|
|
|
MIRA INFORM REPORT
|
Report No. : |
497982 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ CORP LIMITED |
|
|
|
|
Registered
Office : |
Old Station Road, Sevashram Chouraha, Udaipur – 313001,
Rajasthan |
|
Tel. No.: |
91-294-2561631 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.04.2006 |
|
|
|
|
Com. Reg. No.: |
17-047173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 147.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01110RJ2006PLC047173 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Manufacturing and Trading of Cosmetics, Toiletries and other personal care products. [Registered Activity] |
|
|
|
|
No. of Employees
: |
1058 ( 524 Permanent Employees & Workers) and (534 Contractual Workers) (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 14300000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Bajaj Corp Limited is an Indian consumer goods company with major brands in hair care industry. It is a part of the Bajaj Group, founded by Jamnalal Bajaj. Bajaj Corp Limited is the 2nd largest player in the overall hair oils segment with the Key brand - Bajaj Almond Drops Hair Oil; it commands a 52% market share in light hair oil category which is the second fastest hair oil category across all hair oils. Bajaj Almond Drops Hair Oil is their most successful product and leader in the light hair oil segment in terms of both volume and value. For the financial year 2017, the company has reported slighted decline in its revenue as compared to the previous year but has managed to maintain a decent profit margin of 27.88%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage metrics due to negligible debt balance sheet profile. As per the quarterly financials of December 2017, the company achieved revenue of INR 2080.539 against the profit of INR 551.626. Rating takes into consideration the strong financial and managerial support that the subject receives from its group holding and its established market position in the hair oil industry. Payments are reported to be regular and as per commitments. In view of strong parental support and reputed brand name, 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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
NOT AVAILABLE
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 15.03.2018.
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. Dinesh Agarwal |
|
Contact No.: |
91-9413480164 |
|
Date : |
14.03.2018 |
LOCATIONS
|
Registered Office : |
Old Station Road, Sevashram Chouraha, Udaipur – 313001,
Rajasthan, India |
|
Tel. No.: |
91-294-2561631 / 632 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Bajaj Bhawan B-10 Sector-3, Jamnalal Baj, Noida – 201301 Uttar
Pradesh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Kushagra Shishirkumar Bajaj |
|
Designation : |
Director |
|
Address : |
100 Mount Unique 62-A Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00017575 |
|
|
|
|
Name : |
Mr. Sumit Malhotra |
|
Designation : |
Managing Director |
|
Address : |
5A Regency Park Eden Woods, Pokhran Road No 2 Near Vasant
Vihar, Near Popler Building, Thane West, Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1961 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02183825 |
|
|
|
|
Name : |
Mr. Adityavikram Ramesh Somani |
|
Designation : |
Director |
|
Address : |
706, Dalamal Towers, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
00046286 |
|
|
|
|
Name : |
Mr. Dilip Cherian |
|
Designation : |
Director |
|
Address : |
A - 20, First Floor, Nizamuddin East New Delhi – 110013,
India |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
00322763 |
|
|
|
|
Name : |
Mr. Gaurav Dalmia |
|
Designation : |
Director |
|
Address : |
Dalmia House 20F, Prithvi Raj Road, New Delhi – 110011,
India |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
00009639 |
|
|
|
|
Name : |
Mr. Vasavadatta Bajaj |
|
Designation : |
Director |
|
Address : |
Flat no. 100, 13th Floor, Mount Unique, 62 A, Peddar Road,
Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
06976000 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Pravin Kanani |
|
Designation : |
Company Secretary |
|
Address : |
B 806, Rajshree Tower, Near Pratap Cinema Kolbad, Thane –
400601, Maharashtra, India |
|
Date of Appointment : |
21.01.2016 |
|
PAN No.: |
AGXPK8807G |
|
|
|
|
Name : |
Mr. Dilip Kumar Maloo |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
6, Keshav Nagar Opposite Jain Temple, University Road,
Udaipur – 313001, Rajasthan, India |
|
Date of Appointment : |
24.01.2017 |
|
PAN No.: |
ADLPM6296N |
MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
9,86,25,000 |
66.86 |
|
|
(B) Public |
4,88,75,000 |
33.14 |
|
|
Grand Total |
14,75,00,000 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Any Other (specify) |
9,86,25,000 |
66.86 |
|
|
Bajaj Resources Limited |
9,84,75,000 |
66.76 |
|
|
Knb Enterprises LLP |
75,000 |
0.05 |
|
|
Skb Roop Commercial LLP |
75,000 |
0.05 |
|
|
Sub Total A1 |
9,86,25,000 |
66.86 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
9,86,25,000 |
66.86 |
|
Statement
showing shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
68,56,483 |
4.65 |
|
|
ICICI Prudential Value Fund - Series 1 |
37,38,639 |
2.53 |
|
|
Alternate Investment Funds |
2,58,000 |
0.17 |
|
|
Foreign Portfolio Investors |
3,59,71,159 |
