MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GENUS POWER INFRASTRUCTURES LIMITED |
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|
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Formerly Known
As : |
GENUS OVERSEAS ELECTRONICS LIMITED |
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Registered
Office : |
D-116, Okhla Industrial Area, Phase-1, Okhla, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.08.1992 |
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|
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|
Com. Reg. No.: |
133383 |
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|
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|
Capital Investment
/ Paid-up Capital : |
Rs.151.907
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909DL1992PLC133383 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRG00418F |
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PAN No.: [Permanent Account No.] |
AACCG1218P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Distribution of Electronic Energy Meters, Power Distribution
Management Projects, Hybrid microcircuits, Inverters, Batteries, Home UPS and
Online UPS. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Trade relations are fair. Business is active. General financial position is
satisfactory. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D-116, Okhla Industrial Area, Phase-1, Okhla, New Delhi – 110020,
Delhi, India |
|
Tel. No.: |
91-11-26371881/ 47114800 |
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Fax No.: |
91-11-26371883/ 47114833 |
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E-Mail : |
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Website : |
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Corporate Office : |
SPL-3, Ricoh Industrial Area, Sitapur, Tonk Road, Jaipur – 302 022,
Rajasthan, India |
|
Tel. No.: |
91-141-2770003 / 2770401 / 3911400
/ 500 |
|
Fax No.: |
91-141-2770355 / 2771355 /
2770319 |
|
E-Mail : |
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|
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|
Factory 1: |
SPL-3, RIICO Industrial Area, Sitapura, Tonk Road, Jaipur – 302022, Rajasthan, India |
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Factory 2: |
SPL-2A, RIICO Industrial Area, Sitapura, Tonk Road, Jaipur – 302022, Rajasthan, India |
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Factory 3: |
SP-4-2, Keshwana, (Kotputli), District Jaipur – 303108,
Rajasthan, India |
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Factory 4: |
Plot No.12, Sector-4, IIE, SIDCUL, Haridwar – 249403, Uttarakhand, India |
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Factory 5: |
Plot No.9, Sector-2, SIDCUL, Haridwar – 249403, Uttarakhand, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Ishwar Chand Agarwal |
|
Designation : |
Executive Chairman |
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|
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|
Name : |
Wg. Cdr. (Retd.) B. S. Solanki |
|
Designation : |
Director |
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|
Name : |
Mr. Rameshwar Pareek |
|
Designation : |
Director |
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|
Name : |
Mr. Indraj Mal Bhutoria |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Dharma Chand Agarwal |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Udit Agarwal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vishnu Todi |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Naveen Gupta |
|
Designation : |
Additional Director |
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|
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|
Name : |
Mr. Kailash Chandra Agarwal |
|
Designation : |
Joint Managing Director |
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|
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Name : |
Mr. Rajendra Kumar Agarwal |
|
Designation : |
Executive Director and CEO |
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|
|
|
Name : |
Mr. Jitendra
Kumar Agarwal |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Giriraj Kishore Sharma |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ankit Jhanjhari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28,924,620 |
18.20 |
|
|
43,435,920 |
27.33 |
|
|
72,360,540 |
45.54 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
72,360,540 |
45.54 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
126,920 |
0.08 |
|
|
6,000 |
- |
|
|
652,055 |
0.41 |
|
|
43,000 |
0.03 |
|
|
827,975 |
0.52 |
|
|
|
|
|
|
|
|
|
|
29,060,577 |
18.29 |
|
|
|
|
|
|
|
|
|
|
29,219,756 |
18.39 |
|
|
