MIRA
INFORM REPORT
|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SURANA VENTURES LIMITED |
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Registered
Office : |
5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.11.2006 |
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Com. Reg. No.: |
051566 |
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Capital
Investment / Paid-up Capital : |
Rs. 246.033 Millions |
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CIN No.: [Company Identification
No.] |
L45200TG2006PLC051566 |
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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
: |
Subject is in the
business of manufacture and sale of solar products and Generation of Wind
Electricity. |
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No. of Employees
: |
95 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having Satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
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: BB+ |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
June 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June 12, 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Tarun |
|
Designation : |
Accountant |
|
Date : |
04.10.2014 |
LOCATIONS
|
Registered Office : |
5th Floor, |
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Tel. No.: |
91-40-44665700/ 27845119/ 27841198 |
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Fax No.: |
91-40-27848851/ 27818868 |
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E-Mail : |
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Website : |
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Factory 1 (Solar
Photovoltaic Division) : |
Plot No.212/3,
Phase II, I.D.A., Cherlapally Hyderabad – 500 051, |
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Factory 2 (Solar
Photovoltaic Division) : |
Plot No.21, |
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Factory 3 (Solar
Photovoltaic Division) : |
Plot No. 12, Rasoolpura, Secunderabad – 500003, |
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Factory 4 (Non-Conventional
Energy - Wind) : |
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Factory 5 (Non-Conventional
Energy - Wind) : |
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. G. Mangilal Surana |
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Designation : |
Chairman |
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|
Name : |
Mr. O. Swaminatha Reddy |
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Designation : |
Director |
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Date of Birth/
Age : |
25.12.1930 |
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Qualification : |
B.Com (Hons), FCA |
|
Expertise in specific functional areas : |
Shri. O.
Swaminatha Reddy a Commerce graduate and Fellow member of The Institute of
Chartered Accountants of India, New Delhi, being the former Chairman of
Andhra Bank and also former Chairman and Managing Director of APSFC, he has a
rich vast banking and industrial experience spanning over decades. He has
been the Director of the Company since 1994, and guiding the Company in the
areas of financial decision making and Management policies. |
|
Other Directorship : |
·
Transport Corp. of India Limited ·
Bhagyanagar India Limited ·
K.C.P. Limited ·
Sagar Cements Limited ·
T.C.I. Finance Limited ·
Sagar Power Limited ·
E.P.R. Pharmaceuticals Private Limited ·
E.P.R. Gene Technologies Private Limited ·
·
K.M. Power Private Limited ·
TCI Developers Limited ·
Thembu Power Private Limited |
|
|
|
|
Name : |
Mr. R. Surender Reddy |
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Designation : |
Director |
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Date of Birth/
Age : |
10.10.1931 |
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Qualification : |
B.Com |
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Expertise in specific functional areas : |
A Graduate,
having almost three decades of experience in various fields of Industry .He
was well known for his social and political activities in the State of |
|
Other Directorship : |
·
Suryavanshi Spinning Mills Limited ·
Suryaamba Spinning Mills Limited ·
Surya Lakshmi Cotton Mills Limited ·
Lakshmi Finance and Industrial Corporation
Limited ·
Surya Kiran International Limited ·
·
Suryalata Spinning Mills Limited ·
Bhagyanagar India Limited |
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|
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|
Name : |
Mr. S. R. Vijayakar |
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Designation : |
Director |
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|
Name : |
Dr. R. N. Sreenath |
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Designation : |
Director |
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|
Name : |
Mr. Narender Surana |
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Designation : |
Managing Director |
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Name : |
Mr. Devendra Surana |
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Designation : |
Executive Director |
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Name : |
Mr. Manish Surana |
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Designation : |
Executive Director |
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Name : |
Mr. Nirmal Kumar Jain |
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Designation : |
Director |
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Date of Birth/
Age : |
01.07.1960 |
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Qualification : |
FCA |
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Expertise in specific functional areas : |
Fellow member of
ICAI and Practising as Chartered Account since 1988. He is associated as partner
with Nirmal K. Jain and Associates (Chartered Accountants) and has vast
exposure in Finance and Tax Matters. |
|
Other Directorship : |
1. Surana
Telecom and Power Limited 2. Surana Ventures Limited |
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|
Name : |
Ramaiah Alapakam |
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Designation : |
Whole-Time
Director |
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STATUTORY
COMMITTEES |
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|
Audit Committee
: |
Mr. O.
