|
|
|
MIRA INFORM REPORT
|
Report No. : |
490398 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SAHAJANAND LASER TECHNOLOGY LIMITED |
|
|
|
|
Formerly Known
As : |
SHREEJI LASER TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-30, G.I.D.C. Electronics Estate, Sector-26, Gandhinagar – 382028, Gujarat |
|
Tel. No.: |
91-79-23287461-68 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
23.04.2002 |
|
|
|
|
Com. Reg. No.: |
04-040659 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 203.682 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007GJ2002PLC040659 |
|
|
|
|
IEC No.: |
0893017027 |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS04011A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS1983B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of industrial and diamond machinery and its parts and Diamond processing. (Registered activity and also Confirmed by management) |
|
|
|
|
No. of Employees
: |
600 (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 |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2002 and it is having good track
records. For the financial year 2017, the company has marginal declined in its
revenue from operation as compared to previous year but maintained average
profitability margin of 2.93%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established position in the
electronic laser products market supported by its promoter’s extensive
experience and established customer relationships in the diamond and
automotive industries. However, these strengths are partially offset by the working capital
intensive operations and declined in the revenue as well as profitability
profile during the year. Trade relations are reported as fair. Business is active. Payments
terms are seem to be regular. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
31.03.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (A3+) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
31.03.2017 |
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 08.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shailesh Patel |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-79-23287461 |
|
Date : |
07.02.2018 |
LOCATIONS
|
Registered Office/ Factory 1 / Head Office : |
E-30, G.I.D.C. Electronics Estate, Sector-26, Gandhinagar – 382028, Gujarat,
India |
|
Tel. No.: |
91-79-23287461 to 68 |
|
Fax No.: |
91-79-23287470 |
|
E-Mail : |
|
|
Websites : |
|
|
Area : |
42500 Sq. Mt. |
|
Location : |
Owned |
|
Locality: |
Industrial |
|
|
|
|
Medical Device Manufacturing Site / Factory 2: |
A-8, G.I.D.C. Electronic Estate, Sector – 25, Gandhinagar – 382016,
Gujarat, India |
|
Tel. No.: |
91-79-23287461 to 68 |
|
|
|
|
Marketing Office/ Factory 3: |
E-2, G.I.DC., Electronic Estate, Sector – 26, Gandhinagar – 382028,
Gujarat, India |
|
Tel. No.: |
91-79-23287461 to 68 |
|
Fax No.: |
91-79-23287470 |
|
|
|
|
SEZ Work 1: |
Plot No : 29 and 58, Special Economic Zone, Sur SEZ, Sachin, Surat - 394230, Gujarat, India |
|
Tel. No.: |
91-261-2568447-48 |
|
Fax No.: |
91-261-2398419 |
|
|
|
|
SEZ Work 2: |
Plot No.233, Venus Building, Beside J.B. Diamond, L.H. Road, Varachha, Surat – 395006, Gujarat, India |
|
Tel. No: |
91-261-2543440/ 2548440 |
|
|
|
|
Branch Office 1 : |
Office No. 1 to 8, Anurag Mansion, Ground Floor, Gokul Anand Hotel,
Western Express Highway, Dahisar (East), Mumbai – 400068, Maharashtra,
India |
|
Tel. No.: |
91-22-22902346-7/ 64126885 |
|
|
|
|
Branch Office 2 : |
105, Guru Arjun Dev Bhawan, Ranjeet Nagar Commercial Complex, Near
Shadipur Metro Station, New Delhi – 110008, India |
|
|
|
|
Correspondent/ Postal Address/ Branch Office 3 : |
41, New York-1, Near Thaltej, Cross Road, S.G. Highway, Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-26854537/38 |
|
Fax No.: |
91-79-26854539 |
|
|
|
|
Branch Office 4 : |
Flat No: 01, S No: 09, Dhore Nagar, Sanghvi, Pune - 400027, Maharashtra, India |
|
Tel. No.: |
91-20-32544456 |
|
|
|
|
