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|
MIRA INFORM REPORT
|
Report No. : |
487247 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAGNA ELECTRO CASTINGS LIMITED [w.e.f. 23.12.1992] |
|
|
|
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Formerly known
as: |
MAGNA ELECTRONICS LIMITED |
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Registered
Office : |
New No. 43 (Old No. 62), Balasundaram Road, Coimbatore - 641018
Tamilnadu |
|
Tel. No.: |
91-422-2240109 / 2246184 / 2240487 |
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|
|
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
22.08.1990 |
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|
|
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Com. Reg. No.: |
18-002836 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 45.822
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31103TZ1990PLC002836 |
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|
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IEC No.: |
3292014557 |
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TIN No.: |
33632161196 |
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GST No.: |
33AABCM4711E1Z2 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCM4711E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company at present has two operating segments namely Foundry Division and Wind Energy Division: Manufacturer of Iron castings including Grey Iron, SG Iron and Other Iron Alloy Castings-Machined and Unmachined and Steel Components and also Power Generated by Wind Energy Generators. [Registered Activity] |
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|
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No. of Employees
: |
180 [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 |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Maximum Credit Limit : |
USD 1540700 |
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|
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Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1990 and it is a manufacturer of iron castings including grey iron, SG iron and other iron alloy castings-machined and un-machined and steel components. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported good profit margin 9.41%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the vast experience of the promoters and well established manufacturing facilities with in-house machinery capabilities. Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 222 against its face value of INR 10. However, rating strength is partially offset by exposure to foreign exchange risk and intensely competitive & fragmented nature of industry. As per quarterly financials of September 2017, the company has achieved revenue of INR 241.46 million and has reported good profit margin of 8.26%. 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 |
CARE |
|
Rating |
Long term rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
23.10.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
23.10.2017 |
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 22.01.2018.
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 BY
|
Name : |
Mr. Manish |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-4259-259316 |
|
Date : |
19.01.2018 |
LOCATIONS
|
Registered Office : |
New No. 43 (Old No. 62), Balasundaram Road, Coimbatore - 641018
Tamilnadu, India |
|
Tel. No.: |
91-422-2240109 / 2246184 / 2240487 |
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Fax No.: |
91-422-2246209 |
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E-Mail : |
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Website : |
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Factories : |
FOUNDRY DIVISION SF No.34 and 35 (Part) Coimbatore Pollachi Main Road, Mullipadi Village, Tamaraikulam Post, Pollachi Taluk, Coimbatore District-642109, Tamilnadu, India Tel No.: 91-4259-259316/ 317/ 318/ 452 Fax No.: 91-4259-259451 WIND ENERGY
DIVISION 1. Wind mill 1 at Andhiyur Village, Pollachi Taluk 2. Wind mill 2 at Ganapathipalayam village, Pollachi Taluk 3. Wind mill 3 at Kolumamkondan, Pushpathur, Palani Taluk 4. Wind mill 4 at Thotathurai, Palani Taluk |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Cherukoori Ramaswamy Naidu Swaminathan |
|
Designation : |
Director |
|
Address : |
D.No.112, Gv Residency Sowripalayam, Coimbatore - 641028, Tamilnadu, India |
|
Date of Appointment : |
25.01.2012 |
