MIRA INFORM REPORT
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Report No. : |
353053 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SALZER ELECTRONICS LIMITED |
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Registered
Office : |
Samichetti Palayam Jothipuram Post, Coimbatore – 641047, Tamilnadu |
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Tel. No.: |
91-422-4233600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.01.1985 |
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Com. Reg. No.: |
18-001535 |
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Capital
Investment / Paid-up Capital : |
Rs.102.837 Million |
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CIN No.: [Company Identification
No.] |
L03210TZ1985PLC001535 |
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IEC No.: |
0488047561 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECS3411L |
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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
: |
Manufacture of Toroidal Transformers. (Registered
Activity) |
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No. of Employees
: |
446 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit: |
USD 3100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1985 engaged in the manufacturing of cam-operated rotary switches, toroidal transformers, cable ducts, isolators, modular switches, relays, and automotive products. The company has a long-standing relationship with L&T which also extends to strategic stake of 26 per cent held by L&T in the company. For the financial year ended 2015, company has reported 15.85% sales turnover growth as compared to previous sales turnover and it has maintained average profitability margins at 4.21% during the year under a review. Rating continue to reflect the benefits that company derives from its leading market position in the domestic rotary switches market, its marketing tie-up with Larsen and Toubro Limited and its sustained focus on research and development which facilitates product improvement and resource optimization. The rating also reflect the company's adequate financial profile marked by adequate capital structure and debt protection metrics. However, rating strengths is partially offset by company's susceptibility to intense competition in the electrical cables industry and its working-capital-intensive operations. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating :A- |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
04.09.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating: A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
04.09.2015 |
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
31-03-2015.
INFORMATION DENIED BY
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Name : |
Mr. Bhaskar |
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Designation : |
V.C. President |
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Contact No.: |
91-422-4233600 |
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Date : |
04.12.2015 |
LOCATIONS
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Registered Office : |
Samichetti Palayam Jothipuram Post, Coimbatore – 641047, Tamilnadu,
India |
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Tel. No.: |
91-422-4233600/ 2692531 |
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Fax No.: |
91-422-2692170 |
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E-Mail : |
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Website : |
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Plant Locations |
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Unit-I: |
Samichettipalayam, Jothipuram(Via), Coimbatore–641047, Tamilnadu, India |
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Unit-II : |
Chinnamaddampalayam, Coimbatore–641 019 |
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Unit-III : |
# 2, Gudalur Village Samichettipalayam, Jothipuram via, Coimbatore–641047, Tamilnadu, India |
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Unit-IV : |
No.882/3, Coimbatore Main Road, Bettathapuram, Coimbatore–641104, Tamilnadu, India |
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UNA Unit : |
Khasara No:2826, Una Nangal to Behdala Road, V.P.O Behdala, Tehsil and District-UNA, UNA – 174306, Himachal Pradesh, India |
DIRECTORS
As on 31.03.2015
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Name : |
Mr. Pudupatty Ramaswamy Thiruvengadam |
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Designation : |
Alternate director |
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Address : |
No.56 Ramalinga Nagar, 4th Layout, Saibaba Colony, Coimbatore - 641011, Tamilnadu, India |
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Date of Appointment : |
12.02.2015 |
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DIN No.: |
00856132 |
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Name : |
Mr. Kantilal Vajeshakar Vakharia |
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Designation : |
Director |
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Address : |
48,Sagar Darsan,81-83,, Bhulabai Desai Road, 0pposite Breachcandy, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
28.09.2002 |
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DIN No.: |
00003146 |
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Name : |
Mr. Dhamodaraswamy R |
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Designation : |
Director |
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Address : |
9/174,Railway Station Road, Perianaickenpalayam, Coimbatore - 641020, Tamiladu, India |
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Date of Appointment : |
17.12.1986 |
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DIN No.: |
00003230 |
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Name : |
Mr. Sankaran Baskarasubramanian |
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Designation : |
Director |
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Address : |
12/33 Vallinagar, Edayarpalayam Road, Coimbatore - 641023, Tamiladu, India |
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Date of Appointment : |
01.10.1994 |
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DIN No.: |
00003152 |
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Name : |
Mr. Rangaswamynaidu Doraiswamy |
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Designation : |
Managing Director |
