|
|
|
MIRA INFORM REPORT
|
Report No. : |
484333 |
|
Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
HAWKINS COOKERS LIMITED |
|
|
|
|
Registered
Office : |
Maker Tower, 10th Floor, Cuffe Parade, Mumbai - 400005,
Maharashtra |
|
Tel. No.: |
91-22-22186607 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.02.1959 |
|
|
|
|
Com. Reg. No.: |
11-011304 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 52.878 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28997MH1959PLC011304 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1784M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, trading and sale of kitchenware. (Registered Activity) |
|
|
|
|
No. of Employees
: |
728 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 3000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1959 and it is a manufacturer manufactures pressure cookers and cookware. As per financials of March 2017, the company has registered a growth of 6.29% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 7.89% under review. Rating takes into consideration the company’s long-established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the company’s position as one of the leading players in the pressure cooker industry and vast experience of the promoters. Share price are quoted very high on Stock Exchanges. (Share are traded at a price of INR 3110 against its face value of INR 10 on BSE). However, rating strength is partially offset by vulnerability of the company’s profitability to volatility in raw material prices and intense competition faced by the other leading, regional players and from the unorganised segment. As per quarterly financials of September 2017, the company has achieved a sales turnover of INR 16.3 million and has reported good profit margin of 11.52%. Payments are reported to be regular. In view of aforesaid, the company can be considered good for business dealings at normal 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 |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
08.08.2017 |
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 05.01.2018
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 DENIED
Management Non Co-Operative (91-22-22186607)
LOCATIONS
|
Registered Office : |
Maker Tower, 10th Floor, Cuffe Parade, Mumbai - 400005,
Maharashtra, India |
|
Tel. No.: |
91-22-22186607 |
|
Fax No.: |
91-22-22181190 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office : |
New Udyog Mandir II, |
|
Tel. No.: |
91-22-24440807 |
|
Fax No.: |
91-22-24449152 |
|
|
|
|
Factory 1 : |
C-21, 22, “U” Road, Wagle Industrial Estate, Thane-400604, West, |
|
Tel. No.: |
91-22-25820312 |
|
Fax No.: |
91-22-25822098 |
|
|
|
|
Factory 2 : |
|
|
Tel. No.: |
91-1882-248962 |
|
Fax No.: |
91-1882-248746 |
|
|
|
|
Factory 3 : |
Industrial Area, Sathariya-222202, District-Jaunpur, |
|
Tel. No.: |
91-5454-27 34 94 |
|
Fax No.: |
91-5454-27 33 13 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Subhadip Dutta Choudhury |
|
Designation : |
Managing Director |
|
Address : |
B-5, Beach House CHS, Beach House Park, Gandhigram Road,
Juhu, Mumbai -400049, Maharashtra, India |
|
Date of Appointment : |
01.08.2004 |
|
DIN No.: |
00141545 |
|
|
|
|
Name : |
Mr. Ravi Kant |
|
Designation : |
Director |
|
Address : |
A-3, Pallonji Mansion, 43, Cuffe Parade, Near President
Hotel. Colaba, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
01.06.2016 |
|
DIN No.: |
00016184 |
|
|
|
|
Name : |
Mr. Jai Mangharam Mukhi |
|
Designation : |
Director |
|
Address : |
A-27, Neeti Bagh, New Delhi – 110049, India |
|
Date of Appointment : |
06.12.1976 |
|
DIN No.: |
00049723 |
|
|
|
|
Name : |
Gerson Da Cunha |
|
Designation : |
Director |
|
Address : |
10, Fairlawn 128, Maharshi, Karve Road, Mumbai – 400020,
Maharashtra, India |
|
Date of Appointment : |
27.06.1992 |
|
DIN No.: |
00060055 |
|
|
|
|
Name : |
Shishir Kisonlal Diwanji |
|
