MIRA INFORM REPORT
|
Report Date : |
08.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIL ENERGY SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Vikas
Chambers, Link and Marve Road, Malad
(West), Mumbai – 400 064, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-199691 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 105.708 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28995MH2010PLC199691 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Power Transformer. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects weak financial risk profile market by continuous losses
incurred by the company, dipped in the turnover and also borrowing recorded
by the company are huge and increasing. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (D) (Suspended) |
|
Rating Explanation |
Lowest credit quality very low prospects of recovery. |
|
Date |
July 7, 2014 |
NOTE:
Reason for suspended - Inability to carry out rating in absence of
adequate information recovered.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Jigna |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-42728080 |
|
Date : |
06.11.2014 |
LOCATIONS
|
Registered Office : |
2nd Floor, Vikas Chambers, Link and Marve
Road, Malad (West), Mumbai – 400 064,
Maharashtra, India |
|
Tel. No.: |
91-22-42728080 |
|
Fax No.: |
91-22-28811225 |
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E-Mail : |
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|
Website : |
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Manufacturing Unit : |
Village – Kanchad, Taluka –
Wada, Dist – Thane |
|
Tel. No.: |
91-2526-645947 |
|
Fax No.: |
91-2526-235622 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sureshkumar Anandilal
Choudhary |
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Designation : |
Director |
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Date of Appointment : |
04.02.2010 |
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DIN No.: |
00494510 |
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Other Directorship :
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|
Name : |
Mr. Rajendrakumar Anandilal
Choudhary |
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|
Designation : |
Managing Director |
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Date of Appointment : |
01.09.2011 |
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DIN No.: |
00494663 |
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Other Directorship :
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|
Name : |
Mr. Kesavan Mudakkarappillil
Sugathan |
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Designation : |
Director |
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|
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|
Name : |
Mr. Vasudev Gajanan Kulkarni |
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Designation : |
Director |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
2791914 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Astha Rathi |
|
Designation : |
Company
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
33968510 |
32.13 |
|
|
13926110 |
13.17 |
|
|
47894620 |
45.31 |
|
|
|
|
|
|
|
|
|
|
47894620 |
45.31 |
|
Total shareholding of Promoter and Promoter Group (A) |
47894620 |
45.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1748050 |
1.65 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
1748050 |
1.65 |
|
|
|
|
|
|
31251343 |
29.56 |
|
|
|
|
|
|
9063691 |
8.57 |
|
Individual
shareholders holding nominal share capital in excess of Rs.0.100 million |
15665526 |
14.82 |
|
|
84770 |
0.08 |
|
|
0 |
|
|
|
84770 |
0.08 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
56065330 |
53.04 |
|
Total Public shareholding (B) |
57813380 |
54.69 |
|
Total (A)+(B) |
105708000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
105708000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transformer. |
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|
|
|
Exports : |
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|
Countries : |
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|
|
|
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Imports : |
|
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
800 (Approximately) |
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Bankers : |
·
State Bank of
India, Industrial
Finance Branch, Natraj Building, 201, 1st Floor, 194, Sir M.V. Road, Western Express
Highway, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
--- |
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|
|
|
Statutory Auditors : |
|
|
Name : |
Bansal Bansal and Company Chartered Accountant |
|
Address : |
6 / 120, Sanjay Building, Mittal Estate, Andheri-Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
|
|
|
Related Parties
: |
·
Bilpower Limited ·
Tarapur Transformers Limited ·
Niksan Engineering Company Limited ·
Choudhary Global Limited |
|
|
|
|
Relative of KMP and
their Proprietary
Concern : |
·
TRC Power |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.1/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1057208000 |
Equity Shares |
Rs.1/- each |
Rs. 105.708
Millions |
|
|
|
|
|
10570800 Equity Shares of Rs. 10/- Each,
Fully Paid, were allotted without payment in Cash Pursuant To Scheme of
Arrangement during the period of Five Years immediately preceding the reporting
date.
Reconciliation
of Number of Equity Shares Outstanding At the beginning and at the end of the
year:
|
|
31.03.2014 |
|
|
No of Shares |
Rs. in Million |
|
|
Number of shares
outstanding as at the beginning of the year |
105708000 |
105.708 |
|
Add: Number of
Shares allotted as fully paid-up during the year |
- |
- |
|
Less: Number of
shares bought back during the year |
- |
- |
|
Number of shares
outstanding as at the end of the year |
105708000 |
105.708 |
|
Subdivision of Ordinary
Shares of ` 10/ – each into 10 shares of Rs. 1/ – each |
- |
- |
|
shares as on 31st March
2014 |
- |
- |
Terms/Rights attached to equity shares
The company has issued only one class
of equity shares having a par value of Rs. 1/ – per share (Previous Year Rs.1/–
per Share). Each holder of equity shares is entitled to one vote per share.
