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|
|
MIRA INFORM REPORT
|
Report No. : |
511692 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ESCORT LIMITED |
|
|
|
|
Registered
Office : |
Corporate Centre, 15/5, Mathura Road, Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129 – 2250222/ 2564275/ 2564254/ 2564921/ 2564761/ 2564099 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
17.10.1944 |
|
|
|
|
Com. Reg. No.: |
05-039088 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1225.769 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899HR1944PLC039088 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
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TIN No: |
Not Available |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
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PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business
of manufacturing of agricultural tractors, engines for agricultural tractors,
construction, earth moving and material handling equipment, round and flat
tubes, heating elements, double acting hydraulic shock absorbers for railways
coaches, centre buffer couplers, automobile shock absorbers, telescopic front
fork and MCPHERSON struts, brake block, internal combustion engines and all
types of brake used by railway’s. It also trades in oils & lubricants,
implements, trailers, tractors, compressor accessories and spares,
construction, earth moving and material handling equipment and aero business. (Registered Activity) |
|
|
|
|
No. of Employees
(As on 31.03.2017) |
3786 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1944. The company is a manufacturer of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers, etc. It is also a trader of oils & lubricants, implements, trailers, tractors, etc.
|
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 |
INDIA RATING |
|
Rating |
Long Term Loans (A+) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
30.04.2018 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Loans (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
30.04.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 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 DENIED BY
91-129-2550222 (Management non-cooperative)
Mr. Asif Khan
(91-9686655600) He is not belongs to subject company)
LOCATIONS
|
Registered /
Corporate Office/ Knowledge Management Centre:: |
Corporate Centre, 15/5, Mathura Road, Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129 – 2250222/ 2564275/ 2564254/ 2564921/ 2564761/ 2564099 |
|
Fax No.: |
91-129 – 2250009/ 2250102/ 2250060/ 2250058/ 2564921/ |
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E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
Times Square, A Wing, Unit No 1, 3rd Floor Andheri - Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-67868686 |
|
Fax No.: |
91-22-67868687 |
|
|
|
|
Escorts Training
and Development Centre: |
Ramakrishnapura, Chandapura - Anekal Road, Chandapura, Post Bangalore – 560099, Karnataka, India |
|
Tel. No.: |
91-80-27804175 |
|
E-Mail : |
|
|
|
|
|
Administrative
Office and Components Plant/ International Business |
18/4, Mathura Road, Faridabad – 121007, Haryana, India |
|
Tel. No.: |
91-129 – 2264939 |
|
|
|
|
Administrative Office
and Manufacturing Plant |
Plot No. 219, Sector – 58, Ballabgarh District
Faridabad-121004, |
|
Tel. No.: |
91-129-2306300 |
|
Fax No.: |
91-129-2306463 |
|
E-Mail : |
|
|
|
|
|
Administrative
Office and Manufacturing Plant |
Plot No. 115, Sector – 24, Faridabad – 121 005, Haryana, India |
|
Tel. No.: |
91-129-2576000 |
|
Fax No.: |
91-129-2232148 |
|
E-Mail : |
|
|
|
|
|
Tractor Assembly |
Plot No. 2 and 3, Sector – 13, Faridabad – 121007, Haryana, India |
|
Tel. No.: |
91-129 – 2291230 |
|
|
|
|
Overseas Offices: |
UL, Prezemyslowa 11, 11-700 Mragowo, Poland |
