MIRA INFORM REPORT

 

 

Report Date :

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

XL ENERGY LIMITED (w.e.f. 13.12.2010)

 

 

Formerly Known As :

XL TELECOM LIMITED

XL TELECOM AND ENERGY LIMITED

 

 

Registered Office :

C 2, Pooja Plaza, Vikrampuri,  Secunderabad-500 009, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.10.1985

 

 

Com. Reg. No.:

01-5844

 

 

Capital Investment / Paid-up Capital :

Rs.207.749 Millions

 

 

CIN No.:

[Company Identification No.]

L31300AP1985PLC005844

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDX00001B

 

 

Legal Form :

Public Limited Liability Company. Company’s shares are listed on the stock exchange.

 

 

Line of Business :

Manufacturing of Telecom Cable Jointing Kits, Heat Shrink type for Jelly Filled Cables.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1000000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with slight cautions.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

C 2, Pooja Plaza, Vikrampuri, Secunderabad-500 009, Andhra Pradesh, India

Tel. No.:

91-40-278833333 (30 lines)/ 27775568

Fax No.:

91-40-27883344 / 27840081

E-Mail :

xltl@hdy.vsnl.net.in

xltl@satyam.net.in

satish@xltelenergy.com

Website :

http://www.xltelecom.net

 

 

Factory :

Kits and SPV Division

Shed No. 30, 31, 32, IDA, Mallapur, Hyderabad - 500 076, Andhra Pradesh, India.

 

SMPS and UEP Division

Plot No. 198/A, IDA Cherlapally, Hyderabad - 500 051, Andhra Pradesh, India.

 

Ethanol Division

Plot Nos. B 8 to B 10, and B 18 to B 21 DC, Kushnoor NANDED (District), Maharashtra, India.

 

 

Branch 1 :

335, Chandralok Complex, SD Road, Secunderabad - 500003,
Andhra Pradesh, India.

Tel. No.:

91-40-27849094, 27840109, 27847287

Fax No.:

91-40-27840081

E-Mail :

Info                        : info@xltelecom.net

Sales                     : sales@xltelecom.net

Support                  : support@xltelecom.net

Purchase               : purchase@xltelecom.net

Careers                 : careers@xltelecom.net

Investor Relations : investorrelations@xltelecom.net

 

 

Branch 2 :

105, Centre Point, Andheri Kurla Road, J.B.Nagar, Andheri (East), Mumbai - 400 059, Maharashtra, India

Tel. No.:

91-22-28251164

Fax No.:

91-22-28251160

E-Mail :

mumbai@xltelecom.net

 

 

Branch 3 :

611, New Delhi House, 27, Barakhamba Road, New Delhi-110 001
India

Tel. No.:

91-11-51511419

Fax No.:

91-11-51511418

E-Mail :

delhi@xltelecom.net

 

 

Branch 4 :

Forta Import Export S.L.

C/ Aragon, 15, 28840 Mejorada Del Campo, Madrid - SPAIN

Tel. No.:

Mr. Juan Jose: 34 630 082 391

Mr. Borja Foret: 34 628 593 539

Telefax No.:

34 91 563 7229

E-Mail :

Spain Office : fortaimex@xltelecom.net

 

DIRECTORS

 

AS ON 31.03.2009

 

Name :

Dr. R. Srinivasan

Designation :

Chairman and Independent Director

 

 

Name :

Mr. Dinesh Kumar

Designation :

Managing Director

 

 

Name :

Mr. K. Vasudeva Rao

Designation :

Executive Director

 

 

Name :

Mr. V. Visweswara Rao

Designation :

Director (Finance)

 

 

Name :

Mr. Aneesh Mittal

Designation :

Whole Time Director

 

 

Name :

Mr. Pramod Kumar Jain

Designation :

Whole Time Director

 

 

Name :

Mr. Rajiv Garg

Designation :

Non Executive and Independent Director

 

 

Name :

Mr. Ashok Kumar Goyal

Designation :

Non Executive and Independent Director

 

 

Name :

Mr. Wolfgang Knop

Designation :

Non Executive and Independent Director

 

 

Name :

Mrs. Ritu Lal Kumar

Designation :

Non Executive and Non-Independent Director

 

 

Name :

Mr. Dhanunjaya Kumar Alla

Designation :

Alternate Director to Mr. Rajiv Garg.