Swaminatha Reddy - Chairman Mr. G. Mangilal
Surana - Member Mr. R. Surender
Reddy - Member Mr. S. R.
Vijayakar - Member Dr. R. N. Sreenath - Member |
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Stakesholders
Relationship Committee : |
Mr. G. Mangilal
Surana - Chairman Mr. Narender
Surana - Member Mr. Devendra Surana - Member |
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Remuneration
Committee : |
R. Surender
Reddy - Chairman O. Swaminatha
Reddy - Member S. R. Vijayakar - Member |
KEY EXECUTIVES
|
Name : |
Badarish H. Chimalgi |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Tarun |
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Designation : |
Accountant |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
|
|
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|
8159996 |
33.17 |
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|
10289791 |
41.82 |
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|
18449787 |
74.99 |
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Total shareholding of Promoter and Promoter
Group (A) |
18449787 |
74.99 |
|
(B) Public Shareholding |
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|
|
|
|
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|
10650 |
0.04 |
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|
3150 |
0.01 |
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|
128926 |
0.52 |
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|
142726 |
0.58 |
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|
|
|
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|
513790 |
2.09 |
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|
|
|
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|
2748963 |
11.17 |
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|
2500160 |
10.16 |
|
|
247874 |
1.01 |
|
|
6047 |
0.02 |
|
|
43875 |
0.18 |
|
|
99703 |
0.41 |
|
|
98249 |
0.40 |
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|
6010787 |
24.43 |
|
Total Public shareholding (B) |
6153513 |
25.01 |
|
Total (A)+(B) |
24603300 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
24603300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in
the business of manufacture and sale of solar products and Generation of Wind
Electricity. |
GENERAL INFORMATION
|
No. of Employees
: |
95 (Approximately) |
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Bankers : |
·
Indian Overseas Bank ·
Corporation Bank ·
Bank of |
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Facilities : |
Buyer’s credit from banks i. Buyer’s credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director. Accordingly due with in a Year is Rs. 185.416 Millions which is classified under short term borrowings. ii. Details of Maturity of Buyers Credit
Car loan from bank i. Car loan from HDFC Bank Ltd is secured against hyphotication of car. The loan was taken during the financial year 2012-13 and is repayable in monthly installment of Rs 131,972/- each. Accordingly due with in a year is Rs 1.583 Million which is clasified under current liabilities. ii. Car loan from Kotak Mahindra Prime Limited is secured against hyphotication of car. The loan was taken during the financial year 2013-14 and is repayable in monthly installment of Rs 0.032 Millions each. Accordingly due with in a year is Rs 0.384 Millions which is clasified under current liabilities. Short Term Borrowing a) Cash credit Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director. b) Buyer’s credit from scheduled banks due with in a year is classified as short term borrowings |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
Sekhar and
Company Chartered Accountants |
|
Address : |
133/4, R. P. Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27533391/ 27536342/ 27543132 |
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Fax No.: |
91-40-27536817 |
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E-Mail : |
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Internal Auditors : |
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|
Name : |
Luharuka and Associates Chartered Accountants |
|
Address : |
5-4-187/3 and 4,
Soham Mansion, 2nd Floor, Above Bank of Baroda, M.G. Road,
Secunderabad – 500 003, Andhra Pradesh, India |
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Cost Auditors : |
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|
Name : |
BVR and Associates |
|
Address : |
H.No.6-3-628/3,
