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|
MIRA INFORM REPORT
|
Report No. : |
507346 |
|
Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
WALCHANDNAGAR INDUSTRIES LIMITED |
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|
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|
Registered
Office : |
3, Walchand Terrace, Opposite Air Conditioned Market, Tardeo, Mumbai –
400034, Maharashtra |
|
Tel. No.: |
91-22-40287104 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
25.11.1908 |
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Com. Reg. No.: |
11-000291 |
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Capital
Investment / Paid-up Capital : |
INR 76.140 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1908PLC000291 |
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|
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|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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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.] |
AAACW0541M |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company’s Primary business segments are organized on product lines as follows: (i) Heavy Engineering (also known as Industrial Machinery Division) - engaged in engineering, fabrication and manufacturing of Machinery for Sugar Plants, Cement Plants, Boilers and Power Plants, Industrial and Marine Gears, Mineral Processing and EPC, Petro-chemicals and Space, Defense and Nuclear Power Business; (ii) Foundry and Machine Shop-Manufacturing of Grey and Ductile Iron Castings required by various industries and machining of components; and (iii) Others-Non Reportable Segment includes units manufacturing Precision Instruments such as pressure and temperature gauges. (Registered Activity) |
|
|
|
|
No. of Employees
: |
1238 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 13626400 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Walchandnagar Industries Limited (WIL) was established by
industrialist Late Mr. Walchand Hirachand Doshi in the year 1908. It is
having moderate track record.
|
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 Rating=BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
15.02.2018 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating=A4 |
|
Rating Explanation |
Minimal degree of safety and very high 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 08.05.2018.
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.
LOCATIONS
|
Registered Office : |
3, Walchand Terrace, Opposite Air Conditioned Market, Tardeo, Mumbai –
400034, Maharashtra, India |
|
Tel. No.: |
91-22-40287104/ 110/ 23539097 / 23539498/ 23692295/ 40287109 |
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Fax No.: |
91-22-23634527 |
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E-Mail : |
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Website : |
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Factory 1 : |
Heavy Engineering Walchandnagar, District Pune, |
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Tel. No.: |
91-2118-307100 / 252 235 |
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Fax No.: |
91-2118-252 358 |
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Factory 2 : |
Foundry Division |
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Tel. No.: |
91-2163-227201 / 227316 |
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Factory 3 : |
Instrumentation Division Attikola, District Dharwad - 580003, |
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Tel. No.: |
91-836-2448565/ 2447359/ 2442382 |
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Fax No.: |
91-836-2448508 |
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Marketing and Project Office: |
15/1/B-2 G.A. Kulkarni Path, Opp. Karishma Society Gate No. 2, Kothrud, Pune – 411 038, Maharashtra, India |
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Tel. No.: |
91-20-3025 2400 |
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|
|
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Pune Office : |
Walchand House, 15/1/B-2 G.A. Kulkarni Path Opposite Karishma
Society Gate No. 2, Kothrud, Pune – 411 038, Maharashtra, India |
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Tel. No.: |
91-20-30252400 |
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|
|
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Branch Offices : |
Located at: ·
3-6-278/279, First floor Flat No. 104B, Thomas
Prabhu Reliance Complex, ·
153, Anna Salai, Agurchand Mansion,
Chennai-600002, Tamilnadu, India ·
201 Milap Niketan, 2nd Floor, 8-A,Bahadur Shah
Zafar Marg, |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Chakor Lalchand Doshi |
|
Designation : |
Chairman |
|
Address : |
Neela House, 2nd Floor, M. L. Dahanukar Marg, Mumbai – 400
026, |
|
