MIRA
INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREEM ELECTRIC
LIMITED (w.e.f. 26.02.2010) |
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|
|
|
Formerly Known
As : |
SHREEM ELECTRIC PRIVATE LIMITED (w.e.f. 20.12.2009) SHREEM CAPACITORS PRIVATE LIMITED |
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Registered
Office : |
Shantiban Society, Neminath Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.01.1976 |
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Com. Reg. No.: |
11-151160 |
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Capital
Investment / Paid-up Capital : |
Rs. 860.693 Millions |
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|
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CIN No.: [Company Identification
No.] |
U51505PN1976PLC151160 |
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|
|
PAN No.: [Permanent Account No.] |
AACCS4893C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of High Voltage/Low Voltage Capacitors, Capacitor Banks, Breakers, Control Panels and Executing Turnkey Projects for Electricity Transmission and Distribution Sector. |
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|
No. of Employees
: |
About 1500 (for the Group as a whole, inclusive of
contract labor etc.) |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. 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
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 |
INDIA RATING (FITCH) |
|
Rating |
Long term issuer rating : “BBB+” |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
25.01.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-2322-221022)
LOCATIONS
|
Registered Office : |
Shantiban Society, Neminath Nagar, Dhamni Road, Sangli – 416416,
Maharashtra |
|
Tel. No. : |
Not Available |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
43/46, L K Akiwate ,Industrial Estate Jaysingpur – 416144,
Maharashtra, India |
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Tel. No.: |
91-2322-221021/ 221022 |
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Fax No.: |
91-2322-221023 |
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E-Mail : |
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Branch Offices : |
Located at · Chandigarh (Panchkula) New Delhi Rajasthan Mumbai Nagpur Chattisgarh Maharashtra Madhya Pradesh |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Vijaykumar Madanlal Nawandhar |
|
Designation : |
Director |
|
Address : |
Pujari Plot No. 35, Narayani, Vishrambag, Sangli – 416416,
Maharashtra, India |
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Date of Birth/Age : |
21.10.1958 |
|
Date of Appointment : |
06.11.2012 |
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DIN No. : |
00218197 |
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|
Name : |
Mr. Rajesh Kumar Dugar |
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Designation : |
Nominee Director |
|
Address : |
6th Floor, Mafatlal Centre, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Date of Birth/Age : |
01.07.1969 |
|
Date of Appointment : |
14.10.2010 |
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DIN No. : |
00307729 |
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Name : |
Mr. Shahaji Ramchandra Jagadale |
|
Designation : |
Managing Director |
|
Address : |
‘Sharvari’, Near S.B.I. Colony, Sangli, Maharashtra, India |
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Date of Birth/Age : |
01.04.1942 |
|
Qualification : |
BME |
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Date of Appointment : |
15.01.1976 |
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PAN No. : |
ABAPJ7056J |
|
DIN No. : |
00356655 |
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|
|
Name : |
Chakravarthi Sundarashyam |
|
Designation : |
Director |
|
Address : |
202, Sri Anita Apts., 2-2-20/B/12, DD Colony, Bagh Amberpet, Hyderabad
– 500013, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.01.1945 |
|
Date of Appointment : |
15.04.2011 |
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DIN No. : |
00358052 |
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|
Name : |
Mrs. Hema Shahaji Jagadale |
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Designation : |
Director |
|
Address : |
‘Sharvari’, Near S.B.I. Colony, Sangli, Maharashtra, India |
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Date of Birth/Age : |
02.06.1950 |
|
Date of Appointment : |
08.04.1997 |
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DIN No. : |
00361292 |
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|
|
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Name : |
Mr. Vishal Shahaji Jagadale |
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Designation : |
Whole-time director |
|
Address : |
‘Sharvari’, Near S.B.I. Colony, Sangli, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1973 |
|
Qualification : |
B.E. (MECH) |
|
Date of Appointment : |
18.03.2006 |
|
PAN No. : |
AAWPJ5855A |
|
DIN No. : |
00361449 |
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|
|
|
Name : |
