MIRA
INFORM REPORT
|
Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMCO LIMITED (w.e.f. 22.01.1999) |
|
|
|
|
Formerly Known
As : |
EMCO TRANSFORMERS LIMITED |
|
|
|
|
Registered
Office : |
N-104, MIDC Area, Jalgaon – 425003, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.1964 |
|
|
|
|
Com. Reg. No.: |
11-013011 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.130.274 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31102MH1964PLC013011 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKE00379B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Power Transformers, Transmission Towers and
Sub-stations, Electronic Energy Meters and Generation of Electricity from
Wind Mill and Solar Farm (Power). |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are
reported slow but correct. The company can be considered for business dealings with some
caution. |
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 : BB+ |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
October 15, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
October 15, 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 BY
|
Name : |
Mr. Balmukund Somani |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-7738687730 |
LOCATIONS
|
Registered Office/ Factory 1 (Industrial Transformers) : |
N-104, MIDC Area, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462/ 2272572 |
|
Mobile No.: |
91-7738687730 (Mr. Balmukund Somani) |
|
Fax No.: |
91-257-2272598 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
1st Floor, Piramal Tower, Peninsula Corporate Park, G. K. Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
|
|
|
|
Head Office/ Factory 2 (Power Transformers and Meters) : |
Plot No. F-5, Road No. 28, Wagle Industrial Estate, Thane (West), Thane - 400604, Maharashtra, India |
|
Tel. No.: |
91-22-40404500 |
|
Fax No.: |
91-22-25820571/ 25830527 |
|
E-Mail : |
|
|
|
|
|
Factory 3 (Distribution Transformers) : |
Gat No. 113, 114, 115, Umala, Aurangabad Road, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2350506/ 07 |
|
Fax No.: |
91-257-2350505 |
|
E-Mail : |
|
|
|
|
|
Factory 4 (Transmission
Tower Plant - Vadodara) : |
519/521, Asoj, Vadodara - Halol Highway, Vadodara - 391510, Gujarat, India |
|
Tel. No.: |
91-2668-281113/ 4 |
|
Fax No.: |
91-2668-281030 |
|
E-Mail : |
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|
|
|
|
Factory 5 (Meters) : |
Survey No. 57/2, Building No. B-3, Sanjay Industrial
Estate, Gala No. 1-8, |
|
Tel. No.: |
91-260-2668177/ 78 |
|
Fax No.: |
91-260-2668176 |
|
E-Mail : |
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|
Regional Offices : |
Located at : · New Delhi Kolkata Bangalore Chennai Lucknow Ahmedabad Panchkula Raipur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajesh S. Jain |
|
Designation : |
Chairman |
|
Qualification : |
B.E. (Electronics) |
|
|
|
|
Name : |
Mr. Shailesh S. Jain |
|
Designation : |
Vice Chairman |
|
Qualification : |
B.E. (Chemical) |
|
|
|
|
Name : |
Mr. K. N. Shenoy |
|
Designation : |
Independent Director |
|
Qualification : |
B.E. (Electrical), PGDBA |
|
|
|
|
Name : |
Mr. S.V. Deo |
|
Designation : |
Independent Director |
|
Qualification : |
B.E. (Electrical), DBM, MIE |
|
|
|
|
Name : |
Mr. T.N.V. Ayyar |
|
Designation : |
Independent Director |
|
Qualification : |
B Com, FCA |
|
|
|
|
Name : |
Mr. Bheru Choudhary |
|
Designation : |
Independent Director |
|
Qualification : |
B.Com, LLM |
|
|
|
|
Name : |
Mr. Sanjay Bhatnagar |
|
Designation : |
Independent Director |
|
Qualification : |
M.E, MBA (Harvard University) |
KEY EXECUTIVES
|
Name : |
Mr. Balmukund Somani |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Nitin Sawant |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Praveen Kumar |
|
Designation : |
Company Secretary |
|
Qualification : |
B Com, LLB, ACS |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
22365140 |
34.34 |
|
|
5916833 |
9.08 |
|
|
28281973 |
43.42 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
28281973 |
43.42 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3251500 |
4.99 |
|
|
860 |
0.00 |
|
|
539136 |
0.83 |
|
|
4500 |
0.01 |
|
|
3795996 |
5.83 |
|
|
|
|
|
|
13183035 |
20.24 |
|
|
|
|
|
|
13474792 |
