1. Summary Information
|
Country |
India |
||
|
Company Name |
GENUS POWER INFRASTRUCTURES LIMITED |
Principal Name 1 |
Mr. Ishwar Chand Agarwal |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Kailash Chandra Agarwal |
|
Registration # |
20-051997 (New) 55-133383 (Old) |
||
|
Street Address |
213, J.S. Arcade, Sector-18, Noida -201301, Uttar Pradesh, India |
||
|
Established Date |
06.08.1992 |
SIC Code |
-- |
|
Telephone# |
91-120-4210421 |
Business Style 1 |
-- |
|
Fax # |
91-120-4210421 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
smart metering solutions, |
|
|
# of employees |
1800
(Approximately) |
Product Name 2 |
Distribution transformer metering system |
|
Paid up capital |
Rs.158,907,000/- |
Product Name 3 |
Smart street lighting system |
|
Shareholders |
Total shareholding of Promoter and Promoter Group 50.39 % Total Public shareholding 49.61 % |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
Yes |
Business Period |
22 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
|
|
Associates |
-- |
Virtuous Urja
Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,090,837,000 |
Current Liabilities |
1317,627,000 |
|
Inventories |
970,458,000 |
Long-term Liabilities |
2,787,538,000 |
|
Fixed Assets |
983,102,000 |
Other Liabilities |
331,097,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
4,436,262,000 |
|
Invest& other Assets |
1,271,154,000 |
Retained Earnings |
4,720,382,000 |
|
|
|
Net Worth |
4,879,289,000 |
|
Total Assets |
9,315,551,000 |
Total Liab. & Equity |
9,315,551,000 |
|
Total Assets (Previous Year) |
9,617,973,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
6,523,358,000 |
Net Profit |
445,723,000 |
|
Sales(Previous yr) |
7,054,814 |
Net Profit(Prev.yr) |
661,000,000 |
MIRA INFORM REPORT
|
Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GENUS POWER INFRASTRUCTURES LIMITED |
|
|
|
|
Formerly Known
As : |
GENUS OVERSEAS ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
213, J.S. Arcade, Sector-18, Noida -201301, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.08.1992 |
|
|
|
|
Com. Reg. No.: |
20-051997 (New) 55-133383 (Old) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.158.907 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909UP1992PLC051997 (New) L51909DL1992PLC133383 (Old) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRG00418F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG1218P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is primarily
engaged in the business of smart metering solutions, distribution transformer
metering system, smart street lighting system, inverters, on-line UPS,
batteries and transformers and undertaking ‘Engineering, Construction and
Contracts' projects in Power Distribution and Transmission Sector, on turnkey
basis. |
|
|
|
|
No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19517000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There appears slight dip in profitability of the company during the
financial year 2013. However, general financial position of the company reported to be
sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
SP 2A |
|
Rating Explanation |
High performance capability and high
financial strength. |
|
Date |
January 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.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-120-4210421)
LOCATIONS
|
Registered Office : |
213, J.S. Arcade, Sector-18, Noida -201301, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-4210421 |
|
Fax No.: |
91-120-4210421 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Business Office : |
D-116, Okhla Industrial Area, Phase – I, New Delhi, India |
|
|
|
|
Corporate Office / Factory 1:: |
SPL-3, Ricoh Industrial Area, Sitapur, Tonk Road, Jaipur – 302 022,
Rajasthan, India |
|
Tel. No.: |
91-141-2770003 / 2770401 / 3911400
/ 500 |
|
Fax No.: |
91-141-2770355 / 2771355 /
2770319 |
|
|
|
|
Factory 2: |
SPL-2A, RIICO Industrial Area, Sitapura, Tonk Road, Jaipur – 302022, Rajasthan, India |
|
|
|
|
Factory 3: |
SP-4-2, Keshwana, (Kotputli), District Jaipur – 303108,
Rajasthan, India |
|
|
|
|
Factory 4: |
Plot No.12, Sector-4, IIE, SIDCUL, Haridwar – 249403, Uttarakhand, India |
|
|
|
|
Factory 5: |
Plot No.9, Sector-2, SIDCUL, Haridwar – 249403, Uttarakhand, India |
|
|
|
|
Factory 6 : |
Plot No.: SP-1-2317, RIICO Industrial Area, Ramchandrapur, (Sitapura
Extension), Jaipur – 302022, Rajasthan, India |
|
|
|
|
Factory 7 : |
SP-4-2, Keshwana, Kotputli, Jaipur, Rajasthan, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ishwar Chand Agarwal |
|
Designation : |
Executive Chairman |
|
Date of Birth / Age : |
63 Years |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Kailash Chandra Agarwal |
|
Designation : |
Non-Executive Vice-Chairman |
|
Date of Birth / Age : |
42 Years |
|
Qualification : |
Bachelor of Science |
|
|
|
|
Name : |
Mr. Rajendra Kumar Agarwal |
|
Designation : |
Executive Director and CEO |
|
Date of Birth / Age : |
38 Years |
|
Qualification : |
Electronics Engineer by profession |
|
|
|
|
Name : |
Mr. Jitendra
Kumar Agarwal |
|
Designation : |
Executive Director |
|
Date of Birth / Age : |
36 Years |
|
Qualification : |
Master's degree in Business Administration
(MBA) (Marketing) |
|
|
|
|
Name : |
Wg. Cdr. (Retd.) B. S. Solanki |
|
Designation : |
Director |
|
Date of Birth / Age : |
86 Years |
|
Qualification : |
M.Sc. (Engg.) |
|
|
|
|
Name : |
Mr. Rameshwar Pareek |
|
Designation : |
Director |
|
Date of Birth / Age : |
69 Years |
|
Qualification : |
Master's degree in Economics |
|
|
|
|
Name : |
Mr. Indraj Mal Bhutoria |
|
Designation : |
Director |
|
Date of Birth / Age : |
45 Years |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Dharma Chand Agarwal |
|
Designation : |
Director |
|
Date of Birth / Age : |
08.02.1952 |
|
Qualification : |
Bachelor of Commerce degree |
|
Date of Appointment : |
14.12.2005 |
|
|
|
|
Name : |
Mr. Udit Agarwal |
|
Designation : |
Director |
|
Date of Birth / Age : |
13.05.1973 |
|
Qualification : |
Bachelor of Commerce (Hons.) degree |
|
Date of Appointment : |
24.10.2009 |
|
|
|
|
Name : |
Mr. Naveen Gupta |
|
Designation : |
Additional Director |
|
Date of Birth / Age : |
42 Years |
KEY EXECUTIVES
|
Name : |
Mr. Ankit Jhanjhari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
69195527 |
26.96 |
|
|
60111227 |
23.42 |
|
|
129306754 |
50.39 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
129306754 |
50.39 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
122945 |
0.05 |
|
|
6000 |
0.00 |
|
|
93110 |
0.04 |
|
|
43000 |
0.02 |
|
|
265055 |
0.10 |
|
|
|
|
|
|
21877092 |
8.52 |
|
|
|
|
|
|
24694501 |
9.62 |
|
|
69624444 |
27.13 |
|
|
10858094 |
4.23 |
|
|
1006729 |
0.39 |
|
|
9851365 |
3.84 |
|
|
127054131 |
49.51 |
|
Total Public shareholding (B) |
127319186 |
49.61 |
|
Total (A)+(B) |
256625940 |
