MIRA INFORM REPORT
|
Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
EPCOS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As
: |
INTERNATIONAL FERRITES LIMITED |
|
|
|
|
Registered
Office : |
Kulia Kancharapara, P.O. Netaji Subhash Sanatorium, Kalyani, Nadia -
741251, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
08.11.1976 |
|
|
|
|
Com. Reg. No.: |
21-030763 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 886.010 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92131WB1976PTC030763 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
NSKE00321G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6950Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of capacitors and ferrites cores. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “EPCOS AG, GERMANY”. It is an established
company having moderate track record. The rating moderate financial risk profile marked by loss that company
has incurred from its operational activities and increased in external borrowing
of the company over previous year. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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.: 91-80-40390615)
LOCATIONS
|
Registered Office : |
Kulia Kancharapara, P.O. Netaji Subhash Sanatorium, Kalyani, Nadia -
741251, West Bengal, India |
|
Tel. No.: |
91-253-2205103/
2353756/ 2353760/ 2205106/ 22055100/
33-25891410 |
|
Fax No.: |
91-253-2353761/
33-25891418 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory/ Godown : |
Plot No. E-22/25, MIDC Industrial Area, Satpur, Nasik-422007, |
|
Tel. No. |
91-253-2353756 |
|
Fax No. |
91-253-2353761 |
|
Area : |
24000 sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at : ·
·
Kolkata, West Bengal ·
Mumbai, Maharashtra ·
Bangalore, Karnataka |
DIRECTORS
As on: 12.09.2013
|
Name : |
Mr. Hari Shankar
Banerjee |
|
Designation : |
Director |
|
Address : |
G 18 and 19, Serene Meadows, |
|
Date of Birth/Age : |
05.07.1958 |
|
Date of Appointment : |
01.05.2013 |
|
DIN No.: |
00041860 |
|
|
|
|
Name : |
Norbert Hess |
|
Designation : |
Director |
|
Address : |
Toelzer Str. 33 Gruenwald, 82031 |
|
Date of Birth/Age : |
20.02.1960 |
|
Date of Appointment : |
28.08.2012 |
|
DIN No.: |
05355005 |
|
|
|
|
Name : |
Mr. Balakrishnan Natarajan |
|
Designation : |
Managing Director |
|
Address : |
A 804, Mantri Elegance, N S Palya, |
|
Date of Birth/Age : |
01.06.1957 |
|
Qualification: |
B.E. |
|
Date of Appointment : |
01.10.2010 |
|
PAN No.: |
AAJPB2994H |
|
DIN No.: |
00112332 |
|
|
|
|
Name : |
Mr. Prabal Ray |
|
Designation : |
Whole time director |
|
Address : |
Satadroo, Dr. SC Banerjee Road, Flat No. 4B, Kolkata – 700010, West
Bengal, India |
|
Date of Birth/Age : |
18.08.1965 |
|
Date of Appointment : |
02.05.2013 |
|
DIN No.: |
06576049 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Kumar
Thakkar |
|
Designation : |
Secretary |
|
Address : |
D – 1, Atharva
Bungalows, Kale Nagar, |
|
Date of Birth/Age : |
23.09.1977 |
|
Date of Appointment : |
09.12.2008 |
|
PAN No : |
ADNPT6321K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 12.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
EPCOS AG, |
|
88601337 |
|
EPCOS AG Jointly with EPCOS Electronic Components S.
