MIRA INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
REXNORD ELECTRONICS AND CONTROLS LIMITED (w.e.f. 15th April, 1994) |
|
|
|
|
Formerly Known
As : |
REXNORD ELECTRONICS AND CONTROLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
92-D, Government
Industrial Estate, Charkop, Kandivli (West), Mumbai – 400 067, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-047946 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.64.803
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200MH1988PLC047946 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14046E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR2920H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Sale of Instrument Cooling Fans and
Shaded Pole Motors used for Industrial Purposes. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-39911800)
LOCATIONS
|
Registered Office/ Head Office : |
92-D, Government
Industrial Estate, Charkop, Kandivli (West), Mumbai – 400 067, |
|
Tel. No.: |
91-22-28683087 / 28684715 / 28686088 / 39911800 / 91 - 99 |
|
Fax No.: |
91-22-28687784 |
|
E-Mail : |
sales@rexnordindia.com
(Local
Sales) exports@rexnordindia.com
(Export
Sales) |
|
Website : |
|
|
|
|
|
Factory 1 : |
Unit No.12-15, |
|
|
|
|
Factory 2 : |
62, 74, 75, 20, Village Davdal, Opposite Sagar Hotel, Kaman,
Village-Devdal, Taluka-Vasai, District Thane, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kishorechand Kewalkishore Talwar |
|
Designation : |
Chairman and Managing Director |
|
Address : |
802, Beach Classic, |
|
Date of Birth/Age : |
03.04.1953 |
|
Qualification : |
BA |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AADPT0178P |
|
DIN No.: |
00351751 |
|
|
|
|
Name : |
Ms. Nainy Kishorechand Talwar |
|
Designation : |
Whole-Time Director |
|
Address : |
802, Beach Classic, |
|
Date of Birth/Age : |
24.09.1981 |
|
Qualification : |
M. Com., M.B.A in
Marketing from NMIMS, Diploma in Import and Export |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
ADFPT8904Q |
|
DIN No.: |
00351762 |
|
|
|
|
Name : |
Mr. Ram Sanehi |
|
Designation : |
Director |
|
Address : |
GH-14/166, Paschim Vihar, |
|
Date of Birth/Age : |
14.02.1938 |
|
Qualification : |
MA Sociology |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02992889 |
|
|
|
|
Name : |
Mr. Ayyaswami Sundaram |
|
Designation : |
Director |
|
Address : |
9, Sheetal
Apartment, Maldani, Jain Parijat Nagar, Guruprasad, |
|
Date of Birth/Age : |
18.01.1961 |
|
Qualification : |
MSC in Physics |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02997721 |
KEY EXECUTIVES
|
Name : |
Mr. Debabrata Guha Chaudhury |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3011800 |
46.47 |
|
|
3011800 |
46.47 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3011800 |
46.47 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2000 |
0.03 |
|
|
2000 |
0.03 |
|
|
|
|
|
|
190525 |
2.94 |
|
|
|
|
|
|
1560374 |
24.08 |
|
|
1402486 |
21.64 |
|
|
314015 |
4.85 |
|
|
12000 |
0.19 |
|
|
300000 |
4.63 |
|
|
2015 |
0.03 |
|
|
3467400 |
53.50 |
|
Total Public shareholding (B) |
3469400 |
53.53 |
|
Total (A)+(B) |
6481200 |
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) |
6481200 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
|
|
Kishore Chand Talwar |
18,52,000 |
28.57 |
|
Sharda Talwar |
6,17,600 |
9.53 |
|
Nainy Kunal Tanna |
3,62,200 |
5.59 |
|
Kundan Talwar |
1,80,000 |
2.78 |
|
Total |
30,11,800 |
46.47 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of Shares |
|
|
Cosmos Trading Limited |
300000 |
4.63 |
|
|
Sitadevi Ravishankar Rathi |
204079 |
3.15 |
|
|
S Sathya |
229580 |
3.54 |
|
|
Sangeetha S |
316670 |
4.89 |
|
|
Savitha S |
101590 |
1.57 |
|
|
Champalal B Bhansali |
69200 |
1.07 |
|
|
Total |
1221119 |
18.84 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Instrument Cooling Fans and
Shaded Pole Motors used for Industrial Purposes. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||
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Bankers : |
¨ HDFC Bank
Limited ¨ Development
Credit Bank Limited ¨ Bank
of Baroda |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.S. Agrawal and Associates Chartered Accountants |
|
Address : |
20, Kanu Bhawan
, 2nd Floor, 22/24, Chewool Wadi, Dr. M.B. Velkar Street Mumbai –
400 002, |
|
PAN
No. : |
AAAFR5770L |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6481200 |
Equity Shares |
Rs.10/- each |
Rs.64.812
Millions |
|
|
Less: Calls in
arrears by other |
|
Rs.0.009
Million |
|
|
|
|
|
|
|
Total |
|
Rs.64.803 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
64.803 |
64.803 |
64.803 |
|
(b) Reserves & Surplus |
59.357 |
39.845 |
25.761 |
|
(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) |
124.160 |
104.648 |
90.564 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28.346 |
41.950 |
38.227 |
|
(b) Deferred tax liabilities (Net) |
8.219 |
6.523 |
4.724 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.054 |
0.725 |
0.620 |
|
Total Non-current Liabilities (3) |
37.619 |
49.198 |
43.571 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
