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|
MIRA INFORM REPORT
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Report No. : |
498021 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IFB INDUSTRIES LIMITED |
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|
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|
Registered
Office : |
14, Taratolla Road, Kolkata – 700088, West Bengal |
|
Tel. No.: |
91-33-30489219/
9218 |
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|
Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
12.09.1974 |
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Com. Reg. No.: |
21-029637 |
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Capital
Investment / Paid-up Capital : |
INR 412.800 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L51109WB1974PLC029637 |
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|
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IEC No.: [Import-Export Code No.] |
0288000927 |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACI6561R |
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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 Home Appliances and also Manufacturing of Fine Blanking
Components. [Registered Activity] |
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No. of Employees
: |
1646 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 13359000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
IFB Industries Limited is engaged in manufacturing and trading of home appliances and also manufacturing of fine blanking components. The company was incorporated in the year 1974 and is based in Kolkata, West Bengal. It is an established company having fine track record. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 2.93% (Approximately). The company possesses robust financial profile marked by strong networth base along with negligible debt recorded by the company. The company also derives strength from its established track record of
business operations. Fundamentals of the company are strong and healthy. Share price are quoted high on stock exchange (i.e., share price of
INR 1340 with face value of INR 10). Trade relations are reported as fair. Business is active. Payments
terms are seems to be regular and as per commitments. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. NOTE: The company has found under RBI defaulter list in the year 2007. However,
latest updates about the same are not available. |
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 |
India Rating |
|
Rating |
Long Term rating= A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
30.12.2016 |
|
Rating Agency Name |
India Rating |
|
Rating |
Short Term Rating= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
30.12.2016 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
|
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 17.03.2018
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 / Factory 1 : |
14, Taratolla Road, Kolkata – 700088, West Bengal, India |
|
Tel. No.: |
91-33-30489219
/ 9218 |
|
Fax No.: |
91-33-30489230
/ 24014579 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. IND-5, Sector I,
East Kolkata Township, Kolkata – 700107, West Bengal, India |
|
Tel. No.: |
91-33-39849524 |
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Fax No.: |
91-33-24421003 |
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E-Mail : |
|
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|
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Plant 2 : |
JL-71, P.O. Bishnupur, Gangarampur, West Bengal, India |
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Plant 3 : |
L-1, Verna Electronic City, Verna, Salcete – 403722, Goa, India |
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Plant 4 : |
62, 64 and 66 CorlimIndl. Estate, Corlim, Ilhas – 403110, Goa, India |
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Plant 5 : |
E-3, New Indl. Area II, Mandideep, Bhopal, District Raisen – 462046,
Madhya Pradesh, India |
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Plant 6 : |
16/17, Visveswariah Industrial Estate, Whitefield Road, Bangalore –
560048, Karnataka, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Bijon Nag |
|
Designation : |
Executive Chairman |
|
Address : |
39, Humayun Kabir Sarani, New Alipore,
Kolkata – 700053, West Bengal, India |
|
Date of Appointment : |
01.04.1975 |
|
DIN No.: |
00756995 |
|
|
|
|
Name : |
Mr. Bikramjit Nag |
|
Designation : |
Joint Executive Chairman and Managing
Director |
|
Address : |
The Residence 39, Humayun Kabir Sarani,
Kolkata – 700053, West Bengal, India |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
00827155 |
|
|
|
|
Name : |
Mr. Sudam Maitra |
|
Designation : |
Deputy Managing Director |
|
Address : |
4155, Sector - B, Pocket- 5 and 6, Vasant
Kunj, New Delhi – 110070, India |
|
Date of Appointment : |
03.09.2014 |
|
DIN No.: |
00035398 |
|
|
|
|
Name : |
Mr. Prabir Chatterjee |
|
Designation : |
Director and Chief Financial Officer |
|
Address : |
Keota Mukherjee Bagan, P.O.- Sahaganj,
Hooghly – 712104, West Bengal, India |
|
Date of Birth/Age : |
18.06.1955 |
|
Qualification : |
BSC,
AICWA |
|
