi Indore Ghaziabad Chandigarh Ghaziabad Jamshedpur Madurai Mangalore Hosur Trivandrum Vijaywada Ankleshwar Vishakapatnam Tirupur Tirupati Hyderabad Pune Panjim Surat Lucknow Ludhiyana Kolhapur Jaipur Kochin Coimbatore |
|
|
|
|
Overseas Offices : |
Located at: · Kingdom of Bahrain Kingdom of Saudi Arabia Abu Dhabi - U.A.E. Dubai - U.A.E. Doha - QATAR Singapore |
DIRECTORS
As on 31.03.2017
|
Name: |
Mr. Anil george |
|
Designation : |
Whole-time Director |
|
Address: |
161, 16th Floor Building 5, Kalpataru Estate, Andheri (East), Mumbai-400093 , Maharashtra, India |
|
Date of Appointment: |
01.09.2017 |
|
DIN No.: |
00590939 |
|
|
|
|
Name: |
Mr. Noel Naval Tata |
|
Designation : |
Director |
|
Address: |
Windmere Cuffe Parade Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Birth: |
12.11.1956 |
|
Qualifications: |
B.A. (Economics) from University of Sussex and IEP, Insead, France |
|
Date of
Appointment: |
27.01.2003 |
|
DIN No.: |
00024713 |
|
|
|
|
Name: |
Nani Byram Javeri |
|
Designation : |
Director |
|
Address: |
Flat No.9, Ivorine, 154, M.Karve Road, Mumbai - 400020, Maharashtra, India |
|
Date of Birth: |
04.04.1946 |
|
Qualification: |
B.A. History (Hons.) |
|
Date of
Appointment: |
29.10.2009 |
|
DIN No.: |
02731854 |
|
|
|
|
Name: |
Mr. Ramnath Ramdittamal Mukhija |
|
Designation : |
Director |
|
Address: |
301 Cts No. 275, Vraj Building, N S Road No. 10, Jvpd Scheme, Vile Parle West, Mumbai - 400049, Maharashtra, India |
|
Date of
Appointment: |
03.12.2010 |
|
DIN No.: |
00001653 |
|
|
|
|
Name: |
Mr. Vinayak Kashinath Deshpande |
|
Designation : |
Director |
|
Address: |
Apartment No. F-06, 8-2-696/697, La Creative Heights, Road No.12, Banjara Hills, Hyderabad - 500034, Telangana, India |
|
Date of Birth: |
21.07.1957 |
|
Qualification: |
B.Tech (Chemical Engineering) IIT, Kharagpur |
|
Date of
Appointment: |
14.02.2012 |
|
DIN No.: |
00036827 |
|
|
|
|
Name: |
Mr. Debendranath Sarangi |
|
Designation : |
Director |
|
Address: |
7c, West Mada Street, Sri Nagar Colony, Chennai - 600015, Telangana, India |
|
Date of
Appointment: |
01.09.2014 |
|
DIN No.: |
01408349 |
|
|
|
|
Name: |
Mr. Bahram Navroz Vakil |
|
Designation : |
Director |
|
Address: |
Flat No.2, Ground Floor, Wadia House 22, Hughes Road. 5, Khareghat Colony Mumbai - 400007, Maharashtra, India |
|
Date of
Appointment: |
01.09.2014 |
|
DIN No.: |
00283980 |
|
|
|
|
Name: |
Ms. Anjali Bansal |
|
Designation : |
Director |
|
Address: |
202, A-Wing, Vivarea, Sane Guruji Marg Jacob Circle, Mahalaxmi Mumbai 400011, Maharashtra, India |
|
Date of
Appointment: |
09.03.2015 |
|
DIN No.: |
00207746 |
|
|
|
|
Name: |
Mr. Arun Kumar Kumar Adhikari |
|
Designation : |
Director |
|
Address: |
903 A Wing, 9th Floor, Vivarea Sane Guruji Marg, Mahalaxmi (East), Mumbai- 400011, Maharashtra, India |
|
Date of
Appointment: |
08.06.2017 |
|
DIN No.: |
00591057 |
|
|
|
|
Name: |
Mr. Hemant Bhargava |
|
Designation : |
Director |
|
Address: |
C1, Jeevan Jyot, Setalwad Lane, Nepean Sea Road, Mumbai-400036, Maharashtra, India |
|
Date of
Appointment: |
23.05.2017 |
|
DIN No.: |
01922717 |
KEY EXECUTIVES
|
Name : |
Mr. Varun
Prakash Malhotra |
|
Designation : |
Company Secretary |
|
|
Flat No.1103, A-Wing, Vini Tower Chs Ltd. Off Chincholi Bunder Road, Malad Mumbai - 400064, Maharashtra, India |
|
Date of
Appointment: |
31.10.2000 |
|
PAN No.: |
AAFPM3636F |
|
|
|
|
Name : |
Mr. Abhijit Aravind Gajendragadkar |
