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MIRA INFORM REPORT
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Report No. : |
497947 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST INDUSTRIES LIMITED |
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|
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Registered
Office : |
Gat No.152, Lakhmapur, Taluka Dindori, Nashik – 422202, Maharashtra |
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Tel. No.: |
91-2557-250375 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
03.04.1934 |
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Com. Reg. No.: |
11-002093 |
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Capital
Investment / Paid-up Capital : |
INR 154.229 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1934PLC002093 |
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|
|
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IEC No.: [Import-Export Code No.] |
0588095656 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACE7550N1ZA |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE7550N |
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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
: |
Subject is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories. [Registered Activity] |
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|
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No. of Employees
: |
1591 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Everest Industries Limited is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories. The company was incorporated in the year 1934 and is based in Maharashtra For the financial year ended 2017, revenue and profit of the company has sharply declined However, the company possesses sound financial profile marked by healthy net worth base along with negligible debt recorded by the company The company also derives strength from its long established track record of business operations. Fundamentals of the company are strong and healthy. Trader relations are reported as fair. Business is active. Payments terms seems to be regular and as per commitment. In view of the 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 (30.09.2017) |
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating – A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
05.02.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating – A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
05.02.2018 |
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
MANAGEMENT NON-COOPERATIVE (Tel No.:91- 120-4791800/ 91-2557-250375)
LOCATIONS
|
Registered Office/ Factory: |
Gat No. 152, Lakhmapur, Taluka Dindori, Nashik – 422202, Maharashtra,
India |
|
Tel. No.: |
91-2557-250375/ 462 |
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Fax No.: |
91-2557-250376 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
D-206, Sector -63, Noida – 201301, Uttar Pradesh, India |
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Head/ Corporate Office 2: |
G-1, Genesis, A-32, Mohan Co-operative Industrial Estate, Mathura
Road, New Delhi – 110044, India |
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Tel. No.: |
91-11-41731951/ 52 |
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Fax No.: |
91-11-46566370 |
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E-Mail : |
|
|
|
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Factory : |
·
Kymore Works Everest Nagar, Post Office Kymore, District Katni – 438880, Madhya
Pradesh, India ·
Kolkata Works ‘Everest House’ 1, Taratola Road, Garden Reach, Kolkata – 700024, West
Bengal, India ·
Podanur Works Podanur Post Office, Coimbatore – 641023, Tamilnadu, India ·
Bhagwanpur Works Khasra Nos.158 and 159, Village Lakesari, Pargana Bhagwanpur, Tehsil
Roorkee, District Haridwar – 247661, Uttarakhand, India ·
Somnathpur Works Z5, IID Centre, Somnathpur, Tehsil Remuna, District. Baleshwar –
756019, Odisha, India ·
Ranchi Works Sarwal Namkum, Opposite Tola – Charna Bera Ranchi – 834010, Jharkhand,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Manish Sanghi |
|
Designation : |
Managing Director |
|
Address : |
121, Engineers Estate, 21 IP Extension Patpar Ganj, Delhi - 110092, India |
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Date of Birth/Age : |
04.02.1963 |
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Experience : |
30 years |
|
Date of Appointment : |
08.07.2002 |
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DIN No.: |
00088527 |
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|
Name : |
Mr. Amitabh Das Mundhra |
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Designation : |
Director |
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Address : |
27, Shakespearre Sarani, Kolkata – 700017, West Bengal,
India |
|
Date of Appointment : |
21.06.2010 |
|
DIN No.: |
00014227 |
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|
|
|
Name : |
Mr. Bhanwarlal Jivanmal Taparia |
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Designation : |
Director |
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Address : |
301,Saraswati Darshan , Link Road, Bangurnagar ,Goregaon
(West), Mumbai - 400090 Maharashtra, India |
|
Date of Appointment : |
10.05.2013 |
|
DIN No.: |
00016551 |
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|
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Name : |
Mr. Adityavikram Ramesh Somani |
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Designation : |
Whole-time Director |
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Address : |
706, Dalamal Towers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Date of Birth/Age : |
04.11.1973 |
|
Experience : |
25 years |
|
Date of Appointment : |
07.11.2005 |
|
DIN No.: |
00046286 |
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|
|
|
Name : |
Mr. Murari Lal Gupta |
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Designation : |
Director |
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Address : |
G-9.C, Kamlayan Kabir Marg, Bani Park, Jaipur – 302016,
Rajasthan, India |
|
Date of Birth/Age : |
03.02.1941 |
|
Experience : |
53 years |
|
Date of Appointment : |
08.07.2002 |
|
DIN No.: |
00088685 |
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|
|
|
Name : |
Ms. Bhavna Gautam Doshi |