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) |
256625940 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
primarily engaged in the business of smart metering solutions, distribution
transformer metering system, smart street lighting system, inverters, on-line
UPS, batteries and transformers and undertaking ‘Engineering, Construction
and Contracts' projects in Power Distribution and Transmission Sector, on
turnkey basis. |
||||||||
|
|
|
||||||||
|
Products : |
Metering Solutions · Residential Meters · Industrial / Substation / Agricultural /Audit Meters · Grid Meters · Group Meters · Special Meters · AMR Solutions · Software - URJA Electricity Management Server Engineering Construction and
Contracts ·
Substation Commissioning · Transmission and Distribution · Electrification · Distribution Transformer Metering · Billing Solution ·
SCADA Solutions ·
Inverters / UPS · Inverters · UPS · Solar products · Batteries Thick Film Hybrid Microcircuits |
GENERAL INFORMATION
|
No. of Employees : |
1800 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG TERM BORROWINGS (1) Term Loan
(ECB i.e. External Commercial Borrowings) of Rs.357.701 millions (Previous Year:
Rs.255.782 millions) is secured by first exclusive charge on the entire fixed
assets of Company’s Jaipur Unit-II situated at Plot No.SP-1-2317,
Ramchandpura, Sitapura extension, Jaipur (Rajasthan) and Haridwar Unit–II
situated at Plot No.9, Sector-2, SIDCUL, Haridwar, (Uttarakhand) including
immovable properties, present and future acquired out of ECB and personal
guarantees of promoter directors. Rupee Term loans of Rs. Nil (Previous Year:
Rs. 5.084 millions) from State Bank of India are secured by equitable
mortgage on all the immovable properties, hypothecation of movable plant and
machinery and other fixed assets of the Haridwar Unit-I of the Company and
second charge on stocks and book debts of the Company and personal guarantee
of some of the Directors of the Company. (2) Vehicle
loans from banks and non-banking financial companies is secured by way of
hypothecation of the vehicles financed by them under the finance scheme. (3) Interest on ECB will be paid at 6 month USD Libor + 280 BPS p.a. payable
quarterly (Libor to be reset quarterly). SHORT TERM
BORROWINGS 1)
Cash credit, working capital loans and foreign currency loans of Rs.2335.771
millions (Previous Year: Rs. 2661.134 millions) under consortium arrangement
from Bank of Baroda, State Bank of India, Punjab National Bank, IDBI Bank
limited, State Bank of Bikaner and Jaipur, Axis Bank, Export Import Bank of
India and State Bank of Mysore are secured by way of hypothecation of stocks
and book debts of the Company, both present and future, on first pari passu
basis, and collateral security by way of 1st Pari-passu charges on the entire
unencumbered fixed assets of the Company and equitable mortgage of properties
on pari-passu basis situated at SPL-3 and SPL-2A, Sitapura, Jaipur and Plot No.12,
Sector-4 , IIE Haridwar and further secured by personal guarantee of some of
the promoter directors and others. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. Khanna and Associates Chartered Accountant |
|
Address : |
G-6, Royal Sundram, Vivekanand Marg, C-Scheme, Jaipur – 302001, Rajasthan, India |
|
|
|
|
Corporate Law Advisor : |
|
|
Name : |
C. M. Bindal and Company Company Secretaries |
|
Address : |
247, Himmat Nagar, Tonk Road, Jaipur-302018, Rajasthan, India |
|
|
|
|
Subsidiaries
(Controlled Special Purpose Entity) : |
Genus Paper and Boards Limited |
|
|
|
|
Associates : |
¨ M.K.J.
Manufacturing Private Limited ¨ Genus Paper
Products Limited ¨ Kailash Coal And
Coke Company Limited ¨ Virtuous Urja
Limited ¨ Genus Electrotech
Limited ¨ Genus Consortium ¨ Greentech Mega
Food Park Private Limited ¨ Maple Natural
Resources Pte. Limited ¨ Virtuous Infra
Limited |
|
|
|
|
Joint venture : |
Genus SA, Brazil |
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise significant influence : |
¨ Genus Innovation
Limited ¨ J C Textiles
Private Limited ¨ Hi-Print
Electromack Private Limited ¨ Genus
International Commodities Limited ¨ Vivekshil
Dealers Private Limited ¨ Jai Narayan
Bajrang Lal Todi Trust |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
181600000 |
Equity Shares |
Rs.1/- each |
Rs.181.600 Millions |
|
504000 |
Redeemable preference shares |
Rs.100/- each |
Rs.50.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.232.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
158906820 |
Equity Shares |
Rs.1/- each |
Rs.158.907 Millions |
|
|
|
|
|
Reconciliation of shares outstanding at the beginning and end of
reporting period
|
Particulars |
31.03.2013 |
|
|
|
No of Shares |
(Rs. In Millions) |
|
At the beginning of the period |
158906820 |
158.907 |
|
Issued during the Period |
-- |
|
|
Outstanding at the end of the period |
158906820 |
158.907 |
Terms/ Rights attached to equity shares
The Company has
only one class of equity shares having par value of Re.1 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 the approval of the shareholders in the ensuing Annual
General Meeting. 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 preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more than 5% share in the Company:
|
Particulars |
31.03.2013 |
|
|
|
Number of Shares
Held |
% holding in
that class of shares |
|
Equity shares: |
|
|
|
Vivekshil Dealers Private Limited |
16846788 |
10.60 |
Shares reserved
for issue under options:
The Company has
reserved issuance of 7945000 (Previous Year: Nil) Equity Shares of Re.1/- each
for offering to eligible employees of the Company under Employees Stock Option
Scheme (ESOS-2012). During the year, the Company has granted 23,97,600
(Previous Year: Nil) stock options to the eligible employees, which includes
18,15,600 stock options at a price of Rs.13.30 per stock option and 5,82,000
stock options at a price of Rs.11.80 per stock option. The said price was the
latest available closing price, prior to the date of the meeting of the
Compensation Committee in which options were granted, on the stock exchange
having higher trading volume. The options would vest over a maximum period of 6
years or such other period as may be decided by the Compensation Committee from
the date of grant based on specified criteria. The compensation committee of
the board evaluates the performance and other criteria of employees and
approves the grant of options. These options vest with employees over a
specified period subject to fulfillment of certain conditions. Upon vesting,
employees are eligible to apply and secure allotment of Company’s shares at a
price determined on the date of grant of options. No shares have been vested as
on March 31, 2013. The annexure to the Directors' Report having disclosures in
respect of ESOS-2012 shall be treated as an annexure to these accounts.
