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MIRA INFORM REPORT
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Report No. : |
490711 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GABRIEL INDIA LIMITED |
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Registered
Office : |
29th Milestone, Pune-Nashik Highway, Village Kuruli, Taluka Khed, Pune – 410501, Maharashtra |
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Tel. No.: |
91-2135-610700/ 610757 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.02.1961 |
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Com. Reg. No.: |
11-015735 |
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Capital
Investment / Paid-up Capital : |
INR 143.640 Million |
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CIN No.: [Company Identification
No.] |
L34101PN1961PLC015735 |
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IEC No.: |
0388084383 |
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GSTIN |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACG1994N |
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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
: |
Manufacturing of Auto Components which includes Ride Control products, including shock absorbers, struts, and front forks. (Registered Activity) |
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No. of Employees
: |
1679 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘Asia Investments Private Limited”. It is a manufacturer of auto components. It offers a range of ride control products like shock absorbers, struts and front forks. The subject’s customers include Ashok Leyland, Bajaj, Honda, Hyundai, Mahindra, Maruti Suzuki, Piaggio, Renault, Toyota, Volkswagen, Yamaha, etc. For the financial year ended 2017, company has reported healthy operational activity marked by 6.32% growth in its revenue as compared to the previous year along an average profit margin of 5.34%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage metrics due to negligible debt balance sheet profile. The rating reflects the subject’s healthy market position in the suspension components segment supported by a diverse customer and segment base, healthy technical capabilities and strong financial risk profile. This rating strength is partially offset by the moderate susceptibility of the company’s operating profitability to pricing pressures from its peers and automotive original equipment manufacturers (OEMs). Payments seems to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term borrowing : AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
06.10.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 07.02.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-2135-610700/757)
LOCATIONS
|
Registered Office/ Factory 1 : : |
29th Milestone, Pune-Nashik Highway, Village Kuruli, Taluka Khed, Pune – 410501, Maharashtra, India |
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Tel. No.: |
91-2135-610700/ 610757/ 610793/ 610772 |
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Fax No.: |
91-2135-610796 |
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E-Mail : |
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Website : |
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Factory 2: |
NH 8, 38th Milestone, Behrampura Road, Delhi-Jaipur Highway, Village-Khandsa, Gurugram -122001, Haryana, India |
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Factory 3: |
5, Industrial Area No.5, A .B. Road, Dewas - 455001, Madhya Pradesh, India |
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Factory 4: |
52-55, S.No.102/3-106 (PT), SIPCOT Phase II, Momapalli Village, Krishna Giri District, Hosur - 635109, Tamilnadu, India |
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Factory 5: |
Plot No.5, Sector II, Parwanoo -173220, Himachal Pradesh, India |
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Factory 6: |
C-5, Tata Motors Vendor Park, P.O. Vironchannagar, Taluka Sanand, District Ahmedabad – 382 170, Gujarat, India |
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Factory 7: |
B2, MIDC, Ambad Industrial Area, Nashik - 422010, Maharashtra, India |
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Manufacturing Units
: |
Located at: 2 & 3-Wheelers · Nashik (Maharashtra) · Hosur (Tamil Nadu) · Parwanoo (Himachal Pradesh) · Sanand (Gujarat) Commercial Vehicles
and Railways · Dewas (Madhya Pradesh) · Chakan (Maharashtra) · Parwanoo (Himachal Pradesh) Passenger Cars · Khandsa (Haryana) · Chakan (Maharashtra) · Sanand (Gujarat) |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Deep C. Anand |
|
Designation : |
Chairman Emeritus |
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Name : |
Mr. Manoj Rajendra Kolhatkar |
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Designation : |
Managing Director |
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Address : |
C-8, Kapil Malhar, S. No. 184 188, Baner, Pune 411045, Maharashtra, India |
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Date of Birth/Age: |
29.07.1968 |
|
Qualification : |
B.E., D.B.M |
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Date of Appointment : |
27.05.2016 |
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DIN No.: |
03553983 |
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Name : |
Mrs. Anjali Singh |
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Designation : |
Whole-Time Director |
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Address : |
1, Sri Aurobindo Marg, Hauz Khas, New Delhi-110016, India |
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Date of Birth/Age: |
10.08.1981 |
|
Qualification : |
Bachelors and Master’s degree from the prestigious Central Martin’s School of Art and Design in London |
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Date of Appointment : |
18.09.2014 |
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DIN No.: |
02082840 |
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Name : |
Mr. Pradipta Sen |
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Designation : |
Director |
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Address : |
304, Tower-2, Palms South City 1, Gurugram-122001, Haryana, India |
|
Date of Appointment : |
18.09.2014 |
|
DIN No.: |
00051758 |
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|
Name : |
Mr. Jagdish Kumar |
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Designation : |