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Designation : |
Director |
|
Address : |
Flat C - 191, Grand Paradi, August Kranti Road, Kemps Corner, Mumbai - 400036, Maharashtra, India |
|
Date of Appointment : |
25.10.2013 |
|
DIN No.: |
00400508 |
|
|
|
|
Name : |
Mr. Srinivasa Rao Yenduri |
|
Designation : |
Whole-Time Director |
|
Address : |
E-11, Block-E, Green Park Main, Delhi - 110016, India |
|
Date of Appointment : |
28.07.2007 |
|
DIN No.: |
01289086 |
KEY EXECUTIVES
|
Name : |
Mr. Nikhil Dujari |
|
Designation : |
Chief Financial Officer |
|
Address : |
623, Sector-37 Faridabad -121003, Haryana, India |
|
Date of Appointment : |
02.12.2016 |
|
PAN No.: |
AFRPD0431J |
|
|
|
|
Name : |
Mr. Neeraj Kohli |
|
Designation : |
Company Secretary |
|
Address : |
7/13, East Punjabi Bagh, New Delhi – 110026, India |
|
Date of Appointment : |
20.11.2007 |
|
PAN No.: |
AAAPK4379E |
|
|
|
|
Name : |
Mr. Sarvan Shukla |
|
Designation : |
Regional Head |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of shareholder |
Total Nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957) As a % |
|
|
(A) Promoter & Promoter Group |
7520470 |
48.36 |
|
|
(B) Public |
8031680 |
51.64 |
|
|
Grand Total |
15552150 |
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 % |
|
|
A1) Indian |
|
||
|
Any Other (specify) |
7520470 |
48.36 |
|
|
FALAK INVESTMENT PRIVATE
LIMITED |
7383470 |
47.48 |
|
|
TRAPU CANS PRIVATE
LIMITED |
137000 |
0.88 |
|
|
Sub Total A1 |
7520470 |
48.36 |
|
|
A=A1+A2 |
7520470 |
48.36 |
|
Category & Name
of the Shareholders |
Total No. shares
held |
Shareholding %
calculated as per SCRR 1957 As a % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
458509 |
2.95 |
|
|
HDFC Mutual Fund |
411860 |
2.65 |
|
|
Foreign Portfolio
Investors |
287721 |
1.85 |
|
|
Financial Institutions/
Banks |
1423 |
0.01 |
|
|
Insurance Companies |
187 |
0.00 |
|
|
Sub Total B1 |
747840 |
4.81 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0.00 |
||
|
Central Government/ State
Government(s)/ President of India |
25970 |
0.17 |
|
|
Sub Total B2 |
25970 |
0.17 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
3517370 |
22.62 |
|
|
Individual share capital in
excess of INR 0.200 Million |
1742407 |
11.20 |
|
|
Raj Kumar Mittal |
200978 |
1.29 |
|
|
VIJAY KISHANLAL KEDIA |
605113 |
3.89 |
|
|
NBFCs registered with RBI |
55 |
0.00 |
|
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Any Other (specify) |
1998038 |
12.85 |
|
|
Bodies Corporate |
1847248 |
11.88 |
|
|
ICICI LOMBARD GENERAL
INSURANCE COMPANY LIMITED |
805000 |
5.18 |
|
|
NRI – Repat |
108807 |
0.70 |
|
|
NRI – Non- Repat |
41383 |
0.27 |
|
|
Trusts |
600 |
0.00 |
|
|
Sub Total B3 |
7257870 |
46.67 |
|
|
B=B1+B2+B3 |
8031680 |
51.64 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories. [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
1591 (Approximately) |
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Bankers : |
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Facilities : |
LONG TERM
BORROWINGS External Commercial Borrowing (ECB) from DBS Bank Limited of INR 41.280 Million (previous year INR 206.400 Million) is secured by first pari-passu charges on all the movable fixed assets located at Kolkata, Kymore, Podanur, Lakhmpaur and Bhagwanpur and immoveable fixed assets situated at Kymore, Lakhmapur and Bhagwanpur and second pari passu charge over entire current assets. The ECB is repayable in 15 quarterly instalments of USD 800,000 each; the last instalment is due in April 2017. The rate of interest is Libor + 2.75% per annum. External Commercial Borrowing (ECB) from Axis Bank Limited of INR 663.329 Million (previous year INR 663.329 Million) is secured by first pari-passu charges on all the movable fixed assets situated at Kolkata, Kymore, Podanur, Lakhmpaur and Bhagwanpur and immovebale fixed assets located at Kymore, Bhagwanpur and Lakhmapur and pledge of shares held in subsidary. The ECB is repayable in 24 quarterly instalments; the last instalment is due in December 2022. The rate of interest is 3 months Libor + 4.00% per annum. Term Loan from HDFC Bank Limited of INR 112.457 Million (previous year INR 153.350 Million) is secured by exclusive charge over the immovable property situated at Noida. The loan is repayable in 20 quarterly instalments of INR 10.223 Million each; the last instalment is due in November 2018. The rate of interest is banks base rate + 1.30% per annum. Working Capital Term Loan from ICICI Bank Limited of INR 450.000 Million (previous year INR Nil) to be secured by exclusive charge over the immovable and movable property situated at Dahej. The loan is repayable in 15 quarterly instalments of INR 30.000 Million the last instalment is due in December 2020. The rate of interest is banks base rate + 1.35% per annum. SHORT TERM
BORROWINGS Loans from banks are secured by a first pari-passu charge
by way of hypothecation of stocks, present and future, book debts and
receivables, first pari-passu charge on land and building situated at
Podanur, second pari-passu charges on all movable fixed assets situated at Kymore,
Podanur, Kolkata, Lakhmapur and Bhagwanpur and second paripasu charges on
land and building situated at Kymore, Lakhmapur and Bhagwanpur. |
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Gurugram, Haryana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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Subsidiary
companies : |
|
|
|
|
|
Enterprise
exercising significant influence : |
Falak Investment Private Limited |
CAPITAL STRUCTURE
As on 26.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
INR 10/- each |
INR 170.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15552150 |
Equity Shares |
INR 10/- each |
INR 155.522 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
INR 10/- each |
INR 170.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15422910 |
Equity Shares |
INR 10/- each |
INR 154.229 Million |
|
|
|
|
|
Note:
Of the above:
15000 (previous year 15000) equity shares were allotted as fully paid up pursuant to a contract without payment being received in cash 13350020 (previous year 13350,020) equity shares were allotted as fully paid up by way of bonus shares by capitalisation of general reserve The Company has one class of equity shares having a par value of INR 10 each. Each shareholder is eligible for one vote per share held.
