MIRA INFORM REPORT
|
Report No. : |
354368 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX LAMPS LIMITED |
|
|
|
|
Registered
Office : |
59-A, NSEZ, Phase-II, Noida - 201305, Uttar Pradesh |
|
Tel. No.: |
91-120-4012222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
26.03.1991 |
|
|
|
|
Com. Reg. No.: |
20-012944 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 280.193 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31500UP1991PLC012944 |
|
|
|
|
IEC No.: |
4199001476 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP7718G |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Automotive Lamps. (Registered Activity) |
|
|
|
|
No. of Employees
: |
927 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated in the year 1991. It has satisfactory track. It is a market leader halogen lamps for the automobile industry with approximately 50% market share in passenger vehicle. Suprajit Engineering Limited(SEL), which is the largest manufacturer of automotive cables in India, acquired 51% stake in shareholding of the subject on June 18, 2015 because of this acquisition, Suprajit Engineering Limited has become holding company of the subject. As per the available financials of the year 2015, the company has reported decrease in its sales turnover along with profit, however has maintained decent profit margin of nearly 10%.It has satisfactory capital structure marked by comfortable debt level in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of aforesaid, the company can be considered for business dealings with 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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
NOT AVAILABLE
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 DECLINED BY
|
Name : |
Mr. Nikunj Bansal Finance |
|
Designation : |
Assistant Finance Manager |
|
Contact No.: |
91-120-4012222 |
|
Date : |
09.12.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
59-A, NSEZ, Phase-II, Noida - 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4012222 |
|
Fax No.: |
91-120-2562943 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
A-1, Phase II, Noida, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2563145/143 |
|
Fax No.: |
91-120-2460033 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
59-D, NSEZ, Phase-II, Noida- 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4012173/241 |
|
Fax No.: |
91-120-2562943 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Kula Ajith Kumar Rai |
|
Designation : |
Chairman |
|
Qualification : |
Graduate in Mechanical
Engineering from Mysore University and Master of Science in Industrial
Engineering from Canada |
|
DIN No.: |
01160327 |
|
|
|
|
Name : |
Mr. Mohan Srinivasan Nagamangala |
|
Designation : |
Director and Chief
Executive Officer |
|
Qualification : |
Graduate degree in Mechanical Engineering. He is a member of Institute of Cost and Works Accountants and he has a Diploma in Management |
|
Experience : |
28 years |
|
DIN No.: |
01916468 |
|
|
|
|
Name : |
Mr. Suresh Shetty |
|
Designation : |
Director |
|
Qualification : |
Commerce Graduate and qualified Chartered Accountant and underwent management education programme (M.E.P.) in IIM Ahmedabad |
|
DIN No.: |
00316830 |
|
|
|
|
Name : |
Ms. Sunita Mathur |
|
Designation : |
Director |
|
Date of Birth : |
57 years, |
|
Qualification : |
Bachelor of Commerce and Fellow member of the Institute of Company Secretaries of India. |
|
DIN No.: |
00008923 |
|
|
|
|
Name : |
Mr. Ian Williamson |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N. S. Mohan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Gagandeep Singh |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Aditya Rungta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14304864 |
51.05 |
|
|
14304864 |
51.05 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A) |
14304864 |
51.05 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7816 |
0.03 |
|
|
18828 |
0.07 |
|
|
545932 |
1.95 |
|
|
45000 |
0.16 |
|
|
45000 |
0.16 |
|
|
617576 |
2.20 |
|
|
|
|
|
|
4506929 |
16.09 |
|
|
|
|
|
|
6305753 |
22.51 |
|
|
