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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

500056

Report Date :

24.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

APAR INDUSTRIES LIMITED (w.e.f. 08.10.1999)

 

 

Formerly Known As :

GUJARAT APAR POLYMER LIMITED

 

 

Registered Office :

301, Panorama Complex,  R. C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat

Tel. No.:

91-265-2331935

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

28.09.1989

 

 

Com. Reg. No.:

04-012802

 

 

Capital Investment / Paid-up Capital :

INR 382.700 Million

 

 

CIN No.:

[Company Identification No.]

L91110GJ1989PLC012802

 

 

IEC No.:

[Import-Export Code No.]

0389059471

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACG1840M

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

The Company’s Operations Predominantly relate to Manufacture of Conductors, Transformers/Specialty Oils and Power/ Telecom Cables. (Registered Activity)

 

 

No. of Employees :

1274 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1989. It is a manufacturer of conductors, transformer/specialty oils and power/telecom cables.

 

As per the FY 2017, the company possesses good operational performance along with decent profit margin of 3.47% recorded from its business operations.

 

The company possesses sound financial profile marked by healthy net worth base along with sound gearing and debt protection metrics due to comfortable debt balance sheet profile.

 

Ratings continue to draw strength from established market position of the company in the product segments it operates backed by diversified revenue profile and well experienced management team of the company.

 

Payments seems to be regular and as per commitments.

 

In view of healthy financial base, the company can be considered good for normal 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

CARE

Rating

Long Term Borrowing – A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

21.12.2017

 

Rating Agency Name

CARE

Rating

Short Term Borrowing – A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

21.12.2017

 

 

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 24.03.2018

 

 

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. Pradhir

Designation :

Manager

Contact No.:

91-9969027630

 

MANAGEMENT NON-COOPERATIVE (Tel No.:91-260-3013400/91-22-25263400/91-265-2331935)

 

 

LOCATIONS

 

Registered Office:

301, Panorama Complex,  R. C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India

Tel. No.:

91-265-2331935/ 2339906/2306537/22820409/25263400/2323175

Mobile No.:

91-9969027630 (Mr. Pradhir)

Fax No.:

91-265-2330309

E-Mail :

aisbmby@bom3.vsnl.net.in

com_sec@apar.com

corporate@apar.com

Website :

http://www.apar.com

Location :

Owned

 

 

Corporate Office :

Building No.5, Corporate Park, Near Swastik, Apar House, Sion-Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-25263400/67800400

Fax No.:

91-22-25246326

 

 

Specialty Oils Manufacturing Facility 1 :

Rabale – Navi Mumbai

18, TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone Exchange,
Thane Belapur Road, Rabale, Navi Mumbai - 400 701, Maharashtra, India

Tel. No.:

91-22 - 27694756

Fax No.:

91-22 - 27694757

E-Mail :

apar_thane@apar.com

 

 

Specialty Oils Manufacturing Facility 2 / Al:

Silvassa – D. and NH

Survey No.148 / 1 – 148 /3/1, Silvassa - Rakholi Road, Village - Kudacha, Silvassa - 396 230 (U.T. of Dadra Nagar Haveli) India

Tel. No.:

91-260 - 2630193 / 2630194 / 2630282 / 2630961

E-Mail :

aparsil@apar.com

 

 

Aluminium Conductors Manufacturing Facility :

Silvassa – D. and NH

 

Survey No.144.1 and 148 / 1 – 148 / 3, Silvassa - Rakholi Road, Village - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India

Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961

 Email: aparsil@apsar.com

 

Nalagarh – HP

Khasra No. 467, Hadbast No. 101, Muuza Beer Plassi, Tehsil. Nalagarh, 
P.O. Manjhauli (Jagatkhana),   District Solan - 174 101, Himachal Pradesh, India  

Tel. No.: 91-1795 - 265389 / 200384

Email: apar_nalagarh@apar.com

 

 

Cables Division  Manufacturing :

Plot No.158 to 163, GIDC, Umbergaon, District Valsad - 396171, Gujarat, India

Tel. No.:

91-260-2562412/2563412

Fax No.:

91-260-2562950/2562954

E-Mail :

cable.production@apar.com

 

 

Head Office/ Cables Division Marketing/ Branch Office 1 :

12/13, Jyoti Wire House, 23A Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-26740001/2/3

Fax No.:

91-22-26740600

E-Mail :

info.cable@apar.com

 

 

Branch Office 2 :

201-202, Bezzola Complex, A Wing, 2nd Floor, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

 

 

Branch Office  3 :

Jyoti Wire Industrial Estate, 12/13, 1st Floor, 23 A Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai- 400053, Maharashtra, India

 

 

Branch Office 4 :
  • North

 

301,306 and 307, BMC House, N-1, Block Middle Circle, Connaught Circus,
New Delhi – 110001, India

 

 

Branch Office  5 :

·         West

 

-       137 / 138, 13th Floor, Jolly Maker Chamber II, Nariman Point, Mumbai - 400021, India. Nariman Point (Finance)

 

-       12/13, Jyoti Wire House, 23A Shah Industrial Estate, off. Veera Desai road, Andheri (West), Mumbai – 400053, Andheri (Cables Marketing)

 

-       301, Panorama Complex, R. C. Dutt Road, Vadodara - 390007, Gujarat , Vadodara (Conductors Marketing)

 