|
Tel. No.: |
0048-89-7412202 |
|
Fax. No: |
0048-89-7413633 |
DIRECTORS
As on 31.03.2017
|
Name : |
Nikhil Nanda |
|
Designation : |
Managing Director |
|
Address : |
12, Jor Bagh Lodhi Road, New Delhi-110003, India |
|
Date of Appointment : |
17.10.2005 |
|
DIN No: |
00043432 |
|
|
|
|
Name : |
Rajan Nanda |
|
Designation : |
Managing Director |
|
Address : |
2, Friends Colony (West), New Delhi-110065, India |
|
Date of Appointment : |
28.06.1968 |
|
DIN No: |
0043256 |
|
|
|
|
Name : |
Darius Jehangir Kakalia |
|
Designation : |
Director |
|
Address : |
Rebello House, 'B' Wing, 9th Floor, Flat No. 54, 132, Hill Road,
Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Appointment : |
25.05.2016 |
|
DIN No: |
00029159 |
|
|
|
|
Name : |
Nitasha Nanda |
|
Designation : |
Wholetime Director |
|
Address : |
2, Friends Colony (West), New Delhi-110065, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No: |
00032660 |
|
|
|
|
Name : |
Girish Behari Mathur |
|
Designation : |
Director |
|
Address : |
D - 23, First Floor, Sarita Vihar, New Delhi-110044, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No: |
00043352 |
|
|
|
|
Name : |
Sutanu Behuria |
|
Designation : |
Director |
|
Address : |
602A, Beverly Park 1, Mehrauli Road, DLF, Phase - 2, Gurugram- 122009,
Haryana, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No: |
00051668 |
|
|
|
|
Name : |
Ravi Dharm Narain |
|
Designation : |
Additional Director |
|
Address : |
B-3, Diwan Shree Apartment 30, Firozshah Road, New Delhi 110001, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No: |
00062596 |
|
|
|
|
Name : |
Hardeep Singh |
|
Designation : |
Director |
|
Address : |
608A, The Aralias, DLF Golf Links DLF Phase-5, Gurugram-122009,
Haryana, India |
|
Date of Appointment : |
28.11.2011 |
|
DIN No: |
00088096 |
|
|
|
|
Name : |
Hayagreeva Ravikumar Puranam |
|
Designation : |
Director |
|
Address : |
501, Yashowan Towers, Behind Mahim Post Office, T. H. Kataria Marg,
Mahim – West, Mumbai -400016, Maharashtra, India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No: |
00280010 |
|
|
|
|
Name : |
Vibha Paul Rishi |
|
Designation : |
Director |
|
Address : |
812, The Aralias Golf Course Road, Chakarpur, Gurugram-122002,
Haryana, India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No: |
05180796 |
KEY EXECUTIVES
|
Name : |
Bharat Madan |
|
Designation : |
Chief Executive Officer |
|
Address : |
C-2/175, Janak Puri, New Delhi- 110058, India |
|
Date of Appointment : |
28.05.2014 |
|
PAN No.: |
AAAPM1544K |
|
|
|
|
Name : |
Ajay Kumar Sharma |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. J-1102, BPTP Park Grandeura, Near Delhi Public School, Sector
- 82, Bhatol A (115), Faridabad-121004, Haryana, India |
|
Date of Appointment : |
16.01.2015 |
|
PAN No.: |
ALIPS2558J |
MAJOR SHAREHOLDERS
As on MARCH 2018
|
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) |
|
|
(A) Promoter & Promoter Group |
49112638 |
40.07 |
|
|
(B) Public |
73464240 |
59.93 |
|
|
Grand Total |
122576878 |
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 |
1419225 |
1.16 |
|
|
RAJAN NANDA |
1039196 |
0.85 |
|
|
NIKHIL NANDA |
212875 |
0.17 |
|
|
NITASHA NANDA |
20900 |
0.02 |
|
|
HARDEEP SINGH |
1000 |
0.00 |
|
|
GIRISH BEHARI MATHUR |
179 |
0.00 |
|
|
MASTER AGASTYA NANDA U/G NIKHIL
NANDA |
10000 |
0.01 |
|
|
NAVYA NAVELI NANDA |
18000 |
0.01 |
|
|
RITU NANDA |
100000 |
0.08 |
|
|
SHWETA NANDA |
17000 |
0.01 |
|
|
RACHNA MATHUR |
75 |
0.00 |
|
|
Any Other (specify) |
47693413 |
38.91 |
|
|
AAA PORTFOLIOS PRIVATE LIMITED |
1687280 |
1.38 |
|
|
BIG APPLE CLOTHING PRIVATE
LIMITED |
1771837 |
1.45 |
|
|
HAR PARSHADAND COMPANY PVT
LIMITED |
10526308 |
8.59 |
|
|
SIETZ TECHNOLOZY INDIA PRIVATE
LIMITED |
826 |
0.00 |
|
|
NIKY TASHA COMMUNICATIONS
PRIVATE LIMITED |
3850 |
0.00 |
|
|
