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MIRA INFORM REPORT
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Report No. : |
510303 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SYMPHONY LIMITED (w.e.f. 11.03.2010) |
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Formerly Known
As : |
SYMPHONY COMFORT SYSTEMS LIMITED |
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Registered
Office : |
Symphony House, Third Floor, FP-12, TP-50, Off S.G.
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat |
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Tel. No.: |
91-79-66211111/30130111 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
05.02.1988 |
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Com. Reg. No.: |
04-010331 |
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Capital
Investment / Paid-up Capital : |
INR 139.914 Million |
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CIN No.: [Company Identification
No.] |
L32201GJ1988PLC010331 |
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IEC No.: [Import-Export Code No.] |
0889002835 |
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TIN No: |
24040900467 |
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GSTN : [Goods & Service Tax
Registration No.] |
24AACCS6739B1ZK |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCS6739B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject are engaged in the business of field of residential, commercial and industrial air cooling both in the domestic and international markets.. (Registered activity) |
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No. of Employees
: |
484 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated in the year 1998. The company is in the field of residential, commercial and industrial Air Cooling both in the domestic and international markets.
However, subject has been found under RBI defaulter’s list, the name of credit grantor is State Bank of India and the amount charged is INR 149.300 million dated 31.12.2004 and ICICI Bank Limited and the amount charged is INR 25.000 dated 31.12.2004 and the same updated information about the same is not available.
Note: Mr. Ashok Chatterjee, Mr. Lalit P Bakeri, Mr. Mukesh M Patel, Mr. Anupam Yajnik and Mr. Kalpesh Desai has left the company. |
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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
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Borrowers’ Name : |
SYMPHONY LIMITED |
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Address : |
Symphony House, Third Floor, FP-12, TP-50, Off S.G.
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat |
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Name of Individual : |
Mr. Achal Bakeri |
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Name of Credit Grantors / Bank & Branch: |
State Bank of India, Commercial Gandhigram,
Tamilnadu, India |
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Amount (INR In Million) : |
INR 149.300 million |
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Borrowers’ Name : |
SYMPHONY LIMITED |
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Address : |
Symphony House, Third Floor, FP-12, TP-50, Off S.G.
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat |
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Name of Individual : |
Mr. Achal Bakeri |
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Name of Credit Grantors / Bank & Branch: |
ICICI Bank Limited, Mumbai, Maharashtra,
India |
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Amount (INR In Million) : |
INR 25.000 million |
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 19.05.2018
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 BY
|
Name : |
Mr. Bhadresh Mehta |
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Designation : |
Chief Financial Officer |
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Contact No: |
91-79-66211111 |
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Date |
18.05.2018 |
LOCATIONS
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Registered Office : |
Symphony House, Third Floor, FP-12, TP-50, Off S.G.
Highway, Bodakdev, Ahmedabad – 380 054, Gujarat, India |
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Tel. No.: |
91-79-66211111/30130111 |
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Fax No.: |
91-79-66211140 |
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E-Mail : |
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Website : |
www.facebook.com/symphonylimited |
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Factory : |
703/704, Sanad Kadi Highway, Village Thol, Taluka Kadi, District
Mehsana - 382728, Gujarat, India |
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SEZ Units 1 : |
Plot No. 177, 178, 201 and 202, Surat Special Economic Zone Sachin,
District Surat - 394230, Gujarat, India |
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SEZ Units 2 : |
Commodities Trading (Warehousing Division), Plot No. 351, 352, 368 & 369, Sector IV, Kandla SEZ, Gandhidham, Kutch – 370230, Gujarat, India |
DIRECTORS
As on 31.03.2017
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Name : |
Mr. Naishadh Parikh |
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Designation : |
Independent Director |
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Address : |
Krishnakunj, Shahibaug, Ahmedabad - 380004, Gujarat, India |
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Date of Birth/Age : |
61 years |
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Qualification : |
B. Sc. and MBA |
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Experience : |
He has rich experience of more than 30 years in performing various roles at corporate level of diverse sectors and expertise in strategy formulation and implementation for new businesses and market entries. |
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Date of Appointment : |
13.08.2015 |
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DIN No.: |
00009314 |
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Other Directorship : |
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Name : |
Mr. Achal Bakeri |
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Designation : |
Chairman and Managing Director and founder |
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Address : |
415, Opposite Nehru Foundation, Bodakdev, Ahmedabad - 380054, Gujarat, India |
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Qualification : |
Architect, MBA (University of Southern California) |
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Experience : |
He has 30 years of experience in varied functions of the Company. He contributes to policy formation, strategy and provides overall direction to the Board and the management team in achieving aggressive corporate objectives. |
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Date of Appointment : |
26.12.2008 |
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DIN No.: |
00397573 |
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Name : |
Mr. Nrupesh Shah |
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Designation : |
Whole Time Director |
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Address : |
26, Prakrutikunj Society, NearManekbag Ambawadi, Ahmadabad - 380015, Gujarat, India |
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Qualification : |
B.Com., FCA and CS |
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Experience : |
He looks after overall corporate affairs, strategy,
finance, M.I.S., treasury etc. He has around 28 years of experience in varied
corporate functions. He has been with the Company since 1993. |
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Date of Appointment : |
19.10.2002 |
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DIN No.: |
00397701 |
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Name : |
Mr. Dipak Palkar |
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Designation : |
Director |
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Address : |
22-A- Saujanya Society, Opposite Bhavans School, Makarpura Road, Vadodara - 390009, Gujarat, India |
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Qualification : |
B.Com., DTP and DBM |