1690764 |
6.03 |
|
|
593414 |
2.12 |
|
|
593414 |
2.12 |
|
|
13096860 |
46.74 |
|
Total Public Shareholding (B) |
13714436 |
48.95 |
|
Total (A)+(B) |
28019300 |
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) |
28019300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Automotive Lamps. (Registered Activity) |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
927 (Approximately) |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Co. LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower
B, Second Floor, Sector-42, Sector Road, Gurgaon - 122002, Haryana, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· Halonix Technologies Private Limited ("HTPL") (Formerly Halonix Technologies Limited) (Ceased to be a wholly owned subsidiary w.e.f. August 30, 2013) · International Lamps Holding Company S.A. (Wholly owned subsidiary) · Luxlite Lamps SARL Luxembourg ("Luxlite") (Downstream subsidiary) ·
Trifa Lamps Germany GmbH ("Trifa")
(Downstream subsidiary) |
|
|
|
|
Holding Company : |
Argon India Limited ("Argon India") |
|
|
|
|
Enterprises under
Common Control (Fellow Subsidiary) : |
· Argon South Asia Limited ("Argon South") · Halonix Technologies Private Limited ("HTPL") (Formerly Halonix Technologies Limited) (w.e.f. August 31, 2013) |
CAPITAL STRUCTURE
AFTER 21.07.2014
Authorised Capital : Rs. 700.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 411.793
Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 410.000 Million |
|
2,900,000 |
Preference Shares |
Rs. 100/- each |
Rs. 290.000 Million |
|
|
Total |
|
Rs. 700.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,019,300 |
Equity Shares |
Rs. 10/- each |
Rs. 280.193 Million |
|
|
|
|
|
Terms/ rights
attached to equity shares:
The Parent Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Parent Company declares and pays dividends in Indian rupees. During the year ended March 31, 2015, the amount per share of dividend recognised as distribution to equity shareholders was Nil (March 31, 2014: Rs. 16 per share including Rs. 10 per share as special dividend).
In the event of liquidation of the Parent Company, the holders of equity shares will be entitled to receive remaining assets of the Parent Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of equity shares held by the shareholder.
Terms/ rights attached to preference
shares:
Holder of Redeemable Preference shares is entitled to one vote per share only on resolution placed before the Parent Company which directly affect the rights attached to Redeemable Preference shares.
As per the scheme of Arrangement of Share Capital u/s 391 of Companies Act, 1956 approved by Hon’ble Allahabad High Court vide order dated 22.02.2000 & 22.04.2002, the Parent Company had converted 13,160,000 equity shares of face value of Rs. 10/- each aggregating to Rs. 131.600 Million into 1,316,000 Redeemable Preference shares of Rs. 100/- each aggregating to Rs. 131.600 Million. Redeemable Preference shares do not carry any dividend rights. Out of 1,316,000 Redeemable Preference shares, 550,000 Redeemable Preference shares are redeemable at par after April 1, 2012 and 766,000 Redeemable Preference shares are redeemable at par after March 31, 2007 on such date as the Board of Directors may determine.
During the year, the Parent Company has redeemed 766,000 preference shares of Rs. 76.600 Million on 4th July, 2014 and 550,000 preference shares of Rs. 55.000 Million on 16th October, 2014 at par.
Reconciliation of the number of shares
outstanding at the beginning and at the end of the reporting year
Equity Shares
|
Particulars |
31.03.2015 |
|
|
|
No. of shares |
In Million |
|
At the beginning of the year |
28,019,300 |
280.193 |
|
Outstanding at the end of the year |
28,019,300 |
280.193 |
|
|
|
|
Preference Shares
|
Particulars |
31.03.2015 |
|
|
|
No. of
shares |
In Million |
|
At the beginning of the year |
1,316,000 |
131.600 |
|
Less: Redeemed during the year |
(1,316,000) |
(131.600) |
|
Outstanding at the end of the year |
-- |
-- |
Shares held by Holding / Ultimate Holding
Company and/or their Subsidiaries/Associates.
