|
|
|
MIRA INFORM REPORT
|
Report No. : |
508112 |
|
Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
FORBES AND COMPANY LIMITED
(w.e.f. 02.11.2007) |
|
|
|
|
Formerly Known
As : |
FORBES GOKAK LIMITED |
|
|
|
|
Registered Office
: |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-22008081 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
18.11.1919 |
|
|
|
|
Com. Reg. No.: |
11-000628 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 128.986 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110MH1919PLC000628 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388028793 |
|
|
|
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TIN No.: |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF1765A |
|
|
|
|
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 subject is mainly engaged in the Engineering Products, Real Estate and Shipping and Logistics Business. [Registered Activities] |
|
|
|
|
No. of Employees
: |
456 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Forbes and Company Limited is one of the oldest companies in India, Incorporated in 1919 with diverse business interests across health and hygiene, engineering, and shipping services.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = (AA-) |
|
Rating Explanation |
High degree of safety and carry low credit risk. |
|
Date |
11.09.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
11.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 11.05.2018.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Pednekar |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-22-61358900 |
|
Date : |
07.05.2018 |
LOCATIONS
|
Registered/Corporate Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22008081/ 22007378/ 61358900/ 22002273/ 22002274/ 22002275/ 40749191 |
|
Fax No.: |
91-22-61358901/ 22007378/ 22007933/ 22094895/ 22005281/ 40749102/ 40749101/ 40749103 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Factory 1 : |
Aurangabad ·
A-7, M.I.D.C. Area,
Chikalthana, Aurangabad – 431210, Maharashtra, India ·
Plot B-13, Waluj Industrial Area, Aurangabad –
431133, Maharashtra, India |
|
|
|
|
Marketing
Office : |
Chandivali Estate, Kurla – Powai Road,
Saki Powai Road, Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28521861-62 |
|
Fax No.: |
91-22-28521799 |
|
|
|
|
Domestic Networks : |
Located at: · Ahmedabad · Baroda · Chennai · Bangalore · Chandigarh · Kolkata · New Delhi · Mumbai · New Delhi · Rajkot · Secunderabad · Pune |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Shapoor Pallonji Mistry |
|
Designation : |
Chairman |
|
Address : |
Sterling Bay, 103 Wakkeshwar Road, Walkeshwar Mumbai-
400006, Maharashtra, India |
|
Date of Appointment : |
03.09.2001 |
|
DIN No.: |
00010114 |
|
|
|
|
Name : |
Mr. Mahesh Chelaram Tahilyani |
|
Designation : |
Managing Director |
|
Address : |
5/802, 8th Floor, Rustomjee Ozone, Tower No.5, Bh.GGN- Tel.Exch.GGN-Mlnd-Link Road, Goregaon (West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1964 |
|
Qualification : |
B.Com, ACA, ACS, CIMA (UK) & DISA (ICAI) |
|
Date of Appointment : |
28.04.2016 |
|
DIN No.: |
01423084 |
|
|
|
|
Name : |
Mr. Kaiwan Dossabhoy Kalyaniwalla |
|
Designation : |
Director |
|
Address : |
Phirojshah Building, 3rd Floor, 70 C, Gowalia Tank Road,
Mumbai- 400036, Maharashtra, India |
|
Date of Appointment : |
24.08.2011 |
|
DIN No.: |
00060776 |
|
|
|
|
Name : |
Mr. Sivanandhan Dhanushkodi |
|
Designation : |
Director |
|
Address : |
Bunglow No. 5, Priyadarsini, Kopri Colony, Thane (E)
Mumbai - 400603 Maharashtra, India |
|
Date of Appointment : |
21.08.2012 |
|
DIN No.: |
03607203 |
|
|
|
|
Name : |
Mr. Jai Laxmikant Mavani |
|
Designation : |
Director |
|
Address : |
1702, Building 5, Raheja Classique New Link Road, Andheri
(West), Mumbai -400053 Maharashtra, India |
|
Date of Birth/Age : |
04.09.1971 |
|
Qualification : |
B.Com, ACA |
|
Date of Appointment : |
05260191 |
|
DIN No.: |
21.08.2012 |
|
|
|
|
Name : |
Mrs. Aslesha Ashok Gowariker |
|
Designation : |
Director |
|
Address : |
100, Kum Kum Villa, 16th Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1967 |
|
Qualification : |
B.Com, L.L.B. |
|
Date of Appointment : |
30.06.2016 |
|
DIN No.: |
03634905 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Khattar |
