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|
MIRA INFORM REPORT
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Report No. : |
509146 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
GODFREY PHILLIPS INDIA LIMITED |
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Registered
Office : |
‘Macropolo Building’ Ground Floor, Next To Kala Chowky P. O., Dr.
Babasahesb Ambedkar Road, Lalbaug, Mumbai-400033, Maharashtra |
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Tel. No.: |
91-22-61952300 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
03.12.1936 |
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Com. Reg. No.: |
11-008587 |
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Capital
Investment / Paid-up Capital : |
INR 103.988 Million |
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CIN No.: [Company Identification
No.] |
L16004MH1936PLC008587 |
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IEC No.: [Import-Export Code No.] |
0588034495 |
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GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
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TIN No : |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08521C |
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PAN No.: [Permanent Account No.] |
AABCG4768K |
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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 of cigarettes and chewing products and in trading of tobacco products, tea and other retail products. (Registered Activity) |
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No. of Employees
: |
1005 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 45480000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1936 and it is engaged in manufacturing of cigarettes and chewing products. It is also trades in tobacco products, tea and other retail products As per financials of March 2017, the company has registered a marginal growth in its revenue and has reported average profit margin of 3.10%. Rating takes into consideration the company’s healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the long established track record of business operations and comfortable market position. Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 829.45 against its face value of INR 2.) However, ratings strength is partially offset by geographical concentration in revenue, exposure to intense competition and susceptibility to changes in regulations. Payments seems to be regular. In view of aforesaid, the company 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 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
22.08.2017 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
22.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 26.05.2018
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.
LOCATIONS
|
Registered Office : |
‘Macropolo Building’ Ground Floor, Next To Kala Chowky P. O., Dr.
Babasahesb Ambedkar Road, Lalbaug, Mumbai-400033, Maharashtra, India |
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Tel. No.: |
91-22-61952300/ 27646200 |
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Fax No.: |
91-22-61952319 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office 1 : |
49, Community Centre, New Friends Colony, New Delhi – 110065, India |
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Tel. No.: |
91-11-26832155/ 61119300 |
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Fax No.: |
91-11-26840775/ 26835803 |
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Corporate Office 2: |
14, Omaxe Square, Jasola District Centre, New Delhi – 110025, India |
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Factory : |
Chakala, Andheri (East), Mumbai-400099, Maharashtra India |
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Plant Locations : |
Guldhar (Cigarette) : International Tobacco Company Limited, Delhi-Meerut Road, Guldhar,
Ghaziabad - 201001, Uttar Pradesh, India Rabale : (Cigarette) Plot No. 19, MIDC, TTC Industrial Area, Rabale, Navi Mumbai – 400701, Maharashtra,
India Mumbai (Metro) (Cigarette) : Ist Floor, Suvarna House, Ramkrishna Chembur Marg, Behind BPCL
Refineries, Mahul, Chembur, Mumbai – 400074, Maharashtra, India |
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Leaf Division : |
D. No. 3-30-15, Beside Harika Apartments Nalanda Nagar,
Ring Road, Guntur-522006, Andhra Pradesh, India |
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Branch Offices : |
Located at: ·
Ahmedabad ·
Chandigarh ·
Ghaziabad ·
Hyderabad ·
Kolkata ·
Mumbai ·
Navi Mumbai ·
New Delhi ·
Singapore |
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Sales Offices : |
Located at: · Chennai · Delhi · Chandigarh · Jaipur · Hyderabad · Kolkata · Ahmedabad · Mumbai |
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Overseas Office : |
Located at :
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DIRECTORS
As on 31.03.2018
|
Name : |
Dr. Lalit Bhasin |
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Designation : |
Director |
|
Address : |
10, Hailey Road, 10th Floor, Dakshineshwar Building, New
Delhi-110001, India |
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Date of Birth/Age : |
19.01.1939 |
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Date of Appointment : |
31.03.1986 |
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DIN No. : |
00001607 |
