|
|
|
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image015.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image016.jpg)
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
511937 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
FLASH ELECTRONICS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, Western Avenue, Sainik Farms, New Delhi – 110062 |
|
Tel. No.: |
91-129-4248800-99 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
26.10.1989 |
|
|
|
|
Com. Reg. No.: |
55-038169 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 45.243 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1989PTC038169 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
07AAACF1538P1ZF (Delhi) 06AAACF1538P2ZG (Haryana) |
|
|
|
|
TIN No: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF1538P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures of electronic and electrical auto components,
energy meter and is a leading host of many engineering products for two,
three and four wheelers. [Registered Activity and also Confirmed by
management] |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989. It is engaged in the
manufacturing of automotive electrical and electronics products primarily for
two and three wheelers. For the financial year 2017, the company has reported dip in its
revenue by 3.93% as compared to the previous year but has managed to maintain
an average profit margin of 2.88%. The sound financial risk profile of the company is marked by sufficient
net worth base along with strong debt protection metrics due to negligible
debt balance sheet profile. Rating takes into account the subject’s long established track record
of business operations along with extensive experience of its promoters. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Borrowing (A-) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
28.03.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Borrowing (A2) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
28.03.2018 |
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 28.05.2018
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 PARTED BY
|
Name : |
Mr. Sunil Yadav |
|
Designation : |
General Manager (Marketing) |
|
Contact No.: |
91-9899967744 |
|
Date : |
26.05.2018 |
LOCATIONS
|
Registered Office/ Factory 1 : |
202, Western Avenue, Sainik Farms, New Delhi – 110062, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9899967744 (Mr. Sunil Yadav) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. 47/A, DLF Industrial Park, PHase-1, Faridabad, Haryana, India
|
|
Tel. No.: |
91-129-4248800-99 |
|
Fax No.: |
91-129-4248888 |
|
|
|
|
Factory 3 : |
A-4, MIDC Chakan Industrial Area, Mahalunge, Chakan, Pune – 410501,
Maharashtra, India |
|
Tel. No.: |
91-2135-666000 |
|
Fax No.: |
91-2135-666109 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjeev Vasdev |
|||||||||||||
|
Designation : |
Managing Director |
|||||||||||||
|
Address : |
202, |
|||||||||||||
|
Date of Birth/Age : |
27.09.1964 |
|||||||||||||
|
Qualification : |
B.E. |
|||||||||||||
|
PAN No: |
AACPV5513P |
|||||||||||||
|
Date of Appointment : |
27.06.2015 |
|||||||||||||
|
DIN No.: |
01145227 |
|||||||||||||
|
Other Directorship:
|
||||||||||||||
|
|
||||||||||||||
|
Name : |
Mr. Parmeet Vasdev |
|||||||||||||
|
Designation : |
Director |
|||||||||||||
|
Address : |
D-1/4, DLF Plaza Tower DLF City, DLF Phase-1, Gurugram- 122002, Haryana, India |
|||||||||||||
|
Date of Birth/Age : |
22.10.1970 |
|||||||||||||
|
Qualification : |
B.Com |
|||||||||||||
|
Date of Appointment : |
01.04.1991 |
|||||||||||||
|
PAN No: |
AAGHP3830F |
|||||||||||||
|
DIN No.: |
01188136 |
|||||||||||||
|
Other Directorship:
|
||||||||||||||
|
|
||||||||||||||
|
Name : |
Mr. Ranbir Singh Vasdev |
|||||||||||||
|
Designation : |
Managing Director |
|||||||||||||
|
Address : |
D-1/4, DLF Plaza Tower DLF City, DLF Phase-1, Gurugram- 122002, Haryana, India |
|||||||||||||
|
Date of Birth/Age : |
23.04.1934 |
|||||||||||||
|
Qualification : |
Mechanical Engineer |
|||||||||||||
|
PAN No: |
AACPV9569M |
|||||||||||||
|
Date of Appointment : |
27.06.2015 |
|||||||||||||
|
DIN No.: |
01188568 |
|||||||||||||
|
Other
Directorship:
|
||||||||||||||
|
|
||||||||||||||
|
Name : |
Mrs. Sonia Kathuria |
|||||||||||||
|
Designation : |
Director |
|||||||||||||
|
Address : |
B-170, East of Kailash, |
|||||||||||||
|
Date of Birth/Age : |
17.11.1962 |
