MIRA INFORM REPORT
|
Report No. : |
303231 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EIMCO ELECON (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Anand Sojitra Road, Vallabh Vidyanagar, Anand – 388120,
Gujarat |
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|
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
31.07.1974 |
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|
|
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Com. Reg. No.: |
04-002574 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.57.684 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29199GJ1974PLC002574 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDE00193E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE4645C |
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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
: |
Manufacturing, Marketing and Servicing Equipment for Mining and
Construction. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of experienced promoters, the company can be considered good for
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating=AA- |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
19.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and low credit
risk. |
|
Date |
19.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-2692-230602)
LOCATIONS
|
Registered Office : |
Anand Sojitra Road, Vallabh Vidyanagar, Anand – 388120,
Gujarat, India |
|
Tel. No.: |
91-2692-230502 / 230602 / 230902 |
|
Fax No.: |
91-2692-236506 |
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E-Mail : |
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Branch Offices : |
Asansol 140, G T Road, Murgasol, Asansol - 713 303, District : Burdwan, West Bengal, India Phone :91-341-2205901 Fax : 91-341-2202038 E-mail : salesasn@asnemtici.elecon.com Bilaspur Vyapar Vihar, Plot No. : 113, Zone : 1, Ring Road, Bilaspur – 495 001, Chhattisgarh, India Phone : 91-7752-228922 Fax : 91-7752- 223188 E-mail : salesbil@bilemtici.elecon.com Dhanbad Besides Office and Tubes and Structurals, Phone : 91-326-2306283 Fax : 91-326-2302320 E-mail : salesdhn@dhnemtici.elecon.com Kolkata 68, Sarat Bose Road, Kolkata - 700 025, West Bengal, India Phone : 91-33-24761861 Fax : 91-33-24761831 E-mail : salescal@calemtici.elecon.com 101/104, "Shree Mohini" Complex, 1st Floor, 345, Kingsway, Nagpur - 440 001, Maharastra, India Phone : 91-712-2540771 Fax : 91-712-2554982 E-mail : salesnag@nagemtici@elecon.com Secunderabad 503, Chenoy Trade Centre, 116, Parklane, Secunderabad - 500 003, Andhra Pradesh, India Phone -91- 40-27844748 Fax : (040) 27848317 E-mail : salessec@secemtici.elecon.com Bangalore AA3, 1st Floor, "Ca", Imperial Court Apartments, 33/1, Cunningham Road, Bangalore - 560 052 ,Karnataka, India Phone : 91-80-2260219 Fax : 91-80-2281834 E-mail : salesbgl@blgemtici.elecon.com Chennai 3rd Floor, East Coast Centre, 553, Phone : 91-44-24349237 Fax : 91-44-24349643 E-mail : salesmad@mademtici.elecon.com Siroman Nagar, Phone :91-657-2361837 Fax : 91-657-2428015 E-mail : salesjmp@jmpemtici.elecon.com Mumbai Apeejay House, 1st Floor, Dinshaw Vachha Road, Churchgate
Reclamation, Mumbai - 400 020, Maharashtra, India Phone : 91-22-22821315 Fax : 91-20-22870791 E-mail : salesbom@bomemtici.elecon.com 418, 4th Floor, World Trade Centre, Babbar Road, New Delhi
- 110001, India Phone :91-11- 23414339 Fax : 91-11-23709046 E-mail : salesdel@delemtici.elecon.com
|
DIRECTORS
AS ON 31.03.2014
|
Name : |
|
|
Designation : |
Chairman |
|
|
|
|
Name : |
|
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. P.C. Amin |
|
Designation : |
Director |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vihang Virkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nirmal
Bhogilal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nalin M. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. G. Rao |
|
Designation : |
Whole time
Director |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Company
Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
17796 |
0.31 |
|
|
2799849 |
48.54 |
|
|
6275 |
0.11 |
|
|
6275 |
0.11 |
|
|
2823920 |
48.96 |
|
|
|
|
|
|
1447875 |
25.10 |
|
|
1447875 |
25.10 |
|
Total shareholding of Promoter and Promoter Group (A) |
4271795 |
74.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
276428 |
4.79 |
|
|
205 |
0.00 |
|
|
276633 |
4.80 |
|
|
|
|
|
|
183695 |
3.18 |
|
|
|
|
|
|
855545 |
14.83 |
|
|
157988 |
