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MIRA INFORM REPORT
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Report No. : |
494473 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIAN GRANITO INDIA LIMITED (w.e.f.25.11.2002) |
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Formerly Known
As : |
VASUDEV TEXTILE INDUSTRIES LIMITED (w.e.f.28.07.2000) PANCHARIYA TEXTILE INDUSTRIES LIMITED (w.e.f.18.03.1999) KARNAVATI FINCAP LIMITED (w.e.f.29.08.1995) KARNAVATI FINCAP PRIVATE LIMITED |
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Registered
Office : |
202, Dev Arc, Opposite Iskcon Temple, S.G. Highway, Ahmedabad - 380015, Gujarat |
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Tel. No.: |
91-79-66125500/ 66125698 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.08.1995 |
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Com. Reg. No.: |
04-027025 |
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Capital
Investment / Paid-up Capital : |
INR 300.874 Million |
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CIN No.: [Company Identification
No.] |
L17110GJ1995PLC027025 |
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IEC No.: |
0802009859 |
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TIN No.: |
Not Divulged |
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GST No.: |
24AAFCA2340H1Z6 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAFCA2340H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Glazed Tiles, Sanitary Ware and Vitrified
Tiles, Ceramic Tiles, etc. [Registered Activity and also Confirmed by
Management] |
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No. of Employees
: |
2376 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Asian Granito India Limited was incorporated in the year 1995. The company is engaged in manufacturing and exporting of vitrified tiles.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bank facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
09.01.2018 |
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Rating Agency Name |
ICRA |
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Rating |
Short term bank facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
09.01.2018 |
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 24.02.2018.
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 BY
|
Name : |
Mrs. Falguni |
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Designation : |
Accountant |
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Contact No.: |
91-79-66125539 |
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DATE |
24.02.2018 |
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-7966125500]
LOCATIONS
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Registered/ Corporate Office/ Factory : |
202, Dev Arc, Opposite Iskcon Temple, S.G. Highway, Ahmedabad - 380015, Gujarat, India |
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Tel. No.: |
91-79-66125500/ 66125698/ 66125539 |
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Mobile No.: |
91-98250802651 (Mr. Bhavesh) 91-7045910802 [Mr. Ashvin Jedhe] 91-9321495240 [Mr. Moin Shaikh] |
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Fax No.: |
91-79-66125600/ 66058672/ 700 |
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E-Mail : |
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Website : |
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Communication Address: |
402, A Wing, City Point, Near Kohinoor Continental Hotel,
Opposite ICICI Bank, J.B. Nagar, Andheri (East), Mumbai - 400059, Maharashtra,
India |
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Factory 1: |
Ceramic Zone, Katwad Road, At & Po. Dalpur, Taluka Prantij, Sabarkantha - 383120, Gujarat, India |
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Factory 2: |
lot No. 767, Near JTI, Kheda- Dholka Highway, Village Radhu, Kheda, Gujarat, India |
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Factory 3: |
Behind Sardar Plant, Idar, Sabarkantha, Gujarat, India |
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Regional Offices : |
Located at: · Chandigarh · Jaipur · Kolkata · Ahmedabad · Himatnagar · Indore · Morbi · Mumbai · Nagpur · Pune · Bangalore · Calicut · Chennai · Coimbatore · Hyderabad · Kochi ·
Patna |
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Display Centres : |
Located at: · Ahmedabad · Himmatnagar · Indore · Mumbai · Nagpur · Pune · Coimbatore · Chennai · Bengaluru · Calicut · Kochi · Hyderabad · New Delhi · Jaipur · Chandigarh · Bhubaneswar ·
Kolkata |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Hemendrakumar Chamanlal Shah |
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Designation : |
Director |
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Address : |
F/701, Tulip Citadel, Opp. Esic Staff Quarters, Shreyas Tekra, Ambawadi Ahmedabad - 380015, Gujarat, India |
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Date of Appointment : |
20.03.2017 |
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DIN No.: |
00077654 |
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Name : |
Mr. Kamlesh Bhagubhai Patel |
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Designation : |
Managing Director |
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Address : |
Bunglow No. 4, Shaligram, Part 3, Near Sangini Bunglow, Thaltej Ahmedabad - 380059, Gujarat, India |
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Date of Appointment : |
30.09.2002 |
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DIN No.: |
00229700 |
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Name : |
Mr. Sureshbhai Jivabhai Patel |
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Designation : |
Director |
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Address : |
1, Rudraksh Bunglows, Behnd Rajpath Club, Bodakdev, Ahmedabad - 380015, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
00233565 |
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Name : |
Mr. Bhogilal Bhikhabhai Patel |
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Designation : |
Director |
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Address : |
At Laxmanpur Taluka Idar Himmatnagar - 383410, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
00300345 |
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Name : |
Mr. Kanubhai Bhikhabhai Patel |
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Designation : |
Director |
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Address : |
At Laxmanpura Po Goral, Ta Idar, Sabarkantha - 383410, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
00386852 |
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Name : |
Mr. Mukeshbhai Jivabhai Patel |
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Designation : |
Managing Director |
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Address : |
No.1, Rudraksh Bunglows, Behind Rajpath Club, Bodakdev Ahmedabad - 380054, Gujarat, India |
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Date of Appointment : |
30.09.2002 |
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DIN No.: |
00406744 |
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Name : |
Mr. Ajendrakumar Naranbhai Patel |
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Designation : |
Director |
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Address : |
G-1 Krishna Apt., Vastrapur, Satellite, Ahmedabad - 380015, Gujarat, India |
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Date of Appointment : |
29.07.2008 |
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DIN No.: |
02284744 |
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Name : |
Mr. Amrutbhai Ishwarlal Patel |
