MIRA
INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELECTROTHERM ( |
|
|
|
|
Registered
Office : |
A–1, Skylark Apartment, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
29.10.1986 |
|
|
|
|
Com. Reg. No.: |
04-009126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.234.760
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29249GJ1986PLC009126 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic furnaces and other capital equipments,
Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron
Pipes, Battery operated vehicles, Electric Power Generation and services
relating to Electric furnaces, other capital equipments and battery operated
vehicles. |
|
|
|
|
No. of Employees
: |
3500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company due to
which the net worth of the company has been fully eroded. However, business is
active. Payments terms are reported to be slow. The company can be considered for business dealings on a safe and
secured 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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Jigar Shah |
|
Designation : |
Secretary |
|
Contact No.: |
91-79-26768844 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office : |
A–1, Skylark Apartment, |
|
Tel. No.: |
91-79-26768844 |
|
Mobile No.: |
91-9825159296 (Mr. Shailesh Bhandari) |
|
Fax No.: |
91-79-26768855 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
3500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Engineering and Projects Division Survey No. 72,
Village : Palodia, Taluka : Kalol, District : Gandhinagar – 382 115, |
|
Tel. No.: |
91-2717-234554/ 660550/ 55/ 56/ 57 |
|
Fax No.: |
91-2717-237612/ 234616 |
|
|
|
|
Factory 2 : |
Special Steel, DI Pipe and Electric Vehicle
Division Survey No. 325,
Village : Samakhiyali, Taluka : Bhachau, District : Kutch, |
|
|
|
|
Factory 3 : |
Wind Farm Project Village : Dhank, Taluka : Upleta, District : |
|
|
|
|
Factory 4 : |
Renewables Division 414/1, GIDC,
Phase II, Vatva Industrial Area, Ahmedabad – 382 445, |
|
|
|
|
Factory 5 : |
Village : Juni Jithardi, Taluka : Karjan, District : Vadodara, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mukesh Bhandari |
|
Designation : |
Chairman and CTO |
|
|
|
|
Name : |
Mr. Shailesh Bhandari |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Avinash Bhandari |
|
Designation : |
Joint Managing Director and CEO |
|
|
|
|
Name : |
Mr. Narendra Dalal |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Nilesh Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Madhusudan Somani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ram Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Krishna Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravikumar Trehan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Sudhir Kapur |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jigar Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2280575 |
19.87 |
|
|
975000 |
8.50 |
|
|
3255575 |
28.37 |
|
|
|
|
|
|
512500 |
4.47 |
|
|
512500 |
4.47 |
|
Total shareholding of Promoter and Promoter Group (A) |
3768075 |
32.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9800 |
0.09 |
|
|
100 |
0.00 |
|
|
1366666 |
11.91 |
|
|
1366666 |
11.91 |
|
|
1376566 |
11.99 |
|
|
|
|
|
|
1309387 |
11.41 |
|
|
|
|
|
|
1365780 |
11.90 |
|
|
292265 |
2.55 |
|
|
3364301 |
29.32 |
|
|
2000000 |
17.43 |
|
|
20972 |
0.18 |
|
|
1292231 |
11.26 |
|
|
51098 |
0.45 |
|
|
6331733 |
55.17 |
|
Total Public shareholding (B) |
7708299 |
67.17 |
|
Total (A)+(B) |
11476374 |
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) |
11476374 |
0.00 |
%20LIMITED%20-%20248496%2002-Jan-2014_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20248496%2002-Jan-2014_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20248496%2002-Jan-2014_files/image004.gif){kind=small}
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic furnaces and other capital equipments,
Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron
Pipes, Battery operated vehicles, Electric Power Generation and services
relating to Electric furnaces, other capital equipments and battery operated
vehicles. |
||||||||||||||
|
|
|
||||||||||||||
|
Products : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Terms : |
|
||||||||||||||
|
Selling : |
Cash, Credit |
||||||||||||||
|
|
|
||||||||||||||
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
A Saleable |
|
|
|
|
1 Electronic Furnaces and other capital equipments |
Sets |
350 |
291 |
|
2 Wind Power generation |
KW Million KWH |
500 0.80 |
0 0.359 |
|
3 |
Nos. |
150000 |
8190 |
|
4 Ferrous and Non-Ferrous Billets /Bars/Ingots * |
MT |
314000 |
247282 |
|
5 Duct Iron Pipes |
MT |
192000 |
82998 |
|
6 Sponge & Pig Iron # |
MT |
286000 |
3085 |
# Total Installed Capacity is of 2,86,000 MT
* Actual Production is excluding captive consumption
