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|
|
MIRA INFORM REPORT
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Report No. : |
508310 |
|
Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SRIKALAHASTHI PIPES LIMITED (w.e.f. 29.09.2014) |
|
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|
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Formerly Known
As : |
LANCO INDUSTRIES LIMITED |
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Registered Office
: |
Rachgunneri Village, Srikalahasthi Mandal, District: Chittoor -
517641, Andhra Pradesh |
|
Tel. No.: |
91-8578-286650/55 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
01.11.1991 |
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|
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Com. Reg. No.: |
01-013391 |
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Capital
Investment / Paid-up Capital : |
INR 466.984 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999AP1991PLC013391 |
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|
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IEC No.: [Import-Export Code No.] |
0991016203 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACL4108M |
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|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
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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
: |
Subject is engaged in the manufacture and supply of
Ductile Iron Pipe as its core business. The Company also produces Low Ash
Metallurgical Coke, Sinter and Power for captive consumption in its
integrated complex. The company also manufactures and supplies Pig Iron and
Cement, in the process. (Registered Activity) |
|
|
|
|
No. of Employees
: |
1351 (Approximately) [AS ON 31.03.2018] |
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 |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1991. The company is engaged in manufacturing and supplying of ductile iron pipe. As per the financial of 2018, the company has achieved a favourable profitability margin of 9.79% and has reported a satisfactory growth of 25.14% in its revenue as compared to the previous year’s revenue. The company possesses sound financial profile marked by strong net worth base along with low debt balance sheet profile and sufficient liquidity position. Rating takes into consideration the company’s fair Earnings Per Share (EPS) of INR 35.53 as against its Face Value (FV) of INR 10. The company has its share price trading at around INR 328.10 on BSE as on May 8, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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 Loans=AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
15.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
15.02.2018 |
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
31-03-2018.
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 09.06.2018
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-COOPERATIVE (Tel. No.: 91-8578-286650/ 286655)
(Tel. No.: 91-44-24674900 – Continuously Ringing)
LOCATIONS
|
Registered Office/ Factory : |
Rachagunneri Village, Srikalahasthi Mandal, District: Chittoor –
517641, Andhra Pradesh, India |
|
Tel. No.: |
91-8578-286650-55 |
|
Fax No.: |
91-8578-286657/ 287688 |
|
E-Mail : |
investors@srikalahasthipipes.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Marketing Head Office : |
No.148/150 (Old No. 98/99), Luz Church Road, Mylapore, Chennai – 600 004, Tamilnadu, India |
|
Tel. No.: |
91-44-24674900 (30 Lines) |
|
Fax No.: |
91-44-24995229 |
|
E-Mail : |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Mayank Kejriwal |
|
Designation : |
Managing Director |
|
Address : |
Nav-Nikunj 13, Gurusaday Road, Kolkata - 700019, West Bengal, India |
|
Date of Birth/Age : |
23.08.1954 |
|
Qualification : |
B.Com (Hons.) |
|
Date of Appointment : |
30.04.2007 |
|
DIN No.: |
00065980 |
|
|
|
|
Name : |
Mr. Gouri Shankar Rathi |
|
Designation : |
Whole-time Director |
|
Address : |
2A, Suvarnalok (2nd Floor), 34 (Old No.19), Malony Road, T. Nagar Chennai-600017, Tamilnadu, India |
