MIRA INFORM REPORT

 

 

 

Report No. :

511464

Report Date :

29.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SINGER INDIA LIMITED

 

 

Registered Office :

A-26/4, Mohan Co-Operative, Industrial Estate, New Delhi – 110044

Mob. No.:

91-11-40617777

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

19.10.1977

 

 

Com. Reg. No.:

55-025405

 

 

Capital Investment / Paid-up Capital :

INR 107.431 Million

 

 

CIN No.:

[Company Identification No.]

L52109DL1977PLC025405

 

 

IEC No.:

[Import-Export Code No.]

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS21547B

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

TIN No.:

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAACS5117M

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :
  • Trading and Manufacturing of Sewing Products and also Conducts Trading in Domestic Appliances.
  • Manufacture of Domestic Electrothermic appliances
  • Manufacture of domestic non-electric cooking & heating equipment
  • Manufacture of other domestic appliances [Registered Activity]

 

 

No. of Employees :

406 (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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 1600000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Singer (India) B. V., Netherlands” and was incorporated in the year 1977. It is engaged in manufacturing and trading of sewing products and also trading domestic appliances.


For the financial year 2017, the company has achieved revenue growth of 55.68% as compared to the previous year along with an average profit margin of 2.16%.


The satisfactory financial profile of the company is marked by sufficient net worth base along with negligible debt balance sheet profile.


As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 1184.200 million along with a profit of INR 23.400 million.


The ratings, however, are constrained due to intense competition, especially in the home appliances segment.


Payment seems to be usually correct.


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

ICRA RATING

Rating

Long Term Borrowing = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

10.04.2018

 

Rating Agency Name

ICRA RATING

Rating

Short Term Borrowing = A3+

Rating Explanation

Moderate degree of safety and higher credit risk

Date

10.04.2018

 

 

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 29.05.2018.

 

 

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

 

Management Non-Cooperative (Tel. No.: 91-11-40617777)

 

 

LOCATIONS

 

Registered Office/Head Office/Corporate Office :

A-26/4, Mohan Co-Operative, Industrial Estate, New Delhi – 110044, India

Tel. No.:

91-11-40617777

Fax No.:

91-11-40617799

E-Mail :

mail@singerindia.net

asrivastava@singerindia.net

secretarial@singerindia.com

Website :

http://www.singerindia.com

 

 

Factory :

Lane No.4, SIDCO Industrial Estate, Jammu, India

 

 

Factory 2 :

Lane No.2, SIDCO Industrial Estate, Phase II, Jammu, India

 

 

DIRECTORS

 

As on 31.03.2018

 

Name :

Mr. P. N. Sharma

Designation :

Chairman

Address :

E-103, Nagarjuna Apartments Mayur Vihar Phase - I, New Delhi – 110096, India

Date of Appointment :

27.06.2008

DIN No.:

00023625

 

 

Name :

Mrs. Madhu Vij

Designation :

Director

Address :

18/8 Kalkaji New Delhi – 110019, India

Date of Appointment :

27.08.2014

DIN No.:

00025006

 

 

Name :

Mr. Deepak Sabharwal

Designation :

Director

Address :

D-941, New Friends Colony, New Delhi – 110065, India

Date of Appointment :

10.09.2005

DIN No.:

00173116

 

 

Name :

Mr. Gavin Walker

Designation :

Director

Address :

Apartment 3B, Haking Mansions 43, Barker Road, The Peak Hong Kong 000000 CN

Date of Appointment :

19.08.2008

DIN No.:

01216863

 

 

Name :

Mr. Rajeev Bajaj

Designation :

Managing Director

Address :

B -4/172, Ground Floor Safdarjung Enclave, New Delhi – 110029, India

Date of Appointment :

19.08.2008

DIN No.:

02284467

 

 

KEY EXECUTIVES

 

Name :

Mr. Richin Sangwan

Designation :

Secretary

Address :

343, Niti Khand 3rd Indirapuram, Ghaziabad – 201010, Uttar Pradesh, India

Date of Appointment :

29.07.2015

PAN No.:

BLMPS6821D

 

 

Name :

Mr. Subhash Chand Nagpal

Designation :

