MIRA INFORM REPORT

 

 

Report No. :

510061

Report Date :

22.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ACRYSIL LIMITED

 

 

Registered Office :

B-307, Citi Point, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra

Tel. No.:

91-22-40157817 / 7818 / 7819

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

19.01.1987

 

 

Com. Reg. No.:

11-042283

 

 

Capital Investment / Paid-up Capital :

INR 51.890 Million

 

 

CIN No.:

[Company Identification No.]

L26914MH1987PLC042283

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCA0583C

 

 

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 Quartz Kitchen Sinks and Built in Kitchen Appliances. [Registered Activity]

 

 

No. of Employees :

220 (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+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 2550000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1987 and it is engaged in manufacturing and selling of kitchen sinks and appliances.

 

As per the financials of March 2017, the company has registered a growth of 2.04% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 5.87%.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy financial risk profile along with comfortable debt coverage indicators and good liquidity position.

 

Rating also takes in account the extensive experience of the promoters in the granite based kitchen sink business and its favorable market position by virtue of being an established player in the an industry with limited domestic competition.

 

Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 540 against its face value of INR 10.)

 

However, rating strength is partially offset by vulnerability of its operating margins to volatility in raw material prices and its working capital intensive operations.

 

As per unaudited quarterly financials of December 2017, the company has achieved a sales turnover of INR 386.94 million and has reported average profit margin of 3.04%

 

Payments seems to be regular.

 

In view of aforesaid, the subject can be considered good for business dealings at usual trade terms and conditions.

 

 

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

 

 

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 22.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DECLINED

 

Management non-cooperative : 91-22-40157818

 

 

LOCATIONS

 

Registered Office :

B-307, 3rd Floor, Citi Point, J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-40157817 / 7818 / 7819

Fax No.:

91-22-28258052

E-Mail :

info@carysil.com

Website :

www.carysil.com

www.acrysilcorporateinfo.com

 

 

Works and Head Office :

Survey No.312, Bhavnagar-Rajkot Highway (13th KM), Navagam, Post: Vartej, Bhavnagar - 364060, Gujarat, India

Tel. No.:

91-278-2540218 / 893 / 392 / 232

Fax No.:

91-278-2540558

E-Mail :

info@carysil.com

 

 

Ahmedabad Office :

Shop No.4, Indraprastha Corporate, Opposite Shell petrol Pump, 100ft road, Satellite, Ahmedabad – 380015, India

Tel. No.:

91-79-26937082

Fax No.:

91-79-26937082

 

 

Bangalore Office :

253-A, Kanakpura Main Road, 7th Block, Jayanagar, Bangalore – 560082, Karnataka, India

Tel. No.:

91-9845196551

 

 

Delhi Office :

DTJ-029, Ground Floor, DLF Towers B, Jasola, New Delhi – 110025, India

Tel. No.:

91-11-40524889

 

 

DIRECTORS

 

As on 31.03.2018

 

Name :

Mr. Ashwin M. Parekh

Designation :

Chairman Emeritus

 

Name :

Mr. Jagdish Ramanlal Naik

Designation :

Director

Address :

502, Juhu Vishal Building No.1, N.S. Road No.5 (Extn), Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

23.09.1958

Date of Appointment :

29.03.1989

DIN No.:

00030172

 

 

Name :

Mr. Chirag Ashwin Parekh

Designation :

Chairman and Managing Director

Address :

Dive Bhuvan, Victoria Park Road, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

30.08.1969

Date of Appointment :

02.11.2002

DIN No.:

00298807

 

 

Name :

Mr. Ajit Rasiklal Sanghvi

Designation :

Director

Address :

1001, Amardeep Plot No. 39, JVPD Scheme Road 3, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

04.03.1957

Date of Appointment :

31.01.2000

DIN No.:

00340809

 

 

Name :

Mrs. Sonal Vimal Ambani

Designation :

Director

Address :

Vimal House Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

19.04.1959

Date of Appointment :

23.05.2016

DIN No.:

02404841

 

 

Name :

Mr. Pradeepkumar Hardevsinhji Gohil

Designation :

Director

Address :

1163,Mohbat Niwas, Sir Pattani Road, Bhavnagar – 364001, Gujarat, India

Date of Birth/Age :