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Designation : |
Director |
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Address : |
18 Atulya Bunglows, Near Gulab Tower Sola Road, Thaltej Ahmedabad - 380054, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
03381404 |
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Name : |
Mr. Bhaveshbhai Vinodbhai Patel |
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Designation : |
Director |
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Address : |
Asian Parivar, B-2, Mahakali Mandir Road, Mahavir Nagar, Himmatnagar - 383001 Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
03382527 |
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Name : |
Mr. Premjibhai Ramjibhai Chaudhari |
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Designation : |
Director |
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Address : |
B-16, Swagat Banglows, Ramosana Road Taluka District Mahesana Mahesana - 384001, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
03404647 |
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Name : |
Mr. Indira Nityandandam |
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Designation : |
Director |
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Address : |
No. 3, Vaibhavi Flats Behind H.L. Commerce College, Navrangpura, Ahmedabad - 380009, Gujarat, India |
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Date of Appointment : |
29.11.2013 |
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DIN No.: |
06749538 |
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Name : |
Mr. Satish Yeshwant Deodhar |
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Designation : |
Director |
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Address : |
House 412, IIM Old Campus, Vastrapur, Ahmedabad - 380015, Gujarat, India |
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Date of Appointment : |
20.03.2017 |
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DIN No.: |
07766673 |
KEY EXECUTIVES
|
Name : |
Mr. Kalidas Jivabhai Patel |
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Designation : |
Chief Financial Officer |
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Address : |
12, Asian Parivar, At: Kankrol, Village: Kankrol, Himmatnagar - 383001, Gujarat, India |
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Date of Appointment : |
29.05.2017 |
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PAN No.: |
ACCPP5913D |
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Name : |
Mrs. Renuka Anjanikumar Upadhyay |
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Designation : |
Company Secretary |
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Address : |
A-504, Safal Parisar -2, Bopal, Ahmedabad - 380058, Gujarat, India |
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Date of Appointment : |
01.08.2011 |
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PAN No.: |
AAZPU7698H |
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Name : |
Mrs. Falguni |
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Designation : |
Accountant |
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AUDIT COMMITTEE: |
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Name : |
Mr. Hemendrakumar Shah |
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Designation : |
Chairman |
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Name : |
Dr. Satish Deodhar |
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Designation : |
Member |
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Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Member |
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NOMINATION &
REMUNERATION COMMITTEE: |
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Name : |
Mr. Ajendrabhai Patel |
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Designation : |
Chairman |
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Name : |
Mr. Hemendrakumar Shah |
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Designation : |
Member |
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Name : |
Mr. Amrutbhai Patel |
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Designation : |
Member |
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STAKEHOLER’S
RELATIONSHIP COMMITTEE: |
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Name : |
Dr. Indira Nityanandam |
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Designation : |
Chairman |
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Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Member |
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Name : |
Mr. Amrutbhai Patel |
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Designation : |
Member |
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CORPORATE
SOCIAL RESPONSIBILITY COMMITTEE: |
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|
Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Chairman |
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Name : |
Mr. Mukeshbhai Patel |
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Designation : |
Member |
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|
Name : |
Dr. Indira Nityanandam |
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Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
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 % of (A+B+C2) |
|
(A) Promoter & Promoter Group |
9827848 |
32.66 |
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(B) Public |
20259598 |
67.34 |
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Total |
30087446 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
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 % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
9827848 |
32.66 |
|
|
Kamlesh Bhagubhai
Patel |
3449298 |
11.46 |
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Mukeshbhai Jivabhai
Patel |
2041928 |
6.79 |
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Sureshbhai
Jivabhai Patel |
1543534 |
5.13 |
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Bhogilal
Bhikhabhai Patel |
420640 |
1.40 |
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Rameshbhai
Bhikhabhai Patel |
331615 |
1.10 |
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Hasmukhbhai D
Patel |
287669 |
0.96 |
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Hinaben
Kamleshbhai Patel |
216150 |
0.72 |
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Kamlesh Bhagubhai
Patel Huf |
211400 |
0.70 |
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Jivabhai Jethabhai
Patel (Huf) |
149600 |
0.50 |
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Sureshbhai
Jivabhai Patel Huf |
148036 |
0.49 |
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Bhagubhai
Punjabhai Patel |
133700 |
0.44 |
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Bhagubhai
Punjabhai Patel (Huf) |
127700 |
0.42 |
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Bhikhabhai Kodarbhai
Patel |
126710 |
0.42 |
|
|
Bhanuben
Mukeshbhai Patel |
121600 |
0.40 |
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Chhayaben
Sureshbhai Patel |
108430 |
0.36 |
|
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Mukeshbhai
Jivabhai Patel ( Huf) |
98710 |
0.33 |
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Hiraben Bhagubhai
Patel |
72760 |
0.24 |
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Dimpalben
Bhogibhai Patel |
68340 |
0.23 |
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Gitaben Rameshbhai
Patel |
43906 |
0.15 |
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Danjibhai
Parshottambhai Patel |
41026 |
0.14 |
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|
Bhoghibhai B.