Chief Financial Officer (KMP)

Address :

Flat No. - 888 Sector - 29 Noida – 201301, Uttar Pradesh, India

Date of Appointment :

06.05.2015

PAN No.:

AAEPN5190N

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

(A) Promoter & Promoter Group

3,26,62,225

60.81

 

(B) Public

2,10,53,450

39.19

 

Grand Total

5,37,15,675

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

A1) Indian

0.00

 

A2) Foreign

0.00

 

Any Other (specify)

3,26,62,225

60.81

 

Singer(INDIA) B.V

3,26,62,225

60.81

 

Sub Total A2

3,26,62,225

60.81

 

A=A1+A2

3,26,62,225

60.81

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0.00

 

Financial Institutions/ Banks

1,100

0.00

 

Insurance Companies

85

0.00

 

Sub Total B1

1,185

0.00

 

B2) Central Government/ State Government(s)/ President of India

0.00

 

Central Government/ State Government(s)/ President of India

4,70,230

0.88

 

Sub Total B2

4,70,230

0.88

 

B3) Non-Institutions

0.00

 

Individual share capital upto INR 0.200 Million

1,15,86,709

21.57

 

Individual share capital in excess of INR 0.200 Million

61,15,508

11.38

 

Tanvi Jignesh Mehta

9,30,190

1.73

 

S SHYAM

27,06,128

5.04

 

Zaki Abbas Nasser

7,00,000

1.30

 

Any Other (specify)

28,79,818

5.36

 

Bodies Corporate

25,12,846

4.68

 

New Way Constructions Limited

7,05,594

1.31

 

Non-Resident Indian (NRI)

3,66,612

0.68

 

Trusts

360

0.00

 

Sub Total B3

2,05,82,035

38.32

 

B=B1+B2+B3

2,10,53,450

39.19

 

 

 

BUSINESS DETAILS

 

Line of Business :
  • Trading and Manufacturing of Sewing Products and also Conducts Trading in Domestic Appliances.
  • Manufacture of Domestic Electrothermic appliances
  • Manufacture of domestic non-electric cooking & heating equipment
  • Manufacture of other domestic appliances [Registered Activity]

 

 

Products :

Item Code No.

Product Description

28265

Manufacture of Sewing Machines, sewing machine heads and sewing machine needles

27502

Manufacture of Domestic Electrothermic appliances

27504

Manufacture of domestic non-electric cooking & heating

equipment

27509

Manufacture of other domestic appliances

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

406 (Approximately)  

 

 

Bankers :
  • Yes Bank Limited
  • The Jammu and Kashmir Bank Limited
  • ICICI Bank Limited

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

From Banks - Cash Credit

8.070

0.000

From Banks - WCDL

25.000

0.000

 

 

 

Total

33.070

0.000

 

 

 

SHORT TERM BORROWING

 

The Cash Credit limit sanctioned by J & K Bank is Rs. 200 lacs (2016 - 200 lacs) is secured by hypothecation of stocks & other chargeable current assets and assignment of book debts of Jammu unit and mortgage of leasehold rights of the factory land and hypothecation of Plant & Machinery and Moveable Fixed Assets installed at the factory on interest rate of BR+3% i.e. currently 10.80% (2016- 13.25%)

 

The Cash Credit / WCDL limit sanctioned from Yes Bank Limited (YBL) is Rs. 500 lacs (2016 - Rs. 250 lacs) is pledged by exclusive charge on entire current assets (present and future) excluding current assets of Jammu  plant on interest rate of MCLR + 2.40% p.a. i.e. currently 11%

 

Auditors :

 

Name :

Ray and Ray

Chartered Accountants

Address :

205, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi – 110001, India

Tel. No.:

91-11-23705415 / 23705416 / 41525215

E-Mail :

raynraydelhi@vsnl.com

Website :

www.raynray.net

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Singer (India) B.V. (Netherlands)

 

 

Ultimate Holding Company :

Retail Holding N.V. (Curacao)

 

 

Holding Company of Singer (India) :

Retail Holdings Asia B.V. (Netherlands)

(Formerly known as Singer Asia Holding B.V)