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Address : |
9/175-A,Railway Station Road, Perianaickenpalayam, Coimbatore - 641020, Tamiladu, India |
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Date of Appointment : |
08.01.1985 |
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DIN No.: |
00003131 |
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Name : |
Mr. Rajeshkumar Doraiswamy |
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Designation : |
Whole-Time Director |
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Address : |
9/175-A,Railway Station Road, Perianaickenpalayam, Coimbatore - 641020, Tamiladu, India |
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Date of Appointment : |
22.12.2001 |
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DIN No.: |
00003126 |
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Name : |
Mr. Perumal Reddiar Ramachandran |
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Designation : |
Whole-Time Director |
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Address : |
No 2/438-2 Durai Mohan Illam, Pettathapuram Pirivu (East), Pettathapuram, Coimbatore - 641104, Tamilnadu, India |
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Date of Appointment : |
26.09.1998 |
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DIN No.: |
01043572 |
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Name : |
Mr. Rangachary Nambi Iyengar |
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Designation : |
Director |
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Address : |
C - 101, B Wing RNS Santhi Nivas,, Near RNS Motors Bangalore, Tumkur Road, Bangalore - 560022, Karnataka, India |
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Date of Appointment : |
01.03.2014 |
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DIN No.: |
00054437 |
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Name : |
Mr. Motichand Chandra Nirmal Kumar |
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Designation : |
Director |
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Address : |
136a, East Ponnurangan Road, R.S. Puram ,CBE, Coimbatore - 641002, Tamilnadu, India |
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Date of Appointment : |
17.12.1986 |
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DIN No.: |
00003134 |
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Name : |
Mr. Prafulchandra Kanthilal Shah |
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Designation : |
Director |
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Address : |
No.1 Rajappa Lane, Sjp Cross Road, Bangalore - 560001, Karnataka, India |
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Date of Appointment : |
02.05.1986 |
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DIN No.: |
00003106 |
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Name : |
Mr. Veeraraghavan Sankaran |
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Designation : |
Director |
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Address : |
New No.13, Old No.7 Second Street, Zacriah Colony, Kodambakkam, Chennai - 600094, Tamilnadu, India |
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Date of Appointment : |
28.08.2002 |
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DIN No.: |
00003141 |
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Name : |
Mr. Narayanaswamy Jayabal |
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Designation : |
Director |
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Address : |
29,G.V.Residency,Sowripalayam, Coimbatore - 641028, Tamilnadu, India |
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Date of Appointment : |
28.12.1995 |
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DIN No.: |
00003111 |
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Name : |
Mr. Rajeshkumar Thilagam |
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Designation : |
Director |
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Address : |
Old No. 9 / 174 New No. 9 / 175 Railway Feeder, Road, Perianaickenpalayam, Coimbatore - 641019, Tamilnadu, India |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
00006783 |
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Name : |
Mr. Venkatapathy L L |
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Designation : |
Director |
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Address : |
11,Vincent Colony, R.S. Puram, Coimbatore - 641002, Tamilnadu, India |
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Date of Appointment : |
17.12.1986 |
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DIN No.: |
00003095 |
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Name : |
Mr. Howard Michael Gladstone |
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Designation : |
Director |
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Address : |
6 Addington Pl, Willowdale, on, M2N1P8, Canada |
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Date of Appointment : |
28.09.2002 |
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DIN No.: |
02703986 |
KEY EXECUTIVES
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Name : |
Mr. Sankaran Baskarasubramanian |
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Designation : |
Secretary |
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Address : |
12/33 , Vallinagar , Edayarpalayam Road, Coimbatore - 641023, Tamilnadu, India |
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Date of Appointment : |
01.10.1994 |
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PAN No.: |
AALPB3468J |
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Name : |
Mr. Rajeshkumar Doraiswamy |
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Designation : |
Chief Financial Officer |
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Address : |
9/175-A, Railway Station Road, Perianaickenpalayam, Coimbatore - 641020, Tamilnadu, India |
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Date of Appointment : |
09.08.2014 |
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PAN No.: |
ADSPR6198K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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1652436 |
12.22 |
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1734880 |
12.83 |
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102793 |
0.76 |
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102793 |
0.76 |
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|
