MIRA INFORM REPORT
|
Report No. : |
356150 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMTELLE INDIA
LIMITED (w.e.f. 16.09.2015) |
|
|
|
|
Formerly Known
As : |
PARIXIT INDUSTRIES
LIMITED PARIXIT PLASTICS PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 214/1, 214/2, Virpura Bus Stop, P. O. Iyava, Taluka: Sanand, District Ahmedabad – 382170, Gujarat |
|
Tel. No.: |
91-9662509342 (Mr. Mahesh Sharma) |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
30.06.2014 |
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|
|
|
Date of
Incorporation : |
23.08.1989 |
|
|
|
|
Com. Reg. No.: |
04-012672 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.226.014 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200GJ1989PLC012672 |
|
|
|
|
IEC No.: |
0893007188 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP8985D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing and turnkey supply of Micro Irrigation System [Drip Irrigation and Sprinkler Irrigation System, a range of PE Pipes (HDPE, LLDPE, PVC etc.)] and the turnkey contractors for the specialized contracts relating to pipeline projects with focus on Irrigation, underwater and water supply and Sewerage Pipelines. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company incorporated in the year 1989. It has
satisfactory track. Emtelle Asia Pacific Pte Limited, Singapore holds 50.55%
stake in the subject company and rest 49.45% stake is with, Emtelle Holding
BV, Netherlands. Management of the company has failed to file financials for the year
2015 with the government department. As per the available financials of the year 2014, the company has
incurred losses from its operations which has resulted in to partial erosion
of the networth base. Further, the debt level of the company is reported to
be high during the year. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. In view of strong support from its foreign holding company, the
subject 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.
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 DENIED BY
|
Name : |
Mr. Mahesh Sharma |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9662509342 |
|
Date : |
19.12.2015 |
LOCATIONS
|
Registered Office / Works : |
Survey No. 214/1, 214/2, Virpura Bus Stop, P. O. Iyava,
Taluka: Sanand, District Ahmedabad – 382170, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9662509342 (Mr. Mahesh Sharma) |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Branch Office : |
Located At :
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DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Girish Vidyadharrao Kanole |
|
Designation : |
Managing Director |
|
Address : |
Flat No 201 C, Building Valle Vista Apartment, Behind Maratha Mandir Bavdhan, Pune - 411021, Maharashtra, India |
|
Date of Appointment : |
13.01.2015 |
|
DIN No.: |
07091185 |
|
|
|
|
Name : |
Mr. Narendra Mal Mohnot |
|
Designation : |
Director |
|
Address : |
302, Misuja Court, Saiyad Vasana Road, Off Old Padra Road, Vadodara - 390015, Gujarat, India |
|
Date of Appointment : |
12.05.2012 |
|
DIN No.: |
01127504 |
|
|
|
|
Name : |
Mr. Mahendra Gumanmalji Lodha |
|
Designation : |
Director |
|
Address : |
85, Sunrise Park, Opposite Drive-In Road, Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
18.06.2012 |
|
DIN No.: |
00012920 |
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|
|
|
Name : |
Mr. Rajiv Sarin |
|
Designation : |
Director |
|
Address : |
9, Kailash, 50, Pedder Road, Mumbai - 400036, Maharashtra, India |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
05351721 |
|
|
|
|
Name : |
Mads Ambrosius Hogfeldt |
|
Designation : |
Director |
|
Address : |
Irisvej 33, 7400 Herning, Herning, 7400, Denmark |
|
Date of Appointment : |
24.01.2012 |
|
DIN No.: |
03361233 |
|
|
|
|
Name : |
Mr. Rashmikant Devchand Chandaria |
|
Designation : |
Director |
|
Address : |
16, Chemin De La Perriere, Cologny, 1223, Switzerland |
|
Date of Appointment : |
24.01.2012 |
|
DIN No.: |
02440565 |
|
|
|
|
Name : |
Mr. Ajay Pratapray Shanghavi |
|
Designation : |
Alternate Director |
|
Address : |
Pushpakunj Station Road, Wadala, Mumbai - 400031, Maharashtra, India |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
00084653 |
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|
|
|
Name : |
Mr. Harsh Kumar Maheshwary |
|
Designation : |
Alternate Director |
|
Address : |
1803 A, Lakshachandi Heights, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India |
|
Date of Appointment : |
18.06.2012 |
|
DIN No.: |
00088660 |
KEY EXECUTIVES
|
Name : |