Experience in functional area : |
Business
Executive |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
02662511 |
|
|
|
|
Name : |
Dr. Rathindra Nath Mitra |
|
Designation : |
Independent Director |
|
Address : |
Jagannathpur, Simultala Po- Sonarpur, 24
PGS, South, Sonarpur – 700150, West Bengal, India |
|
Date of Appointment : |
21.06.2003 |
|
DIN No.: |
01071347 |
|
|
|
|
Name : |
Mr. Ranganatharao Muralidhar |
|
Designation : |
Independent Director |
|
Address : |
Flat No. A2, Madhurams Old No. 1 New No. 3,
Sriram Colony, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
Date of Appointment : |
30.07.2003 |
|
DIN No.: |
01687752 |
|
|
|
|
Name : |
Ms. Sangeeta Sumesh |
|
Designation : |
Independent Director |
|
Address : |
3B, Sujatha Apartments, 103/54, 4th
Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India |
|
Date of Appointment : |
30.01.2015 |
|
DIN No.: |
07080379 |
|
|
|
|
Name : |
Mr. Sudip Banerjee |
|
Designation : |
Non-Executive Director |
|
Address : |
255, Adarsh Palm Meadows, Ramagondanahalli
Whitefie, Bangalore – 560066, Karnataka, India |
|
Date of Birth/Age : |
01.02.1960 |
|
Qualification : |
Graduate
in Economics( H), Diploma in Management ( AIMA) |
|
Experience in functional area : |
Business
Executive |
|
Date of Appointment : |
04.04.2012 |
|
DIN No.: |
05245757 |
|
|
|
|
Name : |
Mr. Ashok Bhandari |
|
Designation : |
Additional Director |
|
Address : |
19B, Mandeville Garden, Rajiv Apartment, 4th Floor,
Kolkata – 700019, West Bengal, India |
|
Date of Appointment : |
30.01.2018 |
|
DIN No.: |
00012210 |
|
|
|
|
Name : |
Mr. Rahul Choudhuri |
|
Designation : |
Director |
|
Address : |
Flat No - 3C, 48, Gariahat Road, PS : Gariahat, Kolkata –
700019, West Bengal, India |
|
Date of Appointment : |
28.07.2017 |
|
DIN No.: |
06817748 |
KEY EXECUTIVES
|
Name : |
Mr. Goutam Roy Chowdhury |
|
Designation : |
Company Secretary |
|
Address : |
G/11, New Garia Hsng Scy, Kolkata – 700094,
West Bengal, India |
|
Date of Appointment : |
01.04.2000 |
|
PAN No.: |
ACHPR7329C |
|
|
|
|
Name : |
Mr. Partha Sen |
|
Designation : |
Chief Executive Officer |
|
Address : |
80D, Dr. Sudhir Bose Road, Ekbalpur, Kolkata – 700023, West Bengal, India |
|
Date of Appointment : |
26.05.2017 |
|
PAN No.: |
AMGPS0531E |
|
|
|
|
Name : |
Mr. Raj Shankar Ray |
|
Designation : |
Chief Executive Officer |
|
Address : |
405, Shalom Apartments, Near Kamat Kinara Miramar, Panaji H.O, Goa – 403001, Maharashtra, India |
|
Date of Appointment : |
26.05.2017 |
|
PAN No.: |
ABLPR1778A |
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|
Audit Committee : |
Ø Dr. Rathindra Nath Mitra – Chairman Ø Ms. Sangeeta Shankaran Sumesh – Members Ø Mr. Prabir Chatterjee – Members |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
30373199 |
74.96 |
|
(B) Public |
10145597 |
25.04 |
|
Grand Total |
40518796 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
292771 |
0.72 |
|
Bijon Nag |
157869 |
0.39 |
|
Priyambada Nag |
131902 |
0.33 |
|
Bikramjit Nag |
3000 |
0.01 |
|
Any Other
(specify) |
30080428 |
74.24 |
|
Nurpur Gases
Private Limited |
6010416 |
14.83 |
|
Asansol Bottling
& Packaging Company Private Limited |
3366428 |
8.31 |
|
ZIM Properties
Private Limited |
34300 |
0.08 |
|
Lupin Agencies
Private Limited |
37600 |
0.09 |
|
Windsor
Marketiers Private Limited |
19600 |
0.05 |
|
IFB Automotive
Private Limited |
18856833 |
46.54 |
|
MAC Consultants
Private Limited |
706197 |
1.74 |
|
IFB Agro
Industries Limited |
172733 |
0.43 |
|
Shubh Engineering
Limited |
260723 |
0.64 |
|
CPL Industries
Limited |
74813 |
0.18 |
|
CPL Projects
Limited |
523535 |
1.29 |
|
Special Drinks Private
Limited |
17250 |
0.04 |
|
Sub Total A1 |
30373199 |
74.96 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
30373199 |
74.96 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
1178549 |
2.91 |
|
Alternate
Investment Funds |
3362 |
0.01 |
|
Foreign Portfolio
Investors |
3373073 |
8.32 |
|
Kotak Mahindra
(International) Limited |
1770451 |
4.37 |
|
Jwalamukhi
Investment Holdings |
1168016 |
2.88 |
|
Financial
Institutions/ Banks |
8122 |
0.02 |
|
Sub Total B1 |
4563106 |
11.26 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share capital
upto INR 0.200 Million |
2851599 |
7.04 |
|
Individual share
capital in excess of INR 0.200 Million |
1139307 |
2.81 |
|
Dolly Khanna |
418966 |
1.03 |
|
Any Other
(specify) |
1591585 |
3.93 |
|
Sub Total B3 |
5582491 |
13.78 |
|
B=B1+B2+B3 |
10145597 |
25.04 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Trading of Home Appliances and also Manufacturing of Fine Blanking
Components. (Registered Activity) |
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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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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1646 (Approximately) |
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Bankers : |
· DBS Bank Limited, 4A, Nandalal Basu Sarani, Kolkata – 700071, West Bengal, India |
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Facilities : |
NOTES: Long Term Borrowings (^) Repayable in 16 equal
quarterly installments from the end of the 15th month from the date of first disbursement
