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MIRA INFORM REPORT
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Report No. : |
488651 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ADOR WELDING LIMITED (w.e.f. 2003) |
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Formerly Known
As : |
ADVANI
OERLIKON LIMITED |
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Registered
Office : |
Ador
House, 6, K. Dubash Marg, Fort, Mumbai – 400001, |
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Tel. No.: |
91-22-22842525 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
22.10.1951 |
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Com. Reg. No.: |
11-008647 |
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Capital
Investment / Paid-up Capital : |
INR 136.000 Million |
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CIN No.: [Company Identification
No.] |
L70100MH1951PLC008647 |
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IEC No.: |
0388022817 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA9076B |
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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 of welding and cutting equipment including PPE and also houses the PEB Division and also engaged in providing customized solutions for multi-disciplinary projects and contracts related to refineries, oil and gas, petrochemicals, fertilizers, steel plants, pharma, water and other chemical process industries. (Registered Activity) |
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No. of Employees
: |
598 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “J.B. Advani and Company Private Limited”. The company was incorporated in the year 1951. Subject is engaged in manufacturing of Welding products, Technologies and also engaged in providing Customized Solutions for Multi- Disciplinary projects. For the financial year ended 2017, company has reported 8.29% revenue growth as compared to previous revenue and it has maintain satisfactory profitability margin at 4.24% during the year under review. Ratings take into consideration strong financial profile of the company backed by low financial leverage along with favourable capital structure and comfortable liquidity parameters. Rating continue to derive strength from long and established track record of company in welding industry backed by experienced promoter group and management team along with diversified product portfolio and comprehensive sales and distribution network. The company has its share price trading at around INR 524.55 against the face value (FV) of INR 10 on BSE as on 29th January, 2018. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strength is partially offset by increased competition from both the domestic and global players and volatile input prices with limited ability of company to pass-on impact of the same of its customers. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered good for normal 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 (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities=AA |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
26.12.2016 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities=A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
26.12.2016 |
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
31-03-2016.
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 01.02.2018
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22842525)
LOCATIONS
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Registered/ Corporate Office : |
Ador
House, 6, K. Dubash Marg, Fort, Mumbai – 400001, |
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Tel. No.: |
91-22-22842525/ 22872548/ 66239300/ 35 |
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Fax No.: |
91-22-22873083/ 25966562/ 2596 |
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E-Mail : |
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Website : |
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Corporate Marketing Office / International Business Division : |
5/A,
Corpora, L.B.S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India |
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Tel. No.: |
91-22-66239300/ 25962564 / 77 |
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Fax No.: |
91-22-25966562/ 6062 |
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E-Mail : |
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Corporate Marketing Office : |
Survey Number 147/2B/3, Near Khandoba Mandir, Akurdi Chowk, Chinchwad, Pune-411019, Maharashtra - India |
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Tel. No.: |
91-20-40706000 |
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Fax No.: |
91-20-40706001 |
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E-Mail : |
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Factory 1 : |
Melakottiyur, Via Vandalur, Chennai-600048, |
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Tel. No.: |
91-44-27477115/ 116 |
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Fax No.: |
91-44-27477117 |
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E-Mail : |
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Factory 2 : |
Survey
No. 59/11/1, Silvasa-Khanvel Road, Opposite Bhojraj Eye Hospital, Masat,
Silvassa-396230, Dadra and Nagar Haveli (U.T.), India |
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Tel. No.: |
91-260-2632287/ 3258843/ 2640447 |
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Fax No.: |
91-260-2632776 |
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E-Mail : |
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Factory 3 : |
Billaspur Road, Industrial Estate, Raipur - 493221,
Chattisgarh, India |
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Tel. No.: |
91-771-4016288/ 2562201 |
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Fax No.: |
91-771-2562204 |
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E-Mail : |
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Factory 4 : |
P No-54 and 55, Block No-LI, Chinchwad East, Chinchwad M I D C, Chinchwad East, Pune 411019, Maharashtra, India |
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Tel. No.: |
91-20-40706000 |
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Fax No.: |
91-20-40706001 |
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E-Mail : |
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Area Offices : |
Located At:
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Overseas Office: |
Sharjah
Airport International Free Zone, Q 3 – 216, P.O. Box – 120025, Sharjah, UAE |
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Tel No.: |
0097165578601 |
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Fax No.: |
0097165578602 |
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E mail: |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Satish Madhusudan Bhat |
