MIRA INFORM REPORT
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Report No. : |
304441 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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Name : |
GENUS POWER INFRASTRUCTURES LIMITED |
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Formerly Known
As : |
GENUS OVERSEAS ELECTRONICS LIMITED |
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Registered
Office : |
213, J.S. Arcade, Sector-18, Noida -201301, Uttar Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.08.1992 |
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Com. Reg. No.: |
20-051997 |
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Capital
Investment / Paid-up Capital : |
Rs. 256.626 Millions |
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CIN No.: [Company Identification
No.] |
L51909UP1992PLC051997 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
JPRG00418F |
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PAN No.: [Permanent Account No.] |
AACCG1218P |
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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
: |
The company is primarily engaged in the business of manufacturing / providing 'Metering and Metering Solutions, Power Backup including Solar Backup and Solar On-Grid Solutions', and also undertaking Engineering, Construction and Contracts', on turnkey basis. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company reported to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
India Ratings and Research |
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Rating |
Long Term Issuer Rating A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
February 10, 2014 |
|
Rating Agency Name |
India Ratings and Research |
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Rating |
Short Term Rating A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
February 10, 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-cooperative (91-120-4210421 / 01334-23924)
LOCATIONS
|
Registered Office : |
213, J.S. Arcade, Sector-18, Noida -201301, Uttar Pradesh,
India |
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Tel. No.: |
91-120-4210421 |
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Fax No.: |
91-120-4210421 |
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E-Mail : |
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Website : |
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Business Office : |
D-116, Okhla Industrial Area, Phase – I, New Delhi, India |
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Corporate Office / Factory 1:: |
SPL-3, Riico Industrial Area, Sitapur, Tonk Road, Jaipur – 302 022,
Rajasthan, India |
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Tel. No.: |
91-141-2770003 / 2770401 / 3911400
/ 500 |
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Fax No.: |
91-141-2770355 / 2771355 /
2770319 |
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Factory 2: |
SPL-2A, RIICO Industrial Area, Sitapura, Tonk Road, Jaipur – 302022, Rajasthan, India |
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Factory 3: |
SP-4-2, Keshwana, (Kotputli), District Jaipur – 303108,
Rajasthan, India |
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Factory 4: |
Plot No.12, Sector-4, IIE, SIDCUL, Haridwar – 249403, Uttarakhand, India |
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Factory 5: |
Plot No.9, Sector-2, SIDCUL, Haridwar – 249403, Uttarakhand, India |
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Factory 6 : |
Plot No.: SP-1-2317, RIICO Industrial Area, Ramchandrapur, (Sitapura
Extension), Jaipur – 302022, Rajasthan, India |
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Factory 7 : |
SP-4-2, Keshwana, Kotputli, Jaipur, Rajasthan, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ishwar Chand Agarwal |
|
Designation : |
Executive Chairman |
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Date of Birth / Age : |
64 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Kailash Chandra Agarwal |
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Designation : |
Non-Executive Vice-Chairman |
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Date of Birth / Age : |
43 Years |
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Qualification : |
Bachelor of Science |
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Name : |
Mr. Rajendra Kumar Agarwal |
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Designation : |
Executive Director and CEO |
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Date of Birth / Age : |
38 Years |
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Qualification : |
Electronics Engineer by profession |
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Name : |
Mr. Jitendra
Kumar Agarwal |
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Designation : |
Executive Director |
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Date of Birth / Age : |
37 Years |
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Qualification : |
Master's degree in Business Administration
(MBA) (Marketing) |
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Name : |
Wg. Cdr. (Retd.) Bhairon Singh Solanki |
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Designation : |
Independent Director |
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Date of Birth / Age : |
87 Years |
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Qualification : |
M.Sc. (Engg.) |
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Name : |
Mr. Rameshwar Pareek |
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Designation : |
Independent Director |
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Date of Birth / Age : |
70 Years |
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Qualification : |
Master's degree in Economics |
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Name : |
Mr. Indraj Mal Bhutoria |
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Designation : |
Independent Director |
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Date of Birth / Age : |
46 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Dharma Chand Agarwal |
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Designation : |
Independent Director |
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Date of Birth / Age : |
08.02.1952 |
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Qualification : |
Bachelor of Commerce degree |
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Date of Appointment : |
14.12.2005 |
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Name : |
