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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

508612

Report Date :

12.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT BOROSIL LIMITED

 

 

Registered Office :

Ankleshwar-Rajpipla Road, Village Govali, Taluka – Jhagadia, District-Bharuch – 393001, Gujarat

Tel. No.:

91- 2645-220300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

22.12.1988

 

 

Com. Reg. No.:

04-011663

 

 

Capital Investment / Paid-up Capital :

INR 341.038 Million

 

 

CIN No.:

[Company Identification No.]

L26100GJ1988PLC011663

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AAACG8440M1ZH

 

 

IEC No.:

[Import-Export Code No.]

0390002739

 

 

TIN No:

24210800118

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

 AAACG8440M

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses. [Registered Activity]

 

 

No. of Employees  :

394 (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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 1770000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1988 and is engaged in the manufacture of low iron solar glass. It offers solar glass annealed, solar glass tempered and drawn sheet glass.

 

As per the quarterly results of December 2017, the company has earned sales turnover of INR 527.838 million and has gained an average net profit margin of 4.24%.

 

For the financial year ended 2017, the company has achieved a decent growth in its revenue as compared to previous year and has maintained satisfactory profitability margin of 7.58% during the year under review. 

 

The company’s average financial profile is reflected by its average solvency indicators due to low debt balance sheet profile along with sound capital base and moderate liquidity position.

 

Rating also derives strength from company’s established track record of business operations and promoters extensive industry experience.  

 

However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices marked by intense competition from organized and unorganized players in the industry and working capital intensive operations.

 

The company has its share price trading at around INR 104.80 on BSE as on May 11, 2018 as against the Face Value (FV) of INR 5.

 

Business is active. Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

INDIA Rating

Rating

Long Term Loans (BBB+)

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

28.09.2017

 

Rating Agency Name

INDIA Rating

Rating

Short Term Loans (A2)

Rating Explanation

Strong degree of safety and low credit risk.

Date

28.09.2017

 

 

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 12.05.2018

 

 

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 DENIED

 

Management non cooperative (91-2645- 258100)

 

LOCATIONS

 

Registered Office/ Factory :

Ankleshwar-Rajpipla Road, Village: Govali, Taluka: Jhagadia, District - Bharuch – 393001, Gujarat, India

Tel. No.:

91-2645-258100/ 220300

Fax No.:

91-2645-258156/ 220163/ 258235

E-Mail :

kishor.talreja@borosil.com

gborosil@borosil.com

sanil.vijayan@borosil.com

Website :

http://www.gujaratborosil.com

 

 

Corporate Office :

1101, Crescenzo, G-Block, Opposite MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-67406300

Fax No.:

91-22-67406514

 

 

Works Postal Address:

Post Box. 74, Bharuch – 392001, Gujarat, India

 

 

Head Office :

Khanna Construction House, 44, Dr. R. G. Thandani Marg, Worli, Mumbai – 400018, Maharashtra, India

 

 

DIRECTORS

 

As on: 31.03.2017

 

Name :

Mr. Ramaswami Velayudhan Pillai

Designation :

Additional Director

Address :

B- 507, Sheetal Apnaghar No. 9 Chs, Lokhandwala, Swami Samarth Nagar, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Appointment :

01.04.2018

DIN No.:

00011024

 

 

Name :

Mr. Bajrang Lal Kheruka

Designation :

Director

Date of Birth/Age :

07.11.1930

Address :

115, Southern Avenue, Kolkata-700029, West Bengal, India

Qualification :

B.Com

Date of Appointment :

22.12.1988

DIN No.:

00016861

 

 

Name :

Mr. Pradeep Kumar Kheruka

Designation :

Director

Address :

Apartment No. 3101, Tower 5, Burj Residence, Down Town, Dubai

Date of Appointment :

22.12.1988

DIN No.:

00016909

 

 

Name :

Mr. Ashok Jain

Designation :

Director

Address :

1203, Vastu Tower, 'A' Wing Evershine Nagar, Malad (West), Mumbai-400064, Maharashtra, India

Date of Birth/Age :

21.02.1958

Qualification :

B.Com, FCA and FCS

Experience :

35 years in Corporate Sector –Finance, Commercial and General Management.

