MIRA INFORM REPORT
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Report No. : |
357359 |
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Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED (w.e.f. 08.12.2011) |
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Formerly Known
As : |
SMARTGRID AUTOMATION DISTRIBUTION AND SWITCHGEAR LIMITED |
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Registered
Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office
Jarod, Vadodara – 391510, Gujarat |
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Tel. No.: |
91-120-3940400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
12.03.2011 |
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Com. Reg. No.: |
04-064420 |
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Capital
Investment / Paid-up Capital : |
Rs.478.200 Million |
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CIN No.: [Company Identification
No.] |
L31900GJ2011PLC064420 |
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IEC No.: |
3411005041 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAPCS6078Q |
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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
: |
Subject is engaged in the business of manufacturing,
designing, building and servicing technologically advanced products and
systems for electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. [Confirmed by management] |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a step down subsidiary of “Schneider Electric SA”, France.
It is an established company incorporated in the year 2011 having
satisfactory track record. The company is continuously incurring heavy losses from its
operational activities. However, company receives strong financial and managerial support from
its ultimate parent company. Share price quoted high on stock exchange (Share price Rs. 163.55 with
face value Rs. 2.00) Promoters are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported as slow but correct. In view of strong support from ultimate parent company, the company
can be considered for business dealing 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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Alok |
|
Designation : |
Administrative Department |
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Tel. No.: |
91-120-3940400 |
LOCATIONS
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Registered Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office Jarod,
Vadodara – 391510, Gujarat, India |
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Tel. No.: |
91-120-3940400 / 3898703 |
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Fax No.: |
91-120-3898700 |
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E-Mail : |
company.secretary@schneider-electric.com
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Website : |
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Corporate Office : |
4-7th Floor, Tower 3, IGL Complex, Plot 2B Sector 126,
Noida – 201304, Uttar Pradesh, India |
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Tel. No.: |
91-120-3898703 |
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Fax No.: |
91-120-3898700 |
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E-Mail : |
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Factory 1 : |
Survey No. 215, Gagilapur Village, Qutbullapur Mandal, District
Rangareddy, Hyderabad – 500043, Telangana, India |
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Factory 2 : |
PSS – 58, MIDC Satpur, Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3915100 |
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Factory 3 : |
Technopolis, 3rd Floor, Wing-B, Plot - 4, Block
- BP, Sector - V, Salt Lake City, Bidhan Nagar, Kolkata – 700091, West
Bengal, India |
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Factory 4 : |
Equipment Division Block BN 3, Sector - V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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Factory 5 : |
Automation Division No - 172, Poonamallee, By Pass Road, Poonamalle, Chennai -
600056 |
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Regional Office : |
Unit No. 1141/1142 Building No. 11, 4th Floor, Solitaire
Park, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400059,
Maharashtra, India |
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Regional Offices : |
Located At: · Noida · Kolkata · Mumbai · Bangalore · Secunderabad · Chennai |
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Branch Offices : |
1-8-271 to 273, 401 to 404A, Ashoka Bhoopal Chambers, S P Road,
Secunderabad – 500003, Telangana, India Also Located At: · Chandigarh · Jaipur · Lucknow · Jamshedpur · Guwahati · Bhubaneshwar · Vadodara · Ahmedabad · Nagpur · Pune |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Chairman (Non-Executive) |
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Name : |
Mr. Prakash Kumar Chandraker |
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Designation : |
Managing Director |
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Name : |
Mr. Anil Chaudhry |
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Designation : |
Director |
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Name : |
Mr. Ranjan Pant |
