MIRA
INFORM REPORT
|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EON ELECTRIC LIMITED (w.e.f. 07.06.2011) |
|
|
|
|
Formerly Known
As : |
INDO ASIAN FUSEGEAR LIMITED |
|
|
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Registered
Office : |
House No. 1048, Sector 14, Sonepat-131001, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.11.1989 |
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|
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Com. Reg. No.: |
05-035580 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 160.575 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200HR1989PLC035580 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturers of electrical products such as
Wires and Cables, Lighting
products and other allied
goods. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 13780000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Trade relations are reported as fair. Company has incurred losses for
the year 2011-2012 due to worst market conditions. Business is active and more
projects are under implementation for 2012-2013. Payment terms are 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
House No. 1048, Sector 14, Sonepat-131001, |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8826392110 [Mr. Anil Sharma] |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
B-88, Sector 83, Noida-201305, |
|
Tel No.: |
91-120-3096700/701 |
|
Fax No.: |
91-120-3096800 |
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Email: |
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|
Factory : |
1.Lighting: Plot No. 10, Sector 4, SIDCUL, Haridwar-249402, 2.Cable and
Wires: Plot No. 10, Sector 4, SIDCUL, Haridwar-249402, 3.Energy Meters:
B-62, Sector 83, Noida-201305, |
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|
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Branch Office : |
Located At:
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DIRECTORS
As on 31.03.2012
|
Name : |
Mr. V. P. Mahendru |
|
Designation : |
Chairman-cum-Managing Director |
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|
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|
Name : |
Mr. R. C. Bansal |
|
Designation : |
Non-Executive Director |
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|
Name : |
Dr. Sai Ramachandran |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. A. K. Ghosh |
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Designation : |
Non-Executive Director |
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Name : |
Mr. P. K. Ranade |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Vinay Mahendru |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. K.B. Satija |
|
Designation : |
Assistant Vice President (Corporate Finance) |
|
|
|
|
Name : |
Mr. Kumar Indramani |
|
Designation : |
Manager (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,042,868 |
18.95 |
|
|
4,980,444 |
31.02 |
|
|
8,023,312 |
49.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8,023,312 |
49.97 |
|
|
|
|
|
|
1,343,778 |
8.37 |
|
|
|
|
|
|
4,312,549 |
26.86 |
|
|
2,115,201 |
13.17 |
|
|
262,626 |
1.64 |
|
Non Resident Indian |
262,626 |
1.64 |
|
|
8,034,154 |
50.03 |
|
Total Public shareholding (B) |
8,034,154 |
50.03 |
|
Total (A)+(B) |
16,057,466 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
16,057,466 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of electrical products such as Wires and Cables,
Lighting products and
other allied goods. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
MCBs |
Poles |
NA |
4428163 |
|
Compact Fluorescent Lamps |
Nos. |
4800000 |
610664 |
|
Fluorescent Tube Lights |
Nos. |
NA |
4620 |
|
HRC Fuses |
Nos. |
NA |
611744 |
|
Feeder Pillars |
Nos. |
NA |
-- |
|
RCCBs |
Nos. |
NA |
88262 |
|
Adaptors |
Nos. |
NA |
-- |
|
Distribution Boards |
Nos. |
NA |
61154 |
|
Switches |
Nos. |
NA |
7184 |
|
Energy Meters |
Nos. |
NA |
17186 |
|
Wires |
Coils |
NA |
177172 |
NOTE:
The Company has since sold the Plant and Machinery for manufacture of Fluorescent
Tube Lights.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
State Bank of |
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Facilities : |
Rs in Millions
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Auditors : |
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|
Name : |
J.C. Bhalla and Company Chartered Accountants |
|
Address : |
Noida, |
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Investing Parties with whom the Company is a JV Partner : |
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Group Company : |
IAFL Power Distribution and Infrastructure Private Limited (Formerly
Indo Asian Power Distribution and Infrastructure Private Limited) |
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LLP firms in which relatives of Directors are Partners : |
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Subsidiaries : |
IAFL Cables Limited (Formerly Indo Asian Cables Limited) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000000 |
Equity Shares |
Rs. 10/- each |
Rs. 190.000 Millions |
|
6000000 |
Preference Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16057466 |
Equity Shares |
Rs. 10/-each |
Rs. 160.575 Millions |
|
|
|
|
|
Reconciliation of the number of Shares outstanding at the beginning and
at the end of the year
|
Equity Shares |
As on 31.03.2012 |
|
|
No.