 

 

KEY EXECUTIVES

 

Name :

Mr. K. Sateesh Gupta

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

3424113

15.03

Bodies Corporate

1100000

4.83

 

 

 

(2) Foreign

 

 

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Financial Institutions / Banks

424524

1.86

Foreign Institutional Investors

843308

3.70

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

4413824

19.38

 

 

 

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

9710788

42.64

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

2041413

8.96

 

 

 

Any Others (Specify)

 

 

Trusts

1101

--

Clearing Members

157979

0.69

Non Resident Indians

657347

2.89

 

 

 

Total

22774397

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Telecom Cable Jointing Kits, Heat Shrink type for Jelly Filled Cables.

 

 

Products :

Product Description

Item Code

Protection module for MDF in telecom equipments

8547

Sleeves

8541

Solar power generating systems

3689

Switch mode power supply power plants 100 amps

7590

CDMA mobile handsets

3655

Ethanol

2200

 

·         Cable Jointing Kits

·         OFC Accessories

·         Solar Items

·         SMPS Systems

·         Fusion Splicers

·         CDMA Phones

·         SMPS

·         Cable Joining kits

·         Fusion Splicing Machines

·         Solar photovoltaic Systems

·         Ethanol

 

PRODUCTION STATUS AS ON 31.12.2009

 

Particulars

 

Unit

Installed Capacity

Actual Production

Cable Jointing Kits

 

Nos

500000

--

SMPS

 

Nos

2880

258

Solar Modules

 

MW

180

18

CDMA Phones

 

Nos

3000000

6354

Ethanol

 

BL

45000000

1710102

 

 

GENERAL INFORMATION

 

Customers :
  • DOT and MTNL
  • Bharat Sanchar Nigam Limited (Department of Telecommunications), Government of India
  • Mahanagar Telephone Nigam Limited
  • Indian Railways
  • Departments of Defence
  • Telecommunications Consultants of India Limited
  • State Nodal Agencies of the Ministry of Non-Conventional  Energy Sources
  • Private sector companies

 

 

Bankers :
  • Canara Bank
  • The Federal Bank Limited
  • Vijaya Bank
  • State Bank of Hyderabad
  • IDBI Bank Limited
  • ICICI Bank Limited
  • Bank of India
  • State Bank of India
  • State Bank of Bikaner and Jaipur
  • State Bank of Mysore

 

 

Facilities :

Secured Loan

As on 31.12.2009 (Rs. In Millions)

Term loan

1883.145

Funded interest term loans I

116.462

Short term loans

3323.677

Working capital term loans

2454.389

Funded interest term loans II

96.905

Working capital borrowings

896.436

Hire purchase loans from banks

3.836

Total

8774.850

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Satyanarayana and Company

Chartered Accountants

Address :

Secunderabad, Andhra Pradesh

 

 

Associates :
  • LFM Engineering Private Limited
  • Lakshmi Telecom Products
  • Snehlatalal Family Welfare Trust
  • Sree Sahasya Enterprises Private Limited
  • Sree Sahasya Entertainments Private Limited
  • Soft Projex (I) Limited

 

 

Subsidiaries :
  • Khandoba Distilleries  Limited
  • Saptashva Sloar SA
  • Saptashva Solar SRL
  • Digrun Grun SL
  • Apulia Solar SRL

 

 

CAPITAL STRUCTURE

 

As on 31.12.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

20774950

Equity Shares

Rs.10/- each

Rs.207.749 Millions

 

Note: 20774950 equity shares of Rs.10/- each fully paid up the above shares includes 5358846 of Rs.10/- each allotted as fully paid up bonus shares by capitalization of profits in the earlier years current year nil, previous year nil.