-       Flat No.303, Welworth Regency, Survey No.24/3, Near Shivaji Nagar S.T. Stand, Pune – 411055, Maharashtra, India

 

 

 

Branch Office  6 :

·         South

 

-       Flat No. 907, 9th Floor, Babu Khan Estate, Basheerbagh, Hyderabad – 500001, India

 

-       Door Old No. 43, New No. 63, 53rd Street, Ashok Nagar, Chennai – 600083, India

 

-       No.27,’Srinilaya”, III Main, 10th Cross margoza Road, Malleshwaram, Bangalore – 560003, Karnataka, India

 

 

Branch Office  7 :

·         East

 

-       Flat No.24, Gulmohar Building, 6C Middelton Street, Kolkata - 700071. India

 

 

 

Branch Office  8 :

·         Central

 

-       F-3, Shivasan Appartment, Plot No. 239/240, Trilanga E-8, Arera Colony, Bhopal – 462039, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Kushal Narendra Desai

Designation :

Managing Director

Address:

Gitanjali Gardens, 8th Floor, 68-E, Nepean Sea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.02.1967

Qualification :

B.Sc. Hons., (Ele. Engg.) USA, B.S. Eco. Hons., (Wharton), United States of America

Date of Appointment :

01.01.2012

DIN No.:

00008084

 

 

Name :

Mr. Chaitanya Narendra Desai

Designation :

Managing Director

Address:

Gitanjali Gardens, 8th Floor, 68-E, Nepean Sea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.07.1971

Qualification :

B.Sc (Hons.) (Chem. Engg.) USA, B.S. Eco. (Hons.) (Wharton), United States of America

Date of Appointment :

29.05.1993

DIN No.:

00008091

 

 

Name :

Mr. Rajesh Sehgal

Designation :

Additional Director

Address:

B 2602, Eldora Hillside Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

24.04.2017

DIN No.:

00048482

 

 

Name :

Mr. Fattechand Bhagwandas Virani

Designation :

Director

Address:

1002, "A" Wing, Retreat Towers, Opposite Shyamal Row- Houses, Scheme - 1, Off 132' Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India  

Date of Birth/Age :

26.06.1945

Qualification :

B. E. (Chemical Engineering), M. S. (Chemical Engineering) (USA), MBA (USA)

Date of Appointment :

27.07.2001

Other Directorships:-

1. Dyna Cybertech Services Private Limited

2. Uniflex Cables Limited

DIN No.:

00062278

 

 

Name :

Mr. Suyash Saraogi

Designation :

Director

Address:

Flat No. 404, B Wing, Sumer Towers, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India 

Date of Appointment :

30.05.2014

DIN No.:

00727967

 

 

Name :

Ms. Nina Pradip Kapasi

Designation :

Director

Address:

1 and 3 Kesar Kunj, 405, Telang Road, Matunga, Mumbai – 400019, Maharashtra, India 

Date of Appointment :

30.05.2014

DIN No.:

02856816

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjaya R Kunder

Designation :

Company Secretary

Address:

B-4, 303, Silver Park, Mira - Bhayander Road, Mira Road (East), Thane – 401107, Maharashtra, India 

Date of Appointment :

18.06.2007

PAN No.:

ACVPK1531F

 

 

Name :

Mr. Vivek Chandrakant Diwadkar

Designation :

Chief Financial Officer

Address:

Jitmatra A-4, Durgesh Saaz, Kasheli, Bhiwandi, Thane – 421302, Maharashtra, India 

Date of Appointment :

30.05.2014

PAN No.:

AAGPD1690P

 

 

Name :

Mr. Pradhir

Designation :

Manager

 

 

Audit Committee:

·         Dr. N.K. Thingalaya [Chairman upto 23.05.2017]

·         Mr. F.B. Virani

·         Mr. Rajesh Sehgal

·         Mr. Kushal N. Desai

·         Mr. Suyash Saraogi

·         Ms. Nina Kapasi  (w.e.f 30.05.2017)

 

 

SHAREHOLDING PATTERN

 

As on 31.12.2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter and Promoter Group

22180558

57.96

(B) Public

16088061

42.04

Grand Total

38268619

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 (calculated as per SCRR, 1957)As a % of

A1) Indian

0.00

Individuals/Hindu undivided Family

20003550

52.27

Kushal Narendra Desai

9187974

24.01

Chaitanya Narendra Desai

9103656

23.79

Smt. Maithili N. Desai

0.00

Rishabh K Desai

6081

0.02

Gaurangi K Desai

3200

0.01

Noopur Kushal Desai

1702139

4.45

Jinisha C. Desai

500

0.00

Any Other (specify)

2177008

5.69

Kushal Chaitanya N. Desai Family Trust - Trustee Smt M. N. Desai

72634

0.19

Chaitanya N. Desai Family Trust - Trustee Smt M. N. Desai

95238

0.25

Apar Corporation Private Limited

109529

0.29

Scope Private Limited

324

0.00

Maithili N. Desai Family Private Trust - Trustee K. N. Desai and Mr. C. N. Desai

98983

0.26

Maithili Trusteeship Services Private Limited

300

0.00

Maihtili N. Desai Family Private Trust No. 2 - Trustee Maithili Trusteeship Services Private Limited

1800000

4.70

Sub Total A1

22180558

57.96

A2) Foreign

0.00

A=A1+A2

22180558

57.96

 