41.577 |
38.255 |
42.073 |
|
(b) Trade payables |
75.590 |
56.841 |
41.137 |
|
(c) Other current
liabilities |
25.360 |
25.905 |
25.520 |
|
(d) Short-term provisions |
0.443 |
1.266 |
0.497 |
|
Total Current Liabilities (4) |
142.970 |
122.267 |
109.227 |
|
|
|
|
|
|
TOTAL |
304.749 |
276.113 |
243.362 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
144.396 |
137.679 |
137.943 |
|
(ii) Intangible Assets |
0.755 |
0.074 |
0.052 |
|
(iii) Capital
work-in-progress |
0.000 |
0.413 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.113 |
1.601 |
2.404 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
3.683 |
|
Total Non-Current Assets |
146.264 |
139.767 |
144.082 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
71.476 |
71.085 |
41.002 |
|
(c) Trade receivables |
42.028 |
49.475 |
40.848 |
|
(d) Cash and cash
equivalents |
40.003 |
10.450 |
9.608 |
|
(e) Short-term loans and
advances |
4.704 |
4.931 |
7.578 |
|
(f) Other current assets |
0.274 |
0.405 |
0.244 |
|
Total Current Assets |
158.485 |
136.346 |
99.280 |
|
|
|
|
|
|
TOTAL |
304.749 |
276.113 |
243.362 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
399.924 |
305.244 |
270.800 |
|
|
|
Other Income |
1.070 |
1.373 |
1.862 |
|
|
|
TOTAL |
400.994 |
306.617 |
272.662 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
229.558 |
176.110 |
149.021 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.068 |
(12.940) |
5.858 |
|
|
|
Employees benefits expense |
23.793 |
12.543 |
12.008 |
|
|
|
Exceptional Item |
(5.498) |
0.000 |
0.000 |
|
|
|
Other expenses |
99.914 |
87.553 |
74.597 |
|
|
|
TOTAL |
347.835 |
263.266 |
241.484 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
53.159 |
43.351 |
31.178 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
14.548 |
13.335 |
12.413 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.611 |
30.016 |
18.765 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.572 |
9.040 |
6.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
29.039 |
20.976 |
12.670 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.527 |
6.892 |
4.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
19.512 |
14.084 |
8.114 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports realised |
53.620 |
41.519 |
42.901 |
|
|
TOTAL EARNINGS |
53.620 |
41.519 |
42.901 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components including packing materials |
101.504 |
100.635 |
77.485 |
|
|
|
Stores & Spares |
0.211 |
1.176 |
0.142 |
|
|
|
Capital Goods |
2.077 |
2.949 |
6.832 |
|
|
TOTAL IMPORTS |
103.792 |
104.760 |
84.459 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.01 |
2.17 |
1.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.87 |
4.59 |
2.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.26 |
6.87 |
4.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.53 |
7.61 |
5.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.20 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56 |
0.77 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.12 |
0.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
64.803 |
64.803 |
64.803 |
|
Reserves & Surplus |
25.761 |
39.845 |
59.357 |
|
Net
worth |
90.564 |
104.648 |
124.160 |
|
|
|
|
|
|
long-term borrowings |
38.227 |
41.950 |
28.346 |
|
Short term borrowings |
42.073 |
38.255 |
41.577 |
|
Total
borrowings |
80.300 |
80.205 |
69.923 |
|
Debt/Equity
ratio |
0.887 |
0.766 |
0.563 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from Operations |
270.800 |
305.244 |
399.924 |
|
|
|
12.719 |
31.018 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from Operations |
270.800 |
305.244 |
399.924 |
|
Profit |
8.114 |
14.084 |
19.512 |
|
|
3.00% |
4.61% |
4.88% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
16.959 |
14.053 |
8.983 |
|
|
|
|
|
|
Total |
16.959 |
14.053 |
8.983 |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from related parties |
0.000 |
6.670 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers credit in
foreign currency |
|
|
|
From Bank |
35.407 |
34.512 |
|
Loan from related parties |
6.170 |
0.000 |
|
|
|
|
|
Total |
41.577 |
41.182 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10033670 |
20/06/2014 * |
242,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
C09246778 |
|
2 |
10033673 |
20/06/2014 * |
242,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
C10091460 |
|
3 |
80009542 |
29/07/2006 * |
8,500,000.00 |
Centurion Bank of Punjab |
7 Surya Mahal, 118 Nagindas Master Road, Fort, Mumbai, Maharashtra -
400023, INDIA |
- |
|
4 |
80009540 |
09/08/2006 * |
8,500,000.00 |
Centurion Bank of Punjab |
7 Surya Mahal, 118 Nagindas Master Road, Fort, Mumbai, Maharashtra -
400023, INDIA |
- |
* Date of charge modification
OPERATIONS:
Total revenue of your Company, during the year increased at Rs. 400.994 Millions as against the total revenue of Rs. 306.618 Millions in the previous year. The Company has been able to earn net profit after tax of Rs. 19.512 Millions for the year as against the net profit after tax of Rs. 14.084 Millions in the previous year.
