|
|
|
MIRA INFORM REPORT
|
Report No. : |
488727 |
|
Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
KILBURN ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
4, Mangoe Lane, Surendra Mohan
Ghosh Sarani, Kolkata – 700001, West Bengal |
|
Tel. No.: |
91-33-22313337 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
07.09.1987 |
|
|
|
|
Com. Reg. No.: |
21-042956 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 132.558 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232WB1987PLC042956 |
|
|
|
|
IEC No.: |
0289015324 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK3421H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in designing, manufacturing and commissioning customized equipment / systems for critical applications in several industrial sectors viz. Chemical including Soda Ash, Carbon Black, Steel, Nuclear Power, Petrochemical and Food Processing etc. (Registered activity) |
|
|
|
|
No. of Employees
: |
362 (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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Williamson Magor Group which was incorporated in
the year 1987 and it is engaged in designing and commissioning customized
equipment/systems for critical applications in several industrial sector viz,
Chemical including Soda Ash, Carbon Black, Steel Nuclear Power, Petrochemical
and Food Processing etc. As per financials of March 2017, the company has registered marginal
growth in its revenue and has reported a good profit margin of 5.39%. Rating takes into consideration the company’s established track record
of business operations marked by sound net worth base along with average debt
coverage indicators and decent liquidity position. Rating also takes into account the extensive experience of its
promoters in manufacturing drying systems and its resourcefulness promoters’
group. Share are quoted high on Stock Exchanges. (Share are traded at INR
95.25 against its face value of INR 10.) However, the rating strength is partially offset by its presence in
working capital requirement and susceptibility of the business to cyclicality
associated with the economy. As per unaudited financials of September 2017, the company has
achieved a revenue of INR 269.900 million and has reported good profit margin
of 8.41%. Payments seems to be slow but correct. 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 |
13.04.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
13.04.2017 |
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 30.01.2018
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-COOPERATIVE: Tel. No.:
91-33-22313337 / 3450 / 4003 / 5754 / 5155
LOCATIONS
|
Registered Office : |
4, Mangoe Lane, Surendra Mohan
Ghosh Sarani, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22313337 / 3450 |
|
Fax No.: |
91-33-22314768 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate / Head Office and Works : |
Plot No.6, MIDC Industrial Area, Saravali, Kalyan-Bhiwandi Road, Thane – 421311, Maharashtra, India |
|
Tel. No.: |
91-2522-663800 / 662200 |
|
Fax No.: |
91-2522-281026 / 280166 |
|
|
|
|
Regional Office : |
Located at: · Mumbai · Kolkata · New Delhi Secunderabad |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Supriya Mukherjee |
|
Designation : |
Managing Director |
|
Address : |
FL 2/2 Type-4RA Phase-II, Purbachal Housing
Estate Sector III Salt Lake, Kolkata - 700097, West Bengal, India |
|
Date of Birth : |
03.02.1955 |
|
Qualification : |
B.Com (Hons), FCA |
|
Date of Appointment : |
16.07.2004 |
|
DIN No.: |
00127747 |
|
|
|
|
Name : |
Mr. Amritanshu Khaitan |
|
Designation : |
Director |
|
Address : |
10, Queens Park, Ballygunge, Kolkata -
700019, West Bengal, India |
|
Date of Appointment : |
27.05.2005 |
|
DIN No.: |
00213413 |
|
|
|
|
Name : |
Mr. Subir Ranjan Dasgupta |
|
Designation : |
Director |
|
Address : |
1 Peck Hay Road, # 12-03, Singapore,
228305, Singapore |
|
Date of Appointment : |
11.02.2004 |
|
DIN No.: |
01401511 |
|
|
|
|
Name : |
Mr. Gobind Prasad Saraf |
|
Designation : |
Director |
|
Address : |
35, Ahiripukur Road, Kolkata - 700019, West
Bengal, India |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
00206447 |
|
|
|
|
Name : |
Mr. Manmohan Singh |
|
Designation : |
Director |
|
Address : |
77, Friends Colony (West), New Delhi -
110065, India |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
00699314 |
|
|
|
|
Name : |
Mr. Padam Kumar Khaitan |
|
Designation : |
Director |
|
Address : |
3, Queens Park, Kolkata - 700019, West
Bengal, India |
|
Date of Appointment : |
11.08.2011 |
|
DIN No.: |
00019700 |
|
|
|
|
Name : |
Mr. Aditya Khaitan |
|
Designation : |
Director |
|
Address : |
10 Queens Park, Ballygunge, Kolkata,
700019, West Bengal, India |
|
Date of Birth : |
30.01.1968 |
|
Qualification : |
B.Com (Hons) |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00023788 |
|
|
|
|
Name : |
Mrs. Priya Saran Chaudhri |
|
Designation : |
Director |
|
Address : |
Flat- 7S, Brajdham, 33, Ballygunge Park,
Kolkata - 700019, West Bengal, India |
|
Date of Appointment : |
14.11.2014 |
|
DIN No.: |
00704863 |
|
|
|
|
Name : |
Mr. Subir Chaki |
|
Designation : |
Additional Director |
|
Address : |
Flat 17, 10 Judges Court Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Appointment : |
13.11.2017 |
|
DIN No.: |