24.39 |
|
|
Matthews India Fund |
62,01,714 |
4.20 |
|
|
Baytree Investments (Mauritius) Pte Limted |
1,19,34,215 |
8.09 |
|
|
Goldman Sachs India Limited |
24,89,942 |
1.69 |
|
|
Financial Institutions/ Banks |
2,62,634 |
0.18 |
|
|
Sub Total B1 |
4,33,48,276 |
29.39 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
35,03,717 |
2.38 |
|
|
NBFCs registered with RBI |
1,660 |
0.00 |
|
|
Any Other (specify) |
20,21,347 |
1.37 |
|
|
NRI |
2,62,370 |
0.18 |
|
|
Clearing Members |
39,295 |
0.03 |
|
|
NRI – Non- Repat |
4,04,232 |
0.27 |
|
|
Bodies Corporate |
13,15,450 |
0.89 |
|
|
Sub Total B3 |
55,26,724 |
3.75 |
|
|
B=B1+B2+B3 |
4,88,75,000 |
33.14 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of cosmetics,
toiletries and other personal care products. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
1058 ( 524 Permanent Employees & Workers) and (534
Contractual Workers) (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
|
|
Statutory Auditors : |
|
|
Name : |
R. S. Dani and Company Chartered Accountants |
|
|
|
|
Secretarial Auditors : |
|
|
Name : |
Gupta Baul and Associates Company Secretaries |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Bajaj Resources Limited |
|
|
|
|
Subsidiary Company
: |
|
|
|
|
|
Fellow Subsidiary
Company : |
|
|
|
|
|
Entities over which
Persons specified in B above having Control or Significant Influence : |
Kamalnayan Jamnalal Bajaj Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 1/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
147500000 |
Equity Shares |
INR 10/- each |
INR 147.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
147.500 |
147.500 |
147.500 |
|
(b) Reserves &
Surplus |
4870.235 |
4710.686 |
4770.629 |
|
(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) |
5017.735 |
4858.186 |
4918.129 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.697 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.697 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
150.000 |
100.000 |
0.000 |
|
(b) Trade payables |
398.283 |
431.898 |
508.290 |
|
(c) Other current
liabilities |
352.843 |
279.854 |
273.771 |
|
(d) Short-term provisions |
2.400 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
903.526 |
811.752 |
782.061 |
|
|
|
|
|
|
TOTAL |
5921.261 |
5670.635 |
5700.190 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
533.976 |
462.887 |
441.459 |
|
(ii) Intangible Assets |
3.748 |
185.563 |
654.951 |
|
(iii) Capital
work-in-progress |
0.272 |
7.414 |
7.414 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1159.931 |
939.931 |
541.337 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.064 |
2.902 |
267.791 |
|
(e) Other Non-current
assets |
11.292 |
13.098 |
0.000 |
|
Total Non-Current Assets |
1718.283 |
1611.795 |
1912.952 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3385.430 |
2750.629 |
1836.588 |
|
(b) Inventories |
424.847 |
501.899 |
392.726 |
|
(c) Trade receivables |
255.002 |
234.450 |
116.829 |
|
(d) Cash and cash
equivalents |
97.371 |
543.819 |
1336.242 |
|
(e) Short-term loans and
advances |
2.510 |
0.580 |
37.011 |
|
(f) Other current assets |
37.818 |
27.463 |
67.842 |
|
Total Current Assets |
4202.978 |
4058.840 |
3787.238 |
|
|
|
|
|
|
TOTAL |
5921.261 |
5670.635 |
5700.190 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
7925.386 |
7958.560 |
8212.927 |
|
|
|
|
Other Income |
393.494 |
287.802 |
315.503 |
|
|
|
|
TOTAL |
8318.880 |
8246.362 |
8528.430 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2078.257 |
2453.465 |
2549.543 |
|
|
|
|
Purchases of Stock-in-Trade |
485.675 |
581.725 |
601.380 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
115.111 |
(63.260) |
2.714 |
|
|
|
|
Employees benefits expense |
593.899 |
458.261 |
380.456 |
|
|
|
|
Other expenses |
1996.389 |
1784.129 |
2288.101 |
|
|
|
|
Exceptional Items |
183.835 |
469.800 |
469.800 |
|
|
|
|
TOTAL |
5453.166 |
5684.120 |
6291.994 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2865.714 |
2562.242 |
2236.436 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
9.322 |
2.091 |
0.996 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2856.392 |
2560.151 |
2235.440 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
47.646 |
43.161 |
42.379 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
2808.746 |
2516.990 |
2193.061 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
599.170 |
537.125 |
459.935 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
2209.576 |
1979.865 |
1733.126 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
NA |
221.942 |
161.366 |
|
|
|
TOTAL EARNINGS |
NA |
221.942 |
161.366 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
14.92 |
13.42 |
11.75 |
||
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 |
2712.891 |
2450.155 |
2525.930 |
|
Net cash flows from (used in) operations |
2126.400 |
1918.427 |
2066.813 |
QUARTERLY
RESULTS
|
Particulars |
|
|
30.06.2017 (Unaudited) |
|
Net sales |
|
|
1974.300 |
|
Total Expenditure |
|
|
1367.940 |
|
PBIDT (Excluding Other Income) |
|
|
606.360 |
|
Other income |
|
|
110.610 |
|
Operating Profit |
|
|
716.970 |
|
Interest |
|
|
2.560 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
714.410 |
|
Depreciation |
|
|
15.440 |
|
Profit Before Tax |
|
|
698.970 |
|
Tax |
|
|
149.170 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit after tax |
