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MIRA INFORM REPORT
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Report No. : |
498548 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SHIRPUR GOLD REFINERY LIMITED (w.e.f. 21.03.1994) |
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Formerly Known
As : |
AUTORIDERS MERCANTILE AND FINANCE LIMITED (w.e.f. 1991) SKIPPER MERCANTILE LIMITED |
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Registered
Office : |
Refinery Site Shirpur, District Dhule, Dhulia - 425405, Maharashtra |
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Tel. No.: |
91-2563-258005 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.11.1984 |
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Com. Reg. No.: |
11-034501 |
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Capital
Investment / Paid-up Capital : |
INR 291.370 Million |
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CIN No.: [Company Identification
No.] |
L51900MH1984PLC034501 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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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
: |
The Company has been in the business of manufacturing and trading of gold bars, gold coins, gold Jewellery and export of gold Jewellery. (Registered Activity) |
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No. of Employees
: |
53 (Approximately) |
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 9600000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is a part of “Essel Group”. The company was incorporated in the year 1984. It is a manufacturer and trader of Gold Bars, Gold Coins, Gold Jewellery and exporter of Gold Jewellery. As per the financial record of 2017, the revenue of the company has decreased by 56.40 % but has managed to maintained low profit margin of 0.29%. The healthy financial risk profile of the company marked by strong net worth base along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. Rating also takes into account of strong financial and managerial support that the company receives from Essel group backed by its well experienced management team. The company has its share price trading at around INR 135.95 against the Face Value (FV) of INR 10 on BSE as on March 17, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 4463.011 million and has reported low profit margin of 0.14%. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. NOTE: subject has been found under RBI defaulter’s list, the name of credit grantor is Oriental Bank of Commerce and the amount charged is INR 773.1 million dated 31-03-2010 and the same updated information about the same is 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term = BBB+ |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
29.09.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term = A2 |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
29.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
Suit-filed accounts (Willful
Defaulters) of INR 2.500 Million and above as on 17-Mar-2018
Borrower Containing -
SHIRPUR GOLD REFINERY LIMITED
|
Name of credit
grantors |
Branch |
Amount (INR. IN
Lacs) |
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|
ORIENTAL BANK OF COMMERCE |
OVERSEES, NARIMAN POINT |
773.100 |
Suit-filed accounts
of INR 10.000 Million and above as on 17-Mar-2018
Borrower Containing -
SHIRPUR GOLD REFINERY LIMITED
|
Name of credit
grantors |
Branch |
Amount (INR. IN
Lacs) |
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|
|
|
|
ORIENTAL BANK OF COMMERCE |
OVERSEES, NARIMAN POINT |
773.100 |
Suit-filed accounts of INR 10.000 Million and above as on 17-Mar-2018
Borrower Containing - SHIRPUR GOLD REFINERY
|
BANK |
BRANCH |
QUARTER |
BORROWER NAME |
REGISTERED ADDRESS |
DIRECTOR NAME--DIN
NO. DETAIL |
OUTSTANDING AMOUNT
(INR. IN LACS) |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-06-06 |
SHIRPUR GOLD REFINERY LIMITED |
REFINERY SITE, SHIRPUR, DIST DHULIA |
SANJAY GUPTA--NA, CHITAN A PATEL--NA, DILIP KUMAR--NA, DINESH S PATEL--NA, TAPAN M PATEL--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-09-06 |
SHIRPUR GOLD REFINERY LIMITED |
REFINERY SITE, SHIRPUR, DIST DHULIA |
DINESH S PATEL--NA, TAPAN M PATEL--NA, SANJAY GUPTA--NA, CHITAN A PATEL--NA, DILIP KUMAR--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
31-03-07 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
CHITAN A PATEL--NA, DILIP KUMAR--NA, DINESH S PATEL--NA, TAPAN M PATEL--NA, SANJAY GUPTA--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-06-07 |
REFINERY SITE, SHIRPUR, DIST DHULIA |
SANJAY GUPTA--NA, CHITAN A PATEL--NA, DILIP KUMAR--NA, DINESH S PATEL--NA, TAPAN M PATEL--NA |
773.100 |
|
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-09-07 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
DINESH S PATEL--NA, TAPAN M PATEL--NA, SANJAY GUPTA--NA, CHITAN A PATEL--NA, DILIP KUMAR--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
31-12-07 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
CHITAN A PATEL--NA, DILIP KUMAR--NA, TAPAN M PATEL--NA, DINESH S PATEL--NA, SANJAY GUPTA--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
31-03-08 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
