MIRA
INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
INDO TECH TRANSFORMERS LIMITED |
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Registered Office : |
DP No. 36, SIDCO Industrial Estate,
Thirumazhisai, Chennai 602 107, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
16.01.1992 |
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Com. Reg. No.: |
18-22011 |
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Capital
Investment / Paid-up Capital : |
Rs.106.200 Millions |
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CIN No.: [Company
Identification No.] |
L29113TN1992PLC022011 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI00681C |
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PAN No.: [Permanent
Account No.] |
AAACI5775P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacturer of Transformers. |
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No. of Employees
: |
236
[Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The company incurring some losses from last two years of operations. However, net worth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered / Corporate Office / Factory 1 : |
DP No. 36, SIDCO Industrial Estate, Thirumazhisai, Chennai 602 107, |
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Tel. No.: |
91 - 44 - 26811569 / 26811570/ 30289830/ 9833/ 9836 |
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Fax No.: |
91 - 44 – 26811568/ 30289874/ 30289820 |
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E-Mail : |
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Website : |
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Factory 2 : |
DP : 14-19, SIDCO Industrial Estate, Thirumazhisai, Chennai 602 107, |
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Tel. No.: |
91 - 44 - 26811572 / 26811772/ 30289860/ 61/65 |
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Fax No.: |
91 - 44 – 26811672/ 30289842 |
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E-Mail : |
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Factory 3 : |
31,VGP Salai, Saidapet, Chennai 600 015 |
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Tel. No.: |
91 - 44 - 24850309 / 24850164 |
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Fax No.: |
91 - 44 - 24851767 |
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E-Mail : |
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Factory 4 : |
VII/222, Koyyamarakkad, Kanjikode, Palakkad - 678 621 |
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Tel No.: |
91-491-2566252 |
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Fax No.: |
91-491-2566042 |
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E mail: |
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Factory 5 : |
Survey No. 151-243, |
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Tel No.: |
91-44-27294365 |
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Fax No.: |
91-44-27294366 |
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E mail: |
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Sales Office : |
GE Energy, Building No.7A, 4th Floor, DLF Cyber City, DLF
Phase – III, Sector – 25A, Gurgaon – 122002, Haryana, India |
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Tel No.: |
91-124-4808000 |
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Fax No.: |
91-124-4226911 |
DIRECTORS
As on 31.03.2011
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Name : |
Mr.
Jorge Lozano |
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Designation : |
Chairman
and Managing Director |
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Name : |
Mr.
Jorge Sepulveda |
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Designation : |
Director |
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Name : |
Mr.
Kishore Jayaraman |
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Designation : |
Director |
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Name : |
Mr.
Arun Bhalla |
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Designation : |
Director |
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Name : |
Mr.
Arun Srivastava |
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Designation : |
Director |
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Name : |
Mr.
M. S. Srinivasan |
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Designation : |
Directors |
KEY EXECUTIVES
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Name : |
Mr. N. Nambi
Rajan |
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Designation : |
Financial
Controller and Company Secretary |
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Name : |
Mr. Manuel
Hernandez |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. S. Nagarajan |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
[As on 30.09.2011]
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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7895625 |
74.35 |
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7895625 |
74.35 |
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Total shareholding of Promoter and Promoter Group (A) |
7895625 |
74.35 |
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(B) Public Shareholding |
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66793 |
0.63 |
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66.793 |
0.63 |
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386636 |
3.64 |
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1768619 |
16.65 |
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366472 |
3.45 |
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135855 |
1.28 |
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59720 |
0.56 |
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76111 |
0.72 |
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24 |
- |
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2657582 |
25.02 |
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Total Public shareholding (B) |
2724375 |
25.65 |
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Total (A)+(B) |
10620000 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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Total (A)+(B)+(C) |
10620000 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transformers. |
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Products : |
Ø
Power Transformers Ø
Distribution Transformers Ø
Dry Type Transformers Ø Ø Special Transformers Ø
Furnace and other special
Transformers
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PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Transformers |
MVA/year |
7450.000 |
2260.225 |
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Ø Transformer is not covered by the list of Industries in respect of which industrial licensing is compulsory. Hence License capacity is not applicable. Ø
Installed capacity is as certified by the
management and relied by the auditors as this is a technical matter. |
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GENERAL INFORMATION
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No. of Employees : |
236
[Approximately] |
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Bankers : |
·
State
Bank of ·
Bank
of ·
Standard
Chartered Bank ·
Citibank
N.A. ·
Indian
Bank ·
The Hongkong and Shanghai Banking Corporation ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G.
