MIRA INFORM REPORT
|
Report No. : |
311316 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMPOWER INDIA LIMITED |
|
|
|
|
Formerly Known
as : |
EMPOWER INDUSTRIES INDIA LIMITED |
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|
|
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Registered
Office : |
25/25A, Second Floor, 327, Nawab Buildiing, D.N. Road, Opposite Thomas Cook, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
20.02.1981 |
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|
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|
Com. Reg. No.: |
023931 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.1163.799 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1981PLC023931 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
The company is engaged in providing infrastructure support services
and remote maintenance and support services to manage diverse networks,
devices, database and applications. |
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|
No. of Employees
: |
Information declined by the management. |
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 |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational
risk profile and losses that company has incurred from its operational
activities. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some cautions.
|
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
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 PARTED BY
|
Name : |
Mr. Sujit |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-22045044 |
|
Date : |
05.03.2015 |
LOCATIONS
|
Registered Office : |
25/25A, Second Floor, 327, Nawab Buildiing, D.N. Road, Opposite Thomas Cook, Mumbai – 400001, Maharashtra, India |
|
Tel. No. : |
91-022- 2204505 / 22045044 |
|
Fax No. : |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Rajgopalan Iyengar |
|
Designation : |
Directors |
|
|
|
|
Name : |
Vinod Shinde |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mangesh Gurav |
|
Designation : |
Directors |
|
|
|
|
Name : |
Nikhil Pednekar |
|
Designation : |
Directors |
|
|
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|
Name : |
Kiran Thakore |
|
Designation : |
Directors |
KEY EXECUTIVES
|
Name : |
Mr. Sujit |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
9081787 |
0.78 |
|
|
165700000 |
14.24 |
|
|
165700000 |
14.24 |
|
|
174781787 |
15.02 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
174781787 |
15.02 |
|
|
|
|
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
593576390 |
51.00 |
|
|
|
|
|
|
68245994 |
5.86 |
|
|
309056419 |
26.56 |
|
|
18137970 |
1.56 |
|
|
2498475 |
0.21 |
|
|
78808 |
0.01 |
|
|
15560682 |
1.34 |
|
|
5 |
0.00 |
|
|
989016773 |
84.98 |
|
Total
Public shareholding (B) |
989016773 |
84.98 |
|
|
|
|
|
Total
(A)+(B) |
1163798560 |
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) |
1163798560 |
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 |
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) |
|||
|
1 |
Devang Master |
90,81,787 |
0.78 |
0.78 |
|
2 |
Master Beneficiary Trust |
16,57,00,000 |
14.24 |
14.24 |
|
|
Total |
17,47,81,787 |
15.02 |
15.02 |
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 |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Wellman Tradelink Private
Limited |
68195000 |
5.86 |
5.86 |
|
|
2 |
Trend Commosales Private
Limited |
71875000 |
6.18 |
6.18 |
|
|
3 |
Rosewood Vintrade Private
Limited |
62675000 |
5.39 |
5.39 |
|
|
4 |
Energy Commotrade Private
Limited |
57500000 |
4.94 |
4.94 |
|
|
5 |
P A Praveen |
46250000 |
3.97 |
3.97 |
|
|
6 |
P Lokesh |
45910000 |
3.94 |
3.94 |
|
|
7 |
Nanda Kumar S |
41542036 |
3.57 |
3.57 |
|
|
8 |
Ayog Infrastructure Private
Limited |
44218295 |
3.80 |
3.80 |
|
|
9 |
Vihar Infrastructure Private
Limited |
36508226 |
3.14 |
3.14 |
|
|
10 |
L N Polysters Limited |
31500000 |
2.71 |
2.71 |
|
|
11 |
Obalesh Venkatesh |
31235000 |
2.68 |
2.68 |
|
|
12 |
Amaresh Rao Gaikwad |
27500000 |
2.36 |
2.36 |
|
|
13 |
V And R Yarns Private Limited |
26250000 |
2.26 |
2.26 |
|
|
14 |
Aprateem Trading Private
Limited |
25943180 |
2.23 |
2.23 |
|
|
15 |
Gill Entertainment Private
Limited |
21850000 |
1.88 |
1.88 |
|
|
16 |
Gill Entertainment Private
Limited |
19422220 |
1.67 |
1.67 |
|
|
17 |
Anasuya Pola |
18562500 |
1.59 |
1.59 |
|
|
18 |
HN Organisers & Developers
LLP |
18000000 |
1.55 |
1.55 |
|
|
19 |
Patel & Patel Team
Developers LLP |
18000000 |
1.55 |
1.55 |
|
|
20 |
Acacio Tradlink Private
Limited |
11787500 |
1.01 |
1.01 |
|
|
|
Total |
724723957 |
62.27 |
62.27 |
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 |
Total shares (including underlying
shares assuming full conversion of warrants and convertible securities) as a
% of diluted share capital |