Patel (Huf) |
34700 |
0.12 |
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Dipakbhai
Danjibhai Patel |
20000 |
0.07 |
|
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Dipakbhai
Danjibhai Patel |
11300 |
0.04 |
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|
Chandhricaben Danajibhai
Patel |
10365 |
0.03 |
|
|
Ushaben D Patel |
8731 |
0.03 |
|
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Sub Total A1 |
9827848 |
32.66 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
9827848 |
32.66 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
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|||
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|||
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|||
|
B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
1526242 |
5.07 |
|
|
Sundaram Mutual
Fund A/C Sundaram Smile Fund |
1069493 |
3.55 |
|
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Alternate
Investment Funds |
636153 |
2.11 |
|
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Sundaram
Alternative Opportunities Fund - Nano Cap Series I |
477782 |
1.59 |
|
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Foreign Portfolio
Investors |
1523011 |
5.06 |
|
|
Gmo Emerging
Domestic Opportunities Fund, A Series Of Gmo Trust |
555538 |
1.85 |
|
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Financial
Institutions/ Banks |
40697 |
0.14 |
|
|
Sub Total B1 |
3726103 |
12.38 |
|
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
890 |
0.00 |
|
|
Sub Total B2 |
890 |
0.00 |
|
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B3)
Non-Institutions |
0 |
0.00 |
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Individual share
capital upto INR 0.200 Million |
3530647 |
11.73 |
|
|
Individual share
capital in excess of INR 0.200 Million |
6922727 |
23.01 |
|
|
Dipak Narayanbhai
Patel |
643245 |
2.14 |
|
|
Dolly Khanna |
330479 |
1.10 |
|
|
Jayantibhai
Madhabhai Patel |
510739 |
1.70 |
|
|
Mukul Agrawal |
350000 |
1.16 |
|
|
Ramanbhai N Patel |
506591 |
1.68 |
|
|
Vinod Bhai Lala
Bhai Patel |
405889 |
1.35 |
|
|
Any Other
(specify) |
6079231 |
20.21 |
|
|
Trusts |
30230 |
0.10 |
|
|
HUF |
650632 |
2.16 |
|
|
NRI – Non- Repat |
27534 |
0.09 |
|
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Director or
Director's Relatives |
335641 |
1.12 |
|
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NRI – Repat |
70663 |
0.23 |
|
|
Clearing Members |
688133 |
2.29 |
|
|
Bodies Corporate |
4276398 |
14.21 |
|
|
Asian Overseas
Limited |
1648715 |
5.48 |
|
|
Vignaharta
Ceramics Llp |
1316938 |
4.38 |
|
|
Kajaria Portfolio
Private Limited |
601328 |
2.00 |
|
|
Sub Total B3 |
16532605 |
54.95 |
|
|
B=B1+B2+B3 |
20259598 |
67.34 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Glazed Tiles, Sanitary Ware and Vitrified
Tiles, Ceramic Tiles, etc. [Registered Activity and also Confirmed by
Management] |
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Brand Names : |
“AGL” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturers · Infosys · The Leela · Lgbia · Adlabs · NBCC · DLF Master · Adani · L &T Infotech · ONGC |
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No. of Employees : |
2376 [Approximately] |
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Bankers : |
· State Bank of India Commercial Branch, Ahmedabad,
Gujarat, India · IDBI Bank Limited Ellisbridge Branch, Ahmedabad,
Gujarat, India · IndusInd Bank Ahmedabad, Gujarat, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
A. L. Thakkar and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
· AGL Industries Limited · Amazoone Ceramics Limited ·
Kediya Ceramics |
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Step Subsidiaries : |
· Powergrace Industries Limited · Crystal Ceramic Industries Private Limited |
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Associates : |
· Astron Paper and Board Mill Limited · Affil Vitrified Private Limited |
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Joint Venture : |
AGL Panaria Private Limited |
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Partnership Firm
& LLP : |
· AGL Developers · Aryan Buildspace LLP |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36250000 |
Equity Shares |
INR 10/- each |
INR 362.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30087446 |
Equity Shares |
INR 10/- each |
INR 300.874
Million |
|
|
|
|
|
The details of Equity
shareholders holding more than 5% shares:
|
Name of the Shareholders |
31.03.2017 |
|
|
|
No. of Shares |
% Held |
|
Vignaharta Ceramics LLP |
3800304 |
12.63% |
|
Kamleshbhai Bhagubhai Patel |
3437448 |
11.42% |
|
Mukeshbhai Jivabhai Patel |
2458319 |
8.17% |
|
Asian Overseas LLP |
1648715 |
5.48% |
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 |
22582541 |
|
Add : Preferential Equity Shares issued during the year |
-- |
|