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Name : |
Mr. R. A. Shah |
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Designation : |
Chairman |
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Address : |
Panorama , 2nd Floor, 202, Walkeshwar Road, Mumbai- 400006,
Maharashtra, India |
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Date of Birth/Age : |
07.07.1931 |
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Qualification : |
Solicitor |
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Date of Appointment : |
07.06.1969 |
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DIN No. : |
00009851 |
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Name : |
Mr. Kishan Kumar Modi |
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Designation : |
President and Managing Directors |
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Address : |
A-1, Maharani Bagh, New Delhi-110065, India |
|
Qualification : |
B.Sc., Advanced Management Programme from Harvard Business School,
Boston |
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Date of Birth/Age : |
27.08.1940 |
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Date of Appointment : |
14.08.2012 |
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DIN No. : |
00029407 |
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Name : |
Mr. Samir Kumar Modi |
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Designation : |
Executive Director |
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Address : |
A-1, Maharani Bagh, New Delhi-110065, India |
|
Date of Birth/Age : |
15.12.1969 |
|
Qualification : |
B.A. from Delhi University. Owner / President Management -
Programme from Harvard. |
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Date of Appointment : |
01.09.2013 |
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DIN No. : |
00029554 |
|
|
|
|
Name : |
Ms. Bina Modi |
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Designation : |
Director |
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Address : |
A-1, Maharani Bagh, New Delhi-110065, Delhi, India |
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Date of Birth/Age : |
10.09.1944 |
|
Date of Appointment : |
23.09.2014 |
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DIN No. : |
00048606 |
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|
|
|
Name : |
Mr. Anup N. Kothari |
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Designation : |
Director |
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Address : |
D- 1056, New Friends Colony, New Delhi-110065, India |
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Date of Birth/Age : |
03.09.1939 |
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Date of Appointment : |
15.03.1989 |
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DIN No. : |
00294737 |
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|
|
|
Name : |
Mr. Atul Kumar Gupta |
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Designation : |
Director |
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|
Name : |
Mr. Ruchir Kumar Modi |
|
Designation : |
Director |
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Qualification : |
Bachelor’s Degree in Global
Business Management from the Regent University, London |
|
Date of Appointment : |
19.03.2016 |
|
DIN No.: |
07174133 |
|
|
|
|
Name : |
Mr. Sharad Aggarwal |
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Designation : |
Director |
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Address : |
T-303, Parsvnath Residency, Sector 51, Noida -201303, Uttar Pradesh, India |
|
Qualification : |
B.E. (Electronics) PGDBM, IMT Ghaziabad (Gold Medalist) Advanced Management Programme, Harvard University |
|
Date of Appointment : |
01.10.2017 |
|
DIN No.: |
07438861 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Agrawal |
|
Designation : |
Chief Financial Officer |
|
Address : |
B-13, Tara Apartments, Kalkaji, New Delhi- 110019, India |
|
PAN No : |
AACPA5574F |
|
Date of Appointment : |
28.05.2014 |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
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Designation : |
Company Secretary |
|
Address : |
63, Saakshara Apartments A - 3, Paschim Vihar, New Delhi – 110063, India |
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PAN No : |
AAAPG1042Q |
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Date of Appointment : |
01.11.2008 |
MAJOR SHAREHOLDERS
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 % of |
|
|
(A) Promoter & Promoter Group |
37534786 |
72.19 |
|
|
(B) Public |
14459134 |
27.81 |
|
|
Grand Total |
51993920 |
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 (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
22950 |
0.04 |
|
|
Divya Tongya |
11500 |
0.02 |
|
|
Ritika N Rungta |
5440 |
0.01 |
|
|
Krishan Kumar Modi |
2000 |
0.00 |
|
|
Samir Modi |
2000 |
0.00 |
|
|
Ruchir Kumar Lalit Modi |
2000 |
0.00 |
|
|
Charu Modi |
10 |
0.00 |
|
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Any Other (Specify) |
24461361 |
47.05 |
|
|
K K Modi Investment And Financial Services Private Limited |
15196660 |
29.23 |
|
|
Good Investment (India) Limited |
4309220 |
8.29 |
|
|
Quick Investment (India) Limited |
2235800 |
4.30 |
|
|
Super Investment (India) Limited |
527260 |
1.01 |
|
|
Spicebulls Investments Limited |
83591 |
0.16 |
|
|
Longwell Investment Private Limited |
