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MIRA INFORM REPORT
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Report No. : |
489996 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED |
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Registered
Office : |
Pirojsha Nagar, Vikhroli, Mumbai - 400079, Maharashtra |
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Tel. No.: |
91-22-67965108 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of Incorporation
: |
03.03.1932 |
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Com. Reg. No.: |
11-001828 |
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Capital
Investment / Paid-up Capital : |
INR 66.300 Million |
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CIN No.: [Company Identification
No.] |
U28993MH1932PLC001828 |
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IEC No.: |
0388021713 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG1395D |
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GSTIN/UIN : |
27AAACG1395D1ZU |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
(Registered Activity and also Confirmed by management) |
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No. of Employees
: |
10000 (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++ |
Minimum Risk |
Business dealings permissible with minimum
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 was established in the year 1932 and has a diversified product profile with operations across India. Its main production facilities are at Vikhroli in Mumbai, which houses manufacturing units for both consumer and industrial product segments. It manufactures refrigerators, air conditioners, and washing machines at Shirwal (Pune [Maharashtra]) and Mohali (Punjab). It has furniture plants at Bhagwanpur and Haridwar (Uttarakhand) and Shirwal (Pune), and a storage systems plant in Chennai. Management has failed to file its financials with the Registrar of Companies for the FY 2017. For the financial year ended 2016, the company has achieved 7.15% growth in its revenue as compared to previous year revenue and has maintained sound profitability margin of 3.74% during the year under review. The company has been in the consumer durables segment for nearly 100 years and enjoys a strong brand image and recall with its customers. Besides, it has a diversified revenue profile, including income from consumer products (72 per cent of net sales) and industrial products (23 per cent). The sound financial profile of the company is marked by a comfortable capital structure with a large net worth, and strong debt protection metrics. Despite the company's working-capital-intensive operations, its debt protection metrics remain strong, with healthy net cash accruals. Subsequently, there appears a decent financial flexibility driven by its healthy investment portfolio and sizeable leased real estate assets, which generates a regular dividend income and real estate leasing income, supporting its cash inflows. However, rating strength is partially offset by exposure to competitive pressures in the consumer durables industry, underperformance of its industrial products division due to subdued macroeconomic sentiment, and its high fixed-cost structure. Payments are reported to be regular. In view of experienced promoters and an established track record of nearly 100 years coupled with a positive brand image, the company can be considered for good business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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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 |
CRISIL |
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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 |
24.04.2017 |
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Rating Agency Name |
CRISIL |
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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 |
24.04.2017 |
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
31-03-2016.
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 03.02.2018
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 PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Thipphu M |
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Designation : |
Assistant General Manager |
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Contact No.: |
91-9052229591 |
(Tel. No.: 91-22-55961700 - Not working)
LOCATIONS
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Registered Office/ Head Office/ Material Handling Division/ Electricals
and Electronics Division/ PDS
Department/ Factory 1 : |
Pirojsha Nagar, Vikhroli, Mumbai - 400079, Maharashtra, India |
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Tel. No.: |
91-22-67961300/ 67965106/ 67965656/ 67965959/ 67956108 |
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Mobile No.: |
91-9052229591 (Mr. Thipphu M) |
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Fax No.: |
91-22-67961518/ 67961509 |
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E-Mail : |
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Website : |
