|
|
|
MIRA INFORM REPORT
|
Report No. : |
506056 |
|
Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ACE MANUFACTURING SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 467 to 469, 12th Cross, 4th Phase, Peenya Industrial Area, |
|
Tel. No.: |
91-80-41828100 / 41828290 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
07.03.1994 |
|
|
|
|
Com. Reg. No.: |
08-015321 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 7.640 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1994PLC015321 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0794002498 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
TIN No.: |
29710069122 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
29AACCA3584G1ZL |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3584G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of CNC Vertical Machining
Centers, Accessories, Spares and Other Related Products. (Registered Activity
and Confirmed by Management) |
|
|
|
|
No. of Employees
: |
500 (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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1994 and is a manufacturer and
exporter of CNC vertical machining centres, accessories, spares and other
related products. For the financial year 2017, the company has achieved revenue growth
of 17.33% as compared to the previous year along with a fair profit margin of
8.05%. The rating takes into consideration the sound financial risk profile
of the company marked by adequate net worth base along with strong debt
coverage indicators due to debt free balance sheet profile. Rating takes into account the subject’s long established track record
of business operations along with extensive experience of its promoters. Payments are reported to be regular. In the view aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
|
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 |
Long term bank facilities = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
30.10.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
30.10.2017 |
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 27.04.2018
IBBI (Insolvency and Bankruptcy Board of
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. Nagesh |
|
Designation : |
Account Department |
|
Contact No.: |
91-80-41828100 |
|
Date : |
25.04.2018 |
Tel. No.: 91-80-41828089 – Given number is
not working
LOCATIONS
|
Registered Office : |
Plot No. No. 467 to 469, 12th Cross, 4th Phase, Peenya Industrial
Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-41828100/ 28360508 to 12 |
|
Fax No.: |
91-80-28362791/ 41828102 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10 acre |
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Sales and Service
Centers : |
Located at:
|
|
|
|
|
Branch Office: |
Located at: · Kolkata Chennai Mumbai |
DIRECTORS
As on 2018
|
Name : |
Mr. Shrinivas Govindrao Shirgurkar |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
Rajkrupa, No. 586, 1st Main, 2nd Stage, 3rd Block, RMV
Extension, Bangalore-560094, |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.04.1948 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.03.1994 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AKMPS5682E |
||||||||||||||||||||||||||||||
|
DIN No.: |
00173944 |
||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Benedict Machado |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
583, 1st Main, 2nd Stage, 3rd Block, RMV Extension,
Bangalore-560094, |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.12.1948 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.03.1994 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AEJPM7124C |
||||||||||||||||||||||||||||||
|
DIN No.: |
00174074 |
||||||||||||||||||||||||||||||
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Other Directorship :
|
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Ashok Vishwanath Sathe |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
No. 252, 15th 'D' Cross, 2nd Phase 2nd Stage,
Mahalakshmipuram, Bangalore-560086, |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.03.1940 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
07.03.1994 |
||||||||||||||||||||||||||||||
|
PAN No.: |
ADOPS5056R |
||||||||||||||||||||||||||||||
|
DIN No.: |
00174204 |
||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Benne Gopalrao Dwarakanath |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
Aadhara Nilaya, No.92, 57th Cross, Vijaya Bank Layout, Behind IIMB, Bannerghatta Road, Bangalore-560076, Karnataka, India |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
23.08.1948 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2013 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AAJPD4782B |
||||||||||||||||||||||||||||||
|
DIN No.: |
00449073 |
||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Puttige Ramdas |
||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||
|
Address : |
