MIRA INFORM REPORT
|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIAMOND POWER INFRASTRUCTURE LIMITED |
|
|
|
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Formerly Known
As : |
DIAMOND CABLES LIMITED |
|
|
|
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Registered
Office : |
Phase II, Village Vadadala, Taluka Savli, District Baroda – 391 520,
Gujarat |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
26.08.1992 |
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Com. Reg. No.: |
04-018198 |
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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 Exchanges. |
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|
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Line of Business
: |
Manufacturer of conductors, cables and selling out- sourced products and EPC Contracts. |
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|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27000000 |
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|
|
|
Status : |
Satisfactory |
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|
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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 a satisfactory track record. 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 condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Rating = BBB+ |
|
Rating Explanation |
Having moderate degree of safety and carry moderate credit risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
September 2013 |
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 / Factory : |
Phase II, Village Vadadala, Taluka Savli, District Baroda – 391 520,
Gujarat, India |
|
Tel. No.: |
91-2667-251516 / 251354 / 251517 |
|
Fax No.: |
91-2667-251202 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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Corporate Office / Head Quarter: |
P.O. Box No.3008, Essen House, 5/12, BIDC Gorwa, Baroda – 390 016,
Gujarat, India |
|
Tel No: |
91-265-2284328 / 2283969 / 2280973 |
|
Fax No.: |
91-265-2284328 |
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|
Marketing Office : |
403, 4th Floor, Subham Complex, Chakala Andheri Kurla Road,
Andheri (East) Mumbai-400099, Maharashtra, India |
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Branch Office : |
Located at
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. S.N. Bhatnagar |
|
Designation : |
Chairman |
|
Qualification : |
Mechanical Engineer |
|
Experience : |
49 years |
|
|
|
|
Name : |
Mr. Amit Bhatnagar |
|
Designation : |
Managing Director |
|
Qualification : |
Bachelor’s degree in Industrial Engineering (gold medalist) from Saurashtra University and MBA in Finance and MOP with a gold medal from the Asian Institute of Management, Manila. |
|
Experience : |
23 years |
|
|
|
|
Name : |
Dr. Sumit Bhatnagar |
|
Designation : |
Joint Managing Director |
|
Qualification : |
BE in Electronics from Pune University |
|
Experience : |
19 years |
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|
|
|
Name : |
Mr. Karthik Athreya |
|
Designation : |
Non-Executive Nominee Director |
|
Qualification : |
Commerce degree from Loyola College, Chennai. |
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|
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|
Name : |
Mr. Bhavin Shah |
|
Designation : |
Non-Executive Director |
|
Qualification : |
Chartered Accountant and holds an MBA from the Indian Institute of Management (IIM), Ahmedabad. |
|
|
|
|
Name : |
Dr. Kirit Vyas |
|
Designation : |
Non-Executive Independent Director |
|
Qualification : |
Doctor of Philosophy and Master of Science in Chemical Engineering from Illinois Institute of Technology, Chicago, Illinois, U.S.A. |
|
|
|
|
Name : |
Mr. Ranvir Singh Shekhawat |
|
Designation : |
Non-executive Independent Direct |
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|
|
|
Name : |
Mr. Aswini Sahoo |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
39 years |
|
Qualification : |
degree in Mechanical Engineering from Regional Engineering College, Rourkela and Post- Graduate diploma in management from the Indian Institute of Management, Bangalore. |
|
Experience : |
13 Years |
KEY EXECUTIVES
|
Name : |
Mr. Nishant Javlekar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Jayramrao Marathe |
|
Designation : |
Executive Director (EPC Division)* |
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|
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|
Name : |
Miss. Nivedita Pandya |
|
Designation : |
Technical advisor and Executive director (Projects)* |
|
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|
Name : |
Mr. P. Sridharan |
|
Designation : |
Director- Operations* (Diamond Power Transformers Limited) |
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|
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|
Name : |
Mr. Jaideep Nigam |
|
Designation : |
Director Exports*(Diamond Power Global Holdings Limited, Dubai) |
|
|
|
|
Name : |
Mr. Kirit. S. Dave |
|
Designation : |
Sr. Vice President – EPC Division Diamond Power Infrastructure Limited |