Mr. Vikas Shahaji Jagadale |
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Designation : |
Managing director |
|
Address : |
‘Sharvari’, Near S.B.I. Colony, Sangli, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1970 |
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Qualification : |
B. E. (ELEC) |
|
Date of Appointment : |
18.03.2006 |
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PAN No. : |
AAWPJ5857C |
|
DIN No. : |
00361639 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Shahaji Ramchandra Jagadale |
2790700 |
|
Shahaji Ramchandra jagadale (HUF) |
1197400 |
|
Hema Shahaji Jagadale |
2397400 |
|
Vikas Shahaji Jagadale |
1052600 |
|
Vikas Shahaji Jagadale (HUF) |
282400 |
|
Vishal Shahaji Jagadale |
1052600 |
|
Vishal Shahaji Jagadale (HUF) |
194200 |
|
Rakhee Vikas Jagadale |
3800 |
|
Yogini Vishal Jagadale |
3800 |
|
Sharp Financial and Capital Cons. Private Limited (Previously Known as
Sharp Computers Serv. And Co. Private Limited) |
9578900 |
|
Hari Agri and Trading Company, India |
1522200 |
|
Vikas Shahaji Jagadale and Vishal Shahaji Jagadale |
708565 |
|
FIL Capital Management (Mauritius) Limited, Mauritius |
298 |
|
Fidelity India Principals, India |
2 |
|
Total |
20784865 |
|
Names of Preference Shareholders |
No. of Shares |
|
FIL Capital Management (Mauritius) Limited, Mauritius |
2812811 |
|
Fidelity India Principals, India |
21210 |
|
Total |
2834021 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
53.40 |
|
Directors or relatives of Directors |
46.59 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of High Voltage/Low Voltage Capacitors,
Capacitor Banks, Breakers, Control Panels and Executing Turnkey Projects for
Electricity Transmission and Distribution Sector. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
LT & HT Capacitors |
KVAR |
|
10,000,000 |
7,067,161 |
|
Capacitors ( MPP) |
Nos. |
|
800 |
127 |
|
Panel |
Nos. |
|
500 |
391 |
|
Vacuum circuit Breaker |
Nos. |
|
1,000 |
528 |
|
HDG Structure |
Set |
|
7,000 |
5,950 |
|
Mt. |
|
5,000 |
2,955 |
|
|
Lightning Arrestor |
Nos. |
|
10,000 |
3,525 |
|
Series Reactor |
Nos. |
|
500 |
180 |
Notes:
1. The Company is exempt from licensing provisions of the Industries (Development regulation) Act, 1951.
2. The installed capacity has been certified by the company’s management and relied upon by the Auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
About 1500 (for the Group as a whole, inclusive of
contract labor etc.) |
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Bankers : |
ICICI Bank Limited, Bagal Chowk, Rajarampuri, Kolhapur - 16008, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
703. 7th Floor, Godrej Castlimine, Pune – 411001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFB4397F |
|
|
|
|
Name : |
V. T. and Associates Chartered Accountants |
|
Address : |
168, Vakhar Bhag, Sangli – 416416, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFV3492E |
|
|
|
|
Associate : |
Sharp Financial and Capital Consultant Private Limited CIN No.: U74999MH1987PTC034846 |
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|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
· Mahan Electrical Industries Private Limited CIN No.: U31909MH1987PTC044793 United Industries Shreem Contruction Shreem Engineering Industries |
CAPITAL STRUCTURE
As on 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
2,834,021 |
Preference Share |
Rs. 232.86/- each |
Rs. 659.930 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 909.930
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,784,865 |
Equity Shares |
Rs.10/- each |
Rs. 207.849 Millions |
|
2,834,021 |
Preference Share |
Rs. 232.86/- each |
Rs. 659.930 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 867.779
Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
2,834,021 |
Preference Share |
Rs. 232.86/- each |
Rs. 659.930 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 909.930
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,076,300 |
Equity Shares |
Rs.10/- each |
Rs. 200.763 Millions |
|
2,834,021 |
Preference Share |
Rs. 232.86/- each |
Rs. 659.930 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 860.693
Millions |
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 |
860.693 |
860.693 |
200.763 |
|
(b) Reserves & Surplus |
1490.716 |
1220.412 |
867.026 |
|
(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) |
2351.409 |
2081.105 |
1067.789 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20.528 |
22.825 |
25.543 |
|
(b) Deferred tax liabilities (Net) |
31.041 |
20.462 |
2.630 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.483 |
2.859 |
1.723 |
|
Total Non-current Liabilities (3) |
55.052 |
46.146 |
29.896 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1945.754 |
1206.367 |
1328.021 |
|
(b) Trade payables |
1892.953 |
1430.284 |
1217.831 |
|
(c) Other current
liabilities |
299.559 |
204.800 |
238.701 |
|
(d) Short-term provisions |
25.970 |
57.823 |
40.035 |
|
Total Current Liabilities (4) |
4164.236 |
2899.274 |
2824.588 |
|
|
|
|
|
|
TOTAL |
6570.697 |
5026.525 |
