|
|
|
MIRA INFORM REPORT
|
Report No. : |
490916 |
|
Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KOTHARI AGRITECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
"Sun Plaza", 8516/11, 3rd Floor, Murarji Peth, Subhash
Chowk, Solapur-413001, Maharashtra |
|
Tel. No.: |
91-217-2721490 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
01.12.2009 |
|
|
|
|
Com. Reg. No.: |
11-135094 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 150.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25203PN2009PTC135094 |
|
|
|
|
GSTIN: |
27AADCK8017H1ZI |
|
|
|
|
IEC No.: |
3109018993 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK09201D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK8017H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture and selling of PVC, Suction, HDPE Pipes and Drip and Sprinkler Irrigation Systems. (Registered Activity and also Confirmed by management) |
|
|
|
|
No. of Employees
: |
800 (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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2009 and it is engaged in manufacture
and selling of PVC, Suction, HDPE Pipes and Drip and Sprinkler Irrigation
Systems. Management has failed to file its latest financials with Government Registry. As per financials of March 2016, the company has registered a growth
of 37.54% in its revenue as compared to its previous year’s revenue and has
reported average profit margin of 1.25%. Rating takes into consideration the company’s satisfactory track
record of business operations marked by sound networth base along with
comfortable debt coverage indicators and decent liquidity position. Rating also takes into account the extensive experienced of its
promoters, diversified product portfolio with certifications from various
government bodies, strong distribution channel with diversified geographical
presence spread across India. However, rating strength is partially offset by working
capital-intensive nature of operations along with risk associated with
volatility in raw material prices and intense competition from organized and
unorganized players. Payments seem to be slow but correct. In view of 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 |
CARE |
|
Rating |
Long Term Rating (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
09.10.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Rating (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
09.10.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.02.2018
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
|
Name : |
Mr. Akshay Kothari |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9545551955 |
|
Date : |
09.02.2018 |
LOCATIONS
|
Registered Office/ Head Office : |
"Sun Plaza", 8516/11, 3rd Floor, Murarji Peth, Subhash Chowk,
Solapur-413001, Maharashtra, India |
|
Tel. No.: |
91-217-2721490 |
|
Mobile No.: |
91-9545551955 (Mr. Akshay Kothari) |
|
Fax No.: |
91-217-2721498 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office |
Ramsukh House, 203, Level 2, Thube Park, Ganesh Khind
Road, Near Sancheti Hospital, Shivaji Nagar, Pune – 411 005, Maharashtra,
India |
|
|
91-20-24228488 |
|
|
|
|
Factory : |
123 to 125, 146 to 157 and 185 to 193,, Chandramauli Industrial Co-Operative Estate, Mohol District Solapur - 413 213, Maharashtra, India |
|
Tel. No.: |
91- 2189-233098 |
|
Fax No.: |
91- 2189- 232591 |
|
|
|
|
Technical and
Marketing Office : |
410-412, 4th Floor, The Pentagon, Off Satara Road,
Near Panchami Hotel, |
|
Tel. No.: |
91-20-24228488 |
|
|
|
|
Mumbai Office : |
338, Neo Corporate Plaza, Ramchandra Lane, Malad (West), Mumbai -
400064, Maharashtra, India |
|
|
|
|
Regional Offices : |
Located At:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ujwal Shivlal Kothari |
||||||||||||
|
Designation : |
Managing Director |
||||||||||||
|
Address : |
C-Narshi Roadways, Samrat Chowk, Solapur – 413 002, Maharashtra, India
|
||||||||||||
|
Date of Birth/Age : |
25.12.1960 |
||||||||||||
|
Date of Appointment : |
01.12.2009 |
||||||||||||
|
Qualification |
B.Com |
||||||||||||
|
PAN No.: |
AAPHK9854L |
||||||||||||
|
DIN No.: |
00423813 |
||||||||||||
|
Other
Directorship :
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Amol Shantikumar Paliya |
||||||||||||
|
Designation : |
Whole time Director |
||||||||||||
|
Address : |