|
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|
Name : |
Mr. Prakash Mahajan |
|
Designation : |
Sr. Vice President – Cables |
|
|
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|
Name : |
Mr. Bhagwan Makhijani |
|
Designation : |
Sr. Vice President – Finance and Strategic Initiatives and CFO (Diamond Power Transformers Limited) |
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|
Name : |
Mr. Pankaj Pandya |
|
Designation : |
Vice- President – Commercial and Engineering Services |
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|
Name : |
Mr. Rashesh Chhaya |
|
Designation : |
Vice President – Supply Chain |
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|
Name : |
Mr. Ghanshyam Singh |
|
Designation : |
Vice President – LT Cables and Conductors |
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|
Name : |
Mr. Ramesh Mishra |
|
Designation : |
Vice President – Testing (HT Plant) |
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|
Name : |
Mr. Rajesh Dutta |
|
Designation : |
Vice President – Marketing |
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|
Name : |
Mr. Jagdish Jain |
|
Designation : |
Vice President – HT Cables and EHV Cables |
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|
Name : |
Mr. Prem Shekhar Prasad |
|
Designation : |
Vice President – EPC |
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|
Name : |
Mr. Vijay Shankar N S |
|
Designation : |
Vice President – QTP and PPC |
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|
Name : |
Mr. Lakhamshi R. Patel |
|
Designation : |
Vice – President (Marketing) Diamond Power Transformers Limited. |
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|
Name : |
Mr. Pratik Shah |
|
Designation : |
Vice President (Accounts) |
|
|
|
|
Name : |
Mr. Dashrath M. Patel |
|
Designation : |
Vice – President of Diamond Power Transformers Limited. |
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|
Name : |
Mr. Mukesh R Patel |
|
Designation : |
Vice President – HR |
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|
|
|
Name : |
Mr. U K Shashidharan |
|
Designation : |
Assistant Vice President – Transmission Tower Production |
|
|
|
|
Name : |
Mr. M. Srinivassan |
|
Designation : |
Assistant Vice President – Marketing |
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|
|
|
Name : |
Mr. Panicker Sugathan |
|
Designation : |
Assistant Vice President – Purchase |
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|
Name : |
Mr. Omprakash Atre |
|
Designation : |
Assistant Vice President – Logistics and Warehouse |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4112547 |
11.05 |
|
|
10844266 |
29.15 |
|
|
14956813 |
40.20 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14956813 |
40.20 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1469858 |
3.95 |
|
|
666 |
0.00 |
|
|
4379756 |
11.77 |
|
|
5850280 |
15.72 |
|
|
|
|
|
|
1711249 |
4.60 |
|
|
|
|
|
|
5403795 |
14.52 |
|
|
2207590 |
5.93 |
|
|
7076644 |
19.02 |
|
|
15461 |
0.04 |
|
|
765649 |
2.06 |
|
|
4087218 |
10.99 |
|
|
2208316 |
5.94 |
|
|
16399278 |
44.08 |
|
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
37206371 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of conductors, cables and selling out- sourced products and EPC Contracts. |
|
|
|
|
Brand Names : |
DIATRON |
PRODUCTION STATUS (As on 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
All Aluminum Alloy Conductors and CSR Conductor (Excluding Conductors used In Cables) |
MTPA. |
NA |
50500 |
43035 |
|
LT Electric Power Cables and Control Cables |
Kms |
NA |
34300 |
30589 |
|
HT Cables |
Kms |
NA |
5600 |
5485 |
|
EHV Cables |
Kms |
NA |
2000 |
1035 |
|
Transmission Towers |
MT |
NA |
48000 |
47031 |
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
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Term Loans from
Banks a) Rs. 1062.499 Millions (Previous year Rs 1250.000 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 18 equal quarterly Installments by 30/03/2017 and present interest rate is 12.90% p.a (b) Rs. 1898.548 Millions (Previous year 273.941 Millions) 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.145.452 Millions (Previous year Rs.290.908 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 1000.000 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 interset rate 12.35% (e) Rs.7.364 Millions (Previous Year 12.162 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 Rs 5228.906 Millions (Previous Year 3623.407 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%. |
|
|
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|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay Tewar and Company Chartered Accountants |
|
Address : |
315-316, Panorama, R.C. Dutt Road, Vadodara-390007, Gujarat, India |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2013
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:
1. Reconciliation of
number of Equity Shares and amount outstanding at the beginning and at the end
of the year
|
Equity Shares |
31.03.2013 |
|
|
|