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Experience : |
He has about 36 years of experience in HR, marketing, business promotion and international sales. |
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Date of Appointment : |
31.12.2005 |
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DIN No.: |
00475995 |
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Name : |
Mr. Satyen Kothari |
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Designation : |
Independent Director |
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Address : |
25 Silver Sands Society, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
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Qualification : |
Masters in Engineering |
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Experience : |
He has a working experience of 20 years in the field of strategy and user experience with several leading global companies like Apple, First Data Corp., Frog Design in the Silicon Valley. |
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Date of Appointment : |
20.08.2014 |
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DIN No.: |
01817020 |
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Name : |
Jonaki Bakeri |
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Designation : |
Non-Executive Director |
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Address : |
415, Bodakdev, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
30 years |
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Qualification : |
B.A. |
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Experience : |
She has an experience spanning 11 years in various business functions namely marketing, service, accounts, finance, legal and product development. |
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Date of Appointment : |
20.08 2014 |
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DIN No.: |
06950998 |
KEY EXECUTIVES
|
Name : |
Mr. Bhadresh Mehta |
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Designation : |
Chief Financial Officer |
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Address : |
12, Heavan Park, Ramdevnagar, Satelite, Ahmedabad - 380015, Gujarat, India |
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Qualification : |
B.Com., ACA, ACS, AICWA, IFRS and DISA |
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Experience : |
He is a finance and audit professional with 32 years of experience. He is responsible for finance, audit, accounts, costing, taxation and infotech functions. |
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Date of Appointment : |
28.04.2014 |
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PAN No.: |
ABFPM0258A |
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Name : |
Mr. Mayur Chimanbhai Barvadiya |
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Designation : |
Company Secretary |
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Address : |
404, Vraj Vihar Tower, Opposite Shagun Casa, Near Prerna
Tirth Jain Temple, Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Appointment : |
26.07.2016 |
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PAN No.: |
AHDPB5965F |
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MANAGEMENT TEAM : |
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Name : |
Mr. Falgun Shah |
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Designation : |
Chief Innovation Officer |
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Qualification : |
BE (Mech), M. Tech, and MBA (Finance) |
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Experience : |
He has a varied work experience of over 31 years across diverse functions. He is responsible for technical and product development initiatives for coolers. |
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Name : |
Mr. Vijay R. Joshi |
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Designation : |
Chief Operating Officer |
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Qualification : |
BE (Mech), Diploma in Business Management |
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Experience : |
He has over 30 years of experience and holds overall responsibility for operations including development of new products, materials management and production. |
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Name : |
Mr. Ramendra Sahai |
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Designation : |
Vice President – Central Air Cooling Solutions |
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Qualification : |
BE (Mechanical), MBA (Marketing) |
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Experience : |
He has over 26 years of experience in the field of sales and marketing. He is responsible for Industrial & Commercial Air Coolers Sales division of the organization. |
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Name : |
Mr. Jayesh Gupta |
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Designation : |
Associate Vice President – Sales |
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Qualification : |
B.Com. |
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Experience : |
He has over 34 years of experience in the field of sales. He is responsible for all India domestic sales, logistics and commercial functions. |
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Name : |
Bhadresh Mehta |
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Designation : |
Chief Financial Officer |
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Qualification : |
B.Com., ACA, ACS, AICWA, IFRS and DISA |
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Experience : |
He is a finance and audit professional with 34 years of experience. He is responsible for finance, audit, accounts, costing, taxation and infotech functions. |
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Name : |
Mayur Barvadiya |
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Designation : |
Company Secretary |
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Qualification : |
B.Com, LLB, FCS |
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Experience : |
He has more than 16 years of experience and holds responsibility of company secretarial and insurance functions. |
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Name : |
Nitendra Patel |
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Designation : |
Associate Vice President – HRD |
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Qualification : |
BSC, Master of Labour Welfare ( MLW ) |
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Experience : |
He has over 20 years of experience in the field of Human Resource. He is responsible for HRD and administration function. |
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Name : |
Dwijen Baruah |
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Designation : |
Associate Vice President – Quality Assurance and Business Excellence |
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Qualification : |
BE (Hons in Mechanical Engineer), PGDBM |
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Experience : |
He has over 27 years of experience and holds responsibility of Quality Assurance function. |
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Name : |
Mr. Rajesh Mishra |
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Designation : |
Associate Vice President – Marketing – Domestic and International Markets |
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Qualification : |
BE (Mechanical) |
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Experience : |
He has over 22 years of experience in the field of sales and marketing. He is responsible for all marketing functions in the Company’s domestic and international business. |
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Name : |
Mr. Madhu Mohan |
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Designation : |
Associate Vice President – International Markets |
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Qualification : |
BE (Mech.), MBA (International Business) |
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Experience : |
He has over 24 years of experience in international
business. |
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Name : |
Mr. Juan Bendeck |
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Designation : |
