|
|
|
MIRA
INFORM REPORT
|
Report No. : |
498344 |
|
Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
EASTMAN AUTO AND POWER LIMITED |
|
|
|
|
Registered
Office : |
Flat No-101, 1st Floor, Naraina Industrial Area, Phase -I, New Delhi -
110028 |
|
Tel. No.: |
91-124-4682600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.02.2000 |
|
|
|
|
Com. Reg. No.: |
55-256047 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 268.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505DL2000PTC256047 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0506057381 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : [Goods & Service Tax
Registration No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM0993M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Batteries. (Registered
activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Eastman Industries Limited”, India. The
company was incorporated in the year 2000. It is a manufacturer and trader of Batteries. For the financial year 2017, the company has achieved 26.46% growth in
its revenue as compared to previous year revenue along with average profit
margin of 3.32%. The sound financial profile of the company is marked by adequate
networth base along with negligible debt level. Rating also takes into consideration strong financial and managerial
support that he company receives from its holding entity backed by its well
experienced management team. However, theses rating strengths are partially offset by unfavourable
gap between trade payables and trade receivables. Business is active. Payment seems to be usually correct. 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating |
|
Rating |
Working Capital Limits = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
05.10.2017 |
|
Rating Agency Name |
India Rating |
|
Rating |
Term Loan = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
05.10.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction)
LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 21.03.2018
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 : |
Flat No-101, 1st Floor, Naraina Industrial Area, Phase -I, New Delhi -
110028, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
mritunjay.shekhar@eastmanglobal.com
|
|
Website: |
|
|
|
|
|
Corporate Office 1: |
546-7, Udyog Vihar, Phase-V, Gurugram – 122016, Haryana, India |
|
|
|
|
Corporate Office 2: |
572, Udyog Vihar, Phase V, Gurugram - 122016, Haryana, India |
|
Tel. No.: |
91-124-4627900 |
|
Fax No.: |
91-124-4627999 |
|
E-Mail : |
|
|
|
|
|
Factory : |
315/252/1-4, Village Rakhram Singh, Nalagarh
Pinjore Hoghway, NH-21 A, Tehsil Nalagarh, Solar - 174101, Himachal Pradesh,
India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Shekhar Singal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
1508-B, Beverly Park-II, DLF, Phase-II, Gurgaon - 122002, Haryana, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
23.12.1978 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
MBA, General Management, B.COM (H) |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.02.2011 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADVPS8313A |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00564384 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Jagdish Rai Singal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
610-611, Aggar Nagar, Ludhiana - 141001, Punjab, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.01.1946 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
25.02.2000 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00699341 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Dinesh Chand Sharma |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Chief Finance Officer |
||||||||||||||||||||||||||||||||||||
|
Address : |
A-903, The Palm Springs, Golf Course Road, Sector 54, Sikanderpur, Ghosi(68), DLF Q, Gurgaon - 122002, Haryana, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.10.1985 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
Chartered accountant |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
13.11.2017 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AKZPS5524L |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01713496 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vineet Jain |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
3194, Sector - D, Pocket - 3 Vasant Kunj, New Delhi - 110070, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.03.1967 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.09.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01823758 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Astha Bansal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
C-11, Shivlok Apartment, Plot NO.6, Sector 6, Dwarka, New Delhi - 110075, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
31.08.1982 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com (Commerce) |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.02.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06919658 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ashok Kumar Bhasin |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