NIKYTASHA ENERGIES (P) LIMITED |
1250 |
0.00 |
|
|
CHARAK AYURVEDIC TREATMENTS
PRIVATE LTD |
2000 |
0.00 |
|
|
ESCORTS FINANCE LIMITED |
31 |
0.00 |
|
|
SUTANU BEHURIA TRUSTEE OF
ESCORTS BENEFIT AND WELFARE TRUST |
33700031 |
27.49 |
|
|
Sub Total A1 |
49112638 |
40.07 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
4,91,12,638 |
40.07 |
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/ |
6243598 |
5.09 |
|
|
Foreign Portfolio Investors |
29877102 |
24.37 |
|
|
GOLDMAN SACHS INDIA LIMITED |
2824327 |
2.30 |
|
|
RWC EMERGING MARKETS EQUITY MASTER FUND LIMITED |
2136310 |
1.74 |
|
|
T.ROWE PRICE INTERNATIONAL DISCOVERY FUND |
2977140 |
2.43 |
|
|
Financial Institutions/ Banks |
272218 |
0.22 |
|
|
Insurance Companies |
86029 |
0.07 |
|
|
Sub Total B1 |
36478947 |
29.76 |
|
|
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 |
17193083 |
14.03 |
|
|
Individual share capital in excess of INR 0.200 million |
16300770 |
13.30 |
|
|
JHUNJHUNWALA RAKESH RADHESHYAM |
10000000 |
8.16 |
|
|
GIRISH BEHARI MATHUR TRUSTEE OF EMPLOYEE STOCK OPTION SCHEME -2006 |
3074512 |
2.51 |
|
|
NBFCs registered with RBI |
9377 |
0.01 |
|
|
Any Other (specify) |
3482063 |
2.84 |
|
|
Sub Total B3 |
36985293 |
30.17 |
|
|
B=B1+B2+B3 |
73464240 |
59.93 |
BUSINESS DETAILS
|
Line of Business
: |
The Company is engaged in the business
of manufacturing of agricultural tractors, engines for agricultural tractors,
construction, earth moving and material handling equipment, round and flat
tubes, heating elements, double acting hydraulic shock absorbers for railways
coaches, centre buffer couplers, automobile shock absorbers, telescopic front
fork and MCPHERSON struts, brake block, internal combustion engines and all
types of brake used by railway’s. It also trades in oils & lubricants,
implements, trailers, tractors, compressor accessories and spares,
construction, earth moving and material handling equipment and aero business. (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 Divulged |
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Imports : |
Not Divulged |
||||||
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|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
|
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No. of Employees
(As on 31.03.2017) |
3786 (Approximately) |
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|
Bankers (As on 31.03.2017) |
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Facilities : |
Note: Rate of interest - The Company’s borrowings from banks are at an effective weighted average rate of 10.80% (31 March 2016: 11.75%) (1 April 2015: 12.45%) Security details (i) Cash credit and other working capital facilities from banks are secured against first charge on current assets and second charge on moveable fixed assets (excluding assets specifically charged to other term lenders) and specific fixed deposits. These facilities carried interest in the range of 7.66%. - 10.80% p.a. in 31 March 2017 ( 31 March 2016: 7.75%-12% p.a) (1 April 2015: 10.5%-12.5% p.a). (ii) Loan against factored receivables is secured by first charge on trade receivables subject to factoring arrangement. This facility carry a rate of interest of 10.45% p.a as on 31 March 2017 (interest rate on this loan is broadly consistent for all periods presented). |
|
Secretarial
Auditors (As on 31.03.2017): |
|
|
Name : |
Jayant Gupta and Associates Chartered Accountants |
|
|
|
|
Internal Auditors
(As on 31.03.2017): |
|
|
Name : |
Ernst and Young LLP Chartered Accountants |
|
|
|
|
Statutory Auditors
(As on 31.03.2017): |
|
|
Name : |
S. N. Dhawan and Company Chartered Accountants |
|
|
|
|
Cost Auditors (As
on 31.03.2017): |
|
|
Name : |
Ramanath Iyer and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries (As on
31.03.2017) |
Domestic
Overseas
|
|
|
|
|
Joint venture (As