At Post Ahergaon, Taluka Madha, District Solapur – 413 209,
Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
27.03.1978 |
||||||||||||
|
Date of Appointment : |
30.09.2011 |
||||||||||||
|
Qualification |
BE |
||||||||||||
|
PAN No.: |
AIGPP7461E |
||||||||||||
|
DIN No.: |
01483162 |
||||||||||||
|
Other
Directorship :
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Kiran Shivlal Kothari |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
Nagane Deshmukh Apartments, Bhudhwar Peth, Samrat Chowk, Solapur –
413002, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
01.06.1956 |
||||||||||||
|
Qualification |
BE |
||||||||||||
|
Date of Appointment : |
01.12.2009 |
||||||||||||
|
PAN No.: |
AAEHK3731J |
||||||||||||
|
DIN No.: |
00423658 |
||||||||||||
|
Other Directorship
:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Arvind Shivlal Kothari |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
Jupitor Apartments, S. No. 8338/A/2/2/2, Railway Lines, Solapur –
413001, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
01.06.1958 |
||||||||||||
|
Date of Appointment : |
01.12.2009 |
||||||||||||
|
Qualification |
BSC (MATHS) |
||||||||||||
|
PAN No.: |
ABGPK7158Q |
||||||||||||
|
DIN No.: |
00423735 |
||||||||||||
|
Other
Directorship :
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Anand Ramchandra Kothadiya |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
Hayaskulvasahata, Jeur, Taluka Karmala, Solapur – 413203, Maharashtra,
India |
||||||||||||
|
Date of Birth/Age : |
05.03.1949 |
||||||||||||
|
Qualification |
BE |
||||||||||||
|
Date of Appointment : |
01.05.2012 |
||||||||||||
|
DIN No.: |
05270588 |
||||||||||||
|
Other
Directorship :
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Anilkumar Ambadas Dussa |
|
Designation : |
Company Secretary |
|
Address : |
143/3 PN. 346 Kisan Sankul, Jawahar Nagar, Solapur-413005, Maharashtra, India |
|
Date of Birth |
12.09.1983 |
|
Date of Appointment : |
23.03.2016 |
|
Qualification |
B.Com, CS |
|
PAN No.: |
AMXPD4082G |
|
|
|
|
Name : |
Mr. Akshay Kothari |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mrs. Keta N. Chheda |
|
Designation : |
Company Secretary |
|
Address : |
281, Athena – II, Clover Acropoi, Besides Giga Space, Pune – 411014,
Maharashtra, India |
|
Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Kiran Shivlal Kothari |
3000000 |
20.00 |
|
Ujwal Shivlal Kothari |
1500000 |
10.00 |
|
Arvind Shivlal Kothari |
1500000 |
10.00 |
|
Amol Shantikumar Paliya |
1500000 |
10.00 |
|
Pushkaraj Kiran Kothari |
1500000 |
10.00 |
|
Ashish Arvind Kothari |
1500000 |
10.00 |
|
Akshay Arvind Kothari |
1500000 |
10.00 |
|
Sourabh Ujwal Kothari |
1500000 |
10.00 |
|
Gourav Ujwal Kothari |
1500000 |
10.00 |
|
Total |
15000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the manufacture and selling of PVC, Suction, HDPE Pipes and Drip and Sprinkler Irrigation Systems. (Registered Activity and also Confirmed by management) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash, Cheque and Credit (30 Days) |
||||||
|
|
|
||||||
|
Purchasing : |
Cash, Cheque and Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Retailers and End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
800 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Financial Institution: |
Electronica Finance Limited, 128/A, Plot No.3,
Kailashchandra Apartments, Paud Road, Kothrud Pune-411038, Maharashtra, India |
|
Auditors : |
|
|
Name : |
Shah Khandelwal Jain and Associates Chartered Accountants |
|
Address : |
Level - 3, Riverside Business Bay, Plot No.84, Wellesley Road, Near RTO, Pune 411 001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ADBFS9780M |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company
(As on 31.03.2016) : |
Kothari Prima Private Limited CIN No.: U25199PN2012PTC144885 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2016) : |
|
CAPITAL STRUCTURE
As on 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
150.000 |
150.000 |
150.000 |
|
(b) Reserves and Surplus |
378.940 |
339.300 |
355.841 |
|
(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) |
528.940 |
489.300 |
505.841 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
246.190 |
192.387 |
204.225 |
|
(b) Deferred tax liabilities (Net) |
37.192 |
30.282 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