Date of Birth/Age : |
15.09.1948 |
|
Qualification : |
B.Sc (MathematicsPhysics), Bombay University and MS in
Operations Research & Industrial Engineering, University of Michigan
(USA) |
|
Expertise in
specific functional areas : |
Operations and Management of Large
Industries-Industrialist |
|
Date of Appointment : |
15.05.1979 |
|
DIN No.: |
00210949 |
|
|
|
|
Name : |
Mr. Dilip Jayantikumar Thakkar |
|
Designation : |
Director |
|
Address : |
Little Gibbs Road, 12/B Acropolis Malabar Hill Mumbai
400006, Maharashtra,
India |
|
Date of Birth/Age : |
01.10.1936 |
|
Qualification : |
Chartered Accountan |
|
Expertise in
specific functional areas : |
Accounts, Finance, Taxation, FEMA |
|
Date of Appointment : |
10.03.2003 |
|
DIN No.: |
00007339 |
|
|
|
|
Name : |
Mr. Anil Purushottam Kakodkar |
|
Designation : |
Director |
|
Address : |
Flat No. 1104, 11th Floor, Accolade
Co-Operative Housing Society, Hajuri Dargah Marg, Behind LIC, Thane (West) –
400 604, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1943 |
|
Date of Appointment : |
27.12.2010 |
|
DIN No.: |
03057596 |
|
|
|
|
Name : |
Mr. Ghyanendra Nath Bajpai |
|
Designation : |
Director |
|
Address : |
131, Shaan Apartemnts, Kashinath Dhuru Marg, Opposite
Kirti College, Prabhadevi, Mumbai – 400 028, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1942 |
|
Date of Appointment : |
27.12.2010 |
|
DIN No.: |
00946138 |
|
|
|
|
Name : |
Mr. Arunkumar Ramanlal
Gandhi |
|
Designation : |
Director |
|
Address : |
Akruti Ashtha Building, 9th
Floor ,23 Dongerst Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1943 |
|
Date of Appointment : |
13.05.2013 |
|
DIN No.: |
00007597 |
|
|
|
|
Name : |
Mrs. Bhavna Gautam Doshi |
|
Designation : |
Director |
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Address : |
Flat C - 191, Grand Paradi, August Kranti Road, Kemps
Corner, Mumbai-400036, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1953 |
|
Date of Appointment : |
27.11.2013 |
|
DIN No.: |
00400508 |
|
|
|
|
Name : |
Mr. Gopi Kumar Pillai |
|
Designation : |
Managing Director |
|
Address : |
F/42, Sector III, Dhurwa, Ranchi-834004,
Jharkhand, India |
|
Date of Birth/Age : |
18.12.1951 |
|
Qualification : |
He is an alumnus of Birla Institute of Technology &
Science (B.I.T.S.), Pilani. |
|
Expertise in
specific functional areas : |
He started his career with Instrumentation Ltd., a Government of India Enterprise in Kerala. After a successful career there for 21 years, he moved on to join a private sector Company M/s. Fisher Sanmar Ltd. as Vice President and rose to become its Chief Executive. He was selected to head HEC Ltd., as Chairman cum Managing Director. He anchored the turnaround of a sick PSU to a profitable company during his 5 year term. He joined Walchandnagar Industries Limited w.e.f. February
27, 2012 as Chief Operating Officer and was appointed as Managing Director
& C.E.O. w.e.f. November 25, 2012. |
|
Date of Appointment : |
25.11.2012 |
|
DIN No.: |
01537184 |
|
|
|
|
Name
: |
Mr. Chirag Chakor Doshi |
|
Designation : |
Managing Director |
|
Address : |
Neela House, M. L. Dahanukar Marg, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
22.04.1974 |
|
Qualification : |
B. A. (Economics) from University of Michigan, USA; and
MBA from the world-renowned ‘INSEAD INSTITUTE’ Paris. |
|
Expertise in
specific functional areas : |
Mr. Chirag C. Doshi has extensively worked on following and risen to the position of Managing Director of the Company: 1) Development of business strategy and execution of growth initiatives; 2) Corporate Finance and strategic fund raising; 3) Has been successful in turnaround of loss making family business; 4) Exploring and studying new businesses for organic and inorganic growth including next generation technologies. |
|
Date of Appointment : |
25.11.2007 |
|
DIN No.: |
00181291 |
KEY EXECUTIVES
|
Name
: |
Mr. Hiren Harishchandra Buch |
|
Designation : |
Chief Financial Officer(KMP) |
|
Address : |
22, Himja Ramkrishna Colony, Maninagar (East), Ahmedabad-380008, Gujarat, India |
|
Date of Appointment : |
01.05.2014 |
|
DIN No.: |
AGQPB8908A |
|
|
|
|
Name
: |
Mr. Giriraj Sharan Agrawal |
|
Designation : |
Company Secretary |
|
Address : |
40, Walchand Terraces, Tardeo Road, Opposite Ac Market, Mumbai-400034, Maharashtra, India |
|
Date of Appointment : |
30.01.2009 |
|
DIN No.: |
AACPA6619H |
|
|
|
|
Name : |
Mr. Vivek Jain |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
D-505, Sapphire Park, Park Street, Wakad, Pune-411057, Maharashtra, India |
|
Date of Appointment : |
18.07.2016 |
|
DIN No.: |
ACCPJ5531B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
20938613 |
55.00 |
|
Public |
17131592 |
45.00 |
|
|
|
|
|
Total |
38070205 |
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 |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