|
DIN No.: |
00002169 |
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|
|
|
Name : |
Mrs. Nandini Rangaswamy |
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Designation : |
Director |
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Address : |
"Pioneer House" Peelamedu, Coimbatore - 641004, Tamilnadu, India |
|
Date of Appointment : |
27.10.2003 |
|
DIN No.: |
00002223 |
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|
|
|
Name : |
Mr. Vijayakumar Naidu Janardhana |
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Designation : |
Director |
|
Address : |
No.8, A.T.T. Colony, Coimbatore - 641018, Tamilnadu, India |
|
Date of Birth/Age : |
09.12.1952 |
|
Qualification : |
B.Com, MBA (USA) |
|
Date of Appointment : |
22.08.1990 |
|
DIN No.: |
00002530 |
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|
Name : |
Mr. Krishna Samaraj Narayanaswamy |
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Designation : |
Managing Director |
|
Address : |
Balasundaram Road, P N Palayam, Coimbatore - 641018, Tamilnadu, India |
|
Date of Appointment : |
22.08.1990 |
|
DIN No.: |
00048547 |
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|
|
|
Name : |
Mr. Airam Varadaraj |
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Designation : |
Director |
|
Address : |
No.6, East End, Kallimadai Main Road, Singanallur, Coimbatore - 641005, Tamilnadu, India |
|
Date of Appointment : |
28.10.2004 |
|
DIN No.: |
00058056 |
|
|
|
|
Name : |
Mr. Karuppuswamy Gnanasekaran |
|
Designation : |
Director |
|
Address : |
121 - B, Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date of Appointment : |
19.01.2001 |
|
DIN No.: |
00133645 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Rajagopalan |
|
Designation : |
CFO(KMP) |
|
Address : |
84, 3rd Street Tatabad, Coimbatore - 641012, Tamilnadu, India |
|
Date of Appointment : |
30.07.2015 |
|
PAN No.: |
AAMPR7954C |
|
|
|
|
Name : |
Mrs. Sangeetha Chinnasamy |
|
Designation : |
Company Secretary |
|
Address : |
1/2, South Thottam Chettikuatti, Kunnathur, Tirupur - 638103, Tamilnadu, India |
|
Date of Appointment : |
30.07.2015 |
|
PAN No.: |
FBHPS7970C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
1943155 |
42.41 |
|
(B) Public |
2639045 |
57.59 |
|
|
|
|
|
Total |
4582200 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
1943155 |
42.41 |
|
|
N KRISHNASAMARAJ |
751767 |
16.41 |
|
|
N MUTHULAKSHMI |
613491 |
13.39 |
|
|
RANGANAYAKI N |
188000 |
4.10 |
|
|
MAHITHA VIJAYAKUMAR |
22600 |
0.49 |
|
|
JANARDHANA NAIDU VIJAYAKUMAR |
10100 |
0.22 |
|
|
VIJAYAKUMAR VENKATKUMAR |
45000 |
0.98 |
|
|
NIVEDITA LAKSHMI NARAYANASWAMY |
210000 |
4.58 |
|
|
ADITYA VIJAYAKUMAR |
55255 |
1.21 |
|
|
KRISHNASAMRAJ N |
46942 |
1.02 |
|
|
Sub Total A1 |
1943155 |
42.41 |
|
|
A=A1+A2 |
1943155 |
42.41 |
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 |
0.00 |
|
|
Foreign Portfolio
Investors |
65057 |
1.42 |
|
|
PASSAGE TO INDIA MASTER
FUND LIMITED |
65057 |
1.42 |
|
|
Sub Total B1 |
65057 |
1.42 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
up to INR 0.200 Million |
1465408 |
31.98 |
|
|
Individual share capital
in excess of INR 0.200 Million |
130456 |
2.85 |
|
|
SHANTHI V |
58448 |
1.28 |
|
|
Any Other (specify) |
978124 |
21.35 |
|
|
Director or Director's
Relatives |
51005 |
1.11 |
|
|
Bodies Corporate |
319923 |
6.98 |
|
|
ELGI EQUIPMENTS LIMITED |
80000 |
1.75 |
|
|
RAJASTHAN GLOBAL
SECURITIES PVT LTD |
49732 |
1.09 |
|
|
NRI – Non- Repat |
23902 |
0.52 |
|
|
NRI – Repat |
252126 |
5.50 |
|
|
Overseas corporate bodies |
156000 |
3.40 |
|
|
NIVIAM CORPORATION |
156000 |
3.40 |
|
|
Clearing Members |
30183 |
0.66 |
|
|
HUF |
84744 |
1.85 |
|
|
INVESTOR EDUCATION AND
PROTECTION FUND AUTHORITY |
60241 |
1.31 |
|
|
Sub Total B3 |
2573988 |
56.17 |
|
|
B=B1+B2+B3 |
2639045 |
57.59 |
BUSINESS DETAILS
|
Line of Business : |
The Company at present has two operating segments namely Foundry Division and Wind Energy Division: Manufacturer of Iron castings including Grey Iron, SG Iron and Other Iron Alloy Castings-Machined and Unmachined and Steel Components and also Power Generated by Wind Energy Generators. [Registered Activity] |
|
|
|
|
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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|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
180 [Approximately] |
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Bankers : |