|
Particulars |
In Million |
|
Argon India Limited, the holding company 13,871,344 (March 31, 2014: 15,906,070) equity shares of Rs. 10 each fully paid up |
138.713 |
|
|
|
|
Total |
138.713 |
Details of shareholders holding more than 5%
shares in the Parent Company
|
Particulars |
31.03.2015 |
|
|
|
No. of
shares |
% holding in the class |
|
Equity shares of Rs. 10 each fully paid |
|
|
|
Argon India Limited, Foreign Promoter and Holding Company |
13,871,344 |
49.51 |
|
Argon South Asia Limited, Foreign Promoter |
3,465,811 |
12.37 |
As per of the Parent Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
280.193 |
411.793 |
411.793 |
|
(b) Reserves & Surplus |
1482.220 |
1207.443 |
830.295 |
|
(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) |
1762.413 |
1619.236 |
1242.088 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
105.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Trade Payables |
0.000 |
0.000 |
0.916 |
|
(e)
long-term provisions |
44.275 |
41.123 |
49.402 |
|
Total
Non-current Liabilities (3) |
44.275 |
41.123 |
155.318 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
352.617 |
284.963 |
1121.171 |
|
(b)
Trade payables |
310.415 |
347.253 |
730.117 |
|
(c)
Other current liabilities |
61.192 |
178.807 |
253.872 |
|
(d)
Short-term provisions |
24.467 |
385.056 |
158.576 |
|
Total
Current Liabilities (4) |
748.691 |
1196.079 |
2263.736 |
|
|
|
|
|
|
TOTAL |
2555.379 |
2856.438 |
3661.142 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
270.508 |
312.164 |
890.488 |
|
(ii)
Intangible Assets |
3.433 |
1.747 |
17.992 |
|
(iii)
Capital work-in-progress |
3.835 |
0.593 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
792.668 |
792.668 |
2.869 |
|
(c) Deferred tax assets
(net) |
19.005 |
11.243 |
0.000 |
|
(d) Long-term Loan
and Advances |
96.344 |
100.593 |
31.073 |
|
(e) Trade Receivables |
0.000 |
0.000 |
5.113 |
|
(f)
Other Non-current assets |
0.364 |
0.000 |
10.204 |
|
Total
Non-Current Assets |
1186.157 |
1219.008 |
957.739 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
427.748 |
485.745 |
887.721 |
|
(c)
Trade receivables |
666.953 |
698.160 |
1632.226 |
|
(d)
Cash and cash equivalents |
22.091 |
196.063 |
69.665 |
|
(e)
Short-term loans and advances |
251.820 |
247.815 |
113.791 |
|
(f)
Other current assets |
0.610 |
9.647 |
0.000 |
|
Total
Current Assets |
1369.222 |
1637.430 |
2703.403 |
|
|
|
|
|
|
TOTAL |
2555.379 |
2856.438 |
3661.142 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2441.031 |
3708.826 |
4369.317 |
|
|
|
Other Income |
19.113 |
201.164 |
43.841 |
|
|
|
TOTAL (A) |
2460.144 |
3909.990 |
4413.158 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1314.577 |
1883.738 |
2725.545 |
|
|
|
Purchases of Stock-in-Trade |
7.269 |
166.606 |
223.480 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
23.620 |
111.145 |
47.223 |
|
|
|
Employees benefits expense |
340.574 |
478.485 |
590.202 |
|
|
|
Exceptional Items |
0.000 |
(399.092) |
0.000 |
|
|
|
Other expenses |
305.771 |
454.682 |
570.661 |
|
|
|
TOTAL (B) |
1991.811 |
2695.564 |
4157.111 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
468.333 |
1214.426 |
256.047 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.018 |
112.879 |
199.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
426.315 |
1101.547 |
56.443 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.879 |
93.090 |
141.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
363.436 |
1008.457 |
(85.545) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
88.659 |
106.810 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
274.777 |
901.647 |
(85.545) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
1089.549 |
1182.742 |
881.014 |
|
|
|
Freight Recovery |
14.993 |
10.393 |
0.000 |
|
|
|
Reimbursement of finance cost |
9.765 |
9.527 |
0.000 |
|
|
TOTAL EARNINGS |
1114.307 |
1202.662 |
881.014 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
442.148 |
862.536 |
