|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509833 |
|
Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LUMAX INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Harbans Bhawan-II Commercial Complex, Nangal
Raya, New Delhi-110046 |
|
Tel. No.: |
91-11-49857832 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
10.12.1981 |
|
|
|
|
Com. Reg. No.: |
55-012804 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 93.477 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1981PLC012804 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1126D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Supplier of Auto Components, mainly Automotive Lighting Systems for Four
Wheeler and Two Wheeler Applications.
[Registered Activity] |
|
|
|
|
No. of Employees
: |
2292 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 6904400 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1981 having a excellent track
record. It is engaged as manufacturer and supplier of auto components mainly
automotive lighting system for four wheeler and two wheeler. For the financial year 2017, the revenue grew at the modest pace at
nearly 4% because of limited participation in some new model launches of its
customer, the company managed to improve its profitability as compared to its
previous year. Rating takes into consideration, the robust financial risk profile
marked by strong net worth base and comfortable debt protection metric. Rating continue to derive strength from its long and established track
record of its business operation along with strong market position as the
leading supplier of automotive lighting systems, especially for
the passenger vehicle
(PV) segment in
India, strong technological and
business support from
“Stanley Electric Co. Ltd., Japan” which hold 37.5% equity stake in
the company. The company has its share price trading at around INR 2229.00 on BSE
as on 17th May 2018 as against its face value of INR 10. As per the 3rd quarter results
of December 2017, the company has achieved revenue of INR 3708.05 million and
has clocked profit margin of approximately 5%. However, these rating strengths gets partially offset by high
competition faced by the company in automotive lighting industry. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealing 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 |
ICRA |
|
Rating |
Long Term Rating= A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
21.03.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
21.03.2018 |
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 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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-11-49857832/ 124-2341090]
LOCATIONS
|
Registered Office : |
2nd Floor, Harbans Bhawan-II Commercial Complex, Nangal
Raya, New Delhi-110046, India |
|
Tel. No.: |
91-11-49857832 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant Locations : |
· Plot No.16, Sector-18, Maruti Complex, Gurugram, Haryana, India Tel. No.: 91-124-2341090/ 2341324/ 2397298/ 2341328 · Plot No.6, Industrial Area, Dharuhera, District Rewari, Haryana, India Tel. No.: 91-1274-661600 · Plot No.195-195A, Sector 4, Phase-II, Bawal, District Rewari, Haryana, India Tel. No.: 91-1284-264068 · Plot No. 51, Sector 11, IIE, Pant Nagar, District Udham Singh Nagar, Uttarakhand, India · Plot No. 5, Industrial Park – II, Village Salempur, Mehdood, Haridwar, Uttarakhand, India Tel. No.: 91-1334-233507 · 608-609, Chakan Talegaon Road, Mahalunge Ingle, Chakan, Pune, Maharashtra, India Tel. No.: 91-2135-669766 · D2-43/2, M.I.D.C. Industrial Area, Chinchwad, Pune, Maharashtra, India Tel. No.: 91-20-66305923/ 45 · Plot No. D-1, Vendors Park, Sanand, District Ahmedabad, Gujarat, India · Plot No. 69, Phase-II, Bidadi Industrial Area, Sector 2, Bangalore, Karnataka, India |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Dhanesh Kumar Jain |
