MIRA INFORM REPORT

 

 

Report Date :

06.03.2013

 

IDENTIFICATION DETAILS

 

Name :

DIAMOND POWER INFRASTRUCTURE LIMITED

 

 

Registered Office :

Phase II, Village Vadadala, Taluka Savli, District Baroda – 391 520, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

26.08.1992

 

 

Com. Reg. No.:

04-018198

 

 

Capital Investment / Paid-up Capital :

Rs. 372.064 Millions

 

 

CIN No.:

[Company Identification No.]

L31300GJ1992PLC018198

 

 

Legal Form :

A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer of Conductors, Cables, Towers, Transformers.

 

 

No. of Employees :

2800 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (55)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 24000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having a fine track record. Trade relations are decent. Business is active. Payments are reported as regular and as per commitments.

 

The company can be considered good for business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

BANK GUARANTEE : A2+

Rating Explanation

Strong degree of safety and low credit risk

Date

11.09.2012

 

Rating Agency Name

CRISIL

Rating

CASH CREDIT : A-

Rating Explanation

Adequate degree of safety and low credit risk

Date

11.09.2012

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. Jayesh

Designation :

Senior Manager

Contact No.:

91-8347001967

Date :

23.02.2012

 

 

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Phase II, Village Vadadala, Taluka Savli, District Baroda – 391 520, Gujarat, India

Tel. No.:

91-2667-251516 / 251354 / 251517

Fax No.:

91-2667-251202

E-Mail :

shares@dicabs.com

deepak@dicabs.com

nishant.javlekar@dicabs.com

Website :

http://www.dicabs.com

Location :

Owned

 

 

Corporate Office /

Head Quarter:

Essen House, 5/12, BIDC Gorwa, Baroda – 390 016, Gujarat, India

Tel No:

91-265-2284328 / 2283969 / 2280973

Fax No.:

91-265-2284328

 

 

Branch Office :

Located at

 

·         New Delhi

·         Chennai

·         Bangalore

·         Mumbai

·         Surat

·         Ahmedabad

·         Indore

 

 

DIRECTORS

 

As on 31.03.2012

 

Name :

Mr. S. N. Bhatnagar

Designation :

Chairman

 

 

Name :

Mr. Amit Bhatnagar

Designation :

Managing Director

 

 

Name :

Dr. Sumit Bhatnagar

Designation :

Jt. Managing director

 

 

Name :

Mr. Karthik Athreya

Designation :

Nominee Director

 

 

Name :

Mr. Bhavin Shah

Designation :

Non-Executive Director

 

 

Name :

Mr. T N C Rajagopalan

Designation :

Independent Director

 

 

Name :

Mr. Kirit Vyas

Designation :

Independent Director

 

 

Name :

Dr. Vasantha Bharucha

Designation :

Independent Director

 

 

Name :

Mr. Ranvir Singh Shekhawat

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayesh

Designation :

Senior Manager

 

 

Name :

Advocate Harshad J. Shah

Designation :

Legal Adviser

 

 

Name :

Mr. Nishant Javlekar

Designation :

Company Secretary and Costing Officer

Tel No.:

91-265-2284328 / 2283969 / 2280973

Fax No.:

91-265-2280528

 

 

AUDIT COMMITTEE

Name :

Mr. T N C Rajagopalan

Designation :

Chairman

 

 

Name :

Dr. Vasantha Bharucha

Designation :

Member

 

 

Name :

Mr. Kirit Vyas

Designation :

Member

 

 

Name :

Mr. Ranvir Singh Shekhawat

Designation :

Member

 

 

INVESTORS GRIEVANCES COMMITTEE

Name :

Dr. Vasantha Bharucha

Designation :

Chairman

 

 

Name :

Mr. Kirit Vyas

Designation :

Member

 

 

Name :

Mr. Sumit Bhatnagar

Designation :

Member

 

 

SHARE TRANSFER COMMITTEE

Name :

Mr. S. N. Bhatnagar

Designation :

Chairman

 

 

Name :

Mr. Amit Bhatnagar

Designation :

Member

 

 

Name :

Mr. Sumit Bhatnagar

Designation :

Member

 

 

REMUNERATION COMMITTEE

Name :

Mr. Ranvir Singh Shekhawat

Designation :

Chairman

 

 

Name :

Dr. Vasantha Bharucha

Designation :

Member

 

 

Name :

Mr. Kirit Vyas

Designation :

Member

 

 

DEBENTURE ISSUE COMMITTEE

Name :

Mr. S. N. Bhatnagar

Designation :

Chairman

 

 

Name :

Mr. Amit Bhatnagar

Designation :

Member

 

 

Name :

Mr. Sumit Bhatnagar

Designation :

Member

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2012

 

Category of Shareholder

Total No. of Shares

% of Total No. of Shares

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

4112547

11.05

http://www.bseindia.com/include/images/clear.gifBodies Corporate

10844266

29.15

http://www.bseindia.com/include/images/clear.gifSub Total

14956813

40.20

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

14956813

40.20

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1492133

4.01

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

3716

0.01

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

4296638

11.55

http://www.bseindia.com/include/images/clear.gifSub Total

5792487

15.57

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1555661

4.18

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

5329022

14.32

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

2443643

6.57

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

7128745

19.16

http://www.bseindia.com/include/images/clear.gifClearing Members

13755

0.04

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

819722

2.20

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

4087218

10.99

http://www.bseindia.com/include/images/clear.gifTrusts

2208050

5.93

http://www.bseindia.com/include/images/clear.gifSub Total

16457071

44.23

Total Public shareholding (B)

22249558

59.80

Total (A)+(B)

37206371

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

37206371

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Conductors, Cables, Towers, Transformers.

