MIRA
INFORM REPORT
|
Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BS LIMITED (w.e.f.18.10.2012) |
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|
|
Formerly Known
As : |
BS TRANSCOMM LIMITED (w.e.f. 07.02.2008) B.S. STEELS AND MINERALS PRIVATE LIMITED |
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Registered
Office : |
8-2-269/10, # 504, 5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.01.2004 |
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Com. Reg. No.: |
01-042375 |
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Capital
Investment / Paid-up Capital : |
Rs. 218.787 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109AP2004PLC042375 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDB02125E |
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PAN No.: [Permanent Account No.] |
AACCB3170F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer of Telecom and Transmission related Towers. |
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|
No. of Employees
: |
309 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14869000 |
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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 company having fine track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long term Bank Facilities) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligations it carry moderate credit risk |
|
Date |
July, 2012 |
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.
LOCATIONS
|
Registered Office : |
8-2-269/10, # 504, 5th Floor, |
|
Tel. No.: |
91-40-66666204 / 205 / 206 / 66546720 / 44558888 |
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Fax No.: |
91-40-66666205 / 66667268 |
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E-Mail : |
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Website : |
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Unit I : |
Survey No.82-83, 92-95 and 107, NH 7, |
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Unit II : |
Survey No: 41, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Chairman and Managing Director |
|
Address : |
D-103, |
|
Date of Birth/Age : |
30.10.1970 |
|
Date of Appointment : |
07.02.2008 |
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|
Name : |
Mr. Rakesh Agarwal |
|
Designation : |
Managing Director |
|
Address : |
D-103, |
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Date of Birth/Age : |
20.05.1975 |
|
Date of Appointment : |
07.02.2008 |
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|
Name : |
Mr. Mukesh Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
D-103, |
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Date of Birth/Age : |
27.12.1977 |
|
Qualification : |
B.com |
|
Date of Appointment : |
07.02.2008 |
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|
|
Name : |
Dr. Subrata Kumar De |
|
Designation : |
Independent Director |
|
Address : |
AM Bonneshof, 30, Golzheim, |
|
Date of Birth/Age : |
30.06.1952 |
|
Qualification : |
M.Sc(EEE), Ph.D(EEE) |
|
Date of Appointment : |
01.02.2008 |
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|
|
|
Name : |
Mr. Mahesh Khera |
|
Designation : |
Independent Director |
|
Address : |
343, Sector – 29, Noida – 201 303, |
|
Date of Birth/Age : |
20.03.1952 |
|
Date of Appointment : |
29.06.2009 |
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|
Name : |
Mr. Kapil Kathpalia |
|
Designation : |
Independent Director |
|
Address : |
C-618, New Friends Colony, |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
29.06.2009 |
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|
|
|
Name : |
M. S. S. Sastry |
|
Designation : |
IDBI Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Subbaiah Raman |
|
Designation : |
Secretary |
|
Address : |
1-8-430/11/1, Chikkadpally, |
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Date of Birth/Age : |
12.05.1967 |
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Date of Appointment : |
08.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
13549000 |
61.93 |
|
|
568000 |
2.60 |
|
|
568000 |
2.60 |
|
|
14117000 |
64.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14117000 |
64.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
240 |
0.00 |
|
|
240 |
0.00 |
|
|
|
|
|
|
4031432 |
18.43 |
|
|
|
|
|
|
977494 |
4.47 |
|
|
2653857 |
12.13 |
|
|
98637 |
0.45 |
|
|
5000 |
0.02 |
|
|
62933 |
0.29 |
|
|
30704 |
0.14 |
|
|
7761420 |
35.47 |
|
Total Public shareholding (B) |
7761660 |
35.48 |
|
Total (A)+(B) |
21878660 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21878660 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Any
OtherBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Telecom and Transmission related Towers. |
PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
31.03.2012 |
|
Licensed capacity * |
-- |
|
Installed Capacity (As certified by the Management
& relied upon by the auditors being a
technical matter) |
120000* |
|
Towers Manufacturing |
90000* |
|
Integrated Structural Mill (Tonnes per annum) |
90000 |
|
Actual Production |
82,806 |
* The Products manufactured by
the company are under De-licensed category
GENERAL INFORMATION
|
No. of Employees : |
309 (Approximately) |
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Bankers : |
·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of Travancore ·
Axis bank ·
Syndicate Bank ·
Punjab National Bank ·
IDBI Bank ·
IFCI Venture Capital Funds |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
P. Murali and Company Chartered Accountants |
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Address : |
6-3-655/2/3, Somajiguda, |
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Tel. No.: |
91-40-23326666/ 23312554/ 23393967 |
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Fax No.: |
91-40-23392474 |
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|
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Associates/Subsidiaries : |
·
BS Infratel Limited ·
BS Globalsources Pte Limited |
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Concerns in
which Key management personnel have substantial interest - (significant interest entities) : |
·
Shivganga Infrastructures Limited ·
Agarwal Developers ·
I-Vantage India Private Limited ·
I-Vantage Apac Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
|
21878660 |
Equity Shares |
Rs.10/- each |
Rs. 218.787 Millions |
|
|
|
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|
A Reconciliation of the number of shares outstanding
at the beginning and at the end of the reporting period:
|
Particulars |
No. of Shares |
|
Equity Shares of Rs. 10 each,
fully paid-up: |
|
|
At the Beginning |
21,878,660 |
|
Issued during the year - Cash
Issue |
-- |
|
Forfeited / Bought Back during
the year |
-- |
|
At the end |
21,878,660 |
Details of Shareholder holding more than 5% shares of the
company: % of Share Holding Equity Shares of Rs. 10 each Held By
|
Particulars |
% of Share Holding |
|
Rajesh S Agarwal C.Y 50,10,400
( P.Y 50,10,400) |
22.90 |
|
Rakesh S Agarwal C.Y 41,73,400
( P.Y 41,73,400) |
19.08 |
|
Mukesh Satyanarayan Agarwal C.Y
43,65,200 ( P.Y 43,65,200) |
19.95 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
218.787 |
218.787 |
141.993 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3498.536 |
3007.015 |
694.385 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3717.323 |
3225.802 |
836.378 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2791.617 |
1920.967 |
1668.426 |
|
|
2] Unsecured Loans |
23.740 |
8.618 |
354.630 |
|
|
TOTAL BORROWING |
2815.357 |
1929.585 |
2023.056 |
|
|
DEFERRED TAX LIABILITIES |
108.005 |
46.329 |
42.144 |
|
|
|
|
|
|
|
|
TOTAL |
6640.685 |
5201.716 |
2901.578 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
2078.594 |
1047.624 |
1056.823 |
|
|
Capital work-in-progress |
110.256 |
479.396 |
20.256 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
28.308 |
|
|
DEFERRED TAX ASSETS |
214.381 |
28.474 |
0.000 |
|
|
|
0.000 |
0.000 |
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1396.471
|
1019.272 |
538.725
|
|
|
Sundry Debtors |
5334.910
|
3175.544 |
2175.262
|
|
|
Cash & Bank Balances |
302.178
|
215.756 |
90.139
|
|
|
Other Current Assets |
188.508
|
128.735 |
12.179
|
|
|
Loans & Advances |
552.994
|
879.2800 |
403.558
|
|
Total
Current Assets |
7775.061
|
5418.587 |
3219.863 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2714.898
|
984.183 |
1156.291
|
|
|
Other Current Liabilities |
657.452
|
504.282 |
229.189
|
|
|
Provisions |
165.257
|
283.900 |
48.212
|
|
Total
Current Liabilities |
3537.607
|
1772.365 |
1433.692
|
|
|
Net Current Assets |
4237.454
|
3646.222 |
1786.171
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
10.020 |
|
|
|
|
|
|
|
|
TOTAL |
6640.685 |
5201.716 |
2901.578 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11547.833 |
8723.107 |
5210.711 |
|
|
|
Other Income |
41.634 |
17.612 |
10.247 |
|
|
|
TOTAL (A) |
11589.467 |
8740.719 |
5220.958 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2530.403 |
|
4612.962 |
|
|
|
Purchase of Stock-in-Trade |
3538.959 |
40.615 |
|
|
|
|
Employee benefit expense |
200.493 |
203.204 |
|
|
|
|
Other operating expenses |
4243.677 |
5300.183 |
|
|
|
|
Administrative Expenses |
48.864 |
36.314 |
|
|
|
|
Other expenses |
34.162 |