|
Designation : |
Head Legal and Company Secretary |
|
Address
: |
Flat No. B -302, Plot No. 182/C, Cosmopolitan II Society,
Sector 17, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Appointment : |
01.01.2014 |
|
PAN No.: |
ALBPK1556H |
|
|
|
|
Name : |
Mr. Nirmal Chandmal Jagawat |
|
Designation : |
Chief Financial Officer |
|
Address : |
B-5 Irma Co-operative Society, Saibaba Nagar Road, Near
Radhakrishnan School, Borivali (West), Mumbai - 400092, Maharashtra,
India |
|
Date of Appointment : |
30.09.2016 |
|
PAN No.: |
AAEPJ3876H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of
Shareholder |
No. of Shares |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
(A) Promoter
& Promoter Group |
9525691 |
73.85 |
|
(B) Public |
3372925 |
26.15 |
|
|
|
|
|
Total |
12898616 |
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 (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
9525691 |
73.85 |
|
|
SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED |
9359293 |
72.56 |
|
|
FORBES CAMPBELL FINANCE LIMITED |
166398 |
1.29 |
|
|
Sub Total A1 |
9525691 |
73.85 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
9525691 |
73.85 |
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 (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
392 |
0.00 |
|
|
Foreign Portfolio Investors |
1481451 |
11.49 |
|
|
INDIA DISCOVERY FUND LIMITED |
1148255 |
8.90 |
|
|
ANTARA INDIA EVERGREEN FUND LTD |
333146 |
2.58 |
|
|
Financial Institutions/ Banks |
19055 |
0.15 |
|
|
Insurance Companies |
500 |
0.00 |
|
|
Sub Total B1 |
1501398 |
11.64 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State Government(s)/ President of India |
110372 |
0.86 |
|
|
Sub Total B2 |
110372 |
0.86 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
1252445 |
9.71 |
|
|
Individual share capital in excess of INR 0.200 Million |
99349 |
0.77 |
|
|
NBFCs registered with RBI |
70056 |
0.54 |
|
|
Any Other (specify) |
339305 |
2.63 |
|
|
Non-Resident Indian (NRI) |
27888 |
0.22 |
|
|
Trusts |
640 |
0.00 |
|
|
HUF |
84371 |
0.65 |
|
|
Clearing Members |
108208 |
0.84 |
|
|
Overseas Corporate Bodies |
1580 |
0.01 |
|
|
Bodies Corporate |
104853 |
0.81 |
|
|
Limited Liablity Partnership - LLP |
8425 |
0.07 |
|
|
Enemy Property |
3340 |
0.03 |
|
|
Sub Total B3 |
1761155 |
13.65 |
|
|
B=B1+B2+B3 |
3372925 |
26.15 |
BUSINESS DETAILS
|
Line of Business : |
The subject is mainly engaged in the Engineering Products, Real Estate and Shipping and Logistics Business. [Registered Activities] |
|
|
|
|
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 : |
456 [Approximately] |
|||||||||||||||||||||||||||
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Bankers : |
|
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|
|||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins & Sells LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Shapoorji Pallonji and Company Private Limited |
|
|
|
|
Subsidiaries -
Direct |
· Eureka Forbes Limited · Forbes Campbell Finance Limited · Forbes Container Lines Pte. Limited (Upto 19.08.2016) · Shapoorji Pallonji Forbes Shipping Limited · Campbell Properties & Hospitality Services Limited · Volkart Fleming Shipping and Services Limited |
|
|
|
|
Subsidiaries –
Indirect: |
·
Aquamall
Water Solutions Limited i) Aquadiagnostics Water Research &
Technology Centre Limited ii) Forbes Lux International AG Lux International AG Lux Professional International Gmbh, Switzerland Lux Aqua Hungary KFT Lux Professional Gmbh, Germany (w.e.f. 22.12.2016) Lux Professional Gmbh, Austria (w.e.f. 15.12.2016) Lux Aqua Paraguay SA (w.e.f.1.12.2016) Lux Waterline GmbH (w.e.f.29.04.2016) Brightyclean (Spain) S.L. (w.e.f.10.08.2016) · Lux Italia srl · Forbes International AG Lux / Sk / s.r.o · Lux Schweiz AG ·
Lux
(Deutschland) GmbH Lux Service GmbH Lux Norge A/s Lux Oesterreich GmbH Lux CZ s.r.o Lux Hungaria Kereskedelmi Kft ·
LIAG
Trading & Investment Limited EFL Mauritius Limited Euro Forbes Limited Dubai i) Forbes Lux FZCO Forbes Facility Services Pvt. Limited Forbes Enviro Solutions Limited Euro Forbes Financial Services Limited Forbes Campbell Services Limited Forbes Edumetry Limited ( Under liquidation) Forbes Technosys Limited Forbesline Shipping Services LLC (Upto 19.08.2016) |
|
|
|
|