31030 |
0.08 |
|
|
Chirag C. Doshi |
14000 |
0.04 |
|
|
Champa C Doshi |
10350 |
0.03 |
|
|
Chakor L Doshi HUF |
6680 |
0.02 |
|
|
Any Other
(specify) |
15858333 |
41.66 |
|
|
Smt Lalitabai Lalchand Charity Trust |
379210 |
1.00 |
|
|
Walchand Charitable Trust |
7200 |
0.02 |
|
|
Walchand Kamdhenu Commercials Pvt. Ltd. |
9869673 |
25.92 |
|
|
Walchand Great Achievers Private Limited |
5260160 |
13.82 |
|
|
Walchand Chiranika Trading Pvt Ltd |
342090 |
0.90 |
|
|
Sub Total A1 |
15889363 |
41.74 |
|
|
A2) Foreign |
0.00 |
|
|
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
49250 |
0.13 |
|
|
Chakor L. Doshi |
49250 |
0.13 |
|
|
Any Other
(specify) |
5000000 |
13.13 |
|
|
Rodin Holdings Inc |
3000000 |
7.88 |
|
|
Olsson Holdings Inc |
2000000 |
5.25 |
|
|
Sub Total A2 |
5049250 |
13.26 |
|
|
A=A1+A2 |
20938613 |
55.00 |
|
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/ |
500 |
0.00 |
|
|
Foreign
Portfolio Investors |
25927 |
0.07 |
|
|
Financial
Institutions/ Banks |
291600 |
0.77 |
|
|
Insurance
Companies |
1379988 |
3.62 |
|
|
Life Insurance Corporation of India |
1379988 |
3.62 |
|
|
Any Other
(specify) |
4500 |
0.01 |
|
|
UNIT TRUST OF INDIA |
4500 |
0.01 |
|
|
Sub Total B1 |
1702515 |
4.47 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central
Government/ State Government(s)/ President of India |
12000 |
0.03 |
|
|
Sub Total B2 |
12000 |
0.03 |
|
|
B3)
Non-Institutions |
0.00 |
|
|
|
Individual share
capital upto INR 0.200 Million |
11639982 |
30.58 |
|
|
Individual share
capital in excess of INR 0.200 Million |
150000 |
0.39 |
|
|
Any Other
(specify) |
3627095 |
9.53 |
|
|
IEPF |
354054 |
0.93 |
|
|
Trusts |
4675 |
0.01 |
|
|
HUF |
645314 |
1.70 |
|
|
Non-Resident Indian (NRI) |
416610 |
1.09 |
|
|
Clearing Members |
668044 |
1.75 |
|
|
Bodies Corporate |
1523498 |
4.00 |
|
|
Others |
14900 |
0.04 |
|
|
Sub Total B3 |
15417077 |
40.50 |
|
|
B=B1+B2+B3 |
17131592 |
45.00 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company’s Primary business segments are organized on product lines as follows: (i) Heavy Engineering (also known as Industrial Machinery Division) - engaged in engineering, fabrication and manufacturing of Machinery for Sugar Plants, Cement Plants, Boilers and Power Plants, Industrial and Marine Gears, Mineral Processing and EPC, Petro-chemicals and Space, Defense and Nuclear Power Business; (ii) Foundry and Machine Shop-Manufacturing of Grey and Ductile Iron Castings required by various industries and machining of components; and (iii) Others-Non Reportable Segment includes units manufacturing Precision Instruments such as pressure and temperature gauges. (Registered Activity) |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1238 (Approximately) |
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Bankers : |
· State Bank of India ·
Bank of India |
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Auditors : |
|
|
Name : |
K.S. Aiyar and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over
which any person described in (i) or (ii) above are able to exercise
significant influence : |
· Bombay Cycle & Motor Agency Limited (BCMA) · Olsson Holdings Inc. · Walchand Great Achievers Private Limited · Vinod Shashank Chakor Private Limited · Walchand Kamdhenu Commercials Private Limited · Chirag Enterprises · Walchand Chiranika Trading Private Limited · Walchand Engineers Private Limited · Chakor Doshi HUF · Walchand Projects Private Limited · Chirag Doshi HUF · Walchand Power Systems Private Limited · Chiranika Enterprises Walchand Oil & Gas Private Limited · Chiranika Corporation ·
Walchand Leisure Realty Private Limited ·
Chiranika Properties Walchand BMH Private Limited ·
Walchand Botanicals Private Limited ·
Walchand Solar Private Limited · Rodin Holdings Inc. ·
Trust Finlease Private Limited · Walchand Ventures LLP · G. S. Agrawal HUF |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
10% Cumulative Preference Shares |
INR100/- each |
INR 5.000 Million |
|
50000 |
Preference Shares |
INR100/- each |
INR 5.000 Million |
|
120000000 |
Equity Shares |
INR 2/- each |
INR 240.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38070205 |
Equity Shares |
INR 2/- each |
INR 76.140 Million |
|
|
|
|
|
(a) Reconciliation of number of shares outstanding:
|
Equity Shares of INR 2 each |
Number of Shares |
Amount in
Million |
|
At the beginning of the year |
38070205 |
76.140 |
|
Movements during the year |
-- |
-- |
|
At the end of the year |
38070205 |
76.140 |
(b) Terms and Rights
attached to Equity Shares:
The Company has only one class of equity shares having par value of INR 2 per share. Each shareholder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The Directors do not recommend any Dividend for the Financial Year ended March 31, 2017.
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.
