|
|
|
MIRA INFORM REPORT
|
Report No. : |
500523 |
|
Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
FOSECO INDIA LIMITED |
|
|
|
|
Registered
Office : |
Gat No 922 and 923, Taluka Shriur, Sanaswadi, Pune - 412208,
Maharashtra |
|
Tel. No.: |
91-2137-668100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation
: |
22.03.1958 |
|
|
|
|
Com. Reg. No.: |
11-011052 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 63.865 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24294PN1958PLC011052 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
|
|
TIN No: |
Not Available |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
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|
|
|
No. of Employees
: |
221 (Approximately) (As on 31.12.2016) |
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 |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject operates as a subsidiary of “Foseco Overseas Limited” but its ultimate holding is “Cookson Group Plc” based in United Kingdom. It was incorporated in the year 1958 and is engaged in the manufacture of products used in the metallurgical industry. The products are in the nature of additives and consumables that improve the physical properties and performance of castings. As per financials of December 2017, the company has registered a growth of 5.33% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 8.76%. Rating takes into consideration the company’s long established track record of business operations marked by healthy net worth base along with debt free balance sheet and good liquidity position. Rating also takes into account the extensive experience of the promoters in the metallurgical industry and strong support received from its holding company. Shares are quoted very high on Stock Exchanges. (Shares are traded at a price of INR 1,477 against its face value of INR 10.) Payments terms seems to be regular as per commitments. In view of strong financial base and established position, 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 28.03.2018
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
|
Name : |
Mr. Srinivasan |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-413-4302022/ 4302023 |
|
Date : |
27.03.2018 |
Management non-cooperative (Tel No.: 91-2137-668100)
LOCATIONS
|
Registered Office/ Corporate Office/Factory 1: |
Gat No 922 and 923, Taluka Shriur, Sanaswadi, Pune - 412208,
Maharashtra, India |
|
Tel. No.: |
91-2137-668100 / 252940/ 41/ 44/45 |
|
Fax No.: |
91-2137-252970/252942 / 568160 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory 2 : |
Medium Scale Industrial Area, PIPDIC Industrial Estate, Mettupalayam, Puducherry – 605009, India |
|
Tel. No.: |
91-413-4302022/28 |
|
Fax No.: |
91-413-2278065 |
DIRECTORS
As on 2017
|
Name : |
Mr. Sanjay Mathur |
|
Designation : |
Managing Director, Chief Executive Officer |
|
Address : |
102 B1, Garnet, Lapis Lazuli, Lane 5, South Main Road, Koregaon Park, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.E. (Mechanical), MMS (Operations) |
|
Experience : |
34 Years |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00029858 |
|
|
|
|
Name : |
Mr. Pradeep Mallick |
|
Designation : |
Director |
|
Address : |
A/2, Pallonji Mansion, 43, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
74 Years |
|
Qualification : |
Electrical Engineer B.Tech |
|
Date of Appointment : |
21.10.2011 |
|
DIN No.: |
00061256 |
|
|
|
|
Name : |
Indira Jitendra Parikh |
|
Designation : |
Director |
|
Address : |
Koregaon Park, Lane No. 7, Oxford Hallmark, "B" Building, Flat No. 1001, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
73 Years |
|
Qualification : |
M.Ed. |
|
Date of Appointment : |
21.07.2014 |
|
DIN No.: |
00143801 |
|
|
|
|
Name : |
Mr. Ajit Shah |
|
Designation : |
Director |
|
Address : |
Mansen Barrister Building 17/A, Banganga Road, Walkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
70 Years |
|
Date of Appointment : |
17.10.2013 |
|
DIN No.: |
02396765 |
|
|
|
|
Name : |
Mr. Merryl France Durrenbach |
|
Designation : |
Director |
|
Address : |
La Tapie 47310 Moirax Na France |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
Management with a Master’s Degree in Finance and Management |
|
Date of Appointment : |
21.07.2014 |
|
DIN No.: |
06920690 |
|
|
|
|
Name : |
Mr. Glenn Allan Cowie |
|
Designation : |
Director |
|
Address : |