|
|
1 |
Wellman Tradelink Private
Limited |
68195000 |
5.86 |
5.86 |
|
|
2 |
Trend Commosales Private
Limited |
71875000 |
6.18 |
6.18 |
|
|
3 |
Rosewood Vintrade Private
Limited |
62675000 |
5.39 |
5.39 |
|
|
|
Total |
202745000 |
17.42 |
17.42 |
Details of Locked-in
Shares
|
No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Master Beneficiary Trust |
3,57,67,000 |
3.07 |
|
|
Total |
3,57,67,000 |
3.07 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in providing infrastructure support services and
remote maintenance and support services to manage diverse networks, devices,
database and applications. |
|
|
|
|
Brand Names : |
Not Divulged |
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|
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|
Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
|
|
Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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|
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|
Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS: NOT DIVULGED
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Verma Mehta and Associates Chartered Accountants |
|
Address : |
104, Creative Industries Premises, Sunder Nagar, Kalina, Santacruz (East), Mumbai- 400098, Maharashtra, India |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
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Collaborators : |
Not Divulged |
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Related parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000000 |
Equity Shares |
Rs.1/- each |
Rs.1250.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1163798560 |
Equity Shares |
Rs.1/- each |
Rs.1163.799 Million |
EQUITY SHARE
WARRANTS
|
Particulars |
Amount in
Million |
|
Convertible Equity Warrants |
-- |
|
i. At the beginning of the period |
-- |
|
Less : Conversion of 93674685 equity warrants of Rs.7.50/-into equity
shares of Rs.1 fully paid up at a premium of 6.50/- |
-- |
|
Less : Forfeiture of 10344315 Convertible Equity Warrants |
-- |
DISCLOSURES:
|
Particulars |
Numbers of Shares |
|
Reconciliation of the shares outstanding i. Equity shares |
|
|
i. At the beginning of the year |
1,163,798,560 |
|
ii. Add 93674685 CEW converted into Equity Share each of Face value of
Rs.1/- at a premium of Rs.6.50/- per Share |
-- |
|
Outstanding at the end of the year |
1,163,798,560 |
Issued and paid up capital includes 804211445 No. of shares issued as
bonus shares during immediate preceding five years from the date of Balance
Sheet.
Shareholders
holding more than 5% of equity shares as at the end of the year:
|
Name of the
Shareholders |
No. of shares |
% Shareholding |
|
Rosewood Vintrade Private Limited |
62675000 |
5.39 |
|
Trend Commosales Private Limited |
66125000 |
5.68 |
|
Wellman Tradelinks Private Limited |
68195000 |
5.86 |
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 |
1163.799 |
1163.799 |
1070.124 |
|
Convertible Equity Warrants |
0.000 |
0.000 |
721.956 |
|
(b) Reserves & Surplus |
2219.156 |
2712.696 |
2153.069 |
|
(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) |
3382.955 |
3876.495 |
3945.149 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
3.598 |
4.644 |
3.169 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
3.598 |
4.644 |
3.169 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
267.966 |
955.309 |
633.143 |
|
(c) Other current liabilities |
296.101 |
104.447 |
204.588 |
|
(d) Short-term provisions |
2.136 |
3.773 |
9.229 |
|
Total
Current Liabilities (4) |
566.203 |
1063.529 |
846.960 |
|
|
|
|
|
|
TOTAL |
3952.756 |
4944.668 |
4795.278 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8.800 |
14.507 |
23.905 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2521.864 |
3281.214 |
2343.994 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
115.250 |
128.795 |
168.259 |
|
(e) Other Non-current assets |
804.943 |
588.988 |
472.330 |
|
Total
Non-Current Assets |
3450.857 |
4013.504 |
3008.488 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
27.000 |
72.241 |
1145.322 |
|
(b) Inventories |
33.701 |
33.748 |
54.098 |
|
(c) Trade receivables |
405.936 |
815.034 |
563.339 |
|
(d) Cash and cash equivalents |
26.424 |
9.403 |
14.955 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
8.838 |
0.738 |
9.076 |
|
Total
Current Assets |
501.899 |
931.164 |
1786.790 |
|
|
|
|
|
|
TOTAL |
3952.756 |
4944.668 |
4795.278 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
865.709 |
1284.818 |
1504.557 |
|
|
Other Operating Income |
1.586 |
7.867 |
0.000 |
|
|
Other Income |
4.036 |
9.487 |
19.571 |
|
|
TOTAL
(A) |
871.331 |
1302.172 |
1524.128 |
|
|
|
[Due
to market Fluctuation] |