DILIP KUMAR--NA, TAPAN M PATEL--NA, DINESH S PATEL--NA, SANJAY GUPTA--NA, CHITAN A PATEL--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-06-08 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
CHITAN A PATEL--NA, DILIP KUMAR--NA, DINESH S PATEL--NA, TAPAN M PATEL--NA, SANJAY GUPTA--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
30-09-08 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
TAPAN M PATEL--NA, SANJAY GUPTA--NA, DILIP KUMAR--NA, CHITAN A PATEL--NA, DINESH S PATEL--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
31-12-08 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
DILIP KUMAR--NA, CHITAN A PATEL--NA, TAPAN M PATEL--NA, DINESH S PATEL--NA, SANJAY GUPTA--NA |
773.100 |
|
ORIENTAL BANK OF COMMERCE |
NARIMAN POINT |
31-03-10 |
SHIRPUR GOLD REFINERY LIMITED (SOLD TO ARCIL) |
REFINERY SITE, SHIRPUR, DIST DHULIA |
DILIP KUMAR--NA, Tapan M Patel--NA, DINESH S PATEL--NA, Sanjay Gupta--NA, CHITAN A PATEL--NA |
773.100 |
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
Management Non Co-Operative (91-2563-258005/91-22-71085433)
LOCATIONS
|
Registered Office : |
Refinery Site Shirpur, District Dhule, Dhulia - 425405, Maharashtra, India |
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Tel. No.: |
91-2563-258005 |
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Fax No.: |
91-2563-258003 |
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E-Mail : |
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Website : |
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Corporate Office : |
18th Floor, 'A' Wing, Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-71085433 |
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Fax No.: |
91-22-71227474 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Dinesh Shyamsunder Kanodia |
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Designation : |
Additional Director |
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Address : |
801/802 Lotus, C-Wing, Valley Of Flowers, Thakur Village,
Kandivali-East, Mumbai – 400101, Maharashtra, India |
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Date of Appointment : |
04.12.2017 |
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DIN No.: |
01563828 |
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Name : |
Mr. Anish Mahabirprasad Goel |
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Designation : |
Director |
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Address : |
H. No. F-5, Pushpanjal Farms, Bijswasan, South West Delhi, Delhi –
110061, India |
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Date of Appointment : |
24.12.2008 |
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DIN No.: |
00552332 |
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Name : |
Mr. Manoj Phoolchand Agarwal |
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Designation : |
Director |
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Address : |
202, Lilou Ville, West Avenue, Santacruz (West), Mumbai – 400054,
Maharashtra, India |
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Date of Appointment : |
28.06.2012 |
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DIN No.: |
00773999 |
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Name : |
Kavita Anand Kapahi |
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Designation : |
Director |
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Address : |
91, Basant Apartment, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
02330706 |
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Name : |
Mr. Mukund Venkatesh Galgali |
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Designation : |
Additional Director |
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Address : |
204, 2nd Floor, Dosti Florentine India Hume Pipe Compound,
Wadala - East Mumbai – 400031, Maharashtra, India |
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Date of Appointment : |
04.12.2017 |
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DIN No.: |
01998552 |
KEY EXECUTIVES
|
Name : |
Archita Basant Kothari |
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Designation : |
Chief Finance Officer |
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Address : |
507, Lok Terrece, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra,
India |
|
Date of Appointment : |
23.05.2014 |
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PAN No.: |
AARPN4748H |
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Name : |
Mr. Subhash Chandra Pareek |
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Designation : |
Manager |
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Address : |
Flat No-1302, Bhoomi Towers CHS, Plot No-28, Sector No-4, Kharghar,
Navi Mumbai – 410210, Maharashtra, India |
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Date of Appointment : |
05.11.2012 |
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PAN No.: |
ACEPP4518Q |
|
Name : |
Shyamal Kishor Padhiar |
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Designation : |
Company Secretary |
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Address : |
A/201, Chandrapuri Building, Kedarmal Road, Malad (East), Mumbai –
