MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELECON ENGINEERING COMPANY LIMITED |
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Registered
Office : |
Anand, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
11.01.1960 |
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Com. Reg. No.: |
04-001082 |
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Capital Investment
/ Paid-up Capital : |
Rs. 217.872 Millions |
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CIN No.: [Company Identification
No.] |
L2959GJ1960PLC001082 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDE00200E |
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PAN No.: [Permanent Account No.] |
AAACE4644D |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Material Handling Equipments. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 19000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There
appears drastic dip in the turnover and profitability of the company. However, net worth of the company appears to be satisfactory. General
financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 |
CARE |
|
Rating |
Long term bank facilities: (A+) |
|
Rating Explanation |
High degree of safety. It carry very low
credit risk. |
|
Date |
11.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: (A1+) |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
11.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Hemendra C. Shah |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9909917150 |
|
Date : |
28.01.2014 |
LOCATIONS
|
Registered / Corporate Office : |
Anand, Sujitra Road, Vallabh Vidyanagar – 388120, Gujarat, India |
|
Tel. No.: |
91-2692-238701/ 02/ 03/ 04/ 227109/ 230166 |
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Mobile No.: |
91-9909917150 (Mr. Hemendra C. Shah) |
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Fax No.: |
91-2692-227484/ 227020/ 227484 |
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E-Mail : |
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Website : |
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Area : |
25000 Sq. Ft |
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Location : |
Owned |
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Factory 1: |
Gear Division Anand – Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India |
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Factory 2: |
Alternate Energy
Division Anand – Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Prayasvin B. Patel |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
54 Years |
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Qualification : |
B. E. (Mechanical), M.B.A. (U.S.A) |
|
Experience : |
36 Years |
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Date of Appointment : |
01.07.1983 |
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|
|
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Name : |
Mr. Pradip M. Patel |
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Designation : |
Director |
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|
Name : |
Mr. Chirayu R. Amin |
|
Designation : |
Director |
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|
Name : |
Mr. Hasmuklal Parikh |
|
Designation : |
Director |
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Name : |
Dr. Amritlal C. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Prashant Amin |
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Designation : |
Director |
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Name : |
Mr. Jal Patel |
|
Designation : |
Director |
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|
Name : |
Mr. Jai S Diwanji |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hemendra C. Shah |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Paresh M. Shukla |
|
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 |
|
|
|
|
|
|
|
|
3176874 |
2.92 |
|
|
58165553 |
53.39 |
|
|
928492 |
0.85 |
|
|
928492 |
0.85 |
|
|
62270919 |
57.16 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
62270919 |
57.16 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9511094 |
8.73 |
|
|
66927 |
0.06 |
|
|
278648 |
0.26 |
|
|
938000 |
0.86 |
|
|
0 |
0.00 |
|
|
10794669 |
9.91 |
|
|
|
|
|
|
3959067 |
3.63 |
|
|
|
|
|
|
26069280 |
23.93 |
|
|
3516332 |
3.23 |
|
|
2325576 |
2.13 |
|
|
365072 |
0.34 |
|
|
28626 |
0.03 |
|
|
1365537 |
1.25 |
|
|
422255 |
0.39 |
|
|
2800 |
0.00 |
|
|
141286 |
0.13 |
|
|
35870255 |
32.93 |
|
Total Public
shareholding (B) |
46664924 |
42.84 |
|
Total (A)+(B) |
108935843 |
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) |
108935843 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Encumbered shares (*) |
|
||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Emtici Engineering Limited |
2,57,75,669 |
23.66 |
6336000 |
24.58 |
5.82 |
|
2 |
Prayas Engineering Limited |
1,11,66,394 |
10.25 |
1507850 |
13.50 |
1.38 |
|
3 |
Power Build Limited |
15,960 |
0.01 |
0 |
0.00 |
0.00 |
|
4 |
Bipra Investments and Trusts Private Limited |
58,76,621 |
5.39 |
0 |
0.00 |
0.00 |
|
5 |
Devkishan Investments Private Limited |
11,95,779 |
1.10 |
0 |
0.00 |
0.00 |
|
6 |
Elecon Information Technology Limited |
19,46,624 |
1.79 |
0 |
0.00 |
0.00 |
|