2.74 |
|
|
22729 |
0.39 |
|
|
5172 |
0.09 |
|
|
16107 |
0.28 |
|
|
1450 |
0.03 |
|
|
1219957 |
21.15 |
|
Total Public shareholding (B) |
1496590 |
25.94 |
|
Total (A)+(B) |
5768385 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5768385 |
0.00 |
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Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Elecon Engineering Company Limited |
9,58,426 |
16.62 |
|
Prayas Engineering Limited |
37,500 |
0.65 |
|
Emtici Engineering Limited |
8,18,303 |
14.19 |
|
Power Build Limited |
16,050 |
0.28 |
|
Bipra Investments & Trusts Private |
1,88,205 |
3.26 |
|
Devkishan Investments Private Limited |
1,20,900 |
2.10 |
|
Elecon Information Technology Limited |
1,47,550 |
2.56 |
|
K B Investments Private Limited |
4,87,015 |
8.44 |
|
Akaaish Mechatronics Limited |
25,900 |
0.45 |
|
Prayasvin Bhanubhai Patel |
7,728 |
0.13 |
|
Prayasvin Patel |
9,618 |
0.17 |
|
Prayasvin Patel |
450 |
0.01 |
|
Taruna Patel |
5,000 |
0.09 |
|
Prashant C Amin |
1,275 |
0.02 |
|
Tamrock Great Britain Holding Limited |
14,47,875 |
25.10 |
|
Total |
42,71,795 |
74.06 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
HDFC Trustee Company Limited A/c HDFC |
276428 |
4.79 |
|
Mitesh N Mehta |
96000 |
1.66 |
|
Total |
372428 |
6.46 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Marketing and Servicing Equipment for Mining and
Construction. |
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Products / Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of India, Anand, Gujarat, India |
|
|
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Facilities : |
-- |
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|
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|
Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
Messrs Talati and Talati Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Cost Accountants
: |
|
|
Name : |
Messrs Y. S. Thakar and Company Cost Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
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Membership : |
-- |
|
|
|
|
Collaborators : |
·
Sandvik AB, Sweden ·
Tamrock Great Britain Holdings Limited, U.K. |
|
|
|
|
Associates : |
·
Wizard Fin Cap Limited ·
Eimco Elecon Electricals Limited |
|
|
|
|
Joint Ventures : |
·
Elecon Engineering Company Limited |
|
|
·
|
|
Enterprises over
which have significant influence : |
·
EMTICI Engineering Limited ·
Prayas Engineering Limited ·
Power Build Limited ·
Elecon EPC Projects Limited ·
Elecon Information Technology Limited ·
Madhubhan Prayas Resorts Limited ·
Akkaish Mechatronics Limited ·
Speciality Woodpack Private Limited ·
Elecon Peripherals Limited ·
Bipra Investment & Trusts Private Limited ·
Devkishan Investments Private Limited ·
K.B.investment Private Limited ·
Eleccon Australia Pty. Limited ·
Elecon Africa Pty. Limited ·
Elecon Singapore Pte. Limited ·
Elecon Middle East FZCO ·
Elecon Engineering (Suzhou) Co. Limited ·
Elecon Transmission International Limited ·
Power Build Transmission International Limited ·
Elecon UK Transmission Limited ·
Elecon USA Transmission Limited ·
David Brown System Sweden AB, Sweden ·
AB Benzlers , Sweden ·
Benzler Technisch Buro Aandrijftechniek B.V. (The
Netherland) ·
Banzler Transmission A.S. (Denmark) ·
Benzler Andtriebstech nik GmbH, Germany ·
OY Benzler AB (Finland) ·
Radicon Transmission (Thailand) Limited ·
Radicon Transmission System (Thailand) Limited ·
Radicon Transmission (Australia) Pty. Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5768386 |
Equity Shares |
Rs. 10/- each |
Rs.57.684 Millions |
|
|
|
|
|
Reconciliation of the Shares outstanding at the beginning and at the end
of the reporting period:
|
Equity Shares |
Number
of Shares |
|
Number of shares at the beginning |
5768385 |
|
Number of shares at the end |
5768385 |
|
Amount of Share Capital at the beginning |
577 |
|
Amount of Share Capital at the end |
577 |
Details of Shareholders holding more than 5% equity shares:
|
Name of
Shareholder |
Number
of Shares |
|
Elecon Engineering Company Ltd. (16.62%) |
958426 |
|
EMTICI Engineering Limited. (14.19%) |
818303 |
|
K. B. Investments Private Limited. (8.44%) |
487015 |
|
Tamrock Great Britain Holdings Limited. (25.10%) |
1447875 |
Terms / Rights attached to Shares
The Company has
only one class of shares referred to as Equity Shares having a par value of
Rs.10/- per Share. Each holder of equity shares is entitled to one vote per
share.
