MIRA
INFORM REPORT
|
Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
EASUN REYROLLE LIMITED (w.e.f. 30.09.1997) |
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Formerly Known
As : |
EASUN REYROLLE RELAYS AND DEVICES LIMITED |
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Registered
Office : |
“ |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.08.1974 |
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Com. Reg. No.: |
18-006695 |
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Capital
Investment / Paid-up Capital : |
Rs.41.543
millions |
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|
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CIN No.: [Company Identification
No.] |
L31900TN1974PLC006695 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE03221B |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are listed on
Stock Exchanges. |
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Line of Business
: |
The company is engaged in power transmission and distribution. |
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No. of Employees
: |
432 (Approximately) |
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 8824000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Export Division 1 : |
“ |
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Tel. No.: |
91-44-24346425/
7608 |
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Fax No.: |
91-44-24346435 |
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E-Mail : |
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Website : |
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Corporate
Office/ Central Marketing Division/
Technology Development Centre/ Automation Business/ Turnkey Projects/
Automatic Meter |
389, “Rasu Kumaki”, Hulimavu, |
|
Tel. No.: |
91-80-67177000/
7001 |
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Fax No.: |
91-80-67177002 |
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Factory 1/ Technical / Application Support Division : |
Hosur Works/
Switchgear Works Plot No.98,
Sipcot Industrial Complex, Hosur – 635 126, Krishnagiri District, |
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Tel. No.: |
91-4344-401600/
01/ 02 |
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Fax No.: |
91-4344-276397 |
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E-Mail : |
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Factory 2 : |
17/3, |
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Tel. No.: |
91-80-26581023/
3268 |
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Fax No.: |
91-80-26580642 |
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E-Mail : |
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Regional Sales / Marketing Offices : |
Also Located at: v Chennai v Noida v Kolkata v Mumbai v Secunderabad v
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Easun Wind Farm : |
Kumarapuram, Aralvaimozi, K.K.Dist.-629301 |
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Tel. No.: |
91-4637-230353 |
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Hari Eswaran |
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Designation : |
Chairman |
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Name : |
W.S. Jones |
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Designation : |
Director |
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Name : |
Mr. Raj H. Eswaran |
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Designation : |
Director |
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Name : |
Mr. Rakesh Garg |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
J.D.N. Sharma |
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Designation : |
Chief Executive |
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|
|
|
Name : |
K.N. Nagesha Rao |
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Designation : |
Secretary and VP (Corporate Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
593,119 |
2.86 |
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5,051,503 |
24.32 |
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5,644,622 |
27.17 |
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|
75,000 |
0.36 |
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|
75,000 |
0.36 |
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Total shareholding of Promoter and Promoter Group (A) |
5,719,622 |
27.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
788,216 |
3.79 |
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|
5,000 |
0.02 |
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|
200 |
- |
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|
200 |
- |
|
|
793,416 |
3.82 |
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|
|
|
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3,717,014 |
17.89 |
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|
|
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7,495,830 |
36.09 |
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2,876,093 |
13.85 |
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169,630 |
0.82 |
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|
169,630 |
0.82 |
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14,258,567 |
68.64 |
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Total Public shareholding (B) |
15,051,983 |
72.46 |
|
Total (A)+(B) |
20,771,605 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
20,771,605 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
The company is engaged in power transmission and distribution. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity per annum Qty.
(Nos.)# |
Installed
Capacity per annum Qty.
(Nos.) |
Actual
Production for the year Qty.(Nos.) |
|
1. Micro
processor/ Non-Microprocessor Based Products and Systems for Relays, Meters,
Control and Automation |
- |
9,49,200 |
1,20,544 |
|
2. Switchgears |
- |
3,500 |
1,555 |
|
3. Wind Energy** |
- |
30,00,000 |
22,13,038* |
* Including Micro
processor / Non-Micro processor based Products - 33,281, Wind Energy - 4,13,100
used for Captive Consumption
**Kilowatt/hour units # Details of Licensed capacity are not provided in
view of de-licensing of Products.