|
Designation : |
Non-Executive Chairman |
|
Address : |
Farm No.23, Road No. 1 Silver Oak Marg,
Ghitorni, New Delhi – 110030, India |
|
Date of Appointment : |
10.12.1981 |
|
DIN No.: |
00085848 |
|
|
|
|
Name : |
Mr. Deepak Jain |
|
Designation : |
Managing Director |
|
Address : |
Farm No.23, Road No. 1, Silver Oak Marg,
Ghitorni, New Delhi – 110030, India |
|
Date of Appointment : |
01.02.2011 |
|
DIN No.: |
00004972 |
|
|
|
|
Name : |
Mr. Anmol Jain |
|
Designation : |
Managing Director |
|
Address : |
Farm No.23, Road No. 1, Silver Oak Marg,
Ghitorni, New Delhi – 110030, India |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
00004993 |
|
|
|
|
Name : |
Mr. Vineet Sahni |
|
Designation : |
Additional Director |
|
Address : |
Block C-11 991, Scottish Villa Palam Vihar, Gurgaon-122017,
Haryana, India |
|
Date of Appointment : |
01.04.2018 |
|
DIN No.: |
03616096 |
|
|
|
|
Name : |
Mr. Toru Tanabe |
|
Designation : |
Director |
|
Address : |
5-22-36, Chigasakiminami, Tsuzuki-Ku,Yokohama,
Kanagawa-Ken Japan 2240037 Jp |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
06883767 |
|
|
|
|
Name : |
Mr. Avinash Parkash Gandhi |
|
Designation : |
Director |
|
Address : |
C-2/14, Safdarjung Development Area, New
Delhi – 110016, India |
|
Date of Appointment : |
31.07.2002 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Rattan Kapur |
|
Designation : |
Director |
|
Address : |
House No. 43, Road No. 2 Silver Oaks Road,
Mehrauli Gurgaon Road, Ghitorni, Delhi – 110030,
India |
|
Date of Appointment : |
22.05.2010 |
|
DIN No.: |
00304573 |
|
|
|
|
Name : |
Tadayoshi Aoki |
|
Designation : |
Additional Director |
|
Address : |
Apartment No-301,Tower No. D1, Parsvnath Exotica,
Sector-53, Golf Course Road, Gurgaon-122011, Haryana, India |
|
Date of Appointment : |
03.02.2018 |
|
DIN No.: |
08053387 |
|
|
|
|
Name : |
Mr. Munish Chandra Gupta |
|
Designation : |
Director |
|
Address : |
House No. 771 Sector 15, Part II, Gurugram
– 122001, Haryana, India |
|
Date of Appointment : |
19.06.2007 |
|
DIN No.: |
01362556 |
|
|
|
|
Name : |
Mr. Dhiraj Dhar Gupta |
|
Designation : |
Director |
|
Address : |
1, Under Hill Lane, Civil Lines, Delhi – 110054,
India |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
01089718 |
|
|
|
|
Name : |
Ms. Pallavi Dinodia Gupta |
|
Designation : |
Director |
|
Address : |
B-5, Marble Arch 9, Prithvi Raj Road, Nirman Bhawan, New
Delhi-110011, India |
|
Date of Appointment : |
23.08.2014 |
|
DIN No.: |
06566637 |
|
|
|
|
Name : |
Koji Sawada |
|
Designation : |
Director |
|
Address : |
502 A Hamilton Court, DLF, Phase IV, Gurugram
– 122001, Haryana, India |
|
Date of Appointment : |
09.08.2016 |
|
DIN No.: |
07582189 |
KEY EXECUTIVES
|
Name : |
Mrs. Ankita Gupta |
|
Designation : |
Company Secretary |
|
Address : |
House No. 1289, Shah Cottage Sector 23-A, Gurugram-122001,
Haryana, India |
|
Date of Appointment : |
03.02.2018 |
|
PAN No.: |
BNOPG6595E |
|
|
|
|
Name : |
Mrs. Shruti Kant Rustagi |
|
Designation : |
Chief Financial Officer |
|
Address : |
Wz-1408 Nagal Raya, New Delhi – 110046,
India |
|
Date of Appointment : |
23.05.2015 |
|
PAN No.: |
ACEPR5553R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
6978333 |
74.65 |
|
Public |
2369399 |
25.35 |
|
|
|
|
|
Total |
9347732 |
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 |
24,87,032 |
26.61 |
|
|