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 |
154.229 |
153.889 |
152.911 |
|
(b) Reserves &
Surplus |
3349.109 |
3320.554 |
3044.199 |
|
(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) |
3503.338 |
3474.443 |
3197.110 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
916.927 |
1182.394 |
947.858 |
|
(b) Deferred tax
liabilities (Net) |
312.421 |
322.635 |
295.113 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
59.883 |
|
Total Non-current
Liabilities (3) |
1229.348 |
1505.029 |
1302.854 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
883.525 |
1124.976 |
1857.017 |
|
(b) Trade payables |
1697.609 |
1729.360 |
1321.819 |
|
(c) Other current
liabilities |
1145.615 |
1160.878 |
1352.026 |
|
(d) Short-term provisions |
53.950 |
269.175 |
469.490 |
|
Total Current Liabilities
(4) |
3780.699 |
4284.389 |
5000.352 |
|
|
|
|
|
|
TOTAL |
8513.385 |
9263.861 |
9500.316 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3359.142 |
3472.053 |
3138.035 |
|
(ii) Intangible Assets |
7.897 |
24.924 |
70.616 |
|
(iii) Capital
work-in-progress |
46.991 |
18.244 |
303.450 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
278.663 |
278.663 |
77.418 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
466.844 |
531.448 |
871.005 |
|
(e) Other Non-current
assets |
1.453 |
32.407 |
33.539 |
|
Total Non-Current Assets |
4160.990 |
4357.739 |
4494.063 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2369.276 |
2525.269 |
2718.470 |
|
(c) Trade receivables |
1048.900 |
1131.105 |
1043.141 |
|
(d) Cash and cash
equivalents |
158.093 |
521.118 |
636.321 |
|
(e) Short-term loans and
advances |
741.000 |
719.969 |
598.055 |
|
(f) Other current assets |
35.126 |
8.661 |
10.266 |
|
Total Current Assets |
4352.395 |
4906.122 |
5006.253 |
|
|
|
|
|
|
TOTAL |
8513.385 |
9263.861 |
9500.316 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
11553.764 |
13133.563 |
12304.954 |
|
|
Other Income |
90.597 |
129.038 |
104.572 |
|
|
TOTAL |
11644.361 |
13262.601 |
12409.526 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6247.826 |
7004.404 |
7056.632 |
|
|
Purchases of
Stock-in-Trade |
152.130 |
123.453 |
149.352 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
100.093 |
194.869 |
(142.843) |
|
|
Employees benefits
expense |
1281.161 |
1270.982 |
1090.958 |
|
|
Other expenses |
3400.878 |
3670.720 |
3331.518 |
|
|
TOTAL |
11182.088 |
12264.428 |
11485.617 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
462.273 |
998.173 |
923.909 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
188.953 |
228.447 |
186.947 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
273.320 |
769.726 |
736.962 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
248.836 |
256.270 |
254.236 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
24.484 |
513.456 |
482.726 |
|
|
|
|
|
|
|
Less |
TAX |
(0.120) |
160.392 |
140.663 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
24.604 |
353.064 |
342.063 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2269.479 |
2045.569 |
1830.248 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
0.000 |
36.000 |
35.000 |
|
|
Dividends
proposed to be distributed to equity shareholders |
0.000 |
77.167 |
76.455 |
|
|
Tax
on Dividend |
0.000 |
15.987 |
15.287 |
|
|
Balance Carried to the
B/S |
2294.083 |
2269.479 |
2045.569 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
356.556 |
612.533 |
969.014 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
FOB
value of goods exported |
1989.047 |
2147.306 |
2417.968 |
|
|
Components
and Stores parts |
43.558 |
24.582 |
20.647 |
|
|
Capital
Goods |
0.000 |
0.000 |
26.464 |
|
|
Stores
and spares |
9.321 |
21.144 |
17.243 |
|
|
TOTAL IMPORTS |
2041.926 |
2193.032 |
2482.322 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.60 |
23.00 |
22.45 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
182.170 |
249.792 |
202.920 |
|
Cash generated from operations |
676.796 |
1053.231 |
597.310 |
|
Net cash flow from (used in) operations |
608.414 |
967.626 |
445.256 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
3780.200 |
2590.600 |
2906.200 |
|
Total Expenditure |
3459.100 |
2476.800 |
2727.400 |
|
PBIDT (Excl OI) |
321.100 |
113.800 |
178.800 |
|
Other Income |
12.800 |
24.500 |
28.800 |
|
Operating Profit |
333.900 |
138.300 |
207.600 |
|
Interest |
38.100 |
20.700 |
24.300 |
|
Exceptional Items |
(16.500) |
NA |
NA |
|
PBDT |
279.300 |
117.600 |
183.300 |
|
Depreciation |
56.400 |
59.100 |
61.000 |
|
Profit Before Tax |
222.900 |
58.500 |
122.300 |
|
Tax |
53.400 |
13.600 |
28.000 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
169.500 |
