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MIRA INFORM REPORT
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Report No. : |
490372 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NITCO
LIMITED (w.e.f. 2008) |
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Formerly Known
As : |
NITCO TILES LIMITED (w.e.f. 25.01.1996) NITCO TILES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 3, Nitco House, Kanjur Village Road, Kanjurmarg [East],
Mumbai-400042, Maharashtra |
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Tel. No.: |
91-22-66164500/ 66164555/ 67302500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
25.07.1966 |
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Com. Reg. No.: |
11-016547 |
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Capital
Investment / Paid-up Capital : |
INR 546.993 Million |
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CIN No.: [Company Identification
No.] |
L26920MH1966PLC016547 |
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IEC No.: |
0389009504 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN1674N |
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TIN No.: |
27250000053 |
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GST No.: |
27AAACN1674N1Z4 |
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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 Ceramic (Floor/Wall) Tiles, Processing of Marble, Outsourcing of Vitrified Tiles and Development of Real Estates. [Registered Activity] |
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No. of Employees
: |
1066 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1966. The company is engaged in providing floor and wall solutions with a portfolio comprising a comprehensive range of tiles, marbles and mosaic. As per the financials for the FY 2017, the company has accumulated losses due to which its net worth base is completely eroded. The company has filed a reference u/s 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 before Board of Industrial and Financial Reconstruction (BIFR). The above reference has been duly registered vide BIFR order dated 12th May 2015. Subject has been found under RBI defaulter’s list the name of credit grantor is State Bank of Mysore and the amount charged is INR 161.500 Million dated 31.12.2017. Further, as per quarterly results till September 2017, the company bears a huge loss of INR 91.300 Million along with drop in its revenues. Business is active. Payments are slow and delayed. In view of aforesaid, we do not recommend any business dealing with the subject. NOTE: As per Board for Industrial and Financial Reconstruction (BIFR) current status, determination of sickness of the company is pending. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
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Borrowers’ Name : |
NITCO LIMITED |
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Address : |
Nitco House, Recondo Compound, Inside Muncipal Asphalt
Compound, SK Ahire Marg, Worli, Mumbai |
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Name of Individual : |
· Pradeep Jagadish Saxena · Rakesh Kumar · Rohan Vivek Talwar · Vivek Talwar |
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Name of Credit Grantors / Bank & Branch: |
State Bank of India |
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Amount (INR In Million) : |
INR 161.500 Million |
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 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 [91-22-67302500]
LOCATIONS
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Registered/ Corporate Office : |
Plot No. 3, Nitco House, Kanjur Village Road, Kanjurmarg [East],
Mumbai-400042, Maharashtra, India |
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Tel. No.: |
91-22-66164500/ 66164555/ 67302500 |
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Fax No.: |
91-22-66164657 |
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E-Mail : |
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Website : |
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Factory 1 : |
Ceramic Tiles
Division Village Shirgaon, Taluka Alibaug, Post Poynad, District Raigad-402108, Maharashtra, India |
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Factory 2 : |
Marble Division
(Silvassa) Survey No. 176/1/3/2/1, 176/1/3/1/1 & 179/1/9/2, Near Plasticize
Unit-II, Opposite Goa Gutka Co., Village Sili, Silvassa – 396230, Dadra and
Nagar Haveli (UT), India |
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Factory 3 : |
Nitco House, Station Road, Kanjur Marg (East),
Mumbai-400042, Maharashtra, India |
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Factory 4 : |
New Vardhman ( Joint Venture), 8-A National Highway, Near
Vaghasiya Toll Plaza, Village: Vaghasiya, Ta- Wankaner, District Rajkot
363621, Gujarat, India |
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Branch Offices : |
Located At: · Ahmedabad · Bangalore · Bhubaneshwar · Chandigarh · Chennai · Coimbatore · Ernakulum · Ghaziabad (UP West) · Guwahati · Indore · Jaipur · Kolkata · Lucknow (UP East) · New Delhi · Nagpur · Patna · Pune ·
Secunderabad |
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Franchises : |
Located At:
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Showrooms : |
Located At: · Dadra and Nagar Haveli (UT) · Chandigarh · Delhi · Gujarat · Karnataka · Kerala · Maharashtra · Rajasthan · Tamilnadu · Telangana ·
West Bengal |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Vivek Talwar |
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Designation : |
Chairman and Managing Director |
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Address : |
17-B, II palazzo Little GIBBS Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
12.02.2014 |
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DIN No.: |
00043180 |
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Name : |
Mr. Pradeep Saxena |
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Designation : |
Independent Director |