 

 

Subsidiary Companies :

Singer India Trading Limited

(Under Liquidation)

 

 

Associates :
  • Brand Trading (India) Private Limited
  • Singer Asia Limited (Cayman Islands)
  • Singer Bangladesh Limited
  • Singer Industries (Ceylon) PLC

 

 

Name of related parties* where control exists having no transactions during the year:

  • Btindia Limited (B.V.I.)
  • Reality (Lanka) Ltd.(Sri Lanka)
  • Regnis (Lanka) Public Limited Company
  • Regnis Appliances (Pvt.) Limited
  • Sewko Asean Trading Limited (B.V.I.)
  • Retail Holdings Sr
  • i Lanka B.V. (Netherlands)
  • Retail Holdings Bhold B.V. (Netherlands)
  • Singer Business School (Private) Limited
  • International Appliances Ltd.(Bangladesh)
  • Singer Corporation Limited (Hong Kong)
  • Singer Finance (Lanka) Public Limited Company
  • Singer (Srilanka) Public Limited Company
  • Thailnvest B.V. (Netherlands)
  • Telshan Network (Private) Limited
  • SEWKO Holdings Ltd. (Cayman Islands)
  • Brand Trading (Cambodia) Limited (Cambodia)
  • ReHo Limited (Cayman Islands)
  • Singer Digital Media (Private) Limited
  • UCL Holdings VII Limited (B.V.I.)
  • UCL Asia Partners LP (Hong Kong)
  • NV Adminservice Corporation (Wyoming)
  • Retail Holdings Asia N.V (Curacao)
  • Retail Holdings Finance B.V.(Curacao)
  • Singer (Pakistan) B.V.(Netherlands)
  • Singer (Thailand) B.V.(Netherlands)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

INR 10/- each

INR 150.000 Million

500000

Preference Shares

INR 100/- each

INR 50.000 Million

 

Total

 

INR 200.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10743135

Equity Shares

INR 10/- each

INR 107.431 Million

 

 

 

 

 

a)     Reconciliation of Equity Shares

 

Particulars

31.03.2017

No. of Shares

INR In Million

At the beginning of the year

10743135

107.431

Issued during the year

--

--

At the end of the year

10743135

107.431

 

b)    The Company's Authorised Capital comprises of two class of shares. The Equity shares have a par value of INR 10 each and Preference Shares have a par value of INR 100 each. No Preference Shares have been issued.

 

c)     Terms / Rights attached to the Equity Shares

 

The Company has at present one class of shares i.e. Equity Shares having par value of Rs. 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 if any, is proposed by the Board of Directors & is subject to the approval of the 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.

 

d)    Shareholder's holding more than 5% of Equity shares at the end of the year in the Company

 

Name of the shareholders

31.03.2017

No. of Shares

%

Singer (India) B.V. Netherlands-The Holding Company

7778409

72.40

 

 

 

 

As per the records of the Company, including its register of shareholders / members and other declaration received from the shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

 

e)     9177900 Equity Shares of INR 10 each were alloted through preferential basis as fully paid up to Singer (India) B.V. Netherlands the Holding Company consequent to compliance with the scheme of rehabilitation sanctioned by the Hon’ble BIFR. Out of which 827900 Equity Shares of INR 10/- each were alloted by converting 10% amount borrowed from them in form of external commercial borrowing.

 

 

 

 

 

 

 

 

 

                                                                   


 

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

107.431

107.431

107.431

(b) Reserves & Surplus

467.837

373.077

345.562

(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)

575.268

480.508

452.993

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

3.270

5.364

4.543

(d) long-term provisions

13.673

15.386

12.848

Total Non-current Liabilities (3)

16.943

20.750

17.391

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

33.070

0.000

0.000

(b) Trade payables

482.126

368.298

316.496

(c) Other current liabilities

66.969

80.776

48.268

(d) Short-term provisions

55.474

85.675

119.445

Total Current Liabilities (4)

637.639

534.749

484.209

 

 

 

 