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Factory 2 : |
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Factory 3 : |
No. 1, SIDCO Industrial Estate, Ambattur, Chennai - 600 098,
Tamilnadu, India |
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Plant Lawkim : |
Gat No. 431, Village Shindewadi, Taluka: Khandala, PO Shirwal,
District: Satara - 412801, Maharashtra, India |
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Factory : |
Also Located At
:
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Branch Office 1 : |
Plot No A - 40, Phase VIII-A, Industrial Area, Mohali – 160059,
Punjab, India |
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Branch Office 2 : |
Plot No. Z-90, Dahej Special Economic, Dahej, Bharuch - 392130, Gujarat, India |
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Branch Office 3 : |
The Karnataka Film Chambers of Commerce Building, 2nd Floor, # 28, 1st
Main High Grounds, Bangalore – 560001, Karnataka, India |
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Branch Offices : |
Also Located at:
·
Ahmedabad ·
Kochi ·
Bangalore · Kolkata · Bhopal · Lucknow · Bhubaneswar · New Delhi · Mohali · Patna · Chennai · Pune · Raipur · Guwahati · Ranchi · Secunderabad · Haridwar · Jaipur · Visakhapatnam |
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Training Centers : |
Also Located At
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Keki Manchersha Elavia |
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Designation : |
Director |
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Address : |
2A Anand Bhavan 36th Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
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Date of Birth/Age : |
09.04.1946 |
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Date of Appointment : |
27.09.2012 |
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Voter ID No.: |
MT/08/036/0322815 |
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DIN No.: |
00003940 |
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Other Directorship
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Name : |
Mr. Adi Barjorji Godrej |
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Designation : |
Director |
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Address : |
Godrej House, 67H, Walkeshwar Road, Opposite Birla Public School, Mumbai
– 400006, Maharashtra, India |
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Date of Birth : |
03.04.1942 |
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Qualification : |
B.S., M.S. (Engg. and Indl. Mgmt.) (MIT, USA) |
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Date of Appointment : |
30.04.1973 |
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Voter ID No.: |
MT/04/024/273279 |
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DIN No.: |
00065964 |
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Other Directorship
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Name : |
Mr. Kavas Noshirwan Petigara |
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Designation : |
Director |
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Address : |
801, Citadel, 18-B, Ruparel Marg, Maharashtra, Mumbai – 400006,
Maharashtra, India |
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Date of Birth : |
10.07.1948 |
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Qualification : |
B.S, S.M. (Ch.E.) (MIT, USA) |
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Date of Appointment : |
29.09.1988 |
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Voter ID No.: |
MT/04/024/108029 |
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DIN No.: |
00066162 |
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Other Directorship
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Name : |
Mr. Nadir Burjorji Godrej |
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Designation : |
Director |
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Address : |
40-D, B.G. Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra,
India |
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Date of Birth : |
26.08.1951 |
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Qualification : |
B.S. (Chem.
Engg) (MIT, USA); M.S. (Chem. Engg.) (Stanford, USA) M.B.A. (Harvard, USA) |
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Date of Appointment : |
27.09.1990 |
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PAN No.: |
AADPG7643Q |
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Voter ID No.: |
MT/04/024/099721 |
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DIN No.: |
00066195 |
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Other Directorship
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Name : |
Mr. Pradip Panalal Shah |
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Designation : |
Director |
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Address : |
72-A, Embassy Apartments, 46 Napean Sea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth : |
07.01.1953 |