05174555 |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Kumar Bajoria |
|
Designation : |
Secretary |
|
Address : |
410, B Block, Alishan Residency,
Khadakpada, Kalyan (West), Kalyan - 421301, Maharashtra, India |
|
Date of Appointment : |
08.04.2014 |
|
PAN No.: |
AKAPB2327H |
|
|
|
|
Name : |
Mr. Suresh Anjaneya Shenoi |
|
Designation : |
Chief Financial Officer |
|
Address : |
C-703 Vasundhara CHS, Gladys Alwarys Road,
Off Pokhran Road, Thane West - 400610, Maharashtra, India |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
AKSPS5047D |
|
|
|
|
BOARD COMMITTEES |
|
|
Audit Committee |
|
|
|
|
|
Stakeholders
Relationship Committee: |
|
|
|
|
|
Nomination and
Remuneration Committee : |
|
|
|
|
|
Corporate Social
Responsibility (CSR) Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
(A) Promoter & Promoter
Group |
8005038 |
60.39 |
|
|
(B) Public |
5250730 |
39.61 |
|
|
Grand Total |
13255768 |
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 |
454501 |
3.43 |
|
|
ADITYA KHAITAN |
150000 |
1.13 |
|
|
AMRITANSHU KHAITAN |
130000 |
0.98 |
|
|
YASHODHARA KHAITAN |
57901 |
0.44 |
|
|
ADITYA KHAITAN ( HUF ) |
50000 |
0.38 |
|
|
VANYA KHAITAN |
20600 |
0.16 |
|
|
KAVITA KHAITAN |
20000 |
0.15 |
|
|
B M KHAITAN |
16000 |
0.12 |
|
|
ISHA KHAITAN |
10000 |
0.08 |
|
|
Any
Other (specify) |
7550537 |
56.96 |
|
|
WILLIAMSON MAGOR & CO.
LIMITED |
4319043 |
32.58 |
|
|
BISHNAUTH INVESTMENTS LIMITED |
1454200 |
10.97 |
|
|
UNITED MACHINE CO. LIMITED |
929126 |
7.01 |
|
|
MCLEOD RUSSEL INDIA LIMITED |
848168 |
6.40 |
|
|
Sub
Total A1 |
8005038 |
60.39 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8005038 |
60.39 |
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 |
|
|
Mutual
Funds/ |
900 |
0.01 |
|
|
Sub
Total B1 |
900 |
0.01 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 Million |
3404245 |
25.68 |
|
|
Individual
share capital in excess of INR 0.200 Million |
1065227 |
8.04 |
|
|
BHAGIRATH PASARI |
194100 |
1.46 |
|
|
G.SUNDAR |
178101 |
1.34 |
|
|
NBFCs
registered with RBI |
70385 |
0.53 |
|
|
Any
Other (specify) |
709973 |
5.36 |
|
|
Unclaimed or Suspense or
Escrow Account |
111099 |
0.84 |
|
|
Bodies Corporate |
345216 |
2.60 |
|
|
Clearing Members |
187384 |
1.41 |
|
|
NRI |
66274 |
0.50 |
|
|
Sub
Total B3 |
5249830 |
39.60 |
|
|
B=B1+B2+B3 |
5250730 |
39.61 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in designing, manufacturing and commissioning customized equipment / systems for critical applications in several industrial sectors viz. Chemical including Soda Ash, Carbon Black, Steel, Nuclear Power, Petrochemical and Food Processing etc. (Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
362 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG-TERM
BORROWINGS Details of
Repayment for (a) Payable by way of 3 annual installments starting from 30/09/2017 - INR 70.000 Million, 30/09/2018 - INR 80.000 Million and 30/09/2019 - INR 150.000 Million, Rate of Interest - 6 months LIBOR plus 300 basis points. Details of security
for (a) 1. Subservient charge on the current assets and movable fixed assets of the company. 2. Board resolution backed Letter of Comfort from group company Mcleod Ruseel India Limited. 3. Unconditional and irrevocable Corporate Guarantee of group company Williamson Financial Services Limited. *Secured by hypothecation of car SHORT-TERM
BORROWINGS (i). Details of security 1. Equitable Mortgage created by way of Deposit of Title Deed on the Company’s immovable property situated at Plot No.6, Kalyan Bhiwandi Industrial Area, Thane. 2. Hypothecation of present and future stocks of raw materials, semi-finished goods, finished goods and book debts by way of first charge and also by hypothecation of movable plant and machinery by way of first charge. (ii). Details of repayment (a) Payable on demand on 30/09/2017 - INR 400.000 Million, Rate of interest - 6 months LIBOR plus 300 basis points. Details of security – 1. Subservient charge on the current assets and movable fixed assets of the company. 2. Board resolution backed Letter of Comfort from group company Mcleod Ruseel India Limited. 3. Unconditional and irrevocable corporate guarantee of group company Williamson Financial Services Limited. (b) Payable on demand on 06/08/2017 - INR 400.000 Million, Rate of interest - 10.50%. Details of security
– In addition to (ii) (a) above, following additional securities; 1. Unconditional and irrevocable corporate guarantee of Bisnauth Investments Limited (of INR 200.000 Million). 2. Unconditional and irrevocable personal guarantee of Mr. Aditya Khaitan (Chairman). (iii). Details of Security 1. Secured by Letter of Comfort from Steel Authority of India Limited. |
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th – 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501 / 4601 |
|
|
|
|
Auditors : |
SRBC and Company LLP Chartered Accountants |
|
|
5th Floor, Block B2, Nirlon Knowledge Park, Off Western
Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61923000 |
|
|
|
|
Cost Auditors : |
D. Sabyasachi and Company |
|
|
|
|
Secretarial Auditor
: |
Dhrumil M. Shah and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Company having
significant influence: |
Williamson Magor and Company Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21747900 |