Date of Appointment :

03.01.2003

DIN No.:

00025125

 

 

Name :

Mr. Shashi Kumar Mehra

Designation :

Director

Address :

601, Everest Raheja Complex, 7 Bunglows, Andheri (West), Mumbai-400061, Maharashtra, India

Date of Appointment :

29.06.2002

DIN No.:

00032134

 

 

Name :

Mr. Ashok Kumar Doda

Designation :

Director

Address :

A-203/204, Mt. Everest, Bhakti Park, Wadala (East), Mumbai-400031, Maharashtra, India

Date of Appointment :

09.11.2010

DIN No.:

00288563

 

 

Name :

Mrs. Shalini Kalsi Kamath

Designation :

Director

Address :

A-1203/1204, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi Mumbai-400025, Maharashtra, India

Date of Appointment :

03.11.2014

DIN No.:

06993314

 

 

Name :

Mr. Jagdish Mahesh Joshi

Designation :

Director

Address :

Flat No. 3, Tahiti Chs Juhu Versova Link Road, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Appointment :

25.10.2005

DIN No.:

00276041

 

 

KEY EXECUTIVES

 

Name :

Mr. Kishor Haresh Talreja

Designation :

Company Secretary

Address :

C/1001, Ekta Meadows, Bhd Siddharth Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Appointment :

14.02.2013

PAN No.:

AENPT6019B

 

 

Name :

Mr. Sunil Kishanlal Roongta

Designation :

Chief Finance Officer

Address :

08/A Swastik Park, Shreedevdoot Apartment Owners Association Opposite Judges Bunglow, Premchand Nagar Road, Bodakdev, Ahmedabad-380015, Gujarat, India

Date of Appointment :

26.05.2014

PAN No.:

ABVPR5534Q

 

 

Name :

Mr. Sanil Vijayan

Designation :

Import Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: MARCH 2018

 

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)

(A) Promoter & Promoter Group

51122476

74.95

(B) Public

17085024

25.05

Grand Total

6,82,07,500

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)

39822476

58.38

Fennel Investment And Finance Private Limited.

22600000

33.13

Croton Trading Private Limited

100

0.00

Borosil Glass Works Limited

17222376

25.25

Sub Total A1

39822476

58.38

A2) Foreign

0.00

Any Other (specify)

11300000

16.57

Broadfield Holdings Limited

11300000

16.57

Sub Total A2

11300000

16.57

A=A1+A2

51122476

74.95

 

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

Financial Institutions/ Banks

49300

0.07

Sub Total B1

49300

0.07

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

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

11967443

17.55

Individual share capital in excess of INR 0.200 million

2058005

3.02

Chandra Kumar Rajgarhia

850000

1.25

NBFCs registered with RBI

3500

0.01

Any Other (specify)

3006776

4.41

LLP

1000

0.00

Bodies Corporate

2500693

3.67

Director or Director's Relatives

14500

0.02

Clearing Members

311887

0.46

Foreign Individuals or NRI

178696

0.26

Shresth Enterprises Private Limited

710000

1.04

Gems Flora Private Limited

1007800

1.48

Sub Total B3

17035724

24.98

B=B1+B2+B3

17085024

25.05

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses. [Registered Activity]

 

 

Products :

Item Code No.

Product Description

23101

Solar Glass Tempered / Annealed Glass

23101

Patterned (Figured) Glass

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

-

Contact No.:

-

Since How Long Known :

-

Maximum Limit Dealt :

-

Experience :

-

Remark:

-

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

-

Contact No.:

-

Since How Long Known :

-

Maximum Limit Dealt :

-

Experience :

-

Remark:

-

 

 

No. of Employees  :

394 (Approximately)

 

 

Bankers :
  • Induslnd Bank, 2401, Gen Thimmayya Road, Cantonment, Pune – 411001, Maharashtra, India
  • Bank of Baroda, Baroda House, 24 Cawas, JCE Patel Street, Mumbai - 400023, Maharashtra, India

 

 

Banker Name :

Induslnd Bank

Branch :

Induslnd House, 425, Dadasaheb Bhadkamkar Marg, Opera House, Mumbai – 400004, Maharashtra, India

Person Name (With Designation) :

-

Contact Number :

-

Name of Account Holder :

-

Account Number :

650014058658

Account Since (Date/Year of Account Opening) :

-

Average Balance Maintained :

-

Credit Facilities Enjoyed (CC/OD/Term Loan) :

-

Account Operation :

-

Remark :

-

Swift Code:

INDBINBBBOO

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

Long Term Borrowings

 

 

Term Loans

 

 

From Banks

 

 

Foreign Currency Term Loan - ECB

0.000

69.972

 

 

 

Short Term Borrowings

 

 

From Banks

 

 

Buyer's Credit

133.295

0.000

Export Packing Credit

4.387

0.000

Working Capital Facility

2.419

5.949

Total

140.101

75.921

 

NOTES:

 

Long Term Borrowings

 