Branch Office 5 : |
48-A, Arvind Estate, Behind Indica Laboratory, L.B.S. Road, Bapunagar, Ahmedabad – 380025, Gujarat, India |
|
Tel. No.: |
91-79-22200950 |
|
|
|
|
Branch Office 6 : |
C-303, Diamoda Wing A, Tanvi Complex, Near S.V. Petrol Pump, S.V. Road, Dahisar (East), Mumbai – 400068, Maharashtra, India |
|
|
|
|
Overseas Office: |
Located At:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Arvindbhai Lavjibhai Patel |
|
Designation : |
Managing director |
|
Address : |
4, Manichandra Society, Part - I, Near Surdhara Circle, Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
17.08.1958 |
|
Qualification : |
B.E.(Electronics) |
|
Experience : |
31 Years |
|
Date of Appointment : |
23.04.2002 |
|
PAN No.: |
AHMPP5654Q |
|
DIN No.: |
00085612 |
|
|
|
|
Name : |
Mr. Dineshbhai Lavjibhai Patel |
|
Designation : |
Whole-time director |
|
Address : |
17, Vitthalnagar Society, Camp Road, Shahibaug, Ahmedabad - 380004, Gujarat, India |
|
Date of Birth/Age : |
13.08.1968 |
|
Qualification : |
12th Pass |
|
Experience : |
21 Years |
|
Date of Appointment : |
23.04.2002 |
|
DIN No.: |
00091594 |
|
|
|
|
Name : |
Mr. Sudhakar Chintaman Sahasrabudhe |
|
Designation : |
Director |
|
Address : |
Amarasharanam, Khare Town, Dharampeth, Nagpur - 440010, Maharashtra, India |
|
Date of Appointment : |
15.01.2008 |
|
DIN No.: |
00114802 |
|
|
|
|
Name : |
Mr. Ashwin Jerambhai Babaria |
|
Designation : |
Director |
|
Address : |
435, Shady Lane, South Lake, Texas, 76092, United States of America |
|
Date of Appointment : |
15.05.2006 |
|
PAN No.: |
ALJPB3347B |
|
DIN No.: |
00359466 |
|
|
|
|
Name : |
Mr. Maulik Arvindbhai Patel |
|
Designation : |
Whole-time director |
|
Address : |
17, Vitthalnagar Society, Camp Road, Shahibaug, Ahmedabad - 380004, Gujarat, India |
|
Date of Birth/Age : |
26.08.1984 |
|
Qualification : |
B. E. (Mechatronics) |
|
Experience : |
11 Years |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
ALUPP5629F |
|
DIN No.: |
00359678 |
|
|
|
|
Name : |
Mr. Dhirajlal Jerambhai Babaria |
|
Designation : |
Director |
|
Address : |
435, Shady Lane, South Lake, Texas, 76092, United States of America |
|
Date of Appointment : |
15.05.2006 |
|
PAN No.: |
ALKPB5134F |
|
DIN No.: |
00689305 |
|
|
|
|
Name : |
Mr. Mihirkumar Arvindbhai Joshi |
|
Designation : |
Nominee director |
|
Address : |
37/A, Vrajraj Cooperative Housing Society, Gala Gymkhana Road, Bopal, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
19.08.2009 |
|
DIN No.: |
00823615 |
|
|
|
|
Experience : |
Mr. Mansukhlal Karsandas Virani |
|
Date of Appointment : |
Director |
|
PAN No.: |
B-404, Palak Crystal, Opposite Saibaba Temple, Satellite,
Ahmedabad City, Ahmedabad – 380015, Gujarat, India |
|
Passport No.: |
24.03.2015 |
|
Voter ID No.: |
00873403 |
|
|
|
|
Name : |
Mr. Dilip Kevalram Pankhi |
|
Designation : |
Nominee director |
|
Address : |
7, Das Bunglows, Near Bodakdev Fire Station, Bodakdev, Vastrapur, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
28.08.1958 |
|
Date of Appointment : |
31.05.2010 |
|
DIN No.: |
03009105 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Bhai Bhagavanji Bhai Amrutiya |
|
Designation : |
Chartered Accountant / Chief Finance Officer |
|
Address : |
B-35, Akshar Bungalow, Opposite IND, Kudasan Gandhinagar –
382421, Gujarat, India |
|
Date of Appointment : |
26.09.2014 |
|
PAN No.: |
AJFPA5568F |
|
|
|
|
Name : |
Mr. Mandar Jayesh Bhai Patel |
|
Designation : |
Company Secretary |
|
Address : |
A6, Anal Flats Opposite Dharmayog Society Gulbai Tekara
Ahmedabad – 380015, Gujarat, India |
|
Date of Appointment : |
07.11.2016 |
|
PAN No.: |
AZPPP0457J |
|
|
|
|
Name : |
Mrs. Urvi Chothani |
|
Designation : |
Practicing Company Secretary |
|
Address : |
A/8, Alok Flats, P.T. College Road, Chandranagar, Paldi, Ahmedabad, India |
|
Email: |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Arvindbhai L Patel |
|
9840066 |
|
Dineshbhai L Patel |
|
593633 |
|