Mr. Udit Agarwal |
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Designation : |
Independent Director |
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Date of Birth / Age : |
13.05.1973 |
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Qualification : |
Bachelor of Commerce (Hons.) degree |
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Date of Appointment : |
24.10.2009 |
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Name : |
Mr. Naveen Gupta |
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Designation : |
Independent Director |
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Date of Birth / Age : |
43 Years |
KEY EXECUTIVES
|
Name : |
Mr. Ankit Jhanjhari |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
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|
69684680 |
27.15 |
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|
60111227 |
23.42 |
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|
129795907 |
50.57 |
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|
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|
Total shareholding of Promoter
and Promoter Group (A) |
129795907 |
50.57 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
122945 |
0.05 |
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|
6290 |
0.00 |
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|
93110 |
0.04 |
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|
43000 |
0.02 |
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|
265345 |
0.10 |
|
|
|
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|
25420371 |
9.90 |
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|
|
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|
23321817 |
9.09 |
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|
67013150 |
26.11 |
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|
10844331 |
4.23 |
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|
1660360 |
0.65 |
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|
9183971 |
3.58 |
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|
126599669 |
49.33 |
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Total Public shareholding (B) |
126865014 |
49.43 |
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Total (A)+(B) |
256660921 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
256660921 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is primarily engaged in the business of manufacturing / providing 'Metering and Metering Solutions, Power Backup including Solar Backup and Solar On-Grid Solutions', and also undertaking Engineering, Construction and Contracts', on turnkey basis. |
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Products : |
Not Divulged |
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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 : |
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 : |
NOTE: LONG TERM BORROWINGS (1) Term Loan (ECB
i.e. External Commercial Borrowings) of Rs.327.945 millions (Previous Year:
Rs.357.701 millions) is secured by first exclusive charge on the entire fixed
assets of Company’s Jaipur Unit-II situated at Plot No.SP-1-2317,
Ramchandpura, Sitapura extension, Jaipur (Rajasthan) and Haridwar Unit–II
situated at Plot No.9, Sector-2, SIDCUL, Haridwar, (Uttarakhand) including
immovable properties, present and future acquired out of ECB and personal
guarantees of promoter directors. (2) Vehicle
loans from banks and non-banking financial companies is secured by way of
hypothecation of the vehicles financed by them under the finance scheme. (3) Interest on ECB will be paid at 6 month USD Libor + 280 BPS p.a.
payable quarterly (Libor to be reset quarterly). SHORT TERM
BORROWINGS 1) Cash credit, working capital loans and foreign
currency loans of Rs.2504.825 millions (Previous Year: Rs. 2335.771 millions)
under consortium arrangement from Bank of Baroda, State Bank of India, Punjab
National Bank, IDBI Bank limited, State Bank of Bikaner and Jaipur, Axis Bank
and Export Import Bank of India are secured by way of hypothecation of stocks
and book debts of the Company, both present and future, on first pari passu
basis, and collateral security by way of 1st Pari-passu charges on the entire
unencumbered fixed assets of the Company and equitable mortgage of properties
on pari-passu basis situated at SPL-3A and SPL-2A, Sitapura, Jaipur and Plot
No.12, Sector-4 , IIE Haridwar and further secured by personal guarantee of some
of the promoter directors and others. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. Khanna and Associates Chartered Accountant |
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Address : |
G-6, Royal Sundram, Vivekanand Marg, C-Scheme, Jaipur – 302001, Rajasthan, India |
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Corporate Law Advisor : |
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Name : |
C. M. Bindal and Company Company Secretaries |
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Address : |
247, Himmat Nagar, Tonk Road, Jaipur-302018, Rajasthan, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates : |
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Joint venture : |
Genus SA, Brazil |
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Company in which
KMP / Relatives of KMP can exercise significant influence : |
¨ Genus Innovation
Limited ¨ J C Textiles
Private Limited ¨ Hi-Print
Electromack Private Limited ¨ Maple Natural Resources
Pte. Limited ¨ Genus
International Commodities Limited ¨ Vivekshil
Dealers Private Limited ¨ Jai Narayan
Bajrang Lal Todi Trust ¨ Genus Paper and
Boards Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
631600000 |
Equity Shares |
Rs.100/- each |
Rs. 63160.000 Millions |
|
504000 |
Redeemable preference shares |
Rs.100/- each |
Rs. 50.400 Millions |
|
1500000 |
Preference
shares |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 63360.400
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256625940 |
Equity Shares |
Rs.1/- each |
Rs. 256.626 Millions |
|
|
|
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|
Reconciliation of shares outstanding at the beginning and end of
reporting period
|
Particulars |
31.03.2014 |
|
|
|
No of Shares |
(Rs. In Millions) |
|
At the beginning of the period |
158906820 |
158.907 |
|
Issued during the Period |
97719120 |
97.719 |
|
Outstanding at the end of the period |
258625940 |
258.626 |
(9,77,19,120 equity shares represent face value of Rs.97.719 Millions issued as fully paid up to the shareholders of Genus Paper Products Limited on amalgamation without payment being received in cash pursuant to scheme of arrangement.)