02.08.1949

Date of Appointment :

28.01.2013

DIN No.:

03022804

 

 

KEY EXECUTIVES

 

Name :

Mr. Anand Hausala Prasad Sharma

Designation :

Chief Finance Officer

Address :

B / 702, Gaurav Shikhar, Near Evershine, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India

Date of Appointment :

05.11.2015

PAN No.:

AMOPS6827M

 

 

Name :

Mr. Damodar H Sejpal

Designation :

Company Secretary

Address :

Block No - 304, Akshar Vijay Apartment Near. Garden, Ambawadi Keshod 362220, Gujarat, India

Date of Appointment :

18.11.2009

PAN No.:

BDCPS4775C

 

 

Audit Committee :

Mr. Jagdish R. Naik - Chairman

Mr. Chirag A. Parekh - Member

Dr. Sonal V. Ambani -  Member

Mr. Ajit R. Sanghavi - Member

Mr. Pradeep H. Gohil – Member

 

 

Nomination and Remuneration Committee :

Mr. Pradeep H. Gohil – Chairman

Dr. Sonal V. Ambani – Member

Mr. Jagdish R. Naik – Member

Mr. Ajit R. Sanghavi - Member

 

 

Stakeholders Relation Committee :

Mr. Ajit R. Sanghavi – Chairman

Mr. Chirag A. Parekh - Member

Dr. Sonal V. Ambani -  Member

Mr. Jagdish R. Naik - Member

 

 

Corporate Social Responsibility Committee :

Mr. Chirag A. Parekh – Chairman

Dr. Sonal V. Ambani -  Member

Mr. Pradeep H. Gohil – Member

 

 

MAJOR SHAREHOLDERS

 

As on 31.03.2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares

(A) Promoter & Promoter Group

2201350

42.42

(B) Public

2987626

57.58

Grand Total

5188976

100.00

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

Individuals/Hindu undivided Family

1999998

38.54

Ashwin M Parekh

750

0.01

Pushpa R Parekh

146952

2.83

Jatin R Parekh

83850

1.62

Mala M Sanghrajka

7500

0.14

Chirag Parekh

1660946

32.01

Shetal Chirag Parekh

100000

1.93

Any Other (specify)

201352

3.88

Acrycol Minerals Limited

201352

3.88

Sub Total

2201350

42.42

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

0.00

Financial Institutions/ Banks

100

0.00

Sub Total B1

100

0.00

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

0.00

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

37129

0.72

Sub Total B2

37129

0.72

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 Million

1205372

23.23

Individual share capital in excess of INR 0.200 Million

752430

14.50

Ashish Agarwal

221240

4.26

Ashish Kacholia

221240

4.26

Parshva Kumar Daga

54770

1.06

S.Shyam

71630

1.38

Varun Daga

141463

2.73

NBFCs registered with RBI

10450

0.20

Any Other (specify)

982145

18.93

Own Leasing And Finance Private Limited

69086

1.33

Mehta Piyush V

171500

3.31

Schock Gmbh

452400

8.72

Sub Total B3

2950397

56.86

B=B1+B2+B3

2987626

57.58

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in Manufacturing of Quartz Kitchen Sinks and Built in Kitchen Appliances. [Registered Activity]

 

 

Products / Services :

NIC Code No.

Products/Services Description

22209

Quartz Kitchen Sinks

 

 

Products :
  • Quartz Kitchen Sinks
  • Kitchen Appliances

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

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 :

220 (Approximately)

 

 

Bankers :

Banker Name :

Axis Bank Limited

Branch :

Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad-380006, Gujarat, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

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

--

Account Operation :

--

Remark :

--

 

  • ICICI Bank Limited

 

 

Facilities :

Secured Loan

As on

31.03.2017

As on

31.03.2016

Long-term Borrowings (Note-1)

 

 

Term loans from banks (Indian rupee accounts)

61.813

26.318

Short-term borrowings (Note-2)

 

 

Working capital finance from banks (Indian Rupee accounts)

279.462

192.044

Working capital finance from banks (Foreign currency accounts)

222.280

189.970

Total

563.555

408.332

1)   Notes : Term loan from Bank is secured by first hypothecation charge on entire movable fixed assets of the company, both present and future, on pari-passu basis, further secured by first pari-passu on immovable proprieties of the company and personal guaranteed by one of the director of the company. Term loan for vehicles are against hypothecation of vehicles.