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
3500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of India ·
State Bank of India ·
Punjab National Bank ·
State Bank of Travancore ·
Corporation Bank ·
Bank of Baroda ·
Dena Bank ·
Oriental Bank of Commerce ·
Union Bank of India ·
Canara Bank ·
Standard Chartered Bank ·
Allahabad Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Mehtaa Lodha and Company Chartered Accountant |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
V H Savaliya and Company Cost Accountant |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
RSM Astute Consulting Private Limited |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiaries : |
·
Jinhua Indus Enterprises Limited ·
Jinhua Jahari Enterprises Limited ·
Bhaskarpara Coal Company Limited ·
ET Elec-Trans Limited ·
Hans Ispat Limited ·
Shree Ram Electro Cast Limited ·
Shree Hans Papers Limited ·
Electrotherm Mali SARL |
|
|
|
|
Other Related Parties : |
·
Ahmedabad Aviation and Aeronautics Limited ·
Palace Tours and Air Charters Private Limited ·
E-Motion Power Limited ·
Afghan Trading Private Limited ·
Jayshri Petro-Yarn Private Limited ·
EIL Hospitality Private Limited ·
EIL Software Private Limited ·
EIL Technology Private Limited ·
Kappa Consultancy Private Limited (Formerly Known
as Electrotherm Infrastructure Private Limited) ·
Gujarat Mint Alloys Limited ·
Electra Transformers Private Limited (Formerly
Known as ICS Commercial Private Limited) ·
Palace Infrastructure Private Limited ·
S N Advisory Private Limited ·
Airfones Innovatives Private Limited ·
ETAIN Energy Holdings Limited (Formerly Known as
Electrotherm Energy Holdings Limited) ·
Palace Solar Energy Private Limited (Formerly
Known as Inspira Solar Energy Limited) ·
Bhandari Real Estate Private Limited ·
Arjun Ceramics and Carbon Private Limited ·
Arjun Solar One Private Limited ·
Arjun Raj Solar One Private Limited ·
Liberty Finance and Leasing Company Private
Limited* ·
Alwar Trading and Investment Company* ·
Electrotherm Renewables Private Limited* ·
Sun Infrapower Private Limited* ·
Firefly Energy Limited* ·
Bhandari Charitable Trust ·
Crystal Real Estate Private Limited ·
Western India Speciality Hospital Limited ·
Indus Elec-Trans Private Limited ·
Bhandari Brothers Commercial Private Limited ·
Adroit Trading and Investment Company ·
EIL Realty Private Limited ·
EIL Software Services Offshore Private Limited ·
Electrotherm Engineering and Projects Limited ·
Electrotherm Foundation ·
Indus Real Estate Private Limited ·
New Delhi Real Estate Private Limited ·
Suraj Real Estate Private Limited ·
Suraj Advisory Services Private Limited ·
BNB Real Estate Private Limited ·
Electrotherm Solar Limited ·
SBRB Real Estate Private Limited (Formerly known
as NET Architectures Private Limited) ·
ETAIN Immodo Renewables Limited ·
Indus Chargers and Controllers Private Limited ·
Arjun Green Power Private Limited ·
Mangalam Information Technologies Private
Limited* ·
Magnum Limited* ·
Palanpur Reality Developers Private Limited* ·
S B Realty Developers Private Limited* ·
Sun Residency Private Limited* ·
Indus Coils and Plates Limited* |
CAPITAL STRUCTURE
AS ON 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
25000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
TOTAL |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11476374 |
Equity Shares |
Rs.10/- each |
Rs. 114.760
Millions |
|
12000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
TOTAL |
|
Rs. 234.760 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 (18 Months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
234.760 |
234.760 |
|
(b) Reserves & Surplus |
|
(167.220) |
7059.900 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
67.540 |
7294.660 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5019.900 |
4947.060 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
865.130 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
75.100 |
45.340 |
|
Total Non-current Liabilities (3) |
|
5095.000 |
5857.530 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
21594.080 |
19206.660 |
|
(b) Trade payables |
|
598.940 |
1863.760 |
|
(c) Other current
liabilities |
|
5362.990 |
2778.110 |
|
(d) Short-term provisions |
|
22.720 |
15.510 |
|
Total Current Liabilities (4) |
|
27578.730 |
23864.040 |
|
|
|
|
|
|
TOTAL |
|
32741.270 |
37016.230 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
16197.470 |
15705.700 |
|
(ii) Intangible Assets |
|
17.560 |
25.980 |
|
(iii) Capital
work-in-progress |
|
95.850 |
2335.070 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1223.950 |
1083.870 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
227.590 |
184.910 |
|
(e) Other Non-current assets |
|
292.720 |
342.200 |
|
Total Non-Current Assets |
|
18055.140 |
