MIRA INFORM REPORT
|
Report No. : |
329911 |
|
Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMP POWERS LIMITED (w.e.f. January 2005) |
|
|
|
|
Formerly Known
As : |
IMP POWER LIMITED INDUSTRIAL METERS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa -
396230, (U.T.) Dadra and Nagar Haveli |
|
Tel. No.: |
91-22-28686331 / 28686333 / 28683332 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
24.03.1961 |
|
|
|
|
Com. Reg. No.: |
54-000232 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 89.554 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300DN1961PLC000232 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI06707B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI0999M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Transformers and Spares. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated during the year 1961.
It is engaged in the business of manufacturing and exporting of transformers
and spares. It has a satisfactory track record. For the financial year ended 2015, the company has healthy operational
performance and it has achieved a top line growth of 24.90% along with an
average profitability margin. Further, in reference with balance sheet, the company’s financial risk
profile is acceptable marked by well managed networth position. Trade relations are reported as fair. Business is active. Payments
terms are slow but correct. The company can be considered normal 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 |
CARE |
|
Rating |
Long term bank facilities BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
27.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
27.04.2015 |
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 DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-260-2630810
LOCATIONS
|
Registered Office / Factory 1 : |
Survey No. 263/3/2/2, Sayli Village, Umar Kuin Road, Silvassa -
396230, (U.T.) Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2630810 / 11 |
|
Fax No.: |
91-260-2642711 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
35/C, Popular |
|
Tel. No.: |
91-22-23539180-85 |
|
Fax No.: |
91-22-23539180-87 |
|
|
|
|
Factory 2 : |
85,Government Industrial Estate, Kandivli (West), Mumbai –
400 067, |
|
Tel. No.: |
91-22-28686331 / 28686333 / 28683332 |
|
Fax No.: |
91-22-28688977 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ramniwas R.
Dhoot
|
|
Designation : |
Chairman |
|
Address : |
Shriniketan, 2nd Floor, 86-A, |
|
Date of Birth/Age : |
5th March, 1941 |
|
Date of Appointment : |
16th August, 1962 |
|
|
|
|
Name : |
Mr. Ajay R. Dhoot |
|
Designation : |
Managing Director |
|
Address : |
Shriniketan, 2nd Floor, 86-A, |
|
Date of Birth/Age : |
9th March, 1964 |
|
Date of Appointment : |
14th May, 1982 |
|
|
|
|
Name : |
Mr. Aditya R. Dhoot |
|
Designation : |
Joint Managing Director |
|
Address : |
Shriniketan, 2nd
Floor, 86-A, |
|
|
|
|
Name : |
Mr. R T Rajguroo |
|
Designation : |
Director |
|
Date of Birth/Age : |
27th June, 1944 |
|
Qualification : |
B.Com., DFM, CAIIB, LL.B., FCS |
|
Date of Appointment : |
30th July, 2005 |
|
|
|
|
Name : |
Mr. Prashant J Pandit |
|
Designation : |
Director |
|
Date of Birth/Age : |
10th February, 1955 |
|
Qualification : |
B.Com. LL.B. |
|
Date of Appointment : |
30th July, 2005 |
|
|
|
|
Name : |
Mr. Jayant N Godbole |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash Bagla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra Mimani |
|
Designation : |
Director – Marketing |
|
|
|
|
Name : |
Mr. Siby |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Rajkamal Sukhani |
|
Designation : |
(Appointed as an Additional Director w.e.f. 13 August, 2014) |
KEY EXECUTIVE
|
Name : |
Ms. Romali Malvankar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Deepak Shah
|
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
1284402 |
15.79 |
|
|
2863801 |
35.20 |
|
|
4148203 |
50.98 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
4148203 |
50.98 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
344206 |
4.23 |
|
|
344206 |
4.23 |
|
|
|
|
|
|
1845284 |
22.68 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
1398859 |
17.19 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
355926 |
4.37 |
|
|
44085 |
0.54 |
|
|
17244 |
0.21 |
|
|
26841 |
0.33 |
|
|
3644154 |
44.79 |
|