A., |
|
42 |
|
|
|
|
|
Total |
|
88601379 |
Equity Share Break up (Percentage of Total Equity)
As on: 12.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of capacitors and ferrites cores. |
|
|
|
|
Exports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
PRODUCTION STATUS (AS ON: 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
AC
Capacitors and Sprayed Coils |
Nos |
31130 |
|
Moralized
Film |
Kgs |
1765 |
|
DC
Capacitors |
Nos |
233645 |
|
Soft
Ferities |
Kgs |
3054 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Information Decline by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Citibank N.A., 41, Chowringhee Road, Kolkata - 700071, West Bengal, India · The Hongkong and Shanghai Banking Corporation Limited, "Hongkong Bank", 31, B. B. D. Bag, Kolkata - 700001, West Bengal, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, Panchshil Tech Park Private Limited, Yerwada, Pune-411 006,
Maharashtra, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding Company : |
Epcos AG, Germany |
|
|
|
|
Ultimate Holding Company : |
TDK EPC Corporation, Japan |
|
|
|
|
Fellow Subsidiaries : |
·
EPCOS Do Brazil Ltda, Brazil ·
EPCOS, S.R.O, Czech Republic ·
EPCOS Zhuhai Company Limited, China ·
EPCOS Zhuhai (FTZ) Company Limited, China ·
EPCOS Pte Limited, Singapore ·
EPCOS Elektronikai Alkatresz Kft., Hungary ·
EPCOS Limited, Hong Kong ·
EPCOS Inc., Iselin, USA ·
EPCOS OHG Deutschlandberg, Austria ·
EPCOS Anhui Feida Electronics Company, China ·
EPCOS Electronic Components, S.A., Malaga ·
EPCOS SDN BHD, Malaysia |
|
|
|
|
Other Related Parties |
·
TDK Xiamen Company Limited ·
TDK Taiwan Corporation ·
TDK Singapore (Pte.) Limited ·
TDK Corporation Japan |
CAPITAL STRUCTURE
As on: 12.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs. 900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88601379 |
Equity Shares |
Rs.10/- each |
Rs. 886.010
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 |
|
886.010 |
886.010 |
|
(b) Reserves & Surplus |
|
61.960 |
724.730 |
|
(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) |
|
947.970 |
1,610.740 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1,762.460 |
1,537.410 |
|
(b) Deferred tax liabilities
(Net) |
|
2.050 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
26.280 |
28.330 |
|
Total
Non-current Liabilities (3) |
|
1,790.790 |
1,565.740 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1,393.490 |
672.470 |
|
(b) Trade payables |
|
916.350 |
1,229.280 |
|
(c) Other current liabilities |
|
1,078.750 |
969.670 |
|
(d) Short-term provisions |
|
106.060 |
93.220 |
|
Total
Current Liabilities (4) |
|
3,494.650 |
2,964.640 |
|
|
|
|
|
|
TOTAL |
|
6,233.410 |
6,141.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2,442.370 |
1,974.620 |
|
(ii) Intangible Assets |
|
140.000 |
158.270 |
|
(iii) Capital work-in-progress |
|
651.610 |
963.440 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
22.630 |
|
(d) Long-term Loan and Advances |
|
93.610 |
139.450 |
|
(e) Other Non-current assets |
|
84.670 |
2.080 |
|
Total
Non-Current Assets |
|
3,412.260 |
3,260.490 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1,117.610 |
1,128.700 |
|
(c) Trade receivables |
|
1,084.550 |
1,050.150 |
|
(d) Cash and cash equivalents |
|
153.690 |
221.440 |
|
(e) Short-term loans and
advances |
|
320.580 |
273.020 |
|
(f) Other current assets |
|
144.720 |
207.320 |
|
Total
Current Assets |
|
2,821.150 |
2,880.630 |
|
|
|
|
|
|
TOTAL |
|
6,233.410 |
6,141.120 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
886.014 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
523.701 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1409.715 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
535.000 |
|
|
2] Unsecured Loans |
|
|
1373.070 |
|
|
TOTAL BORROWING |
|
|
1908.070 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3317.785 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1663.622 |
|
|
Capital work-in-progress |
|
|
222.245 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
965.316
|
|
|
Sundry Debtors |
|
|
1152.466
|
|
|
Cash & Bank Balances |
|
|
216.345
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
313.066
|
|
Total
Current Assets |
|
|
2647.193
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
804.958
|
|
|
Other Current Liabilities |
|
|
315.456
|
|
|
Provisions |
|
|
106.767
|
|
Total
Current Liabilities |
|
|
1227.181
|
|
|
Net Current Assets |
|
|
1420.012
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
Other Assets |
|
|
11.906 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3317.785 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
5738.310 |
6209.980 |
5770.380 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
5734.550 |
5383.940 |
4877.270 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.760 |