400097, Maharashtra, India |
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PAN No.: |
ATZPP2705M |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
2,11,85,703 |
72.71 |
|
|
(B) Public |
79,51,499 |
27.29 |
|
|
Grand Total |
2,91,37,202 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
No. of fully paid up
equity shares held |
Shareholding as a %
of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
2,11,85,703 |
72.71 |
|
|
Jayneer Capital Private Limited |
2,11,85,703 |
72.71 |
|
|
Sub Total A1 |
2,11,85,703 |
72.71 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2,11,85,703 |
72.71 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
0 |
19,03,347 |
|
|
Foreign Portfolio
Investors |
1903347 |
19,03,347 |
|
|
Polus Global Fund |
1903347 |
1,454 |
|
|
Financial Institutions/ Banks |
1454 |
19,04,801 |
|
|
Sub Total B1 |
1904801 |
||
|
B2) Central Government/ State Government(s)/ President of India |
0 |
||
|
B3) Non-Institutions |
0 |
20,33,871 |
|
|
Individual share
capital upto INR 0.200 Million |
2033871 |
16,29,457 |
|
|
Individual share
capital in excess of 0.200 Million |
1629457 |
3,00,000 |
|
|
KRUTI BHUPESH PATEL |
300000 |
23,83,370 |
|
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Any Other (specify) |
2383370 |
995 |
|
|
Trusts |
995 |
12,001 |
|
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Foreign Individuals |
12001 |
4,37,333 |
|
|
HUF |
437333 |
18,855 |
|
|
NRI – Repat |
18855 |
9,737 |
|
|
NRI – Non- Repat |
9737 |
1,38,842 |
|
|
Clearing Members |
138842 |
17,65,607 |
|
|
Bodies Corporate |
1765607 |
4,49,941 |
|
|
Vincent Trading
Private Limited |
449941 |
60,46,698 |
|
|
Sub Total B3 |
6046698 |
79,51,499 |
|
|
B=B1+B2+B3 |
7951499 |
6180 |
BUSINESS DETAILS
|
Line of Business : |
The Company has been in the business of manufacturing and trading of gold bars, gold coins, gold Jewellery and export of gold Jewellery. (Registered Activity) |
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Products / Services
: |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
53 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B. S. Sharma and Company Chartered Accountants |
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Address : |
303, Guruprabha Apartments, 507-508, Sundernagar, Senapati Bapat Road, Dadar (West), Mumbai - 400028, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
· Jayneer Capital Private Limited |
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Wholly Owned
Subsidiaries: |
· Shirpur Gold Mining Company Private Limited – Singapore · Zee Gold DMCC - Dubai |
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Step down
Subsidiary: |
· Precious Metals Mining and Refining Limited |
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Other related
parties with whom transaction have been taken place and balance outstanding
as on the last day of the year: |
· Diligent Media Corporation Limited - (up to 24.11.2015) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29,137,202 |
Equity Shares |
INR 10/- each |
INR 291.370 Million |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
Number of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
29,137,202 |
291.370 |
|
Changes during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
29,137,202 |
291.370 |
Details of shares held
by its holding company:
|
Name of
Shareholder |
Number of Shares |
% holding |
|
Jayneer Capital Private Limited |
21,185,703 |
72.71% |
|
|
|
|
Details of
Shareholders holding more than 5% equity shares in the company
As per records of the company none of the shareholders, except Jayneer Capital Private Limited the holding company, holds more than 5 % of the total paid up equity capital of the company.
Terms/Rights attached
to Equity Shares
The company has only one class of shares referred to as equity shares having a par value of INR 10 per share.All the share are ranking pari- passu in all respect. Each holder of equity share is entitled to one vote per share. As per the Companies Act, 1956, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts in the event of liquidation of the company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the Shareholders.
(e) Neither bonus
shares are issued nor any shares bought back during the five years preceding
31st March 2017.
FINANCIAL DATA
[all figures are
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 |
291.370 |
291.370 |
291.370 |
|
(b) Reserves &
Surplus |
3042.150 |
2959.510 |
2269.180 |
|
(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) |
3333.520 |
3250.880 |
2560.550 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
449.910 |
491.900 |
945.920 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
15.360 |
28.810 |
30.030 |
|
(d) long-term provisions |
5.630 |
6.670 |
4.630 |
|
Total Non-current
Liabilities (3) |
470.900 |
527.380 |
980.580 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4190.870 |
6042.910 |
875.710 |
|
(b) Trade payables |
1618.860 |
369.990 |
5650.640 |
|
(c) Other current
liabilities |
127.660 |
62.910 |
84.300 |
|
(d) Short-term provisions |
106.780 |
49.270 |
42.960 |
|
Total Current Liabilities
(4) |
6044.170 |
6525.080 |
6653.610 |
|
|
|
|
|
|
TOTAL |
9848.590 |
10303.340 |