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Address : |
2nd Ground Floor, Purnima Patel Compound, 20C LJ Marg, Napansea Road, Mumbai -400006, Maharashtra, India |
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Date of Appointment : |
03.05.2012 |
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DIN No.: |
00288321 |
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Name : |
Mrs. Bharti Dhar |
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Designation : |
Director |
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Address : |
C14 Nisarg Upavan Patlipada, Off Ghod Bander Road, Thane West – 400607, Maharashtra, India |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
00442471 |
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Name : |
Mr. Sharath Padmanabh Bolar |
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Designation : |
Director |
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Address : |
A/101, Pooja Dham CHS Limited, Suhasini Pawaskar Marg, Near Jai Ambe Hospital, Vaishali Nagar, Da Hisar East, Mumbai – 400068, Maharashtra, India |
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Date of Appointment : |
12.11.2014 |
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DIN No.: |
07009701 |
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KEY EXECUTIVES
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Name : |
Mr. Bhaskar Gurudas Borkar |
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Designation : |
Chief Finance Officer |
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Address : |
Rahat Manzil, 2nd Floor, Dr. Ambedkar Road Dandpada, Khar (West), Mumbai – 400052, Maharashtra, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
ABVPB7449J |
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Name : |
Mr. Puneet Ashok Motwani |
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Designation : |
Company Secretary |
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Address : |
H-36, Nutan Nagar, Gurunanak Road, Bandra (West), Mumbai- 400050 Mumbai 400050, Maharashtra, India |
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Date of Appointment : |
30.05.2016 |
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PAN No.: |
BMZPM7998H |
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Name : |
Mr. Ajith Babu A. N. Shenoy Narasimha |
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Designation : |
Chief Executive Officer |
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Address : |
301-A, 3rd Floor, Baktavar, Colaba Post Office, Colaba, Mumbai - 400005, Maharashtra, India |
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Date of Appointment : |
14.11.2016 |
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PAN No.: |
AALPB9345A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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(A) Promoter &
Promoter Group |
38040306 |
69.54 |
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(B) Public |
16659032 |
30.46 |
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Grand Total |
54699338 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
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A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
6827506 |
12.48 |
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Vivek Prannath
Talwar |
6323669 |
11.56 |
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Prannath Amarnath
Talwar |
503837 |
0.92 |
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Any Other
(specify) |
31212800 |
57.06 |
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Rajeshwari
Prannath Talwar |
322151 |
0.59 |
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Watco Engineering
Co. Pvt. Ltd |
1616712 |
2.96 |
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Nitco Paints
Private Limited |
1598299 |
2.92 |
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Anjali Vivek
Talwar |
543146 |
0.99 |
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Rang Mandir
Builders Pvt. Ltd. |
280269 |
0.51 |
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Ushakiran Builders
Private Limited |
209417 |
0.38 |
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Lavender
Properties Private Limited |
208072 |
0.38 |
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Prakalp Proprties
Private Limited |
175785 |
0.32 |
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Eden Garden
Builders Private Limited |
156951 |
0.29 |
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Lovraj Talwar |
87301 |
0.16 |
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Nitco Tiles And
Marble Industries Andhra Pvt Limited |
85517 |
0.16 |
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Sanjnaa Talwar |
85517 |
0.16 |
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Poonam Wasan |
62562 |
0.11 |
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Enjoy Builders
Private Limited |
72646 |
0.13 |
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Vivek Talwar (HUF) |
27264 |
0.05 |
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Northern India
Tiles Corporation |
2240 |
0.00 |
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A N Talwar (Huf) |
2001 |
0.00 |
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Northern India
Tiles (Sales) Corporation |
1 |
0.00 |
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Aurella Estates
And Investments Pvt Ltd |
25676949 |
46.94 |
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Sub Total A1 |
38040306 |
69.54 |
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A=A1+A2 |
38040306 |
69.54 |
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 % of (A+B+C2) |
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B1) Institutions |
0.00 |
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Foreign Portfolio Investors |
324000 |
0.59 |
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Financial
Institutions/ Banks |
215871 |
0.39 |
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Sub Total B1 |
539871 |