Equity Shares |
INR 10/- each |
INR 217.479 Million |
|
8252100 |
Redeemable preference shares |
INR 10/- each |
INR 82.521 Million |
|
|
|
|
|
|
|
Total |
|
INR 300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13255768 |
Equity Shares |
INR 10/- each |
INR 132.558 Million |
|
|
|
|
|
Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the reporting period:
|
Equity Shares |
No.
of Shares |
INR In Million |
|
Year ended 31 March,
2015 |
|
|
|
Equity shares with voting rights |
13255768 |
132.558 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity shares with voting rights |
|
|
|
Williamson Magor and Company Limited |
4319043 |
32.58 |
|
Bishnauth Investments Limited (Formerly: Metal Centre Limited) |
1454200 |
10.97 |
|
United Machines Limited |
929126 |
7.01 |
|
Mcleod Russell India Limited |
848168 |
6.40 |
The company has only one class of shares referred to above as Equity Shares having par value of INR 10/-. Each holder of equity share is entitled to one vote per share. Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
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 |
132.558 |
132.558 |
132.558 |
|
(b) Reserves & Surplus |
969.273 |
895.972 |
848.570 |
|
(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) |
1101.831 |
1028.530 |
981.128 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
232.265 |
3.090 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
28.300 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
19.291 |
|
Total
Non-current Liabilities (3) |
260.565 |
3.090 |
19.291 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1113.197 |
161.756 |
284.851 |
|
(b) Trade payables |
193.982 |
285.289 |
286.889 |
|
(c) Other current liabilities |
306.521 |
473.893 |
298.731 |
|
(d) Short-term provisions |
64.236 |
94.673 |
58.267 |
|
Total
Current Liabilities (4) |
1677.936 |
1015.611 |
928.738 |
|
|
|
|
|
|
TOTAL |
3040.332 |
2047.231 |
1929.157 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
585.809 |
615.657 |
637.511 |
|
(ii) Intangible Assets |
2.432 |
3.460 |
2.306 |
|
(iii) Capital work-in-progress |
0.016 |
0.000 |
5.574 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
130.965 |
150.965 |
170.965 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
74.226 |
46.208 |
45.103 |
|
(e) Other Non-current assets |
17.475 |
16.155 |
17.761 |
|
Total
Non-Current Assets |
810.923 |
832.445 |
879.220 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
92.917 |
133.592 |
109.778 |
|
(c) Trade receivables |
114.157 |
172.485 |
52.870 |
|
(d) Cash and cash equivalents |
100.169 |
67.289 |
64.291 |
|
(e) Short-term loans and
advances |
1206.316 |
208.774 |
212.518 |
|
(f) Other current assets |
715.850 |
632.646 |
610.480 |
|
Total
Current Assets |
2229.409 |
1214.786 |
1049.937 |
|
|
|
|
|
|
TOTAL |
3040.332 |
2047.231 |
1929.157 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1359.803 |
1350.838 |
1206.858 |
|
|
Other Income |
79.578 |
46.467 |
34.304 |
|
|
TOTAL
|
1439.381 |
1397.305 |
1241.162 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
613.909 |
730.022 |
683.701 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
27.122 |
-10.179 |
-7.268 |
|
|
Employees benefits expense |
195.721 |
187.197 |
153.503 |
|
|
Other expenses |
324.460 |
293.874 |
256.360 |
|
|
TOTAL |
1161.212 |
1200.914 |
1086.296 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
278.169 |
196.391 |
154.866 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
119.631 |
60.010 |
54.613 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
158.538 |
136.381 |
100.253 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
43.506 |
43.395 |
42.041 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
115.032 |
92.986 |
58.212 |
|
|
|
|
|
|
|
Less |
TAX |
41.731 |
13.675 |
16.836 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
73.301 |
79.311 |
41.376 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
628.135 |
580.733 |
540.444 |
|
|
|
|
|
|
|
Less: |
Depreciation
on transition to Schedule II of the Companies Act, 2013 on tangible fixed
assets with nil remaining useful life (Net of deferred tax of INR 0.486
Million) |
0.000 |
0.000 |
1.087 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend proposed to be distributed to equity shareholders
(INR 2.00 per share) |
0.000 |
26.512 |
0.000 |
|
|
Tax on dividend |
0.000 |
5.397 |
0.000 |
|
|
Total
|
0.000 |
31.909 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
701.436 |
628.135 |
580.733 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
271.575 |
291.866 |
366.731 |
|
|
Designing & Engineering
Services |
0.000 |
7.449 |
1.802 |
|
|
Other charges recovered |
2.968 |
4.058 |
7.765 |
|
|
TOTAL
EARNINGS |
274.543 |
303.373 |
376.298 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
10.463 |
11.336 |
19.907 |
|
|
Components and Stores parts |
68.645 |
46.505 |
13.124 |
|
|
Capital Goods |
0.000 |
0.000 |
0.587 |
|
|
TOTAL
IMPORTS |
79.108 |
57.841 |
33.618 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
5.53 |
5.98 |
3.12 |
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 operations |
45.592 |
211.219 |
(10.595) |
|
Net cash flow from operating activity |
3.360 |
190.474 |
(23.441) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
30.64 |
46.61 |