17,923,374 |
11.28 |
|
|
9,514,598 |
5.99 |
|
|
8,536,544 |
5.37 |
|
|
978,054 |
0.62 |
|
|
85,718,305 |
53.94 |
|
|
|
|
|
Total Public
shareholding (B) |
86,546,280 |
54.46 |
|
|
|
|
|
Total (A)+(B) |
158,906,820 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
158,906,820 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distribution of Electronic Energy Meters, Power
Distribution Management Projects, Hybrid microcircuits, Inverters, Batteries,
Home UPS and Online UPS. |
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Products : |
Metering Solutions ·
Residential Meters ·
Industrial / Substation /
Agricultural /Audit Meters ·
Grid Meters ·
Group Meters ·
Special Meters ·
AMR Solutions ·
Software - URJA Electricity
Management Server Engineering Construction and
Contracts ·
Substation Commissioning ·
Transmission and Distribution ·
Electrification ·
Distribution Transformer Metering ·
Billing Solution ·
SCADA Solutions Inverters / UPS ·
Inverters ·
UPS ·
Solar products ·
Batteries Thick Film Hybrid Microcircuits |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Energy Meter |
Nos. |
-- |
6500000 |
2919865 |
|
Power Inverter/ UPS |
Nos. |
-- |
600000 |
149872 |
|
HMC |
Nos. |
-- |
3.00 |
60988 |
|
Resistor Network |
Nos. |
-- |
-- |
-- |
|
SMT/ PCB |
Nos. |
-- |
-- |
1311404 |
|
Transformer |
Nos. |
-- |
12000 |
2462 |
|
RCC Pole |
Nos. |
-- |
72000 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda · IDBI Bank Limited · State Bank of India · State Bank of Bikaner and Jaipur · Standard Chartered Bank · Axis Bank Limited · Export-Import Bank of India · Punjab National Bank · State Bank of Mysore |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
D. Khanna and Associates Chartered Accountant |
|
Address : |
G-6, Royal Sundram, Vivekanand Marg, C-Scheme, Jaipur – 302001, Rajasthan, India |
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|
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Corporate Law Advisor : |
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|
Name : |
C. M. Bindal and Company Company Secretaries |
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Address : |
247, Himmat Nagar, Tonk Road, Jaipur-302018, Rajasthan, India |
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|
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|
Enterprises where the
key managerial personnel along with their relatives exercise significant
influence : |
· Genus Electrotech Limited · Kailash Coal And Coke Company Limited · Genus Innovation Limited · Genus Apparels Limited · Vivekshil Dealers Private Limited · Genus International Commodities Limited · Jay Narayan Bajranglal Todi Trust · L.M. Sagar Exports · Hi-Print Electromack Private Limited · Virtuous Urja Limited · J C Textile Private Limited · K.C. Electrometers |
|
|
|
|
Associates/ Joint Venture : |
· M.K.J. Manufacturing Private Limited · Genus Paper Products Limited · Virtuous Infra Limited · Genus S.A., Brazil · Genus Consortium |
CAPITAL STRUCTURE
(AS ON 10.09.2011)
Authorised Capital : Rs.232.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.158.907
Millions
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181600000 |
Equity Shares |
Rs.1/- Each |
Rs.181.600 Millions |
|
504000 |
10% Redeemable Preference Shares |
Rs.100/- Each |
Rs.50.400
Million |
|
|
|
|
|
|
|
Total |
|
Rs.232.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151906820 |
Equity Shares |
Rs.1/- Each |
Rs.151.907
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
151.907 |
147.907 |
197.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Equity Share Warrants |
33.250 |
52.250 |
0.000 |
|
|
4] Reserves & Surplus |
3525.921 |
2825.034 |
2581.400 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3711.078 |
3025.191 |
2779.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2622.496 |
2355.768 |
2202.800 |
|
|
2] Unsecured Loans |
379.455 |
125.453 |
970.900 |
|
|
TOTAL BORROWING |
3001.951 |
2481.221 |
3173.700 |
|
|
DEFERRED TAX LIABILITIES |
67.723 |
63.079 |
77.300 |
|
|
|
|
|
|
|
|
TOTAL |
6780.752 |
5569.491 |
6030.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
756.469 |
690.968 |
665.400 |
|
|
Capital work-in-progress |
104.214 |
14.974 |
6.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
860.718 |
558.218 |
262.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1071.962
|
911.121
|
1149.100 |
|
|
Sundry Debtors |
3773.444
|
3763.727
|
3415.900 |
|
|
Cash & Bank Balances |
334.274
|
318.097
|
479.600 |
|
|
Other Current Assets |
228.345
|
0.000
|
0.000 |
|
|
Loans & Advances |
1502.011
|
1082.666
|
1348.500 |
|
Total
Current Assets |
6910.036
|
6075.611
|