|
Date of Birth/Age : |
09.01.1950 |
|
Qualification : |
B.Com., FCS, LLB |
|
Date of Appointment : |
25.07.2015 |
|
DIN No.: |
00083992 |
|
|
|
|
Name : |
Mr. Poyyamozhi Venkatachalam |
|
Designation : |
Whole-time Director |
|
Address : |
B 26, Jananis Grand Ellora MK Stallin Street, Behind AGS Thazhambur Nevatur, Kancheepuram – 603103, Tamilnadu, India |
|
Date of Birth/Age : |
06.02.1957 |
|
Qualification : |
BE (Mechanical, ICWA (Intermediate) |
|
Date of Appointment : |
10.08.2017 |
|
DIN No.: |
07887406 |
|
|
|
|
Name : |
Shermadevi Yegnaswami Rajagopalan |
|
Designation : |
Director |
|
Address : |
Udayan, UD-08-1003, 1050/1, Survey Park, Kolkata-700075, West Bengal, India |
|
Date of Birth/Age : |
21.11.1934 |
|
Qualification : |
FCA |
|
Date of Appointment : |
25.08.2011 |
|
DIN No.: |
00067000 |
|
|
|
|
Name : |
Mr. Maruthi Rao Gollapudi |
|
Designation : |
Director |
|
Address : |
8/6, Saradhambal Street, Gokulam Colony, T. Nagar Chennai-600017, Tamilnadu, India |
|
Date of Appointment : |
30.03.2002 |
|
DIN No.: |
00083950 |
|
|
|
|
Name : |
Mrs. Subramanian Hemamalini |
|
Designation : |
Director |
|
Address : |
#13, 2nd Cross Street, EKR Colony, Jafferkhanpet, Chennai - 600095, Tamilnadu, India |
|
Date of Birth/Age : |
14.12.1969 |
|
Qualification : |
Graduate in Management from Madras University |
|
Date of Appointment : |
24.08.2015 |
|
DIN No.: |
01947327 |
|
|
|
|
Name : |
Mr. Rajkumar Khanna |
|
Designation : |
Director |
|
Address : |
Flat No. 229, Malwa Singh Block, Asian Games Village, New Delhi-110049, India |
|
Date of Appointment : |
26.08.2013 |
|
DIN No.: |
05180042 |
|
|
|
|
Name : |
Ms. Priya Manjari Todi |
|
Designation : |
Additional Director |
|
Address : |
2, Queens Park, Ballygunge, Kolkata – 700019, West Bengal, India |
|
Date of Appointment : |
31.01.2018 |
|
DIN No.: |
01863690 |
KEY EXECUTIVES
|
Name : |
Mr. Sivalai Senthilnathan Natarajan |
|
Designation : |
Chief Financial Officer |
|
Address : |
Plot No.5055, T2 Lakshmivel Apartments, Anna Nagar, Chennai – 600040, Tamilnadu, India |
|
Date of Appointment : |
01.12.2016 |
|
PAN No.: |
ALMPS6255Q |
|
|
|
|
Name : |
Mr. Kodandapani Grandam |
|
Designation : |
Company Secretary |
|
Address : |
11-62, SV Nagar, Tirupati – 517502, Andhra Pradesh, India |
|
Date of Appointment : |
27.09.2017 |
|
PAN No.: |
AFUPG7480B |
|
|
|
|
Name : |
Mr. Poyyamozhi Venkatachalam |
|
Designation : |
Chief Operating Officer |
|
Address : |
B 26, Jananis Grand Ellora MK Stallin Street, Behind AGS Thazhambur Nevatur, Kancheepuram – 603103, Tamilnadu, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
2,01,93,178 |
43.24 |
|
|
(B) Public |
2,65,05,229 |
56.76 |
|
|
Grand Total |
4,66,98,407 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Any Other (specify) |
2,01,93,178 |
43.24 |
|
|
Electrosteel Castings Limited |
1,93,01,218 |
41.33 |
|
|
G. K. & Sons Private Limited |
78,622 |
0.17 |
|
|
G.K.Investments Limited |
1,64,254 |
0.35 |
|
|
Uttam Commercial Company Limited |
2,24,069 |
0.48 |
|
|
Murari Investment & Trading Company Limited |
4,25,015 |
0.91 |
|
|
Sub Total A1 |
2,01,93,178 |
43.24 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
2,01,93,178 |
43.24 |
|
Statement
showing shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a
% of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
64,86,909 |
13.89 |
|
|
Dsp Blackrock Equity & Bond Fund |
33,28,710 |
7.13 |
|
|
Hsbc Infrastructure Equity Fund |
12,16,451 |
2.60 |
|
|
Reliance Capital Trustee Co Ltd-A/C Reliance Capit |
19,41,748 |
4.16 |
|
|
Foreign Portfolio Investors |
23,99,572 |
5.14 |
|
|
GMO Emerging Domestic Opportunities Fund, A Seriesof Gmo Trust |
11,39,949 |
2.44 |
|
|
Financial Institutions/ Banks |
61,860 |
0.13 |
|
|
Sub Total B1 |
89,48,341 |
19.16 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central Government/ State Government(s)/ President of India |
2,43,750 |
0.52 |
|
|
Sub Total B2 |
2,43,750 |
0.52 |
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto INR 0.200 Million |
86,98,524 |
18.63 |
|
|