452, I Main, Beml Layout Basaveshwar Nagar
Bangalore-560079, |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.08.1946 |
||||||||||||||||||||||||||||||
|
Qualification : |
B.E, IIT |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2010 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AANPR3545A |
||||||||||||||||||||||||||||||
|
DIN No.: |
01510873 |
||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Chandra |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
437, Mahalakshmipuram, Bangalore-560086, |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.01.1948 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
13.02.1995 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AAIPC4416G |
||||||||||||||||||||||||||||||
|
DIN No.: |
01510893 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Name : |
Mr. Thirumalaimuppur Kuppuswamy Ramesh |
||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||
|
Address : |
1702, 7th Floor, Gowri Apartment New |
||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.01.1958 |
||||||||||||||||||||||||||||||
|
Qualification : |
BE |
||||||||||||||||||||||||||||||
|
Date of Appointment : |
04.08.2007 |
||||||||||||||||||||||||||||||
|
PAN No.: |
AALPR6035R |
||||||||||||||||||||||||||||||
|
DIN No.: |
01790388 |
||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
|
Designation : |
Account Department |
|
|
|
|
Name : |
Mr. Rajesh Ramegowda |
|
Designation : |
Company Secretary |
|
Address : |
No.17, Gidadakonenahalli Nagarabhavi, 2nd Stage, Bangalore
- 560091, Karnataka, India |
|
Date of Appointment : |
30.06.2014 |
|
PAN No.: |
AFFPR6097C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
S G Shirgurkar |
|
5400 |
|
Benedict Machado |
|
5400 |
|
Bharati Shirgurkar |
|
1800 |
|
Philomena Machado |
|
1800 |
|
Jayashree Ramdas |
|
6000 |
|
V Chandra |
|
1800 |
|
P Ramdas |
|
16800 |
|
ACE Designers Limited, India |
|
19490 |
|
Micromatic Machine Tools Private Limited, India |
|
18000 |
|
Total |
|
76490 |
Equity Share Break up (Percentage of Total Equity)
As on 22.07.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
51.05 |
|
Promoter - Bodies
corporate |
48.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of CNC Vertical Machining
Centers, Accessories, Spares and Other Related Products. (Registered Activity
and Confirmed by Management) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors 1 : |
|
|
Name : |
Durga Krishnamurthy and Company Chartered Accountants |
|
Address : |
2/10, BDA Flats, Cambridge Layout, Bangalore-560008, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ALRPK1169J |
|
|
|
|
Auditors 2: |
|
|
Name : |
B K Ramadhyani and Co LLP Chartered Accountants |
|
Address : |
4B Chitrapur Bhavan No.68 8th Main, 15th Cross, Malleshwaram, Bangalore, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFB1153G |
|
|
|
|
Secretarial Audit
Report: |
|
|
Name : |
Suresh Bharaswaj |
|
Address : |
106, First Floor, 25th Cross, 6th Block, Jayanagar, Bangalore - 560082, Karnataka, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate : |
U28930KA2007PTC043919 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U29199KA1986PLC007816
U85110KA1995PLC018544
U29199KA2001PTC029247
U74899KA1987PTC105765
U02922KA1987PLC008415 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
INR 10/- each |
INR 15.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76400 |
Equity Shares |
INR 100/- each |
INR 7.640
Million |
|
|
|
|
|
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 |
7.640 |
7.640 |
7.640 |
|
(b) Reserves & Surplus |
2309.013 |
2012.720 |
1818.852 |
|
(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) |
2316.653 |
2020.360 |
1826.492 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
34.670 |
38.996 |
38.192 |
|
(c) Other long term
liabilities |
6.695 |
6.255 |
5.990 |
|
(d) long-term provisions |
53.315 |
22.421 |
21.007 |
|
Total
Non-current Liabilities (3) |
94.680 |
67.672 |
65.189 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
51.897 |
62.937 |
|
(b) Trade payables |
697.934 |
506.172 |
396.853 |
|
(c) Other current liabilities |
179.327 |
103.704 |
101.057 |
|
(d) Short-term provisions |
117.473 |
68.500 |
131.247 |
|
Total
Current Liabilities (4) |
994.734 |
730.273 |
692.094 |
|
|
|
|
|
|
TOTAL |
3406.067 |
2818.305 |
2583.775 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
496.703 |
478.362 |
354.680 |
|
(ii) Intangible Assets |
16.828 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
454.687 |
111.562 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
8.522 |
0.000 |
|
(b) Non-current Investments |
64.948 |
64.947 |
64.947 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
87.168 |
69.006 |
71.629 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1120.334 |
732.399 |
491.256 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
140.557 |
433.266 |
606.862 |
|
(b) Inventories |
1027.935 |
774.539 |
703.727 |
