MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SURANA VENTURES LIMITED |
|
|
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|
Registered
Office : |
5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.11.2006 |
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|
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Com. Reg. No.: |
01-051566 |
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Capital
Investment / Paid-up Capital : |
Rs.246.033
millions |
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|
|
CIN No.: [Company Identification No.] |
L45200AP2006PLC051566 |
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|
Legal Form : |
Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is in the
business of manufacture and sale of solar products and Generation of Wind
Electricity. |
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|
No. of Employees
: |
95 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1689000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having a satisfactory track record. Profitability of
the company seems to be fair. General financial position of the company seems
to be decent. Trade relations are
fair. Business is active. Payment terms are reported to be slow but 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB+ |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
June 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June 12, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
5th Floor, Surya Towers,
Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-44665700/ 27845119/ 27841198 |
|
Fax No.: |
91-40-27848851/ 27818868 |
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E-Mail : |
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|
Website : |
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Factory 1 (Solar
Photovoltaic Division) : |
Plot No.212/3,
Phase II, I.D.A., Cherlapally Hyderabad – 500 051, Andhra Pradesh, India |
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Factory 2 (Solar
Photovoltaic Division) : |
Plot No.21, Ravirayal
Village, Maheswaram Mandal, Rangareddy District, Fabcity, Hyderabad, Andhra
Pradesh, India |
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Factory 3 (Non-Conventional
Energy - Wind) : |
Kaladhon
Village, Khatav Taluka, Satara District, Maharashtra, India |
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Factory 4 (Non-Conventional
Energy - Wind) : |
Puliyur Village,
Tenkasi Taluk, Tirunelveli District, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. G. Mangilal Surana |
|
Designation : |
Chairman |
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|
Name : |
Mr. O. Swaminatha Reddy |
|
Designation : |
Director |
|
Date of Birth/
Age : |
25.12.1930 |
|
Qualification : |
B.Com (Hons), FCA |
|
Expertise in specific functional areas : |
Shri. O. Swaminatha
Reddy a Commerce graduate and Fellow member of The Institute of Chartered
Accountants of India, New Delhi, being the former Chairman of Andhra Bank and
also former Chairman and Managing Director of APSFC, he has a rich vast
banking and industrial experience spanning over decades. He has been the
Director of the Company since 1994, and guiding the Company in the areas of
financial decision making and Management policies. |
|
Other Directorship : |
·
Transport Corp. of India Limited ·
Bhagyanagar India Limited ·
K.C.P. Limited ·
Sagar Cements Limited ·
T.C.I. Finance Limited ·
Sagar Power Limited ·
E.P.R. Pharmaceuticals Private Limited ·
E.P.R. Gene Technologies Private Limited ·
E.P.R. Center for Cancer Research and Biometrics
Private Limited ·
K.M. Power Private Limited ·
TCI Developers Limited ·
Thembu Power Private Limited |
|
|
|
|
Name : |
Mr. R. Surender Reddy |
|
Designation : |
Director |
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Date of Birth/
Age : |
10.10.1931 |
|
Qualification : |
B.Com |
|
Expertise in specific functional areas : |
A Graduate,
having almost three decades of experience in various fields of Industry .He
was well known for his social and political activities in the State of A.P.
He has been guiding the Company as an Independent Director since 1989. |
|
Other Directorship : |
·
Suryavanshi Spinning Mills Limited ·
Suryaamba Spinning Mills Limited ·
Surya Lakshmi Cotton Mills Limited ·
Lakshmi Finance and Industrial Corporation
Limited ·
Surya Kiran International Limited ·
Hyderabad Race Club ·
Suryalata Spinning Mills Limited ·
Bhagyanagar India Limited |
|
|
|
|
Name : |
Mr. S. R. Vijayakar |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. R. N. Sreenath |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Narender Surana |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Devendra Surana |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Manish Surana |
|
Designation : |
Director - Finance and Technical |
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|
|
|
Name : |
Mr. Nirmal Kumar Jain |
|
Designation : |
Director |
|
Date of Birth/
Age : |
01.07.1960 |
|
Qualification : |
FCA |
|
Expertise in specific functional areas : |
Fellow member of
ICAI and Practising as Chartered Account since 1988. He is associated as partner
with Nirmal K. Jain and Associates (Chartered Accountants) and has vast
exposure in Finance and Tax Matters. |
|
Other Directorship : |
1. Surana
Telecom and Power Limited 2. Surana Ventures Limited |
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|
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|
STATUTORY
COMMITTEES |
|
|
Audit Committee
: |
Mr. O.
Swaminatha Reddy - Chairman Mr. G. Mangilal
Surana - Member Mr. R. Surender
Reddy - Member Mr. S. R.