44.900 |
94.300 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
169.500 |
44.900 |
94.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors /Income * 365 Days) |
33.14 |
31.43 |
30.94 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.02 |
11.61 |
11.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
96.82 |
88.56 |
66.95 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.20 |
0.40 |
0.34 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.14 |
0.28 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.57 |
0.62 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.57 |
0.74 |
0.94 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.08 |
1.23 |
1.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.97 |
1.01 |
1.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.45 |
4.37 |
4.94 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales [(PAT/Sales) * 100) |
% |
0.21 |
2.69 |
2.78 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.29 |
3.81 |
3.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
0.70 |
10.16 |
10.70 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.15 |
1.15 |
1.00 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.52 |
0.56 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.41 |
0.38 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
12.86 |
16.62 |
19.67 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.15 |
1.15 |
1.00 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 493.00/- |
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 |
152.911 |
153.889 |
154.229 |
|
Reserves & Surplus |
3044.199 |
3320.554 |
3349.109 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3197.110 |
3474.443 |
3503.338 |
|
|
|
|
|
|
Long Term borrowings |
947.858 |
1182.394 |
916.927 |
|
Short Term borrowings |
1857.017 |
1124.976 |
883.525 |
|
Current Maturities of Long term debt |
202.920 |
249.792 |
182.170 |
|
Total
borrowings |
3007.795 |
2557.162 |
1982.622 |
|
Debt/Equity
ratio |
0.941 |
0.736 |
0.566 |
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
|
12304.954 |
13133.563 |
11553.764 |
|
|
|
6.734 |
(12.029) |
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
|
12304.954 |
13133.563 |
11553.764 |
|
Profit |
342.063 |
353.064 |
24.604 |
|
|
2.78% |
2.69% |
0.21% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
154.229 |
153.889 |
|
(b) Reserves &
Surplus |
3327.159 |
3311.748 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
d) Minority Interest |
1.884 |
9.206 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
3483.272 |
3474.843 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
916.927 |
1182.394 |
|
(b) Deferred tax
liabilities (Net) |
312.421 |
322.635 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1229.348 |
1505.029 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
883.525 |
1124.976 |
|
(b) Trade payables |
1745.556 |
1731.093 |
|
(c) Other current
liabilities |
1165.085 |
1161.241 |
|
(d) Short-term provisions |
55.168 |
269.282 |
|
Total Current Liabilities
(4) |
3849.334 |
4286.592 |
|
|
|
|
|
TOTAL |
8561.954 |
9266.464 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
3364.847 |
3477.860 |
|
(ii) Intangible Assets |
7.897 |
24.924 |
|
(iii) Capital
work-in-progress |
262.888 |
94.266 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
478.057 |
542.159 |
|
(e) Other Non-current
assets |
1.453 |
32.407 |
|
Total Non-Current Assets |
4115.142 |
4171.616 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
2370.802 |
2525.269 |
|
(c) Trade receivables |
1078.572 |
1131.105 |
|
(d) Cash and cash equivalents |
184.178 |
633.371 |
|
(e) Short-term loans and
advances |
778.134 |
796.442 |
|
(f) Other current assets |
35.126 |
8.661 |
|
Total Current Assets |
4446.812 |
5094.848 |
|
|
|
|
|
TOTAL |
8561.954 |
9266.464 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
11679.604 |
13133.734 |
|
|
Other Income |
90.803 |
129.286 |
|
|
TOTAL |
11770.407 |
13263.020 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
6247.826 |
7004.404 |
|
|
Purchases of
Stock-in-Trade |
153.962 |
123.453 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
98.567 |
194.869 |
|
|
Employees benefits
expense |
1287.577 |
1272.436 |
|
|
Other expenses |
3528.801 |
3678.291 |
|
|
TOTAL |
11316.733 |
12273.453 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
453.674 |
989.567 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
188.953 |
228.449 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
264.721 |
761.118 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
251.360 |
256.270 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
13.361 |
504.848 |
|
|
|