Director |
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Address : |
C-2/1001, Uniworld City, Sector-30/41, Gurugram-122001, Haryana, India |
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Date of Birth/Age: |
16.01.1964 |
|
Qualification : |
Commerce graduate and PGDM from Indian Institute of Management, Bangalore with specialization in Finance. |
|
Date of Appointment : |
03.11.2015 |
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DIN No.: |
00318558 |
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Name : |
Mr. Atul Khosla |
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Designation : |
Director |
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Address : |
Saroj Villa Officers, Colony Off Rajgarh Road, Solan-173212, Himachal Pradesh, India |
|
Date of Appointment : |
10.11.2014 |
|
DIN No.: |
02674215 |
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|
|
Name : |
Mr. Aditya Vij |
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Designation : |
Director |
|
Address : |
3/27 Second Floor Shanti Niketan New Delhi-110021, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
03200194 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Jain |
|
Designation : |
Company Secretary |
|
Address : |
Sector R-2, Tower 3, Flat No. 202 Amanora Park Town, Hadapsar-Kharadi Bypass, Pune-411028, Maharashtra, India |
|
Date of Appointment : |
31.03.2016 |
|
PAN No.: |
ADEPJ9245P |
|
|
|
|
Name : |
Mr. Rajendran Arunachalam |
|
Designation : |
Chief Financial Officer |
|
Address : |
D-5 Kubera Gulshan, 164/1 , D. P. Road, Aundh, Pune-411007, Maharashtra, India |
|
Date of Appointment : |
17.11.2013 |
|
PAN No.: |
AAXPA7786L |
|
|
|
|
Name : |
Mr. Rajendra Abhange |
|
Designation : |
Chief Technology Officer |
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|
|
|
Chief Operating
Officers : |
· Mr. Amitabh Srivastava · Mr. Atul Jaggi · Mr. Sarabjit Kondal · Mr. Umesh Shah |
MAJOR SHAREHOLDERS
As on December, 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 % |
|
|
(A) Promoter & Promoter
Group |
77558842 |
53.99 |
|
|
(B) Public |
66085098 |
46.01 |
|
|
Grand Total |
143643940 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
5180904 |
3.61 |
|
|
Deep C Anand |
2145786 |
1.49 |
|
|
Prem Anand |
100620 |
0.07 |
|
|
Kuldip Chand Anand |
1693196 |
1.18 |
|
|
Anjali Anand |
641942 |
0.45 |
|
|
Kiran D Anand |
599360 |
0.42 |
|
|
Any
Other (specify) |
72377938 |
50.39 |
|
|
Asia Investments Privtae
Limited |
72377938 |
50.39 |
|
|
Sub
Total A1 |
77558842 |
53.99 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
77558842 |
53.99 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
3183191 |
2.22 |
|
|
SBI MUTUAL FUND |
2455511 |
1.71 |
|
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Foreign Portfolio Investors |
15994014 |
11.13 |
|
|
KAYABA INDUSTRY INC |
7937360 |
5.53 |
|
|
PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITED |
1800915 |
1.25 |
|
|
MATTHEWS ASIA SMALL COMPANIES FUND |
1778373 |
1.24 |
|
|
Financial Institutions/ Banks |
185423 |
0.13 |
|
|
Insurance Companies |
50000 |
0.03 |
|
|
Sub Total B1 |
19412628 |
13.51 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
500 |
0.00 |
|
|
Sub Total B2 |
500 |
0.00 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
36284144 |
25.26 |
|
|
Individual share capital in excess of INR 0.200
million |
3911043 |
2.72 |
|
|
NBFCs registered with RBI |
23464 |
0.02 |
|
|
Any Other (specify) |
6453319 |
4.49 |
|
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Trusts |
1024888 |
0.71 |
|
|
NRI |
968424 |
0.67 |
|
|
Clearing Members |
117592 |
0.08 |
|
|
NRI – Non- Repat |
940912 |
0.66 |
|
|
Bodies Corporate |
2526474 |
1.76 |
|
|
Unclaimed or Suspense or Escrow Account |
875029 |
0.61 |
|
|
Sub Total B3 |
46671970 |
32.49 |
|
|
B=B1+B2+B3 |
66085098 |
46.01 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Auto Components which includes Ride Control products, including shock absorbers, struts, and front forks. (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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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· Bajaj Auto · Honda Motorcycle and Scooter · India Yamaha Motor · Mahindra 2 & 3-Wheelers · Piaggio · Royal Enfield · Suzuki Motorcycle · TVS Motor Company · UM Lohia Two Wheelers Private Limited (UML) · General Motors · Honda Cars · Mahindra · Maruti Suzuki · Renault · Tata Motors · Toyota Kirloskar Motor · Volkswagen · AMW Motors · Ashok Leyland · Daimler · Force Motors · Indian Railways · ISUZU · Mahindra Truck and Bus Division · Man Trucks · SML Isuzu · Tata Motors · Volvo Eicher Commercial Vehicles ·
Wheels India |
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No. of Employees : |
1679 (Approximately) |
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Bankers : |
· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · Kotak Mahindra Bank Limited · Bank of India ·
The HongKong and Shanghai Banking Corporation
Limited |
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Facilities : |
|
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
707/708, Sharda Chambers, New Marine Lines, Mumbai - 400
020, Maharashtra, India |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Holding Company : |
·
Asia Investment Private Limited |
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|
|
|
Fellow subsidiaries
: |
· Anand Automotive Private Limited · Anand I-Power Limited (erstwhile PCIL) · Victor Gaskets India Limited · Anand CY Myutec Automotive Private Limited (erstwhile Chang Yun India Private Limited) |
|
|
|
|
Partnership Firm of
Director : |
Anchemco Anand LLP |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 1/- each |
INR 150.000 Million |
|
100000 |
Redeemable preference shares |
INR 100/- each |
INR 10.000 Million |
|
|
|
|
INR 160.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143643940 |
Equity Shares |
INR 1/- each |
INR 143.640 Million |
|
|
|
|
|
Rights, preferences
and restrictions attached to Equity shares:
The Company has only one class of share referred to as Equity shares having a par value of INR 1 per share. Each holder of Equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the unlikely event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
During the year ended March 31, 2017, the amount of per share dividend recognized as distributions to Equity shareholders was INR 0.45 (March 31, 2016: INR 1.20).