General Director |
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Qualification : |
BS Industrial Engineering, MBA |
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Experience : |
He has over 30 years of experience in Sales, Marketing, Quality, Manufacturing and General Management. He oversees Finance, Sales and Marketing, Operations, Engineering, Industrial Relations and Procurement. |
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Name : |
Mr. Javier Reza |
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Designation : |
Residential Sales Director, |
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Qualification : |
Associate Degree in Business |
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Name : |
Mr. Edgar Moneta |
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Designation : |
Industrial Sales Director |
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Qualification : |
BS in Mechanical Engineering, Master in Manufacturing and
Management |
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Name : |
Mr. Arturo Silva |
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Designation : |
Head – Finance and Accounts |
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Qualification : |
BS in Business Administration |
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Name : |
Nelda O. Jauregui |
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Designation : |
Human Resource Manager |
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Qualification : |
BA in Teaching, MBA |
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Name : |
Tiabbao Zhang |
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Designation : |
Operations Manager |
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Qualification : |
An expert on Household Coolers manufacturing |
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Name : |
Mr. Alvaro Trevino |
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Designation : |
Engineering Manager |
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Qualification : |
BS in Mechanical and Administrative Engineering, Master in
Material Sciences |
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Name : |
Mr. Alejandro de la Cerda |
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Designation : |
Operations Manager |
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Qualification : |
BS in Mechanical and Administrative Engineering, MBA |
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Name : |
Mr. Lilia Chavez |
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Designation : |
Head – Marketing |
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Qualification : |
BS in Marketing, MBA |
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Name : |
Aijun Han |
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Designation : |
General Manager |
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Qualification : |
EMBA from the Belgium Business Institute. Over 16 years working experience with focus on Sales Management |
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Name : |
Rose Xu |
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Designation : |
Human Resource Manager |
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Qualification : |
16 years working experience at HR function. |
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Name : |
Michael Gong |
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Designation : |
Domestic Sales Director |
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Qualification : |
21 years experience in Sales and Marketing |
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Name : |
Peter Zheng |
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Designation : |
Finance Manager |
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Qualification : |
17 years experience on Finance |
MAJOR SHAREHOLDERS
As on March 2018
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
52467740 |
75.00 |
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(B) Public |
17489260 |
25.00 |
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Grand
Total |
69957000 |
100.00 |
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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 |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
undivided Family |
39984540 |
57.16 |
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ACHAL ANIL BAKERI |
29263600 |
41.83 |
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ACHAL ANIL BAKERI HUF |
2400000 |
3.43 |
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RUPA ACHAL BAKERI |
7096940 |
10.14 |
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PAVAN BAKERI |
1204000 |
1.72 |
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HANSA BAKERI |
20000 |
0.03 |
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Any Other
(specify) |
12483200 |
17.84 |
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ORAS INVESTMENTS PVT LTD |
6443600 |
9.21 |
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PARATAM INVESTMENTS PVT LTD |
6039600 |
8.63 |
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Sub Total A1 |
52467740 |
75.00 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
52467740 |
75.00 |
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 |
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Mutual Funds/ |
3615243 |
5.17 |
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UTI-MAHILA UNIT SCHEME |
704154 |
1.01 |
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AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS
MUTUAL FUND A/C AXIS LONG TERM EQUITY FUND |
2246837 |
3.21 |
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Foreign
Portfolio Investors |
4584808 |
6.55 |
|
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MATTHEWS INDIA FUND |
2116214 |
3.03 |
|
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Financial
Institutions/ Banks |
13744 |
0.02 |
|
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Any Other
(specify) |
703174 |
1.01 |
|
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FOREIGN INSTITUTIONAL INVESTOR |
703174 |
1.01 |
|
|
Sub Total B1 |
8916969 |
12.75 |
|
|
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 |
4414879 |
6.31 |
|
|
Individual share
capital in excess of INR 0.200 Million |
122712 |
0.18 |
|
|
NBFCs registered
with RBI |
2241 |
0.00 |
|
|
Any Other
(specify) |
4032459 |
5.76 |
|
|
NRI – Repat |
290498 |
0.42 |
|
|
NRI – Non- Repat |
30916 |
0.04 |
|
|
Trusts |
2060 |
0.00 |
|
|
Clearing Members |
44252 |
0.06 |
|
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Director or Director's Relatives |
772942 |
1.10 |
|
|
Bodies Corporate |
2891791 |
4.13 |
|
|
ROWENTA NETWORKS PRIVATE LIMITED |
1994119 |
2.85 |
|
|
Sub Total B3 |
8572291 |
12.25 |
|
|
B=B1+B2+B3 |
17489260 |
25.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject are engaged in the business of field of residential, commercial and industrial air cooling both in the domestic and international markets.. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
484 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
19th Floor, Shapath-V, S.G. Hiway, Ahmedabad – 380015,
Gujarat, India |
|
Tel. No.: |
91-79-66827300 |
|
Fax No.: |
91-79-66827400 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
|
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|
Subsidiary / Entity
controlled by Holding Company |
|
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|
Enterprise in which
Director has significant Influence : |
Harmony Holdings Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 2/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69957000 |
Equity Shares |
INR 2/- each |
INR 139.914
Million |
|
|
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|
The Company has allotted 34978500 bonus equity shares of INR 2/- each fully paid up on September 17,2016 in the proportion of one (1) bonus equity share for every fully Paid up equity share (1:1). As a result of the bonus issue the Paid up capital of the Company stands increased to INR 139.914 million from INR 69.957 million.
The Company has only one class of shares referred to as equity shares having a par value of INR 2/-, rank pari passu in all respects including voting rights and entitlement to dividend.