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Qualification : |
B.Com., C.A., ICWA, M.B.A. (Harvard, USA) |
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Date of Appointment : |
10.08.2004 |
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Voter ID No.: |
JRW1344530 |
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DIN No.: |
00066242 |
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Other Directorship
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Name : |
Mr. Vijay Mohan Crishna |
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Designation : |
Whole-time director |
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Address : |
A-261, Grand Parade Apartments, Off August Kranti Marg, Mumbai –
400026, Maharashtra, India. |
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Date of Birth : |
08.03.1945 |
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Qualification : |
B.A. (Economics) (Hons.) |
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Experience : |
36 Years |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
AACPC1580F |
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Voter ID No.: |
MT/04/024/009615 |
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DIN No.: |
00066267 |
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Other Directorship
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Name : |
Mr. Jamshyd Naoroji Godrej |
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Designation : |
Managing Director |
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Address : |
40-D, B.G. Kher Marg, Malabar Hill, Mumbai - 400006, Maharashtra,
India |
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Date of Birth : |
24.01.1949 |
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Qualification : |
B.S., (Mech. Engg.) (Illinois Institute of Technology, Chicago) |
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Experience : |
39 Years |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
AACPG0840L |
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Voter ID No.: |
MT/04/024/099982 |
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DIN No.: |
00076250 |
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Other Directorship
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Name : |
Ms. Anita Ramchandran |
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Designation : |
Director |
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Address : |
2401-2402, ‘A’ Wing, Raheja Atlantis, Ganpatrao Kadam, Marg, Worli
Naka, Mumbai - 400018, Maharashtra, India |
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Date of Birth : |
28.04.1955 |
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Qualification : |
B.Com., M.B.A. |
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Date of Appointment : |
10.09.2007 |
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DIN No.: |
00118188 |
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Other Directorship
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Name : |
Mr. Anil Gyanchandra Verma |
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Designation : |
Whole time Director |
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Address : |
Flat No. 902-B, 9th Floor, Fantasia CHS Limited,
Raheja Garden, Teen Haath Naka, LBS Road, Thane – 400604, Maharashtra, India |
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Date of Birth : |
22.06.1957 |
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Qualification : |
B. Tech (Elec.) PGDBM (IIM, Ahmedabad) |
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Date of Appointment : |
01.04.2011 |
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Voter ID No.: |
ZMH3498706 |
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DIN No.: |
02366334 |
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Other Directorship
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Name : |
Nyrika Holkar |
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Designation : |
Additional Director |
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Address : |
A261, Grand Paradi Apartment, Off August Kranti Marg, Mumbai – 400036, Maharashtra, India |
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Date of Appointment : |
01.04.2017 |
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DIN No.: |
07040425 |
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Other Directorship
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Navroze Jamshyd Godrej |
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|
Designation : |
Director |
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|
Address : |
40-D, Ridge Road, Mumbai – 400006, Maharashtra, India |
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|
Date of Appointment : |
24.11.2017 |
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|
DIN No.: |
03049821 |
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|
Other Directorship
:
|
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KEY EXECUTIVES
|
Name : |
Percy Erach Fouzdar |
|
Designation : |
Secretary |
