|
|
|
MIRA INFORM REPORT
|
Report No. : |
492669 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HIGHTEMP FURNACES LIMITED |
|
|
|
|
Registered
Office : |
“Regus” 5th Floor, Mafatal House (Building) H T Parekh
Marg, Backbay Reclamation, Mumbai – 400020, Maharashtra |
|
Tel. No.: |
91-80-28395917 / 28391446 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
16.04.1971 |
|
|
|
|
Com. Reg. No.: |
11-015115 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 90.179 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1971PLC015115 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH00615G MUMH07713G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1727L |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACH1727L1ZK |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing of Furnaces and also Providing Heat Treatment Service. (Registered
activity) |
|
|
|
|
No. of Employees
: |
Not Available |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 4900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1971. It is a subsidiary of Dowa
Thermotech Company Limited, Japan. The company manufacturers industrial heat treatment furnaces and also
offers heat offers treatment services. As per the financial records of 2017, the company has achieved 10.34%
growth in its revenue as compared to the previous year’s revenue and has
reported an average net profit margin of 3.31%. The company possesses healthy financial position marked by sound net
worth base along with negligible debt level and acceptable liquidity
parameters. Rating takes into consideration the strength that company derives from
its holding company, its experienced management team and company’s long
established track record. Business is active. Payments seems to be regular. 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
ICRA |
|
Rating |
Long Term Loans = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
30.11.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loans = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
30.11.2017 |
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 20.02.2018
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.
LOCATIONS
|
Registered Office : |
“Regus” 5th Floor, Mafatal House (Building) H T Parekh
Marg, Backbay Reclamation, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-80-28395917 / 28391446 |
|
Mobile No.: |
+81-90-3240 6520 (Yasunori Hamada) |
|
Fax No.: |
91-80-28392661 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Plant 1 : |
1C, 2nd Phase, Peenya Industrial Area, Bangalore –
5600058,
Karnataka, India |
|
Tel. No.: |
91-80-28395917 / 28394076 / 28391446 |
|
Fax No.: |
91-80-28390490 / 28392661 |
|
Email : |
|
|
|
|
|
Plant 2 : |
Gat No. 615, Village Kuruli, Taluka Khed, Chakan, Pune-410050,
Maharashtra, India |
|
Tel. No.: |
91-2135–308704 / 5 / 6 |
|
Fax No.: |
91-2135–308716 |
|
Email : |
|
|
|
|
|
Plant 3 : |
12 KM Stone Sohan Road, Opposite Geethanand Ashram, Bhondsi Village,
Gurugram - 120102, Haryana, India |
|
Fax No.: |
91-124-2265216 / 17 |
|
Email : |
|
|
|
|
|
Plant 4: |
Commercial Heat Treat, No. 55, Thandalam Village, Sriperumbudur Taluk, Kancheepuram District – 602105, Tamilnadu, India |
|
Tel. No.: |
91-44-27156385 |
|
Fax No.: |
91-44-27156384 |
|
Email : |
|
|
|
|
|
Plant 5 : |
No. 2/2B, Veerananjipura Village, Budihala Post, Kasaba Hobli, Nelamangala Taluk, Bangalore Rural Dist. – 562123, Karnataka, India |
|
Tel. No.: |
91-80 27700528 / 27726511 |
|
Fax No.: |
91 80 27726511 |
|
Email : |
|
|
|
|
|
Plant 6: |
No. 15, Industrial Subrub, Goraguntepalya, Yeshwantpur, Bangalore – 560022, Karnataka, India |
|
Tel. No.: |
91 80 40913200 |
DIRECTORS
As on 31.03.2017
|
Name : |
Francis Thettayil |
||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||
|
Address : |
No.112, Sri Vari Residency, 3rd Cross, SVK Layout, Basaveshwara Nagar, Bangalore – 560079, Karnataka, India |
||||||||||||||||||||
|
Date of Appointment : |
25.04.2017 |
||||||||||||||||||||
|
DIN No.: |
00710071 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Varadharajan Rangachari |
||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||
|
Address : |
D-II 008, White House, 6th Main Road, R T Nagar, Bangalore
– 560032, Karnataka, India |
||||||||||||||||||||
|
Date of Birth/Age : |
12.12.1953 |
||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||
|
Date of Appointment : |
01.12.2011 |
||||||||||||||||||||
|
PAN No.: |
AAIPV7436P |
||||||||||||||||||||
|
DIN No.: |
00710160 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Gopal Mahadevan |
||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||
|
Address : |
No. 432/28, 11th Main, 7th Cross, RMV Extention, Bangalore – 560080, Karnataka, India |
||||||||||||||||||||
|
Date of Birth/Age : |
27.10.1956 |
||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||
|
Date of Appointment : |
10.10.1985 |
||||||||||||||||||||
|
PAN No.: |
ADYPM9207C |
||||||||||||||||||||
|
DIN No.: |
00710190 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Narayan Mahadevan |
||||||||||||||||||||
|
Designation : |
Whole Time Director |
||||||||||||||||||||
|