During the year ended 31st
March, 2014 amount per share of dividend recognised as distributions to equity
shareholders was Rs. Nil ( P.Y. Rs. Nil ) In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining
assets of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the numbers of equity shares held by
shareholders.
Details
of Equity Shares held by each shareholders holding more than 5%
|
Equity shares of
Rs. 1/ – each fully paid |
31.03.2014 |
|
|
Shares Held By |
No. of Shares |
%holding |
|
Bilpower Limited |
5286770 |
5.00 |
|
Choudhary Global
Limited |
8639340 |
8.17 |
|
Nareshkumar
Choudhary (HUF) |
5578120 |
5.28 |
|
Rajendrakumar
Choudhary (HUF) |
13729000 |
12.99 |
|
Sureshkumar
Choudhary |
5576830 |
5.28 |
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 |
105.708 |
105.708 |
105.708 |
|
(b) Reserves & Surplus |
130.683 |
311.253 |
370.408 |
|
(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) |
236.391 |
416.961 |
476.116 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
323.260 |
125.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
46.373 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.154 |
0.406 |
0.253 |
|
Total Non-current
Liabilities (3) |
0.154 |
323.666 |
172.326 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
803.391 |
346.856 |
327.427 |
|
(b) Trade payables |
43.820 |
296.890 |
368.054 |
|
(c) Other
current liabilities |
141.065 |
61.846 |
134.918 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
988.276 |
705.592 |
830.399 |
|
|
|
|
|
|
TOTAL |
1224.821 |
1446.219 |
1478.841 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
552.619 |
581.016 |
604.206 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
31.524 |
33.072 |
34.701 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.579 |
9.004 |
10.556 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
592.722 |
623.092 |
649.463 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
7.290 |
0.000 |
0.000 |
|
(b)
Inventories |
101.048 |
180.966 |
258.606 |
|
(c) Trade
receivables |
370.629 |
502.619 |
403.862 |
|
(d) Cash
and cash equivalents |
0.835 |
13.814 |
31.924 |
|
(e)
Short-term loans and advances |
152.297 |
125.728 |
134.986 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
632.099 |
823.127 |
829.378 |
|
|
|
|
|
|
TOTAL |
1224.821 |
1446.219 |
1478.841 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
586.071 |
970.444 |
1013.664 |
|
|
|
Other Income |
9.201 |
8.377 |
4.038 |
|
|
|
TOTAL (A) |
595.272 |
978.821 |
1017.702 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
281.200 |
334.943 |
469.248 |
|
|
|
Purchases of Stock-in-Trade |
250.180 |
502.163 |
575.104 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.150 |
46.254 |
(132.309) |
|
|
|
Employees benefits expense |
17.516 |
17.657 |
16.124 |
|
|
|
Other expenses |
45.409 |
57.484 |
47.673 |
|
|
|
Exceptional Items |
28.014 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
634.469 |
958.501 |
975.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(39.197) |
20.320 |
41.862 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.901 |
95.507 |
87.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(150.098) |
(75.187) |
(45.183) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.472 |
30.341 |
29.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(180.570) |
(105.528) |
(74.946) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(46.373) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(180.570) |
(59.155) |
(74.946) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(125.308) |
(66.153) |
(8.793) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(305.878) |
(125.308) |
(66.153) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
40.878 |
80.717 |
89.570 |
|
|
|
Capital Goods |
0.485 |
0.867 |
25.247 |
|
|
TOTAL IMPORTS |
41.363 |
81.584 |
114.817 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.71) |
(0.56) |
(7.09) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(30.81) |
(6.10) |
(7.39) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(6.69) |
2.09 |
4.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.13) |
(7.47) |
(5.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.76) |
(0.25) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.40 |
1.61 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
1.17 |
1.00 |
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 |
105.708 |
105.708 |
105.708 |
|
Reserves & Surplus |
370.408 |
311.253 |
130.683 |
|
Net
worth |
476.116 |
416.961 |
236.391 |
|
|
|
|
|
|
long-term borrowings |
125.700 |
323.260 |
0.000 |
|
Short term borrowings |
327.427 |
346.856 |
803.391 |
|
Total
borrowings |
453.127 |
670.116 |
803.391 |
|
Debt/Equity
ratio |
0.952 |
1.607 |
3.399 |
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 |
1013.664 |
970.444 |
586.071 |
|
|
|
(4.264) |
(39.608) |
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 |
1013.664 |
970.444 |
586.071 |
|