Vijayakar - Member Dr. R. N. Sreenath - Member |
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|
|
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Shareholders
Grievance Committee : |
Mr. G. Mangilal
Surana - Chairman Mr. Narender
Surana - Member Mr. Devendra Surana - Member |
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Remuneration
Committee : |
R. Surender
Reddy - Chairman O. Swaminatha
Reddy - Member S. R. Vijayakar - Member |
KEY EXECUTIVES
|
Name : |
Badarish H. Chimalgi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8148967 |
33.12 |
|
|
10289781 |
41.82 |
|
|
18438748 |
74.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18438748 |
74.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10650 |
0.04 |
|
|
3150 |
0.01 |
|
|
84600 |
0.34 |
|
|
98400 |
0.40 |
|
|
|
|
|
|
441543 |
1.79 |
|
|
|
|
|
|
2781720 |
11.31 |
|
|
2643585 |
10.74 |
|
|
199304 |
0.81 |
|
|
19735 |
0.08 |
|
|
43875 |
0.18 |
|
|
110186 |
0.45 |
|
|
25508 |
0.10 |
|
|
6066152 |
24.66 |
|
Total Public shareholding (B) |
6164552 |
25.06 |
|
Total (A)+(B) |
24603300 |
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) |
24603300 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is in the
business of manufacture and sale of solar products and Generation of Wind
Electricity. |
GENERAL INFORMATION
|
No. of Employees : |
95 (Approximately) |
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Bankers : |
·
Indian Overseas Bank ·
State Bank of India ·
Corporation Bank ·
HDFC Bank Limited |
||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
Statutory Auditors : |
|
|
Name : |
Sekhar and
Company Chartered Accountants |
|
Address : |
133/4, R. P. Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27533391/ 27536342/ 27543132 |
|
Fax No.: |
91-40-27536817 |
|
E-Mail : |
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|
Internal Auditors : |
|
|
Name : |
Luharuka and Associates Chartered Accountants |
|
Address : |
5-4-187/3 and 4,
Soham Mansion, 2nd Floor, Above Bank of Baroda, M.G. Road,
Secunderabad – 500 003, Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
BVR and Associates |
|
Address : |
H.No.6-3-628/3, Flat
No. 101, R.V. Naipunya Apartments, Anand Nagar Colony, Khairatabad, Hyderabad
– 500 004, Andhra Pradesh, India |
|
|
|
|
Subsidiary
Company : |
Surana Solar Systems Private Limited |
|
|
|
|
Associate
Company : |
Solar World Exchange Private Limited |
|
|
|
|
Companies where
principal shareholders have significant influence : |
·
Bhagyanagar India Limited ·
Bhagyanagar Metals Limited ·
Bhagyanagar Properties Private Limited ·
Metropolitan Venuters India Limited ·
Scientia Infocom India Private Limited ·
Bhagyanagar Infrastructure Limited ·
Green Energy Systems Private Limited ·
Surana Telecom and Power Limited ·
Globecom Infotech Private Limited ·
GMS Realtors Private Limited ·
Surana Infocom Private Limited ·
AP Golden apparels Private Limited ·
Blossom Residency Private Limited ·
Epicentre Entertainment Private Limited ·
Innova Biotech India Private Limited ·
Innova Infrastructure Private Limited ·
Innova Technologies Private Limited ·
Celestial Solar Solutions Private Limited ·
Bhagynagar Entertainment and Infra development Co
Private Limited ·
Majestic Logistics Private Limited ·
Shasons Private Limited ·
Bhagyanagar Capital Private Limited ·
Bhagyanagar Foods and Beverages Private Limited ·
Bhagyanagar Energy and Telecom Private Limited ·
Bhagyanagar Entertainment Limited ·
Bhagyanagar Ventures Private Limited ·
Everytime foods Industries Private Limited ·
Royal Skyscrapers India Private Limited ·
Surana Boichemicals Private Limited ·
Sitetonic Websolutions Private Limited ·
Stealth Energy Private Limited ·
Shresht Energy Private Limited ·
Tranquil Avenues India Private Limited ·
Value Infrastructure and Properties Private
Limited ·
Andhra Electro Galvanising Works ·
36. Solar Dynamics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24603300 |
Equity Shares |
Rs.10/- each
|
Rs.246.033
millions |
|
|
|
|
|
Notes:
|
Historical data
of Equity Share Capital in past five years |
Year |
No.
of Shares |
|
Year of Incorporation |
2006-07 |
50000 |
|
Private Placement to Promoters and Group Companies |
2007-08 |
950000 |
|
Private Placement to Promoters and Group Companies |
2008-09 |
14000000 |
|
Reduction on Conversion to Debentures |
2010-11 |
(6000000) |
|
Allotment Pursuant to Scheme of Merger |
2010-11 |
15603300 |
|
Total Share
Capital |
|
24603300 |
There were no Bonus Issues, Forfeited Shares and Buy Back of Shares in
last five years.