6393.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1454.476
|
1586.753 |
|
|
|
Other Current Liabilities |
118.900
|
130.061
|
|
|
|
Provisions |
286.566
|
89.177
|
53.200 |
|
Total
Current Liabilities |
1859.942
|
1805.991
|
1359.300 |
|
|
Net Current Assets |
5050.094
|
4269.620
|
5033.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
9.257 |
35.711 |
62.100 |
|
|
|
|
|
|
|
|
TOTAL |
6780.752 |
5569.491 |
6030.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7140.575 |
6538.391 |
5565.700 |
|
|
|
Other Income |
24.166 |
31.077 |
153.300 |
|
|
|
TOTAL (A) |
7164.741 |
6569.468 |
5719.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
5087.341 |
4573.567 |
|
|
|
|
Employees Remuneration and Benefit |
409.655 |
295.015 |
|
|
|
|
Manufacturing and Operating Expenses |
167.320 |
126.383 |
5031.500 |
|
|
|
Administrative, Marketing and Other Expenses |
563.714 |
588.199 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
(88.313) |
49.043 |
|
|
|
|
TOTAL (B) |
6139.717 |
5632.207 |
5031.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1025.024 |
937.261 |
687.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
278.670 |
322.236 |
412.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
746.354 |
615.025 |
274.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.738 |
53.942 |
53.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
692.616 |
561.083 |
221.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.914 |
89.107 |
89.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
547.702 |
471.976 |
132.100 |
|
|
|
|
|
|
|
|
|
|
Extraordinary
Items |
63.107 |
(208.115) |
-- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1108.549 |
966.625 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (Equity/ Preference) |
15.191 |
18.750 |
-- |
|
|
|
Corporate Dividend Tax |
2.582 |
3.187 |
-- |
|
|
|
Debts/ Debentures Redemption Reserve |
-- |
100.000 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
1701.585 |
1108.549 |
-- |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
41.433 |
60.572 |
NA |
|
|
TOTAL EARNINGS |
41.433 |
60.572 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1133.838 |
726.632 |
NA |
|
|
|
Stores, Spares and Consumables |
0.000 |
0.034 |
NA |
|
|
|
Capital Goods |
40.115 |
16.148 |
NA |
|
|
TOTAL IMPORTS |
1173.953 |
742.814 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.69 |
3.16 |
-- |
|
|
|
- Diluted |
4.11 |
1.75 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1531.730 |
1774.960 |
1450.420 |
|
Total Expenditure |
1300.310 |
1565.220 |
1280.450 |
|
PBIDT (Excl OI) |
231.420 |
209.740 |
169.970 |
|
Other Income |
0.000 |
0.040 |
0.000 |
|
Operating Profit |
231.420 |
209.780 |
169.970 |
|
Interest |
76.630 |
93.600 |
113.060 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
154.790 |
116.180 |
56.910 |
|
Depreciation |
15.390 |
16.310 |
18.250 |
|
Profit Before Tax |
139.400 |
99.870 |
38.650 |
|
Tax |
28.880 |
14.200 |
7.730 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
110.520 |
85.670 |
30.910 |
|
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 |
110.520 |
85.670 |
30.910 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.64
|
7.18 |
2.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.70
|
8.58 |
3.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.03
|
8.29 |
3.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.42 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.72
|
3.36 |
4.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
REVIEW OF
PERFORMANCE:
The Company witnessed a steady and sequential growth in its revenue and
profits on the back of the focused business strategy, integrated approach to
enterprise solutions, world class facilities and full-fledged in-house R&D
lab. During the year, the Company's income from operations reflected 9% growth,
which increased to Rs.7226.120 Millions during the year from Rs.6632.297
Millions in the previous year. This was mainly attributed to successful
business strategies like continuous extension and upgradat ion of its
products/services portfolio, diversification, in-house R&D lab, setup of
manufacturing facilities in tax holiday zone etc., adopted by the Company
during preceding years.
Exports sales including deemed exports declined to Rs.291.377 Millions
during the year from Rs.406.771 Millions in previous year due to lower
execution of deemed export projects/supplies. The operating profit (EBITDA) for
the year grew by 9% to Rs.1051.478 Millions from Rs.963.715 Millions in
previous year. The EBITDA margin was slightly improved from 14.53% to 14.55%
mainly due to continued focus on higher margin products business.
