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|
|
MIRA INFORM REPORT
|
Report No. : |
497450 |
|
Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PANACHE DIGILIFE LIMITED [w.e.f. 22.02.2017] |
|
|
|
|
Formerly Known
As : |
VARDHAMAN TECHNOLOGY LIMITED [w.e.f. 15.02.2017] VARDHAMAN TECHNOLOGY PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Unit No. 201/B, Raheja Plaza-1, L.B.S. Marg, Ghatkopar (West), Mumbai
– 400086, Maharashtra |
|
Tel. No.: |
91-22-25007002 |
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|
|
|
Country : |
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|
|
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
30.03.2007 |
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|
Com. Reg. No.: |
11-169415 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 42.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH2007PLC169415 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of computer of peripheral equipment. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information declined by the management |
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2007. It is engaged in the business of manufacturing, assembling, exporting and importing of computer and accessories.
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities= BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
28.04.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities= A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
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 12.03.2018
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 BY
|
Name : |
Mr. Amit D. Rambhia |
|
Designation : |
Director |
|
Contact No.: |
91-9322268875 |
|
Date : |
10.03.2018 |
MANAGEMENT NON CO-OPERATIVE (91-22-25007002)
LOCATIONS
|
Registered Office/ Head Office : |
Unit No. 201/B, Raheja Plaza-1, L.B.S. Marg, Ghatkopar (West), Mumbai
– 400086, Maharashtra, India |
|
Tel. No.: |
91-22-25007002 / 25007502 |
|
Mobile No.: |
91-9322268875 (Mr. Amit
Devchand Rambhia) |
|
Fax No.: |
91-22-25007502 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory 1: |
F-6, 1st Floor, Avis Udyog Bhavan, Ringan Wada, Dhabel
Village, Daman – 396210, Union Territory, India |
|
Area : |
4000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Factory 2: |
Survey No.485/C, Futardo Compound, Near Dabhel Check Post, Dabhel,
Daman – 396210, Union Territory, India |
|
Area : |
8000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Warehouse : |
F N D Logistics
Private Limited Stoneage Complex, Mumbai-Nashik Bypass Road, Mankoli Naka, Behind
Volvo Godown, Vehala Bhatla Road, Bhiwandi, Thane – 421302, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Nikit Devchand Rambhia |
|
Designation : |
Managing Director |
|
Address : |
3B-134, Kalpataru Aura, LBS Marg, Ghatkopar
(West), Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1978 |
|
Qualification : |
MBA |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
00165678 |
|
PAN No.: |
ABSPR2429M |
|
|
|
|
Name : |
Mr. Amit Devchand Rambhia |
|
Designation : |
Managing Director |
|
Address : |
2B-113, Kalpatru Aura, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
|
Date of Birth/Age : |
23.09.1974 |
|
Qualification : |
BE in Computers |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
00165919 |
|
|
|
|
Name : |
Mr. Devchand Lalji Rambhia |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No. 3-B/134, 13th Floor, Kalpataru
Aura, Opposite R-City Mall, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra,
India |
|
Date of Birth/Age : |
16.01.1948 |
|
Qualification : |
Mechanical Engineering |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
00165851 |
|
PAN No.: |
AABPR0812N |
|
|
|
|
Name : |
Mr. Bhavin Vinod Shah |
|
Designation : |
Additional Director |
|
Address : |
B 1104, Brentwood Building, Main Street,
Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
02919483 |
|
|
|
|
Name : |
Mr. Rohit Mathur |
|
Designation : |
Director |
|
Address : |
1D 23, Kalpatru Aura LBS Marg, Opposite R
City Mall, Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
06583736 |
|
|
|
|
Name : |
Meeta Kaushal Mehta |
|
Designation : |
Director |
|
Address : |
C2/107, Shree Shubh Karma CHS Limited, Plot
No. 368, Scheme No: 4, Comrade Harb Anslal Mar, Mumbai – 400022, Maharashtra,
India |
|
Date of Appointment : |
17.02.2017 |
|
DIN No.: |
07515717 |
KEY EXECUTIVES
|
Name : |
Mr. Nitesh Manilal Savla |
|
Designation : |
Chief Financial Officer |
|
Address : |
1st Floor, Malhar Bhuvan, 161
Hindu Colony Road, Mumbai – 400014, Maharashtra, India |
|
Date of Appointment : |
25.11.2016 |
|
PAN No.: |
BANPS6111A |
|
|
|
|
Name : |
Mr. Jinkle Ashok Khimsaria |
|
Designation : |
Company Secretary |
|
Address : |
Room No. 10, 2nd Floor, Akansha
Purti, Shiv Mandir Road, Dombivli (East), Thane – 421201, Maharashtra, India |
|
Date of Appointment : |
25.11.2016 |
|
PAN No.: |
CFMPK8301K |
