MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SECURE METERS LIMITED |
|
|
|
|
Registered
Office : |
E - Class Pratap
Nagar, Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.04.1987 |
|
|
|
|
Com. Reg. No.: |
17-029106 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.702.414 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899RJ1987PLC029106 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS00044C /
JDHS00332D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS8785M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Electronic Energy
Meters, Meter Test Equipment and Energy Management Software, Meter Reading
Instrument, Test and Measuring Instruments, Security Seals, Accuchecks for
Calibration of Energy Meters, Pre Payment Meters, Test Benches and an
Software for Online Monitoring. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16885000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well-established company having fine track
record. The rating reflects healthy financial risk profile marked by sound liquidity
position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 03, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
January 03, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. R. K. Bapna |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-294-3062170 |
LOCATIONS
|
Registered Office : |
E- Class Pratap
Nagar, Industrial Area, |
|
Tel. No.: |
91-294-2492300 /
301 / 2492302 / 2492303 / 2492304 / 2492305 |
|
Fax No.: |
91-294-2492310 |
|
E-Mail : |
|
|
Website : |
http://www.securemeters.com |
|
|
|
|
Factory /
Warehouse: |
‘E’ Class, Pratap
Nagar Industrial Area, Barotiwala Unit Bated Unit Village Bated,
off Haripur Unit Village Bated,
Near G 1, 466-467,
Meware Industrial Area, |
|
|
|
|
Overseas
Office: |
101, Upper Cross
Street, No. 08-07, People’s Park Centre, Singapore – 058357 |
|
|
|
|
Branches : |
Located At:-
v Sir Pherozeshah Mehta Road, Post Box No. 1345, Mumbai – 400001, Maharashtra, India
v 606-607, Silver Oaks, Opposite Arun Society, Near Paldi Bus Stand, Ahmedabad – 380007, Gujarat, India
v 134, Mittal Tower, ‘C’ Nariman Point, Mumbai – 400021, Maharashtra, India
v 20, C. V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India
v 127, Vedachalam Street, Vasudevan Nagar, Jafferkhanpet, Chennai – 600083, Tamilnadu, India
v 1, ‘E’ Neelamber, 28-B, Shakespeare Sarani, Kolkata – 700017, West Bengal, India
v Plot No. BH. Bayababa Math, Unit 9, Bhubaneshwar, Orissa, India
v B-10, Greenland Society, Opp Harinagar, Gotri Road, Vadodara, Gujarat, India
v No. 6, Marappa Road, Ulsoor, Bangalore, Karnataka, India
v Plot No. 31, Southern Railway Colony, Picket, Secunderabad, Andhra Pradesh, India
v Plot No. 11, Home No. 1010, Shaktinagar, Gupteswar, Jabalpur – 482008, Madhya Pradesh, India
v A-111/201, B, Kamal Apartment (2), Power House Road, Bani Park, Jaipur – 302001, Rajasthan, India
v Springdale School Complex, Manik Nagar, R. G. Baruah Road, P.O. Japorigog, Guwahati – 781005, Assam, India
v TC No. 3/2187, ‘Sulatha’, 1st Floor, LIC Lane, Patton, Thiruvananthapuram – 695004, Kerala, India
v Pesticides India, Chandola Talao, Near Kashiram Textiles, N.H. 8, Post Narol, Ahmedabad – 382405, Gujarat, India
v 85, Seema Nagar 2, Palanpur Patia, Rander Road, Surat, Gujarat, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Salil Singhal |
|
Designation : |
Director |
|
Address : |
Singhal Farm House, Rajokri, New Delhi-110038, India |
|
Date of Birth/Age : |
21.08.1946 |
|
Date of Appointment : |
29.12.1994 |
|
PAN No.: |
AHNPS4184K |
|
DIN No.: |
00006629 |
|
|
|
|
Name : |
Mr. Arvind Singhal |
|
Designation : |
Director |
|
Address : |
Lake House, P.P. Singhal Marg, Udaipur - 313001, Rajasthan, India |
|
Date of Birth/Age : |
29.11.1947 |
|
Qualification : |
M. Com |
|
Experience : |
30 Years |
|
Date of Appointment : |
21.09.1999 |
|
PAN No.: |
ALYPS5930N |
|
DIN No.: |
00092425 |
|
|
|
|
Name : |
Mr. Girdhar Gopal Agrawal |
|
Designation : |
Director (Fatehpura, Udaipur, Rajasthan, India) |
|
Address : |