19677.730 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
6942.880 |
8527.600 |
|
(c) Trade receivables |
|
4459.350 |
5101.920 |
|
(d) Cash and cash
equivalents |
|
516.510 |
1180.320 |
|
(e) Short-term loans and
advances |
|
2746.620 |
2518.780 |
|
(f) Other current assets |
|
20.770 |
9.880 |
|
Total Current Assets |
|
14686.130 |
17338.500 |
|
|
|
|
|
|
TOTAL |
|
32741.270 |
37016.230 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
234.760 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6806.320 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7041.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
11811.140 |
|
|
2] Unsecured Loans |
|
|
3346.170 |
|
|
TOTAL BORROWING |
|
|
15157.310 |
|
|
DEFERRED TAX LIABILITIES |
|
|
814.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23012.890 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14512.790 |
|
|
Capital work-in-progress |
|
|
1221.420 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
72.690 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4841.450
|
|
|
Sundry Debtors |
|
|
3364.670
|
|
|
Cash & Bank Balances |
|
|
1864.810
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2218.400
|
|
Total
Current Assets |
|
|
12289.330 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5336.000
|
|
|
Other Current Liabilities |
|
|
18.700
|
|
|
Provisions |
|
|
114.560
|
|
Total
Current Liabilities |
|
|
5469.260 |
|
|
Net Current Assets |
|
|
6820.070
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
385.920 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
23012.890 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 (18 Months) |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22389.030 |
22968.930 |
20027.530 |
|
|
|
Other Income |
316.420 |
163.900 |
140.820 |
|
|
|
TOTAL (A) |
22705.450 |
23132.830 |
20168.350 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
15192.560 |
13610.960 |
|
|
|
|
Purchase of Stock In Trade |
1388.220 |
6186.940 |
|
|
|
|
Employee benefits expenses |
1215.050 |
645.930 |
|
|
|
|
Other Expenses |
4710.750 |
4099.700 |
|
|
|
|
Preliminary Expenses Written Off |
10.750 |
7.350 |
|
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
1606.560 |
(4827.380) |
|
|
|
|
TOTAL (B) |
24123.890 |
19723.500 |
17309.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1418.440) |
3409.330 |
2859.150 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4740.340 |
1921.960 |
1332.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(6158.780) |
1487.370 |
1526.630 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1991.830 |
1077.760 |
723.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(8150.610) |
409.610 |
802.870 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(864.910) |
126.770 |
256.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(7285.700) |
282.840 |
546.030 |
|
|
|
|
|
|
|
|
|
|
Prior Period Adjustment - Income Tax and Others |
(6.830) |
5.410 |
(8.060) |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss)
for the Period /Year |
(7292.530) |
288.250 |
537.970 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1582.280 |
1494.030 |
1198.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
200.000 |
200.000 |
|
|
|
Equity Shares |
0.000 |
0.000 |
28.690 |
|
|
|
Preference Shares |
0.000 |
0.000 |
7.200 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
6.100 |
|
|
BALANCE CARRIED
TO THE B/S |
(5710.250) |
1582.280 |
1494.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services |
1389.630 |
797.530 |
534.530 |
|
|
TOTAL EARNINGS |
1389.630 |
797.530 |
534.530 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3450.710 |
3248.170 |
2454.790 |
|
|
|
Stores & Spares |
185.560 |
205.820 |
103.960 |
|
|
|
Capital Goods |
108.470 |
34.880 |
357.190 |
|
|
TOTAL IMPORTS |
3744.740 |
3488.870 |
2915.940 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(310.34) |
25.12 |
46.14 |
|
%20LIMITED%20-%20248496%2002-Jan-2014_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 (18 Months) |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(32.09)
|
1.22 |
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(36.40)
|
1.78 |
4.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(25.94)
|
1.22 |
2.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(120.68)
|
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
394.05
|
3.31 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53
|
0.73 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
HIGH COURT OF GUJARAT
STAMP NUMBER No. 1158 of 2013
OFFICE OBJECTION
COURT PROCEEDINGS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
%20LIMITED%20-%20248496%2002-Jan-2014_files/image007.gif){kind=small}
1|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
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 |
No |
|
Unsecured Loan |
Rs.
In Millions 30.09.2012 |
Rs.