(c) Details of
shareholders holding more than 5% of shares in the Company:
|
(Equity shares of
INR 2 each fully paid up) |
Number of Shares |
% of holding |
|
Walchand Kamdhenu Commercials Private Limited |
9869673 |
25.92 |
|
Walchand Great Achievers Private Limited |
5260160 |
13.82 |
|
Rodin holdings inc. |
3000000 |
7.88 |
|
Olsson holdings inc. |
2000000 |
5.25 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
76.140 |
76.140 |
76.140 |
|
(b) Reserves & Surplus |
4693.118 |
5543.330 |
6627.350 |
|
(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) |
4769.258 |
5619.470 |
6703.490 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
375.514 |
894.342 |
750.661 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
524.141 |
497.275 |
854.942 |
|
(d)
long-term provisions |
124.568 |
80.858 |
55.616 |
|
Total
Non-current Liabilities (3) |
1024.223 |
1472.475 |
1661.219 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3611.361 |
3000.649 |
2751.928 |
|
(b)
Trade payables |
1021.949 |
985.597 |
2056.214 |
|
(c)
Other current liabilities |
2773.712 |
2870.286 |
2939.129 |
|
(d)
Short-term provisions |
15.063 |
34.368 |
38.599 |
|
Total
Current Liabilities (4) |
7422.085 |
6890.900 |
7785.870 |
|
|
|
|
|
|
TOTAL |
13215.566 |
13982.845 |
16150.579 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5230.023 |
5583.664 |
6140.981 |
|
(ii)
Intangible Assets |
14.568 |
20.875 |
29.395 |
|
(iii)
Capital work-in-progress |
10.265 |
5.612 |
43.896 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.169 |
1.217 |
51.987 |
|
(c) Deferred tax assets
(net) |
0.000 |
190.101 |
190.101 |
|
(d) Long-term Loan
and Advances |
159.703 |
242.214 |
230.415 |
|
(e)
Other Non-current assets |
13.700 |
13.700 |
13.700 |
|
Non-Current Trade Receivables |
134.568 |
65.989 |
115.407 |
|
Total
Non-Current Assets |
5563.996 |
6123.372 |
6815.882 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
31.563 |
1.563 |
193.369 |
|
(b)
Inventories |
1922.759 |
2200.075 |
2747.574 |
|
(c)
Trade receivables |
3980.629 |
3961.931 |
4046.984 |
|
(d)
Cash and cash equivalents |
158.707 |
247.661 |
468.557 |
|
(e)
Short-term loans and advances |
960.144 |
681.865 |
1290.909 |
|
(f)
Other current assets |
184.706 |
175.112 |
155.603 |
|
Contracts-in-Progress |
413.062 |
591.266 |
431.701 |
|
Total
Current Assets |
7651.570 |
7859.473 |
9334.697 |
|
|
|
|
|
|
TOTAL |
13215.566 |
13982.845 |
16150.579 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3979.105 |
8021.236 |
6382.310 |
|
|
|
Other Income |
33.688 |
52.441 |
78.497 |
|
|
|
TOTAL |
4012.793 |
8073.677 |
6460.807 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1703.651 |
3710.512 |
3154.805 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
166.420 |
335.736 |
(3.572) |
|
|
|
Employees benefits expense |
824.073 |
1358.258 |
924.319 |
|
|
|
Other expenses |
420.837 |
868.824 |
704.404 |
|
|
|
Sub-contracting Expenses, Processing Charges and Other Direct Costs |
277.945 |
1127.348 |
1437.058 |
|
|
|
Exchange Currency Fluctuation (Gain)/ Loss |
14.154 |
21.431 |
21.754 |
|
|
|
Exceptional Items |
118.258 |
101.109 |
(244.536) |
|
|
|
TOTAL |
3525.338 |
7523.218 |
5994.232 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
487.455 |
550.459 |
466.575 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
695.034 |
897.809 |
479.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(207.579) |
(347.350) |
(13.314) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
181.648 |
338.395 |
172.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(389.227) |
(685.745) |
(185.863) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
253.336 |
31.100 |
(62.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(642.563) |
(716.845) |
(123.663) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
368.259 |
1359.984 |
786.891 |
|
|
|
Others |
9.476 |
83.497 |
63.730 |
|
|
|
Overseas Site - Zambia |
0.426 |
0.007 |
16.977 |
|
|
|
Overseas Site - Ethiopia |
0.000 |
0.000 |
3.299 |
|
|
TOTAL EARNINGS |
378.161 |
1443.488 |
870.897 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
53.076 |
86.021 |
175.074 |
|
|
|
Components & Spare parts |
7.307 |
10.044 |
6.245 |
|
|
TOTAL IMPORTS |
60.383 |
96.065 |
181.319 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(16.88) |
(18.83) |
(3.25) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
Current Maturities of Long term Borrowings |
170.259 |
150.647 |
0.419 |
|
|
|
|
|
|
Cash Generated From Operating Activities |
581.885 |
125.196 |
(153.362) |
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
544.420 |
1.286 |
(382.317) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
937.400 |
762.100 |
1163.100 |
|
Total Expenditure |
803.100 |
630.400 |
961.700 |
|
PBIDT (Excl OI) |
134.300 |
131.700 |
201.400 |
|
Other Income |
63.900 |
6.900 |
7.600 |
|
Operating Profit |
198.200 |
138.600 |
209.000 |
|
Interest |
189.700 |
189.100 |
192.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
8.500 |
(50.500) |
16.500 |
|
Depreciation |
93.000 |
78.500 |
82.100 |
|
Profit Before Tax |
(84.500) |
(129.000) |
(65.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(84.500) |
(129.000) |
(65.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(84.500) |
(129.000) |