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 |
158.907 |
158.907 |
151.907 |
|
(b) Reserves & Surplus |
4,720.382 |
4,297.062 |
3,525.921 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
33.250 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4,879.289 |
4,455.969 |
3,711.078 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
301.759 |
220.817 |
11.238 |
|
(b) Deferred tax liabilities (Net) |
85.376 |
62.724 |
67.723 |
|
(c) Other long term liabilities |
95.982 |
207.163 |
194.474 |
|
(d) long-term provisions |
126.372 |
111.882 |
112.816 |
|
Total
Non-current Liabilities (3) |
609.489 |
602.586 |
386.251 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,485.779 |
2,960.697 |
2,969.011 |
|
(b) Trade payables |
909.546 |
1,225.001 |
1,220.525 |
|
(c) Other current liabilities |
312.099 |
257.959 |
174.047 |
|
(d) Short-term provisions |
119.349 |
115.761 |
179.782 |
|
Total
Current Liabilities (4) |
3,826.773 |
4,559.418 |
4,543.365 |
|
|
|
|
|
|
TOTAL |
9,315.551 |
9,617.973 |
8,640.694 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
961.665 |
817.956 |
756.469 |
|
(ii) Intangible Assets |
21.437 |
18.417 |
0.000 |
|
(iii) Capital work-in-progress |
174.982 |
191.528 |
104.214 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,096.172 |
880.617 |
849.718 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1,219.506 |
1,091.585 |
526.413 |
|
(e) Other Non-current assets |
8.343 |
8.231 |
17.823 |
|
Total
Non-Current Assets |
3,482.105 |
3,008.334 |
2,254.637 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
11.000 |
|
(b) Inventories |
970.458 |
901.948 |
1,071.962 |
|
(c) Trade receivables |
3,612.155 |
4,352.678 |
3,773.444 |
|
(d) Cash and cash equivalents |
292.185 |
271.149 |
325.206 |
|
(e) Short-term loans and advances |
824.321 |
797.560 |
967.032 |
|
(f) Other current assets |
134.327 |
286.304 |
237.413 |
|
Total
Current Assets |
5,833.446 |
6,609.639 |
6,386.057 |
|
|
|
|
|
|
TOTAL |
9,315.551 |
9,617.973 |
8,640.694 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
6,523.358 |
7,054.814 |
7,141.824 |
|
|
|
Other Income |
89.871 |
10.978 |
22.918 |
|
|
|
TOTAL |
6,613.229 |
7,065.792 |
7,164.742 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
4,484.450 |
4,907.244 |
5,144.097 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
76.685 |
18.795 |
(88.313) |
|
|
|
Employees benefits expense |
528.689 |
425.443 |
409.655 |
|
|
|
Exceptional Item |
(7.576) |
0.000 |
0.000 |
|
|
|
Extraordinary Item |
0.000 |
0.000 |
(63.107) |
|
|
|
Other expenses |
720.332 |
718.051 |
674.279 |
|
|
|
TOTAL |
5,802.580 |
6,069.533 |
6,076.611 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
810.649 |
996.259 |
1,088.131 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
253.653 |
474.473 |
278.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
556.996 |
521.786 |
809.461 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
88.621 |
67.727 |
53.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
468.375 |
454.059 |
755.723 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
22.652 |
(206.941) |
144.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
445.723 |
661.000 |
610.809 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2343.357 |
1701.585 |
1108.549 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Dividends proposed to be distributed to
equity shareholders (Re.0.10 per share) |
15.891 |
15.891 |
15.191 |
|
|
|
Dividends paid to equity shareholders
related to previous year (Re.0.10 per share) |
0.000 |
0.700 |
0.000 |
|
|
|
Tax on Dividend |
2.578 |
2.637 |
2.582 |
|
|
BALANCE CARRIED
TO THE B/S |
2770.611 |
2343.357 |
1701.585 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales (FOB) and services |
156.062 |
48.319 |
41.433 |
|
|
TOTAL EARNINGS |
156.062 |
48.319 |
41.433 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
1933.491 |
1674.249 |
1133.838 |
|
|
|
Capital Goods |
106.086 |
62.540 |
40.115 |
|
|
TOTAL IMPORTS |
2039.577 |
1736.789 |
1173.953 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
2.80 |
4.21 |
3.69 |
|
|
|
- Diluted |
2.80 |
4.16 |
3.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.74
|
9.35 |
8.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.18
|
6.44 |
10.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.82
|
5.31 |
9.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57
|
0.71 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.45 |
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
151.907 |
158.907 |
158.907 |
|
Reserves & Surplus |
3525.921 |
4297.062 |
4720.382 |
|
Money received against share
warrants |
33.250 |
0.000 |
0.000 |
|
Net
worth |
3,711.078 |
4,455.969 |
4,879.289 |
|
|
|
|
|
|
long-term borrowings |
11.238 |
220.817 |
301.759 |
|
Short term borrowings |
2969.011 |
2960.697 |
2485.779 |
|
Total
borrowings |
2,980.249 |
3,181.514 |
2,787.538 |
|
Debt/Equity
ratio |
0.803 |
0.714 |
0.571 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
7,141.824 |
7,054.814 |
6,523.358 |
|
|
|
(1.218) |
(7.533) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
7141.824 |
7054.814 |
6523.358 |
|
Profit |
610.809 |
661.000 |
445.723 |
|
|
8.55% |
9.37% |
6.83% |
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 |
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 LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from financial institution (commercial paper) |
0.000 |
250.000 |
|
Bill discounting and short-term loans |
150.008 |
49.563 |
|
|
|
|
|
Total |
150.008 |
299.563 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10422694 |
20/04/2013 |
150,000,000.00 |
STATE BANK OF PATIALA |
G-3,SURYA PLAZA,K-185/2, NEW FRIENDS COLONY, Delhi - 110025, INDIA |
B74021379 |
|
2 |
10341989 |
22/01/2014 * |
9,000,000,000.00 |
Bank of Baroda (Lead Bank) |
M.I. Road Branch, Jaipur -302001, Rajasthan, INDIA |
B96195268 |
|
3 |
10325914 |
08/11/2011 |
50,000,000.00 |
PUNJAB NATIONAL BANK |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
B28912921 |
|
4 |
10314427 |
05/07/2012 * |
394,362,000.00 |
Bank Of Baroda |
M.I. Road, Jaipur - 302001, Rajasthan, INDIA |
B44244473 |
|
5 |
10249278 |
03/05/2011 * |
45,000,000.00 |
Punjab National Bank |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
B12648408 |
|
6 |
10203076 |
03/05/2011 * |
22,500,000.00 |
Punjab National Bank |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
B12647517 |
|
7 |
10185809 |
28/09/2009 |
3,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI,
MAHARASHTRA - 400013, INDIA |
A73575078 |
|
8 |
80016033 |
07/06/2008 * |
95,000,000.00 |
PUNJAB NATIONAL BANK |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar Pradesh,
India |
A41844333 |
|
9 |
80016032 |
19/03/2013 * |
150,000,000.00 |
PUNJAB NATIONAL BANK |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
B74844234 |
|
10 |
80016035 |
01/05/2013 * |
105,000,000.00 |
PUNJAB NATIONAL BANK |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
B76107523 |
|
11 |
90278032 |
07/06/2008 * |
22,500,000.00 |
PUNJAB NATIONAL BANK |
International Banking Branch, Budh Bazar, Moradabad - 244001, Uttar
Pradesh, India |
A41828054 |
|
12 |
90280439 |
09/09/2013 * |
389,000,000.00 |
STATE BANK OF INDIA |
Specialised Commercial Branch, Civil Lines, Moradabad - 244001, Uttar Pradesh,
India |
B88115712 |
* Date of charge modification
CORPORATE INFORMATION:
Subject is
primarily engaged in the business of smart metering solutions, distribution
transformer metering system, smart street lighting system, inverters, on-line
UPS, batteries and transformers and undertaking ‘Engineering, Construction and
Contracts' projects in Power Distribution and Transmission Sector, on turnkey
basis.
