MIRA INFORM REPORT
|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NELCO LIMITED |
|
|
|
|
Registered
Office : |
MIDC, Plot No. EL 6, TTC Industrial Area, Electronics Zone, Mahape, Navi
Mumbai – 400710, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
31.08.1940 |
|
|
|
|
Com. Reg. No.: |
11-003164 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.228.175 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32200MH1940PLC003164 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09602F MUMN13038E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACTI983C |
|
|
|
|
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 Audio-Visual Appliances like Television,
Calculator, Servo Voltage Stabilizers and such other office equipment. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is a subsidiary of the TATA Power Company Limited It is an established company having satisfactory track record. The company has recorded some accumulated losses however the company
receives strong operational and financial support from its holding company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. In view of strong holding, the company can be considered normal 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the oming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic development
in the dragon economy and has figured out something that is quite worrying. He
is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A- |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
October 10, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
October 10, 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
MANAGEMENT NON CO-OPERATIVE (91-22-67399100)
LOCATIONS
|
Registered Office/ Factory : |
MIDC, Plot No. EL 6, TTC Industrial Area, Electronics Zone, Mahape,
Navi Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-27681880 / 67399100 / 55918728 |
|
Fax No.: |
91-22-27686797 / 67399561 / 55918787 |
|
E-mail: |
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|
Website: |
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SALES OFFICE: |
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|
|
3rd Floor,
No. 15/17/19, Sri Laxmi Complex, St. Saint Mark’s Road, |
|
Tel. No.: |
91-80-51121840 /
25550170 |
|
Fax No.: |
91-80-51121842 /
25550173 |
|
|
|
|
Secunderabad
Unit |
Plot No. 65,
Paigah Colony, Behind Anand Theatre, Off Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27903824 |
|
Fax No.: |
91-40-27903272 |
|
|
|
|
Kolkata Unit : |
Trust House, 1st
Floor, 32-A, Chittaranjan Avenue, Kolkata – 700012, West Bengal, India |
|
Tel. No.: |
91-33-22121904 /
22121905 |
|
Fax No.: |
91-33-22121520 |
|
|
|
|
Chennai Unit: |
Flat No. 1-D, 1st Floor, New No. 75 and 77 (Old No. 41 and 41A) K. G. Marina
Bay, Santhome High Road, Santhome, Chennai – 600004, Tamilnadu, India |
|
|
|
|
|
Kasi Kunj, Road
No. 2, Contractor’s Area, Bistipur, Jamshedpur – 831001, Jharkhand, India |
|
Tel. No.: |
91-657-227766 /
227767 |
|
Fax No.: |
91-657-227765 |
|
|
|
|
|
702/ 703, Vikram
Towers, 16 Rajindra Place, New Delhi - 110008, India |
|
Tel. No.: |
91-11-55402165 /
68 |
|
Fax No.: |
91-11-25863878 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. R N Tata |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. R R Bhinge |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