Designation : |
Director |
|
Address : |
Wyoming Little, Gibbs Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Appointment : |
26.11.1991 |
|
DIN No.: |
00087529 |
|
|
|
|
Name : |
Mr. Eknath Atmaram Kshirsagar |
|
Designation : |
Director |
|
Address : |
19, Tarangini, Twin Towers Road, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Date of Appointment : |
01.06.2014 |
|
DIN No.: |
00121824 |
|
|
|
|
Name : |
Mr. Vishwa Nath Sharma |
|
Designation : |
Director |
|
Address : |
E-1, Defence Colony, Ground Floor, New Delhi – 110024,
India |
|
Date of Appointment : |
27.10.1998 |
|
DIN No.: |
00177350 |
|
|
|
|
Name : |
Brahm Vasudeva |
|
Designation : |
Director |
|
Address : |
Flat No.2, 1st Floor, Pentacle CHS Limited., 61-Db Bhulabhai
Desai Road, Sophia College Lane, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
01.06.1968 |
|
DIN No.: |
00177451 |
|
|
|
|
Name : |
Mr. Sudeep Yadav |
|
Designation : |
Wholetime Director |
|
Address : |
31-B, Ahuja Tower, Rajabhau Anant Desai Marg, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
17.07.2013 |
|
DIN No.: |
02909892 |
|
|
|
|
Name : |
Mr. Susan Mc Kelvy Vasudeva |
|
Designation : |
Director |
|
Address : |
Flat No. 2, Pentacle Vivek Singh Lane, Near Sophia
College, Mumbai – 400026, Maharashtra, India
|
|
Date of Appointment : |
01.08.2014 |
|
DIN No.: |
06935629 |
KEY EXECUTIVES
|
Name : |
Hutoxi Hormazed Bhesania |
|
Designation : |
Company Secretary |
|
Address : |
T/18, Godrej Baug, Off Nepeansea Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Appointment : |
06.05.2002 |
|
PAN No.: |
ABJPB8704C |
|
|
|
|
Name : |
Mr. Sudeep Yadav |
|
Designation : |
CFO(KMP) |
|
Address : |
31-B, Ahuja Tower, Rajabhau Anant Desai Marg, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
27.05.2014 |
|
PAN No.: |
AAAPY2160M |
SHAREHOLDING PATTERN
AS ON SEPTEMBER 2017
|
Category of
shareholder |
No. of fully paid up
equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
29,62,836 |
56.03 |
|
|
(B) Public |
23,24,979 |
43.97 |
|
|
Grand Total |
52,87,815 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
25,78,904 |
48.77 |
|
|
Brahm Vasudeva |
18,28,932 |
34.59 |
|
|
Neil Vasudeva |
3,80,032 |
7.19 |
|
|
Gitanjali Vasudeva Nevatia |
1,21,792 |
2.30 |
|
|
Gayatri Sudeep Yadav |
1,21,738 |
2.30 |
|
|
Anuradha S Khandelwal |
1,21,494 |
2.30 |
|
|
Sanjana Khandelwal |
2,516 |
0.05 |
|
|
Adya Khandelwal |
1,500 |
0.03 |
|
|
Varun Hans Vasudeva |
900 |
0.02 |
|
|
Susan M. Vasudeva |
0.00 |
||
|
Sub Total A1 |
25,78,904 |
48.77 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
3,83,932 |
7.26 |
|
|
Nikhil Vasudeva |
3,80,032 |
7.19 |
|
|
Margot Amrit
Vasudeva |
1,600 |
0.03 |
|
|
Angelina Pallavi Vasudeva |
1,400 |
0.03 |
|
|
Valentine Jaya Vasudeva |
900 |
0.02 |
|
|
Sub Total A2 |
3,83,932 |
7.26 |
|
|
A=A1+A2 |
29,62,836 |
56.03 |
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) |
|
|
B1) Institutions |
0 |
||
|
Mutual Funds/ |
606473 |
6,06,473 |
|
|
SBI FUND |
390000 |
3,90,000 |
|
|
KOTAK EMERGING EQUITY SCHEME |
114012 |
1,14,012 |
|
|
Alternate Investment Funds |
50432 |
50,432 |
|
|
Foreign Portfolio Investors |
20606 |
20,606 |
|
|
Financial Institutions/ Banks |
12346 |
12,346 |
|
|
Sub Total B1 |
689857 |
6,89,857 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
||
|
B3) Non-Institutions |
0 |
||
|
Individual share
capital INR .200 Million |
1185865 |
11,85,865 |
|
|
Individual share
capital in excess of INR .200 Million |
113874 |
1,13,874 |
|
|
Any Other (specify) |
335383 |
3,35,383 |
|
|
Trusts |
314 |
314 |
|
|
HUF |
74092 |
74,092 |
|
|
NRI – Non- Repat |
23425 |
23,425 |
|
|
NRI – Repat |
64175 |
64,175 |
|
|
Foreign Portfolio Investors (Category III) |
552 |
552 |
|
|
Clearing Members |
10768 |
10,768 |
|
|
Bodies Corporate |
162057 |
1,62,057 |
|
|
CATAMARAN ADVISORS
LLP |
115953 |
1,15,953 |
|
|
Sub Total B3 |
1635122 |
16,35,122 |
|
|
B=B1+B2+B3 |