|
Designation : |
Chief Financial Officer |
|
|
8, Tarang 2nd Floor Mumbai Tamil Sangh Marg, 224 Sion, Mumbai-400022, Maharashtra, India |
|
Date of
Appointment: |
01.09.2017 |
|
PAN No.: |
AACPG9222A |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Manager |
|
|
|
|
AUDIT COMMITTEE : |
· Mr. Nani Javeri (Chairman) Mr. D. Sarangi Mr. R. N. Mukhija |
|
|
|
|
NOMINATION AND
REMUNERATION COMMITTEE : |
· Mr. Ishaat Hussain Mr. Bahram N. Vakil Mr. Nani Javeri Mr. N. N. Tata Ms. Anjali Bansal |
|
|
|
|
SHAREHOLDERS/
INVESTORS GRIEVANCE COMMITTEE : |
· Mr. N. N. Tata (Chairman) Mr. Bahram N. Vakil |
|
|
|
|
CORPORATE
MANAGEMENT : |
· Mr. Sanjay Johri (Managing Director) Mr. Anil George (Presidents) Mr. Pradeep Bakshi Mr. M. Gopi Krishna (Executive Vice Presidents) Mr. Narendren Nair Mr. Jayant Balan (Senior Vice President) |
MAJOR SHAREHOLDERS
As on March, 2018
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
100253480 |
30.31 |
|
|
(B) Public |
230502960 |
69.69 |
|
|
Grand Total |
330756440 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|
|
|
|
Any
Other (specify) |
100253480 |
30.30 |
|
|
TATA SONS LIMITED |
88131780 |
26.64 |
|
|
EWART INVESTMENTS LIMITED |
1925950 |
0.58 |
|
|
TATA INVESTMENT CORPORATION
LIMITED |
9962330 |
3.01 |
|
|
THE TATA POWER COMPANY LIMITED |
233420 |
0.07 |
|
|
Sub
Total A1 |
100253480 |
30.30 |
|
|
A2) Foreign |
|
0.00 |
|
|
A=A1+A2 |
100253480 |
30.30 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
63405501 |
19.16 |
|
|
HDFC MUTUAL FUND |
17824000 |
5.39 |
|
|
FRANKLIN TEMPLETON MUTUAL FUND |
11296033 |
3.41 |
|
|
ADITYA BIRLA SUN LIFE TRUSTEE
COMPANY PRIVATE LIMITED |
6745735 |
2.04 |
|
|
SBI MUTUAL FUND |
6496004 |
1.96 |
|
|
IDFC MUTUAL FUND |
4987959 |
1.51 |
|
|
MIRAE ASSET EMERGING BLUECHIP
FUND |
3333951 |
1.01 |
|
|
Alternate
Investment Funds |
1921939 |
0.58 |
|
|
Foreign
Portfolio Investors |
64794259 |
19.58 |
|
|
FRANKLIN TEMPLETON INVESTMENT
FUNDS |
11793320 |
3.56 |
|
|
STANDARD LIFE PACIFIC BASIN
TRUST |
4141992 |
1.25 |
|
|
Financial
Institutions/ Banks |
658741 |
0.20 |
|
|
Insurance
Companies |
31043476 |
9.38 |
|
|
LIFE INSURANCE CORPORATION OF
INDIA |
22716849 |
6.87 |
|
|
HDFC STANDARD LIFE INSURANCE
COMPANY LIMITED |
4402334 |
1.33 |
|
|
Sub
Total B1 |
161823916 |
48.91 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
1122652 |
0.34 |
|
|
Sub
Total B2 |
1122652 |
0.34 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 million |
50040954 |
15.16 |
|
|
NBFCs
registered with RBI |
8885 |
0.00 |
|
|
Any
Other (specify) |
17506553 |
5.29 |
|
|
Trusts |
4767829 |
1.44 |
|
|
Bodies Corporate |
7393968 |
2.23 |
|
|
LLP |
302369 |
0.09 |
|
|
Foreign Nationals |
1823 |
0.00 |
|
|
Clearing Members |
948862 |
0.29 |
|
|
Non-Resident Indian (NRI) |
2427223 |
0.73 |
|
|
Overseas Corporate Bodies |
88950 |
0.03 |
|
|
IEPF |
1575529 |
0.48 |
|
|
Sub
Total B3 |
67556392 |
20.45 |
|
|
B=B1+B2+B3 |
230502960 |
69.70 |
BUSINESS DETAILS
|
Line of Business : |
The Company, a premier Air
Conditioning and Engineering company. It is a Tata Group company in the field
of air conditioning, refrigeration, in the business of electro-mechanical
projects as an EPC contractor both in domestic and international geographies
(Middle East and Singapore), and also in the business of engineering product
services for mining, water management and treatment, construction equipments
and textile industry.
(Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2555 (Approximately) |
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Bankers : |
In India · State Bank of India Bank of India Punjab National Bank Citibank N. A. BNP Paribas Export - Import Bank of India Overseas · Emirates NBD Bank PJSC (UAE) Union National Bank (UAE) HSBC Bank Middle East Limited (UAE, Qatar,
Bahrain) First Gulf Bank (UAE) Doha Bank (Qatar) Credit Agricole Corporate and Investment Bank
(Singapore) |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance
Centre, Tower 3, 27th - 32nd Floor Senapati Bapat Marg,
Elphinstone Road (West), Mumbai - 400013, Maharashtra, India |
|
Tel No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501/4601 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
· Brihat Trading Private Limited Naba Diganta Water Management Limited Terrot GmbH |
|
|
|
|
Joint Venture : |
· Universal Voltas L.L.C. Olayan Voltas Contracting Company Limited Universal Weathermaker Factory L.L.C. Voltas Water Solutions Private Limited AVCO Marine S.a.S. (Under liquidation) Agrotech Industries Limited (Under closure) |
|
|
|
|
Promoter together
with its subsidiary holding more than 20% : |
· Tata Sons Limited and Subsidiaries of Tata Sons Limited |
|
|
|
|
Employee Benefit
Funds : |
· Voltas Limited Provident Fund Voltas Managerial Staff Provident Fund Voltas Limited Employees’ Gratuity Fund Voltas Limited Managerial Staff Gratuity Fund Voltas Limited Employees’ Superannuation Scheme |
|
|
|
|
Subsidiaries : |
· Auto Aircon (India) Limited Voltas Netherlands B.V. Lalbuksh Voltas Engineering Services & Trading
L.L.C. Weathermaker Limited Saudi Ensas Company for Engineering Services
W.L.L. Rohini Industrial Electricals Limited Universal Comfort Products Limited Voltas Qatar W.L.L. Voltas Oman L.L.C. Agro Foods Punjab Limited (Under liquidation) Westerwork Engineers Limited (Under liquidation) |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
INR 1/- each |
INR 600.000 Million |
|
4000000 |
Preference Shares |
INR 100/- each |
INR 400.000 Million |
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
330884740 |
Equity Shares |
INR 1/- each |
INR 330.885 Million |
|
|
Less : Calls-in-Arrears (132140 shares) |
|
INR 0.132 Million |
|
|
Total |
|
INR 330.753
Million |
Equity Shares: The Company has one class of equity shares having a par value of Re.1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding and are subject to preferential rights of the Preference shares (if issued).
A reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period :
|
Particulars |
As on 31.03.2017 |
|
|
Numbers |
INR In million |
|
|
Shares outstanding at the beginning of the year |
330884740 |
330.885 |
|
Shares outstanding at the end of the year |
330884740 |
330.885 |
Shares in the Company
held by each shareholder holding more than 5 percent shares specifying the
number of shares held in the Company:
|
Name of Shareholder |
As on 31.03.2017 |
|
|
Numbers |
% of Holding |
|
|
Tata Sons Limited |
88131780 |
26.64 |
|
Life Insurance Corporation of India |
22820733 |
6.90 |
As per of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31st March, 2017
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
330.753 |
330.752 |
330.748 |
|
(b) Reserves & Surplus |
29517.403 |
24726.295 |
18064.414 |
|
(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) |
29848.156 |
25057.047 |
18395.162 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.954 |
8.028 |
187.145 |
|
(d) long-term provisions |
779.546 |
692.036 |
934.178 |
|
Total
Non-current Liabilities (3) |
781.500 |
700.064 |
1121.323 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
690.810 |
1194.850 |
530.583 |
|
(b) Trade payables |
17921.453 |
14310.298 |
14563.928 |
|
(c) Other current liabilities |
5066.084 |
5141.816 |
5645.010 |
|
(d) Short-term provisions |
1655.322 |
1475.258 |
2221.585 |
|
Total
Current Liabilities (4) |
25333.669 |
22122.222 |
22961.106 |
|
|
|
|
|
|
TOTAL |
55963.325 |
47879.333 |
42477.591 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1527.321 |
1714.890 |
1474.397 |
|
(ii) Intangible Assets |
534.819 |
367.336 |
83.188 |
|
(iii) Capital work-in-progress |
5.535 |
10.877 |
44.217 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22138.636 |
13371.324 |
7570.179 |
|
(c) Deferred tax assets (net) |
220.793 |
288.529 |
367.353 |
|
(d) Long-term Loan and Advances |
7.173 |
260.640 |
1348.723 |
|
(e) Other Non-current assets |
771.003 |
1150.130 |
747.427 |
|
Total
Non-Current Assets |
25205.280 |
17163.726 |
11635.484 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1995.384 |
