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|
|
MIRA INFORM REPORT
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Report No. : |
497417 |
|
Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHEELA FOAM LIMITED [w.e.f. 06.06.2016] |
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|
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|
Formerly Known
As : |
SHEELA FOAM PRIVATE LIMITED |
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Registered Office
: |
C-55, Preet
Vihar, First Floor, Vikas Marg, Delhi – 110092 |
|
Tel. No.: |
91-11-22467764 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
18.06.1971 |
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Com. Reg. No.: |
55-005679 |
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Capital
Investment / Paid-up Capital : |
INR 243.914 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1971PLC005679 |
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IEC No.: [Import-Export Code No.] |
0588139645 |
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GSTN : [Goods & Service Tax Registration
No.] |
07AAACS0189B2ZP |
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TIN No.: |
09288800017 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACS0189B |
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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
: |
Manufacturing and Trading of PU Foam Sheets, Mattresses,
Rolls, Bolster, Pillows etc. [Registered Activity] |
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No. of Employees
: |
3155 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 12029000 |
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|
|
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1971. It is a manufacturer of PU foam products. The company sells its products under the brand name “Sleepwell” and “Feather Foam”. For the financial year 2017, the company has achieved revenue growth of 14.29% as compared to the previous year along with a decent profit margin of 7.64%. The sound financial risk profile of the company is marked by adequate net worth base along with comfortable debt balance sheet profile. Rating takes into consideration the subject’s long established track record of business operations along with its established market position in the PU foam market in India. The company’s shares are traded on Bombay Stock Exchange with the share price of INR 1588.35 as against face value of INR 5 as on March 10, 2018. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
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 |
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.
LOCATIONS
|
Registered Office : |
C-55, Preet
Vihar, First Floor, Vikas Marg, Delhi – 110092, India |
|
Tel. No.: |
91-11-22467764 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate
Office : |
Plot No. 37/2,
Site IV, Sahibabad Industrial Area, District |
|
Tel. No.: |
91-120-2770045 /
2770087 / 2775425 / 2770539 / 2770087 / 4162200 / 4512260 |
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Fax No.: |
91-120-2770366 /
2775427 / 4162282 / 4162283 |
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E-Mail : |
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Factory : |
·
Plot No. 51 A, Opposite L G Factory, Udyog Vihar,
District Gautam Budha Nagar, Greater Noida-201306, Uttar Pradesh, India ·
UPSIDC, Site B, Surajpur, Greater Noida-201306,
Uttar Pradesh, India ·
Sahibabad,
·
Hyderabad,
Telangana, India ·
Plot
No. 37/2, Site IV, Sahibabad Industrial Area, District Ghaziabad-201010, Tel. No. : 91-120-2770045
/ 2770087 / 2775425 Fax No. : 91-120-2770366
/ 2775427 ·
Survey
No. 261/1/2/3, Saily ·
·
·
A-10,
Sector 8, Noida – 201, 301, District Gautam Budh Nagar, Uttar Pradesh, India ·
·
Plot
No. 102/1, |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Rahul Gautam |
|
Designation : |
Managing Director |
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Address : |
D-2, Diwanshree Apartments, 30, Ferozesaha Road, New Delhi-110001,
India |
|
Date of Birth/Age : |
18.12.1952 |
|
Qualification : |
B. Tech. M.S. (Chemical
Engineering) MS (USA) |
|
Date of Appointment : |
01.04.1996 |
|
DIN No.: |
00192999 |
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|
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|
Name : |
Ms. Namita Gautam |
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Designation : |
Whole Time Director |
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Address : |
E-3, Asola Near Shani Dhan Fatehpur Beri , New Delhi-110074, India |
|
Date of Birth/Age : |
17.07.1953 |
|
Qualification : |
Post Graduate in Law |
|
Date of Appointment : |
14.11.2003 |
|
DIN No.: |
00190463 |
|
|
|
|
Name : |
Mr. Rakesh Chahar |
|
Designation : |
Whole Time Director |
|
Address : |
C-648, 1st Floor, New Friends Colony, New Delhi-110065, India |
|
Date of Birth/Age : |
15.12.1964 |
|
Qualification : |
Graduate in Commerce from Delhi University |
|
Date of Appointment : |
14.11.2003 |
|
DIN No.: |
00180587 |
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|
Name : |
Mr. Tushaar Gautam |
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Designation : |
Whole Time Director |
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Address : |
603 Ashadeep-9, Hailey Road, New Delhi-110001,
India |
|
Date of Birth/Age : |
21.05.1978 |
|
Qualification : |
Graduate in Commerce from Delhi University |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01646487 |
