|
|
|
MIRA INFORM REPORT
|
Report No. : |
492467 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FRICK INDIA LIMITED |
|
|
|
|
Registered
Office : |
21.5 KM Main, Mathura Road, Faridabad-121003, Haryana |
|
Tel. No.: |
91-129-2275691/ 94 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.08.1962 |
|
|
|
|
Com. Reg. No.: |
05-002618 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 6.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899HR1962PLC002618 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GSTIN/UIN : |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers of industrial refrigeration and air-conditioning equipment. [Registered Activity] |
|
|
|
|
No. of Employees
: |
691 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1962 and it is having fine track records. It manufactures industrial refrigeration equipment such as compressors, condensers, pressure vessels and evaporators. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and maintained average profitability margin of 4.77%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its long track records of business operation along with established market position in the industrial refrigeration industry and healthy improvement in the revenue as well as profitability during the year. Trade relations are reported as fair. Business is active. Payments terms seems to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. (Note- Shares of Frick India Limited is listed at Delhi Stock Exchange which is presently closed for trading). |
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 = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
20.12.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
20.12.2017 |
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 16.02.2018.
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 DENIED
MANAGEMENT NON-COOPERATIVE (Tel No.: 91-129-2275691)
LOCATIONS
|
Registered Office/ Factory : |
21.5 KM Main Mathura Road, Faridabad-121003, Haryana, India |
|
Tel. No.: |
91-129-2275691/94, 91-2270546-47 |
|
Fax No.: |
91-129-2275695 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
809, Suryakiran, 19 K.G. Marg, New Delhi-110001, India |
|
Tel. No.: |
91-129-23322381/384/391 |
|
Fax No.: |
91-11-23322396 |
|
E-Mail : |
|
|
|
|
|
Sales Office : |
Ion House, Tiecicon House, 3rd Floor, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-24925203/ 24924687 |
|
Fax No.: |
91-22-24935552 |
|
|
|
|
Branch Office 1 : |
1010, The Titanium City Centre, Anandnagar Road, Satellite, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-26934410 |
|
Fax No.: |
91-79-26934410 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2: |
T-6, Swastik Manandi Arcade 401/2, Sheshadri Puram, Bangalore-560020, Karnataka, India |
|
Tel. No.: |
91-80-22196021, 23469693 |
|
Fax No.: |
91-80-23469693 |
|
E-Mail : |
|
|
|
|
|
Branch Office 3: |
Sco-6 ,2nd Floor, Silver City, Chd- Delhi Road (NH-22), Zirakpur– 140603, Punjab, India |
|
E-Mail : |
|
|
|
|
|
Branch Office 4: |
United Cold Storage Site, Nakodar-Jalandhar Road, Jalandhar-144003, Punjab, India |
|
Tel. No.: |
91-181-6575760 |
|
E-Mail : |
|
|
|
|
|
Branch Office 5: |
41/3518, Providence Road, Near Madhava Pharmacy Junction, Cochin - 682 018, Kerala, India |
|
Tel. No.: |
91-484-2394173 |
|
Fax No.: |
91-484-2394173 |
|
E-Mail : |
|
|
|
|
|
Branch Office 6: |
Poonam Building, 5/2 Russel Street, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22261179/ 22267834 |
|
Fax No.: |
91-33-22266231 |
|
E-Mail : |
|
|
|
|
|
Branch Office 7: |
Tiecicon House, Dr. E. Moses Road, Mumbai - 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-24924687, 24925203 |
|
Fax No.: |
91-22–24935552 |
|
E-Mail : |
|
|
|
|
|
Branch Office 8: |
807, Jagat Trade centre, Frazer Road, Patna – 800001, Bihar, India |
|
Tel. No.: |
91-612-2216520 |
|
E-Mail : |
|
|
|
|
|
Branch Office 9: |
608,VI Floor, Swapnalok, 92/93, S.D. Road, Secunderabad -500 003, Telanagana, India |