Lavjibhai P Patel |
|
527450 |
|
Jyotsnaben A Patel |
|
547500 |
|
Rekhaben D Patel |
|
553333 |
|
Jerambhai Babaria |
|
6167604 |
|
ALP Multi-Tech Private Limited |
|
50000 |
|
Dineshbhai Lavjibhai Patel HUF Through Dineshbhai Lavjibhai Patel, Karta |
|
140000 |
|
GVFL Trustee Company Private Limited - Trustee of Gujarat IT Fund |
|
833333 |
|
Hasmukhbhai R Patel |
|
100 |
|
Maulik A Patel |
|
15208 |
|
GVFL Trustee Company Private Limited - Trustee of GVFL Venture Capital Fund |
|
1100000 |
|
Total |
|
20368227 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
90.27 |
|
Promoter - Bodies
corporate |
0.24 |
|
Public – Venture Capital |
9.49 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacture of industrial and diamond machinery and its parts and Diamond processing. (Registered activity and also Confirmed by management) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Finished Goods |
||||||
|
Countries : |
|
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Material |
||||||
|
Countries : |
|
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash and Cheque |
||||||
|
|
|
||||||
|
Purchasing : |
Cash and Cheque |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Retailers and End Users
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited · State Bank of India (SBI), MCL AU Unit, Ahmedabad LHO Building, Lal Darwaja, Ahmedabad - 380006, Gujarat, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Long-term Borrowings The details of
Security in respect of Term loans and Vehicle loans: (a) Loan from Technology Development Board (TDB) is secured over Building and Machinery created/ acquired under TDB Project on Pari Passu basis with AMCO Bank for Term Loan facilities. (b) Term Loan form AMCO Bank is secured as under: i) Equitable mortgage on paripassu basis with TDB over property is situated at Plot No - 28 and 29, Electronics Park, SEZ, Gandhinagar, Gujarat as per allotment letter of GIDC. ii) Equitable mortgage on Land and Building held by partnership firm in which some of the directors of the Company are partners. iii) Hypothecation of the plant and machinery created under project financed by AMCO bank. (c) All the above facility is collaterally secured by personal guarantee of managing director, executive director and a director. (d) Vehicle loans are secured by hypothecation of vehicles financed by bank. Terms of Repayment
of Loans: Loan from TDB is repayable in 9 semi-annual installments starting from1st June, 2018, till 1st June 2022. Loan from AMCO Bank is repayable in 60 monthly equal installments with moratorium period of 18 Months. Repayment of installments commenced from 1st January 2017. Vehicle Loans are repayable as per the EMI over the tenure of the loans ranging from 2.5 to 3 years. Short-term borrowings The details of Security in respect of Cash Credit, Working Capital Demand, Packing Credit Loan and Buyers' Credit from Bank: Cash credit facility, working capital demand loan, Packing Credit Loan and Buyers' Credit from IDBI Bank Ltd and Citi Bank are secured by hypothecation of Company's entire current assets including stock of raw material ,stock in process, finished goods, stores and spares , bills/ book-debts/ receivables and other current assets on paripassu basis except assets financed by TDB and AMCO Bank. Collateral security of mortgage of factory land and building of the Company as well as hypothecation of machineries except assets financed by TDB and AMCO ban. Cash Credit facility from AMCO Bank is secured by hypothecation of stock and book debts of SEZ Gandhinagar unit. The facilities are also collaterally secured by personal guarantee of Managing Director, Executive Director and a Director of the Company. Unsecured loan from directors are repayable on demand. |
|
Auditors : |
|
|
Name : |
Manubhai and Shah LLP Chartered Accountants |
|
Address : |