Govindam, 6, Bhan Bagh, New Fatehpura, Udaipur-313001, Rajasthan,
India |
|
Date of Birth/Age : |
25.11.1933 |
|
Date of Appointment : |
22.04.1987 |
|
Voter ID No.: |
RJ/18/142/183732 |
|
DIN No.: |
00076273 |
|
|
|
|
Name : |
Mr. Pradyumna Natvarlal Shah |
|
Designation : |
Director (Mumbai, Maharashtra, India) |
|
Address : |
Shantiniketan, Prabhat Colony Road No.1, Santacruz (East), Mumbai-400055,
Maharashtra, India |
|
Date of Birth/Age : |
01.01.1929 |
|
Date of Appointment : |
18.08.1997 |
|
Voter ID No.: |
MT/08/038/168067 |
|
DIN No.: |
00096793 |
|
|
|
|
Name : |
Mr. Sanjaya Singhal |
|
Designation : |
Managing Director |
|
Address : |
Lake House, P. P. Singhal Marg, Udaipur – 313001, Rajasthan,
India |
|
Date of Birth/Age : |
22.01.1955 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
01.07.2002 |
|
PAN No.: |
AHNPS4185J |
|
DIN No.: |
00109705 |
|
|
|
|
Name : |
Mr. Dilip Dwarkadas Udeshi |
|
Designation : |
Director (Mumbai, Maharashtra,
India) |
|
Address : |
501, Shanti Apartments, 98, Walkeshwar Road, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
28.01.1936 |
|
Date of Appointment : |
28.03.1995 |
|
Voter ID No.: |
MT/04/024/072850 |
|
DIN No.: |
00051479 |
|
|
|
|
Name : |
Mr. Bhagwat Singh Babel |
|
Designation : |
Managing Director |
|
Address : |
221, Ameya Behind Sagar, Darshan Apartment, Deval Udaipur- 313001,
Rajasthan, India |
|
Date of Birth/Age : |
24.07.1953 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01476935 |
KEY EXECUTIVES
|
Name : |
Mr. Hemendra Pandwal |
|
Designation : |
Company Secretary |
|
Address : |
Chotti Maheshwari
Syreet, Dhann Mandi, Udaipur, Rajasthan – 313003, India |
|
Date of Birth/Age : |
26.03.1961 |
|
Date of Appointment : |
31.05.1999 |
|
Pan No.: |
ACZPP5645H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
4.52 |
|
Bodies corporate |
5.01 |
|
Directors or relatives of Directors |
90.47 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Electronic Energy
Meters, Meter Test Equipment and Energy Management Software, Meter Reading
Instrument, Test and Measuring Instruments, Security Seals, Accuchecks for
Calibration of Energy Meters, Pre Payment Meters, Test Benches and an
Software for Online Monitoring. |
||||||
|
|
|
||||||
|
Products : |
Flexible System for Light Industrial, Commercial and Domestic Metering Applications · Single Phase Electricity Dispenser with Remote Keypad and Display for Domestic Application · High Accuracy Metering for Commercial and Industrial Applications. · Panel Instrument for Industry and Commerce. · Maximum Demand Controller to optimally utilise sanctioned loads |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India,
SME Branch, Ridhi Sidhi Complex, 4-C Madhuban, Udaipur - 313001, Rajasthan,
India IDBI Bank
Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra,
India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
|
Address : |
605-606-607,
Silver Oaks, Near Mahalaxmi Char Rasta, Paldi, Ahmedabad - 380007, Gujarat,
India |
|
PAN
No. : |
AABFC0696F |
|
|
|
|
Subsidiaries : |
·
ESL India Limited ·
Secure Meters (UK) Limited ·
Iprobe AB ·
CEWE Instrument AB ·
Secure Energy Services Limited ·
Secure Meters Assets Operator Limited ·
Secure International Holdings Pte Limited ·
Secure Controls (UK) Limited ·
Secure Australasia Pty Limited |
|
|
|
|
Associates : |
·
Advanced Energy Monitoring Systems Limited ·
Hycron Electronics ·
Hycron India ·
PI Industries Limited ·
Wolkem India Limited ·
Fimakem India Limited |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Salil, Arvind & Sanjay Family Trust ·
Shivani Family Benefit Trust ·
The Entity Group Trust |
|
|
|
|
Fellow Subsidiary company : |
·
Elegant Metering Solutions Limited ·
Secure Meters Singapore Pte Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
7500000 |
Preferences Shares |
Rs.100/- each |
Rs.750.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10388637 |
Equity Shares |
Rs.10/- each |
Rs.103.886 Millions |
|
5985279 |
Preferences Shares |
Rs.100/- each |
Rs.598.528 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.702.414