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Designation : |
Managing Director |
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Address : |
G 801/802, Golden Square Sundar Nagar, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
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Date of Appointment : |
20.07.2012 |
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DIN No.: |
05168265 |
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Name : |
Ms. Aruna Bhagawan Advani |
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Designation : |
Whole-time Director |
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Address : |
C/7 7th Floor, Rashmi CHS II Byramji Gamadia Dahanukar Marg, Cumballa Hill, Mumbai – 400026, Maharashtra, India |
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Date of Appointment : |
01.05.2009 |
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DIN No.: |
00029256 |
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Name : |
Ninotchka Malkani Nagpal |
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Designation : |
Whole-time Director |
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Address : |
292, Tahnee Heights 66, Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
03.10.1997 |
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DIN No.: |
00031985 |
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Name : |
Mr. Kunwar Digvijay Singh |
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Designation : |
Director |
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Address : |
61, Grange Road, #04-04 Beverly Hill Singapore 249570 SG |
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Date of Appointment : |
01.02.2009 |
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DIN No.: |
00004607 |
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Name : |
Mr. Manojkumar Madangopal Maheshwari |
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Designation : |
Director |
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Address : |
20-A, Maheshwari Mansion 34, L Jagmohandas Marg, Mumbai – 400036, Maharashtra, India |
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Date of Appointment : |
28.03.2005 |
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DIN No.: |
00012341 |
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Name : |
Ravin Ajit Mirchandani |
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Designation : |
Director |
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Address : |
432, Street 4, Sind Society, Aundh, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
28.07.2006 |
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DIN No.: |
00175501 |
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Name : |
Mr. Piyush Kumar Gupta |
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Designation : |
Director |
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Address : |
H-5/5, DLF City-1, Gurugram – 122002, Haryana, India |
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Date of Appointment : |
27.10.2006 |
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DIN No.: |
00963094 |
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Name : |
Sasha Gulu Mirchandani |
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Designation : |
Director |
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Address : |
D 131, Tahnee Heights Petit Hall, Napean Sea Road, Mumbai – 400093, Maharashtra, India |
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Date of Appointment : |
10.11.2014 |
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DIN No.: |
01179921 |
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Name : |
Mr. Aditya Tarachand Malkani |
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Designation : |
Director |
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Address : |
Sans Souci 26 A, B. G. Kher Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01585637 |
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Name : |
Mr. Deep Ashda Lalvani |
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Designation : |
Director |
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Address : |
Ashutosh CHS Flat No. 82, 8th Floor, 38 - A, Nepean Sea Road, Mumbai – 400036, Maharashtra, India |
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Date of Appointment : |
27.07.2007 |
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DIN No.: |
01771000 |
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Name : |
Mr. Rakesh Narain Sapru |
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Designation : |
Director |
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Address : |
Flat No – 1, Ground Floor, 43, Anand Lok, Siri Fort Road, New Delhi – 110049, India |
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Date of Appointment : |
19.10.2008 |
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DIN No.: |
02332414 |
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Name : |
Mr. Gaurav Lalwani Mohan |
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Designation : |
Director |
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Address : |
11, Keppel Bay View, #04-45, Singapore 098408 SG |
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Date of Appointment : |
10.11.2014 |
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DIN No.: |
06928792 |
KEY EXECUTIVES
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Name : |
Mr. Girish Anant Patkar |
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Designation : |
CFO |
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Address : |
C-51 05, Textile Technicians- Coopeative Housing Society, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
01.11.2015 |
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PAN No.: |
AAJPP2905L |
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Name : |
Mr. Vinayak Manohar Bhide |
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Designation : |
Company Secretary |
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Address : |
D-2, 101 Swayambhu, Kanchanpushpa, Dia, Opposite Suraj Water Park, Thane – 400601, Maharashtra, India |
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Date of Appointment : |
01.04.2001 |
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PAN No.: |
AACPB4854F |
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Executive
Management Team : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
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 % of |
|
|
(A) Promoter and Promoter
Group |
7709027 |
56.69 |
|
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(B) Public |
5889440 |
43.31 |
|
|
Grand
Total |
13598467 |
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 % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
859446 |
6.32 |
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AJIT T MIRCHANDANI |
64430 |
0.47 |
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NINOTCHKA MALKANI NAGPAL |
