|
|
|
MIRA INFORM REPORT
|
Report No. : |
487845 |
|
Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
IVP LIMITED |
|
|
|
|
Registered
Office : |
Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400033, Maharashtra |
|
Tel. No.: |
91-22-64562352 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.07.1929 |
|
|
|
|
Com. Reg. No.: |
11-001503 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 103.263 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74999MH1929PLC001503 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAC10992A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Foundry
Chemicals like Binders, Coatings and Allied Products. (Registered Activity) |
|
|
|
|
No. of Employees
: |
165 (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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the 1929. It is a manufacturer and exporter of foundry chemicals,
castings, and allied products. As per the financial year 2017,
the company has gained fair profitability margin of 6.89% and has achieved a
decent growth of 4.96% in its revenue as compared to the previous year
revenue. The company possesses healthy
financial position marked by sound networth base, low debt balance sheet
profile and satisfactory liquidity position. The company has its share price
trading at around INR 196 on BSE as on January 22, 2018 as against the face
value (FV) of INR 10. Business is active. Payments are
reported to be regular and as per commitments. In view of aforesaid, the
company can be considered good for normal business dealings at trade terms
and condition. |
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 |
CRISIL |
|
Rating |
Long term loans = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
28.04.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term loans = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
28.04.2017 |
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 23.01.2018.
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 [91-22-23723399]
LOCATIONS
|
Registered / Corporate Office: |
Shashikant Narayan Redij Marg, Ghorupdeo,
Cotton Green, Mumbai - 400033,
Maharashtra, India |
|
Tel No: |
91-22-23723399 / 23719631 / 2 / 3 / 4 |
|
Fax No: |
91-22-23739064/ 23723399/ 23719633 |
|
E-mail: |
|
|
Website: |
|
|
|
|
|
Factory 1: |
Golmuri, Jamshedpur - 831 003, Jharkhand, India |
|
|
|
|
Factory 2 : |
28-B, Kumbalagudu, 1st Phase, KIADB
Industrial Area, Bangalore - 560 074, Karnataka, India |
|
|
|
|
Factory 3 : |
D-19/D-20,
MIDC Area, Tarapur, Boisar, Palghar - 401506, Maharashtra, India |
|
|
|
|
Sales Offices: |
Located at: ·
Kolhapur
·
Khargpur
·
Bhilai
·
Nagpur
·
Pune ·
Chennai ·
New
Delhi ·
Secunderabad |
|
|
|
|
Warehouses: |
Located at: ·
Jamshedpur ·
Coimbatore ·
Kolkata ·
Jamshedpur ·
Ahmadabad ·
Coimbatore |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sajid Moorad Fazalbhoy |
|
Designation : |
Director |
|
Address : |
2A Jiwan, L.D. Ruparel Marg, Mumbai - 400006, Maharashtra,
India |
|
Date of Appointment : |
11.02.2015 |
|
DIN No.: |
00022760 |
|
|
|
|
Name : |
Mr. Amin Manekia |
|
Designation : |
Director |
|
Address : |
10, Bhaveshwar Sagar,20, Napean Sea Road, Mumbai - 400036,