3490109 |
25.82 |
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Total
shareholding of Promoter and Promoter Group (A) |
3490109 |
25.82 |
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(B)
Public Shareholding |
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|
891900 |
6.60 |
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1557841 |
11.52 |
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2449741 |
18.12 |
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1465028 |
10.84 |
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|
3489137 |
25.81 |
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2278362 |
16.85 |
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|
347260 |
2.57 |
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265547 |
1.96 |
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|
81713 |
0.60 |
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|
7579787 |
56.07 |
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Total
Public shareholding (B) |
10029528 |
74.18 |
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Total
(A)+(B) |
13519637 |
100.00 |
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(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 |
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Total
(A)+(B)+(C) |
13519637 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Toroidal Transformers. (Registered
Activity) |
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Products : |
Toroidal Transformers |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
446 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWING: (A)Term Loans -From Bank CANARA BANK : UNIT
I Term Loan 1 [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-I) and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] Term Loan -2 [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-I) and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] ( Plant & Machinery Term Loan Repayable within 47 EMI of H1042000/- and 1 EMI of H1026000/-) (H38884873/- is availed against sanctioned limit of H50000000/-) Term Loan -3 [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-I) and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] (Energy saver Working Capital Term Loan H96751906/- is availed against sanctioned limit of H290000000/-) BANK OF INDIA :
UNIT II Term Loan [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-II) and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] CITI BANK : UNIT II Term Loan -1 [Plant and Machinery Term Loan Repayable within 21 EMI of H417345/-] Term Loan -2
(Phase-1) [Plant and Machinery Term
Loan Repayable within 56 EMI of H348333/-] Term Loan -2
(Phase-2) [Plant and Machinery Term Loan Repayable within 58 EMI of H132500/-] Term Loan -2
(Phase-3) [Plant and Machinery Term Loan Repayable within 59 EMI of H150000/-] Term Loan -2
(Phase-4) [Plant and Machinery Term Loan Repayable within 60 EMI of H133333/-] [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-II) and Guaranteed by Mr. D. Rajeshkumar, Joint Managing Director CITIBANK UNIT : III Term Loan -1 [Plant and Machinery Term Loan Repayable within 34 EMI of H110417/- and 1 EMI of H64572/-] [Plant and Machinery Term Loan Repayable within 43 EMI of H97917/- & 1 EMI of H95819/-] [Secured by the assets purchased under Term Loans and extension of equitable mortgage of Land and Building of the Company (Unit-III) and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] UNION BANK OF INDIA
: UNIT IV Term Loan from
Union Bank of India - Unit-4 Term Loan -1 [Plant and Machinery Term Loan Repayable within 10 EMI of H102083/-] Term Loan -2 90,35,925 2,04,59,917 1,24,50,000 1,24,50,000 [Secured by First charge on Land & Building and Plant and Machinery of Unit IV and Guaranteed by Mr. R. Doraiswamy, Managing Director and Mr.D.Rajeshkumar, JMD) (H3,46,99,917 is availed against sanctioned limit of H9,00,00,000/- during the year) SHORT TERM
BORROWINGS: (A)-Secured Loans repayable on
demand From Banks Cash Credit From Canara Bank 14,78,28,130 13,87,60,197 Open Cash Credit has been secured on hypothecation of Inventories and Book Debts of Unit-I Cash Credit From Bank of India - 15,72,86,083 Open Cash Credit has been secured on hypothecation of Inventories and Book Debts of Unit-II Packing Credit From Bank of India Open Cash Credit has been secured on hypothecation of Inventories of Unit-II Cash Credit From Citi Bank Open Cash Credit has been secured on hypothecation of Inventories and Book Debts of Unit-II Buyer's Credit Loan from Citi Bank Buyers Credit Loan has been secured on hypothecation of Inventories of Unit-II Pre-shipment Loan from Citi Bank Preshipment Loan has been secured on hypothecation of Inventories of Unit-II Cash Credit From Union Bank of India Open Cash Credit has been secured on hypothecation of Inventories and Book Debts of Unit-IV Buyer's Credit From Union Bank of India Buyers Credit has been secured on hypothecation of Inventories and Book Debts of Unit-IV Cash Credit From Citi Bank Open Cash Credit has been secured on hypothecation of Inventories and Book Debts of Unit-III [All the Working Capital loans (Except Citi Bank for Unit2) are guaranteed by Mr. R. Doraiswamy, Managing Director and Mr. D. Rajeshkumar, Joint Managing Director] [Citi Bank Loans for Unit-2 are guaranteed by Mr. D. Rajeshkumar, Joint Managing Director] |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Swamy and Ravi Chartered Accountants |
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Address : |
No.537, N.S.R. Road, Saibaba Colony, Coimbatore–641 011, Tamilnadu, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprise owned or
significantly influenced by key management personnel or their relatives: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10283737 |
Equity Shares |
Rs.10/- each |
Rs.102.837
Million |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the period
|
Particulars |
31-Mar-15 |
|
|
No. of Shares |
Rs. In Million |
|
|
At the Beginning of the Period |
10283737 |
102.837 |
|
ADD.: Shares issued during the Year |
- |
- |
|
LESS.: Shares bought back during the Year |
- |
- |
|
ADD.: Other Movements during the Year |
- |
- |
|
Outstanding at the end of the Period |
10283737 |
102.837 |
Terms/rights attached
to the Equity Shares
The Company has only one class of Equity Shares having par value of H10/- per share. Each holder of Equity Shares is entitled to one vote per share. The company declares and pays Divided in Indian Rupees.