|
Tel. No.: |
91-27813044, 27813897 |
|
Fax No.: |
27813897 |
|
E-Mail : |
|
|
|
|
|
Branch Office 10: |
D No 3/18, 3rd Floor, Eswar Homes,1 Sltane, Dwaraka Nagar, Vizag – 530016, Andhra Pradesh, India |
|
Tel. No.: |
91-891-2553232 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jasmohan Singh |
|
Designation : |
Managing Director |
|
Address : |
5, Friends Colony, New Delhi -110065, India |
|
Date of Birth/Age : |
07.10.1963 |
|
Date of Appointment : |
21.07.2009 |
|
DIN No.: |
00383412 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Jain |
|
Designation : |
Director |
|
Address : |
House No.5305 DLF Phase IV, DLF City, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
22.12.1946 |
|
Date of Appointment : |
27.01.2012 |
|
DIN No.: |
00038529 |
|
|
|
|
Name : |
Mr. Jaswinder Singh Jassal |
|
Designation : |
Director |
|
Address : |
A-427 Sarita Vihar, New Delhi – 110076, India |
|
Date of Birth/Age : |
25.11.1955 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
00055409 |
|
|
|
|
Name : |
Mr. Mahendra Dooger Kumar |
|
Designation : |
Director |
|
Address : |
B-515 , Sarita Vihar Mathura Road, New Delhi – 110044, India |
|
Date of Birth/Age : |
01.07.1951 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
00319034 |
|
|
|
|
Name : |
Mr. Jasleenkaur Gurumeetsingh Dhody |
|
Designation : |
Director |
|
Address : |
301-302, Third Floor, Chandra Sagar, Worli Tekadi, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1964 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
05269698 |
|
|
|
|
Name : |
Mr. Gurleen Kaur |
|
Designation : |
Director |
|
Address : |
5, Small Gate Side, Freinds Colony (West), New Delhi - 110065, India |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
05270533 |
|
|
|
|
Name : |
Mr. Divaker Jagga |
|
Designation : |
Director |
|
Address : |
B-68, Second Floor, Preet Vihar Delhi - 110092, India |
|
Date of Birth/Age : |
04.06.1979 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
05357922 |
KEY EXECUTIVES
|
Name : |
Mr. Sharad Bhatnagar |
|
Designation : |
Chief Financial Officer |
|
Address : |
B-108 Vivek Vihar, Sector-82, Noida – 201301, Uttar Pradesh, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ADCPB1782B |
|
|
|
|
Name : |
Mr. Girish Kumar Gakhar |
|
Designation : |
Company Secretary |
|
Address : |
House 369, Sector 15A, Faridabad – 121007, Haryana, India |
|
PAN No.: |
AJKPG9061C |
|
|
|
|
Name : |
Mr. Ghanshyam |
|
Designation : |
Accountant |
|
|
|
|
AUDIT COMMITTEE: |
Mr. Mahender K. Doogar [Non-Executive, Independent Director cum Chairman] Mr. Jasmohan Singh [Member] Mr. Ramesh Chandra Jain [Member] Mr. Jaswinder Singh Jassal [Member] Mr. Divaker Jagga [Member] Mr. Madhav Bansidhar Shriram # [Member] Mr. Ishtpal Singh *: [Ex – Chairman] |
|
|
|
|
NOMINATION AND REMUNERATION COMMITTEE: |
Mr. Ramesh Chandra Jain [Non-Executive, Independent Director-cum-chairman] Mr. Jasmohan Singh [Managing Director] Mr. Madhav Bansidhar Shriram # [Independent Director/ Non-Executive] Mr. Divaker Jagga [Independent Director/ Non-Executive] |
|
|
|
|
STAKEHOLDERS RELATIONSHIP COMMITTEE: |
Mr. Jasmohan Singh [Member] Mr. Ramesh Chandra Jain [Member] Mr. Madhav Bansidhar Shriram [Member] Mr. Divaker Jagga # [Member] |
|
|
|
|
COMMITTEE ON CORPORATE SOCIAL RESPONSIBILITY: |
Mr. Ramesh Chandra Jain [Chairman] Mr. Jasmohan Singh [Member] Mr. Gurleen Kaur [Member] |
|
|
|
|
# Mr. Madhav Bansidhar Shriram, resigned as the Independent Director of the Company effective from March 24, 2017. Independent Director of the Company * Mr. Isht Pal Singh due to his sad demise, ceased to be effective from July 03, 2016. |
|
SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957) As a % |
|
|
(A) Promoter and Promoter
Group |
383638 |
63.94 |
|
|
(B) Public |
216337 |
36.06 |
|
|
Grand
Total |
599975 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of industrial refrigeration and
air-conditioning equipment. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