4.507 |
|
|
|
|
Public Issue Expenses Written
Off |
19.010 |
19.009 |
|
|
|
|
Changes in inventories of Finished goods, work-in-progress and Stock-in-Trade |
(460.856) |
(41.349) |
|
|
|
|
TOTAL (B) |
10154.712 |
7501.242 |
4612.962 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1434.755 |
1239.477 |
607.996 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
537.144 |
343.554 |
186.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
897.611 |
895.923 |
421.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.910 |
130.091 |
55.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
766.701 |
765.832 |
366.248 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
249.751 |
255.390 |
125.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
516.950 |
510.442 |
240.609 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1019.610 |
534.681 |
294.072 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
21.879 |
21.879 |
0.000 |
|
|
|
Corporate Dividend Tax |
3.549 |
3.634 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1511.132 |
1019.610 |
534.681 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.63 |
23.33 |
16.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
UnAudited |
UnAudited |
|
Total Expenditure |
|
3091.990 |
3690.220 |
|
PBIDT (Excl OI) |
|
2682.580 |
3217.290 |
|
Other Income |
|
409.410 |
472.930 |
|
Operating Profit |
|
4.720 |
5.850 |
|
Interest |
|
414.130 |
478.780 |
|
Exceptional Items |
|
153.870 |
187.440 |
|
PBDT |
|
(4.750) |
(4.750) |
|
Depreciation |
|
255.510 |
286.580 |
|
Profit Before Tax |
|
65.220 |
64.850 |
|
Tax |
|
190.290 |
221.730 |
|
Provisions and contingencies |
|
61.800 |
71.900 |
|
Profit After Tax |
|
0.000 |
0.000 |
|
Extraordinary Items |
|
128.490 |
149.830 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
0.000 |
0.000 |
|
|
|
128.490 |
149.830 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.46
|
5.84 |
4.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.64
|
8.78 |
7.03
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.78
|
11.84 |
8.56
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.24 |
0.44
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71
|
1.15 |
4.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
3.06 |
2.25
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL PERFORMANCE
Standalone
The
total revenue of the Company for the Fiscal 2012 stood at Rs. 11589.500
Millions as against Rs. 874.07 Millions for Fiscal 2011 showing as increase of
63.09%.
The EBIDTA
increased by 16% from Rs. 1239.800 Millions in Fiscal 2011 to Rs. 1434.800
Millions in Fiscal 2012.
Profit
after Tax witnessed a growth of 1.27% from Rs. 510.400 millions in Fiscal 2011
to Rs. 516.900 Millions in Fiscal 2012.
The
Net Worth of the Company increased to Rs. 3660.000 Millions at end of Fiscal
2012 from Rs. 315.000 Millions at the end of Fiscal 2011
The
Debt Gearing of the Company was at 0.75 times as at the end of Fiscal 2012
compared to 0.60 times at the end of Fiscal 2011.
BUSINESS REVIEW AND FUTURE OUTLOOK
New
Projects, Initiatives and Joint Ventures
The
Company presently offers Turnkey Services / EPC services forPower and
Teleservice Sectors with an integrated business model. During the year, the
Company has obtained orders from Chhattisgarh State Power Transmission Limited
for setting up of two substations of 132/33KV in
Further, the
Company has bagged an order for supply, erection, testing and commissioning of
new 11KV and LT Lines and construction of 11/0.4KV distribution Substation in
Madhya Pradesh. The Company was the lowest bidder (L1) for tenders from
MPMKVVCL,
AWARDS and CERTIFICATION
The
Company got certified for ISO 9001, ISO 14001, BS OHSAS 18001. The Company has
received the prestigious Integrated Management Systems (IMS) Certificate from
TUV NORD. This certification affirms the Company’s compliance with international
standards in quality management (ISO 9001:2008), environmental management (ISO
14001:2004) and occupational health and safety (OHSAS 18001:2007). The Company
was able to bag the certification after months of meticulous planning and
strict adherence to Integrated Management systems.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC and
BUSINESS SEGMENT OVERVIEW
Power -
Transmission and Distribution Industry
The power
transmission equipment industry is a critical part of the Indian power sector. Power
generation is the key growth-driver for the power transmission equipment
industry. Power transmission equipment companies include those that manufacture
transmission lines, towers, substations, equipments like transformers,
reactors,
electrical equipment.
