1. Summary Information
|
|
|
Country |
|
|
Company Name |
Ruttonsha
International Rectifier Limited |
Principal Name 1 |
Mrs. Bhavna H. Mehta |
|
Status |
Moderate |
Principal Name 2 |
Mr. Hasmukh J. Shah |
|
|
|
Registration # |
11-014322 |
|
Street Address |
139/141, Solaris No.1, B Wing, First Floor, Saki-Vihar Road, Opposite
L and T Gate No.6, Powai, Andheri (East), Mumbai – 400072, Maharashtra, India
|
||
|
Established Date |
05.07.1969 |
SIC Code |
-- |
|
Telephone# |
91-22-28471956/ 57/ 58 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28471959/ 28471956 |
Business Style 2 |
Supply |
|
Homepage |
Product Name 1 |
Semiconductor Devices |
|
|
# of employees |
Not Available |
Product Name 2 |
Rectifier Equipment |
|
Paid up capital |
Rs.110,072,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter
and Promoter Group- 73.13%, Public Shareholding- 26.87% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
43 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
131,049,000 |
Current Liabilities |
49,842,000 |
|
Inventories |
47,830,000 |
Long-term Liabilities |
78,543,000 |
|
Fixed Assets |
131,071,000 |
Other Liabilities |
35,281,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
163,666,000 |
|
Invest& other Assets |
1,650,000 |
Retained Earnings |
37.862.000 |
|
|
|
Net Worth |
147.934.000 |
|
Total Assets |
311,600,000 |
Total Liab. & Equity |
311,600,000 |
|
Total Assets (Previous Year) |
293,402,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
250,062,000 |
Net Profit |
14,852,000 |
|
Sales(Previous yr) |
198,322,000 |
Net Profit(Prev.yr) |
10,288,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUTTONSHA INTERNATIONAL RECTIFIER LIMITED |
|
|
|
|
Registered
Office : |
139/141, Solaris No.1, B Wing, First Floor, Saki-Vihar Road, Opposite L
and T Gate No.6, Powai, Andheri (East), Mumbai – 400072, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.07.1969 |
|
|
|
|
Com. Reg. No.: |
11-014322 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.110.072
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31109MH1969PLC014322 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14133A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR2816E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Supply of Semiconductor Devices and Rectifier
Equipment. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
appears to be low. Trade relations are reported as fair. Business is active.
Payments are reported slow but correct. The company can be considered for business dealings with some caution.
|
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
139/141, Solaris No.1, B Wing, First Floor, Saki-Vihar Road, Opposite
L and T Gate No.6, Powai, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28471956/ 57/ 58 |
|
Fax No.: |
91-22-28471959/ 28471956 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
International House, Plot No.338, Baska, Taluka Halol, District
Panchmahal – 389350, Gujarat, India |
|
Tel. No.: |
91-2676-247185/ 247094 |
|
Fax No.: |
91-2676-247035 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Aruna Building, 1st Floor, 23 J.C. Road. Bangalore – 560002,
Karnataka, India |
|
Tel. No.: |
91-80-6703499 |
|
Fax No.: |
91-80-6703499 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mrs. Bhavna H. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hasmukh J. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pravin G. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manoj P. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kisan R. Choksey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Venkitaraman S. Iyer |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin P. Rambhia |
|
Designation : |
Company Secretary |
|
|
|
|
Management Team : |
Mr. R. G. Trasi Mr. Mukesh Doshi Mr. E. K. Lalkaka |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15,000 |
0.22 |
|
|
15,000 |
0.22 |
|
|
|
|
|
|
|
|
|
|
5,072,958 |
72.92 |
|
|
5,072,958 |
72.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5,087,958 |
73.13 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,400 |
0.02 |
|
|
1,400 |
0.02 |
|
|
|
|
|
|
|
|
|
|
19,644 |
0.28 |
|
|
|
|
|
|
|
|
|
|
1,516,034 |
21.79 |
|
|
115,000 |
1.65 |
|
|
|
|
|
|
217,204 |
3.12 |
|
|
3,120 |
0.04 |
|
|
214,084 |
3.08 |
|
|
1,867,882 |
26.85 |
|
|
|
|
|
Total Public
shareholding (B) |
1,869,282 |
26.87 |
|
|
|
|
|
Total (A)+(B) |
6,957,240 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
6,957,240 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supply of Semiconductor Devices and Rectifier
Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual Production |
|
|
|
|
|
Semiconductor Diodes / Silicon Control Rectifier’s and Junction |
Nos. |
740152 |
|
Power Rectifier Assemblies |
Nos. |
4601 |
|
Power Modules |
Nos. |
1050 |
|
Junctions |
Nos. |
-- |
|
Others |
Nos. |
1461 |
|
Silicon Chips for captive Consumption |
Nos. |
137584 |
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
|
|
|
|
|
Silicon Control Rectifiers (S.C.Rs.) |
Nos. |
504200 |
504200 |
|
High Power Semiconductor Diodes |
Nos. |
1104200 |
1104200 |
|
Junctions |
Nos. |
30000 |
30000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Union Bank of India · State Bank of India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
STATUTORY
AUDITORS Ajay Shobha and Company Chartered Accountant INTERNATIONAL
AUDITORS Bhandarkar and Kale Chartered Accountant |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
4050000 |
2% Redeemable Optionally Convertible Cumulative Preference shares |
Rs.10/- each |
Rs.40.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.140.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1471420 |
Equity Shares (Allotted as fully paid up in cash) |
Rs.10/- each |
Rs.14.714
Millions |
|
4200 |
Equity shares (allotted as
fully paid up for consideration other than cash) |