691 (Approximately) |
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: LONG TERM BORROWINGS Term Loan consist to the extent of (a) Term Loan of INR 1.100 million from Toyota Financial Services India Limited Payable in Monthly instalment for 5 Years commencing from 2nd May 2015 which is secured against Toyota Innova Car valued of INR 1.402 million. Out of this, Non Current Liability of Long Term Borrowings of INR 0.508 million (Previous Year : INR 0.733 million). (b) Term Loan of INR 4.500 million from BMW India Financial Services Private Limited Payable in Monthly instalment for 5 Years commencing from 1st April 2015 which is secured against Car BMW 5 Series Luxury valued of INR 5.277 million. Out of this, Non Current Outstanding of Long Term Borrowings INR 2.002 million (Previous Year : INR 2.928 million). (c) Term Loan of INR 2.756 million from ICICI Bank Limited Payable in Monthly instalement for 5 Years commencing from 15th March 2016 which is secured against 2 nos. Toyota Corolla Altis Car valued of INR 3.640 million. Out of this, Non Current Liability of Long Term Borrowings of INR 1.754 million (Previous Year : INR 2.256 million). (d) Term Loan of INR 0.700 million from Canara Bank Payable in Monthly instalement for 5 Years commencing from 11th May 2016 which is secured against Hyundai I 20 Asta (O) Car valued of INR 0.851 million. Out of this, Non Current Liability of Long Term Borrowings of INR 0.482 million (Previous Year : Nil). SHORT TERM BORROWINGS Working Capital Loans refered above to the extent of: a) INR 111.459 million (Previous Year Nil) pertain to Overdraft Limits utilised from bank secured against pledge of their own FDR amounting to INR 385.169 million (Previous Year INR 360.852 million); b) INR 49.683 million (Previouus Year INR 45.580 million) pertain to Buyers' Credit secured against pledge of their own FDRs and by collateral security of fixed assets. |
|||||||||||||||||||||||||||||||||||||||||
|
Statutory Auditors : |
|
|
Name : |
Raghu Nath Rai and Company Chartered Accountants |
|
Address : |
9,Mathura,Jangpurab, New Delhi 110014, India |
|
PAN No.: |
AAAFR6306E |
|
|
|
|
Cost Auditors: |
Balaji and Associates |
|
|
|
|
Secretaries
Auditors: |
Aditi Agarwal and Associates |
|
|
|
|
Internal
Auditor: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Entities in which key management personnel and their relatives have
significant interest: : |
CIN No.: U74899DL1978PTC009056
CIN No.: U74210DL1973PLC006805
CIN No.:
U74899DL1966PTC004611 |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
599975 |
Equity Shares |
INR 10/- each |
INR 6.000
Million |
|
|
|
|
|
The reconciliation of the number of shares outstanding is set out below:
|
Particulars |
31.03.2017 |
|
No. of Shares |
|
|
Equity Shares at the beginning of the year |
599975 |
|
Add: Shares issued |
-- |
|
Less: Shares cancelled |
-- |
|
Equity Shares at the
end of the year |
599975 |
The details of shareholders holding more than 55 shares in the company
as given below:
|
Name of Shareholders |
31.03.2017 |
|
No. of Shares |
|
|
Mr.Jasmohan Singh (Joint Holder)** |
128501 |
|
Dr. Jang Bahadur Singh ** |
120001 |
|
Mrs. Pamela Manmohan Singh (Joint Holder) *** |
89709 |
|
Mr. Mahendra Girdharilal |
32364 |
**In terms of the Settlement Agreement dated 22.12.2011 upheld by the orders dated 15.10.2012 and 06.10.2014 of Hon'ble Superior Court, Massachusetts, USA and order 13.05.2016 of Appellate Court, USA and the share transfer form executed by Dr. Jang Bahadur Singh in terms of order dated 05.03.2015 and 08.06.2016 of Hon'ble Superior Court, Massachusetts, USA, 120001 shares of the Company (i.e. 20% of the Paid up Share Capital) have been transferred in favour of Mr. Jasmohan Singh, jointly holding for himself along with Mr. Gurmohan Singh, Ms. Jasleen Kaur and Ms. Gurleen Kaur.
Mr. Jasmohan Singh individually holds 8,500 Equity Shares as on March 31, 2016 as well as on March 31, 2017.