· Corporation Bank Industrial Finance Branch, 1604 Trichy Road, Coimbatore - 641 018, Tamilnadu, India · Indian Bank 31, Variety Hall Road, Coimbatore - 641 001, Tamilnadu, India |
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Facilities : |
|
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Auditors 1: |
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|
Name: |
S. Krishnamoorthy and Company Chartered Accountants |
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Address: |
Coimbatore, Tamilnadu, India |
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|
|
|
Auditors 2: |
|
|
Name: |
Srikishen and Company Chartered Accountants |
|
Address: |
Coimbatore, Tamilnadu, India |
|
|
|
|
Internal Auditor : |
|
|
Name: |
V. Indira Chartered Accountant |
|
|
|
|
Cost Auditors : |
|
|
Name: |
SBK and Associates Cost Accountants |
|
Address: |
Chennai, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related Parties : |
· Samrajyaa and Company · Magna Digitech India LLP [erstwhile Magna Digitech India Private Limited] · Elgi Equipments Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4582200 |
Equity Shares |
INR 10/- each |
INR 45.822
Million |
|
|
|
|
|
Reconciliation of
number of Shares Outstanding
|
Opening Balance |
4582200 Shares |
|
Changes during the year |
Nil |
|
Closing Balance |
4582200 Shares |
Shareholders holding more
than 5 % shares:
|
N. Krishna Samaraj |
798709 Shares |
|
Ajeya Vel Narayanaswamy |
453000 Shares |
LISTING DETAILS:
|
Subject Stock
Code : |
BSE
: 517449 NSE
: Subject is not traded on NSE ISIN : INE437D01010 Industry: Other Industrial
Goods |
|
|
|
|
Stock Exchange Place : |
·
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai –
400001, Maharashtra, India |
|
|
|
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
45.822 |
45.822 |
45.822 |
|
(b) Reserves & Surplus |
493.434 |
418.821 |
363.376 |
|
(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) |
539.256 |
464.643 |
409.198 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3.106 |
25.870 |
29.396 |
|
(b) Deferred tax liabilities (Net) |
52.702 |
55.469 |
51.972 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
55.808 |
81.339 |
81.368 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
34.269 |
51.180 |
147.178 |
|
(b)
Trade payables |
98.096 |
125.310 |
136.492 |
|
(c)
Other current liabilities |
16.155 |
24.410 |
34.098 |
|
(d)
Short-term provisions |
8.808 |
16.620 |
16.818 |
|
Total
Current Liabilities (4) |
157.328 |
217.520 |
334.586 |
|
|
|
|
|
|
TOTAL |
752.392 |
763.502 |
825.152 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
385.853 |
424.865 |
409.304 |
|
(ii)
Intangible Assets |
0.339 |
0.066 |
0.077 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
23.734 |
22.340 |
16.433 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
409.926 |
447.271 |
425.814 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
54.197 |
60.889 |
67.208 |
|
(c)
Trade receivables |
215.223 |
190.814 |
249.461 |
|
(d)
Cash and cash equivalents |
20.575 |
15.138 |
13.458 |
|
(e)
Short-term loans and advances |
51.381 |
47.236 |
65.694 |
|
(f)
Other current assets |
1.090 |
2.154 |
3.517 |
|
Total
Current Assets |
342.466 |
316.231 |
399.338 |
|
|
|
|
|
|
TOTAL |
752.392 |
763.502 |
825.152 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
793.006 |
934.332 |
1014.389 |
|
|
|
Other Income |
3.508 |
9.029 |
4.510 |
|
|
|
TOTAL (A) |
796.514 |
943.361 |
1018.899 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
215.419 |
312.127 |
386.302 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
8.504 |
(2.764) |
2.721 |
|
|
|
Employees benefits expense |
89.779 |
83.795 |
78.193 |
|
|
|
Other expenses |
334.158 |
399.473 |
400.648 |
|
|
|
Exceptional Items |
(1.164) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
646.696 |
792.631 |
867.864 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
149.818 |
150.730 |
151.035 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.424 |
13.501 |
23.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.394 |
137.229 |
127.855 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.244 |
46.257 |
44.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.150 |
90.972 |
83.697 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.538 |
24.497 |
29.413 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
74.612 |
66.475 |
54.284 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
420.602 |
559.602 |
645.321 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
