MIRA INFORM REPORT
|
Report No. : |
331073 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIL ENERGY SYSTEMS
LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Vikas
Chambers, Link and Marve Road, Malad (West),
Mumbai – 400 064, Maharashtra |
|
Tel. No.: |
91-22-42728080 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
04.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-199691 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 105.708 Millions |
|
|
|
|
IEC No.: |
0310052238 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28995MH2010PLC199691 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AADCB9884D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB9884D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Power Transformer. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated during 2010 having a
moderate track record. The company has achieved a fair profitability during FY 2015 However, the rating is constrained on account of continuous declined
in the turnover and huge borrowing recorded by the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow The company can be considered for business dealings with great caution |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating (D) (Suspended) |
|
Rating Explanation |
Lowest credit quality very low prospects of recovery. |
|
Date |
July 7, 2014 |
Note: Suspended Non-Co-operation
by the company to undertake rating.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Ms. Jigna |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-42728080 |
|
Date : |
08.07.2015 |
LOCATIONS
|
Registered Office : |
2nd Floor, Vikas Chambers, Link and Marve
Road, Malad (West), Mumbai – 400 064,
Maharashtra, India |
|
Tel. No.: |
91-22-42728080 |
|
Fax No.: |
91-22-28811225 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory: |
Gat No.9455051 and 52, Village Kanchad, Taluka – Wada, District,
Thane, Maharashtra, India |
|
Tel. No.: |
91-2526-645947 |
|
Fax No.: |
91-2526-235622 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sureshkumar Anandilal Choudhary
|
|
Designation : |
Director |
|
Date of Appointment : |
04.02.2010 |
|
DIN No.: |
00494510 |
|
|
|
|
Name : |
Mr. Suresh Sakharam More |
|
Designation : |
Additional Director |
|
Address : |
509, Mahatma Jyotibha Phule CHS Limited. Building No 31, Turbhe Mandal, Near Maharashtra Nagar Mankhurd (East), Mumbai - 400088, Maharashtra, India |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
06873425 |
|
|
|
|
Name : |
Mr. Kiren Shrivastav |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 402, Aum Saheel Towers, Opposite Kamala Mills, Lower Parel West, Mumbai - 400013, Maharashtra, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
01078946 |
|
|
|
|
Name : |
Mr. Chandrashekhar Trivedi |
|
Designation : |
Managing Director |
|
Address : |
B-405, Ganga, Jangid Complex, Mira Road (East), Thane - 401107, Maharashtra, India |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
00135114 |
|
|
|
|
Name : |
Mr. Rajendrakumar Anandilal
Choudhary |
|
Designation : |
Managing Director |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00494663 |
|
|
|
|
Name : |
Mr. Kesavan Mudakkarappillil
Sugathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vasudev Gajanan Kulkarni |
|
Designation : |
Director |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
2791914 |
KEY EXECUTIVES
|
Name : |
Ms. Astha Rathi |
|
Designation : |
Company
Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr.
Rakesh Bansal |
|
Designation : |
CFO |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
34039510 |
32.20 |
|
|
13926110 |
13.17 |
|
|
47965620 |
45.38 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
47965620 |
45.38 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1748050 |
1.65 |
|
|
1748050 |
1.65 |
|
|
|
|
|
|
25482821 |
24.11 |
|
|
|
|
|
|
10104741 |
9.56 |
|
|
20276276 |
19.18 |
|
|
130492 |
0.12 |
|
|
130492 |
0.12 |
|
|
55994330 |
52.97 |
|
Total Public
shareholding (B) |
57742380 |
54.62 |
|
Total (A)+(B) |
105708000 |
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) |
105708000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transformer. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
800 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Bansal Bansal and Company Chartered Accountant |
|
Address : |
6 / 120, Sanjay Building, Mittal Estate, Andheri-Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates: (As ON
31.03.2014) |
·
Bilpower Limited ·
Tarapur Transformers Limited ·
Niksan Engineering Company Limited ·
Choudhary Global Limited |
|
|
|
|
Relative of KMP and their
Proprietary Concern : (As on 31.03.2014) |
·
TRC Power |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital: NA
Issued, Subscribed & Paid-up Capital: Rs. 105.708 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.1/- each |
Rs.110.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105708000 |
Equity Shares |
Rs.1/- each |
Rs.105.708
Million |
|
|
|
|
|
10570800 Equity Shares of Rs. 10/- Each, Fully Paid, were allotted without payment in Cash Pursuant To Scheme of Arrangement during the period of Five Years immediately preceding the reporting date.