Mr. Lokesh Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
D41, Park Avenue, Off New C G Road, Chandkheda, Ahmedabad - 382424, Gujarat, India |
|
Date of Appointment : |
24.09.2012 |
|
PAN No.: |
ACSPA8676Q |
|
|
|
|
Name : |
Mr. Mahesh Sharma |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
As on 31.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Emetelle Asia Pacific Pte Limited, Singapore |
|
11425028 |
|
Emetelle Holding B.V., Netherland |
|
23645077 |
|
Rajiv Sarin |
|
10 |
|
Lokesh Agarwal |
|
10 |
|
Sudhir Dave |
|
10 |
|
Sunil Singhvi |
|
10 |
|
Ajay Shanghavi |
|
10 |
|
Harsh Maheshwary |
|
10 |
|
Arvind Tambi |
|
10 |
|
Total |
|
35070175 |
As on 26.12.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and turnkey supply of Micro Irrigation System [Drip Irrigation and Sprinkler Irrigation System, a range of PE Pipes (HDPE, LLDPE, PVC etc.)] and the turnkey contractors for the specialized contracts relating to pipeline projects with focus on Irrigation, underwater and water supply and Sewerage Pipelines. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Mukesh M Shah and Company Chartered Accountants |
|
Address : |
First Floor, H. K. House, Off Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Membership No.: |
030190 |
|
PAN No.: |
AAIFM0810A |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Emtelle Asia Pacific PTE Limited, Singapore |
|
|
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|
Ultimate Holding
Company : |
Emtelle Holding BV, Netherlands |
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|
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Subsidiary Company
: |
Bali Industries India Private Limited, India |
|
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|
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Fellow Subsidiary
Company : |
Emtelle UK Limited, United Kingdom |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
CAPITAL STRUCTURE
After 31.08.2015
Authorised Capital: Rs.400.000 Million
Issued, Subscribed & Paid-up Capital: Rs.381.257
Million
As on 31.08.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35070175 |
Equity Shares |
Rs.10/- each |
Rs.350.702
Million |
As on 30.06.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22601443 |
Equity Shares |
Rs.10/- each |
Rs.226.014
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
226.014 |
65.313 |
49.417 |
|
(b) Reserves &
Surplus |
(74.861) |
342.060 |
327.684 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
124.687 |
0.000 |
19.973 |
|
Total Shareholders’ Funds
(1) + (2) |
275.840 |
407.373 |
397.074 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
96.694 |
47.398 |
119.722 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
10.894 |
10.694 |
9.288 |
|
(d) long-term provisions |
47.594 |
46.746 |
30.330 |
|
Total Non-current
Liabilities (3) |
155.182 |
104.838 |
159.340 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
360.265 |
449.318 |
473.867 |
|
(b) Trade payables |
151.898 |
316.366 |
239.082 |
|
(c) Other current
liabilities |
191.181 |
326.446 |
222.479 |
|
(d) Short-term provisions |
5.083 |
1.473 |
2.642 |
|
Total Current Liabilities
(4) |
708.427 |
1093.603 |
938.070 |
|
|
|
|
|
|
TOTAL |
1139.449 |
1605.814 |
1494.484 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
282.536 |
331.609 |
378.492 |
|
(ii) Intangible Assets |
3.814 |
1.422 |
0.701 |
|
(iii) Capital
work-in-progress |
0.451 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
45.851 |
40.181 |
0.081 |
|
(c) Deferred tax assets
(net) |
0.000 |
13.077 |
13.077 |
|
(d) Long-term Loan and Advances |
123.067 |
54.758 |
79.631 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
455.719 |
441.047 |
471.982 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
135.370 |
243.473 |
405.714 |
|
(c) Trade receivables |
439.120 |
616.136 |
370.422 |
|
(d) Cash and cash
equivalents |
81.370 |
45.837 |
48.981 |
|
(e) Short-term loans and
advances |
24.169 |
178.608 |
156.890 |
|
(f) Other current assets |
3.701 |
80.713 |
40.495 |
|
Total Current Assets |
683.730 |
1164.767 |
1022.502 |
|
|
|
|
|
|
TOTAL |
1139.449 |
1605.814 |
1494.484 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
|
SALES |
|
|
|
|
|
Income |
1182.644 |
1963.178 |
1474.436 |
|
|
Other Income |
6.574 |
0.550 |
2.373 |
|
|
TOTAL |
1189.218 |
1963.728 |
1476.809 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
803.526 |
1175.489 |
850.526 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
33.067 |
97.605 |
7.070 |
|
|
Employees benefits
expense |
124.356 |
176.724 |
134.247 |
|
|
Other expenses |
299.026 |
426.690 |
335.108 |
|
|
TOTAL |