2324979 |
23,24,979 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, trading and sale of kitchenware. (Registered Activity) |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
789 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
---- |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5287815 |
Equity Shares |
INR 10/- each |
INR 52.878 Million |
|
|
|
|
|
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Brahm Vasudeva |
1829032 |
34.59% |
|
Neil Vasudeva |
380032 |
7.19% |
|
Nikhil Vasudeva |
380032 |
7.19% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
52.878 |
52.878 |
52.878 |
|
(b) Reserves &
Surplus |
1013.888 |
557.804 |
536.282 |
|
(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) |
1066.766 |
610.682 |
589.160 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
88.741 |
190.996 |
127.506 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
3.396 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
41.069 |
28.751 |
26.560 |
|
Total Non-current
Liabilities (3) |
129.810 |
219.747 |
157.462 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
62.358 |
122.903 |
59.086 |
|
(b) Trade payables |
505.367 |
454.667 |
375.826 |
|
(c) Other current
liabilities |
563.462 |
355.875 |
348.563 |
|
(d) Short-term provisions |
25.970 |
403.814 |
294.101 |
|
Total Current Liabilities
(4) |
1157.157 |
1337.259 |
1077.576 |
|
|
|
|
|
|
TOTAL |
2353.733 |
2167.688 |
1824.198 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
218.329 |
219.504 |
222.282 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
11.723 |
11.313 |
9.702 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets
(net) |
13.818 |
0.212 |
0.000 |
|
(d) Long-term Loan and Advances |
75.851 |
80.704 |
76.507 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
319.746 |
311.758 |
308.516 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
827.541 |
832.257 |
681.963 |
|
(c) Trade receivables |
463.470 |
450.884 |
435.738 |
|
(d) Cash and cash
equivalents |
666.875 |
510.495 |
335.285 |
|
(e) Short-term loans and
advances |
76.101 |
62.294 |
62.696 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2033.987 |
1855.930 |
1515.682 |
|
|
|
|
|
|
TOTAL |
2353.733 |
2167.688 |
1824.198 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5786.136 |
5443.521 |
5144.983 |
|
|
Other Income |
44.786 |
32.512 |
38.227 |
|
|
TOTAL |
5830.922 |
5476.033 |
5183.210 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1634.044 |
1747.494 |
1730.247 |
|
|
Purchases of
Stock-in-Trade |
547.827 |
518.798 |
556.525 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.576 |
(122.303) |
(16.111) |
|
|
Employees benefits
expense |
753.678 |
696.251 |
633.358 |
|
|
Exceptional expense |
0.000 |
40.417 |
1733.313 |
|
|
Other expenses |
2123.330 |
1924.145 |
1733.313 |
|
|
TOTAL |
5071.455 |
4804.802 |
4637.332 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
759.467 |
671.231 |
545.878 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
42.837 |
34.456 |
36.967 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
716.630 |
636.775 |
508.911 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.653 |
34.502 |
35.765 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
681.977 |
602.273 |
473.146 |
|
|
|
|
|
|
|
Less |
TAX |
225.893 |
198.893 |
151.990 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
456.084 |
403.380 |
321.156 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
127.671 |
116.149 |
131.385 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
317.268 |
237.952 |
|
|
Dividend |
0.000 |
64.590 |
48.440 |
|
|
Tax on Dividend |
10.000 |
10.000 |
50.000 |
|
|
Total (M) |
10.000 |
391.858 |
336.392 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
573.755 |
127.671 |
116.149 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
263.593 |
244.975 |
294.184 |
|
|
Freight |
2.735 |
3.113 |
7.656 |
|
|
TOTAL EARNINGS |