Total Public shareholding
(B) |
3988360 |
49.02 |
|
|
|
|
|
Total (A)+(B) |
8136563 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
8136563 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Ramniwas R Dhoot |
2,42,529 |
2.98 |
0 |
0.00 |
0.00 |
0.00 |
|
2 |
Ajay R Dhoot |
2,32,977 |
2.86 |
232977 |
100.00 |
2.86 |
0.00 |
|
3 |
Aaditya R Dhoot |
2,53,315 |
3.11 |
194850 |
76.92 |
2.39 |
0.00 |
|
4 |
Ramniwas R Dhoot HUF |
10,322 |
0.13 |
0 |
0.00 |
0.00 |
0.00 |
|
5 |
Rajkumari R Dhoot |
1,66,015 |
2.04 |
166015 |
100.00 |
2.04 |
0.00 |
|
6 |
Advance Transformer &
Equipment Pvt Ltd |
7,73,189 |
9.50 |
0 |
0.00 |
0.00 |
0.00 |
|
7 |
Shree Kishoriju Trading
& Investment Pvt Ltd |
5,87,552 |
7.22 |
280123 |
47.68 |
3.44 |
0.00 |
|
8 |
Shree Rasbihari
Electricals Pvt Ltd |
2,83,115 |
3.48 |
0 |
0.00 |
0.00 |
0.00 |
|
9 |
Radhika A Dhoot |
1,67,850 |
2.06 |
154331 |
91.95 |
1.90 |
0.00 |
|
10 |
Smita A Dhoot |
2,11,394 |
2.60 |
188204 |
89.03 |
2.31 |
0.00 |
|
11 |
Mangalam Drugs &
Organics Ltd |
1,72,172 |
2.12 |
0 |
0.00 |
0.00 |
0.00 |
|
12 |
Shree Rasbihari Trading
and Investments Pvt Ltd |
7,97,773 |
9.80 |
136338 |
17.09 |
1.68 |
0.00 |
|
13 |
Mangalam Laboratories Pvt
Ltd |
2,50,000 |
3.07 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
41,48,203 |
50.98 |
1352838 |
32.61 |
16.63 |
0.00 |
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
|
No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Stressed Assets Stabilization Fund |
344206 |
4.23 |
|
|
2 |
Percept Financial Services Pvt Ltd |
180781 |
2.22 |
|
|
3 |
Boesky Securities Pvt Ltd |
81419 |
1.00 |
|
|
4 |
Manubhai Mangaldas Securities Pvt Ltd |
100000 |
1.23 |
|
|
5 |
IL&FS Trust Company Ltd |
637200 |
7.83 |
|
|
6 |
India Business Excellence Fund |
542800 |
6.67 |
|
|
|
Total |
1886406 |
23.18 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
(TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5%
OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
IL&FS Trust Company Ltd |
637200 |
7.83 |
|
|
2 |
India Business Excellence Fund |
542800 |
6.67 |
|
|
|
Total |
1180000 |
14.50 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Transformers and Spares. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS :
NOT AVAILABLE
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 : |
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Facilities : |
NOTE LONG TERM
BORROWINGS 1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot. 2) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which Rs.18.552 Million to be redeemed in the next 12 months considered under current liabilities. 3) Vehicle Loan are secured by hypothecation of vehicles. |
|
Auditors : |
|
|
Name : |
Batliboi and Purohit Chartered Accountants |
|
Address : |
National Insurance
Building, 204, Dadabhoy Naoroji Road, Fort, Mumbai – 400001, Maharashtra,
India |
|
|
|
|
Internal Auditors: |
|
|
Name : |
M/s. Sharp and Tannan Associates Chartered Accountants |
|
Address : |
87, Nariman Bhavan, 227, Nariman Point Mumbai - 400 021,
Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries |
IMP Energy Limited |
|
|
|
|
Other Related
Parties [AS ON 31.03.2014]
: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued Subscribed & Paid-up Capital : Rs. 89.554
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27,670,000 |
Equity Shares |
Rs.10/- each |
Rs.276.700 Million |
|
6,330,000 |
Preference shares |
Rs.10/- each |
Rs.63.300 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 340.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,140,963 |
Equity Shares |
Rs.10/- each |
Rs.81.410 Million |
|
1,633,332 |
4%
Cumulative preference shares |
Rs.10/- each |
Rs.16.333 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 97.743
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,136,563 |
Equity Shares |
Rs.10/- each |
Rs.81.366 Million |
|
1,633,332 |
4%
Cumulative Preference |
Rs.10/- each |
Rs.16.333 Million |
|
|
Shares
Forfeited |
|
Rs. 0.022 Million |
|
|
|
|
|
|
|
Total |
|
Rs.97.721
Million |
NOTE:
1) Equity Shares includes
11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by
Capitalisation of Revaluation Reserve.
2) 4% Redeemable Preference
Shares along with dividend will be redeemed from 1st April 2013 to 31st March
2016 in twelve quarterly equal installments.
