MIRA INFORM REPORT
|
Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
RTS POWER CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
56, Netaji Subhas Road, Kolkata-700001, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
12.12.1947 |
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|
Com. Reg. No.: |
21-016105 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 81.685 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17232WB1947PLC016105 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALR04740B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR2618B |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturers of Power, Distribution, Extra High
Voltage and Dry-type Transformers |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred loss from its operational activities during
the financial year 2013. 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 (30.06.2013) |
Current Rating (30.09.2013) |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
B+ (Long Term Rating) |
|
Rating Explanation |
Risk prone credit quality and high risk of default |
|
Date |
28.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
28.12.2012 |
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. Inderchand Rakeja |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-22426025 |
|
Date : |
25.03.2014 |
LOCATIONS
|
Registered Office / Head Office : |
56, Netaji Subhas Road, Kolkata-700001, West Bengal, India |
|
Tel. No.: |
91-33-22426025 |
|
Fax No.: |
91-33-22426732 |
|
E-Mail : |
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|
Website : |
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|
|
|
Factory 1: |
Rajasthan Transformers and Switchgears (A Unit of RTS Power Corporation
Limited) Power and Distribution Transformers Unit C 174, Vishwakarma Industrial Area Chomu Road, Jaipur-302013,
Rajasthan, India |
|
Tel. No.: |
91-141-2330405 / 2330269 |
|
Fax No.: |
91-141-2330315 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Rajasthan Transformers and Switchgears (A Unit of RTS Power
Corporation Limited) Power and EHV Division Unit - 132 KV Class Transformers E-346, Road No. 16, Vishwakarma Industrial Area, Jaipur – 302013,
Rajasthan, India |
|
|
|
|
Factory 3 : |
Rajasthan Transformers and Switchgears (A Unit of RTS Power
Corporation Limited) Distribution Transformers Division F 139 to 142 Udyog Vihar, Jetpura, Jaipur, Rajasthan, India |
|
|
|
|
Factory 4 : |
RTS Power Corporation Limited Transformer and Speciality Oil Unit A-25, 26 Riico Industrial Area, Kaladera, Chomu, Jaipur, Rajasthan,
India |
|
|
|
|
Factory 5 : |
Rajasthan Transformers and Switchgears (A Unit of RTS Power
Corporation Limited) Power and Distribution Transformers Unit Near 14 KM Mile Stone, Mathura Road, P.O. Artoni, Agra – 282007, Uttar
Pradesh, India |
|
|
|
|
Factory 6 : |
RTS Power Corporation Limited Power and Distribution Transformers Unit Jala Dhulagori, Sankrail, Dhulagori Howrah – 711302, West Bengal,
India |
|
|
|
|
Factory 7 : |
RTS Power Corporation Limited Wind Energy Division Dhule – Maharashtra, India |
|
|
|
|
Factory 8 : |
RTS Power Corporation Limited Wind Energy Division Barmer – Rajasthan, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sardul Singh Jain |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajendra Bhutoria |
|
Designation : |
Vice Chairman and Whole Time Director |
|
|
|
|
Name : |
Mr. Abhay Bhutoria |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Loon Karan Patawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bachhraj Begwani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ram Lal Saini |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J Biswas |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Inderchand Rakeja |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
409711 |
5.02 |
|
|
4255370 |
52.09 |
|
|
4665081 |
57.11 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4665081 |
57.11 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
2375102 |
29.08 |
|
|
|
|
|
|
648384 |
7.94 |
|
|
353833 |
4.33 |
|
|
126100 |
1.54 |
|
|
11683 |
0.14 |
|
|
114417 |
1.40 |
|
|
3503419 |
42.89 |
|
Total Public shareholding (B) |
3503419 |