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchase of Stock in trade |
844.915 |
1257.760 |
1483.566 |
|
|
Exceptional Items
(Loss on shares) |
495.570 |
53.389 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.048 |
20.350 |
2.249 |
|
|
Employees benefits expense |
18.428 |
26.023 |
19.460 |
|
|
Miscellaneous Expenditure |
0.000 |
1.011 |
1.010 |
|
|
Other expenses |
1.188 |
1.276 |
1.505 |
|
|
TOTAL
(B) |
1360.149 |
1359.809 |
1507.790 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(488.818) |
(57.637) |
16.338 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.010 |
0.006 |
0.021 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(488.828) |
(57.643) |
16.317 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5.757 |
9.537 |
15.796 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(494.585) |
(67.180) |
0.521 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
(1.045) |
1.475 |
1.218 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(493.540) |
(68.655) |
(0.697) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.42) |
(0.06) |
-- |
Expected Sales (2014-2015): Rs.1000.000 Million
The above information has been parted by Mr. Mr. Sujit
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(57.01) |
(5.34) |
(0.05) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(56.46) |
(4.49) |
1.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(34.56) |
(4.04) |
0.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15) |
(0.02) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.88 |
2.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1070.124 |
1163.799 |
1163.799 |
|
Reserves & Surplus |
2153.069 |
2712.696 |
2219.156 |
|
Convertible Equity Warrants |
721.956 |
0.000 |
0.000 |
|
Net
worth |
3945.149 |
3876.495 |
3382.955 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1504.557 |
1284.818 |
865.709 |
|
|
|
(14.605) |
(32.620) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1504.557 |
1284.818 |
865.709 |
|
Profit/ Loss |
(0.697) |
(68.655) |
(493.540) |
|
|
(0.05%) |
(5.34%) |
(57.01%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
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 |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
CONTINGENT
LIABILITIES:
Guarantee Given by the Company's banker as at March 31, 2014 is Rs. NIL (previous year : Rs. NIL )
FINANCIAL PERFORMANCE
The operational performance of the company has been encouraging as compared to the previous financial year. The top line of the Company has reduced to Rs. 871.331 Million from Rs. 1248.782 Million a year ago.
However, the EBITA has seen tremendous growth. The Company has made an operating profit of Rs. 0.984 Million as compared to a loss of Rs. 13.791 Million.
The company had to book losses in its investments in shares which has affected the overall profitability but the management is very hopeful of better days to come in the future. The Company shall make every effort to turn profitable in the next financial year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Global Setup
In the year 2013-14, the global economy showed signs of revival after almost 4 years since the outset of the financial crises. The recovery this time was different as developed economies consolidated while most emerging markets faced challenges to reviving growth. In the process, the financial system has emerged stronger while fiscal balances in the developed world are improving. The synchronized efforts of central banks and governments continued with record low interest rates and monetary stimulus measures.
Worldwide 2014 portends to be much more encouraging than 2013, with forces driving the global economic recovery firmly entrenched. The IMF projects that global economic growth will rise from 3% in 2013 to 3.6% in 2014 and to 3.9% in 2015. This is largely due to a turn for the better in the developed economies- estimated to grow 2.5% in 2014. Continued fiscal easing, loose monetary policy in developed economies and stable commodity prices should boost the global recovery. Furthermore we must be prepared for unforeseen geopolitical developments which may have disruptive ripple effect on the global economy.
The Indian Story
During 2013-14, amid slow growth and high inflation, the Indian economy had to contend with serious challenges to external stability emanating from unsustainably high current account (CAD), capital outflows and consequent exchange rate pressures. The steep depreciation of the Indian Rupee added to the problem. Having grown at high single digit over the past few years, India’s GDP growth slowed to a decade’s low of 4.4% in CY 2013. The RBI hiked the repo rate by 75bps over the past 8 months to contain the persistently high inflation.