Foreign Currency Term Loan (including current maturities of long term borrowings) - ECB:

ECB of INR 68.397 Millionas at 31st March, 2017 is secured by way of exclusive first charge on the property, plant and equipment of the Company (present & future) situated at village Govali, Dist Bharuch and further secured by way of charge on current assets of the Company. ECB of INR 202.107 Millionas at 31st March, 2016 and ECB of INR 300.731 Millionas at 1st April, 2015 were secured by way of mortgage of all the property, plant and equipment of the Company both present and future, ranking paripassu and by way of hypothecation of all the moveables (save and except book debts) present and future, subject to prior charges created in favor of Company’s bankers for working capital facilities. ECB of INR 68.397 millionas at 31st March, 2017 is repayable during the year 2017-18. Interest rate of ECB is 445 bps above LIBOR for the financial year 2015-16 and 390 bps above LIBOR for financial year 2016-17.

 

The 9% Non-Cumulative Non-Convertible Redeemable Preference Share shall be redeemable not later than 7 years from the date of issue with an option to the Company to redeem the same at any time by giving two months prior notice in writing to holders. The terms of Preference shares were changed from Cumulative to Non-Cumulative vide special resolution passed by the Shareholders on 26th August, 2015 through Postal ballot.

 

The preference shares have the priority in case of payment of dividend and in case of winding up, repayment of Capital and arrears of dividend.

Dividend on Preference Share Capital aggregating to INR 279.164 Millionis in arrear for the period from 17.03.2012 to 26.08.2015.

 

 

Short Term Borrowings

 

 

Buyers’ credit is primary secured by charge on the current assets and further secured by all the Property, Plant and Equipment of the Company (Present & Future) situated at Village Govali, Distt- Bharuch and carries Interest @ LIBOR plus range from 0 to 30 BPS.

 

Working Capital Facility and Export Packing Credit facility from Banks are secured by Hypothecation on all stock and book debts of the Company and additionally secured by way of second charges on Property, Plant and Equipment of the Company.

 

Interest rate on Working Capital Facility & Export Packing Credit - Base Rate + 1% i.e.11.25% and LIBOR plus 3.50%. Respectively.

 

 

Auditors 1 :

 

Name :

Singhi and Company

Chartered Accountants

 

 

Auditors 2:

 

Name :

Chaturvedi and Shah 

Chartered Accountants

Address:

714/715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No:

91-22-30218595

Fax. No:

91-22-30218595

 

 

Internal Auditors :

Vikas Runthala

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

  • Borosil Glass Works Limited
  • Swapan Properties LLP (Till 9th February, 2017)

 

 

Fallow Subsidiary:

  • Hopewell Tableware Private Limited
  • Klasspack Private Limited

 

 

Other Relate Parties :
  • Cycas Trading LLP
  • Window Glass Limited
  • Vyline Glass Works Limited
  • Borosil Foundation
  • Chotila Silica Private Limited (w.e.f. 28th March, 2017)

 

 

CAPITAL STRUCTURE

 

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

92000000

Equity Shares

INR 5/- each *

INR 460.000 Million

 

Unclassified Share Capital

 

INR 40.000 Million

 

 

 

 

9000000

9% Cumulative Non-Convertible Redeemable Preference Shares

INR 100/- each

INR 900.000 Million

 

 

 

 

 

Total

 

INR 1400.000 Million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

68207500

Equity Shares

INR 5/- each *

INR 341.038 Million

 

 

 

 

 

Total

 

INR 341.038 Million

 

Reconciliation of the No of shares outstanding and the amount of share capital as at March 31, 2017

 

Particulars

31.03.2017

No. of shares

(INR In Million)

Equity Shares

 

 

Number of shares at the beginning

68207500

341.038

Add : Shares Issued during the Year

Nil

Nil

Number of shares at the end

68207500

341.038

 

 

Terms/Rights attached to Equity Shares

 

The Company has only one class of shares referred to as equity shares having a par value of INR 5/- per share. Holders of equity shares are entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring annual general meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 

C) Details of Shareholders holding more than 5% of Equity Shares Capital:

 

Particulars

As at 31st March, 2017

 

%

No. of Shares

 

Fennel Investment and Finance Private Limited

33.13

22600000

Borosil Glass Works Limited

25.25

17222376

Pradeep Kumar Kheruka

16.57

11300000

Total

74.95

51122376

 

 

 

 

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

341.038

1241.038

1241.038

(b) Reserves & Surplus

278.459

182.243

60.865

(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)

619.497

1423.281

1301.903

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

936.471

69.972

190.706

(b) Deferred tax liabilities (Net)

