MIRA INFORM REPORT

 

 

Report No. :

494429

Report Date :

28.02.2018

 

IDENTIFICATION DETAILS

 

Name :

REDINGTON (INDIA) LIMITED (w.e.f. 01.10.1996)

 

 

Formerly Known As :

REDINGTON (INDIA) PRIVATE LIMITED (w.e.f. 28.04.1987)

 

KEWALRAM PRIVATE LIMITED (w.e.f. 09.12.1981)

 

G. KEWALRAM PRIVATE LIMITED

 

 

Registered Office :

SPL Guindy House, 95, Mount Road, Guindy, Chennai – 600032, Tamilnadu

Tel. No.:

91-44-30287901

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

02.05.1961

 

 

Com. Reg. No.:

18-028758

 

 

Capital Investment / Paid-up Capital :

INR 799.697 Million

 

 

CIN No.:

[Company Identification No.]

L52599TN1961PLC028758

 

 

IEC No.:

0494000287

 

 

TIN/CST No.:

33536220701

 

 

CST No.:

731328

 

 

GSTIN:

33AABCR0347P1ZA

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCR0347P

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :
  • The Company engaged in the business of Information Technology and Mobility product distribution besides supply chain solutions and after sales service
  • Wholesale of Machinery, Equipment and Supplies. (Wholesale of computers, Computer Peripheral Equipments, Software, Electronic and

Telecommunications equipment and parts) (Registered Activity)

 

 

No. of Employees:

1645 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 44000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject was incorporated in the year 1961 and it is a leading distributor for IT hardware and lifestyle digital products based in Chennai, Tamil Nadu.

 

As per financials of March 2017, the company has registered a growth of 22.10% in its revenue as compared to its previous year revenue and reported average profit margin of 1.31% under review.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy net worth along with low solvency indicators and good liquidity position.

 

Rating continues to derive strength from strong position in the IT and non-IT products business, healthy product and geographical diversification in revenue and strong risk management practices.

 

Share are quoted high on Stock Exchanges. (Share are traded at a price of INR 147 against its face value of INR 2.)

 

However, rating strength is partially offset by low operating margin and working capital nature of the distribution business.

 

As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 40128.1 million and has reported average profit margin of 1.4%.

 

Payment seems to be regular as per commitments.

 

In view of aforesaid, the company can be considered good 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

CRISIL

Rating

Long Term Rating – AA

Rating Explanation

High degree of safety and very low credit risk

Date

07.12.2017

 

Rating Agency Name

CRISIL

Rating

Short Term Rating – A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

07.12.2017

 

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 28.02.2018

 

INFORMATION DENIED BY

 

Name :

Mr. Raman

Designation :

Admin Department

Contact No.:

91-44-42243353

 

 

Name :

Mr. Harikishan

Designation :

Not Divulged

Contact No.:

91-9862008724

Date :

25.02.2018

 

 

LOCATIONS

 

Registered Office :

SPL Guindy House, 95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India

Tel. No.:

91-44-30287901

Fax No.:

91-44-22352790/ 22253799

E-Mail :

info@redingtonindia.com  

mmkumar@redington.co.in

Website :

www.redingtonindia.com

 

 

Corporate Office :

Ground Floor, "Centre Point", Plot No.8 and 11 (SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032, Tamilnadu, India

Tel. No.:

91-44-42243353

Fax No.:

91-44-42243148

E-Mail :

investors@redington.co.in

 

Sales Office:

Located at :

 

North Zone

  • Agra
  • Bhopal
  • Chandigarh
  • Dehradun
  • Delhi
  • Gurugram
  • Indore
  • Jammu
  • Lucknow
  • Ludhiana
  • Varanasi

 

South Zone

  • Bangalore
  • Calicut
  • Chennai 
  • Cochin
  • Coimbatore
  • Hubli
  • Hyderabad 
  • Madurai
  • Mysore
  • Puducherry
  • Trichy
  • Trivandrum
  • Vijayawada
  • Visakhapatnam

 

 

East Zone

  • Bhubaneshwar
  • Guwahati
  • Kolkata 
  • Patna
  • Ranchi

 

West Zone

  • Ahmedabad
  • Baroda
  • Jaipur
  • Mumbai
  • Nagpur
  • Nashik
  • Pune
  • Raipur