80000 |
0.15 |
|
|
Swasth Investment Private Limited |
80000 |
0.15 |
|
|
Motto Investment Private Limited |
79000 |
0.15 |
|
|
Hma Udyog Private Limited |
68000 |
0.13 |
|
|
Upasana Investment Private Limited |
450 |
0.00 |
|
|
K K Modi & Bina Modi Trustees -Indofil Senior Executives (Offices) Welfare Trust |
386280 |
0.74 |
|
|
K K Modi & Bina Modi Trustees - Indofil Junior Employees (Factory) Welfare Trust |
380000 |
0.73 |
|
|
K K Modi & Bina Modi Trustees - Indofil Junior Employees (Offices) Welfare Trust |
308560 |
0.59 |
|
|
K K Modi & Bina Modi Trustees - Indofil Senior Executives (Factory) Welfare Trust |
308560 |
0.59 |
|
|
K K Modi & Bina Modi Trustees Indofil Senior Executives (Factory) Benefit Trust |
141360 |
0.27 |
|
|
K K Modi & Bina Modi Trustees - Indofil Junior Employees (Offices) Benefit Trust |
108220 |
0.21 |
|
|
K K Modi & Bina Modi Trustees - Indofil Junior Employees (Factory) Benefit Trust |
100560 |
0.19 |
|
|
Kedarnath Modi (Trustee) Modi Spg.& Wvg Mills Co. Ltd. (Headoffice) Employees Welfare Trust |
45000 |
0.09 |
|
|
K K Modi & Bina Modi Trustees Indofil Senior Executives (Offices) Benefit Trust |
22840 |
0.04 |
|
|
Sub Total A1 |
24484311 |
47.09 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (Specify) |
13050475 |
25.10 |
|
|
Philip Morris Global Brands Inc. |
13050475 |
25.10 |
|
|
Sub Total A2 |
13050475 |
25.10 |
|
|
A=A1+A2 |
37534786 |
72.19 |
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 |
||
|
Mutual Funds/ |
748962 |
1.44 |
|
|
Foreign Portfolio Investors |
6200126 |
11.92 |
|
|
National Westminster Bank Plc As Trustee Of The Jupiter India Fund |
3667722 |
7.05 |
|
|
Jupiter South Asia Investment Company Limited - South Asia Access Fund |
953409 |
1.83 |
|
|
Financial Institutions/ Banks |
57909 |
0.11 |
|
|
Any Other (specify) |
1500 |
0.00 |
|
|
Sub Total B1 |
7008497 |
13.48 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/ President of India |
24000 |
0.05 |
|
|
Sub Total B2 |
24000 |
0.05 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
5519585 |
10.62 |
|
|
Individual share capital in excess of INR 0.200 Million |
604500 |
1.16 |
|
|
Any Other (specify) |
1302552 |
2.51 |
|
|
IEPF |
178090 |
0.34 |
|
|
Trusts |
15485 |
0.03 |
|
|
Foreign Nationals |
2432 |
0.00 |
|
|
HUF |
174043 |
0.33 |
|
|
Non-Resident Indian (NRI) |
167165 |
0.32 |
|
|
Unclaimed or Suspense or Escrow Account |
211550 |
0.41 |
|
|
Clearing Members |
56263 |
0.11 |
|
|
Bodies Corporate |
469524 |
0.90 |
|
|
Director or Director's Relatives |
28000 |
0.05 |
|
|
Sub Total B3 |
7426637 |
14.28 |
|
|
B=B1+B2+B3 |
14459134 |
27.81 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of cigarettes and chewing products and in trading of tobacco products, tea and other retail products. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1005 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase-II,
Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-6792000 |
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Fax No.: |
91-124-6792012 |
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|
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Internal Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary companies : |
·
International Tobacco Company Limited (CIN -
U16000MH1964PLC013915) ·
Chase Investments Limited (CIN -
U74899DL1984PLC017448) ·
Unique Space Developers Limited (CIN -
U70100MH1988PLC046854) ·
Gopal Krishna Infrastructure & Real Estate
Limited ·
(CIN - U45200DL2006PLC156875) ·
Friendly Reality Projects Limited (Formerly
known as Kashyap Metal & Allied Industries Limited) (CIN -
U74899DL1973PLC006528) ·
Rajputana Infrastructure Corporate Limited ·
Godfrey Phillips Middle East DMCC ·
Flavors And More, Inc. |
|
|
|
|
Entities of which
the Company is an associate : |
·
Philip Morris Global Brands ·
K K Modi Investment and Financial Service Private
Limited |
|
|
|
|
Associates : |
·
Success Principles India Limited, an associate of
the Company ·
IPM India Wholesale Trading Private Limited, an
associate of the Company ·
KKM Management Centre Private Limited, an
associate of the Company |
|
|
|
|
Enterprises over which key management personnel and their relatives
are able to exercise significant influence : |
·
Modicare Limited ·
Beacon Travels Private Limited ·
Indofil Industries Limited ·
HMA Udyog Private Limited ·
Bina Fashion N Food Private Limited ·
Modicare Foundation ·
Priyal Hitay Nidhi ·
Colorbar Cosmetics Private Limited ·
Gujarmal Modi Science Foundation ·
Modi Healthcare Placement India Private Limited ·
Modi Innovative Education Society ·
International Research Park Laboratories Limited ·
Rajputana Fertilizers Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122000000 |
Equity Shares |
INR 02/- each |
INR 244.0000 Million |
|
60000 |
Preference shares |
INR 100/- each |
INR 6.000 Million |
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51993920 |
Equity Shares |
INR 02/- each |
INR 103.988 Million |
|
|
|
|
|
(i) There has been no movement in the equity shares in the current and previous year.
(ii) The Company has only one class of equity shares having a par value of INR 2 per share. Each holder of equity shares is entitled to one vote per
share.
The Company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. The Board may from time to
time pay to the members such interim dividends as appear to it to be justified
by the profits of the Company.
