|
|
|
MIRA INFORM REPORT
|
Report No. : |
491543 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SPICA ELASTIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
477, Chandra Chowk, 3rd Lane, M J Cloth Market, Mumbai-400002,
Maharashtra |
|
Tel. No.: |
91-22-65844180 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.09.1979 |
|
|
|
|
Com. Reg. No.: |
11-021712 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 46.129 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17236MH1979PTC021712 |
|
|
|
|
IEC No.: |
0388051345 |
|
|
|
|
GST No.: |
27AAACS6153K1Z5 |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6153K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Narrow Woven Fabrics and Narrow Knitted Fabric. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1979 having satisfactory track record. It is engaged as manufacturer and exporter of narrow woven fabrics and narrow knitted fabrics. For the financial year 2017, the company has reported a sharp decline in its revenue as compared to its previous year and has incurred heavy losses during the year. However, rating takes into consideration, the healthy financial risk profile marked by strong net worth base and comfortable debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its long standing experience of its promoters. Offsetting these strengths the company faces moderation in its profitability due to higher expenses along with intense competition from local and other large international players in the retail garments and fabric industry. Payments seems to be usually 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
NOT AVAILABLE
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 13.02.2018.
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
[Contact No: 91-20-26870055]
[Given number 91-20-26875491 is not working]
LOCATIONS
|
Registered Office : |
477, Chandra Chowk, 3rd Lane, M J Cloth Market, Mumbai-400002,
Maharashtra, India |
|
Tel. No.: |
91-22-65844180 |
|
Fax No.: |
91-22-66547854 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Admin Office : |
22/2, Hadapsar Industrial Estate, Pune – 411013, Maharashtra, India |
|
Tel. No.: |
91-20-26870051/ 26870055 |
|
Fax No.: |
91-20-26872212 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. 50, Hadapsar Industrial Estate, Pune – 411013, Maharashtra,
India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Manish Rajnikant Jaitha |
||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||
|
Address : |
Krishnakunj, 10, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.06.1967 |
||||||||||||||||||||||||||||||||
|
Qualification : |
B.E. |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.06.1988 |
||||||||||||||||||||||||||||||||
|
PAN No.: |
ACSPJ8230F |
||||||||||||||||||||||||||||||||
|
DIN No.: |
00026101 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Amish Rajnikant Jaitha |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
10, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.11.1976 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.11.1997 |
||||||||||||||||||||||||||||||||
|
PAN No.: |
AACPJ6746L |
||||||||||||||||||||||||||||||||
|
DIN No.: |
00026113 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sanjay Krishnakant Jaitha |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
Krishnakunj, 10, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.04.1964 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
04.04.1985 |
||||||||||||||||||||||||||||||||
|
PAN No.: |
AACPJ6738L |
||||||||||||||||||||||||||||||||
|
DIN No.: |
01083901 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sudhir Narendra Kulkarni |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
Bharatkunj Vasahat Bo. 1, Plot No. 36 Charuhas Enclave, Flat No. 1, Erandwane Pune – 411004, Maharashtra, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
30.04.1962 |
||||||||||||||||||||||||||||||||
|
Qualification : |
Bcom |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2016 |
||||||||||||||||||||||||||||||||
|
DIN No.: |
01466839 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Manish R. Jaitha Manisha M. Jaitha |
|
85152 |
|
Amish R. Jaitha Saloni Amish Jaitha |
|
78560 |
|
Krishnakant C. Jaitha Anuradha K. Jaitha and Mr. Sanjay K. Jaitha |
|
54599 |
|
Rajnikant C. Jaitha Asha R. Jaitha |
|
44773 |
|
Sanjay K. Jaitha Nina S. Jaitha |
|
40052 |
|
Rajnikant Chandrakuamr Jaitha Karta – Rajnikant Chandrakumar (HUF) |
|
34625 |
|
Nina S. Jaitha Sanjay K. Jaitha |
|
32449 |
|
Saloni Amish Jaitha Amish R. Jaitha |
|
23070 |
|
Asha R Jaitha Rajnikant C Jaitha |
|
21380 |
|