29.05.1952 |
|
Qualification : |
B. Tech. Hons.
(Electrical) from IIT, Mumbai. Post Graduation in Business Administration
from IIM, Ahmedabad. |
|
|
|
|
Name : |
Mr. V K Deshpande |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Ghose |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. K. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Dube |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Savoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Raghuraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. J. Nath |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Girish V. Kirkinde |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
P. J. Nath |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
11432590 |
50.10 |
|
|
11432590 |
50.10 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
11432590 |
50.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10850 |
0.05 |
|
|
25790 |
0.11 |
|
|
82162 |
0.36 |
|
|
870010 |
3.81 |
|
|
988812 |
4.33 |
|
|
|
|
|
|
1466526 |
6.43 |
|
|
|
|
|
|
7420213 |
32.52 |
|
|
1509659 |
6.62 |
|
|
600 |
0.00 |
|
|
600 |
0.00 |
|
|
10396998 |
45.56 |
|
Total Public shareholding (B) |
11385810 |
49.90 |
|
Total (A)+(B) |
22818400 |
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) |
22818400 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Tata Power Company Limited |
1,10,99,630 |
48.64 |
|
Tata Sons Limited |
2,150 |
0.01 |
|
Tata Hydro Electric Power
Supply Company Limited |
1,050 |
0.00 |
|
Tata Investment Corporation
Limited |
350 |
0.00 |
|
Titan Industries Limited |
1,000 |
0.00 |
|
Aftaab Investment Company
Limited |
3,28,410 |
1.44 |
|
Total |
1,14,32,590 |
50.10 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Schlumberger Limited |
866460 |
3.80 |
|
|
Hitesh Ramji Javeri |
380000 |
1.67 |
|
|
Total |
1246460 |
5.46 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Audio-Visual Appliances like Television,
Calculator, Servo Voltage Stabilizers and such other office equipment. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
v Bank of India v Union Bank of India v Axis Bank Limited v The Zoroastrian Co-Operative Bank Limited |
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|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Solicitors : |
Ø Mulla and Mulla
and Craigie Ø Blunt and Caroe |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Holding Company : |
The Tata Power Company Limited |
|
|
|
|
Subsidiary : |
Tatanet Services Limited |
|
|
|
|
Associate : |
Nelito Systems Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
2500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22818400 |
Equity Shares |
Rs.10/- each |
Rs.228.185 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22817461 |
Equity Shares |
Rs.10/- each |
Rs.228.175 Millions |
|
|
|
|
|
NOTES:
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
30.09.2013 |
|
|
|
Number of
shares |
Rs. In Millions |
|
Equity shares - Subscribed |
|
|
|
Opening and Closing balance |
22,817,461 |
228.175 |
Details of shares
held by the holding company
|
Particulars |
30.09.2013 |
|
|
|
Number of
shares |
Rs. In Millions |
|
Equity shares |
|
|
|
The Tata Power Company Limited (48.65%) (Holding
Company) |
11,099,630 |
110.996 |
|
Aftaab Investment Company Limited (1.44%)
(Subsidiary of Holding Company) |
328,410 |
3.284 |
The company has issued only one class of equity shares having a par value of Rs.10 /- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holder 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 number of equity shares held by the shareholders.
Details of shares held by each shareholder
holding more than 5% shares:
|
Class of shares /
Name of shareholder |
30.09.2013 |
|
|
|
Number of
shares |
% holding in
that class of shares |
|
Equity shares |
|
|
|
The Tata Power Company Limited (48.65%) (Holding
Company) |
11,099,630 |
48.65% |
|
|
|
|
Issued and subscribed
equity shares include the following
|
Class of shares |
30.09.2013 |
|
|
|
Number of
shares |
Rs. In
Millions |
|
Otherwise
than in cash pursuant to contracts dated 23rd October, 1940 |
5370 |
0.054 |
|
Issued
to Shareholders of the erstwhile General Radio and Appliances Limited in
terms of the Scheme of Amalgamation |
316660 |
3.167 |
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
228.175 |
228.175 |
228.175 |
|
(b) Reserves & Surplus |
(137.377) |
26.302 |
28.659 |
|
(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) |
90.798 |
254.477 |
256.834 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.129 |
12.090 |
23.270 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
14.306 |
32.066 |
52.626 |
|
(d) long-term provisions |
51.728 |
57.833 |
80.133 |
|
Total Non-current Liabilities (3) |
73.163 |
101.989 |
156.029 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
762.840 |
855.895 |
494.398 |
|
(b) Trade payables |
413.826 |
362.740 |
574.638 |
|
