|
|
|
MIRA INFORM REPORT
|
Report No. : |
499116 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
POLYNOVA INDUSTRIES LIMITED (w.e.f. 28.04.1988) |
|
|
|
|
Formerly Known
As : |
LUPIN POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra |
|
Tel. No.: |
91-22-42687878 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
20.10.1986 |
|
|
|
|
Com. Reg. No.: |
11-041294 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 229.850 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1986PLC041294 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388082852 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3071F |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACP3071F1ZO |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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|
|
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Line of Business
: |
The company is primarily engaged in the Manufacturing and Trading of Artificial Leather, made ups, which are mainly used in automobiles, shoes, general upholstery, and bags etc. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated in the year 1986 and it is having good track records. It is a leading manufacturer and exporter of coated fabrics in India. The company manufactures highly coated technical fabrics also known as artificial or synthetic leather. The primary applications of coated fabrics are in the automotive, footwear, furnishings, general stationery and upholstery industries. For the financial year 2017, the company has marginal declined in its revenue from operations as compared to previous year and maintained average profitability margin of 3.90%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established track record of business operations as well as diversified segment mix with end user sales to automotive and footwear sectors in domestic market and presence in exports market along with exports growth prospects remain favourable. However, rating strength is partially offset by vulnerability to raw material prices and exchange risk fluctuations. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
22.12.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
22.12.2017 |
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 22.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Bhaktha Shetty |
|
Designation : |
DGM Commercial |
|
Contact No.: |
91-832-2395223 |
|
Date : |
21.03.2018 |
91-22-42687878 (NOT WORKING)
LOCATIONS
|
Registered Office/ Head Office : |
159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098,
Maharashtra, India |
|
Tel. No.: |
91-22-42687878 |
|
Mobile No.: |
91-9820056206 (Mr. Nilesh Deshbandhu Gupta) |
|
Fax No.: |
91-22-42687800 |
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E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
92-101, Kundaim Industrial Estate, Off. Panji Ponda Road, Kundaim Il
has, Goa - 403 115, India |
|
Tel. No.: |
91-832-2395223/ 2395224 |
|
Fax No.: |
91-832-2395222 / 23 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Sunil Makharia |
|
Designation : |
Director |
|
Address : |
C-2202 Metropolis, 22nd Floor, J P Road, Four Bungalows, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1962 |
|
Qualification : |
B.Com, CA |
|
Date of Appointment : |
31.08.2001 |
|
PAN No.: |
AAZPM0279Q |
|
DIN No.: |
00064399 |
|
|
|
|
Name : |
Manju Deshbhandu Gupta |
|
Designation : |
Director |
|
Address : |
48/49, Hatkesh Co-Operative Housing Society, JVPD Scheme, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Date of Birth/Age : |
22.09.1943 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
29.04.2005 |
|
PAN No.: |
AABPG2862M |
|
DIN No.: |
00209461 |
|
|
|
|
Name : |
Khushi Ram Gupta |
|
Designation : |
Director |
|
Address : |
Flat No. 1301, 13th Floor, Beachwood Towers Co-Operative
Housing Society, Yari Road, Versova, Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1955 |
|
Qualification : |
M.Com. |
|
Date of Appointment : |
31.12.1999 |
|
PAN No.: |
ACMPG9755G |
|
DIN No.: |
00389736 |
|
|
|
|
Name : |
Nilesh Deshbandhu Gupta |
|
Designation : |
Additional Director |
|
Address : |
48/49, Hatkesh Co-Operative Housing Society, Jvpd Scheme, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1974 |
|
Date of Appointment : |
22.01.2018 |
|
PAN No.: |
AAEPG0883F |
|
DIN No.: |
01734642 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Sanganeria |
|
Designation : |
Chief Finance Officer /Company Secretary |
|
Address : |
12B, Willow Co-Operative Society, Eden Woods, Thane – 400601,
Maharashtra, India |
|
Date of Birth/Age : |
29.03.1964 |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AMWPS3127J |
|
|
|
|
Name : |
Mr. Padmanabhan Nemmara Sankaranarayanan |
|
Designation : |
Manager |
|
Address : |
B 17, Salokha Nss Road, Dombivili -421202, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1959 |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
AAKPP9311P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Rahas Investments Private Limited, India |
|
4620000 |
|
Visiomed (India) Private Limited, India |
|
4620000 |
|
Lupin Holding Private Limited |
|
4620000 |
|
Zyma Laboratories Private Limited, India |
|
4619795 |
|
Synchem Investment Private Limited, India |
|
3832000 |
|
Novamed Investments Private Limited, India |
|
673000 |
|
D.B. Gupta |
|
100 |
|
Manju Deshbhandu Gupta |
|
100 |
|
Sunil Makharia |
|
2 |
|
Arun kumar Gupta |
|
1 |
|
Kamal Kishore Sharma |
|
1 |
|
Kushi Ram Gupta |
|
1 |
|
|
|
|
|
Total |
|
22985000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Public - Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in the Manufacturing and Trading of Artificial Leather, made ups, which are mainly used in automobiles, shoes, general upholstery, and bags etc. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai- 400 013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD2337G |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
L24100MH1983PLC029442
U24110MH1991PTC063012
U24232MP1988PTC007551