Maharashtra, India |
|
Date of Appointment : |
15.07.2009 |
|
DIN No.: |
00053745 |
|
|
|
|
Name : |
Mr. Vishal Pandit |
|
Designation : |
Director |
|
Address : |
S-268, Ground Floor, Panchsheel Park, New Delhi - 110024,
India |
|
Date of Appointment : |
13.11.2014 |
|
DIN No.: |
01903340 |
|
|
|
|
Name : |
Mrs. Nina Dharamsy Kapadia |
|
Designation : |
Director |
|
Address : |
35 First Cavel Cross Lane, 4th floor, Kalbadevi, Mumbai -
400002, Maharashtra, India |
|
Date of Appointment : |
25.08.2014 |
|
DIN No.: |
06948701 |
|
|
|
|
Name : |
Mr. Deendayal Vyas |
|
Designation : |
Whole Time Director and Chief Advisor |
|
|
|
|
Name : |
Mr. Mandar Prabhakar Joshi |
|
Designation : |
Whole-time Director and Chief Executive Officer |
|
Address : |
B-302/301, Sai Heritage Sant Tukaram Road, Mulund, Mumbai - 400081, Maharashtra, India |
|
Date of Appointment : |
01.08.2016 |
|
DIN No.: |
07526430 |
KEY EXECUTIVES
|
Name : |
Mr. Sarwarali Saiyed |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.1001, 10th Floor A-1, Tower Hill Park, Complex, Off S.V. Road, Jogeshwari (West), Mumbai - 400102, Maharashtra, India |
|
Date of Appointment : |
01.04.2013 |
|
PAN No: |
AAKPS9953N |
|
|
|
|
Name : |
Mr. Sameer Madhusudan Phatak |
|
Designation : |
Chief Finance Officer |
|
Address : |
9 Radha Building, Shastri Hall, Tardeo Road,, Grant Road,
Mumbai - 400007, Maharashtra, India |
|
Date of Appointment : |
11.08.2015 |
|
PAN No: |
ADLPP1657Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
Promoter & Promoter Group |
7317237 |
70.86 |
|
Public |
3009026 |
29.14 |
|
|
|
|
|
Total |
10326263 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. 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 |
139774 |
1.35 |
|
|
Sabira A R Allana |
84629 |
0.82 |
|
|
Alia Feroz Allana |
55145 |
0.53 |
|
|
Any Other
(specify) |
6030644 |
58.40 |
|
|
Allana Exports Private
Limited |
2659994 |
25.76 |
|
|
Allana Cold
Storage Private Limited |
891473 |
8.63 |
|
|
Phoenicia Shipping
Company Private Limited |
882946 |
8.55 |
|
|
Anjaneya Cold
Storage Private Limited |
662660 |
6.42 |
|
|
Allana Pharmachem
Private Limited |
408232 |
3.95 |
|
|
Allana Services
Private Limited |
108457 |
1.05 |
|
|
Allana Frozen
Foods Private Limited |
107650 |
1.04 |
|
|
Frigorifico Allana
Private Limited |
64699 |
0.63 |
|
|
Alna Trading And
Exports Ltd |
63782 |
0.62 |
|
|
Frigerio Conserva
Allana Private Ltd |
54750 |
0.53 |
|
|
Kalwa Cold Storage
Pvt Ltd |
31100 |
0.30 |
|
|
Allana Bros Pvt
Ltd |
25000 |
0.24 |
|
|
Allana Imports And
Exports Pvt Ltd |
19600 |
0.19 |
|
|
Hornbell Chemicals
And Plastic Pvt Ltd |
16932 |
0.16 |
|
|
Phoenicia Travel
And Transport Pvt Ltd |
13150 |
0.13 |
|
|
Allana Impex
Private Limited |
8544 |
0.08 |
|
|
Indagro Foods
Private Limited |
6000 |
0.06 |
|
|
Delmon Foods
Private Limited |
5675 |
0.05 |
|
|
Sub Total A1 |
6170418 |
59.75 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
1146819 |
11.11 |
|
|
Allana Shiraz
Abdul Razak |
191834 |
1.86 |
|
|
Allana Feroz Abdul
Razak |
191834 |
1.86 |
|
|
Faisal Feroz
Allana |
182000 |
1.76 |
|
|
Isa Shiraz Allana |
140000 |
1.36 |
|
|