The Company
declares and pays dividend in Indian rupees. The dividend proposed by Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended 31st March, 2013 the amount of dividend per share recognised as
distribution to equity shareholders was Rs.4/-.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the company, after distribution of all
preferential amounts. However, no such preferential amount exists currently.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
57.684 |
57.684 |
57.684 |
|
(b) Reserves & Surplus |
1816.835 |
1642.175 |
1517.817 |
|
(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) |
1874.519 |
1699.859 |
1575.501 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1.944 |
6.472 |
11.101 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.191 |
5.277 |
5.694 |
|
Total Non-current
Liabilities (3) |
7.135 |
11.749 |
16.795 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
243.173 |
162.901 |
166.704 |
|
(c) Other
current liabilities |
74.249 |
30.787 |
37.556 |
|
(d) Short-term
provisions |
48.619 |
45.963 |
45.199 |
|
Total Current
Liabilities (4) |
366.041 |
239.651 |
249.459 |
|
|
|
|
|
|
TOTAL |
2247.695 |
1951.259 |
1841.755 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
144.851 |
141.129 |
198.861 |
|
(ii)
Intangible Assets |
20.468 |
25.735 |
21.699 |
|
(iii)
Capital work-in-progress |
9.615 |
21.063 |
0.561 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
129.850 |
132.597 |
53.531 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.165 |
15.558 |
20.953 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
334.949 |
336.082 |
295.605 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
578.238 |
489.344 |
443.962 |
|
(b)
Inventories |
253.400 |
542.596 |
422.618 |
|
(c) Trade
receivables |
957.191 |
482.291 |
507.127 |
|
(d) Cash
and cash equivalents |
39.633 |
35.950 |
43.616 |
|
(e)
Short-term loans and advances |
84.284 |
64.996 |
128.827 |
|
(f) Other
current assets |
0.000 |
0.000 |
|
|
Total
Current Assets |
1912.746 |
1615.177 |
1546.150 |
|
|
|
|
|
|
TOTAL |
2247.695 |
1951.259 |
1841.755 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1933.935 |
1715.664 |
1779.852 |
|
|
|
|
Other Income |
43.970 |
40.033 |
27.222 |
|
|
|
|
TOTAL (A) |
1977.905 |
1755.697 |
1807.074 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
571.354 |
654.153 |
715.308 |
|
|
|
|
Purchase of Stock-in-trade |
319.229 |
325.965 |
247.538 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
176.538 |
(79.575) |
112.105 |
|
|
|
|
Employee Benefits Expenses |
104.802 |
104.186 |
100.784 |
|
|
|
|
Research and Development Expenses |
28.459 |
17.071 |
17.263 |
|
|
|
|
Exceptional Item |
0.000 |
0.000 |
-89.883 |
|
|
|
|
Other Expenses |
443.070 |
475.938 |
390.347 |
|
|
|
|
TOTAL (B) |
1643.452 |
1497.738 |
1493.462 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
334.453 |
257.959 |
313.612 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
2.959 |
4.050 |
4.933 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
331.494 |
253.909 |
308.679 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
51.133 |
52.460 |
53.104 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
280.361 |
201.449 |
255.575 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
78.706 |
50.096 |
52.295 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
201.655 |
151.353 |
203.280 |
||
|
|
|
|
|
|
||
|
Add |
Previous
Years’ Balance Brought Forward |
36.003 |
36.645 |
35.182 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
180.000 |
125.000 |
175.000 |
|
|
|
|
Proposed Dividend |
23.074 |
23.074 |
23.074 |
|
|
|
|
Tax on Proposed Dividend |
3.921 |
3.921 |
3.743 |
|
|
|
BALANCE CARRIED