The profit after
tax (PAT) augmented by 16% to Rs.547.702 Millions during the year from
Rs.471.976 Millions in the previous year.
The basic earnings
per share (EPS) (before extraordinary items) for the year ended March 31, 2011
was Rs.3.69 as against Rs.3.16 in the previous year. The EPS (after
extraordinary items) for the year ended March 31, 2011 was Rs.4.11 as against
Rs.1.75 in the previous year.
The net worth of
the Company increased to Rs.3701.821 Millions at the end of FY 2010-11 from
Rs.2989.480 Millions at the end of FY 2009-10.
The book value per
share having face value of Re.1/- increased to Rs.24.37 as at 31.03.2011 from
Rs.20.21 as at 31.03.2010.
The employees cost
increased to Rs.409.655 Millions from Rs.295.015 Millions mainly due to
increased induction of talented and experienced persons in the industry,
visualizing the tremendous business opportunities in the power transmission and
distribution sector in the country and increased labour cost owing to higher
execution of metering solutions' orders during the year.
Manufacturing and
other operating expenses increased to Rs.167.320 Millions from Rs.126.383
Millions due to higher sales volume and increased expenditure on the research
and development activity.
Interest and
finance cost decreased to Rs.278.670 Millions from Rs.322.236 Millions on
account of reshuffling of credit facilities to enjoy lower interest rates and
bank charges and better management of funds.
The Company has
written off book debts of Rs.80.301 Millions, which mainly represent various
deductions made by indenting agencies, pursuant to the terms of supplies.
The debts gearing
of the Company was at 0.71 times as at the end of the financial year 2010-11
due to better management of the available resources.
MANAGEMENT'S
DISCUSSION AND ANALYSIS
ECONOMIC REVIEW:
During the last
few years, India has established itself as one of the highest growth rates
economies in the world. In FY 2010-11, the gross domestic product (GDP) of
India grew at 8.5% as against 8% in FY 2009-10 despite the heavy volatility in
the domestic market, high inflation and the continuous jitter from the
international economies. India's advance tax revenue grew 76.8% in the first
quarter of the fiscal year 2011-12 to Rs.303990.000 Millions. It is showing
that growth story is intact. Keeping in line with the international trends on
recovering economies, India witnessed a strong economic recovery with a rebound
in agriculture and continued momentum in servicing and manufacturing. However,
it has been acknowledged that for sustaining the high GDP growth, the faster
inclusive development is essential. In near term, GDP growth is expected to be
moderate in view of rising inflation and interest rates. However, the medium to
long-term prospect of Indian economy continues to be positive on the back of
strong domestic demand. Economists estimate that the Indian economy will expand
at the rate of 8-8.5% in 2011-12.
However, India
needs to take note of the increasing requirement of superior infrastructure
facilities for its industries and civil society. The Union Government has
realized that the target of double digit GDP growth cannot be achieved without a
comprehensive development of infrastructure. Hence, the governments are taking
all possible steps through the planning, budgets and policies.
POWER SECTOR: REVIEW AND OUTLOOK:
In today's world, electricity is extremely important in their daily
lives. It is indispensable for all sections of society and economy to function
and grow. Power sector is a very crucial for taking India's growth story
forward. Therefore, the Government is continuously making every effort to meet
its growth objectives by providing facilitating environment for the growth of
power sector. The financial year 2010-11 has been a remarkable year for power
sector with a record generation capacity addition. Electricity generation grew
by 5.6% to 811.1 billion units in 2010-11 from 768.4 billion units in 2009-10.
However it was marginally lower than the set target of 830.8 billion units. The
generating installed capacity, which was mere 1,713 MW in 1950 rose to 1,74,361
MW at the end of April 30, 2011.
The per capita consumption of electricity increased from 15 kWh in 1950
to 734 kWh in 2008-09. Up to March 31, 2011, 5,37,947 villages have been
electrified and 1,71,67,631 pump sets have been energized. However, still
around 10% villages are to be electrified and 15% pump sets are to be energized.