(c) Other current
liabilities |
75.297 |
73.693 |
90.554 |
|
(d) Short-term provisions |
47.055 |
59.141 |
70.151 |
|
Total Current Liabilities (4) |
1299.018 |
1351.469 |
1229.741 |
|
|
|
|
|
|
TOTAL |
1462.979 |
1707.935 |
1642.604 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
216.222 |
226.477 |
246.301 |
|
(ii) Intangible Assets |
8.801 |
12.621 |
15.214 |
|
(iii) Capital
work-in-progress |
5.670 |
0.836 |
1.472 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.890 |
19.825 |
19.825 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
306.457 |
270.943 |
219.870 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
557.040 |
530.702 |
502.682 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
196.348 |
209.663 |
189.627 |
|
(c) Trade receivables |
492.369 |
727.400 |
654.197 |
|
(d) Cash and cash
equivalents |
15.896 |
29.091 |
49.988 |
|
(e) Short-term loans and
advances |
51.316 |
99.323 |
145.674 |
|
(f) Other current assets |
150.010 |
111.756 |
100.436 |
|
Total Current Assets |
905.939 |
1177.233 |
1139.922 |
|
|
|
|
|
|
TOTAL |
1462.979 |
1707.935 |
1642.604 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1097.186 |
1391.113 |
1113.279 |
|
|
|
Other Income |
13.133 |
26.447 |
21.374 |
|
|
|
TOTAL |
1110.319 |
1417.560 |
1134.653 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
81.319 |
191.755 |
189.720 |
|
|
|
Purchases of Stock-in-Trade |
456.141 |
555.938 |
454.227 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
5.033 |
(5.033) |
(57.742) |
|
|
|
Employees benefits expense |
241.823 |
218.332 |
227.218 |
|
|
|
Exceptional Item |
0.000 |
(26.789) |
(28.333) |
|
|
|
Other expenses |
337.254 |
328.542 |
397.355 |
|
|
|
TOTAL |
1121.570 |
1262.745 |
1182.445 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(11.251) |
154.815 |
(47.792) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
95.491 |
88.111 |
79.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(106.742) |
66.704 |
(127.766) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
56.937 |
55.801 |
47.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(163.679) |
10.903 |
(75.419) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(10.055) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(163.679) |
10.903 |
(165.364) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.302 |
3.659 |
169.023 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
11.409 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
1.851 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
(162.377) |
1.302 |
3.659 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Engineering / Software Services |
18.540 |
16.936 |
4.891 |
|
|
|
Exports of goods calculated on FOB basis |
2.505 |
18.064 |
30.169 |
|
|
TOTAL EARNINGS |
21.045 |
35.000 |
35.060 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
44.499 |
111.569 |
27.713 |
|
|
|
Finished Goods |
166.508 |
310.212 |
208.554 |
|
|
|
Capital Goods |
13.551 |
12.460 |
0.000 |
|
|
TOTAL IMPORTS |
224.558 |
434.241 |
236.267 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(7.17) |
0.48 |
(7.25) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
(14.74) |
0.77 |
(14.57) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.92) |
0.78 |
(15.76) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.39) |
0.65 |
(10.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.80) |
0.04 |
(0.68) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
8.48 |
3.41 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70 |
0.87 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
228.175 |
228.175 |
228.175 |
|
Reserves & Surplus |
28.659 |
26.302 |
(137.377) |
|
Net worth |
256.834 |
254.477 |
90.798 |
|
|
|
|
|
|
long-term borrowings |
23.270 |
12.090 |
7.129 |
|
Short term borrowings |
494.398 |
855.895 |
762.840 |
|
Total borrowings |
517.668 |
867.985 |
769.969 |
|
Debt/Equity ratio |
2.016 |
3.411 |
8.480 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
1113.279 |
1391.113 |
1097.186 |
|
|
|
24.956 |
-21.129 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
1113.279 |
1391.113 |
1097.186 |
|
Profit |
(165.364) |
10.903 |
(163.679) |
|
|
(14.85%) |
0.78% |
(14.92%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
30.09.2013 (Rs.
In Millions) |
30.09.2012 (Rs.
In Millions) |
30.09.2011 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
5.456 |
11.180 |
14.612 |
|
|
|
|
|
|
Total |
5.456 |
11.180 |
14.612 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 10.03.2014 |
|
Lodging No.:- ITXAL/627/2014 Filing Date:- 10/03/2014 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-8 Respondent: NELCO LIMITED Petn. Adv : ARVIND PINTO (I583) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: TAX APPEAL Last Date: 10.07.2014
Stage: FOR REJECTION (ORIGINAL SIDE MATTERS) |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
UNSECURED LOANS
|
PARTICULAR |
30.09.2013 (Rs.