6.771 |
6.134 |
3.729 |
|
Total Non-current
Liabilities (3) |
290.153 |
228.803 |
207.954 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
290.763 |
298.185 |
295.404 |
|
(b) Trade
payables |
690.770 |
645.230 |
524.999 |
|
(c) Other
current liabilities |
366.959 |
328.778 |
354.332 |
|
(d) Short-term
provisions |
7.642 |
12.308 |
67.737 |
|
Total Current
Liabilities (4) |
1356.134 |
1284.501 |
1242.472 |
|
|
|
|
|
|
TOTAL |
2175.227 |
2002.604 |
1956.267 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
433.804 |
455.074 |
488.158 |
|
(ii) Intangible
Assets |
1.782 |
2.046 |
2.114 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
3.870 |
4.020 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
50.795 |
31.098 |
30.848 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
16.877 |
|
(d)
Long-term loans and advances |
24.563 |
25.428 |
25.391 |
|
(e) Other
Non-current assets |
20.485 |
15.853 |
11.949 |
|
Total Non-Current
Assets |
531.429 |
533.369 |
579.357 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
348.123 |
424.442 |
385.711 |
|
(c) Trade
receivables |
1083.212 |
901.902 |
879.739 |
|
(d) Cash and
bank balances |
136.648 |
82.897 |
74.079 |
|
(e) Short-term
loans and advances |
22.597 |
16.520 |
18.486 |
|
(f) Other
current assets |
53.218 |
43.474 |
18.895 |
|
Total
Current Assets |
1643.798 |
1469.235 |
1376.910 |
|
|
|
|
|
|
TOTAL |
2175.227 |
2002.604 |
1956.267 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3175.857 |
2308.969 |
2441.699 |
|
|
Other Income |
60.222 |
60.704 |
12.824 |
|
|
TOTAL |
3236.079 |
2369.673 |
2454.523 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1945.873 |
1582.959 |
1530.102 |
|
|
Purchases of
Stock-in-Trade |
200.581 |
151.389 |
146.568 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
57.353 |
(47.036) |
(101.358) |
|
|
Employee benefit expense |
144.608 |
140.942 |
136.616 |
|
|
Other expenses |
591.545 |
334.863 |
404.783 |
|
|
Prior period items |
0.968 |
2.586 |
0.000 |
|
|
TOTAL |
2940.928 |
2165.703 |
2116.711 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
295.151 |
203.970 |
337.812 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
161.645 |
128.475 |
129.149 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
133.506 |
75.495 |
208.663 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
64.921 |
65.950 |
45.536 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
68.585 |
9.545 |
163.127 |
|
|
|
|
|
|
|
Less |
TAX |
28.945 |
26.086 |
40.247 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
39.640 |
(16.541) |
122.880 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
24.722 |
166.492 |
77.441 |
|
|
Capital Goods |
0.000 |
0.000 |
6.008 |
|
|
TOTAL IMPORTS |
24.722 |
166.492 |
83.450 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.64 |
(1.10) |
8.19 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
68.078 |
45.253 |
85.688 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
172.900 |
185.925 |
148.627 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
198.931 |
150.848 |
92.003 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
124.49 |
142.57 |
131.51 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
2.93 |
2.56 |
2.78 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
117.46 |
135.79 |
114.29 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.85 |
0.48 |
0.88 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.68 |
0.44 |
0.68 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.77 |
0.76 |
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
1.14 |
1.10 |
1.16 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
2.56 |
2.63 |
2.46 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.82 |
0.94 |
0.98 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
1.83 |
1.59 |
2.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
1.25 |
(0.72) |
5.03 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.82 |
(0.83) |
6.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
7.49 |
(3.38) |
24.29 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.21 |
1.14 |
1.11 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.96 |
0.81 |
0.80 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.24 |
0.24 |
0.26 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
4.03 |
3.57 |
3.90 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.21 |