20.69 |
|
|
4810421 |
7.39 |
|
|
1590643 |
2.44 |
|
|
686561 |
1.05 |
|
|
62975 |
0.10 |
|
|
67091 |
0.10 |
|
|
773566 |
1.19 |
|
|
450 |
0.00 |
|
|
33058891 |
50.75 |
|
Total Public
shareholding (B) |
36854887 |
56.58 |
|
Total (A)+(B) |
65136860 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
65136860 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transformers, Transmission Towers
and Sub-stations, Electronic Energy Meters and Generation of Electricity from
Wind Mill and Solar Farm (Power). |
GENERAL INFORMATION
|
Suppliers : |
· Sterlite Industry PASCO |
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Customers : |
Wholesalers and Retailers · Power Grade Corporation of India NTPC |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Dena Bank State Bank of India Union Bank of India Bank of India State Bank of Hyderabad Canara Bank Andhra Bank The Federal Bank Limited ING Vysya Bank Limited Standard Chartered Bank |
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditor 1 : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
|
|
|
|
Statutory Auditor 1 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Solicitors : |
ALMT Legal |
|
|
|
|
Subsidiaries : |
· Emco Power Limited Emco Renewable Energy Limited Emco Infrastructure Limited East West Power Generation Limited Emco Overseas Pte. Limited Emco Edison Transformer Pty. Limited PT Setenco Investa Niaga Shekhawati Transmission Service Company Limited
(w.e.f.01.02.2013) |
|
|
|
|
Joint Ventures : |
· PT Vardhaman Logistics PT Vardhaman Mining Services Rabaan (s) Pte. Limited Shyam Emco Infrastructure Limited Kalinga Energy and Power Limited PT Bina Insan Sukses Mandiri |
|
|
|
|
Association of
Persons : |
Arki Aviation |
|
|
|
|
Entities where Key
Management Personnel have Significant Influence : |
· Emco Foundation Emco Power Quality Solutions Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.130.274
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs. 2/- each |
Rs.150.000 Millions |
|
500000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65136860 |
Equity Shares |
Rs. 2/- each |
Rs.130.274
Millions |
|
|
|
|
|
(Of the above
61,00,000 shares represent shares which were issued as fully paid up to
shareholders of the erstwhile India Energy Investments Private Limited on its
amalgamation with the Company for consideration other than cash.)
a) Reconciliation of
the number of shares
|
|
31.03.2013 |
|
|
|
Number of Shares |
Amount |
|
Balance as at the beginning of the year |
65136860 |
130.274 |
|
Add : Issued during the year |
-- |
-- |
|
Balance as at the end of the year |
65136860 |
130.274 |
b) Details of
shareholders holding shares more than 5% of issued share capital
|
Name of the
shareholders |
31.03.2013 |
|
|
|
Number of Equity Shares Held |
% of Equity Shares held |
|
Rajesh Jain |
9599345 |
14.74 |
|
Shailesh Jain |
6299340 |
9.67 |
|
Emco Investments Private Limited* |
5916833 |
9.08 |
|
Ratna Jain |
4354255 |
6.68 |
|
Reliance Capital Trustee Company Limited A/C Reliance Diversified
Power Sector Fund |
3365855 |
5.17 |
* Formerly known as Purna Properties Investment Private Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
130.274 |
130.274 |
130.274 |
|
(b) Reserves & Surplus |
5578.448 |
5515.485 |
5501.775 |
|
(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) |
5708.722 |
5645.759 |
5632.049 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
557.023 |
311.675 |
566.673 |
|
(b) Deferred tax liabilities
(Net) |
111.834 |
74.221 |
47.445 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
12.968 |
13.926 |
11.877 |
|
Total
Non-current Liabilities (3) |
681.825 |
399.822 |
625.995 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4234.010 |
3646.424 |
3443.436 |
|
(b) Trade payables |
3755.549 |
3204.126 |
3613.772 |
|
(c) Other current liabilities |
1488.976 |
1668.441 |
990.561 |
|
(d) Short-term provisions |
207.683 |
135.046 |
113.205 |
|
Total
Current Liabilities (4) |
9686.218 |
8654.037 |
8160.974 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2835.188 |
2827.713 |
|
(ii) Intangible Assets |
|
75.042 |
100.593 |
|
(iii) Capital work-in-progress |
|
50.867 |
40.355 |
|
(iv) Intangible assets under
development |
|