No of Shares |
Rs. In Millions |
|
Outstanding at the Beginning of the Year (Face Value Rs 10 each) |
37206371 |
372.064 |
|
Outstanding at the End of the Year |
37206371 |
372.064 |
2. Shareholders holding
more than 5% Equity Shares in the Company as at the end of the year
|
Name of Shareholder |
31.03.2013 |
|
|
|
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 |
3. For the period of
5 years immediately preceding the date as at which the balance Sheet is
prepared
a) Aggregate Number and Class of Shares allocated as fully paid up pursuant to contract(s) without payment have being received In cash
b) Aggregate Number and Class of Shares allocated as fully paid up by way of bonus Shares
c) Aggregate Number and Class of Shares bought Back
4. The Company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
372.064 |
372.064 |
372.064 |
|
(b) Reserves & Surplus |
6564.717 |
5701.596 |
4790.680 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6936.781 |
6073.660 |
5162.744 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6082.883 |
3336.602 |
2884.841 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
6082.883 |
3336.602 |
2884.841 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5228.906 |
3623.407 |
1547.711 |
|
(b) Trade
payables |
4429.698 |
2351.386 |
1023.496 |
|
(c) Other
current liabilities |
352.241 |
270.008 |
200.467 |
|
(d) Short-term
provisions |
328.189 |
304.302 |
334.647 |
|
Total Current
Liabilities (4) |
10339.034 |
6549.103 |
3106.321 |
|
|
|
|
|
|
TOTAL |
23358.698 |
15959.365 |
11153.906 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6971.211 |
5534.226 |
3988.167 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
170.780 |
170.780 |
170.780 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2222.489 |
1193.154 |
865.597 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9364.480 |
6898.160 |
5024.544 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.060 |
0.060 |
0.025 |
|
(b)
Inventories |
8491.996 |
5906.687 |
3412.101 |
|
(c) Trade
receivables |
3992.423 |
1995.739 |
1902.792 |
|
(d) Cash
and cash equivalents |
924.719 |
486.576 |
396.015 |
|
(e)
Short-term loans and advances |
585.020 |
672.143 |
418.429 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
13994.218 |
9061.205 |
6129.362 |
|
|
|
|
|
|
TOTAL |
23358.698 |
15959.365 |
11153.906 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21263.653 |
17403.773 |
12676.291 |
|
|
|
Other Income |
63.831 |
32.053 |
14.181 |
|
|
|
TOTAL (A) |
21327.484 |
17435.826 |
12690.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed Purchase of Stock-in-Trade |
20253.424 |
17925.761 |
11157.644 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(1676.001) |
(2850.192) |
(391.374) |
|
|
|
Employee Benefit Expense |
256.829 |
217.011 |
139.584 |
|
|
|
Other Administrative Expenses |
239.873 |
181.315 |
152.766 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
0.004 |
|
|
|
TOTAL (B) |
19074.125 |
15473.895 |
11058.624 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2253.359 |
1961.901 |
16931.848 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
856.042 |
485.090 |
248.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1397.317 |
1476.811 |
1383.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
326.541 |
242.926 |
187.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1070.776 |
1233.885 |
1195.292 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
150.000 |
150.000 |
219.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
920.776 |
1083.885 |
976.145 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
|
|
|
|
Proposed Dividend |
49.608 |
148.825 |
111.619 |
|
|
|
Tax on Proposed Dividend |
8.048 |
24.143 |
18.539 |
|
|
BALANCE CARRIED
TO THE B/S |
863.120 |
910.917 |
845.987 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
14.800 |
|
|
|
Foreign exchange fluctuation |
NA |
NA |
1.580 |
|
|
TOTAL EARNINGS |
NA |
NA |
16.380 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
24.75 |
29.13 |
26.24 |
|
|
|
Diluted |
24.75 |
29.13 |
26.24 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
5765.200 |
|
Total Expenditure |
|
|
5086.700 |
|
PBIDT (Excl OI) |
|
|
678.400 |
|
Other Income |
|
|
2.900 |
|
Operating Profit |
|
|
681.300 |
|
Interest |
|
|
218.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
463.100 |
|
Depreciation |
|
|
59.800 |
|
Profit Before Tax |
|
|
403.300 |
|
Tax |
|
|
63.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
340.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
340.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.32
|
6.22 |
7.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.04
|
7.09 |
9.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.62
|
7.82 |
10.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.20 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.63
|
1.15 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.38 |
1.97 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
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 |
Yes |
|
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 |