7 |
K B Investments Private Limited |
1,00,81,125 |
9.25 |
0 |
0.00 |
0.00 |
|
8 |
Akaaish Mechatronics Ltd |
17,86,187 |
1.64 |
0 |
0.00 |
0.00 |
|
9 |
Speciality Woodpack Private Limited |
1,60,597 |
0.15 |
0 |
0.00 |
0.00 |
|
10 |
Wizard Fincap Limited |
1,60,597 |
0.15 |
0 |
0.00 |
0.00 |
|
11 |
Prayasvin Bhanubhai Patel |
99,962 |
0.09 |
0 |
0.00 |
0.00 |
|
12 |
Prayasvin Bhanubhai Patel |
36,019 |
0.03 |
0 |
0.00 |
0.00 |
|
13 |
Prayasvin Bhanubhai Patel |
11,90,529 |
1.09 |
0 |
0.00 |
0.00 |
|
14 |
Prayasvin B Patel on behlaf on Bhanubhai I Patel HUF |
2,27,490 |
0.21 |
0 |
0.00 |
0.00 |
|
15 |
Taruna Patel |
1,91,816 |
0.18 |
0 |
0.00 |
0.00 |
|
16 |
Trupti Pradip Patel |
14,31,058 |
1.31 |
0 |
0.00 |
0.00 |
|
17 |
Minita M Dalal (C/o. S I Patel Trust) |
9,28,492 |
0.85 |
0 |
0.00 |
0.00 |
|
|
Total |
6,22,70,919 |
57.16 |
7843850 |
12.60 |
7.20 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
ICICI Prudenntial Child Care P |
3297134 |
3.03 |
|
2 |
UTI Energy Fund |
2900000 |
2.66 |
|
3 |
Sundaram Mutual Fund A/C |
1812460 |
1.66 |
|
4 |
Reliance Cap Trustee Company Limited |
1500000 |
1.38 |
|
|
Total |
9509594 |
8.73 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Material Handling Equipments. |
|
|
|
|
Exports : |
|
|
Products : |
·
Material Handling Equipments |
|
Countries : |
·
South East Asia ·
Middle East |
|
|
|
|
Imports : |
|
|
Products : |
·
Machinery Hydraulics |
|
Countries : |
·
Germany ·
Japan ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and DP |
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|
|
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Purchasing : |
L/C |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity* |
Actual
Production+ |
|
Conveying Equipments |
Tonnes |
N. A. |
15000 |
13463.03 |
|
Wagon Tippler and Dust Trapping Equipment |
Nos. |
N. A. |
16 Sets each |
18 |
|
Crushers, Screens and Feeders |
Tonnes |
N. A. |
1000 |
628.05 |
|
Specialised Conveying Equipment, Stacker Reclaimers, Blender
Reclaimers, Rotary Disc, Loaders ect. |
Tonnes |
N. A. |
3000 |
4677.84 |
|
Reduction Gears and Geared Motors |
Nos. |
N. A. |
55000 |
40705.00 |
|
Wagon Marshalling Equipment |
Tonnes |
N. A. |
300 |
780.61 |
|
EOT Cranes and Goliath Cranes |
Nos. |
N. A. |
100 |
-- |
|
Wind Turbine Generators |
Nos. |
N. A. |
50 |
1 |
|
Axles** |
Nos. |
N. A. |
1500 |
73 |
* As certified by the Management
** For Captive Consumption
+ As per DGTD return
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
· State Bank of India · Bank of Baroda · EXIM Bank of India · Axis Bank Limited · HDFC Bank Limited · IDBI Bank Limited ·
Standard Chartered Bank |
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Facilities : |
Fund base: Rs. 3700.000 Millions Non fund base: Rs. 9000.000 Millions (Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Thacker Butala Desai Chartered Accountants |
|
Address : |
Navsari, Gujarat, India |
|
|
|
|
Subsidiaries : |
·
Elecon Transmission International Limited,
Mauritius ·
Elecon
Transmission International Limited, Mauritius ·
Elecon
Singapore Pte. Limited (1st April, 2012) ·
Elecon
Middle East FZCO (1st April, 2012) |
|
|
|
|
Step Down Subsidiaries : |
·
Benzlers Systems AB, Sweden ·
Radicon
Transmission UK Limited, U.K. ·
AB Benzlers, Sweden ·
Elecon USA
Transmission Limited, USA ·
Benzlers
Transmission A.S., Denmark ·
Benzlers
Antriebstechnik GmbH, Germany ·
Benzlers TBA B.V.,
Netherlands ·
Benzlers
Antriebstechnik Gesmbh, Austria ·
OY Benzlers AB,
Finland ·
Benzlers Malaysia ·
Benzlers Italia
s.r.l. |
|
|
|
|
Associates and Joint Ventures: |
·
Eimco Elecon (India) Limited ·
Elecon Australia
Pty. Limited ·
Elecon Africa Pty.
Limited ·
Elecon Singapore
Pte. Limited ·
Elecon Engineering
(Suzhou) Company Limited, China ·
Elecon Peripharals
Limited |
|
|
|
|
Enterprises over which individual personnel have significant influence
: |
·
Bipra Investments and Trusts Private Limited ·
Devkishan
Investment Private Limited ·
K. B. Investments
Private Limited ·
Elecon Information
Technology Limited ·
Emtici Engineering
Limited ·
Prayas Engineering
Limited ·
Specialty Wood Pack
Private Limited ·
Power Build Limited ·
Kirloskar Power
Build Gears Limited ·
Akaaish
Mechatronics Limited ·
Madhuban Prayas
Resorts Limited ·
Narmada Travels
Limited ·
Wizard Fincap
Limited ·
Eimco
Elecon Electricals Limited ·
Excel
EPC Projects Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
225000000 |
Equity Shares |
Rs.2/- each |
Rs.450.000 Millions |
|
25000000 |
Cumulative Redeemable Preference Shares |
Rs.2/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92861510 |
Equity Shares |
Rs.2/- each |
Rs.185.723
Millions |
|
|
Share Suspense Account |
|
Rs. 32.149
Millions |
|
|
Total |
|
Rs. 217.872 Millions |
Reconciliation of the number of
shares outstanding at the beginning and at the end of the reporting period:
|
Particulars |
As on 31.03.2013 |
|
Outstanding at the beginning of the Year |
92861510 |
|
Add : Issued During the year |
-- |
|
Outstanding at the end of the Year |
92861510 |
Rights, Preferences and
Restrictions attached to Equity Shares:
The
Company has only one class of Equity Shares having a par value of Rs. 2/- per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend.