The financial year ended March 2014 was another successful year, where despite a challenging environment, their business grew well ahead of competition. Several innovations/ product lines were launched to meet the emerging needs and aspirations of their consumers. They expanded their reach and further strengthened their distribution to the market so that they can serve their consumers better with their wide range of product offerings.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT:
The main business of the Company is manufacturing and sale
of instrument cooling fans and shaded pole motors used for industrial purposes.
The industry is directly related to the growth of the user industry in which
the products find applications. The instrument cooling fans and shaded pole
motors are mainly used in the computer hardware equipment’s, power supply
equipment’s, textile machines, refrigeration industry, injection molding
machines, photocopying machines etc.
EXPORTS:
The Company is holding ISO 9001:2008 Certificate by TUV NORD
CERT GmbH for its quality systems which reflects the Company's continuous
commitment towards quality and, standards. During the year the Company achieved
export turnover of around 18.65% of total sales as against the export turnover
of around 13.58% of the total sales in the previous year. The Company is
putting its best efforts to increase the export. The Company is consolidating
its resources to build a market presence in the international arena.
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Contingent
liabilities |
|
|
|
Letter of credit issued by the bankers of the company |
18.579 |
9.216 |
|
Export sales bills discounted with the bankers of the company |
11.468 |
0.000 |
|
Disputed demand in the matters of Income tax |
0.529 |
0.364 |
|
|
|
|
|
Contingent
commitments |
|
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) |
0.221 |
0.362 |
FIXED ASSETS
œ Leasehold Land
œ Factory Buildings
œ Residential Flat
œ Plant and Machineries
œ Moulds and Dies
œ Furniture and Fixture
œ Office Equipment
œ Vehicles
œ Computers
œ Factory Equipment
œ Computer Software – Acquired
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 30TH
JUNE, 2014
(Rs. in
millions)
|
|
|
Particulars |
3
Months ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
136.736 |
|
|
|
b) Other Operating Income |
0.132 |
|
|
|
Total Income from Operations (Net) |
136.868 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
85.354 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(5.141) |
|
|
c) |
Employee benefit expenses |
6.648 |
|
|
d) |
Depreciation and amortization expense |
3.091 |
|
|
e) |
Processing Charges |
15.802 |
|
|
g) |
Other expenses |
16.587 |
|
|
Total Expenses |
122.341 |
|
|
3 |
|
Profit /(Loss) from operations
before other income, finance costs and exceptional items (1-2) |
14.527 |
|
4 |
Other Income |
0.394 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
14.921 |
|
6 |
Finance Costs |
3.627 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
11.294 |
|
8 |
Exceptional Items |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
11.294 |
|
|
10 |
Tax Expense |
3.642 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
7.652 |
|
|
12 |
Extraordinary items (net
of tax expense) |
0.000 |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
7.652 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
64.803 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic |
1.18 |
|
|
|
Diluted |
1.18 |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
3469400 |
|
|
|
- Percentage of
Shareholding |
53.53% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
3011800 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
46.47% |
|
|
Particulars |
3
Months ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1. The above results have been reviewed by audit Committee and approved and taken on record by the board of director at meeting held on 14th August, 2014.
2. The Statutory Auditors have carried out limited review of the above financial results.
3. Tax expenses include current tax and deferred tax.
4. The Company’s business activity falls within a single business segment i.e. manufacturer of “Instrument Cooling Fans / Motors” and therefore, Segment reporting in terms of accounting standard 17 on segment reporting is not applicable.
5. During the quarter, the company has implemented Schedule II of the companies Act, 2013 and has accordingly computed the depreciation its fixed assets as prescribed in the said Schedule. As a result, the higher depreciation of Rs. 0.627 million has been recognized as a charge in the statement of profit and loss for the quarter ended June 30, 2014. In respect of fixed assets whose useful life is already exhausted as on 1st April, 2014, depreciation of Rs. 1.256 millions has been adjusted in opening balance of the statement of profit and loss in accordance with the requirements of the schedule II of the companies act, 2013.
6. The figures for the previous Periods/year have been regrouped/reclassified wherever necessary, to confirm to current quarter/year classification.
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & 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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.