Yes |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Unsecured Loans From Lender |
1960.027 |
507.500 |
|
Other Loans and Advances ( Car Loan) |
7.364 |
12.163 |
|
Total |
1967.391 |
519.663 |
|
Unsecured Loans 1. Rs. 400.000 Millions are unsecured carrying interest rate of 12.90% and repayable within 90 days from the first Disbursement 2. Rs. 1560.027 Millions are towards contribution from the Promoters’ group for the ongoing expansion project. |
||
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY OVERVIEW
Global
2012-13 continued to be tough year for the global economy. In 2012, the estimated global GDP growth hovered around 3%, largely on account of decent performance by emerging and developing economies. US economy is expected to grow ~2% in 2012 largely on account of Federal Reserve’s policy of quantitative easing. With the Agreement on a series of tax rises, US successfully managed to pull itself from the impending “fiscal cliff”; however, high unemployment levels coupled with expected spending cuts is expected to make the road to recovery, challenging in the medium term. At the same time, Euro zone continued to struggle. While Germany and UK economies continued to perform modestly; the other big economies such as France, Spain and Italy are expected to register substantial contraction.
Amongst the developing and emerging economies, China and India, despite their domestic issues, rank among the faster growing economies. While China has moderated its growth estimates to avoid middle-income trap; the road to sustained growth remains challenging, especially with slowdown in infrastructure spending. India continued to grapple with policy delays and high inflation rates, thereby registering curtailed spends from corporates as well as the largest middle-income group in the world.
Indian Economy
Being an economy that is largely driven by indigenous consumption; lower disposable income of large population had a direct bearing on its growth. In 2012-13, India continued to slide in terms of economic performance, registering an estimated GDP growth of around 5% - its lowest in the past decade. This was largely on account of sharp slowdown in investments, delays in policy decisions and weaker consumption from the burgeoning middle class owing to high inflation. The Reserve Bank of India, in its efforts to instigate the economy, reduced repo rates by 25 bps each on two occasions during 2012-13. In addition, the government took steps like raising diesel prices and introducing cap on subsidized LPG, to arrest growing current account deficit. At the same time, with high rates of interest and policy roadblocks, the corporate spends of capital nature remained low thereby further impacting the economic environment in the country. Even though 12th Plan envisioned spends of more than $1 trillion on infrastructure development; the pace of implementation of the projects remained a challenge in 2012-13, the first year under the Plan. At the same time, owing to slackened pace of infrastructure development and continuing tightening of liquidity,
INDUSTRY OVERVIEW
The background
India’s power sector has undergone a paradigm shift since reforms were initiated in 1991. Since the first five-year plan in 1951, installed generation capacity has grown from 1.36 GW to 217 GW now. During the 11th Five-Year Plan (FY 08-12) alone, 55GW was added, propelled by structural reforms in the sector, including de-licensing of generation projects, thereby allowing private sector participation and unbundling of the State Electricity Boards (SEBs) into generation, transmission and distribution companies to turn them around.
Despite the significant capacity additions, power demand has consistently outstripped supply and this is likely to remain so in the medium term. Accordingly, the government is likely to continue to raise targets in coming five-year plans. In the 12th Five-Year Plan (FY 13-17), the target stands at 88 GW vs. 78.7 GW in the 11th Five-Year Plan. In the past, project execution has been the major problem, but this has improved due to regulatory changes and increasing private sector participation. However, two key issues have emerged recently – coal supply for new generation capacity coming on stream and the chronic losses of SEBs – which continue to hinder the sector’s potential.
COMPANY OVERVIEW
About the Company
Subject is an integrated solutions provider in Power T and D space in India. Primarily established as a conductor manufacturer in 1970 by Mr. S N Bhatnagar, a first generation technocrat and presently the Chairman of the Company, Diamond Power achieved greater integration post completion of is expansion projects during 2010-11. Today, it commands presence across the value chain – conductors, cables (LT, HT and EHV), transformers (power and distribution), transmission towers and EPC services. With 9 manufacturing locations and headquarter, all located in Vadodara, Gujarat; the Company also has more than 100 distributors across 16 Indian states. The Company sells its products under ‘Diatron’ brand.