G-4 Capstone, Opposite Chirag Motors, Near Gymkhana, Ellisbridge, Ahmedabad-380009, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFM2086H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates: |
|
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
|
|
|
|
|
Subsidiary company
: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20368227 |
Equity Shares |
INR 10/- each |
INR 203.682
Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
203.682 |
203.682 |
203.682 |
|
(b) Reserves and Surplus |
980.809 |
947.031 |
858.986 |
|
(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) |
1184.491 |
1150.713 |
1062.668 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
94.633 |
64.878 |
29.270 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
22.874 |
|
(c) Other long-term
liabilities |
1.548 |
1.140 |
1.585 |
|
(d) long-term
provisions |
6.706 |
4.154 |
0.641 |
|
Total Non-current
Liabilities (3) |
102.887 |
70.172 |
54.370 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
409.730 |
350.613 |
382.784 |
|
(b) Trade
payables |
135.975 |
151.301 |
187.936 |
|
(c) Other
current liabilities |
82.222 |
122.264 |
121.897 |
|
(d) Short-term
provisions |
10.116 |
8.418 |
17.530 |
|
Total Current
Liabilities (4) |
638.043 |
632.596 |
710.147 |
|
|
|
|
|
|
TOTAL |
1925.421 |
1853.481 |
1827.185 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
383.044 |
372.564 |
425.179 |
|
(ii)
Intangible Assets |
147.037 |
166.650 |
189.432 |
|
(iii) Tangible assets
capital work-in-progress |
139.551 |
99.767 |
36.638 |
|
(iv)
Intangible assets under development |
0.485 |
0.485 |
0.000 |
|
(b) Non-current Investments |
9.991 |
46.408 |
46.408 |
|
(c) Deferred tax assets (net) |
15.481 |
16.831 |
0.000 |
|
(d)
Long-term loans and advances |
136.646 |
126.029 |
115.115 |
|
(e) Other
Non-current assets |
0.010 |
0.010 |
0.346 |
|
Total Non-Current
Assets |
832.245 |
828.744 |
813.118 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
598.681 |
498.504 |
520.451 |
|
(c) Trade
receivables |
341.595 |
386.688 |
322.190 |
|
(d) Cash and
bank balances |
59.924 |
63.352 |
80.957 |
|
(e)
Short-term loans and advances |
77.037 |
68.887 |
78.163 |
|
(f) Other
current assets |
15.939 |
7.306 |
12.306 |
|
Total
Current Assets |
1093.176 |
1024.737 |
1014.067 |
|
|
|
|
|
|
TOTAL |
1925.421 |
1853.481 |
1827.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1152.665 |
1196.659 |
1534.939 |
|
|
Other Income |
15.483 |
19.162 |
5.901 |
|
|
TOTAL |
1168.148 |
1215.821 |
1540.840 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
792.056 |
728.850 |
1033.065 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(121.179) |
(22.037) |
(13.148) |
|
|
Employee benefit expense |
197.557 |
196.338 |
187.628 |
|
|
CSR expenditure |
0.124 |
1.889 |
0.000 |
|
|
Other expenses |
169.037 |
168.550 |
143.524 |
|
|
Exceptional items |
(1.943) |
0.000 |
0.000 |
|
|
TOTAL |
1035.652 |
1073.590 |
1351.069 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
132.496 |
142.231 |
189.771 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
42.134 |
35.628 |
36.236 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
90.362 |
106.603 |
153.535 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
55.066 |
58.070 |
56.167 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
35.296 |
48.533 |
97.368 |
|
|
|
|
|
|
|
Less |
TAX |
1.517 |
(39.512) |
16.149 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
33.779 |
88.045 |
81.219 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
216.366 |
321.762 |
522.833 |
|
|
TOTAL EARNINGS |
216.366 |
321.762 |
522.833 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
284.062 |
244.628 |
440.365 |
|
|
Capital Goods |
22.146 |
0.000 |
18.675 |
|
|
TOTAL IMPORTS |
306.208 |
244.628 |
459.040 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.66 |
4.32 |
3.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
11.872 |
4.195 |
25.144 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(4.925) |
62.873 |