Millwala Farzin Allana
Feroz |
95917 |
0.93 |
|
|
Aysha Shiraz
Allana |
80000 |
0.77 |
|
|
Maryam Feroz
Allana |
80000 |
0.77 |
|
|
Irfan A.R. Allana |
79162 |
0.77 |
|
|
Adil Irfan Allana |
55282 |
0.54 |
|
|
Iman Irfan Allana |
36750 |
0.36 |
|
|
Lubna Irfan Allana |
14040 |
0.14 |
|
|
Sub Total A2 |
1146819 |
11.11 |
|
|
A=A1+A2 |
7317237 |
70.86 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
350 |
0.00 |
|
|
Financial
Institutions/ Banks |
50615 |
0.49 |
|
|
Sub Total B1 |
50965 |
0.49 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central Government/
State Government(s)/ President of India |
35505 |
0.34 |
|
|
Sub Total B2 |
35505 |
0.34 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
1691113 |
16.38 |
|
|
Individual share capital
in excess of INR 0.200 Million |
803668 |
7.78 |
|
|
Any Other
(specify) |
427775 |
4.14 |
|
|
Trusts |
3800 |
0.04 |
|
|
HUF |
202573 |
1.96 |
|
|
NRI – Non- Repat |
12956 |
0.13 |
|
|
NRI – Repat |
12453 |
0.12 |
|
|
Clearing Members |
33183 |
0.32 |
|
|
Bodies Corporate |
162810 |
1.58 |
|
|
Sub Total B3 |
2922556 |
28.30 |
|
|
B=B1+B2+B3 |
3009026 |
29.14 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of
Foundry Chemicals like Binders, Coatings and Allied Products. (Registered
Activity) |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
165 [Approximately] |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Union Bank of India · Vijaya Bank · HDFC Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Bansi. S. Mehta and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Company : |
Allana Exports Private Limited |
|
|
|
|
Common control: |
· Phoenicia Shipping Co Private Limited · Frigorifico Allana Private Limited · Frigerio Conserva Allana Private Limited · Allana Sons Private Limited · Allana Pharmachem Private Limited · Allana Oil Mills Private Limited · Allana Frozen Foods Private Limited · Anjaneya Cold Storage Private Limited · Allana Bros Private Limited · Delmon Foods Private Limited · Allana Services Private Limited. |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24500000 |
Equity Shares |
INR 10/- each |
INR 245.000 Million |
|
500000 |
Preference Shares |
INR 10/- each |
INR 5.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10326263 |
Equity Shares |
INR 10/- each |
INR 103.263 Million |
|
|
|
|
|
Terms/Rights attached to Equity Shares
The Company has only one class of Equity shares having a par value of INR 10 per share. Each holder of the Equity shares is entitled to one vote per share. The Company declares and pays dividend proposed by the Board of Directors subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by shareholders.
Reconciliation of the Shares Outstanding at
the beginning and at the end of the reporting period
|
Particulars |
March 31,
2017 |
|
|
|
No. of
shares |
% Holding |
|
Equity Shares
Outstanding at the beginning of the year |
10326263 |
103.262 |
|
Equity Shares issued during the year |
-- |
-- |
|
Equity Shares bought back during the year |
-- |
-- |
|
Equity
Shares outstanding at the end of the year |
10326263 |
103.262 |
The company has neither bought back nor forfeited any shares during the year.