Fellow Subsidiaries
Fellow Subsidiaries (where there are transactions) |
· Afcons Infrastructure Limited · Forvol International Services Limited · Gokak Textiles Limited · Shapoorji Pallonji Oil and Gas Pvt. Limited · Sterling and Wilson Pvt. Limited · SP Fabricators Pvt. Limited · United Motors (India) Pvt. Limited |
|
|
|
|
Associates – Direct
(where there are transactions): |
Neuvo Consultancy Services Private Limited |
|
|
|
|
Jointly Ventures –
Direct (where there are transactions) |
Shapoorji Pallonji Bumi Armada Offshore Limited (fomerly known as Forbes Bumi Armada Offshore Limited) (Upto 13.10.2016) |
|
|
|
|
Jointly Ventures -
Indirect |
Forbes Bumi Armada Limited |
|
|
|
|
Jointly Ventures of
Holding Company (where there are transactions): |
HPCL Shapoorji Energy Pvt. Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12898616 |
Equity Shares |
INR 10/- each |
INR 128.986
Million |
|
|
|
|
|
Rights, preferences and restrictions
attached to equity shares
The Company has only one class of shares referred to as equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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
Details of shares
held by each shareholder holding more than 5% shares
|
Name of shareholder |
As on 31.03.2017 |
|
|
Number of Equity shares Held |
% holding |
|
|
Shapoorji Pallonji and Company Private Limited |
93,59,293 |
72.56 |
|
India Discovery Fund Limited |
11,48,255 |
8.90 |
|
Total |
1,05,07,548 |
81.46 |
The Company has not alloted any equity shares for consideration other than cash, bonus shares, nor have any shares been bought back during the period of five years immediately preceding the Balance Sheet date.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
128.986 |
128.986 |
128.986 |
|
(b) Reserves & Surplus |
2286.126 |
1324.389 |
1223.482 |
|
(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) |
2415.112 |
1453.375 |
1352.468 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
999.863 |
832.307 |
822.612 |
|
(b) Deferred tax liabilities (Net) |
41.427 |
55.566 |
0.000 |
|
(c)
Other long term liabilities |
2.240 |
1.650 |
60.114 |
|
(d)
long-term provisions |
34.585 |
32.796 |
112.591 |
|
Total
Non-current Liabilities (3) |
1078.115 |
922.319 |
995.317 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
492.009 |
423.992 |
180.250 |
|
(b)
Trade payables |
522.526 |
366.808 |
387.096 |
|
(c)
Other current liabilities |
331.590 |
1097.765 |
946.554 |
|
(d)
Short-term provisions |
156.014 |
145.146 |
152.976 |
|
Total
Current Liabilities (4) |
1502.139 |
2033.711 |
1666.876 |
|
|
|
|
|
|
TOTAL |
4995.366 |
4409.405 |
4014.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
439.047 |
311.199 |
988.667 |
|
(ii)
Intangible Assets |
5.829 |
9.195 |
10.812 |
|
(iii)
Capital work-in-progress |
24.993 |
55.358 |
0.574 |
|
(iv) Intangible assets under development |
2.309 |
2.207 |
2.208 |
|
(b) Non-current
Investments |
2182.194 |
1998.042 |
1627.013 |
|
(c) Deferred tax assets
(net) |
159.463 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
319.887 |
337.002 |
348.580 |
|
(e)
Other Non-current assets |
68.885 |
78.220 |
0.115 |
|
Total
Non-Current Assets |
3202.607 |
2791.223 |
2977.969 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
739.555 |
386.100 |
370.520 |
|
(c)
Trade receivables |
403.476 |
421.092 |
471.483 |
|
(d)
Cash and cash equivalents |
172.321 |
142.399 |
71.790 |
|
(e)
Short-term loans and advances |
82.413 |
612.000 |
60.557 |
|
(f)
Other current assets |
394.994 |
56.591 |
62.342 |
|
Total
Current Assets |
1792.759 |
1618.182 |
1036.692 |
|
|
|
|
|
|
TOTAL |
4995.366 |
4409.405 |
4014.661 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2834.697 |
1994.053 |
1631.751 |
|
|
|
Other Income |
137.087 |
96.510 |
58.889 |
|
|
|
TOTAL |
2971.784 |
2090.563 |
1690.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
590.338 |
703.161 |
605.434 |
|
|
|
Purchases of Stock-in-Trade |
3.355 |
1.262 |
12.213 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(335.794) |
(56.463) |
(76.598) |
|
|
|
Employees benefits expense |
461.749 |
383.656 |
374.625 |
|
|
|
Real estate development costs |
882.061 |
48.115 |
0.000 |
|
|
|
Exceptional items |
(112.042) |
(155.284) |
(98.358) |
|
|
|
Other expenses |
852.454 |
820.530 |
