%20LIMITED%20-%20133701%2024-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
W.S. INDUSTRIES ( |
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Registered Office : |
108, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.08.1961 |
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Com. Reg. No.: |
18-4568 |
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CIN No.: [Company
Identification No.] |
L29142TN1961PLC004568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW00009C |
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Legal Form : |
Public limited liability company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of insulators, lightning arresters, coupling
capacitors, capacity voltage transformers, instrument transformers, line
traps and reactors. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3477000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. General
financial position being incurred by the company in current year. However, trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
108, |
|
Tel. No.: |
91-44-66500811/ 66500723/
66500893 |
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Fax No.: |
91-44-66500882/ 66500894 |
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E-Mail : |
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Website : |
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Head Office : |
Karumuttu Centre, II Floor, 498, Anna Salai, Chennai - 600
035, |
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Tel. No.: |
91-44-2434 1251 / 2434 9141 |
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Fax No.: |
91-44-2434 0847 |
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Factory 2 : |
Plot No.31, AP SEZ, |
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Branch Office : |
Located at:
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DIRECTORS
As on 31.03.2010
|
Name : |
Mr. V. Srinivasan |
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Designation : |
Chairman |
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Name : |
Mr. Murali Venkatraman |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Narayan Sethuramon |
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Designation : |
Managing Director |
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Name : |
Mr. K. Raman |
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Designation : |
Director |
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Name : |
Air Marshal (Retired) S.J. Dastur (upto 30.07.2010) |
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Designation : |
Director |
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Name : |
Mr. G. Balasubramanyan |
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Designation : |
Director |
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Name : |
Mr. G.V. Viswanath |
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Designation : |
Director |
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Name : |
Mr. Julian C. Schroeder |
|
Designation : |
Director |
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Name : |
Mr. N. Srinivasan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K.S. Natarajan |
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Designation : |
Company Secretary |
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Name : |
Mr. T. Chandrasekharan |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
Promoters |
9869008 |
46.68 |
|
Mutual Funds/Flls |
1891341 |
8.95 |
|
Banks/Financial Institutions |
73205 |
0.35 |
|
Other Bodies Corporate |
1381189 |
6.53 |
|
NRI/Foreign Companies |
3397530 |
16.07 |
|
Public |
4527516 |
21.42 |
|
Total
|
21139789 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of insulators, lightning arresters, coupling
capacitors, capacity voltage transformers, instrument transformers, line
traps and reactors. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Actual
Production |
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Insulators (fully assembled) |
M.T. |
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|
21069 |
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GENERAL INFORMATION
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No. of Employees : |
Around 1159 (Approximately) |
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Bankers : |
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Facilities : |
1. Loans from
Banks, both for Unit I (at Chennai) and Unit II (at Visakhapatnam) availed on
Cash Credit, Packing Credit, WCDL and FCNRB are secured by the Hypothecation
of Stocks of Raw Materials, Stores, Spares (not relating to Plant and Machinery),
Work-in-Progress, Finished Goods, Book Debts and Documentary Bills and
further secured by a Second Charge on the Company's immoveable and moveable
fixed assets ranking pari-passu among themselves based on the
joint/individual documentation executed, subject to the first pari-passu
charge created in favour of the Company's term lenders in favour of- i) The Bankers
under Consortium arrangement for the Working Capital facilities sanctioned by
them for Unit I. ii) A bank for
the Working Capital facilities sanctioned for Unit II. 2. First Charge
has been created on the company's immovable and movable fixed assets, present
and future: a) In respect of
the Term Loans availed and outstanding to banks, aggregating to Rs.825.290
Millions which shall rank pari passu among them. b) In favour of
the concerned Bankers on specific assets acquired from the specific loans
secured from them under the suppliers' credit facility for which bills have
been co-accepted by these banks.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Viswanathan Chartered Accountants |
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Address : |
Chennai - 600 004, |
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Memberships : |
Confederation of Indian Industry |
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Collaborators : |
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Subsidiaries : |
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Associates : |
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Other Related
Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