Flat No. 101, R.V. Naipunya Apartments, Anand Nagar Colony, Khairatabad,
Hyderabad – 500 004, Andhra Pradesh, India |
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Secretarial
Auditor |
|
|
Name : |
GSLN Gupta |
|
Address : |
A 47, Sree
Nilayam, 1st Floor, Indian Airlines Employees Colony, Lane No – 3,
Begumpet, Hyderabad – 500016, Telangana, India |
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Subsidiary
Company : |
Surana Solar Systems Private Limited |
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Associate
Company : |
Solar World Exchange Private Limited |
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Related parties
where significant inluence exists and with whom transactions have not taken
place during the year |
· AP Golden Apparels Private Limited · Bhagyanagar Capital Private Limited · Bhagyanagar Industrial Park · Bhagyanagar Infrastructure Limited · Bhagyanagar Metals Limited · Bhagyanagar Properties Private Limited · Scientia Infocom India Private Limited · Blossom Residency Private Limited · Celestial Solar Solutions Private Limited · Epicentre Entertainment Private Limit · Globecom Infotech Private Limited · GMS Realtors Private Limited · Green Energy Systems Private Limited · Innova Biotech India Private Limited · Innova Infrastructure Private Limited · Innova Technologies Private Limited · Vpower Solutions Private Limited (formerly Tranquil Avenues Private Limited) · Bhagynagar Entertainment and Infra Development Company Private Limited · Majestic Logistics Private Limited · Sha Sons Private Limited · Bhagyanagar Foods & Beverages Private Limited · Andhra Electro Galvanising Works · Bhagyanagar Entertainment Limited · Bhagyanagar Ventures Private Limited · Everytime Foods Industries Private Limited · Royal Skyscrapers India Private Limited · Surana Boichemicals Private Limited · Site Tonic Websolutions Private Limited · Stealth Energy Private Limited · Surana Technopark Private Limited · Metropolitan Venuters India Limited · Bhagyanagar Securities Private Limited · Corpmedia Publications India Private Limited · Globecom Infra Ventures Private Limited |
|
|
|
|
Related parties
where significant inluence exists and with whom transactions have taken place
during the year |
· Bhagyanagar India Limited · Surana Telecom and Power Limited · Solar Dynamics Private Limited · Surana Solar Systems Private Limited · Surana Infocom Private Limited · Value Infrastructure and Properties Private Limited · Bhagyanagar Green Energy Limited · Bhagyanagar Energy and Telecom Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24603300 |
Equity Shares |
Rs.10/- each
|
Rs.246.033
Millions |
|
|
|
|
|
Note:
|
Historical data
of Equity Share Capital in past five years |
Year |
No.
of Shares |
|
Reduction on Conversion to Debentures |
2010-11 |
(6000000) |
|
Allotment Pursuant to Scheme of Merger |
2010-11 |
15603300 |
|
Total Share
Capital |
|
9603300 |
Reconciliation of
shares outstanding at the beginning & at the end of the Reporting Period
|
|
No. |
As at on 31.03.2014 |
|
At the beginning of the year |
24603300 |
246.033 |
|
outstanding at the end of the year |
24603300 |
246.033 |
(a) There were no Bonus issues, forefieted shares and buy back of shares in last five years.
(b) Issued, subscribed and paid-up capital Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below.
|
Name of the
Shareholder |
As at 31st March, 2013 |
|
|
% |
No. of Shares |
|
|
Bhagyanagar India Limited |
23.52 |
5787946 |
|
Surana Telecom and Power Limited |
17.92 |
4410000 |
|
Narender Surana |
10.93 |
2691414 |
|
Devendra Surana |
9.26 |
2279520 |
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 |
246.033 |
246.033 |
246.033 |
|
(b) Reserves &
Surplus |
177.755 |
176.190 |
179.079 |
|
(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) |
423.788 |
422.223 |
425.112 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
161.399 |
176.383 |
21.973 |
|
(b) Deferred tax
liabilities (Net) |
6.987 |
6.819 |
4.411 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
168.386 |
183.202 |
26.384 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
254.278 |
114.743 |
229.798 |
|
(b) Trade payables |
68.169 |
172.363 |
41.971 |
|
(c) Other current
liabilities |
80.633 |
26.577 |
44.125 |
|
(d) Short-term provisions |
28.885 |
28.935 |
14.447 |
|
Total Current Liabilities
(4) |
431.965 |
342.618 |
330.341 |
|
|
|
|
|
|
TOTAL |
1024.139 |
948.043 |