1.14 |
1.11 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
150.000 |
150.000 |
150.000 |
|
Reserves & Surplus |
355.841 |
339.300 |
378.940 |
|
Net
worth |
505.841 |
489.300 |
528.940 |
|
|
|
|
|
|
Long-term borrowings |
204.225 |
192.387 |
246.190 |
|
Short term borrowings |
295.404 |
298.185 |
290.763 |
|
Current maturities of
long-term debts |
85.688 |
45.253 |
68.078 |
|
Total
borrowings |
585.317 |
535.825 |
605.031 |
|
Debt/Equity
ratio |
1.157 |
1.095 |
1.144 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2441.699 |
2308.969 |
3175.857 |
|
Year on Year Growth ratio |
|
(5.436) |
37.544 |
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 |
2441.699 |
2308.969 |
3175.857 |
|
Profit/ (Loss) |
122.880 |
(16.541) |
39.640 |
|
|
5.03% |
(0.72%) |
1.25% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
|
150.000 |
|
(b) Reserves and Surplus |
|
352.065 |
|
(c) Money
received against share warrants |
|
0.000 |
|
(d) Minority interest |
|
0.126 |
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
502.065 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
|
465.285 |
|
(b) Deferred tax liabilities (Net) |
|
6.346 |
|
(c) Other long-term
liabilities |
|
0.000 |
|
(d) long-term
provisions |
|
6.772 |
|
Total Non-current
Liabilities (3) |
|
478.403 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short-term
borrowings |
|
290.763 |
|
(b) Trade
payables |
|
697.525 |
|
(c) Other
current liabilities |
|
430.106 |
|
(d) Short-term
provisions |
|
7.642 |
|
Total Current
Liabilities (4) |
|
1426.036 |
|
|
|
|
|
TOTAL |
|
2406.630 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1)
Non-current assets |
|
|
|
(a) Fixed
Assets |
|
|
|
(i)
Tangible assets |
|
639.984 |
|
(ii)
Intangible Assets |
|
1.782 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.000 |
|
(iv)
Intangible assets under development |
|
10.903 |
|
(b) Non-current Investments |
|
0.998 |
|
(c) Deferred tax assets (net) |
|
0.000 |
|
(d)
Long-term loans and advances |
|
24.563 |
|
(e) Other
Non-current assets |
|
20.485 |
|
Total Non-Current
Assets |
|
698.715 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
|
0.000 |
|
(b)
Inventories |
|
360.354 |
|
(c) Trade
receivables |
|
1082.135 |
|
(d) Cash and
bank balances |
|
158.416 |
|
(e) Short-term
loans and advances |
|
28.081 |
|
(f) Other
current assets |
|
78.929 |
|
Total
Current Assets |
|
1707.915 |
|
|
|
|
|
TOTAL |
|
2406.630 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
|
|
SALES |
|
|
|
|
Total
Revenue from operations |
|
3066.700 |
|
|
Other Income |
|
60.252 |
|
|
TOTAL |
|
3126.952 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
|
1847.032 |
|
|
Purchases of
Stock-in-Trade |
|
200.581 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
57.994 |
|
|
Employee benefit expense |
|
145.092 |
|
|
Other expenses |
|
592.573 |
|
|
Prior period items |
|
0.968 |
|
|
TOTAL |
|
2844.240 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
282.712 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
163.208 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
119.504 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
66.590 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
52.914 |
|
|
|
|
|
|
Less |
TAX |
|
9.120 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
43.794 |
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
Raw Materials |
|
24.722 |
|
|
TOTAL IMPORTS |
|
24.722 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
2.92 |
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 |
Yes |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
No |
|
26] |
Turnover of firm for last four years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The Registered office of the company has been shifted from Plot No 146 to 157, Chandramauli Industrial Co-operative Estate, Mohol, Solapur – 413213, Maharashtra, India to the present address w.e.f. 11.11.2011
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK (As on 31.03.2016)
The Company is engaged in the manufacturing and selling of PVC, Suction, HDPE Pipes and Drip and Sprinkler Irrigation Systems. During the year, the Company has entered into an agreement with Sardar Sarovar Narmada Nigam Limited (SSNNL), Gujarat for construction of cannals and sub cannals. The contract is in the nature of Works Contract.