0.99 |
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B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
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B3)
Non-Institutions |
0.00 |
||
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Individual share capital
up to INR 0.200 Million |
5256422 |
9.61 |
|
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Individual share
capital in excess of INR 0.200 Million |
3932789 |
7.19 |
|
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Any Other
(specify) |
6929950 |
12.67 |
|
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Sub Total B3 |
16119161 |
29.47 |
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B=B1+B2+B3 |
16659032 |
30.46 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Ceramic (Floor/Wall) Tiles, Processing of Marble, Outsourcing of Vitrified Tiles and Development of Real Estates. [Registered Activity] |
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Brand Names : |
“NITCO” |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1066 (Approximately) |
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Bankers : |
· Dena Bank Share Bazar Branch, Ambalal Doshi Marg, Mumbai-400023, Maharashtra, India · IDBI Bank Limited Mittal Court, 224 A- Wing, 2nd Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
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Facilities : |
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Financial Institutions : |
· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India · JM Financial Asset Reconstruction Company Private Limited 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Auditors : |
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Name : |
A Husein Noumanali and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
· Nitco Realties Private Limited · Nitco Holdings HK Company Limited · New Vardhman Vitrified Private Limited |
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Fellow Subsidiaries
: |
· Maxwealth Properties Private Limited · Meghdoot Properties Private Limited · Roaring - Lion Properties Private Limited · Feel Better Housing Private Limited · Quick-Solution Properties Private Limited · Silver-Sky Real Estates Private Limited · Opera Properties Private Limited · Ferocity Properties Private Limited · Glamorous Properties Private Limited · Nitco IT Parks Private Limited · Nitco Aviation Private Limited · Aileen Properties Private Limited |
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Enterprises over
which Key Managerial Personnel are able to exercise Significant Influenced : |
· Alpine Agro And Dairy Farms Private Limited · Anandshree (Bombay) Holding Private Limited · Aqua-Marine Properties Privated · Aurella Estates And Investments Private Limited · Nitco Exports · Brunelle Constructions Private Limited · Blue-Whale Properties Pvt. Ltd. · Cosmos Realtors Private Limited · Nitco Paints Private Limited ·
Lavender Properties Private Limited (Date of
cessation March 09, 2015) · Eden Garden Builders Private Limited (Date of cessation March 09, 2015) · Enjoy Builders Private Limited (Date of cessation March 09, 2015) · Feel Better Housing Private Limited · Ferocity Properties Private Limited · First Life Properties LLP · Greenarth Properties And Realty LLP (Date of Appointment August 10, 2015) · Nitco Limited · Brighton Properties Private Limited (Date of cessation March 09, 2015) · Nitco Realties Private Limited ·
Nitco Sales Corporation (Delhi) · Nitco Tiles · Nitco Tiles Sales Corporation (Bombay) · Norita Investments Private Limited · Northern India Tiles (Sales) Corporation · Orchid Realtors Private Limited · Prakalp Properties Private Limited (Date of cessation March 09, 2015) · Rang Mandir Builders Private Limited (Date of cessation March 09, 2015) · Orchid Realtors Private Limited · Rejoice Realty Private Limited (Date of cessation March 09, 2015) · Reliant Properties And Realty LLP · Rhythm Real Estates Private Limited · Roaring - Lion Properties Private Limited · Saisha Trading LLP · Saumya Buildcon Private Limited ·
Ushakiran Builders Private Limited (Date of
cessation March 09, 2015) · Strongbase Properties LLP · Silver-Sky Real Estates Private Limited · Tanvish Properties LLP · The Northern India Tiles Corporation (Delhi) · Ushakiran Builders Private Limited · Vihaan Properties Private Limited (Date of cessation March 09, 2015) · Vivek Talwar (HUF) · Vilasini Properties Private Limited · Glamorous Properties Private Limited · Kshamta Properties Private Limited (Date of cessation March 09, 2015) · Hunar Cultivators And Developers Private Limited · IB Hospitality Private Limited · Kavivarya Properties LLP · Maxwealth Properties Private Limited · Meghdoot Properties Private Limited · Melisma Finance And Trading Private Limited · Merino Realtors Private Limited · Nitco Aviation Private Limited · Nitco Consultants And Exports Private Limited (Date of cessation March 09, 2015) |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 10/- each |
INR 600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54699338 |
Equity Shares |
INR 10/- each |
INR 546.993
Million |
|
|
|
|
|
Out of the above equity shares, 41,80,299 equity shares had been allotted pursuant to court approved schemes of amalgamation / merger for consideration other than cash.
The Company has not allotted any equity shares for consideration other than cash, bonus shares, nor have any shares been bought back during the period of five years immediately preceding balance sheet date.
Terms, Rights,
Preferences and restrictions attached to equity shares:
The Company has only one class of equity shares having a face value of INR 10 per share. Each holder of equity share is entitled to one vote on show of hands and in case of poll, one vote per equity share. A member shall not have any right to vote whilst any call or other sum shall be due and payable to the Company in respect of any of the shares of such member. All equity shares of the Company rank pari passu in all respects including the right to dividend.