The process of power generation and its eventual transmission and distribution
(TandD) should be efficient, if the transmission infrastructure is inefficient
and inadequate; it not only results in supply shortage but also leads to
wastage during transmission. Considering the huge demand for power in
The 2 types of
business models the Company is adopting are:
a. EPC
(engineering, procurement and construction): In an EPC contract, the EPC
contractor (EPCC) agrees to deliver a completely commissioned plant to the
owner for an agreed amount. The Company follows the EPC route wherein they take
up turnkey projects in setting up transmission lines, towers and substations.
b. Direct sale of
Towers: The Company manufactures and directly sells Towers and Tower Part to
companies like Power Grid Corp (PGCIL), State Electricity Boards (SEB’s), other
private distribution companies or other EPC contractors.
Major
Users
Power
Grid Corporation of India Limited (PGCIL): The outlay planned by PGCIL for the
12th plan is Rs. 1,00,000 Cr. This outlay is for the huge network expansion by
PGCIL during the 12th Plan in which about 52,000 circuit kilometers of
transmission lines, 70 sub-stations and transmission capacity of 1,36,000 MVA
are expected to be added. Hence, the remaining part of the 11th Plan and the
12th Plan is expected to be very good for transmission equipment companies.
State
Electricity Boards (SEB’s): Fuelled by power sector reforms in recent years,
and focus on reducing TandD losses, state utilities have significantly stepped
up spending in the transmission sector. In the 12th Plan, state transmission
utilities are expected to invest approximately Rs. 1000000.000 millions. in
order to expand the intra-state transmission network.
Private
Players: The Government is encouraging participation of private players in this
sector considering the inadequate transmission infrastructure of
Investment
plans by Government: The Government has increased the share of expenditure of
TandD as a percentage of total expenditure on power from 44.2% in 10th plan to
51% and 56.4% in 11th and 12th plans.
Restructured
Accelerated Power Development and Reforms Programme (R-APDRP): The R-APDRP
programme is being implemented by the Government in order to bring down the
ATandC losses (Aggregate Technical and Commercial losses). The Programme aims
at revamping the transmission lines in order to reduce TandD losses which will
require replacement of existing lines with new ones. On the whole, these
reforms are expected to work in favour of equipment companies.
High capacity power transmission
corridors (HCPTC)
The increasing
share of private power companies in the power sector will necessitate the need
for an inter-state transmission network, linking private generation companies
(known as Independent Power Producers) to various parts of the country. PGCIL
recently announced creation of nine high capacity power transmission corridors
(HCPTC) linking independent power producers (IPP) plants in several states
including Orissa, Chhattisgarh,
Teleservices Sector
Key
factors expected to drive wireless sector growth include favorable economic and
demographic factors, low teledensity, fixed to mobile substitution, declining
tariffs and handset costs, savings in costs and upfront capital expenditure,
new operators launching services and uptake of new technologies like 3G.
Teleservices sector wireless services network infrastructure can be broadly
classified into active and passive. Passive infrastructure components include
the tower site, steel tower, shelter room, power regulation, battery back-up,
DG set, air conditioner, fire extinguisher, security cabin. Passive
Infrastructure
accounts for
around 60 percent of the capital costs for setting up a wireless network in
OUTLOOK and VALUE ENHANCING STRATEGIES
Expansion in our tower
manufacturing capacity
Our
Company has increased the manufacturing capacity to 2,40,000 MTPA with a
backward integrated structural steel plant supporting the raw material required
for tower manufacturing.
The
Company has positioned itself as an end to end solutions provider for the
teleservices sector. They presently offer services under the EPC/TSP model and
believe that these services provide benets to our customers. Our
integrated operations help them to manage costs and maintain our profit
margins. They propose to offer solutions like multi-tenant energy optimizer,
smart fuel management system, or SFMS, alternate energy solutions and intelligent
universal controller to our teleservice customers.