Add: Share Allotted on account of Amalgamation |
7504905 |
|
Less : Shares bought back during the year |
-- |
|
Equity Shares at the end of the year |
30087446 |
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 |
300.874 |
225.825 |
225.825 |
|
(b) Reserves & Surplus |
3273.621 |
3012.108 |
2718.144 |
|
(c) Money received against share warrants |
0.000 |
75.049 |
0.000 |
|
|
|
|
|
|
(2) Share Suspense
Acount |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3574.495 |
3312.982 |
2943.969 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
137.117 |
196.675 |
145.788 |
|
(b) Deferred tax liabilities (Net) |
234.373 |
219.984 |
181.094 |
|
(c)
Other long term liabilities |
124.278 |
101.323 |
86.923 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
495.768 |
517.982 |
413.805 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1346.785 |
1477.306 |
1505.534 |
|
(b)
Trade payables |
2260.145 |
1500.055 |
1317.595 |
|
(c)
Other current liabilities |
232.810 |
176.371 |
270.127 |
|
(d)
Short-term provisions |
67.846 |
54.945 |
45.463 |
|
Total
Current Liabilities (4) |
3907.586 |
3208.677 |
3138.719 |
|
|
|
|
|
|
TOTAL |
7977.849 |
7039.641 |
6496.493 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2243.463 |
2180.823 |
1812.204 |
|
(ii)
Intangible Assets |
45.825 |
55.592 |
65.358 |
|
(iii)
Capital work-in-progress |
8.731 |
10.594 |
149.636 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
338.042 |
353.826 |
178.475 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
361.029 |
358.902 |
468.240 |
|
(e)
Other Non-current assets |
22.461 |
39.961 |
18.345 |
|
Total
Non-Current Assets |
3019.551 |
2999.698 |
2692.258 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1923.638 |
1901.019 |
1884.619 |
|
(c)
Trade receivables |
2660.786 |
1772.730 |
1585.871 |
|
(d)
Cash and cash equivalents |
146.091 |
129.497 |
137.630 |
|
(e)
Short-term loans and advances |
209.116 |
218.030 |
186.942 |
|
(f)
Other current assets |
18.667 |
18.667 |
9.173 |
|
Total
Current Assets |
4958.298 |
4039.943 |
3804.235 |
|
|
|
|
|
|
TOTAL |
7977.849 |
7039.641 |
6496.493 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9498.810 |
8729.748 |
8232.331 |
|
|
|
Other Income |
26.223 |
10.205 |
9.520 |
|
|
|
TOTAL (A) |
9525.033 |
8739.953 |
8241.851 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1787.726 |
2117.004 |
1737.871 |
|
|
|
Purchases of Stock-in-Trade |
4407.733 |
3536.059 |
3296.292 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(39.465) |
7.808 |
128.658 |
|
|
|
Employees benefits expense |
549.845 |
505.995 |
421.695 |
|
|
|
Power and Fuels |
900.757 |
1021.324 |
1312.154 |
|
|
|
Other expenses |
1100.119 |
841.160 |
731.499 |
|
|
|
TOTAL (B) |
8706.715 |
8029.350 |
7628.169 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
818.318 |
710.603 |
613.682 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
209.134 |
237.523 |
223.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
609.184 |
473.080 |
390.397 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
219.817 |
212.230 |
190.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
389.367 |
260.850 |
200.238 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
109.747 |
71.530 |
55.563 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
279.620 |
189.320 |
144.675 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
659.962 |
475.216 |
303.119 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Store & Spares & Capital Goods |
197.048 |
124.140 |
165.460 |
|
|
|
Raw Materials |
28.431 |
45.701 |
34.085 |
|
|
|
Finish Goods |
249.961 |
163.140 |
139.312 |
|
|
|
Semi Finish Good |
139.052 |
437.668 |
98.059 |
|
|
|
Others |
0.060 |
0.000 |
0.271 |
|
|
TOTAL IMPORTS |
614.552 |
770.649 |
437.187 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
9.29 |
6.71 |
6.41 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
59.045 |
82.500 |
100.981 |
|
|
|
|
|
|
Cash generated from operations Before Income Tax Paid |
759.723 |
675.025 |
1096.838 |
|
|
|
|
|
|
Net Cash Generated from / used in Operating Activities |
664.365 |
627.525 |
1056.338 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2415.320 |
2744.660 |
2637.830 |
|
Total Expenditure |
2121.460 |
2373.840 |
2275.910 |
|
PBIDT (Excl OI) |
293.860 |
370.820 |
361.920 |
|
Other Income |
1.800 |
14.670 |
7.650 |
|
Operating Profit |
295.660 |
385.490 |
369.570 |
|
Interest |
87.120 |
88.420 |
106.860 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
208.540 |
297.070 |
262.710 |
|
Depreciation |
72.610 |
50.130 |
59.950 |
|
Profit Before Tax |
135.930 |
246.940 |
202.770 |
|
Tax |
32.570 |
107.210 |
74.320 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
103.360 |
128.450 |
139.730 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
103.360 |
128.450 |
139.730 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
102.24 |