1259.975 |
1876.508 |
1326.951 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(70.757) |
87.220 |
149.858 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
82.550 |
141.491 |
115.710 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(153.307) |
(54.271) |
34.148 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
45.876 |
55.448 |
51.571 |
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD ITEMS |
0.000 |
0.156 |
0.257 |
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
(204.618) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(403.801) |
(109.563) |
(17.166) |
|
|
|
|
|
|
|
Less |
TAX |
13.120 |
0.050 |
0.743 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(416.921) |
(109.613) |
(17.909) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
31.607 |
120.561 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
0.090 |
28.242 |
|
|
Capital Goods |
NA |
18.017 |
7.548 |
|
|
TOTAL IMPORTS |
NA |
18.107 |
35.790 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(53.71) |
(18.28) |
(3.62) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
Current Maturities of Long term debt |
15.706 |
64.790 |
66.535 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(47.302) |
102.569 |
266.959 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
31.03.2012 (12 Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
(35.25) |
(5.58) |
(1.21) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(5.98) |
4.44 |
10.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(36.94) |
(7.06) |
(1.16) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.46) |
(0.27) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.71 |
1.38 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.07 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
49.417 |
65.313 |
226.014 |
|
Reserves & Surplus |
327.684 |
342.060 |
(74.861) |
|
Share Application money
pending allotment |
19.973 |
0.000 |
124.687 |
|
Net worth |
397.074 |
407.373 |
275.840 |
|
|
|
|
|
|
long-term borrowings |
119.722 |
47.398 |
96.694 |
|
Short term borrowings |
473.867 |
449.318 |
360.265 |
|
Current Maturities of
Long Term Debt |
66.535 |
64.790 |
15.706 |
|
Total borrowings |
660.124 |
561.506 |
472.665 |
|
Debt/Equity ratio |
1.662 |
1.378 |
1.714 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1474.436 |
1963.178 |
1182.644 |
|
|
|
33.148 |
(39.759) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1474.436 |
1963.178 |
1182.644 |
|
Profit |
(17.909) |
(109.613) |
(416.921) |
|
|
(1.21%) |
(5.58%) |
(35.25%) |
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 |
No |
|
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 |
No |
|
26 |
Turnover of firm for last three financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
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 |
Note:
The registered address of the company has been shifted from the 301 to
308, 3rd Floor, Silver Oaks Building, Mahalaxmi Cross Road, Paldi,
Ahmedabad – 380007, Gujarat, India to the present address w.e.f. 22.12.2012
GENERAL
INFORMATION
Subject engaged in the business of manufacturing and turnkey supply of Micro Irrigation System (Drip Irrigation and Sprinkler Irrigation System, a range of PE Pipes (HDPE, LLDPE, PVC etc.) and the turnkey contractors for the specialized contracts relating to pipeline projects with focus on Irrigation, underwater and water supply and Sewerage Pipelines
FINANCIAL PERFORMANCE
During the year the company reported a turnover of Rs.1180.000 Million. The figures are not strictly comparable to the previous year which comprised of a 15 month period. The comparative turnover for the period July 2013 to June 2014 was lower by Rs. 210.000 Million as compared to the sales during the period July 2012 to June 2013. Poor market situation primarily owing to drought like situation in initial monsoon months coupled with the elections to the Lok Sabha led to a reduction in sales of Micro Irrigation systems (MIS). MIS is a subsidy based product with significant seasonal impact and implementation of election code of conduct from early March until later part of May significantly affected sales during the Prime sales period. In fact the company lost the entire season of demand for its product owing to closure of order window by the respective state governments during this period. Industrial products division turned in a better performance yet could not recoup the losses in Agricultural segment both in terms of topline and bottom-line. Project division did not enter into any fresh contracts during the year and has concluded all contracts on hand.