CONTINGENT
LIABILITIES (As on 31.03.2013)
(a) Letter of Credit opened Rs.3879.160 Millions Previous Year Rs 2001.000 Millions materials under all letters of credit have been received and accounted for as Creditors.
(b) Outstanding Bank Guarantees as of March 31, 2013 is Rs. 1775.000 Millions (Previous Year Rs.1226.370 Millions).
(c) Income tax demands being in appeal not provided for Rs. Nil (previous year Rs Nil).
(d) There are no outstanding Claims against the Company
(e) Corporate guarantees issued to wholly owned subsidiary – Diamond Power Transformers Limited In favour of Indian Overseas Bank
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10422706 |
30/03/2013 |
2,860,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, ALKAPURI, R C DUTT ROAD, VAODADARA, GUJARAT - 390007, INDIA |
B74030883 |
|
2 |
10417251 |
29/03/2013 |
400,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B72453046 |
|
3 |
10412962 |
22/03/2013 |
500,000,000.00 |
STATE BANK OF MYSORE |
GROUND FLOOR, SHITI RATNA BUILDING, PANCHWATI CIR CLE, AHMEDABAD, GUJARAT - 380006, INDIA |
B71183495 |
|
4 |
10411402 |
01/03/2013 |
1,186,000,000.00 |
BANK OF INDIA |
VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUILDING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 390001, INDIA |
B70645213 |
|
5 |
10387327 |
12/09/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B85890721 |
|
6 |
10376976 |
12/09/2013 * |
3,400,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA |
B85889756 |
|
7 |
10404831 |
30/03/2013 * |
13,876,000,000.00 |
ICICI BANK LIMITED |
ZONAL HOUSE, 9TH FLOOR, JMC HOUSE, OPP. PARIMAL GA |
B72838402 |
|
8 |
10325517 |
13/12/2011 |
4,400,000,000.00 |
AXIS BANK LIMITED |
VARDHAMAN COMPLEX, OPP. GEB, RACE COURSE, VADODARA, GUJARAT - 390007, INDIA |
B28745230 |
|
9 |
10323873 |
28/11/2011 |
888,700,000.00 |
BANK OF INDIA |
VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUILDING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 390001, INDIA |
B28123214 |
|
10 |
10297972 |
20/07/2011 |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B17132754 |
|
11 |
10298825 |
30/06/2011 |
1,000,000,000.00 |
UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B17160946 |
|
12 |
10245351 |
08/04/2011 * |
1,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B13668132 |
|
13 |
10174917 |
31/07/2013 * |
14,292,700,000.00 |
BANK OF INDIA- LEAD BANK |
VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUIL |
B82698754 |
|
14 |
10116584 |
08/04/2011 * |
6,710,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B13657887 |
|
15 |
10099938 |
17/04/2009 * |
861,400,000.00 |
BANK OF INDIA |
VADODARA CORPORATE BANKING BRANCH, BANK OF INDIA BUILDING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 390001, INDIA |
A61897914 |
* Date of charge modification
UNAUDITED FINANCIAL
RESULTS FOR QUARTER ENDED ON JUNE 30, 2013
Rs. In Millions
|
Sr N0 |
Particulars |
For the Quarter Ended on |
|
|
|
30.06.2013 [Unaudited] |
|
1 |
( a) Net sales
/income from Operation |
5765.156 |
|
|
Total Income |
5765.156 |
|
2 |
Expenditure |
|
|
|
a. Increase/decrease in stock trade |
1399.147 |
|
|
b. Consumption of Raw material |
6275.432 |
|
|
c. Purchase of Traded goods |
|
|
|
d. Employees Cost |
63.436 |
|
|
e.Depreciation |
59.812 |
|
|
f. Other Expenditures |
147.006 |
|
|
g. Total |
5146.540 |
|
3 |
Profit from Operation
before Other Income, Interest and Exceptional Items (1-2) |
618.617 |
|
4 |
Other Incomes |
2.907 |
|
5 |
Profit before
Interest and Exceptional Items (3+4) |
621.524 |
|
6 |
Interest |
218.260 |
|
7 |
Profit after Interest
but before Exceptional Items (5-6) |
403.264 |
|
8 |
Exceptional Items |
- |
|
9 |
Profit (+) /Loss(-)
from Ordinary Activities before Tax (7+8) |
