MIRA INFORM REPORT
|
Report No. : |
310763 |
|
Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRECISION WIRES INDIA LIMITED |
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|
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|
Registered
Office : |
Saiman House, J.A. Raul Street, 2nd Floor, 1st Khed
Galli, Off Sayani Road, Prabhadevi, Mumbai – 400 025, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.11.1989 |
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|
Com. Reg. No.: |
11-054356 |
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Capital Investment
/ Paid-up Capital : |
Rs.115.644 million |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31300MH1989PLC054356 |
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|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15082E/ MUMP06148C |
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|
|
|
PAN No.: [Permanent
Account No.] |
AAACP7555L |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged in manufacture of winding wires of copper. |
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|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5803000 |
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|
|
|
Status : |
Satisfactory |
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|
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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. Financial position of the company seems to be decent. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be usually correct and as per commitment. The company can be considered for normal business dealing on a usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative
(Tel. No.: 91-22-24360089)
LOCATIONS
|
Registered Office : |
Saiman House, J.A. Raul Street, 2nd Floor, 1st
Khed Galli, Off Sayani Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India
|
|
Tel. No.: |
91-22-24360089, 24376281 (EPABX) |
|
Fax No.: |
91-22-24362593, 24370687 |
|
E-Mail : |
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Website : |
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Factory 1 : |
Unit I and II :
Atlas Wires Plot Survey No.125/2, Amli Hanuman (66KVA) Road, Silvassa – 396 230,
Union Territory of Dadra and Nagar Haveli, India |
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Factory 2 : |
Palej Unit :
Atlas Wires Plot No.3, GIDC, N.H. No.8, Palej – 392 220, Bharuch, Gujarat, India |
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Factory 3 : |
Palghar Unit : Plot No.44, Phase I, Genesis Industrial Complex, Kolgaon, Palghar,
District Thane – 401 404, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Mahendra R. Mehta |
|
Designation : |
Chairman and Managing Director and Chief Executive Officer |
|
Date of Birth
& Age : |
84 Years |
|
Experience : |
61 Years |
|
Date of
Commencement of Employment : |
June, 1975 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth
& Age : |
50 Years |
|
Qualifications : |
B.S. (E.E.) |
|
Experience : |
28 Years |
|
Date of
Commencement of Employment : |
April, 1996 |
|
|
|
|
Name : |
Mr. Deepak M. Mehta |
|
Designation : |
Whole Time Director |
|
Date of Birth
& Age : |
56 Years |
|
Qualifications : |
B.Com |
|
Experience : |
33 Years |
|
Date of Commencement
of Employment : |
January, 1989 |
|
|
|
|
Name : |
Mr. P.N. Vencatesan |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth
& Age : |
18.08.1926 |
|
Qualifications : |
Chartered Accountant |
|
Expertise in specific
function : |
Renowned Management Consultant |
|
|
|
|
Name : |
Mr. Vijay M. Crishna |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth
& Age : |
08.03.1945 |
|
Qualifications : |
B.A.(Economics) |
|
Experience : |
Expertise in Engineering and I.T. Industry and extensive managerial experience |
|
|
|
|
Name : |
Mr. Ashwin P. Kothari |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth
& Age : |
14.09.1942 |
|
Qualifications : |
S.B.(MIT) |
|
Experience : |
Expertise in Ferrous and Non Ferrous Metal and Chemical Industries. |
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|
|
|
Name : |
Mr. Pratap R Merchant |
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Designation : |
Independent and Non-Executive Director |
|
Date of Birth
& Age : |
02.03.1935 |
|
Qualifications : |
B.Com., CAIIB- I |
|
Expertise in
specific function : |
Ex-Banker and has rich experience in Banking and Finance Sectors |
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|
|
|
Name : |
Mr. Pradip Roy |
|
Designation : |
Additional Independent and Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mrs. Nishthi Haresh Dharmani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5165115 |
44.67 |
|
|
1734668 |
15.00 |
|
|
6899783 |
59.67 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6899783 |
59.67 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1100 |
0.01 |
|
|
1100 |
0.01 |
|
|
|
|
|
|
459010 |
3.97 |
|
|
|
|
|
|
2416555 |
20.90 |
|
|
1491730 |
12.90 |
|
|