Balu Associates Chartered Accountants |
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Ultimate holding
Company |
Xignux S.A. de C.V. |
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Holding company |
Prolec-CE International, S. de R. L. de C.V. |
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Fellow subsidiary |
Prolec S.A. de C.V. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,300,000 |
Equity Shares |
Rs. 10/- each |
Rs.153.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,620,000 |
Equity Shares |
Rs. 10/- each |
Rs.106.200
Millions |
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Of the above
(i) 7,895,625 (March 31,2010: 7,895,625) equity shares of
Rs.10 each are held by Prolec GE lnternacional, S de R.L.C.V., the parent
company. The ultimate holding company is
(ii) 248,400 (March 31, 2010: 248,400) equity shares of Rs.10 each were allotted pursuant to amalgamation of Indo Tech Electric Company Limited CITECL'), for consideration other than cash.
(iii) 439,340 (March 31,2010: 439,340) equity shares of Rs.10 each were allotted for consideration other than cash.
(iv) 4,597,950 (March 31, 2010: 4,597,950) equity shares of Rs.10 each were issued during the year ended March 31,2006 by way of bonus shares by capitalization of securities premium account
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
106.200 |
106.200 |
106.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1044.584 |
1273.525 |
1357.393 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1150.784 |
1379.725 |
1463.593 |
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LOAN FUNDS |
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1] Secured Loans |
92.996 |
83.355 |
136.954 |
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2] Unsecured Loans |
12.951 |
12.951 |
15.125 |
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TOTAL BORROWING |
105.947 |
96.306 |
152.079 |
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DEFERRED TAX LIABILITIES |
0.000 |
12.518 |
47.531 |
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TOTAL |
1256.731 |
1488.549 |
1663.203 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
766.022 |
793.994 |
821.185 |
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Capital work-in-progress |
46.955 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
14.075 |
489.683 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
264.876
|
217.970
|
133.453
|
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Sundry Debtors |
286.741
|
281.355
|
382.579
|
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Cash & Bank Balances |
66.500
|
313.413
|
118.704
|
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Other Current Assets |
0.000 |
0.000 |
0.000
|
|
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Loans & Advances |
161.120
|
133.973
|
102.416
|
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Total
Current Assets |
779.237
|
946.711 |
737.152
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
262.896
|
207.453
|
200.792
|
|
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Current Liabilities |
53.556
|
42.792
|
170.112
|
|
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Provisions |
19.045
|
15.986
|
13.913
|
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Total
Current Liabilities |
335.497
|
266.231 |
384.817
|
|
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Net Current Assets |
443.740
|
680.480
|
352.335
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1256.731 |
1488.549 |
1663.203 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Income |
1101.268 |
957.898 |
2067.386 |
|
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Service Income |
6.848 |
21.674 |
0.000 |
|
|
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Other Income |
34.682 |
45.329 |
42.620 |
|
|
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TOTAL (A) |
1142.798 |
1024.901 |
2110.006 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material costs |
934.548 |
779.307 |
1249.344 |
|
|
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Employee cost, |
165.536 |
103.973 |
80.124 |
|
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|
Manufacturing, selling and administrative expenses |
228.773 |
194.944 |
128.389 |
|
|
|
Loss on sale of assets |
0.000 |
0.000 |
21.437 |
|
|
|
Diminution in value of investments |
0.000 |
0.000 |
0.462 |
|
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Increase/Decrease) in WIP and Finished Goods |
0.000 |
0.000 |
[29.077] |
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TOTAL (B) |
1328.857 |
1078.224 |
1450.679 |
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|
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(186.059) |
(53.323) |
659.327 |
|
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|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
15.174 |
23.341 |
28.090 |
|
|
|
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|
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|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(201.233) |