(Ill) Terms1 Rights
attached to equity shares:
The Company has only one class of equity shares having par value of Re.1 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more than 5% share in the Company:
|
Particulars |
31.03.2014 |
|
|
|
Number of Shares
Held |
% holding in
that class of shares |
|
Equity shares: |
|
|
|
Mondip KumarTamuly ,Trustee: Genus Shareholders' Trust |
47543850 |
18.53 |
|
Vivekshil Dealers Private Limited |
23736757 |
9.25 |
|
Kailash Chandra Agarwal |
13298356 |
5.18 |
Shares reserved for
issue under options:
The Company has reserved issuance of 79,45,000 (Previous year 79,45,000) Equity Shares of face value of Re.1 each for offering to eligible employees of the Company under Employees Stock Option Scheme-2012 (ESOS-2012). During the year, the Company has not granted any options to the eligible employees [Previous year 23,97,000 options, which includes 18,15,600 options at a price of Rs.7 per option (adjusted for shares Issued pursuant to scheme of arrangement) and 5,82,000 options at a price of Rs.6 per option (adjusted for shares issued pursuant to scheme of arrangement) plus all applicable taxes, as may be levied in this regard on the Company. The options would vest over a maximum period of 6 years or such other period as may be decided by the Nomination and Remuneration Committee from the date of grant based on specified criteria.
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 |
256.626 |
158.907 |
158.907 |
|
(b) Reserves &
Surplus |
4081.111 |
4720.382 |
4297.062 |
|
(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) |
4337.737 |
4879.289 |
4455.969 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
258.800 |
301.759 |
220.817 |
|
(b) Deferred tax
liabilities (Net) |
91.325 |
85.376 |
62.724 |
|
(c) Other long term
liabilities |
76.982 |
95.982 |
207.163 |
|
(d) long-term provisions |
140.045 |
126.372 |
111.882 |
|
Total Non-current
Liabilities (3) |
567.152 |
609.489 |
602.586 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2693.900 |
2485.779 |
2960.697 |
|
(b) Trade payables |
707.703 |
909.546 |
1225.001 |
|
(c) Other current
liabilities |
350.639 |
312.099 |
257.959 |
|
(d) Short-term provisions |
169.284 |
119.349 |
115.761 |
|
Total Current Liabilities
(4) |
3921.526 |
3826.773 |
4559.418 |
|
|
|
|
|
|
TOTAL |
8826.415 |
9315.551 |
9617.973 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
973.616 |
961.665 |
817.956 |
|
(ii) Intangible Assets |
19.783 |
21.437 |
18.417 |
|
(iii) Capital
work-in-progress |
201.520 |
174.982 |
191.528 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
696.514 |
1096.172 |
880.617 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
697.195 |
1608.696 |
1091.585 |
|
(e) Other Non-current
assets |
0.000 |
8.343 |
8.231 |
|
Total Non-Current Assets |
2588.628 |
3871.295 |
3008.334 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
865.908 |
970.458 |
901.948 |
|
(c) Trade receivables |
3663.576 |
3612.155 |
4352.678 |
|
(d) Cash and cash
equivalents |
525.410 |
292.185 |
271.149 |
|
(e) Short-term loans and
advances |
504.103 |
435.131 |
797.560 |
|
(f) Other current assets |
678.790 |
134.327 |
286.304 |
|
Total Current Assets |
6237.787 |
5444.256 |
6609.639 |
|
|
|
|
|
|
TOTAL |
8826.415 |
9315.551 |
9617.973 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
7655.220 |
6523.358 |
7054.814 |
|
|
Other Income |
53.037 |
89.871 |
10.978 |
|
|
TOTAL (A) |
7708.257 |
6613.229 |
7065.792 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5083.804 |
4484.450 |
4907.244 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
57.211 |
76.685 |
18.795 |
|
|
Employees benefits
expense |
581.160 |
528.689 |
425.443 |
|
|
Extraordinary items |
0.000 |
(7.576) |
0.000 |
|
|
Other expenses |
883.979 |
720.332 |
718.051 |
|
|
TOTAL (B) |
6606.154 |
5802.580 |
6069.533 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1102.103 |
810.649 |
996.259 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
383.447 |
253.653 |
474.473 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
718.656 |
556.996 |
521.786 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
105.684 |
88.621 |
67.727 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
612.972 |
468.375 |
454.059 |
|
|
|
|
|
|
|
Less |
TAX (H) |
8.293 |
22.652 |