Rs.10/- each |
Rs.0.042
Million |
|
1731620 |
Equity shares (Allotted as
fully paid up Bonus Shares by capitalisation of reserves) |
Rs.10/- each |
Rs.17.316
Millions |
|
3750000 |
Equity Shares (Allotted as
fully paid up, Issued to the erstwhile shareholders of Orient Semiconductors Private
Limited on amalgamation. |
Rs.10/- each |
Rs.37.500
Millions |
|
4050000 |
2% Redeemable
optionally convertible cumulative preference shares (2% Redeemable
optionally convertible cumulative preference shares of Rs.10/- each Issued to
erstwhile shareholders of Orient Semiconductors Private Limited on
amalgamation. |
Rs.10/- each |
Rs.40.500
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.110.072 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
110.072 |
110.072 |
110.072 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.862 |
29.238 |
23.873 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
147.934 |
139.310 |
133.945 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55.344 |
65.808 |
67.944 |
|
|
2] Unsecured Loans |
23.199 |
20.331 |
25.045 |
|
|
TOTAL BORROWING |
78.543 |
86.139 |
92.989 |
|
|
DEFERRED TAX LIABILITIES |
18.329 |
15.947 |
11.170 |
|
|
|
|
|
|
|
|
TOTAL |
244.806 |
241.396 |
238.104 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
131.071 |
140.808 |
146.927 |
|
|
Capital work-in-progress |
0.802 |
0.494 |
0.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.848 |
0.847 |
0.847 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.830
|
56.803 |
32.742 |
|
|
Sundry Debtors |
98.271
|
63.435 |
63.236 |
|
|
Cash & Bank Balances |
17.377
|
15.291 |
12.500 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.401
|
15.724 |
12.582 |
|
Total
Current Assets |
178.879
|
151.253 |
121.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
43.814
|
29.140 |
17.661 |
|
|
Other Current Liabilities |
6.028
|
8.551 |
4.795 |
|
|
Provisions |
16.952
|
14.315 |
8.328 |
|
Total
Current Liabilities |
66.794
|
52.006 |
30.784 |
|
|
Net Current Assets |
112.085
|
99.247 |
90.276 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
244.806 |
241.396 |
238.104 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
250.062 |
198.322 |
219.739 |
|
|
|
Other Income |
2.216 |
2.058 |
0.868 |
|
|
|
TOTAL (A) |
252.278 |
200.380 |
220.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials
Consumed |
153.102 |
128.110 |
|
|
|
|
Variation
in Stocks |
7.092 |
(15.225) |
175.174 |
|
|
|
Manufacturing
and Other Expenses |
46.397 |
46.202 |
|
|
|
|
TOTAL (B) |
206.591 |
159.087 |
175.174 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.687 |
41.293 |
45.433 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.095 |
11.367 |
12.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.592 |
29.926 |
32.627 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.758 |
11.626 |
11.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
21.834 |
18.300 |
21.346 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.982 |
8.012 |
9.723 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.852 |
10.288 |
11.623 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Adjustments (Net) |
0.140 |
0.051 |
(0.017) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.052 |
16.682 |
5.042 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
5.218 |
4.174 |
0.000 |
|
|
|
Tax on Proposed Dividend |
0.867 |
0.693 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
30.679 |
22.052 |
16.682 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
19.815 |
42.885 |
73.147 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Stores |
70.527 |
76.814 |
71.642 |
|
|
TOTAL IMPORTS |
70.527 |
76.814 |
71.642 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.11 |
1.47 |
1.67 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
52.730 |
79.850 |
68.190 |
|
Total Expenditure |
42.680 |
67.270 |
59.570 |
|
PBIDT (Excl OI) |
10.050 |
12.580 |
8.620 |
|
Other Income |
0.490 |
0.820 |
0.560 |
|
Operating Profit |
10.540 |
13.400 |
9.180 |
|
Interest |
2.950 |
4.060 |
3.340 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
7.590 |
9.340 |
5.840 |
|
Depreciation |
2.630 |
2.750 |
2.830 |
|
Profit Before Tax |
4.960 |
6.590 |
3.020 |
|
Tax |
1.190 |
2.390 |
0.770 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3.770 |
4.200 |
2.240 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3.770 |
4.200 |
2.240 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.89
|
5.13 |
5.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.73
|
9.23 |
9.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.04
|
6.27 |
7.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
0.99 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
2.91 |
3.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
PERFORMANCE
The company took various growth initiatives to improve sales volumes,
which resulted in an impressive performance for the year. The income from operations
and other income for financial year improved to Rs.252.279 Millions as against
Rs.200.380 Millions in the previous year, showing a growth of 25.90%. Operating
Profit before Depreciation, Interest and Tax increased by 10.64% from Rs.41.293
Millions to Rs.45.687 Millions. Net profit after tax increased from Rs.10.237
Millions to Rs.14.713 Millions showing an increase of 43.72%.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW
Indian economy has made tremendous growth in various fields such as expansion of road and railway network throughout the country, modernization of airports, etc. Power being one of the largest used items in business establishments, the demand for the electrical equipments/ machineries has gone up over the years. The Company at present is catering to domestic as well as export demand. With the Indian economy growing by 8 to 9 % p.a., the demand for these products is expected to go up considerably.