21.219 |
41.838 |
40.121 |
|
|
|
Consumables & Spare Parts |
2.893 |
4.702 |
4.080 |
|
|
|
Capital Goods |
0.000 |
25.800 |
0.000 |
|
|
TOTAL IMPORTS |
24.112 |
72.340 |
44.201 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
16.28 |
14.51 |
11.85 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
11.487 |
20.079 |
27.758 |
|
|
|
|
|
|
Cash generated from operations |
154.666 |
109.491 |
128.864 |
|
|
|
|
|
|
Net cash from operating activities |
136.166 |
88.688 |
101.546 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
99.06 |
74.54 |
89.76 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.68 |
4.90 |
4.07 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
166.21 |
146.54 |
128.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.76 |
2.48 |
2.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.39 |
0.35 |
0.37 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.23 |
0.35 |
0.47 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.09 |
0.21 |
0.50 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.29 |
0.47 |
0.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.72 |
0.91 |
1.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
27.62 |
11.16 |
6.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
9.41 |
7.11 |
5.35 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.92 |
8.71 |
6.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.84 |
14.31 |
13.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.18 |
1.45 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.83 |
1.17 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.72 |
0.61 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.07 |
2.12 |
4.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.18 |
1.45 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 222.00/- [BSE] |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
45.822 |
45.822 |
45.822 |
|
Reserves & Surplus |
363.376 |
418.821 |
493.434 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
409.198 |
464.643 |
539.256 |
|
|
|
|
|
|
long-term borrowings |
29.396 |
25.870 |
3.106 |
|
Short term borrowings |
147.178 |
51.180 |
34.269 |
|
Current Maturities of Long term debt |
27.758 |
20.079 |
11.487 |
|
Total
borrowings |
204.332 |
97.129 |
48.862 |
|
Debt/Equity ratio |
0.499 |
0.209 |
0.091 |
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 |
1014.389 |
934.332 |
793.006 |
|
|
|
(7.892) |
(15.126) |
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 |
1014.389 |
934.332 |
793.006 |
|
Profit |
54.284 |
66.475 |
74.612 |
|
|
5.35% |
7.11% |
9.41% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B90825126 |
10384366 |
INDIAN BANK |
19/10/2012 |
29/10/2013 |
- |
155629000.0 |
COIMBATORE MAIN
BRANCHCOIMBATORETN641001IN |
|
2 |
B61303558 |
10384363 |
INDIAN BANK |
19/10/2012 |
- |
- |
32000000.0 |
COIMBATORE MAIN
BRANCHCOIMBATORETN641001IN |
|
3 |
B90826587 |
10339738 |
INDIAN BANK |
21/02/2012 |
29/10/2013 |
- |
112500000.0 |
COIMBATORE MAIN
BRANCHCOIMBATORETN641001IN |
|
4 |
Y10087844 |
90008674 |
CORPORATION BANK |
22/03/1999 |
31/03/2005 |
- |
10000000.0 |
INDUSTRIAL FINANCE
BRANCH106 TRICHY ROADCOIMBATORETN641018IN |
|
5 |
G47078340 |
90008366 |
CORPORATION BANK |
26/03/1996 |
01/06/2017 |
- |
212500000.0 |
INDUSTRIAL FINANCE
BRANCH1604, TRICHY ROADCOIMBATORETN641018IN |
|
6 |
Y10087463 |
90008293 |
CORPORATION BANK |
07/09/1995 |
- |
- |
14000000.0 |
OPPANAKARA
STREETCOIMBATORETN641001IN |
|
7 |
Y10087349 |
90008179 |
CORPORATION BANK |
31/05/1994 |
- |
- |
3000000.0 |
816; OPPANAKARA
STREETCOIMBATORETN641001IN |
|
8 |
C74388000 |
10229301 |
CORPORATION BANK |
18/06/2010 |
13/12/2010 |
02/12/2015 |
55000000.0 |
INDUSTRIAL FINANCE
BRANCH,1604, TRICHY ROAD,COIMBATORETN641018IN |
|
9 |
C45153640 |
10206033 |
INDIAN BANK |
19/02/2010 |
06/04/2011 |
28/02/2015 |
32000000.0 |
COIMBATORE MAIN
BRANCHCOIMBATORETN641001IN |
|
10 |
C09064148 |
10020358 |
CORPORATION BANK |
14/09/2006 |
- |
12/06/2014 |
91000000.0 |
INDUSTRIAL FINANCE
BRANCHTRICHY ROADCOIMBATORETN641018IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other Loans and Advances |
0.000 |
11.456 |
|
|
|
|
|
Total |
0.000 |
11.456 |
OPERATIONS
The net turnover (exclusive of taxes and duties) has decreased by 15% from INR 921.259 Million to INR 781.464 Million. This was mainly because of the weak global and domestic markets which are still reeling under recessionary conditions. The demand for castings has therefore been subdued.