74.12 |
70.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.57 |
4.92 |
5.19 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
133.15 |
96.85 |
95.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.43 |
0.37 |
0.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.36 |
0.32 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.51 |
0.50 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.43 |
0.53 |
0.60 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.09 |
0.97 |
1.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.64 |
0.68 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.91 |
2.99 |
2.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.94 |
2.17 |
1.76 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.50 |
2.69 |
2.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.82 |
5.71 |
4.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.27 |
1.26 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.78 |
0.67 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.45 |
0.47 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.13 |
7.78 |
7.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.27 |
1.26 |
1.21 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 507/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
225.825 |
225.825 |
300.874 |
|
Reserves & Surplus |
2718.144 |
3012.108 |
3273.621 |
|
Share Suspense Account |
0.000 |
75.049 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2943.969 |
3312.982 |
3574.495 |
|
|
|
|
|
|
long-term borrowings |
145.788 |
196.675 |
137.117 |
|
Short term borrowings |
1505.534 |
1477.306 |
1346.785 |
|
Current Maturities of Long term debt |
100.981 |
82.500 |
59.045 |
|
Total
borrowings |
1752.303 |
1756.481 |
1542.947 |
|
Debt/Equity ratio |
0.595 |
0.530 |
0.432 |
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 |
8232.331 |
8729.748 |
9498.810 |
|
|
|
6.042 |
8.810 |
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 |
8232.331 |
8729.748 |
9498.810 |
|
Profit |
144.675 |
189.320 |
279.620 |
|
|
1.76% |
2.17% |
2.94% |
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 |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
Yes |
|
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 |
G56396872 |
100127568 |
HDFC BANK LIMITED |
15/09/2017 |
- |
- |
731623.0 |
HDFC BANK HOUSE,SENAPATI
BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
2 |
G52784949 |
100121273 |
HDFC BANK LIMITED |
28/08/2017 |
- |
- |
1600652.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
3 |
G48936439 |
100111319 |
HDFC BANK LIMITED |
11/07/2017 |
- |
- |
826873.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
4 |
G45242666 |
100101176 |
HDFC BANK LIMITED |
10/05/2017 |
- |
- |
1028978.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
5 |
G43814714 |
100097294 |
HDFC BANK LIMITED |
01/05/2017 |
- |
- |
808304.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
6 |
G41606401 |
100091866 |
HDFC BANK LIMITED |
30/03/2017 |
- |
- |
1388525.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAI |
|
7 |
G38882387 |
100084752 |
HDFC BANK LIMITED |
14/03/2017 |
- |
- |
655188.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
8 |
G39868518 |
100087243 |
HDFC BANK LIMITED |
14/03/2017 |
- |
- |
1631960.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
9 |
G32697948 |
100070532 |
HDFC BANK LIMITED |
23/12/2016 |
- |
- |
861009.0 |
HDFC BANK HOUSE,SENAPATI
BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
10 |
G29600723 |
100065529 |
HDFC BANK LIMITED |
18/11/2016 |
- |
- |
1056600.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
11 |
G24689473 |
100062290 |
HDFC BANK LIMITED |
27/10/2016 |
- |
- |
604015.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
12 |
G16698151 |
100056309 |
HDFC BANK LIMITED |
12/10/2016 |
- |
- |
892195.0 |
HDFC BANK HOUSE,SENAPATI
BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
13 |
G13330956 |
100052520 |
INDUSIND BANK
LIMITED |
23/09/2016 |
- |
- |
110000000.0 |
WORLD BUSINESS
HOUSE, M.G. ROAD,NEAR PARIMAL GARDEN, ELLIS BRIDGE,AHMEDABADGJ380015IN |
|
14 |
G16693319 |
100056301 |
HDFC BANK LIMITED |
02/09/2016 |
- |
- |
694935.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
15 |
G16665770 |
100056294 |
HDFC BANK LIMITED |
31/08/2016 |
- |
- |
851491.0 |
HDFC BANK HOUSE,SENAPATI
BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
16 |
G16694044 |
100056305 |
HDFC BANK LIMITED |
31/08/2016 |
- |
- |
994407.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
17 |
G08280026 |
100041027 |
HDFC BANK LIMITED |
01/07/2016 |
- |
- |
550000.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
18 |
G05871025 |
100033659 |
HDFC BANK LIMITED |
24/05/2016 |
- |
- |
887000.0 |
HDFC BANK HOUSE,SENAPATI
BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
19 |
G07058332 |
100037073 |
HDFC BANK LIMITED |
21/03/2016 |
- |
- |