TO THE B/S |
30.663 |
36.003 |
36.645 |
||
|
|
|
|
|
|
||
|
|
Earnings in
foreign currency FOB value of sales |
0.171 |
1.957 |
1.957 |
||
|
|
|
|
|
|
||
|
|
Imports – Components
and Spares |
178.841 |
292.221 |
261.285 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
34.96 |
26.24 |
35.24 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
205.500 |
496.900 |
|
Total Expenditure |
|
180.800 |
450.400 |
|
PBIDT (Excluding Other Income) |
|
24.700 |
46.500 |
|
Other Income |
|
06.600 |
09.000 |
|
Operating Profit |
|
31.400 |
55.500 |
|
Interest |
|
00.500 |
00.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
30.800 |
54.600 |
|
Depreciation |
|
12.600 |
10.000 |
|
Profit Before Tax |
|
18.300 |
44.600 |
|
Tax |
|
04.400 |
11.000 |
|
Profit After Tax |
|
13.900 |
33.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
10.43 |
8.82 |
11.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.29 |
15.04 |
17.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.30 |
11.21 |
14.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.23 |
6.74 |
6.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Share Capital |
57.684 |
57.684 |
57.684 |
|
Reserves & Surplus |
1517.817 |
1642.175 |
1816.835 |
|
Net
worth |
1575.501 |
1699.859 |
1874.519 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20303231_MIRA%2015-Jan-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1779.852 |
1715.664 |
1933.935 |
|
|
|
(3.606) |
12.722 |
%20LIMITED%20-%20303231_MIRA%2015-Jan-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1779.852 |
1715.664 |
1933.935 |
|
Profit |
203.280 |
151.353 |
201.655 |
|
|
11.42% |
8.82% |
10.43% |
%20LIMITED%20-%20303231_MIRA%2015-Jan-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT IS NOT AVAILABLE.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE
During the year,
the Company has achieved the turnover of Rs.1977.905 Millions (previous year
Rs.1755.697 Millions). The net profit stood at Rs.201.655 Millions (previous
year Rs.151.353 Millions).
MANAGEMENT’S
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
COAL MINING
INDUSTRY
India’s current
growth prospects continue to depend on a most abundant fossil fuel i.e. Coal as
it accounts for 55% of the country’s energy need. Commercial primary energy
consumptions in India has grown by about 700% in the last four decades and is
expected to rise driven by rising population, expanding economy and a quest for
improved quality of life. Apart from this considering limited reserve
potentiality of petroleum and natural gas, eco-conservation restrictions on
hydel projects and geo-political perception of nuclear power, coal will
continue to occupy centre stage of India’s energy scenario.
India’s Coal Reserves have
increased by more than 20 billion tons in the last three years and stood at
around 123 billion tons as of April 2013. At the current level of production,
the reserves are likely to sustain for more than two centuries, compared to the
global average of 112 years.
For India, Coal reserves
are not a problem. The real issue is exploiting these reserves as in spite of
abundant availability we have not been able to become self-dependent so far and
imports for thermal as well coking coal are going up every year. India’s Coal
imports may cross 170 MT during
2013-14 and outflow of
substantial foreign exchange is envisaged in future on import of thermal as
well as coking coal due to mismatch of production and demand. Major producer of
Coal-Coal India Limited which accounts for 80% of domestic coal production is
likely to miss its target of 462 MT during fiscal year 2013-14 and the same
fate is experienced by the 2nd largest producer – Singareni Collieries Co.