|||||||||||||
|
Qualification : |
Graduate |
|||||||||||||
|
Date of Appointment : |
16.03.2007 |
|||||||||||||
|
PAN No: |
AACPV5513P |
|||||||||||||
|
DIN No.: |
01216595 |
|||||||||||||
|
|
||||||||||||||
|
Name : |
Mr. Narinder Paul Kathura |
|||||||||||||
|
Designation : |
Director |
|||||||||||||
|
Address : |
B-170, East of Kailash, |
|||||||||||||
|
Date of Birth/Age : |
24.10.1959 |
|||||||||||||
|
Qualification : |
B.E. |
|||||||||||||
|
PAN No: |
AAJPK7244F |
|||||||||||||
|
Date of Appointment : |
31.03.1992 |
|||||||||||||
|
DIN No.: |
02598618 |
|||||||||||||
|
Other Directorship:
|
||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sonali Saini |
|
Designation : |
Practicing Company Secretary |
|
Address : |
6995, Ahata Kiadar, Pahari Dhiraj, Delhi – 110006, India |
|
Mob. No: |
91- 9654285040 |
|
|
|
|
Name : |
Mr. Anil Kulkarni |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Sunil Yadav |
|
Designation : |
General Manager (Marketing) |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Sanjeev Vasdev |
12917333 |
28.55 |
|
Parmeet Vasdev |
11507524 |
25.43 |
|
Sonia Kathuria |
3131000 |
6.92 |
|
Narinder Paul Kathuria |
10744143 |
23.75 |
|
Sanjeev Vasdev, Parmeet Vasdev and Renu Vasdev through Renson India |
5043309 |
11.15 |
|
Kavita Vasdev |
1900000 |
4.20 |
|
Total |
45243309 |
100.00 |
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image020.gif)
AS ON 30.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters – [Individual/Hindu Undivided Family – Indian] |
84.65 |
|
Public/Other than Promoters – [Individual/Hindu Undivided
Family – Indian] |
4.20 |
|
Public/Other than Promoters – [Other- Sanjeev Vasdev,
Parmeet Vasdev and Renu Vasdev on Behalf of Renson India] |
11.15 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufactures of electronic and electrical auto components,
energy meter and is a leading host of many engineering products for two,
three and four wheelers. [Registered Activity and also Confirmed by
management] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Advance Payment, Cheque and Credit (30/60 Days) |
||||||
|
|
|
||||||
|
Purchasing : |
Advance Payment, Cheque and Credit (30/60 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Retailers and End
Users
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
300 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution: |
Axis Trustee Services Limited, Axis House, Bombay Dyeing
Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Wahi and Company Chartered Accountant |
|
Address : |
K-1, Kaillash Colony, |
|
Mobile No.: |
91-11-29232225 / 29241921 / 41734728 / 41734732 / 41734738 |
|
Fax No.: |
91-11-29231411 |
|
E-Mail : |
|
|
Website: |
|
|
PAN No.: |
AAAFW0375N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company: |
|
|
|
|
|
Enterprises which
are owned, or have significant
influence of or are partners with Key Management personnel and their
relatives: |
Rensons India, India |
CAPITAL STRUCTURE
AS ON 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52500000 |
Equity Shares |
INR 1/- each |
INR 52.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45243309 |
Equity Shares |
INR 1/- each |
INR 45.243 Million |
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 |
45.243 |
45.243 |
45.243 |
|
(b) Reserves and Surplus |
952.466 |
849.386 |
721.232 |
|
(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) |
997.709 |
894.629 |
766.475 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1028.084 |
505.822 |
147.308 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
43.558 |
34.440 |
22.379 |
|
Total Non-current
Liabilities (3) |
1071.642 |
540.262 |
169.687 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
438.012 |
392.315 |
393.966 |
|
(b) Trade
payables |
535.216 |
512.494 |
400.759 |
|
(c) Other
current liabilities |
123.920 |
82.853 |
41.708 |
|
(d) Short-term
provisions |
50.412 |
72.237 |
114.057 |
|
Total Current
Liabilities (4) |
1147.560 |
1059.899 |
950.490 |
|
|
|
|
|
|
TOTAL |
3216.911 |
2494.790 |
1886.652 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
659.890 |
762.204 |
882.467 |
|
(ii)
Intangible Assets |
1.983 |
0.164 |
1.432 |
|
(iii) Tangible assets
capital work-in-progress |
824.833 |
108.062 |
24.790 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
431.034 |
338.989 |
55.555 |
|
(c) Deferred tax assets (net) |
53.323 |
30.706 |
1.589 |
|
(d)
Long-term loans and advances |
9.209 |