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
As at March 31, 2017 |
|
|
|
|
Equity shares at the beginning of the year |
54699338 |
|
Equity shares at the close of the year |
54699338 |
The details of shareholders
holding more than 5% shares in the Company
|
Name of the
shareholders |
As at March 31, 2017 |
|
|
No. of Shares |
% held |
|
|
Aurella Estates and Investments Private Limited |
25676949 |
46.94 |
|
Vivek Prannath Talwar |
6323669 |
11.56 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
546.993 |
546.993 |
546.993 |
|
(b) Reserves & Surplus |
(1889.155) |
(1565.919) |
(938.255) |
|
(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) |
(1342.162) |
(1018.926) |
(391.262) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4570.223 |
6372.646 |
7550.851 |
|
(b) Deferred tax liabilities (Net) |
203.484 |
203.484 |
203.484 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
18.379 |
23.609 |
23.154 |
|
Total
Non-current Liabilities (3) |
4792.086 |
6599.739 |
7777.489 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1135.741 |
1144.240 |
818.057 |
|
(b)
Trade payables |
1574.157 |
1766.606 |
1686.928 |
|
(c)
Other current liabilities |
7529.395 |
5797.788 |
4599.353 |
|
(d)
Short-term provisions |
17.791 |
18.459 |
14.675 |
|
Total
Current Liabilities (4) |
10257.084 |
8727.093 |
7119.013 |
|
|
|
|
|
|
TOTAL |
13707.008 |
14307.906 |
14505.240 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5343.054 |
5635.267 |
6083.213 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
19.538 |
19.442 |
37.348 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
273.536 |
273.536 |
273.536 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1890.863 |
1888.383 |
1885.716 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
7526.991 |
7816.628 |
8279.813 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3553.821 |
3604.123 |
3638.890 |
|
(c)
Trade receivables |
1400.531 |
1543.615 |
1217.571 |
|
(d)
Cash and cash equivalents |
157.105 |
186.951 |
181.422 |
|
(e)
Short-term loans and advances |
472.017 |
512.013 |
456.756 |
|
(f)
Other current assets |
596.543 |
644.576 |
730.788 |
|
Total
Current Assets |
6180.017 |
6491.278 |
6225.427 |
|
|
|
|
|
|
TOTAL |
13707.008 |
14307.906 |
14505.240 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
7227.956 |
8133.350 |
8269.940 |
|
|
|
Other Income |
13.368 |
9.048 |
8.898 |
|
|
|
TOTAL |
7241.324 |
8142.398 |
8278.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1668.871 |
1931.974 |
1786.096 |
|
|
|
Purchases of Stock-in-Trade |
3145.605 |
3614.536 |
3732.554 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(49.540) |
(39.054) |
307.161 |
|
|
|
Employees benefits expense |
765.431 |
722.209 |
721.286 |
|
|
|
Other expenses |
1356.376 |
1618.828 |
1889.792 |
|
|
|
Excise Duty |
272.154 |
331.289 |
|
|
|
|
Exceptional Items |
0.000 |
25.283 |
69.675 |
|
|
|
TOTAL |
7158.897 |
8205.065 |
8506.564 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
82.427 |
(62.667) |
(227.726) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
25.819 |
51.910 |
421.713 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
56.608 |
(114.577) |
(649.439) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
379.844 |
513.087 |
622.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
(323.236) |
(627.664) |
(1272.221) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(323.236) |
(627.664) |
(1272.221) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
178.217 |
159.018 |
122.421 |
|
|
TOTAL EARNINGS |
178.217 |
159.018 |
122.421 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded goods |
20.968 |
96.947 |
118.258 |
|
|
|
Raw Materials |
453.199 |
591.473 |
584.968 |
|
|
|
Capital Goods |
8.873 |
15.524 |
6.316 |
|
|
|
Spare Parts & Components |
36.994 |
55.958 |
39.592 |
|
|
TOTAL IMPORTS |
520.034 |
759.902 |
749.134 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
(5.91) |
(11.47) |
(23.26) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
7228.005 |
5490.522 |
4390.932 |
|
|
|
|
|
|
Cash Generated from Operations |
164.999 |
(140.369) |
230.874 |
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
157.703 |
(136.943) |
224.813 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
70.72 |
69.27 |
53.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.16 |
5.27 |
6.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
119.34 |
116.26 |
111.57 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.02 |
(0.02) |
(0.06) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.02 |
(0.01) |
(0.04) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.61 |
1.44 |
1.31 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(9.64) |
(12.77) |
(32.61) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(7.64) |
(8.56) |
(18.20) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(4.00) |
(5.55) |
(15.64) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.19 |
(1.21) |
(0.54) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(4.47) |
(7.72) |
(15.38) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.36) |
(4.39) |
(8.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
24.08 |
61.60 |
325.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.60 |
0.74 |
0.87 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.26 |
0.33 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.10) |
(0.07) |
(0.03) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
23.65 |
23.78 |
23.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.60 |
0.74 |
0.87 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 108.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
546.993 |
546.993 |
546.993 |
|
Reserves & Surplus |
(938.255) |
(1565.919) |
(1889.155) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(391.262) |
(1018.926) |
(1342.162) |
|
|
|
|
|
|
long-term borrowings |
7550.851 |
6372.646 |
4570.223 |
|
Short term borrowings |
818.057 |
1144.240 |
1135.741 |
|
Current Maturities of Long
term debt |
4390.932 |