10194.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1644.930 |
1709.850 |
1741.600 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
393.940 |
393.940 |
341.890 |
|
(c) Deferred tax assets
(net) |
475.440 |
491.610 |
514.100 |
|
(d) Long-term Loan and Advances |
4.830 |
4.830 |
5.440 |
|
(e) Other Non-current
assets |
25.510 |
47.400 |
19.140 |
|
Total Non-Current Assets |
2544.650 |
2647.630 |
2622.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
254.960 |
1416.680 |
741.830 |
|
(c) Trade receivables |
4868.280 |
2804.860 |
4520.540 |
|
(d) Cash and cash
equivalents |
617.490 |
679.290 |
1740.870 |
|
(e) Short-term loans and
advances |
1563.210 |
2754.880 |
569.330 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7303.940 |
7655.710 |
7572.570 |
|
|
|
|
|
|
TOTAL |
9848.590 |
10303.340 |
10194.740 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
16985.180 |
38953.410 |
32211.600 |
|
|
Other Income |
84.130 |
39.760 |
10.500 |
|
|
TOTAL |
17069.310 |
38993.170 |
32222.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9760.980 |
38770.480 |
27018.460 |
|
|
Purchases of
Stock-in-Trade |
5799.790 |
0.000 |
4229.720 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
978.060 |
(822.030) |
(40.420) |
|
|
Employees benefits expense |
42.410 |
59.710 |
45.970 |
|
|
Other expenses |
104.050 |
166.370 |
172.720 |
|
|
TOTAL |
16685.290 |
38174.530 |
31426.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
384.020 |
818.640 |
795.650 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
232.790 |
547.290 |
492.060 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
151.230 |
271.350 |
303.590 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
67.600 |
66.840 |
86.810 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
83.630 |
204.510 |
216.780 |
|
|
|
|
|
|
|
Less |
TAX |
33.670 |
67.010 |
62.420 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
49.960 |
137.500 |
154.360 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
49.960 |
137.500 |
154.360 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5965.850 |
2072.420 |
6527.760 |
|
|
TOTAL EARNINGS |
5965.850 |
2072.420 |
6527.760 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Import of Gold |
222.330 |
3332.200 |
10734.110 |
|
|
Capital Equipments &
others |
1.820 |
0.830 |
33.670 |
|
|
TOTAL IMPORTS |
224.150 |
3333.030 |
10767.780 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.71 |
4.72 |
5.3 |
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 |
1845.150 |
(2473.370) |
209.890 |
|
Net cash flow from (used in) operations |
2013.090 |
(1461.940) |
778.380 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2st
Quarter |
3st
Quarter |
|
Net sales |
4538.430 |
4827.060 |
4463.010 |
|
Total Expenditure |
4456.190 |
4747.520 |
4398.900 |
|
PBIDT (Excluding Other Income) |
82.240 |
79.540 |
64.110 |
|
Other income |
0.020 |
0.020 |
NA |
|
Operating Profit |
82.260 |
79.560 |
64.110 |
|
Interest |
55.770 |
54.030 |
39.240 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
26.490 |
25.520 |
24.870 |
|
Depreciation |
16.800 |
16.990 |
16.940 |
|
Profit Before Tax |
9.690 |
8.530 |
7.930 |
|
Tax |
1.980 |
1.740 |
1.620 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
7.720 |
6.790 |
6.310 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
7.720 |
6.790 |
6.310 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
104.62 |
26.28 |
51.22 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.49 |
13.89 |
7.13 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
37.97 |
3.48 |
66.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.51 |
0.58 |
1.07 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.48 |
0.46 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.68 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.39 |
2.01 |
0.71 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.81 |
2.01 |
2.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.49 |
0.53 |
0.68 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.65 |
1.50 |
1.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.29 |
0.35 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.51 |
1.33 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.50 |
4.23 |
6.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.21 |
1.17 |
1.14 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.17 |
0.96 |
1.03 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.32 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
15.93 |
22.43 |
6.25 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.21 |
1.17 |
1.14 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 135.95/- |
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 |
291.370 |
291.370 |
291.370 |
|
Reserves & Surplus |
2269.180 |
2959.510 |
3042.150 |
|
Net worth |
2560.550 |
3250.880 |
3333.520 |
|
|
|
|
|
|
long-term borrowings |
945.920 |
491.900 |
449.910 |
|
Short term borrowings |
875.710 |
6042.910 |
4190.870 |
|
Total borrowings |
1821.630 |
6534.810 |
4640.780 |
|
Debt/Equity ratio |
0.711 |
2.010 |
1.392 |
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 |
32211.600 |
38953.410 |
16985.180 |
|
|
|
20.930 |
(56.396) |
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 |
32211.600 |
38953.410 |