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 % of

B1) Institutions

0

0.00

Mutual Funds/

7857528

20.53

HDFC Trustee Company Limited -1. HDFC Prudence Fund 2. HDFC Small Cap Fund

2770750

7.24

Reliance Capital Trustee Company Limited 1. Reliance Diversified Power Sector Fund 2. Reliance Small Cap Fund

2343832

6.12

L and T Mutual Fund Trustee Limited - L and T India Prudence Fund

560198

1.46

Foreign Portfolio Investors

2883127

7.53

Goldman Sachs India Fund Limited

1133091

2.96

Raiffeisen-Eurasien-Aktien

580000

1.52

Financial Institutions/ Banks

49792

0.13

Any Other (specify)

30

0.00

Foreign Institutional Investors

30

0.00

Sub Total B1

10790477

28.20

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

47962

0.13

Sub Total B2

47962

0.13

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

2990949

7.82

Individual share capital in excess of INR 0.200 Million

449030

1.17

Any Other (specify)

1809643

4.73

Bodies Corporate

1276436

3.34

Kedia Securities Private Limited

425191

1.11

NRI

197327

0.52

HUF

182649

0.48

Clearing Members

153231

0.40

Sub Total B3

5249622

13.72

B=B1+B2+B3

16088061

42.04

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company’s Operations Predominantly relate to Manufacture of Conductors, Transformers/Specialty Oils and Power/ Telecom Cables. (Registered Activity)

 

 

Products / Services :

NIC Code

Product Description

2710

Transformer and Specialty Oils

7614

AAC/AAAC/ACSR Conductors

8544

Power / Telecom Cable

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

1274 (Approximately)

 

 

Bankers :

·         Union Bank of India

·         IDBI Bank Limited

·         Bank of Baroda

·         Credit Agricole – Corporate and Investment Bank

·         Syndicate Bank

·         ICICI Bank Limited

·         Axis Bank Limited

·         Kotak Mahindra Bank Limited

·         State Bank of India

·         Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

Long Term Borrowings

 

 

Foreign currency loan from banks

148.800

271.000

Rupees Term Loan from bank

198.900

331.800

Short Term Borrowings

 

 

Working capital loans from banks

 

 

Packing Credit loan in foreign currency from banks

730.500

1489.000

Total

1078.200

2091.800

 

Notes:

 

Long Term Borrowings

 

Rupee term loans and foreign currency loan from banks are secured as under:

 

-The Foreign Currency term loan from Credit Agricole CI Bank, Singapore, is secured by exclusive charge on the assets acquired by the Company with the proceeds of the facility.

 

-The Foreign Currency term loan from Union Bank of India, Hong Kong, is secured by first charge by way of equitable mortgage by deposit of title deeds of Company’s Athola properties and exclusive hypothecation charge on the assets acquired by the Company with the proceeds of the facility situated at other locations.

 

-The rupees term loan from ING Vysya Bank Limited (now Kotak Mahindra Bank) is secured by first charge by way of equitable mortgage by deposit of title deed of Company’s Khatalwad properties and hypothecation of movable plant and machinery at Khatalwad excluding movable machinery hypothecated to ECB Lenders.

 

Terms of repayment of term loan :

 

-In respect of Rupee Term Loan from Bank in 10 quarterly installments till September, 2019, 9 installments of INR 33.300 Million each and last of INR 33.400 Million

 

-In respect of Foreign Currency Term Loans from Union Bank of India, Hongkong; in May 2016 INR 106.000 million; in May 2017 INR 116.700 million; in May 2018 INR 148.800 million.

 

The Group does not have any continuing default as on the Balance Sheet date in repayment of loans and interest.

 

Short Term Borrowings

 

Working capital loans from banks (secured) INR 1489.000 Million are secured by :

 

(i) Hypothecation of specified stocks, specified book debts of the Company.

 

(ii) First charge by way of equitable mortgage by deposit of title deeds of Company’s specified immovable properties, both present and future.

 

 

 

Auditors :

 

Name :

Sharp and Tannan

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Subsidiary Companies :

 
  • Petroleum Specialties Pte. Limited, Singapore
  • Quantum Apar Speciality Oil Pty. Limited (subsidiary of Petroleum Specialities Pte. Limited)
  • Petroleum Specialities FZE, Sharjah (100% subsidiary of Petroleum Specialities Pte. Limited)
  • Apar Transmission and Distribution Projects Private Limited (CIN No. U74999GJ2016PTC093485)

 

 

Entities over which  significant influence is exercised by key management personnel / individuals having significant influence :

 
  • Apar Corporation Private Limited
  • Scope Private Limited and its’ subsidiaries, viz.

a)Apar Investment ( Singapore ) Pte. Limited

b) Apar Investment Inc.