15.99 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.91 |
7.83 |
22.83 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
115.33 |
142.64 |
153.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.99 |
1.47 |
1.41 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.47 |
0.32 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.63 |
0.50 |
0.48 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
1.22 |
0.16 |
0.29 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.52 |
0.99 |
0.95 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.53 |
0.60 |
0.66 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.33 |
3.27 |
2.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.39 |
5.87 |
3.43 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.41 |
3.87 |
2.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.65 |
7.71 |
4.22 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.33 |
1.20 |
1.13 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.27 |
1.06 |
1.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.36 |
0.50 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
10.15 |
1.24 |
2.15 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.33 |
1.20 |
1.13 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 95.25/- |
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 |
132.558 |
132.558 |
132.558 |
|
Reserves & Surplus |
848.570 |
895.972 |
969.273 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
981.128 |
1028.530 |
1101.831 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
3.090 |
232.265 |
|
Short Term borrowings |
284.851 |
161.756 |
1113.197 |
|
Total
borrowings |
284.851 |
164.846 |
1345.462 |
|
Debt/Equity
ratio |
0.290 |
0.160 |
1.221 |
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
|
1206.858 |
1350.838 |
1359.803 |
|
|
|
11.930 |
0.664 |
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
|
1206.858 |
1350.838 |
1359.803 |
|
Profit |
41.376 |
79.311 |
73.301 |
|
|
3.43% |
5.87% |
5.39% |
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 |
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 |
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 |
CORPORATE INFORMATION
Subject is primarily engaged in designing, manufacturing and commissioning customized equipment / systems for critical applications in several industrial sectors viz. Chemical including Soda Ash, Carbon Black, Steel, Nuclear Power, Petrochemical and Food Processing etc.
REVIEW OF RESULTS -
2016-17
During the year Profit Before Tax (PBT) increased substantially by 24% from INR 93.000 Million to INR 115.000 Million. The Company achieved the highest ever operating PBT of INR 135.000 Million. The EBIDTA margin for the year improved at 17%. This was mainly on account of company’s focus on executing technology based and value added orders for customised equipment / systems. PAT for the year is lower despite higher PBT due to additional tax provision on account of recognition of Deferred Tax liability which however did not entail any cash outflow.
FUTURE OUTLOOK
The company operates primarily in two divisions viz. Process Equipment and Tea Drying Equipment. Though in last few months the order inflow has been sluggish but future outlook both from domestic and export market appears to be encouraging based on the enquiries in hand, bids submitted and under process and expected enquiries in the remaining months in the current fiscal. Though the tea industry’s budget in India for capex has been subdued for last 2 years the Company expects to improve its sales of Tea Dryer in the current year both in domestic and export.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Economic Overview :
With the expected improvement in the economic scenario in the country many Greenfield / expansion projects are likely to go on stream both in the Private and Public Sector. Besides, the enquiry inflow has increased from the export markets. Government spending on infrastructure including Oil and Gas is expected to gain momentum going forward. This will help the Company to explore business opportunities particularly in the area of Oil and Gas.
CURRENT AND FUTURE
BUSINESS OUTLOOK :’
The Company’s business is primarily focused in two segments viz. Process Equipment and Tea Drying Equipment. The customer base and business model for both the segments are different despite a common design and manufacturing outfit. The business outlook in respect of these Product Groups is detailed below:
a) Process Equipment
:
A majority of company‘s dispatches against large orders secured in the last and the preceding years are under erection / commissioning. The company has very recently completed supplies/ execution of high value orders to a Fertilizer major and large Soda Ash manufacturers. These projects have been successfully commissioned and have improved the Company’s standing as a reliable technology and equipment / systems supplier of large value. These customers have started negotiating with the company for placement of additional orders in the current fiscal. Improved Previous Track Record (PTR) is enabling the Company to bid to other domestic and export customers for such large contracts. The company has received a couple of enquires for fertilizer project from and outside the country for supply of similar equipment/ systems.