Individual share capital in excess of INR 0.200 Million |
41,24,667 |
8.83 |
|
|
ANIL KUMAR GOEL |
9,62,000 |
2.06 |
|
|
DOLLY KHANNA |
6,93,546 |
1.49 |
|
|
NBFCs registered with RBI |
37,199 |
0.08 |
|
|
Any Other (specify) |
44,52,748 |
9.54 |
|
|
Trusts |
5,800 |
0.01 |
|
|
Non-Resident Indian (NRI) |
6,03,015 |
1.29 |
|
|
Clearing Members |
70,744 |
0.15 |
|
|
Bodies Corporate |
33,56,751 |
7.19 |
|
|
Rohak Merchants Private Limited |
4,82,000 |
1.03 |
|
|
IEPF |
1,72,838 |
0.37 |
|
|
Others |
2,43,600 |
0.52 |
|
|
Sub Total B3 |
1,73,13,138 |
37.07 |
|
|
B=B1+B2+B3 |
2,65,05,229 |
56.76 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and supply of
Ductile Iron Pipe as its core business. The Company also produces Low Ash Metallurgical
Coke, Sinter and Power for captive consumption in its integrated complex. The
company also manufactures and supplies Pig Iron and Cement, in the process.
(Registered Activity) |
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Products/ Services : |
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Brand Names : |
“SRIPIPES” |
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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 : |
1351 (Approximately)
[AS ON 31.03.2018] |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings Terms
of Repayment and rate of interest: Rupee
Term Loan of INR 325.000 Million is repayable in 2 Quarterly instalments of INR
12.500 Million each and 12 Quarterly instalment of INR 25.000 Million each it
carries an interest @ 10.25% p.a. payable monthly. Foreign Currency loan of
INR 544.387 Million (US$ 83.952 Lakhs) is repayable in 6 half yearly
instalments in September and March every year of US$ 1200600 each and last
installment of US$ 1191600 and carries an interest at LIBOR plus 4.6262% p.a
payable half yearly. Foreign Currency loan of
INR 129.690 Million (US$ 20 Lakhs) is repayable on 22/5/2017 and carries an
interest at LIBOR plus 3.7239% p.a payable half yearly. Nature
of security: The
above Loans are secured by way of first pari-passu charge on the movable and
immovable Fixed Assets of the company, both present and future. Short-term
borrowings Nature
of Security and rate of interest Working Capital
facilities availed from banks are secured by hypothecation of raw materials,
semi finished goods, finished goods, consumables, stores and spares, book
debts, both present and future of the company and rank pari-passu among
themselves and the rate of interest ranges from 10% to 13.5% p.a for Rupees
Loans, from 7.99% to 8.25% for Commercial paper and from 2.05% to 3.25 % for
Foreign Currency Loans, these are payable on demand.`” |
|
Auditors : |
|
|
Name : |
K.R. Bapuji and Company Chartered Accountants |
|
Address : |
Plot No.29, Kavuri Hills-PH-III, Extension of Road No. 36, Jubilee
Hills, Guttalabegampet, Madhapur, Hyderabad-500081, Telangana,
India |
|
Tel. No.: |
91-40-40034465/ 42000157 |
|
E-Mail : |
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|
|
|
|
Solicitors : |
Khaitan and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
Associate Company: [AS ON 31.03.2017] |
Electrosteel Castings Limited |
|
|
|
|
Enterprise where Key Management Personnel have control: [AS ON
31.03.2017] |
|
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR
466.984 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares (In Lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
530.00 |
Equity Shares |
INR 10/- each |
INR 530.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (In Lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
397.64 |
Equity Shares |
INR 10/- each |
INR 397.636
Million |
|
|
|
|
|
Reconciliation of Shares
outstanding at the beginning and at the end of the reporting period
|
PARTICULARS |
31st March 2017 |
|
|
No. of Shares (In Lakhs) |
INR In Million |
|
|
Opening number of Shares Outstanding |
397.64 |
397.636 |
|
Closing number of Shares Outstanding |
397.64 |
397.636 |
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 to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the 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.