PROFILE OF DIRECTORS
Mr. Ishwar Chand
Agarwal
(Executive
Chairman)
Mr. Ishwar Chand
Agarwal, aged 63 years, is a commerce graduate by profession. He joined Genus
in 1994 with a vision and foresight to understand an opportunity thrown open by
the energy sector. He has been appointed as Managing Director of the Company in
1996 and since then, Genus enjoyed a constant growth under his leadership. He
was one of few industrialists of repute, who early realised the potential of
power transmission and distribution business. It is his vision that Research
and Development will be the lifeline of the Company, which remained the driving
force behind the success achieved by the Company, till date. He is a founder
promoter of progressive and reputed Kailash Group. He ventured into business at
early age and gained a rich and varied experience of more than four decades in
diverse fields and businesses with special attention on strategic planning,
business diversification and development. At Genus, currently, he is Executive
Chairman of the Company. He is one of the promoters of the Company. He is also
the Chairman of Sales Committee, Finance Committee and Restructuring Committee
of the Company. He is also a Director on the Board of Genus Electrotech
Limited, Kailash Coal And Coke Company Limited., Genus Paper Products Limited,
Kailash Industries Limited, Genus Paper and Boards Limited, Virtuous Infra
Limited, Genus International Commodities Limited and Greentech Mega Food Park
Private Limited.
Mr. Kailash
Chandra Agarwal
(Non-Executive
Vice-Chairman)
Mr. Kailash Chandra
Agarwal, aged 42 years, is a Bachelor of Science and possesses rich experience
of budgeting, asset management, investment strategy, corporate finance and
accounting with special focus on maintaining investor relationship. He has a
great ability to provide shrewd guidance and opinion on varied matters. At
Genus, till May, 2013 he was acting as Joint Managing Director (JMD) of the
Company, but due to his increasing responsibility towards his business he left
the position of JMD. He is currently a Non-Executive Vice Chairman of the
Company and also a member of Restructuring Committee of the Company. He has
been instrumental in bringing professional excellence in the Company's
financial management. He is also one of the promoters of the Company. He is the
Managing Director of Genus Paper Products Limited and Virtuous Urja Limited,
and a Director of Kailash Industries Limited, Kailash Coal And Coke Company
Limited, Kailash Vidyut and Ispat Limited, Virtuous Infra Limited, Indo Global
Papers Limited, Genus Paper and Boards Limited, Genus Apparels Limited and
several private limited companies.
Mr. Rajendra Kumar
Agarwal,
(Managing Director
and CEO)
Mr. Rajendra Kumar
Agarwal, aged 38 years, is an Electronics Engineer by profession. He joined
Genus in 2001 and handled multiple responsibilities across various roles at
Genus. Recently, looking at his calibre and proficiency, he has been promoted
as Managing Director and Chief Executive Officer (CEO) of the Company and
entrusted with responsibilities of day-to-day operations, productions
activities, material management, personnel management, financial management and
implementation of Company's plans with all other management functions of the
Company. He is also responsible for formulation of corporate strategy, planning
and policies to ensure smooth functioning and sustainable growth of the
Company. He is also responsible for looking for new business opportunities in
addition to strengthening existing businesses. He is very energetic and focused
about Company's goal with special attention on innovation through consistent R
and D. Over the years, he has gained rich experience in operational management,
risk management and technology development. At Genus, he is member of the Sales
Committee, Restructuring Committee and Finance Committee of the Company. He is
also one of the promoters of the Company.
Mr. Jitendra Kumar
Agarwal
(Executive
Director - Marketing)
Mr. Jitendra Kumar
Agarwal, aged 36 years, holds a Master's degree in Business Administration
(MBA) (Marketing). He has been appointed as Whole-time Director designated as
Executive Director (Marketing) in 2004. A second generation entrepreneur, he
hails from a business family engaged in diversified businesses under the
Kailash Group. He is mainly entrusted with the responsibility of managing sales
functions and developing marketing campaign to promote the Company's
products/services. His function includes branding, marketing, advertising,
liasioning and networking with customers/dealers, organizing events, product
development, distribution, sponsorship, market research, public relations and
other functions related to sales and marketing. Over the period, he has gained
tremendous entrepreneur skills to convert opportunities into business. At
Genus, he is a member of Sales Committee, Restructuring Committee and Finance
Committee of the Company. He is also one of the promoters of the Company. He is
a charter member of TiE, Rajasthan (a global, not-for-profit network of
entrepreneurs and professionals dedicated to the advancement of
entrepreneurship), member of Young Entrepreneurs Organization (YEO), Jaipur,
and member of executive governing council of the 'Indian Electrical and
Electronics Manufacturers Association' (IEEMA). He is also a Director of Genus
International Commodities Limited.
Mr. Indraj Mal
Bhutoria
(Independent
Director)
Mr. Indraj Mal
Bhutoria, aged 45 years, is a graduate with a Bachelor of Commerce degree. He
has functional expertise and experience of over two decades in the business of
coal and coke. He also has industrial exposure of more than 20 years in diverse
fields such as trade policies, marketing strategies, etc. He is Non-Executive and Independent Director of
the Company. He is a Director of Godavari Commodities Limited and several
private limited companies.
Mr. Bhairon Singh Solanki (Wg. Cdr. (Retd.)
(Independent
Director)
Mr. Bhairon Singh
Solanki, aged 86 years, is a true technocrat. He did his M.Sc. (Engg.) from
Cranfield Institute of Technology, Cranfield, Bedfordshire, England (Now
Cranfield University). He has been a well-known and respected personality in
the field of electronics. He has extensively travelled to UK, USA, France,
Sweden, Yugoslavia, Russia and Italy, giving him an opportunity to visit some
of the most renowned energy T and D units in the world and interact with
world's leading enterprises for technology transfer / collaboration. He had
worked in Indian Air Force from 1952 to 1970. During this period he worked in
different fields from teaching to development. He developed the first ever
Early Warning Radar Set while working at No.9 BRD, AF Pune. As Chief Technical
Instructor (Radar), he imparted training and developed an ECM system to
counteract missile guidance radar of the enemy. The President of India awarded
him Vishist Sewa Medal (VSM) for this contribution in 1972. He has worked as
Chief Designer and GM of Hindustan Aeronautics Limited. (HAL) and MD of
Rajasthan Communications Limited. (RCL). At Genus, he is a Non-Executive and
Independent Director of the Company and also a member of Investors' Grievance
Committee, Compensation Committee and Audit Committee of the Company. He is
also the Chairman and Managing Director of Soltronix (Raj) Limited. and a
Director on the Board of Genus Paper Products Limited.
Mr. Rameshwar
Pareek
(Independent
Director)
Mr. Rameshwar
Pareek, aged 69 years, holds a Master's degree in Economics. He brings with him
enriched experience in the field of trade policies, Corporate and Commercial
law, Accounting and Auditing issues of nearly 36 illustrious years. He has been
associated with Rajasthan Financial Corporation, Jaipur and has also served on
deputation to Bureau of Industrial Promotion (BIP), Jaipur. He has been
instrumental in setting high standards of Corporate Governance for the Company
by adopting and adhering to the policies and practices that are ethical and
transparent. At Genus, he is a Non-Executive and Independent Director of the
Company. He is also the Chairman of Audit Committee and Compensation Committee
and a member of Restructuring Committee and Investors' Grievance Committee of
the Company. He is also a Director of Mayur Uniquoters Limited, Genus
Electrotech Limited, Kailash Vidyut and Ispat Limited, K G Petro Chem Limited,
Genus Prime Infra Limited, Genus Paper Products Limited, Virtuous Urja Limited
and Virtuous Infra Limited.