The Company declares and pays dividends in Indian rupees. The dividend 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 assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
The details of
shareholder holding more than 5% shares as at March 31, 2017 is set out below :
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Achal A. Bakeri |
29263600 |
41.83% |
|
Ms. Rupa A. Bakeri |
7096940 |
10.14% |
|
Oras Investments Private Limited |
6443600 |
9.21% |
|
Paratam Investments Private Limited |
3019800 |
8.63% |
|
Total |
6039600 |
59.67% |
The reconciliation of
the number of shares outstanding as at March 31, 2017 is set out below:
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
34,978,500 |
|
Shares issued during the year |
34,978,500 |
|
Shares outstanding
at the end of the year |
69,957,000 |
Aggregate number of fully paid up equity shares allotted by way of Bonus Shares in the immediately preceding five years 3,49,78,500 equity shares of INR 2 each fully paid up.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
30.06.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
139.914 |
69.957 |
69.957 |
|
(b) Reserves & Surplus |
4439.664 |
3009.526 |
2831.958 |
|
(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) |
4579.578 |
3079.483 |
2901.915 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
45.014 |
24.939 |
18.592 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
1.421 |
|
Total
Non-current Liabilities (3) |
45.014 |
24.939 |
20.013 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
375.144 |
202.674 |
329.964 |
|
(c) Other current liabilities |
324.387 |
231.128 |
101.258 |
|
(d) Short-term provisions |
82.519 |
103.092 |
489.091 |
|
Total
Current Liabilities (4) |
782.050 |
536.894 |
920.313 |
|
|
|
|
|
|
TOTAL |
5406.642 |
3641.316 |
3842.241 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
633.538 |
580.012 |
591.464 |
|
(ii) Intangible Assets |
42.869 |
4.287 |
2.774 |
|
(iii) Capital work-in-progress |
0.000 |
30.115 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1213.573 |
1863.421 |
1546.845 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.237 |
16.890 |
13.579 |
|
(e) Other Non-current assets |
0.800 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1908.017 |
2494.725 |
2154.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1855.581 |
0.000 |
1096.682 |
|
(b) Inventories |
508.830 |
234.854 |
245.528 |
|
(c) Trade receivables |
460.659 |
327.350 |
66.014 |
|
(d) Cash and cash equivalents |
191.888 |
366.370 |
68.753 |
|
(e) Short-term loans and
advances |
425.832 |
152.278 |
131.758 |
|
(f) Other current assets |
55.835 |
65.739 |
78.844 |
|
Total
Current Assets |
3498.625 |
1146.591 |
1687.579 |
|
|
|
|
|
|
TOTAL |
5406.642 |
3641.316 |
3842.241 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
30.06.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6671.685 |
4148.543 |
4626.973 |
|
|
Other Income |
366.075 |
194.907 |
299.384 |
|
|
TOTAL
|
7037.760 |
4343.450 |
4926.357 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
343.296 |
203.392 |
246.195 |
|
|
Purchases of Stock-in-Trade |
2987.720 |
1641.012 |
1987.932 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(228.162) |
25.596 |
-55.195 |
|
|
Employees benefits expense |
469.516 |
297.312 |
316.284 |
|
|
Advertisement and sales
promotion expenses |
413.860 |
0.000 |
0.000 |
|
|
Other expenses |
615.701 |
458.565 |
786.728 |
|
|
TOTAL |
4601.931 |
2625.877 |
3281.944 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2435.829 |
1717.573 |
1644.413 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.138 |
0.806 |
5.741 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2435.691 |
1716.767 |
1638.672 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
36.787 |
21.856 |
21.249 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2398.904 |
1694.911 |
1617.423 |
|
|
|
|
|
|
|
Less |
TAX |
667.263 |
464.860 |
453.232 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1731.641 |
1230.051 |
1164.191 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2499.636 |
2322.068 |
1747.524 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Adjustment relating to Fixed Assets |
0.000 |
0.000 |
0.765 |
|
|
Proposed Dividend on Equity Shares |
0.000 |
0.000 |
349.785 |
|
|
Utilized for issue of Bonus Shares |
0.510 |
0.000 |
0.000 |
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
71.208 |
|
|
Interim Dividend on Equity Shares |
192.382 |
874.463 |
139.914 |
|
|
Tax on Interim Dividend |
39.164 |
178.020 |
27.975 |
|
|
Total (M) |
232.056 |
1052.483 |
589.647 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
3999.221 |
2499.636 |
2322.068 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
695.854 |
453.079 |
529.688 |
|
|
Interest Income |
0.166 |
0.000 |
0.996 |
|
|
Other Income |
9.715 |
5.106 |
7.574 |
|
|
TOTAL
EARNINGS |
705.735 |
458.185 |
538.258 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
157.619 |
60.210 |
54.831 |
|
|
Capital Goods |
64.657 |
8.295 |
39.363 |
|
|
TOTAL
IMPORTS |
222.276 |
68.505 |
94.194 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
24.75 |
35.17 |
33.28 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
30.06.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1661.289 |
1220.582 |
1512.417 |
|
Net cash flow from operating activity |
993.403 |
811.221 |
1021.662 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
1297.500 |
1842.500 |
2176.300 |
|
Total Expenditure |
1103.100 |
1200.500 |
1308.300 |
|
PBIDT (Excl OI) |
194.400 |
642.000 |
868.000 |
|
Other Income |
126.500 |
104.300 |
80.400 |
|
Operating Profit |
320.900 |
746.300 |
948.400 |
|
Interest |