685.936 |
|
|
|
TOTAL |
2342.121 |
1744.977 |
1503.252 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
629.663 |
345.586 |
187.388 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
123.511 |
190.850 |
187.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
506.152 |
154.736 |
-0.504 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
59.763 |
49.730 |
33.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
446.389 |
105.006 |
(33.962) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(50.195) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
DISCONTINUED
OPERATIONS |
469.529 |
(73.466) |
28.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
966.113 |
31.540 |
(5.785) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on F.O.B. basis |
245.817 |
181.251 |
184.686 |
|
|
|
Commission and other
services |
5.227 |
15.337 |
8.849 |
|
|
|
Freight and insurance
recoveries |
2.495 |
2.163 |
2.492 |
|
|
|
Others |
5.473 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
259.012 |
198.751 |
196.027 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
254.185 |
187.947 |
145.519 |
|
|
|
Components |
11.534 |
120.591 |
120.743 |
|
|
|
Stores, spares and tools |
10.007 |
7.900 |
5.895 |
|
|
|
Purchases for resale |
0.211 |
0.500 |
12.872 |
|
|
|
Capital goods |
64.534 |
3.806 |
0.000 |
|
|
TOTAL IMPORTS |
340.471 |
320.744 |
285.029 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
38.49 |
8.14 |
(2.63) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current maturities of long-term borrowings |
6.870 |
581.263 |
718.221 |
|
|
|
|
|
|
Cash generated from / (used in) from operations |
(296.730) |
382.026 |
(1,744.55) |
|
|
|
|
|
|
Net cash flow generated from / (used in) operating activities |
(297.493) |
338.698 |
(1,899.74) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
51.95 |
77.08 |
105.46 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.03 |
4.74 |
3.46 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
321.25 |
190.06 |
228.76 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.85 |
0.90 |
0.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.33 |
0.91 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.50 |
0.78 |
0.80 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.62 |
1.26 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.62 |
1.40 |
1.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.20 |
0.26 |
0.74 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.10 |
1.81 |
1.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
34.08 |
1.58 |
(0.35) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
19.34 |
0.72 |
(0.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
40.00 |
2.17 |
-0.43 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.19 |
0.80 |
0.62 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.70 |
0.61 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.33 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.62 |
14.25 |
13.34 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.19 |
0.80 |
0.62 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
128.986 |
128.986 |
128.986 |
|
Reserves & Surplus |
1223.482 |
1324.389 |
2286.126 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1352.468 |
1453.375 |
2415.112 |
|
|
|
|
|
|
long-term borrowings |
822.612 |
832.307 |
999.863 |
|
Short term borrowings |
180.250 |
423.992 |
492.009 |
|
Current Maturities of Long
term debt |
718.221 |
581.263 |
6.870 |
|
Total
borrowings |
1721.083 |
1837.562 |
1498.742 |
|
Debt/Equity
ratio |
1.273 |
1.264 |
0.621 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1631.751 |
1994.053 |
2834.697 |
|
|
|
22.203 |
42.158 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1631.751 |
1994.053 |
2834.697 |
|
Profit/(Loss) |
(5.785) |
31.540 |
966.113 |
|
|
(0.35%) |
1.58% |
34.08% |
LEGAL CASE
|
Case details Bench Date: Bombay |
|
Presentation Date: 08.09.2017 |
|
|
|
Lodging No.: ITXAL/2189/ 2017 Filing Date: 08.09.2017 Reg. No.: ITXA/55/2018 Reg. Date: 05.01.2018 |
|
|
|
Petitioner: PR. Commissioner of income tax-1 Respondent: Forbes and Company Limited |
|
|
|
Petn. Adv: Suresh Kumar (I2100) Resp. Adv.: Atul Karsandas Jasani (33) District: Mumbai |
|
|
|