TOTAL

1229.850

1036.007

954.593

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

130.324

116.453

118.864

(ii) Intangible Assets

7.864

1.951

0.534

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

4.878

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

21.487

22.404

51.320

(d)  Long-term Loan and Advances

73.324

86.431

64.792

(e) Other Non-current assets

0.444

4.097

4.470

Total Non-Current Assets

233.443

236.214

239.980

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

541.927

391.767

296.032

(c) Trade receivables

354.455

236.218

256.143

(d) Cash and cash equivalents

53.437

125.640

123.023

(e) Short-term loans and advances

45.991

44.269

37.541

(f) Other current assets

0.597

1.899

1.874

Total Current Assets

996.407

799.793

714.613

 

 

 

 

TOTAL

1229.850

1036.007

954.593

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

3727.014

2393.959

2849.684

 

Other Income

26.284

17.810

22.380

 

TOTAL

3753.298

2411.769

2872.064

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

114.803

75.477

75.925

 

Purchases of Stock-in-Trade

2914.048

1851.214

2230.759

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(148.619)

(91.943)

(46.387)

 

Employees benefits expense

194.671

119.018

130.620

 

Other expenses

546.860

361.688

374.607

 

Exceptional Items

0.000

0.000

2.013

 

TOTAL

3621.763

2315.454

2767.537

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

131.535

96.315

104.527

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.720

0.326

0.360

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

130.815

95.989

104.167

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

10.692

7.232

8.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

120.123

88.757

95.967

 

 

 

 

 

Less

TAX

39.565

28.916

31.947

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

80.558

59.841

64.020

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

84.980

45.621

66.453

 

TOTAL EARNINGS

84.980

45.621

66.453

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

382.663

239.926

346.516

 

TOTAL IMPORTS

382.663

239.926

346.516

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

7.50

5.57

5.96

 

 

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

Cash generated from operations

(43.497)

59.602

55.056

Net cash flow from operating activity

(69.266)

38.518

36.107

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1ST Quarter

30.09.2017

2nd Quarter

31.12.2017

3rd Quarter

 

Unaudited

Unaudited

Unaudited

Net Sales

1184.200

965.300

982.400

Total Expenditure

1144.400

930.900

952.200

PBIDT (Excl OI)

39.800

34.400

30.200

Other Income

0.900

4.600

4.500

Operating Profit

40.700

39.000

34.700

Interest

1.100

1.300

1.300

Exceptional Items

NA

NA

NA

PBDT

39.600

37.700

33.400

Depreciation

3.000

3.000

3.100

Profit Before Tax

36.600

34.700

30.300

Tax

13.200

12.100

11.100

Provisions and contingencies

NA

NA

NA

Profit After Tax

23.400

22.600

19.200

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

23.400

22.600

19.200

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

34.71

36.02

32.81

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

10.51

10.13

11.13

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

58.10

69.77

50.08

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.24

0.25

0.35

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.95

0.78

0.88

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.52

0.52

0.51

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.06

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.11

1.11

1.07

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.24

0.26

0.26

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

182.69

295.44

290.35

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

2.16

2.50

2.25

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.55

5.78

6.71

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

14.00

12.45

14.13

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.56

1.50

1.48

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.71

0.76

0.86

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.47

0.46

0.47

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.31

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.56

1.50

1.48

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 56.00/-

 

 

FINANCIAL ANALYSIS

[all figures are 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

107.431

107.431

107.431

Reserves & Surplus

345.562

373.077

467.837

Net worth

452.993

480.508

575.268

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

33.070

Total borrowings

0.000

0.000

33.070

Debt/Equity ratio

0.000

0.000

0.057

 

 

 

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

2849.684

2393.959

3727.014

 

 

(15.992)

55.684

 

 

 

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

2849.684

2393.959

3727.014

Profit

64.020

59.841

80.558

 

2.25%

2.50%

2.16%

 

 

 

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

Yes

17

Details of sister concerns

No

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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

INDEX OF CHARGES:

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G69109817

100138097

YES BANK LIMITED

09/10/2017

-

-

3000000.0

NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIADR. ANNIE BESANT ROAD, WORLIMUMBAIMH400018IN