NA |
7.200 |
NA |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
320.900 |
739.100 |
948.400 |
|
Depreciation |
10.100 |
10.600 |
11.800 |
|
Profit Before Tax |
310.800 |
728.500 |
936.600 |
|
Tax |
70.400 |
221.800 |
273.500 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
240.400 |
506.700 |
663.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
240.400 |
506.700 |
663.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
25.20 |
28.80 |
5.21 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
14.48 |
12.67 |
70.09 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
41.11 |
40.11 |
53.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
4.79 |
7.31 |
6.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
3.60 |
2.80 |
2.77 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.14 |
0.15 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.17 |
0.17 |
0.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.15 |
0.20 |
0.20 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
17650.93 |
2130.98 |
286.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
25.96 |
29.65 |
25.16 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
32.03 |
33.78 |
30.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
37.81 |
39.94 |
40.12 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
4.47 |
2.14 |
1.83 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
3.82 |
1.70 |
1.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.85 |
0.85 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
4.47 |
2.14 |
1.83 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 02/- |
|
Market Value |
INR 1660.05/- |
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 |
69.957 |
69.957 |
139.914 |
|
Reserves & Surplus |
2831.958 |
3009.526 |
4439.664 |
|
Net
worth |
2901.915 |
3079.483 |
4579.578 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
4626.973 |
4148.543 |
6671.685 |
|
|
|
(10.340) |
60.820 |
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 |
4626.973 |
4148.543 |
6671.685 |
|
Profit (Loss) |
1164.191 |
1230.051 |
1731.641 |
|
|
25.16% |
29.65% |
25.96% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
139.914 |
69.957 |
|
(b) Reserves & Surplus |
|
4449.968 |
3116.274 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4589.882 |
3186.231 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
45.014 |
24.939 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
27.430 |
66.974 |
|
Total
Non-current Liabilities (3) |
|
72.444 |
91.913 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
192.899 |
0.000 |
|
(b) Trade payables |
|
609.493 |
490.766 |
|
(c) Other current liabilities |
|
431.763 |
342.143 |
|
(d) Short-term provisions |
|
91.391 |
112.861 |
|
Total
Current Liabilities (4) |
|
1325.546 |
945.770 |
|
|
|
|
|
|
TOTAL |
|
5987.872 |
4223.914 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
714.138 |
701.568 |
|
(ii) Intangible Assets |
|
57.173 |
34.066 |
|
(iii) Capital work-in-progress |
|
0.000 |
30.115 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(v) Goodwill on Consolidation |
|
38.680 |
39.238 |
|
(b) Non-current Investments |
|
966.871 |
1616.720 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
42.923 |
27.405 |
|
(e) Other Non-current assets |
|
0.800 |
0.000 |
|
Total
Non-Current Assets |
|
1820.585 |
2449.112 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1861.451 |
6.166 |
|
(b) Inventories |
|
773.343 |
550.724 |
|
(c) Trade receivables |
|
523.089 |
468.691 |
|
(d) Cash and cash equivalents |
|
466.111 |
464.844 |
|
(e) Short-term loans and
advances |
|
483.343 |
218.453 |
|
(f) Other current assets |
|
59.950 |
65.924 |
|
Total
Current Assets |
|
4167.287 |
1774.802 |
|
|
|
|
|
|
TOTAL |
|
5987.872 |
4223.914 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
7680.290 |
4455.465 |
|
|
Other Income |
|
432.105 |
208.862 |
|
|
TOTAL
|
|
8112.395 |
4664.327 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
912.668 |
409.076 |
|
|
Purchases of Stock-in-Trade |
|
2913.227 |
1635.855 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(181.581) |
(32.014) |
|
|
Employees benefits expense |
|
687.073 |
425.173 |
|
|
Advertisement and sales
promotion expenses |
|
444.511 |
0.000 |
|
|
Exceptional Items |
|
0.000 |
(124.666) |
|
|
Other expenses |
|
928.505 |
657.414 |
|
|
TOTAL |
|
5704.403 |
2970.838 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2407.992 |
1693.489 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.328 |
1.980 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2407.664 |
1691.509 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
70.518 |
42.990 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
2337.146 |
1648.519 |
|
|
|
|
|
|
|
Less |
TAX |
|
681.182 |
464.868 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
1655.964 |
1183.651 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
23.67 |
33.84 |
LEGALS
FILE
DISTRICT AND SESSIONS COURT VADODARA
CASE DETAILS
Case Type: CS CCC - CIVIL SUIT (CCC)
Filing Number: 5/2016Filing Date: 20-06-2016
Registration Number: 5/2016Registration Date: 20-06-2016
CNR Number: GJVD01-003830-2016
CASE STATUS
First Hearing
Date: 29th August 2016
Next Hearing Date: 23rd September
2016 Date Not Updated
Stage of Case: SUMMONS - NOTICE
Court Number and Judge: 15-8th ADDL DISTRICT JUDGE
PETITIONER AND ADVOCATE
1) M/S WAVES
INCORPORATION
Address - GF 3, SILVER LINE COMPLEX, OPP. BBC TOWER,
SAYAJIGANJ, VADODARA
Advocate- s y gajiyawala
2) M/S ROMAN MARKETING
G 3/4, TAKSH CLASSIC COMPLEX, OPP. SPRING VIEW SOC,.
VASANA ROAD, VADODARA
RESPONDENT AND ADVOCATE
1) SYMPHONY LTD.
Address - III FLOOR, SYMPHONY HOUSE, FP 12-TP 50,OFF..
