MIRA INFORM REPORT
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Report Date : |
17.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRANSFORMERS AND RECTIFIERS ( |
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Registered
Office : |
Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village Moraiya, Taluka Sanand, District Ahmedabad - 382213, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.07.1994 |
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Com. Reg. No.: |
04-022460 |
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Capital
Investment / Paid-up Capital : |
Rs.132.564 Millions |
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CIN No.: [Company Identification
No.] |
L33121GJ1994PLC022460 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00243F |
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PAN No.: [Permanent Account No.] |
AAAFT9000B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Transformers. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. The rating also takes into consideration Transformers and Rectifiers ( 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 conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
BBB+ (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
July 07, 2014 |
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
July 07, 2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (CONTACT NO.: 91-2717-661661)
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway,
Village Moraiya, Taluka Sanand,
District Ahmedabad - 382213, Gujarat, India |
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Tel. No.: |
91-2717-661661 (10 Lines) |
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Fax No.: |
91-2717-661716 |
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E-Mail : |
marketing@transformerindia.com
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Website : |
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Factory 2 : |
Survey No. 344-350, Opposite PWD Store, Sarkhej Bavla Highway,
Village Changodar, Taluka Sanand, Ahmedabad – 382210, Gujarat, India |
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Factory 3 : |
Plot No.233, GVMSAV Limited, Odhav, Ahmedabad, |
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Factory 4 : |
Survey No.: 427/3/p, Village Moraiya, Ahmedabad, |
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Factory 5 : |
Changodar Unit Changodar, Ahmedabad, Gujarat, India |
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Factory 6 : |
Fabrication Unit Odhav, Ahmedabad, Gujarat, India |
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Regional Offices : |
Located At: · Bangalore · Chennai · Hyderabad · Kolkata · New Delhi ·
Raipur |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Jitendra U. Mamtora |
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Designation : |
Chairman and Whole Time Director |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00139911 |
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Name : |
Mr. Satyen J Mamtora |
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Designation : |
Managing Director |
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Date of Appointment : |
01.04.2007 |
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DIN No.: |
00139984 |
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Name : |
Mrs. Karuna J. Mamtora |
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Designation : |
Executive Director |
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Qualification: |
M.B.A |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
00253549 |
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Name : |
Mr. Vinod Masson |
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Designation : |
Executive Director |
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Qualification: |
B.E. Electrical |
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Date of Appointment : |
11.04.2012 |
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DIN No.: |
00059587 |
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Name : |
Mr. Bhaskar Sen |
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Designation : |
Independent Director |
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Date of Birth/Age: |
72 Years |
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Qualification: |
B.E Mechanical Engineering from Jadavpur University |
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Expertise in specific functional areas : |
46 Years of working experience in switchgears, transformers, motor
projects, REC equipment’s, etc. |
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Date of Appointment : |
09.07.2007 |
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DIN No.: |
01776530 |
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Name : |
Mr. Rajendra Shah |
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Designation : |
Independent Director |
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Date of Appointment : |
09.07.2007 |
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DIN No.: |
00061922 |
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Name : |
Mr. Harish Rangwala |
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Designation : |
Independent Director |
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Date of Birth/Age: |
64 Years |
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Qualification: |
B.E Mechanical Engineering from LE Engineering College Morbi |
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Expertise in specific functional areas : |
Manufacture
of small tools and engineering components. |
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Date of Appointment : |
25.08.2005 |
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DIN No.: |
00278062 |
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Name : |
Mr. Sureshchandra Agarwal |