Bench: Division Status: Pre-Admission Category: Tax Appeals Last Date: 19.01.2018 Stage: For Rejection [Original Side Matters] Last Concern: According to sitting List According to sitting List |
|
|
|
Act: Income Tax Act, 1961 Under Section : 26A |
|
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
G17882572 |
100057826 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
10/10/2016 |
- |
- |
400000000.0 |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
2 |
C71360028 |
10608783 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
20/11/2015 |
- |
- |
600000000.0 |
ASIAN BUILDING17,
KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
3 |
B40819229 |
10358640 |
YES BANK LTD. |
11/05/2012 |
- |
- |
550000000.0 |
NEHRU CENTRE, 9TH FLOOR,DISCOVERY
OF INDIA, DR. A B ROAD, WORLIMUMBAIMH400018IN |
|
4 |
B26690552 |
10320817 |
STANDARD CHARTERED
BANK |
01/12/2011 |
- |
- |
265000000.0 |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39G BLOCK, BANDRA KURLA COMPLEX, BANDRAMUMBAIMH400051IN |
|
5 |
B22532188 |
10148064 |
PUNJAB NATIONAL
BANK |
26/02/2009 |
29/09/2011 |
- |
525000000.0 |
PNB HOUSE,SIR
P.M.ROADFORTMUMBAIMH400001IN |
|
6 |
A06708465 |
10026747 |
EXPORT-IMPORT BANK
OF INDIA |
23/11/2006 |
- |
- |
240000000.0 |
CENTRE ONE BUILDING,
FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,MUMBAIMH400005IN |
|
7 |
A02683183 |
10012565 |
STATE BANK OF
INDIA |
26/07/2006 |
- |
- |
240000000.0 |
N.G.N. VAIDYA
MARG,FORTMUMBAIMH400023IN |
|
8 |
A00523977 |
10002321 |
EXPORT -IMPORT BANK
OF INDIA |
03/05/2006 |
- |
- |
240000000.0 |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRECOMPLEX CUFFE PARADE,MUMBAIMH400005IN |
|
9 |
Y10413857 |
90290930 |
STATE BANK OF
INDAI |
15/11/2005 |
- |
- |
86000000.0 |
COMMERCIAL BRANCHNO.
232 N.S.C. BOSE ROADCHENNIATN600001IN |
|
10 |
Z00138882 |
80032191 |
EXPORT-IMPORT BANK
OF INDIA |
02/06/2005 |
- |
- |
174165000.0 |
CENTRE ONE
BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFEPARADE,MUMBAIMH400005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from other parties |
492.009 |
423.992 |
|
|
|
|
|
Total |
492.009 |
423.992 |
GENERAL
INFORMATION
Forbes & Company Limited ("the Company") is one of the oldest companies of the world that is still in existence. The Company traces its origin to the year 1767 when John Forbes of Aberdeenshire, Scotland started his business in India. Over the years, the Management of the Company moved from the Forbes Family to the Campbells to the Tata Group and now finally to the well known Shapoorji Pallonji Group. Its parent and ultimate holding company is Shapoorji Pallonji and Company Private Limited. The Company is mainly engaged in the Engineering and Real estate and is listed on the Bombay Stock Exchange. The address and registered office and principal place of business are disclosed in the Annual Report.
BACKGROUND,
SCOPE AND APPLICABILITY
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Regulations”) require the top 500 listed companies (by market capitalisation) to disclose a Dividend Distribution Policy (“Policy”) in the annual report and on the corporate website. The entities other than top 500 listed companies may adopt and disclose their dividend distribution policies on voluntary basis.
The Company currently has only one class of shares, viz. equity, for which this policy is applicable. The policy is subject to review if and when the Company issues different classes of shares.
The intent of the Policy is to broadly specify the external and internal factors including financial parameters that shall be considered while declaring dividend and the circumstances under which the shareholders of the Company may or may not expect dividend and how the retained earnings shall be utilized, etc.
MANAGEMENT
DISCUSSION & ANALYSIS OF FINANCIAL CONDITIONS, RESULTS OF OPERATIONS AND
STATE OF COMPANY AFFAIRS
OUTLOOK
The Indian economy ended the fiscal year 2016–17 with a moderate growth. The current financial year was a rather eventful year. Against the backdrop of robust macro-economic stability, the year was marked by two major domestic policy developments, the passage of the Constitutional Amendment, paving the way for implementing the transformationalGoods and Services Tax (GST), and the action to demonetise the two highest denomination currency notes.
The GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth; it is also a bold new experiment in the governance of India's cooperative federalism. Demonetisation has had short-term costs but holds the potential for long term benefits. Prompt actions allow growth to return to trend in 2017-18, following a temporary blip in activity in second half of FY 2016-17. This in the long run is expected to result in significant benefits in the form of transition towards a cashless economy, expansion of digital financial systems and extension of the tax net.
Looking further ahead, societal shift in ideas and narratives will be needed to overcome three long-standing meta-challenges: inefficient redistribution, ambivalence about the private sector and property rights, and improving but still-challenged state capacity. In the aftermath of demonetisation, and at a time of gathering gloom about globalisation, articulating and embracing those ideational shifts will be critical to ensuring that India's sweet spot is enduring not evanescent.
Coming back to Indian economy, this was a year of moderate growth with a decline in the industrial sector growth, even as the agrarian and rural sector benefited from a good monsoon after two successive failed monsoons. Industrial activity picked up pace in January'2017 with industrial production registering growth on account of improvement in the manufacturing and capital goods sector output.
The FY 2017-18 is expected to be a good year for the Indian economy. The benefits of the important reforms to be implemented during FY 2017-18 will be seen during the year. The Union Budget for FY 2017-18 provides for development in infrastructure, housing, rural sector and a boost to the overall investment climate. The performance of the global economy is also expected to improve with the International Monetory Fund forecasting a rise in global GDP growth from 3.1 % in 2016 to 3.4% in 2017 and 3.6% in 2018.
BUSINESS REVIEW
Precision Tools Group (PTG)
Flagship brand of Precision Tools Group is Totem which is being re-positioned as a High Quality Performance Tool Manufacturer to compete against multi-nationals in India and overseas markets. High Performance Tool revenue streams have shown decent growth. We have done relevant significant investment in strengthening, Innovation, Design & Development and Quality assurance function by high end software and latest equipment.
Inspite of challenging market scenarios in automotive sector which is a major market segment for PTG and de-monetization, PTG managed a profitable top-line growth of 6%.
PTG continued efforts to introduce new products to the market in Carbide Raw Material, Expansion of High Performance Taps product portfolio, introduction of Solid Carbide Long Series Drills and expansion of HSS drill range.
New dealers introduction, a strong initiative taken in FY 2016-17, has been made across the country and continues to be an ongoing process to expand reach and growth in the business. This is an investment in the channel and will yield good results in the current year. Efforts to improve revenue share from export market has shown Year on Year (YoY) growth of 23%. Middle East, South East Asia, Europe and Latin America have been focus markets.
Introduction of New Technologies in the field of Heat Treatment, Geometric measurements and Edge preparation in manufacturing has led to product quality enhancement to compete against best in class. Substantial investments were made in Waluj Facility and they hope to continue the investment trend in this business in the current financial year, thereby ensuring that they consolidate their operations and hope to achieve better synergies and efficiencies in all the activities in Waluj in the time to come.
Innovation, Speed of Change, Product Development along with People Skill Enhancement, Training & Development are the main focus for business requirement which has been implemented on an on-going basis.
Coding Business Group (CBG)
Though low in volume presently, CBG has shown 46% YoY growth with significant growth in profit margins. FY 2016-17 was the year of consolidation for automation business. CBG introduced integrated marking solutions with software, coding & decoding, scanning/ Vision systems. During this year, they were able to provide automation system as an Import substitute to one of the leading two-wheeler manufacturer and achieved success by exporting a fully integrated system to Egypt, which was also a first for us. CBG started assembly of laser optics in Waluj Factory with its own system controls. Industry 4.0 solution was implemented for automotive industry which is going to be one of the future revenue stream. CBG has executed Automation projects and going forward will be a major revenue source. CBG has built capabilities in industry 3.0 and 4.0 solutions. Currently Coding business has capabilities of marking and traceability, material handling, RFID, Lasers for Metal & Non-metal and Integrated solutions.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Gross sales / Income from operations (Including excise