826.040 |
893.110 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
210.450 |
169.920 |
93.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(206.690) |
656.120 |
800.090 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
431.400 |
357.230 |
300.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(638.090) |
298.890 |
499.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
24.680 |
97.890 |
245.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(662.770) |
201.000 |
254.130 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
|
3023.335 |
|
|
|
Agency Commission |
|
|
40.561 |
|
|
|
Discount received |
|
|
3.244 |
|
|
|
Others(Misc other Income) |
|
|
0.698 |
|
|
TOTAL EARNINGS |
NA |
NA |
3067.838 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
1490.801 |
|
|
|
Stores & Spares |
|
|
69.986 |
|
|
|
Capital Goods |
|
|
205.506 |
|
|
|
Trading Goods |
|
|
103.143 |
|
|
TOTAL IMPORTS |
NA |
NA |
1869.436 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.49) |
2.27 |
2.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.55) |
3.23 |
4.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.43) |
5.80 |
11.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67) |
0.19 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.32 |
1.37 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
0.97 |
2.16 |
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 |
886.010 |
886.010 |
|
Reserves & Surplus |
724.730 |
61.960 |
|
Net
worth |
1,610.740 |
947.970 |
|
|
|
|
|
long-term borrowings |
1,537.410 |
1,762.460 |
|
Short term borrowings |
672.470 |
1,393.490 |
|
Total
borrowings |
2,209.880 |
3,155.950 |
|
Debt/Equity
ratio |
1.372 |
3.329 |
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 |
5,770.373 |
6,209.980 |
5,738.310 |
|
|
|
7.618 |
(7.595) |
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 |
5,770.373 |
6,209.980 |
5,738.310 |
|
Profit |
254.095 |
201.000 |
(662.770) |
|
|
4.40% |
3.24% |
(11.55)% |
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 |
Yes |
|
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 |
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Working capital loans from banks |
1393.490 |
672.470 |
|
|
|
|
|
Total |
1393.490 |
672.470 |
REVIEW OF BUSINESS
OPERATIONS
During the year ended 31st March 2013, there was a continued reduction in Order Income pursuant to slowdown in both Indian as well as global economy. Due to this revenue of the Company saw a marginal decline of 7.6%, as total revenue decreased to Rs. 5,738 Millions, from Rs. 6,210 Millions in the previous year. EBITDA was at Rs. 3.760 Millions as compared to Rs. 826.040 Millions for the previous year mainly due to provision for warranty towards extra ordinary customer claims in capacitor business and restructuring of ferrite business at Kalyani. Also increased material and employee costs due to high inflation and higher import costs due to continuous Rs. devaluation resulted in lower EBIDTA. Depreciation and Interest costs were higher as compared to previous year due to the huge investments done for building additional capacity and replacement of old machines in the last two years. The profit before tax (PBT) was correspondingly negative at (-) Rs. 638 Millions as compared to Rs. 299 Millions in the previous year.
During the year the company commenced production of transformers at Kalyani plant with technical knowhow from TDK for application in white goods.
FUTURE OUTLOOK
The market scenario continues to be subdued both in the domestic and export segments. The Indian Central government is planning to introduce adequate measures to induce growth to around 6% from the current level of 5% after successfully controlling inflation. Measures taken by the US and European countries is also expected to induce growth in the export segment. The company therefore expects marginal growth in the main product segments in the future. The company has also decided to set up its own facility in Nashik for manufacture of medium voltage and low voltage oil filled capacitors. The company expects substantial growth from these segments. The Company will continue its focus on product developments in existing AC, PFC and DC capacitors, Ferrite cores in order to provide a comprehensive range, cater to additional segments and also maintain cost competitiveness. Apart from the market situation, the Company is continuously focusing on productivity improvement, effective cost control and efficient management of resources for achieving profitable growth.
Note: No Charges Exist for Company
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Computers
· Vehicles
·
Furniture and Fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.05 |
|
|
1 |
Rs. 100.81 |
|
Euro |
1 |
Rs. 84.18 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.