Issued, subscribed and paid-up capital
Equity shareholder
holding more than 5% of equity shares along with the number of equity shares
held is as given below:
|
Name of the
Shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% |
|
|
Bhagyanagar India Limited |
5787946 |
23.52 |
|
Surana Telecom and Power Limited |
4410000 |
17.92 |
|
Narender Surana |
2689630 |
10.93 |
|
Devendra Surana |
2279520 |
9.26 |
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 |
246.033 |
246.033 |
246.033 |
|
(b) Reserves & Surplus |
176.190 |
179.079 |
190.166 |
|
(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) |
422.223 |
425.112 |
436.199 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
176.383 |
21.973 |
4.336 |
|
(b) Deferred tax liabilities (Net) |
6.819 |
4.411 |
3.898 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
183.202 |
26.384 |
8.234 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
114.743 |
229.798 |
153.743 |
|
(b)
Trade payables |
172.363 |
41.971 |
82.374 |
|
(c)
Other current liabilities |
26.578 |
44.125 |
81.063 |
|
(d) Short-term
provisions |
28.935 |
14.447 |
31.203 |
|
Total Current
Liabilities (4) |
342.619 |
330.341 |
348.383 |
|
|
|
|
|
|
TOTAL |
948.044 |
781.837 |
792.816 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
313.232 |
263.159 |
272.199 |
|
(ii)
Intangible Assets |
8.852 |
16.971 |
21.421 |
|
(iii)
Capital work-in-progress |
114.649 |
12.862 |
5.286 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.300 |
0.200 |
0.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.683 |
14.029 |
14.067 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.018 |
|
Total Non-Current
Assets |
453.716 |
307.221 |
313.191 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
300.687 |
291.148 |
273.522 |
|
(c)
Trade receivables |
94.498 |
40.295 |
48.636 |
|
(d) Cash
and cash equivalents |
51.028 |
20.283 |
18.321 |
|
(e)
Short-term loans and advances |
43.022 |
117.712 |
104.859 |
|
(f)
Other current assets |
5.093 |
5.178 |
34.287 |
|
Total
Current Assets |
494.328 |
474.616 |
479.625 |
|
|
|
|
|
|
TOTAL |
948.044 |
781.837 |
792.816 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations (Net) |
949.090 |
726.686 |
1023.389 |
|
|
|
Other Income |
6.373 |
12.056 |
19.117 |
|
|
|
TOTAL (A) |
955.463 |
738.742 |
1042.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
801.127 |
534.393 |
735.350 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress and Stock in Trade |
(88.774) |
(0.556) |
(50.221) |
|
|
|
Manufacturing Expenses |
67.485 |
78.345 |
55.300 |
|
|
|
Employee Benefit Expenses |
30.054 |
26.047 |
16.359 |
|
|
|
Other Expenses |
48.694 |
30.691 |
30.636 |
|
|
|
Amortisation of Intangible Assets |
8.119 |
7.385 |
7.140 |
|
|
|
Prior Period Adjustment |
(0.177) |
0.000 |
(0.011) |
|
|
|
TOTAL (B) |
866.528 |
676.305 |
794.553 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
88.935 |
62.437 |
247.953 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.829 |
35.703 |
23.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.106 |
26.734 |
224.791 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
23.194 |
22.307 |
17.323 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
35.912 |
4.427 |
207.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.016 |
1.216 |
42.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
25.896 |
3.211 |
164.532 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
44.079 |
80.166 |
39.324 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
24.603 |
12.302 |
24.603 |
|
|
|
Tax on Dividend |
4.182 |
1.996 |
4.087 |
|
|
|
Transfer to General Reserve |
25.000 |
25.000 |
50.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
0.000 |
45.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16.190 |
44.079 |
80.166 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB Basis |
31.089 |
67.179 |
137.649 |
|
|
TOTAL EARNINGS |
31.089 |
67.179 |
137.649 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
594.158 |
415.826 |
316.586 |
|
|
|
Capital Goods |
124.981 |
11.405 |
16.408 |
|
|
TOTAL IMPORTS |
719.139 |
427.231 |
332.994 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.05 |
0.13 |
6.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.71
|
0.43 |
15.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
0.61 |
20.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.31
|
0.58 |
26.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.01 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69
|
0.59 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.44 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
10321061 |
12/11/2011 |
100,000,000.00 |
CORPORATION BANK |
D.NO.1-2-235, G
& H, PARK LANE, M G ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA |
B26807529 |
|
2 |
10268161 |
28/02/2013 * |
232,800,000.00 |
BANK OF INDIA |
10-1-1199/2, 1ST
FLOOR, P.T.I. BUILDING, A.C., GUARDS, HYDERABAD-500004, ANDHRA PRADESH, INDIA |
B72253776 |
|
3 |
10270585 |
13/12/2012 * |
282,500,000.00 |
INDIAN OVERSEAS
BANK |
1-2-61 AND 62,
PARK LANE, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA |
B66081407 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
Value Infrastructure and Properties Private Limited |
21.236 |
20.375 |
|
Surana Infocom Private Limited |
83.174 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
Bhagyanagar India Limited |
0.000 |
150.000 |
|
Total
|
104.410 |
170.375 |
OPERATIONS:
During the year, the
Income from Operations is Rs.949.090 millions as against Rs.726.686 millions
for the corresponding previous year. The Profit Before Tax is Rs.35.912
millions as against Rs.4.427 millions for the previous year. The Profit After
Tax is Rs.25.896 millions as against Rs.3.211 millions for the corresponding
period. The Basic Earnings Per Share for the year-ended 31.03.2013 is Rs.1.05
as against Rs.0.13 for the corresponding previous year ended 31.03.2012.