SHAREHOLDING PATTERN
AS ON 30.09.2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
420000 |
70.00 |
|
(B) Public |
180000 |
30.00 |
|
Grand Total |
600000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of computer of peripheral equipment. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Jain Salia and Associates Chartered Accountants |
|
Address : |
4, Pawawala Building, 44, Elphinstone Road, Near Laxmi Nivas,
Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24334447/ 24362369 |
|
Mobile No.: |
91-9664126404 |
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E-Mail : |
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PAN No.: |
AAJPS4216M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Related party : |
·
ICT Infratech Services Private Limited ·
Panache Innovations Limited (Formerly Known as Ruby
Traders and Exporters Limited) |
CAPITAL STRUCTURE
AS ON 21.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
INR 10/- each |
INR 60.000 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4200000 |
Equity Shares |
INR 10/- each |
INR 42.000 Million |
|
|
|
|
|
NOTE:
Details of shareholding as at March 31, 2017
Equity shares held by various entities
No equity shares have been held by any entity
Shareholders holding more than 5% of equity/preference shares
1400000 Equity shares of INR 10% each held by Mr. Amit D Rambhai
1400000 Equity shares of INR 10% each held by Mr. Nikit D Rambhai
1399860 Equity shares of INR 10% each held by Mr. Devchand L Rambhai
Reconciliation of
the number of shares
|
Equity Shares |
Number
of shares |
|
|
Number of shares at the beginning of the year |
|
|
|
Add: Bonus shares issued |
|
300000 |
|
Less: Shares
forfeited |
|
3900000 |
|
Number of shares
at the end of the year |
|
0.000 |
|
Total |
|
4200000 |
Each equity share is entitled to one voting right only.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
42.000 |
3.000 |
3.000 |
|
(b) Reserves &
Surplus |
23.550 |
44.561 |
28.959 |
|
(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) |
65.550 |
47.561 |
31.959 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
87.529 |
67.713 |
67.040 |
|
(b) Deferred tax
liabilities (Net) |
2.950 |
2.736 |
2.252 |
|
(c) Other long term
liabilities |
1.793 |
1.609 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
92.272 |
72.058 |
69.292 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
93.622 |
91.765 |
52.231 |
|
(b) Trade payables |
134.915 |
99.823 |
76.512 |
|
(c) Other current
liabilities |
18.681 |
29.521 |
13.747 |
|
(d) Short-term provisions |
9.901 |
9.597 |
6.515 |
|
Total Current Liabilities
(4) |
257.119 |
230.706 |
149.005 |
|
|
|
|
|
|
TOTAL |
414.941 |
350.325 |
250.256 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32.435 |
32.733 |
32.369 |
|
(ii) Intangible Assets |
0.173 |
0.125 |
0.095 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.917 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
4.023 |
2.969 |
1.620 |
|
Total Non-Current Assets |
37.548 |
35.827 |
34.084 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
12.493 |
|
(b) Inventories |
150.495 |
140.936 |
60.789 |
|
(c) Trade receivables |
209.258 |
143.344 |
138.806 |
|
(d) Cash and cash
equivalents |
11.123 |
21.506 |
-0.539 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
6.517 |
8.712 |
4.623 |
|
Total Current Assets |
377.393 |
314.498 |
216.172 |
|
|
|
|
|
|
TOTAL |
414.941 |
350.325 |
250.256 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
562.109 |
492.906 |
432.332 |
|
|
Other Income |
5.650 |
5.548 |
1.919 |
|
|
TOTAL |
567.759 |
498.454 |
434.251 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
468.690 |
473.276 |
357.901 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(9.559) |
(80.147) |
(14.998) |
|
|
Employees benefits
expense |
26.337 |
32.778 |
25.179 |
|
|
Other expenses |
35.008 |
29.860 |
31.722 |
|
|
Exceptional items |
(0.070) |
0.000 |
0.000 |
|
|
TOTAL |
520.406 |
455.767 |
399.804 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
47.353 |
42.687 |
34.447 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
18.586 |
16.777 |
16.828 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
28.767 |
25.910 |
17.619 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.575 |
1.484 |
1.985 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
27.192 |
24.426 |
15.634 |
|
|
|
|
|
|
|
Less |
TAX |
9.203 |
8.824 |
5.294 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
17.989 |
15.602 |
10.340 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.28 |
52.01 |
34.47 |
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 |
(1.906) |
(8.959) |
(10.082) |
|
Net cash flow from (used in) operations |
(10.208) |
(14.212) |
(10.235) |
QUARTERLY
RESULTS
|
Particulars |
|
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
|
|
|
|
|
Net sales |
|
79.820 |
176.570 |
|
Total Expenditure |
|
74.640 |
167.780 |
|
PBIDT (Excluding Other Income) |