  • Apar Technologies Private Limited
  • Apar Technologies Pte. Limited
  • Chaitanya N. Desai Family Private Trust
  • Maithili N. Desai Family Private Trust
  • Kushal Chaitanya N. Desai Family Trust
  • Chaitanya N. Desai Family Trust
  • Catalis World Private Limited
  • Gayatri Associates
  • Maithili Trusteeship Services Private Limited
  • Kushal N. Desai Family Private
  • Narendra D. Desai Family Private Trust

 

 

 

 

CAPITAL STRUCTURE

 

As on 09.08.2017

 

Authorised Capital : INR 1019.988 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38268619

Equity Shares

INR 10/- each

INR 382.686 Million

 

 

 

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

101998750

Equity Shares

INR 10/- each

INR 1020.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38268619

Equity Shares

INR 10/- each

INR 382.700 Million

 

 

 

 

 

Reconciliation of the number of shares outstanding at the beginning and at the end of the year

 

 

March 31, 2017

Equity Shares

No. of shares

INR Million

Outstanding at the beginning of the year

38496769

0.000

Issued (Buyback) during the year

(228150)

1.635

Outstanding at the end of the year

38268619

38.497

 

Terms/rights attached to equity shares

 

i) The Company has one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

ii) During the year ended 31st March 2017, recommended dividend for the financial year 2016 -17 @ INR 10/- per share aggregating to INR 460.600 Million (including dividend tax INR 77.900 Million) on 38268619 Equity shares of INR 10 each fully paid

 

iv)In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Equity shares of INR. 10/- each fully paid

March 31, 2017

No. of shares

% of holdings in the class

Dr. N. D. Desai

7271761

19.00%

Kushal N. Desai

6415899

16.76%

Chaitanya N. Desai

6403970

16.73%

Templeton Strategic Emerging Markets Fund III, L.D.C.

-

-

HDFC Trustee Company Limited - HDFC Prudence fund

3083150

8.06%

 

Shares reserved for issue under options

 

There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment.

 

Scheme of Amalgamation of Apar Lubricants Limited (ALL)

 

At the hearing held on 23rd October, 2015, the Honorable High Court of Gujarat at Judicature at Ahmedabad have sanctioned the Scheme of Amalgamation of Apar Lubricants Limited (ALL) (wholly-owned subsidiary of the Company) with Apar Industries Limited (AIL) w.e.f. 1st January, 2015 (being the appointed date). The effective date of the Scheme is 10th November, 2015, being the date on which Certified Copy of the High Court Order and the Scheme filed with Registrar of Companies, Gujarat.

 

Pursuant to the Scheme :

 

i)              The Authorized Share Capital of AIL enhanced by INR 100 Million and now stands at INR 1.019 Million divided into 101998750 Equity Shares of INR 10 each

ii)             The ALL stand dissolved without winding-up; and

iii)            The Scheme has accordingly been given effect to in the financial statements with effect from the appointed date. All the assets and liabilities excluding fixed assets of ALL have been transferred to the Company at the book value as recorded in books of Transferor Company. Fixed assets have been recorded at its estimated market value. The Company has followed ‘Purchase Method’ of accounting as per the Accounting Standard (AS) 14 ‘Accounting for Amalgamations’

iv)            The scheme of amalgamation is followed as per the court order hence goodwill is not tested for impairment, instead amortization of goodwill is carried out as laid down in court scheme

v)             The net loss INR 0.000 Million of the Transferor Company from the appointed date i.e. 1st January, 2015 till 31st March, 2015 has been transferred to the surplus in Statement of profit and loss in the books of the company, thereby adjusting opening reserves. This loss has been arrived at after charging amortization of Goodwill of INR 4.400 Million (net of tax) for the relevant period.

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

382.700

385.000

385.000

(b) Reserves & Surplus

9097.800

7220.300

5984.200

(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)

9480.500

7605.300

6369.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

347.700

602.800

947.900

(b) Deferred tax liabilities (Net)

443.400

295.400

275.500

(c) Other long term liabilities

25.200

29.500

21.900

(d) long-term provisions

43.400

35.400

37.00

Total Non-current Liabilities (3)

859.700

963.100

1282.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1864.700

2638.000

3866.700

(b) Trade payables

17040.500

13896.300

15611.500

(c) Other current liabilities

3744.000

2662.400

1203.900

(d) Short-term provisions

9.200

8.500

156.900

Total Current Liabilities (4)

22658.400

19205.200

20839.000

 

 

 

 

TOTAL

32998.600

27773.600

28490.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4580.500

3848.400

3692.900

(ii) Intangible Assets

95.400

335.800

33.400

(iii) Capital work-in-progress

267.300

0.000

94.700

(iv) Intangible assets under development

10.200

0.000

0.000

(b) Non-current Investments

2.700

2.600

299.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

433.400

(e) Other Non-current assets

2032.500

1802.100

0.000

Total Non-Current Assets

6988.600

5988.900

4553.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1185.700

1092.400

7.200

(b) Inventories

9353.600

7659.500

9293.900

(c) Trade receivables

12359.900

10695.600

12391.700

(d) Cash and cash equivalents

966.600

894.500

377.600

(e) Short-term loans and advances

147.000

141.300

1480.200

(f) Other current assets

1997.200

1301.400

386.200

Total Current Assets

26010.000

21784.700

23936.800

 

 

 

 

TOTAL

32998.600

27773.600

28490.500

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

47755.800

50243.600

50109.700

 

Other Income

158.000

99.200

83.700

 

TOTAL

47913.800

50342.800

50193.400

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

34975.700

37356.600

40123.500

 

Purchases of Stock-in-Trade

791.000

681.800

633.700

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(638.700)

537.200

(898.000)

 

Employees benefits expense

1047.400

902.700

699.700

 

Transfer to Capital Asset

0.000

(4.800)

0.000

 

Exceptional Items

0.000

0.000

2.500

 

Transfer to capital Asset

0.000

0.000

0.100

 

