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|
MIRA INFORM REPORT
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Report No. : |
508720 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
KWALITY LIMITED [w.e.f. 2013] |
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Formerly Known
As : |
KWALITY DAIRY (INDIA) LIMITED |
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Registered
Office : |
KDIL House, F-82/ 84, 2nd Floor, Shivaji Place, Rajouri
Garden, New Delhi-110027 |
|
Tel. No.: |
91-11-47006500 (100 Lines) |
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|
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
21.08.1992 |
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Com. Reg. No.: |
55-255519 |
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Capital
Investment / Paid-up Capital : |
INR 237.356 Million |
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|
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|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC255519 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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 is engaged in Manufacturing, Processing and Sale of Milk, Milk Products and Dairy Products. (Registered Activity) |
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No. of Employees
: |
1047 (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 |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company incorporated in the year 1992. It is an established
company having an excellent track record. The company
produces various types of dairy products, which include Milk, Ghee, Butter,
Milk powder, Curd, Yogurt, Cheese etc. it sells their products under the
brand of “Kwality”. For the
financial year 2017, the company has increased its revenue from operations as
compared to previous year but maintained average profit margin of 2.68%. The rating
takes into consideration strong financial risk profile of the company marked
by healthy networth base and average debt level. Rating also
derives strength from its experienced promoters, established track records of
business operations and improvement in the revenue as well as profitability
profile during the year. Trade
relations are reported as fair. Payments are seems to be regular. In view of established market position, the company can be considered good for normal 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
09.04.2018 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Short term rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
09.04.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.05.2018
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 [TEL. NO.: 91-11-47006500/ 716/ 47006600/
716/ 6600/ 48006516/ 651791-9582577200/ 71]
LOCATIONS
|
Registered Office/Corporate Office : |
KDIL House, F-82/ 84, 2nd Floor, Shivaji Place, Rajouri
Garden, New Delhi 110027, India |
|
Tel. No.: |
91-11-47006500 (100 Lines)/ 6516/ 11-47006600 (100 Lines)/ 716/ 11- 48006516/ 6517 |
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Mobile No.: |
91-9582577200 [Office] |
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Fax No.: |
91-11-25191800 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village Softa, Tehsil Palwal, Faridabad – 121 004,
Haryana, India |
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Tel. No.: |
91-129-2205323/ 2205332 |
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Fax No.: |
91-129-2205332 |
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Factory 2 : |
Bakra Mandi, Ajmer, Rajasthan, India |
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Factory 3 : |
Village Kumarherha, NH-73, Dehradun-Saharanpur Road, Saharanpur, Uttar Pradesh, India |
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Factory 4 : |
Khasra No. 902, Village Mumrejpur, Dibai, Bulandsaher Road, Bulandsaher, Uttar Pradesh, India |
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Factory 5: |
Village: Ram Nagar, Hardoi Road, Sitapur, Uttar Pradesh, India |
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Factory 6: |
Village: Jarar, Tehsil: Bah, District: Agra, Uttar Pradesh, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sanjay Dhingra |
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Designation : |
Managing Director |
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Address: |
House No - 14, Ground Floor, Road No - 8, Punjabi Bagh, New Delhi-110026, India |
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Date of Birth/Age : |
12.10.1970 |
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Qualification : |
Graduation |
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Date of Appointment : |
08.10.2015 |
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DIN No.: |
00025376 |
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Other Directorship:
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Name : |
Mr. Kuldeep Sharma |
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Designation : |
Whole-time Director |
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Address: |
Flat No.333, Plot No. 15, Great India Apartments, Dwarka, Sec-6, New Delhi 110075, India |
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Date of Appointment : |
25.10.2017 |
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DIN No.: |
07689428 |
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Other Directorship:
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Name : |
Mr. Manjit Dahiya |
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Designation : |
