MIRA
INFORM REPORT
|
Report Date : |
20.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
EON ELECTRIC LIMITED |
|
|
|
|
Formerly Known
As : |
INDO ASIAN FUSEGEAR LIMITED |
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Registered
Office : |
House No. 1048, Sector 14, Sonepat-131001, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
06.11.1989 |
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|
|
|
Com. Reg. No.: |
05-035580 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.169.516
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200HR1989PLC035580 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of a wide range of Electrical Equipment. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 14700000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
dip in the sales turnover of the company during 2011. However, 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 some caution.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
|
Name : |
Mr. Anil Sharma |
|
Designation : |
Business Head |
|
Contact No.: |
91-8826392110 |
|
Date : |
14.08.2012 |
LOCATIONS
|
Registered Office : |
House No. 1048, Sector 14, Sonepat-131001, Haryana, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8826392110 [Mr. Anil Sharma] |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
B-88, Sector 83, Noida-201305, Uttar Pradesh, India |
|
Tel No.: |
91-120-3096700/701 |
|
Fax No.: |
91-120-3096800 |
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Email: |
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Factory : |
Lighting: Plot No. 10, Sector 4, SIDCUL, Haridwar-249402, Uttarakhand, India Cable and Wires: Plot No. 10, Sector 4, SIDCUL, Haridwar-249402, Uttarakhand, India Energy Meters: B-62, Sector 83, Noida-201305, Uttar Pradesh, India |
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|
|
|
Branch Office : |
Located At: ·
Ahmedabad ·
Mumbai ·
Bangalore ·
Lucknow ·
Jaipur |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. V. P. Mahendru |
|
Designation : |
Chairman-cum-Managing Director |
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|
|
|
Name : |
Mr. R. C. Bansal |
|
Designation : |
Non-Executive Director |
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|
Name : |
Dr. Sai Ramachandran |
|
Designation : |
Non-Executive Director |
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|
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|
Name : |
Mr. A. K. Ghosh |
|
Designation : |
Non-Executive Director |
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|
|
|
Name : |
Mr. P. K. Ranade |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. Vinay Mahendru |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. K.B. Satija |
|
Designation : |
Assistant Vice President (Corporate Finance) |
|
|
|
|
Name : |
Mr. Kumar Indramani |
|
Designation : |
Manager (Legal) and Company Secretary |
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|
|
|
Name : |
Mr. Anil Sharma |
|
Designation : |
Business Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,129,939 |
19.49 |
|
|
4,893,373 |
30.47 |
|
|
8,023,312 |
49.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8,023,312 |
49.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,500 |
0.02 |
|
|
2,500 |
0.02 |
|
|
|
|
|
|
1,399,785 |
8.72 |
|
|
|
|
|
|
4,479,718 |
27.90 |
|
|
1,961,615 |
12.22 |
|
|
190,536 |
1.19 |
|
|
190,536 |
1.19 |
|
|
8,031,654 |
50.02 |
|
Total Public shareholding (B) |
8,034,154 |
50.03 |
|
Total (A)+(B) |
16,057,466 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
16,057,466 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of a wide range of Electrical Equipment. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
MCBs |
Poles |
NA (*) |
4428163 |
|
Compact Fluorescent Lamps |
Nos. |
4800000 |
610664 |
|
Fluorescent Tube Lights |
Nos. |
NA (^) |
4620 |
|
HRC Fuses |
Nos. |
NA (*) |
611744 |
|
Feeder Pillars |
Nos. |
NA (*) |
-- |
|
RCCBs |
Nos. |
NA (*) |
88262 |
|
Adaptors |
Nos. |
NA |
-- |
|
Distribution Boards |
Nos. |
NA (*) |
61154 |
|
Switches |
Nos. |
NA (*) |
7184 |
|
Energy Meters |
Nos. |
NA |
17186 |
|
Wires |
Coils |
NA |
177172 |
NOTE:
(^) The Company has since sold the Plant and Machinery for manufacture of
Fluorescent Tube Lights.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
State Bank of India ·
State Bank of Patiala |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.C. Bhalla and Company Chartered Accountants |
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Address : |
Noida, Uttar Pradesh, India |
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Associates/Subsidiaries : |
IAFL Cables Limited (Formerly Indo Asian Cables Limited) |
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Investing Parties with whom the Company is a JV Partner : |
·
Indo Simon Electric Pvt. Limited (Formerly Indo
Asian Simon Private Limited) ·
Saudi National Lamps and Electricals Company
Limited |
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|
|
|
Group Company : |
IAFL Power Distribution and Infrastructure Private Limited (Formerly Indo
Asian Power Distribution and Infrastructure Private Limited) |
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LLP firms in which relatives of Directors are Partners : |
·
VPM Industrial Services Corporation LLP ·
PKR Hitech Industrial Corporation LLP |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 Millions |
|
6000000 |
Preferences Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16951628 |
Equity Shares |
Rs.10/- each |
Rs.169.516
Millions |
NOTE:
·
Of the above Shares 14,276,100 (Previous year
14,276,100) shares are allotted as fully paid up under the Scheme of
Arrangement without payments being received in cash.