*** Mrs. Pamela Manmohan Singh jointly holds 88684 Equity Shares with Mr. Jasmohan Singh, Mr. Gurmohan Singh, Ms. Jasleen Kaur and Ms. Gurleen Kaur; and individually holds 1,025 Equity Shares as on March 31, 2016 as well as on March 31, 2017.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6.000 |
6.000 |
6.000 |
|
(b) Reserves &
Surplus |
1210.847 |
1089.011 |
973.924 |
|
(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) |
1216.847 |
1095.011 |
979.924 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4.746 |
5.917 |
4.711 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
42.592 |
37.391 |
37.649 |
|
Total Non-current
Liabilities (3) |
47.338 |
43.308 |
42.360 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
161.142 |
45.580 |
141.576 |
|
(b) Trade payables |
263.616 |
177.671 |
128.505 |
|
(c) Other current
liabilities |
394.163 |
286.645 |
239.317 |
|
(d) Short-term provisions |
77.679 |
45.428 |
38.872 |
|
Total Current Liabilities
(4) |
896.600 |
555.324 |
548.270 |
|
|
|
|
|
|
TOTAL |
2160.785 |
1693.643 |
1570.554 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
99.447 |
93.132 |
92.143 |
|
(ii) Intangible Assets |
2.997 |
1.641 |
2.569 |
|
(iii) Capital
work-in-progress |
0.000 |
1.951 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
237.131 |
193.256 |
146.306 |
|
(c) Deferred tax assets
(net) |
4.931 |
7.586 |
4.669 |
|
(d) Long-term Loan and Advances |
45.037 |
25.313 |
16.521 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
389.543 |
322.879 |
262.208 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.000 |
34.855 |
39.667 |
|
(b) Inventories |
455.832 |
286.415 |
323.294 |
|
(c) Trade receivables |
489.610 |
395.634 |
372.069 |
|
(d) Cash and cash
equivalents |
645.084 |
508.133 |
453.457 |
|
(e) Short-term loans and
advances |
149.940 |
124.831 |
100.631 |
|
(f) Other current assets |
25.776 |
20.896 |
19.228 |
|
Total Current Assets |
1771.242 |
1370.764 |
1308.346 |
|
|
|
|
|
|
TOTAL |
2160.785 |
1693.643 |
1570.554 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2554.378 |
2048.232 |
1519.098 |
|
|
Other Income |
57.114 |
79.767 |
55.333 |
|
|
TOTAL |
2611.492 |
2127.999 |
1574.431 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1769.665 |
1288.632 |
1053.966 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(64.242) |
79.167 |
(57.963) |
|
|
Employees benefits
expense |
370.487 |
312.506 |
273.720 |
|
|
Other manufacturing
expenses |
3.539 |
4.407 |
4.039 |
|
|
Other expenses |
285.854 |
240.276 |
169.248 |
|
|
TOTAL |
2365.303 |
1924.988 |
1443.010 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
246.189 |
203.011 |
131.421 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
28.174 |
17.223 |
15.387 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
218.015 |
185.788 |
116.034 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
25.669 |
23.013 |
23.990 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
192.346 |
162.775 |
92.044 |
|
|
|
|
|
|
|
Less |
TAX |
70.510 |
45.883 |
28.492 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
121.836 |
116.892 |
63.552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
229.296 |
177.019 |
79.854 |
|
|
TOTAL EARNINGS |
229.296 |
177.019 |
79.854 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw material and components and General stores |
407.183 |
293.615 |
212.386 |
|
|
Capital Goods |
8.165 |
0.000 |
3.033 |
|
|
TOTAL IMPORTS |
415.348 |
293.615 |
215.419 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
203.07 |
194.83 |
105.92 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities
of Long term debt |
|
|
|
|
Term Loan from Toyota Financial Services India Limited |
0.216 |
0.194 |
0.163 |
|
Term Loan from BMW India Financial Services Private Limited |
0.891 |
0.805 |
0.726 |
|
Term Loan from ICICI Bank Limited |
0.501 |
0.454 |
0.000 |
|
Term Loan from Canara Bank |
0.124 |
0.000 |
0.000 |
|
Total |
1.732 |
1.453 |
0.889 |
|
Cash Generated From Operations |
73.781 |
204.412 |
91.038 |
|
Cash Generated From Operating Activities |
11.886 |
172.741 |
34.072 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
69.96 |
70.50 |
89.40 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
5.22 |
5.18 |
4.08 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
54.37 |
50.32 |
44.50 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.54 |
0.71 |
0.41 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.40 |
2.10 |
1.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.33 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.14 |
0.05 |
0.15 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.74 |
0.51 |
0.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.09 |
0.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.74 |
11.79 |
8.54 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
4.77 |
5.71 |
4.18 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.64 |
6.90 |
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.01 |
10.67 |
6.49 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.98 |
2.47 |
2.39 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.47 |
1.95 |
1.80 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.65 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
27.94 |
8.83 |
24.53 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.98 |
2.47 |
2.39 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
-- |
FINANCIAL ANALYSIS
[all figures are
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 |
6.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
973.924 |
1089.011 |
1210.847 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
979.924 |
1095.011 |
1216.847 |
|
|
|
|
|
|
long-term borrowings |
4.711 |
5.917 |
4.746 |
|
Short term borrowings |
141.576 |
45.580 |
161.142 |
|
Current Maturities of Long
term debt |
0.889 |
1.453 |
1.732 |
|
Total borrowings |
147.176 |
52.950 |
167.620 |
|
Debt/Equity ratio |
0.150 |
0.048 |
0.138 |
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 |
1519.098 |
2048.232 |
2554.378 |
|
|
|
34.832 |
24.711 |
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 |
1519.098 |
2048.232 |
2554.378 |
|
Profit |
63.552 |
116.892 |
121.836 |
|
|
4.18% |
5.71% |
4.77% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS PERFORMANCE
During the Financial Year 2016 - 17, the Company has earned Total Income of INR 2611.492 Million, as compared to that of previous year, i.e. INR 2127.999 Million.