1500000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.150.000 millions |
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Total |
|
Rs.500.000
millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21139789 |
Equity Shares* |
Rs.10/- each
|
Rs.211.400
millions |
|
1275000 |
Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.127.500
millions |
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Total |
|
Rs.338.900 millions |
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* Includes 1101312 Bonus Shares issued by capitalizing the Reserves in
1982 and 1988 and 5850000 Equity Shares allotted on amalgamation in 2003.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
338.900 |
303.900 |
303.900 |
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2] Warrants issued pending allotment |
0.000 |
0.000 |
9.900 |
|
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3] Reserves & Surplus |
530.430 |
669.140 |
600.340 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
869.330 |
973.040 |
914.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1326.350 |
1095.100 |
817.270 |
|
|
2] Unsecured Loans |
21.130 |
3.220 |
4.340 |
|
|
3] Deferred Liability |
1.650 |
4.510 |
9.500 |
|
|
TOTAL BORROWING |
1349.130 |
1102.830 |
831.110 |
|
|
DEFERRED TAX LIABILITIES |
46.900 |
56.100 |
58.200 |
|
|
|
|
|
|
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TOTAL |
2265.360 |
2131.970 |
1803.450 |
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
1515.660 |
361.730 |
357.580 |
|
|
Capital work-in-progress |
106.650 |
1258.050 |
529.480 |
|
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|
|
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INVESTMENT |
42.700 |
61.890 |
156.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
489.080
|
371.660 |
304.280
|
|
|
Sundry Debtors |
755.280
|
531.000 |
711.290
|
|
|
Cash & Bank Balances |
43.050
|
112.200 |
191.410
|
|
|
Other Current Assets |
0.090
|
0.030 |
1.540
|
|
|
Loans & Advances |
127.120
|
197.770 |
155.400
|
|
Total
Current Assets |
1414.620
|
1212.660 |
1363.920 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
403.710
|
|
591.750
|
|
|
Other Current Liabilities |
398.930
|
346.290 |
|
|
|
Provisions |
18.730
|
51.210 |
17.780
|
|
Total
Current Liabilities |
821.370
|
767.470 |
609.530 |
|
|
Net Current Assets |
593.250
|
445.190 |
754.390
|
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
7.100 |
5.110 |
5.300 |
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TOTAL |
2265.360 |
2131.970 |
1803.450 |
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%20LIMITED%20-%20133701%2024-Feb-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2175.620 |
2227.300 |
2269.890 |
|
|
|
Other Income |
10.470 |
5.300 |
3.210 |
|
|
|
TOTAL (A) |
2186.090 |
2232.600 |
2273.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
1114.520 |
1058.280 |
1061.450 |
|
|
|
Employee Cost |
271.040 |
230.860 |
220.720 |
|
|
|
Other Costs |
746.670 |
691.830 |
677.170 |
|
|
|
TOTAL (B) |
2132.230 |
1980.970 |
1959.340 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.860 |
251.630 |
313.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
113.570 |
82.200 |
68.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(59.710) |
169.430 |
245.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.850 |
37.180 |
31.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(139.560) |
132.250 |
213.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(9.200) |
43.200 |
46.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(130.360) |
89.050 |
167.230 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
157.690 |
125.040 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
17.500 |
26.250 |
NA |
|
|
|
Preference Dividend |
7.140 |
4.630 |
NA |
|
|
|
Proposed Dividend |
-- |
21.140 |
NA |
|
|
|
Dividend Distribution Tax |
1.210 |
4.380 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1.480 |
157.690 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Physical Exports |
444.150 |
641.960 |
510.850 |
|
|
|
Others |
3.950 |
1.980 |
244.990 |
|
|
TOTAL EARNINGS |
448.100 |
643.940 |
755.840 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
308.190 |
403.870 |
371.710 |
|
|
|
Components and Spare Parts |
4.480 |
13.160 |
23.370 |
|
|
TOTAL IMPORTS |
312.670 |
417.030 |
395.080 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.56) |
3.96 |
7.64 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
558.920 |
732.410 |
600.630 |
|
Total Expenditure |
622.490 |
735.290 |
626.320 |
|
PBIDT (Excl OI) |
(63.570) |
(2.880) |
(25.690) |
|
Other Income |
0.470 |
0.190 |
3.890 |
|
Operating Profit |
(63.090) |
(2.690) |
(21.800) |
|
Interest |
35.940 |
38.400 |
46.310 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(99.030) |
(41.090) |
(68.100) |
|
Depreciation |
23.390 |
23.400 |
23.360 |
|
Profit Before Tax |
(122.420) |
(64.490) |
(91.460) |
|
Tax |
(26.500 |
(1.300 |
(11.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(95.920) |
(63.190) |
(79.860) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(95.920) |
(63.190) |
(79.860) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.96)
|
3.99 |
7.36
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.41)
|
5.94 |
9.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.76)
|
8.40 |
12.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
0.14 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
1.92 |
1.58
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.58 |
2.24
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject, incorporated in 1961 as W S Insulators of India is
into manufacture of a wide range of insulators, lightning arresters, coupling
capacitors, capacity voltage transformers, instrument transformers, line traps
and reactors. The company is also into collaboration with
BUSINESS
OPERATIONS
The Company
operates in two business segments namely (a) Insulators and (b) Turnkey
Projects. The net sales from Insulator business for the year was Rs.1764.000
millions. Their second unit, a 'green field project' located in the Special
Economic Zone at
The Turnkey Projects
Division performed satisfactorily with a sales of Rs.411.000 millions as
against sales of Rs.124.000 millions for the previous year thus recording an
increase of more than three times.