81052 |
0.60 |
|
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GULU HIRANAND MALKANI |
56400 |
0.41 |
|
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MICHELLE GULU MALKANI |
79200 |
0.58 |
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ADITYA TARACHAND MALKANI |
103626 |
0.76 |
|
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RAJBIR TARACHAND MALKANI |
56171 |
0.41 |
|
|
ARUNA B ADVANI |
295480 |
2.17 |
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DEEP ASHDA LALVANI |
21642 |
0.16 |
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VIMLA A LALVANI |
19190 |
0.14 |
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SHIRIN ADITYA MALKANI |
14173 |
0.10 |
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GULSHAN GULU MALKANI |
55500 |
0.41 |
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RAVIN A MIRCHANDANI |
8002 |
0.06 |
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PRAVENA KRISHNA MATHUR |
900 |
0.01 |
|
|
RESHMA ASHDA LALVANI |
3680 |
0.03 |
|
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Any Other (specify) |
6800531 |
50.01 |
|
|
J B ADVANI AND COMPANY
PRIVATE LIMITED |
6800531 |
50.01 |
|
|
Sub Total A1 |
7659977 |
56.33 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
49050 |
0.36 |
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PRIYA DARSHINI LAMBERT |
49050 |
0.36 |
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Sub Total A2 |
49050 |
0.36 |
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A=A1+A2 |
7709027 |
56.69 |
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 |
|
|
B1) Institutions |
0 |
0.00 |
|
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Mutual Funds/ |
1836325 |
13.50 |
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RELIANCE CAPITAL TRUSTEE
COMPANY LIMITED-A/C RELIANCE MID AND SMALL CAP FUND |
1007618 |
7.41 |
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SUNDARAM MUTUAL FUND A/C
SUNDARAM SELECT MICROCAP SERIES X |
627507 |
4.61 |
|
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TATA MUTUAL FUND-TATA
INFRASTRUCTURE FUND |
200000 |
1.47 |
|
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Alternate Investment
Funds |
410598 |
3.02 |
|
|
SUNDARAM ALTERNATIVE
OPPORTUNITIES FUND - NANO CAP SERIES I |
311100 |
2.29 |
|
|
Financial Institutions/
Banks |
15482 |
0.11 |
|
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Sub Total B1 |
2262405 |
16.64 |
|
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B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
2260589 |
16.62 |
|
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Individual share capital
in excess of INR 0.200 Million |
474606 |
3.49 |
|
|
NBFCs registered with RBI |
600 |
0.00 |
|
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Any Other (specify) |
891240 |
6.55 |
|
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Bodies Corporate |
250241 |
1.84 |
|
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Clearing Members |
80780 |
0.59 |
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|
HUF |
111976 |
0.82 |
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NRI – Non- Repat |
62247 |
0.46 |
|
|
NRI – Repat |
209523 |
1.54 |
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|
Foreign Individuals |
688 |
0.01 |
|
|
INVESTOR EDUCATION AND
PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS |
175785 |
1.29 |
|
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Sub Total B3 |
3627035 |
26.67 |
|
|
B=B1+B2+B3 |
5889440 |
43.31 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of welding and cutting equipment including PPE and also houses the PEB Division and also engaged in providing customized solutions for multi-disciplinary projects and contracts related to refineries, oil and gas, petrochemicals, fertilizers, steel plants, pharma, water and other chemical process industries. (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 : |
598 (Approximately) |
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Bankers : |
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Facilities : |
Notes : Working capital
loan and export packing credit facility are secured by way of hypothecation of
Company’s entire stocks and book debts, both present and future, exclusive
charge on the entire plant and machinery and other movable fixed assets of
the company and on the land and building of the company located at survey no.
59/11/1, 59/11/2, 59/11/3, 59/12 and 59/13 situated at village Masat,
Silvassa, Dadra and Nagar Haveli. Guarantees given
by bank to third parties amounting to INR
255.800 Million (Previous year
INR 119.800 Million), on behalf of the company, are secured against
securities. |
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Statutory Auditors : |
|
|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Cost Auditors : |
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|
Name : |
Kishore Bhatia and Associates Cost Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Internal Auditors : |
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Name : |
N. L. Bhatia and Associates Company Secretaries |
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Address : |
Mumbai, Maharashtra, India |
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Internal Auditors : |
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Name : |
Kirtane and Pandit LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Solicitors : |
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Name : |
Nanu Hormasjee and Company |
|
Address : |
Mumbai, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
J. B. Advani and Company Private Limited |
|
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Subsidiary
Company and Fellow Subsidiaries: |
·
Ador Welding Academy Private Limited · Ador Powertron Limited (subsidiary of J.B. Advani and Company Private Limited) · Ador Green Energy Private Limited (subsidiary of J.B. Advani and Company Private Limited) ·
Mack
Valves India Private Limited ( Indirect subsidiary of J.B. Advani and
Company Private Limited) |
|
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|
Company in which
Holding Company has Significant Influence and Its Associates: |
· Ador Fontech Limited · Ador Multiproducts Limited ·
Ador
Digatron Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13598467 |
Equity Shares |
INR 10/- each |
INR 136.000
Million |
|
|
|
|
|
Reconciliation of share capital
|
Particulars |
As at 31 March 2017 |
|
|
No.
of Shares |
INR
In Million |
|
|
Equity shares: |
|
|
|
Shares outstanding
at the beginning of the year Add: Shares issued during the year |
13598467 -- |
136.000 -- |
|
Shares outstanding at the end of the year |
13598467 |
136.000 |
Rights, preferences and restrictions attached
to shares
The Company has only
one class of shares referred to as equity shares having a par (face) value of INR 10 per share. Each shareholder is eligible for one vote per share held.