Address : |
No. 432/28, 11th Main RMV Extension, Bangalore-560080,
Karnataka, India |
||||||||||||||||||||
|
Date of Birth/Age : |
14.09.1962 |
||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||
|
Date of Appointment : |
06.04.2007 |
||||||||||||||||||||
|
PAN No.: |
ACLPM7152J |
||||||||||||||||||||
|
DIN No.: |
02431070 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Akihiro Sato |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
1-43-1-311, Sato-Cho Naka-Ku, Hamamatsu-Si, Sizuoka-Ken, Hamamatsu,
Japan-4300807 |
||||||||||||||||||||
|
Date of Birth/Age : |
01.09.1960 |
||||||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||||||
|
Date of Appointment : |
25.08.2016 |
||||||||||||||||||||
|
DIN No.: |
03013468 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Toshiro Sumida |
||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||
|
Address : |
2-2-5 Maruyamadai Wako-Shi Wako Shi – 3510100, Japan |
||||||||||||||||||||
|
Date of Appointment : |
18.10.2011 |
||||||||||||||||||||
|
DIN No.: |
05101672 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Hiroyoshi Suzuki |
||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||
|
Address : |
1-8 Meizen-cho Mizuho-ku Nagoya-shi, Nagoya 4670852, Japan
|
||||||||||||||||||||
|
Date of Appointment : |
12.09.2012 |
||||||||||||||||||||
|
DIN No.: |
06366810 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Tadanori Nakahiro |
||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||
|
Address : |
G 1002, 10th Floor of Hercules Wing, Brigade Gateway 26/1, Dr. Rajkumar Road, Rajajinagar – 560055, India |
||||||||||||||||||||
|
Date of Appointment : |
25.04.2017 |
||||||||||||||||||||
|
DIN No.: |
07824770 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Yasunori Hamada |
||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||
|
Address : |
2-35-7 Aritamadai, Higashi-Ku Hamamatsu-Shi Omuta-shi –
8360886, Japan |
||||||||||||||||||||
|
Date of Birth/Age : |
03.11.1958 |
||||||||||||||||||||
|
Date of Appointment : |
18.10.2011 |
||||||||||||||||||||
|
DIN No.: |
05101639 |
||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Varadharajan Rangachari |
|
Designation : |
Company Secretary |
|
Address : |
D-II 008, White House, 6th Main Road, R T Nagar, Bangalore
– 560032, Karnataka, India |
|
Date of Birth/Age : |
12.12.1953 |
|
Date of Appointment : |
09.12.1992 |
|
PAN No.: |
AAIPV7436P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Dowa Thermotech Company Limited, Japan |
|
8416142 |
|
Mahadevan Gopal |
|
601795 |
|
Santosh Muttalli |
|
1 |
|
Satya Prasad Yadav Tekumatla |
|
1 |
|
Ranganath Harirao Kuttetur |
|
1 |
|
Shyamalendu Mukherjee |
|
1 |
|
Ganapathi Subramaniam Mahadevan |
|
1 |
|
|
|
|
|
Total |
|
9017942 |
Equity Share Break up (Percentage of Total Equity)
As on 15.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
6.67 |
|
Promoter - Bodies
corporate |
93.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Furnaces and also Providing Heat Treatment Service. (Registered
activity) |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates LLP Chartered Accountants |
|
Address : |
Andheri, Mumbai – 400093, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACLFS1562L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
|
|
|
|
|
Associate : |
U27310KA2005PTC037551 |
|
|
|
|
Fellow Subsidiary Company : |
|
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
U63040KA1988PTC009301
U74210MH1988PLC045916 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21500000 |
Equity Shares |
INR 10/- each |
INR 215.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9017942 |
Equity Shares |
INR 10/- each |
INR 90.179
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
90.179 |
90.179 |
90.179 |
|
(b) Reserves & Surplus |
1632.218 |
1579.749 |
1458.862 |
|
(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) |
1722.397 |
1669.928 |
1549.041 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.243 |
50.737 |
102.226 |
|
(b) Deferred tax liabilities
(Net) |
182.252 |
162.567 |
145.419 |
|
(c) Other long term
liabilities |
1.072 |
1.437 |
0.745 |
|
(d) long-term provisions |
9.160 |
6.269 |
9.709 |
|
Total
Non-current Liabilities (3) |
194.727 |
221.010 |
258.099 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
53.127 |
49.748 |
12.305 |
|
(b) Trade payables |
143.987 |
124.671 |
156.444 |
|
(c) Other current liabilities |
175.319 |
134.679 |
236.064 |
|
(d) Short-term provisions |
2.786 |
9.383 |
10.476 |
|
Total
Current Liabilities (4) |
375.219 |
318.481 |
415.289 |
|
|
|
|
|
|
TOTAL |
2292.343 |
2209.419 |
2222.429 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1215.036 |
1049.861 |
1037.414 |
|
(ii) Intangible Assets |
5.263 |
4.656 |
5.880 |
|
(iii) Capital work-in-progress |
108.627 |
127.393 |
29.795 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.225 |
15.795 |
9.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
115.431 |
230.396 |
121.366 |
|
(e) Other Non-current assets |
2.153 |
1.660 |
2.240 |
|
Total
Non-Current Assets |
1465.735 |
1429.761 |
1205.875 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