Details of
shareholders holding more than 5% shares in the company
|
PARTICULARS |
31st March 2017 |
|
|
No. of Shares (In Lakhs) |
INR In Million |
|
|
Equity shares with
voting rights |
|
|
|
Electrosteel Castings Limited |
193.01 |
48.54 |
|
Avis-Tie Up Private Limited |
(*) 14.44 |
(*) 3.63 |
(*) disclosed for comparative purpose
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
466.984 |
397.636 |
397.636 |
|
(b) Reserves & Surplus |
11320.891 |
7737.724 |
6575.383 |
|
(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) |
11787.875 |
8135.360 |
6973.019 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
384.143 |
638.681 |
1090.244 |
|
(b) Deferred tax liabilities (Net) |
1332.383 |
1253.411 |
1135.809 |
|
(c) Other long term
liabilities |
47.436 |
26.407 |
124.288 |
|
(d) Long-term
provisions |
15.660 |
55.035 |
46.549 |
|
Total Non-current
Liabilities (3) |
1779.622 |
1973.534 |
2396.890 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2974.151 |
3872.254 |
2925.037 |
|
(b) Trade
payables |
957.337 |
709.702 |
515.378 |
|
(c) Other current
liabilities |
620.608 |
820.329 |
932.919 |
|
(d) Short-term
provisions |
99.915 |
58.373 |
66.543 |
|
Total Current
Liabilities (4) |
4652.011 |
5460.658 |
4439.877 |
|
|
|
|
|
|
TOTAL |
18219.508 |
15569.552 |
13809.786 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8357.445 |
9083.608 |
7983.818 |
|
(ii)
Intangible Assets |
7.499 |
9.450 |
6.599 |
|
(iii)
Capital work-in-progress |
297.639 |
56.759 |
194.419 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
66.076 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
20.344 |
69.298 |
98.074 |
|
Total Non-Current
Assets |
8749.003 |
9219.115 |
8282.910 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2134.628 |
1526.353 |
1472.920 |
|
(b)
Inventories |
2091.229 |
2134.291 |
1188.857 |
|
(c) Trade
receivables |
2532.682 |
1433.445 |
2075.502 |
|
(d) Cash
and cash equivalents |
2047.897 |
554.829 |
215.395 |
|
(e)
Short-term loans and advances |
235.097 |
232.155 |
61.488 |
|
(f) Other
current assets |
428.972 |
469.364 |
512.714 |
|
Total
Current Assets |
9470.505 |
6350.437 |
5526.876 |
|
|
|
|
|
|
TOTAL |
18219.508 |
15569.552 |
13809.786 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
3392.127 |
11778.666 |
11456.126 |
|
|
Other Income |
115.325 |
304.691 |
199.317 |
|
|
TOTAL |
3507.452 |
12083.357 |
11655.443 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1818.943 |
4760.404 |
4831.292 |
|
|
Purchases of
Stock-in-Trade |
5.514 |
738.408 |
287.026 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
71.421 |
(1.406) |
2.098 |
|
|
Employees benefits
expense |
191.756 |
706.732 |
680.377 |
|
|
Other expenses |
764.219 |
3205.220 |
2987.938 |
|
|
TOTAL |
2851.853 |
9409.358 |
8788.731 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
655.599 |
2673.999 |
2866.712 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
112.013 |
392.916 |
424.961 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
543.586 |
2281.083 |
2441.751 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
84.471 |
368.850 |
346.677 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
459.115 |
1912.233 |
2095.074 |
|
|
|
|
|
|
|
Less |
TAX |
115.866 |
509.912 |
541.869 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
343.249 |
1402.321 |
1553.205 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
1095.038 |
279.709 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
NA |
500.000 |
500.000 |
|
|
Proposed dividend
including tax thereon |
NA |
287.433 |
239.290 |
|
|
Balance Carried to the
B/S |
NA |
1709.926 |
1095.038 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
2512.892 |
|
|
Components and Stores
parts |
NA |
NA |
233.434 |
|
|
Capital Goods |
NA |
NA |
32.953 |
|
|
TOTAL IMPORTS |
NA |
NA |
2779.279 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.41 |
35.25 |
39.01 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
360.396 |
431.267 |
|
Cash generated from operations |
NA |
2456.733 |
2462.499 |
|
Net cash flow from operating activity |
NA |
2051.733 |
2002.499 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
3859.500 |
3403.280 |
3859.500 |
|
Total Expenditure |
3264.840 |
2744.240 |
3264.840 |
|
PBIDT (Excl OI) |
594.660 |
659.040 |
594.660 |
|