In the event of liquidation of the Company, the equity shareholders will be
entitled to receive the remaining assets of the Company, after distribution of
all the preferential amounts, in proportion to their shareholding.
Shares held by holding Company
|
Particulars |
As at 31 March 2017 |
|
|
No. of Shares |
|
Equity shares of INR 10 each |
|
|
J.B. Advani and Company Private Limited |
6800531 |
Details of shares held
by shareholders holding more than 5% of aggregate shares in the Company
|
Particulars |
As at 31 March 2017 |
|
|
|
No. of
shares held |
% of holding |
|
Equity shares of INR 10 each |
|
|
|
J.B. Advani and Company Private Limited |
6800531 |
50.01 |
|
Reliance Capital Trustee Company Limited |
1167129 |
8.58 |
|
Sundaram Mutual Fund |
831535 |
6.11 |
|
Total |
8799195 |
63.41 |
The Company has not
issued any bonus shares or shares for consideration other than cash nor has there
been any buyback of shares during five years immediately preceding 31 March
2017.
FINANCIAL DATA
[all figures are
in 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 |
136.000 |
136.000 |
136.000 |
|
(b) Reserves & Surplus |
2235.500 |
2048.800 |
1904.100 |
|
(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) |
2371.500 |
2184.800 |
2040.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
1.300 |
|
(b) Deferred tax liabilities (Net) |
76.400 |
71.500 |
85.200 |
|
(c) Other long term
liabilities |
2.100 |
2.100 |
0.000 |
|
(d) Long-term
provisions |
20.300 |
17.200 |
16.400 |
|
Total Non-current
Liabilities (3) |
98.800 |
90.800 |
102.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
280.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
727.200 |
777.400 |
409.500 |
|
(c) Other
current liabilities |
209.100 |
128.700 |
114.300 |
|
(d) Short-term
provisions |
108.300 |
183.500 |
193.200 |
|
Total Current
Liabilities (4) |
1324.600 |
1089.600 |
717.000 |
|
|
|
|
|
|
TOTAL |
3794.900 |
3365.200 |
2860.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1005.400 |
981.600 |
949.00 |
|
(ii)
Intangible Assets |
5.500 |
5.800 |
10.400 |
|
(iii)
Capital work-in-progress |
38.000 |
13.600 |
16.000 |
|
(iv)
Intangible assets under development |
2.200 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.000 |
19.400 |
19.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
260.800 |
245.100 |
247.000 |
|
(e) Other
Non-current assets |
20.700 |
10.400 |
8.500 |
|
Total Non-Current Assets |
1362.600 |
1275.900 |
1250.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
104.100 |
102.100 |
46.100 |
|
(b)
Inventories |
474.600 |
429.900 |
430.400 |
|
(c) Trade
receivables |
768.500 |
1196.400 |
832.300 |
|
(d) Cash
and cash equivalents |
215.300 |
141.300 |
198.300 |
|
(e)
Short-term loans and advances |
112.500 |
89.300 |
93.700 |
|
(f) Other
current assets |
757.300 |
130.300 |
8.900 |
|
Total
Current Assets |
2432.300 |
2089.300 |
1609.700 |
|
|
|
|
|
|
TOTAL |
3794.900 |
3365.200 |
2860.000 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
4405.700 |
4068.300 |
3866.000 |
|
|
Other Income |
94.000 |
55.600 |
56.500 |
|
|
TOTAL |
4499.700 |
4123.900 |
3922.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3059.400 |
2614.400 |
2548.500 |
|
|
Purchases of
Stock-in-Trade |
89.900 |
87.200 |
43.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(40.800) |
(17.900) |
55.100 |
|
|
Employees benefits
expense |
391.400 |
383.200 |
365.500 |
|
|
Other expenses |
596.400 |
594.000 |
580.600 |
|
|
Exceptional items |
0.000 |
19.500 |
(281.100) |
|
|
TOTAL |
4096.300 |
3680.400 |
3311.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
403.400 |
443.500 |
610.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
10.000 |
8.600 |
3.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
393.400 |
434.900 |
607.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
112.200 |
116.600 |
124.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
281.200 |
318.300 |
482.700 |
|
|
|
|
|
|
|
Less |
TAX |
94.500 |
91.800 |
159.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
186.700 |
226.500 |
323.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
923.700 |
367.400 |
298.700 |
|
|
Services charges received |
36.700 |
48.900 |
7.800 |
|
|
TOTAL EARNINGS |
960.400 |
416.300 |
306.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and
Components |
330.400 |
396.600 |
424.200 |
|
|
Capital Goods |
3.700 |
2.700 |
1.300 |
|
|
Spares, etc. |
0.900 |
2.500 |
3.500 |
|
|
Purchase of
Stock-in-trade |
12.600 |
18.800 |
23.300 |
|
|
TOTAL IMPORTS |
347.600 |
420.600 |
452.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic and diluted
earnings per share before exceptional items (net of tax) |
13.73 |
18.09 |
23.8 |
|
|
Basic and diluted
earnings per share after exceptional items (net of tax) |
13.73 |
16.65 |
3.13 |
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 |
102.600 |
338.400 |
59.600 |
|
Net cash flow from operating activity |
1.400 |
224.200 |
7.600 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
941.000 |
1216.700 |
|
Total Expenditure |
937.000 |
1115.400 |
|
PBIDT (Excl OI) |
4.000 |
101.300 |
|
Other Income |
29.800 |
19.200 |
|
Operating Profit |
33.800 |
120.500 |
|
Interest |
8.800 |
12.200 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
25.000 |
108.300 |
|
Depreciation |
26.000 |
25.700 |
|
Profit Before Tax |
(1.000) |
82.600 |
|
Tax |
(0.300) |