5490.522 |
7228.005 |
|
Total
borrowings |
12759.840 |
13007.408 |
12933.969 |
|
Debt/Equity
ratio |
(32.612) |
(12.766) |
(9.637) |
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 |
8269.940 |
8133.350 |
7227.956 |
|
|
|
(1.652) |
(11.132) |
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 |
8269.940 |
8133.350 |
7227.956 |
|
Profit/ (Loss) |
(1272.221) |
(627.664) |
(323.236) |
|
|
(15.38%) |
(7.72%) |
(4.47%) |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
|
546.993 |
546.993 |
|
(b) Reserves & Surplus |
|
(1854.863) |
(1527.313) |
|
© Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
(3) Minority
Interest |
|
197.235 |
191.738 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(1110.635) |
(788.582) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
4696.502 |
6613.731 |
|
(b) Deferred tax liabilities (Net) |
|
271.509 |
276.623 |
|
(c)
Other long term liabilities |
|
12.577 |
13.517 |
|
(d)
long-term provisions |
|
18.267 |
23.609 |
|
Total
Non-current Liabilities (3) |
|
4998.855 |
6927.480 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1292.322 |
1302.047 |
|
(b)
Trade payables |
|
1663.410 |
1823.333 |
|
(c)
Other current liabilities |
|
7860.775 |
6017.113 |
|
(d)
Short-term provisions |
|
19.882 |
29.530 |
|
Total
Current Liabilities (4) |
|
10836.389 |
9172.023 |
|
|
|
|
|
|
TOTAL |
|
14724.609 |
15310.921 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6222.408 |
6623.899 |
|
(ii)
Intangible Assets |
|
32.377 |
32.373 |
|
(iii)
Capital work-in-progress |
|
29.748 |
29.648 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
2.500 |
2.500 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
563.219 |
560.715 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
6850.252 |
7249.135 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.015 |
0.015 |
|
(b)
Inventories |
|
4997.903 |
4991.581 |
|
(c)
Trade receivables |
|
1501.998 |
1567.682 |
|
(d)
Cash and cash equivalents |
|
208.103 |
245.933 |
|
(e)
Short-term loans and advances |
|
568.418 |
610.239 |
|
(f)
Other current assets |
|
597.920 |
646.336 |
|
Total
Current Assets |
|
7874.357 |
8061.786 |
|
|
|
|
|
|
TOTAL |
|
14724.609 |
15310.921 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
7448.650 |
8224.879 |
|
|
|
Other Income |
|
18.709 |
15.010 |
|
|
|
TOTAL |
|
7467.359 |
8239.889 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
2226.432 |
2739.002 |
|
|
|
Purchases of Stock-in-Trade |
|
2021.502 |
1997.276 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(86.260) |
(92.132) |
|
|
|
Employees benefits expense |
|
814.107 |
776.639 |
|
|
|
Other expenses |
|
1950.242 |
2281.023 |
|
|
|
Excise Duty |
|
291.137 |
337.916 |
|
|
|
Exceptional Items |
|
0.000 |
25.283 |
|
|
|
TOTAL |
|
7217.160 |
8065.007 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
250.199 |
174.882 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
78.788 |
120.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
171.411 |
54.164 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
496.688 |
625.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
|
(325.277) |
(571.250) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(3.238) |
12.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS |
|
(322.039) |
(583.291) |
|
|
|
|
|
|
|
|
|
Less |
SHARE OF PROFIT/(LOSS) TRANSFERRED TO MINORITY INTEREST |
|
5.497 |
18.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FOR THE PERIOD |
|
(327.536) |
(601.777) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
|
(5.99) |
(11.00) |
|
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 |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G46425450 |
100045284 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/05/2016 |
23/03/2017 |
- |
12825600000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R.KAMANI MARG, BALLARD ESTATE,MUMBAIMH400001IN |
|
2 |
G46422994 |
10438345 |
IDBI TRUSTEESHIP SERVICES LIMITED |
27/06/2013 |
23/03/2017 |
- |
17921000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R.KAMANI MARG, BALLARD ESTATE,MUMBAIMH400001IN |
|
3 |
G20846655 |
10423135 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
06/03/2013 |
21/03/2016 |
- |
17921000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMA400025IN |
|
4 |
C38848537 |
10364819 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
25/06/2012 |
30/09/2014 |
- |
200000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMH400025IN |
|
5 |
G46680252 |
10364821 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY LIMITED |
25/06/2012 |
23/03/2017 |
- |
150000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMA400025IN |
|
6 |
B43339712 |
10343133 |
DENA BANK |
17/02/2012 |
25/06/2012 |
- |
200000000.0 |
SHARE BAZAR BRANCHAMBALAL DOSHI MARGMUMBAIMH400023IN |
|
7 |
C61404877 |
10335519 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
23/01/2012 |
10/03/2015 |
- |
250000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMH400025IN |
|
8 |
B26465039 |
10320369 |
IDBI BANK LIMITED |
25/10/2011 |
- |
- |
200000000.0 |
MITTAL COURT, 224 A- WING, 2ND FLOORNARIMAN POINTMUMBAIMH400021IN |
|
9 |
C43598721 |
10312794 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
26/09/2011 |
29/12/2014 |
- |
200000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMH400025IN |
|
10 |
G45431558 |
10311846 |
JM FINANCIAL ASSET RECONSTRUCTION COMPANY LIMITED |
26/09/2011 |
30/12/2016 |
- |
200000000.0 |
7TH FLOOR, CNERGY,APPASAHEB MARATHE MARG, PRABHADEVI,MUMBAIMA400025IN |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from "Nitco House, Recondo Compound, S. K. Ahire Marg, Worli, Mumbai- 400 030, Maharashtra, India to the present address
COMPANY INFORMATION
Subject (the ‘company’) is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company is one of the leading player in the tiles and marble business. The company has manufacturing facilities in Maharashtra and Silvassa and sells primarily in India through independent distributors and modern trade.