of Shares |
Amount
|
|
|
Shares outstanding at the beginning of the
year |
16951628 |
169.516 |
|
Add : Shares Issued on conversion of Share Warrants |
890000 |
8.900 |
|
Less : Shares cancelled on Buy Back of
Equity Shares |
1784162 |
17.841 |
|
Shares
outstanding at the end of the year |
16057466 |
160.574 |
10% Cumulative Redeemable Preference Shares
|
Particulars |
No.
of Shares |
Amount
|
|
Shares outstanding at the beginning of the
year |
-- |
-- |
|
Add : Shares Issued during the year |
-- |
-- |
|
Less : Shares redeemed during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
-- |
-- |
Pursuant to the special resolution passed at
the Extra Ordinary General Meeting of the members of the Company held on 6
May,2010, the company had made
preferential allotment of Rs. 890000
Zero Coupon Warrants to the Promoters, each warrant convertible into one
equity share of `10/- each at a price of Rs. 70/- per equity share at any time within 18 months from
the date of
allotment of Warrants on
preferential basis by
private placement to the
promoters of the Company as per Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements)
Regulations, 2009.
During the year, the Company has converted the
said Warrants into 890,000 fully paid up Equity Shares of Rs. 10/- each. The difference between the
Conversion Price and the face value of the equity shares has been credited to
Securities Premium Reserve.
The Board of Directors of the Company approved the Buy-back of its fully
paid up Equity Shares of Rs. 10/- each from the
existing owners of Equity Shares
other than the
Promoters / Persons
in Control up
to 6.45% of the paid-up capital and free reserves, at a price not exceeding
`130/- per Equity Share payable in cash, for an aggregate amount not exceeding Rs. 231.900 Millions from the open
market through the Stock Exchange(s). During the year, the company has bought
back and extinguished
Rs. 1784162 Equity Shares
of Rs. 10/- each
During the year ended 31 March, 2011, the
Company has redeemed 10% Cumulative Redeemable Preference Shares worth Rs.
10.000 Millions held by Heinrich Kopp GmbH,
Details of
Shareholders holding more than
5% shares in
the company .
|
Name of
Shareholder |
As on 31.03.2012 |
|
|
No.
of Shares |
%
of Holding |
|
|
Equity Shares
of Rs. 10/- each VPM Industrial Services Corpn. LLP |
2490306 |
15.51 |
|
PKR Hitech Industrial Corpn. LLP |
2403067 |
14.97 |
|
Ashish Dhawan |
1350000 |
8.41 |
|
Swiss Finance Corporation ( |
-- |
-- |
Terms/rights
attached to Equity
Shares
The Company has only one class of equity
shares having a par value of Rs. 10/- per share. Each holder of equity shares
is entitiled to one vote per share.
The Company declares and pays dividends in Indian
rupees. In the event of
liquidation of the Company,
the holders of
equity shares will be
entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders
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 |
160.575 |
169.516 |
171.066 |
|
|
2] Share Application Money |
0.000 |
15.575 |
10.563 |
|
|
3] Reserves & Surplus |
3286.445 |
3501.734 |
1038.564 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3447.020 |
3686.825 |
1220.193 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.611 |
1203.297 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
20.227 |
|
|
TOTAL BORROWING |
0.000 |
1.611 |
1223.524 |
|
|
DEFERRED TAX LIABILITIES |
37.844 |
0.000 |
4.050 |
|
|
|
|
|
|
|
|
TOTAL |
3484.864 |
3688.436 |
2447.767 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
580.589 |
336.277 |
614.877 |
|
|
Capital work-in-progress |
22.171 |
30.644 |
108.441 |
|
|
|
|
|
|
|
|
INVESTMENT |
2343.884 |
2964.009 |
118.662 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.243
|
126.170
|
636.161 |
|
|
Sundry Debtors |
199.491
|
157.060
|
1209.693 |
|
|
Cash & Bank Balances |
174.340
|
118.936
|
89.555 |
|
|
Other Current Assets |
2.912
|
1.810
|
0.000 |
|
|
Loans & Advances |
149.676
|
64.694
|
367.828 |
|
Total
Current Assets |
657.662
|
468.670 |
2303.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.537
|
44.222
|
421.317 |
|
|
Other Current Liabilities |
56.695
|
49.000
|
145.090 |
|
|
Provisions |
15.210
|
17.942
|
131.043 |
|
Total
Current Liabilities |
119.442
|
111.164 |
697.450 |
|
|
Net Current Assets |
538.220
|
357.506
|
1605.787 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3484.864 |