 

 

DIRECTORS

 

AS ON 2017

 

Name :

Mr. Raj Shankar

Designation :

Managing Director

Address :

Block 9, # 13-01, Tanjong Rhu Road, 436894 SG

Date of Appointment :

22.09.2005

DIN No.:

00238790

 

 

Name :

Kasturi Rangan Ennapadam Hariharan

Designation :

Whole-Time Director

Address :

Flat GB Srinivas Terrace, Old No.66, New 52 II Main Road, Gandhinagar, Adyar Chennai-600020, Tamilnadu, India

Date of Birth:          

11.06.1964

Date of Appointment :

24.05.2016

DIN No.:

01814089

 

 

Name :

Mr. Jayaraman Ramachandran

Designation :

Director

Address :

417, Faculty Quarters, Indian Institute of Management, Bannergh Atta Bangalore-560076, Karnataka, India

Date of Birth:   

01.06.1957

Date of Appointment :

21.11.2006

DIN No.:

00004593

 

 

Name :

Tu Shu Chyuan

Designation :

Director

Address :

11-F, No.29-3 Sec 4, Renai Road, Taipei Taiwan 106 CN

Date of Appointment :

24.10.2008

DIN No.:

02336015

 

 

Name :

Yiju Chen

Designation :

Additional Director

Address :

4F, No. 185, Sec. 1, Shin-Kuang Rd. TAIPEI 116 TW

Date of Appointment :

26.12.2017

DIN No.:

08031113

 

 

Name :

VS Hariharan

Designation :

Director

Address :

99, Meyer Road, #16-03, Singapore – 437920, SG

Date of Appointment :

02.08.2013

DIN No.:

05352003

 

 

Name :

Keith William Frederick Bradley

Designation :

Director

Address :

21 Indiana, Irvine California – 92606, US

Date of Appointment :

01.04.2013

DIN No.:

06564581

 

 

Name :

Mr. Balasubramanyan Ramaratnam

Designation :

Director

Address :

No 19, Jagannathan Road, Nungambakkam, Chennai-600034, Tamilnadu, India

Date of Birth:   

13.02.1955

Date of Appointment :

24.05.2016

DIN No.:

07525213

 

 

Name :

Mr. Udai Dhawan

Designation :

Additional Director

Address :

46 (Second Floor), Poorvi Marg, Vasant Vihar, New Delhi - 110057, India

Date of Birth:   

17.01.1973

Date of Appointment :

10.01.2017

DIN No.:

03048040

 

 

KEY EXECUTIVES

 

Name :

M Muthukumarasamy

Designation :

Company Secretary

Address :

No 17, Sai Nivas, Ground Floor 7th Main Road, Raj Anamali Puram, Chennai-600028, Tamilnadu, India

Date of Appointment :

18.09.2006

PAN No.:

AARPM6893N

 

 

Name :

Mr. Srinivasan Venkata Krishnan

Designation :

Chief Financial Officer

Address :

Flat C2 Ii Floor, Door No:2 8th St., Athreya Srinivas Apartments, Nanganallur Chennai-600061, Tamilnadu, India

Date of Appointment :

30.05.2014

DIN No.:

AAQPK4307E

 

 

Name :

Mr. Raman

Designation :

Admin Department

 

 

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

Public

400172685

100.00

Grand Total

400172685

100.00

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

Mutual Funds/

51673500

12.91

HDFC TRUSTEE COMPANY LIMITED

30768802

7.69

SBI MAGNUM GLOBAL FUND

4400000

1.10

RELIANCE CAPITAL TRUSTEE COMPANY LIMITED

11164521

2.79

Foreign Portfolio Investors

146559517

36.62

STANDARD CHARTERED PRIVATE EQUITY (MAURITIUS)LIMITED

7767867

1.94

FIDELITY NORTHSTAR FUND

7200001

1.80

FRANKLIN TEMPLETON INVESTMENT FUNDS

15028482

3.76

MORGAN STANLEY INDIA INVESTMENT FUND, INC.