*The pre-tax profits for the current accounting year is recorded of INR 192.346 Million as compared to that of previous year, i.e. INR 162.775 Million.
In the current financial year, the profitability of the Company has been curtailed to some extent. However, the Company's management is continually concentrating on consolidation of various lines of business of the Company, to cut extra costs and boost profits. The Directors' are hopeful of growth in the refrigeration sector due to rising global food prices. However, the Company might face challenges given the slower rate of pick-up of the world economy after the global slowdown and the prevalent recessionary trends.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Subject was incorporated as a public limited company in 1962 in collaboration with Frick Company USA, on of the world's oldest and largest manufacturers of industrial refrigeration & air-conditioning equipment. Frick India is now independent and has diversified and developed into one of the top-ranking companies and its equipment is rated amongst the world's best. Today, Frick India Limited is the largest equipment manufacturer and turnkey solution provider for Industrial refrigeration in India.The Company also installs turnkey projects and uses their 50 years of experience in industrial refrigeration compressor manufacturing in good stead to give energy efficient and reliable refrigeration systems in India and 45 other countries across the world.
Frick India has unmatched advantage of providing a single source responsibility for turnkey refrigeration and air-conditioning systems covering design, manufacture, packaging, installation and service to standard specifications as well as custom-built to meet customers' special requirements. With collaboration and technologies from U.K., Japan, U.S.A. and Europe, Frick India also provides on line Frick Energy Management System (FEMS) for almost all Industrial Refrigeration Applications. The Company is presently manufacturing a lot of equipments like various types of Compressors, and packages Condensers, Air handling units, Liquid recirculation pump, Ice-making equipment, Plate & blast freezers, Packages chillers etc. used in Food / Chemical Industry.
Its manufacturing facilities are located at Faridabad (Haryana), an industrial township in the periphery of the national capital & are spread over a 22 acre multi-block complex. It is a well-known fact that in India 30-40% of fruits and vegetables are wasted and the price realization for the farmer is very low due to inadequate storage and processing facilities. Meanwhile the consumers get lower quality at higher prices. The Government which subsidises a major portion of the farmers' costs in an effect to uplift them also loses money in this wastage. Hence proper cold chain infrastructure is the need of the hour. Frick India proposes appropriate technologies for Indian Cold Chain where high-value fruits and vegetables can be kept for longer periods thereby adding some value for the farmers. Fresh and frozen fruits, vegetables are other perishable food commodities which require a cold stream, right from harvesting to consumption, to maintain quality, nutritive value and hygienic safety of the products. Any break in this cold-chain can cause heavy loss due to biological deterioration. The Company has been providing refrigeration solution to almost all the vital industries, related to Food and Agriculture, Dairy Production, Meat, Fisheries and Livestock, Beverages and Breweries, Chemical and Pharmaceutical Industry etc.
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr. Narendra Modi, had launched the 'Make in India' program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. India is expected to become the fifth largest manufacturing country in the world by the end of year 2020. In the present scenario, owing to the necessity for boosting the industrial strength of India, there are a lot of processes requiring refrigeration equipments.
PRODUCT WISE
PERFORMANCE
Newly developed Liquid Ammonia Hermetically Sealed Pump is performing well and has less power consumed. It is launched in both National and International market. Frick has installed vapour ammonia absorption system with aqueous ammonia for low temperature (Freezers) application working well with better COP and low steam consumption. Frick has launched Glycol Floor Heating System for Cold storage and Frozen applications in the market.