190.059

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

6.095

3.770

3.235

Total Non-current Liabilities (3)

1132.625

73.742

193.941

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

140.101

5.949

18.682

(b) Trade payables

99.098

111.020

115.879

(c) Other current liabilities

207.868

209.773

172.286

(d) Short-term provisions

6.181

22.875

9.520

Total Current Liabilities (4)

453.248

349.617

316.367

 

 

 

 

TOTAL

2205.370

1846.640

1812.211

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

943.059

1043.564

1079.288

(ii) Intangible Assets

1.935

0.982

1.236

(iii) Capital work-in-progress

370.005

23.199

26.527

(iv) Intangible assets under development

1.662

0.000

0.000

(b) Non-current Investments

0.090

0.467

0.271

(c) Deferred tax assets (net)

0.000

7.086

90.550

(d)  Long-term Loan and Advances

0.000

97.241

71.442

(e) Other Non-current assets

198.538

0.000

0.000

Total Non-Current Assets

1515.289

1172.539

1269.314

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

145.600

25.000

(b) Inventories

282.048

213.166

247.538

(c) Trade receivables

267.612

246.840

211.704

(d) Cash and cash equivalents

22.173

7.691

12.869

(e) Short-term loans and advances

0.769

29.696

14.675

(f) Other current assets

117.479

31.108

31.111

Total Current Assets

690.081

674.101

542.897

 

 

 

 

TOTAL

2205.370

1846.640

1812.211

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

 

Income

1883.281

1828.187

1517.973

 

 

Other Income

72.275

9.216

8.522

 

 

TOTAL                                             

1955.556

1837.403

1526.495

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

492.558

462.596

376.270

 

 

Purchases of Stock-in-Trade

0.537

0.000

0.000

 

 

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

(60.539)

44.775

44.633

 

 

Employees benefits expense

222.841

195.541

158.044

 

 

Selling & Distribution Expenses

0.000

188.593

205.256

 

 

Other expenses

767.833

588.930

514.208

 

 

Exceptional Items

53.694

0.000

56.925

 

 

TOTAL                                        

1476.924

1480.435

1355.336

 

 

 

 

 

 

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

478.632

356.968

171.159

 

 

 

 

 

Less

FINANCIAL EXPENSES

110.819

13.573

19.206

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

367.813

343.395

151.953

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

143.876

136.702

129.734

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

223.937

206.693

22.219

 

 

 

 

 

Less

TAX                                         

81.095

85.315

6.929

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

142.842

121.378

15.290

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(26.372)

(147.750)

(159.211)

 

 

 

 

 

Less

ADJUSTMENT OF DEPRECIATION

0.000

0.000

3.829

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

116.470

(26.372)

(147.750)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Exports

387.098

154.080

47.093

 

TOTAL EARNINGS

387.098

154.080

154.080

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Components and Spare Parts

NA

7.327

26.077

 

 

Packing Material

NA

0.328

0.939

 

 

Raw Material

NA

87.143

40.788

 

 

Capital Items

NA

7.865

14.913

 

TOTAL IMPORTS

NA

201.106

102.663

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR )

2.09

1.30

(0.96)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

68.397

132.135

110.025

Cash generated from operations

306.566

347.118

215.212

Net cash flow from (used in) operations

263.620

346.765

215.177

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

(Unaudited)

30.09.2017

 (Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd Quarter

3RD Quarter

Net Sales

430.920

491.410

527.840

Total Expenditure

348.440

395.950

420.200

PBIDT (Excl OI)

82.480

95.460

107.640

Other Income

1.130

1.400

7.330

Operating Profit

83.610

96.860

114.970

Interest

30.200

34.420

31.250

Exceptional Items

NA

NA

NA

PBDT

53.410

62.440

83.720

Depreciation

34.360

44.390

44.460

Profit Before Tax

19.060

18.040

39.260

Tax

13.060

7.950

16.880

Provisions and contingencies

NA

NA

NA

Profit After Tax

6.000

10.090

22.380

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

6.000

10.090

22.380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

[Sundry Debtors / Income * 365]

51.87

49.28

50.90

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

7.04

7.41

7.17

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

73.35

87.60

112.41

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.70

1.67

0.69

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.36

0.33

0.15

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.66

0.30

0.34

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.85

0.15

0.25

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.73

0.25

0.24

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

2.13

0.75

0.85

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.32

26.30

8.91

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

 (PAT / Sales) * 100)

%

7.58

6.64

1.01

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.48

6.57

0.84

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

23.06

8.53

1.17

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.52

1.93

1.72

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.90

1.32

0.93

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.28

0.77

0.72

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

3.36

0.17

0.26

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.52

1.93

1.72

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

 