For several solid drying related products, the company has received enquiries from the existing domestic and export customers as also from a number of new entities. Enquiries have been received for products namely Rotary Calciner, Rotary Drum, Fluid Bed Dryers, Air Chiller, Vibrating Fluid Bed Dryer for Iron Ore, Rotary Vaccum Filter from India as well as from countries like Indonesia, Vietnam, USA, Russia, Mexico etc. Having considered such enquiries and the offers submitted / to be submitted, the company is expected to secure good orders in the remaining months of the current fiscal, even though for past six months the order inflow has been bearish.
During the year 2016-17 the company has succeeded in bagging for the first time from a reputed LSTK contractor a large order for its established product in Oil and Gas segment. The company also secured for the first time an order from a Japanese company for Annuli Riser Skid. The end user is a global Oil giant in Saudi Arabia. The company has also quoted for gas dryers to a US based company who is bidding to ONGC. The company will be quoting for such dryers in future. The Company has taken several initiatives to tie up with overseas technology providers for new technologies to bid for additional products in the upcoming tenders of ONGC. They are in the process of constructing new platforms as also revamping many existing platforms. The company is also in discussions with Middle East based companies and EPC contractors for waste gas recovery skids for oil exploration platforms.
The Company is in the process of strengthening its business development initiatives to scout for opportunities in new geographies. It may be noted that the company has very good export track record across several parts of the globe.
Recently, company’s facilities have been inspected by a Japanese company and they would like to outsource their requirement to the company based on their competitive pricing. Positive outcome might ensure high volume of similar business on a regular basis in the years ahead.
The company is associated for a long time with (NPCIL). Currently it is executing an order for Pump Room Coolers and FM Vault Coolers for them thru’ a large LSTK. In view of major future capex program of NPCIL for new Atomic Power Plants, the company expects good business prospects in future from them in view of the Company’s long association with NPCIL for supplying critical equipment / systems like critical coolers and heavy water vapour recovery systems.
As stated earlier, the company has supplied several calciners to the soda ash industries in India for last several years including recent supplies of four number calciners of varying capacities. The Company is now facing stiff competition from China. Recently the company has succeeded in supplying for the first time a much improved vaccum filter for soda ash manufacturers. This filter has been commissioned yielding very satisfactory results at customer’s end and the company has started receiving enquiries from other soda ash manufacturing companies.
After successful performance of their drying systems for Iron Ore industry in a large reputed steel company in India the company has received enquiries from other steel and mining companies and it expects to secure few such value added orders in future.
Enquiries are being processed for new application of particle board drying from a German company who has very recently inspected their facilities. The Company expects good order inflow in future from this new customer.
As already reported last year the Company has developed and started supplying dryer for Sludge for application in several industries including Pharmaceuticals and Textiles. The Company has already executed a number of orders for this product from several reputed Companies. The Company is now working for several other applications as this dryer has been well accepted in the market place. Higher volume of business of Sludge dryer is expected in future since the product has immense demand potential in view of benefit to the users for pollution control and discharge of effluents.
Kilburn’s R&D Department has successfully developed Vacuum Paddle dryer and the Company is all set to introduce the product in Indian market. Vacuum dryers are used for drying of Heat Sensitive material. Conventional Vacuum dryers are Batch type having a long processing time and hence limited capacity also has disadvantage of inconsistency in quality. KEL’s dryers can operate and handle larger capacity and will provide consistent quality. It will also economize on space, utility and other accessories. This dryer will have an application in Fine chemicals, Pesticide etc. It will be suitable for drying products having organic solvents. Kilburn has installed a Demo model of complete Vacuum Paddle dryer in its comprehensive Pilot Plant set up, and successfully carried out Pilot Plant tests of diverse materials including material like Mancozeb. Company has initiated marketing campaign for this new application and has started dialogue with several reputed customers.
They have embarked on web marketing after revamping of new website. Same is being done through Google Ads, Search Engine Optimisation and sending mailers from Linked in contacts. Some leads from and outside India were generated. They expect good enquiry inflow out of this initiative from the export market.
During the year, the company has manufactured and successfully commissioned the following critical and large equipment for the first time, Fluid Bed Reactor for Fumed Silica.
This Fluid Bed Reactor was manufactured first time in INDIA and the material used for construction was Inconel600.
High Capacity Rotary Vacuum Filter for Light Soda Ash.
As stated above, this High Capacity Rotary Vacuum Filter was manufactured first time in INDIA with technology from their German collaborators.
Rotary Steam Tube Calciner of 800 MT per day capacity for Light Soda Ash supplied to soda ash Company in Gujarat.
