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|
MIRA INFORM REPORT
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Report No. : |
484463 |
|
Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
C.T.R. MANUFACTURING INDUSTRIES LIMITED |
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|
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|
Registered
Office : |
Nagar Road, Pune – 411014, Maharashtra |
|
Tel. No.: |
91-20-26633402/ 3/ 4/ 5 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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|
Date of
Incorporation : |
18.12.1964 |
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Com. Reg. No.: |
11-013087 |
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Capital
Investment / Paid-up Capital : |
INR 18.841
Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U29299MH1964PLC013087 |
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|
|
GST No.: |
27AAACC7256R1Z1 |
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IEC No.: |
0388114002 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC7256R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing a wide range of Transformer Ancillary
Products and Plastic Film Capacitors. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
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 : |
C.T.R Manufacturing Industries Limited was incorporated in the year 1964. It is a Manufacturer of all types of Cutting Tools such as Milling Cutters, Side and Face Cutters and End Mill Cutters. For the financial year 2017, the company has achieved 40.35% growth in its revenue as compared to previous year revenue and has maintained healthy profit margin of 11.20% during the year under review. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The company has decent Earning Per Share (EPS) 1732.45 against the Face Value of (FV) of 100. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by increasing competition from existing domestic players as well as potential entry of international players in the technology-oriented industry which could pose a risk to its revenue growth, and susceptibility of demand for power and distribution transformers–which are the source of demand for CTR’s products–to government policies. Business is active. Payments are reported 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
24.10.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
24.10.2017 |
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 06.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[TEL. NO.: 91-20-26633402]
LOCATIONS
|
Registered Office/ Fire
Protection Division/ Petroleum Fire Division/ Radiator Division/ Handling
Equipment Division/ Railway Products Division : |
Nagar Road, Pune – 411014, Maharashtra, India |
|
Tel. No.: |
91-20-26633402/ 3/ 4/ 5 |
|
Fax No.: |
91-20-26633425 |
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E-Mail : |
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Website : |
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Headquarters : |
E1, Chikalthana, Aurangabad 431006, Maharashtra, India Phone: 91-240-2485289/90 Fax: 91-240-2484128 E 79 MIDC, Ambad, Nasik 422010, Maharashtra, India Phone: 91-253-2380451 Fax: 91-253-2380452 |
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|
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Regional Offices : |
Corporate Regional
East: "Avyarthana" 2nd Floor, 659, Kalikapur Road, E.M. Bypass, (Besides Spencers Shopping Mall), Kolkata – 700099, West Bengal, India Phone: 91-33-64517992 Fax: 91-33-24848867 Corporate Regional
North : 506, International Trade Center, Nehru Place, New Delhi 110019, India Fax: +91-11-26280821/ 22 Email: crn@ctr.in Corporate Regional
South : 208, Mota Chambers, 9 Millers Road, Bangalore 560052, Karnataka, India Fax: 91-80-22374320 Corporate Regional
West : 403 B, Turf Estate, Shakti Mills Lang, Off Dr. E. Moses Road, Mahalaxmi (West), Mumbai 400001, Maharashtra, India Phone: 91-22-24920454 Fax: 91-22-24929549 |
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Flange tye
Tapchangers : |
Tapchanger Division
1 : Nagar Road, Pune 411014, Maharashtra, India Phone: 91-20-26633402/3/4/5 Fax: 91-20-26633425 Tapchanger Division
2 : E3, Chikalthana, Aurangabad 431006, Maharashtra, India Phone: +91-240-2481469 Fax: +91-240-2480478 Tapchanger Division
3 : E 79 MIDC, Ambad, Nasik 422010, Maharashtra, India Phone: 91-253-2380451 Fax: 91-253-2380452 |
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|
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Intank Tapchangers
: |
Intank Tapchanger
Division 1 : Nagar Road, Pune 411014, Maharashtra, India Phone: 91-20-26633402/3/4/5 Fax: 91-20-26633425 Intank Tapchanger
Division 2 : E 79 MIDC, Ambad, Nasik 422010, Maharashtra, India Phone: 91-253-2380451 Fax: 91-253-2380452 |