266.328 |
248.088 |
301.840 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3.286 |
4.632 |
0.066 |
|
|
TOTAL IMPORTS |
3.286 |
4.632 |
0.066 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
86.25 |
76.28 |
60.73 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
122.220 |
6.612 |
1.000 |
|
Cash generated from operations |
828.118 |
527.044 |
474.048 |
|
Net cash flow from (used in) operations |
603.099 |
345.532 |
282.841 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2st
Quarter |
|
Net sales |
|
848.000 |
1632.600 |
|
Total Expenditure |
|
782.900 |
1392.600 |
|
PBIDT (Excluding Other Income) |
|
65.100 |
240.000 |
|
Other income |
|
21.900 |
58.500 |
|
Operating Profit |
|
87.100 |
298.500 |
|
Interest |
|
9.500 |
10.600 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
77.600 |
287.900 |
|
Depreciation |
|
8.800 |
9.100 |
|
Profit Before Tax |
|
68.800 |
278.800 |
|
Tax |
|
23.100 |
90.900 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
45.700 |
188.000 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
45.700 |
188.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
29.24 |
30.23 |
30.91 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
12.48 |
12.07 |
11.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
84.54 |
73.23 |
59.99 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.92 |
0.81 |
0.80 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
3.30 |
2.91 |
2.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.71 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.26 |
0.52 |
0.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.08 |
2.19 |
1.83 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.22 |
0.38 |
0.39 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
17.73 |
19.48 |
14.77 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.88 |
7.41 |
6.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
19.38 |
18.61 |
17.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
42.75 |
66.05 |
54.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.76 |
1.39 |
1.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.04 |
0.77 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.45 |
0.28 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.17 |
6.06 |
3.55 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.76 |
1.39 |
1.41 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 3110/- |
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 |
52.878 |
52.878 |
52.878 |
|
Reserves & Surplus |
536.282 |
557.804 |
1013.888 |
|
Net worth |
589.160 |
610.682 |
1066.766 |
|
|
|
|
|
|
long-term borrowings |
127.506 |
190.996 |
88.741 |
|
Short term borrowings |
59.086 |
122.903 |
62.358 |
|
Current Maturities of
Long term debt |
1.000 |
6.612 |
122.220 |
|
Total borrowings |
187.592 |
320.511 |
273.319 |
|
Debt/Equity ratio |
0.318 |
0.525 |
0.256 |
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 |
5144.983 |
5443.521 |
5786.136 |
|
|
|
5.803 |
6.294 |
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 |
5144.983 |
5443.521 |
5786.136 |
|
Profit/(Loss) |
321.156 |
403.380 |
456.084 |
|
|
6.24% |
7.41% |
7.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
OPERATIONS:
We are pleased to report excellent results. Once again, sales are the highest ever. Revenue from operations including excise duty in 2016-17 was INR 6061.600 Million (up 6.1% over the previous year) and, net of excise duty, it was INR 5786.100 Million (up 6.3% over the previous year). This year, profits are also the highest ever. Profit before tax was INR 682.000 Million (13.2% higher than the previous year). Net profit after tax was INR 456.100 Million (13.1% higher than the previous year). The net return after tax on shareholders’ funds/net worth (after reducing the amount of the proposed dividend and the tax thereon – to make the net worth comparable to the previous year) was 74% (previous year: 67%).