S.G. HIGH WAY, BODAKDEV, AHMEDABAD
ACTS
|
Under Act(s) |
Under Section(s) |
||||
|
DESIGNS ACT, 2000 |
011, |
||||
|
History of Case Hearing |
|||||
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
|
5/2016 |
8th ADDL DISTRICT JUDGE |
23-09-2016 |
SUMMONS - NOTICE |
||
DISTRICT AND SESSIONS COURT VADODARA
CASE DETAILS
Case
Type: TMSUIT - TRADE MARK SUIT
Filing Number: 5/2016Filing Date: 20-06-2016
Registration Number: 5/2016Registration Date: 20-06-2016
CNR Number: GJVD01-008782-2016
CASE STATUS
First Hearing
Date: 15th June 2017
Next Hearing Date: 06th July 2017
Stage of Case: SUMMONS - NOTICE
Court Number and Judge: 15-10th ADDL DISTRICT JUDGE
PETITIONER AND ADVOCATE
1) M/S WAVES
INCORPORATION
Address - AT. GF 3 SILVER LAN COMPLEX, VADODARA
RESPONDENT AND ADVOCATE
1) SYMPHONY LTD
Address - AT. S.G. HIGHWAY, AHMEDABAD
|
History of Case Hearing |
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
5/2016 |
10th ADDL DISTRICT JUDGE |
06-07-2017 |
SUMMONS - NOTICE |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ 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 |
No |
|
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 |
CORPORATE INFORMATION
The Company, a premier air cooling company was established in the year 1988. The Company is in the field of residential, commercial and industrial air cooling both in the domestic and international markets.
OPERATIONS REVIEW
During the year, revenue from operations along with other income on standalone basis stood at INR 7037.800 million. During the year 2016-17, the Company focussed on further expanding its Dealer and Distributor network to benchmark against some of the most widely distributed consumer durable brands in the country. As a result of this thrust, by end of the year, the Company had increased its rural penetration by 260%. Thus, the Company has now become one of the most widely distributed brand in the consumer durable sector in India. The increase in retail network has also been matched by expansion of network of direct dealers, modern retail chain stores, regional retail chains and warehouses across the country.
To ensure better focus on market expansion and better brand and product visibility, the Company has expanded the senior management team in Domestic and International Sales during the year. This has enabled the Company to closely monitor the market trends and proactively plan the marketing strategies rather than reacting to market trends.
The Company considers After Sales Service as a key differentiator which helps its products to fetch a premium over other brands and wins trade and customer loyalty. During the year, the Company further strengthened its After Sales Service set up by increasing the no. of authorised service centres to about 1000. The Company has a very large base of existing customers using its products, who require routine maintenance and upkeep. The Company has identified this as an opportunity to serve its loyal customer base, increase brand loyalty and in the process, enhance revenue through service operations. To enable the service franchisee to provide prompt service to the customer, the Company has developed an App which helps it to track the status of all pending calls on line and ensure 100% customer satisfaction.
The Company offers the widest range of models in the Air cooler industry in the country.
It further strengthened its leadership position by launching “TOUCH” range of air coolers with unique features never seen before. This was received very well by the trade and customers and has become one of the bestselling ranges in the very first year of launch. Apart from five models of Touch range, 8 new models were also introduced to cater to various needs of the customers putting the Company much ahead of its competitors.
Like in the past, this year also, the Company continued its aggressive advertisement and promotional campaigns over print, electronic and digital media. The Company commanded more than 56 % Share of Voice (Source: BARC) in the Air cooler advertising, making it the most visible brand in electronic and on line media.
During the year, the Company introduced various steps to win dealer loyalty including a key initiative of launching an app ‘SYMPARK’, aimed at rewarding the retailer for his continued loyalty and motivating him to push Symphony products over other brands. This has been a huge success, and has helped the Company in maintaining its No. 1 position with an increased market share, despite many new entrants flocking the market.
MODERN TRADE
During the period, the Company continued to be aggressive in top line products sales through large format stores, retail chains, e-commerce portals and TV shopping channels.
The Company could maintain its number one position in modern trade, registering a healthy growth and commanding higher market share.
The Company’s products are well received in all major modern trade stores and continue to be the preferred brand across all regions.
CENTRAL AIR COOLING
SOLUTIONS
The Central Air Cooling Solutions business has moved from strength to strength through focused efforts, increased manpower and improved nation-wide dealer network. The new range added from China with complete in-built controller and motor has created lot of excitement, and response has been more positive than expected. This has the makings of futuristic product, which is feature packed.
During the year, the Company focussed on approaching customers in various customer segments directly. The Company executed numerous prestigious orders including those from Tata Steel, Indian Railways, Exide Industries, Ghadi Detergent, TVS Tyres, Marino Laminates, CPWD, NIT Nagpur and many other prestigious clients. The Company continued to make inroads into various customer segments with approvals from some key opinion makers like HVAC consultants and large MEP contractors. During the period, the Company continued with many business development activities through advertisements in newspapers, journals, TV channels and participation in exhibitions.
The Company’s Packaged Air Coolers are compact, easy-to-install and are meant for midsize spaces such as commercial, industrial and residential areas. They have gained momentum and have been received very well in the market. The campaign has resulted in increased awareness about Central Air Cooling Solutions.
The Company hopes to reap the benefits of these steps in the years to come.
AIR COOLERS -
OVERSEAS BUSINESS
Revenues from overseas business during the year increased to INR 720.000 million. The Company strengthened its senior management team in India and abroad and entered 10 new Countries during the year. These markets, along with the existing ones, offer ample opportunities for the Company to build a platform for a rapid expansion of its customer base in the years to come.