(a) Company Outlook: The Company enjoys the advantage of being the only Company in private sector to manufacture Semiconductor Devices from Diffusion stage and it takes pride in being called a pioneer in Manufacturing Diodes, Thyristor Modules, Rectifier Assemblies, Traction Rectifiers, Electrochemical Rectifiers and Battery Chargers. These devices form one of the key components in Welding Business, DC Drives, Railways, UPS, Battery Chargers, Defence Industry and Power Sector. Over the years, the Company has achieved highest levels of Quality, Efficiency and Sustainability in the Industry.
(b) Operational Performance Review: As the Company faced stiff competition in the Devices Business from the unorganized Sectors and other big players in the said Sector, which hitherto was being catered to by the Company, the move of entering the Niche market has started paying dividend and is contributing significantly not only to the top line but to the bottom line as well.
In the past the Company had strategically decided to re-enter Semi-Conductor based equipments, Modules and Capsules Business as a forward integration in a phased manner to climb up the value chain and be a known and significant player in the related sector. The Company has successfully ventured into Business for supply of Equipments to Indian Railways despite stiff and cut throat competition. During the Financial Year 2010-11, the Company witnessed remarkable turnover of Rs.250.062 Millions as Compared to Rs.198.322 Millions last year achieving a growth rate in the Top Line at 26%.
(c) Technical Performance Review: The Company for the first time was instrumental in designing and manufacturing 1500 Volts DC B.G. A.C. EMU for Central Railways. The Company also developed and operated BGMU for Western Railway which is running successfully. 3 Mega Watt drive for steel industry was also developed and commissioned successfully by the Company.
SEGMENT WISE PERFORMANCE:
Segment reporting as per Accounting Standard AS-17 is not applicable as the Company operates only in one segment i.e. Electronics.
OUTLOOK:
India is emerging as one of the largest electronics markets in the world, with an estimated 11 % global market share by 2015. The Indian Railways is planning to invest sizeable amount in expansion and modernisation; out of the budget allocations demanded by the Ministry of Railways, in the current financial year and the Company has already taken steps to increase its presence in the segments where it has established its strong base. The Indian Government is also encouraging the Power sector – both conventional and alternative and the outlook appears to be better than previous years.
INTERNAL CONTROL SYSTEMS AND OTHER ADEQUACY
The Company’s internal control systems are well designed to provide reasonable assurance that assets are safeguarded, transactions are properly recorded in accordance with Management authorization and accounting records are adequate for preparation of financial statements and other financial information. The Audit Committee formed under clause 49 of the listing agreement with the Stock Exchange looks after adequacy, relevance and effectiveness of the internal control systems along with compliance of Company strategies as well as formalities as required under various statutory laws, rules and regulations.
CONTINGENT
LIABILITIES IN RESPECT OF:-
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Guarantees
issued by the Company to the Development Commissioner at Kandla in respect of E.O.U. unit |
15.000 |
15.000 |
|
Against performance Guarantee issued by Banks |
1.666 |
0.877 |
|
Letter of Credit |
4.500 |
2.500 |
FIXED ASSETS:
· Land
·
Building
·
Plant and Machinery
·
Dies and Moulds
·
Electricals Installations
and Fittings
·
Air Conditioner and Water
Cooler
·
Vehicles
·
Office Equipment
·
Furniture and Fixtures
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.53.34 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.