7165, Settlers Ridge Road, Gates Mills, Ohio – 44040, United States |
|
Date of Birth/Age : |
55 Years |
|
Date of Appointment : |
24.04.2015 |
|
DIN No.: |
07163534 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Kumar Dutia |
|
Designation : |
Company Secretary |
|
Address : |
'Adharshila Apartments', 120A, N. S. C. Bose Road, Kolkata – 700040, West Bengal, India |
|
Date of Appointment : |
09.01.2013 |
|
PAN No.: |
AEVPD4975J |
|
|
|
|
Name : |
Mr. Umesh Ramachandra Bhat |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No 304 Carnation Behind Kalyani Bunglow, Near Preet Mandir, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B. Com., L.L.B., F.C.A. |
|
Experience : |
29 Years |
|
Date of Appointment : |
21.07.2014 |
|
PAN No.: |
AABPU2358J |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Stakeholders
Relationship Committee : |
|
|
|
|
|
Nomination and
Remuneration Committee : |
|
|
|
|
|
Corporate Social
Responsibility Committee : |
|
MAJOR SHAREHOLDERS
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 |
4788845 |
74.98 |
|
|
(B) Public |
1597614 |
25.02 |
|
|
Grand
Total |
6386459 |
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 |
||
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
4788845 |
74.98 |
|
|
Foseco Overseas Limited |
3704219 |
58.00 |
|
|
Vesuvius Holdings Limited |
544066 |
8.52 |
|
|
Foseco (UK) Limited |
540560 |
8.46 |
|
|
Sub Total A2 |
4788845 |
74.98 |
|
|
A=A1+A2 |
4788845 |
74.98 |
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 |
|
Foreign Portfolio Investors |
6946 |
0.11 |
|
Financial Institutions/ Banks |
388 |
0.01 |
|
Sub Total B1 |
7334 |
0.11 |
|
B2) Central Government/ State Government(s)/
President of India |
0 |
0.00 |
|
Central Government/ State
Government(s)/ President of India |
23976 |
0.38 |
|
Sub Total B2 |
23976 |
0.38 |
|
B3) Non-Institutions |
0 |
0.00 |
|
Individual share capital
upto INR 0.200 Million |
629619 |
9.86 |
|
Individual share capital
in excess of INR 0.200 Million |
25000 |
0.39 |
|
Any Other (specify) |
911685 |
14.28 |
|
Karibu Limited |
733226 |
11.48 |
|
Sub Total B3 |
1566304 |
24.53 |
|
B=B1+B2+B3 |
1597614 |
25.02 |
BUSINESS DETAILS
|
Line of Business : |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees
: |
221 (Approximately) (As on 31.12.2016) |
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|
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|
Bankers : |
· ICICI Bank Limited · HDFC Bank Limited · State Bank of India ·
UCO Bank |
|
Auditors 1: |
|
|
Name : |
BSR and Associates LLP Chartered Accountants |
|
|
|
|
Auditors 2: |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Pune |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Parent Company : (As on 31.12.2016) |
Cookson Group Plc., United Kingdom |
|
|
|
|
Subsidiary of Ultimate Parent Company : (As on 31.12.2016) |
·
Vesuvius Holdings Limited, United Kingdom ·
Foseco Holding Limited, United Kingdom ·
Foseco (U.K.) Limited, United Kingdom |
|
|
|
|
Immediate Holding Company : (As on 31.12.2016) |
·
Foseco Overseas Limited, United Kingdom |
|
|
|
|
Fellow Subsidiaries : (As on 31.12.2016) |
·
Foseco (Thailand) Limited ·
Foseco Foundry (China) Company Limited ·
Foseco Industrial e-Commercial Ltda., Brazil ·
Foseco International Limited, United Kingdom ·
Foseco Japan Limited ·
Foseco Korea Limited ·
Foseco Nederland BV. ·
Foseco Philippines Inc. ·
Foseco Pty Limited, Australia ·
PT Foseco Indonesia ·
Foseco Trading Indonesia ·
Vesuvius Emirates (FZE), Dubai ·
Vesuvius Foundry Products (Suzhou) Company
Limited, China ·
Vesuvius Foundry Technologies (Jiangsu) Company
Limited, China ·
Vesuvius GmbH, Germany ·
Vesuvius Group SA, Belgium ·
Vesuvius Inc., United States of America ·
Vesuvius UK Limited, United Kingdom ·
Vesuvius Ras Al Khaimah FZ-LLC, Dubai ·
Vesuvius Malaysia Sdn. Bhd. ·
Vesuvius Poland Sp. Z.o.o. ·
Vesuvius India Limited |
CAPITAL STRUCTURE
As on 31.12.2017
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 63.865 Million
As on 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
INR 10/- each |
INR 75.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6386459 |
Equity Shares |
INR 10/- each |
INR 63.865 Million |
|
|
|
|
|
|
Details of shareholder’s holding more than 5% of shares in the
company |
Value (INR in Million) Number of Shares Percentage |
|
Promoter Group
representing 4,788,845 shares, cumulatively representing 74.98% of the total