In Millions 31.03.2011 |
|
Long term
borrowings |
|
|
|
Foreign Currency Term Loan |
494.190 |
448.160 |
|
Short-term
borrowings |
|
|
|
Loans and Advances
from other parties repayable on demand from:- |
|
|
|
Related Parties (Including Body Corporates) |
23.890 |
28.230 |
|
Body Corporate |
3.350 |
3.350 |
|
Directors |
43.890 |
6.350 |
|
Term Loan from
Banks |
|
|
|
- Rupee Term Loan |
1739.590 |
7848.620 |
|
- Foreign Currency Term Loan |
262.890 |
222.950 |
|
|
|
|
|
TOTAL |
2567.800 |
8557.660 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10327606 |
29/12/2011 |
4,628,600,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE FINANCE BRANCH, CENTRAL BANK
BUILDING , LAL DARWAJA, AHMEDABAD, Gujarat - 380001, INDIA |
B29228582 |
|
2 |
10317944 |
18/11/2011 |
2,000,000,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD BRANCH, SHARAD SHOPPING
CENTRE, OPP. |
B25413303 |
|
3 |
10317950 |
18/11/2011 |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD BRANCH, SHARAD SHOPPING
CENTRE, OPP. |
B25415217 |
|
4 |
10321481 |
12/11/2011 |
2,784,700,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,104,JYOTI COMMERCIAL
COMPLE, NEAR SHYAMAL CROSS ROAD, SATELITE, AHMEDABAD, GUJARAT - 380015, INDIA |
B27073931 |
|
5 |
10323332 |
24/10/2011 |
1,810,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND
FLOOR, BOI |
B27942994 |
|
6 |
10313190 |
19/10/2011 |
495,300,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B23532542 |
|
7 |
10318007 |
03/10/2011 |
540,000,000.00 |
DENA BANK |
188A ASHRAM ROAD, DENA LAXMI BUILDING,
AHMEDABAD, |
B25432139 |
|
8 |
10314943 |
29/09/2011 |
180,200,000.00 |
ORIENTAL BANK OF COMMERCE |
"NEEL KAMAL",OPP SALES INDIA,ASHRAM
ROAD, AHMEDABAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B24214470 |
|
9 |
10314939 |
28/09/2011 |
36,000,000.00 |
BANK OF BARODA |
1ST FLOOR, BANK OF BARODA TOWERS, OPP LAW
GARDEN, |
B24213126 |
|
10 |
10307836 |
22/09/2011 |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD BRANCH, SHARAD SHOPPING
CENTRE,, OPP. |
B21281084 |
|
11 |
10307708 |
26/08/2011 |
442,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR,
PELICAN BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, |
B21191978 |
|
12 |
10303063 |
28/07/2011 |
187,300,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR, PELICAN
BUILDING, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380009, |
B19136381 |
|
13 |
10279757 |
19/10/2011 * |
2,775,000,000.00 |
ALLAHBAD BANK |
S P NAGAR BRANCH, AHMEDABAD, GUJARAT -
380009, INDIA |
B23249162 |
|
14 |
10260101 |
24/12/2010 |
50,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, COMMERCIAL
COMPLEX, NEAR |
B03353125 |
|
15 |
10258977 |
30/07/2011 * |
607,200,000.00 |
VIJAYA BANK |
INDUSTRIAL FINANCE BRANCH, KAMDHENU
COMPLEX, OPP. |
B21586169 |
|
16 |
10236350 |
04/11/2011 * |
442,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, GROUND FLOOR, 'A'
WING, P |
B25431289 |
|
17 |
10276029 |
29/09/2011 * |
790,000,000.00 |
STATE BANK OF TRAVANCORE |
GROUND FLOOR, "KAIVANNA",
PANCHWATI, ELLISBRIDGE, |
B24258568 |
|
18 |
10228834 |
28/06/2010 |
250,000,000.00 |
STATE BANK OF INDORE |
JALDARDHAN CO-OP. SOCIETY LTD., ASHRAM
ROAD BRANCH,, AHMEDABAD, GUJARAT - 380009, INDIA |
A89875918 |
|
19 |
10214002 |
12/03/2010 |
300,000,000.00 |
CANARA BANK |
NAVRANGPURA BRANCH, NR. POLICE STATION,
NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA |
A83709113 |
|
20 |
10245588 |
20/08/2011 * |
1,317,200,000.00 |
CORPORATION BANK |
IFB BRANCH RANGOLI COMPLEX 1ST FLOOR, OPP V
S HOSPITAL, AHMEDABAD, GUJARAT - 380006, INDIA |
B20726022 |
|
21 |
10173437 |
21/08/2009 |
3,500,000,000.00 |
BANK OF INDIA |
AHMEDABAD CORPORATE BANKING BRANCH, 2ND
FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
A68909720 |
|
22 |
10173440 |
21/08/2009 |
3,500,000,000.00 |
BANK OF INDIA |
AHMEDABAD CORPORATE BANKING BRANCH, 2ND
FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
A68910215 |
|
23 |
10133263 |
03/10/2013 * |
12,439,000,000.00 |
BOI CONSORTIUM - BOI LEAD + SBI + PNB +
SBT + CRPB |
AHMEDABAD LARGE CORPORATE BRANCH, SECOND
FLOOR BOI BUILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
B87208963 |
|
24 |
10121410 |
30/08/2008 |
615,150,000.00 |
INTERNATIONAL FINANCE CORPORATION (IFC) |
2121, PENNSYLVANIA AVENUE, N.W.,
WASHINGTON, WASHINGTON, - 20433, UNITED STATES OF AMERICA |
A45382108 |
|
25 |
10096569 |
21/03/2008 |
2,572,700,000.00 |
BANK OF INDIA |
AHMEDABAD CORPORATE BANKING BRANCH, BOI BUILDING, BHADRA,, AHMEDABAD, GUJARAT -
380001, INDIA |
A36019149 |
|
26 |
10063073 |
21/06/2007 |
100,000,000.00 |
CENTURION BANK OF PUNJAB LIMITED |
PRERNA ARCADE, NEAR PARIMAL GARDEN,, C G
ROAD, AHMEDABAD, GUJARAT - 380006, INDIA |
A19450758 |
|
27 |
80032400 |
08/03/2006 * |
2,719,500,000.00 |
BANK OF INDIA & OTHER 10 CONSORTIUM
BANKS |
AHMEDABAD CORPORATE BANKING BRANCH, , BOI
BUILDING, 2ND FLOOR, BHARDRA,, AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
28 |
80032399 |
18/10/2011 * |
12,439,000,000.00 |
BANK OF INDIA |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND
FLOOR, BOI |
B27340363 |
|
* Date of charge modification |
||||||
CORPORATE
INFORMATION
Subject is a listed public company domiciled in India and Incorporated
under the provisions of the Companies Act, 1956. The Company is engaged in the
Manufacturing of Electronic furnaces and other capital equipments, Sponge and
PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery
operated vehicles, Electric Power Generation and services relating to Electric
furnaces, other capital equipments and battery operated vehicles.