on 31.03.2017) |
Adico Escorts Agri Equipment Private Limited |
|
|
|
|
Associates (As on
31.03.2017) |
Escorts Consumer Credit Limited |
|
|
|
|
Enterprises over
which key management personnel and relatives of such personnel exercise
significant influence (As on 31.03.2017): |
|
CAPITAL STRUCTURE
AS ON: 31.03.2018
Authorised Capital : INR not Available
Issued, Subscribed & Paid-up Capital : INR 1225.769
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000000 |
Equity Shares |
INR 10/- each |
INR 4010.000 Million |
|
888000000 |
Redeemable Cumulative Preferences Shares |
INR 10/- each |
INR 8880.000 Million |
|
|
Total |
|
INR Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122576878 |
Equity Shares |
INR 10/- each |
INR 1225.800 Million |
|
|
|
|
|
a) Terms /
rights attached to equity shares
The Company has only one class of shares, i.e., equity shares having a face value of H10 per share. Each holder of equity shares is entitled to one vote per share. Dividend is paid in Indian Rupees. The final dividend @ H1.50 per share, recommended by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation of the Company, equity shareholders 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.
b) Reconciliation of
number of shares
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Equity shares at the beginning of the year |
122576878 |
1225.800 |
|
Changes during the year |
- |
- |
|
Total |
122576878 |
1225.800 |
c) Details of
shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Escorts Benefit and Welfare Trust |
37300031 |
30.43 |
|
Harprasad and Company Private Limited |
10526308 |
8.59 |
|
Jhunjhunwala Rakesh Radheyshyam |
11225000 |
9.16 |
d) Aggregate
number of shares issued for consideration other than cash and shares bought back
during the period of five years immediately preceding the date 31 March 2017
|
Particulars |
31.03.2017 |
|
Number |
|
|
Equity shares allotted as fully paid pursuant to consideration other than cash |
16958842 |
In addition, the Company has issued total 5,10,000 (31 March 2016: 4,26,000) equity shares to employees (through Escorts Employees Benefit and Welfare Trust) on exercise of option granted under the Employee Stock Option Scheme 2006, wherein part consideration was received in form of employee services.
e) Shares reserved
for issue under options
|
Particulars |
31.03.2017 |
|
Number |
|
|
Under the Employee Stock Option Plan (ESOP) 2006, equity shares of INR 10 each, at an excercise price of INR 85 per share |
3101612 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1225.769 |
1225.800 |
1225.800 |
|
(b) Reserves & Surplus |
24255.298 |
18685.800 |
17151.000 |
|
(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) |
25481.067 |
19911.600 |
18376.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
136.771 |
562.500 |
874.600 |
|
(b) Deferred tax liabilities (Net) |
197.101 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
234.941 |
298.300 |
289.100 |
|
(d) long-term
provisions |
153.164 |
193.600 |
266.500 |
|
Total Non-current
Liabilities (3) |
721.977 |
1054.400 |
1430.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
1590.200 |
2202.000 |
|
(b) Trade
payables |
12254.719 |
8937.800 |
7377.200 |
|
(c) Other
current liabilities |
1328.295 |
1314.600 |
1326.700 |
|
(d) Short-term
provisions |
2908.793 |
2322.900 |
1969.900 |
|
Total Current
Liabilities (4) |
16491.807 |
14165.500 |
12875.800 |
|
|
|
|
|
|
TOTAL |
42694.851 |
35131.500 |
32682.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
15219.519 |
15104.900 |
15202.100 |
|
(ii)
Intangible Assets |
358.655 |
438.900 |
152.100 |
|
(iii)
Capital work-in-progress |
467.861 |
265.600 |
213.600 |
|
(iv)
Intangible assets under development |
172.695 |
81.400 |
368.300 |
|
(b) Non-current Investments |
4326.685 |
4420.400 |
4347.800 |