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Designation : |
Independent Director |
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Qualification: |
Mechanical Engineer |
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Date of Appointment : |
13.08.2007 |
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DIN No.: |
00889931 |
KEY EXECUTIVES
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Name : |
Mr. Chintan M. Trivedi |
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Designation : |
Company Secretary |
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Name : |
Mr. Rahul Shah |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a %
of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of
Promoter and Promoter Group |
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|
9928415 |
74.90 |
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|
9928415 |
74.90 |
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Total shareholding of
Promoter and Promoter Group (A) |
9928415 |
74.90 |
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(B) Public Shareholding |
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|
404167 |
3.05 |
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|
1111 |
0.01 |
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|
405278 |
3.06 |
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|
195342 |
1.47 |
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|
2403688 |
18.13 |
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166081 |
1.25 |
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|
157607 |
1.19 |
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|
36667 |
0.28 |
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|
110525 |
0.83 |
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|
10177 |
0.08 |
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|
238 |
0.00 |
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|
2922718 |
22.05 |
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Total Public shareholding
(B) |
3327996 |
25.10 |
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Total (A)+(B) |
13256411 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
13256411 |
100.00 |
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%20LIMITED%20-%20299374%2017-Dec-2014_files/image019.gif)
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transformers. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Supplier : |
Not Divulged |
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Customer : |
Not Divulged |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS
SHORT TERM
BORROWINGS Nature of Security:
The above cash credit and short term loan from banks are secured by hypothecation of current assets of the Company on paripassu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of moraiya plant and also collaterally legal mortgage on paripassu basis on immovable properties situated at changodar, dhank and Ahmedabad and in addition to above secured by pledge of 2,110,000 equity shares of promoter and personal guarantees of some of the directors. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Heritage, Near Gujarat Vidhyapith, Ahmedabad – 380014, Gujarat, India |
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Subsidiaries : |
· Transweld Mechanical Engineering Works Limited · Transpares Limited ·
TARIL Infrastructure Limited |
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Associate Company : |
Savas Engineering Company Private Limited |
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Enterprises over
which key Managerial Personnel is able to exercise significant Influence : |
· Benchmark HR Solutions (India) Private Limited · Transpower · Skytrek Tours and Travels |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
13,256,411 |
Equity Shares |
Rs.10/- each |
Rs. 132.564 Millions |
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(i) Reconciliation
of the number of Equity Shares outstanding at the beginning and at the end of
the reporting period
|
Particulars |
31.03.2014 |
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|
|
|
At the Beginning of the period |
12923611 |
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Issued during the period |
332800 |
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Outstanding at the end of the period |
13256411 |
(ii) Details of
shareholders holding more than 5% of equity shares
|
|
31.03.2013 |
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Nos. |
% Holding |
|
Jitendra U. Mamtora |
8,858,992 |
66.83% |
|
Jitendra U. Mamtora (HUF) |
682,931 |
5.15% |
(iii) Details of
Equity Shares allotted as fully paid up by way of bonus shares, shares issued
for consideration other than cash (During last 5 years immediately preceding
reporting date)
|
|
31.03.2014 |
|
Equity shares allotted as fully paid bonus shares |
332,800 |
(iv) Rights of
Equity Shares
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held. The dividend
proposed by the Board of Directors is subject to approval of the shareholders
in ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
132.564 |
129.236 |
129.236 |
|
(b) Reserves & Surplus |
3225.034 |
3191.775 |
3155.619 |
|
(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) |
3357.598 |
3321.011 |
3284.855 |
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
206.634 |
52.896 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
117.220 |
92.801 |
73.641 |
|
(c) Other long term liabilities |
158.947 |
280.289 |
61.539 |
|
(d) long-term provisions |
6.384 |
6.317 |
7.656 |
|
Total Non-current Liabilities
(3) |
489.185 |
432.303 |
142.836 |
|
|
|
|
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
1359.918 |
951.750 |
400.423 |
|
(b) Trade payables |
2212.423 |
977.981 |
792.883 |
|
(c) Other current liabilities |
423.764 |
486.325 |
575.423 |
|
(d) Short-term provisions |
16.344 |
15.527 |
0.558 |
|
Total Current
Liabilities (4) |
4012.449 |
2431.583 |
1769.287 |