 

 

Imports :

 

Products :

·         Machinery

·         Raw Materials

Countries :

·         China

·         Finland

 

 

Terms :

 

Selling :

L/C and Advance

 

 

Purchasing :

L/C and Advance

 

PRODUCTION STATUS

 

As on 31.03.2012

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

All Aluminum Alloy Conductors & CSR Conductor (Excluding Conductors used In Cables)

MTPA.

NA

50500

32496

LT Electric Power Cables & Control Cables

Kms

NA

34300

26860

HT Cables

Kms

NA

5600

5320

EHV Cables

Kms

NA

2000

598

Transmission Towers

MT

 

48000

15450

 

Note:

 

Consumption of Assorted Wire / Wire rods is not provided, as they are totally consumed in-house for manufacture of conductors. Installed capacity and capacity utilization are as certified by the management and not verified by the auditors being a technical matter. The quantity in Kms. cannot comparable as the weight per Kms of each conductor varies on the cross section area and current carrying capacity. Hence, the production has been shown in Kms. The Quantity are usually taken as per relevant IS standards

 

GENERAL INFORMATION

 

Suppliers :

·         Jugraj and Tejraj

·         Vedanta Aluminium

 

 

Customers :

·         Madhya Gujarat Vij Company Limited

 

 

No. of Employees :

2800 (Approximately)

 

 

Bankers :

·         Bank of India

·         Allahabad Bank

·         Axis Bank

·         Dena Bank

·         Bank of Baroda

·         Indian Overseas Bank

·         ICICI Bank

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

 

 

 

Bonds / Debentures

1000.000

680.000

 

 

 

Term Loan

 

 

- From Bank

1816.939

1900.000

 

 

 

Other Loans and Advances

 

 

- Car Loan

12.162

4.841

 

 

 

Loan Repayable on Demand

 

 

- From Bank

3623.407

1547.711

Total

6452.508

4132.552

 

Notes :

 

Term Loans from Banks

 

a) Rs.1250.000 Millions (Previous year Rs.1500.000 Millions) Secured 1st Pari Passu Charge on the entire Fixed Assets of the company both present and Future. The Term Loan is repayable in remaining 22 equal Quarterly Installments by 30th Sep 2016 and present interest rate is 12.90% p.a

 

(b) Rs273.941 Millions (Previous year Rs.Nil) Secured 1st Pari Passu Charge on the entire Fixed Assets of the company both Present and Future. The Term Loan is Repayable in 26 equally quarterly installments commencing from 30th Sep 2014 and carries Interest rate of 12.75% pa

 

(c) Rs.290.908 Millions (Previous year Rs.400.000 Millions) secured by 1st pari passu charge on all fixed assets of the company both present and future with in 60 days from the first disbursement. 2nd pari passu charge on all current assets of the company, both present and future within 60 days from the 1st disbursement, The term loan is repayable in 11 equated quarterly installments after moratorium period carries interest rate 12.25%

 

(d) Rs.1000.000 Millions (Previous Year Rs.680.000 Millions) (Non Convertible Debentures)secured by 1st pari passu charge on all fixed assets of the company both present and future with in 60 days from the first disbursement. 2nd pari passu charge on all current assets of the company, both present and future within 60 days from the 1st disbursement, repayment starting from 1st June 2014, carries interest rate 12.35%

 

(e) Rs.12.162 Millions (Previous Year Rs.4.841 Millions) Loans taken for the Vehicles the present rate of interest charged is at 10.83%PA the duration of loan are for period of 36 Months from the Date of Disbursment

 

Loans repayable on Demand

 

(a) Rs.3623.407 Millions (Previous Year Rs.1547.711 Millions) these entire loan are secured by the first Parri Passu Charge on Entire Current Assets of the company and second pari Passu Charge on the Fixed Assets of the company and rate of Interest charged on the entire loan is @ 13.50 to 14%

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Statutory Auditor :

 

Name :

Vijay Tewar and Company

Chartered Accountants

Address :

315-316, Panorama, R.C. Dutt Road, Vadodara-390007, Gujarat, India

 

 

Internal Audit-Expenditure/Stores and Procurement :

 

Name :

Kejal Pandya and Associates

Chartered Accountants

 

 

Internal Audit-Marketing/Sales/Logistics :

 

Name :

Vinod Patel and Company

Chartered Accountants

 

 

Internal Audit-EPC

 

Name :