Whole Time Director |
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Address: |
House No 1157, Near Community Center, Sector 10-A, Gurugram- 122001, Haryana, India |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
07182188 |
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Name : |
Mr. Sidhant Gupta |
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Designation : |
Director |
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Address: |
X-12, 2nd Floor, Hauz Khas, New Delhi-110016, India |
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Date of Appointment : |
18.04.2011 |
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DIN No.: |
00555513 |
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|
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Name : |
Dr. Rattan Sagar Khanna |
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Designation : |
Director |
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Address: |
1153, Sector-28, Faridabad-121001, Haryana, India |
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Date of Birth/Age : |
12.04.1945 |
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Date of Appointment : |
08.10.2015 |
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DIN No.: |
03073914 |
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Name : |
Mrs. Ankita Mehrotra |
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Designation : |
Director |
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Address: |
112/205A, Svarup Nagar Nigam Kanpur 208001, Uttar Pradesh, India |
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Date of Appointment : |
23.01.2016 |
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DIN No.: |
07412370 |
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KEY EXECUTIVES
|
Name : |
Mr. Satish Kumar Gupta |
|
Designation : |
Chief Financial Officer |
|
Address : |
F-51, Ashok Vihar, Phase-1, New Delhi-110052, India |
|
Date of Appointment : |
04.07.2016 |
|
PAN No.: |
AEUPG2708P |
|
|
|
|
Name : |
Mr. Pradeep K Srivastava |
|
Designation : |
Company Secretary |
|
Address : |
H No. 328-2 F, Block-1, Ward 13, Green Field Colony, Faridabad-121003, Haryana, India |
|
Date of Appointment : |
29.05.2015 |
|
PAN No.: |
AZGPS6592J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
(A) Promoter & Promoter Group |
132154714 |
54.76 |
|
(B) Public |
109199668 |
45.24 |
|
|
|
|
|
Grand Total |
241354382 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
132154714 |
54.76 |
|
|
Sanajy Dhingra |
132154714 |
54.76 |
|
|
Sub Total A1 |
132154714 |
54.76 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
132154714 |
54.76 |
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 |
|
|
Alternate
Investment Funds |
930977 |
0.39 |
|
|
Foreign Portfolio
Investors |
12921190 |
5.35 |
|
|
Matthews Emerging
Asia Fund |
2533204 |
1.05 |
|
|
Financial Institutions/
Banks |
597740 |
0.25 |
|
|
Sub Total B1 |
14449907 |
5.99 |
|
|
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 |
30975794 |
12.83 |
|
|
Individual share
capital in excess of INR 0.200 Million |
18348619 |
7.60 |
|
|
Naveen Kumar Boga |
2615000 |
1.08 |
|
|
Sidhant Gupta |
5262232 |
2.18 |
|
|
Any Other
(specify) |
45425348 |
18.82 |
|
|
Bodies Corporate |
31637622 |
13.11 |
|
|
Bennet Colemen And
Company Limited |
3437419 |
1.42 |
|
|
Edelweiss Broking
Limited |
2464217 |
1.02 |
|
|
Trusts |
268400 |
0.11 |
|
|
Clearing Members |
5380934 |
2.23 |
|
|
Non-Resident
Indian (NRI) |
1548251 |
0.64 |
|
|
HUF |
4511730 |
1.87 |
|
|
IEPF |
2078411 |
0.86 |
|
|
Sub Total B3 |
94749761 |
39.26 |
|
|
B=B1+B2+B3 |
109199668 |
45.24 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturring, Processing and Sale of Milk, Milk Products and Dairy Products. (Registered Activity) |
|
|
|
|
Brand Names : |
· “Dairy Best” · “Kwality” |
|
|
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1047 (Approximately) |
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Bankers : |
·
Andhra Bank ·
Allahabad Bank ·
Bank of Baroda ·
Bank of India ·
Canara Bank ·
Central Bank of India ·
Corporation Bank ·
Dhanlaxmi Bank ·
IDBI Bank Limited ·
Syndicate Bank |
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Facilities : |
|
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|
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|
Statutory Auditors : |
|
|
Name : |
P.P Mukherjee and Associates Chartered Accountants |
|
|
|
|
Internal Auditor: |
|
|
Name : |
Raman Bhuraria and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company: |
Kwality Dairy Products FZE |
|
|
|
|
Enterprises on
which Key Managerial person having significant influence: |
· JTPL Townships Private Limited · Pashupati Dairies Private Limited · Kwality Dairy Investments Private Limited. · Sahyogi Foundation · Sahayogi Sanchaalan Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 1/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
237355554 |
Equity Shares |
INR 1/- each |
INR 237.356
Million |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the year
|
Equity shares |
As at 31st March, 2017 |
|
|
|
No. of Shares |
INR In Million |
|
Balance at the beginning of the year |
223911822 |
223.912 |
|
Add: Issued during the year |
13443732 |
13.444 |
|
Balance at
the end of the year |
237355554 |
237.356 |
Rights, preferences and restrictions
attached to equity and preference shares
The Company has only one class of equity shares having a par value of INR 1 per share. Each shareholder is eligible for one vote per share held.
The Company declares and pays dividend in Indian rupees.