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Designation : |
Director |
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Name : |
Mr. Rajani Kesari |
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Designation : |
Director |
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Date of Appointment : |
22.05.2013 |
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Name : |
Mr. V. S. Vsudevan |
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Designation : |
Director |
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Date of Appointment : |
11.03.2013 |
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Name : |
Mr. Javed Ahmad |
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Designation : |
Director (for the period of 01.08.2013 to 22.05.2014) |
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Name : |
Mr. Alexander Tagger |
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Designation : |
Director |
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Date of Appointment : |
10.07.2013 |
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Name : |
Mr. Manish Jaiswal |
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Designation : |
Director |
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Date of Appointment : |
22.05.2014 |
KEY EXECUTIVES
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Name : |
Mr. Sameet Gambhir |
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Designation : |
Company Secretary |
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Name : |
Mr. Anurag Mantri |
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Designation : |
Chief Financial Officer |
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COMMITTEES OF DIRECTORS : |
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Nomination and Remuneration Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant · Mr. V. S. Vsudevan |
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Corporate Social Responsibility (CSR) Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Risk Management Committee : |
· Mr. Ranjan Pant - Chairman · Mr. V. S. Vsudevan · Mr. Prakash Kumar Chandraker |
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Stakeholder’s Relationship Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Audit Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Ranjan Pant · Mr. Rajani Kesari · Mr. V. S. Vsudevan |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
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|
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|
168735367 |
70.57 |
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|
168735367 |
70.57 |
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|
10592659 |
4.43 |
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|
10592659 |
4.43 |
|
Total
shareholding of Promoter and Promoter Group (A) |
179328026 |
75.00 |
|
(B) Public
Shareholding |
||
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|
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|
11501900 |
4.81 |
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|
108214 |
0.05 |
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|
605 |
0.00 |
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|
8330941 |
3.48 |
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|
478392 |
0.20 |
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|
20420052 |
8.54 |
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|
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|
13265554 |
5.55 |
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|
|
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|
21318624 |
8.92 |
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|
3555940 |
1.49 |
|
|
1215839 |
0.51 |
|
|
709796 |
0.30 |
|
|
7845 |
0.00 |
|
|
438742 |
0.18 |
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|
53801 |
0.02 |
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|
5655 |
0.00 |
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|
39355957 |
16.46 |
|
Total Public
shareholding (B) |
59776009 |
25.00 |
|
Total (A)+(B) |
239104035 |
100.00 |
|
(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 |
|
Total
(A)+(B)+(C) |
239104035 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
designing, building and servicing technologically advanced products and systems
for electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. [Confirmed by management] |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees
: |
400 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.R Batliboi and Company Chartered Accountants |
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Address : |
Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon -
122002, Haryana, India |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding
Company : |
Energy Grid Automation Transformers and Switchgears India Private Limited (formerly known as Energy Grid Automation Transformers and Switchgears India Limited) |
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Ultimate Holding
Company : |
Schneider Electric SA, France |
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Parent of Holding
Company and Others : |
Schneider Electric Singapore Pte. Limited, Singapore |
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Fellow
Subsidiaries : |