The Wind Energy Division of the Company was able to generate higher revenues this year because of better wind velocity and improved evacuation by TANGEDCO. The revenue has increased from INR 33.403 Million in the previous year to INR 55.951 Million in the current year, an increase of 67.50%. The Wind Energy Division was able to meet about 83% of the total requirement of the Company during the year.
The various cost saving initiatives taken by the Company during the year and the decline in material costs enabled the Company to post a Profit before Tax of INR 93.149 Million which is an increase of 2.39% over the previous year’s profit of INR 90.972 Million.
There has been no change in the nature of business of the
Company.
OUTLOOK
The manufacturing industry is showing signs of revival due to increased demand from the domestic market. The export market is yet to show signs of revival.
PROJECT IMPLEMENTED:
The Company has installed during the year the Furan core preheating oven in its production line at a cost of INR 1.180 Million. This will improve the quality of Furan cores, flexibility in planning process as the lead time is reduced and productivity of Furan cores will increase and Natural curing of Furan cores will be eliminated.
Apart from this, it will also improve the quality of Castings, furan castings delivery performance and internal surface finish.
FUTURE EXPANSION
PLANS:
The Company has been constantly upgrading its production
processes to be in line with the latest in the Industry.
FINANCE:
The company’s long term debt stands at INR 14.592 million. The
debt-equity ratio continues to remain at a healthy level of 0.03.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR
ENDED 30.09.2017
(INR
In Million)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
Revenue |
|
|
|
|
Revenue from Operations |
241.462 |
226.679 |
468.141 |
|
Other Operating Income |
4.940 |
3.830 |
8.770 |
|
Total Income |
246.402 |
230.509 |
476.911 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Material Consumed |
88.244 |
75.928 |
164.894 |
|
(b) Purchase of stock in trade |
0.000 |
0.000 |
0.000 |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
(0.173) |
(12.715) |
(12.888) |
|
(d) Excise Duty |
0.000 |
11.665 |
11.665 |
|
(e) Employee benefit expenses |
23.716 |
21.871 |
45.587 |
|
(f) Finance Cost |
0.991 |
1.836 |
2.827 |
|
(g) Depreciation and amortization expenses |
14.635 |
14.620 |
29.255 |
|
(h) Other Expenses |
95.903 |
96.799 |
191.982 |
|
Total Expenses |
223.316 |
210.004 |
433.322 |
|
Profit/ Loss from
before tax |
23.086 |
20.505 |
43.589 |
|
Tax Expenses |
3.135 |
5.143 |
8.278 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
19.951 |
15.362 |
35.311 |
|
Other Comprehensive income, net of income
tax |
0.003 |
0.003 |
0.007 |
|
Total Comprehensive income for the period |
19.954 |
15.365 |
35.318 |
|
Paid-up Equity Share Capital (Face value of
the share INR 10/- each) |
45.822 |
45.822 |
45.822 |
|
Earnings Per
Share |
|
|
|
|
Basic |
4.35 |
3.35 |
7.71 |
|
Diluted |
4.35 |
3.35 |
7.71 |
SEGMENTWISE
REVENUE, RESULTS, ASSETS AND LIABILITIES
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
Segment Revenue |
|
|
|
|
a) Foundry |
241.462 |
226.679 |
468.141 |
|
b) Wind Energy |
21.510 |
11.368 |
32.878 |
|
Total Revenue |
262.972 |
238.047 |
501.019 |
|
Less: Intersegment Revenue |
21.510 |
11.368 |
32.878 |
|
Net Sales/ Income from
Operations |
241.462 |
226.679 |
468.141 |
|
|
|
|
|
|
Segment
Result |
|
|
|
|
a) Foundry |
8.111 |
16.652 |
24.763 |
|
b) Wind Energy |
15.966 |
5.689 |
21.653 |
|
Total Profit before
Interest |
24.077 |
22.341 |
46.416 |
|
Less: Finance Cost |
|
|
|
|
a) Foundry |
0.991 |
1.836 |
2.827 |
|
b) Wind Energy |
-- |
-- |
-- |
|
Profit before Tax |
23.086 |
20.505 |
43.589 |
|
Assets |
|
|
|
|
a) Foundry |
740.864 |
690.682 |
740.864 |
|
b) Wind Energy |
60.640 |
61.207 |
60.640 |
|
c) Unallocable
Liabilities |
19.521 |
19.715 |
19.521 |
|
Total |
821.025 |
771.604 |
821.025 |