The highlights of the Company’s performance for the financial year ended 31st March, 2016 are as under:-
Revenue from operations is INR 3175.857 million as compared to INR 2308.969 million in the previous year.
Net Profit for the year is INR 39.640 million as compared to INR (16.541 million) in the previous year.
Earnings Per Share is INR 2.64 as compared to INR (INR 1.10) in the previous year.
The future outlook of the Company and its professional management makes an enterprise of high quality and high efficiency as core competition.
In addition, the technology has been constantly innovated, and the system of production and sales integrated, so that the enterprise could keep sustainability operation for providing superior product and prefect service.
CORPORATE
INFORMATION/BACKGROUND
Subject the Company is a private company domiciled in India. The company is engaged in the manufacturing and selling of PVC, Suction, HDPE pipes and Drip and Sprinkler Irrigation Systems. During the year company has entered into an agreement with Sardar Sarovar Narmada Nigam Limited (SSNNL), Gujarat for construction of cannals and sub-cannals. The contract is in the nature of Works contract and is taxable as per the VAT laws of Gujarat State.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
25.571 |
0.000 |
|
Rupee term loans from others |
105.429 |
128.734 |
|
Loans and advances from related parties |
33.780 |
22.965 |
|
Other loans and advances |
38.718 |
17.363 |
|
Total |
203.498 |
169.062 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
G15342587 |
100054509 |
ELECTRONICA FINANCE LIMITED |
30/07/2016 |
6500000.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
2 |
C80613573 |
10623346 |
ELECTRONICA FINANCE LIMITED |
03/03/2016 |
34300000.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
3 |
C62887534 |
10588654 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
09/07/2015 |
11671205.0 |
ONE FORBES, DR. V. B. GANDHI MARG, FORT MUMBAI MAHARASHTRA 400001 INDIA |
|
4 |
C36011260 |
10534988 |
ELECTRONICA FINANCE LIMITED |
25/06/2014 |
20474438.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
5 |
C50302355 |
10488711 |
BANK OF INDIA |
14/03/2014 |
420000000.0 |
SUBHASH CHOWK BRANCH,142, MURARJI PETH SOLAPUR MAHARASHTRA 413001 INDIA |
|
6 |
B95589990 |
10475843 |
ELECTRONICA FINANCE LIMITED |
31/01/2014 |
16306245.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
7 |
C44740314 |
10576322 |
Bank of India |
30/10/2013 |
406100000.0 |
SUBHASH CHOWK BRANCH,142, MURARJI PETH SOLAPUR MAHARASHTRA 413001 INDIA |
|
8 |
B73625329 |
10421265 |
ELECTRONICA FINANCE LIMITED |
17/04/2013 |
6991040.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
9 |
B74920067 |
10425071 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
22/03/2013 |
24800000.0 |
ONE FORBES, DR. V. B. GANDHI MARG, FORT MUMBAI MAHARASHTRA 400001 INDIA |
|
10 |
B65377608 |
10395649 |
ELECTRONICA FINANCE LIMITED |
31/12/2012 |
47859967.0 |
128/A, PLOT NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Bank Guarantee |
42.207 |
38.931 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, 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 64.37 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
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+ |
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 |
NB is stated where there is insufficient information to facilitate rating. However, it is not be considered as unfavorable.
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.