However, the year
was marked by several adverse factors both on the production and commercial
fronts. The market both in
The operations
faced a continuing inflationary cost of raw material and components. Consequent
to the power cut imposed by the utilities, the Company had to rely on expensive
third party and self generated power to meet its energy requirements.
All these factors
were responsible for the net loss of Rs.139.560 millions for the year.
RECOGNITION
The Company
continues to enjoy the status of Star Export House and recognition as approved
R and D Unit.
Their Unit I at
Chennai has completed I M S final certification Audit thereby complying with
all the three Standards viz., ISO 9001:2008, ISO 14001:2004 and OHSAS (Occupational
Health and Safety Assessment Series) 18001:2007.
Their Unit II at
CREDIT RATING
The Company has
been rated LBBB for its long term and A3+ for its short term working capital facilities
granted by its Consortium bankers as per BASEL II requirements by the credit
rating agency ICRA.
FUTURE PROSPECTS
The Company's
order book presently stands at Rs.2488.000 millions as against Rs.2394.000
millions at the same time last Year. The Company is taking vigorous steps to
restore profitability of operation. With the thrust given to the Power Sector
in the 12th Plan as well as the activity taking place in the construction,
rehabilitation and upgradation of electricity networks in many parts of the
world, the demand for the Company's products and project capabilities continues
to remain vibrant.
STATUS OF
The Company's
Subsidiary, WS. Electric Limited (WSE), is receiving the rental income from the
space owned by it in Phase - I of the
DIRECTORS
The Directors,
MrK.Raman and Mr. Julian C. Schroeder retire by rotation at the forthcoming
Annual General Meeting and being eligible, offer themselves for reappointment.
Due to his
advancing age, Air Marshal (Retd.) S.J. Dastur has resigned from the
Directorship of the Company which was duly accepted by the Board effective from
30.7.2010.
Air Marshal
(Retd.) S.J. Dastur has been a Member of the Board of the Company for more than
two decades and has steered the Audit Committee since 2001. He has made a very
significant contribution to the growth of the Company and the Board too
benefited from his wise counsel.
The Board wish to
place on record its sincere appreciation of the contribution made by Air
Marshal (Retd.)
S.J. Dastur during
his long tenure as a Member of the Board.
MANAGING DIRECTORS
Pursuant to the
resolution passed at the last Annual General Meeting, the Company had obtained approvals
of the Central Government under the Companies Act, 1956 for the re-appointment
of Mr Murali Venkatraman, and Mr Narayan Sethuramon, as Vice Chairman and
Managing Director and Managing Director respectively for a period of five years
with effect from 24.7.2009 and for payment of revised remuneration for a period
of three years with effect from 1.4.2009 vide Central Government approval
letters both dated 5.4.2010.
However, both Mr
Murali Venkatraman and Mr Narayan Sethuramon have informed the Company that
considering the constraints faced by the Company, they would continue to draw
during the year only the lower remuneration which they were in receipt before
the increase was approved by the Members.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INTRODUCTION:
The objective of
this Report is to present the Management's perception of the various
developments in the business environment, challenges and opportunities before
the Company as well as to provide an analysis of the Company's performance.
This Report also summarizes the Company's internal control measures and
significant initiatives taken by the Company to respond to such opportunities
and challenges as well as its plans for effecting a positive turnaround in its
operational performance. It should be read in conjunction with the Directors'
Report to the Members, Financial Statements and Notes forming part thereof.
THE INDIAN
MACRO-ECONOMIC POWER SCENARIO:
For the first time
in many years, there was a substantial increase in new generation capacity
added during the year with the addition of approximately 9585 MW of
conventional generation. The important aspect is that approximately 6000 MW of
this addition came from investments in the private sector. The year saw severe
load shedding and power cuts in many of the industrialized states which had
enjoyed a relatively more manageable position all these years. The delay in the
creation of new generation capacity is now creating a major drag on the
competitiveness of industry which will need to live with greater recourse to
self-generation and consequently higher energy costs impacting their
performance. The poor finances of many utilities resulting from policy
restrictions, inability to cut costs and high technical and commercial losses
is a matter of continuing concern.