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009

(For 18 Months Period)

30.06.2008

(For 12 Months Period)

30.06.2007

(For 12 Months Period)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

207.749

187.854

145.014

2] Share Application Money

0.000

53.865

0.000

3] Reserves & Surplus

2255.052

2669.508

1387.533

4] (Accumulated Losses)

(2191.592)

0.000

0.000

NETWORTH

271.209

2911.227

1532.547

LOAN FUNDS

 

 

 

1] Secured Loans

8774.850

2913.037

643.260

2] Unsecured Loans

574.044

869.850

0.000

TOTAL BORROWING

9348.894

3782.887

643.260

DEFERRED TAX LIABILITIES

77.423

38.412

34.640

 

 

 

 

TOTAL

9697.526

6732.526

2210.447

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

436.312

432.228

267.713

Capital work-in-progress

3558.286

2054.747

0.000

 

 

 

 

INVESTMENT

418.600

123.702

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2335.376

557.478

344.007

 

Sundry Debtors
2234.346

2242.924

1817.416

 

Cash & Bank Balances
92.449

408.256

271.282

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
996.817

1319.014

63.460

Total Current Assets
5658.988

4527.672

2496.165

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
181.415

246.882

 

 

Other Current Liabilities
79.257

66.778

489.994

 

Provisions
148.634

133.738

109.632

Total Current Liabilities
409.306

447.398

599.626

Net Current Assets
5249.682

4080.274

1896.539

 

 

 

 

MISCELLANEOUS EXPENSES

34.646

41.575

46.195

 

 

 

 

TOTAL

9697.526

6732.526

2210.447

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

(For 18 Months Period)

30.06.2008

(For 12 Months Period)

30.06.2007

(For 12 Months Period)

 

SALES

 

 

 

 

 

Income

4257.078

6540.152

5231.434

 

 

Other Income

16.928

22.251

14.202

 

 

Gain in forex fluctuation

0.000

2.899

0.000

 

 

TOTAL                                     (A)

4274.006

6565.302

5245.636

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of materials consumed

4057.307

5438.293

 

 

 

Manufacturing expenses

149.535

101.108

 

 

 

Administrative and selling expenses

307.997

274.764

 

 

 

Foreign exchange fluctuations

277.243

0.000

4833.973

 

 

Miscellaneous expenditure written off 

6.929

4.853

 

 

 

Reduction in value of inventories (MTM Loss)

1280.796

0.000

 

 

 

TOTAL                                     (B)

6079.807

5819.018

4833.973

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(1805.801)

7462.840

411.663

 

 

 

 

 

Less

FINANCIAL EXPENSES/ INTEREST                   (D)

1035.447

259.580

139.384

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(2841.248)

486.704

272.279

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

39.505

21.340

16.199

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(2880.753)

465.364

256.080

 

 

 

 

 

Less

TAX                                                                  (H)

77.585

63.931

54.311

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

(2958.338)

401.433

201.769

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

--

20.072

--

 

 

Provision For Dividend and Tax

--

32.967

--

 

BALANCE CARRIED TO THE B/S

(2958.338)

348.394

--

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NA

932.570

21.096

 

 

 

 

 

 

IMPORTS

NA

2798.233

1029.907

 

 

 

 

 

 

Earnings Per Share (Rs.)

(142.40)

21.37

13.91

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.03.2010

30.06.2010

31.09.2010

31.12.2010

31.03.2011

Net Sales

66.700

305.380

611.480

640.660

24.590

Total Expenditure

67.090

625.780

1161.630

1160.870

413.200

PBIDT (Excl OI)

(0.390)

(320.400)

(550.150)

(520.210)

(388.610)

Other Income

1.280

0.240

1.230

0.920

4.730

Operating Profit

0.890

(320.160)

(548.920)

(519.290)

(383.880)

Interest

153.550

205.170

171.390

174.470

150.600

Exceptional Items

0.000

0.000

0.000

0.000

0.000

PBDT

(152.660)

(525.330)

(720.310)

(693.760)

(534.480)

Depreciation

6.790

7.730

7.730

7.740

7.740

Profit Before Tax

(159.450)

(533.060)

(728.040)

(701.500)

(542.220)

Tax

0.000

0.000

(848.320)

(216.940)

(162.670)

Provisions and contingencies

0.000

0.000

0.000

0.000

0.000

Profit After Tax

(159.450)

(533.060)

120.280

(484.560)