Period of default : NA

Amount : Nil

 

2) Notes : Working capital finance from banks secured by first hypothecation charge on entire current asset of the company both present and future, ranking pari-passu. Second charhe on entire movable fixed assets of the company (excluding vehicles) both present and future personal guaranteed by one of the director of the company.

    Period of default : NA

    Amount : Nil

 

 

Auditors :

 

Name :

Sanghavi and Company

Chartered Accountants

Address :

Bhavnagar, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :

  • Acrycol Minerals Limited

 
  •  

Subsidiary :
  • Acrysil Appliances Limited
  • Acrysil GmbH - Germany
  • Acrysil Steel Limited
  • Acrysil UK Limited - UK
  • Home Style Products Limited – UK
  • Sternhagen Bath Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8000000

Equity Shares

INR 10/- each

INR 80.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5188976

Equity Shares

INR 10/- each

INR 51.890 Million

 

 

 

 

 

  1. Equity shares issued as fully paid up bonus shares or otherwise than by cash during the preceding five years : 1486000

 

2.2 Share Capital Reconciliation :

Particulars

31st March 2017

No of share

 

Shares outstanding at the beginning of the year

5188976

51.890

Shares issued during the year

-

-

Shares bought back during the year

-

-

Shares outstanding at the end of the year

5188976

51.890

 

2.3 Share held by each shareholder holding more than five per cent shares :

Name of shareholders

31st March 2017

No of shares

% Holding

Chirag A. Parekh

1660946

32.01

Schock & Co Gmbh

452400

8.72

Ashish Agarwal

442480

8.53

 

2.4 Rights, preferences and restriction attached of shares :

 

Equity shares :

The company has one class of equity shares having a face value of INR 10/- each ranking pari passu in all respects including voting right and entitlement to dividend.

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.      EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

51.890

51.890

46.580

(b) Reserves & Surplus

842.538

759.326

421.639

(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)

894.428

811.216

468.219

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

69.313

55.118

91.318

(b) Deferred tax liabilities (Net)

41.811

33.821

30.515

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

3.796

2.563

1.179

Total Non-current Liabilities (3)

114.920

91.502

123.012

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

511.742

392.014

376.116

(b) Trade payables

163.952

213.426

113.809

(c) Other current liabilities

81.437

83.522

109.918

(d) Short-term provisions

43.448

69.631

42.488

Total Current Liabilities (4)

800.579

758.593

642.331

 

 

 

 

TOTAL

1809.927

1661.311

1233.562

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

443.490

371.219

332.382

(ii) Intangible Assets

4.898

2.909

4.167

(iii) Capital work-in-progress

21.819

17.568

22.754

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

140.751

139.398

127.186

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

116.169

103.978

90.257

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

727.127

635.072

576.746

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

284.093

243.509

233.138

(c) Trade receivables

354.983

342.851

275.645

(d) Cash and cash equivalents

198.593

251.582

51.093

(e) Short-term loans and advances

50.800

39.856

36.887

(f) Other current assets

194.331

148.441

60.053

Total Current Assets

1082.800

1026.239

656.816

 

 

 

 

TOTAL

1809.927

1661.311

1233.562

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1416.973

1388.615

1164.056

 

Other Income

26.378

22.483

11.211

 

TOTAL

1443.351

1411.098

1175.267

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

403.341

420.914

351.525

 

Purchases of Stock-in-Trade

120.885

121.309

106.596

 

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

(31.851)

(25.485)

(3.313)

 

Employees benefits expense

117.290

107.898

81.607

 

Other expenses

604.139

581.357

423.188

 

TOTAL

1213.804

1205.993

959.603

 

 

 

 

 

 

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

229.547

205.105

215.664

 

 

 

 

 

Less

FINANCIAL EXPENSES

49.229

48.567

48.104

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

180.318

156.538

167.560

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

48.276

45.867

35.907

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

132.042

110.671

131.653

 

 

 

 

 

Less

TAX

48.831

40.165

36.87

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

83.211

70.506

94.783

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

130.398

121.119

80.196

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

30.000

30.000

31.435

 