-206.941 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
604.679 |
445.723 |
661.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
334.888 |
156.062 |
48.319 |
|
|
TOTAL EARNINGS |
334.888 |
156.062 |
48.319 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2237.014 |
1933.491 |
1674.249 |
|
|
Capital Goods |
22.822 |
106.086 |
62.540 |
|
|
TOTAL IMPORTS |
2259.836 |
2039.577 |
1736.789 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
Basic |
3.24 |
2.80 |
4.21 |
|
|
Diluted |
3.24 |
2.80 |
4.16 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT/ Sales |
(%) |
7.90 |
6.83 |
9.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.40 |
12.43 |
14.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.73 |
5.82 |
5.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.68 |
0.57 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.42 |
1.45 |
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 |
158.907 |
158.907 |
256.626 |
|
Reserves & Surplus |
4297.062 |
4720.382 |
4081.111 |
|
Net worth |
4455.969 |
4879.289 |
4337.737 |
|
|
|
|
|
|
long-term borrowings |
220.817 |
301.759 |
258.800 |
|
Short term borrowings |
2960.697 |
2485.779 |
2693.900 |
|
Total borrowings |
3181.514 |
2787.538 |
2952.700 |
|
Debt/Equity ratio |
0.714 |
0.571 |
0.681 |
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 |
7054.814 |
6523.358 |
7655.220 |
|
|
|
-7.533 |
17.351 |
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 |
7054.814 |
6523.358 |
7655.220 |
|
Profit |
661.000 |
445.723 |
604.679 |
|
|
9.37% |
6.83% |
7.90% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
REVIEW OF FINANCIAL PERFORMANCE
Genus this year also has stood firm on its promise of continuous growth and creating benchmarks while moving ahead on its growth journey. The highlights of the Company's performance, during the year, are as under:
- Income from operations of the Company increased by 17% to Rs.7843.854 Millions from Rs.6697.030 Millions in the previous year mainly due to high demand of smart metering solutions in power utilities to cut their T&D losses.
- Export sales increased by 115% to Rs.334.888 Millions from Rs.1,56.062 Millions in previous year due to their technological excellence of providing world-class customized solutions coupled with greater focus on untapped overseas markets through precise business plan.
- Operating profit (EBITDA) for the year, jumped to Rs.1102.103 Millions from Rs.803.073 Millions in previous year, mainly due to increase in sales coupled with successfully execution of orders in time with better planning and internal control for procurement of raw material and its optimum utilisation and effective implementation of on-going cost reduction measures and strategies across all levels and functions in the organization.
- Finance cost increased to Rs.383.447 Millions as compared to Rs.253.653 Millions in the previous year, mainly due to rising dollar impact.
- Net profit jumped by 36% to Rs.604.679 Millions from Rs.445.723 Millions in the previous year.
- Earnings per share (EPS) for the year ended March 31, 2014 increased to Rs.3.24 as against Rs.2.80 in the previous year.
- Net worth of the Company reduced to Rs.4337.737 Millions as compared to net worth of Rs.48,79.289 Millions as at March 31,2014 chiefly due to demerger of non-power infrastructure business of the Company into Genus Paper and Boards Limited pursuant to scheme of arrangement duly approved by the Hon'ble High Court of Judicature at Allahabad.
- The Company has written off demurrages, deductions and bad debts of Rs.300.051 Millions, which mainly represented various deductions, including liquidated damages, made by indenting agencies, pursuant to the terms of contracts of supplies.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC REVIEW:
The global economy currently appears to be in a better shape than what it was in recent past. However, it is far short of a full recovery. The global investment climate is still feeble and risk-averse with high inflation and geopolitical risks in developed economies. This has impacted industrial growth all around. In the stressed global economy, the growth of Indian economy also remained weak. The domestic issues like high interest rates and currency fluctuation coupled with global anxiety, slowed down the industrial activities and consumption in India.