Though revaluation of Rupee offers some challenges, the Company is confident of building and strengthening its International distribution network to generate higher volumes.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
OVERVIEW
Global economic growth stagnated during FY2016-17 following a deceleration in trade activities, lowered investments and political uncertainties in advanced economies. The year was marked by the United Kingdom’s decision to exit the European Union and the election of Donald Trump as the American President. Consumers continued to spend cautiously as expenditure increased by 2.4% in real terms over 2015, well below the corresponding increase in disposable incomes in the Asia-Pacific. Global growth was estimated to rise from 2.3% in 2016 (estimated by World Bank) to a projected 2.7% in 2017. Growth in emerging and developing economies is expected to revive in 2017 on the back of a removal of obstacles for commodity exporters and sustained demand from commodity importers.
INDIAN ECONOMIC
OVERVIEW
After being hailed as a ‘bright spot’ among emerging economies, India’s GDP finally weakened during FY2016-17. The projected GDP growth of 7.6% (as estimated by IMF) was revised to 6.6% following the demonetisation initiative which resulted in massive cash shortages and payment disruptions. However, the aftereffects of the demonetisation initiative had abated by the close of the financial year after having affected economic growth for two consecutive quarters. India’s eight core infrastructure industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity registered a cumulative growth of 4.9% during the April-November period compared to 2.5% a year back.
OUTLOOK
After a lacklustre outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018. India’s fundamentals are expected to emerge stronger following the implementation of the GST. The proposed GST implementation should catalyse inter-state trade, enhancing investments, reducing supply chain-related issues, enhancing economies-of-scale, moderating overheads and adding about 150 bps to GDP growth. Moreover, favourable monsoons, stable oil prices and stronger supply chain linkages are expected to renew consumer confidence. In view of these realities (and the fact that the Chinese economy continues to remain sluggish), India is likely to retain its position as the fastest-growing major economy with a projected GDP growth of 7.2% in FY2017-18. (Source: IMF, ICRA).
INDIAN AIR COOLERS
INDUSTRY
The Indian air cooler market is estimated worth ~ INR 35000.000 million with a 30% share belonging to the organised players. The Indian air cooler market has witnessed a spurt in demand for cutting-edge coolers (priced INR 10,000 and above). Till a couple of years back, there were no air coolers available in this price range and they now account for >15% share of the organised market in value terms. There are an estimated 247 million households in India and ~ 65% of them own ceiling or table fans. A mere ~ 4% of them households own air conditioners and approx. 10% own air coolers. Rising temperature levels have caused cooling solutions to be viewed as necessities as opposed to luxury items. The implementation of the GST is expected to enforce a unified taxation regime, thereby removing logistical bottlenecks and nullifying cost disparities between organised and unorganised players.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
a) Claims against the company not acknowledged as debt |
0.734 |
1.334 |
|
b) Demand on account of vat / sales tax matters raised against the company for the various years but the same is not acknowledged as debt hence, not provided for. Appeals are pending |
9.664 |
9.686 |
|
c) Income Tax matters not acknowledged as debts |
6.465 |
2.818 |
|
d) Demand under disputed central excise matter, Appeals are being filed |
9.150 |
9.150 |
|
e) Corporate Guarantee given for subsidiary company |
324.650 |
0.000 |
|
Note: Future cash outflows in respect of the above matters are determinable only on receipt of judgments /decisions pending at various forums / authorities. No amount is expected to be reimbursed from the above. |
||
FIXED ASSETS
- Free Hold (A+B+C) Land
- Lease Hold Land
- Plant and Machinery
- Buildings
- Furniture and Fixtures
- Vehicles
- Computers
- Office Equipments
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G47502059 |
100068014 |
Standard Chartered Bank |
21/12/2016 |
30/06/2017 |
- |
350000000.0 |
23, Narain ManzilBarkhamba RoadNew DelhiDL110001IN |
|
2 |
C81558413 |
10625580 |
CORPORATION BANK |
23/02/2016 |
- |
- |
100000.0 |
M.J. Library Branch, Rangolee Complex,Opp. V.S. Hospital, Ashram Road,AhmedabadGJ380006IN |
|
3 |
C81557605 |
10625575 |
CORPORATION BANK |
23/02/2016 |
- |
- |
50000.0 |
M.J. Library Branch, Rangoli ComplexOpp. V.S. Hospital, Ashram RoadAhmedabadGJ380006IN |
|
4 |
C61462552 |
10585512 |
CORPORATION BANK |
22/07/2015 |
- |
- |
200000.0 |
IFB, Rangolee Complex, 1st Floor,Ashram Road, Ellisbridge,AhmedabadGJ380006IN |
|
5 |
C76228428 |
10554484 |
CORPORATION BANK |
14/02/2015 |
23/09/2015 |
11/01/2016 |
74330.0 |
Rangolee Complex, Ashram Road,Ellisbridge,AhmedabadGJ380006IN |
|
6 |
C76226711 |
10554486 |
CORPORATION BANK |
14/02/2015 |
02/11/2015 |
11/01/2016 |
222970.0 |
Rangolee Complex, Ashram Road,Ellisbridge,AhmedabadGJ380006IN |
|
7 |
A14630016 |
80029160 |
State Bank of India |
29/01/1990 |
13/01/2001 |
28/04/2007 |
200000000.0 |
Splecilised Commercial Branch 4087Gandhigram,AhmedabadGJ380009IN |