MANAGEMENT DISCUSSION
AND ANALYSIS
We operate in the Kitchenware segment consisting of Pressure Cookers and Cookware. The industry structure is quite competitive with both small scale and organized sector units.In 2016-17, we did not take a price increase. This, along with our now extremely effective advertising, has led to a growth in demand for our pressure cookers and cookware. Our improved distribution has also helped sales. Our efforts at more efficient procurement and production have produceda good impact on our profits. We have undertaken projects to renovate and increase the production capacity of our plants. The required investment is generated from internal resources. The new products launched during the year have done well. The number of permanent employees as on April 1, 2016, was 789 and as on March 31, 2017, was 728. The morale of our employees at all locations is high. A threeyear settlement with our workers in Hoshiarpur has been signed. Industrial relations at all our locations were and are normal. We appreciate very much the contribution of our employees to the successful working of the Company. Profit before tax as a percentage of net sales in 2016-17 was 11.8% as against 11.1% in the previous year. Net profit after tax as a percentage of net sales in 2016-17 was 7.9% as against 7.4% in the previous year. Cash flow during the year was comfortable. Cash and cash equivalents as on March 31, 2017, were INR 642.900 Million (previous year: INR 489.200 Million). We have plans to utilize these funds appropriately.
OUTLOOK
We believe the outlook for our business is excellent. In this year, we have further strengthened the good reputation we have amongst our consumers, customers and associates and vendors. We expect to continue to increase our sales and profits. All forward-looking statements in our report are based on our assessments and judgments exercised in good faith at this time. Of course, actual developments and/or results may differ from our present anticipation
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
From Related Parties |
0.000 |
22.000 |
|
From Others |
88.741 |
168.996 |
|
SHORT TERM
BORROWINGS |
|
|
|
From related parties |
62.358 |
65.106 |
|
Bank Overdraft |
0.000 |
57.797 |
|
Total |
151.099 |
313.899 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED
30.09.2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.06.2017 |
30.09.2017 |
30.09.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1632.600 |
848.000 |
2480.600 |
|
Other Operating Income |
58.500 |
21.900 |
80.400 |
|
Total
Income from Operations |
1691.100 |
870.000 |
2561.100 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
364.700 |
340.600 |
705.300 |
|
Purchase of Stock in Trade |
150.100 |
130.300 |
280.500 |
|
Changes in inventories of finished goods and
work-in-progress |
383.300 |
(155.600) |
227.700 |
|
Excise Duty |
0.000 |
40.500 |
40.500 |
|
Employee benefits expense |
179.000 |
150.500 |
329.500 |
|
Finance costs |
10.600 |
9.500 |
20.100 |
|
Depreciation and Amortization expenses |
9.100 |
8.800 |
18.000 |
|
Other Expenditure |
315.500 |
276.500 |
592.000 |
|
Total
Expenses |
1412.300 |
801.200 |
2213.400 |
|
Profit/(Loss) from Exceptional items |
278.800 |
68.800 |
347.700 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) before Tax |
278.800 |
68.800 |
347.700 |
|
Tax Expense |
|
|
|
|
Current tax |
93.200 |
24.200 |
117.400 |
|
Deferred tax |
(2.300) |
(1.100) |
(3.400) |
|
Profit
/ (Loss) after Tax |
188.000 |
45.700 |
233.700 |
|
Other
compressive income |
(1.700) |
(1.600) |
(3.300) |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
52.900 |
52.900 |
52.900 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
35.24 |
8.33 |
43.57 |
NOTES:
.These results were approved at the meeting of the Board of Directors held on November 8, 2017.