|
5.1800 |
8.790 |
|
Other income |
|
0.870 |
0.990 |
|
Operating Profit |
|
6.050 |
9.780 |
|
Interest |
|
2.780 |
2.260 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
3.270 |
7.530 |
|
Depreciation |
|
0.370 |
0.370 |
|
Profit Before Tax |
|
2.910 |
7.160 |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
2.910 |
7.160 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
2.910 |
7.160 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
135.88 |
106.15 |
117.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.69 |
3.44 |
3.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
105.07 |
76.99 |
78.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.31 |
0.30 |
0.57 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.45 |
1.30 |
1.06 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.83 |
0.85 |
0.86 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.76 |
3.35 |
3.73 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.92 |
4.85 |
4.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.50 |
0.69 |
1.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.55 |
2.54 |
2.05 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.20 |
3.17 |
2.39 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.34 |
4.45 |
4.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
27.44 |
32.80 |
32.35 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.47 |
1.36 |
1.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.88 |
0.75 |
1.04 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.16 |
0.14 |
0.13 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.31 |
53.16 |
39.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.47 |
1.36 |
1.45 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 104.30/- |
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 |
3.000 |
3.000 |
42.000 |
|
Reserves & Surplus |
28.959 |
44.561 |
23.550 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
31.959 |
47.561 |
65.550 |
|
|
|
|
|
|
Long-Term Borrowings |
67.040 |
67.713 |
87.529 |
|
Short Term Borrowings |
52.231 |
91.765 |
93.622 |
|
Total
borrowings |
119.271 |
159.478 |
181.151 |
|
Debt/Equity
ratio |
3.732 |
3.353 |
2.764 |
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 |
432.332 |
492.906 |
562.109 |
|
|
|
14.011 |
14.040 |
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
|
432.332 |
492.906 |
562.109 |
|
Profit |
10.340 |
15.602 |
17.989 |
|
|
2.39% |
3.17% |
3.20% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
42.000 |
|
(b) Reserves &
Surplus |
|
|
49.237 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
91.237 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
87.529 |
|
(b) Deferred tax
liabilities (Net) |
|
|
2.950 |
|
(c) Other long term
liabilities |
|
|
1.794 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
92.273 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
93.622 |
|
(b) Trade payables |
|
|
330.245 |
|
(c) Other current
liabilities |
|
|
18.681 |
|
(d) Short-term provisions |
|
|
9.901 |
|
Total Current Liabilities
(4) |
|
|
452.449 |
|
|
|
|
|
|
TOTAL |
|
|
635.959 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
32.435 |
|
(ii) Intangible Assets |
|
|
0.173 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current
assets |
|
|
4.024 |
|
Total Non-Current Assets |
|
|
36.632 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
150.495 |
|
(c) Trade receivables |
|
|
430.885 |
|
(d) Cash and cash
equivalents |
|
|
11.122 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
6.825 |
|
Total Current Assets |
|
|
599.327 |
|
|
|
|
|
|
TOTAL |
|
|
635.959 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
789.418 |
|
|
Other Income |
|
|
5.650 |
|
|
TOTAL |
|
|
795.068 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
669.122 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(9.558) |
|
|
Employees benefits
expense |
|
|
26.337 |
|
|
Other expenses |
|
|
35.566 |
|
|
Exceptional items |
|
|
(0.070) |
|
|
TOTAL |
|
|
721.397 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
73.671 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
18.586 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
55.085 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.575 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
53.510 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
9.203 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
44.307 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
10.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
CAUTIONARY AND
FORWARD-LOOKING STATEMENT
Statements in this Management Discussion and Analysis of Financial
Condition and Results of Operations of the Company describing the Company's
objectives, expectations or predictions may be forward looking within the
meaning of applicable securities laws and regulations. Forward looking
statements are based on certain assumptions and expectations of future events.