In
the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
Details of Shareholders holding
more than 5 percent Equity Shares: *
|
Particulars |
|
As on 31.03.2013 |
|
Equity Shares of Rs. 2/- each fully paid |
|
|
|
Emtici Engineering Limited |
Nos. % Holding |
21647677 23.31% |
|
Prayas Engineering Limited |
Nos. % Holding |
10078471 10.85% |
|
K. B. Investments Private Limited |
Nos. % Holding |
5691265 6.13% |
*
The above excludes shares pending allotment shown as Share Suspense Account.
Aggregate number of equity shares allotted as fully paid up pursuant to contract without payment being received in cash Bonus Shares issued and shares bought back during the period of 5 years immediately preceding the financial year:-
|
Particulars |
As on 31.03.2013 |
|
Equity
Shares allotted as fully paid up bonus shares by capitalization of Share Premium and Reserve |
61907673 |
|
Equity Shares allotted as fully paid up on conversion of FCCB of Series ‘A’ 9,000 nos. of $ 1,000 each. |
2716787 |
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 |
217.872 |
185.723 |
185.723 |
|
(b) Reserves & Surplus |
4543.499 |
4262.011 |
3760.286 |
|
(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) |
4761.371 |
4447.734 |
3946.009 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
931.483 |
1068.747 |
852.781 |
|
(b) Deferred tax liabilities (Net) |
416.079 |
446.728 |
410.645 |
|
(c) Other long term liabilities |
9.979 |
198.405 |
613.068 |
|
(d) long-term provisions |
25.095 |
39.745 |
49.904 |
|
Total Non-current Liabilities (3) |
1382.636 |
1753.625 |
1926.398 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1180.527 |
3660.374 |
3752.868 |
|
(b) Trade payables |
2531.044 |
4547.505 |
3236.629 |
|
(c) Other current
liabilities |
775.067 |
2160.441 |
1595.380 |
|
(d) Short-term provisions |
161.532 |
223.946 |
216.698 |
|
Total Current Liabilities (4) |
4648.170 |
10592.266 |
8801.575 |
|
|
|
|
|
|
TOTAL |
10792.177 |
16793.625 |
14673.982 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4068.143 |
3986.304 |
3576.799 |
|
(ii) Intangible Assets |
39.833 |
65.560 |
34.447 |
|
(iii) Capital
work-in-progress |
77.888 |
417.137 |
107.705 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
370.688 |
351.100 |
363.455 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
239.691 |
273.906 |
231.035 |
|
(e) Other Non-current assets |
7.959 |
597.934 |
1229.806 |
|
Total Non-Current Assets |
4804.202 |
5691.941 |
5543.247 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1486.515 |
2881.508 |
3144.466 |
|
(c) Trade receivables |
1412.416 |
7282.981 |
5475.923 |
|
(d) Cash and cash
equivalents |
74.942 |
115.955 |
123.312 |
|
(e) Short-term loans
and advances |
1666.696 |
781.067 |
354.923 |
|
(f) Other current
assets |
1347.406 |
40.173 |
32.111 |
|
Total Current Assets |
5987.975 |
11101.684 |
9130.735 |
|
|
|
|
|
|
TOTAL |
10792.177 |
16793.625 |
14673.982 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5952.070 |
13316.719 |
11739.426 |
|
|
|
Other Income |
111.083 |
74.279 |
284.306 |
|
|
|
TOTAL (A) |
6063.153 |
13390.998 |
12023.732 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2784.101 |
7771.332 |
6841.372 |
|
|
|
Changes in inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
232.360 |
70.731 |
(45.093) |
|
|
|
Manufacturing expenses and Erection charges |
534.759 |
960.302 |
1132.975 |
|
|
|
Employee benefits expense |
545.413 |
730.881 |
563.946 |
|
|
|
Other expenses |
828.335 |
1756.011 |
1432.145 |
|
|
|
Exceptional items |
266.829 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
5191.797 |
11289.257 |
9925.345 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
871.356 |
2101.741 |
2098.387 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
300.816 |
579.581 |
500.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
570.540 |
1522.160 |
1597.445 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
419.888 |
423.808 |
393.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
150.652 |
1098.352 |
1203.920 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.402 |
402.360 |
324.708 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
85.250 |
695.992 |
879.212 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
244.606 |
242.881 |
207.939 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
500.000 |
650.000 |
|
|
|
Dividend |
108.936 |
167.151 |
167.150 |
|
|
|
Tax on Dividend |
18.514 |
27.116 |
27.120 |
|
|
BALANCE CARRIED
TO THE B/S |
192.406 |
244.606 |
242.881 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Reduction Gears |
589.888 |
366.234 |
364.060 |
|
|
|
Conveying Equipments |
0.000 |
85.433 |
193.784 |
|
|
TOTAL EARNINGS |
589.888 |
451.667 |
557.844 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
451.733 |
560.726 |
495.490 |
|
|
|
Stores & Spares |
34.693 |
35.808 |
33.511 |
|
|
|
Capital Goods |
191.982 |
658.051 |
71.016 |
|
|
TOTAL IMPORTS |
678.408 |
1254.585 |
600.017 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.78 |
7.49 |
9.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.41 |
5.20 |
7.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.53 |
8.25 |
10.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.46 |
6.85 |
8.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.25 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44 |
1.06 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.05 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Other Loans |
26.405 |
50.099 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Working
Capital Loans - From Banks (Including Commercial Paper) |
359.622 |
969.734 |
|
Other
Loans - From Related Parties |
27.550 |
0.000 |
|
|
|
|
|
Total |
413.577 |
1019.833 |
REVIEW OF OPERATIONS
STANDALONE FINANCIAL
PERFORMANCE
For the
year ended on 31st March, 2013, the Company has achieved a Turnover of Rs.