Master Arjun Sanjay Jaitha M/G Father Sanjay Krishnakant Jaitha, Jt. Nina Sanjay Jaitha |
|
13699 |
|
Anuradha K Jaitha Krishnakant C. Jaitha Sanjay Krishnakant Jaitha |
|
12949 |
|
Manisha M Jaitha Manish R Jaitha |
|
9093 |
|
Rohan Manish Jaitha Manish R. Jaitha |
|
5443 |
|
Master Gaurav Manish Jaitha M/G Father Manish Rajnikant Jaitha, Jt. Manisha Manish Jait |
|
5443 |
|
Rajnikant Chandrakumar Jaitha – K Rajnikant Chandrakumar (HUF) Krishnakant Chandrakumar Jaitha Karta - C.K. Dharamsey (HUF) |
|
1 |
|
|
|
|
|
Total |
|
461288 |
AS ON: 09.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
28.17 |
|
Promoters – Individual/ Hindu Undivided Family – Non-resident Indian (NRI) |
25.71 |
|
Public/Other than promoters – Others [Relatives of
Promoters] |
46.12 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Narrow Woven Fabrics and Narrow Knitted Fabric. [Registered Activity] |
||||||
|
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|
||||||
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Products/ Services : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Not Divulged |
||||||
|
|
|
||||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
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|
|
|||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· The Saraswat Co-Operative Bank Limited C-2, Kohinoor Estate Co-Operative Housing Society,, Plot No. 12, Mula Road, Sangamwadi., Pune - 411003, Maharashtra, India · The Saraswat Co-Operative Bank Limited Kohinoor Cooperative Housing Society, Plot No. 12, Mula Road, Sangamwadi,, Pune - 411003, Maharashtra, India · The Saraswat Co-Operative Bank Limited Somawar Peth Branch, Pune - 411011, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
B.S. Mehta and Company Chartered Accountants |
|
Address : |
11/13, Botawala Buidling, 2nd Floor, Horniman Circle, Mumbai-400001, Maharashtra, India |
|
PAN No.: |
AAGPS8944P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Company : |
Spica Elastic Vietnam Company Limited |
|
|
|
|
Associates
Companies : |
· Deneb Enterprises · Sargam Packaging and Labels LLP · Sonatapes Private Limited, India [U36991GA2005PTC004070] |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
INR 100/- each |
INR 50.000 Million |
|
200000 |
Preference Shares |
INR 100/- each |
INR 20.000 Million |
|
|
Total |
|
INR 70.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
461288 |
Equity Shares |
INR 100/- each |
INR 46.129
Million |
|
|
|
|
|
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 |
46.129 |
46.129 |
46.129 |
|
(b) Reserves and Surplus |
393.351 |
583.341 |
581.130 |
|
(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) |
439.480 |
629.470 |
627.259 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
193.100 |
151.600 |
51.499 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
14.857 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
193.100 |
151.600 |
66.356 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
45.475 |
0.000 |
105.326 |
|
(b) Trade
payables |
5.664 |
2.958 |
0.000 |
|
(c) Other current
liabilities |
7.768 |
9.171 |
6.902 |
|
(d) Short-term
provisions |
13.281 |
57.832 |
13.216 |
|
Total Current
Liabilities (4) |
72.188 |
69.961 |
125.444 |
|
|
|
|
|
|
TOTAL |
704.768 |
851.031 |
819.059 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
132.814 |
279.864 |
293.313 |
|
(ii)
Intangible Assets |
0.162 |
0.263 |
0.365 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
58.461 |
26.791 |
26.974 |
|
(c) Deferred tax assets (net) |
19.214 |
19.336 |
2.490 |
|
(d)
Long-term loans and advances |
126.451 |
184.061 |
250.064 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
337.102 |
510.315 |
573.206 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
85.923 |
33.718 |
136.254 |
|
(c) Trade receivables |
78.637 |
41.213 |
104.880 |
|
(d) Cash and
bank balances |
132.487 |
222.302 |
0.073 |
|
(e)
Short-term loans and advances |
68.081 |
41.553 |
4.313 |
|
(f) Other
current assets |
2.538 |
1.930 |
0.333 |
|
Total
Current Assets |
367.666 |
340.716 |
245.853 |
|
|
|
|
|
|
TOTAL |
704.768 |
851.031 |
819.059 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
305.722 |
591.337 |
560.352 |
|
|
Other Income |
135.014 |
169.434 |
144.647 |
|
|
TOTAL |
440.736 |
760.771 |
704.999 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
196.675 |
259.255 |
383.121 |
|
|
Purchases of
Stock-in-Trade |
2.764 |
6.854 |
1.099 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(40.480) |
89.727 |
(82.034) |
|
|
Employee benefit expense |
142.436 |
166.953 |
166.505 |
|
|
Other expenses |
141.846 |
148.259 |
154.520 |
|
|