Other expenses

7372.800

7192.800

7138.300

 

TOTAL

43548.200

46666.300

47699.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

4365.600

3676.500

2493.600

 

 

 

 

 

Less

FINANCIAL EXPENSES

1136.600

1573.300

1500.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3229.000

2103.200

992.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

434.500

376.900

310.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2794.500

1726.300

682.300

 

 

 

 

 

Less

TAX

971.300

569.300

203.700

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1823.200

1157.000

478.600

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2741.800

2184.500

1837.100

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

200.000

150.000

50.000

 

Dividend

(10.230)

449.700

28.400

 

Capital Redemption Reserve

2.300

0.000

14.200

 

Tax on Dividend

0.930

0.000

134.700

 

Total

193.000

599.700

227.300

 

 

 

 

 

 

Balance Carried to the B/S

4372.000

2741.800

2088.400

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

Export of goods calculated on FOB basis

12529.700

15417.000

15121.500

 

 

Deemed Exports

1214.300

1149.000

1514.800

 

 

Dividend from subsidiaries

0.000

0.000

60.100

 

 

Other Earnings

422.700

565.000

651.900

 

TOTAL EARNINGS

14166.700

17131.000

17348.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

23408.400

22284.400

30432.300

 

 

Stores & Spares

22.800

33.300

26.300

 

 

Capital Goods

202.000

127.300

180.500

 

TOTAL IMPORTS

23633.200

22445.000

23177.000

 

 

 

 

 

 

Earnings Per Share (INR)

47.38

40.78

12.44

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

379.700

481.400

205.400

Cash generated from operations

3105.000

4009.700

2416.100

Net cash flow from (used in) operations

NA

4023.400

2272.200

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2017

30.09.2017

31.12.2017

Unaudited

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

135661.000

11759.900

14079.400

Total Expenditure

21431.000

10892.400

13116.600

PBIDT (Excl OI)

9357.000

867.500

962.800

Other Income

220.000

27.900

33.100

Operating Profit

9577.000

895.400

995.900

Interest

2288.000

352.800

243.600

Exceptional Items

NA

NA

NA

PBDT

7289.000

542.600

752.300

Depreciation

1185.000

121.300

123.900

Profit Before Tax

6104.000

421.300

628.400

Tax

2110.000

146.300

217.600

Provisions and contingencies

NA

NA

NA

Profit After Tax

3994.000

275.000

410.800

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

3994.000

275.000

410.800

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

94.47

77.70

90.26

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

3.86

4.70

4.04

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

173.90

133.34

139.81

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.47

0.48

0.27

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.88

0.88

0.65

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.71

0.73

0.77

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.27

0.49

0.79

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.39

2.53

3.27

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.52

0.55

0.60

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.84

2.34

1.66

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

[(PAT / Sales) * 100]

%

3.82

2.30

0.96

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

5.53

4.17

1.68

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

19.23

15.21

7.51

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.15

1.13

1.15

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.74

0.74

0.70

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.29

0.27

0.22

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

6.77

9.67

13.04

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.15

1.13

1.15

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 733.00/-

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

385.000

385.000

382.700

Reserves & Surplus

5984.200

7220.300

9097.800

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

6369.200

7605.300

9480.500

 

 

 

 

long-term borrowings

947.900

602.800

347.700

Short term borrowings

3866.700

2638.000

1864.700

Current Maturities of Long term debt

205.400

481.400

379.700

Total borrowings

5020.000

3722.200

2592.100

Debt/Equity ratio

0.788

0.489

0.273

 

 

 

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

50109.700

50243.600

47755.800

 

 

0.267

(4.951)

 

 

 

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

50109.700

50243.600

47755.800

Profit

478.600

1157.000

1823.200

 

0.96%

2.30%

3.82%

 

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

382.700

385.000

(b) Reserves & Surplus

 

9978.500

8154.400

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) minority interest

 

0.000

0.000

Total Shareholders’ Funds

 

10361.200

8539.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

905.500

834.700

(b) Deferred tax liabilities (Net)

 

461.100

310.900

(c) Other long term liabilities

 

25.100

29.400

(d) long-term provisions

 

43.900

35.500

Total Non-current Liabilities

 

1435.600

1210.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1864.700

2638.000

(b) Trade payables

 

17724.900

13959.100

(c) Other current liabilities

 

3781.100

2830.100

(d) Short-term provisions

 

9.100

8.500

Total Current Liabilities

 

23379.800

19435.700

 

 

 

 

TOTAL

 

35176.600

29185.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

5643.300

3850.700

(ii) Intangible Assets

 

95.400

127.800

(iii) Capital work-in-progress

 

267.300

561.100

(iv) Intangible assets under development

 

10.200

0.000

(b) Non-current Investments

 

0.000

32.100

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

0.000

0.000

(e) goodwill on consolidated

 

2045.800

2109.300

Total Non-Current Assets

 

8062.000

6681.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

1185.700

1092.400

(b) Inventories

 

9935.400

7697.600

(c) Trade receivables

 

12543.200

10903.900

(d) Cash and cash equivalents

 

1248.700

1338.600

(e) Short-term loans and advances

 

121.500

135.300

(f) Other current assets

 

2080.100

1336.800

Total Current Assets

 

27114.600

22504.600

 

 

 

 

TOTAL

 

35176.600

29185.600

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

48320.500

50784.900

 