27.700 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(0.700) |
54.900 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(0.700) |
54.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
63.67 |
107.34 |
78.58 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
5.73 |
3.40 |
4.64 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
84.28 |
105.03 |
57.67 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.85 |
1.03 |
1.42 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.38 |
0.44 |
0.63 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.35 |
0.32 |
0.25 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.12 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.56 |
0.50 |
0.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.44 |
0.46 |
0.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
40.34 |
51.57 |
160.74 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
4.24 |
5.57 |
8.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.92 |
6.73 |
11.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.87 |
10.37 |
15.87 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.84 |
1.92 |
2.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.48 |
1.52 |
1.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.65 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.06 |
0.00 |
0.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.84 |
1.92 |
2.25 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 524.55/- |
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 |
136.000 |
136.000 |
136.000 |
|
Reserves & Surplus |
1904.100 |
2048.800 |
2235.500 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2040.100 |
2184.800 |
2371.500 |
|
|
|
|
|
|
long-term borrowings |
1.300 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
280.000 |
|
Total borrowings |
1.300 |
0.000 |
280.000 |
|
Debt/Equity ratio |
0.001 |
0.000 |
0.118 |
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 |
3866.000 |
4068.300 |
4405.700 |
|
|
|
5.233 |
8.293 |
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 |
3866.000 |
4068.300 |
4405.700 |
|
Profit/(Loss) |
323.700 |
226.500 |
186.700 |
|
|
8.37% |
5.57% |
4.24% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
136.000 |
136.000 |
|
(b) Reserves &
Surplus |
|
2215.600 |
2031.200 |
|
(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) |
|
2351.600 |
2167.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
76.700 |
72.200 |
|
(c) Other long term
liabilities |
|
2.100 |
2.100 |
|
(d) long-term provisions |
|
20.300 |
17.200 |
|
Total Non-current
Liabilities (3) |
|
99.100 |
91.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
281.700 |
0.300 |
|
(b) Trade payables |
|
729.300 |
779.100 |
|
(c) Other current
liabilities |
|
209.700 |
130.000 |
|
(d) Short-term provisions |
|
108.300 |
183.500 |
|
Total Current Liabilities
(4) |
|
1329.000 |
1092.900 |
|
|
|
|
|
|
TOTAL |
|
3779.700 |
3351.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1017.100 |
994.300 |
|
(ii) Intangible Assets |
|
5.600 |
6.200 |
|
(iii) Capital
work-in-progress |
|
38.000 |
13.600 |
|
(iv) Intangible assets under
development |
|
2.200 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
18.400 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
261.200 |
216.500 |
|
(e) Other Non-current
assets |
|
20.700 |
10.400 |
|
Total Non-Current Assets |
|
1344.800 |
1259.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
104.100 |
102.100 |
|
(b) Inventories |
|
474.600 |
429.900 |
|
(c) Trade receivables |
|
770.700 |
1198.500 |
|
(d) Cash and cash
equivalents |
|
215.400 |
141.300 |
|
(e) Short-term loans and
advances |
|
112.800 |
90.000 |
|
(f) Other current assets |
|
757.300 |
130.400 |
|
Total Current Assets |
|
2434.900 |
2092.200 |
|
|
|
|
|
|
TOTAL |
|
3779.700 |
3351.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
4415.000 |
4083.300 |
|
|
Other Income |
|
92.500 |
52.900 |
|
|
TOTAL |
|
4507.500 |
4136.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3059.400 |
2614.400 |
|
|
Purchases of
Stock-in-Trade |
|
91.700 |
92.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(40.800) |
(17.800) |
|
|
Employees benefits
expense |
|
393.700 |
385.800 |
|
|
Other expenses |
|
601.300 |
599.300 |
|
|
Exceptional items |
|
0.000 |
19.500 |
|
|
TOTAL |
|
4105.300 |
3693.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
402.200 |
442.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
10.200 |
8.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
392.000 |
433.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
113.500 |
117.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
278.500 |
315.900 |
|
|
|
|
|
|
|
Less |
TAX |
|
94.100 |
92.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
184.400 |
223.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic and diluted
earnings per share before exceptional items (net of tax) |
|
13.56 |
17.90 |
|
|
Basic and diluted earnings
per share after exceptional items (net of tax) |
|
13.56 |
16.46 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND OF THE
COMPANY
Incorporated in
1951subject is one of India’s leading player in the field of Welding Products
Technologies and Services. The Company is also engaged in providing customized
solutions for multi-disciplinary projects and contracts related to refineries,
oil and gas, petrochemicals, fertilizers, steel plants, pharma, water and other
chemical process industries.