42.542 |
30.560 |
|
(e) Other
Non-current assets |
78.561 |
55.675 |
54.329 |
|
Total Non-Current
Assets |
2058.833 |
1338.342 |
1050.722 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
324.882 |
340.623 |
266.179 |
|
(c) Trade
receivables |
546.833 |
624.533 |
459.821 |
|
(d) Cash and
bank balances |
8.363 |
7.342 |
11.399 |
|
(e)
Short-term loans and advances |
265.282 |
174.365 |
91.965 |
|
(f) Other
current assets |
12.718 |
9.585 |
6.566 |
|
Total
Current Assets |
1158.078 |
1156.448 |
835.930 |
|
|
|
|
|
|
TOTAL |
3216.911 |
2494.790 |
1886.652 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3310.779 |
3446.353 |
3476.234 |
|
|
Other Income |
24.553 |
21.919 |
12.031 |
|
|
TOTAL |
3335.332 |
3468.272 |
3488.265 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2213.160 |
2347.804 |
2383.353 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.831 |
(30.021) |
19.214 |
|
|
Employee benefit expense |
429.445 |
404.074 |
360.609 |
|
|
CSR expenditure |
5.000 |
7.500 |
13.500 |
|
|
Other expenses |
344.562 |
328.289 |
320.100 |
|
|
Exceptional items |
0.067 |
0.367 |
0.733 |
|
|
TOTAL |
2999.065 |
3058.013 |
3097.509 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
336.267 |
410.259 |
390.756 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
67.812 |
66.673 |
46.027 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
268.455 |
343.586 |
344.729 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
145.222 |
163.502 |
196.765 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
123.233 |
180.084 |
147.964 |
|
|
|
|
|
|
|
Less |
TAX |
27.795 |
43.120 |
29.653 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
95.438 |
136.964 |
118.311 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.11 |
3.03 |
2.62 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
394.848 |
247.076 |
443.144 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
321.141 |
157.982 |
390.262 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
60.29 |
66.14 |
48.28 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
6.05 |
5.52 |
7.56 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
88.27 |
79.67 |
61.37 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.04 |
1.20 |
1.47 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.23 |
0.47 |
0.43 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.68 |
0.63 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
1.47 |
1.00 |
0.71 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
1.15 |
1.18 |
1.24 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
1.49 |
0.97 |
1.19 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
4.96 |
6.15 |
8.49 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
2.88 |
3.97 |
3.40 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.97 |
5.49 |
6.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
9.57 |
15.31 |
15.44 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.01 |
1.09 |
0.88 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.73 |
0.77 |
0.60 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.31 |
0.36 |
0.41 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
32.40 |
19.85 |
11.96 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
1.01 |
1.09 |
0.88 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
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 |
45.243 |
45.243 |
45.243 |
|
Reserves & Surplus |
721.232 |
849.386 |
952.466 |
|
Net
worth |
766.475 |
894.629 |
997.709 |
|
|
|
|
|
|
Long-term borrowings |
147.308 |
505.822 |
1028.084 |
|
Short term borrowings |
393.966 |
392.315 |
438.012 |
|
Total
borrowings |
541.274 |
898.137 |
1466.095 |
|
Debt/Equity
ratio |
0.706 |
1.004 |
1.469 |
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image022.gif)
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 |
3476.234 |
3446.353 |
3310.779 |
|
|
|
(0.860) |
(3.934) |
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image024.gif)
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 |
3476.234 |
3446.353 |
3310.779 |
|
Profit/ (Loss) |
118.311 |
136.964 |
95.438 |
|
|
3.40
% |
3.97
% |
2.88
% |
%20PRIVATE%20LIMITED%20-%20511937%2028-May-2018_files/image026.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
45.243 |
45.243 |
|
(b) Reserves and Surplus |
827.754 |
820.552 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
(d) Minority interest |
126.120 |
142.649 |
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