i.e., 9 March 2016 (*) For sanction of term
loan amounting to INR 300.000 million by DBS Bank Limited, following
securities have been created: First and exclusive
floating charge over all present and future movable fixed assets of the
Company’s engineering division located at Kolkata and Bangalore stored or to
be stored at the Company’s godown or premises or wherever else the same may
be. Short Term
Borrowings (a)
For sanction of capex letter of credit amounting to INR 210.000
million by Standard Chartered Bank, following securities have been created: (i)
Exclusive charge on plant and machinery financed by the bank (ii)
First charge on existing movable fixed assets of Goa (Verna) plant
(except exclusive charge to term lenders). (iii)
First and exclusive charge on the leasehold land and building of Goa
(Verna) unit on all that piece and parcel of non-agricultural land bearing at
No. L1 situated within the village panchayat of Nagoa, Verna Plateau, Verna
Industrial Estate, Taluka Salcete, District South Goa and registration sub
district ILHAS in the state of Goa containing by admeasuring 48,695 square
meters or thereabout. (b)
For sanction of capex letter of credit amounting to INR 100.000
million by Standard Chartered Bank, following securities have been created :
First charge on existing movable fixed assets of Goa (Verna) plant (except
exclusive charge to term lenders) of the Company including without
limitations its movable plant and machinery, furniture and fittings,
equipment, computer hardware, computer software, machinery spares, tools and
accessories and other movables etc. stored or to be stored at the Company’s
godown or premises situated at Plot no L-1, Verna Electronic City, Verna
Industrial Estate, Goa - 403722 or wherever else the same may be. For
sanction of working capital facility amounting to INR 900.000 million by
Standard Chartered Bank, following securities have been created : (i)
First charge on all current assets, both present and future. (ii)
First charge on existing movable fixed assets of Goa (Verna) plant
(except exclusive charge to term lenders). (iii)
Second charge on the leasehold land and building of Goa (Verna) unit
on all that piece and parcel of non-agricultural land bearing at No. L1
situated within the village panchayat of Nagoa, Verna Plateau, Verna
Industrial Estate, Taluka Salcete, District South Goa and registration sub
district ILHAS in the state of Goa containing by admeasuring 48,695 square
meters or thereabout. (c)
For sanction of credit facilities amounting to INR 350.000 million by
DBS Bank Limited, following securities have been created : (i)
Hypothecation by way of first pari passu and floating charge over
goods being finished goods, semi-finished goods, stocks of raw-materials,
work-in-process located at various factories/ warehouses/ godowns of the
company and whether in transit or lying at any other place and hypothecation
by way of first pari passu and floating charge over the company’s present and
future book debts, outstanding monies receivables, claims, bills, contracts,
engagements, securities, investments, rights and assets. (ii)
Hypothecation by way of exclusive charge over all present and future movable
fixed assets of the engineering division of the Company including without
limitation its movable plant and machinery, furniture and fittings,
equipment, computer hardware, computer software, machinery spares, tools and
accessories and other movables etc. stored or to be stored at Company’s
godowns or premises situated at 14, Taratolla Road, Kolkata and 16/17,
Visveswaraiah Industrial Estate, Whitefield Road, Bangalore - 560048
(Engineering Division) or wherever else the same may be. |
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered Accountants |
|
Address : |
Building Alpha, 1st Floor-Block-EP and GP, Sector-V Salt
Lake Electronics Complex, Kolkata – 700091, West Bengal, India |
|
Tel. No.: |
91-33-66121000 |
|
Fax No.: |
91-33-66121001 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Investor
Company : |
·
IFB Automotive Private Limited |
|
|
|
|
Subsidiary Company
: |
· Trishan Metals Private Limited (w.e.f. 11 July 2016) |
|
|
|
|
Companies that have a
member(s) of KMP in common : |
·
IFB Agro Industries Limited ·
Travel Systems Limited ·
Thai Automotive and Appliances Limited ·
Global Automotive and Appliances Limited ·
IFB Global Limited |
|
|
|
|
Company over which a KMP is
able to exercise significant Influence : |
·
IFB Appliances Limited |
|
|
|
|
Enterprise over which a relative of KMP
is able to exercise significant influence : |
· Anjali foundation |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
INR 10/- each |
INR 650.000 Million |
|
30000000 |
Cumulative redeemable preference shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 950.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40518796 |
Equity Shares |
INR 10/- each |
INR 405.200 Million |
|
3050000 |
Forfeited shares of INR 10 each, INR 2.50 paid-up |
INR 10/- each |
INR 7.600 Million |
|
|
|
|
|
|
|
Total |
|
INR 412.800
Million |
a. Reconciliation of the equity shares
outstanding at the beginning and at the end of the year.