6063.153 Millions as against Rs. 13390.998 Millions in the previous year. The
decline in turnover is only because of slump sale of MHE Business of the
Company, which was used to contribute more than 50% of total turnover.
Therefore, the F.Y. 2012-13 financial figures are not comparable with previous
year’s figures.
For
the year ended on 31st March, 2013, the Company has achieved Earnings Before
Interest (Finance Cost), Depreciation and Amortization and Tax (EBIDTA) of Rs.
1027.102 Millions (excluding exceptional item of Rs. 266.829 Millions pertains
to loss on sale of MHE undertaking pursuant to the Scheme of Arrangement).
FINANCIAL PERFORMANCE
Against
a challenging global economic environment, Benzlers Radicon group managed to
grow sales by 15% from Rs. 2550.000 millions (GBP 33.46 mn.) to Rs. 2940.000 millions (GBP 34.25
mn.). Benzlers group had a negative growth of 6%. The budget for 2013-14 for
the group has been set at GBP 40 million targeting a growth of 17%. Apart from
the competition from the well-established global players one of the biggest
challenges facing the group in exchange risk. For the year end 2012-13, the
group has had to provide for GBP 674,000 as loss on exchange rate movement.
MANAGEMENT DISCUSSION AND
ANALYSIS
INDUSTRY STRUCTURE AND
DEVELOPMENT
The
Global Economy has yet to shake off the fallout from the crisis of 2008-2009.
Global growth dropped to almost 3 percent, which indicates that about a half a percentage
point has been shaved off the long-term trend since the crisis emerged. This
slowing trend will likely continue. Mature economies are still healing the
scars of the 2008-2009 crisis. But unlike in 2010 and 2011, emerging markets
did not pick up the slack in 2012 and also in 2013.
India’s growth further decelerated
as a slump in industry and investment spread to consumption and exports. Though
inflation and the fiscal deficit were reined in, the current account deficit
rose to a record high. Delays in resolving structural impediments to growth
were compounded by a global trade slowdown.
Economic
growth in fiscal year 2012-13 decelerated to 5%, its lowest in a decade, from
6.2% in FY 2011- 12. While tepid industrial growth and a downdraft in investment
continued from FY 2011-12, the downturn was exacerbated by a slump in services
activity, weakening consumption, and contracting exports.
World
industrial production growth increased slightly in the first quarter of 2013
after a nearly three-year-long downward trend, however, the prospect of
recovery remains fragile for the majority of industrialized, and developing and
emerging industrial economies, according to a report by the United Nations
Industrial Development Organization (UNIDO).
Among
developing and emerging industrial economies (a new country classification
group recently introduced for UNIDO statistics publications), India’s manufacturing output grew
by 2.5 percent. The main reason for the lower rate of growth has been a fall in
exports to industrialized countries and low capital inflow to developing
countries in return.
The
Company continued to perform with stability and maintained its momentum in the
highly volatile market. The Company focused on cost control measures and
product mix enrichment to sustain growth and profitability in the challenging
year.
OPPORTUNITIES AND THREATS
The
Global Economy is transitioning into what is likely to be a smoother and less
volatile period. Since recovering rapidly from the global financial crisis, India’s economy has slowed
substantially, and its growth rate is expected to decline further in the coming
year for a range of domestic reasons.
Globalisation
of Indian economy has helped to raise growth, it has also meant greater
vulnerability to external shocks. A focus on domestic macroeconomic
re-balancing will help reduce vulnerability,”
The
machine tools segment of the engineering industry is the foundation of the
manufacturing industry in India.
Demand
in the Indian engineering equipment industry is currently propelled by the
manufacturing, power and mining industries. This demand is expected to rise,
keeping in mind the government’s initiatives for infrastructure development. In
addition, investments in power, oil and gas extraction, mining and petrochemicals
will add further fillip to the industry. Industrial growth and development in
the manufacturing industry will also add to the momentum of the engineering
goods industry.