(65.600) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
365.14 |
180.28 |
231.44 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
1.00 |
2.02 |
1.58 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
218.95 |
96.95 |
237.90 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.25 |
0.25 |
0.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.09 |
0.10 |
0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.57 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.87 |
0.72 |
0.52 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.56 |
1.23 |
1.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.10 |
1.00 |
0.93 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.70 |
0.61 |
0.97 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(16.15) |
(8.94) |
(1.94) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.86) |
(5.13) |
(0.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(13.47) |
(12.76) |
(1.84) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [18 Months] |
30.09.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.03 |
1.14 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.77 |
0.82 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.36 |
0.40 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
54.60 |
53.13 |
46.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.03 |
1.14 |
1.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 163.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2014 |
31.03.2016
[18
Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
76.140 |
76.140 |
76.140 |
|
Reserves & Surplus |
6627.350 |
5543.330 |
4693.118 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6703.490 |
5619.470 |
4769.258 |
|
|
|
|
|
|
long-term borrowings |
750.661 |
894.342 |
375.514 |
|
Short term borrowings |
2751.928 |
3000.649 |
3611.361 |
|
Current Maturities of Long
term Borrowings |
0.419 |
150.647 |
170.259 |
|
Total
borrowings |
3503.008 |
4045.638 |
4157.134 |
|
Debt/Equity
ratio |
0.523 |
0.720 |
0.872 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2014 |
31.03.2016
[18
Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
6382.310 |
8021.236 |
3979.105 |
|
|
|
25.679 |
-50.393 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2014 |
31.03.2016
[18
Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
6382.310 |
8021.236 |
3979.105 |
|
Profit/ (Loss) |
(123.663) |
(716.845) |
(642.563) |
|
|
(1.94%) |
(8.94%) |
(16.15%) |
LEGAL CASES
HIGH COURT OF
BOMBAY
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
ITXAL/501/2017 |
Failing Date:- |
22.02.2017 |
Reg. No.:- |
ITXA/1810/2017 |
Reg. Date:- |
02.12.2017 |
|
Petitioner:- |
PRINCIPAL COMMISSIONER OF INCOME TAX |
Respondent:- |
WALCHANDNAGAR INDUSTRIES LTD |
||||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
||||||
|
District:- |
MUMBAI |
||||||
|
Bench:- DIVISION |
|||||||
|
Status:- Pre-Admission
Category:- TAX APPEALS |
|||||||
|
Next Date:- |
12.12.2017 |
Stage:- |
FOR ADMISSION- FRESH |
||||
|
Last Coram:- |
HON’BLE SHRI
JUSTICE A.S. OKA HON’BLE SHRI
JUSTICE A.K. MENON |
||||||
|
Act:- Income Tax Act, 1961 Under
Section :- 260A |
|||||||
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G56320492 |
100130420 |
VISTRA ITCL (INDIA) LIMITED |
04/09/2017 |
- |
- |
570000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
2 |
G75986794 |
100122775 |
VISTRA ITCL (INDIA) LIMITED |
04/09/2017 |
01/02/2018 |
- |
1860000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
3 |
C79560777 |
10621294 |
Axis Bank Limited |
01/02/2016 |
- |
- |
1002000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
4 |
C69189488 |
10545493 |
SBICAP TRUSTEE COMPANY LIMITED |
31/12/2014 |
15/07/2015 |
- |
750000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
5 |
G75739599 |
10323379 |
SBICAP TRUSTEE COMPANY LIMITED |
25/10/2011 |
08/01/2018 |
- |
9200000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
6 |
C37070851 |
80005249 |
State Bank of India |
20/01/2006 |
21/11/2014 |
- |
150000000.0 |
INDUSTRIAL FINANCE BRANCH,PUNE, TARA CHAMBERS, MUMBAI-PUNE ROAD,PUNEMH411003IN |
|
7 |
G56778731 |
10465200 |
INDUSIND BANK LTD. |
22/11/2013 |
- |
29/09/2017 |
450000000.0 |
2401, Gen, Thimmayya Road,(Cantonment),PuneMH411001IN |
|
8 |
G18815977 |
10601275 |
IFCI LIMITED |
13/10/2015 |
- |
30/09/2016 |
1000000000.0 |
Earnest House, 9th Floor,NCPA Marg, Nariman PointMumbaiMH400021IN |
|
9 |
C37070257 |
10476907 |
State Bank of India |
17/01/2014 |
- |
21/11/2014 |
500000000.0 |
Industrial Finance Branch, 2nd Floor,Tara chambersNear Mariaai Police Chowky, Mumbai-Pune Highway,PuneMH411003IN |
|
10 |
C31863004 |
10208042 |
DBS Bank Ltd |
22/02/2010 |
16/02/2012 |
10/10/2014 |
292500000.0 |
THROUGH MUMBAI BRANCH: CREDIT CONTROL UNIT3RD FLOOR,FORT HOUSE, DR D N ROAD, FORTMUMBAIMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Working Capital Loans |
48.446 |
141.475 |
|
Intercorporate Deposits From Related Parties |
800.000 |
40.000 |
|
|
|
|
|
Total |
848.446 |
181.475 |
GENERAL INFORMATION:
NATURE OF INDUSTRY:
The Company is engaged in heavy engineering and undertakes projects and supply of machinery and equipments, in the fields of Nuclear Power, Aerospace, Defence, Co-gen power projects, Turnkey Cement plants, Turnkey Sugar plants, Gear and Centrifugal.