Reconciliation of
opening and closing Equity Share capital:
|
Particulars |
As at 31st March, 2017 |
|
|
Number of shares held |
Amount originally paid up (INR In
Million) |
|
|
Balance at the beginning of the year |
143643940 |
143.640 |
|
Balance at the end of the year |
143643940 |
143.640 |
Details of shares
held by the Holding company, the ultimate Holding company, their subsidiaries
and associates:
|
Particulars |
As at 31st March, 2017 |
|
|
Number of shares held |
Amount originally paid up (INR In
Million) |
|
|
Equity shares of INR 1 Each fully paid up held by Asia
Investments Private Limited (Holding company) |
71905468 |
50.06 |
Details of shares held
by each shareholder holding more than 5% of the aggregate shares in the
Company:
|
Particulars |
As at 31st March, 2017 |
|
|
Number of shares held |
Amount originally paid up (INR In
Million) |
|
|
Equity shares of INR 1 Each fully paid up held by Asia
Investments Private Limited (Holding company) |
71905468 |
50.06 |
|
Equity shares of INR 1 Each fully paid up held by Kayaba Industry Company Limited |
7937360 |
5.53 |
Aggregate number of bonus
shares issued, for consideration other than cash for the last five years
immediately preceding the reporting date:
|
Particulars |
As at 31st March, 2017 |
|
Number of shares |
|
|
Equity shares allotted as fully paid bonus shares by capitalisation
of general reserve |
71821970 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
143.640 |
143.670 |
143.670 |
|
(b) Reserves & Surplus |
4361.530 |
3655.590 |
3110.670 |
|
(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) |
4505.170 |
3799.260 |
3254.340 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
77.550 |
80.610 |
61.490 |
|
(b) Deferred tax liabilities
(Net) |
159.380 |
104.330 |
104.910 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
97.330 |
72.190 |
93.100 |
|
Total
Non-current Liabilities (3) |
334.260 |
257.130 |
259.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.010 |
0.000 |
0.000 |
|
(b) Trade payables |
2146.730 |
1780.920 |
1907.260 |
|
(c) Other current liabilities |
543.680 |
526.780 |
452.550 |
|
(d) Short-term provisions |
170.760 |
352.330 |
314.590 |
|
Total
Current Liabilities (4) |
2861.180 |
2660.030 |
2674.400 |
|
|
|
|
|
|
TOTAL |
7700.610 |
6716.420 |
6188.240 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2832.530 |
2673.580 |
2655.360 |
|
(ii) Intangible Assets |
52.970 |
50.790 |
21.280 |
|
(iii) Capital work-in-progress |
17.820 |
22.100 |
30.970 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.210 |
0.230 |
0.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
250.790 |
236.050 |
226.390 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
24.000 |
|
Total
Non-Current Assets |
3154.320 |
2982.750 |
2958.230 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
280.000 |
0.000 |
0.000 |
|
(b) Inventories |
1297.990 |
1107.410 |
1121.400 |
|
(c) Trade receivables |
2117.860 |
1923.730 |
1747.770 |
|
(d) Cash and cash equivalents |
527.470 |
376.530 |
38.850 |
|
(e) Short-term loans and
advances |
280.320 |
290.160 |
308.750 |
|
(f) Other current assets |
42.650 |
35.840 |
13.240 |
|
Total
Current Assets |
4546.290 |
3733.670 |
3230.010 |
|
|
|
|
|
|
TOTAL |
7700.610 |
6716.420 |
6188.240 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
15291.290 |
14382.310 |
14440.980 |
|
|
Other Income |
54.080 |
24.550 |
39.880 |
|
|
TOTAL
|
15345.370 |
14406.860 |
14480.860 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10724.310 |
10146.820 |
10321.390 |
|
|
Purchases of Stock-in-Trade |
201.360 |
133.020 |
100.650 |
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(81.270) |
(12.890) |
12.000 |
|
|
Employees benefits expense |
1278.760 |
1150.350 |
1077.000 |
|
|
Other expenses |
1727.980 |
1671.940 |
1762.220 |
|
|
Exceptional items - (Income) / Expense |
16.290 |
6.000 |
6.000 |
|
|
TOTAL |
13867.430 |
13095.240 |
13279.260 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1477.940 |
1311.620 |
1201.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.550 |
24.830 |
54.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1461.390 |
1286.790 |
1146.800 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
353.270 |
331.860 |
311.320 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1108.120 |
954.930 |
835.480 |
|
|
|
|
|
|
|
Less |
TAX |
291.930 |
202.550 |
235.240 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
816.190 |
752.380 |
600.240 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2996.290 |
2451.370 |
2048.750 |
|
|
|
|
|
|
|
Less |
Transitional charge
on account of depreciation as per Companies Act 2013 |
0.000 |
0.000 |
16.310 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim dividend |