The
single most likely risk in the next decade is severe income disparity. Chronic
fiscal imbalances are the second-most likely threat, followed by rising
greenhouse gas emissions, water supply crises and mismanagement of an aging
population. The gap is widening between the richest and poorest citizens as the
most likely global risk.
The
economies in developing Asia have weakened considerably during 2012-13 as the
region’s growth engines, China and India, both shifted into lower gear. While a
significant deceleration in exports has been a key factor for the slowdown, the
effects of policy tightening in the previous two years also linger. Domestic
investment has softened markedly. Both China and India face a number of
structural challenges hampering growth. India’s space for more policy stimulus
seems limited.
OUTLOOK
The Global
Economy is moving forward, but divergence between countries and regions
reflects the uneven progress made toward recovery from the economic crisis,
according to the OECD’s
latest Economic Outlook. Historically high unemployment remains the most serious
challenge facing governments.
World
real Gross Domestic Product (GDP) is projected to increase by 4% in 2014. The
Global Economy is strengthening gradually, but the upturn remains weak and
uneven. Supportive monetary policies, improving financial market conditions and
a gradual restoration of confidence are at the root of the recovery.
Prospects
for developing countries are varied. In several developing countries, notably
in East Asia and the Pacific, demand appears to be expanding faster than
supply, resulting in growing imbalances, such as inflation, asset-price
bubbles, rising debt levels and deteriorating current account balances. Most
countries in Sub-Saharan Africa are also running at or close to full capacity,
risking a build-up of inflationary pressures. In developing Europe, although
activity has picked up, growth has not been fast enough to quickly reduce
post-crisis output gaps and unemployment. Finally, in the Middle East and North
Africa, GDP growth has been disrupted by political and social tensions.
Unemployment and slow productivity remain central policy challenges.
Given
capacity constraints, to achieve higher growth on a sustained basis, most
developing countries need to once again prioritize structural reforms like
easing the cost of doing business, opening up to international trade flows and
foreign investment, and investing in infrastructure and human capital.
The
Indian economy had bottomed out and would recover on the back of improved
external demand and recent policy moves by the Indian government.
Central
Government has projected India’s
economy to grow at 6.2-6.7% in 2013-14, while the Asian Development Bank said
growth may pick up to 6% during the same fiscal. IMF Report has projected India’ economy growth by 6.2% in
2013-14.
Gear
Manufacturing market in India to grow at a CAGR of 9.44 percent over the period
2012-2016. One of the key factors contributing to this market growth is the
rapid infrastructure development across various states of India. The Gear
Manufacturing market in India has also been witnessing an increased outsourcing
of manufacturing activities.
Global
demand for gears and gear assemblies is likely to climb 4.7 percent annually
through 2013 to $169.5 billion. Strong demand in relatively small but
fast-growing markets like wind and solar energy will also contribute to gear
sales advances. Demand in developing parts of Asia, Eastern Europe, the Africa/
Midlle East region and Central and South America will outpace product sales in
the United States, Western Europe and Japan. Market gains in the developing
world will be fuelled by healthy economic growth, continuing industrialization
efforts and climbing personal income levels, resulting in higher motor vehicle
and other manufacturing output.
As
per OECD Economic Outlook Report, India has probably surpassed Japan to become
the world’s third
largest economy after the US and China.
NEW BUSINESS STRATEGY
DEVELOPMENT
Being
the largest manufacturer, in India, of Transmission Equipments, the Company has
to adhere to the high quality standards to maintain its market share. The
Company has built up a new stateof- the-art manufacturing plant as an expansion
of the Gear manufacturing at Anand to double the gear box manufacturing
capacity to provide world class quality and to ensure timely delivery within a
short span of time. The new premises has been named as “Bhanubhai Memorial Centre of
Excellence”
‘Lean
Manufacturing’ system with different types of lean tools including TPM, Kanban,
and Kaizen will be implemented at the plant. Construction of this modern
facility is another step towards their motto ‘Always a step ahead in technology’. In order to ensure minimum
labour fatigue, the new plant will focus on overall efficiency and condition of
the equipment as well as work holding devices, tool management, coolant
management and work handling systems.
The
new plant will produce internal components of the helical gear box and has a
capacity of manufacturing 1000 gear boxes per month. The components will be
produced in a dust-free and eco-friendly environment.
Cost
management has helped then to improve their margins. There has been cost
rationalisation in all the departments, which leads to a decrease in overall
expenses. The material management exercise has yielded better EBIDTA margins
from last couple of years. Finally economies of scale due to business
restructuring exercise will enable us for better pricing.