FINANCIAL RESULTS
The financial year 2011 - 2012 was extended up to 30th September, 2012
consisting of 18 months and as such all references to financial year 2011 -2012
in this Directors’ Report and Annual Report is to be read as period of 18
(eighteen) months starting from 1st April, 2011 and ending on 30th September,
2012. Hence figures of the financial period 2011-2012 are not comparable with
the figures of previous financial year 2010-2011.
OPERATIONS
During the period ended on 30th September,
2012, the total revenue of the Company is Rs.22705.45 Million compared to
revenue of Rs.23132.83 Million of previous financial year. The Loss for the
period is Rs.7292.53 Million against Net profit of Rs.288.25 Million of the
previous financial year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OUTLOOK / OVERVIEW OF THE ECONOMY:
GLOBAL SCENARIO:
In 2011 the world crude steel production
reached 1518 million tonnes and showed a growth of 6.2% over 2010. (Source:
World Steel Association) China remained the world’s largest crude steel
producer in 2011 (684 mt) followed by Japan (108 mt), the USA (86.4 mt) and
India (72.2 mt; prov) at the 4th position.
The WSA has projected that global apparent
steel use will increase by 3.6% to 1422 Mt in 2012, following growth of 5.6% in
2011. In 2013, it is forecasted that world steel demand will grow further by
4.5% to around 1486 Mt. China’s apparent steel use in 2012 and 2013 is expected
to increase by 4% in both the years. For India, growth in apparent steel use is
expected to grow by 6.9% in 2012 and by 9.4% in 2013. Per capita finished steel
consumption in 2011 is estimated at 215 kg for world and 460 kg for China.
DOMESTIC SCENARIO
The Indian steel industry has entered into a
new development stage from 2007-08, riding high on the resurgent economy and
rising demand for steel. Rapid rise in production has resulted in India
becoming the 4th largest producer of crude steel and the largest producer of
sponge iron or DRI in the world.
As per the report of the Working Group on
Steel for the 12th Plan, there exist many factors which carry the potential of
raising the per capita steel consumption in the country, currently estimated at
55 kg. These include among others, an estimated infrastructure investment of
nearly a trillion dollars, a projected growth of manufacturing from current 8%
to 11-12%, increase in urban population to 600 million by 2030 from the current
level of 400 million, emergence of the rural market for steel currently
consuming around 10 kg per annum buoyed by projects like Bharat Nirman, Pradhan
Mantri Gram Sadak Yojana, Rajiv Gandhi Awaas Yojana among others.
At the time of its release, the National Steel
Policy 2005 had envisaged steel production to reach 110 million tonnes by
2019-20. However, based on the assessment of the current ongoing projects, both
in greenfield and brownfield, the Working Group on Steel for the 12th Plan has
projected that the crude steel capacity in the county is likely to be 140 mt by
2016-17 and has the potential to reach 149 mt if all requirements are adequately
met.
INDUSTRY STRUCTURE AND DEVELOPOMENTS
A.
ENGINEERING AND PROJECTS DIVISION:
The slowdown in the Indian economy has
affected the addition of new capacity for steel-making but the capacity addition
is expected to pick up in the coming years in line with the growth that has
been forecasted by the steel ministry.
Recently, BIS has changed the norms of quality
for long products and made them more stringent and comparable with the world
standards. These new standards are expected to come in force by 31st March
2013. A sizable production of the long products happens through Induction
furnace route. A patent has been granted to Electrotherm for De-phosphorization
and De-sulphurization through Induction furnace route. This has opened up new
avenues for the company to introduce new process of producing steel to meet the
new norms set by BIS. Many plants in the range of 0.2 to 0.3 MTPA will upgrade
their equipment to meet the new quality standards of steel. This throws upon a
huge opportunity for the company to build and sell large number of LRFs over
the next 5 years.
In the past few years, Electrotherm has
executed many Turn Key projects in the overseas emerging markets. These are now
serving as strong references for the company to generate new business as the
economy in these countries is picking up post the 2008 economic meltdown. The
company has already become the preferred supplier of turnkey solutions for
setting up of upto 0.5 MTPA steel plants in the world through the induction
route. The company has established a strong presence for these kinds of
projects/ standalone induction furnaces in markets like Africa, Middle East,
South East Asia, Saudi Arabia, Turkey, Iran and Iraq. The revenues from these
export markets are expected to continue to grow over the next 5 years.