|
|
|
|
|
|
TOTAL |
7859.232 |
6184.897 |
5196.978 |
|
|
|
|
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|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1428.498 |
1430.599 |
979.193 |
|
(ii) Intangible Assets |
9.184 |
11.036 |
14.158 |
|
(iii) Capital work-in-progress |
256.828 |
170.532 |
272.203 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23.619 |
23.619 |
21.119 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
113.230 |
99.674 |
97.702 |
|
(e) Other Non-current assets |
34.879 |
43.337 |
68.751 |
|
Total Non-Current
Assets |
1866.238 |
1778.797 |
1453.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1195.069 |
1029.457 |
940.503 |
|
(c) Trade receivables |
3810.947 |
2285.192 |
1741.423 |
|
(d) Cash and cash equivalents |
194.423 |
301.649 |
779.802 |
|
(e) Short-term loans and advances |
427.672 |
340.381 |
244.763 |
|
(f) Other current assets |
364.883 |
449.421 |
37.361 |
|
Total Current
Assets |
5992.994 |
4406.100 |
3743.852 |
|
|
|
|
|
|
TOTAL |
7859.232 |
6184.897 |
5196.978 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7182.584 |
5096.832 |
5137.587 |
|
|
|
Other Income |
40.636 |
52.256 |
66.623 |
|
|
|
TOTAL (A) |
7223.220 |
5149.088 |
5204.210 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
6023.245 |
4236.110 |
4246.922 |
|
|
|
(Increase)/Decrease in Stock of Finished Goods and Process Stock |
(93.042) |
(8.589) |
(3.476) |
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
232.739 |
|
|
|
Employee Benefits Expense |
237.457 |
192.052 |
165.428 |
|
|
|
Other Expenses |
652.792 |
496.665 |
287.827 |
|
|
|
TOTAL (B) |
6820.452 |
4916.238 |
4929.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
402.768 |
232.850 |
274.770 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
233.332 |
102.272 |
81.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.436 |
130.578 |
192.964 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.784 |
69.808 |
61.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
76.652 |
60.770 |
131.828 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.601 |
13.442 |
39.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.051 |
47.328 |
91.830 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
290.941 |
211.143 |
473.568 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
407.823 |
229.876 |
282.392 |
|
|
|
Capital Goods |
10.588 |
35.788 |
30.350 |
|
|
TOTAL IMPORTS |
418.411 |
265.664 |
312.742 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.62 |
3.57 |
7.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.67 |
0.92 |
1.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.07 |
1.19 |
2.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.01 |
1.01 |
2.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.47 |
0.30 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.81 |
2.12 |
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 |
129.236 |
129.236 |
132.564 |
|
Reserves & Surplus |
3155.619 |
3191.775 |
3225.034 |
|
Net
worth |
3284.855 |
3321.011 |
3357.598 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
52.896 |
206.634 |
|
Short term borrowings |
400.423 |
951.750 |
1359.918 |
|
Total
borrowings |
400.423 |
1004.646 |
1566.552 |
|
Debt/Equity
ratio |
0.122 |
0.303 |
0.467 |
%20LIMITED%20-%20299374%2017-Dec-2014_files/image020.gif)
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 |
5137.587 |
5096.832 |
7182.584 |
|
|
|
(0.793) |
40.923 |
%20LIMITED%20-%20299374%2017-Dec-2014_files/image021.gif)
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 |
5137.587 |
5096.832 |
7182.584 |
|
Profit/(Loss) After Tax |
91.830 |
47.328 |
48.051 |
|
|
1.79% |
0.93% |
0.67% |
%20LIMITED%20-%20299374%2017-Dec-2014_files/image022.gif)
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10441484 |
02/08/2013 |
350,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH 1ST FLOOR, BANK OF BARODA TOWERS, NEAR LAW GARDEN, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B81219388 |
|
2 |
10419198 |
01/04/2013 |
5,470,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B73030447 |
|
3 |
10419321 |
01/04/2013 |
7,294,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B73060774 |
|
4 |
10418385 |
25/03/2013 |
7,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B72779325 |
|
5 |
10424726 |
25/03/2013 |
9,200,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B74758061 |
|
6 |
10371120 |
03/08/2012 |
28,200,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B55864540 |
|
7 |
10376431 |
25/07/2012 |
30,600,000.00 |
AXIS BANK LIMITED |
RAC AHMEDABAD, CV/ CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NR. C. N. VIDHYALAYA, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA |
B58063777 |
|
8 |
10363615 |
02/07/2012 |
16,250,000.00 |
AXIS BANK LIMITED |
RAC AHMEDABAD, CV/ CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NR. C. N. VIDHYALAYA, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA |
B42862995 |
|
9 |
90096923 |
14/02/2013 * |
6,574,200,000.00 |
STATE BANK OF INDIA |
3RD FLOOR,AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, PO NAVJIVAN, AHMEDABAD - 380014, GUJARAT, INDIA |
B72558398 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from Director |
1.249 |
0.000 |
|
|
|
|
|
Total |
1.249 |
0.000 |
CONTINGENT
LIABILITIES IN RESPECT OF
|
Particular |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
|
|
|
|
Disputed demand of Central Excise/Income Tax Department |
80.049 |
24.722 |
|
|
|
|
REVIEW OF OPERATIONS
For the year ended 31st March, 2014, the Company has reported standalone total revenue and net profit after taxation of Rs. 7223.220 Millions and Rs. 48.051 Millions. Respectively as compared to last year''s total revenue and net profits of Rs. 5149.088 Millions and Rs. 47.328 Millions, respectively. For the F.Y. 2013-14, total revenue increased by 40% on year-on-year basis, Net Profit increased marginally due to increase in Raw material cost, finance cost and higher depreciation provisions.