6676.548 |
4669.827 |
|
(b) Inventories |
7760.320 |
5552.590 |
6914.882 |
|
(c) Trade receivables |
11879.682 |
10576.246 |
11495.764 |
|
(d) Cash and cash equivalents |
2136.201 |
1320.293 |
1483.921 |
|
(e) Short-term loans and
advances |
15.321 |
15.419 |
1469.142 |
|
(f) Other current assets |
6971.137 |
6574.511 |
4808.571 |
|
Total
Current Assets |
30758.045 |
30715.607 |
30842.107 |
|
|
|
|
|
|
TOTAL |
55963.325 |
47879.333 |
42477.591 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
54103.647 |
51487.705 |
51689.486 |
|
|
Other Income |
2548.277 |
1893.341 |
1491.144 |
|
|
TOTAL
|
56651.924 |
53381.046 |
53180.630 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Consumption of
materials, cost of jobs and services |
17199.134 |
17804.611 |
16198.081 |
|
|
Purchases of Stock-in-Trade |
25474.730 |
21049.683 |
22601.129 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2053.417) |
790.184 |
148.153 |
|
|
Employees benefits expense |
4065.458 |
4120.664 |
4678.537 |
|
|
Other expenses |
5117.945 |
4674.978 |
5014.254 |
|
|
Exceptional Items |
60.061 |
(210.188) |
(181.833) |
|
|
TOTAL |
49863.911 |
48229.932 |
48458.321 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6788.013 |
5151.114 |
4722.309 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.577 |
80.646 |
162.522 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
6691.436 |
5070.468 |
4559.787 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
181.236 |
191.041 |
224.545 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
6510.200 |
4879.427 |
4335.242 |
|
|
|
|
|
|
|
Less |
TAX |
1648.341 |
1385.946 |
1042.894 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
4861.859 |
3493.481 |
3292.348 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
890.800 |
331.831 |
287.935 |
|
|
TOTAL
EARNINGS |
890.800 |
331.831 |
287.935 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
203.492 |
158.649 |
|
|
Finished Goods |
|
1931.161 |
1939.100 |
|
|
Components and Stores parts |
|
5272.970 |
5277.157 |
|
|
Capital Goods |
|
1.353 |
0.146 |
|
|
TOTAL
IMPORTS |
8221.000 |
7408.976 |
7375.052 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
14.69 |
10.56 |
9.95 |
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 |
4354.276 |
4017.616 |
3010.861 |
|
net cash flow from operating activities |
2903.320 |
2728.770 |
2209.471 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
18404.300 |
9038.100 |
12250.300 |
|
Total Expenditure |
16813.000 |
8511.000 |
11481.700 |
|
PBIDT (Excl OI) |
1591.300 |
527.100 |
768.600 |
|
Other Income |
600.2000 |
1020.000 |
194.800 |
|
Operating Profit |
2191.500 |
1547.10 |
963.400 |
|
Interest |
20.900 |
6.000 |
14.100 |
|
Exceptional Items |
20.000 |
(156.700) |
(1.100) |
|
PBDT |
2190.600 |
1384.400 |
948.200 |
|
Depreciation |
48.300 |
48.200 |
48.000 |
|
Profit Before Tax |
2142.300 |
1336.200 |
900.200 |
|
Tax |
564.100 |
375.100 |
199.300 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1578.200 |
961.100 |
700.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1578.200 |
961.100 |
700.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
80.14 |
74.98 |
81.18 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.55 |
4.87 |
4.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
153.29 |
134.43 |
137.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.87 |
0.93 |
0.68 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
3.28 |
2.46 |
2.95 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.45 |
0.46 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.02 |
0.05 |
0.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.85 |
0.88 |
1.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.07 |
0.08 |
0.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
70.29 |
63.87 |
29.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.99 |
6.79 |
6.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.69 |
7.30 |
7.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
16.29 |
13.94 |
17.90 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.21 |
1.39 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.91 |
1.14 |
1.04 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.53 |
0.52 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.09 |
3.61 |
1.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.21 |
1.39 |
1.34 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 635.85/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
330.748 |
330.752 |
330.753 |
|
Reserves & Surplus |
18064.414 |
24726.295 |
29517.403 |
|
Net
worth |
18395.162 |
25057.047 |