REVIEW OF
OPERATION
The company’s business model until FY 2011-12, was predominantly
based on outsourcing of tiles from China. Due to sharp depreciation of Indian
Rupee against US Dollar during later part of 2011, this model based on imports
suddenly became unviable. The Company thereafter took steps to shift the
business model to local outsourcing/ joint venture
arrangement. This sudden change in the model has taken a toll on the financial
performance of the Company during the last few years.
Despite several challenges
faced by the Company including demonetization, the Company was able to achieve
Income from Operations of INR 72.280 Million, a decrease of 11.13% over last
year. Despite drop in turnover, the Company achieved EBITDA of INR 82.400
Million in FY 2016-17 against an EBITDA loss of INR 37.400 Million in FY
2015-16. This was made possible due to tight control on costs and the strong
brand equity enjoyed by the Company, at a consolidated level, the Company has
achieved EBITDA of INR 250.300 Million in FY 2016-17 against an EBITDA of INR
200.200 Million in FY 2015-16. The management is confident that the strategy
now being pursued by the Company is appropriate for achieving the desired
result.
Considering the brand
equity enjoyed by the Company and the performance of the Company during the
current year in a tough environment, and several steps taken for improving the
performance of the Company, the management is hopeful of a turnaround in near
future. The management therefore believes, it is appropriate to
prepare the financial statement on a going concern basis.
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
|
|
Particulars |
Quarter Ended |
Half Year
ended |
|
|
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
a) Revenue from Operations |
1335.697 |
1755.776 |
3091.473 |
|
|
|
b) Other Income |
0.481 |
3.038 |
3.519 |
|
|
Total Income from
Operations (Net) |
1336.178 |
1758.814 |
3094.992 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
299.851 |
486.935 |
786.786 |
|
|
b) |
Purchase of Stock-in-trade |
531.399 |
636.538 |
1167.937 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
16.488 |
35.898 |
52.386 |
|
|
d) |
Excise Duty |
--- |
69.914 |
69.914 |
|
|
e) |
Employee benefit expenses |
191.435 |
203.041 |
394.476 |
|
|
f) |
Finance Costs |
5.790 |
4.237 |
10.027 |
|
|
g) |
Depreciation and amortization expense |
94.842 |
93.466 |
188.308 |
|
|
h) |
Other expenses |
287.701 |
321.861 |
609.562 |
|
|
Total Expenses |
1427.506 |
1851.890 |
3279.396 |
|
|
|
|
|
|
|
|
|
3 |
Profit /(Loss) before tax |
(91.328) |
(93.076) |
(184.404) |
|
|
4 |
Exceptional Items |
---- |
---- |
---- |
|
|
5 |
Profit /(Loss) from ordinary activities before tax |
(91.328) |
(93.076) |
(184.404) |
|
|
6 |
Tax Expenses |
---- |
---- |
---- |
|
|
7 |
Net Profit /(Loss)
after tax |
(91.328) |
(93.076) |
(184.404) |
|
|
8 |
Other
comprehensive income |
|
|
|
|
|
9 |
Items
that will not be reclassified to profit or loss |
|
|
|
|
|
10 |
Re-measurements
of post-employment benefit obligations |
(0.916) |
0.418 |
(0.498) |
|
|
11 |
Tax
relating to items that will not be reclassified to profit or loss |
---- |
---- |
---- |
|
|
12 |
Total comprehensive expenses/ income, net
of income tax |
(0.916) |
0.418 |
(0.498) |
|
|
13 |
Total comprehensive income |
(90.412) |
(93.494) |
(183.906) |
|
|
14 |
Paid up equity share capital (Face value INR 10/- per share) |
546.993 |
546.993 |
546.993 |
|
|
|
|
Earnings per share (before/after extraordinary items) of INR 10/- each (not annualised) |
|
|
|
|
|
|
Basic |
(1.65) |
(1.71) |
(3.36) |
|
|
|
Diluted |
(1.65) |
(1.71) |
(3.36) |
NOTES:
1. The above financial results were reviewed by the audit committee and thereafter taken on record by the Board of Directors at their Meeting held on 8th November 2017 and were duly reviewed by the Statutory auditors.