(iii) Shares held by each
shareholder holding more than 5% :
|
Name of Shareholders |
Number of Shares |
% holding |
|
Philip Morris Global Brands Inc. |
13050475 |
25.10% |
|
K K Modi Investment and Financial Services Private Limited |
15196660 |
29.23% |
|
Good Investment (India) Limited |
4309220 |
8.29% |
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 |
103.988 |
103.988 |
103.988 |
|
(b) Reserves & Surplus |
15814.313 |
14992.391 |
12822.191 |
|
(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 |
15918.301 |
15096.379 |
12926.179 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
265.040 |
312.525 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4.303 |
2.810 |
2.615 |
|
(d) long-term
provisions |
569.871 |
523.541 |
474.581 |
|
Total Non-current Liabilities
|
574.174 |
791.391 |
789.721 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
462.193 |
527.340 |
1753.039 |
|
(b) Trade
payables |
1633.293 |
1259.786 |
1512.328 |
|
(c) Other
current liabilities |
2116.853 |
2609.827 |
2817.276 |
|
(d) Short-term
provisions |
93.831 |
123.035 |
641.053 |
|
Total Current
Liabilities |
4306.170 |
4519.988 |
6723.696 |
|
|
|
|
|
|
TOTAL |
20798.645 |
20407.758 |
20439.596 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6609.459 |
6618.259 |
6303.768 |
|
(ii)
Intangible Assets |
111.992 |
91.408 |
53.805 |
|
(iii)
Capital work-in-progress |
127.049 |
485.376 |
651.574 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4097.219 |
3410.971 |
3186.342 |
|
(c) Deferred tax assets (net) |
17.988 |
118.552 |
165.250 |
|
(d) Long-term Loan and Advances |
64.707 |
70.589 |
421.111 |
|
(e) Other
Non-current assets |
312.803 |
349.731 |
0.000 |
|
Total Non-Current
Assets |
11341.217 |
11144.886 |
10781.850 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
903.412 |
547.809 |
37.500 |
|
(b)
Inventories |
5773.173 |
6663.270 |
7382.634 |
|
(c) Trade
receivables |
1753.694 |
1036.146 |
1298.175 |
|
(d) Cash
and cash equivalents |
272.173 |
259.593 |
251.424 |
|
(e)
Short-term loans and advances |
14.398 |
35.236 |
489.668 |
|
(f) Other
current assets |
740.578 |
720.818 |
198.345 |
|
Total
Current Assets |
9457.428 |
9262.872 |
9657.746 |
|
|
|
|
|
|
TOTAL |
20798.645 |
20407.758 |
20439.596 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
43965.899 |
42619.555 |
25864.301 |
|
|
Other Income |
462.220 |
368.078 |
327.755 |
|
|
TOTAL
|
44428.119 |
42987.633 |
26192.056 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5985.751 |
5515.077 |
5717.238 |
|
|
Purchases of Stock-in-Trade |
5532.608 |
4958.450 |
5595.292 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(34.657) |
21.301 |
(379.007) |
|
|
Excise Duty |
21312.708 |
19366.914 |
0.000 |
|
|
Employees benefits expense |
2340.729 |
2382.920 |
2486.944 |
|
|
Other expenses |
6337.450 |
7163.545 |
8843.655 |
|
|
TOTAL |
41474.589 |
39408.207 |
22264.122 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
2953.530 |
3579.426 |
3927.934 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34.500 |
101.162 |
191.381 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2919.030 |
3478.264 |
3736.553 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
941.282 |
1022.049 |
1022.565 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1977.748 |
2456.215 |
2713.988 |
|
|
|
|
|
|
|
Less |
TAX |
614.214 |
739.573 |
883.144 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1363.534 |
1716.642 |
1830.844 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
26.22 |
33.02 |
35.21 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
259.400 |
503.868 |
700.056 |
|
Cash generated from operations |
3029.610 |
3975.739 |
1534.488 |
|
Net cash flows from (used in) operating activity |
2493.134 |
3260.262 |
631.390 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
10390.800 |
6542.800 |
6122.400 |
|
Total Expenditure |
10339.300 |
5632.900 |
5206.100 |
|
PBIDT (Excl OI) |
51.500 |
909.900 |
916.300 |
|
Other Income |
136.800 |
166.400 |
80.800 |
|
Operating Profit |
188.300 |
1076.300 |
997.100 |
|
Interest |
4.100 |
3.500 |
3.200 |
|
Exceptional Items |
NA |
NA |
200.000 |
|
PBDT |
184.200 |
1072.800 |
1193.900 |
|
Depreciation |
233.300 |
236.700 |
246.600 |
|
Profit Before Tax |
(49.100) |
836.100 |
947.300 |
|
Tax |
(17.700) |
248.100 |
327.400 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(31.400) |
588.000 |
619.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(31.400) |
588.00 |
619.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
14.56 |
8.87 |
18.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
25.07 |
41.13 |
19.92 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
51.76 |
43.90 |
48.80 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.51 |
0.54 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.43 |
0.50 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.22 |
0.26 |
0.38 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.05 |
0.09 |
0.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.27 |
0.30 |
0.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.43 |
0.48 |
0.54 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
85.61 |
35.38 |
20.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.10 |
4.03 |
7.08 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
6.56 |
8.41 |
8.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.57 |
11.37 |
14.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.20 |
2.05 |
1.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.86 |
0.58 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.77 |
0.74 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
6.94 |
12.47 |
