MIRA INFORM REPORT
|
Report No. : |
318837 |
|
Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMP POWERS LIMITED (w.e.f. January 2005) |
|
|
|
|
Formerly Known
As : |
IMP POWER LIMITED INDUSTRIAL METERS LIMITED |
|
|
|
|
Registered Office
: |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa -
396230, (U.T.) Dadra and Nagar Haveli |
|
Tel. No.: |
91-22-28686331 / 28686333 / 28683332 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.03.1961 |
|
|
|
|
Com. Reg. No.: |
54-000232 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.97.721 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300DN1961PLC000232 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI06707B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0999M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer and Exporter of Transformers and Spares. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems sharp dip in the profit of the company during FY 2014
however net worth of the company is satisfactory. General financial position
of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
14.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
14.04.2015 |
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.
LOCATIONS
|
Registered Office / Factory 1 : |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa -
396230, (U.T.) Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2630810 / 11 |
|
Fax No.: |
91-260-2642711 |
|
E-Mail : |
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|
Website : |
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Location : |
Owned |
|
|
|
|
Corporate Office : |
35/C, Popular |
|
Tel. No.: |
91-22-23539180-85 |
|
Fax No.: |
91-22-23539180-87 |
|
|
|
|
Factory 2 : |
85,Government Industrial Estate, Kandivli (West), Mumbai –
400 067, |
|
Tel. No.: |
91-22-28686331 / 28686333 / 28683332 |
|
Fax No.: |
91-22-28688977 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ramniwas R.
Dhoot
|
|
Designation : |
Chairman |
|
Address : |
Shriniketan, 2nd Floor, 86-A, |
|
Date of Birth/Age : |
5th March, 1941 |
|
Date of Appointment : |
16th August, 1962 |
|
|
|
|
Name : |
Mr. Ajay R. Dhoot |
|
Designation : |
Managing Director |
|
Address : |
Shriniketan, 2nd Floor, 86-A, |
|
Date of Birth/Age : |
9th March, 1964 |
|
Date of Appointment : |
14th May, 1982 |
|
|
|
|
Name : |
Mr. Aditya R. Dhoot |
|
Designation : |
Joint Managing Director |
|
Address : |
Shriniketan, 2nd
Floor, 86-A, |
|
|
|
|
Name : |
Mr. R T Rajguroo |
|
Designation : |
Director |
|
Date of Birth/Age : |
27th June, 1944 |
|
Qualification : |
B.Com., DFM, CAIIB, LL.B., FCS |
|
Date of Appointment : |
30th July, 2005 |
|
|
|
|
Name : |
Mr. Prashant J Pandit |
|
Designation : |
Director |
|
Date of Birth/Age : |
10th February, 1955 |
|
Qualification : |
B.Com. LL.B. |
|
Date of Appointment : |
30th July, 2005 |
|
|
|
|
Name : |
Mr. Jayant N Godbole |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash Bagla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra Mimani |
|
Designation : |
Director – Marketing |
|
|
|
|
Name : |
Mr. Siby |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Rajkamal Sukhani |
|
Designation : |
(Appointed as an Additional Director w.e.f. 13 August, 2014) |
KEY EXECUTIVE
|
Name : |
Ms. Romali Malvankar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Deepak Shah
|
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
1284402 |
15.79 |
|
|
2863801 |
35.20 |
|
|
4148203 |
50.98 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
4148203 |
50.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
344206 |
4.23 |
|
|
344206 |
4.23 |
|
|
|
|
|
|
1844038 |
22.66 |
|
|
|
|
|
Individual shareholders holding
nominal share capital up to Rs. 0.100 Million |
1441756 |
17.72 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
314208 |
3.86 |
|
|
44152 |
0.54 |
|
|
17490 |
0.21 |
|
|
26662 |
0.33 |
|
|
3644154 |
44.79 |
|
Total Public shareholding (B) |
3988360 |
49.02 |
|
Total (A)+(B) |