In the event of liquidation of the Company, the equity share holders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding
Details of shareholder holding more than 5%
share capital
|
Name of the
equity shareholders |
As at 31st March, 2017 |
|
|
|
Number |
% |
|
Sanjay Dhingra |
152154714 |
64.10 |
|
Pashupati Dairies Private Limited |
14441693 |
6.08 |
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
237.356 |
223.912 |
218.730 |
|
(b) Reserves & Surplus |
9747.937 |
7406.630 |
5668.161 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
187.500 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
9985.293 |
7630.542 |
6074.391 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4999.961 |
2516.809 |
1454.597 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
102.756 |
0.000 |
0.000 |
|
(d)
long-term provisions |
27.024 |
18.322 |
13.906 |
|
Total
Non-current Liabilities (3) |
5129.741 |
2535.131 |
1468.503 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
9369.430 |
10328.619 |
9400.668 |
|
(b)
Trade payables |
867.422 |
393.359 |
511.386 |
|
(c)
Other current liabilities |
2078.405 |
1712.283 |
704.311 |
|
(d)
Short-term provisions |
24.017 |
8.986 |
388.191 |
|
Total
Current Liabilities (4) |
12339.274 |
12443.247 |
11004.556 |
|
|
|
|
|
|
TOTAL |
27454.308 |
22608.920 |
18547.450 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4298.157 |
638.815 |
606.861 |
|
(ii)
Intangible Assets |
13.422 |
13.868 |
0.408 |
|
(iii)
Capital work-in-progress |
66.215 |
1940.644 |
1183.622 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
190.275 |
190.275 |
190.275 |
|
(c) Deferred tax assets
(net) |
82.267 |
257.164 |
14.700 |
|
(d) Long-term Loan
and Advances |
33.304 |
12.327 |
880.182 |
|
(e)
Other Non-current assets |
2716.744 |
1644.201 |
16.736 |
|
Total
Non-Current Assets |
7400.384 |
4697.294 |
2892.784 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3109.185 |
1426.064 |
2645.786 |
|
(c)
Trade receivables |
13734.748 |
14191.855 |
11513.571 |
|
(d)
Cash and cash equivalents |
802.829 |
333.098 |
285.509 |
|
(e)
Short-term loans and advances |
73.179 |
218.809 |
1205.083 |
|
(f)
Other current assets |
2333.983 |
1741.800 |
4.717 |
|
Total
Current Assets |
20053.924 |
17911.626 |
15654.666 |
|
|
|
|
|
|
TOTAL |
27454.308 |
22608.920 |
18547.450 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
61312.655 |
56582.727 |
52691.710 |
|
|
|
Other Income |
133.066 |
294.194 |
113.963 |
|
|
|
TOTAL |
61445.721 |
56876.921 |
52805.673 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
49008.773 |
37239.327 |
38143.710 |
|
|
|
Purchases of Stock-in-Trade |
7768.871 |
13152.772 |
10749.198 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1671.468) |
1254.240 |
(968.979) |
|
|
|
Employees benefits expense |
378.543 |
358.251 |
234.863 |
|
|
|
Exist duty paid |
0.400 |
0.016 |
0.000 |
|
|
|
Other expenses |
1707.379 |
1110.374 |
1351.238 |
|
|
|
TOTAL |
57192.498 |
53114.980 |
49510.030 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4253.223 |
3761.941 |
3295.643 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1699.027 |
1483.176 |
1341.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2554.196 |
2278.765 |
1954.288 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
217.139 |
228.348 |
249.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2337.057 |
2050.417 |
1704.665 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
694.051 |
704.246 |
295.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1643.006 |
1346.171 |
1409.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Exports on FOB basics |
4089.828 |
7305.138 |
5302.060 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Plant & Machinery |
5.524 |
46.330 |
102.204 |
|
|
|
Purchase of Raw Material |
0.000 |
23.425 |
0.000 |
|
|
|
Purchase of Traded Goods |
3966.845 |
6992.203 |
4927.262 |
|
|
|
Consumables |
0.054 |
0.047 |
0.159 |
|
|
TOTAL IMPORTS |
3972.423 |
7062.005 |
5029.625 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
|
|
|
|
|
|
Basic |
6.97 |
6.15 |
6.84 |
|
|
|
Diluted |
6.94 |
6.0 |
6.79 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
715.586 |
500.089 |