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|
Radiator Division
2 : |
Radiator Division 2
: E3, Chikalthana, Aurangabad 431006, Maharashtra, India E-mail: rd2@ctr.in |
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|
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|
Electronics
Division : |
E1, Chikalthana, Aurangabad 431006, Maharashtra, India Phone: 91-240-2485289/90 Fax: 91-240-2484128 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Anil Pratap Kumar |
|
Designation : |
Managing Director |
|
Address : |
57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
16.05.1948 |
|
Qualification : |
BSC (London),
MBA (Harvard) AMIEE (USA), MIEE (London) |
|
Date of Appointment : |
02.10.2013 |
|
PAN No.: |
AGWPK0977A |
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DIN No.: |
00466438 |
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|
|
|
Name : |
Mr. Kewal Krishan Nohria |
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Designation : |
Director |
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Address : |
11, Aryavarta, 351, N Dabholkar Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
04.10.1932 |
|
Qualification : |
MBA (UK) |
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Date of Appointment : |
15.07.2004 |
|
DIN No.: |
00060015 |
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|
|
|
Name : |
Mr. Brij Mohan Suri |
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Designation : |
Director |
|
Address : |
206, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra,
India |
|
Date of Birth/Age : |
12.04.1939 |
|
Qualification : |
FCA-England,
FCA-India |
|
Date of Appointment : |
15.07.2004 |
|
DIN No.: |
00786408 |
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|
|
|
Name : |
Mrs. Prajakta Anil Kumar |
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Designation : |
Whole Time Director |
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Address : |
57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1980 |
|
Date of Appointment : |
01.07.2013 |
|
PAN No: |
ALKPK1261G |
|
DIN No.: |
00804722 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 27.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
16.61 |
|
Public/Other than promoters – Individual/ Hindu Undivided
Family – Indian |
9.45 |
|
Public/Other than promoters – Financial Institutions |
0.27 |
|
Public/Other than promoters - Body Corporate |
73.67 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing a wide range of Transformer Ancillary
Products and Plastic Film Capacitors. [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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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 : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Bank of Maharashtra Camp Branch, Sachapir Street, Pune, Pune Camp,
Pune, Pune - 411001, Maharashtra, India ·
Bank of Maharashtra 628/29, Khudamurad Building, Sachhapir Street,
Camp, Pune - 411001, Maharashtra, India |
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Facilities : |
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Financial Institution : |
· Tata Capital Financial Services Limited One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India · IL & FS Trust Company Limited IL & FS Financial Centre, Plot No C22, G Block Bandra, Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, India |
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Auditors : |
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|
Name : |
A.A. Bhat and Company Chartered Accountants |
|
Address : |
6 Harmony House, Bhandarkar Road, Pune 411004, Maharashtra, India |
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PAN No.: |
AABCA8461B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company
: |
Polymermann (Asia) Private Limited
[U24134MH1986PTC038671] |
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|
Associate company : |
Apra Investment Services Private Limited [U67190MH2003PTC141976] |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000 |
Equity Shares |
INR 100/- each |
INR 37.500 Million |
|
25000 |
Preference Shares |
INR 100/- each |
INR 2.500 Million |
|
|
|
|
|
|
|
Total |
|
INR 40.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
188719 |
Equity Shares |
INR 100/- each |
INR 18.841
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
18.858 |
18.858 |
18.858 |
|
(b) Reserves and Surplus |
1515.428 |
1196.393 |
991.984 |
|
(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) |
1534.286 |
1215.251 |
1010.842 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8.664 |
24.162 |
59.007 |
|
(b) Deferred tax liabilities (Net) |
95.392 |
88.879 |
81.774 |
|
(c) Other long-term
liabilities |
12.260 |
18.966 |