Limited who have also fallen short of target due to various natural as well as
technical reasons.
Ever since the Coal Sector
was nationalized, miners in India have had taken recourse to the easy way of
surface mining, which is not only cheap, but also requires little skills and is
a less risky proposition compared to underground mining. The share of
underground mining has steadily reduced over the decades and continues to
decline till now. Unless there is a serious attention and efforts on
underground mining, the vast reserves of coal lying in depths may not really
come to any use ever.
FUTURE SCENARIO
Coal India Limited. the
major producer of coal having plan to produce 615 MT by the terminal year of
the 12th plan (2016-17) and further plans to expand it to 795 MT by 2021-22 of
the terminal year of 13th Plan have taken many steps to meet targets such as
offering coal blocks for mining by private players. Implementation of these
steps will largely depend on speedy clearances by the regulatory bodies.
The Company has been able
to tap business from all private players engaged in coal and non-coal mining
operations for range of products manufactured. The Company has future plans to
diversify from mining equipment business of other mining related systems used
in the Indian mining industry. The Company has already received a contract for
installation of Chair Lift Man Riding System for trails in one of the Coal mine
of Coal India Limited for faster and safe movement of miners and after
successful run of this system, it expects to enter into this business in a big
way.
CONSTRUCTION EQUIPMENT
INDUSTRY
Infrastructure has become a
buzz word in the last couple of years in the Indian economy. There
exists a huge growth potential of investments in raising the overall good
infrastructure of our country which is at its nascent stage at the
moment. Moreover, good infrastructure acts as a catalyst in industrial
& overall growth of the nation.
A great emphasis, being put
on for good infrastructure to help industry by the Government, has opened new
avenues of investment in the infrastructure sectors.
Growing urbanization,
increasing affordability, better availability of financing and an urge for time
bound execution of products, will fundamentally spur up the demand for
construction equipment. Even the Government has kept an ambitious target of 1
trillion dollar of investment in infrastructure projects in its 12th
Five Year Plan. Based on the recent projections, the ECE (Earthmoving &
Construction Equipment) market is expected to grow by a healthy 20 to 25
percent over the next few years.
FUTURE SCENARIO
Excited with the expected
growth various Global manufacturers have put their stake by investing in the
Indian Construction Equipment Industry over a period of last 5 to 6 years that
include some of the big names from Japan, USA, Italy and Korea. Simultaneously,
a number of domestic players are seen to be expanding their capabilities or
diversifying their product portfolios through collaboration & tie-up
arrangements with a hope to take advantage as soon as economic scenario
improves.
OUTLOOK FOR THE COMPANY
With the all-round revival
of coal companies and introduction of state-of-the-art technologies products
for mining as-well-as for construction sector, your Company is expected to do
better in the coming years.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
495.139 |
203.445 |
698.585 |
|
b) Other operating income |
1.770 |
2.080 |
3.850 |
|
Total
income from Operations(net) |
496.909 |
205.525 |
702.435 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
109.385 |
108.183 |
217.568 |
|
b) Purchases of stock in trade |
104.097 |
74.176 |
178.273 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
77.954 |
(105.184) |
(27.230) |
|
d) Employees benefit expenses |
30.717 |
28.384 |
59.101 |
|
e) Compensation to distributors |
56.186 |
33.061 |
89.247 |
|
f) Depreciation and amortization expenses |
9.991 |
12.554 |
22.545 |
|
g) Other expenditure |
72.049 |
42.163 |
114.212 |
|
Total expenses |
460.379 |
193.337 |
653.718 |
|
3. Profit from operations before other income and
financial costs |
36.530 |
12.189 |
48.719 |
|
4. Other income |
8.952 |
6.631 |
15.583 |
|
5. Profit from ordinary activities before finance costs |
45.482 |
18.820 |
64.302 |
|
6. Finance costs |
0.855 |
0.537 |
1.392 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
44.627 |
18.283 |
62.910 |
|
8. Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