GENERAL INFORMATION
|
No. of Employees : |
432 (Approximately) |
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Bankers : |
v
State Bank of v
Deutsche Bank v
Axis Bank Limited |
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Facilities : |
SECURITY Bank: a) Loan borrowed
from Deutsche Bank against Mutual Fund Securities. b) All the
Working Capital limits (sanctioned limit of Rs.580.000 millions) are secured
against hypothecation/pledge of stock of raw materials, Components, work-in-progress,
finished goods, stock-in-transit, book debts subject to prior charge on term
loan on the fixed assets of the company, both present and future. Note: Hire Purchase:
Loans taken under Hire purchase arrangement are secured against hypothecation
of specific assets. *Represents Cheques under clearence. |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
Brahmayya and
Company Chartered
Accountants |
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Address : |
48, |
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Name 2 : |
R. Subramanian
and Company Chartered
Accountants |
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Address : |
36, |
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Associate
Companies : |
v
Easwaran and Sons Engineers Limited v
Easun Mr Tap Changers Private Limited v
ERL Phase Power Technologies Limited v
ERL International Pte Limited v
ERL Marketing International FZE v
ERL Thailand Private Limited v
Easun Products of India Private Limited v
Switchcraft Limited v
Switchcraft Gmbh |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 millions |
|
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Total |
|
Rs.200.000
millions |
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20772455 |
Equity Shares |
Rs.2/- each |
Rs.41.545
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20771605 |
Equity Shares |
Rs.2/- each |
Rs.41.543
millions |
|
|
|
|
|
a) During 1980 -
4,50,000 equity shares of Rs.10 each fully paid, issued to the public
b) During 1992 - 4,50,000
equity shares of Rs.10 each fully paid, issued to the public as Rights 1:1
c) During 1992 -
22,500 equity shares of Rs.10 each fully paid, issued to the employees of the
company
d) During 1995 - 6,45,715
equity shares of Rs.10 each fully paid issued to the public as Rights 7:10
e) During 1997 -
15,67,294, equity shares of Rs.10 each fully paid issued to the public as Bonus
1:1
f) During 2005 -
1,95,312 equity shares of Rs.10 each fully paid, issued as preferential basis
(Shares Split from Face value of Rs.10 each to Rs.2 each on 30.07.2007)
g) During
2007-2008:
i) 28,12,500
equity shares of Rs.2 each fully paid, issued as GDRs
ii) 9,14,719
equity shares of Rs.2 each fully paid, issued on conversion of warrant to
promoters and associates
h) During
2008-2009 - 3,90,281 equity shares of Rs.2 each fully paid, issued on
conversion of warrant to promoters
[allotment of 850
Equity Shares of Rs.2 each (including 675 Equity Shares on bonus and 175 equity
shares of Rs.2 each on rights during 1995) is held in abeyance pursuant to
Section 206A of the Companies Act, 1956]
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 |
41.543 |
41.543 |
41.543 |
|
|
2] Employees Stock Options Outstanding Account |
2.441 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2162.051 |
2107.673 |
1645.876 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2206.035 |
2149.216 |
1687.419 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1593.958 |
597.209 |
424.510 |
|
|
2] Unsecured Loans |
193.178 |
195.284 |
1786.205 |
|
|
TOTAL BORROWING |
1787.136 |
792.493 |
2210.715 |
|
|
DEFERRED TAX LIABILITIES |
36.036 |
27.020 |
30.577 |
|
|
|
|
|
|
|
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TOTAL |
4029.207 |
2968.729 |
3928.711 |
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
463.538 |
294.619 |
305.082 |
|
|
Capital work-in-progress |
291.845 |
88.137 |
66.334 |
|
|
|
|
|
|
|
|
INVESTMENT |
1561.970 |
1629.628 |
603.028 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
456.278
|
352.260 |
368.944
|
|
|
Sundry Debtors |
1807.011
|
1272.817 |
743.508
|
|
|
Cash & Bank Balances |
129.715
|
68.271 |
55.400
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1124.134
|
694.513 |
2562.711
|
|
Total
Current Assets |
3517.138
|
2387.861 |
3730.563 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
974.241
|
745.111 |
430.798 |
|
|
Other Current Liabilities |
382.748
|
189.183 |
8.880
|
|
|
Provisions |
448.295
|
497.222 |
336.618
|
|
Total
Current Liabilities |
1805.284
|
1431.516 |
776.296
|
|
|
Net Current Assets |
1711.854
|
956.345 |
2954.267
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4029.207 |
2968.729 |
3928.711 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
2683.238 |
2158.467 |
1384.043 |
|
|
|
Other Income |
15.024 |
38.806 |
80.429 |
|
|
|
TOTAL (A) |
2698.262 |
2197.273 |
1464.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
2000.662 |
1525.988 |
1057.810 |
|
|
|
Personnel Expenses |
185.815 |
157.270 |
160.438 |
|
|
|
Other Expenses |
296.436 |
257.465 |
206.812 |
|
|
|
(Increase)/Less Decrease in Finished Goods |
(27.283) |
80.971 |