29848.156 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
530.583 |
1194.850 |
690.810 |
|
Total
borrowings |
530.583 |
1194.850 |
690.810 |
|
Debt/Equity
ratio |
0.029 |
0.048 |
0.023 |
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 |
51689.486 |
51487.705 |
54103.647 |
|
|
|
(0.390) |
5.081 |
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 |
51689.486 |
51487.705 |
54103.647 |
|
Profit |
3292.348 |
3493.481 |
4861.859 |
|
|
6.37% |
6.79% |
8.99% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
330.753 |
330.752 |
|
(b) Reserves & Surplus |
|
32735.389 |
27780.089 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling
interests |
|
285.242 |
266.805 |
|
Total
Shareholders’ Funds (1) + (2) |
|
33351.384 |
28377.646 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
107.194 |
96.524 |
|
(c) Other long term
liabilities |
|
1.956 |
8.030 |
|
(d) long-term provisions |
|
914.328 |
812.551 |
|
Total
Non-current Liabilities (3) |
|
1023.478 |
917.105 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1709.419 |
2707.400 |
|
(b) Trade payables |
|
19945.681 |
17487.831 |
|
(c) Other current liabilities |
|
6995.458 |
7739.343 |
|
(d) Short-term provisions |
|
1770.182 |
1561.706 |
|
Total
Current Liabilities (4) |
|
30420.740 |
29496.280 |
|
|
|
|
|
|
TOTAL |
|
64795.602 |
58791.031 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1727.463 |
1952.011 |
|
(ii) Intangible Assets |
|
1277.030 |
1111.305 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
20683.255 |
12781.520 |
|
(c) Deferred tax assets (net) |
|
305.013 |
406.978 |
|
(d) Long-term Loan and Advances |
|
7.173 |
10.640 |
|
(e) Other Non-current assets |
|
900.119 |
1272.714 |
|
Total
Non-Current Assets |
|
24900.053 |
17535.168 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
9070.308 |
7246.818 |
|
(c) Trade receivables |
|
14541.095 |
13672.228 |
|
(d) Cash and cash equivalents |
|
3314.248 |
1854.805 |
|
(e) Short-term loans and
advances |
|
27.392 |
28.546 |
|
(f) Other current assets |
|
12942.506 |
18453.466 |
|
Total
Current Assets |
|
39895.549 |
41255.863 |
|
|
|
|
|
|
TOTAL |
|
64795.602 |
58791.031 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
60328.040 |
57198.051 |
|
|
Other Income |
|
1998.156 |
1367.100 |
|
|
TOTAL
|
|
62326.196 |
58565.151 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
34162.271 |
33555.203 |
|
|
Purchases of Stock-in-Trade |
|
10099.104 |
6723.250 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1902.527) |
592.987 |
|
|
Employees benefits expense |
|
6184.319 |
6351.362 |
|
|
Other expenses |
|
5994.042 |
5645.633 |
|
|
Share of profit / (loss) of joint ventures and associates |
|
192.434 |
(62.192) |
|
|
Exceptional Items |
|
(11.009) |
(289.380) |
|
|
TOTAL |
|
54718.634 |
52516.863 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
7607.562 |
6048.288 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
160.354 |
157.992 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7447.208 |
5890.296 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
244.461 |
263.469 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
7202.747 |
5626.827 |
|
|
|
|
|
|
|
Less |
TAX |
|
2088.463 |
1695.742 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
5114.284 |
3931.085 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
15.38 |
11.7 |
LEGAL
CASES
|
Case Details |
|
|
Case Type |
Complaint ULP |
|
Filing No. |
5000073/2011 Filing
date: 03-03-2011 |
|
Registration No. |
5000073/2011
Registration date: 03-03-2011 |
|
Case code |
230150000732011 |
|
|
|
|
CASE STATUS |
|
|
First Hearing Date |
03-03-2011 |
|
Next Hearing Date |
29-09-2014 |
|
Purpose of Hearing |
Evidence |
|
Court No & Judge |
4 - Member |
|
|
|
|
Petitioner(s) &
Advocate(s) |
|
|
Petitioner - Voltas Empl. Union Address - Voltas Ltd. premises. D.B. Dadam,
marg, Chincpoli, Mumbai 033 Advocate - B.K. Hegade |
|
|
Respondent(s) & Advocate(s) |
|
|
Respondent - Voltas Limited Address - T.B. Kadam Marg, Chinchpoli,
Mumbai 033 ors Advocate - Goyal |
|
|
|
|
|
ACTS |
|
|
Under Act(s) |
Maharashtra Recognition of Trade Union And
Prevention of Unfair Labour Practices Act, 1971 |
|
Under Section(s) |
28 |
|
Subject |
|
|
|
|
|
LOWER COURT
INFORMATION |
|
|
Court No & Name |
--- |
|
Case No & Year |
--- |
|
Case Decision Date |
--- |
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 |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND AND
OPERATIONS
The Company is a public limited company and is incorporated in India. The address of its registered office is Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400033.