|
Particulars |
31.03.2017 |
|
|
Nos. |
INR in Million |
|
|
At the beginning of the year |
40518796 |
405.200 |
|
At the end of
the year |
40518796 |
405.200 |
b. Rights, preferences and restrictions at
ached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts, in proportion to the number of equity shares held.
c. Details of shareholders holding more than
5% equity shares in the Company
|
Name of
Shareholder |
% |
Nos. |
|
IFB Automotive Private Limited |
46.54% |
18856833 |
|
Nurpur Gases Private Limited |
14.83% |
6010416 |
|
Asansol Bottling and Packaging Company Private Limited |
8.31% |
3366428 |
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 |
412.800 |
412.800 |
412.800 |
|
(b) Reserves & Surplus |
4262.900 |
3770.500 |
3456.900 |
|
(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) |
4675.700 |
4183.300 |
3869.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
187.500 |
10.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
288.400 |
258.000 |
258.500 |
|
(c) Other long term
liabilities |
88.600 |
72.300 |
76.100 |
|
(d) long-term
provisions |
300.000 |
292.500 |
271.700 |
|
Total Non-current
Liabilities (3) |
864.500 |
632.800 |
606.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
34.800 |
154.000 |
344.500 |
|
(b) Trade
payables |
2631.300 |
2267.000 |
2266.700 |
|
(c) Other
current liabilities |
836.600 |
618.500 |
567.600 |
|
(d) Short-term
provisions |
59.700 |
58.700 |
54.400 |
|
Total Current
Liabilities (4) |
3562.400 |
3098.200 |
3233.200 |
|
|
|
|
|
|
TOTAL |
9102.600 |
7914.300 |
7709.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2861.600 |
2611.500 |
2569.800 |
|
(ii)
Intangible Assets |
188.500 |
127.500 |
160.100 |
|
(iii)
Capital work-in-progress |
80.100 |
125.800 |
26.100 |
|
(iv)
Intangible assets under development |
58.800 |
111.900 |
31.300 |
|
(b) Non-current Investments |
120.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
779.800 |
727.900 |
593.500 |
|
(e) Other
Non-current assets |
0.100 |
0.100 |
0.000 |
|
Total Non-Current
Assets |
4088.900 |
3704.700 |
3380.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
490.900 |
168.500 |
516.500 |
|
(b)
Inventories |
2348.800 |
2144.100 |
2231.300 |
|
(c) Trade
receivables |
1382.400 |
1154.600 |
907.100 |
|
(d) Cash
and cash equivalents |
463.800 |
481.600 |
445.000 |
|
(e)
Short-term loans and advances |
322.400 |
252.700 |
226.100 |
|
(f) Other
current assets |
5.400 |
8.100 |
2.400 |
|
Total
Current Assets |
5013.700 |
4209.600 |
4328.400 |
|
|
|
|
|
|
TOTAL |
9102.600 |
7914.300 |
7709.200 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
17406.500 |
15009.400 |
12615.000 |
|
|
|
|
Other Income |
112.200 |
133.100 |
150.800 |
|
|
|
|
TOTAL |
17518.700 |
15142.500 |
12765.800 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
7118.600 |
5903.500 |
4530.000 |
|
|
|
|
Purchases of Stock-in-Trade |
3073.400 |
2535.700 |
3083.800 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(137.800) |
167.900 |
(505.700) |
|
|
|
|
Cost of spares sold |
0.000 |
0.000 |
149.500 |
|
|
|
|
Employees benefits expense |
1658.500 |
1555.600 |
1224.400 |
|
|
|
|
Other expenses |
4719.900 |
4152.300 |
3267.300 |
|
|
|
|
TOTAL |
16432.600 |
14315.000 |
11749.300 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1086.100 |
827.500 |
1016.500 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
31.700 |
22.200 |
17.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1054.400 |
805.300 |
999.100 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
436.300 |
453.700 |
406.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
618.100 |
351.600 |
592.700 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
108.400 |
38.000 |
95.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
509.700 |
313.600 |
497.300 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
FOB
value of exports |
255.500 |
175.700 |
58.100 |
|
|
|
TOTAL EARNINGS |
255.500 |
175.700 |
58.100 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1951.200 |
1625.700 |
1155.600 |
|
|
|
|
Stores & Spares |
135.800 |
111.400 |
100.100 |
|
|
|
|
Capital Goods |
313.600 |
281.700 |
287.000 |
|
|
|
TOTAL IMPORTS |
2400.600 |
2018.800 |
1542.700 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
12.58 |
7.74 |
12.27 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash Generated from Operations |
1068.300 |
579.100 |
970.100 |
|
Net cash generated from operating activities |
926.200 |
487.400 |
823.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
464.58 |
509.28 |
325.72 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