Mr. Dharam Chand
Agarwal
(Independent
Director)
Mr. Dharam Chand
Agarwal, aged 61 years, holds Bachelor of Commerce degree. He is an eminent businessman
and has vast experience and proficiency in business management with a strong
background in financial arenas. With great entrepreneur skills, he has made his
mark in the business of Timber and Plywood in India. He is a Non-Executive and
Independent Director of the Company and also the Chairman of the Investors'
Grievance Committee and Compensation Committee and a member of the Audit
Committee of the Company. He is also a director on the Board of Genus Prime
Infra Limited.
Mr. Naveen Gupta
(Independent
Director)
Mr. Naveen Gupta,
aged 42 years, is a well-known name in Indian Education space specifically in
North India. At a very early age, he took up the mantle of leading the IEC
Group, a software education conglomerate. About a decade ago, he then took
initiative to educate young India and foray into the formal education and
opened colleges with name IEC Group of Institutions. He has expertise in
Personal Relations, Franchise operations, Business/Administration and
Management Acknowledged as a visionary by his peers, Mr. Navin Gupta has been a
man ahead of his times. Anticipating the future growth, he has spearheaded
several paths – breaking education sector trends and initiatives. He has been
conferred with the Honorary Doctorate Degree by LTSNU, Ukraine. He is awarded
with Doctorate of Science and Doctorate of Tourism and Information Technology
by LTSNU, Ukraine for his contribution to these sectors. He is a Non-Executive
and Independent Director of the Company. He is also a Director on the Boards of
IEC Education Limited, IEC Leasing and Capital Management Limited, IEC Learning
and Management Limited, IEC Education and Infrastructure Limited and several
private limited companies.
Mr. Udit Agarwal
(Independent
Director)
Mr. Udit Agarwal,
aged 40 years, holds Bachelor of Commerce (Hons.) degree. He belongs to a
reputed business house 'Saran Group' and has over one and a half decade
experience in the development and exports of handicraft items. He is a young
and energetic businessman with strong ability to provide insightful analysis
and recommendations. He is a Non-Executive and Independent Director of the
Company. He is also a director on the Board of Virtuous Urja Limited.
REVIEW OF
FINANCIAL PERFORMANCE
In 2012-13, India
witnessed sharp slowdown in GDP growth. Industrial activities across all
sectors of economy of the country remained subdued. The power sector also
underperformed mainly because of governments low spending and mounting AT and C
losses of power discoms. This has also impacted the industries connected to
power transmission and distribution sectors. However, Genus remained capable to
deliver sustainable performance on the back of their founding principles of
hard work and excellence in everything they act upon.
During the year
the income from operations of the Company was Rs.6697.030 millions against
Rs.7172.914 millions in the previous year, registering a slight decline of
6.63%. The low spending of power discoms on strengthening the existing T and D
infrastructure including metering systems due to their poor financial health
owing to high AT and C losses, contributed mainly to this slight fall in sales
of the Company. However, this situation is likely to improve on account of the
government's initiatives for constant power reforms. Going forward, recently,
the government has announced a scheme for Financial Restructuring of State
Distribution Companies, to improve the financial health of SEBs so that these
companies can spend more and participate aggressively in the ongoing power sector's
reforms.
The Company's net
profit slumped nearly 32 per cent to Rs. 445.700 millions from Rs.661.000
millions in the previous year due to recognition of unutilized MAT credit of
Rs. 204.700 millions in the previous year. During the year, their export sales
increased to Rs.156.062 millions from Rs.48.319 millions in previous year due
to their increased focus on export through specific business strategy, mainly
to focus on untapped overseas markets.
During the year,
the Company was able to reduce its finance cost to Rs.253.657 millions as
compared to Rs.474.473 millions in the previous year. This reduction in finance
cost has positive impact on Company's bottom line. The Company has reduced
leveraging (debts) and reshuffled its high cost bearing borrowings.
The operating
profit (EBITDA) for the year went down to Rs.803.073 millions from Rs.996.259
millions in previous year, mainly due to decline in sales and higher employee
compensation cost. The higher employee compensation expenses were mainly due to
annual salary increases and aggressive recruitments to support the Company's
growing business plans.
The basic earnings
per share (EPS) (before extraordinary items) for the year ended March 31, 2013
was Rs. 2.77 as against Rs. 4.21 in the previous year. The basic EPS (after
extraordinary items) for the year ended March 31, 2012 was Rs. 2.80 as against
Rs. 4.21 in the previous year.
At the end of
financial year 2012-13, the net worth of the Company increased to Rs.4879.289
millions as compared to net worth of Rs. 4455.969 millions at the end of FY
2011-12. The book value per share having face value of Re.1/- increased to Rs.
30.71 as at 31.03.2013 from Rs. 28.04 as at 31.03.2012
During the year,
the Company has written off demurrages, deductions and bad debts of Rs.172.830
millions, which mainly represent various deductions, including liquidated
damages, made by indenting agencies, pursuant to the terms of contracts of
supplies.
As the Company's subsidiary has not undertaken any commercial activity
since its inception, there was no income or profit/loss during the year.
MAJOR EVENTS
(i) New
Manufacturing Unit at Ramchandrapura
The commercial
production at newly constructed manufacturing unit at Ramchandrapura, Jaipur,
which was scheduled to begin in March, 2013, has been delayed due to delay in
getting subsidy approval from Department of Electronics and Information
Technology, Government of India and some other unavoidabl external reasons. The
commercial production at the said unit is expected to start in March, 2014.
(ii) Scheme of
Arrangement
The Scheme of
Arrangement (the “Scheme”), which provides for the amalgamation of 'Genus Paper
Products Limited (“GPPL”) into Subject and demerger of 'Non Power
Infrastructure Undertaking /Business' of Subject into Genus Paper and Boards
Limited (the Resulting Company) after getting all clearances from the Board of
Directors and all stakeholders/ creditors has been filed with the High Court of
Judicature at Allahabad. The matter is now before the Hon'ble High Court of
Judicature at Allahabad, for its approval to the Scheme.
As per the
aforesaid Scheme of Arrangement, in case of merger, 24 (twenty four) equity
shares of Re.1 each of GPIL will be given for every 100 (hundred) equity shares
of Re.1 each of GPPL. And in case of demerger, 1 (one) equity share of Re.1
each of the Resulting Company will be given for every 1 (one) equity share of
Re.1 each of GPIL in addition to existing shareholding of GPIL. The new equity
shares of the Resulting Company will be listed on the concerned stock
exchanges, subject to applicable procedures and approvals. This restructuring
exercise would help the Company to become a pure power infrastructure company
and will result in creation of a simplified and linear entity structure for
housing the distinct businesses. This restructuring proposal would result in
enhancement of shareholder value leading to operational efficiencies and
synergies and facilitate the management of the each company to vigorously
pursue growth and expansion opportunities.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC REVIEW:
During the year,
the Indian economy continued to be under stain. It witnessed its one of the
worst slowdowns, where GDP growth decelerated to 5 per cent as compared to
6.20% in the previous fiscal on the back of miserable performance by almost all
sectors of the economy. The global headwinds coupled with the Indian
government's tight monetary policy owing to inflationary pressures, and the low
spending on infrastructure also contributed to the slowdown of Indian economy.