3688.436 |
2447.767 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
566.080 |
387.419 |
2301.333 |
|
|
|
Other Income |
222.238 |
110.476 |
111.360 |
|
|
|
TOTAL |
788.318 |
497.895 |
2412.693 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
448.597 |
313.485 |
|
|
|
|
Purchase of Stock in Trade |
72.514 |
50.838 |
|
|
|
|
Changes in Inventories |
(0.545) |
67.333 |
|
|
|
|
Employees Benefits |
145.856 |
87.965 |
|
|
|
|
Other Expenses |
195.941 |
398.644 |
|
|
|
|
TOTAL |
862.363 |
918.265 |
2124.312 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(74.045) |
(420.370) |
288.381 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.125 |
35.427 |
179.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(80.170) |
(455.797) |
109.227 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
51.133 |
38.652 |
70.021 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEMS |
0.000 |
3951.312 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
LOSS BEFORE TAX |
(131.303) |
3456.863 |
39.206 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
37.954 |
796.462 |
10.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX |
(169.257) |
2660.401 |
28.516 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
464.238 |
32.900 |
59.384 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
2000.000 |
55.000 |
|
|
|
Special Interim Dividend on Equity Shares |
0.000 |
169.516 |
0.000 |
|
|
|
Preference Dividend paid |
0.000 |
1.000 |
0.000 |
|
|
|
Arrears of Preference Dividend paid |
0.000 |
4.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
28.985 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
295.000 |
464.238 |
32.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
197.447 |
416.211 |
|
|
|
|
0.000 |
30.957 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
228.404 |
416.211 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.708 |
131.926 |
180.959 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
1.674 |
|
|
|
Capital Goods |
2.596 |
3.319 |
1.744 |
|
|
TOTAL IMPORTS |
7.304 |
135.245 |
184.377 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(10.03) |
159.16 |
1.79 |
|
|
|
Diluted |
(10.03) |
157.43 |
1.78 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quater |
30.09.2012 2nd
Quater |
30.12.2012 3rd
Quater |
|
Net Sales |
317.500 |
466.500 |
402.100 |
|
Total Expenditure |
383.100 |
505.200 |
449.700 |
|
PBIDT (Excl OI) |
(15.600) |
(38.600) |
(47.700) |
|
Other Income |
10.000 |
10.600 |
6.100 |
|
Operating Profit |
(35.600) |
(28.000) |
(42.600) |
|
Interest |
1.700 |
2.800 |
9.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(37.300) |
(30.900) |
(52.000) |
|
Depreciation |
5.600 |
6.200 |
6.500 |
|
Profit Before Tax |
(12.900) |
(37.100) |
(58.500) |
|
Tax |
(0.500) |
(0.400) |
(0.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(42.400) |
(36.700) |
(58.100) |
|
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 |
(12.400) |
(36.700) |
(58.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(21.47)
|
534.33 |
1.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.19)
|
892.28 |
1.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.60)
|
429.45 |
1.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.94 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.51
|
4.22 |
3.30 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------------------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
FINANCIAL RESULTS
The Company achieved a turnover and other income of Rs.788.300 Millions during the year ended 31 March, 2012 as against Rs. 497.900 Millions during the previous
financial year.
INDUSTRY STRUCTURE AND DEVELOPMENT AND FUTURE OUTLOOK:
Subject (formerly Indo Asian Fusegear Limited) has been one of the
manufacturers of electrical products
such as Wires and Cables, Lighting products
and other allied
goods in India
. After the sale
of Switchgear Business to a
wholly owned subsidiary of Legrand
France in September, 2010,
the Company not only
continued to focus on
its existing businesses
in the areas
of wires and
cables and lighting, but
also decided to
pursue new creative opportunities in the areas of
advance lighting systems (including the most efficient lighting sources – LEDs)
and new business of
mobile phone accessories, Lithium –Ion
batteries , Electrical
Fans.