 

STOCK PRICES

 

Face Value

INR 5.00/-

Market Value

INR 104.80/-

 

 

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

1241.038

1241.038

341.038

Reserves & Surplus

60.865

182.243

278.459

Net worth

1301.903

1423.281

619.497

 

 

 

 

Long-term borrowings

190.706

69.972

936.471

Short term borrowings

18.682

5.949

140.101

Current Maturities of Long term debt

110.025

132.135

68.397

Total borrowings

319.413

208.056

1144.969

Debt/Equity ratio

0.245

0.146

1.848

 

 

 

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

1517.973

1828.187

1883.281

 

 

20.436

3.014

 

 

 

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

1517.973

1828.187

1883.281

Profit/ (Loss)

15.290

121.378

142.842

 

1.01%

6.64%

7.58%

 

 

 

LEGAL CASES

 

 

HIGH COURT OF GUJARAT

 

CIVIL APPLICATION (FOR STAY) No. 11766 of 2017

 

 

In LETTERS PATENT APPEAL / 1466 / 2017 ( PENDING )

 

Status : PENDING

( Converted from : C/CAST/7697/2016 )

CCIN No : 001003201711766

 

Last Listing Date:

27/02/2018

Coram

·         HONOURABLE MR.JUSTICE ANANT S. DAVE

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

Not Before :

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

S.NO.

Name of the Petitioner

Advocate On Record

1

GUJARAT RAJYA KAMDAR SENA

MR P C CHAUDHARI for: Applicant(s) Description: http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1
2
3

GUJARAT BOROSIL LIMITED
COMMISSIONER OF LABOUR - STATE OF GUJARAT
GUJARAT BOROSIL LTD EMPLOYEES UNION

MR.VARUN K.PATEL for :Respondent(s) Description: http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 28/07/2016

Registered On

: 06/09/2017

Bench Category

: DIVISON BENCH

District

: VALSAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 11 times

StageName

: ADMISSION (ADJOUNRED MATTERS)

 

Classification

·         DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN LETTERS PATENT APPEAL

Act

·         CIVIL PROCEDURE CODE, 1908

 

LowerCourt Details

 

S.No.

LowerCourt CaseDetail

LowerCourtName

JudgeName

Judgmentdate

1

CIVIL APPLICATION - FOR VACATING STAY/2914/2016

GUJARAT HIGH COURT, AHMEDABAD

-

30/03/2016

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

28/07/2016

APPEARANCE NOTE FILED IN MAIN MATTER

MR P C CHAUDHARI ADVOCATE
for PETITIONER(s) Description: http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR P C CHAUDHARI(5770) for P:1

2

28/07/2016

MEMO OF PETITION/APPEAL/SUIT

MR P C CHAUDHARI ADVOCATE
for PETITIONER(s) Description: http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MR P C CHAUDHARI(5770), for P:1

3

01/11/2017

APPEARANCE NOTE

MR.VARUN K.PATEL ADVOCATE
for RESPONDENT(s) Description: http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR.VARUN K.PATEL(3802) for R:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

04/10/2016

1

109

FOR REMOVAL OF OFFICE OBJECTIONS

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

2

07/09/2017

1

11

URGENT ADMISSION (FRESH MATTERS)

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

3

14/09/2017

1

89

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

4

28/09/2017

1

105

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

5

16/11/2017

2

76

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI and HONOURABLE MR.JUSTICE BIREN VAISHNAV

6

01/12/2017

2

21

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

7

07/12/2017

2

71

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

8

20/12/2017

2

86

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

9

15/01/2018

2

26

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

10

23/01/2018

2

41

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

11

08/02/2018

4

63

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE ANANT S. DAVE and HONOURABLE MR.JUSTICE R.P.DHOLARIA and HONOURABLE MR.JUSTICE BIREN VAISHNAV

12

27/02/2018

4

-

URGENT ADMISSION (ADJOUNRED MATTERS)

·         HONOURABLE MR.JUSTICE ANANT S. DAVE 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

LETTERS PATENT APPEAL/1466/2017

·         HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

07/09/2017

N

ORDER

-

Y

Download

2

LETTERS PATENT APPEAL/1466/2017

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

01/12/2017

N

ORDER

-

Y

Download

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

-

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

PERFORMANCE

 

Revenue during the year remained flat at INR 1883.281 million (in spite of having good amount of sales orders in hand) as compared to INR 1828.187 million in the previous year owing to capacity constraint in tempering of solar glass.