781.837 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
306.368 |
313.232 |
263.159 |
|
(ii) Intangible Assets |
0.734 |
8.853 |
16.971 |
|
(iii) Capital
work-in-progress |
136.251 |
114.648 |
12.862 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.200 |
0.300 |
0.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.905 |
16.683 |
14.029 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
445.458 |
453.716 |
307.221 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
352.741 |
300.687 |
291.148 |
|
(c) Trade receivables |
130.952 |
94.498 |
40.295 |
|
(d) Cash and cash
equivalents |
56.100 |
51.027 |
20.283 |
|
(e) Short-term loans and
advances |
38.888 |
43.022 |
117.712 |
|
(f) Other current assets |
0.000 |
5.093 |
5.178 |
|
Total Current Assets |
578.681 |
494.327 |
474.616 |
|
|
|
|
|
|
TOTAL |
1024.139 |
948.043 |
781.837 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1290.544 |
949.090 |
726.686 |
|
|
Other Income |
14.403 |
6.373 |
12.056 |
|
|
TOTAL (A) |
1304.947 |
955.463 |
738.742 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1072.627 |
801.127 |
534.393 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(76.300) |
(88.774) |
(0.555) |
|
|
Manufacturing Expenses |
80.675 |
67.471 |
78.346 |
|
|
Employees benefits
expense |
30.124 |
30.054 |
26.047 |
|
|
Amortisation of
Intangible Assets |
8.119 |
8.119 |
7.385 |
|
|
Profit Period Adjustment |
0.000 |
-0.176 |
0.000 |
|
|
Other expenses |
74.249 |
48.708 |
30.691 |
|
|
TOTAL (B) |
1189.494 |
866.529 |
676.307 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
(C) |
115.453 |
88.934 |
62.435 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.087 |
29.829 |
35.703 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.366 |
59.105 |
26.732 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.831 |
23.194 |
22.306 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
53.535 |
35.911 |
4.426 |
|
|
|
|
|
|
|
Less |
TAX (H) |
23.186 |
10.016 |
1.216 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
30.349 |
25.895 |
3.210 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
16.190 |
44.079 |
80.166 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
10.000 |
25.000 |
25.000 |
|
|
Dividend |
24.603 |
24.603 |
12.301 |
|
|
Tax on Dividend |
4.182 |
4.181 |
1.996 |
|
|
Total (K) |
38.785 |
53.784 |
39.297 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
7.754 |
16.190 |
44.079 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
200.811 |
31.089 |
67.179 |
|
|
TOTAL EARNINGS |
200.811 |
31.089 |
67.179 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
800.406 |
594.158 |
415.826 |
|
|
Capital Goods |
37.917 |
124.981 |
11.405 |
|
|
TOTAL IMPORTS |
838.323 |
719.139 |
427.231 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.23 |
1.05 |
0.13 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
2.33 |
2.71 |
0.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.15 |
3.78 |
0.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.03 |
4.31 |
0.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.09 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.98 |
0.69 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.44 |
1.44 |
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 |
246.033 |
246.033 |
246.033 |
|
Reserves & Surplus |
179.079 |
176.190 |
177.755 |
|
Net worth |
425.112 |
422.223 |
423.788 |
|
|
|
|
|
|
long-term borrowings |
21.973 |
176.383 |
161.399 |
|
Short term borrowings |
229.798 |
114.743 |
254.278 |
|
Total borrowings |
251.771 |
291.126 |
415.677 |
|
Debt/Equity ratio |
0.592 |
0.690 |
0.981 |
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 |
726.686 |
949.090 |
1290.544 |
|
|
|
30.605 |
35.977 |
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 |
726.686 |
949.090 |
1290.544 |
|
Profit |
3.210 |
25.895 |
30.349 |
|
|
0.44% |
2.73% |
2.35% |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
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 |
OPERATIONS:
During the year, the Income from Operations is Rs. 1,290.544 Millions as against Rs. 949.090 Millions for the corresponding previous year. The Profit Before Tax is Rs. 53.535 Millions as against Rs. 35.911 Millions for the previous year. The Profit After Tax is Rs. 30.349 Millions as against Rs. 25.895 Millions for the corresponding period. The Basic Earnings Per Share for the year-ended 31st March 2014. Is Rs. 1.23 as against Rs. 1.05 for the corresponding previous year ended 31st March 2013.