They
are aligning with reputed Companies in Power Transmission Sector in consortium
to become a transmission
service
provider on a BOOM basis. M/s. Raichur Sholapur Transmission Company Limited
(RSTCL) is one such SPV. RSTCL is in consortium with M/s. Patel Engineering
Limited and M/s. Simplex Infrastructure Limited, all holding 1/3rd
share of the Capital of the SPV.
Foray into
new businesses in the power sector
They
believe they have the capability using our technology products to support
implementation of ‘smart grid’ which would strengthen our proposed trading
business by determining the power bought and sold by us. Further, they propose
to foray, with specific products and solutions, into sub-station management for
both urban and rural segments.
Foray into international markets in
teleservices and power transmission sectors
Our
strategy is to focus on markets in undeveloped or developing economies through
joint ventures by supplying towers through our existing units and using the
local joint ventures partner’s strength for execution of the projects. They
expect to utilize the experience and expertise gained out of our Indian
operations to procure and execute orders from international customers. They
intend to develop relationships with overseas agents, who are regional or local
providers to teleservice operators and power transmission companies, to market
and distribute our towers to those operators without our having to incur direct
international marketing and business development costs.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30th September
2012
(Rs.
in Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1. Income |
Unaudited |
Unaudited |
Unaudited |
|
a. Net Sales/ Income from Operation's |
3690.219 |
3091.993 |
6782.211 |
|
b. Other Operating income |
-- |
-- |
-- |
|
|
3690.219 |
3091.993 |
3782.211 |
|
2. Expenditure |
|
|
|
|
a Cost of materials consumed |
1215.503 |
656.475 |
1871.978 |
|
b. Purchase of Stock-in-Trade |
663.527 |
502.460 |
1165.987 |
|
c, Changes in inventories of finished goods,
work-in- progress and Stock-in-Trade |
(193.421) |
(35.287) |
(228.708) |
|
d- Employee Benefit Expense |
57.963 |
53.793 |
111.756 |
|
e Other Operating expense |
1452.690 |
1486.464 |
2939.153 |
|
f. Administrative Expenses |
20.496 |
17.742 |
38.238 |
|
fl, Depreciation and Amortization expanse |
64.853 |
65.224 |
130.077 |
|
h. Other Expense |
0.533 |
0.931 |
0.464 |
|
TOTAL |
3282.144 |
2747.803 |
6029.947 |
|
3. Profit from Operation before Other
income, Financial Cost and Exceptional items (1-2) |
408.075 |
344.190 |
752.264 |
|
4.Other income |
5.850 |
4.719 |
10.569 |
|
5. Profit from ordinary activities bofore
Finance Cost and Exceptional Itoms (3+4) |
413.925 |
348.908 |
762.833 |
|
6. Finance Costs |
187.443 |
153.870 |
341.313 |
|
7. Profit from ordinary activities after
finance Cost but before Exceptional items (5-6) |
226.482 |
195.039 |
421.521 |
|
8. Public Issue Expenses Written off |
4.752 |
4.752 |
9.505 |
|
9. Prior Period Expense |
|
|
|
|
10. Profit from Ordinary activities before tax (7-5-9) |
221.729 |
190.286 |
412.016 |
|
11. Tax expenses |
71.181 |
61.182 |
132.363 |
|
12. Deferred Tax |
0.719 |
0.618 |
1.337 |
|
13. Net Profit from Ordinary activities
after tax(i0-11-12) |
149.829 |
128.486 |
278.316 |
|
14. Extraordinary items (net of tax
expenses) |
- |
-- |
-- |
|
15. Not Profit for the period (13-14) |
149.829 |
128.486 |
278.316 |
|
16. Minority Interest |
- |
-- |
-- |
|
17. Not Profit from Ordinary activities
after tax, minority interest |
149.829 |
128.486 |
278.316 |
|
18. Paid-up equity share capital (Face Value
of Rs. 10/- each) |
218.787 |
218.787 |
218.787 |
|
19. Reserve (excluding revaluation reserve) |
|
|
|
|
20. Earnings Per Share (EPS) |
|
|
|
|
Basic EPS (Rs.) |
6.85 |
5.87 |
12.72 |
|
Diluted EPS (Rs.) |
6.85 |
5.87 |
12.72 |
|
21. Aggregate Of Non-promoter shareholding: |
|
|
|
|
-Number of equity shares of Rs. 10/- each |
7761660 |
7761660 |
7761660 |
|
- Percentage of shareholding |
35.5% |
35.5% |
35.5% |
|
22. Promoters and promoter group
shareholding |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
-Number of Share* |
6486646 |
6486646 |
6486646 |
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
45.9% |
45.9% |
45.9% |
|
Percentage of shares (as a % of share capital of the company) |
29.6% |
29.6% |
29.6% |
|
d) Non-encumbered |
|
|
|
|
Number of Shares |
7630354 |
7630354 |
7630354 |
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter Croup) |
54.1% |
54.1% |
54.1% |
|
Percentage of shares (as a % of share capital of the company) |
34.9% |
34.9% |
34.9% |
STATEMENT OF
ASSETS AND LIABILITES
(Rs.