26.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.20 |
2.05 |
1.44 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 02.00/- |
|
Market Value |
INR 829.45/- |
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 |
103.988 |
103.988 |
103.988 |
|
Reserves & Surplus |
12822.191 |
14992.391 |
15814.313 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12926.179 |
15096.379 |
15918.301 |
|
|
|
|
|
|
long-term borrowings |
312.525 |
265.040 |
0.000 |
|
Short term borrowings |
1753.039 |
527.340 |
462.193 |
|
Current maturities of
long-term debts |
700.056 |
503.868 |
259.400 |
|
Total
borrowings |
2765.620 |
1296.248 |
721.593 |
|
Debt/Equity
ratio |
0.214 |
0.086 |
0.045 |
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 |
25864.301 |
42619.555 |
43965.899 |
|
|
|
64.781 |
3.159 |
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 |
25864.301 |
42619.555 |
43965.899 |
|
Profit |
1830.844 |
1716.642 |
1363.534 |
|
|
7.08% |
4.03% |
3.10% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
103.988 |
103.988 |
|
(b) Reserves & Surplus |
|
16500.484 |
15655.010 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
404.589 |
441.354 |
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
17009.061 |
16200.352 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
265.040 |
|
(b) Deferred tax liabilities
(Net) |
|
98.852 |
0.000 |
|
(c) Other long term
liabilities |
|
4.343 |
2.850 |
|
(d) long-term provisions |
|
634.158 |
579.816 |
|
Total
Non-current Liabilities (3) |
|
737.353 |
847.706 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
474.501 |
546.994 |
|
(b) Trade payables |
|
1569.268 |
1211.769 |
|
(c) Other current liabilities |
|
2183.843 |
2653.515 |
|
(d) Short-term provisions |
|
102.610 |
132.521 |
|
Total
Current Liabilities (4) |
|
4330.222 |
4544.799 |
|
|
|
|
|
|
TOTAL |
|
22076.636 |
21592.857 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
6885.289 |
6905.544 |
|
(ii) Intangible Assets |
|
114.283 |
93.699 |
|
(iii) Capital work-in-progress |
|
132.419 |
487.621 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4150.050 |
3482.026 |
|
(c) Deferred tax assets (net) |
|
0.000 |
2.017 |
|
(d) Long-term Loan and Advances |
|
70.322 |
73.640 |
|
(e) Other Non-current assets |
|
352.581 |
389.370 |
|
Total
Non-Current Assets |
|
11704.944 |
11433.917 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
921.738 |
564.634 |
|
(b) Inventories |
|
6517.026 |
7378.649 |
|
(c) Trade receivables |
|
1789.763 |
1079.305 |
|
(d) Cash and cash equivalents |
|
314.663 |
311.883 |
|
(e) Short-term loans and
advances |
|
17.424 |
29.808 |
|
(f) Other current assets |
|
811.078 |
794.661 |
|
Total
Current Assets |
|
10371.692 |
10158.940 |
|
|
|
|
|
|
TOTAL |
|
22076.636 |
21592.857 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
44127.322 |
42673.831 |
|
|
Other Income |
|
463.635 |
369.175 |
|
|
TOTAL
|
|
44590.957 |
43043.006 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
5986.026 |
5515.077 |
|
|
Purchases of Stock-in-Trade |
|
5553.585 |
4958.454 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(61.361) |
22.012 |
|
|
Excise Duty |
|
21312.708 |
19366.914 |
|
|
Employees benefits expense |
|
2641.663 |
2641.818 |
|
|
Other expenses |
|
6154.982 |
6934.378 |
|
|
Share of profit of associates |
|
(2.416) |
(3.515) |
|
|
TOTAL |
|
41585.187 |
39435.138 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
3005.770 |
3607.868 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
35.642 |
101.319 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2970.128 |
3506.549 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
978.364 |
1067.878 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
1991.764 |
2438.671 |
|
|
|
|
|
|
|
Less |
TAX |
|
623.065 |
742.053 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
1368.699 |
1696.618 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
26.32 |
32.63 |
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 |
No |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
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] |
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 |
CORPORATE INFORMATION
The Company is a public limited company incorporated in India and listed on the Bombay Stock Exchange and the National Stock Exchange. The Company is engaged in manufacturing of cigarettes and chewing products and in trading of tobacco products, tea and other retail products.
The address of its registered office is 'Macropolo
Building', Ground Floor, Next to Kala Chowky Post Office, Dr. Babasaheb
Ambedkar Road, Lalbaug, Mumbai - 400033 and the address of its corporate office
is Omaxe Square, Plot No.14, Jasola District Centre, Jasola, New Delhi -
110025.
SEGMENTWISE PERFORMANCE IN 2016-2017 Cigarettes The legal cigarette industry faced yet another challenging year. On one hand it faces competition from lightly taxed tobacco products like bidis, chewing tobacco, gutkha, etc. and on the other hand the illicit cigarette market continues to grow unabated. Despite these constraints, your Company was able to maintain its domestic sale volumes at the last year’s level though the share of economy segment of 64mm brands has increased at the cost of its 69mm brands. This was made possible by your Company’s relentless pursuit of value creation through new product launches with capsule filters and other differentiations. Your Company will continue to pursue growth by focusing on portfolio expansion to accommodate varying consumer preferences and by increasing its geographic footprint through expanded distribution infrastructure, accelerated digital capabilities and cost optimization.