India needs to significantly raise its power generation capacity to reduce peak
hour power shortage and provide electricity to all including its rural
households. India has been beset by a large energy deficit. According to
Central Electricity Authority ('CEA'), the total energy deficit was 8.5% and
peak energy deficit was 9.8% during 2010-11. In April, 2011, India's peak power
deficit widened to 10.8% from 10.3% in March, 2011.
Even though of the fact that the power sector has registered a significant
progress since India's independence, the imbalance between electricity demand
and supply in India is continuously widening. The significant growth in economy
has resulted in extensive use of electricity in all the sections of the
economy. Recently, the Planning Commission said that the country needs at least
1,00,000 MW of new power capacity addition during the 12th Five Year Plan.
Inorder to achieve inclusive and
sustainable growth of economy, India needs to focus on meeting its
electricity demand.
In light of this, it is stirring to note that the Government, in the
recent Union Budgets, has given utmost priority to the Power Sector by doubling
the allocation and aiding to new generation capacities. The allocation for the
power sector has been increased by around 10% to Rs.727540.000 Millions in
budget 2011-12 from Rs.660970.000 Millions in budget 2010-11. The allocation
for Rajiv Gandhi Grameen Vidhyutikaran Yojana (RGGVY) under the Bharat Nirman
Yojana increased to Rs.60000.000 Millions from Rs.55000.000 Millions. Further,
Rs.20340.000 Millions has been allotted to Re-structured Accelerated Power
Development and Reform Programme (R-APDRP). They believe that the Government's
spirit and proactive efforts to implement the power reforms rapidly would pave
the way for further industrialization and development of an efficient,
commercially viable and competitive power sector. It enables to achieve
inclusive economic growth.
POWER TRANSMISSION AND DISTRIBUTION SECTOR-REVIEW AND OUTLOOK:
An efficient, secure and reliable power supply system/infrastructure is the key ingredient for a competitive and commercially viable power sector. It is also a prerequisite for the deployment of smart grid technologies.
The power supply system consists of generation, transmission and distribution of electricity. It needs an efficient, secure and reliable infrastructure that includes physical and other processes controlled by automation systems. Subsequent to nuclear damage in Japan due to earthquake and tsunami, there is a need to focus on automation. The automated, cleaner, smarter and more efficient electricity supply system is now essential for the future growth and security of the nation.
Unfortunately, India's power transmission and distribution (T&D) network is far below than the requirement set by the total installed capacity of electricity generation. Further it is plagued by high T&D losses, insufficient metering, low recovery of dues and obsolete T&D networks. The power transmission and distribution losses have been estimated at a cumulative Rs.680000.000 Millions in FY 2010-11. The cash losses of SEBs and distribution companies have jumped at Rs.284000.000 Millions. To bring down the huge T&D losses through better monitoring and control, the extensive use of latest and reliable integrated technologies along with information technology (IT) in power transmission and distribution are indispensable.
While the Government through its policies and budgetary provisions has embarked on an effort to develop proper environment for SEBs and other Utilities, the desired results cannot be achieved unless the T&D sector gets a superior attention and investment.
ELECTRONIC METER
INDUSTRYREVIEW AND OUTLOOK:
In the last few years,
the Indian meter manufacturing industry has registered significant growth on
the back of government's ongoing power sector reform programme particularly
RGGVY and now R-APDRP and focus on reviving of power distribution sector. The
industry grew with 21 per cent compounded annual growth rate (CAGR) between
2004-05 and 2009-10. The rapid growth was mainly due to the government
directive to all power utilities to use only electronic energy meters. As per
the Indian Electrical and Electronics Manufacturers' Association (IEEMA),
around 16 million meters were sold during 2009-10 and registered over 11%
growth. During the Year 2009-10, sale of single phase static meters grew by 38%
and poly phase meters declined by 25% despite increase in exports. The share of
electromagnetic meters has further reduced to 4.5%. Power utilities continue to
procure highly efficient, smart and secured meters for Transformers, Feeders
and Residential consumers.
Over the next few
years, the demand for electronic meters is expected to remain escalating mainly
on account of the Government's continuous impetus on 100% metering of power
supply connections through various regulations, policies and reform programmes.