Proposed Dividend

0.000

25.945

18.632

 

Corporate dividend tax

0.000

5.282

3.793

 

Total (M)

30.000

61.227

53.860

 

 

 

 

 

 

Balance Carried to the B/S

183.609

130.398

121.119

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

922.638

912.185

823.990

 

TOTAL EARNINGS

922.638

912.185

823.990

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

169.668

183.316

183.8

 

Packing Material

2.226

0.529

0.321

 

Components and Stores parts

79.367

68.642

52.668

 

Traded Goods

97.717

80.558

29.18

 

Capital Goods

36.820

41.388

54.525

 

TOTAL IMPORTS

385.798

374.433

320.494

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

16.04

14.18

20.49

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

30.709

21.599

69.017

Cash generated from operations

73.248

38.263

150.791

Net cash flows from (used in) operating activity

31.764

13.757

126.257

 

 

QUARTERLY RESULTS

 

Particulars

Unaudited

Unaudited

Unaudited

Audited / Unaudited

1ST Quarter

30.06.2017

2nd Quarter 30.09.2017

3rd Quarter 31.12.2017

Net Sales

370.550

393.890

386.940

Total Expenditure

319.260

340.380

343.950

PBIDT (Excl OI)

51.290

53.510

42.990

Other Income

4.720

4.760

4.520

Operating Profit

56.010

58.260

47.510

Interest

11.680

12.190

14.290

Exceptional Items

NA

NA

NA

PBDT

44.330

46.070

33.220

Depreciation

14.150

14.600

16.410

Profit Before Tax

30.180

31.470

16.810

Tax

10.620

11.010

5.050

Provisions and contingencies

NA

NA

NA

Profit After Tax

19.560

20.460

11.760

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

19.560

20.460

11.760

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

91.44

90.12

86.43

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.99

4.05

4.22

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

114.15

143.67

90.68

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.81

0.84

0.93

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.49

0.52

0.60

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.50

0.50

0.65

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.68

0.58

1.15

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.90

0.94

1.37

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.53

0.48

0.77

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.66

4.22

4.48

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

5.87

5.08

8.14

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

4.60

4.24

7.68

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

9.30

8.69

20.24

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.35

1.35

1.02

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.00

1.03

0.66

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.49

0.49

0.38

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

11.79

9.03

11.52

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.35

1.35

1.02

 

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

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 540.00/-

 

 

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

46.580

51.890

51.890

Reserves & Surplus

421.639

759.326

842.538

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

468.219

811.216

894.428

 

 

 

 

long-term borrowings

91.318

55.118

69.313

Short term borrowings

376.116

392.014

511.742

Current maturities of long-term debts

69.017

21.599

30.709

Total borrowings

536.451

468.731

611.764

Debt/Equity ratio

1.146

0.578

0.684

 

 

 

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

1164.056

1388.615

1416.973

 

 

19.291

2.042

 

 

 

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

1164.056

1388.615

1416.973

Profit

94.783

70.506

83.211

 

8.14%

5.08%

5.87%

 

 

 

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

 

 

 

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

51.890

51.890

(b) Reserves & Surplus

871.812

744.109

(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)

923.702

795.999

 

 

 

(3) Non-Current Liabilities

 

 

(a) long-term borrowings

200.191

217.653

(b) Deferred tax liabilities (Net)

34.262

25.086

(c) Other long term liabilities

18.622

21.442

(d) long-term provisions

4.331

2.958

Total Non-current Liabilities (3)

257.406

267.139

 

 

 

(4) Current Liabilities

 

 

(a) Short term borrowings

524.414

399.371

(b) Trade payables

262.799

329.132

(c) Other current liabilities

138.763

118.704

(d) Short-term provisions

50.494

82.575

Total Current Liabilities (4)

976.470

929.782

 

 

 

TOTAL

2157.578

1992.920

 

 

 

II.          ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

518.380

450.490

(ii) Intangible Assets

5.083

215.649

(iii) Capital work-in-progress

251.484

17.682

(iv) Intangible assets under development

0.000

0.000

(b) Non-current Investments

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

(d)  Long-term Loan and Advances

39.664

26.665

(e) Other Non-current assets

0.000

0.000

Total Non-Current Assets

814.611

710.486

 