|
Address : |
B-13, Godrej Baug, Off Napeansea Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Birth/Age : |
17.06.1956 |
|
Date of Appointment : |
22.11.1994 |
|
PAN No.: |
AAAPF2250R |
|
Voter ID No.: |
MT/04/024/051540 |
|
|
|
|
Name : |
Purvez Kersi Gandhi |
|
Designation : |
Chief Financial Officer |
|
Address : |
M17, Godrej Baug, Off Napeansea Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ACNPG1177D |
|
|
|
|
Name : |
Mr. Thipphu M |
|
Designation : |
Assistant General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.09.2016
SHAREHOLDERS AND ALLOTTEES FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family - Indian) |
49.4738 |
|
Promoters (Body corporate) |
26.7656 |
|
Public/Other than promoters (Individual/Hindu Undivided Family - Indian) |
23.7589 |
|
Public/Other than promoters (Body corporate) |
0.0017 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered Activity and also Confirmed by management) |
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|
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|
Products : |
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||||
|
|
|
||||
|
Brand Names : |
Not Available |
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|
|
|
||||
|
Agencies Held : |
Not Available |
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|
|
|
||||
|
Exports : |
|
||||
|
Countries : |
Middle East |
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|
|
|
||||
|
Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cheque and Others (RTGS) |
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|
|
|
||||
|
Purchasing : |
Cheque and Others (RTGS) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
End Users
|
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|
No. of Employees : |
10000 (Approximately) |
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|
Bankers : |
|
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|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
Maneckji Wadia Building, 127, Mahatma Gandhi Road, Mumbai – 400023, Maharashtra, India |
|
PAN No.: |
AAAFK7554R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries Companies : (As on 31.03.2016) |
(CIN No. U52600MH2011PTC223988)
(CIN No U70100MH2005PTC157587)
(CIN No. U45209MH2007PTC174251)
(CIN No. U70200MH2008PTC181744) |
|
Subsidiaries (with the Company's direct equity holdings in excess of
50%): (As on 31.03.2016) |
|
|
|
|
|
Subsidiaries of Godrej Infotech Limited.: (As on 31.03.2016) |
|
|
|
|
|
Subsidiaries of GAVL: (As on 31.03.2016) |
|
|
Subsidiaries of GPL: (As on 31.03.2016) |
30th April, 2014)
|
|
|
|
|
Subsidiary of Godrej (Malaysia) Sdn. Bhd.: (As on 31.03.2016) |
|
|
|
|
|
Subsidiaries of Godrej (Singapore) Pte. Limited: (As on 31.03.2016) |
|
|
|
|
|
Jointly-held subsidiary (where the Company and its subsidiary Godrej
Industries Limited together hold more than one-half of the equity share
capital): (As on 31.03.2016) |
|
|
|
|
|
Associates : (As on 31.03.2016) |
|
|
|
|
|
Other Related Party : (As on 31.03.2016) |
|
|
|
|
|
Other Subsidiaries (where the Company owns directly and/or indirectly
through one or more subsidiaries, more than one-half of the equity share capital): (As on 31.03.2016) |
|
CAPITAL STRUCTURE
AFTER 27.09.2016
Authorised
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
INR 100/- each |
INR 110.000 Million |
|
900000 |
Preference Shares |
INR 100/- each |
INR 90.000 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
678448 |
Equity Shares |
INR 100/- each |
INR 67.845 Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
INR 100/- each |
INR 110.000 Million |
|
900000 |
Preference Shares |
INR 100/- each |
INR 90.000 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
662910 |
Equity Shares |
INR 100/- each |
INR 66.300
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
66.300 |
66.300 |
66.300 |
|
(b) Reserves &
Surplus |
34245.200 |
33715.100 |
28468.500 |
|
(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) |
34311.500 |
33781.400 |
28534.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
11338.500 |
3653.400 |
4951.000 |
|
(b) Deferred tax
liabilities (Net) |
559.400 |
739.400 |
519.400 |
|
(c) Other long term
liabilities |
2569.900 |
2106.900 |
1416.800 |
|
(d) long-term provisions |
590.400 |
519.400 |
418.200 |
|
Total Non-current
Liabilities (3) |
15058.200 |
7019.100 |
7305.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11056.500 |
14307.600 |
7142.700 |
|
(b) Trade payables |
9139.500 |
8284.000 |
7800.400 |
|
(c) Other current
liabilities |
13243.800 |
12902.500 |
16403.300 |
|
(d) Short-term provisions |
321.800 |
1538.300 |
1493.600 |
|
Total Current Liabilities
(4) |
33761.600 |
37032.400 |
32840.000 |
|
|
|
|
|
|
TOTAL |
83131.300 |
77832.900 |
68680.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17036.100 |
16081.500 |
13379.600 |
|
(ii) Intangible Assets |
50.600 |
69.300 |
93.500 |
|
(iii) Capital
work-in-progress |
3262.500 |
1622.900 |
2822.100 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12118.900 |
10269.100 |
6100.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