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
As on 31.03.2013 |
|
Claims against the Company not acknowledged as debt |
|
|
Disputed Excise Duty and Service Tax against Demand Notices received |
40.797 |
|
Disputed Sales Tax/Works Contract Tax |
-- |
|
Disputed Income Tax Demand-Disputed by Company |
63.826 |
|
Disputed Income Tax Demand-Disputed by Income Tax Authorities |
1.599 |
|
Service Tax disputed and paid under Protest |
-- |
|
Sales Bills Discounted under LC with Banks |
120.926 |
|
NexGen Energy Partners, LLC of USA has filed a case bearing no. 2011 CV 0066, against Reflecting Blue Technologies (RBT) of USA and the company, in the court of Ohio, USA on account of non performing of Wind Mill supplied through Relfecting Blue Technologies (RBT). The matter is pending in the court of Ohio, USA and amount of claim is unascertainable. |
Unascertained |
|
The Company has provided Corporate Guarantee to Bank of Baroda, Dubai to the tune of GBP 7,216,000 and US $ 282,99,876 as a security for repayment of financial facility availed by Elecon Transmission International Limited, Mauritius, a Wholly-Owned Subsidiary of the Company. |
2132.241 |
|
Guarantees |
|
|
Guarantees issued by Company’s Bankers |
732.196 |
|
Corporate Guarantee provided to Swedish Pension Authority to the tune of SEK 15.00 Million as a security, in replacement of earlier guarantee given by erstwhile owner, for the purchase of pension insurances relating to the pension commitments on behalf of AB Benzlers Sweden, a step-down subsidiary of Elecon Transmission International Limited, Mauritius, a Wholly-Owned Subsidiary of the Company. |
124.691 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER / HALF YEAR ENDED 30ST SEPTEMBER, 2013
Rs. In Millions
|
|
|
Quarter Ended |
Year Ended |
|
|
Sr No |
Particulars |
30.09.2013 (Audited) |
30.06.2013 (Audited) |
30.09.2013 (Audited) |
|
|
|
|
|
|
|
1 |
Income from
Operations |
|
|
|
|
|
a). Net Sales / Income from Operations (net of excise duty) |
1193.745 |
1039.586 |
2233.331 |
|
|
b). Other Operating Income |
12.563 |
13.683 |
26.246 |
|
|
Total Income from
Operations (net) |
1206.308 |
1053.269 |
2259.577 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
592.206 |
638.460 |
1230.666 |
|
|
(b) Purchase of stock-in-trade |
- |
-- |
-- |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(16.010) |
(53.411) |
(69.421) |
|
|
(d) Employee benefits expense |
128.869 |
127.788 |
256.657 |
|
|
(e) Depreciation and amortisation expense |
113.511 |
113.776 |
227.287 |
|
|
(f) Other expenses |
256.144 |
164.664 |
420.808 |
|
|
Total Expenses |
1074.720 |
991.277 |
2065.997 |
|
|
|
|
|
|
|
3 |
Profit / (Loss) from
Operations before other Income, finance costs & Exceptional Items (1-2) |
131.588 |
61.992 |
193.580 |
|
4 |
Other Income |
79.431 |
52.186 |
131.617 |
|
5 |
Profit / (Loss)
from ordinary activities before Finance costs and Exceptional Items (3+4) |
211.019 |
114.178 |
325.197 |
|
6 |
Finance Costs |
87.898 |
84.836 |
162.734 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before Exceptional Item
(5+6) |
123.121 |
49.342 |
172.483 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / Loss from
ordinary activities before Tax (7+8) |
123.121 |
49.342 |
172.463 |
|
10 |
Tax Expenses |
34.788 |
16.770 |
51.558 |
|
11 |
Net Profit / Loss
from ordinary activities after Tax (9-10) |
88.333 |
32.572 |
120.905 |
|
12 |
Extraordinary Item (Net of Tax Expense a Nil) |
-- |
-- |
-- |
|
13 |
Net Profit / Loss
for the Period (11+12) |
88.333 |
32.572 |
120.905 |
|
14 |
Share of Profit / (Loss) of Associates* |
-- |
-- |
-- |
|
15 |
Minority Interest* |
-- |
-- |
-- |
|
16 |
Net Profit / (Loss)
after taxes, minority interest and share of profit / (Loss) of associates
(13+14+15)* |
88.333 |
32.572 |
120.905 |
|
17 |
Paid-up equity share capital (Face Value of the share a 2/-) |
217.872 |
217.872 |
217.872 |
|
18 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
4664.406 |
-- |
4664.406 |
|
19.1 |
Earnings per share (before extraordinary items) (of a 2/- each) (not annualised) |
|
|
|
|
|
(a) Basic |
0.81 |
0.30 |
1.11 |
|
|
(b) Diluted |
0.81 |
0.30 |
1.11 |
|
19.11 |
Earnings per share (after extraordinary items) (of a 21- each) (not annualised) |
|
|
|
|
|
(a) Basic |
0.81 |
0.30 |
1.11 |
|
|
(b) Diluted |
0.81 |
0.30 |
1.11 |
|
A 1 |
PARTICULARS OF
SHAREHOLDING Public Shareholding |
|
|
|
|
|
-Number of Shares |
46664924 |
46664924 |
46664924 |
|
|
-Percentage of shareholding (%) |
42.84% |
42.84% |
42.84% |
|
2 |
Promoters and Promoters group shareholding" a). Pledged / Encumbered |
|
|
|
|
|
-Number of shares |
7843650 |
7843650 |
7843650 |
|
|
-Percentage of shares % (as a % of total shareholding of promoters and promoter group) |
12.60% |
12.60% |
12.60% |
|
|
-Percentage of shares % (as a % of total share capital of the company) |
7.20% |
7.20% |
7.20% |
|
|
b). Non-emcubered |
|
|
|
|
|
-Number of shares |
54427069 |
54427069 |
54427069 |
|
|
-Percentage of shares % (as a % of total shareholding of promoters and promoter group) |
87.40% |
87.40% |
87.40% |
|
|
-Percentage of shares % (as a % of total share capital of the company) |
49.96% |
49.96% |
49.96% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
7 |
|
|
|
|
Disposed off during the quarter |
7 |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
1. The aforesaid financial results were reviewed by the Audit Committee at its meeting held on November 11, 2013 and taken on record and approved by the Board of Directors at its Meeting held on the same date.