Despite all the challenges it has faced, the Indian economy has shown
astonishing resilience to this economic downturn as compared to other emerging
economies in the world. India's strong fundamentals, constant domestic demand
and its fast adaptability restricted the slide in GDP growth to just 5 per
cent.
However, to emerge
as one of the fastest growing nations in the world, India needs to have
well-defined and liberalized economic policies and most importantly needs their
effective implementation and administration. Moreover, India needs long term
capital to invest in ameliorated infrastructure as the pace of Indian economy
is largely driven by the growth of the infrastructure sector.
Realizing this, recently
the government took some concrete actions to stabilize the economy. The actions
include the measures taken to reduce subsidies to lower the fiscal deficit,
liberalize the FDI policy to attract foreign direct investment (FDI), and plan
to spend US$ 1 trillion by the end of the 12th Five Year Plan. Coupled with
lower inflation and interest rate cuts by the RBI, they expect the strong
resurgence of economy from the current level.
POWER SECTOR –
REVIEW AND OUTLOOK:
The Power sector,
being one of the most critical part of Indian infrastructure sector, is very
crucial to the country's growth aspirations. Though the Indian power sector has
witnessed a healthy growth in last few decades, it is not being able to meet
the electricity demand of the country. Indian power sector is facing many
challenges such as shortage of fuel, weak financial health of power
distribution companies, obstacles in land acquisition and forest clearances,
among others.
During the year
2012-13, the overall power generation capacity of the country increased by
20623 MW. With this, the total installed generation capacity of India reached
at 223344 MW. During the year, total electricity generation has been 911652 MU,
which is slightly short of the target of 930000 MU. By the end of this
financial year, more than 5.60 lacs villages have been electrified. However,
India continued to face power deficit (peak deficit at around 9.0% and energy
deficit at around 8.7%) due to growing energy demand and slippages in
electricity generation. Furthermore, the low per capita power consumption in
the country, which is one of the lowest in the world, remained a concern for
growth of this sector. As per the estimates by experts, considering the future
GDP growth, India's energy demand is likely to increase almost four times by
2030. This has compelled the power sector to scale up its power generation
capacity and improve the quality and reliability of power supply to end-users.
It is noteworthy
that the government has started to address the issues throttling the sector and
trying to put an appropriate mechanism through its policies, reform programmers
and budgetary allocations. Going forward, with the government focusing to
redress the problems of this sector, they believe that the power sector would meet
the country's aspirations.
POWER TRANSMISSION
and DISTRIBUTION SECTOR - REVIEW AND OUTLOOK:
Power Transmission
and Distribution segment is undoubtedly the backbone of the whole power supply
system. In recent years, after a long ignorance, India has seen an increase in
the awareness towards more effective and cost-efficient Power Transmission and
Distribution (T and D) infrastructure. However, the high T and D loss remains
one of the key challenges to the growth of Indian Power Sector. A major portion
of electricity generation is being lost in transmission and distribution
process. The main causes of T and D losses include inefficient use of
electricity, power theft, unauthorized connections and lack of use of
technology. The average annual aggregate technical and commercial (AT and C)
losses are estimated to be near 30 per cent. To curtail such high rate of T and
D losses and to meet the current and future demands of the power sector, the T
and D sector needs the matching investment and attention with the power
generation. The sector needs to focus on strengthening of the existing
networks, replacement of obsolete infrastructure with high-end technology and
development of new systems. Recognizing the importance of this sector, the
Government has embarked on aggressive expansion of the T and D infrastructure
to matchup with power generation capacity addition. Additionally, the
government has been targeting to bring down the AT and C losses through its
policies, power reform programme and higher budgetary allocations.
Over the last few
years, the sector has experienced a notable growth. As per the CEA reports, by
the end of March, 2013, 118180 ckm transmission lines of 400kV and 140517 ckm
transmission lines of 220kV have been added from mere 6029 ckm and 46005 ckm,
respectively at the end of 6th Plan. 167822 MVA Substations of 400 kV and
242894 MVA Sub-stations of 220 kV have been commissioned from mere 9330 MVA and
37291 respectively at the end of 6th Plan.
With the rising
demand of power, high T and D losses and increased participation of private
sector, the sector is poised for a big leap and opens up tremendous business
opportunities for T and D equipment industry. India's T and D equipment
industry also seems ready to cater the demand of today's T and D sector with a
wide range of high-end equipment’s from transmission line towers, transformers
to energy meters.
ELECTRONIC ENERGY
METER INDUSTRY- REVIEW AND OUTLOOK:
In electricity
supply system, distribution and retail supply of electricity remain the most
crucial facets, which deal with the end-customers and generate revenue for the
entire value chain. Distribution of electricity in India is largely operated by
states, which continues to suffer high aggregate technical and commercial
(ATandC) losses mainly due to theft and pilferage of electricity and inadequate
metering in distribution and supply process.
Here, mainly in
distribution and retail supply of electricity, Energy Metering has a very
critical role. It identifies electricity use trends and accurately measures the
supply of electricity. It is a great source of gathering meaningful data,
analyses and identifies the weak areas of operations. It is helping a lot in
reducing errors in billings and thus reducing T and D losses and improving the
financial performance of the distribution utilities.
Initially,
electro-mechanical meters were common to the market, but due to their
inefficiency in providing other useful information to support in
detection/protection of theft/pilferage, flexible tariffs, etc., Electronic
Energy Meters came into existence. Today's electronic energy meter is very
smart and is capable of providing revenue protection features by using smart
sensors and storing useful information into the meter memory. These smart
meters are also having Time-of-Day / Time-of-Use based tariff support along
with communication capabilities so that these can be read locally or remotely
by relevant communication devices so that the meter reading data can be
analyzed and proper billing can be done by the Utility. Prepaid meter, a kind
of smart meter, facilitates the utilities in upfront collection of revenue and
thereby assists in reduction of bad debts and cost of billing. It offers better
load/demand management and improves energy conservation and revenue collection.
It also helps the end-user in budgeting and efficient use of available energy.
Since inception,
Indian energy metering industry has come a long way and has performed strongly during
this journey. The production capacity of energy meters in India has reached at
around 30 million. Today, the manufacturers are providing a large variety of
smart metering solutions for the power sector. New technologies are being
introduced to meet the need of future power sector.
However, to
support the T and D sector and the government initiatives to improve
distribution through its various reform programmes / policies, such as
Restructured Accelerated Power Development and Reforms Programmer (R APDRP),
Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY), government stipulation to use
electronic energy meters only, etc., and to meet the needs of the growing
housing sector, it is imperative that the metering industry sustains a high
rate of growth and responds to change effectively.
GENUS' KEY
BUSINESS AREAS - REVIEW, OUTLOOK AND OPPORTUNITY:
Genus business
areas are broadly summarized under its following business divisions:
(A). METERING
SOLUTIONS:
(i) REVIEW AND OUTLOOK:
Genus has a series
of smart metering solutions, meeting the needs of growing power transmission
and distribution sector in India as well as abroad and is continuously
extending its portfolio to address the latest requirements of the sector in a
rapidly changing marketplace.
With its
unsurpassed technical know-how, decades of experience and in-house RandD, Genus
is uniquely positioned amongst others to offer smart, customized,
comprehensible, reliable and cost-effective metering solutions to its
customers.