|
(c) Deferred tax assets (net) |
0.000 |
470.400 |
408.800 |
|
(d) Long-term Loan and Advances |
44.146 |
41.700 |
41.700 |
|
(e) Other
Non-current assets |
960.407 |
133.600 |
271.400 |
|
Total Non-Current
Assets |
21549.968 |
20956.900 |
21005.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4848.933 |
1688.000 |
46.200 |
|
(b)
Inventories |
5410.608 |
4294.800 |
3969.800 |
|
(c) Trade
receivables |
5999.825 |
4580.200 |
3900.700 |
|
(d) Cash
and cash equivalents |
3118.997 |
2284.000 |
2496.200 |
|
(e)
Short-term loans and advances |
59.368 |
45.000 |
41.200 |
|
(f) Other
current assets |
1707.152 |
1282.600 |
1222.900 |
|
Total
Current Assets |
21144.883 |
14174.600 |
11677.000 |
|
|
|
|
|
|
TOTAL |
42694.851 |
35131.500 |
32682.800 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
49951.204 |
40931.600 |
33667.600 |
|
|
Other Income |
594.061 |
434.600 |
558.200 |
|
|
TOTAL |
50545.265 |
41366.200 |
34225.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
31478.032 |
25979.600 |
21387.400 |
|
|
Purchases of
Stock-in-Trade |
2328.030 |
2441.200 |
2220.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(227.815) |
(496.600) |
(257.000) |
|
|
Employees benefits expense |
4310.822 |
4389.900 |
3993.400 |
|
|
Exceptional Items |
67.586 |
(37.600) |
122.900 |
|
|
Other expenses |
6489.998 |
5380.400 |
4555.600 |
|
|
TOTAL |
44446.653 |
37656.900 |
32023.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
6098.612 |
3709.300 |
2202.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
285.662 |
311.100 |
495.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5812.950 |
3398.200 |
1707.200 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
724.761 |
630.700 |
575.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
5088.189 |
2767.500 |
1132.200 |
|
|
|
|
|
|
|
Less |
TAX |
1640.947 |
1163.100 |
294.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3447.242 |
1604.400 |
837.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
1220.000 |
1245.700 |
|
|
TOTAL EARNINGS |
NA |
1220.000 |
1245.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
28.85 |
16.84 |
8.44 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
475.400 |
528.400 |
|
Cash generated from operations |
NA |
3451.700 |
2141.400 |
|
Net cash flows from (used in) operating activity |
NA |
3007.900 |
2216.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
43.84 |
40.84 |
42.29 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.33 |
8.94 |
8.63 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
132.31 |
114.79 |
114.06 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.13 |
0.86 |
0.55 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.38 |
0.23 |
0.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.39 |
0.42 |
0.42 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.01 |
0.11 |
0.17 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.65 |
0.71 |
0.70 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.64 |
0.80 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
21.35 |
11.92 |
4.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.90 |
3.92 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.07 |
4.57 |
2.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.53 |
8.06 |
4.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.28 |
1.00 |
0.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.95 |
0.70 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.60 |
0.57 |
0.56 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.11 |
1.76 |
2.51 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.28 |
1.00 |
0.91 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 916.45/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1225.800 |
1225.800 |
1225.769 |
|
Reserves & Surplus |
17151.000 |
18685.800 |
24255.298 |
|
Net
worth |
18376.800 |