64.650 |
64.700 |
64.640 |
|
|
Proposed dividend |
0.000 |
107.670 |
86.200 |
|
|
Dividend distribution tax |
13.160 |
35.090 |
30.470 |
|
|
Total
|
77.810 |
207.460 |
181.310 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
3734.670 |
2996.290 |
2451.370 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
649.940 |
566.650 |
527.730 |
|
|
TOTAL
EARNINGS |
649.940 |
566.650 |
527.730 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials and components |
1923.170 |
1851.670 |
2104.940 |
|
|
Stores, spares and tools |
68.470 |
30.660 |
71.160 |
|
|
Capital Goods |
136.340 |
36.100 |
48.600 |
|
|
TOTAL
IMPORTS |
2127.980 |
1918.430 |
2224.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
5.68 |
5.24 |
4.18 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
4.380 |
28.710 |
71.400 |
|
Cash generated from operations |
1412.700 |
1125.120 |
1219.860 |
|
Net cash flow from / (used in) operating activities |
1167.950 |
910.410 |
1003.960 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
4654.070 |
4716.980 |
|
Total Expenditure |
|
4251.840 |
4262.410 |
|
PBIDT (Excl OI) |
|
402.230 |
454.570 |
|
Other Income |
|
3.580 |
15.950 |
|
Operating Profit |
|
405.810 |
470.520 |
|
Interest |
|
7.180 |
9.230 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
398.630 |
461.290 |
|
Depreciation |
|
96.180 |
87.910 |
|
Profit Before Tax |
|
302.450 |
373.380 |
|
Tax |
|
98.080 |
107.690 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
204.370 |
265.690 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
204.370 |
265.690 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
50.55 |
48.82 |
44.18 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.22 |
7.48 |
8.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
71.72 |
63.23 |
66.80 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.14 |
1.18 |
1.07 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.51 |
0.48 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.38 |
0.41 |
0.45 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.02 |
0.03 |
0.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.64 |
0.70 |
0.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.64 |
0.72 |
0.83 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
89.30 |
52.82 |
21.93 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.34 |
5.23 |
4.16 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
10.60 |
11.20 |
9.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.12 |
19.80 |
18.44 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.59 |
1.40 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.14 |
0.99 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.59 |
0.57 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.57 |
0.76 |
0.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.59 |
1.40 |
1.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 156.90/- |
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 |
143.670 |
143.670 |
143.640 |
|
Reserves & Surplus |
3110.670 |
3655.590 |
4361.530 |
|
Net
worth |
3254.340 |
3799.260 |
4505.170 |
|
|
|
|
|
|
long-term borrowings |
61.490 |
80.610 |
77.550 |
|
Short term borrowings |
0.000 |
0.000 |
0.010 |
|
Current maturities of
long-term debts |
71.400 |
28.710 |
4.380 |
|
Total
borrowings |
132.890 |
109.320 |
81.940 |
|
Debt/Equity
ratio |
0.041 |
0.029 |
0.018 |
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 |
14440.980 |
14382.310 |
15291.290 |
|
|
|
(0.406) |
6.320 |
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 |
14440.980 |
14382.310 |
15291.290 |
|
Profit |
600.240 |
752.380 |
816.190 |
|
|
4.16% |
5.23% |
5.34% |
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 |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
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 |
BRIEF INFORMATION
The company ANAND Group’s flagship company, is a leading manufacturer of auto components and one of the most recognised brands in India. Established in 1961, the Company manufactures a wide range of Ride Control products, including shock absorbers, struts, and front forks. Over the last 55 years, the Company has fortified its position in the auto component sector, on the strength of its competitive, diversified and innovative products
The manufacturing facilities of the company are located across India in Chakan, Nashik, Hosur, Dewas, Khandsa, Parwanoo, and Sanand. Four of its satellite plants are located in Malur, Aurangabad, Kumbalgodu and Manesar. In FY2017, Gabriel India reported a total sales of INR 15130.550 million, compared to INR 14264.180 million in FY2016. The Company reported an EBITDA of INR 1440.150 million in FY2017 as compared to INR 1293.070 million in FY2016, which is a growth of 11.4%.