FINANCIAL PERFORMANCE
AND HIGHLIGHTS:
During the year, the revenue for the financial year 2016-17 (Twelve Months) was INR 4012.800 Million as against the previous period Oct 2014 - Mar 2016 (Eighteen Months) of INR 8073.700 Million.
No material changes and commitments have occurred after the close of the year till the date of this Report, which affect the financial position of the Company
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
Last year has been a year of global upheavals with respect to the medium term outlook for globalization and in particular to the “political carrying capacity for globalization” with the fears of Brexit finally coming true and also with the regime change in the United States. To add to this was the increasing geopolitical uncertainty created by the increasingly tense situation in West Asia and the refugee crisis. All in all the last fiscal year has been one wherein the global focus to a large extent was on the grave challenges that globalization faces. India in contrast continued to stand out as an outlier with the highest growth rate amongst the major world economies. The Indian economy was tested for its resilience and capacity to bounce back especially after the shock treatment of demonetization which happened in November 2016.
While some hiccups still remain, it does seem that with the revival in consumer demand and industrial production after an initial period of uncertainty and banking operations coming back to normal, the economy has withstood the shock fairly well. With the ruling dispensation further consolidating its position after the recently concluded state and local body elections, the time seems to be ripe for the long awaited major economic reforms. The planned roll out of Goods and Services Tax (GST) in July 17 is expected to be a defining moment in the process of economic liberalisation in India. What remains as the sore point which is holding back the true potential growth of the economy is the problem of stressed assets on bank’s balance sheets and the resultant brakes on lending and credit growth. This has particularly hit the industrial sector (especially capital goods) quite hard.
However, there is definitely hope for economic revival going ahead owing to a number of factors which include normal monsoon predictions for 2017 and follow up actions on a host of encouraging policy level decisions taken and initiatives put in place earlier by the government. With sustained focus on the “Make in India” philosophy, further opening up of critical sectors like Defence to domestic private players, efforts to remove roadblocks in the Nuclear Energy domain, encouragement to new and renewable forms of energy generation, programs like Digital India, Skill Development, etc it is hoped that 2017-18 would be a more wholesome year for the Indian economy in terms of economic revival. Recent announcements made by the government like the ones on building ten indigenous nuclear power plants and further induction of private players as strategic partners in defence augur well for the sectors that WIL is present in.
As an organization, WIL is fully poised to leverage the opportunities that the growing economy is likely to throw up. With increased focus on strategic sectors like Defence, Aerospace, Missiles and Nuclear, WIL would target further cementing its partnerships with its esteemed customers in these domains and continue to play its role in nation building. With relentless focus on quality, engineering, capability enhancement and execution, it would be our effort to achieve customer satisfaction and increase our footprint in these strategic sectors going ahead.
BUSINESS OUTLOOK –
LEVERAGING THE AVAILABLE OPPORTUNITIES
The Company is confident of a much improved performance in the next year because of the followings:
• Order book skewed towards value adding niche manufacturing businesses.
• Strong business outlook in strategic sectors like Defence & Aerospace.
• Marked improvement in the progress of long gestation EPC projects.
• Increased focus on overseas markets and further capitalizing upcoming opportunities.
• Ongoing efforts towards cost-rationalization.
• Likely positive impact of general macro-economic conditions in the domestic economy.
Further, the Company has strong fundamentals for a sustainable growth:
• Well diversified yet synergistic business model.
• Strong manufacturing capability.
• In house design engineering capability.
• Project management capability.