The Indian economy
has continuosly recorded
high growth rates
and has become
an attractive destination
for investments. India’s economic
growth is expected
to remain robust
in coming years.
The tremendous power appetite of
the Country – whetted by economic
growth, rising living standards and requirements of huge
population translates into
growth opportunities for
EON. With the focus
on supplying quality
products at a reasonable
to its customers,
the Company is
committed to expanding
its business activities
in an optimal
manner.
The company continues
to be committed
towards making best
of quality products
at affordable prices
through technological
initiatives and upgradation,
modernisation, adoption of best
practices, global benchmarking,
value proposition, and deep concern for
customer satisfaction besides ensuring human as well as environmental
safety , thus enhancing the
value addition for
the investors and
for the society
as a whole. No doubt, we will establish our
capabilities beyond the Indian
borders and enable
our clients, enjoy
the value of
our products and
services globally. Financial
Performance
SEGMENT- WISE PERFORMANCE:
Cable and
Wires Segment :
Their Cable and Wires segment continues to deliver and contribute to nearly 92% our total topline.
Cable and Wires segment St
recorded a turnover
of Rs. 514.500 Millions for the
financial year ended
31 March, 2012 as
against Rs. 285.600 Millions
for the st financial year
ended 31 March 2011. Their focussed efforts
in brand building,
awareness creation for
acceptance of products and
market penetration through
a fast growing
network of channel
partners has helped their
become a household name
amongst its user
segment which has
also translated into
a growth in
sales during the
year .
Lighting Segment ;
The Lighting Segment achieved a turnover of Rs.28.100 Millions for the financial
year ended 31 March 2012 as against st Rs. 90.800 Millions for the year ended
31 March 2011. The Company is working on new innovative strategic plans and pursuing
new creative opportunities
in the areas
of advance lighting
systems which will
further augment the
growth of this
segment during the
coming years.
CONTINGENT
LIABILITIES AND COMMITMENTS: (31.03.2012)
1. Bank Guarantees Rs. 52.387 Millions
(Previous year Rs. 67.825 Millions).
2. Guarantees to Banks and others on behalf of
Joint Venture Company Rs. 117.324 Millions (Previous year Rs. 97.144 Millions).
3. Excise duty demands against which
the company has
preferred appeals Rs. 52.314
MiIllions (Previous year Rs. 52.314
Millions). The Company has already deposited a sum of ` 3,015,000/- (Previous
year Rs. 3.015 Millions) against the aforesaid demand.
4. Central Excise and Service Tax Appeals
filed by the Department Rs. 1.704
Millions- (Previous year Rs. 1.704 Millions) for excise
duty and Rs. 0.120 Millions
(Previous year Rs. Nil)
for Service Tax.
FIXED ASSETS:
INTANGIBLE ASSETS:
- Computer Software
TANGIBLE ASSETS:
- Land Leasehold
- Land Freehold
- Building
- Leasehold Improvement
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Fans Coolers and AC
- Vehicles
- Computers
- Electrical Fittings
PRESS RELEASES :
Eon’s New Project - Lithium Ion Batteries
Since its inception nearly five decades ago,
Eon Electric Limited. (formerly known as Indo Asian Fusegear Limited) has
always looked with utmost priority at the needs of its potential customers,
society and the nation. It is with such
commitment to fulfill the emerging needs of
our potential customers that we have brought in many new products for the first
time in the Indian market including the well known Indo Kopp MCBs, Indo Doepke
ELCBs, Ecolite CFLs etc. On one hand such commitment fulfilled the critical
needs of the customers and served the great objective of safe controls of power
used in domestic, commercial and industrial sectors’ needs by ensuring safety from leakage of power
which could be lethal in many cases and on the other hand, saved power when the
demand started substantially outstripping the availability.
Our company, Eon Electric Limited, observed
the sharply rising need of Lithium Ion Batteries for mobile phones, laptops,
cameras and tablets due to its unique quality of high storage power and
potential of fast re-charging, therefore deciding to set up the first plant in
These very Lithium Ion Batteries in larger
sizes will meet the needs of batteries running two wheelers, cars and even
buses. It is heartening to see that our vision is coming true as a number of
countries are running bicycles, two wheelers, cars and even buses on Lithium
Ion Batteries. Even if the use is comparatively limited for the present, it is
estimated to expand substantially with the aim of protecting the environment
and reducing pollution caused due to fuels like Diesel
State Of The Art Plant
The pilot plant for Lithium Ion Batteries has
already started production by converting cells into complete batteries at our
state-of-the-art plant at SIDCUL, Haridwar. With detailed planning,
imbibingbest technological practices and equipment from
which is imported.