123.076 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
1925.526 |
|
|
|
|
|
|
Cash flow from operating activities post working capital changes |
2057.348 |
512.495 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1605.032 |
87.048 |
1924.820 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
15719.840 |
16706.650 |
17732.710 |
|
Total Expenditure |
14633.880 |
15536.190 |
16458.260 |
|
PBIDT (Excl OI) |
1085.960 |
1170.460 |
1274.450 |
|
Other Income |
12.030 |
26.430 |
2.300 |
|
Operating Profit |
1097.990 |
1196.890 |
1276.740 |
|
Interest |
497.840 |
511.390 |
562.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
600.150 |
685.500 |
714.740 |
|
Depreciation |
237.900 |
343.170 |
345.540 |
|
Profit Before Tax |
362.250 |
342.330 |
369.200 |
|
Tax |
83.490 |
132.290 |
159.810 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
278.760 |
210.040 |
209.390 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
278.760 |
210.040 |
209.390 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
81.76 |
91.55 |
79.76 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.46 |
3.99 |
4.58 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
5.58 |
2.85 |
3.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.37 |
2.64 |
1.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.97 |
1.45 |
1.84 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.68 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.51 |
1.75 |
1.81 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.24 |
1.63 |
1.81 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.44 |
0.34 |
0.29 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.50 |
2.54 |
2.46 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.68 |
2.38 |
2.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.98 |
5.95 |
7.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
16.45 |
17.64 |
23.20 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.63 |
1.44 |
1.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.37 |
1.32 |
1.18 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.36 |
0.34 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
63.55 |
59.60 |
50.19 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.63 |
1.44 |
1.42 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1/- |
|
|
|
|
Market Value |
INR 52.00 |
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 |
218.730 |
223.912 |
237.356 |
|
Reserves & Surplus |
5668.161 |
7406.630 |
9747.937 |
|
Money received against share
warrants |
187.500 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6074.391 |
7630.542 |
9985.293 |
|
|
|
|
|
|
long-term borrowings |
1454.597 |
2516.809 |
4999.961 |
|
Short term borrowings |
9400.668 |
10328.619 |
9369.430 |
|
Current Maturities of Long
term debt |
123.076 |
500.089 |
715.586 |
|
Total
borrowings |
10978.341 |
13345.517 |
15084.977 |
|
Debt/Equity
ratio |
1.807 |
1.749 |
1.511 |
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 |
52691.710 |
56582.727 |
61312.655 |
|
|
|
7.384 |
8.359 |
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 |
52691.710 |
56582.727 |
61312.655 |
|
Profit |
1409.330 |
1346.171 |
1643.006 |
|
|
2.67% |
2.38% |
2.68% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G77473882 |
100155914 |
CANARA BANK |
30/12/2017 |
- |
- |
100000000.0 |
PARLIAMENT STREETNEW DELHIDL110001IN |
|
2 |
G52960861 |
100121632 |
ANDHRA BANK |
21/08/2017 |
- |
- |
50000000.0 |
M-35CONNAUGHT CIRCUS BRANCHNEW DELHIDL110001IN |
|
3 |
G29980984 |
100066167 |
UNION BANK OF INDIA |
01/09/2016 |
- |
- |
334769500.0 |
OVERSEAS BRANCH, D-26/28, CONNAUGHT PLACENEW DELHIDL110001IN |
|
4 |
G08658973 |
100042659 |
IL & FS TRUST COMPANY LIMITED |
24/06/2016 |
- |
- |
1000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN |
|
5 |
G08651408 |
100042519 |
IL & FS TRUST COMPANY LIMITED |
24/06/2016 |
- |
- |
2000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN |
|
6 |
G10028975 |
100046374 |
UNION BANK OF INDIA |
09/11/2015 |
- |
- |
597040200.0 |
OVERSEAS BRANCH, D-26/28, CONNAUGHT PLACENEW DELHIDL110001IN |
|
7 |
C64761570 |
10279542 |
BANK OF INDIA |
30/03/2011 |
24/08/2015 |
- |
11264300000.0 |