MANAGEMENT DISCUSSION AND ANALYSIS
Subject was incorporated
as a Company Limited by shares on 08.11.2006 and obtained "Certificate of
Commencement of Business" on 30.11.2006 from the Registrar of Companies,
Andhra Pradesh.
During the year
2008, the Company entered into the business of manufacture of solar energy
systems with focus on solar PV Modules. In the same year, the Company became
Joint Venture Company of Surana Telecom And Power Limited and Bhagyanagar India
Limited, a pioneer in the power sector in India.
During the year
2009-2010, a Scheme of arrangement was entered by the Company with Surana
Telecom And Power Limited which was sanctioned by Hon'ble High Court of A.P. on
28.06.2010 and became effective on 28.07.2010, pursuant to which the
"Solar Undertaking" of Surana Telecom and Power Limited was merged
with the Company. The shares of the company were listed on stock exchanges
w.e.f. 7th January, 2011. The Company has manufacturing facilities
at Cherlapally and FAB City in Hyderabad which have ISO 9001: 2000
certification accredited by AQA International LLC, Dubai. The company's
products and systems have been accorded approvals by various test agencies such
as EURO TEST Laboratories, TUV INTER CERT and many more. The Company possesses
excellent skills and capabilities in providing complete EPC solutions for
large, commercial Solar Power Plants of Megawatt scale.
SOLAR PV MODULES:
INTRODUCTION:
Solar PV means
Solar Photovoltaic. The term Photovoltaic comes from the Greek word which means
"Light" and "Volt". Solar Cells are also called Photovoltaic
(PV) cells. The PV cells convert sunlight directly into electricity. PV gets
its name from the process of converting light (photon) to Electricity
(voltage). Solar cells power everything from small calculators and remote
highway signs to commercial buildings and large power plants. They also power
their satellites in space, making them responsible for the world's
communications products. Today thousands of people power their homes and
business with the Solar PV systems. Utility Companies are also using Solar PV
technology for large power station The Company's products are sold under the
brand 'Surana Ventures' in the domestic market. It has system-driven processes
for manufacturing products and operations, following quality process at every
stage to ensure delivery of high quality products and services.
The greatest
potential area of off-grid relates to solar technologies. Under the Solar
Mission, it has been proposed to cover 2,000 MW equivalent off-grid power
systems by 2022, except solar water heating systems for which there is a
separate target of 20 million sq. metres. Within the off-grid component there
is a separate target of covering 20 million rural households with solar lights.
The Company has
manufacturing units at Fabcity, SEZ, Hyderabad and Cherlapally, Hyderabad. The
manufacturing unit at Cherlapally has installed capacity of 40 MW and the
manufacturing unit at Fabcity has installed capacity of 20 MW for manufacture
of 'Solar Photovoltaic Modules".
The Company is
manufacturing/assembling the following solar products:
·
Solar Photovoltaic Modules
·
Solar Street Light
·
Solar Lantern
·
Solar Emergency Light
·
Solar Charge Controllers
·
Solar Home Lighting
INDUSTRY ANALYSIS:
India has entered a
defining phase in its development. The country needs energy to fuel economic
growth. However, with fossil fuels accounting for 70 percent of its primary
energy supply, India is constrained by the limits imposed by dependence on
imported fossil fuels and the imperative to mitigate greenhouse gas emissions.