3922.273 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
652.368 |
506.364 |
479.716 |
|
(ii) Intangible Assets |
8.582 |
0.000 |
0.001 |
|
(iii) Capital
work-in-progress |
0.000 |
1.060 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
10.728 |
10.728 |
|
(b) Non-current Investments |
0.085 |
0.085 |
0.085 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.364 |
42.121 |
4.358 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
675.399 |
560.358 |
494.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
245.559 |
245.935 |
203.338 |
|
(c) Trade receivables |
3967.940 |
3186.558 |
2579.476 |
|
(d) Cash and cash
equivalents |
292.094 |
159.413 |
119.513 |
|
(e) Short-term loans and
advances |
493.958 |
289.088 |
243.172 |
|
(f) Other current assets |
895.747 |
585.173 |
281.886 |
|
Total Current Assets |
5895.298 |
4466.167 |
3427.385 |
|
|
|
|
|
|
TOTAL |
6570.697 |
5026.525 |
3922.273 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5264.325 |
4867.254 |
4682.986 |
|
|
|
Other Income |
42.085 |
33.723 |
60.272 |
|
|
|
TOTAL |
5306.410 |
4900.977 |
4743.258 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4046.805 |
3501.362 |
3350.701 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(31.631) |
(32.0770 |
(6.666) |
|
|
|
Employees benefits expense |
142.315 |
136.806 |
47.717 |
|
|
|
Other expenses |
513.268 |
596.358 |
740.690 |
|
|
|
TOTAL |
4670.757 |
4202.449 |
4132.442 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
635.653 |
698.528 |
610.816 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
245.613 |
175.355 |
91.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
390.040 |
523.173 |
519.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
58.876 |
43.255 |
28.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
331.164 |
479.918 |
491.296 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
84.112 |
126.532 |
166.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
247.052 |
353.386 |
325.156 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
216.760 |
288.986 |
142.298 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
17.536 |
|
|
|
Raw Material and Other |
NA |
NA |
186.977 |
|
|
TOTAL IMPORTS |
NA |
NA |
204.513 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
11.88 |
17.00 |
15.93 |
|
|
|
Diluted
|
10.46 |
14.96 |
15.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.66 |
7.21 |
6.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.29 |
9.86 |
10.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.04 |
9.57 |
12.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.23 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.84 |
0.59 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.54 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
200.763 |
860.693 |
860.693 |
|
Reserves & Surplus |
867.026 |
1220.412 |
1490.716 |
|
Net
worth |
1067.789 |
2081.105 |
2351.409 |
|
|
|
|
|
|
long-term borrowings |
25.543 |
22.825 |
20.528 |
|
Short term borrowings |
1328.021 |
1206.367 |
1945.754 |
|
Total
borrowings |
1353.564 |
1229.192 |
1966.282 |
|
Debt/Equity
ratio |
1.268 |
0.591 |
0.836 |
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 |
4682.986 |
4867.254 |
5264.325 |
|
|
|
3.935 |
8.158 |
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 |
4682.986 |
4867.254 |
5264.325 |
|
Profit |
325.156 |
353.386 |
247.052 |
|
|
6.94% |
7.26% |
4.69% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
100.692 |
7.899 |
5.586 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10467841 |
31/10/2013 |
6,895,000.00 |
ICICI BANK LIMITED |
BAGAL CHOWK,
RAJARAMPURI, KOLHAPUR, MAHARASHTRA - |
B92617034 |
|
2 |
10460452 |
28/10/2013 * |
500,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B92493501 |
|
3 |
10444422 |
29/06/2013 |
15,069,239.00 |
ICICI BANK LIMITED |
BAGAL CHOWK, RAJARAMPURI,
KOLHAPUR, MAHARASHTRA - |
B82784828 |
|
4 |
10430385 |
28/05/2013 |
120,000,000.00 |
THE RATNAKAR BANK LIMITED |
SANGLI MAIN BRANCH, VAKHARBHAG, SANGLI, MAHARASHTRA - 416416, INDIA |
B76838275 |
|
5 |
10425020 |
22/03/2013 |
100,000,000.00 |
STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA CHAMBERS,2ND FLOOR, NEAR MARIAAIPOLICE CHOWKY, OLD PUNE MUMBAI HIGHWAY,WAKDEWAD, PUNE, MAHARASHTRA - 411003, INDIA |
B74904715 |
|
6 |
10309471 |
30/08/2011 |
3,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B22231898 |
|
7 |
10191641 |
13/05/2013 * |
7,250,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B75939025 |
*Date of Charge Modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loan |
20.528 |
22.825 |
|
Total |
20.528 |
22.825 |
COMPANY BACKGROUND
The Company was incorporated on 2 January 1976 in the name of Shreem Capacitors Private Limited. On 30 December 2009 the Company changed its name to Shreem Electric Private Limited from Shreem Capacitors Private Limited. On 26 February 2010 the Company got converted to a Public Limited Company - Shreem Electric Limited. The Company has its registered office in Mumbai. The factory and in-house Research and Development (R and D) centre are located Jaysingpur, Dist. Kolhapur.