In Millions) |
30.09.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Sales tax liability (Under the Sicom Incentive Scheme) |
0.000 |
11.492 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Term loans |
|
|
|
From banks |
0.000 |
300.000 |
|
From other parties |
0.000 |
50.000 |
|
|
|
|
|
Loans repayable on
demand |
|
|
|
From Banks |
150.000 |
0.000 |
|
|
|
|
|
Inter corporate
deposit |
|
|
|
from Holding Company |
127.000 |
114.500 |
|
from others |
460.000 |
302.500 |
|
|
|
|
|
Total |
737.000 |
778.492 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10412163 |
07/03/2013 |
75,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
LOKHANDWALA COMPLEX BRANCH, S-41, RNA SHOPPING,
ARCADE, SWAMI SAMARTH NAGAR, ANDHERI (WEST), MUMBAI, Maharashtra - 400053,
INDIA |
B70892054 |
|
2 |
10136514 |
16/12/2008 |
633,000,000.00 |
Axis Bank Limited |
Universal Insurance Building, Ground Floor,
Sir P .M. Road, Fort., Mumbai, Maharashtra - 400001, INDIA |
A53766507 |
|
3 |
10301210 |
06/10/2008 |
27,500,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
LOKHANDWALA COMPLEX BRANCH, S-41, RNA SHOPPING,
ARCADE, SWAMI SAMARTH NAGAR, ANDHERI (WEST), MUMBAI, Maharashtra - 400053,
INDIA |
B10746055 |
|
4 |
90164489 |
18/09/2006 * |
40,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
LOKHANDWALA COMPLEX BRANCH, S-41, RNA SHOPPING,
ARCADE, SWAMI SAMARTH NAGAR, ANDHERI (WEST), MUMBAI, Maharashtra - 400053,
INDIA |
- |
|
5 |
90164308 |
11/12/2002 |
12,800,000.00 |
THE SOROASTRIAN CO-OP BANKLTD |
LOKHANDWALA COMPLEX. BRANCH, ANDHERI (W),
MUMBAI, |
- |
|
6 |
90164048 |
22/04/2002 * |
18,000,000.00 |
THE ZOROSTRIAN CO-OP BANK LTD |
LOKHANDWALA COMPLEX BRANCH S-41, S. S.
NAGAR; AND |
- |
|
7 |
90165328 |
18/05/1999 |
50,000,000.00 |
TATA FINANCE LTD |
DEBENTURE TRUSTEES; JUUI HOUSE; 4TH FLOOR,
DAMODA |
- |
|
8 |
90163455 |
23/11/1996 * |
196,300,000.00 |
BANQUE INDOSUEZ |
RAMON HOUSE, 169; BACKBAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
9 |
90163360 |
17/01/2001 * |
50,000,000.00 |
ICICI LTD |
ICICI TOWER, BANDRA KURLA COMPLEX, MUMBAI,
Maharashtra - 400051, INDIA |
- |
|
10 |
90163313 |
02/02/1996 |
16,700,000.00 |
UNION BANK OF INDIA |
IF BRANCH; UNION BANK BHAVAN, 1ST FLOOR;
239 VIDHAN BHAVAN MARG; NARIMAN POINT, BOMBAY, Maharashtra |
- |
|
11 |
90163110 |
04/07/2000 * |
50,000,000.00 |
ICICI LTD |
ICICI TOWER, BANDRA KURLA COMPLEX, MUMBAI,
Maharashtra - 400051, INDIA |
- |
|
12 |
90162713 |
02/07/1993 * |
41,500,000.00 |
THE ICICI LTD |
163; BACKBAY RECLAMATION, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
13 |
90162591 |
24/03/1992 |
5,500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
14 |
90162579 |
14/02/1992 |
500,000,000.00 |
IDBI BANK |
IDBI TOWER, CUFFE PARADE. COLABA, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
15 |
90160798 |
13/01/1992 |
780,000,000.00 |
BANK OF INDIA |
70/80 M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
16 |
90162547 |
14/11/1991 |
5,500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
17 |
90162530 |
14/10/1991 |
45,000,000.00 |
THE ICICI LTD |
163 BACKBAY RECLAMATION, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
18 |
90162471 |
22/07/1998 * |
33,500,000.00 |
UNION BANK OF INDIA |
INDL FINANCE BRANCH, 239; BACKBAY