OPERATIONS
In FY 2016-17, the
total Sales and Other Income went up by 9.11%. The year ended with Sales and
Other Income of INR 4499.700 Million (INR
4123.900 Million)*.
The Company’s Sales
and Other Income during FY 2016-17 comprised of the following:
Welding Consumables
at INR 2823.500 Million (INR
2747.000 Million)* recorded a
marginal growth of about 2.78% over the previous year.
Equipment and Project
Engineering at INR 1582.200 Million (INR
1321.300 Million)* was higher by
about 19.75% over the previous year.
Other Income of INR 94.000 Million mainly comprised of FOREX gain, interest, rent income
and profit on sale of investments etc. (INR
55.600 Million)*.
(*Figures in
brackets indicate previous year).
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The last Financial Year (FY) 2016-17 was indeed an eventful year. The
government in November 2016 announced demonetisation of 500 and 1,000 rupee
notes with the aim of monetising unaccounted money. This resulted in banks
getting abnormally high inflow of deposits in current and saving accounts
boosting their ability to lend for economic activity. The government was also
able to get unanimous approval for the much awaited Goods and Services Tax
(GST), which will be effective from 01st July, 2017.
During the year 2016-17 Indian markets witnessed significant FDI and FII
inflows. Monsoon was good, there was no Inflationary pressure and fiscal
deficit was under control. All this resulted in lower interest rates and
strengthening of the Indian rupee. However Banks continued to be saddled with
bad loans affecting their ability to lend for new projects set up by the private
sector. Government continued to invest in core sectors of the economy, mainly
Railways, Infrastructure, Defence and new emerging ‘skilling’ sector.
We continued with their Market Share strategy, offering technologically
advanced products and customer specific solutions. Their initiatives of
introducing new products and providing solutions to customers played a critical
role in strengthening their market presence and addressing new markets. We
continued to grow in both the segments.
Margins were under pressure due to introduction of MIP by Government
which allowed domestic steel manufacturers to raise the prices of steel in a
subdued market condition while welding consumables manufacturers were unable to
pass on the price increase, to its customers.
OUTLOOK
The Indian Economy is expected to grow at a rate of around 7.2% in FY
2017-18 as per IMF. India continues to remain the bright spot in the global
economy and is expected to overtake China to become the fastest growing
economy.
The GST is expected to bring about a level playing field encouraging
competition on the supply side, and make goods cheaper to end consumer,
catalysing the demand scenario.