|
|
|
Less |
TAX |
0.991 |
160.435 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
12.370 |
344.413 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.80 |
22.61 |
LEGAL
CASE
HIGH COURT
|
COMMISSIONER OF INCOME TAX THANEI VS EVEREST INDUSTRIES D Case No.ITA79102011 Assessment Year |
|
high court-Mum |
|
Case no:37. ITXA/2372/2013 |
|
Case status:Pending |
|
Judge:HON'BLE SMT. JUSTICE DR. SHALINI PHANSALKAR-JOSHI |
|
Date:2016-01-14T00:00:00Z |
HIGH COURT
|
COMMISSIONER OF INCOME TAX THANEI VS EVEREST INDUSTRIES D Case No.ITA79102011 Assessment Year FOR |
|
high court-Mum |
|
Case no:901. ITXA/2372/2013 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE K.R. SHRIRAM |
|
Date:2016-01-15T00:00:00Z |
HIGH COURT
|
VARUN DHOOT Vs. EVEREST INDUSTRIES LIMITED |
|
high court-Delhi |
|
Case no:CM(M) 372/2017 CM APPL. 13223/2017 |
|
Case status:Pending |
|
Judge:HON BLE MS. JUSTICE PRATIBHA RANI |
|
Date:2017-04-20 |
HIGH COURT
|
MS PREMIUM PRESSURE VESSELS PRIVATE LIMITED. Vs. MS EVEREST INDUSTRIES LIMITED. |
|
high court-Delhi |
|
Case no:ARB.P. 301/2017 I.A. 5651/2017 |
|
Case status:Pending |
|
Judge:HON BLE MR. JUSTICE VIBHU BAKHRU |
|
Date:2017-05-08 |
HIGH COURT
|
SHARAD CONSTRUCTIONS PV MR HITESH V PATEL 1T LIMITED VS EVEREST INDUSTRIES LIMITED 129 ADJOURNED MATTERS |
|
high court-Gujarat |
|
Case no:IAAP/104/2016 |
|
Case status:Pending |
|
Judge:HONOURABLE MR.JUSTICE AKIL KURESHI |
|
Date:2016-11-25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject is engaged in manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories.
PERFORMANCE REVIEW
The Indian economy has certainly performed creditably compared to most developed and emerging markets of the world in the past year. The macroeconomic condition is stable and consumer price inflation is well under control. Even as the economy has made progress, the impact of demonetization was felt during the months of November 2016 to February ‘2017 on demand. Under these constraints, the Company achieved a turnover of INR 11550.000 Million. The Highlights of the Company’s standalone performance are as under:
1. Revenue from operations during the year at INR 11553.764 Million was lower by 12.03% as compared with INR 13133.563 Million in the previous year. Top line in building products segment recorded a decrease of 11.32% whereas the steel building segment recorded a decrease of 13.25%.
2. Production volume in the two business segments were as follows:
a. In building products segment the production at 662463 MT was lower by 6.62% as compared to 709433 MT in the previous year.
b. In steel buildings segment the production at 47,161 MT was lower by 0.39% as compared to 47,347 MT in the previous year.
3. Operating Profit (EBIDTA) at INR 371.677 Million was lower by 57.24% as compared to INR 869.135 Million in the previous year.
4. Profit before Tax decreased by 95.23% to INR 24.484 Million as compared to INR 513.456 Million in the previous year.
5. Cash profit was INR 263.226 Million as compared to INR 636.856 Million in the previous year.
MANAGEMENT DISCUSSION AND
ANALYSIS
ECONOMIC REVIEW
There is a positive global outlook. They should continue to see both portfolio and FDI investment coming into India. The only troubled part in the world seems to be the Middle East on account of the various conflicts there, and the low oil prices. For Everest this means low demand for its exports but it should be good for the Indian economy in general as the oil bill is likely to be the year. The economy is on sound footing. Various estimates suggest that India will grow at 7.7% on the back of strong private consumption. There was a speed breaker in the form of demonetization, which happened in Q3 - Q4, the effect of which is largely over.
Going forward they should see robust growth both in rural economy as they all as in the industrial economy. The good monsoon last year and the expectation of good monsoon this year as predicted by IMD should give a boost to the rural economy. There is a major initiative by the Govt. aimed at “Housing for All”. This initiative of the Govt. can be fulfilled only and only if modern construction practices are undertaken. There is no way that conventional building practices can fulfil the aspiration of millions of people. Modern construction practices which ensure that the structures are light and sturdy yet quick, need to be adopted going forward. Everest’s big strength is speed of delivery which ties in theyll with both the need of the economy and the Government’s agenda. All of Everest product lines contribute towards quick, light, aesthetic and long lasting building solutions.