The Company cannot guarantee that these assumptions and expectations are
accurate or will be realized. The Company assumes no responsibility to publicly
amend, modify or revise forward looking statements, on the basis of any
subsequent developments, information or events. Actual results may differ materially
from those expressed in the statement. Important factors that could influence
the Company's operations include changes in government regulations, tax laws,
economic developments within the country and such other factors globally.
The financial statements are prepared under historical cost convention,
on accrual basis of accounting, and in accordance with the provisions of the
Companies Act, 2013 (the Act) and comply with the Accounting Standards notified
under Section 133 of the Act. The management of Panache Digilife Limited has used
estimates and judgments relating to the financial statements on a prudent and
reasonable basis, in order that the financial statements, reflect in a true and
fair manner, the state of affairs and profit for the year.
The following discussions on their financial condition and result of
operations should be read together with their audited consolidated financial
statements and the notes to these statements included in the annual report.
Unless otherwise specified or the context otherwise requires, all references
herein to "they", "us", "their", "the
Company", "Panache" are to Panache Digilife Limited and its
subsidiaries and associates.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
• The IT and electronics industry is one of the fastest-growing
industries in India, both in terms of production and exports.
• The Indian electronics and hardware industry is expected to grow at a
compound annual growth rate (CAGR) of 13-16 per cent to touch US$ 112-130
billion by 2018.
• On electronic production, in 2015, the electronic products market was
sized at $61.8 billion, growing at a CAGR of 10 per cent over the past two
years and that the sector was expected to grow at a CAGR of 15-19 per cent to
reach $123-150 billion by 2020.
• Domestic manufacturing has been growing at a CAGR of 17 per cent in
recent past, which is expected to increase further over the next five years.
• India's ESDM (Electronic System Design and Manufacturing) industry is forecasted
to grow at a Compound Annual Growth Rate of 16-23 per cent to reach $171-228
billion by 2020, an industry specific report said on Tuesday.
• Electronic components market is estimated to grow at a CAGR of 22-33
per cent to reach $36.6-56.5 billion, design services revenue is forecast to
reach $23.5-29.2 billion by 2020 at a CAGR of 13-18 per cent.
• According to government estimates, Consumer Electronics has the
highest share (29.7 per cent) in the total production of electronic goods in
India. The growth in consumer electronics over the years has been accompanied
by an increase in imports in respect of certain items like LCD/LED TVs.
• The Electronic Components had witnessed a growth of about 23.74 per
cent from the previous year which was supported by the rapid growth in domestic
manufacturing of electronic components. Industrial electronics contributed 20.9
per cent of the total output of electronics goods industry in FY15.
• Industrial electronics is expected to grow at a considerable pace with
the new plans and schemes being formulated by the government.
• Communication and broadcasting equipment constitutes 10 per cent of
total production of electronic goods in India in FY15. Not surprisingly,
computers are a key component of total electronics output in India (9.9 per
cent in FY15); the segment's share is likely to go up over this decade, given
greater policy focus on encouraging computer hardware manufacturing.
• As of FY16, production of industrial electronics, LEOs, in value
terms, stood at around USD6887.11 million, USD548.43 million, respectively.
• The Government of India has set up Electronic Hardware Technology
Parks (EHTPs), Special Economic Zones (SEZs) and a brought about a favourable
climate for foreign direct investment (FDI).
It has also increased liberalization and relaxed tariffs to promote
growth in the sector. In addition, the government gave its green signal to the
Modified Special Incentive Package Scheme (MSIPS) under which the central
government will be offering up to US$ 1.7 billion in benefits to the
electronics sector in next five years.
• The growing customer base and the increased penetration in consumer
durables segment has provided enough scope for the growth of the Indian
electronics sector. Also, digitization of cable could lead to increased
broadband penetration in the country and open up new avenues for companies in
the electronics industry.
• Software development and IT-enabled services (ITeS) have made India's
brand equity a force to reckon with.