The company successfully introduced continuous
casting machine for small size induction furnaces in April 2011. The product
has been extremely well accepted in the market with more than 10 casters
already commissioned across India. With the country’s small steel manufacturing
units wanting to migrate from ingot making to billet making, the demand for
these small casters suitable for small induction furnace units is expected to grow
exponentially over the next 3 – 5 years. With a captive installed base of more
than 800 induction furnaces and additional 150 furnaces being installed every
year, the company expects to sell substantial number of casters going forward.
With robust demand coming from the Auto
sector, the foundry sector is continuing to grow. This has resulted into a
continuous increase in the demand for small induction furnaces for foundry
applications. They expect this demand to further improve as the capex cycle
kicks in with the expected reduction in interest rates by RBI over the next few
quarters.
DEVELOPMENTS
1.
INDUCTION MELTING:
Ø
Lining vibrator for
improving lining life of the refractory thereby improving productivity and
uptime.
Ø
Development of additional
features in continuous casting machine to improve quality of steel like EMS
Ø
Power sharing energy
efficient furnace for foundry.
Ø
Automation to improve
operational efficiency and increase utilization factor up to 94%.
INDUCTION HEATING AND HARDENING:
Ø
Enhancement in the power
range of medium frequency power supply for mass heating application with
feature of near unity PF operation at any power level.
Ø
Digital platform for
control of power supply
POWER FACTOR CORRECTION SYSTEM:
Ø
Dynamically Real time Dynamic
power factor correction system coupled with fixed compensation to maintain near
unity PF to reduce contract demand with fluctuating load.
POLLUTION CONTROL EQUIPMENT:
Ø
To further improve
customer sustainability while meeting the environment norms, the company is
working on yet another opportunity of developing effective pollution control
equipment and scrap processing equipment for its customers.
STEEL DIVISION:
The year gone by has been an extremely
challenging year for the steel sector in India. While the demand for most steel
products slowed down due to slowing of the GDP/ economic growth on one side,
the raw material availability became a serious area of concern with Supreme
Court imposing bans in key mining sectors like Hospet, Bellary and Goa. Due to
non-availability/ reduced availability of raw material for steel making, the
capacity utilization of the sector (especially for units in the Western and
Southern part of the country) dwindled.
The company could not source iron ore from
Bellary for running of it’s steel and pipe plant in adequate quantities and had
to resort to importing of expensive pellets. This not only effected the
capacity utilization of the plant but also had a severe negative impact on the
profitability. With the situation in Bellary not expected to change in the near
term, the company has arranged for sourcing of iron ore from Africa. With the
logistics for sourcing of this iron ore from Africa getting streamlined, the
availability going forward is expected to improve and this will have a
substantial positive impact on the profitability of the company and should help
the company turnaround.
The iron ore situation in the country is
improving albeit at a very slow pace. The shortage of the key raw material is
going to result into continued high prices of the finished goods. The new
initiatives of the Government (CRR cut) and expected initiatives in the near
future are expected to revive the infrastructure sector. This will further
improve the demand situation in coming quarters. Gujarat continues to be on a
roll with a robust demand for steel products and growing. While the finished
good prices are expected to remain high, the cost of production will reduce
substantially in near future.
a. Availability of high quality, fixed cost iron ore from Africa
b. The high quality lower cost ore will substantially reduce the cost of
sponge iron
c. Almost 14 MW of free power will be generated through the waste gases
produced by operations of both the kilns bringing the average cost of power
down substantially
d. The cost of the fuel in the TMT mill has reduced and is expected to
further reduce on account of direct rolling.
All this is expected to help the company
improve its profitability.
The company with its state-of-the-art equipment
is already producing the long products in conformance with the new norms
proposed by BIS expected to be implemented shortly. Thus, as and when the norms
get implemented, the company will be a huge beneficiary and will see a
substantial rise in demand of its products in the short run as the supply from
non-standard manufacturers might get curtailed.
DI PIPE DIVISION:
The pipe prices had fallen dramatically
between Jan 2011 and Dec 2011 on account of entry of new players in the market
substantially adding to the industry installed capacity. The market since then
has stabilized and all the new players are also fully booked. This has once
again resulted into improvement in the new order book prices for DI pipes. The
average price realization is now improving and will remain at reasonably high
levels given the high demand situation for rural water piping systems in the
country. On the other hand, the cost of raw materials including coke and mill
scale has gone down marginally. This should help improve the profitability of
the pipe division in the coming year.
DEVELOPMENTS:
The company has successfully implemented the
use of LRF and De-phosphorization and De-sulphurization process for production
of high quality low phosphorous forging grade billets. There is a large market
for these low alloy steel forging grade billets in Rajkot and he company
expects to sell larger quantities of such value added billets in the coming
year. The company has also developed and introduced Fe-550D TMT rebars and the
product has been well accepted in the market. The demand for this product is
slowly on the rise and is helping the company realize better prices/ margins.