The biggest Government initiative is the implementation of GST. It should eliminate anomalies in tax structure across states which have been a cause of concern to all. It should eliminate barriers to interstate sales, both physical and fiscal. Our product lines are bulky and logistics form a significant part of the overall cost structure. They expect that they will be able to reduce the number of depots and move our products faster to the markets thus eliminating wasteful expenditure.
All their major products, Roofing, Boards, Panels, PEB, Smart Steel Buildings, and Metal Roofing will be taxed at 18% GST. This should result in making their retail range of products more affordable and should benefit a large section of the society. The small and marginal farmer, the SME, the poultry owner, the dairy owner and many others like them should benefit from this change in taxation.
BUSINESS SEGMENT
OVERVIEW
THE BUILDING PRODUCTS
SEGMENT – THE ROOFING INDUSTRY
Fibre Cement Roofing is the most economical and the longest lasting “Pucca” roofing which an Indian can buy. Fibre Cement Roofing continues to be the solution of choice wherever housing of people and animals is concerned. The major growth driver for roofing - “Housing for All” - the Pradhan Mantri Awas Yojana, aims at providing affordable housing for the poor. Under this scheme the Government of India is supposed to build almost 20 million homes by the year 2022, with central assistance to the tune of INR 2 trillion. The Government has identified 500 more cities and towns in 9 states under this plan to be covered in the first 3 phases. With an increase in allocation to INR 230 billion in budget 2018 for the Pradhan Mantri Awas Yojana – Gramin and proposal to complete 10 million houses by 2019 for the homeless people living in ‘kuchha’ houses, the demand for the rural economy is bound to grow.
Agriculture Growth : They still have more than 60% of the population dependent on agriculture. The monsoon plays a very important role in the progress of rural economy and a good monsoon will help rural economy grow and thereby generating good demand for their products. Also, there is an increased allocation for the MNREGA scheme from INR 385 million to INR 480 million in Budget 2018. Recent farm loan waivers in UP and Maharashtra will provide more disposable income in the hands of farmers, which is likely to be allocated towards building homes and cattle/poultry sheds.
Migration From ‘Kuccha’ To ‘Pucca’ Roofs : As per the population census 2011, 54% of the Indian population still lives in the houses made from kuchha roofs. As farm incomes improve, so do aspirations of the people to improve the quality of their living. Roofing caters to the basic human requirement of providing shelter in the form of Pucca
roof. The ‘Infrastructure’ status being accorded to the affordable housing sector in Budget 2018 should be a big boost to the entire low cost housing segment.
FINANCIAL HIGHLIGHTS:
The Company delivered subdued financial performance during the year, particularly in Q2 and Q3. This was due
to the general economic environment. The economy began to pick up during third quarter but was negatively impacted by demonetization and consequent decline in demand due to shortage of currency.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Amount |
Address |
|
1 |
G62864939 |
100134426 |
Kotak Mahindra Bank Limited |
10/11/2017 |
- |
450000000.0 |
1st Floor, Asset Area 9, IBIS Commercial Block, Hospitalitiy District, Delhi Aerocity, New Delhi – 110037, India |
|
2 |
G08769952 |
100042575 |
HDFC Bank Limited |
20/06/2016 |
- |
150000000.0 |
HDFC Bank House Senapati Bapat Marg, Lower Parel (West) Mumbai – 400013, Maharashtra India |
|
3 |
G06844054 |
10626961 |
ICICI Bank Limited |
16/03/2016 |
10/05/2016 |
500000000.0 |
Landmark, Race Course Circle, Alkapuri, Baroda – 390007, Gujarat, India |
|
4 |
G22482095 |
10571506 |
HDFC Bank Limited |
05/02/2015 |
26/10/2016 |
360000000.0 |
Senpati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra India |
|
5 |
C63698682 |
10532294 |
Axis Bank Limited |
21/11/2014 |
31/07/2015 |
620000000.0 |
2nd Floor, Red Fort Capital, Parsvnath Towers,Gole Market, Bhai Veer Singh Marg, New Delhi – 110001, India |
|
6 |
G07766470 |
10369338 |
DBS Bank Limited |
20/06/2012 |
20/06/2016 |
350000000.0 |
Capital Point, Baba Kharak Singh Marg, connaught Place, New Delhi -110001, India |
|
7 |
G38357505 |
10303259 |
Kotak Mahindra Bank Limited |
01/08/2011 |
16/12/2016 |
920000000.0 |
Kotak Aerocity, 1st Floor, Asset Area 9,Ibis Commercial Block, Hospitality District, New Delhi – 110037, India |
|
8 |
G50883446 |
10133157 |
HDFC Bank Limited |
05/11/2008 |
16/12/2016 |
1100000000.0 |
HDFC Bank House Senapati Bapat Marg, Lower Parel (West) Mumbai – 400013, Maharashtra India |
|
9 |
C78939410 |
10127596 |
ICICI Bank Limited |
18/10/2008 |
31/07/2015 |
980000000.0 |
Landmark, Race Course Circle, Alkapuri, Baroda – 390007, Gujarat, India |
|
10 |
G34506816 |
10080917 |