• Technology tie-ups in critical areas.
This would augur well for the Company’s long term sustainable growth.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
1163.100 |
762.100 |
2802.300 |
|
Other Income |
7.600 |
6.900 |
78.500 |
|
Total
Income from Operations |
1170.700 |
769.00 |
2880.800 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials consumed |
466.800 |
367.00 |
1132.500 |
|
Sub-Contracting
Expenses, Processing Charges and Other Direct Costs |
37.500 |
44.100 |
184.100 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
106.400 |
(22.500) |
151.700 |
|
Employee benefits expense |
199.500 |
181.900 |
565.00 |
|
Finance Costs |
192.500 |
181.900 |
571.400 |
|
Depreciation and Amortization expenses |
82.100 |
78.500 |
253.600 |
|
Other Expenditure |
151.500 |
59.900 |
301.600 |
|
Total
Expenses |
1236.300 |
898.000 |
3159.900 |
|
Profit/(Loss) before Exceptional Items and tax |
(65.600) |
(129.000) |
(279.100) |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
(65.600) |
(129.000) |
(279.100) |
|
Tax Expenses |
|
|
|
|
Current Tax |
--- |
--- |
--- |
|
Tax for earlier years |
--- |
--- |
--- |
|
Deferrred tax (asset)/ liability |
--- |
--- |
--- |
|
Profit/Loss after tax |
(65.600) |
(129.000) |
(279.100) |
|
Other comprehensive
income |
16.700 |
(10.000) |
15.500 |
|
Total comprehensive income for the
period |
(48.900) |
(130.000) |
(263.600) |
|
Earnings per equity
share of face value of INR 2/- each |
|
|
|
|
Basic |
(1.72) |
(3.39) |
(7.33) |
|
Diluted |
(1.72) |
(3.39) |
(7.33) |
NOTES:
1.The Company has adopted Indian Accounting Standards ("Ind-AS") from April 1,2017. Accordingly financial results for the quarter ended December 31, 2017, have been prepared in accordance with the recognition and measurement principles laid down in Ind-AS. Financial results for the quarter ended December 31, 2016 have been restated based on Ind AS principles.
2. The Financial results for the quarter ended on December, 31, 2017 were
reviewed by the Audit Committee at its meeting held on February 13, 2018 and
approved & taken on record by the Board of Directors at its meeting held on
February 13, 2018.
3. The statement does not include Ind AS compliant results for the previous
year ended March 31, 2017, as it is not mandatory as per SEBI's circular dated
July 5, 2016.
4. The Statutory Auditors of the Company have carried out a Limited review of
the results for the quarter ended December 31, 2017. The Ind AS compliant
Financial results for the quarter ended December 31, 2016 have not been
subjected to a limited review or an audit. However the Management has exercised
necessary due diligence to ensure that financial results provide a true and
fair view of the company's affairs.
5. Reconciliation between financial results, as previously reported and as
restated under Ind-AS are given in Annexure A.
6. Inventory includes work in progress of
INR 258.500 Million in respect of orders which have been cancelled / put
on hold. The Company is of the opinion that no provision is required to be made
as on December 31, 2017 as this stock will be either liquidated or diverted to
other projects.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
(a) Heavy Engineering |
1013.900 |
633.300 |
2383.000 |
|
(b) Foundry and Machine Shop |
106.400 |
93.700 |
305.400 |
|
(c) Others |
44.200 |
35.800 |
116.200 |
|
Total |
1164.500 |
762.800 |
2804.800 |
|
Less: Inter segment revenue |
1.400 |
0.700 |
2.500 |
|
Total income
from operations (net sales) |
1163.100 |
762.100 |
2802.300 |
|
2.
Segment Results before Tax and interest |
|
|
|
|
(a) Heavy Engineering |
113.600 |
91.500 |
358.600 |
|
(b) Foundry and Machine Shop |
(11.200) |
(18.800) |
(46.700) |
|
(c) Others |
(8.200) |
3.100 |
(2.500) |
|
Total |
116.200 |
75.800 |
309.400 |
|
Add: Exceptional
Items |
--- |
--- |
--- |
|
Less: Interest |
192.500 |
189.100 |
571.400 |
|
Less: Other
un-allocable expenditure (net off un-allocable income) |
(10.700) |
15.700 |
17.100 |
|
Total Profit
Before Tax |
(65.600) |
(129.000) |
(279.100) |
|
3.