(379.550)

Extraordinary Items

0.000

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

0.000

Net Profit

(159.450)

(533.060)

120.280

(484.560)

(379.550)

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

(For 18 Months Period)

30.06.2008

(For 12 Months Period)

30.06.2007

(For 12 Months Period)

PAT / Total Income

(%)
(69.22)

611

3.85

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(67.67)

7.12

4.90

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(47.26)

9.38

9.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(10.62)

0.16

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
35.98

1.45

0.81

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
13.82

10.12

4.16

 

LOCAL AGENCY FURTHER INFORMATION

 

Financial Results:

 

During the year, the Company has achieved Rs.4294.498 millions revenues for the year compared to previous year revenues of Rs.  6565.137 millions. The company has incurred a loss of Rs.2958.338 millions as against a profit of Rs.401.433 millions for the previous year. The losses among other reasons,  are mainly  due  to  Mark-to-Market losses  on  inventories,  foreign  currency exchange  fluctuation losses and due to high interest burden  for  carrying the inventories and new project initiatives.

 

Foreign Currency Convertible Bonds:

 

Pursuant  to the approval accorded by the members on 26th September,  2007, the Company raised US$ 40 million in October 2007 through an issue of  Zero Coupon  Foreign Currency Convertible Bonds (FCCBs) due in 2012.  The  FCCBs have  a  maturity period of 5 years and 1 day and are listed  at  Singapore Stock  Exchange. The said FCCBs are convertible by Bondholders into  equity shares  at  any time on or after 29th October, 2007 upto the close  of  the business  on 22nd October, 2012. During the year, conversion price  of  the FCCBs  has  been  reset to Rs.160/ - per equity shares  from  Rs.260/-  per equity  share.  During the year the company issued and  allotted  19,89,498 equity  shares  of  Rs.10/-  each at a premium of  Rs.150/-  per  share  on conversion  USD 8.00 million FCCBs. The outstanding balance of FCCBs as  on 31st December 2009 is USD 12.24 million.

 

MANAGEMENT DISCUSSION & ANALYSIS

 

Forward looking Statements:

 

Statements  in  this  management discussion  and  analysis  describing  the company's  objectives,  projections,  estimates  and  expectations  may  be 'forward  looking  statements' within the meaning of  applicable  laws  and regulations.  Actual  results may differ substantially or  materially  from those  expressed or implied. Important developments that could  affect  the Company's  operations  include a downward trend in the  domestic  industry, monsoon,  rise in input costs, exchange rate fluctuations, and  significant changes  in  political  and  economic  environment  in  India,  environment standards, tax laws, litigation and labour relations.

 

Solar Industry - Global Scenario:

 

Growth in the solar Photovoltaic sector in the year 2009 is lesser than the annual  growth  of  the last 5 years due to sluggish  demand  coupled  with global  economic  recession. Yearly growth rates of the  SPV  installations over the last five years were on average more than 40%, where as the growth rate for the year 2009 is 20%.

 

Looking  forward, the industry will return to high growth in 2010 and  also over  the  next 5 years. Even in the slowest growth  scenario,  the  global market will be 2.5 times its current size by 2014. Under the Production Led scenario,  the fastest growing forecast, annual industry revenues  approach  $100 billion by 2014. Source: Solar Buzz

 

According to iSuppli forecast, the demand for the solar installations  will rise  to  13.6 GW in 2010 up 92.9% as against 7.0 GW in 2009.  Further  the demand will increase to 20.3 GW in 2011, nearly triple the installations in 2009.

 

Indian Scenario:

 

In  a  response  to the economic crisis, most of  the  G20  countries  have designed   economic  recovery  packages  which  include  'green   stimulus' measures.  India  also  participated through its National  Action  Plan  on Climate  Change  on  June 30,2008. The National Solar Mission  is  a  major initiative  of  the Government of India and State  Governments  to  promote ecologically  sustainable growth while addressing India's  energy  security challenge.  It  will also constitute a major contribution by India  to  the global effort to meet the challenges of climate change.