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
702.414 |
650.471 |
|
(b) Reserves & Surplus |
|
3518.887 |
3218.375 |
|
(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) |
|
4221.301 |
3868.846 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
338.590 |
447.420 |
|
(b) Deferred tax liabilities (Net) |
|
60.281 |
63.473 |
|
(c) Other long term liabilities |
|
38.153 |
39.757 |
|
(d) long-term provisions |
|
2.820 |
5.061 |
|
Total
Non-current Liabilities (3) |
|
439.844 |
555.711 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2967.667 |
3066.056 |
|
(b) Trade payables |
|
1223.117 |
1395.335 |
|
(c) Other current liabilities |
|
455.634 |
498.723 |
|
(d) Short-term provisions |
|
282.715 |
222.949 |
|
Total
Current Liabilities (4) |
|
4929.133 |
5183.063 |
|
|
|
|
|
|
TOTAL |
|
9590.278 |
9607.620 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1351.026 |
1260.373 |
|
(ii) Intangible Assets |
|
117.830 |
75.319 |
|
(iii) Capital work-in-progress |
|
2.108 |
22.402 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
2250.157 |
1892.679 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
23.914 |
59.442 |
|
(e) Other Non-current assets |
|
31.578 |
23.822 |
|
Total
Non-Current Assets |
|
3776.613 |
3334.037 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1055.564 |
1203.449 |
|
(c) Trade receivables |
|
3197.999 |
3638.846 |
|
(d) Cash and cash equivalents |
|
657.421 |
452.579 |
|
(e) Short-term loans and advances |
|
627.715 |
720.186 |
|
(f) Other current assets |
|
274.966 |
258.523 |
|
Total
Current Assets |
|
5813.665 |
6273.583 |
|
|
|
|
|
|
TOTAL |
|
9590.278 |
9607.620 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
590.471 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2970.700 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3561.171 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2831.279 |
|
|
2] Unsecured Loans |
|
|
470.568 |
|
|
TOTAL BORROWING |
|
|
3301.847 |
|
|
DEFERRED TAX LIABILITIES |
|
|
43.809 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6906.827 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1372.837 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1737.686 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1006.398
|
|
|
Sundry Debtors |
|
|
3370.694
|
|
|
Cash & Bank Balances |
|
|
320.866
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1223.630
|
|
Total
Current Assets |
|
|
5921.588
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1404.040
|
|
|
Other Current Liabilities |
|
|
422.762
|
|
|
Provisions |
|
|
298.482
|
|
Total
Current Liabilities |
|
|
2125.284
|
|
|
Net Current Assets |
|
|
3796.304
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6906.827 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9187.635 |
7388.780 |
5866.857 |
|
|
|
Other Income |
367.768 |
242.465 |
121.864 |
|
|
|
TOTAL |
9555.403 |
7631.245 |
5988.721 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5760.940 |
4629.958 |
-- |
|
|
|
Raw Material Consumed |
-- |
-- |
3714.765 |
|
|
|
Purchases of Stock-in-Trade |
270.089 |
264.138 |
-- |
|
|
|
Manufacturing Service Cost |
-- |
-- |
106.377 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(103.994) |
(45.297) |
-- |
|
|
|
Employee Related Cost |
-- |
-- |
567.176 |
|
|
|
Employees benefits expense |
962.119 |
845.528 |
-- |
|
|
|
Administrative and Other Expenses |
-- |
-- |
569.002 |
|
|
|
Other expenses |
1184.782 |
892.974 |
-- |
|
|
|
Research Development Expenditure |
-- |
-- |
39.585 |
|
|
|
Exceptional Income |
-- |
-- |
0.201 |
|
|
|
Prior Period Expenses |
-- |
-- |
0.314 |
|
|
|
TOTAL |
8073.936 |
6587.301 |
4997.420 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1481.467 |
1043.944 |
991.301 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
513.430 |
488.063 |
205.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
968.037 |
555.881 |
785.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
252.746 |
225.159 |
260.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
715.291 |