|
|
|
|
Name : |
Mr. Ravindra Dhariwal |
|
Designation : |
Additional Director |
|
Address : |
Aashray Farm, Opposite N.V.Farm, Sub P.O., Sp School, Bhatti Mines, Asola Village, New Delhi – 110030, India |
|
Date of Appointment : |
07.06.2016 |
|
DIN No.: |
00003922 |
|
|
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|
Name : |
Mr. Som Mittal |
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Designation : |
Additional Director |
|
Address : |
D 330, Sector-47 Noida, Gautam Budh Nagar, Noida – 201303, Uttar Pradesh, India |
|
Date of Appointment : |
07.06.2016 |
|
DIN No.: |
00074842 |
|
|
|
|
Name : |
Mr. Anil Tandon |
|
Designation : |
Additional Director |
|
Address : |
H.No.9/407,Heritage City M.G. Road, Gurugram – 122001, Haryana, India |
|
Date of Appointment : |
07.06.2016 |
|
DIN No.: |
00089404 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Additional Director |
|
Address : |
4 - A, 4th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Appointment : |
07.06.2016 |
|
DIN No.: |
02103940 |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Secretary |
|
Address : |
25 – A, Gaffor
Nagar, Jamia Nagar, |
|
Date of Birth/Age : |
20.05.1975 |
|
Date of Appointment : |
17.11.2008 |
|
PAN No.: |
ALRPA0540K |
|
|
|
|
Name : |
Mr. Dhruv Chandra Mathur |
|
Designation : |
Chief Financial Officer |
|
Address : |
L- 361, Sarita Vihar, New Delhi – 110044, India |
|
Date of Appointment : |
07.06.2016 |
|
PAN No.: |
AAIPM3322M |
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 |
41796507 |
85.68 |
|
|
(B) Public |
6986301 |
14.32 |
|
|
Grand Total |
48782808 |
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 |
|
||
|
Individuals/Hindu
undivided Family |
35221098 |
72.20 |
|
|
RAHUL GAUTAM |
9955419 |
20.41 |
|
|
SHEELA GAUTAM |
17561880 |
36.00 |
|
|
NAMITA GAUTAM |
5715879 |
11.72 |
|
|
TUSHAAR GAUTAM |
1987920 |
4.08 |
|
|
Any Other (specify) |
6575409 |
13.48 |
|
|
POLYFLEX MARKETING
PRIVATE LIMITED |
6551373 |
13.43 |
|
|
RANGOLI RESORTS PRIVATE
LIMITED |
12018 |
0.02 |
|
|
CORE MOULDINGS PRIVATE
LIMITED |
12018 |
0.02 |
|
|
Sub Total A1 |
41796507 |
85.68 |
|
|
A2) Foreign |
|
||
|
A=A1+A2 |
41796507 |
85.68 |
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 % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
3937526 |
8.07 |
|
|
SBI MAGNUM MIDCAP FUND
& SBI MAGNUM MULTIPLIER FUND |
1465203 |
3.00 |
|
|
Alternate Investment
Funds |
244038 |
0.50 |
|
|
Foreign Portfolio
Investors |
1273599 |
2.61 |
|
|
Financial Institutions/ Banks |
4870 |
0.01 |
|
|
Sub Total B1 |
5460033 |
11.19 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
290284 |
0.60 |
|
|
Individual share capital
in excess of INR 0.200 Million |
245091 |
0.50 |
|
|
Any Other (specify) |
990893 |
2.03 |
|
|
HUF |
11746 |
0.02 |
|
|
NRI – Non- Repat |
7495 |
0.02 |
|
|
NRI – Repat |
19376 |
0.04 |
|
|
Clearing Members |
17502 |
0.04 |
|
|
Bodies Corporate |
931774 |
1.91 |
|
|
Azim Premji Trust |
488399 |
1.00 |
|
|
Trusts |
3000 |
0.01 |
|
|
Sub Total B3 |
1526268 |
3.13 |
|
|
B=B1+B2+B3 |
6986301 |
14.32 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of PU Foam Sheets, Mattresses,
Rolls, Bolster, Pillows etc. [Registered Activity and also Confirmed by
management] |
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Products / Services
: |
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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||||
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3155 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS: Term Loans of INR 3.907 Million from other parties are secured against specific vehicles, repayable in monthly installments comprising not more than 48 installments in the case of each loan and carry rate of interest ranging from 9.72 % to 10.35 %. The maturity profile of non-current portion is as under:
Deferred sales tax liability consists of sales tax deferment availed under the schemes framed by Govt. of Andhra Pradesh. The deferment of sales tax (based on capital investment) was allowed for INR 21.962 Million for the period April, 1996 to April, 2005 and for INR 23.325 Million (based on production over and above base production) for June, 1998 to June, 2005. These are non-interest bearing and are payable after the end of 14 years from the year of deferment. The maturity profile of non-current portion is as under :
Inter Corporate Deposits and Loans and advances are on long term basis, carrying interest rate of 9% p.a. However, terms of repayment have not been stipulated. |
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Auditors : |
|
|
Name : |
S. P. Chopra and Company Chartered Accountants |
|
Address : |
31- F, Connaught Place, New Delhi, India |
|
PAN No.: |
AACFS2450C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Entities in which
Key Management Personnel or their Relatives have significance influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88021000 |
Equity Shares |
INR 5/- each |
INR 440.105 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48782808 |
Equity Shares |
INR 5/- each |
INR 243.914 Million |
|
|
|
|
|
Right, Preferences
and Restrictions attached to Shares
The Company has one class of equity shares having a par value of INR 5 per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation, the equity Shareholders are eligible to receive the remaining assets of the Company in proportion of their shareholding.