• The Indian information technology-business process management (IT-BPM)
sector contributes 56 per cent in the total global outsourcing market, and
accounts for the largest share in India's services export (45 per cent)
• The industry offers a range of services, from low-end application
development to high-end integrated IT solutions across multiple verticals, with
a well-developed vendor base
BUSINESS OVERVIEW
Subject operates in various Product Categories with Personal Computing
Products being it main Category. LED TV and Commercial Signage Display products
are under the Audio-Visual Display Category and IOT and GPS products and
solutions under Telematics Category.
The company's focus on engineering and research based solutions and product
offerings are committed to creation of thought leadership and development of
new products/solutions in areas such as Internet of Things, Telematics,
Industrial PC, GPS devices also complementing the Make in India philosophy.
Panache encourages bold thinking and disruptive approach that is needed to help
customers outperform in a rapidly changing digital economy.
The Company has formally opened a subsidiary to increase its reach in
the Middle East and Africa Market and the financial performance of the
subsidiary has been exemplary.
The Consolidated Profit before Depreciation Interest and Tax (PBDIT),
for the year 2016-17 was INR 67.950 Million and Net Profit after Tax (PAT)
stood at INR 44.307 Million. Consolidated figures for 2015-16 are not available
as the subsidiary was not existent during that period.
The Standalone Profit before Depreciation Interest and Tax (PBDIT), for
the year 2016-17 was INR 41.632 Million as compared to INR 37.139 Million for
the previous year 2015-16.
The Net Profit after tax (PAT) stood at INR 17.989 Million for the year
2016-17 as compared to INR15.602 Million.
The increase in both the PBDIT and PAT is in line with the increase in
turnover.
Considering the Consolidated figures when compared to the figures of the
previous year, there has been a quantum jump in the performance metrics both in
Revenue as well as profitability with revenue increase of 60% and the PAT
increase of 184%.
OUTLOOK
• Increase in discretionary income and credit availability has boosted
demand for consumer durables. The government is one of the biggest consumers of
the sector and leads the corporate spend on electronics; this is not surprising
given that electronics facilitates e-governance, developmental schemes and
initiatives launched by the government.
• Strong demand and favorable investment climate in the sector are
attracting investments in RandD as well as manufacturing.
• Government's initiative of 'Make in India', "Digital India'
creates more opportunities to manufacture and provide innovative products at
affordable prices and innovative design. Also, continuous endeavor to design,
innovate and reinvent products is their prime focus.
• Targeting rural and semi urban markets for their products.
• loT (Internet of Things) allows organizations to adopt loT functioning
in their business context, creating entirely new services that deliver an
enhanced experience and measurable business outcomes. These experiences will
have an increasing role in differentiating enterprises and positioning them for
the 21st century.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
From directors |
37.380 |
30.942 |
|
Others |
49.206 |
31.825 |
|
Total |
86.586 |
62.767 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B84538990 |
10447991 |
CANARA BANK |
17/08/2013 |
- |
- |
12500000.0 |
H.O AT 112,
JAYAMARAJENDRA , BANGLORE-560002BRANCH AT R.D. SHAH BUILDING , GHATKOPAR
[W]MUMBAIMH400086IN |
|
2 |
B44920957 |
10368573 |
CANARA BANK |
13/06/2012 |
- |
- |
25000000.0 |
H.O AT 112, JAYAMARAJENDRA
, BANGLORE-560002BRANCH AT R.D. SHAH BUILDING , GHATKOPAR [W]MUMBAIMH400086IN |
|
3 |
G34888610 |
10110959 |
CANARA BANK |
08/04/2008 |
07/01/2017 |
- |
160000000.0 |
H.O AT 112, JAYAMARAJENDRA
, BANGLORE-560002.BRANCH AT R.D. SHAH BUILDING , GHATKOPAR
[W]MUMBAIMH400086IN |
|
4 |
A98193899 |
10110982 |
CANARA BANK |
18/04/2008 |
02/12/2008 |
19/03/2010 |
3000000.0 |
H.O. AT 112, JAYAMARAJENDRA,
BANGLORE- 56002BR. R. D. SHAH BUILDING, GHATKOPER (W)MUMBAIMH400086IN |
FIXED ASSETS:
Tangible Assets
- Building
- Furniture and Fixtures
- Plant and Machinery
- Air Conditioner
- Mould
- Office Equipment
- Camera
- Motor Car
- Computers and Laptop
Intangible Assets
- Software
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 records 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 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.