ICICI Bank Limited |
10/12/2007 |
16/12/2016 |
1180000000.0 |
Landmark, Race Course Circle, Alkapuri, Baroda – 390007, Gujarat, India |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
Company not acknowledged as liabilities in respect of: |
|
|
|
Sales tax matters |
201.369 |
210.103 |
|
Excise and service tax matters |
327.654 |
317.997 |
|
Income tax matters |
200.124 |
252.818 |
|
Total |
729.147 |
780.918 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
(INR
in million)
|
|
Particulars |
3 Months Ended |
3 Months Ended |
Year to date figures for current
year ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
|
|
|
Revenue from Operations |
2906.200 |
2590.600 |
9277.000 |
|
|
Other Operating Income |
28.800 |
24.500 |
66.100 |
|
Total Revenue |
2935.000 |
2615.100 |
9343.100 |
|
|
Expenses |
|
|
|
|
|
a) |
Cost of Materials consumed |
1832.400 |
1566.900 |
5262.000 |
|
b) |
Purchase of Stock-in-trade |
35.400 |
32.100 |
125.800 |
|
c) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(278.500) |
(119.300) |
(302.700) |
|
d) |
Employee benefit expenses |
366.100 |
356.600 |
1061.200 |
|
e) |
Finance Costs |
24.300 |
20.700 |
83.100 |
|
f) |
Depreciation and amortization expense |
61.000 |
59.100 |
176.500 |
|
g) |
Excise Duty |
0.000 |
0.000 |
263.900 |
|
i) |
Other expenses |
772.000 |
640.500 |
2253.100 |
|
Total Expenses |
2812.700 |
2556.600 |
8922.900 |
|
|
|
|
|
|
|
|
|
Profit before
exceptional items and tax |
122.300 |
58.500 |
420.200 |
|
Exceptional items |
0.000 |
16.500 |
16.500 |
|
|
Profit before tax |
122.300 |
58.500 |
403.700 |
|
|
Tax Expense |
|
|
|
|
|
a) Current Tax |
42.300 |
12.800 |
109.300 |
|
|
b) Deferred Tax |
(14.300) |
0.800 |
(14.200) |
|
|
Profit after Tax |
94.300 |
44.900 |
308.600 |
|
|
Other Comprehensive
income (net of tax) |
5.700 |
5.600 |
16.900 |
|
|
Total comprehensive
income (after tax) |
10.000 |
50.500 |
325.500 |
|
|
Paid up equity share capital (Eq. shares of INR 10/- each) |
155.500 |
154.600 |
155.500 |
|
|
|
Earnings per share (basic and diluted) of INR 10/- each |
6.45 |
3.27 |
21.05 |
Notes:
1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 24 January, 2018. The Statutory Auditors have carried out a limited review of the financial results of the Company for the quarter and nine months ended 31 December, 2017, in accordance with Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.
2.The Company has adopted Indian Accounting Standards (Ind AS) prescribed under
section 133 of the Companies Act, 2013 read with the relevant rules issued
thereunder. The date of transition to Ind AS is 1 April, 2016 and accordingly,
these unaudited financial results have been prepared in accordance with the
recognition and measurement principles laid down in Ind AS 34 "Interim
Financial Reporting" and the other accounting principles generally
accepted in India. The impact of transition has been accounted for in the
opening reserves and the comparative period figures have been reinstated
accordingly.
SEGMENT WISE REVENUE, RESULTS ASSET AND LIABILITIES FOR THE QUARTER AND
NINE MONTHS ENDED 31.12.2017
(INR in million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Year to date figures for current
year ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(unaudited) |
(unaudited) |
(unaudited) |
|
Segment Revenue |
|
|
|
|
a) Building Products |
1815.500 |
1524.500 |
6061.900 |
|
b) Steels Buildings |
1090.700 |
1066.100 |
3215.100 |
|
Total revenue |
2906.200 |
2590.600 |
9277.000 |
|
|
|
|
|
|
Segment Results Profit/(Loss)
before finance costs and tax from each segment |
|
|
|
|
a) Building Products |
256.600 |
148.900 |
754.400 |
|
b) Steels Buildings |
0.800 |
23.100 |
29.000 |
|
Sub Total |
257.400 |
172.000 |
783.400 |
|
Less: i) Financial Costs |
24.300 |
20.700 |
83.100 |
|
II) Other-Un-allocable Expenditure net off Un-allocable Income |
110.800 |
92.800 |
296.600 |
|
|
|
|
|
|
Total Profit /
(Loss) before Tax |
122.300 |
58.500 |
403.700 |
|
|
|
|
|
|
Segment assets |
|
|
|
|
a) Building Products |
4557.800 |
4702.300 |
4557.800 |
|
b) Steels Buildings |
2356.300 |
2329.700 |
2356.300 |
|
c) Unallocable |
1446.900 |
1142.100 |
1446.900 |
|
Total Segment assets |
8361.000 |
8174.100 |
8361.000 |
|
Segment Liabilities |
|
|
|
|
a) Building Products |
1530.500 |
1581.200 |
1530.500 |
|
b) Steels Buildings |
834.200 |
1083.200 |
834.200 |
|
c) Un-allocated |
2247.200 |
1890.900 |
2247.200 |
|
Total Segment Liabilities |
4611.900 |
4555.300 |
4611.900 |
FIXED ASSETS:
·
Land (Freehold /
Leasehold)
·
Building (On Freehold
Land)
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
·
Leasehold
Improvements
·
Roads
·
Computer Software
Technical Knowhow
WEBSITE DETAILS:
NEWS / PRESS RELEASES:
Expect spur in demand
as GST benefits will be passed on to consumers: Everest Industries
Everest Industries posted a steady set of first quarter earnings. In an interview to CNBC-TV18, Manish Sanghi, MD of Everest Industries spoke about the results and gave his outlook for the company.