219.452 |
188.937 |
277.541 |
|
(c) Trade receivables |
475.813 |
266.716 |
249.624 |
|
(d) Cash and cash equivalents |
60.577 |
267.739 |
421.015 |
|
(e) Short-term loans and
advances |
70.336 |
49.943 |
63.166 |
|
(f) Other current assets |
0.430 |
6.323 |
5.208 |
|
Total
Current Assets |
826.608 |
779.658 |
1016.554 |
|
|
|
|
|
|
TOTAL |
2292.343 |
2209.419 |
2222.429 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1587.509 |
1438.679 |
1589.864 |
|
|
Other Income |
20.095 |
37.467 |
16.097 |
|
|
TOTAL
|
1607.604 |
1476.146 |
1605.961 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
632.416 |
510.573 |
642.998 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(9.768) |
78.983 |
65.069 |
|
|
Employees benefits expense |
229.790 |
189.772 |
192.238 |
|
|
Other expenses |
550.858 |
483.213 |
481.729 |
|
|
TOTAL |
1403.296 |
1262.541 |
1382.034 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
204.308 |
213.605 |
223.927 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.521 |
14.907 |
41.303 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
192.787 |
198.698 |
182.624 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
62.579 |
59.642 |
55.432 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
130.208 |
139.056 |
127.192 |
|
|
|
|
|
|
|
Less |
TAX |
77.739 |
9.062 |
51.242 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
52.469 |
129.994 |
75.950 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
136.517 |
18.561 |
94.676 |
|
|
TOTAL
EARNINGS |
136.517 |
18.561 |
94.676 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
118.957 |
78.829 |
96.823 |
|
|
Capital Goods |
25.349 |
1.060 |
0.000 |
|
|
TOTAL
IMPORTS |
144.306 |
79.889 |
96.823 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
5.82 |
14.42 |
11.13 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
50.600 |
50.400 |
50.400 |
|
Net cash flows from (used in) operations |
(21.596) |
304.468 |
83.565 |
|
Net cash flows from (used in) operating activities |
(45.342) |
264.673 |
90.720 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
109.40 |
67.67 |
57.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.34 |
5.39 |
6.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
83.10 |
89.13 |
88.81 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.93 |
1.13 |
0.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.15 |
0.18 |
0.21 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.19 |
0.19 |
0.26 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.06 |
0.09 |
0.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.22 |
0.19 |
0.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.77 |
0.71 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
17.73 |
14.33 |
5.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
3.31 |
9.04 |
4.78 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.29 |
5.88 |
3.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.05 |
7.78 |
4.90 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.20 |
2.45 |
2.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.62 |
1.85 |
1.78 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.75 |
0.76 |
0.70 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.18 |
1.67 |
1.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.20 |
2.45 |
2.45 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
90.179 |
90.179 |
90.179 |
|
Reserves & Surplus |
1458.862 |
1579.749 |
1632.218 |
|
Net
worth |
1549.041 |
1669.928 |
1722.397 |
|
|
|
|
|
|
Long Term borrowings |
102.226 |
50.737 |
2.243 |
|
Short Term borrowings |
12.305 |
49.748 |
53.127 |
|
Current Maturities of Long term debt |
50.400 |
50.400 |
50.600 |
|
Total
borrowings |
164.931 |
150.885 |
105.970 |
|
Debt/Equity
ratio |
0.106 |
0.090 |
0.062 |
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
|
1589.864 |
1438.679 |
1587.509 |
|
|
|
(9.509) |
10.345 |
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
|
1589.864 |
1438.679 |
1587.509 |
|
Profit |
75.950 |
129.994 |
52.469 |
|
|
4.78% |
9.04% |
3.31% |
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 |
NOTE: Registered office of the company has been
shifted from 27-29 Supariwala Building, 1st Floor, E M Merchant Road,
Khadak, Mumbai – 400009, Maharashtra, India to
the present address w.e.f. 12.07.2016
REVIEW OF BUSINESS
OPERATIONS AND FUTURE PROSPECTS:
The Directors wish to
present the details of Business operations during the year under review:
Production and
Profitability
Production of Furnaces with allied heating equipment and auto components were steady but the Commercial Heat Treatment operations recorded higher revenues during the year. After providing for all the costs including the cost of technical knowhow for new technologies,
The company has posted profit before taxes of INR 130.208 Million as compared to INR 139.056 Million in the previous year, in spite of higher provision for depreciation owing to the implementation of expansion project;
The profit after tax and provision for deferred tax liability, for the year under review, stood at INR 52.469 Million as compared to INR 129.994 Million in the previous year.