|
(c) Trade receivables |
672.242 |
506.311 |
491.575 |
|
(d) Cash and cash equivalents |
61.484 |
42.762 |
62.477 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
383.515 |
329.028 |
227.878 |
|
Total
Current Assets |
2285.733 |
2085.906 |
2092.519 |
|
|
|
|
|
|
TOTAL |
3406.067 |
2818.305 |
2583.775 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
4165.560 |
3550.405 |
3016.899 |
|
|
Other Income |
73.269 |
72.922 |
66.196 |
|
|
TOTAL
|
4238.829 |
3623.327 |
3083.095 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2774.214 |
2527.638 |
2037.995 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(57.457) |
(27.801) |
14.893 |
|
|
Employees benefits expense |
471.146 |
364.804 |
318.100 |
|
|
CSR expenditure |
2.155 |
3.288 |
2.300 |
|
|
Other expenses |
489.495 |
262.065 |
285.926 |
|
|
TOTAL |
3679.553 |
3129.994 |
2659.214 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
559.276 |
493.333 |
423.881 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
13.718 |
1.656 |
0.311 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
545.558 |
491.677 |
423.570 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
53.655 |
39.982 |
36.405 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
491.903 |
451.695 |
387.165 |
|
|
|
|
|
|
|
Less |
TAX |
156.674 |
140.803 |
110.018 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
335.229 |
310.892 |
277.147 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
350.941 |
311.022 |
259.454 |
|
|
TOTAL
IMPORTS |
350.941 |
311.022 |
259.454 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
4388.00 |
4069.27 |
3628.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
351.938 |
351.064 |
407.385 |
|
Net cash flows from (used in) operating activities |
222.179 |
202.209 |
294.202 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
58.90 |
52.05 |
59.47 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.20 |
7.01 |
6.14 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
91.83 |
73.09 |
71.08 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.54 |
0.64 |
0.60 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.58 |
0.82 |
1.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.29 |
0.26 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.03 |
0.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.43 |
0.36 |
0.38 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.42 |
0.30 |
0.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
40.77 |
297.91 |
1362.96 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.05 |
8.76 |
9.19 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
9.84 |
11.03 |
10.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
14.47 |
15.39 |
15.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.30 |
2.86 |
3.02 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.26 |
1.80 |
2.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.68 |
0.72 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
6.79 |
8.24 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.30 |
2.86 |
3.02 |
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 |
7.640 |
7.640 |
7.640 |
|
Reserves & Surplus |
1818.852 |
2012.720 |
2309.013 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1826.492 |
2020.360 |
2316.653 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
62.937 |
51.897 |
0.000 |
|
Total
borrowings |
62.937 |
51.897 |
0.000 |
|
Debt/Equity
ratio |
0.034 |
0.026 |
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
|
3016.899 |
3550.405 |
4165.560 |
|
|
|
17.684 |
17.326 |
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
|
3016.899 |
3550.405 |
4165.560 |
|
Profit |
277.147 |
310.892 |
335.229 |
|
|
9.19% |
8.76% |
8.05% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
7.640 |
7.640 |
|
(b) Reserves & Surplus |
|
2323.251 |
2021.797 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2330.891 |
2029.437 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
34.670 |
38.996 |
|
(c) Other long term
liabilities |
|
6.695 |
6.255 |
|
(d) long-term provisions |
|
53.315 |
22.421 |
|
Total
Non-current Liabilities (3) |
|
94.680 |
67.672 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
51.897 |
|
(b) Trade payables |
|
697.934 |
506.173 |
|
(c) Other current liabilities |
|
179.327 |
103.703 |
|
(d) Short-term provisions |
|
117.473 |
68.500 |
|
Total
Current Liabilities (4) |
|
994.734 |
730.273 |
|
|
|
|
|
|
TOTAL |
|
3420.305 |
2827.382 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
496.704 |
478.362 |
|
(ii) Intangible Assets |
|
16.828 |
0.000 |
|
(iii) Capital work-in-progress |
|
454.687 |
111.562 |
|
(iv) Intangible assets under
development |
|
0.000 |
8.522 |
|
(b) Non-current Investments |
|
79.573 |
74.564 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
87.168 |
69.006 |
|
(e) Other Non-current assets |
|
672.242 |
506.311 |
|
Total
Non-Current Assets |
|
1807.202 |
1248.327 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