42.89 |
|
Total (A)+(B) |
8168500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8168500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Power, Distribution, Extra High
Voltage and Dry-type Transformers |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. C. Bhuteria and Company Chartered Accountant |
|
Address : |
2, India Exchange Place (2nd Floor), Kolkata - 700 001, West Bengal,
India |
|
|
|
|
Related Parties : |
- Abhay Transformers Private Limited - Bhutoria Brothers Limited - Bhutoria Investments (Private) Limited - Bhutoria Properties - Bhutoria Agrotech Limited - Rajasthan Transformers and Switchgears (Private) Limited - BLB Cables and Conductors (Private) Limited - Howrah Warehouse (Private) Limited - Kalinga Petrochemicals
(Private) Limited - Ladnun Agricultural Farms
(Private) Limited - Bhutoria Transformers and Rectifiers (Private) Limited - ABAY Energy Private Limited Company |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8168500 |
Equity Shares |
Rs.10/- each |
Rs. 81.685
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 |
81.685 |
81.685 |
77.885 |
|
(b) Reserves & Surplus |
356.941 |
377.911 |
358.003 |
|
(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) |
438.626 |
459.596 |
435.888 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12.942 |
22.128 |
37.329 |
|
(b) Deferred tax liabilities
(Net) |
6.908 |
16.701 |
18.249 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.178 |
6.506 |
5.975 |
|
Total
Non-current Liabilities (3) |
24.028 |
45.335 |
61.553 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
459.069 |
351.628 |
290.101 |
|
(b) Trade payables |
399.605 |
638.035 |
464.698 |
|
(c) Other current liabilities |
30.918 |
44.249 |
34.306 |
|
(d) Short-term provisions |
2.061 |
1.758 |
6.899 |
|
Total
Current Liabilities (4) |
891.653 |
1035.670 |
796.004 |
|
|
|
|
|
|
TOTAL |
1354.307 |
1540.601 |
1293.445 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
148.592 |
155.43 |
171.663 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
3.472 |
2.783 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.371 |
0.372 |
0.372 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
16.028 |
13.354 |
10.695 |
|
(e) Other Non-current assets |
12.260 |
1.002 |
13.546 |
|
Total
Non-Current Assets |
177.251 |
173.630 |
199.059 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
371.602 |
366.836 |
308.228 |
|
(c) Trade receivables |
676.014 |
866.985 |
694.000 |
|
(d) Cash and cash equivalents |
55.046 |
64.631 |
48.502 |
|
(e) Short-term loans and
advances |
74.394 |
68.519 |
43.656 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1177.056 |
1366.971 |
1094.386 |
|
|
|
|
|
|
TOTAL |
1354.307 |
1540.601 |
1293.445 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1,021.237 |
1,367.582 |
1,427.857 |
|
|
Other Income |
8.052 |
7.864 |
7.612 |
|
|
TOTAL
(A) |
1,029.289 |
1,375.446 |
1,435.469 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
815.570 |
1,052.205 |
1,144.619 |
|
|
Purchases of Stock-in-Trade |
1.719 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(51.455) |
8.129 |
(43.444) |
|
|
Employees benefits expense |
22.028 |
21.051 |
22.272 |
|
|
Other expenses |
161.875 |
184.857 |
200.934 |
|
|
TOTAL
(B) |
949.737 |
1,266.242 |
1,324.381 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
79.552 |
109.204 |
111.088 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
94.597 |
76.085 |
60.114 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(15.045) |
33.119 |
50.974 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
15.717 |
18.000 |
19.304 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(30.762) |
15.119 |
31.670 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(9.793) |
5.091 |
11.588 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(20.969) |
10.028 |
20.082 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3.914 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
3.914 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
7.485 |
23.396 |
33.156 |
|
|
TOTAL
IMPORTS |
7.485 |
23.396 |
33.156 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(2.57) |
1.26 |