Reconciliation of the
number of shares outstanding:
|
Particulars |
As at 31 March, 2017 |
|
|
|
Number of Shares |
INR in Million |
|
At the beginning of the year |
16260936 |
162.609 |
|
Add : Shares splitted during the year |
16260936 |
0.000 |
|
Add : Bonus shares issued during the year |
16260936 |
81.305 |
|
At the end of the year |
48782808 |
243.914 |
During the current year, the Authorised Share Capital of 44010500 equity shares of INR 10/- each was splitted into 88021000 equity shares of INR 5/- each, and consequently 16260936 fully paid up equity shares of INR 10/- each converted into 32521872 fully paid up equity shares of INR 5/- each.
Details of Shares allotted as fully paid up without payment being received in cash during 5 years immediately preceeding 31 March, 2017 / 31 March, 2016:
During the year 16260936 fully paid up equity shares of ` 5/- each, were allotted by way of bonus shares to all the shareholders in the ratio of 1:2.
During 2011-12 and 2012-13, 2100 and 63296 equity shares of INR 10/- fully paid up respectively (196188 equity shares of INR 5/- each fully paid up as at 31 March, 2017 after splittng up and issue of Bonus shares) were allotted without payment being received in cash
Details of
Shareholders holding more than 5% shares:
|
Particulars |
As at 31 March, 2017 |
|
|
|
Number of Shares |
% |
|
Sh. Rahul Gautam |
9955419 |
20.41 |
|
Smt. Namita Gautam |
5715879 |
11.72 |
|
Smt. Sheela Gautam and Sh. Tushaar Gautam |
17561880 |
36.00 |
|
M/s Polyflex Marketing Private Limited |
6551373 |
13.43 |
|
SBI Mutual Funds |
2613285 |
5.36 |
Equity shares
held (under Authorised Capital) as per Sheela Foam Employees Stock Option
Scheme, 2016 (ESOS 2016)
|
Particulars |
As at 31 March, 2017 |
|
|
Number of Shares |
|
Equity Shares of INR 5/- each |
2400000 |
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 |
243.914 |
162.609 |
162.609 |
|
(b) Reserves &
Surplus |
3966.228 |
2942.726 |
2041.256 |
|
(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) |
4210.142 |
3105.335 |
2203.865 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
35.324 |
39.012 |
175.820 |
|
(b) Deferred tax
liabilities (Net) |
49.288 |
57.165 |
47.498 |
|
(c) Other long term
liabilities |
401.635 |
342.128 |
274.837 |
|
(d) long-term provisions |
120.363 |
97.056 |
76.980 |
|
Total Non-current
Liabilities (3) |
606.610 |
535.361 |
575.135 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2.323 |
408.382 |
350.412 |
|
(b) Trade payables |
1344.440 |
890.224 |
935.600 |
|
(c) Other current
liabilities |
1500.028 |
1305.606 |
1255.108 |
|
(d) Short-term provisions |
90.888 |
209.078 |
78.250 |
|
Total Current Liabilities
(4) |
2937.679 |
2813.290 |
2619.370 |
|
|
|
|
|
|
TOTAL |
7754.431 |
6453.986 |
5398.370 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2334.621 |
2008.329 |
1903.526 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
28.489 |
22.068 |
81.499 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
729.723 |
525.618 |
298.836 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
124.927 |
133.137 |
102.221 |
|
(e) Other Non-current
assets |
0.983 |
0.158 |
0.438 |
|
Total Non-Current Assets |
3218.743 |
2689.310 |
2386.520 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1102.259 |
735.330 |
911.732 |
|
(c) Trade receivables |
994.413 |
743.566 |
784.090 |
|
(d) Cash and cash
equivalents |
1955.175 |
2054.752 |
1082.654 |
|
(e) Short-term loans and
advances |
303.411 |
162.187 |
175.205 |
|
(f) Other current assets |
180.430 |
68.841 |
58.169 |
|
Total Current Assets |
4535.688 |
3764.676 |
3011.850 |
|
|
|
|
|
|
TOTAL |
7754.431 |
6453.986 |
5398.370 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
14458.582 |
12650.482 |
11358.724 |
|
|
Other Income |
248.996 |
207.244 |
142.901 |
|
|
TOTAL |
14707.578 |
12857.726 |
11501.625 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8001.532 |
6793.098 |
7291.920 |
|
|
Purchases of
Stock-in-Trade |
354.327 |
143.174 |
116.392 |
|
|
Other Manufacturing
Expenses |
644.342 |
639.737 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(152.218) |
87.430 |
(1.621) |
|
|
Employees benefits
expense |
914.241 |
807.153 |
677.999 |
|
|
Other expenses |
3083.971 |
2769.057 |
2644.501 |
|
|
TOTAL |
12846.195 |
11239.649 |
10729.191 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1861.383 |
1618.077 |
772.434 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
63.043 |
67.680 |
104.712 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1798.340 |
1550.397 |
667.722 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
235.810 |
227.759 |
215.057 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1562.530 |
1322.638 |
452.665 |
|
|
|
|
|
|
|
Less |
TAX |
457.723 |
421.168 |
110.477 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1104.807 |