MVA PRODUCTION
During the year 2013-14, the Company has manufactured 20650 MVA, out of which Changodar unit produced 7480 MVA, Moraiya unit produced 12458 MVA and Odhav unit produced 712 MVA, against the last year''s total of
13217 MVA.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
The Performance of Indian Economy remained weaker from very first quarter of FY 2013-14 when it recorded GDP growth rate of 4.4% the slowest in over a decade. Even as the rupee wobbled and investments in new projects shrank, the growth rate rose by a blip to 4.8% in the second quarter. It then wilted a little bit in the third quarter to 4.7%. These growth rates have not been enough to suggest that the advance estimates of 4.9% could be realized. The economy will now have to record 5.5% growth in the fourth quarter to realize the forecast, which on current assessment, looks difficult. This has been further confirmed by RBI in its report on Macroeconomic and Monetary Developments 20 14- 15 (MMDR).
India's current account deficit(CAD) has plunged to 0.2% of GDP in the March quarter, from 3.6%a year ago as imports crushed due to curbs on gold imports. For the fiscal year, CAD fell to 1.7% of GDP, or $32.4 bn from 4.7% or $87.8 bn a year ago.
It is expected that a strong and stable government under the leadership of a dynamic administrator with proven track record of growth-related success; would bring back the growth momentum and that a GDP growth of 6.5- 7.0 % should be achievable in this fiscal itself.
BUDGET IMPACT
2014 being an election year, a full year budget could not be presented. The critical policy changes like amendments to the Electricity Act, 2003 and the National Tariff Policy, 2006, which have been presented to the cabinet for approval, and are close to being finalized and will now be put in fast track, which is expected to drive investor interest, including foreign players.
POWER SECTOR/ POWER
EQUIPMENT INDUSTRY
There has been some qualitative and quantitative progress in the power sector in the last six months due to Power Ministry's initiatives. Generation growth till December, 2013, has been 8,700 MW, none-too-insignificant. The Transmission sector's performance has also been impressive, especially with the integration of the Southern grid with the National grid.
After a weak growth of 2.2% in the 1st quarter of FY 2013-14, mainly due to growth in exports, the 2nd quarter witnessed a growth of 9.8% taking the first half growth to 6.4%. The 31quarter growth, however, dropped to a dismal 0.9% taking cumulative growth to 4% in the first nine months of FY 2013-14. It looks particularly distressing against backdrop of negative 7.8% growth in 2012-13. The Core Sector expanded 4.5% in February. 2014 - its quickest pace in five months. The core sector index has a 38% weight in the index of Industrial Production (IIP), which makes it a lead indicator of industrial activity. This improvement was largely driven by electricity generation (10.4%) and steel (4.5%) and to a lesser extent by cement (2.3%). Unfortunately however, the core sector performance in March itself belied any hopes of pickup in the sector.
India's power deficit contracted to a record low of 3.3% in February 2014, but it brings no cheers as it only reflects economic slowdown, poor financial health of power distribution Companies, which prefer to cut supply rather than demanding more power from producer. It is rather unfortunate that generation projects worth 4 90,000 Crores (30,000 MW) are stranded due to lack of buyers.
The most reassuring development, however, is the fact that the new finance ministry would draw up a blockbuster reform agenda at freeing up the finance sector and engineering, a revival which is expected to put the country back on a high-growth trajectory.
CURRENT AND FUTURE
PROSPECTS
If we restrict our vision till the end of the current plan (March, 2017), the business prospects of electrical power equipments will largely depend on the following critical issues:
(1) the crying need is to strengthen discom finances. If discoms get financially strong, they can buy more power to push up demand, the Plant Load Factor (PLF) improves as also the profit margins for the power generators. Only then more and more new projects will come up, ultimately leading to revival of investor interest.