Performance of Transmission and Distribution
Sector:
The year 2009-10
was the half-way mark in the 11th Plan which has scaled down plan targets of
55,000 MW of additional generation and approximately 100,000 circuit km of
transmission lines (132kV and above) with additional inter-regional power
evacuation capacity of 23,000 MW. About 38% of the target for 220 kV, 44% for
400 kV transmission lines and 44% of sub-station capacity (220/400 kV) have
been achieved at this halfway point. The performance in the case of the 765 kV
AC and 800 kV DC networks were less satisfactory but this could be attributed
to the delay in the corresponding UMPP generation projects since most of these
lines were to evacuate power from these new projects.
Production
statistics compiled by IEEMA show that the average growth of the T and D
equipment and projects sector in 2009-10 has increased to about 11.25% as
compared to a low of 2.73% in the previous year. The maximum benefit of this
growth came in the last two quarters; however, the same optimism is not
reflected in improvement in pricing since most industry verticals are yet to
recover from the fall in pricing in the previous year. The stress has been
aggravated by the increase in manufacturing capacity across the sector coupled
with the sharp increase in imports in several verticals particularly from
As far as the
Insulators vertical is concerned, the transmission line segment in the EHV
range upwards had a growth of around 12% while the sub-station segment growth
was slightly more. The overall exports for the year went down by 20 % which was
the result of slackening of demand in the traditional markets and draw-down of
inventory by OEMs. In addition, there was a sharp rise in the imports due to
increased global tendering aggravated by Chinese pricing strategies as well as
the imports for the UHV requirements.
GLOBAL SCENARIO:
The global
scenario presents a mixed picture.
Business
Initiatives:
a. New Customer Development:
A number of
initiatives were taken during the year to develop new customers for the
b. New Product Development:
Various new
products for 800kV AC applications were developed and supplied during the year.
Capacity for increasing production of 800kV products for meeting the rapidly
increasing demand is under implementation.
The Company is
also developing products for 800kV UHVDC and 1200kV UHVAC applications. During
the year, the Company received its first orders for ceramic insulators coated
with polymer coatings for offering superior performance in highly polluted
environments. It executed these orders in a satisfactory manner and has
received repeat orders from certain clients as well as orders from new clients.
The Company sees good demand for this product line in the coming years.
FINANCIAL PERFORMANCE:
The Company has two business segments viz. (a) Electro Porcelain
Insulators and (b) Turnkey Projects Division. During the year, the Company
commenced operations of its new State of
The drop in the volume as well as selling prices in the Insulator
Division had resulted in a loss of Rs.139.560 millions despite the increased
profitability of the Turnkey Projects Division.
The Company has chalked out a multi-faceted road map for improving the
profitability in the current year with the implementation of various strategic
initiatives such as:
·
Change in the product mix;
·
Improvement of process efficiency;
·
Reduction in energy cost through equipment and
energy usage optimization;
·
Increase in capacity utilization, productivity and
output at Unit II.
OUTLOOK:
Notwithstanding
past problems, the domestic demand for their products is strong. While global
recovery is still uneven, there are some bright spots in certain countries
which are short of power. The Company is one of the few to offer complete
profile of Insulator products for the T and D sector.
The threats in the
near horizon are mainly arising out of:
i. continued
volatility in commodity and crude oil prices;
ii. the short term
excess of aggregate production capacity over demand;
iii. the
consequent pricing pressures arising out of this excess capacity and imports.
The opening order
book for the current financial year is satisfactory. Therefore, the focus will
be on implementing the road map for return to profitability in the shortest
possible time frame. As mentioned above, this will be achieved by product mix,
high capacity utilisation, cost management and process efficiency improvement.
In addition, the Company will dynamically manage its production facilities to
respond to rapidly changing customer requirements. The various steps taken to
widen the product portfolio particularly by the addition of production capacity
at Unit II and development of customer-specific solutions will contribute
significantly to the Company's operations
UNAUDITED FINANCIAL RESULTS
(STANDALONE) FOR THE QUARTR ENDED 31ST DECEMBER, 2010
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
31.12.2010 (Unaudited) |
31.12.2010 (Unaudited) |
|
|
1. (a) Net Sales / Income from operations |
600.634 |
1891.966 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
(16.281) |
(23.817) |
|
b) Consumption of raw materials and components |
353.144 |
1147.340 |
|
c) Employees cost |
81.742 |
234.763 |
|
d) Depreciation |
23.363 |
70.150 |
|
e) Other expenditure |
|
|
|
i) Power and Fuel |
108.070 |
313.856 |
|
ii) Others |
99.641 |
312.159 |
|
f) Total |
649.679 |
2054.451 |
|
|
|
|
|
3. Profit/ (Loss) from operations before other income,
interest |
(49.045) |
(162.485) |
|
4. Other income |
3.887 |
4.554 |
|
5. Profit/ (Loss) before interest |
(45.158) |
(157.931) |
|
6. Interest |
46.305 |
120.636 |
|
7.