|
8 |
Y10199780 |
90110088 |
ICICI BANK LIMITED |
21/02/2000 |
08/05/2000 |
09/02/2005 |
0.0 |
ICICI TOWERS; BANDRA KURLA COMPLEXBANDRA (EAST)MUMBAIMH400051IN |
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 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
2176.300 |
1800.800 |
5316.300 |
|
Other Operating Income |
80.400 |
94.900 |
311.200 |
|
Total income from operations (net) |
2256.700 |
1895.700 |
5627.500 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
33.700 |
80.500 |
161.200 |
|
Purchases of stock-in trade |
956.900 |
857.400 |
2116.400 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
4.000 |
(102.200) |
212.100 |
|
Employee benefits expense |
139.800 |
116.200 |
392.300 |
|
Depreciation and Amortization Expenses |
11.800 |
9.600 |
32.500 |
|
Other Expenses |
169.100 |
154.300 |
494.500 |
|
Finance Costs |
0.000 |
0.000 |
7.200 |
|
Advertising Expenses |
4.800 |
22.200 |
235.400 |
|
Total expenses |
1320.100 |
1138.000 |
3651.600 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
936.600 |
757.700 |
1975.900 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
936.600 |
757.700 |
1975.900 |
|
Tax expenses |
273.500 |
208.400 |
565.700 |
|
Net Profit / (Loss) from ordinary activities after tax |
663.100 |
549.300 |
1410.200 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
663.100 |
549.300 |
1410.200 |
|
Comprehensive Income |
(6.700) |
34.200 |
(23.900) |
|
Net Profit/ (Loss) after taxes, minority interest and share
of profit/(loss) of associates |
656.400 |
583.500 |
1386.300 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 2/-each) |
139.900 |
139.900 |
139.900 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 2/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
9.48 |
7.85 |
20.16 |
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER AND SIX MONTHS ENDED DECEMBER 2017
|
Particulars |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
|
1. Segment Revenue |
|
|
|
|
Air Coolers |
2179.500 |
1808.500 |
5323.800 |
|
Corporate Funds |
77.200 |
87.200 |
303.700 |
|
Total |
2256.700 |
1895.700 |
5627.500 |
|
|
|
|
|
|
2. Segment Result |
|
|
|
|
Profit before tax and
interest from each segment |
|
|
|
|
Air Coolers |
860.000 |
671.000 |
1681.200 |
|
Corporate Funds |
76.600 |
86.700 |
301.900 |
|
Total |
936.600 |
757.700 |
1983.100 |
|
Less : Interest |
0.000 |
0.000 |
7.200 |
|
Less: Tax |
273.500 |
208.400 |
565.700 |
|
Profit from ordinary
activities before tax |
663.100 |
549.300 |
1410.200 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
Air Coolers |
1954.800 |
1878.900 |
1954.800 |
|
Corporate Funds |
4823.900 |
3664.600 |
4823.900 |
|
Total |
6778.700 |
5543.500 |
6778.700 |
|
|
|
|
|
|
4. Segment Liabilities |
|
|
|
|
Air Coolers |
1076.700 |
1196.000 |
1078.700 |
|
Corporate Funds |
0.000 |
0.000 |
0.000 |
|
Total |
1076.700 |
1196.000 |
1078.700 |
|
|
|
|
|
|
5. Segment Liabilities |
|
|
|
|
Air Coolers |
878.100 |
682.900 |
878.100 |
|
Corporate Funds |
4823.900 |
3664.600 |
4823.900 |
|
Total |
5702.000 |
4347.500 |
5702.000 |
|
|
|
|
|
|
6. Segment Liabilities |
|
|
|
|
Air Coolers |
-169.700 |
-105.700 |
-5.900 |
|
Corporate Funds |
5526.000 |
4137.500 |
5040.100 |
|
Total |
5356.300 |
4031.800 |
5034.200 |
|
|
|
|
|
|
7. Segment Liabilities |
|
|
|
|
Air Coolers |
Infinite |
Infinite |
Infinite |
|
Corporate Funds |
1.39% |
2.10% |
5.99% |
Geographical Segment
|
Particulars |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
|
1. Segment Revenue |
|
|
|
|
India |
2079.900 |
1637.900 |
4981.200 |
|
Rest of the world |
96.400 |
162.900 |
335.100 |
|
Total |
2176.300 |
1800.800 |
5316.300 |
|
|
|
|
|
|
2. Segment Result |
|
|
|
|
Profit before tax and
interest from each segment |
|
|
|
|
India |
894.800 |
708.100 |
1884.600 |
|
Rest of the world |
41.800 |
49.600 |
98.500 |
|
Total |
936.600 |
757.700 |
1983.100 |
|
Less : Interest |
0.000 |
7.200 |
7.200 |
|
Less: Tax |
273.500 |
208.400 |
565.700 |
|
Profit from ordinary
activities before tax |
663.100 |
542.100 |
1410.200 |
Note:
- The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 23, 2018.
- The Statutory auditors of the Company have carried out limited review of the financial results for the quarter / nine months ended on December 31, 2017.
- The Board of Directors in their meeting held on January 23, 2018 declared 3rd interim dividend of 50% i.e. INR 1/- per equity share of INR 2/- each amounting to INR 84.200 million including dividend distribution tax. The record date for the payment of interim dividend is February 02, 2018. The interim dividend will be paid on or before February 20, 2018.
- These financial results have been prepared in accordance with Indian Accounting Standard ("Ind AS") prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and in terms of Listing Regulations, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 05, 2016. The Company has opted to avail the relaxation provided by SEBI in respect of disclosure requirements of corresponding figures for the year ended on March 31, 2017. The figures for the quarter and nine months ended December 31, 2016 have been restated as per the Ind AS to make them comparable with the figures of the current quarter and nine months.
- Reconciliation of profit between Ind AS and previous GAAP for the quarter and nine months ended December 31, 2016.
- Previous period figures have been rearranged/regrouped wherever necessary to make them comparable with the figures of the current period.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.