Other Income |
125.440 |
52.960 |
125.440 |
|
Operating Profit |
720.100 |
712.000 |
720.100 |
|
Interest |
98.850 |
103.760 |
98.850 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
621.250 |
608.240 |
621.250 |
|
Depreciation |
88.830 |
93.610 |
88.830 |
|
Profit Before Tax |
532.420 |
514.630 |
532.420 |
|
Tax |
137.760 |
142.910 |
137.760 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
394.660 |
371.720 |
394.660 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
394.660 |
371.720 |
394.660 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
272.52 |
44.42 |
66.13 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
1.34 |
8.22 |
5.52 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
191.52 |
47.11 |
36.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.31 |
1.25 |
2.41 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.08 |
0.29 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.28 |
0.41 |
0.43 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.28 |
0.60 |
0.64 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.39 |
0.67 |
0.64 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.73 |
1.12 |
1.17 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.85 |
6.81 |
6.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
10.12 |
11.91 |
13.56 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.88 |
9.01 |
11.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.91 |
17.24 |
22.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.04 |
1.16 |
1.24 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.59 |
0.77 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.65 |
0.52 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.19 |
12.25 |
11.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.04 |
1.16 |
1.24 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 328.10/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
397.636 |
397.636 |
466.984 |
|
Reserves & Surplus |
6575.383 |
7737.724 |
11320.891 |
|
Net worth |
6973.019 |
8135.360 |
11787.875 |
|
|
|
|
|
|
long-term borrowings |
1090.244 |
638.681 |
384.143 |
|
Short term borrowings |
2925.037 |
3872.254 |
2974.151 |
|
Total borrowings |
4015.281 |
4510.935 |
3358.294 |
|
Debt/Equity ratio |
0.576 |
0.554 |
0.285 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
11456.126 |
11778.666 |
3392.127 |
|
|
|
2.815 |
(71.201) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
11456.126 |
11778.666 |
3392.127 |
|
Profit |
1553.205 |
1402.321 |
343.249 |
|
|
13.56% |
11.91% |
10.12% |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Commercial Paper |
NA |
750.000 |
|
|
|
|
|
Total |
NA |
750.000 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G80125727 |
100162266 |
ICICI BANK LIMITED |
07/03/2018 |
- |
- |
550000000.0 |
3AGURUSADAY ROADKOLKATAWB700019IN |
|
2 |
C45584257 |
10553563 |
HDFC BANK LIMITED |
07/07/2014 |
- |
- |
500000000.0 |
HDFC BANK HOUSE, 3A,GURUSADAY ROADKOLKATAWB700019IN |
|
3 |
B20721015 |
10291964 |
ICICI BANK LIMITED |
17/06/2011 |
12/09/2011 |
- |
810000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
4 |
G15687312 |
80061662 |
STANDARD CHARTERED BANK (LEAD BANK) |
17/02/2005 |
29/09/2016 |
- |
5400000000.0 |
19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
5 |
Y10369668 |
90261582 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
22/12/1997 |
07/12/2001 |
- |
30000000.0 |
IDBI TOWERCUFFE PARADEMUMBAIMHIN |
|
6 |
Y10369160 |
90261074 |
UNIT TRUST OF INDIA |
03/03/1994 |
03/03/1994 |
- |
25200000.0 |
13, SIR VITHALDAS THACKERSERY MARG,(New Marine Lines),MUMBAIMH400020IN |
|
7 |
G81670416 |
10300564 |
YES BANK LIMITED |
29/07/2011 |
13/09/2011 |
15/03/2018 |
400000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
8 |
G81641144 |
10534366 |
YES BANK LIMITED |
27/09/2014 |
- |
12/03/2018 |
350000000.0 |
Nehru Nagar, 9th floor, Discovery of India,Dr. A.B. Road, WorliMumbaiMH400018IN |
|
9 |
G73989816 |
10255174 |
YES BANK LIMITED |
18/11/2010 |
- |
10/01/2018 |
500000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
10 |
G45825528 |
10367456 |
Standard Chartered Bank |
10/07/2012 |
31/12/2012 |
06/06/2017 |
560920000.0 |
and on behalf of Standard Chartered Bank, London)19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE ENDED 31.12.2017
(INR in