1082.809 |
|
|
|
Spare Parts/Consumable |
9.591 |
20.077 |
13.877 |
|
|
|
Traded Goods |
0.000 |
34.651 |
52.152 |
|
|
|
Capital Goods |
15.278 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
467.017 |
917.264 |
1148.838 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.81 |
32.18 |
(3.05) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
0.000 |
105.000 |
223.495 |
|
|
|
|
|
|
Cash Generated from Operations |
507.797 |
1068.012 |
418.913 |
|
|
|
|
|
|
Net Cash Flow from used in Operating Activities |
427.467 |
706.879 |
418.721 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
499.690 |
530.950 |
|
Total Expenditure |
434.210 |
465.750 |
|
PBIDT (Excl OI) |
65.480 |
65.200 |
|
Other Income |
20.760 |
12.880 |
|
Operating Profit |
86.240 |
78.080 |
|
Interest |
12.190 |
8.080 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
74.050 |
70.000 |
|
Depreciation |
23.820 |
11.590 |
|
Profit Before Tax |
50.230 |
58.410 |
|
Tax |
17.400 |
20.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
32.830 |
38.210 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
32.830 |
38.210 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.26 |
24.31 |
(1.96) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
19.19 |
32.74 |
5.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.89 |
49.15 |
(2.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.62 |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.20 |
0.24 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
1.37 |
1.19 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
|
|
|
Market Value |
Rs.94.50 (BSE) |
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 |
411.793 |
411.793 |
280.193 |
|
Reserves & Surplus |
830.295 |
1207.443 |
1482.220 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1242.088 |
1619.236 |
1762.413 |
|
|
|
|
|
|
Long-term borrowings |
105.000 |
0.000 |
0.000 |
|
Short term borrowings |
1121.171 |
284.963 |
352.617 |
|
Current Maturities of
Long-Term Borrowings |
223.495 |
105.000 |
0.000 |
|
Total
borrowings |
1449.666 |
389.963 |
352.879 |
|
Debt/Equity
ratio |
1.167 |
0.241 |
0.200 |
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 |
4369.317 |
3708.826 |
2441.031 |
|
|
|
(15.117) |
(34.183) |
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 |
4369.317 |
3708.826 |
2441.031 |
|
Profit/ (Loss) |
(85.545) |
901.647 |
274.777 |
|
|
(1.96%) |
24.31% |
11.26% |
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 |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10599655 |
28/10/2015 |
150,000,000.00 |
ST
HELEN'S NOMINEES INDIA PRIVATE LIMITED |
1ST FLOOR,
CRESCENZO BUILDING, C-38/39,, "G" BLOCK, BANDRA KURLA
COMPLEX,BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
C68718519 |
|
2 |
10599642 |
15/10/2015 |
185,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
C68712454 |
|
3 |
10450214 |
30/08/2013 |
350,000,000.00 |
CORPORATION
BANK CONNAUGHT CIRCUS BRANCH |
M-41,
CONNAUGHT CIRUCS, NEW DELHI - 110001, INDIA |
B85444461 |
|
4 |
10384871 |
11/03/2015
* |
200,000,000.00 |
AXIS BANK
LIMITED |
2ND
FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C47665278 |
|
5 |
10368174 |
11/07/2012 |
150,000,000.00 |
SMALL
INDUSTRIES DEVELOPMENT BANK OF INDIA |
VIDEOCON
TOWER, GROUND FLOOR, E-1, RANI JHANSI RO |
B44730182 |
|
6 |
10309425 |
05/05/2015
* |
1,177,000,000.00 |
CORPORATION
BANK |
M-41
CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA |
C52898210 |
|
7 |
10214394 |
11/03/2015
* |
425,000,000.00 |
AXIS BANK
LIMITED |
2ND
FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C47666318 |
|
8 |
10130170 |
29/11/2011
* |
126,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI - 110001,
INDIA |
B29817707 |
|
9 |
10087163 |
15/10/2015
* |
150,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
C68711084 |
* Date of charge modification
FINANCIAL AND OPERATIONAL
PERFORMANCE
During
the year, gross sales for the Automotive Business have increased from Rs.