DHANESH KUMAR JAIN |
19,59,026 |
20.96 |
|
|
DHANESH KUMAR JAIN (HUF) |
1,42,970 |
1.53 |
|
|
DEEPAK JAIN |
1,64,428 |
1.76 |
|
|
USHA JAIN |
1,50,683 |
1.61 |
|
|
ANMOL JAIN |
69,925 |
0.75 |
|
|
Any Other
(specify) |
9,85,902 |
10.55 |
|
|
LUMAX AUTO TECHNOLOGIES LIMITED |
5,25,000 |
5.62 |
|
|
LUMAX FINANCE PRIVATE LIMITED |
4,60,902 |
4.93 |
|
|
Sub Total A1 |
34,72,934 |
37.15 |
|
|
A2) Foreign |
0.00 |
|
|
|
Any Other
(specify) |
35,05,399 |
37.50 |
|
|
THAI STANLEY ELECTRIC PUBLIC COMPANY
LIMITED |
1,62,018 |
1.73 |
|
|
STANLEY ELECTRIC CO. LTD |
33,43,381 |
35.77 |
|
|
Sub Total A2 |
35,05,399 |
37.50 |
|
|
A=A1+A2 |
69,78,333 |
74.65 |
|
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 |
|
|
Mutual Funds/ |
42759 |
0.46 |
|
|
Foreign
Portfolio Investors |
68719 |
0.74 |
|
|
Financial
Institutions/ Banks |
8594 |
0.09 |
|
|
Any Other
(specify) |
80 |
0.00 |
|
|
Sub Total B1 |
120152 |
1.29 |
|
|
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 |
1316259 |
14.08 |
|
|
Individual share
capital in excess of INR 0.200 Million |
417873 |
4.47 |
|
|
VANAJA SUNDAR IYER |
129476 |
1.39 |
|
|
NBFCs registered
with RBI |
1469 |
0.02 |
|
|
Any Other
(specify) |
513646 |
5.49 |
|
|
PARAM CAPITAL RESEARCH PVT LTD |
200000 |
2.14 |
|
|
Sub Total B3 |
2249247 |
24.06 |
|
|
B=B1+B2+B3 |
2369399 |
25.35 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Auto Components, mainly Automotive Lighting Systems for Four
Wheeler and Two Wheeler Applications.
[Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
· Mahindra · Honda · Piaggio · Yamaha · Suzuki · Hero · Toyota · Hyundai |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
2292 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited · HSBC Bank · ICICI Bank Limited · IDBI Bank Limited · Societe Generale · Standard Chartered Bank · State Bank of India · Syndicate Bank · Yes Bank Limited · Citi Bank ·
Axis Bank Limited · CTBC Bank Co. Limited ·
Kotak Mahindra Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Gurugram, Haryana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Company : |
SL Lumax Limited |
|
|
|
|
Enterprise having
significant influence : |
Stanley Electric Co. Limited., Japan |
|
|
|
|
Enterprise owned or
significantly influenced by Key Management Personnel or their Relatives : |
· Lumax Auto Technologies Limited · Lumax DK Auto Industries Limited · Lumax Tours & Travels Limited · Lumax Ancillary Limited · Mahavir Udyog · Bharat Enterprises · Lumax Cornaglia Auto Technologies Private Limited · Lumax Mannoh Allied Technologies Limited · Lumax Management Services Private Limited ·
Lumax Energy Solutions Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
INR 10/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9347732 |
Equity Shares |
INR 10/- each |
INR 93.477 Million |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting year
|
Equity Shares |
Number
of Shares |
Amount
in Million |
|
At the beginning of the year |
9347732 |
93.477 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
9347732 |
93.477 |
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of INR 10 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 shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Name of Shareholders |
As at March 31, 2017 |
|
|
Equity shares of INR 10 each fully paid |
Number of Shares |
% holding in
the class |
|
Stanley Electric Co. Limited |
3343381 |
35.77% |
|
Dhanesh Kumar Jain |
1938025 |
20.73% |
|
Lumax Auto Technologies Limited |
525000 |
5.62% |
As per records of the company, including its register of
shareholders/ members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares.