The Dividend Proposed is as recommended by the Board of Directors and subject to the approval of the Shareholders’ in the ensuring Annual General Meeting and
For the year Ended 31st March,2015, The amount of dividend per share recognized as distributions to Equity is H1.50.(31stMarch, 2014 : H1.50)
List of Share Holders having 5% or more shares in the Company
|
Particulars |
31-Mar-15 |
|
|
No. of Shares |
% of Holding |
|
|
Larsen and Toubro Limited |
26,79,808 |
26.06 |
|
Vishnu Rangaswamy |
6,67,787 |
6.49 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
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|
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I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
102.837 |
102.837 |
102.837 |
|
(b) Reserves & Surplus |
967.864 |
864.203 |
797.822 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
8.796 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1079.497 |
967.040 |
900.659 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
175.745 |
47.491 |
24.540 |
|
(b) Deferred tax liabilities
(Net) |
19.361 |
9.184 |
6.804 |
|
(c) Other long term
liabilities |
25.081 |
44.977 |
56.444 |
|
(d) long-term provisions |
8.271 |
5.721 |
8.353 |
|
Total
Non-current Liabilities (3) |
228.458 |
107.373 |
96.141 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
750.044 |
748.045 |
680.439 |
|
(b) Trade payables |
271.223 |
230.817 |
234.625 |
|
(c) Other current liabilities |
367.117 |
219.613 |
259.773 |
|
(d) Short-term provisions |
54.987 |
48.156 |
38.372 |
|
Total
Current Liabilities (4) |
1443.371 |
1246.631 |
1213.209 |
|
|
|
|
|
|
TOTAL |
2751.326 |
2321.044 |
2210.009 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
770.468 |
677.168 |
654.676 |
|
(ii) Intangible Assets |
7.718 |
6.520 |
4.709 |
|
(iii) Capital work-in-progress |
55.525 |
0.130 |
2.876 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
48.630 |
48.573 |
48.998 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.165 |
19.636 |
6.736 |
|
(e) Other Non-current assets |
2.044 |
3.004 |
7.000 |
|
Total
Non-Current Assets |
891.550 |
755.031 |
724.995 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
8.018 |
12.351 |
9.330 |
|
(b) Inventories |
660.805 |
578.096 |
530.523 |
|
(c) Trade receivables |
778.987 |
576.516 |
610.782 |
|
(d) Cash and cash equivalents |
90.393 |
113.927 |
104.638 |
|
(e) Short-term loans and
advances |
228.724 |
209.312 |
147.590 |
|
(f) Other current assets |
92.849 |
75.811 |
82.151 |
|
Total
Current Assets |
1859.776 |
1566.013 |
1485.014 |
|
|
|
|
|
|
TOTAL |
2751.326 |
2321.044 |
2210.009 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2833.023 |
2445.289 |
2287.304 |
|
|
Other Income |
10.025 |
9.323 |
13.918 |
|
|
TOTAL
(A) |
2843.048 |
2454.612 |
2301.222 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1986.996 |
1740.914 |
1605.915 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(27.871) |
(58.454) |
(31.845) |
|
|
Employees benefits expense |
155.379 |
131.316 |
122.822 |
|
|
Other expenses |
363.960 |
329.328 |
305.770 |
|
|
TOTAL
(B) |
2478.464 |
2143.104 |
2002.662 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
364.584 |
311.508 |
298.560 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
123.426 |
119.413 |
117.659 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
241.158 |
192.095 |
180.901 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
71.447 |
75.178 |
86.670 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
169.711 |
116.917 |
94.231 |
|
|
|
|
|
|
|
Less |
TAX (H) |
49.904 |
32.488 |
23.602 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
119.807 |
84.429 |
70.629 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
454.546 |
409.789 |
329.138 |
|
|
Others |
4.061 |
2.406 |
22.708 |
|
|
TOTAL
EARNINGS |
458.607 |
412.195 |
351.846 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
211.831 |
164.857 |
71.278 |
|
|
Components and Stores parts |
204.985 |
199.018 |
166.709 |
|
|
Capital Goods |
16.701 |
3.399 |
5.384 |
|
|
TOTAL
IMPORTS |
433.517 |
367.274 |
243.371 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
11.65 |
8.21 |
6.87 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
42.653 |
31.672 |
18.511 |
|
Cash generated from operations |
292.448 |
168.015 |
129.894 |
|
Net cash flow from operating activity |
262.339 |
144.615 |
104.219 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
UnAudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
911.420 |
809.450 |
|
Total Expenditure |
787.240 |
701.180 |
|
PBIDT (Excl OI) |
124.180 |
108.270 |
|
Other Income |
5.490 |
1.710 |
|
Operating Profit |
129.670 |
109.980 |
|
Interest |
41.520 |
27.290 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
88.150 |
82.690 |
|
Depreciation |
20.420 |
19.570 |
|
Profit Before Tax |
67.730 |
63.120 |
|
Tax |
17.210 |
16.900 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