Other Income

 

159.600

100.900

 

TOTAL

 

48480.100

50885.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

35592.900

37827.600

 

Purchases of Stock-in-Trade

 

791.700

681.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(655.500)

537.100

 

Employees benefits expense

 

1073.700

909.700

 

Transfer to capital asset

 

(130.700)

(4.800)

 

Other expenses

 

7480.700

7208.200

 

TOTAL

 

44152.800

47159.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

4327.300

3726.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1143.600

1573.200

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

3183.700

2153.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

449.700

377.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

2734.000

1775.400

 

 

 

 

 

Less

TAX

 

971.500

572.600

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

1762.500

1202.800

 

 

 

 

 

 

SHARE IN NET PROFIT

 

3.200

14.100

 

 

 

 

 

 

NET PROFIT FOR THE YEAR

 

1765.700

1216.900

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

Items that will not be reclassified to profit or loss

 

 

 

 

Items that will not be reclassified to profit or loss

 

(11.100)

(4.200)

 

Income tax relating to items that will not be reclassified to profit or loss

 

3.800

1.500

 

Items that will be reclassified to profit or loss

 

 

 

 

Items that will be reclassified to profit or loss

 

313.000

53.100

 

Income tax relating to items that will be reclassified to profit or loss

 

(108.300)

(18.400)

 

Total Comprehensive Income for the period

 

1963.100

1248.800

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

45.88

42.29

 

 

LEGAL CASES

 

HIGH COURT

 

THE COMMISSIONER OF CUST OMS IMPORT MUMBAI VS APAR INDUSTRIES MBAI CENTRAL

high court-Mumbai

Case no:CUAPP/20/2010

Case status:Pending

Judge:REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Date:2010-03-23T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF INCOM ETAXCENTRALIIIMUM VS APAR INDUSTRIES LIMITED

high court-Mumbai

Case no:ITXA/1036/2009

Case status:Pending

Judge:REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Date:2010-06-04T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF CUST OMS IMPORT MUMBAI VS APAR INDUSTRIES MBAI

high court-Mumbai

Case no:129. CUAPPL/65/2008

Case status:Pending

Judge:IST ASSTT. MASTER

Date:2009-11-02T00:00:00Z

 

 

HIGH COURT

 

THE COMMISSIONER OF INCO ME TAX CENTRAL III MUMBA VS APAR INDUSTRIES

high court-Mumbai

Case no:50. ITXA/985/2009

Case status:Pending

Judge:IST ASSTT. MASTER

Date:2009-07-29T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF CENTR AL EXCISE MUMBAI II VS MS. APAR INDUSTRIES LIMITED

high court-Mumbai

Case no:10. CEXAL/76/2009

Case status:Pending

Judge:REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Date:2009-12-15T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF INCOM ETAXCENTRALIIIMUM VS APAR INDUSTRIES LTD TAX APPEAL

high court-Mumbai

Case no:85. ITXA/1036/2009

Case status:Pending

Judge:MASTER & ASSTT. PROTHONOTARY(JUDL)

Date:2009-04-09T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF CUST OMS IMPORT MUMBAI VS APAR INDUSTRIES MBAI NOTICE OF

high court-Mumbai

Case no:CUAPP/20/2010

Case status:Pending

Judge:OFFICIAL ASSIGNEE

Date:2010-04-13T00:00:00Z

 

HIGH COURT

 

THE COMMISSIONER OF CUST OMS IMPORT MUMBAI VS APAR INDUSTRIES MU MBAI

high court-Mumbai

Case no:903. NMA/1430/2011

Case status:Pending

Judge:HON'BLE SHRI JUSTICE S.J. KATHAWALLA

Date:2011-12-07T00:00:00Z

 

 

 

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

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

 

 

 

 

 

GENERAL INFORMATION

 

Apar Industries Limited, founded by Late Shri. Dharmsinh D. Desai in the year 1958 is one among the best established companies in India, operating in the diverse fields of electrical and metallurgical engineering. Over the ensuing years it has been offering value added products and services in Power Transmission Conductors, Petroleum Specialities and Power and Telecom Cables.

 

MANAGEMENT DISCUSSION AND ANALYSIS:

 

Financial Year 2016-17 was a year of profitable growth for The Company as all segments showed strong progress. the Company’s focus on building a future-oriented basket of new-generation products and expanding global presence while managing costs have effectively helped buoy profitability.

 

The year gone by was one full of promise and progress for the Indian power sector. This is evident from the number of States which joined the Ujwal DISCOM Assurance Yojana (UDAY) going up to 27; power generation capacity crossing the 300-GW milestone; power deficit dropping to a historical low of less than 1%; renewable energy cost falling drastically (tariff for solar energy down to INR 2.97 per unit and INR 3.46 per unit for wind energy) and an INR 840.000 million mega project of 800-KV, ultra-high-voltage DC transmission line being awarded.

 

BUYBACK OF COMPANY’S EQUITY SHARES :

 

During the year, the Company had offered to buyback upto 450,000 Equity Shares of face value of INR 10/- each at a price of 660/- per Equity Share (“Buyback Price”) (including premium of INR 650/- per Equity Share) payable in cash for an aggregate amount of up to INR 297.000 Million through Tender Offer.