295445 |
2.55 |
|
|
69626 |
0.60 |
|
|
224819 |
1.94 |
|
|
1000 |
0.01 |
|
|
4662740 |
40.32 |
|
Total
Public shareholding (B) |
4663840 |
40.33 |
|
Total
(A)+(B) |
11563623 |
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) |
11563623 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of winding wires of copper. |
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|
Products : |
Winding Wires |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Divatia and Company Chartered Accountants |
|
Address : |
221, Avon Arcade, D.J. Road, Near Railway Station, Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
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Tel. No. : |
91-22-26160791/ 26631923 |
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Fax No. : |
91-22-26104926 |
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E-Mail : |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 million |
|
3000000 |
Unclassified Shares |
Rs.10/- each |
Rs.30.000 million |
|
|
Total
|
|
Rs.150.000
million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11565223 |
Equity Shares |
Rs.10/- each |
Rs.115.652
million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11563623 |
Equity Shares |
Rs.10/- each |
Rs.115.636
million |
|
|
Add: Forfeiture of 1600 Equity Shares (Amount originally paid up) |
|
Rs.0.008
million |
|
|
Total |
|
Rs.115.644 million |
|
|
|
|
|
The details of
Shareholders holding more than 5% shares:
|
Name of the
Shareholder |
No. of Shares held |
% held |
|
Galvawire Agencies Private Limited |
1734668 |
15.00% |
|
Mahendra R. Meh |
1549034 |
13.00% |
|
Sharda M. Mehta |
812453 |
7.00% |
|
Milan M. Mehta (including as Karta of HUF) |
787948 |
7.00% |
The reconciliation of
the number of shares outstanding is set out below:
|
Particulars |
No. of Shares held |
|
Equity Shares at the beginning of the year |
11563623 |
|
Equity Shares at the end of the year |
11,563,623 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
115.644 |
115.644 |
115.644 |
|
(b) Reserves & Surplus |
1915.431 |
1906.343 |
1799.269 |
|
(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) |
2031.075 |
2021.987 |
1914.913 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
Long-term borrowings |
30.505 |
79.148 |
52.640 |
|
(b) Deferred tax
liabilities (Net) |
179.591 |
169.183 |
167.298 |
|
(c)
Other long term liabilities |
0.200 |
0.175 |
0.200 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
210.296 |
248.506 |
220.138 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
462.360 |
821.678 |
580.735 |
|
(b)
Trade payables |
1416.609 |
1773.212 |
1531.787 |
|
(c)
Other current liabilities |
182.141 |
405.629 |
246.273 |
|
(d)
Short-term provisions |
51.644 |
35.069 |
29.750 |
|
Total
Current Liabilities (4) |
2112.754 |
3035.588 |
2388.545 |
|
|
|
|
|
|
TOTAL |
4354.125 |
5306.081 |
4523.596 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1265.806 |
1332.381 |
1454.696 |
|
(ii)
Intangible Assets |
2.821 |
7.653 |
19.670 |
|
(iii)
Capital work-in-progress |
26.685 |
29.408 |
26.232 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
0.013 |
5.014 |
5.014 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
6.037 |
7.498 |
5.747 |
|
Total
Non-Current Assets |
1301.362 |
1381.954 |
1511.359 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
192.000 |
0.000 |
|
(b)
Inventories |
754.225 |
981.343 |
761.071 |
|
(c)
Trade receivables |
1859.989 |
1926.005 |
1683.451 |
|
(d)
Cash and cash equivalents |
266.007 |
397.421 |
270.786 |
|
(e)
Short-term loans and advances |
143.154 |
367.556 |
245.144 |
|
(f)
Other current assets |
29.388 |
59.802 |
51.785 |
|
Total
Current Assets |
3052.763 |
3924.127 |
3012.237 |
|
|
|
|
|
|
TOTAL |
4354.125 |
5306.081 |
4523.596 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
9816.885 |
9758.287 |
9317.864 |
|
|
|
Other Income |
28.599 |
12.629 |
7.635 |
|
|
|
TOTAL (A) |
9845.484 |
9770.916 |
9325.499 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8556.838 |
8746.083 |
8377.838 |
|
|
|
Purchases of Stock-in-Trade |
49.812 |
0.445 |
5.486 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
97.599 |
(101.686) |
(136.3650 |
|
|
|
Employees benefits expense |
144.561 |
135.614 |
115.643 |
|
|
|
Other expenses |
619.269 |
575.247 |
577.584 |
|
|
|
TOTAL (B) |
9468.079 |
9355.703 |
8940.186 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
377.405 |
415.213 |
385.313 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.678 |
50.685 |
59.533 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
348.727 |
364.528 |
325.780 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
118.101 |
125.741 |
129.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
230.626 |
238.787 |
196.428 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
86.207 |
79.241 |
54.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
144.419 |
159.546 |
141.451 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
27.008 |
36.353 |