2.69 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
PAT / Total Income |
(%) |
(2.04) |
0.73 |
1.40 |
|
|
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
(3.01) |
1.11 |
2.22 |
|
|
|
|
|
|
|
|
|
Return on Total Assets |
(%) |
(2.27) |
0.98 |
2.45 |
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) |
|
(0.07) |
0.03 |
0.07 |
|
|
|
|
|
|
|
|
|
Debt Equity Ratio |
|
1.08 |
0.81 |
0.75 |
|
|
|
|
|
|
|
|
|
Current Ratio |
|
1.32 |
1.32 |
1.37 |
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
77.885 |
81.685 |
81.685 |
|
Reserves & Surplus |
358.003 |
377.911 |
356.941 |
|
Net
worth |
435.888 |
459.596 |
438.626 |
|
|
|
|
|
|
long-term borrowings |
37.329 |
22.128 |
12.942 |
|
Short term borrowings |
290.101 |
351.628 |
459.069 |
|
Total
borrowings |
327.430 |
373.756 |
472.011 |
|
Debt/Equity
ratio |
0.751 |
0.813 |
1.076 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1,427.857 |
1,367.582 |
1,021.237 |
|
|
|
-4.221 |
-25.325 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
1,427.857 |
1,367.582 |
1,021.237 |
|
Profit |
20.082 |
10.028 |
(20.969) |
|
|
1.41% |
0.73% |
(2.05)% |
LOCAL AGENCY FURTHER INFORMATION
CALCUTTA
HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case
Status : Pending
|
Status of CIVIL SUITS (CS) 59 of 2013
INDO POWER PROJECTS LIMITED Vs. RTS POWER CORPORATION LIMITED Pet's Adv. : DEBSOUMYA BASAK
Res's Adv. : Court No. : 42 Last Listed On : No Date Mentioned Category : MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS
Case Updated on: Tuesday, February 26, 2013 |
|
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 |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
137.320 |
117.321 |
|
Loans and Advances from Others |
43.095 |
14.580 |
|
|
|
|
|
TOTAL |
180.415 |
131.901 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10330711 |
25/11/2011 |
24,000,000.00 |
CANARA BANK |
CANTONMENT, AGRA, AGRA, UTTAR PRADESH -
282001, I |
B30197982 |
|
2 |
10275428 |
21/04/2012 * |
169,600,000.00 |
ORIENTAL BANK OF COMMERCE |
UMRAO COMPLEX, M.I. ROAD, JAIPUR,
RAJASTHAN - 302 |
B38106118 |
|
3 |
10244284 |
01/09/2010 |
442,000.00 |
BANK OF BARODA |
JOHARI BAZAR BRANCH, JAIPUR, RAJASTHAN -
302003, I |
A96034103 |
|
4 |
10205790 |
05/09/2011 * |
25,000,000.00 |
BANK OF BARODA |
JOHARI BAZAR BRANCH, JAIPUR, RAJASTHAN -
302003, I |
B22114300 |
|
5 |
10106049 |
28/02/2008 |
20,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
V K I AREA BRANCH, ROAD NO.5, JAIPUR,
RAJASTHAN - |
A38230264 |
|
6 |
10109061 |
28/03/2007 |
20,000,000.00 |
BANK OF BARODA |
JOHARI BAZAR BRANCH, JAIPUR, RAJASTHAN -
302001, I |
A14023956 |
|
7 |
10109734 |
11/09/2006 |
5,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
V K I AREA BRANCH, ROAD NO.5, JAIPUR,
RAJASTHAN - |
A17180621 |
|
8 |
10123574 |
09/09/2006 |
5,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
VKI AREA, JAIPUR, RAJASTHAN - 302013,
INDIA |
A05650478 |
|
9 |
80033722 |
29/07/2006 * |
44,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN
- |
A18774463 |
|
10 |
90256332 |
31/03/2004 |
5,000,000.00 |
THE BANK OF RAJASTHAN LIMITED |
V.K.I. AREA, JAIPUR, RAJASTHAN, INDIA |
- |
|
1 |
90256322 |
21/05/2004 * |
8,000,000.00 |
BANK OF BARODA |
JOHARI BAZAR, JAIPUR, RAJASTHAN, INDIA |
- |
|
12 |
90256099 |
25/07/2011 * |
290,000,000.00 |
BANK OF BARODA |
JOHARI BAZAR BRANCH, 218, JOHARI BAZAR,
JAIPUR, R |
B18867416 |
|
13 |
90255889 |
21/10/2002 * |
77,500,000.00 |
IDBI BANK LIMITED |
JAIPUR, JAIPUR, RAJASTHAN, INDIA |
- |
|
14 |
90255836 |
04/09/2013 * |
96,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
N. S. ROAD BRANCH, 14, N. S. ROAD,
KOLKATA, WEST |
B85412799 |
|
15 |
90255745 |
28/03/2012 * |
271,900,000.00 |
BANK OF BARODA |
JOHARI BAZAR BRANCH, JAIPUR, RAJASTHAN -
302003, I |
B35866847 |
|
16 |
90255564 |
16/02/2012 * |
170,000,000.00 |
ICICI BANK LIMITED |
SHREEJI TOWER C-99, C-SCHEME, AHINSA
CIRCLE, JAIP |
B33285719 |
|
* Date of charge modification |
||||||
OPERATIONAL REVIEW
The Total Revenue during the year was Rs. 1029.300 Millions as against
Rs.1375.400 Millions during the previous year, representing a downfall during
the year by 25.16%, mainly due to Cable and Conductors Sales decreased from Rs.