661000.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
|
20 |
G00709311 |
100017188 |
HDFC BANK LIMITED |
17/02/2016 |
- |
- |
478000.0 |
HDFC BANK
HOUSE,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Financial Institutions |
50.660 |
76.424 |
|
From Others |
2.489 |
2.489 |
|
|
|
|
|
Total |
53.149 |
78.913 |
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMIC OVERVIEW
The pace of global economic activity was mixed in 2016 as a number of crosswinds affected re-acceleration. The year was marked by the United Kingdom’s decision to exit the European Union and the election of Donald Trump as the American President. Within advanced economies, comprising the US, Europe and Japan, a protracted monetary policy support and return to fiscal neutrality underpinned a generally-accelerating output. In countries outside the advanced economies, the sources of slower growth comprised commodity price declines, overhangs from erstwhile credit growth and political turmoil.
Global growth was 3.2% in 2016, the forecast revised upwards by 30 bps for 2017 compared to the April 2016 projections. Long-term prospects of emerging market economies improved following a decline in interest rates in advanced economies and firming commodity prices.
Asia and India demonstrated robust growth. The currencies of advanced commodity exporters have also strengthened, reflecting the firming of commodity prices; however, several emerging market currencies depreciated substantially.
OUTLOOK
The global economy entered its sixth year of stagnation with growth estimates for 2017 continuing to trend the historical path.
A projected stabilization in energy and commodity prices may strengthen the case for resource-rich economies in 2017. World growth is expected to rise from 3.2% in 2016 to 3.5% in 2017 and 3.6% in 2018, driven by stronger economic activity, expectations of robust global demand, reduced deflationary pressures and optimistic financial markets.
INDIAN ECONOMIC OVERVIEW
The Indian economy slowed in FY2016-17 to 7.1% from 8% in FY2015-16, largely owing to the currency demonetization in the third quarter of the financial year. However, the general undercurrent continued to be optimistic; India’s consumer confidence index stood at 136 in Q4 2016, the highest in the world.
India retained its position as the fastest growing major economy in the world catalyzed by strong consumption growth and enhanced government spending. Inflation declined on account of a decline in food inflation. This facilitated a 50 bps rate cut by the RBI in FY2016-17. A declining vulnerability on the external and fiscal front and fiscal consolidation by the government enhanced investor confidence that translated into record net foreign exchange inflows.
The year was also marked by the government’s demonetization initiative and the preparatory work related to the introduction of the Goods and Services Tax (GST). While the first initiative focused on eliminating the parallel economy, the second is expected to transform the country’s taxation structure.
OUTLOOK
The near-term growth outlook for India seems bright. Nonetheless, the growth forecast for the next fiscal has been trimmed by 40 bps. This has been primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the currency note withdrawal and exchange initiative. Subsequently, India’s GVA (gross valueadded) growth is likely to remain at 6.6% as economic activity could take time to normalise. The imminent implementation of the Goods and Services Tax is expected to catalyse interstate
trade through enhanced investments, reducing supply chainrelated issues, improving economies-of-scale and moderating overheads (Sources: IMF, ICRA).
GLOBAL OVERVIEW OF TILE INDUSTRY
The increase in construction and urbanization are driving the global off-take of tiles. The global market for ceramic tiles was valued over US$ 76.80 billion in 2015 and is poised to reach US$ 178.16 billion by 2024, according to a report by Global Market Insights, Inc. China’s construction industry was the largest in the world, with construction expenditure recorded over US$ 1.7 trillion. The Asia Pacific region tile sector is likely to grow its share in the region. Estimates suggest that the ceramic tiles market could record annual growth of 9.8% over the period 2016 to 2024. Infrastructure spending in economies like India and Indonesia could drive the ceramic tiles market in the region coupled with a growing off-take of slabs and marble floors.
The outlook of the global tile market appears favourable, forecast to grow at a CAGR of 6.7% by value from 2016 to 2021. This growth is likely to be marked by construction, renovation, need for aesthetics, durability, moisture, fire, and scratch-resistance. Emerging trends comprise increasing demand for vitrified tiles, 3D tiles, designer tiles, acceptance of eco-friendly tiles and nanotechnology.