35.222 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.500 |
115.000 |
100.000 |
|
|
|
Proposed Total Dividend |
115.636 |
46.254 |
34.691 |
|
|
|
Corporate Tax on Dividend |
19.653 |
7.637 |
5.629 |
|
|
BALANCE CARRIED
TO THE B/S |
21.638 |
27.008 |
36.353 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1308.895 |
1080.016 |
676.023 |
|
|
TOTAL EARNINGS |
1308.895 |
1080.016 |
676.023 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2689.277 |
1754.256 |
1423.677 |
|
|
|
Consumable Stores & Spares, Packing Material &
Repairs to Plant |
7.208 |
8.437 |
7.126 |
|
|
|
Capital Goods |
11.511 |
4.932 |
35.125 |
|
|
TOTAL IMPORTS |
2707.996 |
1767.625 |
1465.928 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
12.49 |
13.80 |
12.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
2396.100 |
2238.400 |
2117.900 |
|
Total
Expenditure |
2270.000 |
2093.500 |
1993.000 |
|
PBIDT
(Excl OI) |
126.100 |
145.000 |
124.900 |
|
Other
Income |
1.900 |
6.200 |
1.700 |
|
Operating
Profit |
128.000 |
151.100 |
126.600 |
|
Interest |
38.800 |
47.600 |
38.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
89.200 |
103.600 |
88.400 |
|
Depreciation |
47.500 |
48.600 |
49.300 |
|
Profit
Before Tax |
41.700 |
55.000 |
39.200 |
|
Tax |
14.300 |
26.800 |
12.700 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
27.400 |
28.200 |
26.400 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
27.400 |
28.200 |
26.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.47 |
1.63 |
1.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
3.84 |
4.25 |
4.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.33 |
4.53 |
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24 |
0.45 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.29 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
115.644 |
115.644 |
115.644 |
|
Reserves & Surplus |
1799.269 |
1906.343 |
1915.431 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1914.913 |
2021.987 |
2031.075 |
|
|
|
|
|
|
Long Term borrowings |
52.640 |
79.148 |
30.505 |
|
Short Term borrowings |
580.735 |
821.678 |
462.360 |
|
Total borrowings |
633.375 |
900.826 |
492.865 |
|
Debt/Equity ratio |
0.331 |
0.446 |
0.243 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from Operations
(Net) |
9,317.864 |
9,758.287 |
9,816.885 |
|
|
|
4.727 |
0.600 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from Operations
(Net) |
9,317.864 |
9,758.287 |
9,816.885 |
|
Profit |
141.451 |
159.546 |
144.419 |
|
|
1.52% |
1.63% |
1.47% |
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 |
No |
|
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 |
No |
OPERATIONS
Their Production during the year was slightly lower than the previous year. The overall economic industrial climate was unfortunately sluggish. Electrical Equipment Manufacturing Industry and Capital Goods Sector registered negative growth. Increasing import of electrical equipments from China, affected Domestic Industry Inflation, High cost of finance, lower capacity utilisation, inadequate availability of proper Grade fuel and issues pertaining to environmental clearances affected overall fiscal, economical and Industrial climate in the country.
Considering the prevailing adverse economical climate in the country during the year under Report, the Company has performed well.
The PBDIT is 377.405 Million (415.210 Million) Finance charges 28.678 Million (50.685 Million). Depreciation 118.101 Million (125.741 Million) PBT 230.626 Million (238.784 Million) Provision for Tax 862.07 Million (79.241 Million) and PAT 144.419 Million (159.543 Million) lacs which is slightly lower than previous year due to high volatility in USD/INR during QII of the Year, more imports of input, higher Employees Benefits Expenses, Insurance and freight and other expenses. Their Reserves and Surplus (excluding Revaluation) are about Rs.1915.400 (1906.300 Million) at the end of March 2014.
Since their Winding Wires are used in the manufacture of Electrical Equipment, Long term prospect for the Industry is bright. Manufacturing -Sector also is likely to be given priority as the same generates more employment. Growth in Infrastructure-Sector such as Air Ports, Metros, Highways, surface Transport etc. besides the Power-Sector, is likely to have catalytic impact on Capital-Goods-Sector.
Notwithstanding whatever has been stated in the foregoing paragraphs, the Company continues to be optimistic about future growth in the sector. India, being a power-deficit country, long term prospects of the Electrical Equipment Manufacturing Industry is bright. Since around 40 crore people in their Country do not have access to electricity, Power-Sector enjoys utmost priority. Between now and 2050 Indian electricity supply and demand are projected to increase five –fold.
Inherent distortions arising from rapidly increasing trade deficit has attracted attention of the Government and remedial measures have been taken.