(76.664) |
631.237 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.999 |
38.654 |
39.171 |
|
|
|
|
|
|
|
|
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|
Prior period items |
1.500 |
0.000 |
0.000 |
|
|
|
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|
|
|
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|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
(237.732) |
(115.318) |
592.066 |
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Less |
TAX (H) |
(10.291) |
(31.450) |
202.386 |
|
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|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
(227.441) |
(83.868) |
389.680 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
697.819 |
781.687 |
596.078 |
|
|
|
|
|
|
|
|
|
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Adjustment relating to amalgamation in earlier period |
(1.518) |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
50.000 |
|
|
|
Dividend |
0.000 |
0.000 |
131.691 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
22.380 |
|
|
|
BALANCE CARRIED
TO THE B/S |
468.860 |
697.819 |
781.687 |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of |
108.752 |
10.553 |
169.097 |
|
|
TOTAL EARNINGS |
108.752 |
10.553 |
169.097 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
118.468 |
81.053 |
37.204 |
|
|
|
Capital Goods |
0.360 |
0.009 |
50.883 |
|
|
TOTAL IMPORTS |
118.828 |
81.062 |
88.087 |
|
|
|
|
|
|
|
|
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|
Earnings/[Loss]
Per Share (Rs.) |
(21.42) |
(7.90) |
36.70 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
231.000 |
333.500 |
|
Total Expenditure |
|
364.900 |
455.100 |
|
PBIDT (Excl
OI) |
|
[133.900] |
[121.600] |
|
Other Income |
|
2.200 |
3.400 |
|
Operating
Profit |
|
[131.700] |
[118.200] |
|
Interest |
|
5.000 |
9.300 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
[136.700] |
[127.500] |
|
Depreciation |
|
9.500 |
10.600 |
|
Profit
Before Tax |
|
[146.200] |
[138.100] |
|
Tax |
|
0.000 |
0.000 |
|
Reported PAT |
|
[146.200] |
[138.100] |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
[146.200] |
[138.100] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[19.90]
|
[8.18] |
18.47
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[21.59]
|
[12.04] |
28.64
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[15.38]
|
[6.62] |
37.99
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.21]
|
[0.08] |
0.40
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.26 |
0.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
3.55 |
1.91
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated in 1992. The
company started its business as a partnership firm under name of Indo Tech
Electric Company. The company as commenced manufacture of small distribution
transformer at Saidapet and Palakkad in 1976. Today the company manufactures
power and distribution transformers upto 100 MVA/220 KV. The company has merged
Indo Tech Electric Company Limited with itself with effect from 1st April 2003.
The company manufactures special transformers which are customer and Industry
specific. The company has three manufacturing facilites two facilites at
Chennai, TamilNadu and one at Palakkad, Kerala. The installed capacity of these
plants is 2450 MVA per annum.
The company made an Initial Public Offer of 3945130 equity shares of Rs.10/-
each for cash at price of Rs.130/- per equity share aggregating to Rs.512.866
millions in February 2006.
The objects of the issue are to relocate and modernization of Saidapet plant
into a new Distribution Transformer Plant of 750 MVA/Annum at Thirumazhisai,
setting up a new power transformer plant with a capacity of 2400 MVA/Annum
including 220 KV class of transformers, Setting up of Dry Type Transformer
plant at Thirumazhisai (120 units per annum) and to meet working capital
requirements.
Background of the
Company
Subject is engaged in the business of manufacturing power
and distribution transformers and various special application transformers and
mobile sub-station transformers. The Company has four manufacturing plants
located at Pallakad in Kerala and Chennai and Kancheepuram in Tamil Nadu.
Operations and
Performance
In the year, the Company faced stiff challenges in getting orders due to
competition. Additionally, excess capacity created in the last few years
resulted in significant pricing pressures. However, the Company was successful
in getting noteworthy orders from private power producers including an order
for a 400kV transformer, first in the history of the Company in addition to
receiving large orders for dry type transformers. As a result, the current
order backlog stands at Rs.1320.000 millions. The Company's performance for the
year was impacted significantly due to low production levels primarily due to
customers' project delays and site readiness. In addition, delays in funding of
customer projects resulted in postponement of deliveries. The Company is
gearing up for growth and consequently is incurring higher fixed costs,
resulting in loss for the year.