 

During the year, there was higher utilization of production capacity for the manufacture of solar glass, whose sales grew by 20%. However, sales of pattern glass was lower by 46% partly owing to lower availability of production capacity as explained above, and partly owing to the major slowdown in the construction industry following demonetization of currency.

 

Exports during the year were somewhat lower at INR 426.400 million as compared to INR 494.200 million during the previous year. Directors are pleased to announce that the company has been awarded SPECIAL EXPORT AWARD by CAPEXIL for increase in exports in glass sector for the year 2014-15.

 

In spite of turnover remaining stagnant, profit before finance cost, depreciation and tax was at INR 478.600 Million showing growth of 32% as compared to INR 361.800 Million in the previous year. The improved working was achieved by attaining higher production efficiency and continuous efforts to reduce the production cost and in spite of pressure on selling prices due to cheap imports of dumped solar glass from China.

 

Profit before tax grew by 88% at INR 223.937 million as compared to INR 206.693 million in the previous year.

 

After pursuing the matter of inverted duty structure for 30 months with various Ministries, the Government of India finally levied 6% countervailing duty on import of solar glass and 6% excise duty on domestically produced solar tempered glass against submission of required forms/declarations by the buyers.

 

The company has filed application for levying Anti-dumping duty against cheap subsidized imports from China. The case has been initiated realizing that prima facie there is a case and investigation is in progress. High Anti-dumping duties have been levied by EU against import of Solar tempered glass from China. Similarly there is an anti-dumping duty by USA against import of modules from China. Unless the Government acts decisively and imposes suitable levies on dumped imports, there will be no room for domestic production to grow.

 

To meet the demand for new products, the Company is in process of commissioning a state-of-the-art first of its kind tempering line which will be operational from 2nd quarter of current financial year. The said tempering line will be capable of tempering thinner glass from 2 mm thickness to 3 mm also as against the minimum thickness of 3.2 mm onwards at present. There is a growing demand of Glass-to-glass modules which require fully tempered 2mm glass sheets in their manufacture. This emerging segment in the Photovoltaic solar market, is expected to grow multifold in near future. The Company will be one of the few companies in the world having achieved this distinction. With the commissioning of this new line, the Company’s tempering processing capacity is set to take a big leap to almost double compared to current capacity. This will allow the Company to meet growing demand for Solar Tempered glass and enable catering to surge demand.

 

Looking to the substantially high growth in Solar PV sector and consequent rising demand for solar glass, the Company is planning to set up a new furnace with tempering facility of 250 TPD at the existing location. The Company is in the process of arranging funds for the said project.

 

 

CORPORATE INFORMATION

 

the Company is a limited Company domiciled and incorporated in India and its shares are publicly traded on the Bombay Stock Exchange (BSE), in India. The registered office of the Company is situated at Village - Govali, Taluka - Jhagadia, District - Bharuch 393001, Gujarat.

 

Company is engaged in manufacturing of extra clear patterned glass and Low Iron Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses.

 

The financial statements of the Company for the year ended 31st March, 2017 were approved and adopted by board of directors in their meeting dated 3rd May, 2017.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

The Company is mainly engaged in production of low iron solar glass for application in solar power sector. Solar PV market has faced tough times internationally in view of extraordinary capacity increase in China since 2011, resulting in flooding of solar glass by China in international market including India. The Government of India has been giving enormous momentum to the use of solar energy by setting a target of 100 gigawatt (GW) by the year 2022. Simultaneously, emphasis has been given to meet demands of power in irrigation sector by installing solar power pumps and by offering off-grid roof-top and standalone solar power solutions. These have started to materialize and are likely to rise sharply in the near future.

 

Year 2016 saw annual global installed capacity of solar glass reach over 77 GW, which represents a 34% year-on-year growth rate, building upon the 32% year-on-year growth rate enjoyed in 2015. This is for the first time since 2010-2011 that growth in demand for solar glass surpassed more than 30% for two consecutive years.

 

India’s solar market is poised to take up the mantle as one of the world’ s most energetic growing markets with 10 GW of new PV installations expected for the year 2017. Presently, India sits behind Japan as the world’s fourth-largest market, with annual projected demand of 5.8 GW compared to Japan’s 8.7 GW. With the projected growth, India would overtake Japan to become the world’s third-largest market of solar glass, after China and U.S.

 

The Company plans to produce limited quantity of patterned glass owing to expected increase in production of tempered solar glass from second quarter of 2017-18. This limited quantity of patterned glass in exclusive designs will be made for architectural applications to make available a superior product for shower cubicles, partitions and tabletops, etc. The Company has plans to continue to serve this segment in niche applications.