PERFORMANCE
HIGHLIGHTS
The Company recorded total sales of INR 15130.550 million in FY2017 as compared to INR 14264.180 million in FY2016. It reported a 11.4% growth in EBITDA, largely based on volume growth in Aftermarket, Passenger Cars and Commercial Vehicles Business Units and control on raw material costs. The Company improved its EBITDA to 9.4% in FY2017 from 9.0% in FY2016. The result was a Profit After Tax of INR 816.190 million in FY2017 as compared to INR 752.380 million in FY2016, representing 8.5% growth. The earnings per Share increased to INR 5.68 per share in FY2017 from INR 5.24 per share in FY2016.
The Company reported an improvement in EBITDA margins from 9.2% in the first quarter of the year to 9.4% in the last quarter. As a result, the Company’s annual EBITDA margin strengthened from 9.0 % in FY2016 to 9.4% in FY2017.
BUSINESS OUTLOOK
The prospects of the Company appear reasonably optimistic for a number of reasons. The forecast for FY2018 is expected to be better. A positive outlook on the monsoon this year and implementation of GST may lead to a spurt in demand and sales. The Government’s ‘Make in India’ initiative is likely to strengthen the case for manufacturing and with a moderate rise expected in GDP growth, the Indian Automobile and Auto Components sector appears poised for a reasonable growth. The Company’s performance in the Aftermarket and Exports is expected to be better due to an improved thrust and focus.
OPERATIONS
The Company operating efficiency across all its manufacturing plants enhanced during the year and led to improved profitability. Higher operating efficiency was a result of process improvements, constant benchmarking with available best practices, leveraging technology collaborations, employee training and a conducive working environment at all its plant locations.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC AND INDUSTRY
CONDITIONS
Global Economy
The International Monetary Fund (IMF) has estimated global growth to be around 3.1% in CY2016, and expects some recovery in CY2017 to about 3.4%. This positive outlook is based on the revival of economic prospects in most major economies. Among advanced economies, activity rebounded strongly in USA, France and Germany and has helped the Eurozone shrug off the Brexit effect.
Indian Economy
The Central Statistics Organisation (CSO) estimates growth for FY2017 at 7.1%. Policy initiatives like demonetisation led to temporary disruptions, affecting the retail sentiment. Notwithstanding a marginal delay in the onset of monsoon, FY2017 has been good for the agricultural sector. Growth in the industrial sector remained lacklustre. The overall growth for the period FY2017 stands at 5% as compared to FY2016. India’s economic growth is expected to rebound in the range of 6.75-7.5% in FY2018. The negative impact of demonetisation is likely to dissipate. Inflation is projected to be higher, due to gradual firming up of crude oil prices. The implementation of Goods and Services Tax Bill (GST) will have positive implications for the auto component industry as it improves operational efficiency.
Industry Overview
Global Automobile
Industry
The first half of CY 2016 started off slowly for the global auto industry but gained momentum in the second half on the back of improving economic development, barring China. The slowdown is likely to limit the improvement in global sales to only 1% in 2017, against a 6% jump in 2016. The Asia-Pacific region grew by 9.5% in 2016 to around 47 million vehicles, giving the region a 50% share of the global automotive market.
Indian Automobile
Industry
According to the Society of Indian Automobile Manufacturers
(SIAM), the Indian auto industry produced 25316044 vehicles in FY2017,
vis-a-vis 24016599 in the previous year, recording a growth of 5.41%.
Indian Auto Component
Industry
According to the Automotive Component Manufacturers Association of India (ACMA), the turnover of the Indian auto component industry stood at USD 39 billion in FY2016. The market size for auto component industry increased by 8.8 % in FY2016 as compared to FY2015. Auto component exports touched USD 10.8 billion in FY2016. India’s auto components industry is expected to register a turnover of USD 200 billion by 2026, riding also on the back of strong exports
BUSINESS REVIEW
2&3 – WHEELERS
Indian market
In FY2017, India retained its position as the world’s most dynamic 2- Wheeler market. The segment registered a sales growth of 6.89%, wherein scooters, motorcycles and mopeds grew by 11.39%, 3.68% and 23.02%, respectively. However, 3-Wheeler sales declined by 4.93% in FY2017, compared to the previous year. The export of 2-Wheelers and 3-Wheelers declined by 5.78% and 32.77%, respectively.
Performance Review
In FY2017, the Company’s 2 & 3-Wheelers Business Unit
accounted for 55% of the total revenues, compared to 58% in FY2016. The first
half of FY2017 saw 2-Wheeler sales grow in double digits. However as the
industry was hit by demonetisation in the third quarter, rural sales
experienced a steep decline. Despite the temporary slowdown, the Business Unit
did well as component sales for scooters recorded a double-digit growth.