 

The  National  Action Plan on Climate Change also points out: 'India  is  a tropical country, where sunshine is available for longer hours per day  and in great intensity. Solar energy, therefore, has great potential as  future energy  source. It also has the advantage of permitting  the  decentralized distribution of energy, thereby empowering people at the grassroots level'. Based  on this vision a National Solar Mission is being launched under  the brand name 'Solar India'.

 

To achieve this, the Mission targets are:

 

* To create an enabling policy framework for the deployment of 20,000 MW of solar power by 2022.

 

*  To ramp up capacity of grid-connected solar power generation to 1000  MW within  three  years - by 2013; an additional 3000 MW by 2017  through  the mandatory use of the renewable purchase obligation by utilities backed with a  preferential tariff. This capacity can be more than doubled  -  reaching 10,000  MW  installed  power by 2017 or more, based  on  the  enhanced  and enabled international finance and technology transfer. The ambitious target for  2022 of 20,000 MW or more, will be dependent on the 'learning' of  the first  two phases, which if successful, could lead to conditions  of  grid-competitive solar power.

 

* To promote programmes for off grid applications, reaching 1000 MW by 2017 and 2000 MW by 2022.

 

* To achieve 15 million sq. meters solar thermal collector area by 2017 and 20 million by 2022.

 

* To deploy 20 million solar lighting systems for rural areas by 2022.

 

Potential for Solar Power in India:

 

India,  due to its geo-physical location, receives solar energy  equivalent to  nearly 5,000 trillion kWh/year which is equivalent to 600 GW.  This  is far more than the total energy consumption of the country today. But India produces  a  very negligible amount of solar energy - a  mere  0.2  percent compared to other energy resources. Further, entire electricity  generation is  using  Solar Photovoltaic (SPV) technology as  power  generation  using solar  thermal technology is still in the experimental  stages.  Currently, India has less than 3 MW of grid connected solar PV capacity.

 

Outlook:

 

Subject has been focusing in the NON CONVENTIONAL ENERGY sector since 1994  and has recently refocused on Export Market of Solar Panels of higher  Capacity for niche Grid Connected Segment. XL has been investing heavily for last 18 months its efforts to get orders from Europe and emerging US Market for its products. XL is focusing emerging Grid Connected Solar Solutions, which  is growing  at  a fast pace recently as against the conventional  Stand  alone Solar Power Systems.

 

The  company is very well positioned to capitalize on growth  opportunities in  the  converged global and Indian solar market supported  with  its  SPV module manufacturing facility of 190 MW p.a. During the year, the company's 100%  subsidiary in Europe has commenced the commercial operations  of  its solar power generation plant with a capacity of 1.6 MW.

 

Further,  the  establishment  of  Solar  Cell  Manufacturing  facility  and expansion  of  SPV module manufacturing facility are in advanced  stage  of completion  and expected to commence commercial production in  the  current financial year.

 

Telecom:

 

For the last 2 years while the overall telecom growth in mobile segment  is still  robust  but  the CDMA mobile additions is  fast  declining  and  few operators who were exclusively focusing in CDMA segment like TATA  Indicom, Reliance  Communications have also diverted their focus to GSM segment  and hence there is a flat negative growth in the CDMA phase.

Outlook:

 

In Telecom segment, the company has focused and manufacturing facilities for the CDMA mobile and desktop handsets. 

 

Financial performance - Overview:

 

The Company for the year has recorded total revenue of Rs.4274.006 millions as against Rs.6565.302 millions for the previous year. The Company has incurred  a loss  after  tax  for  the  year Rs.-2958.338  millions  as  against  a  profit  Rs.401.433 millions for the previous year.