RECLAMATION; UNION BANK BHAVAN ; N. P, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
19 |
90162454 |
13/01/1992 * |
50,000,000.00 |
THE ICICI LTD |
163; BACKBAY RECLAMATION, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
20 |
90162334 |
17/12/1989 |
1,500,000.00 |
THE BANK OF INDIA LTD |
FORT, BOMBAY, Maharashtra, INDIA |
- |
|
21 |
90162333 |
09/12/1989 |
5,000,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
22 |
90162268 |
30/04/2008 * |
840,900,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, 4TH FLOOR,
BANK O |
A38086641 |
|
23 |
90162126 |
14/01/1988 |
54,160,000.00 |
ALLAHABAD BANK |
27 BS MARG FORT, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
24 |
90162101 |
01/04/1988 * |
20,000,000.00 |
THE INVESTMENT CO-OP BANK LTD |
EWART HOUSE; HOME MODY STREET, FORT, MUMBAI,
Maharashtra - 400001, INDIA |
- |
|
25 |
90164805 |
05/10/1987 |
20,000,000.00 |
THE ICI LTD |
EWART HOUSE, HOMI MODY STREET; FORT,
BOMBAY, Maharashtra - 400001, INDIA |
- |
|
26 |
90162082 |
26/10/1989 * |
26,000,000.00 |
IRBI BANK |
19; NETAJI SUBHAS ROAD, CALCUTTA, West
Bengal, INDIA |
- |
|
27 |
90162048 |
26/10/1989 * |
12,000,000.00 |
THE ICICI LTD |
163; BACKBAY RECLAMATION, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
28 |
90161894 |
25/09/1985 |
2,200,000.00 |
TATA INDUSTRIES LTD |
BOMBAY HOUSE, 24; HOMI MODY STREET, BOMBAY,
Maharashtra - 400023, INDIA |
- |
|
29 |
90161813 |
20/09/1984 |
47,100,000.00 |
ALLAHABAD |
37; BOMBAY SAMACHAR MARG, FORT, BOMBAY,
Maharashtra - 400023, INDIA |
- |
|
30 |
90161778 |
26/10/1989 * |
3,000,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
31 |
90161766 |
12/08/1988 * |
6,000,000.00 |
THE ICICI LTD |
163 BOMBAY RECLAMATION, MUMBAI, Maharashtra
- 4000 |
- |
|
32 |
90161764 |
26/10/1989 * |
6,000,000.00 |
THE ICICI LTD |
163; BAKBAY RECLAMATION, BOMBAY,
Maharashtra - 400020, INDIA |
- |
|
33 |
90161721 |
28/04/1983 |
52,500,000.00 |
BANK OF BARODA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400023, INDIA |
- |
|
34 |
90161718 |
30/03/1983 |
4,000,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
35 |
90161507 |
20/03/1979 |
500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
36 |
90161445 |
15/01/1977 |
955,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
37 |
90161418 |
27/02/1976 |
734,800.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
38 |
90161379 |
14/12/1974 |
25,000,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
39 |
90161340 |
28/07/1973 |
20,000,000.00 |
ABN MRO BANK |
14; VEER NARIMAN ROAD, FORT, BOMBAY,
Maharashtra - 400023, INDIA |
- |
|
40 |
90160699 |
02/03/1983 * |
10,172,000.00 |
THE ICICI LTD |
EWARE HOUSE; HOME MODY STREET, BOMBAY,
Maharashtra - 400023, INDIA |
- |
|
41 |
90161331 |
28/02/1983 * |
10,172,000.00 |
THE ICI LTD |
WEART HOUE; HOME MODY STREET, BOMBAY,
Maharashtra - 400001, INDIA |
- |
|
42 |
90161301 |
14/07/1972 |
500,000.00 |
THE TATA HYDRO-ELECRIC POWER SUPPLY CO. LTD |
BOMBAY HOUSE, BOMBAY, Maharashtra, INDIA |
- |
|
43 |
90161250 |
03/03/1969 |
2,500,000.00 |
THE ICI LTD |
EWARE HOUSE; BRUCE STREET, FORT, MUMBAI,
Maharashtra - 400001, INDIA |
- |
|
44 |
90161245 |
08/07/1968 |
17,500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
45 |
90161211 |
29/10/1965 |
1,500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