|
Liabilities |
|
|
|
|
a) Foundry |
196.346 |
164.046 |
196.346 |
|
b) Wind Energy |
0.000 |
0.000 |
0.000 |
|
c) Unallocable
Liabilities |
39.554 |
38.410 |
39.554 |
|
Total |
235.900 |
202.456 |
235.900 |
|
d) Reserves and
Surplus |
585.125 |
569.148 |
585.125 |
STATEMENT
OF ASSETS AND LIABILITIES AS AT 30.09.2017
|
Particulars |
30.09.2017 |
|
ASSETS |
Unaudited |
|
Non-current assets |
|
|
Property, plant and
equipment |
360.161 |
|
Investment properties |
19.521 |
|
Intangible assets other than goodwill |
0.331 |
|
Financial
assets |
|
|
Other financial assets |
2.227 |
|
Other non-current assets |
31.085 |
|
Total non-current assets |
413.325 |
|
|
|
|
Current assets |
|
|
Inventories |
83.108 |
|
Financial assets |
|
|
Trade receivables |
250.674 |
|
Cash and cash
equivalents |
14.168 |
|
Other financial assets |
0.436 |
|
Other current assets |
59.315 |
|
Total current assets |
407.701 |
|
|
|
|
TOTAL ASSETS |
821.026 |
|
|
|
|
EQUITY |
|
|
Share capital |
45.822 |
|
Other equity |
539.303 |
|
TOTAL EQUITY |
585.125 |
|
|
|
|
LIABILITIES |
|
|
Non-current
liabilities |
|
|
Financial liabilities |
|
|
Borrowings |
3.170 |
|
Government Grants |
2.358 |
|
Employee benefit
obligations [Non] |
1.826 |
|
Deferred tax liabilities |
39.546 |
|
Total non-current
liabilities |
46.900 |
|
|
|
|
Current liabilities |
|
|
Financial liabilities |
|
|
Borrowings |
35.497 |
|
Trade payables |
141.064 |
|
Other financial liabilities |
3.893 |
|
Government Grants |
0.924 |
|
Employee benefit
obligations [Non] |
0.482 |
|
Current tax liabilities |
4.634 |
|
Other current
liabilities |
2.507 |
|
Total current
liabilities |
189.001 |
|
Total liabilities |
235.901 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
821.026 |
Notes:
1. This statement has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 9 November, 2017 and limited review of the same has been carried out by the statutory auditor of the Company.
2. This statement has been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) proscribed under Scction 133 of the
Companies Act, 2013 and other recogniscd accounting practices and policies to
the extent applicable. Beginning April 1, 2017, the Company has for the first
time adopted Ind AS with a transition date of April 1, 2016.
3. The format for un-audited quarterly results as prescribed in SEBI's Circular
CIR/CFD/CMD/15/2015 dated November 30, 2015 has been mollified to comply with
requirements of SEBI's circular dated July 5, 2016, Ind AS and Schedule III
(Division II) to the Companies Act, 2013 applicable to companies that are
required to comply with Ind AS.
4. The Ind AS compliant corresponding figures in the previous period have not
been subjected to review/audit. However, the Company's management has exercised
necessary due diligence to ensure that such financial results provide a true
and fair view of its affairs.
5. The statement does not include Ind AS compliant results for the previous
financial year ended March 31, 2017 as the same is not mandatory as per SEBI's
circular dated July 5, 2016.
6. The company has organised the business into two segments - Foundry division
(manufacture and sale of castings) and Wind energy division
7. The previous period figures have been regrouped/ reclassified wherever
necessary to confirm to the classification for this quarter.
CONTINGENT
LIABILITIES: [AS ON 31.03.2017]
The Income Tax Department has raised demand for INR 0.432 Million for the assessment year 2007-08 and for INR 1.577 Million for the assessment year 2014-15. The Company has gone on appeal disputing the above demands. No provision has been made in the books of account as the Company is confident of getting a verdict in its favour on the basis of legal advice.
FIXED ASSETS:
· Land
· Buildings
· Plant and Equipment
· Office Equipment
· Furniture and Fixture
· Vehicles
· Computer
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 63.72 |
|
UK Pound |
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.