AWARDS AND ACCOLADES
· Price Competitiveness Award from Suzuki Motorcycles
· Gold Quality Award from UM Lohia Two Wheelers Private Limited (UML)
· Quality Circle awards from TVS Motors and Honda Motorcycles and Scooters
· Kaizen award from Bajaj Auto
·
Quality Circle awards from QCFI (Quality Circle
Forum of India) and ACMA (Automotive Component Manufacturers Association of
India)
PASSENGER CARS
Indian market
Passenger Vehicles sales in India grew by 9.23% in FY2017
compared to the previous year. For the same period, Passenger Cars, Utility
Vehicles and Vans grew by 3.85%, 29.91% and 2.37%, respectively. Though the
overall industry performance was positive, Indian Passenger Vehicles sales of
the top three auto manufacturers had dropped in December, due to
demonetisation. However, Passenger Vehicle Exports registered a growth of 16.20
%.
Performance Review
In FY2017, the Business Unit exceeded expectations and accounted for 32% of the total revenues, vis-a-vis 31% in FY2016 and recorded a sales growth of 15.8% over FY2016. Strong growth in the Business Unit was led by new launches including Mahindra’s KUV1OO and Maruti Suzuki’s Vitara Brezza, S-Cross and Ignis; as well as continued growth in the volumes for exports by Renault. An added focus was on improving warranties and making the products more durable.
Awards and Accolades:
· Zero PPM Quality Award from Toyota Kirloskar Motor
· Parwanoo team won a Gold Award at the International Quality Circle competition, Bangkok
· Parwanoo team awarded with the Golden Peacock HR Excellence Award by the Institute of Directors (IOD), India
· At the 56th Annual Conference of ACMA, Parwanoo plant won the Silver Trophy in HR Excellence and Chakan plant won the Bronze Trophy in Supplier Development
COMMERCIAL VEHICLES
AND RAILWAYS
Indian Market
Commercial Vehicles
The Commercial Vehicles segment recorded a growth of 4.16% in FY2017. Medium and Heavy Commercial Vehicles (M&HCVs) grew by 0.04%, whereas Light Commercial Vehicles (LCV) grew by 7.41%.
Railways
The Indian Railways recorded 8.7% growth in its revenues amounting to INR 158845.800 million in the year ending March 2017. To further develop and consolidate the strengths of the sector, the Government is also envisaging metro rail projects across many cities over the next ten years. Moreover, in a big thrust to the sector, the total capital and development expenditure of Indian Railways has been pegged at INR 1310000.000 million for FY2018. The Union Budget 2017 has also proposed several measures to improve services, infrastructure and amenities
Performance Review
Gabriel India is the market leader in the Commercial
Vehicles segment, and has a good presence in Indian Railways. The Commercial
Vehicles and Railways Business Unit (CVRBU) accounted for 13% of the total
revenues in FY2017, compared to 11% in FY2016. The Business Unit recorded a
sales growth of 12% over FY2016.
Awards and Accolades:
· Dewas Plant was awarded the manufacturing excellence Award for 2016 by the Federation of Indian Chambers of Commerce and Industry (FICCI)
· Dewas Plant won 1st Prize in the National Final of 29th Quality Circle competition organized by the Confederation of Indian Industry (CII)
AFTERMARKET CHANNEL
Indian Market
According to ACMA, the Indian automotive component
Aftermarket segment stood at INR 560980.00 million in FY2017. Out of the total,
2 and 3-Wheeler segments accounted for INR 120380.000 million, Passenger Cars
accounted around INR 189700.000 million, Commercial Vehicles INR 197480.000
million, and tractors INR 53420.000 million. The Indian automotive component
Aftermarket segment is expected to grow at 10.5% and reach INR 757050.000
million by FY2020.
Performance Review
Gabriel India has an active and strong focus on the replacement market. The Company has been able to achieve leadership in this segment by servicing both, through the original equipment segment, as well as the independent Aftermarket directly through its own brand. In FY2017, the business grew by 7.8% and represents 13% of the top line across business segments. The Business Unit has a strong network with more than 500 dealers and 10,000 retailers, covering 19 Carrying and Forwarding Agent (CFA) locations. Most of the retailers have been associated with the Company for decades.
OPERATIONAL REVIEW
Innovation and
Technology
Innovation
Innovation is the driving force at Gabriel India. We are always committed to develop advanced and futuristic solutions to address our customer needs. This is reflected in the intensive R&D activities, and new products introduced to Indian automotive industry over the years by the company. Gabriel India boasts of a diverse product portfolio that caters to every automobile customer, from bicycles to trains. Gabriel India believes that R&D, both in terms of products and processes is important. The company has adopted innovation as a way of life.
Gabriel India boasts of a diverse product portfolio that caters to every automobile customer, from bicycles to trains. Gabriel India believes that R&D, both in terms of products and processes is important. The company has adopted innovation as a way of life.
Key highlights
· Most of the machines in manufacturing are built by the Company’s in-house team
· They are one of India’s leading Tier I companies to have filed 43 patents till date
· The company has evolved from being a product supplier to a complete solution provider
Technology
The Company collaborates with KYB Corporation, Japan; Yamaha Motor Hydraulic Systems, Japan; KYBSE, Spain and KONI B.V., The Netherlands for technical support on various vehicle models or platforms. The Company continues to invest in R&D and testing facilities to facilitate robust design, foster new products launch and promote higher customer satisfaction, which has been reflected in the company’s leading position in the suspension business across every segment.