901.470 |
342.188 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
202.824 |
200.591 |
182.961 |
|
|
TOTAL EARNINGS |
202.824 |
200.591 |
182.961 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2732.678 |
1742.768 |
2155.745 |
|
|
Packing Materials, Store
& Spare & Components etc. |
90.562 |
72.344 |
77.462 |
|
|
Capital Goods |
220.287 |
95.454 |
115.602 |
|
|
TOTAL IMPORTS |
3043.527 |
1910.566 |
2348.809 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
22.65 |
18.48 |
21.04 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.188 |
16.592 |
191.181 |
|
Cash generated from operations |
1699.361 |
2014.750 |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
1242.794 |
|
Net Cash inflow from Operating Activities |
1024.353 |
1705.895 |
1102.622 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
3864.300 |
4084.900 |
4515.300 |
|
Total Expenditure |
3469.200 |
3582.500 |
3968.700 |
|
PBIDT (Excl OI) |
395.100 |
502.400 |
546.600 |
|
Other Income |
63.600 |
54.600 |
53.700 |
|
Operating Profit |
458.700 |
557.000 |
600.300 |
|
Interest |
13.200 |
14.300 |
12.900 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
445.500 |
542.700 |
587.400 |
|
Depreciation |
57.800 |
73.800 |
71.300 |
|
Profit Before Tax |
387.700 |
468.900 |
516.100 |
|
Tax |
117.400 |
155.200 |
159.500 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
270.300 |
313.700 |
356.600 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
270.300 |
313.700 |
356.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income *
365] |
25.10 |
21.45 |
25.20 |
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
14.54 |
17.01 |
14.49 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
58.73 |
46.85 |
46.10 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.69 |
2.20 |
0.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.79 |
0.80 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.38 |
0.44 |
0.55 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.01 |
0.15 |
0.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.70 |
0.91 |
1.19 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.56 |
0.65 |
0.90 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
29.53 |
23.91 |
7.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT / Sales) * 100) |
% |
7.64 |
7.13 |
3.01 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
14.25 |
13.97 |
6.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
26.24 |
29.03 |
15.53 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.54 |
1.34 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.17 |
1.08 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.54 |
0.48 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.16 |
2.85 |
4.41 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.54 |
1.34 |
1.15 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
Market Value |
INR 1588.35/- |
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 |
162.609 |
162.609 |
243.914 |
|
Reserves & Surplus |
2041.256 |
2942.726 |
3966.228 |
|
Net
worth |
2203.865 |
3105.335 |
4210.142 |
|
|
|
|
|
|
Long Term borrowings |
175.820 |
39.012 |
35.324 |
|
Short Term borrowings |
350.412 |
408.382 |
2.323 |
|
Current Maturities of Long term debt |
191.181 |
16.592 |
2.188 |
|
Total
borrowings |
717.413 |
463.986 |
39.835 |
|
Debt/Equity
ratio |
0.326 |
0.149 |
0.009 |
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
|
11358.724 |
12650.482 |
14458.582 |
|
|
|
11.372 |
14.293 |
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
|
11358.724 |
12650.482 |
14458.582 |
|
Profit |
342.188 |
901.470 |
1104.807 |
|
|
3.01% |
7.13% |
7.64% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
243.914 |
162.609 |
|
(b) Reserves &
Surplus |
|
4390.006 |
3221.735 |
|
(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) |
|
4633.920 |
3384.344 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
219.830 |
346.275 |
|
(b) Deferred tax
liabilities (Net) |
|
16.256 |
19.416 |
|
(c) Other long term
liabilities |
|
401.749 |
342.128 |
|
(d) long-term provisions |
|
129.626 |
106.418 |
|
Total Non-current
Liabilities (3) |
|
767.461 |
814.237 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
259.063 |
788.275 |
|
(b) Trade payables |
|
1604.774 |
1126.223 |
|
(c) Other current
liabilities |
|
1754.844 |
1463.497 |
|
(d) Short-term provisions |
|
163.443 |
306.484 |
|
Total Current Liabilities
(4) |
|
3782.124 |
3684.479 |
|
|
|
|
|
|
TOTAL |
|
9183.505 |
7883.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3102.408 |
2807.231 |
|
(ii) Intangible Assets |
|
81.788 |
71.074 |
|
(iii) Capital
work-in-progress |
|
362.077 |
97.001 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.035 |
100.035 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
164.422 |
145.844 |
|
(e) Other Non-current
assets |
|