140.557 |
433.266 |
|
(b) Inventories |
|
1027.547 |
773.999 |
|
(c) Trade receivables |
|
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
|
61.484 |
42.762 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
383.515 |
329.028 |
|
Total
Current Assets |
|
1613.103 |
1579.055 |
|
|
|
|
|
|
TOTAL |
|
3420.305 |
2827.382 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
4165.560 |
3564.172 |
|
|
Other Income |
|
73.269 |
74.544 |
|
|
TOTAL
|
|
4238.829 |
3638.716 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
2774.061 |
2398.784 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
(57.457) |
(27.801) |
|
|
Employees benefits expense |
|
471.146 |
376.079 |
|
|
CSR Expenditure |
|
2.155 |
3.288 |
|
|
Other expenses |
|
489.495 |
390.744 |
|
|
TOTAL |
|
3679.400 |
3141.094 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
559.429 |
497.622 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
13.718 |
7.654 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
545.711 |
489.968 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
53.655 |
39.982 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
492.056 |
449.986 |
|
|
|
|
|
|
|
Less |
TAX |
|
156.674 |
140.803 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
335.382 |
309.183 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
4455 |
4071.07 |
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 |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
BACKGROUND
Pursuant to Section 135 of the Companies Act 2013, Companies (CSR Policy) Rules, 2014 and other applicable rules, it is now mandatory for certain prescribed Companies to spend at least 2% of the average net profits of the Company made during the three immediately preceding financial years. Ace Manufacturing Systems Limited is also covered under the preview of the said provisions. This policy would be governed by the Companies Act 2013 and applicable rules and further amendments from time to time.
RESULTS OF
OPERATIONS:
During the year, the Company has achieved an all time high Sales Turnover/Production of INR 4165.500 Million / INR 4223.000 Million respectively as against INR 3564.200 Million and INR 3592.000 Million in the previous year (Turnover higher by about 16.87 % and Production higher by about 17.57 %). The Profit Before Tax for the year stood at INR 491.900 Million as against the previous year’s figure of INR 451.700 Million (Increase by about 8.90 %). During the year, the Company has achieved substantial growth on production/turnover. The increase in Order inflow for the year was higher by about 35 % to 40 % compared to the previous year. Further, during the Financial year 2017-18, the Company’s growth in order inflow is unprecedented. In the month of April itself, the order inflow was for 200 + machines, which has happened for the first time in the history of the Company. During the year under review, Company has sold 1214 machines comprising of 53 Horizontal Machining Centres and 1161 Vertical Machining Centres.
BUSINESS PROSPECTS:
The order inflow during the year 2016-17 was very good throughout the year. In terms of number of machines, company has achieved a record sale of 1214 Machines and INR 4160.000 Million. The order inflow during the first two months of the current financial year 2017-18 has seen an unprecedented growth. In the month of April 2017 itself, the order inflow was for 236 machines of a value of INR 811.000 Million. This is the highest ever inflow in any month since the inception of the Company, that too in the month of April itself. In the month of May 2017, the inflow was 176 machines and INR 673.000 Million, which is also the highest in the history of the Company. With this kind of order inflow, the Company has kept an ambitious target of achieving a sales turnover of more than INR 5000.000 Million during the year 2017-18. One part of the new hangar is expected to be operational by July, 2017 and the balance part is expected to be operational by October/ November, 2017. With this additional infrastructure support, the Company is hopeful of achieving another milestone of surpassing INR 5000.000 Million mark in sales turnover.
The average price per machine during the year 2016-17 stood at INR 3.431 Million as compared to INR 3.400 Million during the year 2016-17. The Company is focusing on non-auto sectors like Aerospace, Die Mould, Education, Energy and Defence, in order to broad base the Company’s market.
The Company is hopeful that all the above should lead to the improvement in the profitability in the coming years. The cash flow situation has been quite satisfactory.
The process of purchase of land is in progress. Upto now, the Company has completed the land acquisition of about 38 acres at a cost of around INR 260.000 Million. The Company proposes to buy another 38 acres of land during the current financial year 2017-18.