|
|
549.800 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
549.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
11.74 |
10.75 |
5.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
31.08 |
33.95 |
70.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
56.70 |
51.94 |
58.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
6.75 |
5.11 |
5.69 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
5.33 |
3.91 |
2.03 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.15 |
0.14 |
0.14 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.03 |
0.02 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.18 |
0.17 |
0.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.11 |
0.14 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
307.41 |
1225.37 |
2245.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
27.88 |
24.88 |
21.10 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
37.32 |
34.91 |
30.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
44.04 |
40.75 |
35.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.65 |
5.00 |
4.84 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
4.18 |
4.38 |
4.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.85 |
0.86 |
0.86 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.02 |
0.68 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.65 |
5.00 |
4.84 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 468.50/- |
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 |
147.500 |
147.500 |
147.500 |
|
Reserves & Surplus |
4770.629 |
4710.686 |
4870.235 |
|
Net worth |
4918.129 |
4858.186 |
5017.735 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
100.000 |
150.000 |
|
Total borrowings |
0.000 |
100.000 |
150.000 |
|
Debt/Equity ratio |
0.000 |
0.021 |
0.030 |
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 |
8212.927 |
7958.560 |
7925.386 |
|
|
|
(3.097) |
(0.417) |
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 |
8212.927 |
7958.560 |
7925.386 |
|
Profit |
1733.126 |
1979.865 |
2209.576 |
|
|
21.10% |
24.88% |
27.88% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
147.500 |
147.500 |
|
(b) Reserves &
Surplus |
|
4794.350 |
4663.059 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
4941.850 |
4810.559 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
7.664 |
7.519 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7.664 |
7.519 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
150.000 |
100.000 |
|
(b) Trade payables |
|
402.511 |
435.149 |
|
(c) Other current
liabilities |
|
390.921 |
309.016 |
|
(d) Short-term provisions |
|
2.400 |
0.000 |
|
Total Current Liabilities
(4) |
|
945.832 |
844.165 |
|
|
|
|
|
|
TOTAL |
|
5895.346 |
5662.243 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1181.785 |
777.565 |
|
(ii) Intangible Assets |
|
3.748 |
185.563 |
|
(iii) Capital work-in-progress |
|
0.272 |
8.518 |
|
(iv) Goodwill |
|
430.010 |
430.010 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
9.318 |
3.156 |
|
(e) Other Non-current
assets |
|
11.494 |
105.850 |
|
Total Non-Current Assets |
|
1636.627 |
1510.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
3385.430 |
2750.629 |
|
(b) Inventories |
|
424.848 |
501.900 |
|
(c) Trade receivables |
|
274.276 |
253.522 |
|
(d) Cash and cash
equivalents |
|
124.255 |
602.845 |
|
(e) Short-term loans and
advances |
|
2.612 |
0.580 |
|
(f) Other current assets |
|
47.298 |
42.105 |
|
Total Current Assets |
|
4258.719 |
4151.581 |
|
|
|
|
|
|
TOTAL |
|
5895.346 |
5662.243 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
7968.973 |
7997.153 |
|
|
Other Income |
|
393.946 |
287.038 |
|
|
TOTAL |
|
8362.919 |
8284.191 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
2078.257 |
2453.465 |
|
|
Purchases of Stock-in-Trade |
|
497.684 |
589.501 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
115.111 |
(63.261) |
|
|
Employees benefits expense |
|
613.890 |
475.405 |
|
|
Other expenses |
|
2028.146 |
1805.212 |
|
|
Exceptional Items |
|
183.835 |
469.800 |
|
|
TOTAL |
|
5516.923 |
5730.122 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2845.996 |
2554.069 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
10.330 |
2.263 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2835.666 |
2551.806 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
53.177 |
48.950 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2782.489 |
2502.856 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
600.068 |
538.502 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
2182.421 |
1964.354 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
14.73 |
13.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
SHORT TERM
BORROWING |
|
|
|
From Bank - Export Credit in INR |
150.000 |
100.000 |
|
|
|
|
|
Total |
150.000 |
100.000 |
INDEX OF CHARGE:
NO CHARGES EXISTS FOR
COMPANY
CORPORATE
INFORMATION:
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on two stock exchanges in India. The registered office of the Company is located Old Station Road, Sevashram Chauraha, Udaipur, Rajasthan
The Company is engaged in the business of cosmetics, toiletries and other personal care products. The Company has presence in both domestic and international markets. Information on related party relationships of the Company is provided in Note 37.