10.684 |
14.537 |
|
Total Non-Current Assets |
|
3721.414 |
3235.722 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1465.273 |
1046.131 |
|
(c) Trade receivables |
|
1388.127 |
1170.683 |
|
(d) Cash and cash
equivalents |
|
2093.888 |
2171.595 |
|
(e) Short-term loans and
advances |
|
333.903 |
190.068 |
|
(f) Other current assets |
|
180.900 |
68.861 |
|
Total Current Assets |
|
5462.091 |
4647.338 |
|
|
|
|
|
|
TOTAL |
|
9183.505 |
7883.060 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
17499.953 |
15499.893 |
|
|
Other Income |
|
218.844 |
164.174 |
|
|
TOTAL |
|
17718.797 |
15664.067 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
9330.397 |
8088.752 |
|
|
Purchases of
Stock-in-Trade |
|
354.327 |
143.174 |
|
|
Other Manufacturing
Expenses |
|
774.392 |
742.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(138.914) |
43.818 |
|
|
Employees benefits
expense |
|
1540.431 |
1394.089 |
|
|
Other expenses |
|
3686.972 |
3323.652 |
|
|
TOTAL |
|
15547.605 |
13735.585 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2171.192 |
1928.482 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
98.692 |
116.694 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2072.500 |
1811.788 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
303.905 |
292.678 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1768.595 |
1519.110 |
|
|
|
|
|
|
|
Less |
TAX |
|
520.239 |
471.982 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1248.356 |
1047.128 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
25.59 |
21.47 |
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 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Subject is a ISO 9001:2000 public Company domiciled and headquartered in India. The Company was incorporated as a Private Limited Company and converted to a Public Limited Company on 6 June, 2016. Consequent to completion of its Initial Public Offer (through sale of shares by one of its existing shareholder), the equity shares of the Company were listed on the National Stock Exchange of India Limited and BSE Limited. On 9 December, 2016. The Company pioneered in the manufacturing of polyurethane foams in India, has 10 manufacturing units using the state-of-the-art technology at strategic locations across the country.
PRESENT STATUS And
FUTURE OUTLOOK
The Company is the largest manufacturer of Mattresses and has a market shares of 23% of total organized market. It is also the largest Foam manufacturing Company of the Country, producing more than two times of its nearest competitor. The market share of the Company is increasing every year.
The Company registered a growth of more than 14% in turnover and more than 22% in profits despite demonetisation and unusual spurt in major raw material (TDI) prices. 70% of the Indian Mattress market is unaddressable, as the usage in this segment is of Cotton, Rugs etc. as sleeping surface. Of the balance 30% the organized market is 10% and unorganized market is 20%. The Mattress Market is growing by around 10%. With the introduction of GST, increase in disposable income, increasing awareness about quality sleep and rapid improvement in infrastructure, the share of organized market is expected to increase at a faster rate.
The Per Capita Foam Consumption in India is less than 150 grams, whereas in Australia, where the subsidiary of the company has the largest market share, the per capita Foam Consumption is more than 6 times. This provides great opportunity to the company to increase its Foam production, as the consumption rate improves.
The Company is also expanding its distributor and dealer network to increase the penetration. The focus is on increasing Exclusive Brand Outlets (EBO) as well as Multi Brand Outlets (MBO) in new territories.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
Global Economy
In FY 2016, the global economy continued to witness slowdown with growth projected at 3.1% (3.4% in FY 2015) driven by high political uncertainty, weak global trade, and market volatility.
Among the Advanced Economies, the growth slumped to 1.7% (2.1% in FY 2015). In the USA, the weak investments coupled with dollar appreciation and political instability led to growth restrained at 1.6% (2.6% in FY 2015). In the Euro area, the concerns relating to the UK’s exit from Union, weak demand, falling productivity, and declining investments led to slower growth at 1.7% (2% in FY 2015). Among the Emerging Markets and Developing Economies (EMDEs) growth marginally declined to 4.1% (4.2% in FY 2015). In China despite continued pressure on economy, the continuous policy stimulus and investment revival led to some stability with growth expected at 6.7%. Argentina, Brazil and Turkey faced headwinds, while scenario in Russia seemed to improve with oil price revival.