An accessible and affordable clean energy source is necessary to power India's
rapidly growing economy and promote low-carbon energy development. India is
endowed with vast potential of solar energy, which when harnessed effectively
can be addressed to a large-scale deployment of solar energy. Solar Energy
therefore has great potential as future energy resources. Indian Government is
adopting constructive steps towards implementing large-scale solar power
projects and is poised to position itself as one of the world's major solar
producer. Besides, it is quickly developing itself as the major manufacturing
hub for solar power plants. Effective utilization of India's solar potential
lies in the successful implementation of the Jawaharlal Nehru National Solar
Mission (JNNSM) by the government. This mission would also help in mitigating
the international pressure with regard to emission reductions and the Indian
solar energy sector has been growing rapidly. Blessed with 300 sunny days in a
year and receiving an average hourly radiation of 200 MW/Sq km, India's
theoretical solar power reception, on only its land area, is about 5
Petawatt-hours per year (PWh/yr) (i.e. 5 trillion kWh/yr or about 600 TW). The
daily average solar energy incident over India varies from 4 to 7 kWh/m2 with
about 1500-2000 sunshine hours per year (depending upon location), which is far
more than current total energy consumption. Just 1 % of the India's land area
can meet India's entire electricity requirements till 2030. Solar Projects are
the flavor of the season.
Over more than 487
million people without access to electricity. Power shortages are estimated at
about 11 percent of total energy and 15 percent of peak capacity requirements,
which is likely to increase in the coming years. The total solar power
installed capacity in India stands at 1.686 GW as of 31st March 2013 out of a
total of 28 GW of renewable power installed capacity (Source MNRE). For the
growth of the Solar industry the National Solar Mission (NSM) has laid out an
ambitions goal to make India the global leader in solar energy, and plans to
develop capacity of 20 GW by 2020. India's power sector has a total installed
capacity of 225.133 GW as of May 2013, the world's fifth largest. Captive power
plants generate an additional 34.444 GW. Non Renewable Power Plants constitute
87.55% of the installed capacity and 12.45% of Renewable Capacity.
A productive solar
manufacturing base to provide domestic solar components is an important part of
India's aspirations to become a major global solar player. The Mission aims to
establish India as a solar manufacturing hub, to feed both a growing domestic
industry as well as global markets. The NSM, while leveraging other government policies,
looks to provide favorable regulatory and policy conditions to develop domestic
manufacturing of low-cost solar technologies, with the support of significant
capital investment and technical innovation.
Solar
manufacturing offers India a long-term opportunity to be a major global
manufacturing nation, an avenue to achieve grid-parity with fossil fuel power
generation, and greater flexibility to achieve a sustainable solar industry.
Therefore, investing in solar manufacturing now can provide long-term strategic
value for India. Domestic solar manufacturing can also accelerate the march
toward grid-parity as in India Much of the country does not have an electrical
grid. According to KPMG report, it is projected that grid parity for
utility-scale solar (PV and solar thermal) could be achieved between 2017 and
2020.
According to the
11th five year plan, the government of India projects a massive expansion in
installed solar capacity, and aims to reduce the price of electricity generated
from solar energy, to match that from fossil fuels like coal and diesel by
2030. The MNRE has set up target to add 14,500 MW by the end 2012, from new and
renewable energy resources out of which 50 MW would be from solar energy. India
has received committed investments to the tune of $7 billion and additional to
come in through the FDI and private sector route. The NSM also aims to
transform India into a solar energy hub, making it a global leader in low-cost,
high-quality solar manufacturing across the value chain. India has been ranked
7th worldwide for solar photovoltaic (PV) cell production. This capacity is
growing rapidly due to the entry of various private players in manufacturing of
solar energy equipment.
According to the
authors, the Indian solar energy sector is estimated to grow at 25 percent year
on year in next few years. New solar energy investments in India increased to
more than Rs.120000.000 millions ($2.5 billion) in 2011. Likewise, the Indian
market demand is expected to reach 200MW by the year 2012. Demand for solar
products has been rapidly rising for the recent years, especially in rural
areas, and is expected to continue growing substantially during their forecast
period (2012-2013).
The Ministry of
New and Renewable Energy (MNRE) has formulated a plan for increased
exploitation of various renewable energy sources in the country during the 12th
Plan period. Under the Jawaharlal Nehru National Solar Mission, deployment of
20,000 MW of grid-interactive solar power, 2000 MW off-grid applications,
including 20 million solar lighting systems and 20 million sq. solar thermal
collector areas is envisaged by 2022. Besides, it also supports sector specific
resource assessment and R&D activities.
BUSINESS OUTLOOK:
As reported in
last business plan the company has imported two cell line of 55MW each for
integration for the existing manufacturing of Solar Modules. This has been done
to increase the margin in value chain and also to comply with NVVN requirement
of using indigenously manufactured cells for power projects to be allotted
under JNNSM. Government of India is in the processing of implementing
antidumping duty on import of cells for China, Taiwan, and Malaysia etc. The
Company is awaiting for the policy announcement in this regard and after that
the Company will implement the Cell manufacturing Plant. The company has taken
conscious decision of deferring the implementation of the project till the
situation improves for the cell manufacturing.