· Schneider Electric India Private Limited, India · Schneider Electric Protection-Et Controle, France · Schneider Electric Sachsenwerk Gmbh, Germany · Schneider Electric Services International SPRL, Belgium · Schneider Switchgear (Suzhou) Co. Limited., China · Schneider Electric Energy Poland SP ZOO, Poland · Schneider Electric Energy, France · Schneider Electric (Honk Kong) Limited · Schneider Electric Telecontrol, France · Schneider Electric DMS Ns LLC, Serbia · Schneider Electric Lanka Private. Limited., Sri Lanka · Schneider Electric Overseas Asia PTE Limited, Singapore · Schneider Electric Industries (M) SDN BHD, Malaysia · Schneider Electric Energy Manufacturing Italia Srt, Italy · Schneider Electric Energy UK Limited, United Kingdom · Schneider Electric Turkey · Schneider Electrik Sanayi ve Ticaret AS, Turkey · Telvent Energia S.A · Telvent Tráfico y Transporte, S.A. · Power Measurement Limited, Canada · Schneider Beijing M & Low Voltage Co, China · Schneider Electric D.O.O., Italy (Schneider Electric Spa, Italy) · Schneider Electric D-O-O- Croatia · Schneider Electric Hudian Switchgear, China · Schneider Electric Indonesia (Pt. Schneider Electric Indonesia) · Schneider Electric Overseas, Singapore · Schneider Electric Taiwan Co Limited · Schneider Electric ADH , Turkey · Shanghai Schneider Electric Power Automation Co Limited-Pcw-Cn China · Schneider Electric South East Asia (HQ) Pte.Limited , Singapore · Schneider (Suzhou) Transformers Co. China · Schneider Electric Canada Inc., Canada · Schneider Electric FZE, Oman (UAE) · Schneider Electric Brazil Ltda, Brazil · Schneider Electric Indonesia PT, Indonesia · Schneider Electric President Systems Limited (formerly known as APW President Systems Limited, India) · Schneider Electric Huadian Switchgear (Xiamen) Co. Limited, China · Schneider Electric Taiwan Company., Limited, Taiwan · Schneider Electric Energy Hungary Limited, Hungary · Schneider Electric (China) Investment Company. Limited., Shanghai · Schneider Electric de Columbia, S.A., Columbia · Schneider Electric Vietnam Limited, Vietnam · Schneider Electric Industries SAS, France · Schneider Electric (Australia) Pty Limited., Australia · Schneider Electric Nigeria Limited, Nigeria · Shanghai Schneider Electric Power Automation Company. Limited, China · Schneider Electric Espana SA, Spain · Schneider Electric Limited, United Kingdom · Vamp Limited, Finland · Manufacturas Electricas SAU, Spain · S.E. Logistics Asia Pte Limited, Singapore · Schneider Electric Centro, USA · Schneider Electric Dms Ns LLC, Siberia · Schneider Electric Energy, Malaysia · Schneider Electric Espana Sau, Spain · Schneider Electric Industries ,UAE · Schneider Electric Industries (M), Malaysia · Schneider Electric Mexico · Shanghai Schneider Electric Power - CN5001, China · Schneider Electric IT Business India Private.Limited |
CAPITAL STRUCTURE
AS ON 11.08.2015
Authorised Capital: Rs. 1000.000 Million
Issued, Subscribed & Paid-up Capital: Rs.948.208 Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Million |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239,104,035 |
Equity Shares |
Rs.2/- each |
Rs.478.210 Million |
|
|
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a.
Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
b. Shares held by
Holding Company and Parent of Holding Company
|
Particulars |
March 31, 2015 |
|
|
Number of shares (in Million) |
Amount (in Million) |
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
337.470 |
|
Schneider Electric Singapore Pte. Limited, Parent of Holding Company |
10.590 |
21.180 |
c. Reconciliation of
the equity shares outstanding at the beginning and at the end of the reporting
year
|
Particulars |
March 31, 2015 |
|
|
Number of shares (in Million) |
Amount (in Million) |
|
|
Outstanding at the beginning of the year |
239.100 |
478.210 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
239.100 |
478.210 |
d. Details of shareholders
holding more than 5% shares in the company
|
Particulars |
March 31, 2015 |
|
|
Number of shares (in Million) |
Percentage (%) |
|
|
Equity shares of Rupees 2/- each fully paid: |
|
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
70.57% |
As per of the 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 |
478.210 |
478.210 |
478.210 |
|
(b) Reserves & Surplus |
372.180 |
657.580 |
1906.850 |
|
(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) |
850.390 |
1135.790 |
2385.060 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1900.000 |
1900.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
196.500 |
144.080 |
244.660 |
|
Total Non-current
Liabilities (3) |
2096.500 |
2044.080 |
244.660 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
962.700 |
696.630 |
2341.380 |
|
(b) Trade
payables |
7644.880 |
6646.820 |
6154.590 |
|
(c) Other
current liabilities |
1156.340 |
513.860 |
1767.110 |
|
(d) Short-term provisions |
753.450 |
791.880 |
158.060 |
|
Total Current
Liabilities (4) |
10517.370 |
8649.190 |
10421.140 |
|
|
|
|
|
|
TOTAL |
13464.260 |
11829.060 |
13050.860 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1945.470 |
1755.600 |
1932.590 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
10.090 |
190.840 |
56.510 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
114.230 |
114.230 |
|
(d)