The Company has recently signed a Technology Assistance Agreement (TAA) to provide product and process technology to Torre Parts & Components, South Africa. Providing technical services to overseas companies such as Torre Parts & Components and Gabriel de Colombia is a key achievement and also an affirmation of our technical expertise.
The Company has state-of-the-art, dedicated tech centres at Hosur, Chakan and Nashik which are approved by the Department of Scientific and Industrial Research (DSIR), Government of India. The R&D center at Chakan has recently commissioned the highly complex corner module testing, which provides the capability to stimulate the suspension and damper testing using actual road input data, in shorter time.
The R&D centres employ highly qualified research professionals
who work in a creative environment. Last year, the Company invested
substantially in new generation testing and validation equipment to upgrade its
testing facilities to global standards. The R&D team continuously focuses
on new technology to provide the customer experience of new suspension
technologies in India i.e. light weighing and adjustable suspension at a
reasonable costs.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax (interest free) |
1.260 |
1.890 |
|
Fixed deposits (Deposits from public including shareholders carry
interest between 8.5% to 10% p.a. and having maturity period ranging from 1
year to 3 years from the date of deposit) |
27.410 |
28.880 |
|
Long term maturities of finance lease obligations |
48.880 |
49.100 |
|
Total |
77.550 |
79.870 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
Y10174815 |
90089794 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED |
14/11/1992 |
- |
- |
7500000.0 |
163 ; BACKBAY RACLAMATION BOMBAY MAHARASHTRA 400020 INDIA |
|
2 |
Y10174770 |
90089749 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED |
28/05/1992 |
- |
- |
34679920.0 |
163 ; BACKBAY RACLAMATION BOMBAY MAHARASHTRA 400020 INDIA |
|
3 |
Y10174725 |
90089704 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED |
27/12/1991 |
- |
- |
12500000.0 |
163 ; BACKBAY RACLAMATION BOMBAY MAHARASHTRA 400020 INDIA |
|
4 |
G59367821 |
90089466 |
HDFC BANK LIMITED |
10/04/1989 |
17/06/2014 |
27/10/2017 |
1000000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL (WEST) MUMBAI MAHARASHTRA 400013 INDIA |
|
5 |
G60803483 |
10186858 |
DIRECTOR OF INDUSTRIES THROUGH Member Secretary Single Window Clearing Agency Parwanoo |
25/11/2009 |
- |
16/10/2017 |
3000000.0 |
Single Window Clearance Agency Parwanoo Parwanoo Himachal Pradesh 173220 INDIA |
|
6 |
G08890204 |
10286277 |
IndusInd Bank Limited |
19/04/2011 |
14/12/2015 |
22/07/2016 |
1178000.0 |
Dr. GOPALDAS BHAWAN, 28, BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
|
7 |
C72554454 |
90091699 |
INDUSTRIAL BANK LTD. |
05/11/2001 |
- |
04/12/2015 |
100000000.0 |
28 ; GOPAL DAS BHAVAN BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
|
8 |
C69078871 |
90091932 |
PUNJAB NATIONAL BANK |
21/08/2002 |
- |
23/10/2015 |
49500000.0 |
PARWANOOHIMACHAL PRADESH UTTAR PRADESH INDIA |
|
9 |
C68395987 |
10243562 |
INDUSIND BANK LTD. |
12/10/2010 |
- |
20/10/2015 |
60600000.0 |
DR.GOPAL DAS BHAWAN, 28,BARAKHAMBA ROAD NEW DELHI NEW DELHI 110001 INDIA |
|
10 |
C68412824 |
90092218 |
INDUSIND BANK LIMITED |
07/07/2003 |
04/11/2008 |
20/10/2015 |
91500000.0 |
DR.GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Disputed Direct and
Indirect Tax matters |
|
|
|
Company in appeal |
253.140 |
219.140 |
|
Matters decided in Company's favour, tax authorities in
appeal before the High Court |
12.260 |
12.260 |
|
Others |
19.410 |
20.460 |
|
Claims against the Company, not acknowledged as debts |
314.180 |
287.980 |
|
Local authority
duties/taxes on property, utilities etc. disputed by the Company relating to
issues of applicability and determination aggregating INR 184.960 million (Previous
year INR 182.000 Million) |
||
|
Third party claims
arising from disputes relating to contracts aggregating INR 0.400 million.