FINANCIAL PERFORMANCE
The Company achieved a turnover of INR 8318.880 Million as compared to INR 8246.362 Million in the previous year thereby registering a growth of approximately 0.88% over previous year. Profit before tax and exceptional items were INR 2992.581 Million as against INR 2986.790 Million of the previous year. The Profit after tax stood at INR 2209.576 Million as compared to the profit of INR 1979.865 Million in the previous year. The operations and financial results of the Company are elaborated in the Management Discussion and Analysis Report
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
The recovery in growth in 2016 – 17 has been lack luster however it is expected to strengthen in the coming year in 2017 – 18 due to a number of factors such as accelerated pace of remonetisation, discretionary consumer spending held back by demonetisation is expected to have picked up from Q4:2016-17 and will gather momentum over several quarters ahead. The recovery will also likely be aided by the reduction in banks’ lending rates due to large inflows of current and savings accounts (CASA) deposits, although the fuller transmission impact might be impeded by stressed balance sheets of banks and the tepid demand for bank credit. Expectations of normal monsoon season will further strengthen the rural demand driving GDP growth. It is expected that with neutral liquidity policy, RBI expects banks to further transmit the rate cut into the lending. To summarise, we expect economic activity to recover based on remonetisation in economy along with government’s focus on capital expenditure, rural economy and thrust on housing. Headline inflation can rise due to potentially varied reasons including remonetisaton which could fuel sharp rise in vegetable prices and will hence restrict RBI from aggressively cut monetary policy rates in FY 2018. Headline inflation should remain under 5% levels on account of focus from RBI to contain inflation and its expectations and Central Government’s commitment towards fiscal consolidation.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST DECEMBER 2017
(INR In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from Operations |
|
|
|
|
|
a) Net Sales / Income
from Operations |
2080.539 |
2041.279 |
69096.115 |
|
|
b) Other Income |
44.771 |
79.529 |
234.911 |
|
|
Total Income from
Operations (net) |
2125.310 |
2120.808 |
6331.026 |
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of materials
consumed |
608.925 |
511.043 |
1736.843 |
|
|
b) Purchase of
stock-in-trade |
69.663 |
132.406 |
310.861 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(34.648) |
29.959 |
(42.331) |
|
|
d) Employee benefits
expense |
192.553 |
193.867 |
555.202 |
|
|
e) Finance Costs |
2.782 |
2.480 |
7.826 |
|
|
f) Depreciation and amortisation expense |
18.994 |
15.759 |
50.194 |
|
|
g) Other expenses |
565.570 |
590.560 |
4285.853 |
|
|
Total Expenses |
1423.839 |
1476.074 |
4285.853 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items |
701.417 |
644.734 |
2045.173 |
|
4. |
Exceptional Items |
-- |
-- |
-- |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and Exceptional
items |
701.417 |
644.734 |
2045.173 |
|
6. |
Tax
Expenses |
149.845 |
137.597 |
436.613 |
|
7. |
Profit
/ (Loss) for the period from continuing operations |
551.626 |
507.137 |
1608.560 |
|
8. |
Other
Comprehensive Income |
|
|
|
|
|
A)
i) Items that will not be reclassified to profit
or loss (net) |
-- |
5.86 |
5.86 |
|
|
ii) Income tax relating
to items that will not be reclassified to profit or loss |
-- |
(1.25) |
(1.25) |
|
|
B)
i) Items
that will not be reclassified to profit or loss |
-- |
-- |
-- |
|
|
ii) Income tax relating
to items that will not be reclassified to profit or loss |
-- |
-- |
-- |
|
9. |
Total
Comprehensive Income for the period |
551.626 |
507.598 |
1609.021 |
|
10. |
Paid-up equity share capital
(Face Value of Rs. 10 per share) |
147.500 |
147.500 |
147.500 |
|
11. |
Other Equity |
|
|
|
|
12. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
3.74 3.74 |
3.44 3.44 |
10.91 10.91 |
FIXED ASSETS:
- Land
- Lease hold Improvements
- Buildings
- Plant and Machinery
- Office and Other Equipment
- Furniture and Fittings
- Vehicles
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 64.99 |
|
|
1 |
INR 90.83 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYO |
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.