(133.748) |
|
|
|
Surplus on buyback of FCCB |
0.000 |
(611.326) |
0.000 |
|
|
|
Loss on Foreign Exchange Fluctuation |
0.000 |
15.834 |
0.000 |
|
|
|
TOTAL (B) |
2455.630 |
1426.202 |
1291.312 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
242.632 |
771.071 |
173.160 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
81.249 |
58.110 |
46.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
161.383 |
712.961 |
126.434 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.752 |
45.514 |
36.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
114.631 |
667.447 |
90.075 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.187 |
108.442 |
14.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
83.444 |
559.005 |
75.308 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
80.213 |
18.415 |
16.710 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
400.000 |
25.000 |
|
|
|
Dividend |
|
|
|
|
|
|
Proposed Final Dividend -60% |
24.926 |
83.086 |
41.543 |
|
|
|
Tax on Dividend |
4.140 |
14.121 |
7.060 |
|
|
BALANCE CARRIED
TO THE B/S |
124.591 |
80.213 |
18.415 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings in Foreign
Exchange on account of Export on FOB Value basis |
113.808 |
52.698 |
73.197 |
|
|
TOTAL EARNINGS |
113.808 |
52.698 |
73.197 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts (including in transit) |
506.210 |
324.549 |
285.664 |
|
|
TOTAL IMPORTS |
506.210 |
324.549 |
285.664 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.02 |
26.91 |
3.66 |
|
|
|
- Diluted |
3.94 |
26.41 |
3.13 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
497.500 |
717.700 |
|
Total Expenditure |
|
537.900 |
680.900 |
|
PBIDT (Excl OI) |
|
(40.400) |
36.800 |
|
Other Income |
|
36.000 |
0.400 |
|
Operating Profit |
|
(4.300) |
37.200 |
|
Interest |
|
32.600 |
39.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(36.900) |
(2.600) |
|
Depreciation |
|
13.100 |
12.800 |
|
Profit Before Tax |
|
(50.000) |
(15.400) |
|
Tax |
|
1.200 |
1.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(51.200) |
(16.600) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(51.200) |
(16.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.09
|
25.44 |
5.14
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.27
|
30.92 |
6.51
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.88
|
24.88 |
2.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.31 |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
1.04 |
1.77
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.67 |
4.81
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject, previously known as Easun Reyrolle Relays and
Devices was incorporated in 1974 at Hosur and commenced production in 1980. The
company was promoted by the late K Easwaran, Hari Easwaran and associates with
equity participation from Reyrolle Parsons (a division of Reyrolle), a wholly
owned subsidiary of Rolls Royce
PERFORMANCE:
During the year,
the Company has achieved revenue on consolidated basis at Rs.3030.000 millions
compared to previous year’s revenue of Rs.2630.000 millions. The pre-tax loss
(without considering the exceptional items) was reduced from Rs.34.300 millions
during 2009-10 to Rs.31.700 millions during 2010-11.
Management Discussions and Analysis
Industry Environment and outlook for the future:
During the year
2010 - 11 electrical equipment industry has experienced sustained growth
momentum with a growth rate of approximately 14%. The overall outlook for the
industry future continues to be healthy.
While the general
picture is thus fairly rosy, there are a number of factors that continue to
cause concern; addressed in a focused manner, can brighten the picture even
further. The large gap between the budgeted capacity addition during the fifth
plan and the reality till date indicates that the shortfall in the planned
capacity addition will be substantial. Same is the case with respect to
investments in transmission and distribution sector through RAPDRP Schemes as
well as other initiatives. 2011-12 being the last year of the
fifth-five-year-plan is expected to see the usual last minute efforts to reduce
this gap resulting in increased opportunities. However, what is required is
sustained level of high investment in these areas if
International
markets for power system equipment which the Company is addressing also show
sustained growth, with the utilities in USA increasing their spend under
various government initiatives and various countries in Europe particularly
Eastern Europe and Russia drawing up plans for substantial increase in their
investments in modernization of power sector. Green initiatives across the
Thus the overall
outlook for various products, systems, solutions and projects in which the
company is engaged in remains healthy. However, substantial capacity additions
and fairly large gap between the plans and achievements with respect to
capacity additions and other investments in this sector, particularly in
Overall Company strategy:
Since its
inception as a joint venture, the company had an arrangement of receiving its
technology from its JV partner and addressing primarily the Indian market.