Prevailing adverse economic climate in the country is bound to change for the better and the Company is hopeful for upturn in the Economy. The Company has been performing consistently well and continues to be the Market-leader with low-debt-gearing, Debt-Equity Ratio less than 0.25, and Current Ratio at about 1.44.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Industry Structure and Development:
The Company produces Winding Wires made of Copper which are used in the manufacture of both rotating and static electrical equipments. Though there are number of players in the Industry including many in SSI sector, due to quality of their products and long standing relationship with OEM customers, they continue to remain Industry-Leader. Despite adverse operational conditions prevailing in the country, they have performed well.
The overall capacity utilization of the Industry in the Country is marginally lower than the previous year. This is due to the sluggish demand from Electrical Equipment Manufacturing Sector which did not have adequate orders from Electric-Power-Sector and infrastructural projects. Both Industrial and economic structure of the Industry remains affected due to high Cost of input, inflation, substantial volatility in Forex. The Company continues to cater to the OEM sector. Emphasis on direct physical export abroad continues.
OUTLOOK:
Long Term outlook of the Indian Economy, and consequently, electric-power-sector is healthy
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign currency loans – buyers credit |
56.634 |
419.370 |
|
Total |
56.634 |
419.370 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90237746 |
24/04/2012 * |
2,727,300,000.00 |
BANK OF BARODA |
PALEJ BRANCH, 4/374, DHANJISHAJIN,
PALEJ, PALEJ, GUJARAT - 392220, INDIA |
B38350328 |
|
2 |
90237508 |
18/04/2012 * |
2,727,300,000.00 |
BANK OF BARODA |
PALEJ BRANCH, 4/374
DHANJISHAJIN, PALEJ, PALEJ, GUJARAT - 392220, INDIA |
B38347381 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
a. Guarantees given by Bank to third parties |
114.094 |
61.594 |
|
b. Disputed Wealth Tax Demand (not acknowledged) against which Company
has preferred an appeal |
0.340 |
0.340 |
|
c. Disputed demands of Central Excise against erstwhile Atlas Wires
Limited Pending in Appeal |
0.455 |
0.455 |
|
d. Disputed demands of Central Excise pending in Appeal |
0.500 |
0.500 |
STATEMENT
OF UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
(Rs. In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
|||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2110.779 |
2238.338 |
6735.988 |
|
b) Other operating income |
7.114 |
0.065 |
16.380 |
|
Total
income from Operations(net) |
2117.893 |
2238.403 |
6752.368 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1859.062 |
1923.079 |
5898.237 |
|
b) Purchases of stock in trade |
0.231 |
0.105 |
0.572 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(53.221) |
(12.327) |
(96.925) |
|
d) Employees benefit expenses |
35.791 |
41.091 |
117.604 |
|
e) Depreciation and amortization expenses |
49.259 |
48.574 |
145.339 |
|
f) Power and Fuel |
48.403 |
47.464 |
148.205 |
|
g) Other expenditure |
102.737 |
94.035 |
288.712 |
|
Total expenses |
2042.262 |
2142.021 |
6501.744 |
|
3. Profit from operations before other income and
financial costs |
75.631 |
96.382 |
250.624 |
|
4. Other income |
1.719 |
6.157 |
9.764 |
|
5. Profit from ordinary activities before finance costs |
77.350 |
102.539 |
260.388 |
|
6. Finance costs |
38.204 |
47.582 |
124.602 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
39.146 |
54.977 |
135.786 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
39.146 |
54.977 |
135.786 |
|
10.Tax expenses |
12.731 |
26.752 |
53.729 |
|
11. Net Profit / (Loss) from ordinary activities
after tax (9-10) |
26.415 |
28.225 |
82.057 |
|
12. Extraordinary Items (net of
tax expense) |
-- |
-- |
-- |
|
13. Net Profit / (Loss) for the
period (11 -12) |
26.415 |
28.225 |
82.057 |
|
14. Paid-up equity share capital (Nominal value
Rs.10/- per share) |
115.636 |
115.636 |
115.636 |
|
15.
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
2.28 |
2.44 |
7.10 |
|
ii) Earnings per share (after
extraordinary items) |
2.28 |
2.44 |
7.10 |
|
(a) Basic and diluted |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4663840 |
4663840 |
4663840 |
|
- Percentage of shareholding |
40.33 |
40.33 |
40.33 |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the company) |
-- |
-- |
-- |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
6899783 |
6899783 |
6899783 |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the company) |
59.67 |
59.67 |
59.67 |
FIXED ASSETS:
Tangible Assets:
·
Land - Free Hold
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
Intangible Assets:
·
Technology Transfer Cost
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.61.85 |
|
|
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--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.