2. The Statutory Auditors have carried out a "Limited Review" of the above Financial results of the Company,
3. Pursuant to the Scheme proved by the Hon-High Court of Gujarat w.e.f. April 20l2(appointed date),(l)MHE business was transferred by way of Stump Sale to Elecon EPC Project Limited, a subsidiary the Company and (li) Gears undertaking of Prayas Engineering Limited and Emticl Engineering Limited were merged with the Company. The effective date of the order being 1st April 2013, the effect of the same has been given in the financial results for the quarter half year ended 30th September 2013, and 31st March 2013, which reflect the operations of Gear business only and hence they are not comparable with figures for the quarter half year ended 30th September 2012.
4. Other Income for the quarter half year ended 30th September 2013, included income of Rs. 55.399 Millions.
5. Previous quarter's/year's figures have been regrouped / rearranged / recasted wherever necessary to make it comparable with the current quarter's/year's figures.
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
|
|
Quarter Ended |
Year Ended |
|
|
Sr No |
Particulars |
30.09.2013 (Audited) |
30.06.2013 (Audited) |
30.09.2013 (Audited) |
|
|
|
|
|
|
|
1 |
SEGMENT REVENUE |
|
|
|
|
|
Material Handling Equipment |
-- |
-- |
-- |
|
|
Transmission Equipment |
1206.308 |
1053.269 |
2259.577 |
|
|
Others |
-- |
-- |
-- |
|
|
Total |
1206.308 |
1053.269 |
2259.577 |
|
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
|
Net Sales / Income
from Operations |
1206.308 |
1053.269 |
2259.577 |
|
|
|
|
|
|
|
2 |
SEGMENT PROFIT /
(LOSS) BEFORE TAX & INTEREST |
|
|
|
|
|
Material Handling Equipment |
-- |
-- |
-- |
|
|
Transmission Equipment |
211.019 |
114.178 |
325.197 |
|
|
Others |
-- |
-- |
-- |
|
|
Total |
211.019 |
114.178 |
325.197 |
|
|
Less : |
|
|
|
|
|
a) Finance Cost |
87.898 |
64.836 |
152.734 |
|
|
b) Unallocated Corporate Expenses (net of unallocable income) |
-- |
-- |
-- |
|
|
Total Profit before
Tax |
123.121 |
49.342 |
172.463 |
|
|
|
|
|
|
|
3 |
CAPITAL EMPLOYED (Segment Assets - Segment
Liabilities) |
|
|
|
|
|
a) Segment wise Capital Employed |
|
|
|
|
|
Material Handling Equipment |
-- |
-- |
-- |
|
|
Transmission Equipment |
7830.749 |
7807.614 |
7830.749 |
|
|
Others |
-- |
-- |
-- |
|
|
b) Unallocated Capital Employed |
-- |
-- |
-- |
|
|
Total Capital
Employed |
7830.749 |
7807.614 |
7830.749 |
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
Sr No |
Particulars |
30.09.2013 (Audited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share Capital |
217.872 |
|
|
(b) Reserves & Surplus |
4664.406 |
|
|
(c) Money received against share warrants |
-- |
|
|
Sub-total -
Shareholders' funds |
4882.278 |
|
2 |
Share application
money pending allotment |
|
|
3 |
Minority Interest |
-- |
|
4 |
Non-current
liabilities |
-- |
|
|
(a) Long - term borrowings |
792.546 |
|
|
(b) Deferred tax liabilities (net) |
414.595 |
|
|
(c) Other long-term liabilities |
10.449 |
|
|
(d) Long-term provisions |
36.039 |
|
|
Sub-total -
Non-current liabilities |
1253.629 |
|
5 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
1741.330 |
|
|
(b) Trade payables |
2278.227 |
|
|
(c) Other current liabilities |
782.005 |
|
|
(d) Short-term provisions |
44.284 |
|
|
Sub-total - Current
liabilities |
4845.846 |
|
|
TOTAL - EQUITY
& LIABILITIES |
10981.753 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
4005.397 |
|
|
(b) Goodwill on consolidation* |
-- |
|
|
(c) Non - current investments |
370.688 |
|
|
(d) Deffered tax assets (net) |
-- |
|
|
(e) Long - term loans and advances |
326.288 |
|
|
(f) Other non-current assets |
7.959 |
|
|
Sub-total -
Non-current assets |
4710.332 |
|
2 |
Current assets |
|
|
|
(a) Current Investments |
-- |
|
|
(b) Inventories |
1549.493 |
|
|
(c) Trade receivables |
1281.688 |
|
|
(d) Cash & cash equivalents |
38.413 |
|
|
(e) Short - term loans & advances |
2055.062 |
|
|
(e) Other Current assets |
1346.765 |
|
|
Sub-total - Current
assets |
6271.421 |
|
|
TOTAL - ASSETS |
10981.753 |
AS PER WEBSITE
PRESS RELEASE
STANDALONE: FOR THE HALF YEAR
|
Particulars |
HYFY14* |
HYFY13 |
|
TURNOVER |
226 |
565 |
|
PBT |
17.25 |
43.18 |
|
PAT |
12.09 |
29.37 |
*The
HYFY 14 figures pertains to only Gear business and hence they are not
comparable with the previous half year figures.