This Rotary Calciner with 800 MT capacity was manufactured and commissioned for the first time in INDIA. The company is the preferred supplier for various equipment of Soda Ash Industry.
High Pressure Annuli Riser skid for Saudi Arabian oil major.
This Annuli Riser skids were tested at very high hydrostatic pressure of 1050 Kg/ Sq. cm. These type of high pressure testing facility is available only with very few reputed INDIAN companies. This type of Annuli Riser skids are being installed for the first time by a global oil giant in Saudi Arabia and they expect such requirements in future.
The Company has taken several measures to ensure on time execution of critically customised drying systems. The Company is continuously engaged in upgrading its product quality and thereby benefiting its customers. The Company has considerably strengthened its base of in-house and outside subcontractors to take care of non critical fabrication for large volume of orders whenever needed.
Tea Dryers / CWS
The company continues to be market leader in the supply of tea dryers in India. Besides, the company also supplies tea dryers for countries mainly Africa, Bangladesh, Sri Lanka, etc. In last two years for several reasons, tea industry in India was holding back fresh Capex and hence order flow for tea dryer was subdued. They expect to improve order booking of tea dryers both in India and other countries during the Financial Year 2017-18.
Following intensive R&D efforts the company has supplied and successfully commissioned its CWS in their Group Company Mcleod Russel India limited (MRIL), the world’s largest tea plantation company. The company has come out with several improved features and ensured major operational benefits at users’ end as compared to its first installation. During 2017-18 the company expects to receive few orders of CWS from India, Africa and Bangladesh.
Merger / CAPEX :
The proposed merger reported in the last director’s report
has been called off in Decmber’16 in view of the substantial changes in business
scenario during the last year. Consequent to the merger being called off the
Capex budgeted for the merged entity has been deferred and bank loans availed
for this purpose which have been temporarily parked in ICD with a group company
on revenue and cash neutral basis, are being repaid as and when due.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G58102765 |
100129300 |
RBL BANK LIMITED |
21/09/2017 |
- |
- |
400000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
2 |
G15463276 |
100054700 |
RBL BANK LIMITED |
29/09/2016 |
- |
- |
700000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
3 |
C44154870 |
80019803 |
United Bank of India |
07/02/1997 |
10/12/2014 |
- |
1024800000.0 |
United Bank of India Building25, Sir P.M. Road, FortMumbaiMH400001IN |
|
4 |
G73890162 |
100078149 |
RBL BANK LIMITED |
06/02/2017 |
- |
15/01/2018 |
400000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
5 |
A89593834 |
80024315 |
UNITED BANK OF INDIA |
29/08/2005 |
26/10/2007 |
30/06/2010 |
197875000.0 |
25, SIR P. M. ROAD,FORTMUMBAIMH400001IN |
|
6 |
A75016584 |
10141979 |
UNION BANK OF INDIA |
02/12/2008 |
- |
03/12/2009 |
50000000.0 |
Sai ArcadeS. N. Road, Mulund (West)MumbaiMH400080IN |
|
7 |
A20006144 |
10059295 |
Union Bank of India |
25/06/2007 |
- |
06/08/2007 |
40000000.0 |
Mulund Branch, Sai ArcadeNetaji Subhash RoadMumbaiMH400080IN |
|
8 |
A14866446 |
80024309 |
PRINCIPAL PNB ASSET MANAGEMENT COMPANY PVT LTD |
26/10/1995 |
22/06/2005 |
19/04/2007 |
20000000.0 |
APEEJAY HOUSE, 5TH FLOOR3, DINSHAW VACHHA ROAD, CHURCHGATEMUMBAIMH400020IN |
|
9 |
A11661154 |
80024817 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR CO LTD |
16/02/1996 |
06/12/2004 |
13/02/2007 |
50000000.0 |
16TH FLOOR C WING MITTAL COURT,NARIMAN POINTMUMBAIMH400021IN |
|
10 |
A09822743 |
80022058 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
17/06/1997 |
07/03/2005 |
11/01/2007 |
50000000.0 |
IDBI TOWERCUFFE PARADEMUMBAIMH400005IN |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH
SEPTEMBER 2017
|
|
|
Particulars |
quarter ended |
quarter ended |
6 months ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
284.300 |
298.400 |
582.700 |
|
|
|
b) Other Operating Income |
39.700 |
60.300 |
100.000 |
|
|
Total Income from
Operations (Net) |
324.000 |
358.700 |
682.700 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
130.500 |
165.300 |
295.800 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
19.600 |
(17.100) |
2.500 |
|
|
c) |
Excise Duty |
-- |
38.600 |
38.600 |