50.520 |
46.220 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
50.520 |
46.220 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.23 |
3.45 |
3.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.87 |
12.74 |
13.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.41 |
5.15 |
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.90 |
0.86 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.26 |
1.22 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.230.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
102.837 |
102.837 |
102.837 |
|
Reserves & Surplus |
797.822 |
864.203 |
967.864 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
8.796 |
|
Net
worth |
900.659 |
967.040 |
1079.497 |
|
|
|
|
|
|
long-term borrowings |
24.540 |
47.491 |
175.745 |
|
Short term borrowings |
680.439 |
748.045 |
750.044 |
|
Current Maturities of
Long-Term Debts |
18.511 |
31.672 |
42.653 |
|
Total
borrowings |
723.490 |
827.208 |
968.442 |
|
Debt/Equity
ratio |
0.803 |
0.855 |
0.897 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2287.304 |
2445.289 |
2833.023 |
|
|
|
6.907 |
15.856 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2287.304 |
2445.289 |
2833.023 |
|
Profit |
70.629 |
84.429 |
119.807 |
|
|
3.09% |
3.45% |
4.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
The Company entered into a technical and financial collaboration with Plitron Manufacturing Inc. (Canada) in 1995 for the manufacture of toroidal transformers.
Larsen and Toubro entered into an agreement to market Salzer switches in India in 1993, subsequently reinforced by a 26% equity stake by the construction giant in Salzer Electronics.
The Company’s headcount was 1,200 (direct and indirect, 31 March 2015) with a men-women employee ratio of 60:40 (as on 31 March 2015).
OVERVIEW
At Salzer, innovation resides at the heart of our business. It is no surprise hence that even as some of there competitors have largely remained unorganized and struggled to manufacture locallycompliant products, we have grown to develop offerings that address demanding international qualifications and certifications (UL, CSA, CB, CE, and S) that virtually serve as a passport to market products across the world.
MANAGEMENT DISCUSSION
AND ANALYSIS
Forward Looking
Statements
Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company describing the Company’s objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company assumes no responsibility to publicly amend, modify or revise forward looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company’s operations include changes in government regulations, tax laws, economic developments within the country and such other factors globally.
The financial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with the provisions of the Companies Act, 1956 (the Act) and comply with the Accounting standards notified under section 211(3C) of the act read with the Companies (Accounting standards) rules, 2006. The management of Salzer Electronics has used estimates and Judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements, reflect in a true and fair manner, the state of affairs and profit for the year
Economic Overview
The Indian Economy witnessed a fixed performance in 2014- 15 owing to lack of revival of some sectors, especially the Infrastructure Sector, languishing for a long time for want of adequate reforms and stimulus from the Government. Today, the Government is initiating various reform-oriented measures expeditiously to rejuvenate the languishing sectors and in all probability, the Indian economy would see all round growth in 2015-16.
The Indian economy grew at 7.3% in 2014-15 due to improvement in the performance of both services as well as manufacturing sectors, compared with the 6.9% economic growth in 2013-14 as per the new series of national accounts with base year of 2011-12.
The manufacturing sector rose by 7.1% during the year as against 5.3% in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9% as against 4.8% a year ago.
The construction activity too registered an increase of 4.8%, up from 2.5% a year ago. Financial, real estate and professional services also showed an improvement by registering a growth of 11.5% as against 7.9% in the previous fiscal.
The above data clearly indicates the fact that our economy is back on the growth track.
International
Scenario
At the global level, in the short term, macroeconomic and geopolitical developments depict a mixed picture with increased uncertainty. Some macroeconomic signs in the U.S. remain positive and growth in China is expected to continue. At the same time, the market remains impacted by slow growth in Europe and geopolitical tensions in various parts of the world. Currency volatility has increased over the last 12 months, including the weakening of the Euro against the U.S. dollar.