INDIAN TILE INDUSTRY
India, the third largest consumer of tiles, accounts for 6.25% of global ceramic tile consumption. India’s tile production at 750 million square metres is only outdone by China and Brazil. While China ranks first in the world at 5,700 million square metres, Brazil stands second with production estimated at 871 million square metres, according to the latest figures available with Indian Council of Ceramic Tiles and Sanitaryware. The Indian ceramic tiles and sanitary ware industry is estimated to be worth almost INR 250-255 billion for FY2015-16 of which ceramic tiles account for 89% (or ` 223-227 billion) share. Morbi in Gujarat is India´s largest ceramic tile-making cluster with over 600 units manufacturing glazed tiles, sanitaryware and vitrified tiles. Approximately 70% of India´s total production of tiles is carried out by units located in this region. Morbi is also a large exporter of ceramic tiles to Africa and the GCC.
The principal product segments in India’s tile sector comprise wall and floor tiles, as well as the vitrified and industrial tile segments. The market shares (in value terms) are 20%, 23%, 50%, and 7% respectively for wall, floor, vitrified, and industrial tiles. The tiles are available in a variety of designs, textures and surface effects -
from rustic to contemporary marble designs in super glossy mirror finishes. The country employs traditional as well as modern (latest single fast-firing and double-charged) methods in manufacture. The industry enjoys an abundance of raw materials, technical skills and infrastructure facilities despite being capital-intensive. A total of over 550,000 individuals are employed by the sector (50,000 direct).
The consistent growth of the organised sector during the last four years has been backed by widening of product portfolio and geographical reach. The sector is fragmented with the presence of numerous family-owned entities, apart from large integrated manufacturers, leading to intense competition. The unorganized sector accounts for nearly 60% of the country’s tile output, represented by more than 500 family-owned entities.
The Government’s infrastructure push —100 Smart Cities, Swachh Bharat Abhiyaan and Housing For All By 2022—along with real estate reforms could catalyse sectoral growth. Besides, growing off-take is being reported by the country’s retail, IT and BPO sectors. Organised players are expected to wrest share from unorganised counterparts following growing product innovation, premiumization and brand spending, catalyzing margins. Besides, the asset-light JV model, declining gas prices and GST implementation (additional GDP growth potential of 1.5‐2.0%) are probable sectoral triggers. On the basis of this, the domestic tiles industry could embark on sustainable growth: volume and value CAGR of 7.5% and 11.5%, respectively over FY2016-18.
India’s low per capita tiles consumption at 0.59 square metres versus the global average of 1.4 square metres indicates sustainable growth potential. Besides, only 4% of India’s rural population lives in tiled homes; 63% reside in homes with mud flooring. The country lags Brazil, China and Vietnam, who enjoy a per capita consumption of 4.12, 3.33 and 2.80 square metres respectively.
India’s organised sector comprises around 14 large players who account for nearly 40% of the total industry. Five major companies (H&R Johnson, Kajaria Ceramics, Nitco Tiles, Somany Ceramics and Asian Granito) account for over 80% of the organized market. These companies also have their manufacturing units in Gujarat; some have even outsourced product manufacture to players in Morbi.
INDUSTRY TRENDS
Finishes: Ceramic tiles with marble, stone and wood finishes are most preferred in India. The high resolution printing technology has enhanced the magic of natural appearance. There is also a diminishing demand for shiny materials and increased preference for matt and rustic finishes. Large format tiles like 120x80 cm and 120x60 cm are gaining ground due to fewer joints and large spans that enhance flooring seamlessness.
Technology: High Definition digital printing technology is the latest introduction in the Indian tile market, with the possibility to create a diverse variety of designs and shades on any tile surface. While conventional screen and rotary printing allow only 60 dpi and 120 dpi resolution printing on tiles, HD digital technology enables 300 dpi resolutions resulting in finer and natural textual patterns. The technology also ensures fine multi-layer printing to a nanometre grade on flat, curved and textured tile surfaces.
Large Size: Small and medium-sized tiles are passé; large tiles are the emerging trend in India’s residential sector, which can be used across building elevations and bathroom walls to drawing room floors. A new trend in wall tiles is that of natural stone imitation tiles with designs repeated once every 15 tiles or so.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2017
(INR IN MILLION)
|
Particulars
|
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Nine Month Ended (Unaudited) |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Revenue from operations (Net of excise duty) |
2275.860 |
2421.713 |
6824.247 |
|
b) Other operating revenue |
1.334 |
1.591 |
4.063 |
|
Total
Income from Operations (net) |
2277.194 |
2423.304 |
6828.310 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
421.119 |
510.540 |
1340.263 |
|
b) Purchases of stock in trade |
1014.449 |
1039.899 |
3092.845 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(54.065) |
(40.533) |
(301.501) |
|
d) Excise duty on sale of good |
0.000 |
0.000 |
93.794 |
|
e) Employees benefit expenses |
168.542 |
157.855 |
488.617 |
|
f) finance costs |
59.896 |
43.209 |
140.054 |
|
g) Depreciation and amortization expenses |
42.236 |
31.019 |
123.265 |
|
h) Other expenditure |
529.027 |
548.060 |
1523.350 |
|
Total expenses |
2181.204 |
2290.049 |
6500.687 |
|
|
|
|
|
|
3.