Exceptional items |
0.000 |
0.000 |
(3.631) |
|
|
Extraordinary items |
9.490 |
46.256 |
0.000 |
|
|
TOTAL |
452.731 |
717.304 |
619.580 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(11.995) |
43.467 |
85.419 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
22.579 |
17.936 |
18.332 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(34.574) |
25.531 |
67.087 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.391 |
31.477 |
36.552 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(56.965) |
(5.946) |
30.535 |
|
|
|
|
|
|
|
Less |
TAX |
0.122 |
(8.156) |
9.101 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(57.087) |
2.210 |
21.434 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
69.474 |
74.487 |
374.666 |
|
|
TOTAL EARNINGS |
69.474 |
74.487 |
374.666 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
21.625 |
35.701 |
44.085 |
|
|
Components and spare
parts |
1.792 |
2.383 |
1.145 |
|
|
Capital Goods |
3.120 |
0.438 |
0.000 |
|
|
TOTAL IMPORTS |
26.537 |
38.521 |
45.230 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(123.75) |
4.79 |
46.47 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(298.333) |
81.732 |
(24.122) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(307.823) |
26.787 |
(102.954) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
93.88 |
25.44 |
68.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.89 |
14.35 |
5.34 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
10.37 |
4.06 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.14) |
1.29 |
0.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.09) |
0.16 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.38 |
0.26 |
0.22 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.54 |
0.24 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.16 |
0.11 |
0.20 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.30 |
0.45 |
0.47 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.53) |
2.42 |
4.66 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(18.67) |
0.37 |
3.83 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(8.10) |
0.26 |
2.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(12.99) |
0.35 |
3.42 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
5.09 |
4.87 |
1.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.90 |
4.39 |
0.87 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.74 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.17 |
3.29 |
3.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
5.09 |
4.87 |
1.96 |
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 |
46.129 |
46.129 |
46.129 |
|
Reserves & Surplus |
581.130 |
583.341 |
393.351 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
627.259 |
629.470 |
439.480 |
|
|
|
|
|
|
Long-term borrowings |
51.499 |
151.600 |
193.100 |
|
Short term borrowings |
105.326 |
0.000 |
45.475 |
|
Total
borrowings |
156.825 |
151.600 |
238.575 |
|
Debt/Equity
ratio |
0.250 |
0.241 |
0.543 |
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 |
560.352 |
591.337 |
305.722 |
|
|
|
5.530 |
(48.300) |
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 |
560.352 |
591.337 |
305.722 |
|
Profit/ (Loss) |
21.434 |
2.210 |
(57.087) |
|
|
3.83
% |
0.37
% |
(18.67
%) |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
46.129 |
46.129 |
|
(b) Reserves and Surplus |
|
643.531 |
760.306 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.432 |
0.472 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
689.660 |
806.435 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
372.339 |
390.033 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
372.339 |
390.033 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
189.884 |
329.038 |
|
(b) Trade
payables |
|
49.420 |
35.480 |
|
(c) Other
current liabilities |
|
12.047 |
11.514 |
|
(d) Short-term
provisions |
|
28.394 |
67.416 |
|
Total Current
Liabilities (4) |
|
279.745 |
443.448 |
|
|
|
|
|
|
TOTAL |
|
1342.176 |
1640.388 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
433.805 |
683.433 |
|
(ii)
Intangible Assets |
|
0.392 |
0.693 |
|
(iii) Tangible assets
capital work-in-progress |
|
96.744 |
5.617 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
|
19.214 |
19.336 |
|
(d)
Long-term loans and advances |
|
3.030 |
2.485 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
553.210 |
711.589 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
394.731 |
378.512 |
|
(c) Trade
receivables |
|
116.073 |
182.078 |
|
(d) Cash and
bank balances |
|
171.953 |
268.136 |
|
(e)
Short-term loans and advances |
|
103.670 |
98.143 |
|
(f) Other
current assets |
|
2.539 |
1.930 |