Since 2003 the company started branching out into lines of business other than
those of its JV and developing its own technology for these business lines.
Exit of its the
then JV partner from the company in 2006 gave the company the freedom and an
opportunity to grow in the global markets and at the same time the challenge of
self reliance in the field of technology was posed. The company accepted this
challenge of ensuring that all its product lines offer the
state-of-the-art-technology acceptable across the global markets and
consequently the opportunity of being able to address the global markets for
its rapid and sustained growth.
Towards this the
company has invested significantly in acquiring and strengthening high
technology companies in
In parallel, the
company has put in place a strategy of backward integration to capture the
value chain in the manufacturing activity through significant investments in
world class manufacturing facilities – mainly in
The twin
strategies of ownership of state-of-the-art-technology and the related IPs in
all its core activities and capturing significant parts of the value chain will
be the foundation of the company’s march towards sustained and rapid growth in
the future.
Operations:
During the year
2010-11, the Indian operations of the Company have grown satisfactorily both in
terms of sales as well as profits. Sales have shown a growth of 24% which is
ahead of the market growth and the profits from ordinary operations (without
considering the exceptional items) at EBIDTA level have grown by 50% over the
year 2009 -10. The growth of order book is also generally satisfactory though
the Company has consciously stayed away from low profitability opportunities
particularly in the area of Turnkey projects. Considering the healthy order
book and the expected growth of the industry in the coming year, the company
expects to grow significantly during the year 2011-12.
The Company’s
international operations continue to gain strengths as the Company is gradually
moving from investment phase into market realization phase. Thus the Company’s
Canadian operations at ERL Phase have shown a 20% increase in order input, its
international sales and marketing operations at ERLMINT has doubled its Order
intake and Switchcraft Europe GmbH in
In order to
counter the pressures on the margins and to be able to cater to the expected
growth in global demand through its various international operations, the
Company has initiated major investments in manufacturing and backward
integration with a new manufacturing base at Harohalli, near
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN THE ACCOUNTS: (As on 31.03.2011)
a) Letters of
credit opened by Bank for purchase of raw materials and components Rs.530.856
millions
b) Bills
discounted with bank Rs.51.640 millions.
c) Counter
Guarantee given to bankers in respect of Guarantees given by them Rs.1302.001
millions.
d) Bonds executed
in favour of President of India for import of material at concessional rate of
duty Rs.4.998 millions.
e) Estimated
amount of Capital commitment on account of Fixed Assets (Net of advances) amount
to Rs.180.951 millions.
f) In respect of
sales effected under CST towards submission of C-Forms Rs.255.568 millions.
g) Disputed amounts of income tax
|
Assessment year |
Disputed amount of Income tax |
|
2001-02 |
Rs.3.002
millions |
|
2003-04 |
Rs.4.785
millions |
|
2004-05 |
Rs.2.613
millions |
|
2005-06 |
Rs.7.028
millions |
|
2006-07 |
Rs.5.542
millions |
|
2008-09 |
Rs.30.633
millions |
h) Disputed amount of Sales Tax, Karnataka of Rs.6.365 millions for the
financial year 2007-08
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2011
(Rs.