 

 

(2) Current assets

 

 

(a) Current investments

0.000

0.000

(b) Inventories

410.419

347.963

(c) Trade receivables

440.262

425.366

(d) Cash and cash equivalents

222.322

284.381

(e) Short-term loans and advances

74.550

74.535

(f) Other current assets

195.414

150.189

Total Current Assets

1342.967

1282.434

 

 

 

TOTAL

2157.578

1992.920

 

 

ABRIDGED PROFIT AND LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

31.03.2017

31.03.2016

 

SALES

 

 

 

Income

1813.096

1738.251

 

Other Income

22.311

17.933

 

TOTAL

1835.407

1756.184

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

477.152

473.876

 

Purchases of Stock-in-Trade

277.174

257.532

 

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

(59.807)

(41.993)

 

Employees benefits expense

151.019

141.314

 

Minority Interest

7.134

12.338

 

Other expenses

672.499

613.66

 

TOTAL

1525.171

1456.727

 

 

 

 

 

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

310.236

299.457

 

 

 

 

Less

FINANCIAL EXPENSES

102.017

79.947

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

208.219

219.510

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

56.717

54.309

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

151.502

165.201

 

 

 

 

Less

TAX

57.99

56.085

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

93.512

109.116

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

18.02

21.94

 

 

UNAUDITAED FINANCIAL RESULT FOR THE QUARTER ENDED AND NINE MONTH ENDED AS ON DECEMBER 31ST , 2017

 

No.

PARTICULARS

QUARTER ENDED

NINE MONTH ENDED

 

 

31.12.2017

30.09.2017

31.12.2017

 

 

 

 

 

1

 Income from Operations

 

 

 

 

Net Sales/income from operations

386.937

393.887

1151.369

2

Other Income

4.524

4.756

14.000

3

Total Income from operations (net)

391.461

398.643

1165.369

4

Expenses

 

 

 

 

Cost of materials consumed

139.643

126.650

387.555

 

Purchases of stock-in trade

27.701

34.934

102.531

 

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

(10.276)

(4.006)

(38.109)

 

Excise Duty Expense

0.000

0.000

8.202

 

Employee benefits expense

35.900

31.841

99.466

 

Finance Costs

14.287

12.192

38.160

 

Depreciation and Amortization Expenses

16.411

14.597

45.159

 

Other Expenses

150.985

150.965

443.947

 

Total expenses

374.651

367.173

1086.911

5

Profit/ (Loss) before exceptional Items and Tax

16.810

31.470

78.458

6

Exceptional items

--

--

--

7

Profit/ (Loss) before tax

16.810

31.470

78.458

8

Tax expenses

 

 

 

 

Current Tax

3.900

5.750

20.800

 

Deferred tax

1.029

5.259

5.757

 

Earlier Tax

0.118

0.000

0.118

 

Total

5.047

11.009

26.675

9

Net Profit / (Loss) for the period

11.763

20.461

51.783

10

Non Controlling Interest

--

--

--

11

Net Profit/ (Loss) after taxes and Non Controlling Interest

11.763

20.461

51.783

 

Other Comprehensive Income

 

 

 

 

(i) Items that will not be reclassified to profit and loss

(0.058)

(0.058)

(0.173)

 

(ii) Income tax relating to item that will not be reclassified to profit or loss

0.020

0.020

0.020

 

Total Other Comprehensive Income

(0.038)

(0.038)

(0.113)

 

Total Comprehensive Income

11.725

20.423

51.670

 

Paid up equity share capital

51.890

51.890

51.890

 

Earning Per Share

 

 

 

 

Basic and Diluted

2.27

3.94

9.98

 

 

 

 

NOTES :

 

1.     The results of the quarter ended 31st December, 2017 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13th February, 2018. They have been subjected to limited review by the statutory auditors. 


2. The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. Beginning from April 1, 2017, the Company has for the adopted Ind AS with transition date of April 1, 2016. 


3. The format for unaudited quarterly results as prescribed in SEBI,s Circular CIR/CFD/CMD/15/2015 dated 30th November 2015 has been modified to comply with the requirements of SEBI.s circular dated 5th July, 2016, Ind AS and Schedule III(Division II) to the Companies Act, 2013, which are applicable to companies that are required to comply with Und AS. 