duty) |
639.300 |
602.600 |
1975.100 |
|
Other operating income |
7.200 |
13.700 |
50.400 |
|
Total
Income from Operations |
646.500 |
616.300 |
2025.500 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Real estate development costs |
134.500 |
59.100 |
446.300 |
|
Cost of materials consumed |
188.300 |
136.000 |
469.000 |
|
Purchase of Stock in Trade |
0.300 |
0.000 |
1.600 |
|
Changes in inventories of finished goods and
work-in-progress |
(73.200) |
50.300 |
(106.700) |
|
Employee benefits expense |
104.700 |
122.000 |
332.900 |
|
Finance Costs |
30.300 |
30.800 |
89.300 |
|
Depreciation and Amortization expenses |
19.900 |
20.100 |
58.900 |
|
Other Expenditure |
147.400 |
138.400 |
507.300 |
|
Total
Expenses |
552.200 |
556.700 |
1798.600 |
|
|
|
|
|
|
Profit from continuing operation before exceptional items
and tax |
94.300 |
59.600 |
226.900 |
|
Exceptional income |
0.000 |
0.000 |
0.000 |
|
Profit
from continuing operation before tax |
94.300 |
59.600 |
226.900 |
|
Tax
expenses |
|
|
|
|
a) Current tax |
21.000 |
14.000 |
51.000 |
|
b) Deferred tax |
5.100 |
(2.100) |
(5.400) |
|
|
|
|
|
|
Profit for the period/year from continuing operation |
26.100 |
11.900 |
45.600 |
|
|
|
|
|
|
Profit
before tax from discontinued operations |
68.200 |
47.700 |
181.300 |
|
|
|
|
|
|
a) Current tax |
0.000 |
0.000 |
0.000 |
|
b) Deferred tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Profit for the period/year from discontinued operations |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Profit
for the period/year |
68.200 |
47.700 |
181.300 |
|
|
|
|
|
|
Other comprehensive
income (Net of tax) |
|
|
|
|
Items that will not be reclassified to statement of profit or loss remeasurement of the defined benefit plans |
0.000 |
0.400 |
0.300 |
|
|
|
|
|
|
Other
comprehensive income |
0.000 |
0.400 |
0.300 |
|
|
|
|
|
|
Total
comprehensive income for the period/ year |
68.200 |
48.100 |
181.600 |
|
|
|
|
|
|
Paid-up
Equity Share Capital (Face value INR 10/- per share) |
129.000 |
129.000 |
129.000 |
|
Earnings
per Share (EPS) - INR |
5.29 |
3.70 |
14.05 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Engineering |
485.700 |
426.100 |
1328.800 |
|
b)
Real estate |
153.600 |
176.500 |
646.500 |
|
c)
Shipping and logistics services (Discontinues operation) |
0.000 |
0.000 |
0.000 |
|
Total segment
revenue |
639.300 |
602.600 |
1975.300 |
|
Less: Inter –
segment revenue |
0.000 |
0.000 |
0.002 |
|
Total income
from operations (net sales) |
639.300 |
602.600 |
1975.100 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest from each segment |
|
|
|
|
a)
Engineering |
89.300 |
35.300 |
150.100 |
|
b)
Real estate |
55.500 |
93.600 |
250.900 |
|
c)
Shipping and logistics services (Discontinues operation) |
0.000 |
0.000 |
0.000 |
|
Total segment
results |
144.800 |
128.900 |
401.000 |
|
Less: Finance
Costs |
(30.300) |
(30.800) |
(89.300) |
|
Balance |
114.500 |
98.100 |
311.700 |
|
Less un-allocable
expenses net of un-allocable income |
(20.200) |
(38.500) |
(84.800) |
|
Profit from
ordinary activities before tax |
94.300 |
59.600 |
226.900 |
|
|
|
|
|
|
3. Segment
Assets |
|
|
|
|
a)
Engineering |
1135.400 |
1106.400 |
1135.400 |
|
b)
Real estate |
1467.200 |
1569.500 |
1467.200 |
|
c)
Shipping and logistics services (Discontinues operation) |
0.000 |
0.000 |
0.000 |
|
d) Unallocated |
2693.500 |
2618.300 |
2693.500 |
|
Total
Assets |
5296.100 |
5294.200 |
5296.100 |
|
|
|
|
|
|
4. Segment Liabilities |
|
|
|
|
a)
Engineering |
400.200 |
419.400 |
400.200 |
|
b) Real estate |
895.300 |
868.600 |
895.300 |
|
c) Shipping and logistics services (Discontinues operation) |
0.000 |
0.000 |
0.000 |
|
d) Unallocated |
1442.700 |
1516.600 |
1442.700 |
|
Total
Liabilities |
2738.200 |
2804.600 |
2738.200 |
NOTES:
1. These results have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on Wednesday, January 24, 2018. Limited Review as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors of the Company M/s. Price Waterhouse Chartered Accountants LLP. Results for the quarter and nine months ended December 31, 2016 and for the year ended March 31, 2017 were reviewed/ audited by previous auditors Deloitte Haskins & Sells LLP.