4.000 |
|
Total
Shareholders’ Funds (1) + (2) |
872.997 |
869.795 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
2717.177 |
1765.227 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
|
(d) long-term
provisions |
277.405 |
288.252 |
|
Total Non-current
Liabilities (3) |
2994.582 |
2053.479 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short-term
borrowings |
538.012 |
392.315 |
|
(b) Trade
payables |
845.163 |
647.673 |
|
(c) Other current
liabilities |
357.932 |
295.558 |
|
(d) Short-term
provisions |
117.273 |
137.205 |
|
Total Current
Liabilities (4) |
1858.380 |
1472.750 |
|
|
|
|
|
TOTAL |
5852.079 |
4538.674 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1)
Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i)
Tangible assets |
2434.982 |
1487.494 |
|
(ii)
Intangible Assets |
172.281 |
161.448 |
|
(iii) Tangible assets
capital work-in-progress |
1133.950 |
958.425 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.655 |
4.655 |
|
(c) Deferred tax assets (net) |
26.931 |
30.706 |
|
(d)
Long-term loans and advances |
20.241 |
78.780 |
|
(e) Other
Non-current assets |
78.561 |
55.675 |
|
Total Non-Current
Assets |
3871.601 |
2777.183 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
0.000 |
0.000 |
|
(b)
Inventories |
644.523 |
595.205 |
|
(c) Trade
receivables |
835.783 |
743.516 |
|
(d) Cash and
bank balances |
45.973 |
92.112 |
|
(e)
Short-term loans and advances |
440.463 |
319.067 |
|
(f) Other
current assets |
13.736 |
11.591 |
|
Total
Current Assets |
1980.478 |
1761.491 |
|
|
|
|
|
TOTAL |
5852.079 |
4538.674 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Total
Revenue from operations |
5152.101 |
4093.840 |
|
|
Other Income |
90.689 |
46.232 |
|
|
TOTAL |
5242.790 |
4140.072 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
3330.502 |
2686.827 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
8.909 |
(12.659) |
|
|
Employee benefit expense |
999.595 |
651.157 |
|
|
CSR expenditure |
5.000 |
7.500 |
|
|
Other expenses |
518.105 |
398.693 |
|
|
Exceptional items |
0.067 |
(0.445) |
|
|
TOTAL |
4862.178 |
3731.073 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
380.612 |
408.999 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
167.591 |
84.286 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
213.021 |
324.713 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
219.604 |
184.866 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(6.583) |
139.847 |
|
|
|
|
|
|
Less |
TAX |
54.677 |
43.338 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(61.260) |
96.509 |
|
|
|
|
|
|
|
PROFIT
(LOSS) OF MINORITY INTEREST |
56.932 |
12.541 |
|
|
|
|
|
|
|
TOTAL
PROFIT (LOSS) FOR PERIOD |
(4.328) |
109.050 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(1.35) |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVENUES _STANDALONE
During the year, the total income of the Company on standalone basis, marginally declined from INR 3468.272 million in FY 2015-16 to INR 3335.332 million. The Net Sales from Automotive Segment decreased by 1% from INR 3128.700 million to INR 3099.100 million in 2016-17, net sales from Energy Meters declined by 34% from INR 317.700 million in FY2015-16 to INR 211.600 million in FY 2016-17
CORPORATE INFORMATION
The Company is a private limited company domiciled in India and incorporated on October 26, 1989. The Company manufactures electronic and electrical auto components, energy meter and is a leading host of many engineering products for two, three and four wheelers.
OUTLOOK
a) FY 2017-18:
With good monsoon providing boost to rural economy and rising middle class income and aspirations, the demand for two-wheelers is expected to grow in double digit. With demonetization, change in emission norms and implementation of GST behind us, revival in growth is expected from second half of 2017-18.
For FY 17-18 the company’s target is to de-risk and reduce customer concentration. The Company expects to achieve double digit growth by adding new customers in both domestic and export markets. The company’s focus on the After-Market Segment in the automotive segment is expected to generate significant growth. The Company is well positioned to capture the opening of new market due to change in emission norms from BSIV to BSVI from April 2020. The Company has already started supplies of Throttle Body/Fuel Injection System to one of its customer from FY 16-17.