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G42526087 |
90230039 |
HDFC BANK LIMITED |
04/02/2005 |
17/03/2017 |
1055000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA |
|
2 |
Y10342311 |
90234674 |
BANK OF BARODA |
14/07/2000 |
15/09/2000 |
9600000.0 |
SIR P. M. ROAD BRANCH P. B. NO. 1297 MUMBAI MAHARASHTRA 400001 INDIA |
|
3 |
Y10340383 |
90232746 |
STATE BANK OF INDIA |
26/07/1999 |
20/11/2000 |
210000000.0 |
COMMERCIAL BRANCH JUSTICE G. N. V. MARG BOMBAY MAHARASHTRA 400023 INDIA |
|
4 |
Y10175846 |
90090825 |
SYNDICATE BANK |
24/11/1998 |
- |
5000000.0 |
CHINCHWAL BRANCH CHINCHWAL MAHARASHTRA 411019 INDIA |
|
5 |
Y10341915 |
90234278 |
IDBI |
03/12/1996 |
09/12/1996 |
77200000.0 |
IDBI TOWER CUFFE PARADE BOMBAY MAHARASHTRA 400005 INDIA |
|
6 |
Y10341676 |
90234039 |
STATE BANK OF INDIA |
30/08/1994 |
- |
1000000.0 |
COMMERCIAL BRANCH JUSTICE G. N.V. MARG BOMBAY MAHARASHTRA 400023 INDIA |
|
7 |
Y10341579 |
90233942 |
STATE BANK OF INDIA |
09/09/1993 |
09/09/1993 |
2500000.0 |
COMMERCIAL BRANCH JUSTICE G. N. V. MARG BOMBAY MAHARASHTRA 400023 INDIA |
|
8 |
Y10341463 |
90233826 |
STATE BANK OF INDIA |
31/03/1992 |
- |
3000000.0 |
COMMERCIAL BRANCH J. G. N. VAIDYA MARG BOMBAY MAHARASHTRA 400023 INDIA |
|
9 |
Y10331240 |
90228449 |
STATE BANK OF INDIA |
02/09/1991 |
21/03/2005 |
219000000.0 |
COMMERCIAL BRANCH MUMBAI MAHARASHTRA 400023 INDIA |
|
10 |
Y10341407 |
90233770 |
STATE BANK OF INDIA |
01/09/1991 |
- |
219000000.0 |
COMMERCIAL BRANCH J. G. N. VAIDYA MARG BOMBAY MAHARASHTRA 400023 INDIA |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017
(INR In Million)
|
Particulars
|
Quarter ended |
Half Year Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income
from operations |
|
|
|
|
Revenue from operations (gross) |
1216.700 |
941.000 |
2157.700 |
|
Other operating income |
19.200 |
29.800 |
49.000 |
|
Total
Income from Operations (net) |
1235.900 |
970.800 |
2206.700 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of material consumed |
827.900 |
682.300 |
1510.200 |
|
Excise duty expense |
0.000 |
69.700 |
69.700 |
|
Purchases of stock in trade |
20.400 |
20.800 |
41.200 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
42.800 |
(68.000) |
(25.200) |
|
Employees benefit expenses |
97.900 |
96.100 |
194.000 |
|
Finance costs |
12.200 |
8.800 |
21.000 |
|
Depreciation and amortization expenses |
25.700 |
26.000 |
51.700 |
|
Other expenditure |
126.400 |
136.100 |
262.500 |
|
Total expenses |
1153.300 |
971.800 |
2125.100 |
|
|
|
|
|
|
Profit/
(loss) before exceptional items and tax |
82.600 |
(1.000) |
81.600 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/
(loss) before tax |
82.600 |
(1.000) |
81.600 |
|
Tax
expenses |
|
|
|
|
-Current Tax |
27.500 |
0.000 |
27.500 |
|
-Deferred Tax |
0.200 |
(0.300) |
(0.100) |
|
Net Profit / (Loss) for the
period |
54.900 |
(0.700) |
54.200 |
|
Other comprehensive
income for the period (net of tax) |
|
|
|
|
Items not to be reclassified subsequently to profit or loss |
|
|
|
|
-Gain on fair value of defined benefit plans as per actuarial valuation |
(0.800) |
0.100 |
(0.700) |
|
-Income tax effect on above |
0.300 |
0.000 |
0.300 |
|
Total comprehensive
income |
54.400 |
(0.600) |
53.800 |
|
Paid-up equity share capital (Nominal value INR 10/- per share) |
136.000 |
136.000 |
136.000 |
|
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
Earnings per share |
|
|
|
|
Basic and Diluted EPS |
4.00 |
(0.04) |
3.96 |
UNAUDITED SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars
|
Quarter ended |
Half Year Ended |
Quarter ended |
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. Segment Revenue |
|
|
|
|
a. Consumables |
792.900 |
554.600 |
1347.500 |
|
b. Equipment’s and project engineering |
423.800 |
386.400 |
810.200 |
|
Revenue from operations (gross) |
1216.700 |
941.000 |
2157.700 |
|
|
|
|
|
|
2. Segment Result |
|
|
|
|
a. Consumables |
109.700 |
41.800 |
151.500 |
|
b. Equipment’s and project engineering |
2.600 |
(17.900) |
(15.300) |
|
Total |
112.300 |
23.900 |
136.200 |
|
|
|
|
|
|
Less : Finance Cost |
(4.000) |
(3.200) |
(7.200) |
|
Other un-allocable expenditure net off un-allocable
income. |
(25.700) |
(21.700) |
(47.400) |
|
|
|
|
|
|
Total Profit/ (loss) before Tax |
82.600 |
(1.000) |
81.600 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
a. Consumables |
1645.700 |
1517.300 |
1645.700 |
|
b. Equipment’s and project engineering |
2220.800 |
1978.700 |
2220.800 |
|
c. Unallocable corporate assets |
287.400 |
355.600 |
287.400 |
|
Total Segment Assets |
4153.900 |
3851.600 |
4153.900 |
|
|
|
|
|
|
4. Segment Liabilities |
|
|
|
|
a. Consumables |
318.400 |
248.700 |
318.400 |
|
b. Equipment’s and project engineering |
1147.300 |
4040.300 |
1147.300 |
|
c. Unallocable corporate assets net of unallocable
liabilities |