Sales
In the financial year under review, the Furnace Manufacturing Division had a steady trend in sales with increased export orders from Dowa Group. Domestic sales was under some pressure due to adverse conditions in Indian economy Overall the division managed to maintain margins from better export terms and premium domestic operations. The Commercial Heat Treatment division has shown good growth and the additional capacities created have started yielding results.
Marketing and Market
environment
The company has been able to get substantial orders for supply of industrial furnaces to new and existing Japanese Joint Ventures in India in the past years which will trend will continue with support from Dowa, japan.
The commercial heat treatment operations expanded with development of new customers and maintaining track record of quality and efficiency in delivery. Despite the slowdown in the Automotive Industry the company managed to keep up the revenues and profitability.
The Auto Components manufacturing division also stabilized and is expected to improve in the following year under the long term contract with their primary customer GKN Drive Line India limited.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from banks |
0.000 |
50.600 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term loans from banks |
45.381 |
0.000 |
|
|
|
|
|
Total |
45.381 |
50.600 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G57397382 |
10418602 |
KOTAK MAHINDRA BANK LIMITED |
23/02/2013 |
12/10/2017 |
- |
220000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
2 |
C15198930 |
10211572 |
TATA CAPITAL LIMITED |
06/03/2010 |
01/12/2010 |
19/07/2014 |
17363000.0 |
ONE FORBESDR V B GANDHI MARG,FORTMUMBAIMH400001IN |
|
3 |
C15196579 |
10168739 |
TATA CAPITAL LIMITED |
10/07/2009 |
11/12/2009 |
19/07/2014 |
11075000.0 |
ONE FORBESDR V B GANDHI MARG,FORTMUMBAIMH400001IN |
|
4 |
B76936384 |
90233730 |
STATE BANK OF INDIA |
25/03/1991 |
25/01/2006 |
05/06/2013 |
27000000.0 |
PEENYA INDUSTRIAL BRANCHB-94; II CROSS; I STAGEBANGALOREKA560058IN |
|
5 |
B73726804 |
80013276 |
STATE BANK OF INDIA |
25/03/1991 |
29/02/2012 |
22/04/2013 |
643800000.0 |
Specialised Mid-Corporate Branch,No.136, Railway Parallel Road, Kumarapark West,BENGALURUKA560020IN |
|
6 |
B06996367 |
90289105 |
STATE BANK OF INDIA |
14/11/2003 |
28/08/2006 |
18/02/2011 |
34000000.0 |
COMMERCIAL BRANCHGUINDYCHENNAITN600032IN |
|
7 |
A58384942 |
10096561 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
12/04/2008 |
- |
19/03/2009 |
150000000.0 |
NO 7 M G ROADBANGALOREBANGALOREKA560001IN |
|
8 |
A35432269 |
80042805 |
GKN DRIVESHAFTS (INDIA) LIMITED |
15/09/2000 |
- |
25/03/2008 |
25000000.0 |
PLOT NO.270, SECTOR 24,FARIDABADHR121005IN |
|
9 |
A02136687 |
80006511 |
CANARA BANK |
18/12/1989 |
- |
13/07/2006 |
2500000.0 |
RAJMAHAL VILAS EXTENSIONBANGALOREKA560080IN |
|
10 |
A02136448 |
80006510 |
CANARA BANK |
19/10/1989 |
- |
13/07/2006 |
525000.0 |
RAJMAHAL VILAS EXTENSIONBANGALOREKA560080IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
116.723 |
|
FIXED 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,
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 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
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.