44.627 |
18.283 |
62.910 |
|
10.Tax expenses |
|
|
|
|
-- Provision for Current Tax |
12.400 |
6.100 |
18.500 |
|
-- Deferred Tax Liability |
(1.444) |
(1.692) |
(3.136) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
33.671 |
13.875 |
47.546 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
33.671 |
13.875 |
47.546 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
57.684 |
57.684 |
57.684 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
17.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
5.84 |
2.41 |
8.24 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1496590 |
1498590 |
1498590 |
|
- Percentage of shareholding |
25.94 |
25.94 |
25.94 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
476000 |
510150 |
476000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
11.14 |
1.194 |
11.14 |
|
Percentage of shares (as a % of total share capital of the
company) |
8.25 |
8.84 |
8.25 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3796795 |
3761645 |
3795795 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
88.86 |
88.06 |
88.86 |
|
Percentage of shares (as a % of total share capital of the
company) |
65.81 |
65.22 |
65.81 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Receiving during the quarter |
-- |
|
|
|
Disposed of during the quarter |
-- |
|
|
|
Remaining unreserved at the end of the quarter |
-- |
|
|
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES
OF FUNDS |
30.09.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
57.684 |
|
(b) Reserves & Surplus |
1856.895 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1914.579 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
5.597 |
|
Total
Non-current Liabilities (3) |
5.597 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
171.352 |
|
(c) Other current liabilities |
52.603 |
|
(d) Short-term provisions |
22.410 |
|
Total
Current Liabilities (4) |
246.365 |
|
|
|
|
TOTAL |
2166.541 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
158.763 |
|
(b) Non-current Investments |
129.102 |
|
(c) Deferred tax assets (net) |
5.048 |
|
(d) Long-term Loan and Advances |
46.535 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
339.448 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
738.129 |
|
(b) Inventories |
377.812 |
|
(c) Trade receivables |
579.903 |
|
(d) Cash and cash equivalents |
23.061 |
|
(e) Short-term loans and
advances |
108.188 |
|
Total
Current Assets |
1827.093 |
|
|
|
|
TOTAL |
2166.541 |
NOTES:
1.
The above financial results were reviewed
by Audit Committee and approved by the Board of Directors at their meeting held
on 3rd November, 2014.
2.
The Statutory Auditors of the Company
have carried out a Limited Review of the results for the quarter ended June 30,
2014.
3.
The Company has only one reportable
business segment i.e. Machinery and Spares.
4.
Consequent to enactment of the
Companies Act, 2013 and its applicability for accounting period commencing
after 1St April 2014, the Company has re-worked depreciation with reference to
the estimated economic lives of fixed assets prescribed by schedule II to the
Act or actual useful life of assets whichever is lower. In case of any asset
whose life has completed as above, carrying value, as at 1st April, 2014 has
been adjusted to the General Reserve (net of Deferred Tax) and in other cases
the carrying value has been depreciated over the remaining useful life of the
assets and recognized in the statement of Profit & Loss.
5.
The previous quarter/ year figures have
been regrouped / rearranged wherever necessary to make it comparable with the
current quarter / year.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10140500 |
13/10/2014 * |
280,000,000.00 |
STATE BANK OF INDIA |
SP. COM. BRANCH, JAY LAXMI PLAZA, GANESH CROSSING, ANAND, GUJARAT - 388001, INDIA |
C28815942 |
|
2 |
90112102 |
14/02/2009 * |
410,000,000.00 |
STATE BANK OF INDIA |
JAI LAXMI PLAZA,, GANESH CROSSING, ANAND, GUJARAT - 388001, INDIA |
A56869928 |
|
3 |
90112038 |
13/02/2001 * |
61,000,000.00 |
STATE BANK OF INDIA |
ANAND BRANCH, TA. ANAND, KHEDA, GUJARAT, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Electric Fittings
·
Air Conditioners
·
Furniture and Fixtures
·
Vehicles
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, 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.62.10 |
|
UK Pound |
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
68 |
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.