Performance of the
Indian Electrical Industry
The Indian Electrical Industry is one of the prominent industries in India, directly connected with the growth story of the infrastructure development in the country. The industry witnessed some volatility in the recent past due to a poor show of the infra sector. In spite of an absence of significant spurt in the sector in 2014-15, the electrical industry has gone ahead and witnessed a 13% growth in Q4 of FY 2014-15. The overall growth of the industry is 9.98% in the fiscal under report. Although higher imports still plague the industry, policy changes and various initiatives undertaken by the industry and government are eventually showing signs of revival of the sector.
The major drivers in this growth are cables and conductors and LV and HV switchgear, while power transformers and LT motors continue to show declining trends. Rotating machines continue to witness negative growth on the back of huge rise of imports of about H 2000 cr Millionand even capacitors have shown a decline in demand. Demand from power generation, sub-station and growth of the infrastructure and realty sectors coupled with increasing exports is helping the industry remain competitive.
In FY15, many industry customers took a more cautious approach to large capital expenditures in light of the ongoing macroeconomic uncertainties. However, operational spending to maintain and improve the performance of existing assets remained generally stable.
In this backdrop, Salzer is well-positioned to tap all the available opportunities for long-term profitable growth with its strong market presence and broad geographic presence and business scope, technology leadership and financial strength.
About Salzer
Salzer is a leading player offering total and customized electrical solutions in switchgears, wires and cables and energy management business. It is the largest manufacturer of CAM operated rotary switches with a market share of 25%. The Company caters to a wide range of products with five in-house manufacturing facilities, located in Coimbatore and Himachal Pradesh.
The Company has a wide distribution network locally and globally, exporting to more than 50 countries. In India, Salzer markets its products through its own distributors and more than 350 local distributors of L&T. The Company has its own state-of-the-art R and D facilities, recognized by the Department of Science and Technology, Government of India and a strong R and D team that focuses on developing and commercializing product technologies and as a result, can offer total customized electrical solutions to customers.
FINANCIAL OVERVIEW
Salzer derived 26% sales growth in 2014-15 in an environment where the economy and the industry were still finding its way towards recovery. Exports remained on the upward trend in the last five years at an average growth of 33%. Asian and European countries are some of the geographies where Salzer enjoys a strong foothold.
The financial performance of the Company for the financial year ended March 2015 is as follows
The total revenue for the year ended March 31, 2015 is H283.3 cr as against H224.5 cr for the corresponding previous period, an increase of 26.2%.
The operating expenses for the financial year ended March 31, 2015 stood at H247.9 cr as against H214.3 cr for the corresponding previous period, an increase of 15.6%.
The employee expenses for the financial year ended March 31, 2015 was H15.5 cr as against H13.1 cr for the corresponding previous period, an increase of 18.3%.
The other expenses for the financial year ended March 31, 2015 was H36.4 cr as against H32.9 cr for the corresponding previous period, an increase of 10.6%
The increase has been in line with the growth in revenues.
The EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) was H35.5 cr for the year ended March 31, 2015, as against H30.2 cr for the corresponding previous period, an
increase of 17.5%.
The depreciation for the financial year ended March 31, 2015 was H7.1 cr as against H7.5 cr for the corresponding previous period, a decline of 5.3%.
The interest outflow for the financial year ended March 31, 2015 was H12.3 cr as against H11.9 cr for the corresponding previous period, an increase of 3.3%.
The EBIT (Earnings before Interest and Tax) for the financial year ended March 31, 2015 was H28.4 cr as against H22.7 cr for the corresponding previous period, an increase of 25.1%.
The EPS (Earnings per Share) for the financial year ended March 31, 2015 was H11.6 as against H8.2 for the corresponding previous period, an increase of 41.5%.
Business Performance
Salzer primarily operates in four segments, viz. Industrial Switchgear, Copper Business, Building Segment and Energy Savers.
Industrial Switchgear
The switchgears division include transformers, terminal blocks, rotary switches, isolators, general purpose relays, wiring ducts, MPCBs, contactors, control panels, and overload relays.
The total revenue for the year ended March 31, 2015 was H148.9 cr as against H123.4 cr for the corresponding previous period, an increase of 21%.
The segment contributes 52% of the total revenues.
Copper Business
The copper division includes wires and cables, flexible bus bars, enamelled wires, bunched conductors and tinned copper wires.