Shareholders having more than 5% of holding
|
Name of the Shareholders |
March 31,
2017 |
|
|
|
No. of
shares |
% Holding |
|
Allana Exports Private Limited |
2659994 |
25.76% |
|
Allana Cold Storage Private Limited |
891473 |
8.63% |
|
Anjenya Cold Storage Private Limited |
662660 |
6.42% |
|
Phoenicia Shipping Co Private Limited |
882946 |
8.55% |
|
Total |
5097073 |
49.36% |
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 |
103.263 |
103.263 |
103.263 |
|
(b) Reserves & Surplus |
624.549 |
524.741 |
445.448 |
|
(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) |
727.812 |
628.004 |
548.711 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
30.308 |
26.853 |
16.793 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.894 |
2.774 |
1.359 |
|
Total
Non-current Liabilities (3) |
33.202 |
29.627 |
18.152 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
139.509 |
0.000 |
40.000 |
|
(b)
Trade payables |
259.925 |
198.887 |
151.889 |
|
(c)
Other current liabilities |
177.669 |
158.778 |
139.148 |
|
(d)
Short-term provisions |
5.296 |
32.873 |
32.579 |
|
Total
Current Liabilities (4) |
582.399 |
390.538 |
363.616 |
|
|
|
|
|
|
TOTAL |
1343.413 |
1048.169 |
930.479 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
353.084 |
159.410 |
148.162 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
21.495 |
12.438 |
2.285 |
|
(iv) Intangible assets under development |
1.921 |
0.513 |
0.000 |
|
(b) Non-current Investments |
0.284 |
0.284 |
0.284 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
8.131 |
4.991 |
4.778 |
|
(e)
Other Non-current assets |
1.911 |
1.835 |
1.753 |
|
Total
Non-Current Assets |
386.826 |
179.471 |
157.262 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
251.357 |
183.691 |
111.533 |
|
(c)
Trade receivables |
614.287 |
554.091 |
603.632 |
|
(d)
Cash and cash equivalents |
36.739 |
111.465 |
31.685 |
|
(e)
Short-term loans and advances |
47.714 |
14.965 |
16.309 |
|
(f)
Other current assets |
6.490 |
4.486 |
10.058 |
|
Total
Current Assets |
956.587 |
868.698 |
773.217 |
|
|
|
|
|
|
TOTAL |
1343.413 |
1048.169 |
930.479 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
1623.617 |
1546.833 |
1634.335 |
|
|
|
Other Income |
11.134 |
51.298 |
14.111 |
|
|
|
TOTAL |
1634.751 |
1598.131 |
1648.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1097.259 |
1042.771 |
1202.335 |
|
|
|
Purchases of Stock-in-Trade |
13.000 |
35.250 |
47.453 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(17.662) |
(18.291) |
13.837 |
|
|
|
Employees benefits expense |
99.390 |
80.265 |
54.655 |
|
|
|
Other expenses |
254.891 |
260.901 |
207.980 |
|
|
|
TOTAL |
1446.878 |
1400.896 |
1526.260 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
187.873 |
197.235 |
122.186 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.252 |
4.615 |
5.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
185.621 |
192.620 |
116.898 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.652 |
12.378 |
12.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
171.969 |
180.242 |
104.567 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
60.069 |
76.092 |
35.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
111.900 |
104.150 |
69.274 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
5.740 |
15.394 |
32.631 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
391.160 |
257.296 |
238.074 |
|
|
|
Trading goods |
5.876 |
22.518 |
35.093 |
|
|
Capital assets |
0.158 |
0.000 |
0.000 |
|
|
|
TOTAL IMPORTS |
397.194 |
279.814 |
273.167 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
10.84 |
10.09 |
6.71 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from working capital |
107.840 |
219.382 |
81.481 |
|
|
|
|
|
|
Net Cash generated from operations |
49.388 |
149.118 |
51.249 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
138.10 |
130.75 |
134.81 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.64 |
2.79 |
2.71 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
85.45 |
67.34 |
44.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.75 |
1.07 |
1.10 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.50 |
1.14 |
0.81 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.37 |
0.39 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.19 |
0.00 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.80 |
0.62 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.52 |
0.27 |
0.27 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
83.42 |
42.74 |
23.11 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.89 |
6.73 |
4.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.33 |
9.94 |
7.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.37 |
16.58 |
12.62 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.64 |
2.22 |
2.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.21 |
1.75 |
1.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.60 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.35 |
0.00 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.64 |
2.22 |