Management's
Discussion and Analysis
Industry
The stimulus packages of the Government of India to counter the global
recession of the last couple of years has had a positive impact with the
gradual recovery of economy. However the investment in industrial sector was
not adequate, due to cautious approach on new investments, resulting in slow
recovery of projects postponed earlier. Power Generation is one of key drivers
of T and D industry which was sluggish with few new investments. As per latest
estimates, the power generation capacity is likely fall short of the original
estimate of 11th Plan target of 78GVV and expected to be around 55GW. Delay in
decision making on new investments has hampered the growth of T and D sector,
which is evidenced by low off take of higher rating transformers viz., 765kV
and above compared to earlier years. Further the state utilities are looking to
improve their T and D network with addition of 400kV class but investments are
slow due to their poor financial health. In the past few years, the T and D
sector witnessed severe competition, from Chinese and Korean suppliers in the
higher range transformers. In medium range and distribution transformers, the
industry faced stiff competition with the entry of new players as well from
existing manufacturers due to excess capacity created in earlier years. On the
whole the T and D sector continued the trend of earlier year with pricing
pressures as supply exceeds demand.
Business Overview
and Outlook
The total demand for transformers based on the growth projections for
additions to the power generation capacities in the Eleventh Plan and the
Government's willingness to allow more power plants to be set up in the private
sector will support the growth of the transformer business. In addition, the
focus on non-conventional energy will lead to more wind and solar power
generation fuelling the growth for transformers. With the Company poised to
make rapid inroads in the higher range of transformers, it will be well
positioned to take advantage of the additional demand for transformers.
Financial and
Operations Performance
The financial performance of the Company was severely affected by the
combined impact of increases in input costs, delays in projects as well as
complying with stringent design specifications of the customers. The Company is
fully focused on reducing the input costs and is using the expertise of its
parent company.
FIXED ASSETS
Ø
Land
Ø
Buildings
Ø
Plant and Machinery
Ø
Furniture, Fixtures
and Fittings
Ø
Office Equipments
Ø
Vehicles
Ø
Software
Ø Computers and accessories
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30TH, 2011
Rs in Millions
|
Particulars |
Quarter Ended 30.09.2011 [unaudited] |
Year to Date 30.09.2011 [unaudited] |
|
1. Net Sales/ Income from
Operations |
333.400 |
561.000 |
|
2.
Other Income |
0.100 |
3.500 |
|
3. Total Income |
333.500 |
564.500 |
|
4. Expenditure |
|
|
|
(Increase)/ Decrease in stock in trade |
28.300 |
[34.900] |
|
Consumption
of raw materials |
281.200 |
584.500 |
|
Employee
Cost |
59.400 |
120.300 |
|
Depreciation
|
10.600 |
20.100 |
|
Other
Expenditure |
86.200 |
150.100 |
|
4. Total Expenditure |
465.700 |
840.100 |
|
5.
Profit before Depreciation, Interest and Tax |
[132.200] |
[275.600] |
|
Other
Income* |
3.400 |
5.600 |
|
6.
Interest |
9.300 |
14.300 |
|
7.
Depreciation |
[138.100] |
[284.300] |
|
8. Profit before Taxation |
[138.100] |
[284.300] |
|
9. Provision
for Taxation |
0.000 |
0.000 |
|
10. Profit After Taxation |
[138.100] |
[284.300] |
|
11. Paid-up Equity Share
Capital (Face value per share Rs. 10/-) |
106.200 |
106.200 |
|
12.
Reserves excluding Revaluation Reserve (as
per Balance Sheet) |
-- |
-- |
|
13. Earning Per Share (EPS) |
|
|
|
a.
Basic and diluted EPS before Extra-ordinary items (non annualized) |
[13.00] Not annualized |
[26.77] Not annualized |
|
b.
Basic and diluted EPS after Extra-ordinary items (not annualized) |
[13.00] Not annualized |
[26.77] Not annualized |
|
14.