19911.600 |
25481.067 |
|
|
|
|
|
|
long-term borrowings |
874.600 |
562.500 |
136.771 |
|
Short term borrowings |
2202.000 |
1590.200 |
0.000 |
|
Total
borrowings |
3076.600 |
2152.700 |
136.771 |
|
Debt/Equity
ratio |
0.167 |
0.108 |
0.005 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
33667.600 |
40931.600 |
49951.204 |
|
|
|
21.576 |
22.036 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
33667.600 |
40931.600 |
49951.204 |
|
Profit (Loss) |
837.500 |
1604.400 |
3447.242 |
|
|
2.49% |
3.92% |
6.90% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
1225.769 |
1225.769 |
|
(b) Reserves &
Surplus |
20925.596 |
14983.553 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(d) Share Application
money pending allotment |
0.000 |
0.000 |
|
(2) Minority Interest |
(4.035) |
17.404 |
|
Total Shareholders’ Funds
(1) + (2) |
22147.330 |
16226.726 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
147.124 |
585.914 |
|
(b) Deferred tax
liabilities (Net) |
197.038 |
0.000 |
|
(c) Other long term
liabilities |
234.942 |
301.213 |
|
(d) long-term provisions |
166.193 |
207.295 |
|
Total Non-current
Liabilities (3) |
745.297 |
1094.422 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
0.000 |
1593.007 |
|
(b) Trade payables |
12344.931 |
9101.398 |
|
(c) Other current
liabilities |
3166.710 |
2661.545 |
|
(d) Short-term provisions |
1329.174 |
1315.142 |
|
Total Current Liabilities
(4) |
16840.815 |
14671.092 |
|
|
|
|
|
TOTAL |
39733.442 |
31992.240 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
15280.017 |
15134.332 |
|
(ii) Intangible Assets |
365.723 |
443.317 |
|
(iii) Capital
work-in-progress |
484.548 |
265.617 |
|
(iv) Intangible assets
under development |
172.695 |
81.415 |
|
(v) Investments Accounted
for using equity method |
6.460 |
10.709 |
|
(b) Non-current
Investments |
728.873 |
613.009 |
|
(c) Deferred tax assets
(net) |
8.077 |
515.027 |
|
(d) Long-term Loan and
Advances |
91.669 |
81.111 |
|
(e) Other Non-current
assets |
1066.868 |
245.104 |
|
Total Non-Current Assets |
18204.930 |
17389.641 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
4987.438 |
1733.487 |
|
(b) Inventories |
5657.331 |
4503.007 |
|
(c) Trade receivables |
5919.955 |
4564.549 |
|
(d) Cash and cash
equivalents |
3172.886 |
2441.046 |
|
(e) Short-term loans and
advances |
80.407 |
49.865 |
|
(f) Other current assets |
1710.495 |
1310.645 |
|
Total Current Assets |
21528.512 |
14602.599 |
|
|
|
|
|
TOTAL |
39733.442 |
31992.240 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
50593.333 |
41453.365 |
|
|
Other Income |
653.165 |
470.924 |
|
|
TOTAL |
51246.498 |
41924.289 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
31857.310 |
26336.649 |
|
|
Purchases of
Stock-in-Trade |
2328.030 |
2441.227 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(213.950) |
(464.860) |
|
|
Employees benefits
expense |
4424.463 |
4021.724 |
|
|
Share of Loss |
67.586 |
112.362 |
|
|
Extraordinary Items |
3.717 |
10.603 |
|
|
Other expenses |
6661.463 |
6023.160 |
|
|
TOTAL |
45128.619 |
38480.865 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
6117.879 |
3443.424 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
294.929 |
322.132 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5822.950 |
3121.292 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
732.191 |
634.201 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
5090.759 |
2487.091 |
|
|
|
|
|
|
Less |
TAX |
1624.885 |
1179.579 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
3465.874 |
1307.512 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
41.62 |
20.94 |
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 |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW (As
on 31.03.2017)