2. The Company operates in a single segment: manufacture, trading and sale of
Kitchenware.
3. The Company has adopted Indian Accounting Standards Ind AS from April 1,
2017. Accordingly financial results for the half year and quarter ended
September 30, 2017, have been prepared following the Ind AS recognition and
measurement principles. Financial results for the half year and quarter ended
September 30, 2016, have been restated based on the Ind AS principles.
4. The financial results relating to the quarter/half year ended September 30,
2016, were originally prepared as per Indian GAAP and were subjected to a
limited review by the then Statutory Auditors. The Ind AS compliant financial
results for the quarter/half year ended September 30, 2016, have not been
audited nor reviewed by the present Statutory Auditors. However, management has
exercised necessary due diligence to ensure that the said financial results
provide a true and fair view of its affairs.
5. As required under Regulation 33 of SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015, the Limited Review by the Statutory Auditors
has been completed for the quarter/half year ended September 30, 2017, and the
Unmodified Report forwarded to BSE Ltd. The said Report does not have any
impact on the above results and Notes which needs explanation.
6. Previous periods' figures have been regrouped wherever necessary to conform
to this period's classification. Certain figures apparently do not add up
because of rounding off but are wholly accurate in themselves.
7. Reconciliation of the net profit for the quarter/half year ended September
30, 2016, as reported under previous GAAP and now under Ind AS is as shown as
under.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
Y10326353 |
90223562 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
02/09/2004 |
- |
- |
35000000.0 |
MITTAL COURT; A WING VIDHAN SABHA MARGMUMBAIMH400021IN |
|
2 |
Y10326245 |
90223454 |
ICICI BANK LIMITED |
22/05/2003 |
- |
- |
472000.0 |
ICICI BANK TOWER; BANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
3 |
Y10325863 |
90223072 |
SARASWAT CO-OPERATIVVE BANK LTD. |
14/10/1999 |
- |
- |
30000000.0 |
FORTMUMBAIMH400001IN |
|
4 |
Y10325676 |
90222885 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
31/03/1998 |
- |
- |
23500000.0 |
CENTRAL ADMINISTRATIVE OFFICE; APSARA CINEMA BUILGRANT ROADMUMBAIMH400007IN |
|
5 |
Y10325669 |
90222878 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
26/03/1998 |
- |
- |
7500000.0 |
CENTRAL ADMINISTRATIVE OFFICE; APSARA CINEMA BUILGRANT ROADMUMBAIMH400007IN |
|
6 |
Y10325658 |
90222867 |
THE SARASWAT CO-OPERATIVE BANK |
16/03/1998 |
- |
- |
3500000.0 |
MADHUKOSH; SOVANI PETHGIRGAONMUMBAIMH400004IN |
|
7 |
Y10325409 |
90222618 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
29/03/1996 |
- |
- |
5461000.0 |
FORTMUMBAIMH400023IN |
|
8 |
Y10325268 |
90222477 |
THE SARASWAT CO-OPERATIVE BANK |
06/04/1995 |
27/03/1996 |
- |
5000000.0 |
FORT MUMBAI17; FORTMUMBAIMH400005IN |
|
9 |
Y10325236 |
90222445 |
DENA BANK |
20/02/1995 |
- |
- |
20000000.0 |
INDUSTRIAL FINANCE BRANCH; MAKER TOWERCUFFE PARADEMUMBAIMH400005IN |
|
10 |
Y10325152 |
90222361 |
3DENA BANK |
16/07/1994 |
- |
- |
10000000.0 |
INDUSTRIAL FINANCE BRANCHMAKER TOWER; CUFFE PARADEMUMBAIMH400005IN |
FIXED ASSETS:
- Leasehold Land
- Building
- Plant and equipments
- Furniture and fixture
- Vehicle
- Office equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
POO |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NKTS |
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 |
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.