(Previous year INR 0.400 Million). |
||
|
Other matters
aggregating INR 128.820 million (Previous year INR 105.58 Million). |
||
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Half Ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
4716.98 |
4654.070 |
9371.050 |
|
b. Other Income |
15.950 |
15.580 |
31.530 |
|
Total Income |
4732.930 |
4669.650 |
9402.58 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of material Consumed |
3382.830 |
2886.060 |
6268.890 |
|
Purchase of Stock-in trade |
28.310 |
41.060 |
69.370 |
|
(Increases)/ decrease in finished Goods, work- in-progress and Stock-in-trade |
11.450 |
49.150 |
60.600 |
|
Excise Duty |
0.000 |
465.510 |
465.510 |
|
Employees Benefit Expenses |
378.530 |
358.100 |
736.630 |
|
Finance Cost |
9.230 |
7.180 |
16.410 |
|
Depreciation and Amortization Expenses |
87.910 |
96.180 |
184.090 |
|
Other expenses |
461.290 |
463.960 |
925.250 |
|
Total Expenses |
4359.550 |
4367.200 |
8726.750 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
373.380 |
302.450 |
675.830 |
|
Tax Expense |
|
|
|
|
- Current Tax |
98.650 |
96.520 |
195.170 |
|
- Deferred Tax |
9.040 |
1.560 |
10.600 |
|
- Total |
107.690 |
98.080 |
205.770 |
|
Net Profit After
Tax |
265.690 |
204.370 |
470.060 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that will not
be reclassified to profit or loss |
|
|
|
|
(i) Remeasurment of net defined benefit plans |
(7.380) |
(6.510) |
(13.890) |
|
(ii) Tax on above |
2.560 |
2.250 |
4.810 |
|
|
|
|
|
|
Items that will be reclassified to profit or loss |
|
|
|
|
Change in fair value of cash flow hedge |
13.690 |
27.120 |
40.810 |
|
Tax on above |
(4.400) |
(9.390) |
(13.790) |
|
|
|
|
|
|
Other comprehensive income, net of income tax |
4.470 |
13.470 |
17.940 |
|
|
|
|
|
|
Total Other comprehensive income, net of income tax |
270.160 |
217.840 |
488.000 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (Share – INR 1) |
|
|
|
|
Other Equity (as per balance sheet of the previous
accounting year) |
143.640 |
143.640 |
143.640 |
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic and Diluted |
1.85 |
1.42 |
3.27 |
STATEMENT OF ASSETS AND LIABILITIES
(INR In Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
143.640 |
|
(b) Reserves & Surplus |
|
|
4696.600 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
4840.240 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
79.270 |
|
(b) Deferred tax liabilities
(Net) |
|
|
154.420 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
100.580 |
|
Total
Non-current Liabilities (3) |
|
|
334.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
2381.380 |
|
(c) Other current liabilities |
|
|
482.560 |
|
(d) Short-term provisions |
|
|
179.810 |
|
Total
Current Liabilities (4) |
|
|
3043.750 |
|
|
|
|
|
|
TOTAL |
|
|
8218.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
2737.700 |
|
(ii) Intangible Assets |
|
|
47.620 |
|
(iii) Capital work-in-progress |
|
|
65.420 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
23.270 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
17.710 |
|
(e) Other Non-current assets |
|
|
304.520 |
|
Total
Non-Current Assets |
|
|
3196.240 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
491.080 |
|
(b) Inventories |
|
|
1293.740 |
|
(c) Trade receivables |
|
|
2776.310 |
|
(d) Cash and cash equivalents |
|
|
159.150 |
|
(e) Short-term loans and
advances |
|
|
7.740 |
|
(f) Other current assets |
|
|
294.000 |
|
Total
Current Assets |
|
|
5022.020 |
|
|
|
|
|
|
TOTAL |
|
|
8218.260 |
Notes:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 10th November 2017.
2. As the Company's business activity falls within a single operating segment
viz. "auto components and parts", no segment information is
disclosed.
3. Sale for the quarter ended 30th September 2017 is net of Goods and Service
Tax (GST), however sale till period ended 30th June 2017 and comparative
periods is inclusive of Excise Duty.
4. The Company adopted Indian Accounting Standards ("Ind AS") from
1st April 2017 and accordingly these financial results have been prepared in
accordance with the recognition and measurement principles laid down in the Ind
AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies
Act, 2013 read with the relevant rules issued thereunder and the other
accounting principles generally accepted in India. Consequently financial
results for all the comparative periods presented have also been restated
accordingly. Audit of the financial results for the quarter ended on 30th
September 2017, have been carried out by the Statutory Auditors. The financial
results for the quarter and half year ended 30th September 2016 and year ended
31st March 2017, as restated, have not been audited by the Statutory Auditors
and have been presented based on the information compiled by the management
after making necessary adjustments to give the true and fair view of the
results in accordance with Ind AS.
5. The figures for quarters ended 30th September 2017 and 2016 are the balancing
figures between the audited figures of half year ended 30th September 2017 and
unaudited figures of half year ended 30th September 2016 and published
unaudited financial results of quarters ended 30th June 2017 and 2016
respectively.
6. The figures for the previous period have been regrouped/reclassified,
wherever necessary to conform to the current period's presentation.
7. The Board of Directors in their meeting held on 10th November 2017, have
declared an interim dividend of INR 0.50 per share of INR 1 each. The record
date for the same is 18th November 2017
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Vehicles
· Furniture and Fixtures
·
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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
UK Pound |
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
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.
·