in Millions)
|
Particulars |
|
STANDALONE |
|
|
|
30.09.2012 |
|
|
|
Unaudited |
|
I. EQUITY AND LIABILITIES |
|
|
|
(1) Shareholder's Funds |
|
|
|
(a) Share Capital |
|
218.737 |
|
(b) Reserves and Surplus |
|
3751.424 |
|
(2) Share application money pending allotment |
|
|
|
|
|
3370.211 |
|
(3) Minority Interest |
|
. |
|
(4) Non-Current Liabilities |
|
|
|
(a) Long-term borrowings |
|
774.073 |
|
(b) Deferred tax liabilities (Net) |
|
109.342 |
|
(c) Long term provisions |
|
9.703 |
|
|
|
893.119 |
|
(5) Current Liabilities |
|
|
|
(a) Short-term borrowings |
|
2807.617 |
|
(b) Trade payables |
|
3341.053 |
|
(c) Other current liabilities |
|
712.107 |
|
(d) Short-term provisions |
|
198.061 |
|
|
|
7058.828 |
|
Total - Equity and Liabilities |
|
|
|
|
|
11922.158 |
|
11.ASSET5 |
|
|
|
(1) Non-Current Assets |
|
|
|
(a) Fixed assets |
|
|
|
(i) Tangible assets |
|
1955.134 |
|
(ii) Intangible assets |
|
6.374 |
|
(iii) Capital work-in-progress |
|
139.179 |
|
|
|
2100.737 |
|
(b) Non-current investments |
|
410.369 |
|
(c) Long term loans and advances |
|
39.082 |
|
(d) Other non-current assets |
|
52.547 |
|
(2) Current Assets |
|
501.998 |
|
|
|
|
|
(a) Inventories |
|
2470.632 |
|
(b) Trade receivables |
|
5193.038 |
|
(c) Cash and cash equivalents |
|
301.014 |
|
(d) Short-term loans and advances |
|
1302.398 |
|
(e) Other current assets |
|
52.340 |
|
|
|
9319.422 |
|
Total - Assets |
|
11922.158 |
Note:
1) The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors in their meeting held
on 10th November 2012.
2) Segmental Reporting
|
Particulars |
STANDALONE |
||
|
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1. Engineering Procurement and Construction Business
(EPC) |
|
|
|
|
Revenue |
3012.319 |
2583.038 |
55.95.357 |
|
EBIDTA |
464.406 |
407.638 |
872.044 |
|
2. Trading in Mineral Resources |
|
|
|
|
Revenue |
677.899 |
508.955 |
1186.854 |
|
EBIDTA |
14.372 |
6.495 |
20.867 |
3) The status of Investor Complaints is as under:
Opening – Nil Received – 4 Resolved – 4 Closing – Nil
4) Previous year figures have been regrouped
CONTINGENT LIABILITIES
NOT PROVIDED FOR
|
Particulars |
31.03.2012 |
|
i)
Bills Discounted with banks |
1263.611 |
|
ii)
Bank Guarantees given by Banks |
2117.061 |
|
iii)
Claims contested by the company |
0.500 |
|
iv)
Claims by Customs and Income Tax |
0.000 |
|
v)
Claims by Sales Tax Authorities
contested by the company |
33.892 |
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Electrical
Equipment
- Laboratory
Equipment
- Office
Equipment
- Computers
- Furniture
- Vehicles
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No 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.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 and 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.