Everst Industries posted a steady set of first quarter earnings. In an interview to CNBC-TV18, Manish Sanghi, MD of Everest Industries spoke about the results and gave his outlook for the company.
"The results could have been even better but for the fact that the month of June saw a slowdown in retail because of goods and services tax (GST) impact but we have been benefited greatly by GST because overall tax rate on our product line has come down," said Sanghi.
He expects a spur in demand going forward as the GST benefits will be passed on to the consumers.
According to him, there is not much of an unorganised sector as far as roofing or boards are concerned.
On export front, he said exports are not doing well and are at low level because of the problems in Middle East.
However, big improvement has happened in terms of roofing and have big plan around boards business, he added.
FRANCE’S ENGIE IN
TALKS TO PARTNER EVEREST INDUSTRIES FOR SOLAR ROOFS
With around 60% of rooftop space in India not fit for solar installations given their sub-par design, the plan is to create a new category of solar-ready roofs
Attracted by India’s solar energy potential, French Energy Company Engine is in talks with the country’s largest roof manufacturer Everest Industries Limited for a partnership for solar-ready roofs, said several people aware of the development.
With around 60% of rooftop space not fit for solar installations given their sub-par design, the plan is to create a new category of solar-ready roofs and help meet the National Democratic Alliance (NDA) government’s 40,000 megawatt (MW) solar rooftop target which has been slipping.
This comes in the backdrop of Elon Musk’s Tesla Inc completing its first solar roof installations.
India offers a big opportunity given its 750 gigawatt (GW) potential on account of enjoying 300 sunny days a year with an average solar radiation range of 4-7 per kilowatt-hour (kWh).
“The talks are on between Engie and Everest,” said a person aware of the discussions on condition of anonymity.
With around €66.6 billion in revenue, Engie has been trying to expand its presence in the Indian clean energy space and set up a 2GW capacity by 2019.
Its subsidiary Solaire direct has been actively bidding for solar power projects and has an 810MW portfolio.
“We are still some time away from solar roofs. What Everest and Engine are looking at now are solar-ready roofs which are suitable for solar rooftop projects from the viewpoint of design, load and angle. There is a lot of opportunity in this space given the government’s push for solar,” said another person aware of the discussions, also requesting anonymity.
India’s green energy play is expected to grow substantively with federal policy think tank NITI Aayog projecting a 597-710GW capacity by 2040 in its new draft energy policy.
The NDA government has set an ambitious clean energy target of 175GW by 2022. Of the 100GW targeted from solar projects, 40GW is to come from solar rooftop projects.
However, a parliamentary standing committee has said that the 40GW target of grid-connected rooftop solar by 2022 is “unrealistic” and added that it is “highly unlikely that this target will be achieved”, Mint reported on 1 August.
Experts believe such solutions will facilitate faster solar adoption in India.
“Roofing systems with photo-voltaic panels integrated will be a good solution to increase penetration of rooftop solar at a faster pace and at marginal cost. All state electricity regulatory commissions have issued net metering policies and every consumer in India can be a prosumer (a play on producer and consumer),” said Reji Kumar Pillai, president and chief executive of India Smart Grid Forum, a public-private partnership of the power ministry. The deal-making focus has also shifted to the rooftop solar space given the race to the bottom seen in solar power tariffs for grid-connected utility-scale projects.
A case in point being US-based private equity firm Warburg Pincus Llc’s plans to invest up to $100 million in Clean Max Solar, an on-site rooftop solar power developer, in one of the largest overseas investments in the Indian rooftop solar space.
While an Engine spokesperson in an emailed response said “Engie does not comment on any market rumor”, Manish Sanghi, managing director at Everest Industries, in his emailed reply said, “Everest is the largest roofing and pre-engineered buildings maker in the country. As a natural extension to its business portfolio, Everest has started a solar roofing business and is in talks with a number of organizations for business association.”
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 64.98 |
|
|
1 |
INR 90.83 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.