Profit |
(74.946) |
(59.155) |
(180.570) |
|
|
(7.39)% |
(6.10)% |
(30.81)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
yes |
|
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 |
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 Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Loans
Repayable on Demand |
|
|
|
From
Related Parties |
0.000 |
22.353 |
|
From
Others |
6.500 |
11.700 |
|
Total |
6.500 |
34.053 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10276545 |
26/11/2012 * |
757,100,000.00 |
INDUSTRIAL FINANCE
BRANCH, ANDHERI 102, NATRAJ 194 , SIR M.V. ROAD, W.E. HIGHWAY, ANDHERI
(EAST), MUMBAI, Maharashtra - 400069, INDIA |
B64618689 |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. in .Million)
|
Particulars |
31.03.2014 |
|
Guarantees outstanding |
- |
|
Excise Demand |
154.511 |
|
Sales tax
liability against non-collection of various sales tax forms under relevant
sales tax laws, not provided due to uncertainty in ascertainment of amount of
liability, if any |
Not Ascertainable |
|
Custom duty on
pending export obligation against import of machinery |
84.733 |
PERFORMANCE REVIEW
For the year 2013-14, the Turnover of the Company decreased
and stood at Rs. 586.071 Millions and Loss incurred was Rs. 180.570 Millions,
which is mainly due to exceptional item and lower capacity utilization coupled
with falling margins
BACKGROUND
Manufactures Stamping Rotating Machines and
Transformer core and Laminations. It is specialized in tailor-made circular stampings
up to 1400 mm diameter and segmental stampings of width up to 1250 mm with
focused end products for Alternators (Domestic / Industrial), Motors (Micro /
HT / LT), Wind Mill Generators, Hydro Generators, Turbo Generators, Compressors
for Air conditioners and Refrigerators, AC / DC Motors for Agriculture Pumps,
Fans, Computer transformer and Ballasts. The Company also has a wide range of
IEC frame tools to manufacture circular stampings. As regards Transformer Cores
and Lamination, the Company manufactures the same in various shapes and sizes
up to 1000 mm width and also rectangular shaped cores with or without holes.
The facility is in place to meet customer specific requirements. Rotors are
supplied either loose wire tied, welded or aluminum die-casted. Further,
stampings made out of semi-processed steel is decarbed, annealed and blued at
the Company’s unit itself. The Company is fully equipped with Continuous
burn-off, decarb annealing and blueing furnace.
INDUSTRY
OVERVIEW
The
latest slowdown in growth of emerging market countries and higher inflation
levels, combined with domestic supply and infrastructure constraints, have
reduced India’s annual inflation-adjusted gross domestic product (GDP) growth
from a high of 10.3% in 2010 to 4.4% in 2013, according to the International
Monetary Fund (IMF). India was the third-largest economy in the world in 2013,
as measured on a purchasing power parity basis. Risks to economic growth in
India include high debt levels, infrastructure deficiencies, delays in
structural reforms.
Primary
energy consumption in India has more than doubled between 1990 and 2012,
reaching an estimated 32 quadrillion British thermal units (Btu). The country has
the second-largest population in the world, at more than 1.2 billion people in
2012, growing about 1.3% each year since 2008, according to World Bank data. At
the same time, India’s per capita energy consumption is one-third of the global
average, according to the International Energy Agency (IEA), indicating
potentially higher energy demand in the long term as the country continues its
path of economic development. In the International Energy Outlook 2013, EIA
projects India and China will account for about half of global energy demand
growth through 2040, with India’s energy demand growing at 2.8% per year. The
Company endeavors to utilize its full capacity so as to fulfill the increasing
demands in the domestic market and earn profits in near future.
OPERATING
RESULTS OF THE COMPANY
The
Financial Statements have been prepared in compliance with the requirements of
the Companies Act, 1956 and Accounting Standards (AS) notified by the Companies
(Accounting Standard) Rules, 2006.
The
salient features of the Company’s performance are: –
•
Total Sales of Rs. 586.071 Millions
•
Net Loss of Rs 180.570 Millions
The
Company has a net worth of about Rs. 236.391 Millions as on 31st March, 2014.
OUTLOOK FOR
THE COMPANY
The Company’s customers list, which includes
well respected big companies and their product acceptability, give us hope to
overcome the losses and post a decent top-line and bottom-line in the ensuing
year.
FIXED ASSETS
·
Plant and Machinery
· Land
·
Office Equipment
·
Furniture and Fixtures
·
Factory Building
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.61.38 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
19 |
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.