 

 

OUTLOOK

 

The growth of solar energy in the Country has gained momentum which will require huge quantity of low iron glass. The Government plans to set up 100 GW of solar power plants by 2022. The action on the ground has speeded up and all the sectors i.e. Grid power, Rooftop and Solar water pumps are showing decent growth.

 

The solar energy produced will reduce pressure on natural resources besides being non-polluting and environment friendly and will lead to saving in Oil import bill and the sector has extremely good potential to grow.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Liability component of compound financial instrument

 

 

90,00,000 - 9% Non-Cumulative Non-Convertible Redeemable Preference Share

936.471

0.000

Short-term borrowings

936.471

0.000

 

 

INDEX OF CAHREGS:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G52350261

100031469

INDUSIND BANK LTD.

31/03/2016

08/08/2017

-

340000000.0

2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN

2

G04641338

90109302

Bank of Baroda

25/07/1995

11/08/2011

05/05/2016

90600000.0

CORPORATE FINANCIAL SERVICES-FORT BRANCH10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG,FORTMUMBAIMH400023IN

3

G04639050

10135914

BANK OF BARODA

26/12/2008

-

05/05/2016

360975000.0

CORPORATE FINANCIAL SERVICES- FORT BRANCH10/12, 4TH FLOOR,MUMBAI SAMACHAR MARG, FORT,MUMBAIMH400023IN

4

G04639951

10522443

BANK OF BARODA

10/09/2014

-

05/05/2016

20000000.0

MUMBAI MAIN OFFICE BRANCH, POST BOX NO.34710/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN

5

C34630764

90108892

State Bank of India

17/07/1992

18/03/1993

25/11/2014

30000000.0

COMMERCIAL BRANCHJUATICE G. N. VAIDYA MARGBOMBAYMH400023IN

6

C34081117

90111278

BANK OF BARODA

14/07/1995

-

30/10/2014

30500000.0

INDUSTRIAL FINANCE BRANCH42; CAWASJI PATEL STREETBOMBAYMH400001IN

7

C34081232

90109336

BANK OF BARODA

25/07/1995

23/12/2004

30/10/2014

30500000.0

BARODA HOUSE24, CAWASJCE PATEL STREETMUMBAIMH400023IN

8

C34081000

90109172

BANK OF BARODA

17/08/1994

17/08/1994

30/10/2014

20000000.0

INDUSTRIAL FINANCE BRANCH; BARODA HOUSE24; CAWASJI PATEL STREET; FORTBOMBAYMH400023IN

9

B04091138

10145616

BANK OF BARODA

11/02/2009

-

11/01/2011

330000000.0

COROPORATE FINANCIAL SERVICES - FORT BRANCH10/12, 4TH FLOOR, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN

10

A97389001

10220210

Union Bank of India

18/05/2010

-

29/10/2010

54000000.0

Nariman Point Branch, Union Bank Bhavan239, Vidhan Bhavan Marg, Nariman PointMumbaiMH400021IN

 

 

CONTINGENT LIABILITIES:

 

(INR in Million)

PARTICULARS

31.03.2017

31.03.2016

a) Letters of Credit outstanding

 

 

Local

14.490

16.000

b) Claims against the Company not acknowledged as debt

2.838

3.267

c) Excise matters relating to valuation in appeal before CESTAT, Ahmedabad (matter remand back by Supreme Court) From February 1999 to June 2005 Equivalent amount of penalty, interest

125.213

45.507

The company is legally advised that the disputed demands will not be sustained in view of :-

a) The judgment by supreme Court dismissing appeal of the department for the period July 2006 to June 2007 in its own case,

b) Favorable decision of Commissioner C.E, Surat-II for the period July 2005 to June 2006, and July 2007 to March 2011. These order was accepted by Committee of Chief Commissioners.

c) Various legal pronouncements in similar other matters. A sum of INR 58.933 million paid under protest in respect of above dispute demand has been shown as advances recoverable.

0.000

79.706

d) Income tax matters in Appeal filed by the Company before

i. ITAT Ahmedabad, in respect of assessment year 1997-98 on account of penalty INR 4.138  million

ii. CIT-Appeal in respect of assessment year 2012-13 and 2013-14 On account of disallowances /additions totaling to INR 9.576 million.

iii. Gujarat High Court in respect of assessment year 2003-04 on account carry forward of unabsorbed depreciation INR 24.678 million

iv. ITAT, Ahmedabad in respect of A.Y. 2010-11 on account of Disallowances totaling to INR 1.569 million.