 

 

Unaudited Financial Results for 1st Quarter Ended 30thSeptember, 2010

 

         Rs in Millions

Particular

 

Quarter Ended

Quarter Ended

 

 

30.09.2010

30.09.2009

 

 

(Unaudited)

(Unaudited)

Net Sales/ Income from operations

 

611.480

983.388

Expenditure

 

 

 

Increase / Decrease in stock

 

91.269

323.119

Consumption of raw material / purchase 

 

968.163

1316.670

Purchase of traded goods

 

0.000

0.000

Employees cost

 

24.077

69.684

Depreciation

 

7.729

22.245

Other expenditure

 

78.119

144.895

Total expenditure

 

1169.357

1876.613

Profit from operation before other income, interest and exceptional items

 

(557.877)

(893.225)

Other income

 

1.233

2.802

Profit before interest and exceptional items

 

(556.664)

(890.423)

Interest

 

171.391

530.201

Profit after interest but before exceptional items

 

(728.035)

(1420.543)

Exceptional items

 

0.000

0.000

Profit / Loss from ordinary activities before tax

 

(728.035)

(1420.543)

Tax expenses

 

(848.317)

(848.317)

Net profit/ Loss from ordinary activities after tax

 

120.282

(572.226)

Extra ordinary items

 

0.000

0.000

Net profit / Loss for the period

 

120.282

(572.226)

Paid up equity share capital (face value of equity shares of Rs. 10/- each)

 

226.401

226.401

Preference share capital (Face value – Rs.10/- per share each)

 

722.815

722.815

Reserves excluding revaluation reserves

 

0.000

0.000

Earning per shares (in Rs) Basic/ Diluted

 

 

 

After extraordinary items (not annualized)

 

 

 

Basic (Rs.)

 

5.28

(27.99)

Diluted (Rs.)

 

5.28

(27.99)

Public shareholding

 

 

 

Number of Shares

 

18115993

18115993

% of Shareholding

 

80.02

80.02

Promoters and Promoter Group Shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

 

2264575

2264575

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

 

50.06

50.06

- Percentage of Shares (as a % of the Total Share Capital of the Company)

 

10.00

10.00

b) Non Encumbered

 

 

 

- Number of Shares

 

2259538

2259538

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

 

49.94

49.94

- Percentage of Shares (as a % of the Total Share Capital of the Company)

 

9.98

9.98

 

 

Segment-Wise Revenue, Results and Capital Employed

 

                                                                                                                    Rs. In Millions

Segment Revenue

 

Quarter

Ended

30.09.2010

9 Months

Ended

30.09.2010

 

 

Unaudited

Unaudited

Net Sales/ Income from each segment should be disclose under this head

 

 

 

Segment –telecom

 

0.000

4.015

Segment – energy

 

611.480

979.373

Unallocated

 

0.000

0.000

Total

 

611.480

983.388

Less: Inter segment revenue

 

0.000

0.000

Net sales/income from operations

 

611.480

983.388

Segment results profits (+)/ loss (-) before tax and interest from each segment

 

 

 

Segment –telecom

 

0.000

(3.601)

Segment – energy

 

(556.644)

(886.822)

Total

 

(556.644)

(890.423)

Less: interest

 

171.391

530.120

Others un-allocable expenditures net off

 

0.000

0.000

Un-allocable income

 

0.000

0.000

Total profit before tax

 

(728.035)

(1420.543)

Capital employed

 

 

 

(segment assets-segment liabilities)

 

 

 

Segment –telecom

 

1601.929

1601.929

Segment – energy

 

6916.651

6916.651

Total

 

8518.580

8518.580

 

Note:

 

  1. The above un-audited financial results for the quarter ended 30th September, 2010 reviewed by the Audit committee at its meeting held on 4th November, 2010 and were approved by the Board of Directors at the meeting held on the same day. The Statutory Auditors have carried out the limited review of the above results.

 

  1. As on date the order book position of the Company stands over Rs. 1530 Millions.

 

  1. The name of the company has been changed to XL Energy limited w.e.f. 02.09.2010

 

  1. During the quarter, company has allotted 1865156 equity share of Rs.10/- each on conversion of FCCB’s for USD 7.50 million at a premium of Rs.150/- per share.

 

  1. During the quarter, company has allotted 23067666 – (6.75%post tax) Cumulative Reedemable Preference Shares (CRPS) of Rs.10/- each to the Banks as per the scheme approved by the CDR Cell.