·
Of the above Shares 280,528 (Previous year 280,528)
Shares are allotted as fully paid up upon the conversion of 8% Convertible
Preference Shares allotted to the Equity Shareholders of erstwhile Indo Kopp
Limited under the Scheme of Arrangement.
·
Nil (Previous year 1,000,000) 10% Cumulative
Redeemable Preference Shares of Rs.10/-each fully paid up (allotted as fully
paid up under the Scheme of Arrangement without payments being received in
cash)
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 |
169.516 |
171.066 |
163.066 |
|
|
2] Share Warrants |
15.575 |
10.563 |
24.700 |
|
|
3] Reserves & Surplus |
3501.734 |
1038.564 |
956.755 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3686.825 |
1220.193 |
1144.521 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.921 |
1203.297 |
1267.135 |
|
|
2] Unsecured Loans |
0.000 |
20.227 |
17.843 |
|
|
TOTAL BORROWING |
3.921 |
1223.524 |
1284.978 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
4.050 |
1.176 |
|
|
|
|
|
|
|
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TOTAL |
3690.746 |
2447.767 |
2430.675 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
336.277 |
614.877 |
644.907 |
|
|
Capital work-in-progress |
34.800 |
108.441 |
136.227 |
|
|
|
|
|
|
|
|
INVESTMENT |
2964.009 |
118.662 |
69.782 |
|
|
PRE-OPERATIVE EXPENDITURE PENDING ALLOCATION |
0.000 |
0.000 |
21.241 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
126.170
|
636.161 |
589.106 |
|
|
Sundry Debtors |
155.733
|
1209.693 |
1246.296 |
|
|
Cash & Bank Balances |
118.936
|
89.555 |
131.935 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
901.252
|
367.828 |
354.919 |
|
Total
Current Assets |
1302.091
|
2303.237 |
2322.256 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
46.697
|
421.317 |
430.225 |
|
|
Other Current Liabilities |
44.214
|
145.090 |
182.452 |
|
|
Provisions |
855.520
|
131.043 |
151.061 |
|
Total
Current Liabilities |
946.431
|
697.450 |
763.738 |
|
|
Net Current Assets |
355.660
|
1605.787 |
1558.518 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3690.746 |
2447.767 |
2430.675 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1206.088 |
2301.333 |
2606.445 |
|
|
|
Other Income |
112.393 |
111.360 |
21.745 |
|
|
|
TOTAL (A) |
1318.481 |
2412.693 |
2628.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
771.339 |
1277.446 |
1326.581 |
|
|
|
Manufacturing Expenses |
104.105 |
189.863 |
220.382 |
|
|
|
Administration & Other Expenses |
557.648 |
487.143 |
446.074 |
|
|
|
Selling & Distribution Expenses |
207.791 |
181.467 |
321.404 |
|
|
|
(Increase)
/Decrease in Finished Goods and Work-in-Progress |
71.911 |
(11.607) |
13.266 |
|
|
|
Extra Ordinary
Items |
(3951.312) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
(2238.518) |
2124.312 |
2327.707 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3556.999 |
288.381 |
300.483 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
73.118 |
179.154 |
160.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3483.881 |
109.227 |
139.678 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.581 |
70.021 |
66.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3431.300 |
39.206 |
73.599 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