205, Tarum Enclave, Pitampura, New Delhi - 110034, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.01.1955 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.08.2014 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06919659 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ananta Kumar Jena |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
11/1, Amarnath Roy Lane, Ward No. 22, Bhatpara (M),
Shyamnagar, North 24 Paraganas - 743127, West Bengal, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
13.11.2017 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
08012233 |
||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Chand Sharma |
|
Designation : |
Chief Finance Officer |
|
Address : |
A-903, The Palm Springs, Golf Course Road, Sector 54, Sikanderpur, Ghosi(68), DLF Q, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
15.10.1985 |
|
Date of Appointment : |
30.06.2017 |
|
PAN No.: |
AKZPS5524L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Jagdish Rai Singal |
|
1 |
|
Darshma Singal |
|
1 |
|
Shekhar Singal |
|
1200001 |
|
Reema Jain |
|
1 |
|
Shreya Singal |
|
1 |
|
Vandana S Aggarwal |
|
1 |
|
Shekhar Singal, HUF |
|
650000 |
|
Eastman Industries Limited, India |
|
24999994 |
|
Total |
|
26850000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
6.89 |
|
Promoter - Bodies
corporate |
93.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Batteries. (Registered
activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Available |
||||
|
|
|
||||
|
Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· HDFC Bank Limited HDFC Bank House Senapati Bapat Marg, Lower Parel West,
Mumbai -400013, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution: |
Mahindra and Mahindra Financial Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
H S Ahuja and Company Chartered Accountants |
|
Address : |
H-61, Gobind Mansion, Connaught Circus, New Delhi-110001, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFH1929B |
|
|
|
|
Secretarial Audit
Report
: |
|
|
Name : |
Parveen Kumar Rastogi |
|
Address : |
Flat No.3, Sood Building, Tel Mill Marg, Ram Nagar, New Delhi-110055, India |
|
PAN No.: |
AGMPR1410K |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Eastman Industries Limited, India |
|
|
|
|
Subsidiary Company
: |
AMPS Middle East FZE, United States |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26850000 |
Equity Shares |
INR 10/- each |
INR 268.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
268.500 |
268.500 |
268.500 |
|
(b) Reserves & Surplus |
826.441 |
607.481 |
305.166 |
|
(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) |
1094.941 |
875.981 |
573.666 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
116.024 |
91.358 |
108.148 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
17.536 |
9.461 |
4.095 |
|
Total
Non-current Liabilities (3) |
133.560 |
100.819 |
112.243 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
398.926 |
441.946 |
393.467 |
|
(b) Trade payables |
868.183 |
593.875 |
482.724 |
|
(c) Other current liabilities |
221.452 |
81.098 |
94.275 |
|
(d) Short-term provisions |
242.040 |
176.862 |
75.681 |
|
Total
Current Liabilities (4) |
1730.601 |
1293.781 |
1046.147 |
|
|
|
|
|
|
TOTAL |
2959.102 |
2270.581 |
1732.056 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
407.902 |
311.069 |
282.487 |
|
(ii) Intangible Assets |
39.116 |
33.150 |
23.846 |
|
(iii) Capital work-in-progress |
48.962 |
3.741 |
7.509 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.310 |
3.713 |
0.243 |
|
(c) Deferred tax assets (net) |
19.128 |
14.229 |
16.794 |
|
(d) Long-term Loan and Advances |
12.132 |
15.905 |
20.348 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
534.550 |
381.807 |
351.227 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
704.140 |
506.096 |
467.338 |
|
(c) Trade receivables |
1259.704 |
1126.243 |
754.318 |
|
(d) Cash and cash equivalents |
121.511 |
72.161 |
40.273 |
|
(e) Short-term loans and
advances |
305.020 |
142.845 |
107.665 |
|
(f) Other current assets |
34.177 |
41.429 |
11.235 |
|
Total
Current Assets |
2424.552 |
1888.774 |
1380.829 |
|
|
|
|
|
|
TOTAL |
2959.102 |
2270.581 |
1732.056 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6606.704 |
5224.145 |
4984.205 |
|
|
Other Income |
30.336 |
20.458 |
13.698 |
|
|
TOTAL
|
6637.040 |
5244.603 |
4997.903 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3759.975 |
2271.112 |
2676.464 |
|
|
Purchases of Stock-in-Trade |
1254.430 |
1451.250 |
1153.391 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
-139.358 |
-50.343 |
38.211 |
|
|
Employees benefits expense |
416.883 |
302.044 |
208.110 |
|
|
CSR Expenditure |
2.621 |
0.000 |
0.000 |
|
|
Other expenses |
930.581 |
747.705 |
586.030 |
|
|
TOTAL |
6225.132 |
4721.768 |
4662.206 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
411.908 |
522.835 |
335.697 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
64.235 |
60.166 |
66.234 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
347.673 |
462.669 |
269.463 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
73.131 |
54.352 |
52.152 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
274.542 |
408.317 |
217.311 |
|
|
|
|
|
|
|
Less |
TAX |
55.437 |
106.002 |
54.641 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
219.105 |
302.315 |
162.670 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1685.184 |
1748.184 |
178.960 |
|
|
TOTAL
EARNINGS |
1685.184 |
1748.184 |
178.960 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1149.542 |