Profit/ (Loss) after Interest (5-6) |
(91.463) |
(278.567) |
|
8. Tax expense |
|
|
|
- Current |
|
|
|
- Deferred Tax |
(11.600) |
(39.400) |
|
9. Net Profit (+) / Loss (-) for the year period (7-8) |
(79.863) |
(239.167) |
|
10. Paid up equity share capital (Face value of Rs.10/-
per share) |
211.398 |
211.398 |
|
11. Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
-- |
-- |
|
12. Earning per share (EPS) |
|
|
|
(a) Basic
and diluted EPS before Extraordinary items |
(3.92) |
(11.68) |
|
(b)
Basic and diluted EPS after Extraordinary items |
(3.92) |
(11.68) |
|
13. Public shareholding |
|
|
|
- Number of shares |
11252482 |
11252482 |
|
- Percentage of shareholding |
53.23% |
53.23% |
|
14. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
- Number of shares |
447000 |
447000 |
|
- Percentage of shares (as a % of total shareholding of
the promoter and promoter group) |
4.52% |
4.52% |
|
- Percentage of shares (as a % of total share capital of
the company) |
2.11% |
2.11% |
|
b) Non Encumbered |
|
|
|
- Number of shares |
9440307 |
9440307 |
|
- Percentage of shares (as a % of total shareholding of
the promoter and promoter group) |
95.48% |
95.48% |
|
- Percentage of shares (as a % of total share capital of
the company) |
44.66% |
44.66% |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
31.12.2010 (Unaudited) |
31.12.2010 (Unaudited) |
|
|
1.
Segment Revenue |
|
|
|
a) Electro-parcelain products |
535.022 |
1584.576 |
|
b) Trunkey Projects |
65.612 |
306.569 |
|
Total |
600.634 |
1891.145 |
|
|
|
|
|
Less: Inter Segment Revenue |
|
|
|
Net Sales/ Income from Operations |
600.634 |
1891.145 |
|
|
|
|
|
2.
Segment Results |
|
|
|
Earnings before tax and interest from each segment |
|
|
|
a) Electro-parcelain products |
(44.440) |
(181.083) |
|
b) Trunkey Projects |
(0.718) |
23.152 |
|
Total |
(45.158) |
(157.931) |
|
Less: Interest |
46.305 |
120.636 |
|
|
|
|
|
Total Earnings before tax |
(91.463) |
(278.567) |
|
|
|
|
|
3. Capital
Employed |
|
|
|
a) Electro-parcelain products |
2042.814 |
2042.814 |
|
b) Trunkey Projects |
209.196 |
209.196 |
|
Total |
2252.010 |
2252.010 |
Notes:
1. The above results were reviewed by the
Audit Committee, approved and taken on record by the Board at its meeting held
on 29th January, 2011, and were subjected to Limited Review by the
Statutory Auditors of the company.
2. Information on investor complaints pursuant
to Clause 41 of the listing agreement for the quarter ended 31st
December, 2010:
No. pf complaints (Nature of complaints: Non
receipt of Share Certificates, Dividend, etc.)
|
Pending as on
30.09.2010 |
Received during
the quarter |
Disposed during
the quarter |
Lying unresolved
as on 31.12.2010 |
|
NIL |
9 |
9 |
NIL |
Contingent Liabilities on account of:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
i) Letters of Credit established in favour of
suppliers of Raw materials, Capital Goods, etc. excluding the value of
materials received and bills accepted there against. |
58.520 |
|
ii) Guarantees furnished to Electricity
Boards, Government Departments and Undertakings |
753.730 |
|
iii) Corporate Guarantees issued |
11.180 |
|
iv) Customs Duty payable on Bonded Materials
|
2.850 |
|
v) Tax disputed |
|
|
a) Sales Tax |
4.570 |
|
b) Excise and Service Tax |
0.390 |
|
c) Income Tax |
2.650 |
FIXED ASSETS:
- Land and Betterment
a)
b)
Leasehold
Rights in land
- Buildings
- Plant and Machinery
- Electrical Installation
- Vehicles
- Furniture and Fixture and other
equipments
- Capital Work in Progress
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.