Aggregate of Public Shareholding |
|
|
|
-
Number of Share |
2724375 |
2724375 |
|
-
Percentage of Shareholdings |
25.65 |
25.65 |
|
15.
Promoters and Promoter Group Share holding |
|
|
|
a. Pledge/
Encumbered |
|
|
|
Number
of Shares |
-- |
-- |
|
Percentage
of Shares (as a % of the total Shareholding of promoter and promoter group) |
-- |
-- |
|
Percentage
of share (as a % of the total share capital of the company) |
-- |
-- |
|
b. Non
Encumbered |
|
|
|
Number
of Shares |
7895625 |
7895625 |
|
Percentage
of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
Percentage
of share (as a % of the total share capital of the company) |
74.35 |
74.35 |
*tax expenses for the year ended 31.03.2011
includes deferred tax credit of Rs.12.518 millions [for the quarter ended
30.09.2010 – Rs.0.518 million : for the six months period ended 30.09.2010 – Rs.12.518
millions] and current tax charge of Rs.2.226 millions for the earlier years.
Further, other income for the year ended 31.03.2011 includes Rs.1.500 millions
pertaining to prior years
The above results were reviewed by the audit
committee and approved by the board of directors at its meeting held on
11.11.2011. the company has determined its business as transformer. Since 100%
of the company’s business is from transformer, there are no other primary
reportable segments.
Details of investor grievances for the quarter
ended 30.09.2011 are opening – 0, Received – 0, Closing – 0
Segment of Assets and Liabilities :
Rs in Millions
|
Particulars |
As
at 30.09.2011 [unaudited] |
|
SHAREHOLDERS FUNDS |
|
|
Share Capital |
106.200 |
|
Reserves & Surplus |
760.200 |
|
|
|
|
LOAN FUNDS |
428.100 |
|
|
|
|
TOTAL |
1294.500 |
|
|
|
|
FIXED ASSETS |
803.500 |
|
|
|
|
INVESTMENT |
0.000 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
276.200 |
|
Sundry Debtors |
438.800 |
|
Cash & Bank Balances |
116.200 |
|
Loans & Advances |
176.400 |
|
|
1007.600 |
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
493.900 |
|
Provisions |
22.700 |
|
|
516.600 |
|
Net
Current Assets |
491.000 |
|
|
|
|
TOTAL |
1294.500 |
AS PER WEBSITE
Subject is an India-based manufacturer and sale of power and distribution transformers. The Company is also involved application transformers, mobile sub-station transformers and transformers for furnace applications. Its products include power and distribution transformers, furnace and other special transformers, large power transformers and open ventilated dry type transformers. The Company has four manufacturing facilities spread between Palakkad in Kerala, Thirumazhisai and Kancheepuram in Chennai, Tamil Nadu. For the nine months ended 31 December 2010, Indo Tech Transformers Limited's revenue increased 49% to RS912.1M. Net loss totaled RS151.4M, vs. an income of RS13.8M. Revenues reflects an significant increase in net sales and higher other operating income. Net loss reflects a significant rise in employee costs, higher consumption of raw materials, an increase in depreciation expenses and increased other expenses. Engaged in the manufacture of power and distribution transformers Small Electrical Appliance Manufacturing.
Board of Directors
Mr. Arun Bhalla
Mr. Arun Bhalla is Non-Executive Independent Director of Indo Tech Transformers Limited. Mr. Arun Bhalla is the Executive Director of PTC India Limited [formerly Power Trading Company of India Limited] and is also on the Board of Krishna Godavari Power Utilities Limited and R. S. India Global Energy Limited. He has more than 34 years of industry experience and has been associated with BHEL, Nelco, CGEE-Alsthom, Tata Honeywell and Hyundai Unitech Electrical Transmission Limited at various levels of responsibilities in the areas of Project Management, Marketing, Business Development and General Management.
Mr. Kishore Jayaraman
Mr. Kishore Jayaraman is Non-Executive Director of Indo Tech
Transformers Limited. He has more than 20 years of industry Experience and is
the President and CEO of GE
Mr. M. S. Srinivasan
Mr. M. S. Srinivasan is Non-Executive Independent Director of Indo Tech Transformers Limited. He has more than 2 decades of experience at senior levels in various Ministries. He is presently the Chairman of IL and FS Tamil Nadu Power Company Limited and Director of IL and FS Energy Development Company Limited. His Directorship inlcudes Chairman – IL and FS Tamil Nadu Power Company Limited. Director – IL and FS Energy Development Company Limited.