This is also helping company compete effectively with larger players like Tata
and Sail in the high end TMT market.
ELECTRIC VEHICLE DIVISION:
For the first time in last four years, the
Electric Vehicles market saw an upturn during the financial 2011-12. YO bykes
got the maximum advantage showing 70% growth with respect to last year. This
growth has happened due to the following factors:
a) Subsidy from the Central Government
b) Petrol Price hike
c) High speed vehicles for YO bykes
d) YO bykes distribution network
e) Strong supply chain systems in place
The Company has struggled on the working
capital issue because of late release of funds from the Ministry of New and
Renewable Energy. The scheme was closed on 31st March 2012.
Government of India has realized the potential
of electric vehicle technology and its benefits to the nation. Hence, it has
set up a National Electric Mobility Mission Plan (NEMMP), wherein it is
investing around Rs. 140000.000 Millions on development of electric vehicle
technology till 2020. They believe this would be a great catalyst for the
development of eco-system for the electric vehicle market in our country.
Electrotherm R and D had been successful in
developing a new type of charger, but faced issues in supply of good quality
parts from China. In this year, they had established the manufacturing facility
for producing chargers in Ahmedabad. This facility has not only reduced the
lead time of charger availability but has also reduced the product quality
issues. This facility will undertake controller and converter manufacturing, in
next financial year. Also, they are setting up a production facility for high
speed motors, wherein they envisage the similar benefits.
They are working on developing a new product
with better features for the youth of Indian market. They expect the new
product to be available in 2013-14 periods.
FIXED ASSETS
·
Free Hold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
AUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON SEPTEMBER 30, 2013
|
Sr. No. |
Particular |
Quarter Ended |
Year ended (12TH Months) |
|
|
|
|
30.09.2013 (Audited) |
30.06.2013 (Unaudited) |
30.09.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
2968.550 |
2149.840 |
10552.320 |
|
|
Other Operating Income |
-- |
-- |
-- |
|
|
Net Sales/Income
from Operations |
2968.550 |
2149.840 |
10552.320 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
2292.450 |
1539.680 |
7392.130 |
|
|
Purchase of stock in trade |
54.310 |
55.550 |
259.900 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
178.900 |
(128.680) |
146.140 |
|
|
Employee Benefits Expenses |
135.810 |
140.850 |
672.670 |
|
|
Depreciation and Amortization Expenses |
335.110 |
349.320 |
1388.280 |
|
|
Other Expenses |
666.050 |
503.060 |
2280.310 |
|
|
f) Total |
3662.630 |
2459.780 |
12139.430 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(694.080) |
(309.940) |
(1587.110) |
|
|
|
|
|
|
|
4. |
Other Income |
34.350 |
1.220 |
64.060 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(659.730) |
(308.720) |
(1523.050) |
|
|
|
|
|
|
|
6. |
Interest |
534.100 |
49.990 |
1015.460 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(1193.830) |
(358.710) |
(2538.510) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(1193.830) |
(358.710) |
(2538.510) |
|
|
|
|
|
|
|
10. |
Tax Expense |
0.250 |
-- |
0.250 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(1194.080) |
(358.710) |
(2538.760) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
(0.070) |
-- |
(0.120) |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(1194.150) |
(358.710) |
(2538.880) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
114.760 |
114.760 |
114.760 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
(2737.920) |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(104.05) |
(31.26) |
(221.22) |
|
|
b) Basic and diluted EPS after extraordinary items |
(104.05) |
(31.26) |
(221.22) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
7708299 |
7708299 |
7708299 |
|
|
- Percentage of Shareholding |
67.17 |
67.17 |
67.17 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
300000 |
300000 |
300000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
7.96 |
7.96 |
7.96 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
2.61 |
2.61 |
2.61 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
3468075 |
3468075 |
3468075 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
92.04 |
92.04 |
92.04 |
|
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
30.22 |
30.22 |
30.22 |
|
Particulars
|
30.09.2013 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unresolved at the end of the quarter |
0 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED (UNDER CLAUSE 41 OF LISTING AGREEMENT)
|
|
Quarter Ended |
Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Audited |
Unaudited |
Audited |
|
|
Amount (Rs. million) |
||
|
Segment Revenue |
|
|
|
|
Engineering & Projects
Division |
884.950 |
531.050 |
3879.280 |
|
Special Steel Division |
2,069.060 |
1603.590 |
6547.440 |
|
Electric Vehicle Division |
18.590 |
16.900 |
144.620 |
|
Total |
2,972.600 |
2151.540 |
10571.340 |
|
Less: Inter Segment Revenue |
4.050 |
1.700 |
19.020 |
|
Net Sales / Income from Operations |
2968.550 |
2149.840 |
10552.320 |
|
|
|
|
|
|
Segment Results Profit / (Loss) Before Finance Cost and Tax |
|
|
|
|
Engineering & Projects
Division |
(326.560) |
(40.400) |
(252.280) |
|
Special Steel Division |
(320.290) |
(248.670) |
(1157.770) |
|
Electric Vehicle Division |
(12.890) |
(19.650) |
(113.020) |
|
Total |
(659.740) |
(308.720) |
(1523.070) |
|
Less : Finance |
534.100 |
49.990 |
1015.460 |
|
Other un-allocable expenditure
net off un-allocable income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total Profit Before Tax |
(1,193.840) |
(358.710) |
(2538.530) |
|
|
|
|
|
|
Capital employed (segment Assets less Segment Liabilities) |
|
|
|
|
Engineering & Projects
Division |
1,139.590 |
1690.700 |
1139.590 |
|
Special Steel Division |
(1,732.140) |
300.850 |
(1732.140) |
|
Electric Vehicle Division |
503.990 |
474.210 |
503.990 |
|
Total |
(88.560) |
2465.760 |
(88.560) |
NOTES
1.