2.13 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 196/- |
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 |
103.263 |
103.263 |
103.263 |
|
Reserves & Surplus |
445.448 |
524.741 |
624.549 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
548.711 |
628.004 |
727.812 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
40.000 |
0.000 |
139.509 |
|
Total
borrowings |
40.000 |
0.000 |
139.509 |
|
Debt/Equity
ratio |
0.073 |
0.000 |
0.192 |
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 |
1634.335 |
1546.833 |
1623.617 |
|
|
|
(5.354) |
4.964 |
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 |
1634.335 |
1546.833 |
1623.617 |
|
Profit |
69.274 |
104.150 |
111.900 |
|
|
4.24% |
6.73% |
6.89% |
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) |
No |
|
16 |
No. of employees |
Yes |
|
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 |
No |
|
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 |
B24426140 |
10308841 |
VIJAYA
BANK |
12/01/2011 |
22/09/2011 |
- |
150000000.0 |
MAKER CHAMBERS
IV,NARIMAN POINTMUMBAIMH400021IN |
|
2 |
B01397983 |
10222018 |
UNION
BANK OF INDIA |
18/05/2010 |
04/12/2010 |
- |
25000000.0 |
MUMBAI
SAMACHAR MARG,66/80,MUMBAI SAMACHAR MARG,FORT,MUMBAIMH400023IN |
|
3 |
G32398687 |
10222019 |
UNION BANK
OF INDIA |
18/05/2010 |
24/11/2016 |
- |
49000000.0 |
MUMBAI
SAMACHAR MARG BRANCH66/80, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN |
|
4 |
A83807628 |
80043358 |
BANK OF
INDIA |
29/03/2004 |
25/02/2009 |
06/04/2010 |
80000000.0 |
MUMBAI CORPORATION
BANKING BRANCH, 4TH FLOOR,70/80, M. G. ROAD, FORTMUMBAIMH400023IN |
PERFORMANCE FOR THE YEAR:
The Company achieved revenue of INR 1634.700 million during the current year as against INR 1598.100 million during the previous year. The PAT for the current year was INR 111.900 million as compared to INR 104.100 million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
Foundry Industry is one of the pillars of manufacturing sector for any country. Foundries produce metal castings, which are used by many sectors such as automotive, construction, heavy machinery, railways mining, steel sectors etc. Each sector has unique requirements and characteristics. Hence the products, services and solutions have to be different and customized. Providing tailor-made solutions and services to the customer is a strength of your Company.
The size of the Indian Foundry industry is estimated at around 10 Million MT per annum and it has witnessed marginal growth during last financial year. Foundry Chemical industry covering Binders, Coatings and other allied chemicals is estimated at around INR 15000.000 million per annum.
The Company operates across two major market segments of the foundry chemicals industry and primarily supplies Binders and Coatings as well as some fluxes and additives to some extent.
MACRO ECONOMIC
SITUATION
The year 2016-17 presented many challenges to the manufacturing sector in India. There was lot of fluctuation in demand, feedstock rates and in currency markets. In spite of sluggishness and volatility, the Rupee performed better against major currencies. The prices of crude based raw materials showed upward trends in line with increase in crude oil prices.
OUTLOOK AND
OPPORTUNITIES
In the coming period, it is expected that the Indian economy will witness good growth with the support policy initiatives by the Government like affordable housing and infrastructure development projects. Ease of doing business is likely to improve post GST implementation and digitization. The news of expected satisfactory monsoon gives further boost to the optimism. Clearing the path for private sector investment in Defence and Railway production will have a positive impact on foundry chemical industry. All these factors are expected to drive growth of manufacturing and thus foundry industry in India.
The company has the required infrastructure viz. adequate production capacity and approvals are in place to capture the growth opportunities.
The Company has also developed resins for non-foundry industry, which have been received well in the market and significant progress is expected in non-foundry segment in coming year.
FINANCIAL PERFORMANCE
For the year 2016-17 the Company focused on investing for growth and sustainability while keeping market share in foundry chemicals intact. Gross Revenues from Operations grew to INR 1813.400 million from INR 1723.500 million in the previous year. EBIDTA this year dropped marginally to INR 187.900 million as compared to INR 197.200 million in the previous year, however, PAT improved to INR 111.900 million from INR 104.100 million.
Continuous efforts are being made to increase production efficiency, develop new products and reducing costs of existing products.
STRATEGIES FOR
THE FUTURE
The management has developed a diversification road map to launch new products and tap new attractive markets. This will reduce the dependency of foundry sector. The R&D department has been strengthened to establish technological superiority over competition.