4770232

1.19

FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS - FIAM EMERGING MARKETS COMMINGLED POOL

12000804

3.00

GOVERNMENT PENSION FUND GLOBAL

11950000

2.99

TEMPLETON GLOBAL INVESTMENT TRUST - TEMPLETONEMERGING MARKETS SMALL CAP FUND

6117598

1.53

FIDELITY PURITAN TRUST-FIDELITY LOW-PRICED STOCK FUND

14700000

3.67

FIDELITY FUNDS - ASIAN SMALLER COMPANIES POOL

7111159

1.78

MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND

4662880

1.17

Financial Institutions/ Banks

22602

0.01

Insurance Companies

30487169

7.62

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

30487169

7.62

Any Other (specify)

3135548

0.78

FOREIGN INSTITUTIONAL INVESTOR

3135548

0.78

Sub Total B1

231878336

57.94

B2) Central Government/ State Government(s)/ President of India

0.00

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 Million

5827738

1.46

Individual share capital in excess of INR 0.200 Million

370000

0.09

Any Other (specify)

162096611

40.51

Bodies Corporate

10568533

2.64

AADI FINANCIAL ADVISORS LLP

6100000

1.52

Clearing Members

139818

0.03

Director or Director's Relatives

609996

0.15

Employees

556605

0.14

NRI

211577

0.05

NRI – Repat

400690

0.10

NRI – Non- Repat

1175440

0.29

Overseas corporate bodies

148133667

37.02

SYNNEX MAURITIUS LTD

94295940

23.56

MARINA IV (SINGAPORE) PTE.LTD.

39425695

9.85

MARINA HORIZON (SINGAPORE) PTE.LTD

4562332

1.14

STANDARD CHARTERED PRIVATE EQUITY (MAURITIUS)III LIMITED

9849700

2.46

Foreign Individuals

25750

0.01

HUF

266698

0.07

IEPF

2967

0.00

Trusts

4870

0.00

Sub Total B3

168294349

42.06

B=B1+B2+B3

400172685

100.00

 

 

BUSINESS DETAILS

 

Line of Business :
  • The Company engaged in the business of Information Technology and Mobility product distribution besides supply chain solutions and after sales service
  • Wholesale of Machinery, Equipment and Supplies. (Wholesale of computers, Computer Peripheral Equipments, Software, Electronic and

Telecommunications equipment and parts) (Registered Activity)

 

 

Products / Services :

NIC Code

Product Description

465

Wholesale of machinery, equipment and supplies. [Wholesale of computers, Computer Peripheral Equipments, Software, Electronic and

Telecommunications equipment and parts

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees:

1645 (Approximately)

 

 

Bankers :

Bankers – India

 

  • ANZ Banking Group Limited
  • Axis Bank Limited
  • IDFC Limited
  • BNP Paribas
  • Citibank N.A.
  • DBS Bank Limited
  • Deutsche Bank AG
  • HDFC Bank Limited
  • ICICI Bank Limited
  • IDBI Bank Limited
  • IndusInd Bank Limited
  • Kotak Mahindra Bank Limited
  • Standard Chartered Bank
  • State Bank of India
  • Federal Bank
  • The Hongkong and Shanghai Banking
  • Corporation Limited
  • Yes Bank Limited

Bankers – Overseas

 

  • Mashreq Bank, UAE
  • Axis Bank, UAE
  • National Bank of Fujairah, UAE
  • Emirates NBD Bank, UAE
  • First Gulf Bank, UAE
  • Dubai Islamic Bank, UAE
  • Deutsche Bank, UAE
  • Standard Chartered Bank, UAE
  • ICICI Bank, UAE
  • BNP Paribas, UAE
  • HSBC Middle East LLC, UAE
  • BNP Paribas, Singapore
  • HSBC, Singapore
  • ICICI Bank, Singapore
  • Maybank, Singapore
  • OCBC Bank, Singapore
  • Standard Chartered Bank, Singapore
  • UCO Bank, Singapore
  • The Bank of Tokyo-Mitsubishi UFJ, Limited

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

SHORT TERM BORROWINGS

 

 

Secured Loan from Banks

3910.245

2719.479

Total

3910.245

2719.479

Note:

 

a. Secured by pari-passu charge on Inventories and Trade receivables and repayable on demand.

b. The facility is unsecured and the maximum amount outstanding at any time during the year was INR 13650.000 million

 

Statutory Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address:

ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai – 600017, Tamilnadu, India

Tel. No.:

91-44-66885000

Fax No.:

91-44-6688505

 

 

Internal Auditors:

Ernst and Young, LLP

Chartered Accountants

 

 

Secretarial Auditors:

CS R Bhuvana

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Party where the Company has control:
  • Redington Employee Share Purchase Trust*

 

 

Parties having Significant Influence on the Company:
  • Synnex Mauritius Limited, Mauritius *
  • Harrow Investment Holding limited, Mauritius*

 

 

Subsidiary Companies :
  • Nook Micro Distribution Limited, India
  • Cadensworth (India) Limited, India*
  • Redington International Mauritius Limited, Mauritius*
  • Redington Gulf FZE, Dubai
  • Cadensworth FZE, Dubai
  • Redington Gulf and Company LLC, Oman
  • Redington Nigeria Limited, Nigeria
  • Redington Egypt Limited (Limited liability company), Egypt
  • Redington Kenya Limited, Kenya
  • Redington Middle East LLC, Dubai
  • Redington Qatar WLL, Qatar
  • Ensure Services Arabia LLC, Saudi Arabia
  • Redington Africa Distribution FZE, Dubai
  • Ensure Services Bahrain S.P.C, Bahrain
  • Redington Distribution Pte. Limited, Singapore *
  • Redington Bangladesh Limited, Bangladesh
  • Redington Qatar Distribution W.L.L., Qatar
  • Redington Kenya (EPZ) Limited, Kenya
  • Redington Limited, Ghana
  • Redington Uganda Limited, Uganda
  • Africa Joint Technical Services, Libya
  • Redington Gulf FZE Company, Iraq
  • Cadensworth UAE LLC, Dubai
  • Redington Morocco Limited, Morocco
  • Redington Tanzania Limited, Tanzania
  • Redington SL (Private) Limited, Sri lanka
  • Redington Angola Limited, Angola
  • Redington Turkey Holdings S.A.R.L, Luxembourg
  • Arena Bilgisayar Sanayi Ve Ticaret A.S.,Turkey
  • Arena International FZE, Dubai
  • Ensure IT services (pty) Limited, South Africa
  • ProConnect Supply Chain Solutions Limited, India*
  • Ensure Gulf FZE, Dubai
  • Ensure Technical Services (PTY) Limited, South Africa
  • Ensure Middle East Trading LLC, Dubai
  • Ensure Technical Services Kenya Limited, Kenya
  • Ensure Technical Services Tanzania Limited, Tanzania
  • Ensure Services Uganda Limited, Uganda
  • Ensure Solutions Nigeria Limited, Nigeria
  • Redington Rwanda Limited, Rwanda
  • Redington Kazakhstan LLP, Kazakhstan
  • Sensonet Teknoloji Elektronik Ve Bilisim Hizmetleri Sanayi Ve Ticaret A.S., Turkey
  • ProConnect Supply Chain Logistics LLC, Dubai
  • Ensure Ghana Limited, Ghana
  • Ensure Support Services (India) Limited, India*
  • Ensure Technical Services Morocco Limited (SARL), Morocco
  • Adeo Bilisim Danismanlik Hizmetleri San. Ve Tic. A.S. (“ADEO”), Turkey **
  • Redington Senegal Limited SARL
  • Redington Saudi Arabia Distribution Company, Saudi Arabia
  • Paynet Ödeme Hizmetleri A.S., Turkey
  • CDW International Trading FZE, Dubai
  • RNDC Alliance West Africa Limited, Nigeria
  • Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey

 

Incorporated during the year

  • Redserv Business Solutions Private Limited, India
  • ProConnect Saudi LLC, Saudi Arabia
  • Redington Distribution Company LLC, Egypt
  • Ensure MiddleEast Technology Solutions LLC, Abu Dhabi
  • Rajprotim Supply Chain Solutions Limited, India

 

 

Associate  :
  • Redington (India) Investments Limited, India *

 
  •  

Subsidiary of Associate:

·         Currents Technology Retail (India) Limited, India *

 

Note:

  • Represents related parties with whom transactions have taken place during the year.
  • ** Disposed during the year

Related Parties are as identified by the management

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

425000000

Equity Shares

INR 2/- each

INR 850.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

399848460

Equity Shares

INR 2/- each

INR 799.697 Million

 

 

 

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period;

 

Equity Shares

Number of Shares

INR  In Million

At the beginning of the year

399813230

799.626

Allotted during the year under Employee Stock Option, 2008 issued during the year*

35230

0.71

Outstanding at the end of the year

399848460

799.697

 

* During the year, the Company allotted 35,230 (2015-2016: 110,440, 2014-2015: 220,970) Equity Shares of INR 2 /- each to eligible employees pursuant to exercise of options under the Employee Stock Option Plan at applicable premiums.