Eon – The First Mover
EON has always diversified and manufactured
all new products to the highest standards of quality and performance at a
global level. After establishing ourselves in
Fast Growing Market
The current population of active mobile phones
subscribers in
Further Growth
As mentioned above, EON’s future path is well
laid to manufacture high quality
re-chargeable batteries especially for global use, particularly where longer
life, lighter weight and faster charging area priority. EON, with its existing
and new products including Lithium Ion Batteries will look at sustainable
growth in the years to come and thus have the pride of satisfying the needs of
the society and our nation indigenously.
Already In Production At Pilot Plant
Our pilot plant is already producing EON
batteries which we are being delivered to our customers all over the country
through our network of dealers and distributors serviced by our sales and
marketing teams well established in metros and major towns. The first phase of
our production plant will be put in place within the year 2012-13 and will be
further upgraded for a variety of new types and sizes of Lithium Ion Batteries
which are most compact in size and more efficient in operation and capable of
delivering high current for more hours per day before requiring recharging.
We are also taking up a proposal with the
Bureau of Indian Standards (
Eon’s Thrust On Standardization
Currently all manufacturers of mobile phones
have designed their instruments for different types of batteries which has
resulted in more than 150 different sizes and types of batteries required to
satisfy the need of varieties of imported mobile phones in the market. However,
a good move for mobile manufacturers is to standardize the size of batteries
for their convenience and the convenience of their customers. EON will be
actively involved with all mobile phone manufacturers to standardize the
size and type of batteries being used in
the larger interest of consumers.
Emerging New Avenues For Li Batteries
The major segments for usage of Lithium Ion
Batteries currently are mobile phones, laptops, cameras and tablets. However,
with the outstanding benefits of Lithium Ion Batteries including delivery of
high current and shorter time for re-charging, new uses of these batteries are
emerging such as solar batteries for solar panels, emergency lights,
uninterrupted power for continuously running machinery, e-motive power for two wheelers, four wheelers including buses
in due course etc.
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND
NINE
MONTHS ENDED ON 31ST DECEMBER, 2012
(Rs in Millions)
|
Sr. No. |
PARTICULARS |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Year to
date |
|||
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
1. |
Income from Operations (a) Net Sales/Income from Operations |
402.094 |
466.541 |
1186.167 |
|
|
(b) Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from Operations (Net) |
402.094 |
466.541 |
1186.167 |
|
2. |
Expenses |
|
|
|
|
|
(a)Cost of Materials
consumed |
275.677 |
295.701 |
826.296 |
|
|
(b)Purchases of
Stock-in-trade |
141.446 |
138.940 |
352.881 |
|
|
(c) Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade |
(97.351) |
(56.583) |
(207.543) |
|
|
(d)Employee Benefits Expense |
52.365 |
47.217 |
138.318 |
|
|
(e)Depreciation and
Amortisation Expense |
6.484 |
6.220 |
18.341 |
|
|
(f)Other Expenses |
77.605 |
79.873 |
208.074 |
|
|
Total Expenses |
456.226 |
511.368 |
1336.367 |
|
3 |
Profit / (Loss) from operations before other
income, finance cost and exceptional items (1 - 2) |
(54.132) |
(44.827) |
(150.200) |
|
4 |
Other Income |
5.060 |
10.571 |
25.610 |
|
5 |
Profit / (Loss) from ordinary activities before
finance costs and exceptional items (3 + 4) |
(49.072) |
(34.256) |
(124.590) |
|
6 |
Finance Costs |
9.409 |
2.844 |
13.900 |
|
7 |
Profit / (Loss) from ordinary activities after
finance costs but before exceptional items (5 - 6) |
(58.481) |