403.264 |
|
10 |
Tax Expenses |
63.098 |
|
11 |
Net Profit (+) / Loss
(-) from Ordinary Activities after Tax (9-10) |
340.166 |
|
12 |
Extraordinary Item (net of Tax expense Rs) |
|
|
13 |
Net Profit (+) /
Loss (-) for the period (11-12) |
340.166 |
|
14 |
Share of Profit /(Loss) of Associates |
|
|
15 |
Minority Interest |
|
|
16 |
Net Profit /Loss
after Taxes ,Minority Interest and Shares of Profit /Loss of Associates (
13-14-15) |
340.166 |
|
17 |
Paid-up- Equity share capital (Face Value of the Share shall be indicated) |
372.063 |
|
18 |
Reserve excluding Revaluation Reserves as per balance Sheet of Previous accounting year |
|
|
19 i |
Earning Per Shares ( Before extraordinary Item ) of Rs /-each ) (not Annualized ): |
|
|
|
a) Basic |
9.14 |
|
|
b) Diluted |
|
|
19 |
Earning Per Shares ( After extraordinary Item ) of Rs /each ) (not Annualized ): a) Basic |
|
|
|
a) Basic |
9.14 |
|
|
b) Diluted |
|
|
|
|
|
|
|
Part II |
|
|
A |
Particular of
Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
No of Shares |
22,249,558 |
|
|
Percentage of Shareholding |
59.80 |
|
2 |
Promoters and
Promoter group Shareholding |
|
|
|
a) Pledged
/Encumbered |
|
|
|
Number of Shares |
- |
|
|
Percentage of Share( as % of the Total Shareholding of promoter group) |
|
|
|
Percentage of Shares ( as of % the total share capital of the company) |
- |
|
|
b) Non –encumbered |
|
|
|
Number of Shares |
14,956,813 |
|
|
Percentage of Share( as % of the Total ( as a % of the Total Shareholding of promoter group) |
100.00 |
|
|
Percentage of Shares ( as of % the total share capital of the company) |
40.20 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the Quarter |
- |
|
|
Received during the Quarter |
40.00 |
|
|
Disposed of During the Quarter |
40.00 |
|
|
Remaining Unresolved at the End of the Quarter |
- |
Rs. In Millions
|
Particulars |
For the Quarter Ended on |
|
|
30.06.2013 [Unaudited] |
|
Segment Revenue : |
|
|
Conductors |
992.128 |
|
Power Infrastructure |
364.900 |
|
Power Cables |
3060.937 |
|
Transformer |
518.019 |
|
Towers |
829.172 |
|
Total |
5765.156 |
|
Less : Intersegment Sales |
|
|
Net Sales |
5765.156 |
|
|
|
|
Segment Results : |
|
|
Profit Before
Interest & Dep & Taxes: |
|
|
Conductors |
166.501 |
|
Power Infrastructure |
56.998 |
|
Power Cables |
369.294 |
|
Transformer |
16.269 |
|
Towers |
72.274 |
|
Total |
681.336 |
|
|
|
|
Capital Employed |
|
|
Conductors |
5495.986 |
|
Power Infrastructure |
135.953 |
|
Power Cables |
9671.612 |
|
Tower |
2663.339 |
|
Transformer |
1453.012 |
|
Windmill |
192.582 |
|
Un-allocable Capital Employed* |
5701.591 |
|
Total |
25314.076 |
1 The above Unaudited Financial Results have been reviewed by Statutory Auditor the Audit Committee of the Board of Directors and the same have been taken on record at the Board Meeting held on 24/07/2013
2 The Company is presently doing business in Five segments and therefore segmental reporting has been made.
3 Purchase of Traded Goods,relates to goods purchased by EPC division for various projects in ready to use condition and billed on Unit Rate basis to Customers.
4 Sales includes sales of All divisions and Branches of the Company and Inter Segment Transfer of RS Nil
5 *Un-aIlocable Capital Employed Include CWIP aggregates to Rs. 4077.056 Millions, Cash, Bank Balances, Advances (for Capital expenditure only) and Deposits aggregate to Rs. 1624.535 Millions.
FIXED ASSETS
- Land and Site Development
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixture / Equipments
- Vehicles
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 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.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.