2. The Company has adopted Indian Accounting Standards (Ind AS) effective from
1st April 2017 and the above results have been prepared in accordance with Ind
AS notified under section 133 of the Companies Act 2013, read together with the
Companies (Indian Accounting Standards) Rules, 2015. The date of transition is
1st April 2016 and the impact of transition has been accounted for in opening
reserves and comparative period results have been restated accordingly. The
reserves (excluding revaluation reserves) as per the balance sheet date of
previous accounting year ended 31st March 2017, not being mandatory one, is not
presented.
3. The Ind-AS compliant financial results for the quarter and half year ended
31st September 2016 and year ended 31st March 2017 had not been
subjected to limited review or audit. The limited review for the quarter and
half year ended 30th September 2016 was done under Indian GAAP. However, the management
has excercised necessary due diligence to ensure that the comparison of the
financial results provide true and fair view of its affairs.
4. The reconciliation of net profit reported in accordance with Indian GAAP to
total comprehensive income in accordance with Ind-AS given below:
|
Equity
Reconciliation |
Net Profit Reconciliation |
|
|
|
Quarter ended |
Half Year ended |
|
|
30.09.2016 (Unaudited) |
30.09.2016 (Unaudited) |
|
Net Loss/ Equity as per previous GAAP |
(89.998) |
(148.510) |
|
Remeasurement cost of net defined benefit liability |
(2.492) |
(0.140) |
|
Net Loss as per IND AS |
(92.490) |
(148.650) |
|
Other Comprehensive Income (Net of Tax) |
2.492 |
0.140 |
|
Total Comprehensive Income / Equity as per IND AS |
(89.998) |
(148.510) |
5. Power and fuel expenses are net as under:
|
Particulars |
Quarter Ended |
Half Year ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Sale of Power generated through Windmill |
22.855 |
26.202 |
49.057 |
6. During the quarter ended 30th September 2017, Syndicate Bank has
assigned their loans to JM Financial Asset Reconstruction Co Ltd (“JMFARC”). As
on date, sixteen lenders aggregating approximately 98% of overall debts of the
company had assigned their debts to JMFARC. The net worth of the Company had
been fully eroded. The Company is pursuing with JMFARC for a viable
restructuring package. In view of the uncertainty involved in ultimate outflow
of interest, the Company has not provided for unpaid interest. Had the interest
as per Loan Agreements been provided for, then the finance cost, loss for the
relevant period and corresponding loan liability would have been increased by
the following amount:
|
Particulars |
Quarter Ended |
Half Year ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Interest not provided |
641.476 |
612.145 |
1253.621 |
7. The sales of tiles and marble during the quarter has dropped due to implementation
of GST from 1st July 2017 and slowdown in real estate execution due to RERA
implementation. Despite several constraints faced by the Company including
absence of working capital facilities and delayed sale of non core assets, the
Company achieved positive EBITDA of INR 13.931 Million during the first six
months FY 2017. Considering the brand equity enjoyed by the Company, non-core
assets identified for sale, and several steps taken by the Company, the
management is hopeful of a turnaround in future. The management therefore
believes, it is appropriate to prepare the financial statement on a going
concern basis.
8.
Consequent to introduction of Goods and Services tax [GST] with effect from 1st
July 2017, Central Excise, Value Added Tax [VAT] have been subsumed into GST,
In Accordance with the India Accounting Standard -18 on Revenue and Schedule
III of the company Act 2013 unlike excise Duty, Levies of GST, etc. are not the
part of revenue. Accordingly, the figure for period up to June 2017 are not
strictly relatable to those thereafter. The following additional information is
being provided to facilitate such understanding.