0.79 |
0.72 |
1.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
94.23 |
98.05 |
108.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.46 |
0.39 |
0.46 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.34 |
0.28 |
0.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.41 |
0.39 |
0.42 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.05 |
0.04 |
0.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.76 |
0.74 |
0.84 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.68 |
0.71 |
0.72 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
34.26 |
37.27 |
58.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
2.93 |
2.09 |
3.94 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.60 |
3.96 |
6.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.90 |
7.50 |
12.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.36 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.75 |
0.67 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.51 |
0.53 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.54 |
0.40 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.36 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1340.00/- |
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 |
412.800 |
412.800 |
412.800 |
|
Reserves & Surplus |
3456.900 |
3770.500 |
4262.900 |
|
Net
worth |
3869.700 |
4183.300 |
4675.700 |
|
|
|
|
|
|
Long-Term Borrowings |
0.000 |
10.000 |
187.500 |
|
Short Term Borrowings |
344.500 |
154.000 |
34.800 |
|
Total
borrowings |
344.500 |
164.000 |
222.300 |
|
Debt/Equity
ratio |
0.089 |
0.039 |
0.048 |
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 |
12615.000 |
15009.400 |
17406.500 |
|
|
|
18.981 |
15.971 |
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
|
12615.000 |
15009.400 |
17406.500 |
|
Profit/(Loss) |
497.300 |
313.600 |
509.700 |
|
|
3.94% |
2.09% |
2.93% |
BALANCE
SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
412.800 |
|
(b) Reserves &
Surplus |
4244.100 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
- Minority Interest |
13.400 |
|
Total Shareholders’ Funds
(1) + (2) |
4670.300 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
187.500 |
|
(b) Deferred tax
liabilities (Net) |
289.500 |
|
(c) Other long term
liabilities |
88.600 |
|
(d) long-term provisions |
300.000 |
|
Total Non-current
Liabilities (3) |
865.600 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
151.900 |
|
(b) Trade payables |
2721.700 |
|
(c) Other current
liabilities |
844.400 |
|
(d) Short-term provisions |
59.800 |
|
Total Current Liabilities
(4) |
3777.800 |
|
|
|
|
TOTAL |
9313.700 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
2935.100 |
|
(ii) Intangible Assets |
188.900 |
|
(iii) Capital
work-in-progress |
84.400 |
|
(iv) Intangible assets
under development |
58.800 |
|
(b) Non-current
Investments |
87.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
784.700 |
|
(e) Other Non-current
assets |
0.200 |
|
Total Non-Current Assets |
4139.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
516.200 |
|
(b) Inventories |
2424.800 |
|
(c) Trade receivables |
1445.600 |
|
(d) Cash and cash
equivalents |
468.600 |
|
(e) Short-term loans and
advances |
313.300 |
|
(f) Other current assets |
5.400 |
|
Total Current Assets |
5173.900 |
|
|
|
|
TOTAL |
9313.700 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
|
|
SALES |
|
|
|
Income |
17584.400 |
|
|
Other Income |
116.200 |
|
|
TOTAL |
17700.600 |
|
|
|
|
|
Less |
EXPENSES |
|
|
|
Cost of Materials
Consumed |
7274.700 |
|
|
Purchases of
Stock-in-Trade |
3073.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(155.200) |
|
|
Employees benefits
expense |
1670.800 |
|
|
Other expenses |
4773.500 |
|
|
TOTAL |
16637.000 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1063.600 |
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
40.100 |
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
1023.500 |
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
441.000 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
582.500 |
|
|
|
|
|
Less |
TAX |
109.100 |
|
|
|
|
|
|
PROFIT AFTER TAX BEFORE MINORITY INTEREST |
473.400 |
|
|
|
|
|
Add |
MINORITY INTEREST |
17.500 |
|
|
|
|
|
PROFIT FOR THE YEAR |
490.900 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.12 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
BACKGROUND
The company is a Listed Public Limited company having its registered office in Kolkata. The Company is engaged in the business of manufacturing of fine blanked components and in manufacturing and trading of home appliances.