LARGE CORPORATE BRANCH, 10TH FLOOR, CHANDERLOKBUILDING, 36 JANPATHNEW DELHIDL110001IN |
|
8 |
G13910070 |
100038018 |
ANDHRA BANK |
22/06/2016 |
- |
26/09/2016 |
60000000.0 |
M-35, CONNAUGHT CIRCUS,NEW DELHIDL110001IN |
|
9 |
G08340655 |
100031769 |
MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED |
23/05/2016 |
- |
14/07/2016 |
300000000.0 |
GATEWAY BUILDING, APOLLO BUNDER,.MUMBAIMA400001IN |
|
10 |
C32976458 |
10433611 |
IDBI BANK LIMITED |
30/04/2013 |
- |
03/11/2014 |
300000000.0 |
INDIAN RED CROSS SOCIETY BUILDING1, RED CROSS ROAD, POST BAG NO. - 231NEW DELHIDL110001IN |
|
11 |
C32123606 |
10474018 |
ANDHRA BANK |
30/12/2013 |
- |
29/10/2014 |
2052600000.0 |
M- 35,CONNAUGHT CIRCUS,NEW DELHIDL110001IN |
|
12 |
C23312671 |
10483868 |
CORPORATION BANK |
29/01/2014 |
- |
18/09/2014 |
1250000000.0 |
CORPORATE FINANCE BRANCH, HINDUSTAN TIMES BUILDING10TH FLOOR, K.G MARG,NEW DELHIDL110001IN |
|
13 |
C22050124 |
10475942 |
IDBI BANK LIMITED |
03/02/2014 |
- |
16/09/2014 |
350000000.0 |
INDIAN RED CROSS SOCIETY BUILDING1, RED CROSS ROADNEW DELHIDL110001IN |
|
14 |
C23204811 |
10496580 |
CENTRAL BANK OF INDIA |
19/04/2014 |
- |
15/09/2014 |
1250000000.0 |
5, JEEVAN TARA BUILDING,PARLIAMENT STREETNEW DELHIDL110001IN |
|
15 |
C23208713 |
10470461 |
BANK OF INDIA |
06/12/2013 |
- |
01/09/2014 |
752900000.0 |
LARGE CORPORATE BRANCH, 10TH FLOORCHANDERLOK BUILDING, JANPATHNEW DELHIDL110001IN |
|
16 |
B73777211 |
10385769 |
BANK OF INDIA |
17/10/2012 |
- |
06/04/2013 |
600000000.0 |
LARGE CORPORATE BRANCH,PTI BUILDING, 4, PARLIAMENT STREETNEW DELHIDL110001IN |
|
17 |
B69546802 |
10387618 |
CORPORATION BANK |
01/11/2012 |
- |
27/02/2013 |
1000000000.0 |
CORPORATE BANKING BRANCH, 10TH FLOOR,HINDUSTAN TIMES HOUSE, 18/20, K G MARG,NEW DELHIDL110001IN |
|
18 |
B68817238 |
10372834 |
DHANLAXMI BANK LIMITED |
27/08/2012 |
- |
18/02/2013 |
500000000.0 |
DHANALAKSHMI BANK BUILDINGNAICKANALNAICKANALTRICHURKL680001IN |
|
19 |
B68308568 |
10394844 |
ALLAHABAD BANK |
03/12/2012 |
- |
13/02/2013 |
1000000000.0 |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR17, PARLIAMENT STREETNEW DELHIDL110001IN |
|
20 |
B68564111 |
10395879 |
BANK OF BARODA |
20/12/2012 |
- |
12/02/2013 |
200000000.0 |
CORPORATE FINANCIAL SERVICES BRANCH16, PARLIAMENT STREETNEW DELHIDL110001IN |
|
21 |
B36720308 |
10322487 |
ANDHRA BANK |
08/11/2011 |
- |
30/03/2012 |
950000000.0 |
M - 35,CONNAUGHT CIRCUS,NEW DELHIDL110001IN |
|
22 |
B37032281 |
10310426 |
BANK OF INDIA |
03/10/2011 |
- |
27/03/2012 |
1150000000.0 |
NEW DELHI LARGE CORPORATE BRANCHPTI BUILDING, 4 SANSAD MARGNEW DELHIDL110001IN |
|
23 |
B37033149 |
10248621 |
BANK OF INDIA |
29/09/2010 |
30/03/2011 |
27/03/2012 |
3900000000.0 |
LARGE CORPORATE BRANCHPTI BUILDING, 4 PARLIAMENT STREETNEW DELHIDL110001IN |
|
24 |
B36304277 |
10328051 |
DENA BANK |
14/12/2011 |
- |
26/03/2012 |
700000000.0 |
DENA CORPORATE CENTREE-13/29, HARSHA BHAWAN, CANNAUGHT CIRCUSNEW DELHIDL110001IN |
|
25 |
B35834233 |
10333211 |
DHANLAXMI BANK LIMITED |
18/01/2012 |
- |
23/03/2012 |
250000000.0 |
DHANALAKSHMI BANK BUILDINGNAICKANALNAICKANALTRICHURKL680001IN |
|
26 |
B14458517 |
10233584 |
BANK OF INDIA |
21/07/2010 |
- |
13/06/2011 |
750000000.0 |
LARGE CORPORATE BRANCHPTI BUILDING, 4 PARLIAMENT STREETNEW DELHIDL110001IN |
|
27 |
B12896643 |
10096730 |
STANDARD CHARTERED BANK |
08/04/2008 |
23/07/2009 |
25/05/2011 |
300000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
28 |
B12932612 |
10252046 |
BANK OF BARODA |
28/10/2010 |
- |
24/05/2011 |
650000000.0 |
LARGE CORPORATE BRANCH, GROUND FLOOR,BANK OF BARODA BLDG., 16, SANSAD MARG,NEW DELHIDL110001IN |
|
29 |
B13027982 |
10257272 |
ANDHRA BANK |
25/10/2010 |
- |
24/05/2011 |
600000000.0 |
M-35,CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
30 |
B12680690 |
10210569 |
ALLAHABAD BANK |
20/03/2010 |
- |
20/05/2011 |
500000000.0 |
INDUSTRIAL FINANCE BRANCH1ST FLOOR, 17, PARLIAMENT STREET,NEW DELHIDL110001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans |
|
|
|
From banks |
275.138 |
425.781 |
|
Less: current maturities of long term borrowings |
(73.084) |
(84.033) |
|
From others |
1484.115 |
1961.125 |
|
Less: current maturities of long term borrowings |
(404.560) |