1326.408 |
NA |
|
|
Components and Stores parts |
0.000 |
0.000 |
NA |
|
|
Capital Goods |
87.072 |
15.586 |
NA |
|
|
TOTAL
IMPORTS |
1236.614 |
1341.994 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
8.16 |
11.26 |
6.06 |
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 |
|
Net cash flows from (used in) operations |
432.293 |
182.691 |
5.381 |
|
Net cash flows from (used in) operating activities |
331.217 |
127.767 |
(23.726) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
69.59 |
78.69 |
55.24 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.24 |
4.64 |
6.61 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
63.20 |
58.23 |
46.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.58 |
1.03 |
0.72 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.83 |
1.50 |
1.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.62 |
0.61 |
0.67 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.47 |
0.61 |
0.87 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.58 |
1.48 |
1.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.45 |
0.40 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.41 |
8.69 |
5.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.32 |
5.79 |
3.26 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.40 |
13.31 |
9.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
20.01 |
34.51 |
28.36 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.40 |
1.46 |
1.32 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.99 |
1.07 |
0.87 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.37 |
0.39 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.92 |
1.99 |
1.87 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.40 |
1.46 |
1.32 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
268.500 |
268.500 |
268.500 |
|
Reserves & Surplus |
305.166 |
607.481 |
826.441 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
573.666 |
875.981 |
1094.941 |
|
|
|
|
|
|
Long Term borrowings |
108.148 |
91.358 |
116.024 |
|
Short Term borrowings |
393.467 |
441.946 |
398.926 |
|
Total
borrowings |
501.615 |
533.304 |
514.950 |
|
Debt/Equity
ratio |
0.874 |
0.609 |
0.470 |
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
|
4984.205 |
5224.145 |
6606.704 |
|
|
|
4.814 |
26.465 |
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
|
4984.205 |
5224.145 |
6606.704 |
|
Profit |
162.670 |
302.315 |
219.105 |
|
|
3.26% |
5.79% |
3.32% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
|
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
268.500 |
|
(b) Reserves & Surplus |
|
|
814.325 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1082.825 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
141.328 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
17.536 |
|
Total
Non-current Liabilities (3) |
|
|
158.864 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
398.926 |
|
(b) Trade payables |
|
|
845.648 |
|
(c) Other current liabilities |
|
|
228.614 |
|
(d) Short-term provisions |
|
|
242.040 |
|
Total
Current Liabilities (4) |
|
|
1715.228 |
|
|
|
|
|
|
TOTAL |
|
|
2956.917 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
407.902 |
|
(ii) Intangible Assets |
|
|
39.116 |
|
(iii) Capital work-in-progress |
|
|
48.986 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
3.670 |
|
(c) Deferred tax assets (net) |
|
|
19.128 |
|
(d) Long-term Loan and Advances |
|
|
12.609 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
531.411 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
725.216 |
|
(c) Trade receivables |
|
|
1219.577 |
|
(d) Cash and cash equivalents |
|
|
137.445 |
|
(e) Short-term loans and
advances |
|
|
306.477 |
|
(f) Other current assets |
|
|
36.791 |
|
Total
Current Assets |
|
|
2425.506 |
|
|
|
|
|
|
TOTAL |
|
|
2956.917 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
6673.657 |
|
|
Other Income |
|
|
32.606 |
|
|
TOTAL
|
|
|
6706.263 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
3759.975 |
|
|
Purchases of Stock-in-Trade |
|
|
1297.924 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(126.808) |
|
|
Employees benefits expense |
|
|
418.843 |
|
|
Other expenses |
|
|
956.107 |
|
|
TOTAL |
|
|
6306.041 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
400.222 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
64.673 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
335.549 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
|
73.388 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
262.161 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
55.436 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
206.725 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
7.7 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from Plot No.: 572, Udyog Vihar, Phase—V, Gurugram – 122016, Haryana, India to the present address w.e.f. 20.06.2013
STATE OF COMPANY’S
AFFAIRS
The economic environment for the year 2016-17 was historic by one of the event of Demonetization of larger currency notes in November 2016. It was good for the large and organized players in Battery Industry but it also came with a temporary setback in lean period. India’s GDP growth has been pegged at 6.5% down from 7.9% recorded in the previous financial year –largely owing to policy initiatives like demonetization.