796.461 |
10.690 |
17.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2634.839 |
28.516 |
56.329 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
32.900 |
59.384 |
138.055 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
2000.000 |
55.000 |
135.000 |
|
|
|
Special Interim Dividend on Equity Shares |
169.516 |
0.000 |
0.000 |
|
|
|
Preference Dividend paid |
1.000 |
0.000 |
0.000 |
|
|
|
Arrears of Preference Dividend paid |
4.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
28.985 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
464.238 |
32.900 |
59.384 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
197.447 |
416.211 |
693.209 |
|
|
|
Sale of Plant and Machinery |
30.957 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
228.404 |
416.211 |
693.209 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
131.926 |
180.959 |
160.766 |
|
|
|
Stores & Spares |
0.000 |
1.674 |
9.482 |
|
|
|
Capital Goods |
3.319 |
1.744 |
36.824 |
|
|
TOTAL IMPORTS |
135.245 |
184.377 |
207.072 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
159.16 |
1.79 |
3.60 |
|
|
|
Diluted |
157.43 |
1.78 |
3.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
121.820 |
114.790 |
104.980 |
224.500 |
317.530 |
|
Total Expenditure |
187.190 |
190.880 |
167.000 |
317.320 |
363.130 |
|
PBIDT (Excl OI) |
(65.370) |
(76.090) |
(62.020) |
(92.820) |
(45.600) |
|
Other Income |
22.190 |
20.600 |
118.910 |
55.410 |
9.980 |
|
Operating Profit |
(43.180) |
(55.490) |
56.890 |
(37.410) |
(35.620) |
|
Interest |
0.000 |
0.000 |
0.000 |
0.990 |
1.650 |
|
PBDT |
(43.180) |
(55.490) |
56.890 |
(38.400) |
(37.270) |
|
Depreciation |
10.280 |
11.010 |
11.090 |
18.740 |
5.640 |
|
Profit Before Tax |
(53.460) |
(66.500) |
45.800 |
(57.140) |
(42.910) |
|
Tax |
0.000 |
0.000 |
(0.220) |
38.170 |
-0.540 |
|
Profit After Tax |
(53.460) |
(66.500) |
46.020 |
(95.310) |
(42.370) |
|
Net Profit |
(53.460) |
(66.500) |
46.020 |
(95.310) |
(42.370) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
199.84
|
1.18 |
2.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
284.50
|
1.70 |
2.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
209.43
|
1.34 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.93
|
0.03 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
1.57 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
3.30 |
3.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34) External Agency Rating, if available |
No |
FINANCIAL PERFORMANCE:
The Company achieved
a turnover and other income of Rs.1342.300 Millions for the year ended March
31, 2011 as against Rs. 2461.900 Millions in the previous financial year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENT AND FUTURE OUTLOOK:
Indo Asian
Fusegear Limited has been one of the leading manufacturers of Switchgears,
Lighting products, Wires and Cables and Energy Meters in India. The Switchgear
Business was transferred to wholly owned subsidiary of Legrand France, S.A on a
slump sale basis. Upto 8th September, 2010, the Company had operated these
businesses, the results of which form part of this report.
The Government is giving continuous thrust on housing and infrastructure
sector.