(previous year total disallowances/additions of INR 942.43 Million)

0.000

16.127

Cenvat Credit/Service Tax (amount paid under protest of ` 1.85 millionand ` 0.38 millionas at 31st March, 2017 and 31st March, 2016 respectively)

5.299

0.000

e) Income tax matters in Appeal filed by the department before Tribunal in respect of assessment year 2009-10

33.220

13.728

f) Appeal filed by the Company before Jt. Commissioner, Vadodara in Sales tax matter relating to purchase of fuel and Additional Tax for financial years 2000-01, 2002-03 and 2004-05 Interest and penalty thereon.

55.084

29.187

No liability is expected in view of judicial pronouncement by High Court in similar matter of other Companies.

0.000

25.897

g) Service Tax matters in appeal filed by Company before Comm. (Appeal)/ CESTAT for the financial years April, 2007 to Oct, 2015.

0.000

2.558

Interest & Penalty thereon.

0.000

0.459

h) Service Tax matters appeal filed by the department before CESTAT for the financial years 2007-08 to 2012-13.

0.000

2.511

Interest & Penalty thereon.

0.000

1.115

i) Disputed amount of gas transportation charges including interest –matter pending in appeal before High Court

4.413

4.413

j) Bank Guarantee

40.957

15.315

k) Bonus *

1.845

1.845

 

* In view of change in the limit by Bonus (Amendment) Act, 2015, the company has made provision for bonus w.e.f. 1.4.2015 based on revised limits. However, no provision has been made for 2014-15 as the applicability of the revision with retrospective effect has been challenged in Honourable High Court of Kerala by some parties and stay has been granted on its retrospective operation.

B. Appeal filed by Excise department before CESTAT in 2010 against excise refund given for March 1996 to September 1999 and the appeal filed before Commissioner (Appeal) in 2009 against interest thereon allowed to the Company is pending for hearing.

 

 

FIXED ASSETS

 

Tangible Assets

  • Land (Free hold) and Site Development
  • Building
  • Plant and equipment
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Computers

 

Intangible Assets

  • Computer system software

 

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS DECEMBER 31, 2017

 

[INR IN MILLION]

 

PARTICULARS

3 Months

9 Months

 

31.12.2017

30.09.2017

31.03.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

1. Income from Operations

 

 

 

Net Sales/income from operations

527.838

491.407

1450.164

Other Operating Income

7.330

1.404

9.863

Total income from operations (net)

535.168

492.811

1460.027

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

115.367

106.673

333.654

Changes in inventories of finished goods. work-in-progress and stock in trade

28.792

25.179

17.691

Employee benefits expense

58.658

58.020

174.723

Depreciation and Amortization Expenses

44.462

44.394

123.216

Other Expenses

123.631

130.419

367.875

Finance Costs

31.251

34.424

95.870

Power and Fuels

93.744

82.853

253.095

Excise Duty

0.000

(7.190)

17.537

Total expenses

495.905

474.772

1383.661

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items

39.263

18.039

76.366

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) from ordinary activities before tax

39.263

18.039

76.366

Tax expenses

16.887

7.947

37.897

Net Profit / (Loss) from ordinary activities after tax

22.376

10.092

38.469

Extraordinary item (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period

22.376

10.092

38.469

Comprehensive Income

(0.342)

(0.343)

(1.027)

Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates

22.034

9.749

37.442

 

 

 

 

Paid up equity share capital (Face Value of INR 5/-each)

341.038

341.038

341.038

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

- 

- 

- 

Earnings per share (before extraordinary items) of INR 5/- each (not annualized):

- 

-- 

- 

(a) Basic

0.33

0.15

0.56

(b) Diluted

0.33

0.15

0.56

 

Note:

 

    1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 10th February, 2018. The Statutory Auditors of the Company have carried out a Limited Review of the above results. 
    2. The company is engaged only in the business of manufacture of Flat Glass which is a single segment in terms of Indian Accounting Standard 'Operating Segments (Ind AS-108)'. 
    3. Revenue from operations for periods up to 30th June 2017 includes excise duty, which is discontinued effective 1st July, 2017 upon implementation of Goods and Service Tax (GST). In accordance with ‘Ind AS 18 – Revenue’, GST is not included in Revenue from operations with effect from 1st July, 2017. In view of the aforesaid change in indirect taxes, Revenue from operations for the quarter and nine months ended on 31st December, 2017 is not comparable to the corresponding previous periods. 
    4. The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable.

      5.
    5.  

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 67.22

UK Pound

1

INR 90.88

Euro

1

INR 80.09

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVT

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

MTN

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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

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