The total revenue for the year ended March 31, 2015 was H115.5 cr as against H99 cr for the corresponding previous period, an increase of 16%.
Copper business contributes 41% of the total revenues.
Building Segment
Salzer has a wide range of products under this segment which include modular switches, wires and cables, changeovers and MCBs (under development).
The total revenue for the year ended March 31, 2015 was H14.7 cr as against H17.7 cr for the corresponding previous period, a decrease of 17%.
The building segment contributes 5% of the total revenues.
Energy Savers
The energy saving business is a new business vertical and expects to further boost growth by focusing on the manufacturing and installation of energy saving and efficient products like street light controllers and energy saving panels.
The total revenue from the business for the year ended March 31, 2015 was H5.7 cr as against H3.4 cr for the corresponding previous period, representing an increase of 65%.
The energy saver business contributes 2% of the total revenues.
In FY15, the Company won an order of H106 crore from the Government of Tamil Nadu for the supply and installation of energy saver panels to three corporations and 16 municipalities.
OUTLOOK
After some fluctuations in 2014, the U.S. economy is expected to improve in 2015 and 2016 and its GDP is projected to expand by 2.8% and 3.1%, respectively. This is on account of the increase in business investments, increase in the household consumption along with the improvement in employment.
In the United Kingdom, the recovery has gained momentum, supported by the robust housing market and expanding credit. Growth has reached 2.6% in 2014 and is expected to be strong until 2016, despite slowing net exports, partly as a result of the weak Euro area demand. Inflation was slightly below target in 2014 and should remain at these levels until 2015, partly due to continued decline in oil prices. As the recovery broadens, the Bank of England is expected to have a begin view on tightening in the second half of 2015. However, subdued wage growth, low inflation and spill-over’s from weak activity in the rest of Europe may delay the first rate hike. The UK is the only example of a region demonstrating more robust growth in the European Union thanks to the recovering domestic demand, the abandonment of the austerity measures and the turnaround in the inventory cycle.
The initiatives taken by the Indian government are wellpositioned for industry growth in the medium to long term. Revival is expected to be aided by de-bottlenecking of core sectors and the Indian economy is expected to grow at 7.3% in 2015.
The “Make in India” campaign that touches almost all the sectors has the potential to significantly improve the share of the electrical industry in the country’s GDP.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
-From Others |
|
|
|
Directors |
2.450 |
3.750 |
|
Others |
0.000 |
5.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From Banks |
|
|
|
Credit From Citi Bank (Pre-shipment / Buyer's credit) |
0.000 |
75.149 |
|
Total |
2.45 |
83.899 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10515869 |
15/06/2015 * |
72,000,000.00 |
Citi Bank N.A. |
Tristar Towers,
Avinashi Road, Plot No. 657, Coimbatore, Tamilnadu - 641037, INDIA |
C70782974 |
|
2 |
10500660 |
14/05/2015 * |
10,000,000.00 |
Citi Bank N.A. |
Tristar Towers, Avinashi
Road, Plot No. 657, Coimbatore, Tamilnadu - 641037, INDIA |
C55926406 |
|
3 |
10459059 |
15/06/2015 * |
355,000,000.00 |
Citi Bank N.A. |
Tristar Towers,
Avinashi Road, Plot No. 657, Coimbatore, Tamilnadu - 641037, INDIA |
C70781844 |
|
4 |
10172839 |
14/05/2015 * |
60,000,000.00 |
Citi Bank N.A. |
Tristar Towers,
Avinashi Road, Plot No. 657, Coimbatore, Tamilnadu - 641037, INDIA |
C55927719 |
|
5 |
10078110 |
26/02/2014 * |
421,000,000.00 |
UNION BANK OF
INDIA LIMITED |
Coimbatore Main Branch,
235, Oppanakara Street, |
B98595101 |
|
6 |
10057783 |
25/08/2008 * |
130,000,000.00 |
UNION BANK OF
INDIA LIMITED |
COIMBATORE MAIN
BRANCH, 239,OPPANNAKARA STREET,, |
A46010062 |
|
7 |
90002832 |
21/09/1995 |
2,466,792.00 |
ANZ GRINDLAYS
BANK PLC |
GRINDLAYS
GARDEN, NO.1; HADDOWS ROAD, MADRAS, Tamiladu - 600006, INDIA |
- |
|
8 |
90002214 |
16/11/2015 * |
692,500,000.00 |
Canara Bank |
Mid Corporate
Branch,, 16 and 18., East Arokiaswamy |
C69797694 |
UNA UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
Quarter Ended 30.09.2015 |
Quarter Ended 30.06.2015 |
Half Year Ended 30.09.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Gross Sales/Income from Operations (Gross) |
898.250 |
1004.582 |
1902.832 |
|
|
|
Less: Duties and Taxes |
111.672 |
109.102 |
220.774 |
|
|
|
Net Operating Income |
786.578 |
895.480 |