2

G78822012

10461574

YES BANK LIMITED

18/11/2013

14/02/2018

-

280000000.0

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MumabiMH400018IN

3

G78888450

10464351

The Jammu and Kashmir Bank Limited

14/11/2013

05/02/2018

-

60000000.0

Trikuta NagarJammuJK180012IN

4

A52261492

90041769

STATE BANK OF TRAVANCORE

13/09/1996

12/04/1999

13/12/2008

380000000.0

KAROL BAGHNEW DELHIDLIN

5

A51501799

90040359

BANQUE NATIONAL DE PARIS

09/05/1983

06/07/1998

28/11/2008

5000000.0

15; BARAKHAMBA ROADNEW DELHIDLIN

6

A50361831

90043168

BIRLA GLOBAL FINANCE LTD.

18/08/2001

-

13/11/2008

4066000.0

801-2ASHOKA ESTATE; BARAKHAMBA ROADNEW DELHIDL110019IN

 

 

CORPORATE INFORMATION

 

Singer India Limited (‘the Company’) is a Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of trading / manufacturing of sewing products and also conducts trading in domestic appliances.


 

 

OPERATIONS

 

The total revenue from operations recorded for the financial year ended 31st March 2017 (12 months) was INR 3727.000 Million as compared to INR 2394.000 Million in the nine months period ended 31st March, 2016. The Sewing Machines and related accessories business at INR 2913.600 Million accounted for 78 % (previous period 86 %) of the total revenue and the balance INR 813.400 Million came from the Domestic Appliances business which accounted for 22 % (previous period 14%) of the  total revenue. Both these business verticals increased over the prior year and have sequentially grown in the last six years ever since the Company had re-launched home appliances division. The increase in contribution of home appliances business to the total business is in line with the Company’s strategy to grow this business as a lot of potential exists in this segment. The export business of sewing machines at INR 85.000 Million accounted for 2.3 % of the total revenue of the Company and also increased significantly during the year under reporting.

 

The growth momentum was temporarily impacted to some extent with the demonetization of some the denominations of the currency in November 2016 particularly in the sewing machines segment where sales remained under pressure for a while in certain regions. The Company responded quickly to educate our business partners to switch over to digital payments methods to revive the business.

 

The Company is continuing to strengthen its distribution as also to revamp its product range to increase its market share in both the product segments. Enhancing Customers delight has been a top priority of the Company in the recent past years. The after sales service set up has sufficiently been geared up to enhance the customers’ satisfaction and work will remain in progress for improving this further simultaneously working on product quality up-gradation. The alternate channels like e-commerce and modern retail are simultaneously being focused to improve the visibility of our brand and presence. Many new products like increased range of air coolers and water heaters/ room heaters and electric fans were added to the product range in the home appliances during the year under reporting. Many more product offerings like micro wave ovens, items for personal grooming and other products in the Kitchen appliances segment are in offering to enhance the product portfolio in the home appliances segment.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Industry Structure and Development

 

The Sewing Machines and Domestic Appliances industry in India continues to be dominated by the SMEs. Both these industries have steadily grown over the past many years. The sewing machines market in India is skewing more towards semi-urban and rural areas and offers a lot of aspiration values to people living in these areas . The Sewing Machine is still considered amongst others a useful product for skill development and welfare schemes under various schemes designed by the Central/State Governments. The Zig Zag and Electronic Sewing machines offer higher potential for growth in the urban markets and also serve as the replacement market for the conventional sewing machines. Further the industrial sewing machine segment is also expected to grow in line with the economic growth projected in future . The upgradation to high end artisan sewing machines is also being witnessed even with the household customers.

 

The home appliances market in India is poised for a major growth in future with higher consumer income levels and raise in aspirations for a better lifestyle amongst consumers and with the GST (Goods and Services Tax) implementation, it is further expected that the share of branded products will go up with the quality products offerings at the competitive prices. The push in rural demand is likely to grow this industry a lot and this industry is also poised to offer many new cost effective products to increase the comfort levels for the consumers.

 

OUTLOOK & OPPORTUNITIES

 

The Company will drive towards increasing its market share both in sewing machines and home appliances in the GST regime as the Company expects to gain share from the unorganized market. The Company will augment its reach to the consumers by connecting with the customers, retailers and dealers in a more effective and fruitful manner. The Company is focusing on improving its brand through digital marketing. Shop in shop concept has been implemented in large retail format stores to better connect to people besides expanding the conventional stores . The Product range is being widened to offer choice to the customers.