3. In January 2016, the Board had granted its approval for
sale of the Shipping business comprising Container Freight Station (CFS) at
Veshvi and Mundra and Logistics Service business on a slump sale basis. The
Company had executed an Agreement to transfer assets dated April 18, 2016
pertaining to its Logistics business and simultaneously completed the transaction.
Also the Company had completed the slump sale of Mundra CFS in April, 2016 and
Veshvi CFS in August, 2016. Accordingly, profit from discontinued operations
(net) as reflected in the Statement of Unaudited Financial Results for the nine
months ended December 31, 2016 and in the Statement of Profit and Loss for the
year ended March 31, 2017 includes profit on slump sale of Veshvi and Mundra
CFS and profit on sale of Logistics business aggregating INR 545.900 million
and INR 33.100 million respectively.
4. During the quarter ended December 31, 2016, post approval by the Honorable
Bombay High Court vide order dated December 2, 2016, Company had recognized INR
193.100 million as loss on capital reduction of investment in equity shares in
Shapoorji Pallonji Forbes Shipping Limited (“SPFSL”), a subsidiary of the
Company and correspondingly, reversed the impairment provisions of INR 238.000
million. The same has been disclosed as an exceptional item in the Statement of
Standalone Unaudited Financial Results for the quarter and nine months ended
December 31, 2016 and in the Statement of Profit and Loss for the year ended
March 31, 2017.
5. The Board of Directors of the Company at its meeting held on October 12,
2016, had approved sale of its entire shareholding (50.001%) in Forbes Bumi
Armada Offshore Limited (FBAOL), a joint venture with Bumi Armada Berhad to
Shapoorji Pallonji Oil and Gas Private Limited (“SPOGPL”) at a price of INR
125.000 million. The Company had executed “Share Transfer Agreement” and
transferred the entire shareholding to SPOGPL and recognized profit of Rs.750
Lakhs during the quarter ended December 31, 2016. The same has been disclosed
as an exceptional item in the Statement of Standalone Unaudited Financial
Results for the quarter and nine months ended December 31, 2016 and in the
Statement of Profit and Loss for the year ended March 31, 2017.
6. Post the applicability of Goods and Service Tax (GST) with effect from July
1, 2017, Revenue is required to be disclosed net of GST as per requirement of
Ind AS 18, ‘Revenue’. Accordingly, the Revenue figures for the quarter and nine
months ended December 31, 2017 are not comparable with the previous periods as
those are gross of excise.
7. Figures for the previous periods are re-classified / re-arranged /
regrouped, wherever necessary, to correspond with the current period’s
classification / disclosure.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR In Million) |
31.03.2016 (INR In Million) |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Taxes in dispute:- |
|
|
|
Excise demand [Advance paid against the demand INR 7.89 million; (Previous year as at 31.03.2016 INR 29.36 million and as at 01.04.2015 ` 2.936 million)] |
474.898 |
477.454 |
|
Sales tax [Advance paid against the demand INR 55.62 million; (Previous year as at 31.03.2016 INR 50.073 million and as at 01.04.2015 INR 22.516 million)] |
42.187 |
813.871 |
|
Income-tax [Advance paid against the demand INR 84.040 million; (Previous year as at 31.03.2016 INR 92.813 million and as at 01.04.2015 INR 134.730 million)] |
108.583 |
127.443 |
|
Service-tax (Advance paid INR Nil) |
73.268 |
73.268 |
|
Entry-tax [Advance paid INR 3.845 million; (Previous year as at 31.03.2016 INR 38.45 Lakhs and as at 01.04.2015 INR 3.845 million)] |
7.690 |
7.690 |
|
Customs duty [Advance paid INR 0.008 million; (Previous year as at 31.03.2016 INR 0.018 million and as at 01.04.2015 INR 0.018 million)] |
10.100 |
0.200 |
|
Wealth tax [Advance paid INR 40.986 Previous; (Previous year as at 31.03.2016 INR 1.495 million and as at 01.04.2015 INR 1.495 million)] |
40.986 |
40.986 |
|
Property tax |
0.000 |
45.161 |
|
Labour matters in dispute |
1707 |
1.707 |
|
Claim of Madhya Gujarat Vij Co. Ltd. for alleged diversion of fraction of the power consumed and contested by the Company in the Court |
18.829 |
18.829 |
|
Customer claims [Advance paid against the demand INR 5.018 million; (Previous year as at 31.03.2016 INR 5.018 million and as at 01.04.2015 ` 5.018 million)] |
299.959 |
303.618 |
|
Other legal matters |
0.620 |
0.620 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.37 |
|
UK Pound |
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
NO |
|
--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 opera tions 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.