 

TRANSFER TO RESERVES:

 

The Company proposes to transfer an amount of INR 200.000 Million to the General reserves. An amount of INR  5217.800 Million is proposed to be retained in the Consolidated Statement of Profit and Loss. As stated above, INR 2.300 Million Crores being the nominal values of the shares bought back were transferred to Capital Redemption Reserve from General Reserve.

 

SCHEME OF AMALGAMATION OF APAR LUBRICANTS LIMITED (ALL)

 

At the hearing held on 23rd October, 2015, the Honorable High Court of Gujarat at Judicature at Ahmedabad have sanctioned the Scheme of Amalgamation of Apar Lubricants Limited (ALL) (wholly-owned subsidiary of the Company) with Apar Industries Limited (AIL) w.e.f. 1st January, 2015 (being the appointed date). The effective date of the Scheme is 10th November, 2015, being the date on which Certified Copy of the High Court Order and the Scheme filed with Registrar of Companies, Gujarat.

 

Pursuant to the Scheme :

 

i)              The Authorized Share Capital of AIL enhanced by INR 100 Million and now stands at INR 1019.987 Million divided into 101.998 Million Equity Shares of INR 10 each;

 

ii)             The All stand dissolved without winding-up; and

 

iii)            The Scheme has accordingly been given effect to in the financial statements with effect from the Appointed date. All the assets and liabilities excluding fixed assets of ALL have been transferred to the Company at the book value as recorded in books of Transferor Company. Fixed assets have been recorded at its estimated market value. The Company has followed ‘Purchase Method’ of accounting as per the Accounting Standard (AS) 14 ‘Accounting for Amalgamations’.

 

iv)            The scheme of amalgamation is followed as per the court order hence goodwill is not tested for impairment, instead amortization of goodwill is carried out as laid down in court scheme

 

v)             The net loss INR 0.000 Million of the Transferor Company from the appointed date i.e. 1st January, 2015 till 31st March, 2015 has been transferred to the surplus in Statement of profit and loss in the books of the company, thereby adjusting opening reserves. This loss has been arrived at after charging amortization of Goodwill of INR 4.400 Million (net of tax) for the relevant period.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2017

INR In Million

31.03.2016

INR In Million

Short Term Borrowings

 

 

Packing credit loan in foreign currency from Banks

626.400

916.200

Buyer's credit in foreign currency

507.800

232.800

Total

1134.200

1149.000

 

 

INDEX OF CHARGE:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

C65597148

10593886

KOTAK MAHINDRA BANK LIMITED

16/09/2015

-

-

500000000.0

27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

2

C45265717

10552476

ING VYSYA BANK LIMITED

25/02/2015

-

-

500000000.0

Plot No. C-12, 'G' Block, 8th Floor,BKC, Bandra (East), Mumbai – 400051, Maharashtra, India

3

B85302081

10449812

Union Bank of India

17/09/2013

-

-

330000000.0

Overseas Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

4

B75406249

10426504

Union Bank of India

15/05/2013

-

-

330000000.0

Overseas Branch, Union Bank Bhavan, Ground Floor,239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

5

G46526851

10348687

VISTRA ITCL (INDIA) LIMITED

22/03/2012

15/06/2017

-

39750000000.0

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI – 400051, MAHARASHTRA, INDIA

6

G14756308

10133842

VISTRA ITCL (INDIA) LIMITED

15/12/2008

22/09/2016

-

39750000000.0

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI – 400051, MAHARASHTRA, INDIA

7

G09733072

10317838

Credit Agricole Corporate and Investment Bank

14/11/2011

-

15/08/2016

250400000.0

168, Robinson Road, #22-01, Capital Tower, Singapore – 068912, SG

8

C03866241

10131264

IL & FS TRUST COMPANY LIMITED

12/11/2008

28/07/2010

21/04/2014

1100000000.0

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI – 400051, MAHARASHTRA, INDIA

9

C03865615

10105169

IL & FS TRUST COMPANY LIMITED

12/05/2008

28/07/2010

21/04/2014

1100000000.0

IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI – 400051, MAHARASHTRA, INDIA

10

B83601567

10035254

Syndicate Bank

15/12/2006

-

12/08/2013

472500000.0

Nariman Point Branch, Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

(INR in million)

Particulars

3 Months Ended

9 Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

INCOME FROM OPERATIONS

 

 

 

Revenue From Operations

14079.400

11759.900

39405.400

Other  Income

33.100

27.900

82.900

Total Income from Operations

14112.500

11787.800

39488.300

 

 

 

 

EXPENSES

 

 

 

Cost of materials consumed

10624.400

9232.50

28741.500

Purchase of Stock in Trade

181.900

100.700

597.700

Changes in inventories of finished goods and work-in-progress

288.600

(380.300)

68.500

Excise Duty

0.000

0.000

1201.700

Employee benefits expense

292.600

294.600

878.200

Finance Cost

243.600

352.800

825.200

Depreciation and Amortization expenses

123.900

121.300

363.800

Other Expenditure

1747.800

1650.900

5179.400

Total Expenses

13502.800

11372.500

37856.000

 

 

 

 

Less : Transfer to capital assets

18.700

6.000

27.700

Net total expenses

13484.100

11366.500

37828.300

Profit / (Loss) before Tax

628.400

421.300

1660.000

Tax Expense

 

 

 

Current Tax

195.200

135.800

515.700

Deferred Tax

22.400

10.500

59.100

Taxes of earlier years

0.000

0.000

0.000

Profit / (Loss) after Tax

410.800

275.000

1085.200

Other Comprehensive Income

 