2577.076 million in 2013-14 to Rs. 2613.721 million in 2014-15 i.e. an increase
of 1.4% and the earnings before interest, depreciation and taxes has decreased
from Rs. 743.427 million to Rs. 468.333 million over 2013-14. The reason for
decrease is due to depreciation of Euro against Rupee and also as a result of
this, exchange variation loss of Rs. 49.723 million in 2014-15 as against
exchange gain of Rs. 171.453 million in 2013-14. The figures as at March 31,
2015 represent the full year results of automotive business only i.e.
manufacturing and sale of halogen lamps. The figures as at March 31, 2014
includes gross sales amounting to Rs. 1284.439 million, earnings before
interest, depreciation and tax amounting to Rs. 71.908 million pertaining to
general lighting division which had been sold off on slump sale basis.
STATE OF THE
COMPANY'S AFFAIRS
The Company
is the market leader in automotive halogen bulbs in India with approximately
50% market share in passenger vehicle, 70% in commercial vehicles and 70%- 80%
in two wheeler Original Equipment Manufacturers (OEMs). The Company is the
largest manufacturer in India controlling 50-60% of total manufacturing
capacity in the Country and among the top 5 globally with 20+ years of
manufacturing excellence and institutionalized knowledge. The Company has well
entrenched relationships with the leading Japanese, Korean, European and Indian
OEMs. More than half of sales are under Company's own brands including
India's oldest domestic aftermarket brand and 90 year old European brand
for international markets.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The company retained its position as a market leader in Automotive Halogen Lamps in India with supplies to all major OEMs in Passenger Vehicle and Two Wheeler Industry. It is also a major exporter to developed countries. The long term outlook for the Indian automotive industry remains positive due to strong macroeconomic fundamentals, improving economic activity and easy availability of finance. With almost all the major automobile manufacturers setting up production bases in India, the Directors are looking at robust growth for the Company in the coming years.
OUTLOOK
Though
the projection of Indian auto market indicates same growth levels as last year,
the initiatives that have been planned in terms of quality improvement will help
to gain market share for Phoenix Lamps Limited. Also the thrust on increasing
distribution network will give boost to aftermarket sales. The Euro zone crisis
continues to persist, however their initiatives to capture other markets will
help in posting growth numbers in line with our plan.
PART
I
STATEMENT OF STANDALONE UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015
|
|
Particulars |
THREE MONTHS ENDED
Unaudited |
HALF YEAR ENDING Unaudited |
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. |
Income
from Operation |
|
|
|
|
|
Gross
Sales |
578.767 |
542.055 |
1120.822 |
|
|
Less:
Excise Duty |
(47.820) |
(42.367) |
(90.187) |
|
|
Net Sales |
530.947 |
499.688 |
1030.635 |
|
|
(b)
Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from Operations
(Net) |
530.947 |
499.688 |
1030.635 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of materials consumed |
299.116 |
266.698 |
565.814 |
|
|
b)
Purchase of stock-in-trade |
1.228 |
2.141 |
3.369 |
|
|
c) Changes in inventories of finished goods,
work-in- progress and stock-in-trade |
21.172 |
2.257 |
23.429 |
|
|
d) Employee benefits
expense |
79.259 |
81.508 |
160.767 |
|
|
e) Depreciation and amortization expense |
11.588 |
23.815 |
35.403 |
|
|
f)
Provision for doubtful debts/advances/ (Reversal) of provision (net of write
off) |
(0.079) |
7.250 |
7.171 |
|
|
g)
Foreign exchange variation (gain) / loss |
(12.654) |
(20.033) |
(32.687) |
|
|