3) Corporate Debt
Restructuring (CDR CELL) approved the recompense amount towards interest
liabilities amounting to Rs. 44.350 Million for the Company to exit from CDR
scheme in the September 2011. Pursuant to terms & conditions of the CDR
cell, 25% of the total amount was paid by the company in cash & for balance
75%, the Company has issued 1% Cumulative Redeemable Preference Shares, which
were redeemable in 3 half yearly equal installments beginning from April 2012
To April 2013.
4) The Authorised Share
Capital was reclassified and subsequently clause V substituted vide Ordinary
Resolution passed by the Shareholders of the company at their Extra ordinary
General Meeting held on Monday,19th September 2011 at the Registered
Office of the Company.
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 |
89.554 |
97.721 |
116.975 |
|
(b) Reserves & Surplus |
875.085 |
868.831 |
873.846 |
|
(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) |
964.639 |
966.552 |
990.821 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
108.442 |
175.288 |
209.588 |
|
(b) Deferred tax liabilities (Net) |
46.899 |
45.592 |
43.096 |
|
(c) Other long term
liabilities |
5.993 |
11.727 |
15.960 |
|
(d) long-term
provisions |
5.223 |
7.816 |
7.964 |
|
Total Non-current Liabilities
(3) |
166.557 |
240.423 |
276.608 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
790.349 |
792.094 |
680.204 |
|
(b) Trade
payables |
944.352 |
783.348 |
654.211 |
|
(c) Other current
liabilities |
189.376 |
172.367 |
189.077 |
|
(d) Short-term
provisions |
9.881 |
7.751 |
7.037 |
|
Total Current
Liabilities (4) |
1933.958 |
1755.560 |
1530.529 |
|
|
|
|
|
|
TOTAL |
3065.154 |
2962.535 |
2797.958 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
763.203 |
827.574 |
829.195 |
|
(ii)
Intangible Assets |
0.279 |
0.132 |
0.131 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
1.000 |
1.000 |
|
(b) Non-current Investments |
7.849 |
6.515 |
0.421 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
45.997 |
49.445 |
40.598 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
817.328 |
884.666 |
871.345 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
787.873 |
764.243 |
635.800 |
|
(c) Trade
receivables |
1265.418 |
1186.401 |
1180.792 |
|
(d) Cash
and cash equivalents |
94.036 |
69.726 |
58.956 |
|
(e)
Short-term loans and advances |
58.600 |
45.770 |
48.376 |
|
(f) Other
current assets |
41.899 |
11.729 |
2.689 |
|
Total
Current Assets |
2247.826 |
2077.869 |
1926.613 |
|
|
|
|
|
|
TOTAL |
3065.154 |
2962.535 |
2797.958 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3291.071 |
2612.490 |
2050.999 |
|
|
|
Other Income |
7.244 |
5.461 |
2.779 |
|
|
|
TOTAL |
3298.315 |
2617.951 |
2053.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2606.251 |
2163.834 |
1818.936 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(8.503) |
(100.512) |
(184.047) |
|
|
|
Employees benefits expense |
124.014 |
115.864 |
82.239 |
|
|
|
Other expenses |
268.498 |
192.849 |
136.244 |
|
|
|
TOTAL |
2990.260 |
2372.035 |
1853.372 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
308.055 |
245.916 |
200.406 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
207.716 |
190.560 |
133.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
100.339 |
55.356 |
67.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
63.384 |
49.339 |
33.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
36.955 |
6.017 |
34.089 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.097 |
3.787 |
11.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
25.858 |
2.230 |
22.816 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
174.248 |
202.751 |
202.497 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend |
|
-- |
-- |
|
|
|
Dividends
proposed to be distributed to equity shareholders (Rs. 0.50/- per share) |
NA |
4.068 |
4.068 |
|
|
|
Dividends
proposed to be distributed to preference shareholders |
NA |
0.723 |
0.736 |
|
|
|
Tax on dividend |
NA |
1.122 |
0.660 |
|
|
|
Transfer to 4% Preference Share Capital Redemption Reserve |
NA |
8.167 |
1.837 |
|
|
|
Transfer to 1% Preference Share Capital Redemption Reserve |
NA |
11.087 |
11.087 |
|
|
|
Transfer to Bonds Redemption Reserve |
NA |
5.566 |
4.174 |
|
|
|
Transfer General Reserve |
NA |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
174.248 |
202.751 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travelling |
NA |
2.188 |
0.637 |
|
|
TOTAL EARNINGS |
NA |
2.188 |
0.637 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials including Spares |
NA |
172.793 |
54.797 |
|
|
TOTAL IMPORTS |
NA |
172.793 |
54.797 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