Tea The domestic packaged and bulk tea business achieved a turnover of Rs. 105 crores which was slightly better than previous year. Your Company continued to focus on regional consumer taste preferences to drive demand of its products across its key markets. This approach augmented with strengthened feet on street for better sales reach, has resulted in consistency in sales despite stiff competition from local brands. In an effort to drive long-term growth, your Company invested in modernization of its Bazpur (Uttarakhand) manufacturing unit with the aim to enhance its compliance to regulatory, safety and quality standards. To further accelerate the growth momentum, your Company will continue to focus on consumer and trade preferences and better availability of its products through targeted consumer engagement, acquisition and loyalty and use of digital media. Your Company received the award for the ‘BEST COMPANY IN FOOD SAFETY’ at the ASSOCHAM Food Excellence Awards, 2017.
Chewing Products Your Company’s Chewing Products business
showcases a breakthrough year with a record 70% growth in sales revenue,
growing from Rs. 151 crores to Rs. 258 crores in 2016-17. It was a year in
which your Company made significant inroads into capturing market share in both
the premium and mid-premium segments of the Pan Masala Industry and laid the
platform for continuous growth across 2017-18 as well. Your Company believes in
the process of constant improvement and unrelenting consumer focus, and will
continue to deliver consistently high quality products to the consumers by
understanding his unfulfilled needs. Through consistent delivery of a high
quality product supported by efficiency in distribution and consumer
acquisition, your company was not only able to capture a majority segment share
in Gujarat, but also developed newer geographies like Odisha, Jharkhand and
West Bengal which constituted 35% of national volumes.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC ENVIRONMENT
In 2016, the growth in global economy was better but not good enough to turnaround the global economy. IMF estimated the global growth at 3.1% in 2016 and forecasts it to be 3.5% in 2017. Economic activity increased in the US as consumer spending and exports increased over last year. All European economies had slow but consistent growth in 2016. Within the developing economies, China’s slowdown stabilized at 6.7%, due to policy support, unlike the slowdown expected last year. Russia and Brazil also appear to be coming out of the doldrums. India continues to remain the poster boy of economic growth globally. Most of the global central banks are expected to hold on to interest rates, thereby keeping inflation under control and accelerate consumer spending.
India is one of the fastest growing key economies in the world and is expected to grow at 7.4% in 2017-18. The current government has successfully introduced structural reforms such as demonetisation and GST to boost the Indian economy. Demonetisation had a mixed impact on the economy, however it promises to be a big step towards a digital economy. The most significant reform is GST that has amalgamated the different tax markets in India into one single tax market. It is the most fundamental and far reaching indirect tax reforms that have happened in decades. Even with some potential imperfections, it can usher in quantum leap in transaction trails and logistic efficiencies.
Corporate earnings in India are expected to grow by over 20%
in FY 2017-18 in the backdrop of digital push and ‘Make in India’ initiatives
apart from various infrastructure development initiatives like road, transport,
energy and ‘smart cities’ projects, etc. Comfortable liquidity, benign
inflation outlook, lower net borrowings by the government, stable currency and
various legal reforms are expected to define a path of sustainable growth.
India is expected to be the third largest consumer economy worth US$ 4 trillion
by 2025, as per a Boston Consulting Group (BCG) report. We are indeed placed in
very good times, where the economic and social benefits will accrue to all
Indians.
TOBACCO INDUSTRY
In 2016, Euromonitor, a global business intelligence provider estimated the global cigarettes industry at 5.5 trillion sticks worth about US$ 700 billion and growing at 2%. The cigarette volumes declined by 3% in 2016 driven largely by decline in China and developed markets. In India, the industry managed to reverse the volume decline that was a trend for the last few years which was driven by steep tax hikes.
Globally the Electronic Vaping Devices (EVDs) accounted for
US$10 billion in 2016, while ‘heated and not burn’ tobacco segment represented
a further US$2 billion. The category as a whole is forecast to grow to US$34
billion by 2021. Your Company is already present in EVD segment through select
products in a few markets and has ambitious plans both for the domestic and international
markets.
Tobacco in India is an extremely important sector as it provides livelihood to over 45 million people. India is the second largest global producer of tobacco. Tobacco and tobacco products contribute more than Rs. 30,000 crores to the country’s exchequer annually. It should be mentioned that more than 85% of this government revenue is from cigarettes despite having a mere 15% share in total tobacco consumption in India. Successive annual excise duty hikes followed by states increasing local taxes in the past have led to this skewed taxation and volume distortions over a period of time. The industry welcomes GST, which has tried to address this distortion to some extent.
Global leading tobacco producers like Malawi, China and Zimbabwe have more than 1% of their arable landmass under tobacco cultivation, while India has only around 0.25% of land under tobacco cultivation. This is despite farmers deriving much higher income from tobacco crop than other agricultural crops in India and tobacco crop having significant export potential.
SEGMENTWISE PERFORMANCE IN
2016-2017
Cigarettes
The
legal cigarette industry faced yet another challenging year. On one hand it
faces competition from lightly taxed tobacco products like bidis, chewing
tobacco, gutkha, etc. and on the other hand the illicit cigarette market
continues to grow unabated. Despite these constraints, your Company was able to
maintain its domestic sale volumes at the last year’s level though the share of
economy segment of 64mm brands has increased at the cost of its 69mm brands.