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23000000 |
Equity Shares |
INR 10/- each |
INR 230.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22985000 |
Equity Shares |
INR 10/- each |
INR 229.850
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees 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 |
229.850 |
229.850 |
184.800 |
|
(b) Reserves and Surplus |
391.890 |
319.447 |
190.278 |
|
(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) |
621.740 |
549.297 |
375.078 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
22.000 |
137.300 |
|
(b) Deferred tax liabilities (Net) |
19.785 |
8.256 |
12.875 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
19.785 |
30.256 |
150.175 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
136.456 |
130.388 |
196.983 |
|
(b) Trade
payables |
165.949 |
217.727 |
286.735 |
|
(c) Other
current liabilities |
16.834 |
41.154 |
38.436 |
|
(d) Short-term
provisions |
14.409 |
18.172 |
7.893 |
|
Total Current
Liabilities (4) |
333.648 |
407.441 |
530.047 |
|
|
|
|
|
|
TOTAL |
975.173 |
986.994 |
1055.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
270.141 |
272.796 |
269.830 |
|
(ii)
Intangible Assets |
0.671 |
0.801 |
1.380 |
|
(iii) Tangible assets
capital work-in-progress |
4.268 |
1.980 |
4.160 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
5.779 |
9.927 |
12.096 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
280.860 |
285.505 |
287.467 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
297.983 |
293.487 |
306.372 |
|
(c) Trade
receivables |
353.391 |
353.837 |
380.223 |
|
(d) Cash and
bank balances |
6.093 |
15.681 |
13.385 |
|
(e)
Short-term loans and advances |
26.331 |
29.310 |
59.325 |
|
(f) Other
current assets |
10.515 |
9.174 |
8.528 |
|
Total
Current Assets |
694.313 |
701.489 |
767.833 |
|
|
|
|
|
|
TOTAL |
975.173 |
986.994 |
1055.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1858.723 |
1978.230 |
1836.375 |
|
|
Other Income |
22.163 |
14.196 |
15.400 |
|
|
TOTAL |
1880.886 |
1992.426 |
1851.775 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1333.134 |
1429.683 |
1451.620 |
|
|
Purchases of Stock-in-Trade |
0.000 |
7.739 |
0.038 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(11.256) |
19.474 |
(42.706) |
|
|
Employee benefit expense |
143.063 |
137.257 |
112.622 |
|
|
CSR expenditure |
1.700 |
1.700 |
2.000 |
|
|
Other expenses |
241.514 |
209.970 |
211.166 |
|
|
TOTAL |
1708.155 |
1805.823 |
1734.740 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
172.731 |
186.603 |
117.035 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.992 |
41.490 |
52.613 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
151.739 |
145.113 |
64.422 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
25.726 |
25.793 |
22.658 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
126.013 |
119.320 |
41.764 |
|
|
|
|
|
|
|
Less |
TAX |
53.570 |
35.381 |
15.541 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
72.443 |
83.939 |
26.223 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
453.038 |
326.319 |
338.222 |
|
|
TOTAL EARNINGS |
453.038 |
326.319 |
338.222 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
236.440 |
304.572 |
270.970 |
|
|
Capital Goods |
6.381 |
11.358 |
5.003 |
|
|
TOTAL IMPORTS |
242.821 |
315.930 |
275.973 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.15 |
4.21 |
1.42 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
25.000 |
21.000 |
|
Net cash flows from (used in) operations |
103.214 |
154.695 |
53.517 |
|
Net cash flows from (used in) operating activities |
80.702 |
163.073 |
41.910 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
69.40 |
65.29 |
75.57 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.26 |
5.59 |
4.83 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
45.44 |
55.29 |
72.10 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.58 |
0.64 |
0.38 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.63 |
0.68 |
0.43 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.34 |
0.46 |
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.22 |
0.32 |
0.95 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.54 |
0.74 |
1.41 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.44 |
0.50 |
0.73 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
8.23 |
4.50 |
2.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
3.90 |
4.24 |
1.43 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
7.43 |
8.50 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
11.65 |
15.28 |
6.99 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
2.08 |
1.72 |
1.45 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.19 |
1.00 |
0.87 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.64 |
0.56 |
0.36 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.59 |
0.77 |
1.92 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
2.08 |
1.72 |
1.45 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
184.800 |
229.850 |
229.850 |
|
Reserves & Surplus |
190.278 |
319.447 |
391.890 |
|
Net
worth |
375.078 |
549.297 |
621.740 |
|
|
|
|
|
|
Long-term borrowings |
137.300 |
22.000 |
0.000 |
|
Short term borrowings |
196.983 |
130.388 |
136.456 |
|
Current maturities of
long-term debts |
21.000 |
25.000 |
0.000 |
|
Total
borrowings |
355.283 |
177.388 |
136.456 |
|
Debt/Equity
ratio |
0.947 |
0.323 |
0.219 |
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 |
1836.375 |
1978.230 |
1858.723 |
|
|
|
7.725 |
(6.041) |
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 |
1836.375 |
1978.230 |
1858.723 |
|
Profit/ (Loss) |
26.223 |
83.939 |
72.443 |
|
|
1.43
% |
4.24
% |
3.90
% |
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 |
Yes |
|
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 |
OVERVIEW:
The Company was incorporated in 1986 as Lupin Polymers Limited. subsequently in 1988 the name was changed to Polynova Industries Limited. The Company primarily manufactures Artificial Leather, made ups, which are mainly used in Automobiles, Shoes, General Upholstery, and Bags etc.