OPERATIONS- STANDALONE
The company completed another year of stable performance with decent top and bottom line growth. All business segments posted sound growth in revenues and enhanced their market standing. Gross sale of products for the year grew by 17.5% to INR 22514.900 million. Net revenue from operations grew by 16.0% at INR 17406.500 million. Appliance business grew by 17.6% and engineering business grew by 8.5%.Earning per share for the year stands at INR 12.58. PBDIT on standalone basis achieved INR 1086.100 million as against INR 827.500 million in previous year (2015-16) and achieved a growth rate of 31.31%.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Structure and Developments, Opportunities
and Threats, Performance, Outlook, Risks and Concerns:
Increasing awareness, easier access to goods through developing retail channels, increasing availability of consumer finance and changing lifestyles have been the key growth drivers for consumer durable market. The Government of India’s policies and regulatory frameworks such as relaxation of license rules and approval of 51 percent foreign direct investment (FDI) in multi brand and 100 percent in single brand retail are some of the major growth drivers for the consumer market.
With a fairly profitable year of 2016-17, the consumer durable industry is looking forward to maintaining the momentum. Long term growth drivers will also be aided by the implementation of the GST. Progressive Government policies had a positive impact on the overall economy and have encouraged overall spending on durables. The estimated CAGR is 10-12 percent. The industry, which has almost 25-30 percent average growth in the first seven months of 2016-17, took a hit in the months of November and December, as a result of the move to demonetization some of the currency notes. This is a short term effect and the FY 17-18 is expected to be healthy and a year of normal growth for the industry
The Appliance Division has ended the year on a stronger note in revenue terms and also in EBITDA margins. During the year the Indian rupee depreciated and then strengthened in the last quarter. Our focus remains on a key agenda of localization for some of high cost imports as a key mechanism against future currency depreciation impacts on our business. The localization plan will also drive margin improvements. The Appliance Division continues to deliver a well-positioned and differentiated range of products in both domestic and industrial categories. The products include domestic washing machines, industrial washing systems (including dry cleaning and other finishing equipment like ironers etc.), microwave ovens, domestic and industrial dishwashers, clothes dryers, modular kitchens, kitchen appliances (hobs, chimneys and built-in ovens), air conditioners, a range of service products etc.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C80337751 |
10622771 |
DBS BANK LTD |
17/12/2015 |
- |
- |
300000000.0 |
4A, NANDALAL BASU SARANI,KOLKATAWB700071IN |
|
2 |
G41082645 |
10600081 |
STANDARD CHARTERED BANK |
28/10/2015 |
04/04/2017 |
- |
200000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
3 |
G72830961 |
10425323 |
DBS BANK LTD. |
30/03/2013 |
03/01/2018 |
- |
350000000.0 |
4A, NANDALAL BASU SARANIKOLKATAWB700071IN |
|
4 |
G41081795 |
10214603 |
STANDARD CHARTERED BANK |
09/04/2010 |
04/04/2017 |
- |
1000000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
5 |
G40810921 |
10211451 |
STANDARD CHARTERED BANK |
09/04/2010 |
28/10/2015 |
06/04/2017 |
210000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
6 |
A61359659 |
90253871 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED |
30/03/1999 |
09/03/2009 |
28/04/2009 |
120000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
7 |
A43860592 |
90253582 |
INDUSTRIAL DVELOPMENT BANK OF INDIA |
01/02/1995 |
15/01/1999 |
04/08/2008 |
200000000.0 |
IDBI TOWER ; CUFFE PARADECOLABABOMBAYMH400005IN |
|
8 |
A43868314 |
90253684 |
INDUSTRIAL DVELOPMENT BANK OF INDIA |
27/03/1996 |
27/05/1999 |
04/08/2008 |
46700000.0 |
IDBI TOWER ; CUFFE PARADECOLABABOMBAYMH400005IN |
|
9 |
A43860428 |
90253508 |
INDUSTRIAL DVELOPMENT BANK OF INDIA |
28/09/1993 |
15/01/1999 |
04/08/2008 |
300000000.0 |
IDBI TOWER ; CUFFE PARADECOLABABOMBAYMH400005IN |
|
10 |
A43859537 |
90253437 |
INDUSTRIAL DVELOPMENT BANK OF INDIA |
16/12/1991 |
15/01/1999 |
04/08/2008 |
71000000.0 |
IDBI TOWER ; CUFFE PARADECOLABABOMBAYMH400005IN |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Disputed sales tax matters, excise matters, income tax matters and other matters contested in appeals. (These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.) |
204.300 |
195.600 |
|
Other claims against the Company not acknowledged as debts (#) |
1.600 |
1.600 |
|
Custom duty and interest obligation for advance licenses (*) |
72.800 |
70.500 |
|