330.722 |
524.885 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
306.750 |
(2.103) |
115.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
408.541 |
332.825 |
409.229 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1162.427 |
901.796 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
148.598 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1162.427 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
2391.079 |
|
|
|
Deemed Goods |
NA |
NA |
0.000 |
|
|
TOTAL EARNINGS |
NA |
NA |
2391.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
1987.205 |
|
|
|
Capital Goods |
NA |
NA |
18.281 |
|
|
TOTAL IMPORTS |
NA |
NA |
2005.486 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
35.09 |
53.80 |
85.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.28
|
4.36 |
6.83
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.79
|
4.48 |
8.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.75
|
4.30 |
7.20
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.09 |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78
|
0.91 |
0.93
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.21 |
2.79
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
650.471 |
702.414 |
|
Reserves & Surplus |
3218.375 |
3518.887 |
|
Net
worth |
3868.846 |
4221.301 |
|
|
|
|
|
long-term borrowings |
447.420 |
338.590 |
|
Short term borrowings |
3066.056 |
2967.667 |
|
Total
borrowings |
3513.476 |
3306.257 |
|
Debt/Equity
ratio |
0.908 |
0.783 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5866.857 |
7388.780 |
9187.635 |
|
|
|
25.941 |
24.346 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5866.857 |
7388.780 |
9187.635 |
|
Profit |
409.229 |
332.825 |
408.541 |
|
|
6.98% |
4.50% |
4.45% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
The registered address of the company has been shifted from D-53, 2nd
floor, Saket, New Delhi – 110017, India to the present address w.e.f 27.05.2009
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
135.200 |
127.700 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from bank |
0.000 |
556.972 |
|
|
|
|
|
Total |
135.200 |
684.672 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10410762 |
25/03/2013 * |
400,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B71548945 |
|
2 |
10262489 |
25/03/2013 * |
762,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
CHETAK CIRCLE, UDAIPUIR, UDAIPUR, Rajasthan - 313001, INDIA |
B73118390 |
|
3 |
10197279 |
23/04/2013 * |
40,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 4-C, RIDHI SIDHI COMPLEX, MADHUBAN, UDAIPUR, Rajasthan -
313001, INDIA |
B74023839 |
|
4 |
80003970 |
25/03/2013 * |
7,100,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, RIDHI SIDHI COMPLEX, 4-C MADHUBAN, UDAIPUR, Rajasthan -
313001, INDIA |
B74261793 |
* Date of charge modification
PERFORMANCE HIGHLIGHTS
Financials
The revenue for
the year ending 31st March 2013 was Rs 9555.390 million with a PBT of
Rs 715.300 million as compared to Rs 7631.250 million and Rs 330.730 million
respectively in the preceding year. The various corrective measures taken
during the year with prudent financial management helped to improve the
profitability during the year.
Exports
The exports
turnover during the year at Rs 5302.000 million as compared to Rs 2452.000
million in the preceding year was mainly on account repeat orders from
Australia. While Australia continues to a key export market, the team is working
hard to develop African and European markets as well.
SUBSIDIARY COMPANIES
As required under
Section 212 of the Companies Act 1956, the statement of audited accounts, along
with the Report of the Board of Directors relating to the company’s subsidiaries
for the year ending 31st March, 2013 is attached herewith.
The performance of
each subsidiary is as under:-
Secure Meters Assets Operator Limited, UK (SMAU):
SMAU (a wholly
owned subsidiary), was incorporated in July, 2012 and achieved a turnover of
Rs. 0.420 million with profit before tax of Rs. 0.130 million during the 8
months period ended 31st March, 2013.