The Company is involved in the business of manufacturing High Voltage/Low Voltage capacitors, capacitor banks,
breakers, control panels and executing turnkey projects for electricity transmission and distribution sector.
YEAR IN
RETROSPECT:
The Company reinforced its current domestic leadership role in the Power Sectorâs Capacitor / Reactive Power Compensation Market during the year and made a strong and ebullient presence in the turnkey project field also in the State Electricity utilitarian establishments. The Company is eminently placed in the multifarious aspects of project execution in creating state of the art substation projects up to 400 KV systems, and is engaged in multiproduct manufacturing for the Transmission and Distribution equipment.
In the financial year 2012-13, the Company could not cross the earlier bench mark of Rs.2889.86 lacs, covering over 38 countries, in the exports sphere, but made Rs. 2167.60 lacs, thereby retaining its level of export earnings in a remarkable way in the international business environs, which have severe constraints worldwide. The Company participated in many global exhibitions on power sector industry during the year and including the prestigious one at Hannover in Germany and received manifold responses, including many new, important and valuable orders in the target markets, where even planned projects are often being put on slow execution path in the current context. Export enquiries and orders are flowing from multiple international market sources. Therefore, the Company has significantly upped the immediate goal for exports to an ambitious Rs. 3000.00 lacs in the current financial year.
The Company expanded the scope and capabilities of its activities and vastly diversified its product range. The Companyâs Switchgears and 33 KV Vacuum Circuit Breakers activity is further enlarged by adding indoor 11 KV Vacuum Circuit Breakers, besides capacitor switches. As part of new expansion are LBS, Lightning Arresters and Dry Type Series Reactors, all made for 11 KV to 33 KV. The Structure Division is quite active, providing valuable services employing its CNC machines.
PERFORMANCE
(FINANCIAL AND OPERATIONAL) REVIEW:
The performance of the Company during this year reflects marked improvement on all fronts, as compared to the previous year, in spite of slowdown and low growth of Indian economy and the challenges continuing to confront the Power Sector. The gross sales have been Rs 4984.474 Millions in the year ended 31-03-2012 and these have touched a new high of Rs.5414.886 Millions in the year ended 31-03-2013.
The vital parameters continue to show steady performance, if not a small growth, though at a subdued level, reflecting the robust inner strength and the high standards of quality and performance held up by the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS:
ECONOMY AND MARKET
OVERVIEW:
The year has not witnessed economic recovery but continued with negative trends in the Countryâs economy, touching a new low in the decade, with 5% growth p.a., as well as the poor market sentiments. The world economy was also growing at only 3.8%, indicating a further slump in the world markets. The Power sector, naturally, reflected similar sentiments.
Reasons for the Power Sector not faring well in India were only delays in activities such as 1) execution of projects, including due to approval for land allocations 2) late environmental clearances 3) power generation projects receiving a setback in execution due to financial as well as technical constraints and 4) lower investments in the overall industrial sector, all also contributing to lower GDP growth of the economy, as aforesaid.
The losses faced by the SEBs and the consequent cautionary approach of the FIs / Bankers also continued, with occasional release of restructuring and special packages for their speedy recovery. The Shunglu Committee recommendations for charging higher power tariffs to consumers to compensate for the higher actually incurred costs are being implemented only now, and very slowly.
Many power generation companies performed below the Plant Level Factor (PLF) and are facing difficulties. The transmission segment has, however, showed positive signs with investments made by PGCIL and several SEBs. The market slowdown in the Country affected TandD segments, though, some companies with strong fundamentals and high quality performance withstood these and retained their standing. The Company is considered one of these with the brighter patches.