(2) A strong and stable Government at the center can push reforms that can propel growth. Top guns of Corporate India have been blaming red tape and delay in decision making for slowdown of economy and sluggish growth. Investor confidence must be restored, coal and gas availability also must be ensured.
(3) Despite an installed capacity of over 234 giga watt(GW), India is able to meet a peak demand of only 128 GW. One of the major reasons for this gap is the lack of strong transmission network. Transmission infrastructure development did not keep pace
with generation capacity growth during the tenth and eleven plan periods. As per a recent Power System Operation Corporation Limited report, around 30% transmission lines are severely overloaded and stressed. Transmission capacity addition has been impacted by several issues: (a) Dearth of talented and dedicated professionals1 skilled man power, (b) inadequate commercial tower testing facilities1 insulators/optical ground wire, (c) sourcing of funds from banks, (d) lack of administrative support1 absence of necessary laws, (e) lack of compensation policy for right-of-way (ROW), (f) slow legal and administrative procedures for obtaining statutory clearances, including environmental and forest clearances, and (g) location-specific issues. This can be logically expected with new stable government at center.
Right steps can go a long way in removing transmission bottlenecks and providing adequate evacuation facilities for the generation capacity planned to be added in the 12p~lan . Again a stable government is expected to address the issues and find quick solutions.
Against this backdrop, things are expected to look up in the second half pf the current fiscal itself. And most certainly business environment and prospects will vastly improve in the 4th and terminal year of the current 5 years plan.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2014
(RS. IN MILLIONS)
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
PART-1 |
|
|
|
|
1 |
Income from
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duly) |
1221.700 |
1433.300 |
2655.000 |
|
|
b. Other Operating Income |
18.700 |
34.000 |
52.700 |
|
|
Total Income from
operation (Net) |
1240.400 |
1467.300 |
2707.700 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of Materials Consumed |
1079.100 |
1231.800 |
2310.900 |
|
|
b. Changes In Inventories of Finished Goods & Work-in-Progress |
(56.200) |
(65.000) |
(121.200) |
|
|
c. Employee Benefits Expense |
56.300 |
56.400 |
112.700 |
|
|
d. Depreciation & Amortization Expense |
29.600 |
27.600 |
57.200 |
|
|
e. Other Expense |
163.500 |
127.700 |
291.200 |
|
|
Total Expenses |
1272.300 |
1378.500 |
2650.800 |
|
3 |
Profit/ (Loss) from
Operations before Other Income, Finance Costs & Exceptional items (1-2) |
(31.900) |
88.800 |
56.900 |
|
4 |
Other Income |
8.700 |
6.600 |
15.300 |
|
5 |
Profit/(Loss) front
Ordinary Activities before Finance Costs & Exceptional items(3-4) |
(23.200) |
95.400 |
72.200 |
|
6 |
Finance Costs |
75.000 |
81.900 |
156.900 |
|
7 |
Profit/(Loss) from
Ordinary Activities after Finance Costs but before Exceptional Items(5-6) |
(98.200) |
13.500 |
(84.700) |
|
S |
Exceptional Items |
-- |
-- |
--- |
|
9 |
Profit/(Loss) from
Ordinary Activities before Tax (7+8) |
(98.200) |
13.500 |
(84.700) |
|
10 |
Tax Expense |
(32.200) |
4.400 |
(27.800) |
|
11 |
Net Profit/(Loss)
from Ordinary Activities after Tax (9-10) |
(66.000) |
9.100 |
(56.900) |
|
12 |
Extraordinary Items (Nat of tax Expense) |
-- |
-- |
-- |
|
13 |
Net Profit/ (Loss)
for the period (11-12) |
(66.000) |
9.100 |
(56.900) |
|
14 |
Paid-up equity share capital (Rs 10/- per share) |
132.600 |
132.600 |
132.600 |
|
15 |
Reserves [excluding revaluation reserve) |
|
|
|
|
16i |
Earning Per Share (EPS)
(Before Extraordinary Items) (of Rs. 10/-each) (not annualized) |
|
|
|
|
|
Basic & Diluted EPS |
(4.98) |
0.69 |
(4.29) |
|
16ii |
Earning Per Share
(EPS) (After Extraordinary Hems) (of Rs. 10/-each)(not annualized) |
|
|
|
|
|
Basic & Diluted EPS |
(4.98) |
0.69 |
(4.29) |
|
|
PART-II |
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
-Number of Shares |
3327996 |
3327996 |
3327996 |
|
|
- Percentage of Shareholding |
25.10% |
25.10% |
25.10% |
|
2 |
Promoters and
Promoter group Shareholding a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