Whilst the lower turnover had a significant impact on margins, increasing cost of Raw Material also eroded the already depleting margins. Constant representations with various authorities did yield some results with marginal increase in prices by the company’s major customer-Gujarat Green Revolution Company. However nonstarter sales in the peak demand season of Feb - May denied the company of any benefit from such price increase. Situation continued to be equally challenging across other states in terms of selling prices.
The Company reported an operating loss of Rs. 71.200 Million as against a profit of Rs. 89.300 Million during the previous year. Interest outgo was significantly lower at Rs.82.100 Million and the company reported a Loss before Tax and Exception items of Rs.199.200 Million. The Company has during the year made provisions against its investments and receivables in Bali Industries India Private Limited, amounting to Rs.188.400 Million. The effects of all such exceptional items along with a Deferred Tax asset write off of Rs.13.100 Million, led to a reported Net Loss of Rs. 391.000 Million.
REVIEW OF OPERATIONS
The Company primarily operates in the Micro Irrigation Sector. This is a working capital intensive business as the debtor recovery cycle is dependent on release of subsidy funds from the state level authorities. The company is thus cautiously increasing its exposure in this segment, identifying the best opportunities and capitalizing on them. However, margin is under pressure with huge increase in input cost of raw material.
The Company also expects to capitalize on the Emtelle’s expertise in Ducted Network Solutions. Efforts are underway to create the infrastructure for micro duct line and discussion with prospective customers for manufacture and supply of micro duct are on.
The shareholders have pledged their support to the company’s endeavor and a Capital of INR 285.000 Million was infused in the financial year 2013-14. The Company has become a 100% wholly owned subsidiary of Emtelle Group a foreign company effective 25th Nov 2013.
CURRENT YEAR OUTLOOK
The outlook for the year is promising. GGRC, the nodal agency for Micro irrigation system implementation has forecasted about 18,000 Hectares for our Company under the subsidy scheme to farmers. Besides the company has bagged MIS supply and installation contract from GWRDC worth Rs.310.000 Million. The new States of Andhra Pradesh and Telangana have evinced great interest in propagating MIS and has started implantation of a scheme in line with GGRC. The company is continuously exploring opportunities across the states of Tamilnadu, Karnataka and Maharashtra which offers opportunities to rapidly scale up the operations.
Telecom PLB duct orders are also being explored primarily from Export markets. The Company is exploring markets in Middle East, Africa and Asia Pacific Rim and have been successful in executing orders in these markets. The market is huge but competitive and the company is pulling all stops to meet the stringent quality and price requirements of these markets.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
30.06.2014 (12 Months) |
30.06.2013 (15 Months) |
|
LONG TERM
BORROWING |
|
|
|
Deposits from directors |
0.000 |
36.470 |
|
Loans and advances from related parties |
0.596 |
0.000 |
|
Other loans and advances |
0.000 |
0.696 |
|
Total |
0.596 |
37.166 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10184850 |
19/03/2014 * |
42,598,291.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 2, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA |
C14081129 |
|
2 |
10097961 |
25/03/2008 |
377,546,000.00 |
State Bank of Saurashtra |
Mid Corporate Branch, "Zodiac" Avenue, Opp. Commissioner's Bunglow, Law Garden, Ahmedabad - 380006, Gujarat, INDIA |
A36114015 |
|
3 |
10070372 |
14/02/2014 * |
695,200,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, GUJARAT BHAWAN, ELLISBRIDGE, AHMEDABAD - 380006, Gujarat, INDIA |
B97516348 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Office Building
- Plant and Equipment
- Factory Equipments
- Furniture and Fixtures
- Vehicles
- Motor Vehicles
- Office Equipment
- Other Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.29 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.