17.507 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
116.316 |
132.007 |
158.288 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
183.249 |
339.571 |
426.122 |
|
(b) Trade
payables |
803.857 |
465.863 |
451.200 |
|
(c) Other current
liabilities |
77.112 |
95.436 |
70.739 |
|
(d) Short-term
provisions |
132.780 |
89.228 |
59.262 |
|
Total Current
Liabilities (4) |
1196.998 |
990.098 |
1007.323 |
|
|
|
|
|
|
TOTAL |
2847.600 |
2337.356 |
2176.453 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
738.680 |
657.777 |
547.896 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
113.807 |
104.367 |
210.163 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.756 |
52.756 |
52.756 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
30.091 |
51.583 |
35.879 |
|
(e) Other Non-current
assets |
18.037 |
20.439 |
19.961 |
|
Total Non-Current
Assets |
953.371 |
886.922 |
866.655 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
224.170 |
262.927 |
235.237 |
|
(c) Trade
receivables |
1375.552 |
965.204 |
852.013 |
|
(d) Cash and bank
balances |
12.638 |
9.879 |
7.343 |
|
(e)
Short-term loans and advances |
268.235 |
202.063 |
207.109 |
|
(f) Other
current assets |
13.634 |
10.361 |
8.096 |
|
Total
Current Assets |
1894.229 |
1450.434 |
1309.798 |
|
|
|
|
|
|
TOTAL |
2847.600 |
2337.356 |
2176.453 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2915.375 |
2077.257 |
1830.141 |
|
|
Other Income |
14.648 |
8.171 |
4.359 |
|
|
TOTAL |
2930.023 |
2085.428 |
1834.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1622.953 |
1140.093 |
1038.446 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
25.975 |
(4.722) |
(6.491) |
|
|
Employee benefit expense |
318.348 |
282.978 |
252.901 |
|
|
CSR expenditure |
5.174 |
3.871 |
3.779 |
|
|
Other expenses |
407.243 |
288.864 |
242.916 |
|
|
TOTAL |
2379.693 |
1711.084 |
1531.551 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
550.330 |
374.344 |
302.949 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.621 |
60.457 |
72.150 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
509.709 |
313.887 |
230.799 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
41.039 |
38.409 |
34.538 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
468.670 |
275.478 |
196.261 |
|
|
|
|
|
|
|
Less |
TAX |
142.260 |
80.301 |
52.418 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
326.410 |
195.177 |
143.843 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods calculated on FOB basis |
366.156 |
109.369 |
96.581 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
65.565 |
45.158 |
60.808 |
|
|
Components and spare
parts |
0.000 |
0.043 |
0.126 |
|
|
Capital Goods |
3.175 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
68.740 |
45.201 |
60.934 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1732.45 |
1035.92 |
763.46 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
15.499 |
32.451 |
45.938 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
489.704 |
304.334 |
208.905 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
355.249 |
245.771 |
154.314 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
172.22 |
169.60 |
169.92 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.12 |
2.15 |
2.15 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
180.79 |
149.15 |
158.59 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.45 |
1.42 |
1.29 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.65 |
0.49 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.45 |
0.51 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.14 |
0.33 |
0.53 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.78 |
0.81 |
1.00 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.56 |
0.63 |
0.75 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
13.55 |
6.19 |
4.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.20 |
9.40 |
7.86 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.46 |
8.35 |
6.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.27 |
16.06 |
14.23 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.58 |
1.46 |
1.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.40 |
1.20 |
1.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.52 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.00 |
21.01 |
28.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.58 |
1.46 |
1.30 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
18.858 |
18.858 |
18.858 |
|
Reserves & Surplus |
991.984 |
1196.393 |
1515.428 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1010.842 |
1215.251 |
1534.286 |
|
|
|
|
|
|
Long-term borrowings |
59.007 |
24.162 |
8.664 |
|
Short term borrowings |
426.122 |
339.571 |
183.249 |
|
Current maturities of
long-term debts |
45.938 |
32.451 |
15.499 |
|
Total
borrowings |
531.067 |
396.184 |
207.412 |
|
Debt/Equity