9. The previous quarter/ year figures are regrouped/ restated/ reclassified/
rearranged, wherever necessary, to make them comparable.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED
30.09.2017
|
Particulars |
Quarter Ended |
Half Year ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Segment revenue |
|
|
|
|
- Tiles and other related products |
1334.426 |
1584.740 |
2920.549 |
|
- Real Estate |
1.271 |
171.036 |
174.443 |
|
Total revenue |
1335.697 |
1755.776 |
3094.992 |
|
|
|
|
|
|
Segment results |
|
|
|
|
- Tiles and other related products |
(84.419) |
(104.426) |
(190.072) |
|
- Real Estate |
(1.119) |
15.587 |
15.695 |
|
Total Segment
Profit Before Interest and Tax |
(85.538) |
(88.839) |
(174.377) |
|
Financial cost |
5.790 |
4.237 |
10.027 |
|
Profit before tax |
(91.328) |
(93.076) |
(184.404) |
|
Other Comprehensive
Income |
(0.916) |
0.418 |
(0.498) |
|
Total Comprehensive
Income for the period/ year |
(90.412) |
(93.494) |
(183.906) |
|
|
|
|
|
|
Capital employed |
|
|
|
|
(Segment assets –
Segment Liabilities) |
|
|
|
|
- Tiles and other related products |
7436.405 |
7575.197 |
7436.405 |
|
- Real Estate |
3411.341 |
3396.044 |
3411.341 |
|
- Unallocated / Corporate |
646.471 |
563.025 |
646.471 |
|
Total Capital
employed |
11494.217 |
11534.266 |
11494.217 |
STANDALONE ASSETS AND
LIABILITIES FOR THE HALF YEAR ENDED 30 SEPTEMBER 2017
|
PARTICULARS
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property Plant and equipment |
|
|
5172.181 |
|
Capital work in progress |
|
|
23.648 |
|
intangible assets |
|
|
2.817 |
|
Financial assets |
|
|
|
|
Investment in
subsidiaries |
|
|
273.536 |
|
Loans |
|
|
1720.406 |
|
Other financial assets |
|
|
234.923 |
|
Income Tax assets (Net) |
|
|
172.938 |
|
Other Non-Current Assets |
|
|
158.527 |
|
Total Non-Current
Assets |
|
|
7758.976 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
(a) Inventories |
|
|
1685.667 |
|
(b) Inventories Real Estate |
|
|
1645.377 |
|
(c) Financial assets |
|
|
|
|
Trade receivables |
|
|
1619.193 |
|
Cash and cash equivalents |
|
|
91.805 |
|
Other financial assets |
|
|
335.662 |
|
Other Current Assets |
|
|
335.111 |
|
Total Current Assets |
|
|
5712.815 |
|
|
|
|
|
|
TOTAL ASSETS |
|
|
13471.791 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
EQUITY |
|
|
|
|
(a) Equity Share Capital |
|
|
546.993 |
|
(b) Other Equity |
|
|
(2073.061) |
|
Sub-total-Equity |
|
|
(1526.068) |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
3808.197 |
|
Provisions |
|
|
18.267 |
|
Deferred Tax Liabilities (Net) |
|
|
203.484 |
|
Other non-current liabilities |
|
|
0.271 |
|
Total
non-current liabilities |
|
|
4030.219 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Short-term Borrowings |
|
|
1101.927 |
|
Trade payables |
|
|
1540.386 |
|
Other financial liabilities |
|
|
7970.190 |
|
Other current liabilities |
|
|
332.067 |
|
Provisions |
|
|
23.070 |
|
Total current liabilities |
|
|
10967.640 |
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
|
|
13471.791 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantees / Counter Guarantees given by the company / by banks on behalf of company |
375.685 |
375.185 |
|
Letter of credits opened for which the company is contingently liable |
|
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for ( net of advances ) |
1.133 |
8.456 |
|
Demands against the
company not acknowledged as debts and not provided for against which the
company is in appeal: |
|
|
|
Excise Duty |
204.116 |
200.665 |
|
Custom Duty |
34.537 |
75.157 |
|
Penalty levied by DGFT, Delhi |
1698.000 |
1698.000 |
|
Sales Tax |
120.513 |
119.646 |
|
Income tax |
6.436 |
6.436 |
|
Legal matters |
11.034 |
11.152 |
|
(a) The Company is involved in a number of appellate, judicial and adjudication proceedings concerning matters arising in the course of conduct of the Company’s businesses (including taxation matters). Some of the proceedings in respect of matters under litigation are in early stages and in some other cases the claims are indeterminate. Management is generally unable to reasonably estimate a range of possible loss for proceedings or dispute in such matters. (b) Show cause notice for recovery Anti-dumping duty Commissioner of Customs based on the investigation of Directorate of Revenue Intelligence, had issued show cause notice in 2011 for recovery of anti-dumping duty of INR 3294.400 Million on vitrified tiles imported during the period 2004-09. The adjudicating authority vide its order dated April 28, 2017 has set aside the show cause notice and no antidumping duty is payable on the said imports. (c) Penalty levied by DGFT The Additional Director General Foreign Trade (ADGFT) had
levied penalty of exports obligation and the same has been confirmed by the
Appellate Bench of DGFT, New Delhi. The company has been advised that the
order is bad in law and accordingly will agitate the matter before the
appropriate forum. No Provisions has been made in the Accounts for the same. |
||
FIXED ASSETS:
Tangible Assets
- Freehold Land
- Buildings
- Office Equipment
- Plant & Machinery
- Electrical Installations
- Furniture & Fixtures
- Windmill
- Leasehold Land
- Motor Vehicles
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 64.27 |
|
UK Pound |
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.