11.177 |
18.819 |
|
(b) Non-current Investments |
99.772 |
98.772 |
96.172 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
840.982 |
632.456 |
618.508 |
|
(e) Other Non-current assets |
24.462 |
18.305 |
18.479 |
|
Total
Non-Current Assets |
3924.160 |
3721.807 |
3720.639 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2419.086 |
1850.292 |
1647.669 |
|
(c) Trade receivables |
5744.569 |
5860.547 |
6446.713 |
|
(d) Cash and cash equivalents |
154.754 |
23.796 |
79.369 |
|
(e) Short-term loans and
advances |
3834.196 |
3243.176 |
2524.628 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
12152.605 |
10977.811 |
10698.379 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8306.793 |
6688.096 |
8095.267 |
|
|
Other Income |
75.782 |
9.636 |
3.918 |
|
|
TOTAL
(A) |
8382.575 |
6697.732 |
8099.185 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6247.217 |
4778.650 |
6240.587 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(157.779) |
10.332 |
(134.918) |
|
|
Employees benefits expense |
487.935 |
467.322 |
564.656 |
|
|
Other expenses |
913.819 |
689.096 |
630.751 |
|
|
Exceptional Items |
0.000 |
(8.496) |
0.000 |
|
|
TOTAL
(B) |
7491.192 |
5936.904 |
7301.076 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
891.383 |
760.828 |
798.109 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
583.307 |
498.976 |
504.026 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.076 |
261.852 |
294.083 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
199.778 |
206.231 |
202.593 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
108.298 |
55.621 |
91.490 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
37.613 |
26.776 |
10.855 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
70.685 |
28.845 |
80.635 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2033.426 |
2019.823 |
1954.328 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
|
13.027 |
13.027 |
|
|
Tax on Dividend |
|
2.215 |
2.113 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
NA |
2033.426 |
2019.823 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Direct Export |
|
548.854 |
289.501 |
|
|
Other Recovery |
NA |
0.000 |
3.536 |
|
|
Interest Income |
|
46.607 |
51.733 |
|
|
TOTAL
EARNINGS |
NA |
595.461 |
344.770 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials / Spare Parts |
|
704.487 |
298.308 |
|
|
Capital Goods |
|
8.617 |
0.52 |
|
|
TOTAL
IMPORTS |
NA |
713.104 |
298.828 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.09 |
0.44 |
1.24 |
Notes:
1. The above financial results were reviewed by the Audit Committee and taken on record by Board of Directors at their meeting held on April 25, 2014.
2. The Company has only one reportable Segment i.e. Transmission and
Distribution Segment within Power Sector.
3. The Board has recommended a dividend of Rs 0.10 per share of face value of
Rs 2/- each for financial year 2013-14 (previous year Rs 0.20 per share of Rs
2/- face value each), subject to approval of shareholders.
4. Previous quarter / year figures have been regrouped, re-arranged and
re-classified wherever necessary to confirm to current quarter's / year's
classification.
5. The figures of the last quarter are the balancing figures between audited
figures in respect of full financial year and published year to date figures up
to the third quarter of the respective financial year.
6. Exceptional items in previous year includes reversal of depreciation on
windmill assets and write off of certain inventory and advance due to
technology obsolescence.
7. a. Company has made Investment and net loan aggregating to Rs 812.320
Millions into its wholly owned subsidiary Emco Power Limited, which is setting
up power projects in the state of Chhattisgarh and Orissa through joint venture
companies. Said Investment has been utilised towards project development expenditure
like feasibility studies, acquisition of land, allocation of water, EIA studies
and other pre-operative expenses. There are delays in these projects mainly on
account of economic scenario and uncertainty in coal allocation policy. Looking
at the stage of the project, management is of view that impairment of
investment or loan of Rs 812.320 Millions is not necessary.