3.04 |
0.13 |
2.71 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Bonds - Secured |
NA |
18.552 |
18.552 |
|
Term loans From banks - Secured |
NA |
61.294 |
65.084 |
|
Other loans and advances (Vehicle Loan) - Secured |
NA |
4.821 |
3.931 |
|
Other loans and advances - Unsecured |
NA |
5.000 |
0.000 |
|
Total |
NA |
89.667 |
87.567 |
|
Cash generated from operations |
NA |
206.748 |
208.714 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.79 |
0.09 |
1.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
9.36 |
9.41 |
9.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.21 |
0.20 |
1.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93 |
1.00 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.18 |
1.26 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.68.50/- |
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 |
116.975 |
97.721 |
89.554 |
|
Reserves & Surplus |
873.846 |
868.831 |
875.085 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
990.821 |
966.552 |
964.639 |
|
|
|
|
|
|
long-term borrowings |
209.588 |
175.288 |
108.442 |
|
Short term borrowings |
680.204 |
792.094 |
790.349 |
|
Total borrowings |
889.792 |
967.382 |
898.791 |
|
Debt/Equity ratio |
0.898 |
1.001 |
0.932 |
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 |
2050.999 |
2612.490 |
3291.071 |
|
|
|
27.376 |
25.974 |
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 |
2050.999 |
2612.490 |
3291.071 |
|
Profit |
22.816 |
2.230 |
25.858 |
|
|
1.11% |
0.09% |
0.79% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans
& advances from related parties |
NA |
39.353 |
|
|
|
|
|
Total |
NA |
39.353 |
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED
FOR)
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(a) Claims against the Company not acknowledged as debt |
|
|
|
Crogat Electronics Private Limited was supplying raw materials and there was delay in supplying the material and there were rejections and several complaints from IMP’s Customers due to substandard materials and noncompliance of technical norms. IMP had to procure materials from other sources resulting in loss, IMP held back payment and Crogat filed suit. |
NA |
0.475 |
|
Asea Brown Boveri Limited Filed by ABB Recovery as Counter suit against IMP. |
NA |
14.108 |
|
(b) Performance, Counter & Advance Guarantees EMD |
NA |
1174.582 |
|
(c) Corporate guarantee given to the banks on behalf of related party - IMP Engery Limited |
NA |
220.000 |
|
(d) Other money for which the Company is contingently liable (i) Income Tax Demands (A.Y. 2008-2009) |
NA |
Nil |
INDEX OF CHARGES
|
.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10574166 |
23/05/2015 |
84,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES),
N.G.N. VAIDHYA MARG, |
C56059801 |
|
2 |
10570493 |
28/04/2015 |
122,900,000.00 |
STATE BANK OF HYDERABAD |
11-C, MITTAL TOWER, 210, 1ST
FLOOR, NARIMAN POINT |
C54182886 |
|
3 |
10570693 |
28/04/2015 |
167,600,000.00 |
BANK OF INDIA |
MUMBAI MID-CORPORATE BRANCH,BANK
OF INDIA BUILDING |
C54275599 |
|
4 |
10565086 |
30/03/2015 |
483,500,000.00 |
IDBI BANK LIMITED |
224 'A' WING, 2ND FLOOR,,
NARIMAN POINT,, MUMBAI, |
C51390151 |
|
5 |
10519183 |
03/03/2015 * |
95,000,000.00 |
KARNATAKA BANK LTD. |
294-A, HAROON HOUSE,, PERIN NARIMAN
STREET, BEHIN |
C49431984 |
|
6 |
10506435 |
03/07/2014 |
21,900,000.00 |
BANK OF INDIA |
MUMBAI MID-CORPORATE BRANCH,BANK
OF INDIA BUILDING |
C09566555 |
|
7 |
10489039 |
11/04/2014 |
706,000,000.00 |
STATE BANK OF HYDERABAD |
STATE BANK OF HYDERABAD, 1ST
FLOOR, NARIMAN POINT |
C02936870 |
|
8 |
10451389 |
16/09/2013 |
405,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2, WADIA
INTERNATIONAL CENTRE,, PAN |
B85887024 |
|
9 |
10447142 |
04/12/2014 * |
200,000,000.00 |
IDBI BANK LIMITED |
224 'A' WING, 2ND FLOOR,,
NARIMAN POINT, MUMBAI, |
C36384667 |
|
10 |
10446642 |
21/08/2013 |
521,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH (ADVANCES),
N.G.N. VAIDHYA MARG, |
B83815282 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS [AS ON 31.03.2014]
ECONOMIC OVERVIEW[AS
ON 31.03.2014]
The economic slowdown bottomed out last year. A spell of global financial turbulence caused capital outflows and pressure on the exchange rate, but strong policy measures stabilized the currency, rebuilt reserves and narrowed the excessive current account deficit. India's GDP growth for 2013-14 has been about 5% and at the same levels as that of the previous financial year. In the last five years, the growth rate of the economy has been lower than the estimates, but the industry is hopeful of a rebound with a new stable government.