|
|
d) |
Employee benefit expenses |
44.700 |
47.600 |
92.300 |
|
|
e) |
Finance Costs |
38.700 |
47.400 |
86.100 |
|
|
f) |
Depreciation and amortization expense |
10.800 |
10.700 |
21.500 |
|
|
g) |
Other expenses |
42.000 |
48.700 |
90.700 |
|
|
Total Expenses |
286.300 |
341.200 |
627.500 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
37.700 |
17.500 |
55.200 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
37.700 |
17.500 |
55.200 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
Current Tax |
18.000 |
3.000 |
21.000 |
|
|
|
Deferred Tax |
(3.000) |
3.400 |
0.400 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax |
15.000 |
6.400 |
21.400 |
|
|
|
Other Comprehensive
Income: |
22.700 |
11.100 |
33.800 |
|
|
|
A. Items that will not be reclassified to profit or loss |
(2.300) |
19.900 |
17.600 |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
0.400 |
0.500 |
0.900 |
|
|
|
B. Items that will be reclassified to profit or loss |
(10.100) |
-- |
(10.100) |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
(3.500) |
-- |
(3.500) |
|
|
|
Other Comprehensive Income for the year, net of taxes |
(9.300) |
19.400 |
10.100 |
|
|
|
Total Other
Comprehensive Income for the period |
13.400 |
30.500 |
43.900 |
|
|
|
|
|
|
|
|
|
12 |
Paid up equity share capital (Eq. shares of INR 10/- each) |
132.600 |
132.600 |
132.600 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of INR 10/- each |
|
|
|
|
|
|
Basic & Diluted |
1.71 |
0.84 |
2.55 |
STATEMENT OF ASSETS
ANS LIABILITIES AS ON 30TH SEPTEMBER 2017
|
SOURCES
OF FUNDS |
30.09.2017 |
|
|
(Unaudited) |
|
|
|
Non-Current Assets |
|
|
(a) Property, Plant and
Equipment |
570.100 |
|
(b) Intangible Assets |
3.000 |
|
(c) Financial Assets |
|
|
(i)
Investment |
142.900 |
|
(ii)
Loans |
2.400 |
|
(iii)
Other Financial Assets |
1.700 |
|
|
|
|
(d) Income Tax Assets (Net) |
25.400 |
|
(d) Deferred Tax Assets (net) |
14.400 |
|
(e) Other Non-Current Assets |
15.000 |
|
|
|
|
Total
Non- Current Assets |
774.900 |
|
|
|
|
Current
Assets |
|
|
(a) Inventories |
81.100 |
|
(b) Financial Assets |
|
|
(i)
Loans |
1123.800 |
|
(ii)
Trade Receivables |
290.900 |
|
(iii)
Cash and cash equivalents |
139.100 |
|
(iv)
Other Financial Assets |
360.900 |
|
|
|
|
(c) Other long term
liabilities |
142.000 |
|
|
|
|
Total
Current Assets |
2137.800 |
|
|
|
|
TOTAL
ASSETS |
2912.700 |
|
|
|
|
(B)
EQUITY AND LIABILITIES |
|
|
1
EQUITY |
|
|
(a)
Equity Share Capital |
132.600 |
|
(b)
Other Equity |
966.200 |
|
Equity
to overseas of the company |
1098.800 |
|
|
|
|
2.
Non-current Liabilities |
|
|
(a) Financial Liabilities |
|
|
(i)
Borrowing |
151.900 |
|
|
|
|
Total
Non-current Liabilities |
151.900 |
|
|
|
|
2.Current
Liabilities |
|
|
|
|
|
(a) Financial Liabilities |
|
|
(i) Borrowing |
937.000 |
|
(ii) Trade payables |
256.500 |
|
(iii) Other Financial Liabilities |
223.300 |
|
(b) Provisions |
34.600 |
|
(c) Current tax liabilities |
16.400 |
|
(d) Other Current Liabilities |
194.200 |
|
|
|
|
Total
Current Liabilities |
1662.000 |
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
2912.700 |
NOTE:
1.The results were reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company at their respective meetings held on 13th November 2017. Limited review as required under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 has been carried out by the statutory auditors of the Company. Results for the quarter and half year ended 30th September 2016 have not been subjected to limited review or audit and have been presented based on the information compiled by the management after making necessary adjustments to give a true and fair view of the results in accordance with Indian Accounting Standards ('Ind AS').
2.The Company adopted Ind AS from 1st April, 2017 and accordingly these
financial results have been prepared in accordance with the recognition and
measurement principles laid down in the Ind AS 34 - Interim Financial Reporting
prescribed under section 133 of the Companies Act, 2013 read with the relevant
rules issued thereunder and the other accounting principles generally accepted
in India. The date of transition to Ind AS is 1st April, 2016. The impact of
transition has been accounted for in opening reserves and the comparative
period results for quarter and half year ended 30th September 2016 have been
restated accordingly. The opening balance sheet as at 01st April 2016 and the
results for the subsequent periods would get finalised along with the annual
financial statements for the year ended 31st March 2018.