668.600 |
1118.900 |
1288.500 |
|
(e) Other Non-current
assets |
3701.000 |
5575.500 |
6410.700 |
|
Total Non-Current Assets |
36837.700 |
34737.200 |
30095.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
19799.700 |
19827.300 |
14563.300 |
|
(c) Trade receivables |
21222.000 |
18671.400 |
19888.800 |
|
(d) Cash and cash
equivalents |
606.600 |
594.100 |
391.000 |
|
(e) Short-term loans and
advances |
2366.400 |
2114.000 |
1666.100 |
|
(f) Other current assets |
2298.900 |
1888.900 |
2075.900 |
|
Total Current Assets |
46293.600 |
43095.700 |
38585.100 |
|
|
|
|
|
|
TOTAL |
83131.300 |
77832.900 |
68680.200 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
88290.300 |
82398.300 |
74638.700 |
|
|
Other Income |
1608.600 |
1626.000 |
1133.800 |
|
|
TOTAL |
89898.900 |
84024.300 |
75772.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
33887.900 |
33130.000 |
29309.700 |
|
|
Purchases of Stock-in-Trade |
19637.500 |
20050.000 |
17658.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
524.900 |
(2047.100) |
173.200 |
|
|
Employees benefits
expense |
10340.600 |
9801.300 |
8466.800 |
|
|
Exceptional items |
(774.800) |
(3132.100) |
(849.400) |
|
|
CSR Expenditure |
53.300 |
51.100 |
0.000 |
|
|
Other expenses |
19289.900 |
17385.200 |
14546.600 |
|
|
TOTAL |
82959.300 |
75238.400 |
69305.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
6939.600 |
8785.900 |
6467.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1930.000 |
1455.400 |
1148.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
5009.600 |
7330.500 |
5318.700 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1475.700 |
1659.000 |
833.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3533.900 |
5671.500 |
4484.900 |
|
|
|
|
|
|
|
Less |
TAX |
235.400 |
554.100 |
960.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
3298.500 |
5117.400 |
3524.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
23258.300 |
20977.200 |
19540.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
First Interim Equity Dividend: 700% |
464.000 |
464.000 |
464.000 |
|
|
Second Interim Equity Dividend: 2500% |
1657.300 |
464.000 |
0.000 |
|
|
Proposed Final Equity Dividend |
0.000 |
1060.700 |
1060.600 |
|
|
Dividend Distribution Tax (Net) |
297.100 |
327.600 |
203.200 |
|
|
Transfer to General Reserve |
0.000 |
520.000 |
360.000 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
24138.400 |
23258.300 |
20977.200 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5435.100 |
4276.900 |
4615.400 |
|
|
Freight |
81.900 |
211.000 |
101.100 |
|
|
TOTAL EARNINGS |
5517.000 |
4487.900 |
4716.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
||
|
|
Raw Materials |
5325.700 |
4413.700 |
3788.600 |
|
|
Components and Stores
parts |
266.500 |
553.500 |
189.900 |
|
|
Capital Goods |
557.900 |
300.900 |
964.600 |
|
|
Finished goods |
5629.700 |
5552.200 |
4629.100 |
|
|
others |
2.300 |
0.600 |
0.000 |
|
|
TOTAL IMPORTS |
6456.400 |
6407.200 |
9572.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4976.00 |
7720.000 |
5316.00 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
1526.300 |
2830.100 |
1023.900 |
|
Net cash flows from (used in) operations |
4548.000 |
2127.400 |
1674.200 |
|
Net Cash flows from operating activities |
3988.300 |
944.900 |
775.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
87.73 |
82.71 |
97.26 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.16 |
4.41 |
3.75 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
62.32 |
56.86 |
60.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.35 |
0.44 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.34 |
0.49 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.56 |
0.56 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.70 |
0.62 |
0.46 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.98 |
1.10 |
1.15 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.59 |
0.53 |
0.57 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.60 |
6.04 |
5.63 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
3.74 |
6.21 |
4.72 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.97 |
6.57 |
5.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.61 |
15.15 |
12.35 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.37 |
1.16 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.78 |
0.63 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.41 |
0.43 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
360.80 |
313.59 |
197.85 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.37 |
1.16 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
66.300 |
66.300 |
66.300 |
|
Reserves & Surplus |
28468.500 |
33715.100 |
34245.200 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
28534.800 |
33781.400 |
34311.500 |
|
|
|
|
|
|
Long-term borrowings |
4951.000 |
3653.400 |
11338.500 |
|
Short term borrowings |
7142.700 |
14307.600 |
11056.500 |
|
Current Maturities of Long
term debt |
1023.900 |
2830.100 |
1526.300 |
|
Total borrowings |
13117.600 |
20791.100 |
23921.300 |
|
Debt/Equity ratio |
0.460 |
0.615 |
0.697 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