This was made possible by your Company’s relentless pursuit of value creation
through new product launches with capsule filters and other differentiations.
Tea
The domestic packaged and bulk tea business achieved a turnover of Rs. 105 crores which was slightly better than previous year. Your Company continued to focus on regional consumer taste preferences to drive demand of its products across its key markets. This approach augmented with strengthened feet on street for better sales reach, has resulted in consistency in sales despite stiff competition from local brands.
In an effort to drive long-term growth, your Company invested in modernization of its Bazpur (Uttarakhand) manufacturing unit with the aim to enhance its compliance to regulatory, safety and quality standards. To further accelerate the growth momentum, your Company will continue to focus on consumer and trade preferences and better availability of its products through targeted consumer engagement, acquisition and loyalty and use of digital media.
The
Company received the award for the ‘BEST COMPANY IN FOOD SAFETY’ at the
ASSOCHAM Food Excellence Awards, 2017.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Demand loan from banks |
0.000 |
50.000 |
|
Loans from banks repayable on demand |
0.000 |
0.007 |
|
Total |
0.000 |
50.007 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G73052169 |
80057364 |
STATE BANK OF INDIA (LEAD BANK) OTHER BANKS ARE- BOB BOI HSBC CITI BANK N.A. CTBC BANK |
16/10/1987 |
13/12/2017 |
- |
1200000000.0 |
SME CONNAUGHT CIRCUS BRANCH, B-39 CONNAUGHT CIRCUS, NEW DELHI-110001IN |
|
2 |
G50025824 |
10578434 |
CITI BANK N.A. |
12/06/2015 |
- |
25/07/2017 |
600000000.0 |
JEEVAN BHARTI BULIDING, 4TH FLOOR124 CONNAUGHT CIRCUS, PLACE, NEW DELHI- 110001IN |
|
3 |
G06458459 |
10342737 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
29/02/2012 |
- |
10/06/2016 |
980000000.0 |
1, QUEENS ROAD CENTRAL, HONGKONG SPECIAL ADMINISTRATIVE REGION, HONGKONG-9999999HK |
|
4 |
C62026968 |
10283323 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
08/04/2011 |
- |
04/08/2015 |
920000000.0 |
1, QUEENS ROAD CENTRAL, HONGKONG SPECIAL ADMINISTRATIVE REGION, HONGKONG-9999999HK |
|
5 |
C57056806 |
10185601 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
16/11/2009 |
- |
04/06/2015 |
593220000.0 |
1, QUEENS ROAD CENTRAL, HONGKONG SPECIAL ADMINISTRATIVE REGION, HONGKONG-9999999HK |
|
6 |
C53524567 |
10250028 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
07/10/2010 |
- |
04/05/2015 |
356820000.0 |
1, QUEENS ROAD CENTRAL, HONGKONG SPECIAL ADMINISTRATIVE REGION, HONGKONG-9999999HK |
|
7 |
C13097159 |
80067600 |
BANK OF BARODA |
10/08/1989 |
- |
17/07/2014 |
13000000.0 |
INDUSTRIAL FINANCE BRANCHBANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI-110001IN |
|
8 |
C13100912 |
80067601 |
BANK OF BARODA |
10/08/1990 |
- |
17/07/2014 |
13000000.0 |
INDUSTRIAL FINANCE BRANCHBANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI-110001IN |
|
9 |
C13103536 |
80067602 |
BANK OF BARODA |
15/03/1991 |
- |
17/07/2014 |
27000000.0 |
INDUSTRIAL FINANCE BRANCHBANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI-110001IN |
|
10 |
C04950051 |
80067400 |
STATE BANK OF INDIA |
13/04/1992 |
- |
20/03/2014 |
50000000.0 |
INDUSTRIAL FINANCE BRANCHBANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI-110001IN |
CONTINGENT
LIABILITIES:
(INR
in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Demands from excise,
income tax, sales tax and other authorities disputed by
the Company @ |
435.019 |
392.603 |
|
Uncalled liability on
shares partly paid (including share premium) |
87.924 |
127.924 |
|
Guarantee given to a bank
on behalf of subsidiary company – International
Tobacco Company Limited |
5.260 |
4.647 |
|
Godfrey Phillips Middle
East DMCC (AED 34.36 lacs) |
60.850 |
62.266 |
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars
|
Quarter Ended |
Preceding Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.
Income from operations |
|
|
|
|
Net Sales/income from
operations |
6122.400 |
6542.800 |
23056.000 |
|
Other Operating Income |
80.800 |
166.400 |
384.000 |
|
Total income from operations (net) |
6203.200 |
6709.200 |
23440.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1811.900 |
1810.500 |
5342.000 |
|
Purchases of stock-in trade |
1030.900 |
1406.500 |
2992.500 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(52.500) |
185.700 |
1033.200 |
|
Excise duty |
303.000 |
68.500 |
5368.100 |
|
Employee benefits expense |
535.500 |
510.700 |
1641.400 |
|
Finance Costs |
3.200 |
3.500 |
10.800 |
|
Advertising and sales
promotion |
347.100 |
344.100 |
1009.700 |
|
Depreciation and Amortization Expenses |
246.600 |
236.700 |
716.600 |
|
Other Expenses |
1230.200 |
1306.900 |
3791.400 |
|
Total expenses |
5455.900 |
5873.100 |
21905.700 |
|
|
|
|
|
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
747.300 |
836.100 |
1534.300 |
|
Exceptional items |
(200.000) |
0.000 |
(200.000) |
|
Profit/ (Loss) from ordinary activities before tax |
947.300 |
836.100 |
1734.300 |
|
Tax expenses |
327.400 |
248.100 |
557.800 |
|
Net Profit / (Loss) from ordinary activities after tax |
619.900 |
588.000 |
1176.500 |
|
10.