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

 

31.03.2017

31.03.2016

Excise Duty

0.000

6.038

Value added tax / Sales tax

15.425

17.949

Others ( including Creditors & ex staff)

76.748

72.550

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 31.12.2017

(INR In Million)

Sr.

No.

 

 

Particulars

Quarter Ended

Quarter Ended

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Part I

 

 

 

 

1.

Income from Operations

 

 

 

 

a) Net Sales / Income from Operations

1184.200

965.300

3131.900

 

b) Other Operating Income

0.900

4.600

10.000

 

Total Income from Operations (net)

1185.100

969.900

3141.900

2.

Expenditure

 

 

 

 

a) Cost of materials consumed

28.400

29.000

85.100

 

b) Excise Duty

0.000

0.000

0.800

 

c) Purchase of stock-in-trade

979.400

745.600

2396.900

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(88.400)

(35.000)

(63.000)

 

d) Employee benefits expense

56.300

55.800

49.700

 

e) Finance Costs

1.100

3.000

9.100

 

f)  Depreciation and amortisation expense

3.000

3.000

9.100

 

g) Other expenses

168.700

135.500

443.100

 

Total Expenses

1148.500

935.200

3040.300

3.

Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)

36.600

34.700

101.600

8.

Exceptional items

---

--

--

9.

Profit/ (Loss) from ordinary activities before tax (7+8)

36.600

34.700

101.600

10.

Tax expenses

13.200

12.100

36.400

11.

Net Profit / (Loss) from ordinary activities after tax (9-10)

23.400

22.600

65.200

12.

Extraordinary items

--

--

--

13.

Net Profit / (Loss) for the period (11+12)

23.400

22.600

65.200

14.

Paid-up equity share capital (Face Value of Rs. 10 per share)

107.400

107.400

107.400

15.

Reserve excluding Revaluation reserve

 

 

 

16.

Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each)

a) Basic

b) Diluted

 

 

0.44

0.44

 

 

0.42

0.42

 

 

1.21

1.21

 

 

 

 

 

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

FOR THE QUARTER ENDED 31.12.2017

(INR In Million)

Sr.

No.

 

 

Particulars

Quarter Ended

Quarter Ended

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

A

Segment Revenue

 

 

 

 

a) Sewing Machine and related accessories

861.100

752.100

2303.800

 

b) Domestic appliances

323.100

213.200

828.100

 

Total

1184.200

956.300

3131.900

 

 

 

 

 

B

Segment Results

 

 

 

 

a) Sewing Machine and related accessories

77.100

87.500

238.200

 

b) Domestic appliances

12.300

(7.600)

4.200

 

Total

89.400

79.900

242.400

 

 

 

 

 

 

Less: Finance Cost

1.100

1.300

3.700

 

         Unallocated depreciation and amoritsation expenses

1.200

1.100

3.300

 

        Unallocable Expenses

51.400

47.400

142.800

 

Add :Other Net Unallocable Income / (Expenses)

0.900

4.600

9.00

 

Total

36.600

34.700

101.600

 

 

 

 

 

C

Segment Assets

 

 

 

 

a) Sewing Machine and related accessories

778.500

705.800

778.500

 

b) Domestic appliances

473.200

455.000

473.200

 

c) Unallocated

179.600

177.900

179.600

 

Total

1431.300

1338.700

1431.300

 

 

 

 

 

D

Segment Liabilities

 

 

 

 

a) Sewing Machine and related accessories

450.600

370.000

450.600

 

b) Domestic appliances

192.500

176.700

192.000

 

c) Unallocated

230.200

257.200

230.200

 

Total

873.300

803.900

873.300

 

 

FIXED ASSETS

 

  • Leasehold land
  • Building
  • Plant & Machinery
  • Office Equipment
  • Computers
  • Furniture & fixtures
  • Leasehold Improvements

 

 

 

 

 

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 :

GYT

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

JYO

 

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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.