46 |
90164551 |
25/11/1964 |
1,500,000.00 |
ARSHIR DARABASHAW SHROFF |
EDDIE HOUSE; PEDDAR ROAD, BOMBAY,
Maharashtra - 400026, INDIA |
- |
|
47 |
90161204 |
06/08/1964 |
3,500,000.00 |
THE BANK OF INDIA LTD |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
48 |
90161168 |
17/12/1959 |
1,500,000.00 |
BANK OF INDIA |
70/80; M. G. ROAD, BOMBAY, Maharashtra -
400022, INDIA |
- |
|
49 |
90161160 |
21/11/1958 |
1,500,000.00 |
THE BANK OF INDIA LTD |
FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
50 |
90161150 |
29/11/1957 |
1,500,000.00 |
BANK OF INDIA LTD |
BOMBAY, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
51 |
90161146 |
14/11/1956 |
1,500,000.00 |
BANK OF INDIA |
FORT, BOMBAY, Maharashtra, INDIA |
- |
* Date of charge modification
BACKGROUND
The Company was formed in the year 1940 as National Ekco Radio and Engineering Company Limited (JV between E K Cole and Fazalbhoy). The Company became “Subject” in 1969.
In 1969, the Company was pre-dominantly the manufacturer of audio-visual appliances like Television, calculator, Servo Voltage Stabilizers and such other office equipment. In late 90’s the Company entered in Automation business (SCADA, Traction and Drives), which was divested in 2010. In 1995 the Company through its subsidiary, Tatanet Services Limited (TNSL) first installed VSAT captive hub for Tata Group companies’ connectivity and in 2003 it entered into the public domain in VSAT services.
Nelco is today focused in offering solutions in the areas of Integrated Security and Surveillance, VSAT connectivity and Managed Services.
The Company offers a range of innovative and customized solutions for businesses and government institutions under one roof.
FINANCIAL HIGHLIGHTS
During the period, the total income was Rs.1097.186 millions as against Rs. 1391.113 millions in the previous year. The
Company reported loss after tax of Rs. 163.679 millions as against profit of Rs. 10.903 millions in the previous year.
The segment wise performance (Standalone) for the year was as follows:
Automation and Control earned total revenue of Rs 335.600 millions (Rs 538.100 millions in previous year) and incurred a segment loss of Rs 116.400 millions (loss of Rs 30.400 millions in previous year).
Network Systems earned a total revenue of Rs 759.900 millions (Rs.851.000 millions in previous year) and reported a segment profit of Rs 152.000 millions (profit of Rs 215.200 millions in previous year)
Interest
and other un-allocable expenses amounted to Rs.88.700 millions and Rs 110.600
millions respectively (Rs 79.700 millions and Rs 94.200 millions respectively
in previous year)
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND
DEVELOPMENT
The Company has two reportable
segments viz. (1) Network Systems consisting of VSAT services (including
SATCOM) and Managed Services and (2) Automation and Control consisting of
Integrated Security and Surveillance Solutions (ISSS) Network Systems
The VSAT services are
satellite communication services, essentially for data communication, offered
under the license of DOT, Govt. of India. The industry is 23+ years old in
India and is growing at around 8% p.a. There are 5 main operators in the
country and no new service provider has emerged in the last couple of years.