8136563 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8136563 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Transformers and Spares. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE LONG TERM
BORROWINGS 1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot. 2) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which Rs.18.552 Million to be redeemed in the next 12 months considered under current liabilities. 3) Vehicle Loan are secured by hypothecation of vehicles. |
|
Auditors : |
|
|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
National
Insurance Building, 204, Dadabhoy Naoroji Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
|
|
|
Internal Auditors: |
|
|
Name : |
M/s. Sharp and Tannan Associates Chartered Accountants |
|
Address : |
87, Nariman Bhavan, 227, Nariman Point Mumbai - 400 021,
Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
|
|
Subsidiaries |
IMP Energy Limited |
|
|
|
|
Other Related
Parties |
|
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital : Rs. 340.000 Million
Issued Subscribed & Paid-up Capital : Rs. 93.616
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27,670,000 |
Equity Shares |
Rs.10/- each |
Rs.276.700 Million |
|
6,330,000 |
Preference shares |
Rs.10/- each |
Rs.63.300 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 340.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,140,963 |
Equity Shares |
Rs.10/- each |
Rs.81.410 Million |
|
1,633,332 |
4%
Cumulative preference shares |
Rs.10/- each |
Rs.16.333 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 97.743
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,136,563 |
Equity Shares |
Rs.10/- each |
Rs.81.366 Million |
|
1,633,332 |
4%
Cumulative Preference |
Rs.10/- each |
Rs.16.333 Million |
|
|
Shares
Forfeited |
|
Rs. 0.022 Million |
|
|
|
|
|
|
|
Total |
|
Rs.97.721
Million |
NOTE:
1) Equity Shares includes 11,27,000
shares issued as fully paid up Bonus Shares during 1994-95 by Capitalisation of
Revaluation Reserve.
2) 4% Redeemable Preference
Shares along with dividend will be redeemed from 1st April 2013 to 31st March
2016 in twelve quarterly equal installments.
3) Corporate Debt
Restructuring (CDR CELL) approved the recompense amount towards interest
liabilities amounting to Rs. 44.350 Million for the Company to exit from CDR
scheme in the September 2011. Pursuant to terms & conditions of the CDR
cell, 25% of the total amount was paid by the company in cash & for balance
75%, the Company has issued 1% Cumulative Redeemable Preference Shares, which
were redeemable in 3 half yearly equal installments beginning from April 2012
To April 2013.
4) The Authorised Share
Capital was reclassified and subsequently clause V substituted vide Ordinary
Resolution passed by the Shareholders of the company at their Extra ordinary
General Meeting held on Monday,19th September 2011 at the Registered
Office of the Company.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
97.721 |
116.975 |
128.062 |
|
(b) Reserves & Surplus |
868.831 |
873.846 |
857.493 |
|
(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) |
966.552 |
990.821 |
985.555 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
175.288 |
209.588 |
177.065 |
|
(b) Deferred tax liabilities (Net) |
45.592 |
43.096 |
45.757 |
|
(c) Other long term
liabilities |
11.727 |
15.960 |
18.554 |
|
(d) long-term
provisions |
7.816 |
7.964 |
7.204 |
|
Total Non-current
Liabilities (3) |
240.423 |
276.608 |
248.580 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
792.094 |
680.204 |
619.413 |
|
(b) Trade
payables |
783.348 |
654.211 |
427.260 |
|
(c) Other
current liabilities |
172.367 |
189.077 |
228.936 |
|
(d) Short-term
provisions |
7.751 |
7.037 |
15.890 |
|
Total Current
Liabilities (4) |
1755.560 |
1530.529 |
1291.499 |
|
|
|
|
|
|
TOTAL |
2962.535 |
2797.958 |
2525.634 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
827.574 |
829.195 |
756.893 |
|
(ii)
Intangible Assets |
0.132 |
0.131 |
0.151 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
1.000 |
1.000 |
1.000 |
|