 

 

Items that will not be reclassified to profit or loss

 

 

 

i)              Items that will not be reclassified to profit or loss

(2.800)

(2.800)

(8.300)

ii)             Income Tax relating to items that will not be reclassified to profit or loss

1.000

0.900

2.800

Items that will be reclassified to profit or loss

 

 

 

iii)            Items that will be reclassified to profit or loss

(28.400)

68.500

(208.900)

iv)            Income Tax relating to items that will be reclassified to profit or loss

9.800

(23.700)

72.300

Total Comprehensive Income for the period

390.400

317.900

943.100

Profit for the period attributable to

 

 

 

a)     Owners of the company

410.800

275.000

1085.200

b)    Non-Controlling Interest

0.000

0.000

0.000

Other Comprehensive income attributable to

 

 

 

a)     Owners of the company

(20.400)

42.900

(142.100)

b)    Non-controlling Interest

0.000

0.000

0.000

Total Comprehensive Income attributable to

 

 

 

c)     Owners of the company

390.400

317.900

943.100

d)    Non-controlling Interest

0.000

0.000

0.000

Paid-up Equity Share Capital (Face value INR 10/- per share)

382.700

382.700

382.700

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year

 

 

 

Earnings per Share (EPS) -

 

 

 

Basic and Diluted

10.73

7.19

28.36

 

Segment –wise Revenue, Results and Capital Employed for the quarter and nine months ended 31.12.2017

(INR in million)

Particulars

3 Months Ended

9 Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited
  1. Segment Revenue

 

 

 

Conductor

6396.100

4938.600

17212.800

Transformer and Speciality Oils

4764.700

4353.900

13992.500

Power/Telecom Cable

2856.400

2420.800

7986.800

Others/Unallocated

96.200

124.800

351.700

Total

14113.400

11838.100

39543.800

 Less : Inter Segment revenue

34.000

78.200

138.400

Gross sales/ Income from operations

14079.400

11759.900

39405.400

 

 

 

 
  1. Segment Results

 

 

 

Profit Before tax and Interest from each segment

 

 

 

Conductor

242.000

288.200

919.500

Transformer and Speciality Oils

437.100

351.300

1124.200

Power/Telecom Cable

258.600

172.500

595.500

Others

6.700

12.200

22.000

Total

944.400

824.200

2661.200

 

 

 

 

Less : Finance Costs

243.600

352.900

825.200

Unallocable expenditure (net of income)

72.400

50.000

176.000

Profit Before Tax

628.400

421.300

1660.000

 

 

 

 
  1. Segment Assets

 

 

 

Conductor

14464.700

14340.800

14464.700

Transformer and Speciality Oils

9772.100

9049.500

9772.100

Power/Telecom Cable

7646.200

7375.400

7646.200

Others

2397.600

2217.200

2397.600

Total

34280.600

32982.900

34280.600

 

 

 

 

Segment Liabilities

 

 

 

Conductor

11860.700

11061.800

11860.700

Transformer and Speciality Oils

6169.200

5854.000

6169.200

Power/Telecom Cable

3892.100

3540.800

3892.100

Others

12358.600

12526.300

12358.600

Total

34280.600

32982.900

34280.600

 

 

 

 

 

Notes:

 

  • This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS), prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 

 

  • The above Standalone unaudited financial results were reviewed by the Audit Committee of Directors and approved by the Board of Directors at their meeting held on 29th January,2018. The Statutory Auditors of the Company have carried out a limited review of the above standalone results for the quarter ended 31st December, 2017 and have issued an unmodified audit opinion on the said financial results. 

 

  • Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July,2017 , Central Excise, Value Added Tax (VAT) etc. have been subsumed into GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III of the Companies act, 2013, unlike Excise duties, levies like GST, VAT etc. are not part of revenue.Accordingly , the figures for the periods upto 30th June, 2017 are not strictly relatable to those thereafter. The following additional information is being provided to facilitate such understanding : 

 

Particulars

3 Months Ended

9 Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited
  1. Segment Revenue

 

 

 

Conductor

6396.100

4938.600

16756.900

Transformer and Speciality Oils

4764.600

4353.900

13428.900

Power/Telecom Cable

2856.400

2420.800

7808.400

Others/Unallocated

96.300

124.800

347.800

Total

14113.400

11838.100

38342.000

 Less : Inter Segment revenue

34.000

78.200

138.400

Net sales/ Income from operations

14079.400

11759.900

38203.600

 

  • Others / unallocated' Segment Liabilities in the Segment Information includes Equity Share Capital and Reserves amounting to INR 9900.100 Million as at 31st December, 2017, INR 9491.200 Million as at 30th Sept, 2017, INR 8953.600 Million as at 31st December, 2016, INR 9282.200 Million as at 31st March, 2017.

 

  • The financial results of the Company are being forwarded to the Stock Exchanges (BSE and NSE) for uploading on their respective websites.

 

  • Figures for previous periods have been regrouped, wherever necessary.

 

 

 

 

 

 

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land Freehold

·         Leasehold Building

·         Plant and Machinery

·         Furniture and Fixture

·         Motor Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 65.13

UK Pound

1

INR 91.95

Euro

1

INR 80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRY

 

 

Report Prepared by :

SUD

 

 

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)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.