paid up capital are held by |
|
|
|
|
|
a) Vesuvius Holdings Limited, United Kingdom - Subsidiary of Ultimate Parent Company |
5.441 |
|
|
544066 |
|
|
8.52% |
|
|
|
|
b) Foseco Overseas Limited, United Kingdom - Immediate Holding Company |
37.042 |
|
|
3704219 |
|
|
58.00% |
|
|
|
|
c) Foseco (UK) Limited, United Kingdom - Subsidiary of Ultimate Parent Company |
5.406 |
|
|
540560 |
|
|
8.46% |
|
|
|
|
Public Shareholding |
|
|
a) Karibu Limited, United Kingdom |
7.332 |
|
|
733226 |
|
|
11.48% |
Terms / Rights
attached to Equity Shares
The Company has only one class of equity shares having a par value of INR 10/- per share. Each holder of equity share is entitled for one vote per share. Accordingly, all equity shares rank equally with regards to dividends and shares in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time.
On winding up of the Company, the holder's of equity shares will be entitled to receive the residual assets of the Company after distribution of all preferential amounts in proportion to the number of equity shares held.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
63.865 |
63.865 |
63.865 |
|
(b) Reserves & Surplus |
1392.678 |
1179.413 |
1025.388 |
|
(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) |
1456.543 |
1243.278 |
1089.253 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
6.453 |
18.481 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
10.738 |
6.384 |
6.820 |
|
(d) long-term
provisions |
2.035 |
2.384 |
4.118 |
|
Total Non-current
Liabilities (3) |
12.773 |
15.221 |
29.419 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
634.932 |
442.907 |
359.548 |
|
(c) Other current
liabilities |
88.687 |
65.491 |
74.894 |
|
(d) Short-term
provisions |
16.507 |
68.223 |
74.756 |
|
Total Current
Liabilities (4) |
740.126 |
576.621 |
509.198 |
|
|
|
|
|
|
TOTAL |
2209.442 |
1835.120 |
1627.870 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
239.275 |
253.904 |
258.064 |
|
(ii)
Intangible Assets |
0.000 |
3.074 |
6.129 |
|
(iii)
Capital work-in-progress |
0.000 |
2.416 |
7.617 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
22.327 |
18.079 |
14.065 |
|
(d) Long-term Loan and Advances |
38.831 |
80.592 |
98.370 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
300.433 |
358.065 |
384.245 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
167.115 |
191.643 |
158.788 |
|
(c) Trade
receivables |
1005.759 |
996.066 |
903.087 |
|
(d) Cash
and cash equivalents |
725.346 |
250.720 |
161.455 |
|
(e)
Short-term loans and advances |
9.095 |
38.574 |
20.278 |
|
(f) Other
current assets |
1.694 |
0.052 |
0.017 |
|
Total
Current Assets |
1909.009 |
1477.055 |
1243.625 |
|
|
|
|
|
|
TOTAL |
2209.442 |
1835.120 |
1627.870 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3575.947 |
3395.050 |
2921.361 |
|
|
Other Income |
25.304 |
20.944 |
18.888 |
|
|
TOTAL |
3601.251 |
3415.994 |
2940.249 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2104.517 |
1914.052 |
1564.652 |
|
|
Purchases of
Stock-in-Trade |
56.889 |
84.921 |
82.892 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.781) |
(0.934) |
(3.947) |
|
|
Employees benefits
expense |
312.619 |
266.089 |
266.527 |
|
|
Other expenses |
595.264 |
583.967 |
504.420 |
|
|
TOTAL |
3066.508 |
2848.095 |
2414.544 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
534.743 |
567.899 |
525.705 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3.526 |
4.152 |
1.220 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
531.217 |
563.747 |
524.485 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
53.413 |
50.520 |
45.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
477.804 |
513.227 |
479.085 |
|
|
|
|
|
|
|
Less |
TAX |
164.613 |
182.410 |
161.796 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
313.191 |
330.817 |
317.289 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
652.195 |
531.270 |
452.469 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividends |
NA |
102.183 |
124.535 |
|
|
Final Dividend (Proposed) |
NA |
44.705 |
44.705 |
|
|
Tax on Interim Dividend |
NA |
20.803 |
28.418 |
|
|
Tax on Proposed Final
Dividend |
NA |
9.101 |
9.101 |
|
|
Transfer to General
Reserve |
NA |
33.100 |
31.729 |
|
|
Total (M) |
NA |
209.892 |
238.488 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
NA |
652.195 |
531.270 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