16985.180 |
|
Profit/(Loss) |
154.360 |
137.500 |
49.960 |
|
|
0.48% |
0.35% |
0.29% |
LEGAL
CASE
Case Details
|
Presentation Date: 30/11/2017 |
|
Lodging No: ITXAL/3092/2017 Filling Date: 30/11/2017 Reg. No: ITXA/798/2018 Reg Date: 08.03.2018 |
|
Petitioner: PR. COMMISSION OF
INCOME TAX-13 Responded: SHIRPUR
GOLD REFINERY Petn. Adv: AKHILESHWAR SHARMA
(827) District: MUMBAI |
|
Branch: DIVISON
Category:
TAX APPEALS Status: Pre-Admission
Stage: FOR REJECTION Next Date: 20/03/2018 Coram: ACCORDING TO SITTING LIST Act: Income Tax Act, 1961
Under Section: 260A |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
291.370 |
291.370 |
|
(b) Reserves & Surplus |
|
2926.750 |
2874.780 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
3218.120 |
3166.150 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
486.250 |
491.900 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
15.360 |
28.810 |
|
(d) long-term provisions |
|
5.630 |
6.670 |
|
Total Non-current
Liabilities (3) |
|
507.240 |
527.380 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5440.700 |
1875.150 |
|
(b) Trade payables |
|
1689.570 |
4573.550 |
|
(c) Other current
liabilities |
|
121.280 |
118.640 |
|
(d) Short-term provisions |
|
108.070 |
49.270 |
|
Total Current Liabilities
(4) |
|
7359.620 |
6616.610 |
|
|
|
|
|
|
TOTAL |
|
11084.980 |
10310.140 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1655.060 |
1729.870 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.330 |
0.340 |
|
(c) Deferred tax assets
(net) |
|
475.440 |
491.610 |
|
(d) Long-term Loan and Advances |
|
4.830 |
4.830 |
|
(e) Other Non-current
assets |
|
44.100 |
58.460 |
|
Total Non-Current Assets |
|
2179.760 |
2285.110 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
255.170 |
1466.800 |
|
(c) Trade receivables |
|
6913.340 |
2818.310 |
|
(d) Cash and cash
equivalents |
|
774.240 |
790.180 |
|
(e) Short-term loans and
advances |
|
962.470 |
2949.740 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
8905.220 |
8025.030 |
|
|
|
|
|
|
TOTAL |
|
11084.980 |
10310.140 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
49469.100 |
39491.120 |
|
|
Other Income |
|
89.200 |
38.450 |
|
|
TOTAL |
|
49558.300 |
39529.570 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
10412.930 |
38770.480 |
|
|
Purchases of
Stock-in-Trade |
|
37416.570 |
585.950 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
1027.160 |
(871.840) |
|
|
Employees benefits
expense |
|
70.000 |
93.740 |
|
|
Other expenses |
|
144.540 |
188.050 |
|
|
TOTAL |
|
49071.200 |
38766.380 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
|
487.100 |
763.190 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
346.200 |
578.350 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
140.900 |
184.840 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
79.130 |
67.390 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
61.770 |
117.450 |
|
|
|
|
|
|
|
Less |
TAX |
|
33.670 |
67.010 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
28.100 |
50.440 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.96 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company is incorporated in the state of Maharashtra, India. The Company has been in the business of manufacturing and trading of gold bars, gold coins, gold Jewellery and export of gold Jewellery.
OUTLOOK
After a challenging 2016, India’s gold market faces headwinds. As they as the lingering effect of the policies implemented last year, the industry has more to contend with in 2017. The ban on cash transactions over INR 300,000 could hurt rural Indian demand while GST could adversely affect the industry in the short-term. But after falling so sharply last year, demand is unlikely to fall further. Headwinds will be off-set by strong tailwinds. A banking system flush with liquidity, the bumper crop after a good monsoon, and central government employees’ and pensioners’ inflation busting wage hike will all support economic growth. GST will streamline India’s byzantine tax structure which, as they as boosting the economy, GST, in long run, should eliminate double taxation and improve supply chains efficiency. GST can make the gold industry more transparent which, coupled with recent hallmarking legislation, should ensure gold buyers have confidence in the gold products they buy, rather than continuing to suffer from the gross level of under-carating they have previously endured. And India’s entire economy is on a rapid jthemney to becoming more organized and more transparent, boosting economic growth. This is vitally important for India’s gold market. Them econometric analysis reveals that income growth is the single biggest driver of gold demand in India. In India, the government’s decision to remove large denomination rupee notes (` 500 and ` 1,000) took around 86% of India’s circulating cash out of its economy. While the purpose is to replace them with newly printed notes, the liquidity squeeze could have a temporary negative effect on economic growth, and may also affect gold demand in the short term. But more importantly, the transition to transparency and formalisation of the economy will lead to stronger Indian growth in the longer term, thus benefitting gold.