Further the replacement requirement of old/electromechanical meter will create
the additional demand for electronic meters. The current supply of electronic
meters does not meet the demand of various SEBs and private utilities. Further
looking to the overall scenario of Indian power sector, the demand for
electronic meters is expected to reach 18-20 million units by 2011-12.
In India, smart
metering is emerging as the focus area for power distribution utilities for
overall better energy management, improving billing and collection efficiency
and preventing power theft. Smart metering is relatively an advanced metering
technology consists of automated meter reading (AMR), real-time energy pricing
and control of energy load by the consumer and utility companies. It covers
residential, commercial and industrial customers.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Wind Power Project
· Dies and moulds
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers
WEB DETAILS
CORPORATE PROFILE
Subject, an ISO 9001: 2000 Public Limited Company
forms an integral part of the reputed 300million USD Kailash Group. The company
primarily deals in manufacturing and distribution of Electronic Energy Meters,
Power Distribution Management Projects, Hybrid microcircuits, Inverters,
Batteries, Home UPS and Online UPS across India as well as globally.
Equipped with avant-garde facilities and a team of highly qualified and
experienced scientists, it is committed to develop complex technologies at an
affordable price. It’s top-notch R and D laboratory, approved by the Ministry
of Science and technology, Govt. of India, has enabled the company to dominate
the power infrastructure and electronics segment’s engineering domain.
As a step forward Genus has launched IT enabled Distribution Transformer
Metering System, Feeder Monitoring and Management System, Smart Street Light
Management System with value added software application for providing end to
end solutions for energy management. The high-end software developed by us has
transformed the way metering is done, not only in
MANAGEMENT
Subject always believes that a good team and an effective
management is the key for competing in today's global arena. So the old
structures in the company are continuously reformed from time to time to make the
organization more flexible in the face of rapid environmental change as well as
more responsive to the needs of customers. Training and cross-training programs
help the people to direct their individual accomplishments towards an
organizational objective. As rightly it has been said, "TEAM = Together Everyone Achieves More".
Subject is proud to introduce its core members:
MILESTONES
Milestones are checkpoints for the company to evaluate,
analyze and tune up the further steps. Let them have a look at the major
milestones of company, which are like footprints-invaluable
for the past and guidelines for the future:
1994 Company founded for manufacturing Thick Film Hybrid Microcircuits and SMT PCB Assemblies
1996 Pioneered
unique tamper proof Single and Three Phase Electronic Energy Meters in
1996 Commercial Production started
1997 ISO 9001 : 1994 and IECQ Certifications
1998 Became largest manufacturer of Energy Meters
1999 Multi-functional and Multi-tariff Meters launched
2000 Rated
as 7th turnaround company of
2002 Subject Design and Development recognised by Department of Scientific and Industrial Research, Government of India
2004
2004 Rated
among top 100 Electronic companies in
2004 Lean
Manufacturing implemented with TBM consultants,
2005 AMR/Pre-payment Meter launched
2005 Ventured into Power Distribution Management Projects
2006
Establishment of two joint venture companies in
2006 State of the art manufacturing facility at Haridwar commissioned
2007 ERP software package SAP implemented successfully
2007 First
company in
AWARDS AND RECOGNITIONS
Subject
stands committed to exceeding the highest standards of quality stipulated by
the leading authorities, both in
Subject has ISO 9001 certificate for design and production of hybrid microcircuits, energy meters, turnkey power projects, inverters and SCADA. 24 varieties of different types of meters have ISI approvals. Further, the meters are type tested as per European IEC standard.
Certifications
The following is a brief list of certifications received by Subject:
· ISO 9001:2000 certification for manufacturing
· ISO 9001:2000 certification for implementation of Power Projects and SCADA Automation
· ISO 9001:2000 certification for commissioning and installation of Power Distribution networks
· R and D Lab recognized by the Ministry of Science and Technology, Government of India
· CDOT approval for Line Card Hybrid and Resistor Networks
· CDOT approval for contract manufacturing
· IECQ for quality of components
· ISI mark for Energy Meters
· CE approval for Energy Meters (Single Phase and Three Phase)
· EMI / EMC certifications
· ETDC certification for Inverters
· DLMS Certification for meters.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.