h) Provision for obsolete inventories/
(Reversal) of provision |
-- |
(0.819) |
(0.819) |
|
|
i)
Other expenses |
65.055 |
75.182 |
140.237 |
|
|
TOTAL EXPENSES |
464.685 |
437.999 |
902.684 |
|
|
|
|
|
|
|
3. |
Profit from Operations before other income, finance costs and
exceptional items (1-2) |
66.262 |
61.689 |
127.951 |
|
4. |
Other
Income |
0.228 |
0.727 |
0.955 |
|
5. |
Profit from ordinary activities before finance costs and exceptional
Items (3+4) |
66.490 |
62.416 |
128.906 |
|
6. |
Finance
costs |
8.084 |
12.191 |
20.275 |
|
7. |
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
58.406 |
50.225 |
108.631 |
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
9. |
Profit/(Loss) before tax (7+8) |
58.406 |
50.225 |
108.631 |
|
10. |
Tax charge/
(credit) (Net) |
20.193 |
17.398 |
37.591 |
|
11. |
Net Profit
/ Loss after tax (9-10) |
38.213 |
32.827 |
71.040 |
|
12. |
Extraordinary
items |
-- |
-- |
-- |
|
13. |
Net Profit/(Loss) for the period/ year
(11-12) |
38.213 |
32.827 |
71.040 |
|
14. |
Paid-up Equity Share
Capital (Face value of Re. 1/- each)) |
280.193 |
280.193 |
280.193 |
|
15. |
Reserves excluding
revaluation reserves |
-- |
-- |
-- |
|
16. |
Earnings per share (of Rs.
10/- each) |
|
|
|
|
|
- Basic and diluted |
1.36 |
1.17 |
2.53 |
|
PART
II |
|
|
|
|
|
Select Information for the Quarter/ Half Year
ended 30th September, 2015 |
||||
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1. |
Public
Shareholding |
|
|
|
|
|
-
Number of Shares |
13714436 |
13729457 |
13714436 |
|
|
-
Percentage of Shareholding |
48.95 |
49.00 |
48.95 |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
|
|
Pledged/Encumbered |
|
|
|
|
|
No.
of shares |
Nil |
Nil |
Nil |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
|
No.
of shares |
14304864 |
14289843 |
14304864 |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
51.05 |
51.00 |
51.05 |
|
|
||||
|
|
INVESTOR
COMPLAINTS |
Three months ended 30.09.2015 |
||
|
|
||||
|
|
Pending
at the beginning of the quarter |
1 |
||
|
|
Received
during the quarter |
2 |
||
|
|
Disposed
during the quarter |
3 |
||
|
|
Remaining
unresolved at the end of quarter |
Nil |
||
Statement of Assets and Liabilities (Stand-alone)
|
Particulars |
Period ended |
|
|
|
30.09.2015 |
|
|
|
|
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
280.193 |
|
|
b] Reserves and Surplus |
1553.261 |
|
|
Sub-total –
Shareholders’ funds |
1833.454 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long Term Borrowings |
0.000 |
|
|
b] Deferred tax Liabilities (Net) |
0.000 |
|
|
c] Long Term Provision |
46.740 |
|
|
Sub-total -
Non-current Liabilities |
46.740 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
180.521 |
|
|
b] Trade Payables |
331.415 |
|
|
c] Other Current Liabilities |
68.842 |
|
|
d] Short Term Provision |
26.871 |
|
|
Sub-total - Current Liabilities |
607.649 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
2487.843 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets and Capital work in progress |
270.376 |
|
|
b] Goodwill on consolidation |
0.000 |
|
|
c] Deferred tax assets (net) |
27.647 |
|
|
d]
Non-current investments |
792.668 |
|
|
e]
long Term loans and Advances |
50.995 |
|
|
f] Other
non-current assets |
0.434 |
|
|
Sub-total – Non- current assets |
1142.120 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
404.116
|
|
|
Trade Receivables |
679.679
|
|
|
Cash & Bank Balances |
14.744
|
|
|
Short Term loans and advances |
245.913
|
|
|
Other Current
assets |
1.271
|
|
Sub-total – Current Assets |
1345.723
|
|
|
|
|
|
|
TOTAL - ASSETS |
2487.843 |
|
NOTES:
1. The above results have been reviewed by the audit committee and thereafter approved by the Board of Directors at theft meeting held on November 07, 2015. The statutory auditors have carried out limited review of standalone results only.