(b) Non-current Investments |
6.515 |
0.421 |
0.421 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.445 |
40.598 |
57.882 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
884.666 |
871.345 |
816.347 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
764.243 |
635.800 |
448.122 |
|
(c) Trade
receivables |
1186.401 |
1180.792 |
1189.181 |
|
(d) Cash
and cash equivalents |
69.726 |
58.956 |
27.572 |
|
(e) Short-term
loans and advances |
45.770 |
48.376 |
43.537 |
|
(f) Other
current assets |
11.729 |
2.689 |
0.875 |
|
Total
Current Assets |
2077.869 |
1926.613 |
1709.287 |
|
|
|
|
|
|
TOTAL |
2962.535 |
2797.958 |
2525.634 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2612.490 |
2050.999 |
2822.427 |
|
|
|
Other Income |
5.461 |
2.779 |
0.900 |
|
|
|
TOTAL |
2617.951 |
2053.778 |
2823.327 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2163.834 |
1818.936 |
2038.847 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(100.512) |
(184.047) |
155.479 |
|
|
|
Employees benefits expense |
115.864 |
82.239 |
101.602 |
|
|
|
Other expenses |
192.849 |
136.244 |
190.666 |
|
|
|
TOTAL |
2372.035 |
1853.372 |
2486.594 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
245.916 |
200.406 |
336.733 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
190.560 |
133.047 |
192.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
55.356 |
67.359 |
144.503 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
49.339 |
33.270 |
42.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
6.017 |
34.089 |
101.859 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.787 |
11.273 |
29.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2.230 |
22.816 |
71.997 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
202.751 |
202.497 |
164.768 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend |
-- |
-- |
-- |
|
|
|
Dividends proposed
to be distributed to equity shareholders (Rs. 0.50/- per share) |
4.068 |
4.068 |
12.205 |
|
|
|
Dividends
proposed to be distributed to preference shareholders |
0.723 |
0.736 |
0.980 |
|
|
|
Tax on dividend |
1.122 |
0.660 |
1.980 |
|
|
|
Transfer to 4% Preference Share Capital Redemption Reserve |
8.167 |
1.837 |
2.450 |
|
|
|
Transfer to 1% Preference Share Capital Redemption Reserve |
11.087 |
11.087 |
11.087 |
|
|
|
Transfer to Bonds Redemption Reserve |
5.566 |
4.174 |
5.566 |
|
|
|
Transfer General Reserve |
-- |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
174.248 |
202.751 |
202.497 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travelling |
2.188 |
0.637 |
1.837 |
|
|
TOTAL EARNINGS |
2.188 |
0.637 |
1.837 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials including Spares |
172.793 |
54.797 |
40.121 |
|
|
TOTAL IMPORTS |
172.793 |
54.797 |
40.121 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.13 |
2.71 |
8.73 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
1871.000 |
1986.100 |
1852.400 |
|
Total Expenditure |
1509.000 |
1605.800 |
1532.000 |
|
PBIDT (Excl OI) |
362.000 |
380.300 |
320.400 |
|
Other Income |
51.900 |
51.500 |
51.600 |
|
Operating Profit |
413.900 |
431.800 |
372.000 |
|
Interest |
96.800 |
101.700 |
113.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
317.100 |
330.100 |
258.100 |
|
Depreciation |
111.500 |
121.100 |
118.200 |
|
Profit Before Tax |
205.600 |
209.000 |
139.900 |
|
Tax |
60.200 |
52.300 |
28.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
145.4.000 |
156.700 |
111.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
145.400 |
156.700 |
111.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.09 |
1.11 |
2.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
9.41 |
9.77 |
11.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.20 |
1.22 |
4.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.03 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00 |
0.90 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.26 |
1.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
128.062 |
116.975 |
97.721 |
|