OPERATIONS:
During the year, the sales was marginally down by 6.56% however, there was an increase in profit before tax by 5.6% as compared to previous year.
The overall sales of the Company would have been much higher however, the demonetization of the rupee in the month of November adversely affected the sales. Domestic sales in all sectors such as; Footwear, Automotive and Furniture took a beating. Despite this, with better exports the overall sales was maintained.
This growth in profit was the outcome of better product mix, lower input cost and strict cost control.
OUTLOOK:
We expect good orders from USA / CANADA / West Asia /North America during the current year.
Sales in UK, Europe is not likely to improve much during the current year.
Orders from Defense sector is expected to be good this year.
Impact of GST. There is a short term negative impact of GST as, domestic sales are adversely affected on account of various compliances at user levels and consumers. However, we expect the sales to pick from September onwards. GST will prove beneficial in the long run.
On account inverted duty structure in textiles there is a steep cost increase in textiles. Your company is making efforts to manufacture textiles either on job work or through setting up own manufacturing facility, in order to curtail the impact of the inverted GST structure.
Key raw materials such as PVC Resin, Plasticizer and Fabrics have moved up in the first quarter and may not ease out.
Overall the company expects to increase its volume of business in the 2nd half of the year and report better top line as well as bottom line during the year.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C43479633 |
80025033 |
STATE BANK OF INDIA |
08/12/1997 |
28/01/2015 |
- |
652000000.0 |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI-400001, MAHARASHTRA, INDIA |
|
2 |
G01536689 |
80019406 |
State Bank of India |
05/06/1996 |
22/03/2016 |
- |
717000000.0 |
COMMERCIAL BRANCH (ADVANCES), N. G. N. VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE, FORT, MUMBAI-400001, MAHARASHTRA, INDIA |
|
3 |
B62296801 |
90230603 |
STATE BANK OF INDIA |
16/12/1989 |
10/12/1989 |
29/10/2012 |
37000000.0 |
COMMERCIAL BRANCHJUSTICE V.N. VADIYA MARG, MUMBAI, MAHARASHTRA, INDIA |
|
4 |
B62413133 |
80031679 |
STATE BANK OF INDIA |
17/03/1988 |
- |
29/10/2012 |
10000000.0 |
COMMERCIAL BRANCH, JUSTICE G.N.VAIDYA MARG, MUMBAI-400023, MAHARASHTRA, INDIA |
|
5 |
B62295076 |
90230535 |
STATE BANK OF INDIA |
02/06/1988 |
16/12/1989 |
29/10/2012 |
5000000.0 |
COMMERCIAL BRANCH, JUSTICE G.N.VAIDYA MARG, MUMBAI-400023, MAHARASHTRA, INDIA |
|
6 |
B62296223 |
90230545 |
STATE BANK OF INDIA |
26/07/1988 |
- |
29/10/2012 |
35000000.0 |
COMMERCIAL BRANCH, JUSTICE G.N.VAIDYA MARG, MUMBAI-400023, MAHARASHTRA, INDIA |
|
7 |
A95199055 |
10011584 |
SUNDRARAM FINANCE LIMITED |
30/06/2006 |
- |
29/09/2010 |
750000.0 |
NO.21,PATULLOS ROAD, CHENNAI-600002, TAMILNADU, INDIA |
|
8 |
A16169054 |
90230565 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LIMITED |
15/01/1989 |
- |
23/05/2007 |
2500000.0 |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
|
9 |
A16169682 |
90230568 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LIMITED |
24/01/1989 |
- |
23/05/2007 |
4800000.0 |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
|
10 |
Y10333295 |
90230504 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LIMITED |
11/08/1987 |
- |
25/10/2000 |
0.0 |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
3.003 |
0.424 |
FIXED ASSETS
- Land
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
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 65.04 |
|
|
1 |
INR 90.56 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
KJL |
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.