The Company, a premier Air Conditioning and Engineering company and was established in the year 1954. It is a Tata Group company in the field of air conditioning, refrigeration, in the business of electro-mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore), and also in the business of engineering product services for mining, water management and treatment, construction equipments and textile industry.
The financial statements for the year ended 31st March, 2017
were approved by the Board of Directors and authorised for issue on 23rd May,
2017
Operations
They live in an increasingly unpredictable world - the aftermath of the US Presidential elections, Brexit and many socio economic tensions dominate newspaper headlines across the World. The new US administration led pronouncements, the tepid economic recovery or the lack of it, fragile movements in oil prices, commodity swings and the debt overhang in China have further sharpened the ambiguities. Some green shoots were visible in the US, although economies dependent on crude oil continue to remain under pressure. The Middle East Countries, more relevant to Voltas, given its areas of operations, continue to grapple with the new normal of lower crude oil prices amidst political uncertainty, especially in Qatar. Their fiscal position remains tight and the related issues including longer payment periods, certification delays, increase in the number of commercial disputes, etc., continue to affect industry at large.
On the domestic front, supported by a better monsoon in 2016-17, sentiments have improved and select economic indicators like inflation, interest rates, etc., indicate a level of positivity. At the same time, the Government continues to demonstrate serious intent to fast forward the reform agenda as evinced by more recent developments (GST, demonetization, infrastructure spending, rural electrification, etc., to mention a few). Nevertheless, capacity utilization levels remain subdued, Index of Industrial Production (IIP) for capital goods is largely negative, private sector spending continues to be muted. The Indian economy is widely anticipated to grow at 6.5%-7%, after considering the temporary negative consumption shock induced by cash shortages and payment disruptions owing to demonetization.
At Voltas, the Consolidated Sales and Services was higher by 5%, at INR 60330.000 Million as compared to INR 57200.000 Million in the corresponding period last year largely contributed by Unitary Cooling Products business. Profit before tax was higher by 28%, at INR 7200.000 Million as compared to INR 5630.000 Million last year. Net Profit for the period was also higher at INR 5110.000 Million as compared to INR 3930.000 Million last year. Earnings per Share improved to INR 15.38 as compared to INR 11.70 last year (Face Value per share INR 1). Other Comprehensive Income recognized as per Ind-AS mainly includes notional mark-to-market gains on movement in market share price of certain strategic long term equity investments and other gains and losses. Accordingly, Total Comprehensive Income was INR 5930.000 Million as compared to INR 3790.000 Million last year. The figures for previous period have been regrouped/restated wherever necessary in line with Ind-AS requirements
The Cooling Products Industry continues to be largely weather dependent with demand especially for AC’s being closely linked to temperature movements. While the summer months in 2015-16 were interrupted by intermittent rains, in 2016-17, the onset of sustained hot weather was brisk with exceptionally high temperatures being recorded in certain parts of the country. Accordingly, given the weather led spurt in consumer demand, the AC industry witnessed a significant growth in volumes, also assisted by the benefit of a low base. Overall, the Room AC industry had an exceptional year reporting a secondary volume growth of 31% as compared to 12% last year. Ably supported by better quality cum range of products, wider distribution, appropriately timed advertisements, promotions and sensible pricing, the Company’s Unitary Cooling Products business, fought intense competition from Global and Indian brands to sustain its leadership position throughout the year with an increased market share of 21.4% as compared to 21.1% last year. The year also saw the brand reaching the landmark figure of selling 1 million Room Air Conditioners in one year, a milestone for the entire Industry.