 

Terms/rights attached to equity shares :

 

Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. For the year ended March 31, 2017 a dividend of INR 2.30 per equity share has been proposed by the Board of Directors (31-Mar-2016: INR 2.10, 1-Apr-2015 INR 1.90 per equity share). The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.

 

Details of shares held by each shareholder holding more than 5 % of the paid-up equity capital

 

Name of Shareholder

Number of Shares

% holding

Synnex Mauritius Limited

94295940

23.58

Marina IV (Singapore) Pte. Limited

39425695

9.86

Harrow Investment Holding Limited

32777599

8.20

ICICI Prudential Life Insurance Company Limited

32127638

8.03

HDFC Trustee Company Limited

26649400

6.66

Standard Chartered Private Equity (Mauritius) Limited

7767867

1.94

Reliance Capital Trustee Company Limited

4626600

1.16

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

799.697

799.626

799.406

(b) Reserves & Surplus

14662.990

14584.721

12806.340

(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)

15462.687

15384.347

13605.746

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

77.689

68.832

69.316

Total Non-current Liabilities (3)

77.689

68.832

69.316

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6978.442

4775.158

2837.752

(b) Trade payables

19330.402

16631.532

10780.199

(c) Other current liabilities

2103.130

2189.142

2045.109

(d) Short-term provisions

18.906

20.057

975.075

Total Current Liabilities (4)

28430.880

23615.889

16638.135

 

 

 

 

TOTAL

43971.256

39069.068

30313.197

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

961.791

908.029

958.579

(ii) Intangible Assets

2.373

3.455

6.283

(iii) Capital work-in-progress

5.040

140.295

37.731

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

5464.588

(c) Deferred tax assets (net)

59.876

102.516

81.422

(d)  Long-term Loan and Advances

0.000

0.000

552.225

(e) Other Non-current assets

6930.519

6739.048

0.000

Total Non-Current Assets

7959.599

7893.343

7100.828

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

15283.607

14868.710

8349.730

(c) Trade receivables

18898.530

14584.682

12676.151

(d) Cash and cash equivalents

700.914

497.940

289.895

(e) Short-term loans and advances

439.000

520.104

1896.593

(f) Other current assets

504.552

704.289

0.000

(g) Assets  Classified as held for sale

185.054

0.000

0.000

Total Current Assets

36011.657

31175.725

23212.369

 

 

 

 

TOTAL

43971.256

39069.068

30313.197

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

154317.997

126381.543

120213.793

 

Other Income

489.478

358.249

490.003

 

TOTAL

154807.475

126739.792

120703.796

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

147287.118

125487.996

113881.33

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(414.897)

(5902.859)

(56.158)

 

Employees benefits expense

1124.600

937.411

798.119

 

Other expenses

2895.846

2438.644

2568.558

 

Allocation for Corporate Social Responsibility Expenditure

0.000

0.000

49.500

 

TOTAL

150892.667

122961.192

117241.349

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3914.808

3778.600

3462.447

 

 

 

 

 

Less

FINANCIAL EXPENSES

795.574

823.728

624.683

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3119.234

2954.872

2837.764

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

110.019

100.260

110.25

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3009.215

2854.612

2727.514

 

 

 

 

 

Less

TAX

992.368

967.431

907.958

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2016.847

1887.181

1819.556

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

10135.644

9148.403

7438.903

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Proposed equity dividend for the year

0.000

0.000

759.532

 

Dividend Distribution Tax on the Proposed Dividend

0.000

0.000

143.271

 

Dividend including Dividend distribution tax for previous yea

0.000

0.000

0.096

 

Final Dividend paid

839.607

759.532

0.000

 