3.The comparative financial results and other financial information as included
in the statement for the corresponding quarter and half year ended 30th
September 2016 were reviewed by the predecessor auditor who expressed a
modified conclusion on those financial results on 10th November 2016, as
adjusted for the differences in the accounting principles adopted by the
Company on transition to the Ind AS. The comparative financial results and
other financial information for the immediately preceding quarter ended 30th
June 2017, as included in the statement, were reviewed by the predecessor
auditor who expressed an unmodified conclusion on those financial results on
10th August 2017.
4.(a) In accordance with the requirements of Ind AS 11 (Construction
Contracts), the Company has recognised unbilled revenue of Rs. 1,821 lakhs
during the quarter ended 30th September 2017 (preceeding 3 months ended Rs.
1,819 lakhs and corresponding 3 months ended 30th September 2016 Rs. 2,176
lakhs) in respect of high value long delivery orders which are delivered in
parts over the execution period. The unbilled revenue is calculated based on
percentage of completion of individual contracts.
4.(b) The Government of India introduced the Goods and Service Tax (GST) with
effect from 01st July 2017, GST is collected on behalf of the Government and no
economic benefit flows to the entity and hence gross revenue under GST regime
is presented excluding GST as per Ind AS 18 ‘Revenue’. However, gross revenue
under pre-GST regime included Excise Duty which is now subsumed in GST.
Consequently, the figures for the quarter and half year 30th September 2017 are
not comparable with the previous periods presented in the above results.
5.During the current quarter, the Company has availed a secured loan of Rs. 40
crores for meeting its working capital requirements, pending the utilisation of
the monies for the aforesaid, the Company has placed Rs. 40 crores with a group
company as an Inter-Corporate Deposit. Other Income includes Interest of Rs.
323 lakhs and Rs. 715 lakhs during the quarter and half year ended 30th
September 2017 (Rs. 29 lakhs and Rs. 55 lakhs during corresponding quarter and
half year ended 30th September 2016) on Inter-Corporate Deposits placed with
group companies.
6. The Company's business activity falls within a single operating business
segment i.e Engineering Products, hence the disclosure requirement as per Ind
AS 108 'Operating Segments' is not attracted.
7. The Company's operations and its results vary from period to period,
depending on the delivery schedule of the customers.
8.Previous period figures have been regrouped / reclassified wherever
necessary, to correspond with those of the current period classification.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
(a) Demand Notice from DGFT for non-fulfilling of export obligations. The Company expects no liability on this account. |
13.700 |
13.700 |
|
(b) The Company had received an order from Joint Commissioner of Sales Tax, Mumbai for the year 2008-09 against which the Company has filed an appeal with Sale Tax Tribunal after payment of INR 0.150 Million. Last year the demand was revised to INR 1.536 Million and the Company had made a provision of INR 2.95 Million in books of account. |
1.241 |
1.241 |
|
(c) The Company had received a Demand Notice from the Maharashtra State VAT Authority for the assessment year 2005-06. The Company has filed an appeal against the said order. |
11.198 |
11.198 |
|
(d) The Company had received a Demand Notice from the Central Sales Tax Authorities for the assessment year 2005-06. The Company has filed an appeal against the said order and has paid an amount of INR 24.230 Million and made a provision of INR 91 Million in books in 2014-15. In respect of (c) and (d) above, the total demand of INR 84.271 Million is on account of non-production of “C” Forms which were lost and certain errors in assessment. |
63.973 |
63.973 |
|
(e) The Company had received Demand Notice from the Income Tax Authorities disallowing certain expenses for the assessment year 2008-09. The company had filed an appeal against the said order with Deputy Commissioner of Income Tax (Appeals). During the year, order giving effect is received from Deputy Commissioner of Income Tax and accordingly income tax demand of INR 18.51 Million is raised. The Company has filed an appeal with Income Tax Appeallate Tribunal against the said order. |
1.851 |
0.950 |
|
(f) The Company had received Demand Notice from the Income Tax Authorities disallowing certain expenses for the assessment year 2010-11. The company has filed an appeal against the said order with Deputy Commissioner of Income Tax (Appeals). |
1.415 |
1.415 |
|
(g) In FY.2013-14, the Company had received Demand Notice from the Income Tax Authorities disallowing certain expenses and selling commission expenses for the assessment year 2011-12. During current year, order giving effect for AY.2011-12 is received from Deputy Commissioner of Income Tax Appeal, Kolkata and according to the order, Income Tax demand is INR 5.789 Million. The company has made of provision of INR 3.539 Million against the said order. Case is pending with Deputy Commissioner of Income Tax (Appeal). |
4.736 |
0.000 |
|
(h) The company had received Service Tax Demand Notice from Additional Commissioner of Central Excise disallowing cenvat credit taken during financial year 2011-12. Last year, the Company had made provision of INR 2.803 Million against amount so disallowed and INR 2.103 Million against penalty and Interest |
2.103 |
2.103 |
|
(i) Other claims not acknowledged as debts. |
0.080 |
0.080 |
FIXED ASSETS
- Leasehold Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 63.49 |
|
|
1 |
INR 90.91 |
|
Euro |
1 |
INR 79.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SUJ |
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.