Other Comprehensive Income |
(9.800) |
(9.800) |
(29.44) |
|
Total Comprehensive Income |
610.100 |
578.200 |
1147.100 |
|
Paid
up Equity Share Capital (Face
value of INR 2/- each) |
104.000 |
104.000 |
104.000 |
|
Basic and Diluted Earnings per share
(not annualised) |
11.92 |
11.31 |
22.63 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter
Ended |
Preceding Quarter
Ended |
Nine
Months Ended |
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1. Segment
Revenue |
|
|
|
|
Cigarettes and
Tobacco Products |
5333.900 |
5762.300 |
20770.400 |
|
Tea and Other
Retail Products |
788.500 |
780.500 |
2285.600 |
|
Total income
from operations (net) |
6122.400 |
6542.800 |
23056.000 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Cigarettes and
Tobacco Products |
791.800 |
810.500 |
1564.700 |
|
Tea and Other
Retail Products |
91.400 |
(121.700) |
(166.500) |
|
Total |
883.200 |
688.800 |
1398.200 |
|
Add/ Less: Finance
Costs |
(3.200) |
(3.500) |
(10.800) |
|
Un-allocable
income/expenditure net of un-allocable income/expenditure |
67.300 |
150.800 |
346.900 |
|
Profit Before
Tax |
947.300 |
836.100 |
1734.300 |
|
|
|
|
|
|
3. Assets |
|
|
|
|
Cigarettes and Tobacco
Products |
13482.200 |
13285.700 |
13482.200 |
|
Tea and Other
Retail Products |
1023.100 |
1043.000 |
1023.100 |
|
Total |
14505.300 |
14328.700 |
14505.300 |
|
Unallocated
Corporate Asset |
9364.400 |
8151.700 |
9364.400 |
|
Total Asset |
23869.700 |
22480.400 |
23869.700 |
|
|
|
|
|
|
4. Liabilities |
|
|
|
|
Cigarettes and
Tobacco Products |
6521.100 |
6018.800 |
6521.100 |
|
Tea and Other
Retail Products |
476.400 |
356.500 |
476.400 |
|
Total |
6997.500 |
6375.300 |
6997.500 |
|
Unallocated
Corporate Liabilities |
307.500 |
150.400 |
307.500 |
|
Total Liabilities |
7305.000 |
6525.700 |
7305.000 |
|
|
|
|
|
|
5. Equity/
Capital Employed |
16564.700 |
15954.700 |
16564.700 |
|
Total (4+5) |
23869.700 |
22480.400 |
23869.700 |
- The above results are as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and have been taken on record by the Board of Directors at its meeting held on February 13, 2018 after being reviewed by the Audit Committee.
2. Exceptional item represents proceeds from sale/assignment of Trademarks
associated with Packaged Tea business of the Company to Goodricke Group
Limited, vide agreement dated October 17, 2017.
3. Consequent to introduction of Goods and Services Tax (GST) with effect from
July 1, 2017, Central Excise [other than National Calamity Contingent Duty
(NCCD) on cigarettes and chewing tobacco] and Value Added Tax (VAT) have been
subsumed into GST. In accordance with Indian Accounting Standard - 18 on
Revenue and Schedule III of the Companies Act, 2013, levies like GST, GST
Compensation Cess and VAT are not included in Gross Revenue from sale of
products. Accordingly, Gross Revenue from sale of products and Excise duty for
the quarter and nine months ended December 31, 2017 are not comparable with the
previous periods. Following additional information is being provided to
facilitate such comparison.
4. Excise duty for the quarter ended September 30, 2017 represents NCCD net of
reversal of excise duty on closing inventories held as on June 30, 2017 to the
extent of availability of tax credit under GST.
5. Employee benefits expenses for the quarter and nine months ended on December
31, 2016 and for the year ended March 31,2017 include Rs.123 lakhs, Rs. 2329
lakhs and Rs.2423 lakhs respectively, on account of non-recurring payouts (net
of recoveries).
6. The figures for the previous period have been re-classified /re-grouped,
wherever necessary, to correspond with the current period's classification
/disclosure.
FIXED ASSETS
· Land-leasehold
·
Land-freehold
·
Buildings
·
Leasehold building improvements
·
Plant and machinery
·
Electrical installation and Equipment
·
Computers and information technology Equipment
·
Furniture, fixtures and office Equipment
·
Motor vehicles
·
Computer software
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 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.