(402.008) |
|
Debentures |
|
|
|
Compulsorily convertible debentures |
124.813 |
0.000 |
|
|
|
|
|
Total |
1406.422 |
1900.865 |
NATURE OF PRINCIPAL ACTIVITIES
The Company was incorporated on 21 August 1992. The Company is engaged in manufacturing/ processing and sale of milk, milk products and dairy products. The Company is listed both on Bombay Stock Exchange and National Stock Exchange. The Company is having manufacturing facility at Uttar Pradesh, Haryana and Rajasthan. The Company operates both in domestic and international markets. The registered office of the Company is situated at KDIL House, F-82, Shivaji Place, Rajouri Garden, New Delhi 110027, India.
COMPANY OVERVIEW
Kwality Ltd. (Kwality) was incorporated in 1992 as Kwality Dairy (India) Ltd. They are amongst India’s largest and fastest private dairy product companies with milk processing capacity of 4.3 million litres of milk per day. They have evolved into an integrated dairy based manufacturer, servicing retail and institutional customers, with a wide range of dairy products. Established as a backward integration unit of Kwality Ice Creams India Ltd, the Company was acquired by current promoter Mr. Sanjay Dhingra in the year 2002. During the period 2003-2010, the company focused on B2B business model, catering to Institutional and HORECA segments.
In 2010, as part of its backward integration initiative, the Company established its first milk Chilling Centre (MCC) in Haryana, to embark into B2C segment. Over the years, the Company continued to streamline its milk procurement system, strengthen its position in the North India and augment its capacities to widen the product range.
In 2014, having achieved significant scale and strong position in northern India, Kwality undertook a ‘Business Transformation’ initiative to strategically shift from its B2B business model towards B2C and develop capabilities for high-margin valueadded product categories. Kwality aims to become best-inclass consumer facing dairy company in India compliant with global standards.
Leading Private Equity firm Kohlberg Kravis Roberts & Co. (KKR) has agreed to invest INR 520 million in the Company, to be utilized towards capacity expansion for value-added products, debt consolidation, marketing and branding, and strengthening IT infrastructure. The Company has raised ` 300 crore as of now.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMIC
OVERVIEW
The Indian economy is growing strongly and remains a bright spot in the global landscape. The decline of global oil prices has boosted economic activity in India, further improved the external current account and fiscal positions, and helped lotheyr inflation. In addition, continued fiscal consolidation by reducing government deficits and an anti-inflationary monetary policy stance, have helped cement macroeconomic stability.
The government has made significant progress on important economic reforms, which will support strong and sustainable growth going forward. In particular, the implementation of the goods and services tax, which has been in the making for over a decade, will help raise India’s medium-term growth, as it will enhance the efficiency of production and movement of goods and services across Indian states.
India’s economy grew by 7.1% in fiscal 2016-17, as compared to the growth rate of 8% in FY 2015- 16. Inflation, both Wholesale Price Index (WPI) and Consumer Price Index (CPI), remained under control throughout FY 2016-17. The CPI inflation declined significantly from a high of 9.9% in FY 2012-13 to 4.5% in FY 2016-17. India also witnessed record food grain production in FY 2016-17 owing to a good rainfall during monsoon.
India’s overall outlook remains positive, although growth slowed temporarily as a result of disruptions in consumption and business activity from the recent withdrawal of high-denomination banknotes from circulation. The year was marked by a variety of institutional reforms such as the implementation of the Insolvency and Bankruptcy Code, creation of Monetary Policy Committee, redesigning of the FRBM framework, passage of GST, and the policy thrust towards a less-cash formal economy.