million)
|
Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue From Operations |
3859.498 |
3403.275 |
11667.674 |
|
Other Income |
125.438 |
52.955 |
240.265 |
|
Total
Income from Operations |
3984.936 |
3456.230 |
11907.939 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1795.556 |
1742.619 |
5590.925 |
|
Purchase of Stock in Trade |
520.203 |
0.000 |
1245.926 |
|
Changes in inventories of finished goods and
work-in-progress |
22.190 |
103.715 |
(4.983) |
|
Excise duty on sale of goods |
0.000 |
0.000 |
74.377 |
|
Employee benefits expense |
182.382 |
186.828 |
558.539 |
|
Finance Cost |
98.851 |
103.760 |
316.805 |
|
Depreciation and Amortization expenses |
88.828 |
93.610 |
270.011 |
|
Other Expenses |
744.511 |
711.069 |
2305.814 |
|
Total
Expenses |
3452.521 |
2941.601 |
10357.714 |
|
|
|
|
|
|
Profit/(Loss)
before tax |
532.416 |
514.629 |
1550.225 |
|
Tax
Expense |
|
|
|
|
-Current Tax |
134.689 |
89.170 |
376.000 |
|
-Deferred Tax |
3.071 |
53.735 |
43.459 |
|
Total tax expense |
137.760 |
142.905 |
419.459 |
|
Profit
/ (Loss) for the period |
394.655 |
371.724 |
1130.765 |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
0.263 |
(0.789) |
(0.789) |
|
Income tax relating to Items that will not be reclassified
to profit or loss |
(0.091) |
0.273 |
0.273 |
|
Other Comprehensive Income (Net of Tax) |
0.172 |
(0.516) |
(0.516) |
|
Total
Comprehensive Income for the period |
394.827 |
371.208 |
1130.249 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
466.984 |
397.636 |
466.984 |
|
Other equity excluding revaluation reserve |
|
|
|
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
and Diluted |
9.85 |
9.34 |
28.35 |
Notes:
- The above financial results prepared in accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016, have been reviewed by Audit Committee and approved by the Board of Directors at its meeting held on 31st January, 2018. The above results have been subjected to Limited Review by the Statutory Auditors.
- The Company Operates mainly in one business segment viz Pipes and all other activities revolve around the main business.
- Revenue from operations and excise duty for the quarter ended September 30, 2017 and December 31,2017 and nine months ended December 31,2017 are not comparable with; previous periods since sales for current period is net of GST whereas in previous year it was inclusive of excise duty.
- During the quarter, the Company has issued and allotted 6934812 Equity Shares of INR 10/- each at an issue price of Rs.360.50 per share to raise INR 2500.000 Million by way of Qualified Institutional Placement (QIP) on 28.12.2017 under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities Rules, 2014).
EPS for the Quarter and Nine months ended December 31, 2017 have been calculated have been calculated as per Ind-AS 33 on prorate basis Post QIP.
- Previous periods' figures have been regrouped/rearranged wherever necessary.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees given by banks on behalf of the
Company |
(*)75.652 |
72.347 |
|
Bills discounted with banks |
845.346 |
1077.706 |
|
Outstanding Letter of Credits |
367.481 |
133.948 |
|
Various demands raised, which in the
opinion of the management are not tenable and are pending
with various forums / authorities: |
|
|
|
-Sales Tax |
166.536 |
133.948 |
|
-Excise, Custom Duty and Service Tax |
12.894 |
35.410 |
|
-Forest Development Fee |
(*)85.997 |
0.000 |
|
-Income Tax |
3.772 |
3.772 |
Note:
- (*) Bank guarantee includes an amount of INR 17.959 Million issued against demand for Forest Development fee.
- The Company has tax disputes in appeals as disclosed above and certain litigations in respect of land. Based on the facts of each dispute / litigation and opinion of the management including that of advice of our legal advisors, the company believes that the outcome of the said disputes / litigations will not result in material impact that would affect the financial position or operations of the Company.
FIXED ASSETS
- Land
- Factory Building
- Plant and Machinery
- Electrical Installation
- Office Equipment
- Furniture
- 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 67.08 |
|
|
1 |
INR 91.14 |
|
Euro |
1 |
INR 80.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.