It is not practicable for the Company to estimate the closure of these cases and the consequential timings of cash flows, if any, in respect of the above. (#) The Company obtained a bank guarantee of INR 1.600 million in connection with the execution of a civil contract awarded by the State Health Department, Government (Govt.) of West Bengal. Following a dispute, the State Health Department, Govt. of West Bengal invoked the said Bank Guarantees whereupon the Company challenged such invocation by way of a writ petition before the Hon’ble Calcutta High Court. The Hon’ble Calcutta High Court allowed an interim order of injunction dated 22 May 2003 restraining the State Health Department not to give any effect to the invocation of the guarantee till further order with the condition that the guarantee shall be renewed from time to time. The bank guarantee expired and has not been renewed since the case has been dismissed by the Hon’ble Calcutta High Court. The amount has been included in Claims against the Company not acknowledged as debts as at 31 March 2017 and 31 March 2016. (*) The Hon’ble Delhi High Court by its order dated 10 September 2015 set aside the order of Policy Relaxation Committee (PRC) with liberty to the petitioner to fi le a representation before the PRC. The respondents were directed to pass a reasoned order after giving the opportunity of hearing. The matter was heard by PRC and PRC by its order dated 13 October 2015 rejected the prayer of petitioner. Being aggrieved by PRC’s order the company fi led writ application before Division Bench of Delhi High Court. After prolonged hearing the bench by its order dated 03 April 2017 allowed the writ petition and set aside the order of PRC and directed PRC interalia to reconsider its order dated 13 October 2015 in the light of observation made by the Division Bench. |
||
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Motor Vehicles
Intangible Assets
·
Computer Software
·
Technical Knowhow
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
5317.400 |
6027.800 |
16655.400 |
|
Other Operating Income |
41.900 |
33.400 |
109.500 |
|
Total
Income from Operations |
5359.300 |
6061.200 |
16764.900 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
2489.900 |
2457.500 |
6653.100 |
|
Purchase of Stock in Trade |
669.300 |
748.300 |
2652.700 |
|
Changes in inventories of finished goods and
work-in-progress |
(308.300) |
308.400 |
(70.000) |
|
Excise duty in sale of goods |
-- |
8.300 |
401.400 |
|
Employee benefits expense |
550.200 |
529.700 |
1596.200 |
|
Finance Costs (net) |
10.600 |
11.000 |
32.900 |
|
Depreciation and Amortization expenses |
131.600 |
128.700 |
385.000 |
|
Other Expenditure |
1550.400 |
1362.400 |
4233.700 |
|
Total
Expenses |
5093.700 |
5554.300 |
15885.000 |
|
Profit / (Loss) before Tax |
265.600 |
506.900 |
879.900 |
|
Tax
Expense |
|
|
|
|
-
Current tax |
85.500 |
129.600 |
246.400 |
|
-
Deferred tax |
(6.200) |
11.600 |
7.700 |
|
Profit
/ (Loss) after Tax |
186.300 |
365.700 |
625.800 |
|
Other
Comprehensive Income |
|
|
|
|
- Items that will not be reclassified to profit or loss |
(21.100) |
(21.000) |
(63.200) |
|
- Income tax elating to items that will not be reclassified to profit or loss |
7.300 |
7.300 |
21.900 |
|
- Items that will be reclassified to profit or loss |
-- |
-- |
-- |
|
- Income tax elating to items that will be reclassified to profit or loss |
-- |
-- |
-- |
|
Total
Comprehensive Income for the period |
172.500 |
352.000 |
584.500 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
412.800 |
412.800 |
412.800 |
|
Earnings
per Share (EPS) - INR |
4.60 |
9.03 |
15.44 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Home appliances |
4358.200 |
5112.500 |
13849.100 |
|
b)
Engineering |
959.200 |
915.300 |
2806.300 |
|
c)
Unallocated |
-- |
-- |
-- |
|
Total segment
revenue |
5317.400 |
6027.800 |
16655.400 |
|
Less: Inter – segment revenue |
-- |
-- |
-- |
|
Revenue from
operations |
5317.400 |
6027.800 |
16655.400 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Home appliances |
207.300 |
462.900 |
746.700 |
|
b)
Engineering |
105.900 |
96.900 |
275.300 |
|
Total |
313.200 |
559.800 |
1022.000 |
|
Less: Finance
Costs |
10.600 |
11.000 |
32.900 |
|
Other un-allocable expenditure net off un-allocable income |
37.000 |
41.900 |
109.200 |
|
Total Profit
Before Tax |
265.600 |
506.900 |
879.900 |
|
|
|
|
|
|
3. Segment
Assets |
|
|
|
|
a)
Home appliances |
7707.300 |
7474.900 |
7707.300 |
|
b)
Engineering |
2482.600 |
2371.700 |
2482.600 |
|
|
10189.900 |
9846.600 |
10189.900 |
|
c)
Unallocable assets |
1209.900 |
870.200 |
1209.900 |
|
Total
Segment Assets |
11399.800 |
10716.800 |
11399.800 |
|
|
|
|
|
|
4. Segment
Liabilities |
|
|
|
|
a)
Home appliances |
4815.300 |
4419.400 |
4815.300 |
|
b)
Engineering |
1019.900 |
917.800 |
1019.900 |
|
|
5835.200 |
5337.200 |
5835.200 |
|
c)
Unallocable Liabilities |
265.400 |
252.900 |
265.400 |
|
Total
Segment Liabilities |
6100.600 |
5590.100 |
6100.600 |
NOTES:
1. The Unaudited Standalone Financial Results and Segment Results were reviewed by the Audit Committee on 29 January 2018 and approved at the meeting of the Board of Directors of the Company a! its meeting held on 30 January 2018 The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed by the statutory auditors and they have expressed an unmodified opinion.
2. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standard) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules 2016. The Company adopted Ind AS from 1 April 2017, and accordingly, these financial statements along with the comparatives have been prepared in accordance with the recognition and measurement principles in Ind AS 34 - Interim Financial Reporting, prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3. Reconciliation of the standalone financial results to those reported under previous Generally Accepted Accounting Principles (GAAP) are summarized as follows:
- Under previous GAAP, current investments were stated at lower of cost and fair value Under Ind AS, these financial assets have been classified as FVTPL on the date of transition and fair value changes after the date of transition has been recognized in profit or loss.
- Under previous GAAP, the premium or discount arising at the inception of forward exchange contracts entered into, to hedge existing assets/liabilities were amortised as expense or income over the life of the contracts. Exchange differences on such contracts were recognised in the Statement of Profit and Loss in the reporting period in which the exchange rates changed. Under Ind AS, such derivative financial instruments are to be recognized at fair value and the movement is recognised in profit or loss.
- Under previous GAAP, discounting of provisions was not permitted and provisions were measured at best estimate of the expenditure required to settle the obligation at the balance sheet date without considering the effect of discounting Under Ind AS. warranty provisions are measureo at discounted amounts, if the effect of time value of money is material. The Company has discounted the provision for warranty to present value at reporting dates Consequently the unwinding of discount has been recognised as a finance cost
4. Goods and Services Tax (GST) has been implemented with effect from 1 July, 2017 Consequently, Central Excise, Value Added Tax (VAT), Service tax etc. have been replaced by GST GST. VAT Service tax etc. are not included in Revenue from operations. However, excise duty was included in Revenue from operations till 30 June, 2017. Hence, reported revenue for the Quarter and nine months ended 31 December 2016 are not comparable with those thereafter
5. The Company currently has two business segments i.e., Home Appliances business and Engineering business. These segments have been reported in the manner consistent with the internal reporting to the Board of Directors, who are the chief operating decision makers.
PRESS RELEASE:
DOLLY KHANNA BOUGHT OVER 1% IN IFB IND IN
DEC QUARTER
APRIL 13, 2017
MUMBAI: The Chennai-based marquee investor Dolly Khanna bought over 1% stake in household appliance maker IFB Industries in the December quarter.
Khanna, whose portfolio is managed by husband Rajiv, purchased 4.27 lakh shares in the company, as per a stock exchange disclosure on Wednesday.
The stock gained 5.4% on Wednesday to close at INR 660.30. The scrip rose 43% in the March quarter against an 11% gain in benchmark index Sensex.
Though analysts are positive on the company's prospects over the medium term, the recent rally has left limited upside in the stock for the near term, they said.
“The sharp rally in the stock price of the company in the past six months captures all the near-term upside in earnings”, said Ankit Kedia, analyst, Centrum Broking. “However, cost saving measures to reduce imported raw material component and operating leverage would drive margins leading to rerating of the company over the next two to three years."
Promoters hold nearly 75% of the equity in the company, while financial institutions hold 11%. IFB is undervalued among listed household appliances players. It is currently valued at 30 times FY18E earnings compared to Whirpool India, Hitachi and Symphony's valuations of nearly 40 times.
The IFB management has guided for an increase in the IFB Touch Points from the current level of 350 stores to 500 stores in the next 1-2 years. Analysts said the expansion in the distribution network will drive volume and sales growth.
The company is planning new launches across its product portfolios in a few months. It is also focusing on the overseas markets such as South East Asia, Middle East, Nepal and Iran for accelerating growth.
IFB is expected to hike prices on the back of the recent increase in the commodity prices, especially copper and other raw materials.
“We believe that the hike in prices would adversely impact volume growth, which in turn will affect earnings in the coming quarters”, said a note by Sharekhan. “Therefore, we advise investors to book profit."
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 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
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.