India’s Inverters and UPS Market is expected to reach 200.7 million by 2019 (at a 9.4% CAGR) driven by low availability of high quality power, expansion of industries and increasing affordability of consumers. (Source: India Inverters and UPS Market Outlook).
In India, solar installations continue to grow rapidly; this increase in installations is largely due to a steep decline in solar module costs and interest rates, enhancing project viability. In 2017, the solar sector is likely to add nearly 9 GW of generating capacity, increasing its overall capacity to 18 GW. This increase is likely to graduate India into a league of nations like China, the US and Japan (in terms of solar capacity). From a longer-term perspective, India has targeted a 100 GW of solar energy capacity by 2022.
In order to maintain its position in the market, the Company is continuously focused on upgrading its products and manufacturing technology as well as acquiring new and advanced technology to meet the emerging expectations of the customers. The in-house Research and Development (R & D) Division has contributed and came out with more than 15 innovations in design and process this year which has been presented to get Patent.
During the Financial Year (FY) 2016-17, the Company’s revenue from operations is INR 6606.704 Million against 5224.145 Million in the previous FY, a growth of around 26.46%. Inspite of the competitive market conditions, the Company continues to remain the preferred supplier to most of the Dealers and Distributors.
Profit before tax is INR 274.542 Million as compared to INR 408.317 Million in FY 2015-16, registering a decrease of 32.76%. Lead and Lead Alloys are the primary materials consumed in the manufacturing of batteries representing more than 70% of total material consumption by value.
The exposure to currency fluctuations and its impact on Company’s business is significant. During FY 2016-2017 the average LME price of pure lead increased by 13% as compared to FY 2015-2016, while the average landed cost of Lead and Lead Alloys, including recycled lead, in 2016-2017 indicates a rise of 10% as compared to the previous financial year.
Profit after tax was 219,105,388 as against INR 302.315 Million in FY 2015-16, decrease of 28.4% over the previous year.
The Company has consolidated its sales network and streamlined its operations to drive better profits. The Directors are continuously looking for avenues for further growth of the Company.
The Company complies with applicable legal, statutory, regulatory, customer specific and other requirements related to the environmental aspects, occupational health and safety. The Company has always focused on the sustainability of its upstream partners for business sustainability. The company has certification and complying prescribed norms of ISO 9001, Environment Management System 14001 and OSHAS 18001.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
1.008 |
6.946 |
|
|
|
|
|
Total |
1.008 |
6.946
|
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G76368885 |
100153212 |
09/01/2018 |
- |
- |
440000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN |
|
|
2 |
G36489524 |
100078862 |
13/12/2016 |
- |
- |
100000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
|
3 |
C04608386 |
10494944 |
27/03/2014 |
- |
- |
35000000.0 |
9TH FLOORANTRIKSH BHAWAN22 K G MARGNEW DELHIDL110001IN |
|
|
4 |
B75678995 |
10427315 |
27/04/2013 |
- |
- |
444200000.0 |
INDUSTRIAL FINANCE BRANCH, GOLDEN TOWERDHOLEWAL CHOWKLUDHIANAPB141003IN |
|
|
5 |
C72001001 |
10087946 |
08/01/2008 |
10/11/2015 |
- |
838400000.0 |
INDUSTRIAL FINANCE BRANCHGOLDEN TOWER, NEAR DHOLEWAL CHOWKLUDHIANAPB141003IN |
|
|
6 |
G63947071 |
10522120 |
28/08/2014 |
- |
10/11/2017 |
19500000.0 |
GATEWAY BUILDING, APOLLO BUNDER,.MUMBAIMH400001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
1.681 |
0.391 |
|
Other money for which company is contingently liable |
0.000 |
14.559 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Licenses and franchise
- Licenses
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.03 |
|
|
1 |
INR 90.55 |
|
Euro |
1 |
INR 79.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.