With general improvement
in the power condition in urban as well as rural sectors, increase in spending
on infrastructure development and increased emphasis on energy conservation,
the demand for the Company’s products including Energy Efficient Compact
Fluorescent Lamps, LEDs, Wires and Cables and Energy Meters etc is growing
fast. Apart from this, Union Government’s planned power generation initiatives
which inter- alia, include ambitious Schemes such as the Bachat Lamp Yojna
(BLY) and Rajiv Gandhi Grameen Vidyutikaran Yojna (RGGVY) which aims to provide
electrification to all towns and villages would trigger sizeable demand for the
company’s products. This will also ensure improvement in quality of power and
its wider use even in far off villages.
Well defined
strategies are being implemented in order to cater to the gradual increase in
demand of these products and enhance our product share in market. The company
continues to be committed towards making best of quality products at affordable
prices through technology upgradation, value proposition, deep concern for
customer satisfaction, at the same time ensuring human as well as environmental
safety, thus enhance value addition for the investors and for the society as a
whole. No doubt, we will establish our capabilities beyond the Indian borders
and enable our clients enjoy the value of our products and services globally.
Consequent upon
the Slump Sale of the Switchgear Business, the Company has got adequate funds
available at its disposal, which it has planned to utilise for growth of its
other businesses which have great future but hither to could not be exploited
to its full potential. The company has identified business opportunities which
are futuristic in technology and have substantial growth prospects. The Company
has accordingly constituted a Special Committee for the above objectives which
after an indepth analysis and considerable planning has considered it prudent
and appropriate that in the interest of all stakeholders for higher growth of
the Company’s business, the businesses of the Company should be restructured by
way of merger and demerger through appropriate Scheme of Arrangement. The
available funds would be deployed accordingly.
All these measures
would help in increasing the sales and profitability of the Company. In view of
the above, the long term outlook of the Company remains positive.
SEGMENT- WISE
PERFORMANCE
SWITCHGEAR
DIVISION
The Switchgear
Division recorded turnover of Rs. 841.300 Millions in the financial year
2010-11 i.e. prior to sale of Switchgear Business to wholly owned subsidiary of
Legrand France as on 8th September, 2010 against the turnover of Rs. 1952.200
Millions for the year 2009 - 10.
LIGHTING DIVISION
The Lighting
Division recorded a turnover of Rs. 90.800 Millions for the financial year
ended 31st March 2011 as against Rs. 106.200 Millions for the year ended 31st
March 2010.
CABLE AND WIRES
DIVISION
Cable and Wires
Division recorded a turnover of Rs. 285.600 Millions for the financial year
ended 31st March, 2011 as against Rs.292.200 Millions for the financial year
ended 31st March 2010.
FIXED ASSETS:
INTANGIBLE ASSETS:
·
Computer Software
TANGIBLE ASSETS:
·
Land Leasehold
·
Land Freehold
·
Building
·
Leasehold Improvement
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Fans Coolers and AC
·
Vehicles
·
Computers
·
Electrical Fittings
STATEMENT OF AUDITED
RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2011 (Unaudited) |
31.03.2012 (Unaudited) |
31.03.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
104.975 |
224.499 |
566.080 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Materials
Consumed |
63.999 |
167.788 |
448.597 |
|
|
Purchase of
Traded Goods |
42.883 |
24.660 |
72.514 |
|
|
Changes in
Inventories of Finished Goods, Work in Progress and Stock In Trade |
(13.417) |
13.628 |
(0.545) |
|
|
Employees Cost |
34.888 |
42.451 |
145.856 |
|
|
Depreciation |
11.096 |
18.743 |
51.133 |
|
|
Other Expenditure |
38.637 |
68.789 |
195.941 |
|
|
Total |
178.086 |
336.059 |
913.496 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(73.111) |
(111.560) |
(347.416) |
|
|
|
|
|
|
|
4. |
Other
Income |
121.071 |
55.406 |
222.239 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
47.960 |
(56.154) |
(125.177) |
|
|
|
|
|
|
|
6. |
Interest |
2.157 |
0.988 |
6.125 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
45.803 |
(57.142) |
(131.302) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
45.803 |
(57.142) |
(131.302) |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Income tax |
(0.216) |
0.000 |
(0.216) |
|
|
b)
Deferred tax |
0.000 |
37.844 |
37.844 |
|
|
c)
Wealth Tax |
0.000 |
0.327 |
0.327 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
46.019 |
(95.313) |
(169.257) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
46.019 |
(95.313) |
(169.257) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
160.575 |
160.575 |
160.575 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
3286.444 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.79 |
(5.72) |
(10.03) |
|
|
b)
Basic and diluted EPS after extraordinary items |
2.79 |
(5.72) |
(10.03) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
8034154 |
8034154 |
8034154 |
|
|
-
Percentage of Shareholding |
50.03 |
50.03 |
50.03 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
8023312 |
8023312 |
8023312 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
49.79 |
49.79 |
49.79 |
|
INVESTOR COMPLAINTS |
QUARTER ENDED 31.03.2012 |
|
Pending at the
beginning of the quarter |
2 |
|
Received during
the quarter |
-- |
|
Disposed off
during the quarter |
2 |
|
Remaining
unresolved at the end of the quarter |
-- |
NOTE:
·
The above audited financial results were reviewed by
the audit committee and approved by the board of directors at their meeting
held on 30th May, 2012.