Reconciliation of Number
of Equity Shares Outstanding At the beginning and at the end of the year:
|
|
31.03.2014 |
|
|
No of Shares |
Rs. in Million |
|
|
Number of shares outstanding as at the beginning of the year |
105708000 |
105.708 |
|
Add: Number of Shares allotted as fully paid-up during the year |
- |
- |
|
Less: Number of shares bought back during the year |
- |
- |
|
Number of shares outstanding as at the end of the year |
105708000 |
105.708 |
|
Subdivision of Ordinary Shares of ` 10/ – each into 10 shares of Rs. 1/ – each |
- |
- |
|
shares as on 31st March 2014 |
- |
- |
Terms/Rights attached to equity shares
The company has issued only one class of equity shares having a par value of Rs. 1/ – per share (Previous Year Rs.1/– per Share). Each holder of equity shares is entitled to one vote per share.
During the year ended 31st March, 2014 amount per share of dividend recognised as distributions to equity shareholders was Rs. Nil ( P.Y. Rs. Nil ) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by shareholders.
Details of Equity
Shares held by each shareholders holding more than 5%
|
Equity shares of Rs. 1/ – each fully paid |
31.03.2014 |
|
|
Shares Held By |
No. of Shares |
%holding |
|
Bilpower Limited |
5286770 |
5.00 |
|
Choudhary Global Limited |
8639340 |
8.17 |
|
Nareshkumar Choudhary (HUF) |
5578120 |
5.28 |
|
Rajendrakumar Choudhary (HUF) |
13729000 |
12.99 |
|
Sureshkumar Choudhary |
5576830 |
5.28 |
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 |
105.708 |
105.708 |
105.708 |
|
(b) Reserves & Surplus |
138.448 |
130.683 |
311.253 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.0000 |
0.0000 |
|
Total
Shareholders’ Funds (1) + (2) |
244.156 |
236.391 |
416.961 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
323.260 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.294 |
0.154 |
0.406 |
|
Total
Non-current Liabilities (3) |
0.294 |
0.154 |
323.666 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
798.891 |
803.391 |
346.856 |
|
(b) Trade payables |
63.800 |
43.820 |
296.890 |
|
(c) Other current liabilities |
97.630 |
141.065 |
61.846 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
960.321 |
988.276 |
705.592 |
|
|
|
|
|
|
TOTAL |
1204.771 |
1224.821 |
1446.219 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
460.466 |
552.619 |
581.016 |
|
(ii) Intangible Assets |
31.524 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
31.524 |
33.072 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.645 |
8.579 |
9.004 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
500.635 |
592.722 |
623.092 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.204 |
7.290 |
0.000 |
|
(b) Inventories |
7.006 |
101.048 |
180.966 |
|
(c) Trade receivables |
310.525 |
370.629 |
502.619 |
|
(d) Cash and cash equivalents |
1.085 |
0.835 |
13.814 |
|
(e) Short-term loans and
advances |
371.316 |
152.297 |
125.728 |
|
(f) Other current assets |
13.000 |
0.000 |
0.000 |
|
Total
Current Assets |
704.136 |
632.099 |
823.127 |
|
|
|
|
|
|
TOTAL |
1204.771 |
1224.821 |
1446.219 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
419.416 |
586.071 |
970.444 |
|
|
Other Income |
53.574 |
9.201 |
8.377 |
|
|
TOTAL
|
472.990 |
595.272 |
978.821 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
162.556 |
281.200 |
334.943 |
|
|
Purchases of Stock-in-Trade |
141.523 |
250.180 |
502.163 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
78.903 |
12.150 |
46.254 |
|
|
Employees benefits expense |
13.582 |
17.516 |
17.657 |
|
|
Other expenses |
22.615 |
45.409 |
57.484 |
|
|
Provision for Doubtful
Debts |
4.477 |
0.000 |
0.000 |
|
|
Provision for dimunition
in Value of Quoted Investments |
(14.110) |
0.000 |
0.000 |
|
|
Exceptional Items |
0.000 |
28.014 |
0.000 |
|
|
TOTAL
|
409.546 |
634.469 |
958.501 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
63.444 |
(39.197) |
20.320 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.642 |
110.901 |
95.507 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
56.802 |
(150.098) |
(75.187) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
47.325 |
30.472 |
30.341 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
9.477 |
(180.570) |
(105.528) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(46.373) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
9.477 |
(180.570) |
(59.155) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(305.878) |
(125.308) |
(66.153) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
(305.878) |
(125.308) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
40.878 |
80.717 |
|
|
Components and Stores parts |
|
0.485 |
0.867 |
|
|
TOTAL
IMPORTS |
NA |
41.363 |
81.584 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.09 |
(1.71) |
(0.56) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
18.000 |
|
Cash generated from operations |
NA |
0.100 |
(72.618) |
|
Net cash flow from operating activity |
NA |
0.100 |
(72.618) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.26 |
(30.81) |
(6.10) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.13 |
(6.69) |
2.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.79 |
(15.13) |
(7.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
(0.76) |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.27 |
3.40 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.64 |