RESEARCH AND
DEVELOPMENT ACTIVITIES :
The Company has a recognized in-house unit duly recognized by the Department of Scientific and Industrial Research (DSIR). The Company has renewed the recognition for a period of 3 years w.e.f. 1st April, 2016. During the year 2016-17 many new products and process improvement initiatives were executed.
The R&D department has been carrying out different projects under the Engineering Group, Systems and Controls Group and Product Applications Group. All the R&D expenses incurred are captured separately and reported as a separate line item in the financial statements of the Company. For the financial year 2016-17, the Company’s R&D Expenditure stood at INR 24.664 Million (INR 21.092 Million for the year 2015-16) on Revenue account.
New Products
Developed:
During the year
2017-18 the Company has developed and commercialized the following products:
ACER WITH BT50 SPINDLE MACHINE : This machine is developed for heavy duty Steel application machining with BT50 Taper with double row cylindrical Spindle bearings. Also, machine was showcased for automatic effective chip handling on either side.
MID SIZED MACHINE FOR GRAPHITE MACHINING-850V : This machine is developed so that Graphite dies can be machined by taking care graphite powder disposal from inside the machine through appropriate sucking arrangement. Dust collector was added along with special guarding, so that dust should not go to guidance system.
540V MACHINE WITH EXPORT WORTHY GLOSSY FINISH GUARD : This machine with Export worthy Guard is developed to take care of machine aesthetics. This is the first machine developed in AMS with Glossy finish Paint.
HEAVY DUTY DOUBLE COLUMN DC2510 MACHINE : This machine is developed with Double column structure with linear Pallet Changer. This main features are X Axis Stroke 2500, Y axis stroke is 1000mm and z axis 600mm stroke. This has hydraulic operated twin pallets. This machine is developed to cater for structure components machining.
MCV550L WITH GANTRY INTERFACE FOR CYLINDER BLOCK MACHINING to ASHOK LEYLAND : As a part of the automation this machine is developed to substitute SPM ‘s. Fine boring Accuracies are achieved on this machine with load/unload mechanism driven with Ball screws.
TURN MILL CENTER (CMH500 SPECIAL WITH HSKA63 and 20tools ATC) FOR MACHINING CRANKSHAFTS : Earlier Crankshafts end operations are done on one machine, Oil holes drilling are done on the other machine. Finish Grinding of the end OD’s Crank shaft were done on the Grinding machine.
MCH400XL and MCV700 WITH NEW AMS (AUTO MEASURING SYSTEM) : In place of externally mounted LINEAR SCALE IS DEVELOPED and SUPPLIED TO ANUPAMA MACHINE TOOLS LIMITED and Progressive Systems, we are using Linear scales for getting the better accuracies on the machines. In this AMS concept machine, Linear scale is integrated with LM guide itself which is Schneberger make, so that we do not require extra space for mounting it.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans and advances, others |
0.000 |
8.383 |
|
|
|
|
|
Total |
0.000 |
8.383 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G34970673 |
100075612 |
Karnataka Bank Ltd. |
11/01/2017 |
- |
- |
500000000.0 |
No.3, St.Marks Road, Bengaluru – 560001, Karnataka, India |
|
2 |
G35059310 |
10569959 |
Standard Chartered Bank |
12/05/2015 |
31/01/2017 |
- |
200000000.0 |
No.112, Serenity, 3rd Floor, East Wing, Bengaluru – 560095, Karnataka, India |
|
3 |
G35314889 |
80038464 |
Karnataka Bank Ltd. |
18/08/2003 |
30/01/2017 |
- |
377500000.0 |
No.3, St.Marks Road, Bengalure – 560001, Karnataka, India |
|
4 |
G32369688 |
80046793 |
Canara Bank |
22/11/1994 |
30/12/2016 |
- |
272500000.0 |
INDUSTRIAL FINANCE BRANCH, BANGALORE – 560001, Karnataka, India |
|
5 |
A18772913 |
80033899 |
The Karnataka Bank Ltd |
02/09/2005 |
- |
28/06/2007 |
200000000.0 |
Kasturaba Road Br, Bangalore – 560001, Karnataka, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees |
145.854 |
0.000 |
|
Other money for which company is contingently liable |
38.808 |
0.000 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office 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,
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 66.82 |
|
|
1 |
INR 93.16 |
|
Euro |
1 |
INR 81.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.