OP Rathi and Associates

Chartered Accountants

 

 

Internal Audit-HR and Statutory Compliance

 

Name :

Pradeep Gupta and Associates

Chartered Accountants

 

 

Cost Auditor :

 

Name :

S S Puranik and Associate

Chartered Accountants

 

 

Associates :

·         Diamond Infosystems Limited

·         Diamond Projects Limited

 

 

Subsidiaries :

·         Diamond Power Transformers Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000000

Equity Shares

Rs.10/- each

Rs.500.000 Millions

 

 

 

 

 

Issued, Subscribed Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

37886121

Equity Shares

Rs.10/- each

Rs.378.861 Millions

 

 

 

 

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

37206371

Equity Shares

Rs.10/- each

Rs.372.064 Millions

 

 

 

 

 

Notes:

 

Shareholders holding more than 5% Equity Shares in the Company as at the end of the year

 

Name of Shareholder

31.03.2012

 

No of Shares

% of Holding as on

Diamond Tele - Cabs Private Limited

6168413

16.58

Diamond Infosystems Limited

2469005

6.64

Diamond Projects Private Limited

2206848

5.93

Suresh N Bhatnagar

1881420

5.06

Clearwater Capital Partners Cyprus Limited

3248161

8.73

Kotak Mahindra Trusteeship Services Limited-A/C Ko

2208050

5.93

The Royal Bank Of Scotland N.V., (London) Branch

2122297

5.7

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

372.064

372.064

300.628

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5701.596

4790.680

2661.560

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

6073.660

5162.744

2962.188

LOAN FUNDS

 

 

 

1] Secured Loans

6452.508

4132.552

3116.652

2] Unsecured Loans

507.500

300.000

0.000

TOTAL BORROWING

6960.008

4432.552

3116.652

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

13033.668

9595.296

6078.840

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5534.225

3988.166

956.047

Capital work-in-progress

0.000

0.000

960.835

 

 

 

 

INVESTMENT

170.840

170.805

50.690

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5906.687

3412.101

1885.342

 

Sundry Debtors
1995.739

1902.792

1397.654

 

Cash & Bank Balances
486.576

396.015

236.310

 

Other Current Assets
0.000

0.000

750.895

 

Loans & Advances
1865.297

1284.027

1183.054

Total Current Assets
10254.299

6994.935

5453.255

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2351.386

1023.496

929.613

 

Other Current Liabilities
270.008

200.467

237.632

 

Provisions
304.302

334.647

257.259

Total Current Liabilities
2925.696

1558.610

1424.504

Net Current Assets
7328.603

5436.325

4028.751

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

82.517

 

 

 

 

TOTAL

13033.668

9595.296

6078.840

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

17403.773

12676.291

7242.816

 

 

Other Income

32.053

14.181

14.502

 

 

TOTAL                                     (A)

17435.826

12690.472

7257.318

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed Purchase of Stock-in-Trade

17925.761

11157.644

6259.249

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2850.192)

(391.375)

 

 

 

Employee Benefit Expense

217.011

139.584

 

 

 

Other Administrative Expenses

181.315

152.766

 

 

 

Extraordinary Items

0.030

0.000

 

 

 

Exceptional Item

0.000

0.005

 

 

 

TOTAL                                    

15473.925

11058.624

6259.249

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1961.901

16931.848

998.069

 

 

 

 

 

Less

FINANCIAL EXPENSES            

485.090

248.777

236.226

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

1476.811

1383.071

761.843

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

242.926

187.779

64.929

 

 

 

 

 

 

PROFIT BEFORE TAX

1233.885

1195.292

696.914

 

 

 

 

 

Less

TAX                                                                 

150.000

219.147

191.182

 

 

 

 

 

Add

EXTRAORDINARY ITEMS

--

--

0.027

 

 

 

 

 

 

PROFIT AFTER TAX

1083.885

976.145

505.759

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.000

14.800

380.000

 

 

Foreign exchange fluctuation

0.000

1.580

0.000

 

TOTAL EARNINGS

0.000

16.380

380.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

29.13

26.24

18.02

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2012

30.09.2012

31.12.2012

Audited / UnAudited

1st Quarter

2nd Quarter

3rd Quarter

 

UnAudited

UnAudited

UnAudited

Net Sales

4154.000

6515.900

7662.700

Total Expenditure

3656.200

5774.800

6915.000

PBIDT (Excl OI)

497.800

741.100

747.700

Other Income

10.300

11.300

0.300

Operating Profit

508.100

752.400

748.000

Interest

167.000

217.700

202.800

Exceptional Items

0.000

0.000

0.000

PBDT

341.100

534.700

545.200

Depreciation

58.400

53.100

101.400

Profit Before Tax

282.700

481.700

443.800

Tax

62.900

100.500

95.500

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

219.800

381.100

348.400

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

219.800

381.100

348.400

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

6.22

7.69

6.97

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

7.09

9.43

9.62

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.82

10.88

10.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.20

0.23

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.15

0.86

1.05

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.50

4.49

3.83

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars

31.03.2012

31.03.2011