Looking forward, the Company's Business strategy shall
be to focus on the following areas:
a) To explore and
increase the Market share in grid connected Solar Projects
b) Continue with
existing off-grid market with existing product mix and enlarge the market
share.
c) To enlarge the
export market.
d) To improve the
relationship with customers by frequent interaction and continuous visiting to
their places.
e) To establish a
separate cell for taking care of customer grievances.
f) To participate
in exhibitions in India and abroad to get visibility.
g) To set up small
solar power projects of 1-5 MW capacity under REC mechanism.
NON CONVENTIONAL ENERGY:
INTRODUCTION:
India is the 3rd
largest annual wind power market in the world, and provides great business opportunities
for both domestic and foreign investors. The Indian wind power sector
experienced record annual growth in 2011 with the addition of more than 3 GW of
new installations. Diverse incentives supported by a long-term policy and
regulatory framework at the central and state levels have played a crucial role
in achieving this goal. Since the 1980s the Government has taken various
initiatives for developing the country's vast indigenous renewable energy
resources. This includes the National Action Plan on Climate Change (NAPCC),
and the current 12th five year plan, which set long-term targets, that help in
evolving a better investment environment for the wind sector. Wind power is now
increasingly accepted as a major complementary energy source for securing a
sustainable and clean energy future for India. India's energy consumption is
increasing at one of the fastest rates in the world due to population growth
and economic development. India's electricity demand is projected to more than
triple between 2005 and 2030. India is emerging as a major wind
turbine-manufacturing hub today. Increased domestic demand and expansion of the
in-house manufacturing capacity of the Indian wind industry has resulted in
attracting many new manufacturers into the fray.
As a part of its
Corporate Social Responsibility and in view raising global concerns over Global
warming, the Company in the year 2009-10 has forayed into the non-conventional
energy sector with wind power projects. The Company currently has an overall installed
capacity of 2.40 MW comprising of 2 wind turbines of 1.65 MW and 0.75 MW
capacity respectively at Tiruvaveli, Tamilnadu and Satara, Maharashtra State.
INDUSTRY ANALYSIS:
The renewable
energy sector has shown a tendency towards exceeding the targets set in the
five-year plans. Presently, India has an installed power generation capacity of
a little over 207.8 GW5, of which renewable account for about 25 GW and wind
makes up a majority of this installed capacity. In April 2012, the Ministry for
New and Renewable Energy constituted an Offshore Wind Energy Steering Committee
under which Government is looking to prepare a time-bound action plan for
development of offshore wind energy, especially in the coastal states of Andhra
Pradesh, Gujarat, Maharashtra, Odisha, Kerala, Karnataka, West Bengal and
Tamilnadu. Given that renewable energy was about 2% of the energy mix in 1995,
this growth is a significant achievement even in comparison with most developed
countries. This was mainly spurred by a range of regulatory and policy support
measures for renewable energy development that were introduced through
legislation and market based instruments over the past decade. The 11th Plan
had aimed to create 78.7 GW of additional capacity for grid connected power but
actual realization was around 50 GW. The 12th Plan envisions installing 100 GW
of new capacity of which 30 GW is projected to come from Renewable Energy
Sources, of which wind would account for 15 GW. Historically the Indian wind
energy sector has met and occasionally exceeded its allocated target.
Wind power is a
mature and scalable clean energy technology where India holds a domestic
advantage. India has an annual manufacturing capacity for over 9.5 GW of wind turbines
today. The country is seeing about 3 GW in annual installations under the 12th
Plan target. According to the World Energy Outlook, Total power capacity in
India would reach 779 GW in 2035. To reach 779 GW in 2035, capacity must grow
at a CAGR of 5.9 percent, or over 20 GW per year from 2009 through 2035. The
largest addition per year up to now was nearly 18 GW during fiscal year
2011-2012. During fiscal year 2011-2012 wind energy alone delivered over 3GW to
India's new installed capacity, accounting for over 16.5 percent of total new
installed capacity.
Renewable energy
is now 10.9% of installed capacity, contributing about 4.13% to the electricity
generation mix, and wind power accounts for 70% of this installed capacity.
Currently the wind power potential estimated by the Centre for Wind Energy
Technology (C-WET) is 49.1 GW, but the estimations of various industry
associations and the World Institute for Sustainable Energy (WISE) and wind
power producers are more optimistic, citing a potential in the range of 65- 100
GW.
MNRE during the
year 2011-12 introduced a Generation Based Incentive (GBI) Scheme to help more
Independent Power Producers (IPPs) enter the arena. A GBI of Rs.0.50 per kWh,
with a cap of approximately $33,000 per MW per year, totalling $138,000 per MW
over 10 years of a project's life is being offered under this scheme. The GBI
is over and above the tariff approved by The Science and Engineering Research
Council (SERC) and will be disbursed on a half yearly basis through the Indian
Renewable Energy Development Agency
(IREDA).