·
The consolidated financial statement have been
prepared in accordance with accounting standard (AS) 21, “Consolidated
Financial Statements” issued by the ICAI and represent the results of Eon
Electric Limited and its wholly owned
subsidiary namely IAFL Cables Limited. Further, as IAFL Cables Limited has not
yet commenced its operations, the consolidated results represent the results of
Eon Electric Limited only.
·
During the year, the Company has completed the
Buy-back of its Equity Shares by buying and extinguishing 17,84,162 fully paid
up Equity Shares at an average price of Rs.64.74 per share. A total sum of
Rs.115.500 Millions has been utilized towards the said Buy-back of shares out
of the free reserves of the Company.
·
Pursuant to the decision in the meeting of the
Board of Directors of the Company held on 22nd July, 2010 and the approval of
the Shareholders of the Company through Postal Ballot, the Company had
transferred the entire Switchgear Business, which was a separate segment as per
Accounting Standard (AS) 17, Segment Reporting, to a wholly owned subsidiary of
Legrand France SA by way of Slump Sale on a going concern basis w.e.f. 9th
September, 2010 for a total value of Rs.5300.000 Millions on a Cash and Debt
free basis. The aforesaid sale of Switchgear Business constitutes
"Discontinuing Operations" within the meaning of Accounting Standard
(AS) 24 on "Discontinuing Operations"
·
The Exceptional item represents the Operating
Results of the Switchgear Business during the previous year.
·
The Extra ordinary items represents the profit on
Slump Sale of the Switchgear Business.
·
The Hon'ble High Court for the States of Punjab and
Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the
Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act,
1956 between Eon Electric Limited ("Eon") and Advance Metering
Technology Limited ("AMTL") and their respective shareholders and
creditors for demerger of the Metering Division and Power Generation Business
of the company and transfer / vesting of the same in favour of AMTL with effect
from 1st April, 2011 (Appointed Date) on a going concern basis.
·
The Scheme became effective on 8th April, 2012
(Effective Date) on filing of the Certified Ttue Copy of the said Order of the
Hon'ble High Court with the Registrar of Companies, NCT of Delhi and Haryana.
·
Pursuant to the above Scheme, the Board of
Directors of Eon and AMTL have at their respective meetings held on 12th May,
2012 allotted to all the eligible shareholders of Eon, one fully paid-up Equity
Share of the Face Value of Rs. 5/- each
of Eon and one fully paid-up Equity Share of the Face Value of Rs.5/- each of AMTL in lieu of every
one fully paid-up Equity Share of the face value of Rs.10/- each held by them
in Eon as on 9th May, 2012 ("the Record Date").
·
Necessary effects in respect of the aforesaid
Scheme of Arrangement would be given in the accounts of the Company during the
next financial year.