Proposed dividend on
Equity shares:
|
|
As at March 31, 2017 |
|
The Board proposed
dividend on equity shares after the balance sheet date |
|
|
Proposed dividend on equity shares for the year ended INR 14.50 per share (Previous year: Nil) |
135.542 |
|
Dividend Distribution tax on proposed dividend |
27.593 |
|
Total |
163.135 |
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 |
93.477 |
93.477 |
93.477 |
|
(b) Reserves & Surplus |
2323.072 |
1948.305 |
1709.574 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2416.549 |
2041.782 |
1803.051 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
36.377 |
105.729 |
376.157 |
|
(b) Deferred tax liabilities (Net) |
279.440 |
194.418 |
152.267 |
|
(c)
Other long term liabilities |
217.425 |
223.713 |
251.164 |
|
(d)
long-term provisions |
114.598 |
92.716 |
91.963 |
|
Total
Non-current Liabilities (3) |
647.840 |
616.576 |
871.551 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
790.221 |
848.254 |
787.704 |
|
(b)
Trade payables |
3442.713 |
3096.767 |
2961.405 |
|
(c)
Other current liabilities |
1045.902 |
1284.421 |
1119.622 |
|
(d)
Short-term provisions |
69.277 |
55.913 |
93.704 |
|
Total
Current Liabilities (4) |
5348.113 |
5285.355 |
4962.435 |
|
|
|
|
|
|
TOTAL |
8412.502 |
7943.713 |
7637.037 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3840.814 |
4054.223 |
3932.512 |
|
(ii)
Intangible Assets |
33.302 |
25.674 |
25.927 |
|
(iii)
Capital work-in-progress |
524.819 |
170.378 |
262.314 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
45.074 |
45.074 |
45.074 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
478.306 |
313.951 |
188.637 |
|
(e)
Other Non-current assets |
18.077 |
12.149 |
55.968 |
|
Total
Non-Current Assets |
4940.392 |
4621.449 |
4510.432 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.987 |
0.987 |
0.987 |
|
(b)
Inventories |
1160.454 |
1045.502 |
1098.960 |
|
(c)
Trade receivables |
1909.422 |
1811.903 |
1442.119 |
|
(d)
Cash and cash equivalents |
13.696 |
34.553 |
190.126 |
|
(e)
Short-term loans and advances |
372.603 |
358.338 |
305.515 |
|
(f)
Other current assets |
14.948 |
70.981 |
88.898 |
|
Total
Current Assets |
3472.110 |
3322.264 |
3126.605 |
|
|
|
|
|
|
TOTAL |
8412.502 |
7943.713 |
7637.037 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
12997.810 |
12551.752 |
11425.593 |
|
|
|
Other Income |
61.897 |
43.764 |
55.565 |
|
|
|
TOTAL |
13059.707 |
12595.516 |
11481.158 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7531.545 |
7592.759 |
7413.763 |
|
|
|
Purchases of Stock-in-Trade |
40.107 |
78.726 |
105.898 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(4.961) |
19.412 |
(41.264) |
|
|
|
Employees benefits expense |
1610.275 |
1426.658 |
1246.309 |
|
|
|
Other expenses |
1948.433 |
1842.419 |
1666.029 |
|
|
|
Cost of moulds, tools & dies |
874.354 |
706.271 |
441.800 |
|
|
|
TOTAL |
11999.753 |
11666.245 |
10832.535 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1059.954 |
929.271 |
648.623 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
114.104 |
134.379 |
144.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
945.850 |
794.892 |
504.320 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
404.252 |
378.988 |
361.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
541.598 |
415.904 |
142.736 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
89.764 |
42.164 |
(22.992) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
451.834 |
373.740 |
165.728 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
237.405 |
268.627 |
270.551 |
|
|
|
Recovery of testing charges/Service Income |
7.185 |
15.122 |
10.705 |
|
|
TOTAL EARNINGS |
244.590 |
283.749 |
281.256 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
869.187 |
676.065 |
839.813 |
|
|
|
Stores & Spares |
9.699 |
46.494 |
36.977 |
|
|
|
Capital Goods |
767.389 |
493.506 |
639.291 |
|
|
|
Traded Goods |
42.496 |
78.173 |
102.273 |
|
|
|
Mould Inventory |
14.967 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1703.738 |
1294.238 |
1618.354 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
48.34 |
39.98 |
17.73 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
97.427 |
319.080 |
430.850 |
|
|
|
|
|
|
Cash generated from operations |
1118.403 |
894.462 |
595.127 |
|
|
|
|
|
|
Net cash flow from operating activities |
1000.780 |
813.310 |
590.457 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
53.62 |
52.69 |
46.07 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.81 |
6.93 |
7.92 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