The core of
metering business comes from government state electricity boards and private
utilities. Genus's widespread and unique smart metering solutions target the
most critical facet of Power Utilities, i.e. accurate billing and prevention of
theft of electricity, and thereby improve their financial position. It makes
Genus, a top choice among Power Utilities in India. Genus's clients include
almost all the leading utilities like NTPC, Tata Power, CESC, Reliance, Torrent
Power, NHPC, Power Grid Corporation, etc. and almost all the State Electricity
Boards (SEBs) in India. Additionally Genus has distributors in some of the
state capitals and cities to supply meters for open market and C and I
(Commercial and Industrial) segment. More than 80 per cent of the clients,
Genus has served over the past 18 years, are still with it, showing its
unfailing reliability and a testimony of high standards of technological
excellence.
With successful
installation of millions of meters across the country, Genus already is an
established brand in India with its presence since 1995 providing a
comprehensive range of modern energy metering hardware with proprietary
software to build smart solutions for the smart new world. Its product/service
range includes IT enabled-tamperproof-multifunctional-smart metering solutions
such as Residential Single Phase and Three Phase Energy Meters, Industrial
Meters, ABT Compliant Grid and Sub-Station Meters, Agricultural Meters, Audit
Meters, Group Meters (Low Voltage/High Voltage Distribution System), Prepayment
Electricity Meters, Distribution Transformer (DT) Meters, Portable Reference
Meters, Feeder Monitoring and Management Systems, Smart Street Light Management
Systems, Comprehensive Billing and Meter Data Management Software,
RF/PLCC/GSM/GPRS Modems using AMR techniques and Electricity Management Server.
Genus 'Advanced Metering infrastructure' (AMI) is combination of the electronic
meters with two-way communication technology and data system for information,
monitor, and control.
Genus has complete
forward and backward integration facility to carry out manufacturing of meters
in-house. Genus has number of fully automatic meter test benches, which perform
meter tests quickly, efficiently and extremely accurately, fulfilling
tomorrow's test requirements today. Its automated software keeps information of
all the meters tested with their results. It enables Genus to deliver zero
defect products to its customer and is instrumental in getting repetitive
orders from them. As strategic backward integration measures, Genus has a full
fledged world-class Tool room for making dies and moulds with advanced CAD/CAM
software, CNC machines and Injection Moulding machines. A qualified team of
product designers having rich experience in die and mould design has enabled
Genus to gain mastery over meter casing and associated plastic parts. The
backward integration measures have helped Genus to assured quality and timely
delivery while making available its products at competitive rates. All these
state-of the-art machinery/process adds up to arm Genus with the unique
capability to match global quality.
Genus flawlessly
weaves in-house capabilities with its state-of-the-art manufacturing
facilities, in-house R and D facility, world class tool room and a team of
highly talented engineers/technicians through its winning business strategy,
encompassing the entire spectrum from engineering, manufacturing to maintenance
of its products. Genus continues to focus on delivering newer solutions at a
very competitive rate, aiming to be continuing the most preferred choice of the
power utilities.
Again this year,
Metering Solution Division performed exceptionally well and paved the way for
the growth of Company. Genus has been successful in manufacturing and
installation of around 39 lacs meters, this year. The division has successfully
endeavored to provide single point solutions to cater to a growing demand for
both conventional and as well as supercritical IT enabled metering applications
mainly on the back of the Company's in-house R and D facility, which is
recognized by the Ministry of Science and Technology, Government of India and
accredited by National Accreditation Body for Testing Labs 'NABL'.
Considering that
aspirations of growing power sector especially TandD sector can be met only if
the Indian electrical equipment industry continues to grow at a fast and
sustained pace, Genus continues to strengthen and expand its capacity and
competitiveness to meet the current and future demands of innovative and
economical products range suitable for diverse multifarious applications. Going
forward, Genus is set to witness an exponential growth from this division.
(B) ENGINEERING,
CONSTRUCTIONS AND CONTRACTS ('ECC') IN POWER SECTOR:
REVIEW AND
OUTLOOK:
Fueled by decades of
rich experience of serving discoms, Genus brings to power T and D sector
reliable, cost-effective and environment friendly turnkey solutions through its
fully dedicated division to Engineering, Constructions and Contracts ('ECC')
projects. Even though there are many inherent challenges in this field, Genus
has been able to complete successfully many ECC projects on turnkey basis
across the country. With significant EPC experience and proven expertise in
reducing T and D losses, Genus is now one of the most trusted names in this
field.
As India's power
sector desperately needs technologically advanced T and D infrastructures in
the current rapidly changing socio-economic scenario, Genus is constantly
strengthening its footholds in this field by offering highly integrated
advanced infrastructures to meet the growing demand of the sector. Genus ECC
division has responded to the sector needs and is offering superior quality
equipment’s to reduce transmission losses and improve security. It undertakes
microlevel planning for project execution. Its focus is on providing the most
economical turnkey solutions, through its in-house R and D, a qualified pool of
suppliers to minimise the procurement lead-time and a team of local experienced
engineers, supervisory personnel, field staff and experienced subcontractors.
Genus ECC division
executes turnkey projects of rural/urban electrification under the government's
scheme such as RGGVY, R-APDRP, etc., which covers design, survey, supply,
erection, testing, installation and commissioning of transmission lines and/or
substations and/or towers. It also undertakes the project of capacity
augmentation, renovation and modernization of existing transmission lines
and/or substations with its reliable, secured and integrated solutions /
equipment’s, aimed at improving the overall performance and reliability of
power TandD system. It also undertakes turnkey projects of providing
electricity connections to residential, commercial and agriculture consumers.
It also handles the accounting and auditing of power distribution/consumption
at all levels and monitors power distribution billing using AMR/AMI technology.
It also offers daily operation management services and maintenance services for
the entire T and D network. It also undertakes high voltage and low voltage
distribution systems projects in India.
During 2012-13,
the Company has successfully completed several transmission lines and/or
substations and/or rural electrification projects. These include 33/11kV
substations with associated transmission lines for NHPC in Champaran (Bihar),
33/11kV and 11/0.4 kV substations renovation and modernization on turnkey basis
under APDRP for UPPCL in Uttar Pradesh and rural electricity infrastructure and
household electrification under RGGVY scheme for JVVNL in Rajasthan.
Currently, Genus
is engaged in various transmission line and/or substation and/or rural
electrification projects. These include 132/33 kV GSS and 132 kV three phase
D/C transmission lines for JSEB, Ranchi (Jharkhand), 33/11 kV substation, sub
transmission and distribution system under Rural Electricity Distribution
Backbone-REDB-I scheme for WBSEDCL, REDB (West Bengal) and rural electricity
infrastructure and household electrification under RGGVY-II for WBSEDCL, Malda
(West Bengal).
During the year ,
Genus continued to focus on selective participation in projects that can
contribute to profitable growth of the Company. Recently, the Company has
received projects for system improvement, strengthening and augmentation of
distribution system for bringing down AC and T losses and improved quality of
supply under R-APDRP for UPCL, Dehradun (Uttarakhand), supply of towers and
complete erection, testing and commissioning of Gwalior-II. (220kV) -
Hastinapur 132kV DCSS transmission line for MPPTCL, Jabalpur (M.P.) and
construction of 220 kV DCSS Transmission Lines for KPTCL, Bangalore
(Karnataka).