Demonetisation is also boosting large Jewellery retailers, and they will continue to grab a larger share of the market. Over time, consumers will move away from cash towards digital payments, and organised players should benefit from this trend. This change in market dynamics will result in more transparency and a better deal for consumers, protecting them from shady practices such as under-carating. Zee Gold DMCC, Dubai (100% subsidiary) has commenced trading activities in FY 16 and tapping opportunities in countries like Africa, Latin America and Australia.
BUSINESS OVERVIEW
The company’s products viz., Gold Bars and Gold Jewellery are theyll established in the market. The Company is selling products under ‘Zee Gold’ which is theyll known brand. The products of the Company meet the stringent quality standards of purity, theyighment, shape, size and aesthetic look. As reported in the preceding year’s Note No. 47 of the Annual Report, on 24th April 2015, 60 Kgs of Gold, during transit to factory at Shirpur, was robbed near Nashik, Maharashtra, of which the seizure made was 13.6939 kgs including 2 kgs from site of robbery and other assets of the robbers, theyre in Police Custody. On 19th April 2017, the company has taken possession of the said seized 13.6939 Kgs of Gold pursuant to the Order of the Hon’ble Session Cthemt. The said seized gold was accounted in the preceding year as part of inventories and is valued as per Ind AS 2.The Claim for balance gold of 46.3061 Kgs valued at ` Millions 124.34 including expenses of ` Millions1.83 is pending for settlement with the Insurance company and is accounted as “Claims Receivables” under Other Current Assets. On Finalization of Claim by the insurance company, the difference, if any, bettheyen the amount claimed and the actual claim received, which the management does not expect to be material will be charged to Statement of Profit & Loss
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTRE
AND DEVELOPMENTS
Gold is a precious metal which is highly ductile and malleable. As a result of this, it is used for making jetheylry and for investment purpose across the globe. Due to the escalating prices of gold, it is at present being oversold in the bearish market. In times of high inflation, currency fluctuations, and geopolitical crisis, gold is considered to be the safest investment. A barrage of policy initiatives, aimed at purging India of black money and instilling greater transparency, have rocked the country’s economy, including its gold market. The impact of some of the headwinds was offset due to implementation of the 7th Pay Commission recommendations which spurred domestic consumption in FY 2016-17. The overall retail inflation tapered down to 3.8% in March 2017, from 5.6% in April 2016. The dollarrupee exchange rate too came down favthemably to ` 64.5 levels. All of these augur theyll for consumer spending, which is likely to surge forward. The GDP growth estimate is a strong 7.1% (Sthemce – Central Statistics Office) for the year in review and is expected to further strengthen in FY 2017-18, helping India retain its status as the world’s fastest growing large economy. The revival of consumer interest, hopes of a good monsoon, and India’s underlying economic strength are factors supporting growth prospects
Global Scenario
Rising prices for much of the year, regulatory and fiscal hurdles in India and China’s softening economy theyre key reasons for in the sector. World gold demand stood at 4,308 tonnes (t) showing an increase of 2% as compared to FY 15. Hit by high gold prices, annual global Jewellery demand fell to a seven-year low of 2,041 tones, showing decrease of 15% as compared to FY 15. Indian Scenario 2016-17 was a year of uncertainties.
The first half of the year was marked by they and festive seasons and disruptions during the Akshaya Tritiya festival (April 2016), and a normal but prediction-belying monsoon. The second half, hotheyver, saw a much better consumer sentiment despite demonetization, driven largely by good festive and they doing seasons (October-March) and low inflation. Neilsen’s Consumer Confidence Index in the October- December period shotheyd a steady gain from the previous period, demonstrating this.
Indian annual Jewellery demand fell to a 7 year low amid strikes, regulation and high gold prices. Circumstances in India during 2016 created a very challenging environment. In Q1 FY 16, the nationwide jetheyllers’ strike effectively shut down the gold industry. Further difficulties arose when the government’s clampdown on
undeclared income – which reached its pinnacle in Q4 FY 16 with the demonetization policy – drove an element of gold demand into the shadier grey market.
COMPANY OVERVIEW
Shirpur Gold Refinery Limited, a part of the Essel group, has the largest installed capacity in India of refining gold and silver from the raw gold (Dore) stage to 99.99%purity. The technical capabilities include achieving fineness of upto 999.9 parts per thousand for gold and silver, casting the refined bullion into bars of various denominations, minting of coins and manufacturing of Jewellery in various designs. Refining of Gold from the raw gold ( Dore ) stage and Jewellery scrap to achieve the desired purity of 0.995, 0.999 and 0.9999 fineness is the principal business of the Company. The products manufactured under Company’s ‘Zee Gold’ brand consist of gold bars of 100g, 1 kg. gold and silver coins or different denominations of different purities as per market demand to the highest specifications of global standards.