ORDER BOOKED AND UNEXECUTED
ORDER
|
ELECON ENGINEERING COMPANY
LIMITED |
Up to 30th Sep 2013 FY 13-14* |
FY 12-13* |
FY 11-12* |
|
ORDER
BOOKED FOR THE YEAR |
321 |
514 |
607 |
|
UNEXECUTED
ORDER ( As ON) |
266 |
206 |
324 |
* Post restructuring Order booked and unexecuted orders includes Gear business only.
QUARTERWISE ORDERBOOKED
AND UNEXECUTED ORDER
|
ELECON ENGINEERING COMPANY
LIMITED |
Sep- 10 |
Dec- 10 |
Mar -11 |
Jun- 11 |
Sep- 11 |
Dec- 11 |
Mar -12 |
Jun- 12 |
Sep- 12 |
Dec- 12 |
Mar- 13 |
Jun- 13 |
Sep- 13 |
|
ORDER BOOKED* |
150 |
151 |
174 |
167 |
153 |
118 |
169 |
148 |
115 |
120 |
131 |
185 |
136 |
|
UNEXECUT ED ORDER* |
346 |
336 |
334 |
389 |
371 |
331 |
324 |
339 |
293 |
284 |
206 |
246 |
266 |
* Post restructuring Order booked and unexecuted orders includes Gear Business only.
In the HYFY14 under review, addition of Rs. 54.300 millions have been done in the Fixed Assets by way of capitalization.
Market Capitalization as on 08th November, 2013 was around Rs. 3490.000 millions.
RECENT MAJOR ORDERS
IN THE FY 13 – 14
|
Customers |
Description |
Value (Rs. In
Millions) |
|
Pipavav Defence and Offshore Engineering Company Limited, Mumbai |
Gearboxes for NOPV Project – 5 Shiset |
37.20 |
|
L & T – MHI Boilers Private Limited, Mumbai |
VRM Gearboxes for RRVUNL Project |
22.24 |
|
India Cement |
Gear Boxes – 2 Nos. |
6.30 |
|
L & T – Chennai |
76 Nos. Gear Boxes for Cooling Tower |
1.40 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10436549 |
14/06/2013 |
1,000,000,000.00 |
UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA |
B78341260 |
|
2 |
10384479 |
26/09/2012 |
850,000,000.00 |
INDUSIND BANK LIMITED. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA |
B61326781 |
|
3 |
10332858 |
04/01/2012 |
480,000,000.00 |
DBS BANK LIMITED |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B30819676 |
|
4 |
10300859 |
11/07/2011 |
850,000,000.00 |
INDUSIND BANK LIMITED. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA |
B18297473 |
|
5 |
10215525 |
13/04/2010 |
250,000,000.00 |
VIJAYA BANK |
INDUSTRIAL FINANCE BRANCH, AHMEDABAD, Gujarat - 380015, INDIA |
A84217603 |
|
6 |
10174489 |
19/03/2010 * |
1,150,000,000.00 |
IDBI BANK LIMITED |
NEAR LAL BUNGLOW, OFF. C.G. ROAD, AHMEDABAD, Gujarat - 380006, INDIA |
A82978990 |
|
7 |
10127322 |
07/06/2010 * |
1,190,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A87001277 |
|
8 |
10124405 |
16/09/2008 |
450,000,000.00 |
CITIBANK N.A. |
REMBRANDT, C. G. ROAD,, NEAR PANCHVATI CIRCLE, AHMEDABAD, Gujarat - 380006, INDIA |
A47119243 |
|
9 |
90102915 |
20/06/2013 * |
12,700,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS GROUP BRANCH, NEAR MITHAKHALI SIX ROADS, NAVARANGPURA, AHMEDBAD, Gujarat - 380009, INDIA |
B78771896 |
* Date of charge modification
FIXED ASSETS
·
Land (Freehold)
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Electrical Fittings
·
Office Equipments
·
Air Conditioning Plant
·
Sundry Equipments
·
Furniture and Fixtures
·
Vehicles
·
Site Office Equipment
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. 62.20 |
|
|
1 |
Rs. 103.11 |
|
Euro |
1 |
Rs. 84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
50 |
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.