The outlook, driven by declining drags, manufacturing revival in advanced economies and better capital flows to EMDEs remains positive with growth expected to be 3.5% in FY 2017 and 3.6% in FY 2018. (Source: IMF – World Economic Outlook April 2017)
INDIAN ECONOMY
In FY 2016-17, the GDP growth in India is likely to be 7.1% compared to 7.9% in FY 2015-16. The growths in the primary sectors of industrial, services and agriculture is likely to be 5.2%, 8.8% and 4.1% respectively. The repo rates further eased by 50 basis points to 6.25%, inflation remained comfortable at 3.81% and forex reserves at the end of fiscal increased to ` 24,102.8 bn. The fiscal deficit during the year is likely to be 3.2%.
The year witnessed government undertaking one of the most crucial initiatives of demonetising high value currency in a bid to track black money hoarders and facilitate transition of parallel economy to formal one. Though this led to initial setbacks and decline in private consumption, its long-term benefits would be greater with likelihood of higher tax collections and growth in GDP with inclusion of unaccounted sector.
The current political scenario of the country also remains positive with a stable government that is keenly focussed on infrastructure development, easing business scenario, simplifying tax regime, reducing bureaucracy levels and attracting foreign investments. Most importantly, there is a clear direction to enhance accountability at all levels. The past two-year budgets have also witnessed the agriculture sector receiving its due importance with various facilitative schemes, while allocation to infrastructure sector is constantly rising (INR 3961350.000 Million being allocated for FY 2017-18).
OUTLOOK
In the mid-term to long-term scenario, the country’s outlook remains positive. IMF expects Indian economy to grow at 7.2% in FY 2018 and 7.7% in FY 2019 driven by important structural reforms, easing bottlenecks from supply side, and facilitative fiscal and monetary policies.
INDUSTRY OVERVIEW
INDIAN MATTRESS INDUSTRY
The Indian mattress market comprising rubberized coir, polyurethane foam and spring mattress is pegged at INR 85-90 bn. The industry is primarily dominated by unorganised players accounting for nearly 65% of the market share. Driven by rapid urbanisation, rising disposable income, lifestyle and health-related issues, the industry recorded a compounded growth of nearly 8-10% during FY 2011-16 with the organised sector recording a faster growth at 10-12% compared to 7-9% for the unorganised sector.
Classification of the
industry
Based on product: The industry is classified into three broad product categories - rubberised coir, PU foam and spring mattresses - each accounting for nearly 30%, 50% and 20% market share respectively. The dominance of
PU Foam mattress is primarily attributable to its quality, durability and pricing.Based on usage: The two primary end-user segments for the mattresses are the residential and institutional (hotels, hospitals, and educational institutions including hostels) segments accounting for nearly 80% and 20% of the market share respectively.
Based on distribution channel: Distributor/dealer network, own/franchisee stores and online mode are the key sales channel in the organised sector accounting for nearly 87-89%, 9-11% and less than 3% of the total sales.
Based on price segment: The organised market is divided into four pricing segment – the economy segment (up to INR 8000), the mid-segment (INR 8000- INR 30000), the premium segment (INR 30000- INR 75000) and luxury segment (INR 75000 and above).
Indian flexible PU
Foam industry
The Indian flexible PU Foam industry is currently pegged at nearly INR 50-60 bn. The industry is primarily unorganized with nearly 70% market share being dominated by small and medium industries. The growth in organised sector is restricted owing to its voluminous nature which involve significant transportation cost making it unviable for national-level players. The industry witnessed a compounded growth of nearly 7-8% during FY 2011-16.
The flexible PU Foam is manufactured as flexible slabstock foam, flexible moulded foam, or integral skin foam. The flexible slabstock and flexible moulded account for a majority share of total flexible PU Foam production at nearly 65-70% and 30-35% respectively. Mattress and furnishings industry account for over 45% of flexible PU Foam market, while automotive industry accounts for over 30%. (Source: CRISIL Research)
OUTLOOK
The flexible PU Foam market is expected to grow at a CAGR of 11-12% during FY 2016-21 driven by rising demand from the end-user industries. In FY 2021, the market for flexible slabstock foam and flexible moulded foam is estimated to be around INR 53-58 bn and INR 33-38 bn respectively. During this time, the mattress industry is expected to grow at a CAGR of nearly 8-10% and reach an estimated value of ` 130-140 bn. Organised sector shall continue to be the primary growth contributor, while the residential segment the primary end-user segment.
The implementation of Goods and Services Tax (GST) is likely to be a significant opportunity for the organized players whereby the Company would be in a position to gain tax savings which in turn would allow it to compete
with the unorganised sector. Besides, the Company has added 260 Exclusive Branded Outlets during the year
which shall widen its penetration and boost growth of premium products. The Company is also ramping up its distribution network to reach wider customer base. The Company’s revolutionary development of Vertical Variable Pressure Foaming technology that shall enhance product quality and durability is likely to be a game changer. The Company shall strongly focus on brand building, development of low-cost mattresses and enhancing upholstery business.