in millions)
|
Particulars |
Quarter
Ended 30.09.2011 (Reviewed) |
Half
Year Ended 30.09.2011 (Reviewed) |
|
1. a. Net Sales/Income from Operations |
696.200 |
1181.100 |
|
b. Other Operating Income |
21.600 |
34.200 |
|
c. Total |
717.700 |
1215.300 |
|
2. Expenditure |
|
|
|
a) (Increase)/Decrease in stock in trade and work in progress |
(32.100) |
(14.100) |
|
b) Consumption of raw materials |
564.000 |
972.700 |
|
c) Purchase of traded goods |
0.000 |
0.000 |
|
d) Employee Cost |
66.200 |
114.000 |
|
e) Depreciation |
12.800 |
25.900 |
|
f) Other Expenditure |
82.900 |
146.100 |
|
g) Total
Expenditure |
693.700 |
1244.600 |
|
3. Profit from Operations before other income, interest and
Exceptional Items (1-2) |
24.000 |
(29.300) |
|
4. Other Income |
0.400 |
36.400 |
|
5. Profit before interest and Exceptional Items (3+4) |
24.400 |
7.100 |
|
6. Interest |
39.800 |
72.500 |
|
7. Profit after interest but before Exceptional Items (5-6) |
(15.400) |
(65.400) |
|
8. Exceptional Items |
0.000 |
0.000 |
|
9. Profit from Ordinary Activities before tax (7+8) |
(15.400) |
(65.400) |
|
10. Tax Expense (including deferred tax expense) |
1.200 |
2.400 |
|
11. Net Profit from Ordinary Activities after tax (9-10) |
(16.600) |
(67.800) |
|
12. Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
|
13. Profit for the period (11-12) |
(16.600) |
(67.800) |
|
14. Paid-up equity share capital (Face Value Rs.2) |
41.500 |
41.500 |
|
15. Reserves excluding revaluation reserves (as per balance sheet of previous accounting year) |
-- |
-- |
|
16. Earning Per Share (EPS) |
|
|
|
a) Basic EPS (Before Exceptional Items) |
(0.81) |
(3.26) |
|
b) Diluted EPS (Before Exceptional Items)* |
(0.78) |
(3.18) |
|
c) Basic EPS (After Exceptional Items) |
(0.81) |
(3.26) |
|
d) Diluted EPS (After Exceptional Items)* |
(0.78) |
(3.18) |
|
17. Public Shareholding |
|
|
|
- Number of Equity Shares |
15051983 |
15051983 |
|
- Percentage of Shareholding |
72.5% |
72.5% |
|
18. Promoter and Promoter Group Shareholding: |
|
|
|
a) Pledged/ Encumbered |
|
|
|
- Number of Equity Shares |
Nil |
Nil |
|
- Percentage of Shares (as a % of the total shareholding of Promoter
and Promoter group) |
Nil |
Nil |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
Nil |
Nil |
|
b) Non-Encumbered |
|
|
|
- Number of Equity Shares |
5719622 |
5719622 |
|
- Percentage of Shares (as a % of the total shareholding of Promoter
and Promoter group) |
100% |
100% |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
27.5% |
27.5% |
STATEMENT OF
ASSETS AND LIABILITIES
(Rs.
in millions)
|
Particulars |
Half
Year Ended 30.09.2011 (Reviewed)
|
|
1. SHAREHOLDERS
FUNDS |
|
|
(a) Share Capital |
41.500 |
|
(b) Reserves & Surplus |
2094.200 |
|
|
|
|
2. LOAN FUNDS |
1710.400 |
|
|
|
|
3. DEFERRED TAX LIABILITIES |
38.400 |
|
|
|
|
4. TOTAL |
3884.600 |
|
|
|
|
5. FIXED ASSETS |
887.200 |
|
|
|
|
6. INVESTMENT – Current |
-- |
|
- Long Term |
1035.500 |
|
Total (6) |
1035.500 |
|
|
|
|
7. CURRENT ASSETS, LOANS & ADVANCES |
|
|
a) Inventories |
533.600 |
|
b) Sundry Debtors |
1862.600 |
|
c) Cash & Bank Balances |
325.200 |
|
d) Other Current Assets |
0.000 |
|
e) Loans & Advances |
1175.600 |
|
Total (7) |
3897.100 |
|
|
|
|
8. Less: CURRENT
LIABILITIES & PROVISIONS |
|
|
a) Current Liabilities |
1513.000 |
|
b) Provisions |
422.200 |
|
Total (8) |
1935.200 |
|
9. Net Current
Assets (7-8) |
1961.900 |
|
|
|
|
10. TOTAL
(5+6+9) |
3884.600 |
(*) EPS Dilution
arising out of possible conversion of FCCBs
Notes:
1. The above
Financial Results were reviewed and recommended by the Audit Committee and
approved by the Board of Directors at its Meeting held on 14th
November, 2011.
2. The Statutory
Auditors of the Company have carried out a limited review of the above
Unaudited Financial Results.
3. The Company is
engaged in Power Transmission and Distribution segment only and the same is
being reported.