573.200 Millions approximately in last year to Rs. 203.600 Millions
approximately this year i.e. a decrease of about Rs. 370.000 Millions
(65%).Mushroom growth and unhealthy competition from various Transformer
Manufacturing Units in unorganized sector is posing problems to organized
sector, like the Company, resulting in very low selling prices and the Company is
not in a position to sell Transformers at such lower prices.
The Loss for this year is Rs. 30.800 Millions, whereas there was Profit
before Tax of Rs. 15.100 Millions in the last year. Many factors have
contributed towards such reversal of profitability, namely, lower selling
prices, so also the margins, continuous abnormal price hike of major raw
materials both in India and abroad, unexpected delay in payments by Electricity
Boards, etc. As a result of abnormal delay in payments by the Company's Customers
and to meet the additional Working Capital requirements and maintain cash flow
position of the Company arising out of such delay in payments by Customers, the
Company's borrowings have substantially increased. Increase in Finance Costs
comprising of Interest Expenses and other borrowing costs by about Rs. 18.500
Millions this year compared to last year has also largely contributed towards
such fall in profitability of the Company
SALKIA AND DHULAGORI FACTORY
The Members are aware that the Company has built
up a new state of art Factory on its own land at Dhulagori in
2008 and all the production activities which
were earlier carried on at its old rented Factory at Salkia have been shifted
in phases from time to time during the last five years to such new Factory at
Dhulagori. Side by side Dhulagori Factory has also been expanded on a
continuous basis after it was set up five years ago. Now the Salkia Unit, so
far being utilised mainly for repairs of Transformers after the main operations
of the said Unit was
shifted to Dhulagori Unit in 2008 as said
above, has been closed after the close of the business on 31st March, 2013 and
the Company's entire manufacturing and repairing activities in Eastern India
are being carried out in Dhulagori Unit with effect from 1st April, 2013. This
has been done for better, efficient and economical management of manufacturing
as well as repairing operations of the Company at one place.
However, manufacturing operations at the Company's
other Factories at Jaipur and Agra are continuing as before.
FUTURE OUTLOOK
The Government of India's plan of electrifying
each and every village in rural areas will boost the demand of Distribution
Transformers. The Company with technical expertise and various manufacturing
set-ups are trying to
take share of such future growth in Power
Sector in their Country.
But, mushroom growth and unhealthy competition
from various Transformer manufacturing Units in unorganized Sector is posing
problems to organized Sector, like the Company, resulting in underutilization
of production capacities and therefore, the selling prices are under pressure,
so as the margins.
The Company's Cable and Conductor Unit is now
fully operational. It contributes to the Turnover of the Company. But due to
lower selling prices, margin has become low and profitability in this segment
has also reduced because
of downfall in sales . The Company cannot sell
Cables and Conductors at such lower prices. The Production of Dry Type Transformers
has stabilized and the Company is receiving regular Orders. The Company's
Dhulagori Factory is now fully operational and is under the process of
continuous expansion.
The Company is continuously exploring the
possibility to develop export market. Its continued effort in this regard
has been fruitful as the Company has made some
exports this year. The Company is also planning to set up Transformer Factories
abroad to achieve further exports in coming years.
In addition to its existing Wind Mill at
Dhule, Maharashtra, the Company has also set up another Wind Mill at Barmer,
Rajasthan.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Power plays a very important role in the
country's economy for a sustained economic growth. The Company is manufacturing
Power and Distribution Transformers of various capacities which are major and
indispensable machinery / equipment for generation, transmission and
distribution of electricity in the country
Besides the Power and Distribution
Transformers manufacturing line, the Company has embarked upon the manufacture
and sale of various types and sizes of Cable and Conductor for transmission of
electricity since the
year 2006-2007 and the Company has so far been
supplying the same to various Electricity Boards.
The growth of Transformer Industry mainly
depends upon progress of Power Generation Industry. The Power Sector is growing
at a reasonable pace and is poised for further growth in the near future.