·
Figures for the previous periods are re-classified
I re-arranged I re-grouped, wherever necessary, as per the format revised by
SEBI in conformity with the Revised ' Schedule VI to the Companies Act, 1956.
·
The figures for the last quarter are the balancing
figures between the audited figures in respect of the full financial year and
the year to date figures upto the third quarter of the financial year.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF
THE LISTING AGREEMENT
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.12.2011 (Unaudited) |
31.03.2012 (Unaudited) |
31.03.2012 (Unaudited) |
||
|
|
|
|
|
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
(Revenue From Operations) |
|
|
|
|
|
|
Cable and Wires |
98.888 |
206.409 |
514.534 |
|
|
|
Lighting |
2.765 |
0.981 |
28.166 |
|
|
|
Metering and Power Generation |
0.541 |
6.884 |
10.679 |
|
|
|
Others |
2.832 |
10.628 |
13.460 |
|
|
|
Total |
105.026 |
224.902 |
566.839 |
|
|
|
Less : Inter Segment Revenue |
|
|
|
|
|
|
Income from operations |
0.000 |
0.000 |
0.000 |
|
|
|
Net Sales / Income
from Operation |
105.026 |
224.902 |
566.839 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
(Profit / Loss) before tax and interest from each segment |
|
|
|
|
|
|
Cable and Wires |
(31.468) |
(39.102) |
(96.771) |
|
|
|
Lighting |
(8.003) |
(10.930) |
(70.437) |
|
|
|
Metering and Power Generation |
38.273 |
3.818 |
13.369 |
|
|
|
Others |
(0.665) |
(4.793) |
(5.461) |
|
|
|
Total |
(1.863) |
(51.007) |
(159.300) |
|
|
|
Less :Interest |
2.157 |
0.988 |
6.125 |
|
|
|
Less : Other Unallocable
Expenses Net of Unallocable Income |
(49.823) |
5.147 |
(34.123) |
|
|
|
Net Profit (+) /
Loss(-) before Tax |
45.803 |
(57.142) |
(131.302) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
|
Cable and Wires |
212.104 |
313.201 |
313.201 |
|
|
|
Lighting |
148.991 |
25.070 |
25.070 |
|
|
|
Metering and Power Generation |
1659.001 |
1671.053 |
1671.053 |
|
|
|
Others |
13.437 |
26.868 |
26.868 |
|
|
|
Unallocated |
1509.467 |
1410.827 |
1410.827 |
|
|
|
Total |
3543.000 |
3447.019 |
3447.019 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2012
Rs. in Millions
|
PARTICULARS |
31.03.2012 AUDITED |
|
Equity and liabilities |
|
|
Shareholders’ fund |
|
|
Share capital |
160.575 |
|
Reserve & surplus |
3286.444 |
|
Sub-total
– Shareholders’ funds |
3447.019 |
|
Non – current liabilities |
|
|
Long term borrowings |
0.000 |
|
Deferred tax liability (net) |
37.844 |
|
Other long term liabilities |
7.553 |
|
Long term provisions |
9.887 |
|
Sub-total
- Non-current liabilities |
55.284 |
|
Current liabilities |
|
|
Short term borrowings |
0.000 |
|
Trade payables |
47.537 |
|
Other current liabilities |
49.142 |
|
Short term provisions |
5.323 |
|
Sub-total
- Current liabilities |
102.002 |
|
Total -
Equity & Liabilities |
3604.305 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
602.759 |
|
Non-current investment |
837.512 |
|
Long term loans & advances |
126.845 |
|
Unamortized expenditure |
0.000 |
|
Sub-total
– Non-current Assets |
1567.116 |
|
Current
assets |
|
|
Current investments |
1506.372 |
|
Inventories |
131.243 |
|
Trade receivables |
199.491 |
|
Cash & bank balances |
174.340 |
|
Short term loans & advances |
22.831 |
|
Other current assets |
2.912 |
|
Sub-total
- Current Assets |
2037.189 |
|
Total –
Assets |
3604.305 |
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.55.70 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
29 |
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.