Long-term Loan and Advances |
281.810 |
224.770 |
533.080 |
|
(e) Other
Non-current assets |
212.450 |
402.870 |
88.750 |
|
Total Non-Current
Assets |
2449.820 |
2688.310 |
2725.160 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2118.280 |
2014.950 |
1497.200 |
|
(c) Trade
receivables |
6909.390 |
6073.710 |
7556.800 |
|
(d) Cash
and cash equivalents |
544.820 |
11.230 |
43.940 |
|
(e)
Short-term loans and advances |
1204.760 |
916.790 |
1088.070 |
|
(f) Other
current assets |
237.190 |
124.070 |
139.690 |
|
Total
Current Assets |
11014.440 |
9140.750 |
10325.700 |
|
|
|
|
|
|
TOTAL |
13464.260 |
11829.060 |
13050.860 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13103.130 |
12156.510 |
13104.130 |
|
|
|
Other Income |
697.380 |
450.330 |
68.310 |
|
|
|
TOTAL (A) |
13800.510 |
12606.840 |
13172.440 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material & components consumed |
9634.200 |
9064.200 |
9073.920 |
|
|
|
(Increases) / Decreases in inventories of finished goods
& work in progress |
120.860 |
(336.440) |
(92.540) |
|
|
|
Employee benefits expenses |
1516.960 |
1434.690 |
1482.690 |
|
|
|
Other expenses |
2066.080 |
2833.250 |
2311.200 |
|
|
|
Exceptional Item |
0.000 |
373.000 |
100.000 |
|
|
|
TOTAL (B) |
13338.100 |
13368.700 |
12875.270 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
462.410 |
(761.860) |
297.170 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
384.960 |
260.320 |
259.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.450 |
(1022.180) |
37.660 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
248.620 |
227.090 |
318.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(171.170) |
(1249.270) |
(280.680) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
114.230 |
0.000 |
3.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(285.400) |
(1249.270) |
(284.590) |
|
|
|
|
|
|
|
|
|
Add |
Previous
Years’ Balance Brought Forward |
(1287.300) |
(38.030) |
246.560 |
|
|
|
|
|
|
|
|
|
|
Balance Carried
To The B/S |
(1572.700) |
(1287.300) |
(38.030) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Export |
819.060 |
546.580 |
1039.900 |
|
|
|
Other Services Income |
195.680 |
149.070 |
315.070 |
|
|
TOTAL EARNINGS |
(1858.100) |
695.650 |
1354.970 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2659.490 |
2173.090 |
2061.850 |
|
|
|
Components and Spares parts |
4.770 |
0.000 |
1.120 |
|
|
|
Capital Goods |
0.360 |
0.000 |
9.310 |
|
|
TOTAL IMPORTS |
2664.620 |
2173.090 |
2072.280 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.19) |
(5.22) |
(1.19) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
470.000 |
NA |
NA |
|
Cash generated from operations |
279.750 |
206.070 |
546.660 |
|
Net cash flow from (used in) operation |
253.650 |
189.48 |
376.31 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.18) |
(10.28) |
(2.170 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.53 |
(6.27) |
2.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.27) |
(10.84) |
(10.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(1.10) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.37 |
2.29 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.06 |
0.99 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 163.55/- |
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 |
478.210 |
478.210 |
478.210 |
|
Reserves & Surplus |
1906.850 |
657.580 |
372.180 |
|
Net
worth |
2385.060 |
1135.790 |
850.390 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1900.000 |
1900.000 |
|
Short term borrowings |
2341.380 |
696.630 |
962.700 |
|
Total
borrowings |
2341.380 |
2596.630 |
2862.700 |
|
Debt/Equity
ratio |
0.982 |
2.286 |
3.366 |
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 |
13104.130 |
12156.510 |
13103.130 |
|
|
|
(7.231) |
7.787 |
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 |
13104.130 |
12156.510 |
13103.130 |
|
Profit |
(284.590) |
(1249.270) |
(285.400) |
|
|
(2.17%) |
(10.28%) |
(2.18%) |
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 |
No |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
PERFORMANCE REVIEW:
The year 2014-2015 was a year of cautious treading of their company. Looking at the meagre growth in the power generation sector market and the weak signs of revival at the beginning of the year, the company had strategically made dynamics on the performance of the company. We maintained leadership position in the MV market they operate in. this was made possible by their persistent efforts in meeting the customer needs through innovation and improved organizational operational efficiency.
Sales in 2014-2015 stood at 13103.000 million as against 12156.000 million INR during the same period last year, translating into 7.8 percent growth.
The focus of SEIL remained as always on “Providing customers with products and solutions that achieve maximum efficiency with minimum energy usage”. This has helped the company to further strengthen its position, even in an uncertain market environment. Identifying the potential of the future trend of smart integrated solutions, the company has also created a portfolio of smart products and solutions through deep engagement with different segments of customers. Smart integrated solutions are going to be the future and SEIL is already positioning itself to be the pioneer in this segment.