In March 2012,
renewable energy accounted for 12.2 percent of total installed capacity, up
from 2 percent in 1995. Wind power accounts for about 70 percent of this
installed capacity. By the end of August 2012, wind power installations in
India had reached 17.9 GW. Historically, wind energy has met and often exceeded
the targets set for it under both the 10th Plan (2002-2007) and 11th Plan
(2007- 2012) periods. During the 10th Plan period the target set was of 1,500 M
W whereas the actual installations were 5,427 MW. Similarly during the 11th
Plan period the revised target was for 9,000 MW and the actual installations
were much higher at 10,260 MW. According to the report of the group for the
wind development appointed by the Ministry of New and Renewable Energy to
develop the approach paper for the 12th Plan period (April 2012 to March 2017)
fixed a reference target of 15,000 M W in new capacity additions, and an
aspirational target of 25,000 MW
The next FY presents
a promising future for the growth of renewable energy technologies in general.
The Indian market is emerging as one of the major manufacturing hubs for wind
turbines in Asia. Currently, seventeen manufacturers have an annual production
capacity of 7,500 MW. According to the WISE, the annual wind turbine
manufacturing capacity in India is likely to exceed 17,000 MW by 2013. The
Indian wind industry has not been significantly affected by the financial and
economic crises. Even in the face of a global slowdown, the Indian annual wind
power market has grown by almost 68%.
However, for India
to reach its potential and to boost the necessary investment in renewable
energy it will be essential to introduce comprehensive, stable and long-term
support policies, carefully designed to ensure that they operate in harmony
with existing state level mechanisms so as to avoid reducing their
effectiveness. Lastly India's wind sector has tremendous job creation potential
as the domestic industry grows. There is likely to be higher demand for trained
manpower and accordingly, the technical training and academic curriculum across
the States may need to be modified.
The wind energy
sector expects to add 3000 MW in 2013, compared with 840 MW in the first half
of last year. The Ministry has decided to permit the installation of a limited
number of prototype wind turbines to facilitate indigenization and encourage
national industry.
BUSINESS OUTLOOK:
The Company
currently has an overall installed capacity of 2.40 MW comprising of 2 wind
turbines of 1.65 MW and 0.75 MW capacity respectively. During the current
financial year, the Company generated Rs.20.700 millions of revenue as against
Rs.20.700 millions as of the previous year. However to focus on the core area
of operation and expertise and due to considerable delay in receiving the
payment from Tamilnadu Electricity Board, the Company has disposed-off one of
the Wind Mill situated at Tenkasi, Tamilnadu at prevailing Market Price during
the year. The Company is keenly monitoring the performance of its Wind Mill.
The Company will take suitable decision after proper due diligence.
COMMITMENTS AND
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
i. Commitments/Contingent
Liabilities |
|
|
|
a. Guarantees Issued by Banks |
4.638 |
2.208 |
|
b. Letters of Credit Outstanding |
122.696 |
12.930 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30.09.2013
(Rs. in millions)
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
Period Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales |
194.412 |
258.640 |
649.829 |
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income
from Operations (net) |
194.412 |
258.640 |
649.829 |
|
2 |
Expenses |
|
|
|
|
|
a) Increase/ Decrease in stock-in-trade |
(223.527) |
15.113 |
(160.895) |
|
|
b) Consumption of Raw Materials |
314.104 |
197.354 |
628.435 |
|
|
c) Staff Cost |
9.775 |
7.646 |
16.860 |
|
|
d) Power & Fuel |
3.031 |
1.593 |
5.548 |
|
|
e) Packing and forwarding |
3.696 |
3.409 |
8.865 |
|
|
e) Depreciation |
7.832 |
4.974 |
15.654 |
|
|
f) Other Expenditure |
66.736 |
15.916 |
95.820 |
|
|
Total Expenses |
181.647 |
246.005 |
610.287 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items |
12.765 |
12.635 |
39.542 |
|
4 |
Other Income |
7.047 |
0.675 |
9.064 |
|
5 |
Profit before finance cost and exceptional items |
19.812 |
13.310 |
48.606 |
|
6 |
Interest & Finance Costs |
5.449 |
7.113 |
11.871 |
|
7 |
Profit after finance costs but before exceptional items |
14.364 |
6.197 |
36.735 |
|
8 |
Exceptional Items (Net) |
(2.030) |
(1.496) |
(4.059) |