(37.100) |
(138.490) |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from
ordinary activities before tax (7 + 8) |
(58.481) |
(37.100) |
(138.490) |
|
10. |
Tax Expense |
(0.353) |
(0.396) |
(1.285) |
|
11. |
Net Profit / (Loss) from
ordinary activities after tax (9 - 10) |
(58.128) |
(36.704) |
(137.205) |
|
12. |
Extraordinary Items (net of Tax Expense) |
-- |
-- |
-- |
|
13. |
Net Profit / (Loss) for
the period (11 + 12) : |
(58.128) |
(36.704) |
(137.205) |
|
14 |
Paid-up Equity Share Capital (Face Value ' 5/--('Rs. 10/-) per Equity Share) (*) |
80.287 |
80.287 |
(80.287) |
|
15 |
Reserves excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
(i) Earnings per share
(before Extraordinary items) (Face Value of ' 5/- (Rs. 10/-) each) (not
annualised) -Basic |
(3.62) |
(2.28) |
(8.54) |
|
|
-Diluted |
(3.62) |
(2.28) |
(8.54) |
|
|
(ii) Earnings per share
(after Extraordinary items) - Basic |
(3.62) |
(2.28) |
(8.54) |
|
|
-Diluted |
(3.62) |
(2.28) |
(8.54) |
|
Sr. No |
Particulars |
Quarter Ended |
Year to
date ended |
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
A |
PARTICULARS OF
SHAREHOLDINGS |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
8034154 |
8034154 |
8034154 |
|
|
- Percentage of Shareholding |
50.03% |
50.03% |
50.03% |
|
2. |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the total Shareholding of Promoter
and Promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the total Share Capital of the
Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
8023312 |
8023312 |
8023312 |
|
|
- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of Shares (as a % of the total Share
Capital of the Company ) |
49.97% |
49.97% |
49.97% |
|
Sr. No |
Particulars |
Quarter Ended |
|
|
|
31.12.2012 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
3 |
|
|
Disposed off during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
1 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs in Millions)
|
Sr. No |
Particulars |
Unaudited |
Unaudited |
Unaudited |
|||
|
Quarter Ended |
Year to
date |
||||||
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|||||
|
1 |
Segment Revenue |
|
|
|
|||
|
|
(Revenue from Operations) |
|
|
|
|||
|
|
a) Cable & Wires |
257.156 |
355.432 |
877.783 |
|||
|
|
b) Lighting |
71.551 |
25.741 |
98.342 |
|||
|
|
c) Metering & Power Generation |
-- |
-- |
-- |
|||
|
|
d) Others |
73.387 |
85.368 |
210.042 |
|||
|
|
Total |
402.094 |
466.541 |
1186.167 |
|||
|
|
Less : Inter segment Revenue |
-- |
-- |
-- |
|||
|
|
Income from Operations |
402.094 |
466.541 |
1186.167 |
|||
|
|
Less : Excise Duty |
-- |
-- |
-- |
|||
|
|
Net Income from Operations |
402.094 |
466.541 |
1186.167 |
|||
|
2 |
Segment Results |
|
|
|
|||
|
|
(Profit(+)/Loss(-) before Tax & Interest |
|
|
|
|||
|
|
from each Segment) |
|
|
|
|||
|
|
a) Cable & Wires |
(31.838) |
(27.431) |
(87.133) |
|||
|
|
b) Lighting |
7.895 |
0.613 |
5.386 |
|||
|
|
c) Metering & Power Generation |
-- |
-- |
-- |
|||
|
|
d) Others |
(12.192) |
4.265 |
(10.811) |
|||
|
|
Total |
(36.135) |
(22.553) |
(92.558) |
|||
|
|
Less: i) Interest |
9.409 |
2.844 |
13.900 |
|||
|
|
ii) Other un-allocable
expenditure net of |
12.937 |
11.703 |
32.032 |
|||
|
|
Un-allocable income |
|
|
|
|||
|
|
Total Profit Before Tax |
(58.481) |
(37.100) |
(138.490) |
|||
|
3 |
Capital Employed |
|
|
|
|||
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|||
|
|
a) Cable & Wires |
514.661 |
542.866 |
514.661 |
|||
|
|
b) Lighting |
98.329 |
58.391 |
98.329 |
|||
|
|
c) Metering & Power Generation |
-- |
-- |
-- |
|||
|
|
d) Others |
214.821 |
191.927 |
214.821 |
|||
|
|
e) Unallocated |
854.452 |
947.399 |
854.452 |
|||
|
|
Total |
1682.263 |
1740.583 |
1682.263 |
|||
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 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 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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs. 71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.