With the opening up of foreign direct investment (FDI) in several sectors, India today is an eye-catching destination for overseas investors, who are competing for a greater role in the Indian market. The World Bank has projected an economic growth rate of 5.7% in FY 2015 for India due to more competitive exchange rate and several significant investments going forward.
INDIAN ELECTRICAL
EQUIPMENT INDUSTRY [AS ON 31.03.2014]
Indian electrical equipment industry, has shown some signs of revival, after a negative growth of 7.8% in production in 2012-13. The industry has a diversified, matured, established and strong manufacturing base, with robust supply chain, fully equipped to meet the domestic demand and capacity additions. Indian Electrical equipment industry is expected to play a vital role in improving power availability and power infrastructure, the vital inputs for development of the economy. If the economy is to grow at 8% p.a. over the next 20 years, it has been estimated that the country will need to increase power generation capacity by about four times by 2032. Domestic demand, coupled with increase in exports, has managed to keep the industry afloat. The industry is focusing on exports of Made in India electrical products and progressing towards making India a global sourcing hub for electrical equipment.
TRANSFORMER INDUSTRY
[AS ON 31.03.2014]
The Transformer industry is an integral part of the country's electrical equipment industry. The Indian transformer industry has grown by leaps and bounds for over five decades and has a well matured technology base up to 800 kv class and going upto 1200 kv class. However, the Power Transformer Industry is going through a sluggish phase and has been affected with lower capacity utilization and price realization. It continues to face tough competition from the Chinese manufacturers. However, with the continuous support from the government to promote the power transformer industry through investments, tax benefits, subsidies, etc. will help the industry to grow over the coming years.
The Indian Power transformer market is well established, with significant sales being made to the utilities, industrial, and commercial segments within the country and has a strong footfold in the overseas market. This market has witnessed compounded Annual Growth Rate (CAGR) of 8% in the past 5 years. With the upswing demand for reliable power in the country, the transformer market is witnessing a growth trend.
FUTURE PROSPECTS:
TRANSFORMER INDUSTRY [AS ON 31.03.2014]
The new BJP-led stable government, after 30 years of coalition ruling, with decisive mandate and clear majority will boost the confidence of the industry both at the domestic and global level and also for the foreign investors. The major reforms are aimed at infrastructure and power sector growth and the industry is optimistic that the new government will provide a conducive investment environment. The Government of India in the present era has also shifted its focus to the transmission & distribution sector of the country, which is expected to offer abundant growth opportunities for the players operating in the electrical equipment market of India.
The Transformer market revenues in India are expected to grow at the CAGR of 14 % till 2018. Under the 12th five year plan (2012-2017), the government plans to spend 200 billion on developing and strengthening power infrastructure in India.
Further, Restructured Accelerated Power Development and Reforms Programme (RAPDRP), the Rs. 515 billion union government flagship programme, aims to reduce Aggregate Technical and Commercial Losses (AT&C) losses of state utilities to 15% or below, which in turn has led to an increased demand for new equipment.
The Indian government expects to add another 85,000 MW of power capacity during the 12th Five-Year Plan (2012-2017) period. The demand for power Transformers is also expected to go up as a direct consequence. Government's attempt of attaining 100% electrification across the country by 2017 would contribute to the demand for power transformers.
Power transformers with a rating of 100 MVA to 500 MVA are expected to continue dominating global demand and accounted for over 73% of the overall market volume in 2013. It is also expected to be fastest growing segment, at an estimated CAGR of 6.4% in terms of revenue from 2014 to 2020.
Asia Pacific accounted for over 40% of the market in 2013; it is also expected to grow at the fastest CAGR of 6.6% in terms of revenue from 2014 to 2020. Growing population as well as increasing demand for electricity is expected to fuel the market in this region over the forecast period. OP
FIXED ASSETS
- Free Hold Land
- Building & HO Building
- Plant & Machineries
- Electrical Installation
- Air Conditioning Equipments
- Furniture & Fixtures
- Office Equipments
- Cars & Vehicles
- 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.63.75 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.71.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
TRS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--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 |
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 |
|
45 |
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.