Foreign direct investment inflows also hit an all-time high of USD 60.1 billion in FY 2016-17 owing to the government’s initiative to ease rules to lure global conglomerates to set up shop across several sectors. In the last three years, the government has eased 87 FDI rules across 21 sectors to accelerate economic growth and boost jobs.
Further, shrugging off the impact of the note ban in November and December on purchasing power, the updated series of factory output showed a sharp growth. IIP grew by 5% during the fiscal as against 3.4% in FY 2015-16.
The Indian Meteorological Department (IMD) has forecasted that this year monsoon would be ‘Normal’ or around 96% of Long Period Average (LPA) with an error of ± 5% and with a fair distribution of rainfall across major parts of country. If the forecast holds, it will boost rural demand and also alleviate rural distress.
India has positioned itself as the most dynamic emerging economy and is expected to remain the fastest growing on the back of robust private consumption and significant domestic reforms gradually being implemented by the government.
DAIRY INDUSTRY OVERVIEW
Dairy sector contributes 27% to the agriculture GDP of India and involve over 70 mn rural households in dairying. The Indian dairy industry, presently valued at around INR 0.600 million. The overall industry is estimated to record 14.8% CAGR, over FY2015-20, to reach INR 0.900 million, underpinned by a growth in volume and realisation. India is the world’s largest milk producer and consumer, accounting for 18% of the world’s milk production and 21% for global consumption.
INFORMATION TECHNOLOGY
They have focused on strengthening their internal processes by building a strong information technology platform, with an intent to make IT as a key enabler in the entire transformation program. They have a strong focus toward automation, and are automating their sales and business processes to track performance on a real time basis. Information Technology will play a pivotal role in their transformation journey to become a best-in-class consumer facing dairy company in India, compliant with global standards. They have positioned information management as an integrator, aligning the all function with the ERP to boost faster decision-making backed by strong data analytics.
FUTURE OUTLOOK
Kwality is in the process of changing its business from a largely institutional-led to a consumer-facing model. With the transition in the business mix from a B2B commodity play towards a B2C branded player, the business moves from the vagaries of limited
margins, and higher working capital days, towards a consumer brand with stable to growing margins and relatively lower working capital cycle. They will be focusing on launching various new products catering to the increasing health needs of the Indian consumers. There is increased consumer interest in value-added products owing to a significant transformation and shift in dynamics having taken place in the Indian demographic scene.
With value-added products having higher margins compared to the liquid milk segment, the Company has shifted focus to addition of new products in its existing product line. The Company also plans to increase its share of milk procurement directly from farmers from the existing 22% to 50% over the next few years.
With its transformation to retail business, the Company will focus on enhancing the visibility of the mother brand ‘KDIL’s Kwality’, through aggressive marketing and brand building exercises.
A strong focus towards branding, launching new consumer products, expanding distribution reach and direct procurement to revamp from B2B to B2C business will drive returns ahead and improve leverage. Going forward, they expect the earnings growth to be healthy along with stronger returns ahead.
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31.12.2017
|
|
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
|
|
31.12.2017 [Unaudited] |
30.09.2017 [Unaudited] |
31.12.2017 [Unaudited] |
|
|
|
Income from
Operations |
|
|
|
|
1 |
|
a) Revenue from operations |
17732.706 |
16706.647 |
50159.193 |
|
|
|
b) Other Income |
2.297 |
26.429 |
40.757 |
|
|
Total Income from Operations
(Net) |
17735.003 |
16733.076 |
50199.950 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
13098.119 |
12392.063 |
38487.405 |
|
|
b) |
Purchase of Stock-in-trade |
1855.531 |
2185.730 |
4973.737 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
834.674 |
328.308 |
1285.331 |
|
|
d) |
Employee benefit expenses |
187.554 |
112.267 |
398.147 |
|
|
e) |
Finance Costs |
561.997 |
511.389 |
1571.227 |
|
|
f) |
Depreciation and amortization expense |
345.539 |
343.174 |
926.612 |
|
|
g) |
Excise duty expense |
0.000 |
0.000 |
0.231 |
|
|
h) |
Other expenses |
482.392 |
517.815 |
1483.480 |
|