|
9 |
Profit from ordinary activities before Tax |
12.334 |
4.702 |
32.676 |
|
10 |
Tax Expense |
|
|
|
|
|
-Current Tax |
2.467 |
0.851 |
6.535 |
|
|
-Deferred ax |
0.000 |
0.000 |
0.000 |
|
|
-MAT Credit Utilized |
0.000 |
0.000 |
8.753 |
|
11 |
Net Profit from ordinary activities after tax |
9.867 |
3.851 |
17.388 |
|
12 |
Extraordinary Item (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit for the period |
9.867 |
3.851 |
17.388 |
|
16 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
246.033 |
246.033 |
246.033 |
|
17 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
0.000 |
0.000 |
0.000 |
|
18i |
Earning Per Shares (EPS before extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
0.40 |
0.16 |
0.71 |
|
|
- Diluted (in Rupees, not annualized) |
0.40 |
0.16 |
0.71 |
|
18ii |
Earning Per Shares (EPS after extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
0.40 |
0.16 |
0.71 |
|
|
- Diluted (in Rupees, not annualized) |
0.40 |
0.16 |
0.71 |
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
6165052 |
6198889 |
6165052 |
|
|
- Percentage of shareholding |
25.06 |
25.20 |
25.06 |
|
2 |
Promoters and promoter
group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
18438248 |
18404411 |
18438248 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and
promoter group |
100.00 |
100 |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
74.94 |
74.80 |
74.94 |
|
B |
INVESTOR COMPLAINTS |
3 months ended as on 30.09.2013 |
|
|
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 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF
LISTING AGREEMENT
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Segment Revenue |
|
|
|
|
|
a) Solar Products |
187.188 |
251.661 |
640.677 |
|
|
b) Wind Power |
7.224 |
6.979 |
9.152 |
|
|
Net Sales/
income from operations |
194.412 |
258.640 |
649.829 |
|
|
|
|
|
|
|
2 |
Segment Results (Profit Before
Tax and Interest) |
|
|
|
|
|
a) Solar Products |
12.451 |
10.069 |
40.603 |
|
|
b) Wind Power |
4.634 |
3.891 |
6.307 |
|
|
Total |
17.085 |
13.960 |
46.910 |
|
|
|
|
|
|
|
|
Less: (i) Interest |
5.449 |
7.113 |
11.871 |
|
|
(ii) Unallocable expenditure net of unallocable income |
(0.698) |
2.145 |
2.364 |
|
|
Total Profit
Before Tax |
12.334 |
4.702 |
32.676 |
|
|
|
|
|
|
|
3 |
Capital Employed
|
|
|
|
|
|
a) Solar Products |
377.896 |
264.921 |
377.896 |
|
|
b) Wind Power |
117.434 |
181.315 |
117.434 |
|
|
c) Unallocable |
27.060 |
37.409 |
27.060 |
|
|
Total |
522.390 |
483.645 |
522.390 |
BALANCE SHEET AS AT 30TH SEPTEMBER, 2013
(Rs. in millions)
|
Particulars |
As at 30.09.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
246.033 |
|
(b) Reserves & Surplus |
193.578 |
|
Sub Total -
Shareholders’ Funds |
439.611 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) Long-term borrowings |
75.961 |
|
(b) Deferred tax liabilities (Net) |
6.819 |
|
Sub Total - Non-current Liabilities |
82.780 |
|
|
|
|
(3) Current Liabilities |
|
|
(a)
Short term borrowings |
197.044 |
|
(b)
Trade payables |
318.176 |
|
(c)
Other current liabilities |
66.366 |
|
(d) Short-term
provisions |
4.331 |
|
Sub Total - Current Liabilities |
585.917 |
|
|
|
|
TOTAL-EQUITY AND
LIABILITIES |
1108.308 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
313.326 |
|
(ii)
Intangible Assets |
4.793 |
|
(iii)
Capital work-in-progress |
128.877 |
|
(b) Non-current Investments |
0.200 |
|
(c) Long-term Loan and Advances |
5.406 |
|
Sub Total - Non-Current Assets |
452.602 |
|
|
|
|
(2) Current assets |
|
|
(a)
Inventories |
428.683 |
|
(b)
Trade receivables |
66.147 |
|
(c) Cash
and cash equivalents |
115.409 |
|
(d)
Short-term loans and advances |
36.444 |
|
(e)
Other current assets |
9.023 |
|
Sub Total - Current Assets |
655.706 |
|
|
|
|
TOTAL-ASSETS |
1108.308 |
Notes:
1.
This publication is in Compliance with the requirements of Clause 41 of the
listing agreement.
2.
The above results, having been subjected to limited review by the Statutory
Auditors, have been reviewed and recommended for adoption by the Audit committee
to the Board of Directors and have been approved by the Board of Directors at
its meeting held on October 29, 2013.
3. Previous year’s figures have been regrouped,
rearranged and reworked wherever necessary to make them comparable.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Commercial Buildings
·
Plant and Machinery
·
Wind Power Plant
·
Electrical Installation
·
Office Equipment
·
Vehicles
·
Furniture and Fixtures
·
Computer
Intangible Assets
·
Goodwill
·
Certification and License
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.