|
Total
Current Assets |
|
788.966 |
928.799 |
|
|
|
|
|
|
TOTAL |
|
1342.176 |
1640.388 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
1911.846 |
1773.380 |
|
|
Other Income |
|
59.355 |
70.235 |
|
|
TOTAL |
|
1971.201 |
1843.615 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1004.255 |
818.580 |
|
|
Purchases of
Stock-in-Trade |
|
2.764 |
6.854 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(40.480) |
89.727 |
|
|
Employee benefit expense |
|
373.018 |
318.237 |
|
|
Other expenses |
|
339.417 |
304.000 |
|
|
Extraordinary items |
|
9.490 |
46.256 |
|
|
TOTAL |
|
1688.464 |
1583.654 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
282.737 |
259.961 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
56.101 |
50.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
226.636 |
209.261 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
165.689 |
163.122 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
60.947 |
46.139 |
|
|
|
|
|
|
|
Less |
TAX |
|
11.978 |
(4.561) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
48.969 |
50.700 |
|
|
|
|
|
|
|
Less |
PROFIT
(LOSS) OF MINORITY INTEREST |
|
0.096 |
(0.053) |
|
|
|
|
|
|
|
|
PROFIT
(LOSS) FOR PERIOD |
|
49.065 |
50.754 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
106.37 |
110.03 |
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 |
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) |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C03596244 |
10256910 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
19/11/2010 |
21/02/2014 |
- |
140000000.0 |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY,PLOT NO. 12, MULA ROAD,
SANGAMWADI.PUNEMH411003IN |
|
2 |
C82540535 |
80008478 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
15/12/2005 |
03/03/2016 |
- |
145000000.0 |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY,PLOT NO. 12, MULA ROAD,
SANGAMWADI.PUNEMH411003IN |
|
3 |
B93237030 |
10256907 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
19/11/2010 |
26/07/2012 |
02/01/2014 |
162699000.0 |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETY,PLOT NO. 12, MULA ROAD,
SANGAMWADI,PUNEMH411003IN |
|
4 |
B93236123 |
10198589 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
13/01/2010 |
- |
02/01/2014 |
10000000.0 |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOUSING SOCIETYPLOT NO. 12, MULA ROAD
SANGAMWADIPUNEMH411003IN |
|
5 |
B85001246 |
90186451 |
BANK OF INDIA |
28/04/1997 |
- |
10/09/2013 |
5000000.0 |
PUNE CORPORATE BANKING
BRANCHPUNEMHIN |
|
6 |
B85674828 |
90184055 |
BANK OF INDIA |
19/08/1996 |
23/06/1997 |
10/09/2013 |
13500000.0 |
PUNE CORPORATE
BANKING BRANCHSHIVAJINAGARPUNEMHIN |
|
7 |
B85006856 |
90185580 |
BANK OF INDIA |
30/03/1990 |
- |
10/09/2013 |
9750000.0 |
PUNE INDUSTRIAL
FINANCE BRANCHLIC BLDG; 6/7; SHIVAJINAGAR; UNIVERSITY RDPUNEMH411005IN |
|
8 |
B79052478 |
90185276 |
BANK OF INDIA |
08/12/1987 |
- |
17/06/2013 |
1800000.0 |
HADAPSAR
BRANCHHADAPSAR INDUSTRIAL ESTATEPUNEMH411001IN |
|
9 |
B79089165 |
90185358 |
BANK OF INDIA |
09/09/1988 |
- |
17/06/2013 |
2800000.0 |
HADAPSAR
BRANCHHADAPSAR INDUSTRIAL ESTATEPUNEMH411001IN |
|
10 |
B79038170 |
90184854 |
BANK OF INDIA |
17/04/1984 |
12/05/1986 |
17/06/2013 |
2000000.0 |
HADAPSAR BRANCHHADAPSAR
INDUSTRIAL ESTATEPUNEMH411001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from directors |
94.500 |
49.500 |
|
Intercorporate deposits |
37.500 |
42.500 |
|
Deposits from others |
61.100 |
59.600 |
|
|
|
|
|
Total |
193.100 |
151.600 |
OPERATIONS :
The turnover of INR 305.722 Million inclusive of exports of INR 103.222 Million for the year declined by almost 50% as against the turnover of INR 591.337 Million inclusive of exports of INR 345.396 Million for the previous year causing in a huge loss of INR 56.965 Million before tax as compared to the loss of INR 5.946 Million for the previous year.
The company in spite of exploring all alternatives to reduce overall direct and indirect costs, particularly the employee costs, resulted in an alarming loss for the year under report. To overcome this dismal position, the company proposes to downsize its operations by consolidating all its manufacturing facilities under one roof, reduce excess production capacity, dispose off certain fixed assets including plant and machineries and reduce excessive manpower to commensurate with the current level of capacity utilization.
The company hopes to achieve a turnover upto INR 350.000 Million inclusive of export of INR 100.000 Million during the current year, barring unforeseen circumstances.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.