OPERATIONS
The Company has two manufacturing facilities, one at Tarapur and one at Bengaluru. Currently, the Tarapur site is utilized to manufacture Binder, Coatings and non-Foundry resins systems while the Bengaluru site manufactures coatings. The goal of the Company is to ensure that it constantly delivers on the promise of quality and supply reliability while maintaining highest standards of efficiency and waste minimization.
STATEMENT OF UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.06.2017
[INR
IN MILLION]
|
Particulars |
Quarter
ended 30.09.2017 |
Quarter
ended 30.06.2017 |
Half
year ended 30.09.2017 |
|
Revenue from operation (Gross) |
624.800 |
539.300 |
1164.100 |
|
Other Income |
3.900 |
3.700 |
7.60 |
|
Total Revenue |
628.700 |
543.000 |
1171.700 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
476.600 |
383.600 |
860.200 |
|
Purchases of Stock-in-Trade |
2.300 |
1.500 |
3.800 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
4.700 |
(29.400) |
(24.700) |
|
Excise duty expenses |
0.000 |
54.500 |
54.500 |
|
Employees benefits expense |
30.100 |
29.400 |
59.500 |
|
Finance costs |
7.900 |
4.300 |
12.200 |
|
Depreciation and amortization expenses |
6.700 |
6.100 |
12.800 |
|
Other expenses |
57.100 |
59.100 |
116.200 |
|
Total |
585.400 |
509.100 |
1094.500 |
|
|
|
|
|
|
Profit before exceptional items and tax |
43.300 |
33.900 |
77.200 |
|
|
|
|
|
|
Exceptional items |
-- |
-- |
-- |
|
|
|
|
|
|
Profit before tax |
43.300 |
33.900 |
77.200 |
|
|
|
|
|
|
Tax expenses |
|
|
|
|
Current tax |
15.100 |
12.500 |
27.600 |
|
|
|
|
|
|
Adjustment related to prior year |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Deferred tax |
0.007 |
0.002 |
0.009 |
|
|
|
|
|
|
Total tax
expense |
15.700 |
12.700 |
28.400 |
|
|
|
|
|
|
Profit for the period |
27.600 |
21.200 |
48.800 |
|
|
|
|
|
|
Other comprehensive income |
(0.001) |
(0.001) |
(0.001) |
|
|
|
|
|
|
Total
comprehensive income for the period |
27.400 |
21.100 |
48.600 |
|
|
|
|
|
|
Paid up equity
shares (Face value of
INR 10/- each) |
103.300 |
103.300 |
103.300 |
|
|
|
|
|
|
Earnings per
equity share |
|
|
|
|
Basic and
Diluted |
2.66 |
2.04 |
4.71 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 28, 2017.
2. The Company has adopted Indian Accounting Standard ('Ind AS') with effect
from April 1, 2017 and accordingly, the above financial results have been
prepared in accordance with the Companies (Indian Accounting Standards) Rules,
2015 prescribed under Section 133 of the Companies Act, 2013.
3. The Auditors of the Company have carried out Limited Review of unaudited
financial results for the quarter and half year ended September 30, 2017 as
required under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and the related report is being submitted to the concerned
stock exchange. As per SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5,
2016, the Company has also presented Ind AS compliant results for the
corresponding quarter and half year ended September 30, 2016. The results for
the quarter and half year ended September 30, 2016 have not been subject to
limited review or Audit as per Ind AS. However, the Management has exercised
necessary due diligence to ensure that the said financial results provide a
true and fair view of the Company's affairs.
4. There is possibility that these quarterly financial results along with the
provisional financial statements as of and for the year ended March 31, 2017
may require adjustment before constituting the final Ind AS financial Statements
as of and for the year ending March 31, 2018 due to changes in financial
reporting requirements arising from new or revised standards or Interpretations
Issued by ICAI or changes in the use of one or more optional exemptions from
full retrospective application as permitted under Ind AS 101.