Reserves & Surplus |
857.493 |
873.846 |
868.831 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
985.555 |
990.821 |
966.552 |
|
|
|
|
|
|
long-term borrowings |
177.065 |
209.588 |
175.288 |
|
Short term borrowings |
619.413 |
680.204 |
792.094 |
|
Total borrowings |
796.478 |
889.792 |
967.382 |
|
Debt/Equity ratio |
0.808 |
0.898 |
1.001 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales
|
2822.427 |
2050.999 |
2612.490 |
|
|
|
(27.332) |
27.376 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales
|
2822.427 |
2050.999 |
2612.490 |
|
Profit |
71.997 |
22.816 |
2.230 |
|
|
2.55% |
1.11% |
0.09% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans
& advances from related parties |
39.353 |
30.300 |
|
|
|
|
|
Total |
39.353 |
30.300 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10519183 |
03/03/2015 * |
95,000,000.00 |
KARNATAKA BANK LTD. |
294-A, HAROON HOUSE,, PERIN NARIMAN STREET, BEHIN |
C49431984 |
|
2 |
10506435 |
03/07/2014 |
21,900,000.00 |
BANK OF INDIA |
MUMBAI MID-CORPORATE BRANCH,BANK OF INDIA BUILDING |
C09566555 |
|
3 |
10489039 |
11/04/2014 |
706,000,000.00 |
STATE BANK OF HYDERABAD |
STATE BANK OF HYDERABAD, 1ST FLOOR, NARIMAN POINT |
C02936870 |
|
4 |
10451389 |
16/09/2013 |
405,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE,, PAN |
B85887024 |
|
5 |
10447142 |
04/12/2014 * |
200,000,000.00 |
IDBI BANK LIMITED |
224 'A' WING, 2ND FLOOR,, NARIMAN POINT, MUMBAI, |
C36384667 |
|
6 |
10446642 |
21/08/2013 |
521,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES), N.G.N. VAIDHYA MARG, |
B83815282 |
|
7 |
10447316 |
31/07/2013 |
5,275,000.00 |
KARNATAKA BANK LIMITED |
294-A, HAROON HOUSE,, PERIN NARIMAN STREET, BEHIN |
B84177971 |
|
8 |
10445619 |
26/07/2013 |
52,800,000.00 |
IDBI BANK LIMITED |
224 'A' WING, 2ND FLOOR,, NARIMAN POINT,, MUMBAI, |
B83346890 |
|
9 |
10423598 |
11/03/2013 |
665,344,000.00 |
STATE BANK OF HYDERABAD |
11-C, MITTAL TOWER, 210, 1ST FLOOR, NARIMAN POINT |
B74372608 |
|
10 |
10414573 |
05/03/2013 |
10,000,000.00 |
BANK OF INDIA |
MUMBAI MID-CORPORATE, MEZZANINE FLOOR,, 70/80, M. |
B71737126 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The economic slowdown bottomed out last year. A spell of global financial turbulence caused capital outflows and pressure on the exchange rate, but strong policy measures stabilized the currency, rebuilt reserves and narrowed the excessive current account deficit. India's GDP growth for 2013-14 has been about 5% and at the same levels as that of the previous financial year. In the last five years, the growth rate of the economy has been lower than the estimates, but the industry is hopeful of a rebound with a new stable government.
With the opening up of foreign direct investment (FDI) in several sectors, India today is an eye-catching destination for overseas investors, who are competing for a greater role in the Indian market. The World Bank has projected an economic growth rate of 5.7% in FY 2015 for India due to more competitive exchange rate and several significant investments going forward.
INDIAN ELECTRICAL
EQUIPMENT INDUSTRY
Indian electrical equipment industry, has shown some signs of revival, after a negative growth of 7.8% in production in 2012-13. The industry has a diversified, matured, established and strong manufacturing base, with robust supply chain, fully equipped to meet the domestic demand and capacity additions. Indian Electrical equipment industry is expected to play a vital role in improving power availability and power infrastructure, the vital inputs for development of the economy. If the economy is to grow at 8% p.a. over the next 20 years, it has been estimated that the country will need to increase power generation capacity by about four times by 2032. Domestic demand, coupled with increase in exports, has managed to keep the industry afloat. The industry is focusing on exports of Made in India electrical products and progressing towards making India a global sourcing hub for electrical equipment.