165.96 |
147.34 |
143.74 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.91 |
0.89 |
0.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.24 |
0.22 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.65 |
0.72 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.38 |
0.62 |
0.88 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.21 |
2.59 |
2.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.82 |
2.08 |
2.34 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.29 |
6.92 |
4.49 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.48 |
2.98 |
1.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.37 |
4.70 |
2.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.70 |
18.30 |
9.19 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.65 |
0.63 |
0.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.43 |
0.43 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.29 |
0.26 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.89 |
13.62 |
17.06 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.65 |
0.63 |
0.63 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 2229.00/- |
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 |
93.477 |
93.477 |
93.477 |
|
Reserves & Surplus |
1709.574 |
1948.305 |
2323.072 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1803.051 |
2041.782 |
2416.549 |
|
|
|
|
|
|
long-term borrowings |
376.157 |
105.729 |
36.377 |
|
Short term borrowings |
787.704 |
848.254 |
790.221 |
|
Current Maturities of Long
term debt |
430.850 |
319.080 |
97.427 |
|
Total
borrowings |
1594.711 |
1273.063 |
924.025 |
|
Debt/Equity
ratio |
0.884 |
0.624 |
0.382 |
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 |
11425.593 |
12551.752 |
12997.810 |
|
|
|
9.856 |
3.554 |
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 |
11425.593 |
12551.752 |
12997.810 |
|
Profit |
165.728 |
373.740 |
451.834 |
|
|
1.45% |
2.98% |
3.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G86149440 |
100172981 |
Standard Chartered Bank |
19/04/2018 |
- |
- |
185000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
2 |
G70628268 |
100140942 |
CTBC BANK |
21/11/2017 |
- |
- |
200000000.0 |
BIRLA TOWER, UPPER GROUND FLOOR,25, BARAKHAMBA ROAD,NEW DELHIDL110001IN |
|
3 |
G32055386 |
100069169 |
CTBC BANK |
28/12/2016 |
- |
- |
200000000.0 |
BIRLA TOWER, UPPER GROUND FLOOR,25, BARAKHAMBA ROAD,NEW DELHIDL110001IN |
|
4 |
G22613996 |
100060574 |
ICICI BANK LIMITED |
20/10/2016 |
- |
- |
275000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
5 |
G70626999 |
10624883 |
BAJAJ FINANCE LIMITED |
13/02/2016 |
21/11/2017 |
- |
200000000.0 |
AKURDI PUNE-MAHARASHTRAMa411035IN |
|
6 |
G70669593 |
10515841 |
HDFC BANK LIMITED |
16/07/2014 |
21/11/2017 |
- |
630000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL - WESTMUMBAIMH400013IN |
|
7 |
G71718803 |
10340833 |
Standard Chartered Bank |
18/01/2012 |
21/11/2017 |
- |
400000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
8 |
G73827842 |
10309170 |
SOCIETE GENERALE |
08/09/2011 |
21/11/2017 |
- |
200000000.0 |
OFFICE NO 202,2ND FLOOR,TOWER BWORLD MARK 1,AERO CITY , NH-8NEW DELHIDL110037IN |
|
9 |
A97642821 |
10248313 |
MARUTI SUZUKI INDIA LIMITED |
09/10/2010 |
- |
- |
52500000.0 |
Plot No.1,Nelson Mandela RoadVasant KunjNew DelhiDL110070IN |
|
10 |
A61055539 |
10155153 |
Maruti Suzuki India Limited |
21/04/2009 |
- |
- |
38500000.0 |
Plot No. 1, Nelson Mandela Road,Vasant KunjNew DelhiDL110070IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial Papers |
96.792 |
450.891 |
|
Vendor finance facility from banks |
293.429 |
397.363 |
|
|
|
|
|
Total |
390.221 |
848.254 |
CORPORATE INFORMATION
Lumax Industries Limited (‘the Company’) is a leading manufacturer and supplier of auto components, mainly automotive lighting systems for four wheeler and two wheeler applications. The Company has technical as well as financial collaboration with Stanley Electric Co. Ltd., Japan. Its shares are listed on two exchanges in India.
BUSINESS PERFORMANCE
The auto sector, which saw a revival last year after two years of turbulence, is set to continue the momentum this year with demand picking up across all segments. The positive sentiment is driven primarily by the rural and semi-urban demand for two-wheelers and cars, driven on the back of good monsoons. Another boost up will be the 7th pay commission that will infuse around INR 1.02 trillion of disposable income of over 1 crore employees. Another reason is the aggressive play by the cab aggregators who are expanding their operations extensively.