132.230 |
105.835 |
|
|
Commission and
Reimbursements |
NA |
29.206 |
35.904 |
|
|
TOTAL EARNINGS |
NA |
161.436 |
141.739 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
403.453 |
299.482 |
|
|
Components and Stores
parts |
NA |
3.242 |
3.396 |
|
|
TOTAL IMPORTS |
NA |
406.695 |
302.878 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
49.04 |
51.8 |
49.68 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Deferred
Payment Liability - Sales Tax Deferral Loan |
NA |
12.028 |
17.322 |
|
Dues
to Independent Directors |
NA |
2.170 |
2.170 |
|
Total |
NA |
14.198 |
19.492 |
|
Cash generated from operations |
NA |
486.052 |
360.922 |
|
Net cash flow from operating activity |
NA |
320.244 |
172.628 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
102.66 |
107.09 |
112.83 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.56 |
3.41 |
3.23 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
107.22 |
80.87 |
79.65 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.20 |
2.96 |
3.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.23 |
2.19 |
1.93 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.33 |
0.33 |
0.34 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.02 |
0.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.51 |
0.46 |
0.47 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.16 |
0.21 |
0.25 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
151.66 |
136.78 |
430.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.76 |
9.74 |
10.86 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
14.18 |
18.03 |
19.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
21.50 |
26.61 |
29.13 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2017 |
31.12.2016 |
31.12.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.58 |
2.56 |
2.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.35 |
2.23 |
2.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.66 |
0.68 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.32 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.58 |
2.56 |
2.44 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 1477/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
63.865 |
63.865 |
63.865 |
|
Reserves & Surplus |
1025.388 |
1179.413 |
1392.678 |
|
Net
worth |
1089.253 |
1243.278 |
1456.543 |
|
|
|
|
|
|
long-term borrowings |
18.481 |
6.453 |
0.000 |
|
Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
18.481 |
6.453 |
0.000 |
|
Debt/Equity
ratio |
0.017 |
0.005 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2921.361 |
3395.050 |
3575.947 |
|
|
|
16.215 |
5.328 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2015 |
31.12.2016 |
31.12.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2921.361 |
3395.050 |
3575.947 |
|
Profit (Loss) |
317.289 |
330.817 |
313.191 |
|
|
10.86% |
9.74% |
8.76% |
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 |
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 |
No |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATIONS (As
on 31.12.2016)
The Company is engaged in the manufacture of products used in the metallurgical industry. The products are in the nature of additives and consumables that improve the physical properties and performance of castings. The manufacturing activities are at Sanaswadi and Puducherry.
UNSECURED LOAN
|
PARTICULARS |
31.12.2017 (INR
in Million) |
31.12.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liability - Sales Tax Deferral Loan (The repayment of Sales Tax Deferral Loan has commenced from April, 2011 and is scheduled to be repaid by April, 2018) |
NA |
6.453 |
|
Total |
NA |
6.453 |
INDEX
OF CHARGES: NO CHARGES EXISTS FOR
COMPANY
CONTINGENT
LIABILITIES:
(INR in million)
|
Sr. No. |
Particulars |
31.12.2017 |
31.12.2016 |
|
1. |
Counter Guarantees given to Banks in respect of Guarantee given by them |
NA |
1.176 |
|
2. |
Central Excise Demands in respect of which the Company is in Appeal |
NA |
0.769 |
|
3. |
Income Tax Demands in respect of which the Company is in Appeal |
NA |
52.333 |
FIXED ASSETS
- Computer Software
- Freehold Land
- Leasehold Land
- Factory Buildings
- Buildings
- Plant and Machinery
- Laboratory and Office Equipments
- Furniture and Fittings
- Motor Vehicles
- Commuter Software
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVD |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.