 

 4. The Ind AS compliant corresponding figures for the quarter ended 30th September, 2016 have not been subjected to audit or review. However, the Company’s Management has exercised necessary due diligence to ensure that such financial result provide a true and fair view of its affairs.


5. The Company has identified Kitchen & bath products Business as its only primary reportable segment in accordance with the requirements of Ind AS 108 Operating Segments. Accordingly, no separate segment information has been provided. 


6. The Company is liable to Goods & Service Tax (GST) with effect from July 1 2017. The revenue for the quarter ended December 31, 2017 is net of such GST. However, the revenue for the quarter ended June 30, 2017, quarter and nine months ended December 31, 2016 are inclusive of excise duty & hence to that extent the results are not comparable.


7. Previous period’s figure have been reclassified, wherever necessary, to correspond with those of the current period.

 

 

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

Yes

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 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]

Litigations that the firm/promoter involved in

--

32]

Market information

--

33]

Payments terms

Yes

34]

Negative Reporting by Auditors in the Annual Report

No

 

PERFORMANCE OVERVIEW

 

The Company undertakes aggressive sales promotion activities to create strong brand awareness and also took several growth initiatives to increase volumes during the year. As a result the company had a year of impressive performance with Sales Turnover increasing to INR 1416.973 Million as against INR 1388.615 Million in the previous year.

The Profit after Tax for the year incresed from INR 70.506 Million in the previous year to INR 83.211 Million in financial year 2016-17.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

LONG TERM BORROWING

 

 

From directors

7.500

28.800

SHORT TERM BORROWING

 

 

From a Subsidiary Company

10.000

10.000

Total

17.500

38.800

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G80708902

100163293

CITI BANK N.A.

02/01/2018

-

-

70000000.0

PLOT NO. C-61, BANDRA-KURLA COMPLEX, G-BLOCK, BANDRA(E) MUMBAI-400051IN

2

G08242257

100040281

EXPORT-IMPORT BANK OF INDIA

05/07/2016

21/07/2016

-

36040000.0

CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-400005IN

3

G04799300

100030161

ICICI BANK LIMITED

24/05/2016

-

-

30000000.0

LANDMARK, RACE COURCE CIRCLE, VADODARA, 390007IN

4

G04799045

10626776

ICICI BANK LIMITED

07/03/2016

24/05/2016

-

100000000.0

LANDMARK, RACE COURCE CIRCLE, VADODARA, 390007IN

5

G03123577

100025348

ELECTRONICA FINANCE LIMITED

05/02/2016

-

-

7245000.0

128/A, PLOT NO.3, KAILASHCHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD, PUNEMA411038IN

6

G17501917

10532698

Axis Bank Limited

25/11/2014

03/10/2016

-

553200000.0

TRISHUL, 3RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLIS BRIDGE, AHMEDABAD-380006IN

7

C34600643

10532754

EXPORT-IMPORT BANK OF INDIA

07/11/2014

25/11/2014

-

165000000.0

Centre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade,MumbaiMH400005IN

8

G15436504

10529741

Axis Bank Limited

14/10/2014

03/10/2016

-

583200000.0

TRISHUL, 3RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLIS BRIDGE, AHMEDABAD-380006IN

9

G03649878

10553740

YES BANK LIMITED

21/02/2015

-

09/05/2016

20000000.0

102/103, C.G. CENTRE, C.G. ROAD, PANCHWATI,  AHMEDABAD-380009IN

10

C33550492

90232824

STATE BANK OF INDIA

25/11/2002

10/10/2013

06/11/2014

530100000.0

DARBARGADH BRANCH, DARBARGADH, BHAVNAGAR-364001IN

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Guarantees given on behalf of subsidiary company

265.240

235.400

In respect of Disputed Excise Duty

0.110

0.110

In respect of Disputed Custom Duty

4.154

4.154

 

 

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Freehold Land
  • Building
  • Plant and Equipment
  • Moulds and Dies
  • Vehicles
  • Furniture and Fixture
  • Office Equipment

 

Intangible Assets

 

  • Computer Software
  • Design and Property Right

 

 

 

 

 

 

 

 

 

 

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 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRUP

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

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

 

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

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.