2110000 |
2110000 |
2110000 |
|
|
- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter Group) |
21.25% |
21.25% |
21.25% |
|
|
- Percentage of Shares (as a % of the total share capital of Die Company) |
15.92% |
15.92% |
15.92% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
7818415 |
7818415 |
7818415 |
|
|
- Percentage of Shares (as a % of the total Shareholding or Promoter and Promoter Group) |
78.75% |
78.75% |
78.75% |
|
|
- Percentage of Shares (as a % of (he total Share capital of the Company) |
58.98% |
58.98% |
58.98% |
|
|
Particulars |
3 months ended 30.09.2014 |
|
B |
INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved et the end of the quarter |
Nil 1 1 Nil |
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Rs. In Millions) |
|
|
|
|
(Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
132.600 |
|
(b) Reserves &
Surplus |
|
|
3156.300 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
3288.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
214.300 |
|
(b) Deferred tax
liabilities (Net) |
|
|
83.800 |
|
(c) Other long term
liabilities |
|
|
139.600 |
|
(d) long-term provisions |
|
|
6.900 |
|
Total Non-current
Liabilities (3) |
|
|
444.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1104.600 |
|
(b) Trade payables |
|
|
1455.600 |
|
(c) Other current
liabilities |
|
|
295.300 |
|
(d) Short-term provisions |
|
|
4.900 |
|
Total Current Liabilities
(4) |
|
|
2860.400 |
|
|
|
|
|
|
TOTAL |
|
|
6593.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1733.100 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
24.900 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
73.700 |
|
(e) Other Non-current
assets |
|
|
38.900 |
|
Total Non-Current Assets |
|
|
1870.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
1405.200 |
|
(c) Trade receivables |
|
|
2377.300 |
|
(d) Cash and cash
equivalents |
|
|
188.300 |
|
(e) Short-term loans and
advances |
|
|
452.300 |
|
(f) Other current assets |
|
|
300.200 |
|
Total Current Assets |
|
|
4723.300 |
|
|
|
|
|
|
TOTAL |
|
|
6593.900 |
NOTES:
1. The above results have been reviewed by the Audit Committee approved by the Board of Directors at their respective meetings held on October 20, 2014.
2. During the quarter, the Company has purchased 6,350 nos equity shares of Rs. 10 each of its Associate Company viz M/s Savas Engineering Company Private Limited for an amount of Rs. 1.270 Millions as a result, M/s Savas Engineering Company Private Limited has become a wholly owned subsidiary of the Company.
3. Effective from 1st April, 2014, the Company has provided depreciation as per
Schedule II of The Companies Act, 2013 based on useful lives of assets and
consequently (i) has adjusted Rs. 11.697 Millions ( net of deferred tax effect
of Rs. 5.617 Millions) against retained earnings towards earring amount of
assets for which remaining useful life of assets was Nil as at 1st April, 2014
and (ii) depreciation for the quarter and half year ended on September 30, 2014
is higher by Rs. 5.065 Millions and Rs. 9.932 Millions respectively.
4. The Company operates in a single segment i.e. "Electric Transformers". In the context of the Accounting Standard 17, on Segment Reporting issued by the Institute of Chartered Accountants of India, the same is considered to constitute one single primary segment.
5. The Statutory auditors have carried out limited review of the unaudited
financial results of the Company for the quarter and six months ended on
September 30, 2014. Figures of the previous quarter/period/year have been
regrouped, wherever necessary.
FIXED ASSETS
TANGIBLE ASSETS
- Land
- Building
- Plant and Equipment
- Electrifications
- Furniture and Fixtures
- Office Equipments
- Computer and Accessories
- Vehicles
INTANGIBLE ASSETS
- Computer Software
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. 63.41 |
|
|
1 |
Rs. 99.30 |
|
Euro |
1 |
Rs. 79.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
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Analysis done by
: |
KAR |
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Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
|
|
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
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TOTAL |
|
49 |
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.