74638.700 |
82398.300 |
88290.300 |
|
|
|
10.396 |
7.151 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
74638.700 |
82398.300 |
88290.300 |
|
Profit/ (Loss) |
3524.200 |
5117.400 |
3298.500 |
|
|
4.72% |
6.21% |
3.74% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
66.300 |
66.300 |
|
(b) Reserves &
Surplus |
|
55756.000 |
52546.700 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(d) Minority Interest |
|
49384.900 |
44438.200 |
|
Total Shareholders’ Funds
(1) + (2) |
|
105207.200 |
97051.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
52742.800 |
41319.900 |
|
(b) Deferred tax
liabilities (Net) |
|
1751.800 |
1507.600 |
|
(c) Other long term
liabilities |
|
2923.800 |
2161.000 |
|
(d) long-term provisions |
|
1130.200 |
965.500 |
|
Total Non-current
Liabilities (3) |
|
58548.600 |
45954.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
61917.800 |
53228.200 |
|
(b) Trade payables |
|
32442.400 |
29266.100 |
|
(c) Other current
liabilities |
|
47175.300 |
45924.600 |
|
(d) Short-term provisions |
|
1362.500 |
2672.900 |
|
Total Current Liabilities
(4) |
|
142898.000 |
131091.800 |
|
|
|
|
|
|
TOTAL |
|
306653.800 |
274097.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
48151.400 |
34935.000 |
|
(ii) Intangible Assets |
|
9284.300 |
9950.000 |
|
(iii) Capital
work-in-progress |
|
7141.100 |
11345.100 |
|
(iv) Intangible assets
under development |
|
58125.500 |
52358.000 |
|
(b) Non-current
Investments |
|
2582.600 |
1823.300 |
|
(c) Deferred tax assets
(net) |
|
521.400 |
413.000 |
|
(d) Long-term Loan and Advances |
|
4386.700 |
4909.300 |
|
(e) Other Non-current
assets |
|
5126.900 |
4545.500 |
|
Total Non-Current Assets |
|
135319.900 |
120279.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
7270.800 |
8386.200 |
|
(b) Inventories |
|
89367.000 |
78898.100 |
|
(c) Trade receivables |
|
39339.800 |
33299.000 |
|
(d) Cash and cash
equivalents |
|
10896.300 |
12367.800 |
|
(e) Short-term loans and
advances |
|
15885.100 |
14355.700 |
|
(f) Other current assets |
|
8574.900 |
6511.000 |
|
Total Current Assets |
|
171333.900 |
153817.800 |
|
|
|
|
|
|
TOTAL |
|
306653.800 |
274097.000 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
285618.900 |
257941.600 |
|
|
Other Income |
|
2634.700 |
2812.100 |
|
|
TOTAL |
|
288253.600 |
260753.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
106181.500 |
102316.500 |
|
|
Purchases of Stock-in-Trade |
|
52445.500 |
48797.800 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(1636.600) |
(1880.400) |
|
|
Employees benefits expense |
|
24706.200 |
21656.000 |
|
|
CSR Expenditure |
|
53.300 |
51.100 |
|
|
Other expenses |
|
77024.500 |
64866.300 |
|
|
Exceptional items |
|
(1304.100) |
(1700.900) |
|
|
TOTAL |
|
257470.300 |
234106.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
30783.300 |
26647.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
5553.900 |
4510.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
25229.400 |
22136.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3868.600 |
3544.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
21360.800 |
18592.200 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
5289.500 |
4663.300 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD BEFORE MINORITY INTEREST |
|
16071.300 |
13928.900 |
|
|
|
|
|
|
|
|
PROFIT (LOSS) OF
MINORITY INTEREST |
|
(9928.900) |
(8391.500) |
|
|
|
|
|
|
|
|
SHARE OF PROFIT
(LOSS) OF ASSOCIATES |
|
1409.000 |
1088.500 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
7551.400 |
6625.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11391.00 |
9995.00 |
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 |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIALS RESULT (As on 31.03.2016)
The Scheme of
Amalgamation of three wholly-owned subsidiary companies, East View Estates
Private. Limited, First Rock Infrastructure Private. Limited and Miracle touch
Developers Private. Limited with the Company, with effect from 1st April, 2015,
has been given effect to in these accounts.
Pursuant to
Section 129(3) of the Companies Act, 2013 (the Act), read with Rule 2A of the
Companies (Accounts) Rules, 2014, the Company has also prepared consolidated
financial statements of the Company and its subsidiaries, joint ventures and
associates.
The Company’s
Board of Directors is responsible for the preparation of the consolidated
financial statements of the Company, its Subsidiaries, associates and joint
venture entities (“the Group”), in terms of the requirements of the Act, and in
accordance with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014. The respective Board of
Directors, of the subsidiary companies included in the Group and of its
associates and joint venture entities, are responsible for the maintenance of
adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Group and for preventing and detecting frauds
and other irregularities; the selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error, which have been
used for the purpose of preparation of the consolidated financial statements by
the Company, as aforesaid.