Special (Interim) Dividend paid

799.697

0.000

0.000

 

Dividend Distribution Tax on Dividend paid

319.509

143.271

0.000

 

Dividend distribution tax credit on account of dividend received from subsidiaries

(27.528)

(2.863)

(9.476)

 

Total

1931.285

899.940

893.423

 

 

 

 

 

 

Balance Carried to the B/S

10221.206

10135.644

8365.036

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

18.763

359.158

105.864

 

TOTAL EARNINGS

18.763

359.158

105.864

 

 

 

 

 

 

IMPORTS

 

 

 

 

Trading Stocks

20397.800

13283.492

12757.959

 

TOTAL IMPORTS

20397.800

13283.492

12757.959

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

5.04

4.72

4.55

 

Diluted

5.04

4.72

4.55

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

0.000

1094.696

1310.591

Cash generated from operations

(182.627)

1495.851

2508.091

Net cash flow from (used in) operations activity

581.648

291.868

1951.162

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

 (Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd Quarter

3rd Quarter

Net Sales

35283.000

38741.100

40128.100

Total Expenditure

34479.000

37810.000

39228.000

PBIDT (Excl OI)

804.000

931.100

900.100

Other Income

70.000

257.800

74.00

Operating Profit

874.000

1188.900

974.100

Interest

238.000

247.300

237.700

Exceptional Items

NA

NA

NA

PBDT

636.000

941.600

736.400

Depreciation

34.000

33.500

35.400

Profit Before Tax

602.000

908.100

701.000

Tax

212.000

244.100

244.100

Provisions and contingencies

NA

NA

NA

Profit After Tax

390.000

664.000

456.900

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

390.000

664.000

456.900

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

44.70

42.12

38.49

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

8.17

8.67

9.48

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

47.90

48.38

34.55

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.26

0.25

0.41

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

4.04

3.59

3.45

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.65

0.63

0.59

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.45

0.38

0.30

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.84

1.54

1.22

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.06

0.07

0.07

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.92

4.59

5.54

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

1.31

1.49

1.51

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

4.59

4.83

6.00

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

13.04

12.27

13.37

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.27

1.32

1.40

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.73

0.69

0.89

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.35

0.39

0.45

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

8.73

7.34

5.19

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.27

1.32

1.40

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 2/-

Market Value

INR 147/-

 

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

799.406

799.626

799.697

Reserves & Surplus

12806.340

14584.721

14662.990

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

13605.746

15384.347

15462.687

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

2837.752

4775.158

6978.442

Current Maturities of Long term debt

1310.591

1094.696

0.000

Total borrowings

4148.343

5869.854

6978.442

Debt/Equity ratio

0.305

0.382

0.451

 

 

 

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

120213.793

126381.543

154317.997

 

 

 

5.131

22.105

 

 

 

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

120213.793

126381.543

154317.997

Profit/ (Loss)

1819.556

1887.181

2016.847

 

1.51%

1.49%

1.31%

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

799.697

799.626

(b) Reserves & Surplus

 

30679.275

28693.890

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

3615.022

3674.031

Total Shareholders’ Funds (1) + (2)

 

35093.994

33167.547

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.000

0.000

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

691.626

621.476

Total Non-current Liabilities (3)

 

691.626

621.476

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

15158.407

22396.421

(b) Trade payables

 

44617.750

42088.749

(c) Other current liabilities

 

5078.156

6951.424

(d) Short-term provisions

 

22.038

23.186

Total Current Liabilities (4)

 

64876.351

71459.780

 

 

 

 

TOTAL

 

100661.971

105248.803

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

1959.896

1904.754

(ii) Intangible Assets

 

2588.792

2836.486

(iii) Capital work-in-progress

 

5.040

142.538

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

138.232

174.111

(d)  Long-term Loan and Advances

 

0.000

0.000

(e) Other Non-current assets

 

1060.059

890.011

(f) Goodwill on consolidated

 

211.623

234.954

Total Non-Current Assets

 

5963.642

6182.854

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

47.653

 

(b) Inventories

 

33745.605

37681.535

(c) Trade receivables

 

50872.534

53445.406

(d) Cash and cash equivalents

 

7212.113

5505.561

(e) Short-term loans and advances