TRANSFORMER INDUSTRY
The Transformer industry is an integral part of the country's electrical equipment industry. The Indian transformer industry has grown by leaps and bounds for over five decades and has a well matured technology base up to 800 kv class and going upto 1200 kv class. However, the Power Transformer Industry is going through a sluggish phase and has been affected with lower capacity utilization and price realization. It continues to face tough competition from the Chinese manufacturers. However, with the continuous support from the government to promote the power transformer industry through investments, tax benefits, subsidies, etc. will help the industry to grow over the coming years.
The Indian Power transformer market is well established, with significant sales being made to the utilities, industrial, and commercial segments within the country and has a strong footfold in the overseas market. This market has witnessed compounded Annual Growth Rate (CAGR) of 8% in the past 5 years. With the upswing demand for reliable power in the country, the transformer market is witnessing a growth trend.
FUTURE PROSPECTS:
TRANSFORMER INDUSTRY
The new BJP-led stable government, after 30 years of coalition ruling, with decisive mandate and clear majority will boost the confidence of the industry both at the domestic and global level and also for the foreign investors. The major reforms are aimed at infrastructure and power sector growth and the industry is optimistic that the new government will provide a conducive investment environment. The Government of India in the present era has also shifted its focus to the transmission & distribution sector of the country, which is expected to offer abundant growth opportunities for the players operating in the electrical equipment market of India.
The Transformer market revenues in India are expected to grow at the CAGR of 14 % till 2018. Under the 12th five year plan (2012-2017), the government plans to spend 200 billion on developing and strengthening power infrastructure in India.
Further, Restructured Accelerated Power Development and Reforms Programme (RAPDRP), the Rs. 515 billion union government flagship programme, aims to reduce Aggregate Technical and Commercial Losses (AT&C) losses of state utilities to 15% or below, which in turn has led to an increased demand for new equipment.
The Indian government expects to add another 85,000 MW of power capacity during the 12th Five-Year Plan (2012-2017) period. The demand for power Transformers is also expected to go up as a direct consequence. Government's attempt of attaining 100% electrification across the country by 2017 would contribute to the demand for power transformers.
Power transformers with a rating of 100 MVA to 500 MVA are expected to continue dominating global demand and accounted for over 73% of the overall market volume in 2013. It is also expected to be fastest growing segment, at an estimated CAGR of 6.4% in terms of revenue from 2014 to 2020.
Asia Pacific accounted for over 40% of the market in 2013; it is also expected to grow at the fastest CAGR of 6.6% in terms of revenue from 2014 to 2020. Growing population as well as increasing demand for electricity is expected to fuel the market in this region over the forecast period. OP
OPPORTUNITY IN
EXPORTS
The Indian transformer industry is gradually gaining prominence in developed markets on the basis of its quality and pricing. The domestic transformer industry, which is fairly well established developing all type of transformers upto the 800kv and 1200 kv levels, has the potential of becoming the manufacturing hub for the supply of transformers in foreign markets. The industry is currently exporting about 10% of their production. In Power equipment, transformers are one of the most fragmented segments, with numerous SME's involved in the manufacturing of transformers. The transformer segment exports to more than 50 countries including the US, Europe, South Africa, Cyprus, Syria, Iraq and the Far East countries.
FIXED ASSETS
- Free Hold Land
- Building & HO Building
- Plant & Machineries
- Electrical Installation
- Air Conditioning Equipments
- Furniture & Fixtures
- Office Equipments
- Cars & Vehicles
- Computer
- Software
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR ENDED 30 DECEMBER 2014
(Rs. In Million)
|
|
Quarter Ended |
Half Year Ended |
|
|
PARTICULARS |
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
01. Gross Sales / Income from Operations
|
988.635 |
902.126 |
2433.343 |
|
Less
: Excise Duty |
71.035 |
71.180 |
190.956 |
|
Net Sales / Income from
Operations |
917.600 |
830.946 |
2242.387 |
|
02.