105.470 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(10.043) |
53.286 |
95.191 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
108.17 |
117.95 |
76.61 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
3.37 |
3.09 |
4.76 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
62.66 |
75.77 |
66.40 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.22 |
0.29 |
0.36 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.20 |
0.22 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.39 |
0.38 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.44 |
0.36 |
0.41 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
0.54 |
0.55 |
0.67 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.57 |
0.56 |
0.61 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
3.14 |
3.99 |
5.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
2.93 |
7.36 |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.75 |
4.75 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
2.85 |
7.65 |
7.64 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.71 |
1.62 |
1.43 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.78 |
0.83 |
0.70 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.62 |
0.62 |
0.58 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
2.53 |
2.06 |
2.15 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.71 |
1.62 |
1.43 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
203.682 |
203.682 |
203.682 |
|
Reserves & Surplus |
858.986 |
947.031 |
980.809 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1062.668 |
1150.713 |
1184.491 |
|
|
|
|
|
|
Long-term borrowings |
29.270 |
64.878 |
94.633 |
|
Short term borrowings |
382.784 |
350.613 |
409.730 |
|
Current maturities of
long-term debts |
25.144 |
4.195 |
11.872 |
|
Total
borrowings |
437.198 |
419.686 |
516.235 |
|
Debt/Equity
ratio |
0.411 |
0.365 |
0.436 |
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 |
1534.939 |
1196.659 |
1152.665 |
|
|
|
(22.039) |
(3.676) |
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 |
1534.939 |
1196.659 |
1152.665 |
|
Profit/ (Loss) |
81.219 |
88.045 |
33.779 |
|
|
5.29
% |
7.36
% |
2.93
% |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF OPERATION
The Revenue from operations for financial year 2016-17 stood INR 1152.664 Million, profit before depreciation, Interest, and tax but after prior period item stood at INR 71.126 Million and Profit after Tax was INR 33.778 Million. The Profit after Tax for Financial Year 2015-16 was INR 88.046 Million.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
11.350 |
11.350 |
|
Total |
11.350 |
11.350 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G31720675 |
100068588 |
Technology Development Board (TDB) |
28/12/2016 |
- |
- |
64000000.0 |
A-WING,G F, VISHWAKARMA BHAWAN, SHAHEED JEET SINGH MARG, NEW DELHI-110016, INDIA |
|
2 |
C76424316 |
10614427 |
Citi Bank N.A. |
05/01/2016 |
- |
- |
100000000.0 |
KALAPURNAM C. G. ROAD, NAVRANGPURAM, AHMEDABAD-380009, GUJARAT, INDIA |
|
3 |
G33576059 |
10571120 |
THE AHMEDABAD MERCHANTILE CO-OPerative BANK Limited |
30/03/2015 |
28/12/2016 |
- |
232700000.0 |
AMCO HOUSE, NEAR STADIUM CIRCLE, NAVRANGPURA, AHMEDABAD-380009, GUJARAT, INDIA |
|
4 |
B41245606 |
10222649 |
IDBI Bank Limited |
21/04/2010 |
11/05/2012 |
- |
424300000.0 |
IDBI COMPLEX, OPPOSITE MUNICIPAL STAFF QUARTERS, OFF. C. G. ROAD, AHMEDABAD-380006, GUJARAT, INDIA |
|
5 |
G30408785 |
10192320 |
TECHNOLOGY DEVELOPMENT BOARD |
01/05/2009 |
- |
08/12/2016 |
104000000.0 |
WING A, GROUND FLOOR, VISHWAKARMA BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI-110016, INDIA |
|
6 |
B74800731 |
90113010 |
UNION BANK OF INDIA |
23/08/2005 |
- |
17/04/2013 |
4330000.0 |
SECTOR-17, GANDHINAGAR-535931, GUJARAT, INDIA |
|
7 |
A89704886 |
90105887 |
STATE BANK OF INDIA (SBI) |
21/03/2003 |
09/01/2009 |
14/07/2010 |
328000000.0 |
MCL AU UNIT, AHMEDABAD LHO BUILDING, LAL DARWAJA, AHMEDABAD - 380006, GUJARAT, INDIA |
|
8 |
A89696462 |
90104209 |