REVIEW OF FINANCIAL
PERFORMANCE
During the current year, Net Revenue of the Company on standalone basis, increased from INR 12650.000 Million to INR 14460.000 Million, registering a growth of 14.3% over last year. The profit after tax for the current year increased by 22.6% to INR 1100.000 Million as against the profit after tax of INR 900.000 Million of last year.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED DECEMBER 31, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
Period to Date |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operation |
4515.300 |
4084.900 |
12464.500* |
|
Other Operating Income |
53.700 |
54.600 |
171.900 |
|
Total
Income from Operations |
4569.000 |
4139.500 |
12636.400 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
2446.700 |
2214.800 |
6582.300 |
|
Purchase of Stock in Trade |
89.400 |
85.600 |
275.400 |
|
Other manufacturing expenses |
160.600 |
159.300 |
514.200 |
|
Excise Duty |
0.000 |
0.000 |
391.300 |
|
Changes in inventories of finished goods and
work-in-progress |
61.700 |
(73.400) |
(40.100) |
|
Employee benefits expense |
251.200 |
250.500 |
748.500 |
|
Finance Costs |
12.900 |
14.300 |
40.400 |
|
Depreciation and Amortization expenses |
71.300 |
73.800 |
202.900 |
|
Other Expenditure |
959.100 |
945.700 |
2548.800 |
|
Total
Expenses |
4052.900 |
3670.600 |
11263.700 |
|
Profit
/ (Loss) before Tax |
516.100 |
468.900 |
1372.700 |
|
Tax Expense |
159.500 |
155.200 |
432.100 |
|
Profit
/ (Loss) after Tax |
356.600 |
313.700 |
940.600 |
|
Other comprehensive income (net of tax) |
(1.600) |
(1.600) |
(4.800) |
|
Total
comprehensive income for the period |
355.000 |
312.100 |
935.800 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
243.900 |
243.900 |
243.900 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings
per Share (EPS) – INR |
|
|
|
|
Basic
and Diluted EPS (in INR) |
7.28 |
6.40 |
19.18 |
Notes:
The Audit Committee has reviewed and recommended the above results, and subsequently the Board of Directors have approved the same, in the meeting held on February 5, 2018. The Statutory Auditors of the Company have conducted the limited review of these financial results.
The Company adopted the Indian Accounting Standards ('Ind AS') as prescribed
under Section 133 of the Companies Act, 2013, read with the relevant rules
thereunder with effect from April 1, 2017 (transition date being April 1,
2016), and these financial results have been prepared in accordance with the
'Ind As' based on the preliminary selection of the exemptions and the accounting
policies, and the audited financial results for the year ended March 31, 2017
were prepared under "GAAP". The impact of the transition has been
accounted for in the opening reserves and the comparative period has been
restated accordingly. However, the opening balance sheet as at April 1, 2017
and the results for the subsequent periods would be finalised along with the
annual financial statements for the year to end March 31, 2018. The 'Ind AS'
financial results and financial information for the quarter and nine months
period ended December 31, 2016 have been compiled by the management after
making necessary adjustments in accordance with 'Ind AS' and the the same has
not been subject to limited review or audit.
The Company is engaged in the manufacturing of the products of same type/class and has no overseas operations/units and as such there are no reportable segments as per Indian Accounting Standard for Operating Segments (Ind AS 108), prescribed, under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
Previous period/year's figure have been regrouped/reclassified whereever
necessary to correspond with the current period's classification/disclosure.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred Sales Tax Liability |
5.465 |
5.605 |
|
Inter Corporate Deposits |
25.000 |
25.000 |
|
Loans and
advances from related parties : |
|
|
|
- Directors' and their relatives |
3.000 |
4.500 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Book overdraft |
2.323 |
0.584 |
|
Total |
35.788 |
35.689 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G10845659 |
10478185 |
CITI BANK N.A. |
13/02/2014 |
30/05/2016 |
- |
220000000.0 |
JEEVAN BHARTI BUILDING, 4TH FLOOR,124 CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI – 110001, INDIA |
|
2 |
B32770851 |
10207442 |
YES BANK LIMITED |
09/02/2010 |
25/01/2012 |
- |
300000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA |
|
3 |
C77731065 |
80025322 |
CENTRAL BANK OF INDIA |
10/07/2001 |
07/01/2016 |
- |
1078000000.0 |
PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI -110001, INDIA |
|
4 |
G05473632 |
90039217 |
CORPORATION BANK |
05/08/2004 |
- |
06/06/2016 |
15000000.0 |
INDUSTRIAL FINANCE BRANCHHINDUSTAN TIMES HOUSE; K.G. MARG, NEW DELHI, INDIA |
|
5 |
G05192836 |
10300946 |
AXIS BANK LIMITED |
11/08/2011 |
10/02/2015 |
25/05/2016 |
150000000.0 |
2ND FLOOR, STATESMAN HOUSE 148, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA |
|
6 |
C82505991 |
10218458 |