FUTURE BUSINESS PLAN:
The company plans to set up a 110MW PV cell line as part of backward integration. With Government policy to protect and promote domestic solar industries by way of imposing anti-dumping duty and floating of various tenders for solar power plants, the outlook of the company remains positive
MANAGEMENT DISCUSSION
& ANALYSIS
SOLAR PV MODULES:
INTRODUCTION:
The global solar PV industry emerged out of the downturn that started from early 2011 and was characterized by relentless price declines, triggered by massive increase in capacity by the Chinese manufacturers. The tremendous increase in the global PV industry that started in the first half of 2013 gathered momentum during the second half of the year. Global PV installations are estimated to have increased by about 16% to reach 36 GW by the end of 2013. The improvement in the global PV industry was accompanied with reversal in performance of Tier I global players along with the exit of less competitive Tier II/Tier III players. Gross margins of Tier I players stood at 20% by the end of 2013. This improvement in the financial performance of Tier I players was on account of stabilizing module prices, increase in market shares and continuous reduction in manufacturing costs. Market share of Tier I players stood at over 70% by the end of 2013. As per Bridge to India, Solar power is close to parity with commercial tariff paid by consumers in the States of Delhi, Maharashtra and Kerala. By 2016, over 45% of the Indian states are expected to achieve commercial parity. In other states such as Andhra Pradesh, Odisha, Gujarat, West Bengal and Rajasthan, solar for commercial consumers is competitive with grid electricity with the help of subsidies.
BUSINESS OUTLOOK:
As reported in last business plan the company has imported two cell line of 55MW each for integration for the existing manufacturing of Solar Modules. This has been done to increase the margin in value chain and also to comply with NVVN requirement of using indigenously manufactured cells for power projects to be allotted under JNNSM. Government of India is in the processing of implementing anti-dumping duty on import of cells for China, Taiwan, and Malaysia etc. The Company is awaiting for the policy announcement in this regard and after that the Company will take steps to implement the Cell manufacturing Plant. The company has taken conscious decision of deferring the implementation of the project till the situation improves for the cell manufacturing.
Looking forward, the
Company’s Business strategy shall be to focus on the following areas
a) To explore and increase the Market share in grid connected Solar Projects
b) Continue with existing off-grid market with existing product mix and enlarge the market share.
c) To enlarge the export market.
d) To improve the relationship with customers by frequent interaction and continuous visiting to their places.
e) To establish a separate cell for taking care of customer grievances.
f) To participate in exhibitions in India and abroad to get visibility.
g) To set up small solar power projects of 1-5 MW capacity under REC mechanism.
BUSINESS OUTLOOK:
The Company currently has an overall installed capacity of 2.40 MW comprising of 2 wind turbines of 1.65 MW and 0.75 MW capacity respectively. As part of Consolidation and to focus on the core competence, the Company desires to exit from this sector.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10321061 |
12/11/2011 |
100,000,000.00 |
CORPORATION BANK |
D.NO.1-2-235, G
& H, PARK LANE, M G ROAD, SECUNDE |
B26807529 |
|
2 |
10268161 |
28/02/2013 * |
232,800,000.00 |
Bank of India |
10-1-1199/2, 1st Floor,
P.T.I. Building, A.C., Guards, Hyderabad-500004., Hyderabad, Andhra
Pradesh |
B72253776 |
|
3 |
10270585 |
14/05/2014 * |
389,300,000.00 |
Indian Overseas Bank |
1-2-61 & 62,
Parklane, Secunderabad, Telangana - |
C10394526 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from body corporates |
96.127 |
104.410 |
|
Total |
96.127 |
104.410 |
Note
Loan from related
parties
|
Name of the company |
Balance as on |
|
|
31.03.2014 |
31.03.2013 |
|
|
Value Infrastructure & Properties Private Limited |
-- |
21.236 |
|
Surana Infocom Private Limited |
|
83.174 |
|
Bhagyanagar India Limited |
96.127 |
-- |
|
Total |
96.127 |
135.6413 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
i. Commitments/Contingent
Liabilities |
|
|
|
a. Guarantees Issued by Banks |
3.062 |
4.638 |
|
b. Letters of Credit Outstanding |
44.257 |
122.696 |
|
Total |
47.319 |
127.334 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30.06.2014
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
a) Net Sales |
301.943 |
|
|
b) Other Operating Income |
-- |
|
|
Total Income from
Operations (net) |
301.943 |
|
2 |
Expenses |
|
|
|