In the Domestic Projects business, there has been an increase in enquiry levels and order finalization mainly on account of public sector spending. The Company had strategically pursued domestic projects involving public spending and externally funded investments, as a sensible way of mitigating the credit risks associated with the private sector. Accordingly, the Company had focused on areas such as urban infrastructure, rural electrification and water. The current order backlog of INR 25580.000 Million (as compared to INR 20250.000 Million, last year) consequently reflects higher quality and a better assurance of financial recovery. However, the pace of execution on certain carry-forward projects has unfortunately been slower than expected owing to various delays. Nevertheless, on account of several internal initiatives including timely business efficiency improvement programs, there has been an improvement in margins and savings in costs.
With the international oil prices hovering around $ 50 per barrel, the GCC Governments have responded by launching austerity drives targeted at reducing public spending. The consequential impact on liquidity with client led progress deferrals and certification/payment delays continues. With an internal task force focused on optimum closure of legacy projects, the Company has accelerated settlement and commercial closure of completed projects, barring a couple of projects under arbitration. As far as Sidra is concerned, the complicated arbitration between the Main Contractor and Qatar Foundation is likely to be long-drawn. With the inflow of suitably risk mitigated orders in more recent times and the order backlog of INR 1,763 Million (compared to INR 1,889 Million, last year), the Company is confident of better performance by International Projects business.
The challenges in the Mining and Textile Industries in India are well known. Accordingly, the Engineering Products business has recorded lower Revenue and Profit as compared to last year. EBIT margins for this segment tend to swing depending on the contribution of equipment sales in the overall revenue mix - compared to last year, equipment sales have been lower in the current period.
In Textile Machinery business, the Company has been witness to a huge surge in price of cotton, not followed through in relative price of yarn. This has led to margin pressures across spinning mills, with many deciding to opt for partial shut-downs. At the same time, the withdrawal of TUF for Spinning and difficulties in obtaining bank finance has delayed investments. While visibility of subsidy driven orders, especially in States offering special incentives is not clear, there is some improvement in the Post Spinning side of Textile Machinery business.
On the Mining front, Mozambique operations continue to drive
the performance. Addition of more machinery in the scope of maintenance
services continues to enhance the performance of Mining & Construction
Equipment business. However, on account of the steep depreciation in Mozambique
currency (Meticals), some loss in Forex had to be accounted during the year.
Meanwhile, the Mining business in India remains sluggish with lower equipment
sale as compared to last year. However, over the course of the year, the
business has witnessed increased traction in the Road Construction Sector with
a large order for crushing and screening equipment along with increased sale of
parts.
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
Y10352028 |
90244391 |
BANK OF BARODA |
01/04/2005 |
48000000.0 |
WALCHAND HIRACHAND MARGBOMBAYMH400038IN |
|
2 |
Y10350924 |
90243287 |
UNITED BANK OF INDIA |
27/06/1996 |
5000000.0 |
25 SIR P M ROAD FORTBOMBAYMH400001IN |
|
3 |
Y10347872 |
90240235 |
UNITED BANK OF INDIA |
27/06/1996 |
21000000.0 |
25 SIR P M ROAD FORTBOMBAYMH400001IN |
|
4 |
Y10347860 |
90240223 |
AMERICAN EXPRESS BANK LTD |
22/05/1996 |
143400000.0 |
DR D N ROADBOMBAYMH400001IN |
|
5 |
Y10347855 |
90240218 |
THE STATE BANK OF BIKANER AND JAIPUR |
08/05/1996 |
72500000.0 |
D N ROAD BOSEBOMBAYMH400001IN |
|
6 |
Y10350916 |
90243279 |
STATE BANK OF BIKANER AND JAIPUR |
08/05/1996 |
124000000.0 |
D N ROAD BOSEBOMBAYMH400001IN |
|
7 |
Y10347326 |
90239689 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
07/01/1992 |
650000.0 |
IDBI TOWER CUFFE PARADEBOMBAYMH400005IN |
|
8 |
Y10347193 |
90239556 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
16/11/1990 |
8700000.0 |
IDBI TOWER CUFFE PARADEBOMBAYMH400005IN |
|
9 |
Y10347097 |
90239460 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
04/01/1990 |
10000000.0 |
IDBI TOWER CUFFE PARADE COLABABOMBAYMH400005IN |
|
10 |
Y10346934 |
90239297 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