5. The Government of India introduced the Goods and Services Tax (GST) with
effect from July 1, 2017. GST is collected on behalf of the Government and no
economic benefit flows to the entity and does not result in an increase in
Equity, consequently revenue for the quarter ended September 30, 2017 is
presented net of GST. Revenue of earlier periods included excise duty which now
is subsumed in GST. The half year ended September 30, 2017 includes excise duty
upto June 30, 2017. Accordingly, the related figures for the quarter and half
year are not comparable with the previous periods presented in the results.
6. The Company operates in one business segment viz; Chemicals which is the
single reporting segment as per Ind AS 108.
7. Reconciliation of Net Profit as previously reported on account of transition
from the previous GAAP to IND-AS for the quarter and half year ended September
30, 2016
8. Figures for the previous periods have been regrouped, recast and reclassified,
wherever necessary.
|
PARTICULARS |
|
|
30.09.2017 (Unaudited)
|
|
ASSETS |
|
|
|
|
Non-current
assets |
|
|
|
|
Property, plant and equipment |
|
|
399.200 |
|
Capital work-in-progress |
|
|
83.600 |
|
Intangible assets |
|
|
2.700 |
|
Financial assets |
|
|
|
|
a) Investments |
|
|
0.300 |
|
b) Loans |
|
|
6.900 |
|
c) Other financial assets |
|
|
1.900 |
|
Advance tax (net of provisions) |
|
|
1.800 |
|
Deferred tax assets (Net) |
|
|
0.000 |
|
Other non-current assets |
|
|
10.900 |
|
Total
non-current assets |
|
|
507.400 |
|
|
|
|
|
|
Current
assets |
|
|
|
|
Inventories |
|
|
293.200 |
|
Financial assets |
|
|
|
|
a) Trade receivables |
|
|
874.100 |
|
b) Cash and cash equipment |
|
|
6.500 |
|
c) Bank balances |
|
|
0.900 |
|
d) Loans |
|
|
1.600 |
|
e) Other financial assets |
|
|
1.500 |
|
Other current assets |
|
|
72.300 |
|
Total current
assets |
|
|
1250.000 |
|
|
|
|
|
|
TOTAL ASSETS |
|
|
1757.400 |
|
|
|
|
|
|
Equity and
Liabilities |
|
|
|
|
Equity |
|
|
|
|
a) Equity and share capital |
|
|
103.300 |
|
b) Other equity |
|
|
638.600 |
|
Total equity |
|
|
741.900 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current
liabilities |
|
|
|
|
Financial liabilities |
|
|
|
|
a) Borrowings |
|
|
|
|
b) Trade payables |
|
|
|
|
c) Other financial liabilities |
|
|
|
|
Provisions |
|
|
3.500 |
|
Deferred tax liabilities (net) |
|
|
33.0000 |
|
Other non-current liabilities |
|
|
0.000 |
|
Total
non-current liabilities |
|
|
36.500 |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
Financial liabilities |
|
|
|
|
a) Borrowings |
|
|
393.300 |
|
b) Trade payables |
|
|
405.400 |
|
c) Other financial liabilities |
|
|
134.500 |
|
Other current liabilities |
|
|
6.800 |
|
Provisions |
|
|
39.000 |
|
Total current
liabilities |
|
|
979.100 |
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
|
|
1757.400 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
* Claims against the Company not acknowledged as Debts |
142.414 |
127.222 |
|
Bank Guarantee issued by the Company |
5.012 |
3.024 |
|
Government Authorities for VAT, Service tax and Excise matters |
6.314 |
5.816 |
|
*
Including INR 130.407million (2015-16 INR 115.212 million) in respect of
charging of rent on market value of property by Mumbai Port Trust, which is at
variance with the order passed by the Hon’ble Supreme Court in 2004. The
Company has filed a writ petition in the Hon’ble High Court at Mumbai
challenging the method of charging rent on market value basis by Mumbai Port
Trust. |
||
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and Equipment
·
Furniture, Fixtures and Fittings
·
Office
Equipment’s
·
Computers
·
Vehicles
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
|
INR |
|
US Dollar |
1 |
INR 63.89 |
|
UK Pound |
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
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.