THE STATE OF
COMPANY’S AFFAIRS/ DEVELOPMENTS
The company continues to maintain its commitment to the highest level of production efficiency and excellence in quality. As such at the company has always kept abreast of the ever changing technologies and processes. Gold industry in India has always been greatly impacted by the government regulations and controls. Changes implemented by the regulatory authorittes has been challenging for the industry and so for the company. The company is compliant with all directions, changes and regulations implied by the government on gold industry from time to time.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferment Scheme-Government of Maharashtra |
0.007 |
0.010 |
|
Loans and advances |
449.900 |
491.890 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
74.440 |
|
Total |
449.907 |
566.340 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER and NINE MOTHS ENDED DECEMBER 31,
2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Revue from operation |
4463.011 |
4827.056 |
13828.500 |
|
Other Income |
0.004 |
0.016 |
3.500 |
|
Total
Income from Operations |
4463.015 |
4827.072 |
13828.535 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
299.802 |
412.8444 |
1648.883 |
|
Purchase of Stock in Trade |
4115.510 |
4208.241 |
11911.670 |
|
Changes in inventories of finished goods and
work-in-progress |
(33.429) |
105.460 |
(2258.300) |
|
Employee benefits expense |
5.850 |
7.444 |
20.922 |
|
Finance Costs |
39.241 |
54.034 |
149.049 |
|
Depreciation and Amortization expenses |
16.942 |
16.987 |
50.728 |
|
Other Expenditure |
11.168 |
1353.100 |
43.712 |
|
Total
Expenses |
4455.084 |
4818.541 |
13802.381 |
|
Profit/(Loss) Before Tax |
7.931 |
8.531 |
26.154 |
|
Tax
Expense |
6.314 |
6.792 |
20.821 |
|
Profit
/ (Loss) after Tax |
6.314 |
6.792 |
20.821 |
|
|
|
|
|
|
Other
compressive income |
|
|
|
|
Remeasurment of defined benefits plans |
(0.251) |
0.111 |
0.729 |
|
Tax expenses |
0.051 |
(2.300) |
(0.149) |
|
Other compressive income |
(0.200) |
0.088 |
0.580 |
|
Total
compressive income |
6.114 |
6.880 |
21.401 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
291.372 |
291.372 |
291.370 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings per Share (EPS) - INR |
0.22 |
0.23 |
071 |
NOTES:
The standalone and consolidated financial results have been prepared in accordance with the principles and procedures of Indian Accounting Standards ("Ind AS") as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013 read with SEBI's Circular No.CIR/CFD/CMD/15/2015 dt 30th November 2015 and SEBI's Circular No.CIR/CFD/FAC/62/2016 dt 05th July 2016 and other recognised accounting practices and policies. Consequently, results for the quarter and Nine Months ended 31st December 2016 have been restated to comply with Ind .AS to make them comparable.
The company has adopted Ind AS from 01st April 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The date of transition to Ind AS is 01 April 2016. There is insignificant impact of transition and has accordingly been considered. The opening balance sheet as at 01.04.2017 and the results for the subsequent period will be finalised and will be subject to audit at the time of annual financial statements for the year ending 31st March 2018.
The Ind AS compliant financial results, pertaining to corresponding quarter and Nine Months ended 31st December 2016 have not been subjected to Limited Review or audit by the Statutory auditors, however, the management has exercised necessary due diligence on these financial results.
The above standalone and consolidated financial results for the quarter and
Nine Months ended 31st December 2017 have been reviewed by Audit Committee and
were approved by Board of Directors of the Company at its meeting held on 12th
February 2018 and have undergone 'Limited Review by the Statutory Auditors of
the Company.
The consolidated financial results have been prepared as per the requirement of
Ind AS 110, a consolidated financial statements and Ind AS 111 for its two
foreign subsidiaries along with two foreign step down subsidiaries.
In line with the provisions of Ind AS 108 the Company operates in single
business segment of Precious Metal. Hence there are no separate reportable
business or geographical segment to be reported.