1.17 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.0.87 |
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 |
105.708 |
105.708 |
105.708 |
|
Reserves & Surplus |
311.253 |
130.683 |
138.448 |
|
Net
worth |
416.961 |
236.391 |
244.156 |
|
long-term borrowings |
323.260 |
0.000 |
0.000 |
|
Short term borrowings |
346.856 |
803.391 |
798.891 |
|
Total
borrowings |
688.116 |
803.391 |
798.891 |
|
Debt/Equity
ratio |
1.650 |
3.399 |
3.272 |
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 |
970.444 |
586.071 |
419.416 |
|
|
|
(39.608) |
(28.436) |
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 |
970.444 |
586.071 |
419.416 |
|
Profit |
(59.155) |
(180.570) |
9.477 |
|
|
(6.10%) |
(30.81%) |
2.26% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short Term
Borrowing |
|
|
|
Loans
Repayable on Demand |
|
|
|
From
Related Parties |
NA |
0.000 |
|
From
Others |
NA |
6.500 |
|
Total |
NA |
6.500 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10276545 |
26/11/2012 * |
757,100,000.00 |
INDUSTRIAL FINANCE
BRANCH, ANDHERI 102, NATRAJ 194 |
B64618689 |
CONTINGENT
LIABILITIES: (As on 31.03.2014)
(Rs. in million)
|
Particulars |
31.03.2014 |
|
Guarantees outstanding |
- |
|
Excise Demand |
154.511 |
|
Sales tax liability against non-collection of various sales tax forms under relevant sales tax laws, not provided due to uncertainty in ascertainment of amount of liability, if any |
Not Ascertainable |
|
Custom duty on pending export obligation against import of machinery |
84.733 |
PERFORMANCE REVIEW (As on 31.03.2014)
For the year 2013-14, the Turnover of the Company decreased
and stood at Rs. 586.071 Millions and Loss incurred was Rs. 180.570 Millions, which
is mainly due to exceptional item and lower capacity utilization coupled with
falling margins
BACKGROUND (As on
31.03.2014)
Manufactures Stamping Rotating Machines and Transformer core and Laminations. It is specialized in tailor-made circular stampings up to 1400 mm diameter and segmental stampings of width up to 1250 mm with focused end products for Alternators (Domestic / Industrial), Motors (Micro / HT / LT), Wind Mill Generators, Hydro Generators, Turbo Generators, Compressors for Air conditioners and Refrigerators, AC / DC Motors for Agriculture Pumps, Fans, Computer transformer and Ballasts. The Company also has a wide range of IEC frame tools to manufacture circular stampings. As regards Transformer Cores and Lamination, the Company manufactures the same in various shapes and sizes up to 1000 mm width and also rectangular shaped cores with or without holes. The facility is in place to meet customer specific requirements. Rotors are supplied either loose wire tied, welded or aluminum die-casted. Further, stampings made out of semi-processed steel is decarbed, annealed and blued at the Company’s unit itself. The Company is fully equipped with Continuous burn-off, decarb annealing and blueing furnace.
INDUSTRY OVERVIEW
The
latest slowdown in growth of emerging market countries and higher inflation
levels, combined with domestic supply and infrastructure constraints, have
reduced India’s annual inflation-adjusted gross domestic product (GDP) growth
from a high of 10.3% in 2010 to 4.4% in 2013, according to the International
Monetary Fund (IMF). India was the third-largest economy in the world in 2013,
as measured on a purchasing power parity basis. Risks to economic growth in
India include high debt levels, infrastructure deficiencies, delays in structural
reforms.
Primary
energy consumption in India has more than doubled between 1990 and 2012,
reaching an estimated 32 quadrillion British thermal units (Btu). The country
has the second-largest population in the world, at more than 1.2 billion people
in 2012, growing about 1.3% each year since 2008, according to World Bank data.
At the same time, India’s per capita energy consumption is one-third of the
global average, according to the International Energy Agency (IEA), indicating
potentially higher energy demand in the long term as the country continues its
path of economic development. In the International Energy Outlook 2013, EIA
projects India and China will account for about half of global energy demand
growth through 2040, with India’s energy demand growing at 2.8% per year. The
Company endeavors to utilize its full capacity so as to fulfill the increasing
demands in the domestic market and earn profits in near future.
OPERATING RESULTS
OF THE COMPANY (As on 31.03.2014)
The
Financial Statements have been prepared in compliance with the requirements of
the Companies Act, 1956 and Accounting Standards (AS) notified by the Companies
(Accounting Standard) Rules, 2006.
The
salient features of the Company’s performance are: –
•
Total Sales of Rs. 586.071 Millions
•
Net Loss of Rs 180.570 Millions
The
Company has a net worth of about Rs. 236.391 Millions as on 31st March, 2014.
OUTLOOK FOR THE
COMPANY (As on 31.03.2014)
The Company’s customers list, which includes well respected big companies and their product acceptability, give us hope to overcome the losses and post a decent top-line and bottom-line in the ensuing year.
FIXED ASSETS
·
Plant and Machinery
· Land
·
Office Equipment
·
Furniture and Fixtures
·
Factory Building
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.63.37 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.