 

  1. Employee benefits as per AS-15 will be considered at the year end.

 

  1. In terms of clause 41 of the Listing agreement, details of Investor complaints for the quarter ended 31st March, 2010 are
    1. Beginning of the Quarter NIL
    2. Received and Resolved during the Quarter NIL
    3. Pending at the end of Quarter NIL

 

  1. The promoters of the company has pledged 1183525 equity shares in favour of consortium of Bankers as per the scheme approved by the CDR Cell.
  2. Figures for the previous period/year have been regrouped and rearranged necessary

 

 

Unaudited Financial Results for 1st Quarter Ended 31st March, 2010

 

         Rs in Millions

Particular

Quarter Ended

Quarter Ended

Year Ended

(18 Months)

 

31.03.2010

31.03.2009

31.12.2009

 

(Unaudited)

(Unaudited)

Audited

Net Sales/ Income form operation

66.698

443.362

4257.078

Other Operating Income

0.000

0.000

0.000

Expenditure

 

 

 

Increase / Decrease in stock

32.059

163.559

(419.854)

Consumption of raw material / purchase 

0.419

192.633

4477.161

Purchase of traded goods

0.000

0.000

0.000

Staff cost

18.115

21.864

153.094

Depreciation

6.788

6.605

39.505

Other expenditure

16.490

66.146

627.073

Total expenditure

73.871

450.807

5296.833

Profit from operation before other income, interest and exceptional items

(7.173)

(7.445)

(619.901)

Other income

1.281

1.045

16.928

Profit before interest and exceptional items

(5.892)

(6.400)

(602.973)

Interest

153.554

96.994

1035.447

Profit after interest but before exceptional items

(159.446)

(103.394)

(1638.420)

Exceptional items

0.000

0.549

0.549

Profit / Loss from ordinary activities before tax

(159.446)

(103.394)

(1638.420)

Tax expenses

0.000

0.590

38.573

Net profit/ Loss from ordinary activities after tax

(159.446)

(104.533)

(1677.542)

Extra ordinary items

0.000

0.000

1280.796

Net profit / Loss for the period

(159.446)

(104.533)

(2958.338)

Paid up equity share capital (face value of equity shares of Rs. 10/- each)

207.749

187.854

207.749

Reserves excluding revaluation reserves

(111.761)

2756.214

63.460

Earning per shares (in Rs) Basic/ Diluted

(7.67)

(5.56)

(8.075)

After extraordinary items (not annualized)

 

 

 

Basic (Rs.)

(7.67)

(5.56)

(142.40)

Diluted (Rs.)

(7.67)

(4.59)

(142.40)

Public shareholding

 

 

 

Number of Shares

16250837

13572671

16250837

% of Shareholding

78.22

72.75

78.22

Promoters and Promoter Group Shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

2264575

2264575

2264575

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

50.06

43.44

50.06

- Percentage of Shares (as a % of the Total Share Capital of the Company)

10.90

12.05

10.90

b) Non Encumbered

 

 

 

- Number of Shares

2259538

2948206

2259538

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

49.94

56.56

49.94

- Percentage of Shares (as a % of the Total Share Capital of the Company)

10.88

15.69

10.88

 

 

Segment-Wise Revenue, Results and Capital Employed

 

                                                                                                                    Rs. In Millions

Segment Revenue

Quarter Ended 31.03.2010

2009

Quarter Ended 31.03.2009

Year Ended 31.12.2009

(18 Months)

 

Unaudited

Unaudited

Audited

Net Sales/ Income from each segment should be disclose under this head

 

 

 

Segment –telecom

4.111

5.652

228.771

Segment – energy

62.587

437.710

4028.306

Unallocated

0.000

0.000

0.000

Total

66.698

443.362

4257.077

Less: Inter segment revenue

0.000

0.000

0.000

Net sales/income from operations

66.698

443.362

4257.077

Segment results profits (+)/ loss (-) before tax and interest from each segment

 

 

 

Segment –telecom

(0.364)

(26.265)

(101.261)

Segment – energy

(5.528)

19.316

(1783.057)

Total

(5.892)

(6.949)

(1884.318)

Less: interest

153.554

96.994

1035.447

Others un-allocable expenditures net off

0.000

0.000

0.000

Un-allocable income

0.000

0.000

0.000

Total profit before tax

(159.446)

(103.943)

(2919.765)

Capital employed

 

 

 

(segment assets-segment liabilities)

 

 

 

Segment –telecom

1583.355

745.599

1623.344

Segment – energy

7808.242

3176.525

7769.569

Total

9391.597

3922.124

9392.913

 

Note:

 

1         The above un-audited financial results for 1S1 quarter ended 31a March, 2010 reviewed by the Audit committee at its meeting held on 15th May, 2010and by the Board of Directors at the meeting held on the same day.