342.000 |
189.200 |
342.000 |
|
Total Segment Liabilities |
1807.700 |
4478.200 |
1807.700 |
|
|
|
|
|
|
5. Capital Employed |
|
|
|
|
a. Consumables |
1327.300 |
1268.600 |
1327.300 |
|
b. Equipment’s and project engineering |
1073.500 |
938.400 |
1073.500 |
|
c. Unallocable corporate assets net of unallocable
liabilities |
(54.600) |
166.400 |
(54.600) |
|
Total Capital Employed |
2346.200 |
2373.400 |
2346.200 |
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
136.000 |
|
(b) Reserves &
Surplus |
2210.200 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2346.200 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
74.000 |
|
(c) Other long term
liabilities |
3.100 |
|
(d) long-term provisions |
23.000 |
|
Total Non-current
Liabilities (3) |
100.100 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
626.300 |
|
(b) Trade payables |
890.300 |
|
(c) Other current
liabilities |
163.300 |
|
(d) Short-term provisions |
27.700 |
|
Total Current Liabilities
(4) |
1707.600 |
|
|
|
|
TOTAL |
4153.900 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
923.700 |
|
(ii) Intangible Assets |
7.000 |
|
(iii) Capital
work-in-progress |
14.000 |
|
(iv) Intangible assets
under development |
0.800 |
|
(b) Non-current
Investments |
35.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
14.800 |
|
(e) Other Non-current
assets |
331.200 |
|
Total Non-Current Assets |
1326.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
54.000 |
|
(b) Inventories |
513.200 |
|
(c) Trade receivables |
811.100 |
|
(d) Cash and cash
equivalents |
37.800 |
|
(e) Short-term loans and
advances |
41.400 |
|
(f) Other current assets |
1369.600 |
|
Total Current Assets |
2827.100 |
|
|
|
|
TOTAL |
4153.900 |
Notes:
- The above financial results have been reviewed and recommended for adoption to the Board of Directors by the Audit Committee and thereafter have been approved by the Board at their meeting held on 6 December 2017.
- Excise duty on sales was included under revenue from operations and disclosed separately under expenses upto all reporting periods ending 30 June 2017. Post implementation of Goods and Service Tax (GST) from quarter ended 30 September 2017, revenue from operations is reported net of GST and hence to that extent is not comparable.
- The Ind AS compliant financial results for the year ended 31 March 2017 have not been presented since the company has availed the exemption provided by SEBI circular CIR/CFD/FAC/62/2016 dated 5 July 2016.
- The statutory auditors of the Company have carried out the limited review only in respect of financial results for the quarter and half year ended 30 September 2017 and quarter ended 30 June 2017. The Ind AS financial results for the quarter and half year ended 30 September 2016 have not been subject to limited review or audit. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.
- In view of the various clarifications issued and being issued by the Ind AS Transition Facilitation Group (ITFG) constituted by the Accounting Standards Board of the Institute of Chartered Accountants of India, it may be possible that the interim financials may undergo adjustments on finalisation of full year Ind AS financial statement as at and for the year ended 31 March 2018, due to treatments/methods suggested by ITFG on applicability of various Ind AS.
- Previous periods figures have been regrouped/rearranged, wherever considered necessary to make their classification comparable with the current period.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Disputed sales tax,
as the matters are in appeal (advance paid INR
4.600 Million; previous year INR 7.500 Million)* |
25.100 |
285.800 |
|
Disputed excise
duties, as the matters are in appeal (advance paid INR 0.200 Million; previous year INR
0.200 Million) |
2.300 |
11.800 |
|
Disputed income
tax, as the matters are in appeal (advance paid INR 0.900 Million) |
6.300 |
0.000 |
|
Bonds submitted to
customs authorities for import of goods, under advance license scheme |
0.000 |
7.600 |
|
Bank guarantees |
255.800 |
119.800 |
|
On account of
pending C-forms |
147.900 |
169.300 |
|
Other matters |
18.500 |
14.800 |
|
Future cash outflows in respect of above matters are determinable only on receipt of judgments /decisions pending at various forums / authorities. The Management does not expect these claims to succeed and accordingly, no provision for the contingent liability has been recognised in the financial statements. |
||
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Machinery
- Electrical Installations
- Furniture and Fixtures
- Office Equipment’s
- Vehicles
- Plant and Machinery
- Air Conditioners
Intangible Assets
- Computer Software
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 63.68 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.