Other Operating Income |
3.452 |
1.272 |
4.870 |
|
03. TOTAL INCOME FROM OPERATIONS
|
921.052 |
832.218 |
2247.257 |
|
04. EXPENDITURE |
|
|
|
|
a)
Cost of materials consumed |
520.009 |
631.622 |
1668.019 |
|
b) Purchases of stock-in-trade |
-- |
-- |
-- |
|
c) Changes in inventories
of finished goods, work-in- progress
and stock-in-trade |
192.778 |
17.168 |
90.298 |
|
d) Employee benefits expense |
31.203 |
31.592 |
93.029 |
|
e) Depreciation and amortization expense |
15.964 |
15.525 |
46.833 |
|
f) Other Expenses |
79.115 |
67.786 |
191.630 |
|
TOTAL EXPENSES |
839.069 |
763.693 |
2089.809 |
|
05. Profit / (Loss) from Operations before other income, finance costs
and exceptional items |
81.983 |
68.525 |
157.448 |
|
06.
Other Income |
-- |
-- |
-- |
|
07. Profit Before Finance Costs
& Exceptional Items |
81.983 |
68.525 |
157.448 |
|
08.
Finance costs |
51.070 |
49.035 |
145.450 |
|
09. Profit after Finance Cost
but before exceptional items |
30.913 |
19.490 |
11.998 |
|
10.
Exceptional Items |
-- |
-- |
-- |
|
09. Profit / (Loss) from
ordinary activities before tax |
30.913 |
19.490 |
11.998 |
|
11. Tax expense, including deferred tax |
3.893 |
-- |
3.893 |
|
12. Net Profit
/ Loss (-) from ordinary activities after tax |
27.020 |
19.490 |
8.105 |
|
13. Paid-up Equity Share
Capital (each share of Rs. 10/- face
value) |
81.366 |
81.366 |
81.366 |
|
14. Reserves excluding revaluation reserves as per Balance Sheet of previous accounting
year |
-- |
-- |
-- |
|
15. Earnings per share – Basic
and diluted EPS before and after extraordinary item (Rs.) – non-annualized |
3.32 |
2.40 |
1.00 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
3988360 |
398836 |
3988360 |
|
|
b. |
Percentage of shareholding |
49.002 |
49.02 |
49.02 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
2806838 |
2621588 |
2806838 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
67.66 |
63.20 |
67.66 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
34.50 |
32.22 |
34.50 |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
1341365 |
1526615 |
1341365 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
32.34 |
36.80 |
32.34 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
16.49 |
18.76 |
16.49 |
|
|
Particulars |
Quarter ended 31.12.2014 |
|
|
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 |
NOTE
1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on January 17, 2015. The Statutory Auditors have carried out a limited review of the results.
2) The Company is primarily engaged in the business of Electrical products like Power & Distribution Transformers and Hydro Projects, which together constitute a single segment within power sector.
3) The consolidated financial statements have been prepared in accordance with accounting standard-21 on "consolidated financial statement".
4) Pursuant to the guidelines under schedule II of the companies Act,2013 , the carrying amount of the fixed assets as on April 01, 2014 has been depreciated over the remaining revised useful life of the fixed assets. As a result, the depreciation charge for the quarter and half year ended December 31, 2014 is higher by Rs. 3.383 Million and Rs. 8.999 Million respectively and profit before tax for the quarter and half year ended December 31, 2014 is lower to the said extent.
5) Figures of the previous periods & year have been regrouped / reclassified where ever considered necessary.
6) Company has not provided the deferred tax provision as per AS - 22 , the same will be provided at the end of financial year.
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.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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.