During 2014-2015, SEIL focus was on providing its customers with digitized solutions adapted and suited to their specific needs. The customer centric approach of the company, which is the DNA of the group, has also helped in exploring newer avenues for value creation.
The year has seen the company gaining recognition and confidence from both its customers and stakeholders. Providing increasingly reliable, safe and environment friendly offers allowed the company to realize a healthy mix of trend setting technological orders and business as usual orders.
Employees are the most valuable assets of SEIL. They create value the helps their company achieve its goals and retain its market leader position. We lunched several training and engagement initiatives to further enhance their competencies. The workforce remains focused on creating value for the customers and stakeholders.
MANAGEMENT AND
DISCUSSION ANALYSIS REPORTZ
ECONOMIC OVERVIEW
Indian economy has faced many challenges successfully in recent times and is expected to grow strong on the back of policy reforms and atmosphere of new optimism. In the recent past, the economy faced testing times with issues like lower growth, high levels of inflation and widening current account deficit; escalated recovery was impacted in critical sectors like conventional power generation, steel and cement.
OUTLOOK
The investment climate is positive in the power sector. There is a tangible shift in policy focus on the sources of power. The government is keen on promotion of renewable projects, as well as adoption of clean coal technology with focus on sustainability. The “Make in India” initiative by the new government has boosted the growth expectations in many different sectors of the market. The infrastructure segment is expected to attract global investments and participation especially in the development of smart cities, defence and transport sector. Renewable energy holds immense potential for growth and can change the power sector dynamics at a fundamental level.
UNSECURED LOANS
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Schneider Electric IT Business India Private Limited |
1900.000 |
1900.000 |
|
SHORT TERM
BORROWING |
|
|
|
Cash credit from banks |
97.070 |
275.190 |
|
Short Term loan from banks |
350.00 |
250.000 |
|
Foreign currency loan from banks |
515.630 |
171.440 |
|
|
|
|
|
Total |
2862.700 |
2596.630 |
|
|
|
|
|
NOTE LONG
TERM BORROWINGS a. Loan taken from Schneider Electric IT Business India Private Limited carries interest rate of 8.30% per annum (March 31, 2014 interest rate at 7.50% per annum). The loan is repayable within 30 months from the date of loan i.e. March 27, 2014. b. Loan taken from Energy Grid Automation Transformers and Switchgears India Private Limited carries interest rate of 7.50% per annum The loan is repayable within 375 days from the date of loan i.e. April 19, 2014. SHORT TERM
BORROWINGS a. Cash credit is repayable on demand and carries interest @ 9.50% to 10.00% per annum. b. Short term loan from banks carries interest rate of 9.5% and payable within 142 to 146 days from the balance sheet date. c. Foreign currency loan from banks carries interest rate
of LIBOR plus 0.20% to 0.50% and payable within 37 to 176 days from the
balance sheet date |
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(Rs. in Million)
|
Sr. No |
PARTICULARS |
Quarter Ended 30.09.2015 Unaudited |
Quarter Ended 30.06.2015 Unaudited |
Nine Months Ended 30.09.2015 Unaudited |
|
1 |
Income
from operations |
|
|
|
|
a |
Net Sales of traded goods and Services |
2817.600 |
3313.000 |
6130.500 |
|
b |
Other Operating Income |
12.300 |
14.700 |
27.000 |
|
|
Total
Income from operations |
2829.900 |
3327.700 |
6157.600 |
|
|
Expenses: |
|
|
|
|
|
a) Cost of materials
consumed |
2120.800 |
2577.800 |
4698.600 |
|
|
b) Purchase of
stock-in-trade |
-- |
-- |
-- |
|
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(222.200) |
(217.200) |
(439.400) |
|
|
d) Employee benefits
expense |
402.400 |