 

2         The above un-audited financial statements are prepared as per the provisions of the CDR Scheme to the extent applicable and are being implemented.

 

3         As on date the order hook position of the Company stands over Rs. 1500 Millions.

 

4         In terms of clause 41 of the Listing agreement, details of Investor complaints for the quarter ended 31st March, 2010 are

a.       Beginning of the Quarter NIL

b.       Received and Resolved during the Quarter NIL

      c.    Pending at the end of Quarter NIL

 

5         Figures for the previous period/year have been regrouped and rearranged necessary.

 

 

FIXED ASSETS

 

·         Land

·         Buildings

·         Plant and Machinery

·         Computers

·         Vehicles

·         Furniture and Fixtures

·         Office Equipment 

 

WEBSITE DETAILS:

 

Press Release:

 

XL Telecom and Energy enters joint Venture with Spain based SDEM TEGA S1A, for Solar Power Projects EPC Business

 

XL Telecom and Energy Limited (XL, Hyderabad based NSE and BSE listed company, focusing in Solar Energy segment, has entered in to Joint Venture Agreement with SOEM TEGA S.A., a Spain based company.

 

SDEM TEGA S,A., , is a leading Solar EPC company with significant experience in implementing Solar Power Projects as EPC contractor in Europe. SOEM TEGA S.A., will now work with XL Telecom and  Energy across the globe for bidding for and executing Solar Power Projects jointly. SDEM TEGA S.A., is part of ST Group, and as a Group, they focus among other areas, Electrical installations, communication networks, renewable energy segments. They have installed over 30 MW Solar Power projects in the last two years.

 

SDEM TEGA S.A. and XL Solar will initially explore the emerging India’s solar initiative along with the growing Latin America, North of Africa and Australian markets to capture significant marker share. XL anticipates the India opportunity at about Ks. 8,500 cores or US $ 2 Billion and 500 MW worth projects, in the next 12 to 24 months. XL is confident with the Engineering and project execution expertise of SDEM TEGA S.A., clubbing with XL’s 230 MW Module production capacity, should be able to give its customers value for money and quick and fast delivery model.

 

XL is excited to join the hands with SUEM TEGA S.A., for exploring the global Solar Power Projects initiatives and with our manufacturing and execution capacities and ability to deliver huge quantities at speed, we should be able to be extremely competitive and effective to our customers Said, Dinesh Kumar, CEO and MD of XL Telecom and Energy.

 

Commenting on the initiative with XL, Mr. Antonio Lara , CEO of SDEM TEGA S.A., said that he is looking forward to explore the US$ 2 Billion India opportunity immediately by working with XL, while XL’s manufacturing and execution abilities will help us to be more competitive in delivering value proposition to our European Customers.

 

Profile:

 

The Telecommunications revolution has increased the need for high-quality back up products. XL Telecom helps to keep the world connected through its range of world-class heat shrink wrap around cable jointing kits.

XL's large state-of-the-art manufacturing facility in India boasts of the finest in every sphere of activity. Backed by sophisticated equipment, the production is totally automated and adheres to the most stringent parameters. With only five persons controlling the process, the fully electronic functioning allows no room for human error. The factory has a large production capacity of about 1000 meters per shift in eight hours - enabling the company to meet both delivery schedules and budgets without any hiccups.


XL's strength also lies in the expert team of highly qualified and experienced managers and workers who work in tandem with a comprehensive quality control department to assure excellence at every stage of manufacture.
The results are products that serve as the backbone of the telecommunications industry and are instrumental in bringing the future to our doorsteps.


The subject was incorporated at Hyderabad as a private limited company in 1985 and became a public limited company in 1990. The company is partnered by Corning, Inc., and Kyocera Inc. of USA.

 

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

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

26

 

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

-

 

 

 

 

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.