|
Total Expenses |
17365.806 |
16390.746 |
49126.170 |
|
|
|
|
|
|
|
|
|
3 |
Profit Before Tax |
369.197 |
342.330 |
1073.780 |
|
|
|
|
|
|
|
|
|
4 |
Tax Expense |
|
|
|
|
|
|
Current tax |
185.776 |
132.198 |
415.472 |
|
|
|
Deferred tax |
(25.969) |
0.091 |
(39.885) |
|
|
|
Total tax expenses |
159.807 |
132.289 |
375.587 |
|
|
5 |
Net Profit for the period After Tax |
209.390 |
210.041 |
698.193 |
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income |
|
|
|
|
|
|
a) Items that will not be reclassified to profit and loss |
(0.065) |
(0.066) |
(0.196) |
|
|
|
b) Income tax relating to items that will not be reclassified to profit and loss |
0.023 |
0.022 |
0.068 |
|
|
|
Total Other Comprehensive Income |
(0.042) |
(0.044) |
(12.800) |
|
|
|
|
|
|
|
|
|
6 |
Total Comprehensive
Income |
209.348 |
209.997 |
698.065 |
|
|
|
|
|
|
|
|
|
7 |
Paid up equity
share capital (Eq. shares of INR 1/-
each) |
237.970 |
237.959 |
237.970 |
|
|
8 |
Earnings per share
(before/after extraordinary items) of
INR 10/- each |
|
|
|
|
|
|
Basic |
0.88 |
0.87 |
2.92 |
|
|
|
Diluted |
0.88 |
0.85 |
2.92 |
|
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of the directors of the Company at their respective meeting held on 12 February 2018. The statutory auditors of the Company have carried out 'Limited review' of the results for the quarter and nine month ended 31 December 2017.
2. In accordance with the requirements of the Accounting Standard 17
"Segment Reporting", the Company's business consists of one
reportable business segment i.e., "Manufacturing & Processing of Milk
& Milk Products" hence no separate disclosures pertaining to
attributable Revenue, Profits, Assets, Liability, Capital Employed are given.
3. During the Third Quarter Company in its Securities Allotment Committee
meeting held on 20 December 2017 allotted 10,700 equity shares pursuant to
exercise of stock option under "Kwality Employee Stock Option Plan
2014".
4. During the third quarter Company in its Remuneration, Compensation and
Humiliation Committee meeting held on 20 December 2017 cancelled 19,400 stock
options in accordance to "Kwality Employee Stock Option Plan 2014".
5. The figures for the quarter ended 31 December 2017 are the balancing figures
between unaudited figures for the Six Month period ended 30 September 2017 and
Nine month period ended 31 December 2017.
6. During the quarter the Company has provided interest on Income Tax dues of
previous years.
7. Income Tax Department initiated proceedings under section 132 of the Income
Tax Act, 1961 on the company and select directors in previous quarter. So far
no order has been received from income tax department, hence the impact, if
any, on the Financial Results for the period ended 31 December 2017, is
currently not ascertainable.
8. According to schedule III of the Companies Act 2013, sales for the period
upto 30 June 2017 and earlier periods in these financial results are inclusive
of excise duty. Consequent to applicability of Goods and Service Tax (GST)
w.e.f. 1 July 2017, sales are net of GST in accordance with the requirement of
IND AS-18 "Revenue"
9. The figures for the previous periods have been regrouped/ rearranged
wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Milk cess disputed by the company relating to issue of applicability against which the company has preferred an SLP against the order of Punjab & Haryana High Court before Hon’ble Supreme Court of India. A liability of Cess principal amounting INR 39.652 million from which a sum of INR 187.65 lacs (previous year INR 16.909 million) deposited under protest and a sum of INR 255.295 million on account of interest liability raised by Semen Bank officer, of Haryana Livestock Development Board for which the matter is already before Hon’ble Supreme Court. |
276.182 |
217.257 |
|
A civil recovery suit has been filed by S.M. Milkose Limited regarding dispute in supply of material which is disputed by the Co. & is pending before The Hon’ble High Court of Delhi. |
15.697 |
15.697 |
|
Appeal under Food Safety Act, 2006 , Kwality Limited and others versus Food Safety officer, Sh. Chander Veer Singh Jadon, Kota, Rajasthan |
0.050 |
0.000 |
|
Sales Tax Matters in Appellate Authorities |
|
5.729 |
|
DEPB Credit matter in CESTAT tribunal |
6.944 |
6.944 |
|
Contingent Liability for Bank Guarantee |
58.744 |
66.055 |
|
Contingent Liability under EPCG License |
64.724 |
59.334 |
|
Corporate Guarantee given on behalf of wholly owned subsidiary |
2042.416 |
2089.486 |
FIXED ASSETS:
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicles and Motor Cars
- Copyrights
- Software’s
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 68.01 |
|
UK Pound |
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
ARC |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.