The Indian Auto Component industry is also expected to grow by 8-10% in Financial Year 2017-18, based on higher localisation by Original Equipment Manufacturers (OEM), higher component content per vehicle, and rising exports from India. The Indian auto-components industry is expected to register a turnover of US$ 100 billion by 2020 backed by strong exports ranging between US$ 80- US$ 100 billion by 2026, from the current US$ 11.2 billion. (Source: Icra Reports)
During the year under review, the Indian Automobile Industry recorded a production growth of 5.41% as compared to 2.58% of the corresponding period last year. The industry produced around 25.31 Million vehicles of which share of two wheelers were 79%, passenger vehicles15%, three wheelers- 3% and commercial vehicles- 3%.
In this backdrop, during the year under review, your Company recorded a sales turnover of INR 12997.810 Million as against INR 12551.750 Million in the corresponding year registering a growth of 3.56%. The profit for the year after tax recorded at INR 451.840 Million as compared to INR 373.740 Million during the previous year registering an excellent growth of 20.90%.
CAPACITY EXPANSION / MODERNISATION OF
FACILITIES
During the year, the Company has made
investment to the tune of INR 654.000
million towards up-gradation of its Research and Development facilities, modernisation
of its existing manufacturing facilities including Bawal, Dharuhera and Chakan
plants.
The Company has set-up its first
international state-ofthe- art design centre in Taiwan in May, 2016, as a
strategic
move to expand its presence across
the globe and strengthen the synergies of cost and technology.
During the year, the Company has
also approved investment of about INR 1200.000 million to its existing plant at Sanand, which was
set-up in the year 2011 for supplies to Tata Nano and which was non-operational
due to subdued volumes of Tata Nano. The plant is expected to commence
operations from November 2017, for supplies to Suzuki Motors, Gujarat and will
also cater to Tata Motors Limited and Honda Motorcycle and Scooter
India Limited, at a later stage.
The investment will spread over a period of 2 years i.e. Financial Year 2017-18
and Financial Year 2018-19.
INDIAN ECONOMY
OUTPUT GROWTH
The growth across the three
primary sectors of the economy is likely to remain diverse. While the gross
value added by the industrial and services is likely to decline from 8.2% and 9.9%
respectively in 2015-16 to 5.2% and 8.8% respectively in 2016-17, that from the
agricultural sector is likely to grow from 0.76% in 2015-16 to 4.1%, driven by
normal monsoon post two years of deficit.
MACRO-ECONOMIC FUNDAMENTALS
The macro-economic fundamentals of
the country remain strong driven by favourable initiatives by the government
which include focus on digitalizing the economy, financial inclusion, enhancing
ease of doing business and reducing the share of parallel cash economy. The
interest rates scenario in the country became more favourable with RBI further
cutting repo rates by 50 basis points to 6.25%, during Financial Year 2016-17.
Fiscal deficit at the end of the Financial Year 17 fiscal stood at 3.5%, inflation
at 4.7% while foreign exchange reserves rose to INR 24,102.8 bn.
GOVERNMENT INITIATIVES
One of the most crucial step
undertaken by the government has been the withdrawing of INR 500 and INR 1,000 currency notes amounting to INR
1.544 million in November
2016, in a bid to curb corruption, tax evasion, counterfeiting and put a check
on the parallel cash economy. Post demonetisation, the Government’s primary focus has been on
reducing cash transactions in the country and undergoing a major digital transformation
to enhance the country’s
efficiency. The move is likely to enhance tax collections and boost GDP growth
over the long run.
Other critical initiatives by the
Government include FDI norm relaxation, passing of GST bill, reducing bureaucracy
levels, fast-tracking stalled projects, enhancing budgetary allocations to
infrastructure sector, ease of doing business, and promoting growth of the
small and medium businesses. The development of the agriculture sector has been
another important focus area for the Government, whereby it has introduced various
measures that would boost agriculture sector and revitalise the rural economy.
CRUCIAL ELECTIONS
The present Central Government’s victory in the 2017 assembly
elections across the states of Uttar Pradesh, Goa, Uttarakhand and Manipur
reiterated the notion of it being an investor friendly and development focused government.
Moreover, this shall in all likelihood pace up clearances of pending various
bills and bring political stability in the country, which is important for
building up investor sentiments.