26/04/1988 |
2600000.0 |
NARIMAN POINTBOMBAYMH400021 |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Guarantees on
behalf of other companies : |
|
|
|
Limits (Fund and Non Fund based) |
6262.125 |
3055.480 |
|
Against which outstanding balance |
4325.908 |
1652.790 |
|
Claims against the
Company not acknowledged as debts : |
|
|
|
Taxes, Cess and Duties (other than Income Tax) |
1623.455 |
1670.061 |
|
Contractual matters in the course of business |
270.424 |
258.495 |
|
Others including guarantees for terminated contract |
3011.441 |
3078.122 |
|
Total |
15493.353 |
9714.948 |
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
|
PARTICULARS |
3
Months |
9
Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.03.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Gross Sales/ income from
operations |
12171.700 |
8992.300 |
39515.600 |
|
Other Operating Income |
78.600 |
45.800 |
177.100 |
|
Net Sales/income from
operations |
12250.300 |
9038.100 |
39692.700 |
|
Other Income |
194.800 |
1020.000 |
1815.000 |
|
Total income from operations (net) |
12445.100 |
10058.100 |
41507.700 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Consumption of materials, cost of jobs and services |
4881.000 |
2907.800 |
12528.300 |
|
Purchases of stock-in trade |
3388.800 |
2928.000 |
14691.800 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
985.600 |
754.100 |
2432.300 |
|
Employee benefits expense |
1059.100 |
1038.100 |
3166.600 |
|
Depreciation and Amortization Expenses |
48.000 |
48.200 |
144.500 |
|
Finance Costs |
14.100 |
6.000 |
41.000 |
|
Excise Duty on sales of goods |
0.000 |
0.000 |
234.900 |
|
Other Expenses |
1167.200 |
883.000 |
3751.800 |
|
Total expenses |
11543.800 |
8565.200 |
36991.200 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
901.300 |
1492.900 |
4516.500 |
|
Exceptional items |
1.100 |
156.700 |
137.800 |
|
Profit/ (Loss) from ordinary activities before tax |
900.200 |
1336.200 |
4378.700 |
|
Tax expenses |
199.300 |
375.100 |
1138.500 |
|
Net Profit / (Loss) from ordinary activities after tax |
700.900 |
961.100 |
3240.200 |
|
Extraordinary item (net of tax expense) |
|
|
|
|
Net Profit / (Loss) for the period |
700.900 |
961.100 |
3240.200 |
|
Comprehensive Income |
|
|
|
|
Item That will not be reclassified to profit and loss |
128.600 |
418.300 |
977.500 |
|
|
|
|
|
|
Income tax on items that will not be reclassified to
profit and loss |
(11.900) |
(6.800) |
(5.600) |
|
|
|
|
|
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
817.600 |
1372.600 |
4212.100 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 1/-each) |
330.800 |
330.800 |
330.800 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of INR 1/-
each (not annualized): |
|
|
|
|
Basic and Diluted |
2.12 |
2.90 |
9.79 |
Notes :
1) These results have been reviewed by the Board Audit Committee at its Meeting held on 6th February, 2018 and approved by the Board of Directors at its Meeting held on 7th February, 2018.
2) Sales for the quarter ended 31st December, 2017 is net of Goods and Service
Tax (GST). However, sales for the comparative periods of previous year is gross
of Excise Duty. Sales, net of GST / Excise Duty for the quarter and nine months
ended 31st December, 2017 has increased by 20.20% and 12.88% respectively, in
comparison to the corresponding period of the previous year.
3) Exceptional Items:
|
PARTICULARS |
3
Months |
9
Months |
|
|
Exceptional income /
(expenses) |
31.12.2017 |
30.09.2017 |
31.03.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
|
|
|
|
|
Profit on sales of properties
/ Surrender of tenancy rights |
0.000 |
0.000 |
20.000 |
|
Provision for diminution in
value of investments |
(1.100) |
(156.700) |
(157.800) |
|
Total exceptional items |
(1.100) |
(156.700) |
(137.800) |
4) The Company's Branch in UAE and its subsidiary company in Oman are currently executing MEP Projects as a Subcontractor, wherein Carillion PLC is a joint venture partner of the Main Contractor. Carillion PLC has filed for compulsory liquidation in UK in January 2018. Based on the initial assessment done and contractual remedies available, the Company does not foresee a material risk. Some delays in receiving certifications and payments may, however, be experienced. The total contract assets of these projects are around INR 1770.000 million as of date.
5) The Statutory Auditors of the Company have conducted a "Limited
Review" of the aforesaid financial results.
FIXED ASSETS
·
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
and EDP Equipment
Computer
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 66.22 |
|
UK Pound |
1 |
INR 92.84 |
|
Euro |
1 |
INR 81.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·