Going forward,
Genus has delineated an ambitious plan to take a big leap in this field in line
with the growth of power sector with a focus on delivering its technological
excellence for reducing T and D losses and improving overall performance of the
sector.
(C). POWER BACKUP SOLUTIONS:
REVIEW AND
OUTLOOK:
Genus offers one of
the most comprehensive range of smart, compact, simpler and safe power backup
solutions to cater to a growing demand of energy efficient solution for
bridging the electricity demand supply gap. Its highly integrated offering
comprises a variety of power backup solution packages for virtually all types
of consumers according to their needs. With its comprehensive and unique
portfolio, Genus has established itself as one of the leading providers of
integrated power backup solutions in India as well as abroad to bring
dependable power. Backed by devoted in-house R and D facility for power backup
solutions and a team of engineers, Genus ensures that more secured,
energy-efficient and smart solutions are provided to its customers, which work
efficiently to the entire customer satisfaction.
Genus
comprehensive range of Inverter, Home UPS, Online UPS, Solar Hybrid Inverter,
Solar Hybrid UPS (from 600VA to 60 KVA) and Batteries (from 135 Ah@C20 to 200
Ah@C20) with cutting-edge technology, meets international standards of
excellence and delivers efficient and reliable solutions, whatever be the
application. Genus proven range of solutions is backed by assured life-cycle
support with 24X7 customer care center, which increases the confidence of
customers.
Enriched with the
energy-saving Sine Wave technology and ASIC (Auto Sense Intelligent Control)
technology, Genus solutions answer to high aesthetics needs of smarter and
demanding customers. These technologies significantly improve performance and
life of batteries as well as the products.
Genus leverages
its expertise and proprietary technologies to high capacity power backup
solutions and provides a much superior alternative to Gensets, which allow air
conditioners and other high load capacity appliances continue to function
safely during power cuts.
Taking the
advantage of vast experience and expertise in providing electronics and power
backup solutions, Genus has also developed smart solar solutions for the
residential, commercial and industrial consumers. Genus Solar Hybrid Inverter
and Solar Hybrid UPS are integral to its solar solutions business strategy.
With a team of highly talented engineers working at R and D lab, Genus is
continuously working on invention and development of the solutions for tomorrow.
Their geographical
reach, deep understanding of potential market segments and skill to cater to
innovative demands of customers across the world, contributed significantly to
Genus becoming the leading choice of discerning customers, worldwide.
Knowing the
significance of branding and advertisement in consumable segment, Genus has
taken a progressive step and made iconic Bollywood actor Shahrukh Khan as its
brand ambassador, as a part of its marketing strategy. The Company is using
aggressively TV commercials in addition to other conventional means of
advertisement to reach to customer in a more effective manner. Genus believes
that it is one of the most trusted ways to communicate the real information
about the business and product to the market. The Company has also unveiled its
new logo to bring freshness in its corporate identity. The Company is confident
that these steps will drive sales by attracting new customers, improve product
reliability, enhance its brand value and give a strategic position in the
market, and eventually lead to increased profit.
FIXED ASSETS
v Land
v Building
v Plant and Machinery
v Wind Power Project
v Dies and moulds
v Furniture and Fixtures
v Vehicles
v Office Equipments
v Computers
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS
ENDED 31.12.2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
|
1 |
Income from
Operations |
1805.909 |
2105.184 |
5679.033 |
|
|
Less: Excise Duty |
49.763 |
56.578 |
146.267 |
|
(a) |
Net Sales / Income from Operations (Net of excise duty) |
1756.146 |
2048.606 |
5532.766 |
|
(b) |
Other Operating Income |
(11.238) |
16.576 |
9.082 |
|
|
Total income from
Operations (net) |
1744.908 |
2065.182 |
5541.848 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Materials consumed |
1171.373 |
1094.472 |
3685.612 |
|
|
b) Purchase of stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
0.080 |
241.977 |
(63.918) |
|
|
d) Employee benefits expense |
136.622 |
155.464 |
438.620 |
|
|
e) Depreciation & amortisation expense |
27.022 |
26.719 |
79.031 |
|
|
f) Other Expenses |
140.365 |
209.683 |
570.074 |
|
|
Total Expenses |
1475.462 |
1728.315 |
4709.419 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
269.446 |
336.867 |
832.429 |
|
4 |
Other Income |
-- |
-- |
-- |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
269.446 |
336.867 |
832.429 |
|
6 |
Finance Costs |
131.030 |
89.896 |
377.988 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items (5 -
6) |
138.416 |
246.971 |
454.441 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
138.416 |
246.971 |
454.441 |
|
10 |
Tax expense (including deferred tax and MAT credit) |
26.612 |
36.454 |
67.166 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 - 10) |
111.804 |
210.517 |
387.275 |
|
12 |
Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
111.804 |
210.517 |
387.275 |
|
14 |
Paid-up equity share capital (Face Value of Re.1/- each) |
256.626 |
158.907 |
256.626 |
|
15 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 (i) |
Earnings Per Share (before extraordinary items) (of Re.1/- each) (not annualised) (Amount in Rs.) |
|
|
|
|
|
(a) Basic |
0.77 |
1.32 |
2.66 |
|
|
(b) Diluted |
0.76 |
1.31 |
2.63 |
|
16 (ii) |
Earnings Per Share (after extraordinary items) (of Re.1/- each) (not annualised) (Amount in Rs.) |
|
|
|
|
|
(a) Basic |
0.77 |
1.32 |
2.66 |
|
|
(b) Diluted |
0.76 |
1.31 |
2.63 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
127319186 |
81272200 |
127319186 |
|
|
- Percentage of shareholding |
49.61 |
51.15 |
49.61 |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
|
Number of Shares |
1100000 |
1100000 |
1100000 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.85 |
1.42 |
0.85 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
0.43 |
0.69 |
0.43 |
|
|
b) Non-Encumbered |
|
|
|
|
|
Number of Shares |
128206754 |
76534620 |
128206754 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
99.15 |
98.58 |
99.15 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
49.96 |
48.16 |
49.96 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 31.12.2013 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE:
- The above results were reviewed by the
Audit Committee and taken on record by the Board of Directors in its
meeting held on February 08, 2014.
- The Statutory Auditors of the Company have
carried out a Limited Review of the above financial results for the
quarter ended 31.12.2013.
- The Board reviewed the total order book
position of worth Rs.7610.000 millions. The Company has already
participated in tenders of more than worth Rs. 29000.000 millions.
- Finance costs include forex fluctuation
loss of Rs. (2.08) crore for the quarter and Rs.158.700 millions up to the
quarter against Rs. 30.700 millions in the corresponding previous period.
- Consumption of raw material includes
goods purchased for Engineering, Construction and Contracts (Power
Projects) Division
- During the quarter under review, the
Company has issued and allotted 97719120 equity shares of Re.1/- each
fully paid-up, pursuant to the Scheme of Arrangement duly sanctioned by the Hon'ble High Court of Allahabad.
- Figures of previous period(s)/year(s)
have been regrouped/rearranged, wherever necessary.
- The Company is primarily engaged in
business of 'Electricity Metering Solutions', 'Engineering, Construction
and Contracts (Power Projects)' and 'Power Backup including Solar
Solutions’ therefore, the figures shown above relate to Power segment
CMT REPORT (Corruption, Money Laundering and 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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
47 |
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 and 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.