Capital Employed |
|
|
|
|
Segment Assets |
|
|
|
|
(a) Heavy Engineering |
10468.600 |
10779.100 |
10468.600 |
|
(b) Foundry and Machine Shop |
555.600 |
579.300 |
555.600 |
|
(c) Others |
474.000 |
452.500 |
474.000 |
|
d) Unallocated (Excluding Investments) |
416.700 |
406.300 |
416.700 |
|
Total Assets |
11914.900 |
12217.200 |
11914.900 |
|
|
|
|
|
|
Segment
Liabilities |
|
|
|
|
(a) Heavy Engineering |
7696.600 |
7955.200 |
7696.600 |
|
(b) Foundry and Machine Shop |
269.600 |
271.700 |
269.600 |
|
(c) Others |
35.700 |
27.500 |
35.700 |
|
d) Unallocated (Excluding Investments) |
33.500 |
34.400 |
33.500 |
|
Total Liabilities |
8035.400 |
8288.800 |
8035.400 |
|
|
|
|
|
|
Total |
3879.500 |
3928.400 |
3879.500 |
CONTINGENT
LIABILITIES: [As on 31.03.2017]
(a) Claims against the company not acknowledged as debt
(a) Demand of Non Agricultural (NA) Tax of INR 16.137 Million is raised by Tahshildar, Indapur (Previous year INR 16.137 Million) out of which INR 2.000 Million is paid under protest by the company. No provision has been made in the accounts as the company has not accepted the liability and the matter is sub-judice.
(b) Demand on account of fixation of Annual Rateable Value of Property at Pune, amounting to INR Million ` 89.32 lakhs (for the period 1.4.2008 to 31.3.2017) was raised by the local authorities (Previous year INR Million ` 325.07 lakhs). No provision has been made in the books of accounts. The Company has not accepted the liability and the same is sub-judice.
(c) The Central Excise Authorities have raised a demand of INR Million ` 266.19 lakhs (Previous Year INR Million ` 266.19 lakhs) (Net of CENVAT Reversal and Payment) denying the exemption from the excise duty on non-conventional energy devices/ systems supplied by the Company. The Company has disputed the demand and has preferred an appeal which is pending before CESTAT, Mumbai. On the basis of legal opinion, the Company does not accept any liability.
(d) The Central Excise Authorities have raised a demand of INR 8.273 Million (Previous Year INR 8.273 Million) on bought out items supplied for Centrifugals, which has already suffered duty at manufacturers’ end. The Company has disputed the demand and has preferred an appeal which is pending before the Supreme court. Company has discharged a liability of INR 2.945 Million by reversal of CENVAT availed and paid INR 1.000 Million under protest (included under the head loans and advances). On the basis of legal opinion, the Company does not expect any liability.
(e) The sales Tax Authority, Maharashtra has raised demand of INR 15.983 Million (Previous Year INR 15.983 Million) as per section 6(2) of the Central Sales Tax Act,1956. The Company has paid INR 3.000 Million under protests (included under the head loans and advances). The appeal has been dismissed by the Sales Tax Appellate Commissioner, and the company has preferred to appeal to the Tribunal.On the basis of legal opinion the Company does not expect any liability.
(f) Service Tax demand of INR 36.265 Million (Previous Year INR 36.265 Million) on sale of bought out items has been raised by the concerned authorities. The company has discharged liability of INR 2.876 Million by way of CENVAT reversal under protest and has preferred an appeal which is pending before the CESTAT.
(g) Company has received a demand of INR 5.068 Million from Employee’s Provident Fund office (previous year INR 5.068 Million). The company has contested the demand raised, and filled a writ petition with Mumbai High Court. No provision is being made against the same based on the legal advise.
(h) Certain cases filled against the company by the Ex-employees of Heavy Engineering Division and Foundry Division for compensation are pending before the labour courts - Amounts unascertained.
(i) The Central Excise Authorities have raised demand of INR 0.247 Million (Previous Year INR 0.247 Million) on bought out items supplier for centrifugals, which has already suffered duty at manufacturers end. The company had disputed demand of INR 0.247 Million before CESTAT against order passed by Commissioner (Appeals). The Stay order has been granted and INR 0.050 Million paid as ordered by CESTAT.
(j) Certain customers of the Company have deducted Liquidated Damages amounting to INR 66.409 Million (previous year INR 62.009 Million) during the current period due to delays in supplies / services. The Company contends that the delays are not attributable to it and has submitted the waiver applications to these parties. Based on past experience, the Company is confident of getting these Liquidated Damages waived.
(k) Company has received a demand from a MSME creditor for
interest amounting to INR 4.574 Million (Net), which has not being accepted as
a liability as the same is contested.
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
(b) Guarantees |
|
|
|
Counter Guarantees by the company in respect of guarantees
given by banks (including guarantee on account of erstwhile Machine Tool
Division of INR 0.355 Million) |
2727.030 |
2934.962 |
FIXED ASSETS:
Tangible Assets
- Land (Free Hold)
- Lease Hold Land
- Buildings
- Plant and Machinery
- Furniture’s, Fixtures and Electrical Fittings
- Office Equipment’s
- Vehicles
Intangible Assets
- Patents
- Software
- Technical Knowhow
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 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 |
|
UK Pound |
1 |
INR 91.14 |
|
Euro |
1 |
INR 80.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.