OUTLOOK
With strong macro fundamentals and
governance, the Indian economy is expected to remain the fastest growing major
economy in the world. IMF predicts the country to grow at the rate of 7.2% in
2017-18 and 7.7% in 2018-19 driven by enhanced investor confidence in the
Indian markets, improving financial stability, and projected infrastructural
development.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMY
In 2016, the global economy is projected to witness its slowest growth since 2009 registering a growth of 3.1% (3.2% in 2015) driven by market volatility, policy uncertainties and weak trade. Though, the growth among advanced economies was stronger than expected driven by reduced inventory drag and moderate recovery in manufacturing it was offset by unexpected slowdown among the emerging nations. Inspite of stronger market confidence during the second half of the year led by revival in the economic activities, the growth in consumption, trade, investments and productivity is still likely to remain at subpar levels. The USA, Euro area and key emerging nations (especially China and India) witnessed slower than expected growths leading to overall slowdown. Further, the key events of Mr. Donald Trump being appointed as the President of the USA and the UK’s decision to exit the European Union have the potential to impact global market sentiments.
In 2016, the advanced economies were expected to grow by 1.6% compared to 2.1% in 2015. In USA, the low investments, dollar appreciation negatively impacting exports, potential policy uncertainties and declining energy spend dragged down growth to 1.6% compared to 2.6% in 2015. However, towards the end of the year activities rebounded with economy approaching full employment. Also, Mr. Donald Trump’s USA first approach, and focus on various reforms has the potential to further improve the country’s outlook.
In the Euro area, output remained below potential, across a number of advanced economies, resulting in likely decline in growth from 2% in 2015 to 1.7%. Low demand and capital formation, weak investments, and high unemployment continue to be a major hindrance to growth in the region. In Japan, the weak external demand and corporate investments during H2 2016 slowed down growth to 0.9% compared to 1.2% in 2015.
Among the Emerging Market and Developing Economies, though the growth in 2016 remained at same level of 2015 at 4.1%, the scenario across various economies remained diverse. In China, despite revival in activities since rebalancing, it was the weak private investments and declining productivity that impacted performance. However, save for the continued policy stimulus and strong real estate investments that the economy is expected to witness a growth of 6.7%. In Russia, the economy is slowly coming out of recession with firming oil prices.
However, the scenario in Brazil, Turkey and Argentina remained bleak. The Brent crude oil prices during 2016 averaged USD 43.74, after undergoing significant correction during 2014 and 2015. The oil prices are further expected to strengthen to USD 52.69 in 2017 and USD 55.61 in 2018 driven by OPEC and non-OPEC members decision to cut oil production.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
3708.050 |
3796.476 |
11327.219 |
|
Other Income |
18.875 |
45.753 |
82.133 |
|
Total
Income from Operations |
3726.925 |
3842.229 |
11409.352 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of raw material and components consumed |
2335.312 |
2424.199 |
6842.884 |
|
Cost of moulds, tools and dies |
60.951 |
54.181 |
247.577 |
|
Purchases of stock in trade |
19.245 |
15.531 |
45.568 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(76.643) |
(35.699) |
(107.522) |
|
Excise Duty |
--- |
--- |
418.444 |
|
Employee benefits expense |
474.771 |
452.274 |
1360.696 |
|
Finance Costs |
117.765 |
116.197 |
345.771 |
|
Depreciation and Amortization expenses |
11.252 |
11.500 |
35.479 |
|
Other Expenditure |
564.934 |
583.989 |
1641.436 |
|
Total
Expenses |
3507.587 |
3622.172 |
10830.333 |
|
Profit / (Loss) before Tax |
219.338 |
220.057 |
579.019 |
|
Tax Expenses |
|
|
|
|
Current Tax |
45.434 |
37.435 |
111.297 |
|
Less: MAT Credit entitlement |
(21.487) |
(37.436) |
(87.350) |
|
Deferred tax |
21.840 |
38.088 |
106.654 |
|
Current tax for earlier years |
--- |
--- |
--- |
|
Net Profit / (Loss)
for the period |
173.551 |
181.969 |
448.418 |
|
Other comprehensive
income |
|
|
|
|
Items that will not
be reclassified to profit or loss |
|
|
|
|
Remeasurement of defined benefit liability/ asset |
2.947 |
2.947 |
8.841 |
|
Income tax relating to the items that will not be reclassified to profit or loss |
|
|
|
|
Current Tax |
0.629 |
0.629 |
1.887 |
|
Less: MAT Credit entitlement |
(0.223) |
(0.629) |
(1.481) |
|
Total other comprehensive income |
3.353 |
2.947 |
9.247 |
|
Total comprehensive income |
170.198 |
179.022 |
439.171 |
|
Paid-up equity share capital (Face value INR 10/- per share) |
93.477 |
93.477 |
93.477 |
|
Earnings per share
(not annualised) Basic/diluted |
18.57 |
19.47 |
47.97 |
NOTES:
1. Financial results for the quarter and nine months ended 31 December 2017 are in compliance with the Indian Accounting Standards (Ind-AS) prescribed under Section 133 of the Companies Act, 2013. Consequently, previous Indian Generally Accepted Accounting Principles (IGAAP) for the quarter and nine months ended 31 December 2016 and year ended 31 March 2017, have been restated to make them comparable. Reconciliation of net profit as reported under previous IGAAP and as restated now under Ind-AS is given below :
2. The Company is engaged in the business relating to manufacture of Automotive
Components and related activities thereof. Accordingly, the Company has only
one operating segment.