Government's Agenda of giving priorities on development of the Power
Transmission and Distribution Segment have contributed for development of
Indian Transformer, Cable and Conductor Industry. As a result, the Company too,
being in the Transformer, Cable and Conductor Industry, is also trying to reap
advantage of the greater Governmental focus on the Power Sector inspite of
various constraints that the Company is facing.
OUTLOOK
The Government of India's plan of electrifying
each and every village in rural areas will boost the demand of Distribution
Transformers. The Company with technical expertise and various manufacturing
set-ups are trying to take share of such future growth in Power Sector in their
Country.
But, mushroom growth and unhealthy competition
from various Transformer manufacturing Units in unorganized Sector is posing
problems to organized Sector, like the Company, resulting in underutilization
of production capacities and therefore, the selling prices are under pressure,
so as the margins
The Company's Cable and Conductor Unit is now
fully operational. It contributes to the Turnover of the Company. But due to
lower selling prices, margin has become low and profitability in this segment
has also reduced because of downfall in sales. The Company cannot sell Cables
and Conductors at such lower prices. . The Production of Wound Core Type
Transformers /Dry Type Transformers has stabilized and the Company is receiving
regular Orders. The Company's Dhulagori Factory is now fully operational and is
under the process of continuous expansion.
The Company's Salkia Factory, so far being
utilised mainly for repairs of Transformers after the main operations of the
said Factory was shifted to the Company's Dhulagori Factory in 2008, has been
closed after the close of business on 31st March, 2013 and the Company's entire
manufacturing and repairing activities in Eastern India are being carried out
in Dhulagori Factory with effect from 1st April, 2013. This has been done for better,
efficient and economical management of manufacturing as well as repairing
operations of the Company at one place.
The Company's continued effort in exploring
export market has been fruitful as the Company has made a headway by achieving
some exports this year. Such effort will be continued to achieve furthermore
exports in coming years. In addition to its existing Wind Mill at Dhule,
Maharashtra, the Company has also set up another Wind Mill at Barmer,
Rajasthan.
Risks and threats are there and the Management
is fully aware and cautious of the same.
FINANCIAL PERFORMANCE
(Rs. In Millions)
|
Particulars |
Year Ended
31.03.2013 |
Year Ended
31.03.2012 |
|
Total Income |
1029.289 |
1375.446 |
|
Total Expenditure |
1060.052 |
1360.327 |
|
Profit /(Loss) Before Tax |
(30.763) |
15.119 |
|
Profit /(Loss) After Tax |
(20.970) |
10.028 |
OPERATIONAL PERFORMANCE
The Total Revenue during the year was Rs.
1029.300 Millions as against Rs. 1375.400 Millions during the previous year,
representing a downfall during the year by 25.16 %, mainly due to Cable and
Conductors Sales decreased from Rs. 573.200 Millions approximately in last year
to Rs. 203.600 Millions approximately this year i.e. a decrease of about Rs.
3.700 Millions (65%). Mushroom growth and unhealthy competition from various
Transformer and Cable and Conductors Manufacturing Units in unorganized sector
is posing problems to organized sector, like the Company, resulting in very low
selling prices and the Company is not in a position to sell Transformers and
Cables and Conductors at such lower prices.
The Loss for this year is Rs. 30.800 Millions,
whereas there was Profit Before Tax of Rs. 15.100 Millions in the last year.
Many factors have contributed towards such reversal of profitability, namely,
lower selling prices, so also the margins, continuous abnormal price hike of
major raw materials both in India and abroad, unexpected delay in payments by
Electricity Boards, etc. To meet the additional Working Capital requirements
and maintain cash flow position of the Company arising out of delay in payments
by Customers, the Company's borrowings have substantially increased. Increase
in Finance Costs comprising of Interest Expenses and other borrowing costs by
about Rs. 18.500 Millions this year compared to last year has also largely
contributed towards such loss in this year.
FIXED ASSETS
- Land
- Plant and Equipment
- Vehicle
- Office Equipment
- Tube well
- Television
- Air Conditioner
- Fire Extinguisher
- Electric Installation
- Water Cooler
- Water Purifier
- Refrigerator
- Close Circuit Television
- EPBX System
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. 60.70 |
|
|
1 |
Rs. 100.10 |
|
Euro |
1 |
Rs. 83.80 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.