2. The promoters of Phoenix Lamps Ltd have been changed upon acquisition of 51
% stake by Suprajit Engineering Limited on June 18, 2015 and subsequently 0.05%
through Open Offer. Consequent to this acquisition, Phoenix Lamps Limited has
become subsidiary of Suprajit Engineering Limited. The promoters have further
acquired 10.88% stake in Phoenix Lamps Limited on October 09, 2015 pursuant to
share purchase agreement dated May 06, 2015.
3. The Company is operating in only one segment i.e. manufacture and sale of
Auto Lamps.
4. The figures have been regrouped / re-arranged wherever considered necessary
to conform to current period classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Outstanding guarantees and counter guarantees to various banks, in respect of the guarantees given by those banks in favour of various government authorities and others. |
0.000 |
0.154 |
|
Demands from the Indian tax authorities for disputed demands of income tax. The said amount includes mainly addition in sales, disallowance of purchases, other expenses and benefits and TDS for the Assessment Years 2005-06, 2009-10 to 2014-15* |
860.994 |
531.076 |
|
VAT/Sales Tax demands* |
1.603 |
.193 |
|
Excise duty paid under Protest* |
6.618 |
6.618 |
|
Penalty against service tax demand* |
1.027 |
1.027 |
|
Claims also includes suspension period wages* |
8.902 |
13.229 |
|
Claims against the Group not acknowledged as debts* |
0.000 |
51.189 |
|
NOTE: · * Based on favourable decision in similar cases, discussions with the advocate etc, the Group believes that there is fair chance of decision in its favour and hence no provision is considered necessary against the same. · The Contingent Liabilities disclosed above exclude liabilities pertaining to General Lighting business which are to be borne by Halonix Technologies Private Limited (“HTPL”) to whom the business has been transferred, in accordance with Business Transfer Agreement signed by the Parent Company with HTPL. |
||
FIXED ASSETS:
·
Lease hold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Leased hold Improvement
·
Office Equipment
·
Computers
·
Vehicles
PRESS RELEASE
Suprajit Engineering to acquire Phoenix Automotive
Lamps
Mumbai:Auto cable manufacturer Suprajit Engineering Limited on Wednesday said it will buy 51-61.88% in Phoenix Lamps Limited from Argon India Limited Mauritius and Argon South Asia Limited, Mauritius, at Rs.89 a share that has a face value of Rs.10.
Phoenix Lamps makes automotive lighting for Indian and foreign auto firms, and has a strong presence in the aftermarket segment.
The Bengaluru-based company has
also announced an open offer to Phoenix shareholders at Rs.100 per share. This is the fourth acquisition by Suprajit,
India’s largest automotive cable manufacturer, in the recent past.
It earlier acquired Shah Concabs
Private Limited, CTP Gills Cables Limited, UK,
and the automotive cable division of Pricol.
“Phoenix finds a strategic fit in Suprajit’s
plan to diversify beyond cables, while retaining our core competence in cables
and our focus on automotive component industry,” said Ajith Kumar Rai, chairman
and managing director at Suprajit Engineering, in a statement.
Grant Thornton India was the
financial advisor for the deal and Ernst and Young was exclusive financial
advisor for the Argon entities.
At 3.17pm, shares of Suprajit
Engineering Limited were up 0.25% to Rs.120.90, while Phoenix Lamps rose 3.74% to Rs.109.50. India’s benchmark BSE Sensex fell 2.6% to 26626.35
points
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
57 |
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.