a) Increase/ Decrease in stock-in-trade |
(32.392) |
|
|
b) Consumption of Raw Materials |
258.962 |
|
|
c) Staff Cost |
6.793 |
|
|
d) Power & Fuel |
2.534 |
|
|
e) Packing and forwarding |
4.505 |
|
|
e) Depreciation and amortisation |
7.776 |
|
|
f) Other Expenditure |
16.910 |
|
|
Total Expenses |
265.088 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items |
36.855 |
|
4 |
Other Income |
4.404 |
|
5 |
Profit before finance cost and exceptional items |
41.259 |
|
6 |
Interest & Finance Costs |
10.860 |
|
7 |
Profit after finance costs but before exceptional items |
30.399 |
|
8 |
Exceptional Items (Net) |
-- |
|
9 |
Profit from ordinary activities before Tax |
30.399 |
|
10 |
Tax Expense |
|
|
|
-Current Tax |
6.080 |
|
|
-Deferred ax |
-- |
|
|
-MAT Credit Utilized |
-- |
|
11 |
Net Profit from ordinary activities after tax |
24.319 |
|
12 |
Extraordinary Item (net of tax expenses) |
-- |
|
13 |
Net Profit for the period |
24.319 |
|
16 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
246.033 |
|
17 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
1.000 |
|
18i |
Earning Per Shares (EPS before extraordinary items) |
|
|
|
- Basic (in Rupees, not annualized) |
0.99 |
|
|
- Diluted (in Rupees, not annualized) |
0.99 |
|
18ii |
Earning Per Shares (EPS after extraordinary items) |
|
|
|
- Basic (in Rupees, not annualized) |
0.99 |
|
|
- Diluted (in Rupees, not annualized) |
0.99 |
|
PART II |
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
shareholding |
|
|
|
- No of shares |
6153513 |
|
|
- Percentage of shareholding |
25.01 |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- No of shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
-- |
|
|
b)
Non-encumbered |
|
|
|
- No of shares |
18449787 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
74.99 |
|
B |
INVESTOR COMPLAINTS |
3 months ended as on 30.09.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Note:
1. This publication is in Compliance with
the requirements of Clause 41 of the listing agreement.
2. PBT and PAT are up by 49.44% and 223.35%
respectively as compared to corresponding previous quarter due to better price
realization and export orders.
3. Effective April 01, 2014, Schedule II of the
Companies Act, 2013 prescribes the useful lives of various assets. Pending the
determination of the revised useful lives, the Company continues to provide
depreciation at the rates being followed hitherto.
4. The above results, having been subjected to
limited review by the Statutory Auditors, have been reviewed and recommended
for adoption by the Audit committee held on August 08, 2014 to the Board of
Directors and have been approved by the Board of Directors at its meeting held
on August 11, 2014.
5. The figures for the quarter ended March 31,
2014 are the balancing figures between audited figures in respect of the full
financial year ended March 31, 2014 and the unaudited published year to date
figures upto December 31, 2013 which were subjected to limited review.
6. Deferred Tax Asset/Liability shall be
provided in the last quarter.
7. The Board of Directors of the Company, by way
of Resolution by Circulation dated June 11, 2014, has approved the
change of Company’s name from “SURANA VENTURES
LIMITED” to “SURANA SOLAR LIMITED” subject to the approval of the Central
Government and the members of the Company in General Meeting and Stock
Exchanges.
8. The Text of the above statement has been
approved by the Board of Directors in its meeting held on August 11, 2014.
9. Previous years figures have been regrouped,
rearranged and reworked wherever necessary to make them comparable.
SEGMENT PUBLICATION THE QUARTER ENDED 30.06.2014
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF
LISTING AGREEMENT
|
Sr. No. |
Particulars |
Period Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
1 |
Segment Revenue |
|
|
|
a) Solar Products |
299.378 |
|
|
b) Wind Power |
2.564 |
|
|
Net Sales/
income from operations |
301.943 |
|
|
|
|
|
2 |
Segment Results (Profit Before
Tax and Interest) |
|
|
|
a) Solar Products |
41.185 |
|
|
b) Wind Power |
0.281 |
|
|
Total |
41.467 |
|
|
|
|
|
|
Less: (i) Interest |
10.860 |
|
|
(ii) Unallocable expenditure net of unallocable income |
0.791 |
|
|
Total Profit
Before Tax |
29.815 |
|
|
|
|
|
3 |
Capital Employed
|
|
|
|
a) Solar Products |
543.124 |
|
|
b) Wind Power |
105.100 |
|
|
c) Unallocable |
43.635 |
|
|
Total |
691.859 |
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Commercial Buildings
·
Plant and Machinery
·
Wind Power Plant
·
Electrical Installation
·
Office Equipment
·
Vehicles
·
Furniture and Fixtures
·
Computer
Intangible Assets
·
Goodwill
·
Certification and License
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. 61.75 |
|
|
1 |
Rs. 100.06 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.