However, India's medium to long-term growth prospects appears very good. It is expected that Indian economy will be benefited from the newly elected stable government, which has a clear mandate for the next five years to put the country's growth engine back on track by focusing on inclusive growth of Indian economy with consolidated governance norms. Their new government has already recognized that in order to emerge as one of the fastest growing nations in the world, India needs to have well-defined and liberalized economic policies. Further, it is imperative to implement and administer these policies precisely with better governance to achieve the optimum results. Moreover, India needs long-term capital to invest in infrastructure as the Investment in infrastructure can bolt the economy to new heights. They believe the new government based on proven track record In Gujarat can steer India into global markets, more of developments, power generation and creating jobs.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Bill discounting and short-term loans |
189.072 |
150.008 |
|
Total |
189.072 |
150.008 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10341989 |
13/12/2014 * |
8,810,000,000.00 |
Bank of Baroda (Lead Bank) |
M.I. Road Branch,
Jaipur, Rajasthan - 302001, INDI |
C38234829 |
|
2 |
10314427 |
05/07/2012 * |
394,362,000.00 |
Bank Of Baroda |
M.I. Road, Jaipur, Rajasthan - 302001, INDIA |
B44244473 |
* Date of charge modification
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS
ENDED 30.09.2014
|
Sr. No. |
Particular |
Quarter Ended |
Six Months ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operations |
2393.970 |
1708.592 |
4102.562 |
|
|
Less: Excise Duty |
18.416 |
14.427 |
32.843 |
|
(a) |
Net Sales / Income from Operations (Net of excise duty) |
2375.554 |
1694.165 |
4069.719 |
|
(b) |
Other Operating Income |
48.837 |
14.431 |
63.268 |
|
|
Total income from
Operations (net) |
2424.391 |
1708.596 |
4132.987 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Materials consumed |
1841.373 |
1296.592 |
3137.965 |
|
|
b) Purchase of stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(274.171) |
(142.529) |
(416.700) |
|
|
d) Employee benefits expense |
164.352 |
149.166 |
313.518 |
|
|
e) Depreciation & amortisation expense |
40.930 |
26.389 |
67.319 |
|
|
f) Other Expenses |
263.121 |
185.962 |
549.083 |
|
|
Total Expenses |
2135.605 |
1515.580 |
3651.185 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
288.786 |
193.016 |
484.802 |
|
4 |
Other Income |
24.266 |
29.735 |
54.001 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
313.052 |
222.751 |
535.803 |
|
6 |
Finance Costs |
81.999 |
66.808 |
148.807 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items (5 -
6) |
231.053 |
155.943 |
386.969 |
|
8 |
Exceptional Items |
(174.358) |
0.000 |
(174.358) |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
56.695 |
155.943 |
212.638 |
|
10 |
Tax expense (including deferred tax and MAT credit) |
39.262 |
32.748 |
72.010 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 - 10) |
17.433 |
123.195 |
140.628 |
|
12 |
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
17.433 |
123.195 |
140.628 |
|
14 |
Paid-up equity share capital (Face Value of Re.1/- each) |
256.661 |
256.647 |
256.661 |
|
15 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
16 (i) |
Earnings Per Share (before extraordinary items) (of Re.1/- each) (not annualised) (Amount in Rs.) |
|
|
|
|
|
(a) Basic |
0.07 |
0.48 |
0.55 |
|
|
(b) Diluted |
0.07 |
0.48 |
0.55 |
|
16 (ii) |
Earnings Per Share (after extraordinary items) (of Re.1/- each) (not annualised) (Amount in Rs.) |
|
|
|
|
|
(a) Basic |
0.07 |
0.48 |
0.55 |
|
|
(b) Diluted |
0.07 |
0.48 |
0.55 |
Note:
The above financial results of Genus Power Infrastructures Limited (“the Company”) have been reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on November 14, 2014. The Joint Statutory Auditors of the Company have carried out a limited review on these financial results.
The Company's business activity falls within a single line of business segment
i.e., Power, in terms of Accounting Standard 17 on Segment Reporting.
The Board reviewed the total order book position of worth Rs.78000 lacs.