The above Audited Financial
Results were reviewed by the Audit Committee. The Board of Directors at its meeting
held on November 22, 2013 has approved the above results and its release.
2.
Various Banks / Creditors have
initiated legal actions in the nature of winding up petitions, debt recovery
proceedings, criminal complaints etc. against the company and its directors /
officers for outstanding dues and the same are pending with various courts /
authorities with some interim orders / directions. The Company is contesting
against the said legal actions.
3.
The Company has approached the
lenders to restructure the entire debt of the Company. In accordance to the
guidelines for Corporate Debt Restructuring (CDR) issued by Reserve Bank of
India, the flash report of the Company was discussed at CDR Empowered Group
(EG) meeting and the reference for restructuring of the debt of the Company was
admitted with CDR Cell on August 23/24, 2012 with cutoff date as January 01,
2012. But the scheme could not be finalized due to unavoidable circumstances.
Bank of India the referring institution submitted a Memorandum dated July 20,
2013 for re-entry of the company in CDR, the flash cum final report of the
company with revised cutoff date (i.e. March 31, 2013) was submitted to CDR
Cell In accordance with the guidelines for Corporate Debt Restructuring issued
by the Reserve Bank of India. The final scheme had been discussed at the CDR EG
Meeting and the reference to restructuring of the debt of the Company was
readmitted on August 23, 2013. The final CDR package will be approved by COR EG
soon.
4.
Many bank accounts of the Company were
classified as Non Performing Assets and therefore provision for Interest (other
than upfront charges) on Corporate Loan and Working Capital Loans amounting to
Rs. 4588.25 Millions has not been provided in the books of accounts and to that
extent loss and bankers loan liability has been understated.
5.
In the opinion of the management,
the current assets and liabilities, loans and advances are approximately of the
value stated, if realised in the ordinary course of business.
6.
Extra ordinary items for the 18
months period ending on September 30, 2012 comprises of deferred tax liability
of Rs. 865.120 millions written back to Statement of Profit and Loss.
7.
The figures of current financial
year are of 12 (Twelve) months ended on September 30, 2013 and the figures of
previous financial period are of 18 (Eighteen) months ended on September 30,
2012 and hence the same are not comparable. Figures of the previous financial
period have been re-arranged / regrouped / reclassified / re-casted wherever
necessary.
8.
The figures for the quarter ended
September 30, 2013 represent the derived figure between the audited figure in
respect of the financial year ended on September 30, 2013 and the published
year to date figure upto June 30, 2013 being the date of the end of the Quarter
3, of the Current Financial Year which was subject to the limited review.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2013 (Unaudited) |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
234.760 |
|
Reserve &
surplus |
(2737.920) |
|
Sub-total - Shareholders' funds |
(2503.160) |
|
Non - current
liabilities |
|
|
Long term
borrowings |
2693.660 |
|
Long term
provisions |
53.680 |
|
Sub-total - Non-current liabilities |
2747.340 |
|
Current
liabilities |
|
|
Short term
borrowings |
28529.950 |
|
Trade payables |
2006.260 |
|
Other current
liabilities |
2121.010 |
|
Short term
provisions |
42.470 |
|
Sub-total - Current liabilities |
32699.690 |
|
Total - Equity & Liabilities |
32943.870 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
14917.460 |
|
Non-current
investment |
1273.870 |
|
Deferred Tax
assets (net) |
0.000 |
|
Long term loans
& advances |
202.470 |
|
Other
non-current assets |
332.670 |
|
Sub-total - Non-current Assets |
16726.470 |
|
Current assets |
|
|
Inventories |
6509.380 |
|
Trade
receivables |
4656.520 |
|
Cash & bank
balances |
270.130 |
|
Short term loans
& advances |
4775.140 |
|
Other current
assets |
6.230 |
|
Sub-total - Current Assets |
16217.400 |
|
Total – Assets |
32943.870 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.93 |
|
|
1 |
Rs. 102.38 |
|
Euro |
1 |
Rs. 85.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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.