The Company is a public limited company incorporated and domiciled in India and having its registered office at 15/5, Mathura Road, Faridabad (Haryana). The Company’s shares are listed with Bombay Stock Exchange, National Stock Exchange and Delhi Stock Exchange. The Company is engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, centre buffer couplers, automobile shock absorbers, telescopic front fork and MCPHERSON struts, brake block, internal combustion engines and all types of brake used by railway’s. It also trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment and aero business.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G04508586 |
100029286 |
VOLKSWAGEN FINANCE PRIVATE LIMITED |
22/03/2016 |
- |
- |
5800000.0 |
3rd Floor, Wing - A, Silver UtopiaCardinal Gracious Road, Chakala, AndheriMumbaiMa400099IN |
|
2 |
C78976289 |
10614597 |
State Bank of India |
23/12/2015 |
23/12/2015 |
- |
1500000000.0 |
Jawahar Vyapar Bhawan, 1, Tolstoy Marg,Industrial Finance Branch,New DelhiDL110001IN |
|
3 |
C66485210 |
10486903 |
IDBI Bank Limited |
12/03/2014 |
16/09/2015 |
- |
11640000000.0 |
IRCS Building, 1,Red Cross Road,New DelhiDL110001IN |
|
4 |
B85696359 |
10450943 |
IL & FS TRUST COMPANY LIMITED |
27/09/2013 |
- |
- |
1000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
5 |
G44916971 |
100076317 |
ORIENTAL BANK OF COMMERCE |
23/01/2017 |
- |
18/05/2017 |
150000000.0 |
LCB, E BLOCKCONNAUGHT PLACENEW DELHIDL110001IN |
|
6 |
G22770168 |
100030533 |
ORIENTAL BANK OF COMMERCE |
02/02/2016 |
- |
26/10/2016 |
100000000.0 |
LCB, E Block,Connaught PlaceNew DelhiDL110001IN |
|
7 |
G22768121 |
100047309 |
ORIENTAL BANK OF COMMERCE |
05/08/2016 |
- |
26/10/2016 |
150000000.0 |
LCB, E BLOCKCONNAUGHT PLACENEW DELHIDL110001IN |
|
8 |
G22772362 |
10399230 |
Oriental Bank of Commerce |
26/12/2012 |
17/01/2013 |
21/10/2016 |
562500000.0 |
Groun Floor, Harsha Bhawan, E-Block,Connaught PlaceNew DelhiDL110001IN |
|
9 |
G16978272 |
10247490 |
State Bank of India |
13/10/2010 |
- |
30/09/2016 |
350000000.0 |
CAG Branch, Jawahar Vyapar Bhawan, 11th&12th Floor1, Tolstoy MargNew DelhiDL110001IN |
|
10 |
G05797436 |
10307146 |
IL & FS TRUST COMPANY LIMITED |
29/08/2011 |
- |
16/06/2016 |
1000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2018 (INR
in Million) |
31.03.2017 (INR
in Million) |
|
Estimated amounts of contracts remaining to be executed on capital account and not provided for |
NA |
525.000 |
|
Claims not acknowledged as debts |
NA |
5.500 |
|
There is a
contingent liability of : |
|
|
|
Excise duty/ customs duty /service tax demands not acknowledged as liability |
NA |
4714.400 |
|
ESI additional demand not acknowledged as liability |
NA |
55.500 |
|
Sales tax and other demands not acknowledged as liability |
NA |
808.400 |
|
Pending legal cases - personnel |
NA |
44.600 |
|
others |
NA |
379.200 |
|
Demand raised by Faridabad Municipal Corporation for external development charges where the Company is in litigation |
NA |
23.800 |
|
Guarantees given to banks under channel finance program and bills discounting |
NA |
68.100 |
|
Letter of credit/guarantees executed in favour of others |
NA |
419.900 |
|
Demand raised by Income Tax department, disputed by the Company and pending in appeal (Against demand the company has deposited a sum of INR 2.800 million (Previous period INR 258.900 million) under protest) |
NA |
221.00 |
|
Liability towards surety bond in favour of Governor of Haryana for Sales Tax registration under VAT |
NA |
44.600 |
FIXED ASSETS
- Freehold land
- Leasehold land
- Buildings
- Leasehold improvements
- Plant and machinery
- Furniture and fixtures
- Vehicles
- Office equipment
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 : |
SWT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
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 |
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.