The Regulatory frame-work continues to be the same. The growth of the VSAT
industry is primarily due to its ability to offer highly reliable data
communication services anywhere in the country. The satellite transponder
provider space is exclusively controlled by Antrix Corporation Ltd. (“Antrix”)
(a Govt. of India Company under Dept. of Space), a part of ISRO, which provides
the transponder space in satellites belonging to ISRO as well as foreign
satellite operators. While there are several new satellites being launched, the
industry necessarily needs to buy the transponder space through Antrix. The
VSAT services in India are consumed mainly by the Enterprise segment.
The scope of Managed
Services is very wide and the industry is sizeable. The scope of the
managed services has evolved from being traditionally for IT services to now
also include non-IT services. The evolution of M2M Technologies has led to
significant growth of these services across the globe. In India also M2M
Services are getting off the ground and constitute an early stage high growth
market. The M2M eco-system is evolving in the country and there is an important
position for a Managed M2M Service Provider, which is evolving. The Company is
strategically positioning itself as a focused Managed M2M Service Provider,
which encompasses remote management solutions and services for Safety, Security
and Surveillance and Energy Management. A number of players from Telecom
Services industry as well as Original Equipment Manufacturers are expanding
their presence in this segment, so as to expand their service offering mix.
AUTOMATION AND CONTROL
The Integrated Security
and Surveillance Solutions (ISSS) market in India is highly fragmented and
very competitive. There are largely three types of players in this market –
OEMs selling various security and surveillance equipment as stand alone
products, comprehensive System Integrators integrating multiple brand agnostic
components as an end-to-end solution and a number of small niche-segmental
players. There is an increase in general customer awareness of the high–tech
electronic security products like Access Control Systems, CCTV Surveillance,
Explosive Detection and Disposal and Sensor Based Electronic Fence Solutions,
leading to growing demand for such equipments. However, the market for
end-to-end system integration projects encompassing multiple types of
equipments is limited and the demand is lumpy in nature.
OUTLOOK
NETWORK SYSTEMS
The VSAT business for the
Company has become stronger with its significant presence in the Banking and
Finance segment for ATM and branch connectivity infrastructure. Further
momentum has been provided by large orders for e-Governance projects, where a
large number of VSATs are likely to be implemented in FY14. Growth for this
year is also expected from Oil Retail segment, where the decision making has
advanced significantly.
The Company through its
Wholly Owned Subsidiary Tatanet Services Limited is also likely to get additional
satellite transponder space from Antrix during the year and is planning to set
up a new VSAT hub, which will give a significant boost to its business for the
coming years. VSAT industry is also likely to see a significant growth when the
“Ka band” is allowed for commercial operations. While there has been no
indication by Department of Telecom regarding the likely time-frame for the
same, the company is getting ready to take advantage of the same, as and when
this is available.
The outlook for the Managed
Services looks positive. The Company has positioned itself as a niche “Managed
M2M Service Provider”, which is a high growth early stage market in India. The
Company has been engaged in shaping this market. There are segments like Bank
branches, ATMs, large buildings, Telecom Towers, etc. where the need for such
services is being established. The Company expects an exponential growth in the
next few years in this space. It is focusing on building value added layers on
its foundation service stack to create differentiators in the market. The
Company has a good opportunity to establish itself as a key player by being
focused on creating innovative services and catering to specific high growth
segments.
AUTOMATION AND CONTROL
The Company expects that
its ISSS business will see further growth as it is already well positioned in
segments like Railways, Oil PSUs and Defense, where there are significant
investment plans. However, the long decision making cycles could pose
short-term challenges for this business. Security preparedness and threat
perception of privately owned critical infrastructure will also lead to
increased requirement for ISSS over the next few years. The Company expects to
leverage its solid experience to generate traction in this sector in the long
term. Considering the current challenges in this business, the Company has
become selective in responding to tenders and projects.
There are also large
opportunities in the Defense sector, where the Company is actively engaged. The
modernization program for border surveillance will continue in the coming years
and the Company expects to bag more contracts leveraging its experience in the
sector.