STATE BANK OF INDIA (SBI) |
03/07/2003 |
29/10/2009 |
14/07/2010 |
246900000.0 |
MCL AU UNIT, AHMEDABAD LHO BUILDING, LAL DARWAJA, AHMEDABAD - 380006, GUJARAT, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims not acknowledged
as debts by the company: |
|
|
|
Employees Matters |
0.563 |
0.563 |
|
Excise Duty |
3.620 |
3.251 |
|
Central Sales tax ** |
26.538 |
23.466 |
|
Value added tax ** |
58.112 |
58.795 |
|
Income tax |
76.466 |
17.767 |
|
(Less) Income tax Paid under Protest * |
(4.704) |
(7.505) |
|
Difference in amount of Income Tax paid under protest with amount shown in note no. 14 is on account of demand paid and chargedto statement of Profit and Loss in earlier years. **Sales Tax/ Value Added Tax on sales from SEZ: Sales Tax and Value Added Tax demanded by the Gujarat Commercial Tax Department is disputed by the Company. The dispute is on the ground that, as per resolution no. SEZ-2001-1465-G dated 19th July'02 issued by the Government of Gujarat, any sales from SEZ to Domestic Tariff Area (DTA) will be treated as import and import duty will be applicable as per GOI policy. In view of this, all sales affected by the Company from its SEZ unit to EPCG License holders are considered as imports and import duty is charged as per the applicable rates. Consequently, on the same goods and in the same transaction the Company should not be called upon to pay any kind of sales tax. On the basis of this considered understanding, the Company has not collected any sales tax or VAT on these sales. However, the Gujarat Commercial Tax Department has raised demand for payment of sales tax and VAT. The company has preferred appeal for remission and has also made representation to the Government of Gujarat. During the financial year 2012-13, the Government of Gujarat vide notification dated 03/10/2012, has waived interest and penalty. In the meanwhile the Company has continued to make its representation before the State Government alongwith the appeal for remission of the tax demand. However owing to the pressure for recovery of outstanding demand, the company was constrained to prefer Writ Petition before the Hon'ble High Court of Gujarat. The Hon'ble High Court of Gujarat directed the company to approach Gujarat VAT Tribunal. The Tribunal vide its order dated 12/09/2014, stayed the demand on the condition of pre-deposit of amount of`50 lakhs within one month from the date of the order. Thereafter as the order of the VAT Tribunal with regard to pre-deposit was complied with, the VAT Tribunal vide its order dated 22/04/2015 remanded the matter to the First Appellate Authority for fresh consideration of the issue on merits.First Appellate authority has discarded appeal.Hence company has preferred 2nd appeal with Hon'ble VAT Tribunal. The matter is pending for hearing The managememt relying on the decision of Hon'ble High Court of Gujarat in the case of Torrent Energy Ltd Vs State of Gujarat as well as provision of section 21 of Gujarat SEZ Act , belives that it has fair chances of success in appellate procedings.Moreover having regard to the Notification No.(GHN-14) VAT-2011-S-5(2)(33)(TH) dated 11/05/2011 of Finance Department Government of Gujarat, exemption sales of Diamond Cutting and Diamond Processing machines by a dealer of SEZ in the state of Gujarat and on the legal advice obtained; the company believes that it has fair chance of getting favourable order in its favor on the primary consideration that the nature of transactions as executed by the Company were the same as that existed on 11/05/2011. |
||
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Factory building
- Factory equipments
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
Intangible assets
- Brands and trade marks
- Trade marks
- Computer software
- Patents
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.14 |
|
|
1 |
INR 89.50 |
|
Euro |
1 |
INR 64.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.