ratio |
0.525 |
0.326 |
0.135 |
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 |
1830.141 |
2077.257 |
2915.375 |
|
|
|
13.503 |
40.347 |
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 |
1830.141 |
2077.257 |
2915.375 |
|
Profit/ (Loss) |
143.843 |
195.177 |
326.410 |
|
|
7.86
% |
9.40
% |
11.20
% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
18.903 |
18.903 |
|
(b) Reserves and Surplus |
|
1520.719 |
1193.828 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1539.622 |
1212.731 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
8.664 |
24.162 |
|
(b) Deferred tax liabilities (Net) |
|
95.392 |
88.879 |
|
(c) Other long-term
liabilities |
|
12.260 |
18.966 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
116.316 |
132.007 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
183.249 |
339.571 |
|
(b) Trade
payables |
|
803.857 |
459.884 |
|
(c) Other
current liabilities |
|
77.186 |
95.836 |
|
(d) Short-term
provisions |
|
132.899 |
89.303 |
|
Total Current
Liabilities (4) |
|
1197.191 |
984.594 |
|
|
|
|
|
|
TOTAL |
|
2853.129 |
2329.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
761.125 |
680.665 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
|
113.807 |
104.367 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.011 |
0.011 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
|
53.005 |
67.684 |
|
(e) Other
Non-current assets |
|
18.037 |
20.439 |
|
Total Non-Current
Assets |
|
945.985 |
873.166 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
224.742 |
263.499 |
|
(c) Trade
receivables |
|
1375.552 |
965.204 |
|
(d) Cash and bank
balances |
|
25.446 |
15.210 |
|
(e)
Short-term loans and advances |
|
268.135 |
202.257 |
|
(f) Other
current assets |
|
13.269 |
9.996 |
|
Total
Current Assets |
|
1907.144 |
1456.166 |
|
|
|
|
|
|
TOTAL |
|
2853.129 |
2329.332 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
2915.375 |
2077.257 |
|
|
Other Income |
|
16.413 |
9.777 |
|
|
TOTAL |
|
2931.788 |
2087.034 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1622.953 |
1140.093 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
25.975 |
(4.722) |
|
|
Employee benefit expense |
|
319.080 |
283.737 |
|
|
CSR expenditure |
|
5.174 |
3.871 |
|
|
Other expenses |
|
397.558 |
279.141 |
|
|
TOTAL |
|
2370.740 |
1702.120 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
561.048 |
384.914 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
40.621 |
60.457 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
520.427 |
324.457 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
41.482 |
38.873 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
478.945 |
285.584 |
|
|
|
|
|
|
|
Less |
TAX |
|
144.991 |
82.976 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
333.954 |
202.608 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
1765.37 |
1071.04 |
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 |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
2.514 |
2.846 |
|
|
|
|
|
Total |
2.514 |
2.846 |
GENERAL INFORMATION
Established in 1964, the Company is a major player in India, manufacturing a wide range of transformer ancillary products and plastic film capacitors. The Company currently operates through its facilities located at Pune, Aurangabad and Nasik.
OPERATIONS
Despite adverse market conditions the Company could demonstrate significant progress in its journey towards sustainable operating and financial performance. During 2016-17 gross sales and income increased from INR 2338.163 Million to INR 3243.400 Million and Profit before tax increased from INR 275.478 Million to INR 468.670 Million.
APPLICATION FOR
CAPITAL REDUCTION
External agencies have projected that the domestic transformer industry is likely to record a compounded annual growth rate of 9% over the next two years due to higher investment in transmission and distribution infrastructure by utilities. The Company’s performance is therefore expected to also improve.
OUTLOOK
The focus of the government on providing electricity to all households and the Company having introduced products for smart grid end applications augers well for the Company.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
(a) Bills Discounted |
45.796 |
40.987 |
|
(b) Corporate Guarantees |
8.393 |
7.774 |
|
(c) Liability in respect of Sales Tax declaration forms |
75.001 |
52.134 |
|
(d) Dividend payable on proposed capital reduction along with tax incidence thereof |
32.920 |
0.000 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Vehicles
·
Motor vehicles
·
Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
UK Pound |
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PUJ |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BVA |
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.