During the previous year, the Company by way of scheme of arrangement, approved
by the Honorable High Court of Allahabad, has demerged non-power
infrastructures line of activity w.e.f. April 01, 2011 (Appointed Date). The
effect of the same had been given in the results for the quarter ended March
31, 2014. The above results for the quarter and six months ended September 30,
2013 include the results of operations of the above demerged activity and to
this extent the figures are not comparable.
In accordance with the provisions of Schedule II of the Companies Act, 2013,
the Company has revised the estimated useful lives of group of fixed assets
with effect from April 1, 2014. Accordingly, the net book value of fixed assets
as on April 1, 2014 is being depreciated on a prospective basis over the
remaining useful life of such assets. This change in the accounting estimate
has resulted in increase in depreciation and amortisation expense for quarter
and six months period ended September 30, 2014 by Rs.25.09 lacs and Rs.49.92
lacs respectively. In addition, as per the provisions of Schedule II, read with
notification dated August 29, 2014, issued by the Ministry of Company Affairs,
depreciation aggregating to Rs.84.46 lacs in respect of assets whose remaining
useful life on such reassessment expired as at April 1, 2014, which was
hitherto adjusted against surplus in the Statement of Profit and Loss as at
April 1, 2014, has now been expensed to Statement of Financial Results for the
quarter and six months period ended September 30, 2014.
Exceptional items of Rs. 1743.58 lacs for the quarter and six months ended
September 30, 2014 represents the provision for diminution in the value of
investment in Genus S.A., Brazil. The management has initiated the process to
get necessary approvals.
During the quarter, the Company has issued and allotted 13700 equity shares of
Re.1/- each to the employees upon exercise of stock options, under the Employee
Stock Option Scheme-2012 of the Company.
Previous period/year figures have been reviewed and/or audited by one of the
existing joint auditors other than S.R. BATLIBOI & ASSOCIATES LLP. Previous
period/year figures
have been regrouped/reclassified, wherever necessary to conform to those of
current period's classification.
SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2014
|
Sr. No. |
Particular |
Quarter Ended |
Six Months ended |
|
|
30.09.2014 |
30.09.2014 |
30.09.2014 |
||
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
126865014 |
127065039 |
126865014 |
|
|
- Percentage of shareholding |
49.43 |
49.51 |
49.43 |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
|
Number of Shares |
0 |
1100000 |
0 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0 |
0.85 |
0 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
0 |
0.43 |
0 |
|
|
b) Non-Encumbered |
|
|
|
|
|
Number of Shares |
129795907 |
128482182 |
129795907 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
99.15 |
100.00 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
50.57 |
50.06 |
50.57 |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
256.661 |
|
|
b) Reserves & Surplus |
4244.974 |
|
|
Sub Total- Shareholders funds |
4501.635 |
|
2 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
216.159 |
|
|
(b) Deferred tax Liabilities (net) |
82.218 |
|
|
(c) Other long term liabilities |
83.014 |
|
|
(d) Long term provisions |
117.864 |
|
|
Sub Total- Non Current Liabilities |
499.255 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
2999.948 |
|
|
(b) Trade Payables |
1442.719 |
|
|
(c) Other current liabilities |
400.436 |
|
|
(d) Short term provisions |
70.288 |
|
|
Sub Total- Current Liabilities |
4913.391 |
|
|
TOTAL-EQUITY AND LIABILITIES |
9914.281 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
1207.812 |
|
|
(b) Non-current investments |
479.724 |
|
|
(c) Long term loans and advances |
1175.517 |
|
|
(d) Short-term provisions |
284.459 |
|
|
Sub-Total- Non current assets |
3147.512 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
665.103 |
|
|
b) Inventories |
1492.190 |
|
|
c) Trade Receivables |
3944.550 |
|
|
d) Cash and cash equivalents |
332.374 |
|
|
(e) Short term loans and advances |
237.092 |
|
|
(f) Other current assets |
95.460 |
|
|
Sub-Total- current assets |
6766.769 |
|
|
TOTAL ASSETS |
9914.281 |
FIXED ASSETS
- Land-leasehold
- Factory building
- Plant and Equipments
- Furniture and fixtures
- Vehicles
- Office Equipments
- Wind Power projects
- Computer
- Dies and moulds
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.49 |
|
|
1 |
Rs. 92.16 |
|
Euro |
1 |
Rs. 69.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.