393.400 |
795.800 |
|
|
e) Depreciation and
amortisation expense |
63.600 |
64.600 |
126.200 |
|
|
f) Power and Fuel Charges |
-- |
-- |
-- |
|
|
g) Other expenses |
437.200 |
545.700 |
982.900 |
|
|
Total |
2801.800 |
3364.300 |
6166.100 |
|
|
|
|
|
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
28.100 |
(36.600) |
(8.500) |
|
4 |
Other Income |
69.800 |
35.000 |
104.800 |
|
5 |
Profit before Interest and Exceptional Items (3+4) |
97.900 |
(1.600) |
(226.600) |
|
6 |
Finance costs |
121.800 |
117.200 |
238.800 |
|
7 |
Profit after Interest but before Exceptional Items (5-6) |
(23.700) |
(116.600) |
(313.500) |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from Ordinary Activities before tax |
(23.700) |
(116.600) |
(313.500) |
|
10 |
Tax Expense |
-- |
-- |
-- |
|
11 |
Net Profit from ordinary Activities after tax (9-10) |
(23.700) |
(116.600) |
(313.500) |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit for the period (11-12) |
(23.700) |
(116.600) |
(313.500) |
|
14 |
Paid-up
equity share capital (Face value of Rs.10/- per share) |
478.200 |
478.200 |
478.200 |
|
15 |
Reserves excluding Revaluation Reserve as per
balance sheet of previous accounting year |
|
|
|
|
16 |
Earnings
per share (EPS). Basic
and diluted EPS (Rs.) |
(0.12) |
(0.57) |
(0.67) |
|
|
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
-Number
of shares |
59776009 |
59776009 |
59776009 |
|
|
-% of Holding |
25.00 |
25.00 |
25.00 |
|
|
|
|
|
|
|
|
Promoters
and Promoter group Shareholding |
|
|
|
|
|
a
Pledged/Encumbered |
|
|
|
|
|
-Number
of Shares |
-- |
-- |
-- |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter
and promoter group) |
-- |
-- |
-- |
|
|
-Percentage of Shares (as
a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b
Non-encumbered |
|
|
|
|
|
-Number
of Shares |
179328026 |
179328026 |
179328026 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
75.00 |
75.00 |
75.00 |
|
|
|
|
|
|
|
|
B
Investor Complaints (Nos.) |
|
|
|
|
|
Pending
at the beginning of the quarter |
-- |
|
|
|
|
Received
during the quarter |
3 |
|
|
|
|
Disposed
of during the quarter |
3 |
|
|
|
|
Remaining
unresolved at the end of the quart |
-- |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY
AND LIABILITIES |
|
|
1 |
Shareholder’s
Funds |
|
|
|
a)
Share Capital |
948.200 |
|
|
b)
Reserves & Surplus |
212.400 |
|
|
c)
Money received against share warrants |
0.000 |
|
|
Sub
Total- Shareholders funds |
1160.600 |
|
2 |
Share
application money pending allotment |
|
|
3 |
Minority
Interest |
|
|
4 |
Non-current
liabilities |
|
|
|
(a)
Long term borrowings |
1900.000 |
|
|
(b)
Deferred tax liabilities (net) |
0.000 |
|
|
fc)
Long term provisions |
180.500 |
|
|
Sub
Total- Non Current Liabilities |
2080.500 |
|
5 |
Current
liabilities |
|
|
|
(a)
Short term borrowings |
1021.600 |
|
|
(b)
Trade Payables |
6764.900 |
|
|
(c)
Other current liabilities |
691.700 |
|
|
(d)
Short term provisions |
714.000 |
|
|
Sub
Total- Current Liabilities |
9192.200 |
|
|
TOTAL-EQUITY
AND LIABILITIES |
12433.300 |
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a)
Fixed assets |
1933.600 |
|
|
(b)
Trade Payable |
185.900 |
|
|
(c)
Long term loans and advances |
359.400 |
|
|
Sub-Total-
Non-current assets |
2478.900 |
|
2 |
Current
assets |
|
|
|
a)
Current Investments |
0.000 |
|
|
b)
Inventories |
2854.800 |
|
|
c)
Trade Receivables |
5900.100 |
|
|
d)
Cash and cash equivalents |
71.200 |
|
|
(e)
Short term loans and advances |
1273.900 |
|
|
(f)
Other current assets |
54.400 |
|
|
Sub-Total-
current assets |
9954.400 |
|
|
TOTAL
ASSETS |
12433.300 |
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Leasehold
Improvement
- Building
- Plant and
Equipments
- Furniture and
Fixture
- Motor
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 66.14 |
|
UK Pound |
1 |
Rs. 98.96 |
|
Euro |
1 |
Rs. 72.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO / GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
46 |
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.