Retaining market leadership, through implementation of tighter cost controls, maintaining operational efficiency at peak levels and continuing with competitive pricing to attract even flow of orders, was a tough job, though the Company could withstand the market forces very successfully. This brought forth in good light the alert and steady stewardship of top leadership and the solidarity and team spirit exhibited by the work force.
The global economic condition continues to be grim and several European countries are still facing poor prospects.
INDUSTRIAL SECTOR
SCENARIO:
The Planning Commission and Ministry of Power look for power generation target fulfillment at 88,425MW for 12 Plan, incidentally providing good growth opportunities for the companies in the th field, like yours. This target is considered within reach. PGCIL, our valued customer, is likely to invest a vast sum (Rs. 100000 Cr or more, as per published reports of projections) in transmission sector alone, in the near future. National Electricity Fund (NEF), an interest subsidy scheme of the Govt. of India, is likely to be put in place to promote capital investment in the distribution sector.
The spread of Transco and Discom Companies into urban and rural areas, during the 12 th Plan, is estimated to require Rs 3,25,000 Crs., inclusive of Restructured Accelerated Power Development and Reforms Programme (RAPDRP) and Rajiv Gandhi Gramin Vidyutikaran Yojana (RGGVY).
These are considered achievable.
The prices and margins became tight, however, in the meantime due to the economic factors, reducing the leverage and profitability of the companies executing these projects.
Raw material prices, especially of steel and copper, have increased, pushing up material costs significantly, often pushing the prices above the finished goods level. The fall of rupees has also been contributing substantially to this scenario, compounding the vicissitudes
Many SEBs are expected to continue upgrading of present transmission infrastructure, improve power flows further in their areas of operation, enhance and stabilize the overall grid reliability and safety, further facilitating power exchange in the Central as well as other State grids.
To protect their electric grid systems, they would improve network management technologies in T and D.
The Company is also upgrading its technologies and delivery techniques further, year after year, and offering new project solutions that meet absolute international standards.
The easy import of foreign technologies and the reduced investments in the industry and infrastructure sectors constitute the likely threats on the horizon in the coming year also. The brand image of the Company and its excellent past performance are the factors that propel and ensure our continuous sustaining growth.
OPERATIONS OVERVIEW:
The Company operated, positioning itself strategically in a widening performance spectrum, in both manufacturing and project execution sectors, and met squarely fresh changing scenario in the not too encouraging economic and industrial environment in the country. However, the power sector continued positive outlook with felt need for support to the electrical TandD expansion. The Company, with its reputation well noted and appreciated, measured up to standards of commitments, higher technology and evolved control systems in handling the complex energy environment. It also strengthened the Company's management team suitably and recruited senior technology experts and buttressed the research support wing in no small measure.
The Company's emphasis on low voltage high tech products and forays into project execution helped it to withstand the stagnant economy and, more importantly, wide competition from foreign companies with access to high technology and superior resources.
The Company's surge into projects up to 400KVA helped it to withstand the downturn and post remarkable results in the composite project execution and also enabled it to procure large orders from well entrenched sources. The current on hand orders at the yearend are a record and enable the Company to go ahead with its programmed growth pleas and touch the set goals of performance and profitability. The company succeeded in keeping up its profits high, in-spite of increased sundry debtors, provisions and finance charges, through judicious handling of manufacture and administrative expenses.
The Company has been planning surge in exports and succeeded in making deep forays into emerging foreign markets. The Company expects to benefit from its plans to execute composite projects in foreign countries, as such activities are having excellent potential to generate such earnings.
OUTLOOK:
PROSPECTS FOR THE
CURRENT YEAR:
The outlook for the current year is expected to be better than the previous year. They improved product quality and strengthened marketing efforts and control systems. They are therefore, hopeful of achieving further improved results in the current year. The position of the orders on hand at the yearend is Rs. 8767.900 Millions Taking these and other favorable trends in market into account, the Company looks forward to the future with confidence and hope.
FINANCE:
SBI and Canara Bank are principal banks extending working capital finance. Fidelity extended ECB based term finance, since converted into CCPS, though the credit is returnable in 2014. Ratnakar Bank Ltd. Also joined in 2011-12, to cover the gap relating to supply bills beyond the cover period allowed by these Banks, as the dues from SEBs are nowadays long outstanding. Interest cost being on upswing, steps are taken to reduce the cost through adequate planning and effecting economies. The Promoter Group contributes the bulk of share capital, which is being strengthened through addition of profits ploughed back, year after year.
FIXED ASSETS
Tangible Assets
·
Land
Buildings
Plant and
Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
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.