Profit before tax |
95.990 |
133.255 |
327.623 |
|
|
|
|
|
|
4. Tax expenses |
|
|
|
|
a. Current tax |
24.500 |
38.471 |
85.000 |
|
b. Earlier year tax expense |
0.000 |
0.462 |
0.462 |
|
c. Deferred tax |
4.673 |
25.618 |
33.673 |
|
|
|
|
|
|
4.
Net profit for the period |
66.817 |
68.704 |
208.488 |
|
|
|
|
|
|
5. Other comprehensive
income |
|
|
|
|
Items that will not be reclassified to profit or
loss in subsequent periods |
|
|
|
|
Actuarial gains and (losses) (net of taxes) |
(6.57) |
(6.58) |
(19.73) |
|
Other comprehensive income for the period |
(6.57) |
(6.58) |
(19.73) |
|
6. Total
comprehensive income for the period |
66.160 |
68.046 |
206.515 |
|
|
|
|
|
|
7. Paid up equity
share capital (Face value INR 10 per share) |
300.874 |
300.874 |
300.874 |
|
|
|
|
|
|
8. Earnings per share before
and extra ordinary items |
|
|
|
|
Basic and Diluted |
2.22 |
2.28 |
6.93 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
A. Contingent
Liabilities |
|
|
|
Bank Guarantee |
184.857 |
213.593 |
|
Corporate Guarantee |
1660.000 |
0.000 |
|
- Claims against the Company / Disputed Liabilities not acknowledged
as Debts |
|
|
|
- In respect of Sales Tax demands |
37.626 |
22.319 |
|
- In respect of Excise Duty claim by DGCEI-Ahmedabad |
204.318 |
204.318 |
|
- In respect of Excise Duty claim by DGFT |
16.797 |
30.431 |
|
- In respect of pending Income tax demand |
297.952 |
297.952 |
|
- In respect of pending Professional Tax |
1.596 |
0.000 |
|
- In respect of Consumer / Legal Cases |
1.482 |
2.338 |
· The Company has filed appeal before The Joint Commissioner of Commercial Tax – Appeals for demand of Sales Tax of INR 4.508 Million and INR 1.963 Million for the financial year 2003-04 & 2004-05 respectively. The Dispute is regarding set off against the purchase of fuel not allowed by the Sales tax Department. However, Gujarat High Court has given the decision in favour of Ami Pigment Ltd and hence the Company has filed appeal on the basis of this decision.
· The Company has also filed first appeal before The Joint Commissioner of Commercial Tax–Indor against demand of CST for INR 17.637 Million for the financial year 2014-15 for pending “C“ Forms.
·
The Company has received demand notice from The
Assistant Commissioner of Commercial Tax for INR 13.432 Million under The
Tamilnadu Value Added Tax Act, 2006 and INR 0.088 Million under the CST Act.
· The Company has received demand regarding Professional tax of INR 1.596 Million.
· Disputed Income Tax Liability of INR 274.620 Million for various Asst. Years for which department has preferred appeals at higher levels. Out of these, Liabilities to the extent of INR 19.274 Million have remained pending after CIT (Appeals) order effect. The Company has already paid INR 19.274 Million towards remaining disputed liabilities and there is no disputed amount remains unpaid. Company has preferred an appeal before Gujarat High court.
· Disputed Income tax Liability of INR 33.668 Million for A.Y.2006-07 Re-Assessment for which Company has preferred an appeal before the Income Tax Appellate Tribunal – Ahmedabad Benches.
· Disputed Income tax Liability of INR 1.940 Million of A.Y. 2010-11 for which the Company has preferred an appeal before the Income Tax Appellate Tribunal – Ahmedabad Benches.
· Disputed Income tax Liability of INR 2.766 Million of A.Y. 2011-12 for which the Department has preferred an appeal before the Income Tax Appellate Tribunal – Ahmedabad Benches.
· Disputed Income tax Liability of INR 1.014 Million of A.Y. 2012-13 for which the Company has preferred an appeal before the Income Tax Appellate Tribunal – Ahmedabad Benches.
· Disputed Income tax Liability of INR 3.218 Million of A.Y. 2013-14 for which the Department has preferred an appeal before the Income Tax Appellate Tribunal – Ahmedabad Benches.
FIXED ASSETS:
· Land & Land Development
· Power Plant-Windmill Land
· Building – Factory
· Office & Other Building
· Plant & Machinery & Elec
· Power Plant - Wind Mill
· Furniture & Fixture
· Vehicle
· Office Equipment
· Computers
· Trade Mark
·
Brand
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 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 64.82 |
|
UK Pound |
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.