4. The figures
have been re-grouped wherever necessary to conform to current period's
classification
5. The Company had
no pending investor complaints as at 30th June, 2011. During the
quarter ended 30th September, 2011, no complaints from Shareholders
were pending.
FIXED ASSETS:
Tangible Assets
v
Land
v
Land - Leasehold
v
Land - Hosur Residential Plots
v
Buildings
v
Buildings – Leasehold
v
Plant and Machinery
v
Electrical installation/Fittings
v
Office equipments
v
Furniture
v
Vehicles
v
Computer Software
v
Research and Development
v
Buildings
v
Plant and Machinery
v
Electrical installation/Fittings
v
Office equipments
v
Technology Know-how
v
Non-compete fees
Intangible Assets
v
Product development
v
Computer Software
WEBSITE DETAILS:
PROFILE:
Subject is an acknowledged leader in the field of electrical power management.
They truly offer a "ONE TOUCH ACCESS" to power system solutions, as a
dependable partner to customers, in
Their vision is to be recognized as a significant global organization
providing products and services for the protection, control, metering and
automation of power.
Their mission is to provide highest value to their customers through
cost-effective technology and a highly motivated and skilled team of employees,
and achieve rapid sustainable growth to maximize returns for their
shareholders.
Whether it be in
power generation, transmission, distribution or utility, Subject offers
products, system, solutions and services to manage these segments with
reliability, efficiency and safety.
Three Manufacturing plants in
Through a comprehensive marketing and service network spread across
Wide-ranging R and D efforts in all its activities, ensure that
customers receive not only the latest international technologies, but also
those that can be adopted to the unique demand of power systems across the
world. The highly qualified, well trained R and D engineers at Subject employ
the latest test equipment and resources, to ensure that proven and world-class
technology is delivered consistently.
BUSINESS DESCRIPTION
Subject is engaged in power transmission and distribution. The Company’s
products include microprocessor/non-microprocessor-based products and systems
for relays, meters, control and automation, as well as switchgears. During the
fiscal year ended March 31, 2011 (fiscal 2011), the Company produced 1,555
numbers of switchgears and 120, 544 numbers of
microprocessor/non-microprocessor-based products and systems for relays,
meters, control and automation. As of March 31, 2011, it had installed capacity
to produce 3,500 numbers of switchgears. During fiscal 2011, it produced
22,13,038 kilowatts per hour units of wind energy and had installed capacity to
produce 30,00,000 Kilowatts per hour units. The Company has three manufacturing
facility in
BOARD OF DIRECTORS
Hari Eswaran
Non-Executive
Chairman of the Board
Mr. Hari Eswaran is the Non-Executive Chairman of the Board of subject.
Presently, he is Non-Executive Chairman of Company's Board. He is a Fellow of
the Institution of Electrical Engineering, U.K. Mr. Hari Eswaran has the
experience in the electrical engineering industry, has been associated with
various industry and trade associations. He is the past Chairman of Indian
Electrical and Electronics Manufacturers Association, Madras Chamber of
Commerce and Industry, Association of Indian Engineering Industry (Southern
Region), now known as CII and Employers Federation of Southern India. Mr. Hari
Eswaran is a Member of Associated Chamber of Commerce and Industry and on the
Board of Easun Engineering Company Limited Chairman, Eswaran and Sons Engineers
Limited Chairman, Easun-MR Tap Changers Private Limited Chairman, ERL Phase
Power Technologies Limited,
Raj H. Eswaran
Non-Executive
Director
Mr. Raj H. Eswaran is Non-Executive Director of subject. He is a
qualified Electrical Engineer and holds Post Graduate Degree in Business
Administration from
Rakesh Garg
Non-Executive
Independent Director
Mr. Rakesh Garg is the Non-Executive Independent Director of subject. He
is the Commerce Graduate from
W. Stan Jones
Non-Executive
Independent Director
Dr. W. Stan Jones is the Non-Executive Independent Director of subject.
He is an Electronic Engineering Graduate and holds a Doctorate Degree. He is a
Fellow of the Royal Academy of Engineers and the Institution of Engineers and
Technicians,
PRESS RELEASES:
EASUN REYROLLE
MOVES UP AS SUBSIDIARY INCREASES STAKE IN SWITCHCRAFT GROUP
03 August 2011
EASUN REYROLLE'S SUBSIDIARY
INCREASES ITS STAKE IN SWITCHCRAFT GROUP LLC
03 August 2011
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.52.78 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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.