CENTRAL BANK OF INDIA |
25/03/2010 |
- |
23/02/2016 |
630000000.0 |
PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI -110001, INDIA |
|
7 |
C72124951 |
10366195 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
20/07/2012 |
27/11/2014 |
08/12/2015 |
28000000.0 |
25, BIRLA TOWER, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA |
|
8 |
C44764629 |
10308920 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
26/09/2011 |
26/09/2011 |
17/02/2015 |
200000000.0 |
25, BIRLA TOWER, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA |
|
9 |
B31183478 |
10218392 |
UNITED BANK OF INDIA |
11/03/2010 |
25/07/2011 |
24/01/2012 |
89584000.0 |
DELHI OBEROI HOTEL BRANCH, HOTEL THE OBEROIDR. ZAKIR HUSSAIN MARG, NEW DELHI – 110003, INDIA |
|
10 |
B31184468 |
10159695 |
UNITED BANK OF INDIA |
06/05/2009 |
25/07/2011 |
24/01/2012 |
89584000.0 |
DELHI OBEROI HOTEL BRANCH, HOTEL THE OBEROIDR. ZAKIR HUSSAIN MARG, NEW DELHI – 110003, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees to Banks and Financial Institutions against credit facilities extended to Subsidiary Company |
688.977 |
855.588 |
|
Disputed liabilities not adjusted as expenses in the Accounts for various years being in appeals towards (a): |
|
|
|
- Sales tax |
36.649 |
52.190 |
|
- Entry tax |
10.454 |
10.454 |
FIXED ASSETS:
Tangible Assets
- Land
- Building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Electrical fittings
Intangible Assets
- Goodwill
WEBSITE DETAILS:
PRESS RELEASE / NEWS
SLEEPWELL MATTRESSES
MAKER SHEELA FOAM TO LAUNCH IPO ON 29 NOVEMBER
PROMOTER POLYFLEX MARKETING
TO SELL A PART OF ITS HOLDING THROUGH THE IPO FOR AN ESTIMATED INR 5100.000
MILLION
Mumbai: Sheela Foam Limited, the maker of the Sleepwell brand of mattresses, will launch its share sale on 29 November.
Polyflex Marketing Private Limited, the company that controls Sheela Foam, will sell a part of its holding through the initial public offering (IPO). The offer for sale will see the promoter entity sell shares worth INR 5100.000 Million.
The company has fixed a price band of Rs680-730 per share for the issue. The sale will end on 1 November.
ICICI Securities Limited and Edelweiss Financial Services Limited are managing the share sale for Sheela Foam.
Mint reported on 10 November that Sheela Foam will sell shares to the public for the first time in November.
In addition to the Sleepwell brand, Sheela Foam, incorporated in 1971, also makes other foam-based home comfort products targeted primarily at Indian retail consumers, as well as technical grades of polyurethane foam (PU foam) for end-use in a wide range of industries. The Sleepwell brand was introduced in 1994.
The company’s home comfort line includes products such as mattresses, furniture-cushioning, pillows, cushions, sofa-cum-beds, as well as PU foam cores used for making finished home comfort products.
“Our technical foam business caters to various end-use industries such as foams for power generators, industrial filters, electronic packaging, shoe industry and helmets, among others,” said Rahul Gautam, managing director of Sheela Foam.
Technical foam contributes to 20% of the company’s business.
It also supplies foam to online furniture companies such PepperFry and UrbanLadder, he said.
According to Gautam, the mattress industry is expected to continue to grow strongly.
“Of the almost INR 90000.000 million mattress market, only about 30% or INR 30000.000 million is organized. The growth of the market will be driven by a growing movement of customer preference towards the organized market,” he said.
The implementation of the goods and services tax (GST) will also benefit the company, said Gautam.
“Today, our logistics is oriented state-wise because of tax reasons. However, with GST we will be able to reorganize the logistics to better serve our markets. GST will also create a level playing field for different mattress types,” he said.
Sheela Foam also has a presence in Australia, manufacturing PU foam through its subsidiary Joyce Foam Pty Limited. It acquired the company in 2005.
In fiscal years 2014-15 and 2015-16, revenue from the sale of home comfort products aggregated to INR 9160.000 million and INR 10164.000 million, constituting 64.6% and 65.5%, respectively, of Sheela Foam’s total revenue for these years.
According to Crisil Limited, based on revenues, Sleepwell branded mattresses constituted a share of around 20-23% of the organized Indian mattress market as of 2015-2016.
Sheela Foam has 11 manufacturing facilities in India and five in Australia. It has a nationwide network of more than 100 distributors and around 5000 dealers. The company also exports its products to almost 25 countries, according to its website.
Sleepwell in India competes with other home-grown brands such as Kurlon Enterprise Limited, Springfit, and Springwel Mattresses Private Limited
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
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
GEET |
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.