Gain(Loss) on Foreign exchange INR (1.311) Million (INR 31.378 Million) year to
date Gain of INR 2.662 Million (131.950 Milliom) has been included in revenue
from operations
Finance cost is net of Interest Income of INR 6.249 Million (INR 102.436
Million) for the quarter and year to date R INR 25.239 Million (INR 278.634
Million)
9. On 24th April 2015, 60 KGS of Gold, during transit to factory at Shirpur,
was robbed near Nashik, Maharashtra of which the seizure made is 13.6939 KGS
including 2 KGS from site of robbery and other assets of the robbers, which
were lying in Police Custody. Howerver on 19th April 2017. The company has
taken possession of the said seized 13.6939 KGS of Gold pursuant to the Order
of the Hon'ble Session Court. The said seized gold was accounted in the
preceding year as part of inventories and is valued as per Ind AS 2.The Claim
for balance gold of 46.3062 KGS valued at INR.124.171 Million including
expenses of INR 1.652 Million and is accounted as "Claims
Receivables" under Other Current Assets. The Claim is pending for
finalisation and settlement by the insurance company and the difference, if
any, between the amount claimed and the actual amount received, which the
management does not expect to be material will be charged to Statement of
Profit & Loss.
Current tax provision made under Minimum Alternate tax u/s. 115JB of the Income
Tax Act, 1961 for the Quarter ended 31st December 2017 is INR 1.617 Million
(INR 1.739 Million).Year to date INR 5.333 Million. (INR 1.260 Million)
No restatement under Ind AS 32 or 109 has been considered for Unsecured
Interest free Loan of INR 449.900 Lakhs received from a body corporate under
Essel Group and from other deposits of INR 9.300 Million.
During the quarter, Zee Gold DMCC, The wholly owned Dubai Subsidiary of the
company acquired 70% of shareholding rights of Metalli Exploration And Mining,
Mali (MEAM) for consideration @ USD 6.86 Million and consequent upon above
acquisition by Zee Gold, MEAM became the step down subsidiary of the Company.
The reconciliation of net profits or loss reported in accordance with Indian
GAAP to total comprehensive income in accordance with Ind AS is given
below"
Figures for the previous year/period have been regrouped/reclassified,
rearranged and reworked wherever necessary to make them comparable.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G74457698 |
100149033 |
IFCI LIMITED |
28/11/2017 |
- |
- |
650000000.0 |
EARNEST HOUSE,9TH FLOOR, NCPA MARG NARIMAN POINTMUMBAIMH400021IN |
|
2 |
C78403623 |
10532103 |
RBL BANK LIMITED |
29/09/2014 |
03/02/2016 |
- |
850000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN |
|
3 |
G09817362 |
10407903 |
BANK OF MAHARASHTRA |
25/02/2013 |
28/06/2016 |
- |
900000000.0 |
CUFFE PARADE BRANCH85-E, MAKER TOWER, CUFFE PARADEMUMBAIMH400005IN |
|
4 |
C42695445 |
10324156 |
AXIS BANK LIMITED |
02/11/2011 |
31/12/2014 |
- |
2350000000.0 |
CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOORWADIA INTL CENTRE, P.B.MARG, WORLIMUMBAIMH400025IN |
|
5 |
A97485163 |
10248450 |
PUNJAB NATIONAL BANK |
15/09/2010 |
- |
- |
1405000000.0 |
LARGE CORPORATE BRANCH, MAKER TOWER 'E'CUFFE PARADEMUMBAIMH400005IN |
|
6 |
Y10315489 |
90213590 |
GLABOAL TRUST BANK LTD. |
19/08/2000 |
12/12/2001 |
- |
200000000.0 |
15; MAKER CHAMBERS IIINARIMAN POINTMUMBAIMH400021IN |
|
7 |
G57564031 |
10587387 |
ICICI BANK LIMITED |
21/07/2015 |
21/08/2015 |
17/10/2017 |
1000000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
8 |
G38507976 |
10392142 |
KOTAK MAHINDRA BANK LIMITED |
06/12/2012 |
02/06/2015 |
02/03/2017 |
500000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN |
|
9 |
C41438193 |
10527279 |
AXIS BANK LIMITED |
15/10/2014 |
- |
01/01/2015 |
500000000.0 |
CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOORWADIA INTLCENTRE, P. B. MARG, WORLIMUMBAIMH400025IN |
|
10 |
B23540735 |
90213688 |
KALA KOSH AUCTIONS PRIVATE LIMITED |
19/03/2001 |
25/02/2009 |
21/10/2011 |
150000000.0 |
135, CONTINENTAL BUILDING,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
FIXED ASSETS:
· Freehold Land
· Land Development
· Buildings – Factory
· Other Building
· Plant and Machinery
· Electrical Installation Factory
· Airport Complex
· Office Equipment
· Furniture and Fixtures
· Electrical Installation Others
· Computers
· Vehicles
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 65.21 |
|
|
1 |
INR 91.32 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKTS |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.