Secure International Holdings Pte Limited,
Singapore (SHLS):
SHLS (a wholly
owned subsidiary) earned a revenue of $ 4.13 million with profit before tax of
S$ 2.41 million during the year ended 31st March, 2013.
Secure Meters Singapore Pte Limited, Singapore
(SMLS):
SMLS (a wholly
owned subsidiary of SHLS), sustained a loss of S$ 0.05 million during the year
ended 31st March, 2013.
Secure Meters (UK) Limited, UK (SMLU):
SMLU (a wholly
owned subsidiary of SHLS) achieved a turnover of Rs.61.420 million during the
year ended 31st March, 2013, against Rs.40.950 million during the previous
year. The corresponding PBT was (Rs.1.030) million and Rs.0.350 million
respectively. SMLU, with the rollout of smart meter program in UK, will see
increased levels of business activity in the coming years. The UK Government
has already announced a timetable for the smart metering program and sales are
likely to commence within the defined timescale unless there are further
regulatory delays.
Secure Controls (UK) Limited, (SCLU) (formerly
Horstmann Group Limited):
SCLU, (a wholly
owned subsidiary of SHLS) achieved a turnover of Rs.11.740 million during the
year ended 31st March, 2013, against Rs.11.130 million during the
previous year. The corresponding losses were Rs.1.450 million and Rs.1.580
million respectively.
Advanced Energy Monitoring Systems, UK (AEMS)
AEMS (a subsidiary
of SHLS) achieved a turnover of Rs. 0.670 million during the year ended 31st
March, 2013, against Rs.0.770 million during the previous year. The
corresponding losses were Rs. 0.070 million and Rs.0.120 million respectively.
Secure Energy Services Limited, India (SSLI)
SSLI (a wholly
owned subsidiary of SHLS) achieved a turnover of Rs 249.670 million during the
year ended 31st March, 2013, against Rs 368.000 million during the previous
year. The corresponding PBT was (Rs 1.930) million and Rs 50.000 million
respectively. CEWE Instrument AB, Sweden (CEWE) CEWE, (a wholly owned
subsidiary of EHL, UK) achieved a turnover of SEK 72.06 million during the year
ended 31st March, 2013, against SEK 82.68 million during the
previous year. The corresponding PBT was SEK (1.77) million and SEK 1.24
million respectively.
Secure Australasia Pty Limited, Australia (SMLA)
SMLA (a wholly
owned subsidiary of SHLS) achieved a turnover of a $ 68.92 million during the
year ended 31st March, 2013, as against a $ 56.82 million during the
previous year. The corresponding PBT was a $ 3.84 and a $ 2.37 million
respectively.
Elegant Metering Solutions Limited, Dubai (EMS)
EMS (a wholly
owned sub-subsidiary of SHLS) achieved a turnover of AED 7.73 million for the
year ended 31st March, 2013, as against AED 5.43 million during the
previous year. The corresponding PBT was AED 1.70 million and AED 1.16 million
respectively.
THE FUTURE
Their strategy of
growing business overseas is giving positive results. Apart from what we have
already achieved, the company is positioning itself for becoming an important
supplier in the UK and African markets. UK Government has mandated that all
homes will have a smart meter by 2019. This represents a big market and needs
investment in not just product / market development but also enhance their
manufacturing capacity. Some of the smart meters will also be supplied on a
lease rental model rather than a simple sale. SMAU has already started this
business on a small scale and which will be scaled up in coming years.
They do face
competitive challenges at the market place but given their strong R and D base
and their commitment to developing and producing cost effective solutions for
their customers, they are able to keep an edge over competitors at the market
place, at the cost of profit margins. This trend is likely to continue in near
future as well and therefore the company need to evolve a business model to
improve productivity and to operate at reduced level of overheads. The team is
already working on all these alternatives, the results of which will be evident
in next 2 years’ time.
FIXED ASSETS
œ
Land
œ
Buildings
œ
Plant and Equipment
œ
Furniture and Fixtures
œ
Vehicles
œ
Office Equipment
œ Computer Equipments
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. 59.80 |
|
|
1 |
Rs. 102.42 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.