1682.058 |
|
|
|
b) Other Operating Income |
22.870 |
15.941 |
38.811 |
|
|
Total Income from
Operations (Net) |
809.447 |
911.421 |
1720.869 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
622.495 |
628.776 |
1251.271 |
|
|
b) |
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(66.665) |
15.683 |
(50.982) |
|
|
d) |
Employee benefit expenses |
45.371 |
39.241 |
84.612 |
|
|
e) |
Depreciation and amortization expense |
19.567 |
20.417 |
39.985 |
|
|
f) |
Other expenses |
99.965 |
103.544 |
203.509 |
|
|
Total Expenses |
720.735 |
807.661 |
1528.396 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
88.713 |
103.760 |
192.473 |
|
4 |
Other Income |
1.708 |
5.490 |
7.197 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
90.420 |
109.250 |
199.670 |
|
|
6 |
Finance Costs |
27.294 |
41.517 |
68.811 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
63.127 |
67.733 |
130.860 |
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
63.127 |
67.733 |
130.0860 |
|
|
10 |
Tax Expense |
16.904 |
17.216 |
34.120 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
46.222 |
50.517 |
96.739 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
135.196 |
105.036 |
135.196 |
|
|
13 |
Reserve excluding revaluation reserves |
- |
- |
- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
3.62 |
4.83 |
8.32 |
|
|
|
Diluted |
3.44 |
4.48 |
7.85 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
10029528 |
7478876 |
10029528 |
|
|
|
- Percentage of Shareholding |
74.18% |
71.20% |
74.18% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
3490109 |
36829260 |
3490109 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
25.82% |
28.80% |
25.82% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the
quarter |
0 |
STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER
2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
(Half
Year ended) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
135.196 |
|
(b) Reserves & Surplus |
1723.476 |
|
(c) Money received against
share warrants |
39.289 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1897.962 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
182.432 |
|
(b) Deferred tax liabilities
(Net) |
26.001 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
7.462 |
|
Total
Non-current Liabilities (3) |
215.895 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
825.483 |
|
(b) Trade payables |
295.222 |
|
(c) Other current liabilities |
409.083 |
|
(d) Short-term provisions |
27.481 |
|
Total
Current Liabilities (4) |
1557.269 |
|
|
|
|
TOTAL |
3671.125 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
944.036 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
48.630 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
8.585 |
|
(e) Other Non-current assets |
0.0000 |
|
Total
Non-Current Assets |
1001.251 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
210.295 |
|
(b) Inventories |
708.692 |
|
(c) Trade receivables |
1070.388 |
|
(d) Cash and cash equivalents |
194.318 |
|
(e) Short-term loans and
advances |
390.304 |
|
(f) Other current assets |
95.877 |
|
Total
Current Assets |
2669.874 |
|
|
|
|
TOTAL |
3671.125 |
The Company operates in only one segment viz., Electrical installation products.
The above un-audited financial results were duly reviewed by the Audit Committee
at its meeting held on November 12, 2015 and were taken on record and approved
by the Board of Directors at their meeting held on November 13, 2015 along with
the limited review report thereof by the Statutory Auditors.
As per Accounting Standard "Accounting for Taxes on Income (AS-22), the
Company has made provisions for taxation during the quarter under review and
excess / short provision, if any relating to deferred tax will be adjusted
during finalization of the accounts for the fiscal 2015-16.
During the quarter, the paid-up share capital increased by Rs. 30.160 Million
consequent to allotment of 0.375 Million equity shares of Rs.10 each against
exercise of share warrants by the promoters and allotment of 2.641 Million
equity shares of Rs.10/- each under Qualified Institutions Placement.
Figures relating to corresponding previous year have been regrouped, wherever
necessary
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Towards import Obligation under EPCG Scheme is |
38.873 |
|
Letter of credit (foreign and inland) for import and purchase of Rawmaterials is |
120.762 |
|
Obligation towards Bank Guarantee is |
46.828 |
FIXED ASSETS
Land
Building
Plant and Machinery
Windmill
Electrical Machinery (Solar)
Furniture and Fixtures
Vehicles
Software
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.66.79 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.73.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.