In the Energy Meter Business the company will focus in the upcoming segment of Smart Meters and expects to get orders from tenders backed by Multi-lateral agencies. In this segment the company has tied-up with a Software company to provide end-to-end solution in smart metering.
The Smart Meters tenders would be floated by Energy Efficiency Services Ltd (EESL) and this would be required in large numbers. The value of the tenders to be floated in next 3 years would be INR 50000.000 million. The Company is upgrading its infrastructure to cater to these requirements and expect to get minimum INR 2000.000 million of orders in next two years.
PRECISION FORGING
PLANT:
The Company has started commercial production in July’17 of its new start of the art facility for manufacturing precision forging at Chakan, Pune. The plant is fully automatic with 5 modern Servo Presses (2 Nos. 400 MT, 1 NO 500 MT, 1 No 800 MT & 1 NO 1250 MT press) with no manual intervention from billet cutting to the manufacturing of forged gears.
The following is the performance review of Subsidiaries:
Flash Viven Machining Technologies Private Limited:
The subsidiary is in the business of manufacturing transmission Gear Assemblies and other Machined components. The plant has state of the art fully automated imported machines for various operations like gear soft machining, heat treatment, finishing and assembly.
The subsidiary started full-fledged commercial production in FY 16-17 and had total income of INR 434.100 million and Operating profit (EBIDTA) of INR 43.000 million. The subsidiary has a confirmed order book and has got orders for exports to Europe. As the operations will scale up in next few years the Company is expected to generate EBITDA Margin in the range of 18-22%. The Subsidiary is expected to contribute significantly in Flash Group’s topline & bottom-line.
BING POWER SYSTEMS
(BPS)
The company thru its wholly owned subsidiary Flash Holding GmbH acquired 64.71% of Bing Power Systems GmbH on 1st October 2015 for a consideration of Euro 4 Million. This acquisition will enable us to cater to the new emission norms announced by the Government from 1st April 2020. BPS supplies to marque customers like BMW, VW, Ducati, Triumph, Rotax, Harley Davidson. The company also has significant presence in the aftermarket segment.
Current year is the first full year of operations for the company. Flash Holding GmbH achieved revenue of Euro 19 MM with EBITDA break even at consolidated level.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
240.000 |
240.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
250.061 |
173.440 |
|
Total |
490.061 |
413.440 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G59290122 |
100064471 |
AXIS TRUSTEE SERVICES LIMITED |
30/09/2016 |
14/10/2017 |
- |
1210000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
2 |
G68829191 |
100033934 |
ICICI BANK LIMITED |
25/05/2016 |
14/10/2017 |
- |
221250000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
3 |
B65907438 |
10397039 |
HDFC BANK LIMITED |
17/12/2012 |
- |
- |
50000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
4 |
B63124754 |
10389412 |
ICICI BANK LIMITED |
07/11/2012 |
- |
- |
52600000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
5 |
B39401948 |
10465452 |
CITIBANK N. A. |
24/11/2011 |
- |
- |
110000000.0 |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60BANDRA KURLA COMPLEX, BANDRA (E)MUMBAIMH400051IN |
|
6 |
G68829613 |
10251847 |
ICICI BANK LIMITED |
19/11/2010 |
24/07/2017 |
- |
650000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
7 |
G68833011 |
10174785 |
ICICI BANK LIMITED |
25/07/2009 |
14/10/2017 |
- |
650000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
8 |
Y10122522 |
90042427 |
STATE BANK OF INDIA |
30/03/1999 |
06/10/2003 |
- |
36500000.0 |
SIBFARIDABADHRIN |
|
9 |
Y10122496 |
90042401 |
STATE BANK OF INDIA |
03/03/1999 |
- |
- |
36500000.0 |
SIB BRANCHFARIDABADHRIN |
|
10 |
Y10122479 |
90042384 |
STATE BANK OF INDIA |
10/02/1999 |
- |
- |
16000000.0 |
SIB BRANCHFARIDABADHRIN |
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and fixtures
- Office equipment
- Computer Equipments
Intangible Assets
- Goodwill
- Computer software
- Patents
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 91.23 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
NO |
|
--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.