3. Figures of previous periods have been regrouped / reclassified, wherever
necessary, to conform with current period classification.
4. Post applicability of Goods and Services Tax (GST) w.e.f. 1 July 2017,
Revenue from Operations are required to be disclosed net of GST in accordance
with the requirement of Ind-AS. Accordingly, the Revenue from Operations for
the quarter and nine months ended 31 December 2017 are not comparable with
corresponding previous quarter/period presented in the financial results which
are reported inclusive of Excise Duty. The following additional information is
being provided to facilitate such understanding:
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Revenue from operations |
3708.050 |
3796.476 |
11327.219 |
|
Excise duty |
--- |
--- |
418.444 |
|
Revenue from
operations excluding excise duty (A)- (B) |
3708.050 |
3796.476 |
10908.775 |
5. The above unaudited results were reviewed by the Audit Committee and
approved by the Board of Directors at Its meeting held on 3 February 2018. The
unaudited results for the current quarter and nine months ended 31 December
2017 have been subjected to limited review by the Statutory Auditor of the
Company. The figures relating to quarter and nine months ended 31 December 2016
and year ended 31 March 2017 as per previous IGAAP were reviewed/audited by the
erstwhile Statutory Auditor. Those results, as adjusted for the differences In
the accounting principles adopted by the Company on transition to Ind-AS, have
been reviewed by the current Statutory Auditor. The review report of the
Statutory Auditor is being filed with BSE Limited and National Stock Exchange
of India Limited.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bills of exchange discounted from a bank |
327.842 |
247.107 |
|
Various other claims of Sales Tax Matters made against the Company on account of non-submission of statutory forms etc. being disputed by the Company. |
2.520 |
2.520 |
|
Demand of Central Sales Tax for FY 2010-11 & 2011-12 which is subject to submission of C-Form & H-Form. |
7.738 |
2.141 |
|
Demand in respect of non-reversal of proportionate Cenvat Credit @ 0.6% against providing exempt services i.e. trading |
0.000 |
1.088 |
|
Demand of Cenvat Credit for 2011-2016 in respect of service tax paid on the outward transportation |
1.570 |
3.210 |
|
In respect of additions made by the Assessing officer for Assessment Year 2009-10 and confirmed by DRP for which the Company has filed an appeal before ITAT and ITAT has decided in favour of the company vide order dated 22.04.2016 and relief granted in Assessing officer order dated 21.07.2016. |
0.000 |
0.564 |
|
In respect of additions made by the Assessing officer for Assessment Year 2010-11 and confirmed by DRP for which the Company has filed an appeal before ITAT |
0.177 |
0.177 |
|
Liability of Customs duty towards export obligation undertaken by the Company under EPCG licenses (including interest) |
188.603 |
150.404 |
|
Letter of credit |
144.666 |
21.552 |
|
Bank Guarantees |
505.373 |
287.364 |
|
|
|
|
|
Total |
1178.489 |
716.127 |
The current year amount relating to income tax does not include interest. Based on the favorable decisions in similar cases/advice taken by the Company & based on management’s internal assessment, the Company believes that it has good case in respect of all the items listed above and hence no provision there against is considered necessary.
FIXED ASSETS:
Tangible Assets
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets
· Computer Software
· Technical Knowhow
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 68.26 |
|
UK Pound |
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
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.