STATE OF THE
COMPANY'S AFFAIRS: (As on 31.03.2016)
During the year,
the Company’s Revenue from Operations (net) was up by 7% to INR 88290.300
million. Profit before Exceptional Items and Tax was INR 2759.100 million for
the year as against INR 2539.400 million for the previous year, registering an
increase of 9%.
The Company has
been in the consumer durables segment for more than 100 years and enjoys a
strong brand image and recall with its customers. Management believes that
growth in consumer segment will remain moderate over the medium term, given the
slowdown in consumer demand and high interest rates. Growth in industrial
segment will remain muted till the large industrial client’s increase their
investment gradually as the economic scenario improves. This might impact the
profitability in short run, however, the management believes that Company’s
cash accruals will remain healthy over the medium term, driven by its
diversified revenue profile and increasing contribution of stable lease rental
and dividend income, supported by comfortable gearing and debt protection
metrics. Further, its healthy listed equity portfolio and valuable real estate
holding will continue to support its strong financial flexibility.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred payment liabilities |
473.800 |
519.900 |
|
Fixed Deposits |
5814.000 |
3053.800 |
|
Short-term
borrowings |
|
|
|
Deposits from Companies |
2101.300 |
1948.400 |
|
Deposits from shareholders |
1096.100 |
371.500 |
|
Short term loans from banks |
906.500 |
2950.000 |
|
Others Borrowing |
1200.000 |
1647.900 |
|
Total |
11591.700 |
10491.500 |
INDEX OF CAHREGS:
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G05500251 |
100032703 |
IL & FS TRUST COMPANY LIMITED |
25/05/2016 |
- |
5000000000.0 |
IL & FS FINANCIAL CENTRE PLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EAST MUMBAI MAHARASHTRA 400051 INDIA |
|
2 |
C33974056 |
10531846 |
ICICI BANK LIMITED |
17/10/2014 |
- |
30000000.0 |
LANDMARK RACE COURSE CIRCLE VADODARA GUJARAT 390007 INDIA |
|
3 |
C09418195 |
10506229 |
The Zoroastrian Cooperative Bank Ltd. |
20/03/2014 |
- |
120000000.0 |
MAHIM BRANCH, DELTA APARTMENTS, GROUND FLOORSONAWALLA AGIARY LANE, OFF M. CHHOTANI MARG, MAHIM MUMBAI MAHARASHTRA 400016 INDIA |
|
4 |
G54917729 |
10123585 |
Export-Import Bank of India |
29/09/2008 |
07/09/2017 |
6800000000.0 |
Centre One Building, Floor 21World Trade Centre Complex, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
5 |
A01022086 |
10005578 |
UNION BANK OF INDIA LIMITED |
04/05/2006 |
- |
30000000.0 |
|
|
6 |
Y10344104 |
90236467 |
CENTRAL BANK OF INDIA |
14/10/2005 |
- |
140000000.0 |
CORPORATION FINANCE BRANCHCENTRE BANK BUILDING MG ROAD MUMBAI MAHARASHTRA 400023 INDIA |
|
7 |
Z00119600 |
80026323 |
Central Bank of India |
14/10/2005 |
- |
940000000.0 |
Chandarmukhi Nariman Point Mumbai MAHARASHTRA 400021 INDIA |
|
8 |
Y10344003 |
90236366 |
UTI BANK LTD |
09/11/2004 |
22/07/2005 |
40000000.0 |
UNIVERSAL INCURANCEPM ROAD MUMBAI MAHARASHTRA 400001 INDIA |
|
9 |
C56893795 |
90290482 |
Indian Bank |
13/09/2004 |
04/10/2014 |
80000000.0 |
MADRAS EXPORT PROCESSING ZONE BRANCHADMIN BLOCK, MEPZ, TAMBARAM CHENNAI TAMILNADU 600045 INDIA |
|
10 |
G15392301 |
90236303 |
CENTRAL BANK OF INDIA |
24/03/2004 |
21/09/2016 |
19100000000.0 |
CORPORATE FINANCE BRANCHCENTRAL BANK BLDG., IST FLOOR, FORT MUMBAI MAHARASHTRA 400001 INDIA |
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.07 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
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 |
YES |
|
--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.