Frick Screw Compressors are installed and performing well, it saves 2 to 5% power than other competitor' compressors due to “No pump Technology” and “Variable VI” in the latest market. Frick has manufactured National biggest Cl liquification equipments (6502TPD) with single unit installed which performing well.
Frick has supplied “ASME” certified pressure vessels and heat exchangers in the international market .speciality of Frick Reciprocating compressor saves 1 to 3% of power than others. Frick gas cooled compressor giving better performance and less oil consumption (less than 10 ppm) with coalescing oil separators.
Frick aluminium Air cooling units are spreads in the ammonia international markets giving good performance, less power than SS coils. Frick evaporative condensers are less water consumption with silent operation. Frick India has developed PUF panel with different sizes for Cold Storage, Freezers & Air conditioning applications.
OUTLOOK
On 28 February 2017, the Central Statistical Organisation of the Government of India has pegged its advance estimate of India's real GDP growth for 2016-17 (FY 2017) at 7.1%. While better than all developed and most emerging markets of the world, including China, it was not as good as the 7.9% GDP growth achieved in FY2016. Qualitatively, the results were similar when measured in terms of Gross Value Added (GVA) at constant prices. Real GVA growth for FY 2017 is estimated at 6.7% versus 7.8% in FY 2016.
FINANCIAL AND
OPERATIONAL PERFORMANCE
Total revenue has shown an impressive growth of 22.72 % from INR 2127.999 Million in 2015-16 to INR 2611.492 Million in 2016-17.
· Profit before tax (PBT) increased by 18.17 % from INR 162.775 Million in 2015-16 to INR 192.346 Million in 2016-17.
- Profit after tax (PAT) registered an increase of 4.23% from INR 116.892 Million in 2015-16 to INR 121.836 Million in 2016-17.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Satisfaction |
Amount |
Address |
|
1 |
G36036655 |
100077568 |
Canara Bank |
16/01/2017 |
- |
30000000.0 |
74, Janpath, New Delhi – 110001, India |
|
2 |
G24573685 |
100062002 |
Canara Bank |
20/10/2016 |
- |
30000000.0 |
74, Janpath, New Delhi – 110001, India |
|
3 |
G04401634 |
100028968 |
Canara Bank |
11/05/2016 |
- |
700000.0 |
74, Janpath, New Delhi – 110001, India |
|
7 |
C77792737 |
10361146 |
Canara Bank |
26/05/2012 |
08/01/2016 |
16000000.0 |
74, Janpath, New Delhi – 110001, India |
|
9 |
C77783389 |
10241341 |
Canara Bank |
09/08/2010 |
08/01/2016 |
23743672.0 |
74, Janpath, New Delhi – 110001, India |
|
10 |
C77791721 |
10354939 |
Canara Bank |
20/04/2012 |
08/01/2016 |
28000000.0 |
74, Janpath, New Delhi – 110001, India |
|
11 |
C77709822 |
10231370 |
Canara Bank |
10/07/2010 |
08/01/2016 |
23743672.0 |
74, Janpath, New Delhi – 110001, India |
|
12 |
C77703353 |
10200123 |
Canara Bank |
14/12/2009 |
08/01/2016 |
20000000.0 |
74, Janpath, New Delhi – 110001, India |
|
13 |
C77781375 |
10241339 |
Canara Bank |
09/08/2010 |
08/01/2016 |
20000000.0 |
74, Janpath, New Delhi – 110001, India |
|
14 |
C77793610 |
10444302 |
CANARA BANK |
10/08/2013 |
08/01/2016 |
40000000.0 |
74, Janpath, New Delhi – 110001, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent
Liabilities not provided for: |
|
|
|
a) Claims against the Company not acknowledged as debts (Matter subjudice) |
37.436 |
46.133 |
|
b) Counter guarantees given to bank (Secured by collateral security of fixed assets) |
432.257 |
262.413 |
|
Total |
469.693 |
308.546 |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Tubewell
- Jig and Dies
- Plant and Machinery
- Electrical Fitting and Installation
- Furniture And Fixture
- Office equipments
- Computer
- Refrigeration Equipments
- Motor Vehicles
Intangible Asset:
- EDP Software
- Design and Development
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 63.92 |
|
|
1 |
INR 79.68 |
|
Euro |
1 |
INR 89.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.