Going forward, India’s GDP is expected to grow at 5.4% in CY 2014 (Source: International Monetary Fund). A stable government, strong global growth, improving export competitiveness and implementation of recently approved investment projects are expected to be key contributing factors.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
IT Sector
The Indian IT industry continued on its growth trajectory during FY2014, delivering value to customers, creating incremental employment in both India and abroad and expanding its offerings portfolio to include new technologies and capabilities. As per NASSCOM estimates, the Indian IT and related services industry expanded to US $ 118 billion in FY2014.
NASSCOM maintains a positive outlook for the Indian IT Sector and expects it to continue to expand during FY 2015.
Food and Agri Sector
The food processing industry has a huge potential in India, with India ranking 2nd in the world in production of fruits and vegetables but is at the lower rung of the value chain in terms of processing. The availability of fruits and vegetables is varied due to diverse agro climatic conditions. Despite the large production of fruits and vegetables, it is estimated that only approximately 6 percent of the total agro output of India is currently processed as against up to 60-80 percent in some developed countries. India’s share in the global food trade is only 1.5%. All of this implies that there is a great potential to grow this industry. An increase from 6% to 20% in terms of processing and increase in value addition from 20% to 30% will translate into quantum jump in size of the processed fruit and vegetable industry. The Company has made a strategic investment in Jharkhand Mega Food Park Private Limited to develop a Food Park in Jharkhand. Since then, the Company has taken various steps to establish its foothold in this sector. The Company is constantly scouting for opportunities that will consolidate its position in this fast growing sector.
OUTLOOK
It may not be possible to move from a flat growth structure to a phenomenal growth in a year. So for the current year as well, the outlook seems to be on a conservative mode. Much depends on the Government’s ability to bring in robustness within the economy and particularly amongst the core sector industries. The Company on its part shall endeavour to maintain interest of all stakeholders.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31.12.2014
(Rs. in million)
|
|
|
Particulars |
Quarter Ended |
Nine
Months Ended |
|
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
290.450 |
246.537 |
739.301 |
|
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income from Operations (Net) |
290.450 |
246.537 |
739.301 |
|
|
2 |
Expenses |
|
|
|
|
|
|
|
Cost of Materials consumed |
287.035 |
242.221 |
727.524 |
|
|
|
Purchase of stock in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
Employee benefit expenses |
0.184 |
0.173 |
0.458 |
|
|
|
Depreciation and amortization expense |
0.867 |
0.867 |
2.601 |
|
|
|
Listing fees |
0.000 |
0.000 |
0.269 |
|
|
|
Professional fees |
0.000 |
0.050 |
0.050 |
|
|
|
Other
expenses |
0.172 |
0.371 |
1.439 |
|
|
Total Expenses |
288.258 |
243.682 |
732.341 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
2.192 |
2.855 |
6.960 |
|
4 |
Other
Income |
0.400 |
0.114 |
0.514 |
|
|
5 |
|
Profit /(Loss)
from ordinary activities before finance costs and exceptional items (3+4) |
2.592 |
2.969 |
7.474 |
|
6 |
Finance
Costs |
0.011 |
0.009 |
0.020 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
2.581 |
2.960 |
7.454 |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
2.581 |
2.960 |
7.454 |
|
|
10 |
Tax
Expense |
0.000 |
0.000 |
0.000 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
2.581 |
2.960 |
7.454 |
|
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
2.581 |
2.960 |
7.454 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.1/- each) |
1163.799 |
1163.799 |
1163.799 |
|
|
15 |
Reserve
excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.1/- each |
|
|
|
|
|
|
Basic |
0.002 |
0.003 |
0.010 |
|
|
|
Diluted |
0.002 |
0.003 |
0.010 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
989016773 |
989016773 |
989016773 |
|
|
|
-
Percentage of Shareholding |
84.98 |
84.98 |
84.98 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
-- |
-- |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
|
|
- Number
of shares |
174781787 |
174781787 |
174781787 |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
15.02 |
15.02 |
15.02 |
|
|
Particulars |
3
months ended 31.12.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining unresolved
at the end of the quarter |
Nil |
Note:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their Meeting held on 12th February 2015.
2. The Statutory Auditors of the Company have carried out the Limited Review of the above Financial Results.
3. The Company is operating under three business segments viz.; IT & IT Related, Agri & Food and Investment / securities / Trading segment. However, In current quarter there are no transactions in other than IT Segment. The Company would provide Segment wise reporting as and when applicable in the subsequent quarters.
4. Previous period/year figures have been re-arranged / re-grouped wherever necessary.
5. The provision for tax shall be made at the end of the financial year.
FIXED ASSETS
- Computer
- Office Equipment
- Furniture and Fixture
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.