FIXED ASSETS
œ Land - Leasehold
œ Building
œ Plant and Machinery
œ Electrical Installation
œ Office Equipment’s
œ Vehicles
œ Testing Software
œ Techincal Know-how
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH
JUNE, 2014
(Rs. In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
208.800 |
|
|
|
Less: Excise Duty |
1.900 |
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
206.900 |
|
|
|
b) Other Operating Income |
-- |
|
|
Total Income from Operations (Net) |
206.900 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
14.900 |
|
|
b) |
Purchase of stock in-trade |
51.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
12.700 |
|
|
d) |
Employee benefit expenses |
56.200 |
|
|
e) |
Depreciation and amortization expense |
13.500 |
|
|
f) |
Provision for Foreseeable Losses |
2.400 |
|
|
g) |
Other expenses |
94.200 |
|
|
Total Expenses |
244.900 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(38.000) |
|
4 |
Other Income |
10.400 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
(27.600) |
|
6 |
Finance Costs |
23.000 |
|
|
7 |
|
Profit /(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
(50.600) |
|
8 |
Exceptional Items |
124.100 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
73.500 |
|
|
10 |
Tax Expense |
|
|
|
|
-
Current
Tax |
-- |
|
|
|
-
Deferred
Tax |
-- |
|
|
|
-
Short
/ (Excess) tax provision before tax |
-- |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
73.500 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
73.500 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
2283.200 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic & Diluted |
3.22 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
11385810 |
|
|
|
- Percentage of
Shareholding |
49.90 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
11432590 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
50.10% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS'
PERIOD ENDED 30TH JUN, 2014
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
a) |
Automation & Controls |
26.700 |
|
b) |
Network System |
182.100 |
|
|
Less: Excise Duty |
1.900 |
|
|
TOTAL |
206.900 |
|
|
Less: Inter-segment transfers |
-- |
|
|
Net Sales / Income from operation |
206.900 |
|
|
|
|
|
|
Segment Results: [Profit/ (Loss)
before tax and interest from each segment] |
|
|
a) |
Automation & Controls |
(41.000) |
|
b) |
Network System |
34.500 |
|
|
TOTAL |
(6.500) |
|
|
Less: Interest Expenses |
21.100 |
|
|
Other
unallocable expenditure, net of unallocable income |
(101.100) |
|
|
Total Profit/
Loss –before tax |
73.500 |
|
|
|
|
|
|
Capital Employed: |
|
|
a) |
Automation & Controls |
355.500 |
|
b) |
Network System |
164.800 |
|
|
TOTAL |
520.300 |
NOTE:
1. In the year 2006, the Company filed arbitration proceedings against Jawaharlal Nehru Port Trust (JNPT) for enforcement of its claim in respect of the additional work carried out ,wrongful deduction of liquidated damages and encashment of bank guarantee by JNPT. The Arbitration award was passed in favour of the Company on February 06, 2012. The said award, however, was challenged by JNPT in the Hon'ble Bombay High Court which dismissed the plea on February 06, 2014 and awarded the claim to the Company, JNPT paid in June,2014 Rs. 1,303 lakhs as decretal dues (including interest and costs) to the Company (of which Rs 62 lakhs is included in other income as provision no longer required written back).
2. The Company has accumulated losses as at June 30, 2014 which has substantially eroded the Company's net worth. Notwithstanding this, these unaudited financial results have been prepared on going concern basis in view of the financial support of the parent company and the business plan of the Company.
3.
Due to the nature of project business, financial
results for the quarter are not representative of the annual results.
4. Figures for the previous year/periods are re-classified / re-arranged / re-grouped, wherever considered necessary.
5. The above results were reviewed and recommended by the Audit Committee and were approved by the Board of Directors at its meeting held on July 30, 2014.
6. In compliance with clause 41 of the listing agreements with stock exchanges, a limited review of the results for the quarter and nine months ended June 30, 2014 has been carried out by the Statutory Auditors.
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 records 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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.