Mr. Arun Srivastava
Mr. Arun Srivastava is Non-Executive Independent Director of
Indo Tech Transformers Limited. Mr. Arun Srivastava is the former Managing
Director and Chief Executive Officer of Essar Power Limited and was on their
Board for more than 1 2 years. Earlier, he was associated with the National
Thermal Power Corporation Limited [NTPC].
News
Milestones
We consider that each transformer we ship is an achievement and our philosophy
is to engage our team members to deliver their best everyday.
Working in this way, in a very short term we reached the following
achievements:
Ø Shipped our first 160MVA, 220kV Autotransformer
Ø
Exported distribution transformers to mining
industry in
Ø
Exported 33MVA, GSU transformer to
Ø
Also, we are in the process to manufacture and ship important orders as:
Ø 400kV, 55 MVA Startup Transformer from an Independent Power Producer
Ø 2 nos, 100MVA, 230kV Autotransformer from a public utility
Ø Major orders for 25MVA and 50MVA substation transformers for windmill application
Employee Health and Safety
(EHS) developments
One of the most valuable things we have are our team members, so we are engaged
to provide them an excellent, health and safe work environment. This is
possible through the implementation of programs in our facilities and the surrounding
areas. In this way, we reducing risk of accident in our employees and
also we help their families and general community to have a better environment.
Following actions had been done by the company to ensure this policy
Ø As part of imbibing the Employee Health and Safety (EHS) culture, all the employees attended the training on EHS and how to work in an environment free from hazards
Ø On the National Safety Day on March 4th, 2010, was declared “The Safety Month” for achieving “Zero Accidents and Zero Incidents”
Process Improvements
As one of the innumerable efforts we are doing to realize and improve our processes looking for productivity and competitiveness, we implemented a team for Toyota Production System (TPS). Training is deployed for all workers and employees.
Enterprise Resource Planning (ERP) software already working in our daily
processes, looks to integrate business processes across departments into a
single enterprise-wide information.
Recently, we successfully completed the implementation of ERP management system
on important areas and processes across our company.
Major benefits of ERP are coordination within functional departments and also
the capability to work in an
efficient way using data stored in the system.
Employee development
and motivation
HR is giving terrific importance to the training and development of all
our valued employees and workers. Focusing on these topics this will lead us
to:
Ø “Together for a bright future”. Our belief is that working together we can do wonders. And this became truth on July 24th, 2010, where all the organization as a family, joined hands together to share the joy, get to know each other and to shape as a one family
Ø Deployed our value and code of ethics to employee and attained new spirit to lift our company to the glance.
Ø Customer Handling Training, giving to our commercial, design and services departments, the basis and skills to interact with our customers and how to proceed in the “Moments of Truth”
Ø Brazing is one important activity, which requires special skills in the team. Very detailed training sessions on brazing were organized for selective group of workers involved in the process.
Ø To certify and grow our internal auditors team, Internal Auditing training conducted by OMNEX International, were given to a selective group of employees
Ø Both workers and employees were given awareness training on industrial safety
Quality Management
System and Technical Regulation and Standards Audit
Recently, was our pleasure to announce that our company obtained 3 Star Rating
certificate. 3 Star Rating is a certification obtained from Bureau of Energy
Efficiency (BEE) in which we meet the requirements for low loss energy
efficient transformer. Certification was awarded from the authority based on
tests done at Government Laboratory.
Also, different external audits had been performed in our facilities as an example, we received the visit of a team from GE Energy (America and India) that audited our QMS (Quality Management System) and TRS (Technical Regulation and Standards) with reference to ISO9001:2008 and GE Energy QMS requirements. Drive and experience of our business leaders are a key factor for continued success. Excellent results were obtained once the audits finished.
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.52.22 |
|
|
1 |
Rs.80.83 |
|
Euro |
1 |
Rs.66.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.