b. One of the joint venture of the company engaged in mining operation in
Indonesia is facing dispute arising out of shareholder's agreement with
minority shareholders, however the mining operations are unaffected. Company
has invoked arbitration clause under the master share sale purchase agreement
and have initiated arbitration proceedings at Singapore International
Arbitration Centre (SIAC) forum. Further the minority shareholders have not
confirmed their receivable/payable balances and their share of capital
composition in respective subsidiary / Joint Ventures. The matter is
subjudiced.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.84 |
0.43 |
1.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.30 |
0.83 |
1.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68 |
0.38 |
0.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.84 |
0.70 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.27 |
1.31 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
130.274 |
130.274 |
130.274 |
|
Reserves & Surplus |
5501.775 |
5515.485 |
5578.448 |
|
Net
worth |
5632.049 |
5645.759 |
5708.722 |
|
|
|
|
|
|
long-term borrowings |
566.673 |
311.675 |
557.023 |
|
Short term borrowings |
3443.436 |
3646.424 |
4234.010 |
|
Total
borrowings |
4010.109 |
3958.099 |
4791.033 |
|
Debt/Equity
ratio |
0.712 |
0.701 |
0.839 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
|
|
(17.383) |
24.203 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
Profit |
80.635 |
28.845 |
70.685 |
|
|
1.00% |
0.43% |
0.85% |
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 |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: SL/3026/2011 Filing Date: 21.10.2011 Reg. No.: S/448/2012 Reg. Date: 17.02.2012 |
|
Petitioner: CTR MANUFACTURING INDUSTRIES LIMITED Respondent: EMCO LIMITED Petn. Adv : PARAS KUHAD AND ASSOCIATES (0) Resp.Adv.: RAHUL
M.KADAM (1) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: PATENT ACT Next Date: 28.07.2014 Stage: FOR
ADMISSION/DENIAL OF DOCUMENTS Coram: HON’BLE SHRI JUSTICE G.S. PATEL Last Date: 07.07.2014
Stage: FOR ADMISSION/DENIAL OF DOCUMENTS Last Coram: HON’BLE SHRI JUSTICE G.S. PATEL |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10496877 |
29/03/2014 |
250,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023,
INDIA |
C05256219 |
|
2 |
10462208 |
06/11/2013 |
300,000,000.00 |
DENA BANK |
DENA CORPORATE CENTRE,
C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA -
400051, INDIA |
B90346917 |
|
3 |
10428082 |
02/05/2013 |
3,350,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, M S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B75877761 |
|
4 |
10303843 |
21/05/2012 * |
357,500,000.00 |
AXIS BANK
LIMITED |
AXIS HOUSE C-2,
WADIA INTERNATIONAL CENTRE, PANDU |
B41022971 |
|
5 |
10013422 |
12/07/2013 * |
250,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B80596737 |
|
6 |
80021518 |
16/03/2012 * |
17,040,600,000.00 |
DENA BANK |
C-10, G-BLOCK,, BANDRA
KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B36917326 |
|
7 |
80060162 |
05/10/1996 * |
243,000,000.00 |
THE SAKURA BANK
LIMITED |
2-B, MITTAL
COURT, 224 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
80016363 |
26/05/2008 * |
10,455,000,000.00 |
DENA BANK |
COPRPORATE
BUSINESS BRANCH, PLOT NO.C-10, G- BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, MAHARASHTRA - 400051, INDIA |
A39946405 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
|
31.03.2013 (Rs.
In Millions) |
|
a) Bank Guarantees outstanding as at the year-end (gross) –(Secured) |
|
7764.134 |
|
b) Letters of Credit outstanding as at the year-end (Secured) |
|
1140.938 |
|
c) Corporate Guarantee for Subsidiary Company |
|
706.810 |
|
d) Disputed amount of Sales Tax |
|
27.203 |
|
e) Claim made by workmen for re-instatement. Matter Subjudice |
|
Amount not ascertainable |
|
f) Disputed amount of Income Tax |
|
27.224 |
|
g) Disputed amount of Excise duty and Service tax |
|
350.920 |
|
h) Claims against Company not acknowledged as debt |
|
14.133 |
|
|
|
|
|
Total |
|
10031.362 |
FIXED ASSETS:
Tangible Assets
Freehold Land
Building
Plant and Machinery
Office Equipment and Air conditioners
Furniture and Fixtures
Air Craft
Wind Energy Generators
Vehicles
Leasehold Improvements
Intangible Assets
Goodwill
Technical Know-how and Licenses
Software
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. 60.24 |
|
|
1 |
Rs. 102.87 |
|
Euro |
1 |
Rs. 81.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.