MIRA INFORM REPORT
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Report No. : |
313216 |
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Report Date : |
18.03.2015 |
IDENTIFICATION DETAILS
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Name : |
AGC NETWORKS LIMITED |
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Registered
Office : |
Equinox Business Park, Tower 1 (Peninsula Techno Park), Off. Bandra-Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.08.1986 |
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Com. Reg. No.: |
11-040652 |
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Capital Investment
/ Paid-up Capital : |
Rs.285.000 Million |
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CIN No.: [Company Identification
No.] |
L32200MH1986PLC040652 |
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TIN No.: |
Not Available |
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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 manufacturing, trading and
integrating network solutions and selling reputed brand of Video Conference,
Voice and Data Products. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “ESSAR TELECOM LIMITED”. It is an
established company having satisfactory track. The company has incurred loss from its operational activities. However, the rating takes into consideration strong financial as well
as managerial support that company receives from its parent company and sound
liquidity profile of the company. Trade relations are reported to be fair. Business is active. Payment
terms are slow but correct. In view of strong holding company support, the company can be
considered normal for business dealing at usual trade terms and
condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = BBB- |
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Rating Explanation |
Have moderate degree of safety and moderate
credit risk. |
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Date |
08.10.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3 |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
08.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-66617272)
LOCATIONS
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Registered Office / Corporate Office: |
Equinox Business Park, Tower 1 (Peninsula Techno
Park), Off. Bandra-Kurla Complex, LBS Marg, Kurla
(West), Mumbai – 400070, Maharashtra, India |
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Tel. No.: |
91-22-66617272 |
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Fax No.: |
91-22-24930644 |
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E-Mail : |
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Website : |
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Factory : |
E-1/I, Gandhinagar Electronics Estate, Gandhinagar - 382044, Gujarat, India |
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Tel. No.: |
91-79-66712200 |
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Regional Offices: |
Located At · Bangalore · Chennai · Gandhinagar · Gurgaon · Hyderabad · Kolkata · Mumbai · Pune |
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Branches and
Service Centers : |
Located At · Bilaspur · Chandigarh · Guwahati · Kochi · Nagpur ·
Vadodara |
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Global Presence : |
Located At · Australia · Bangladesh · Kenya · New Zealand, · Phillipines · Saudi Arabia · Singapore · South Africa · Sri Lanka · UAE · USA |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sujay R. Sheth |
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Designation : |
Chairman - Independent Non-Executive Director |
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Date of Birth / Age
: |
44 Years |
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Date of Appointment
|
21.05.2011 |
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Name : |
Mr. Anil Nair |
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Designation : |
Managing Director and CEO (w.e.f. 16th June, 2014) |
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Date of Birth / Age
: |
55 Years |
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Date of Appointment
|
16.06.2014 |
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Name : |
Mr. S. K. Jha |
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Designation : |
Managing Director abd CEO (till 22nd April, 2014) |
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Name : |
Mr. Haseeb Drabu |
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Designation : |
Non-Executive Director (till 28th March, 2014) |
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Name : |
Mr. Manhar Mandaliya |
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Designation : |
Independent Non-Executive Director (w.e.f. 28th May, 2014) |
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Date of Birth / Age
: |
55 Years |
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Date of Appointment
|
28.05.2014 |
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Name : |
Mr. Neeraj Gupta |
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Designation : |
Non-Executive Director (w.e.f. 22nd April, 2014) |
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Date of Birth / Age
: |
46 Years |
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Date of Appointment
|
22.04.2014 |
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Name : |
Mr. Sanjeev Verma |
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Designation : |
Executive Director (Whole Time Director) (w.e.f. 15th May, 2014) |
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Date of Birth / Age
: |
47 Years |
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Date of Appointment
|
15.05.2014 |
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Name : |
Mr. Shuva Mandal |
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Designation : |
Independent Non-Executive Director |
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Date of Birth / Age
: |
52 Years |
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Date of Appointment
|
21.05.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Pratik Bhanushali |
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Designation : |
Company Secretary |
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Audit Committee : |
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Name : |
Mr.
Shuva Mandal |
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Designation : |
Independent
Non-Executive Director |
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Name : |
Mr.
Sujay R. Sheth |
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Designation : |
Chairman
- Independent Non-Executive Director |
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Name : |
Mr.
Manhar Mandaliya |
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Designation : |
Independent
Non-Executive Director (w.e.f. 28th May, 2014) |
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Name : |
Mr.
Neeraj Gupta |
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Designation : |
Non-Executive
Director (w.e.f. 22nd April, 2014) |
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Name : |
Mr.
Haseeb Drabu |
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Designation : |
Non-Executive
Director (till 28th March, 2014) |
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Stakeholders Relationship Committee : |
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Name : |
Mr.
Anil Nair |
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Designation : |
Managing
Director & CEO (w.e.f. 16th June, 2014) |
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Name : |
Mr.
Sanjeev Verma |
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Designation : |
Executive
Director (Whole Time Director) (w.e.f. 15th May, 2014 – till 16th June, 2014) |
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Name : |
Mr.
S. K. Jha |
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Designation : |
Managing
Director & CEO (till 22nd April, 2014) |
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Name : |
Mr.
Sujay R. Sheth - Chairman |
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Designation : |
Independent
Non-Executive Director |
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Ethics and Compliance Committee : |
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Name : |
Mr.
Shuva Mandal |
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Designation : |
Chairman
-Independent Non-Executive Director |
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Name : |
Mr.
Sujay R. Sheth |
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Designation : |
Independent
Non-Executive Director |
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Nomination and Remuneration Committee
: |
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Name : |
Mr.
Shuva Mandal |
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Designation : |
Independent
Non-Executive Director |
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Name : |
Mr.
Sujay R. Sheth |
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Designation : |
Chairman
- Independent Non-Executive Director |
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Name : |
Mr.
Manhar Mandaliya
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Designation : |
Independent
Non-Executive Director (w.e.f. 2nd June, 2014) |
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Executive Committee : |
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Name : |
Mr.
Anil Nair |
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Designation : |
Managing
Director and CEO (w.e.f. 16th June, 2014) |
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Name : |
Mr.
Sanjeev Verma |
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Designation : |
Executive
Director (Whole Time Director) (w.e.f. 15th May, 2014) |
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Name : |
Mr.
S. K. Jha |
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Designation : |
Managing
Director & CEO (till 22nd April, 2014) |
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Name : |
Mr.
Amal Thakore |
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Designation : |
CFO
(w.e.f. 16th June, 2014) |
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Corporate Social Responsibility
Committee : |
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Name : |
Mr.
Shuva Mandal |
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Designation : |
Independent
Non-Executive Director |
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Name : |
Mr.
Sujay R. Sheth |
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Designation : |
Chairman
- Independent Non-Executive Director |
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Name : |
Mr. Neeraj Gupta |
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Designation : |
Non-Executive Director |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
21349848 |
75.00 |
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|
21349848 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
21349848 |
75.00 |
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(B) Public Shareholding |
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|
10228 |
0.04 |
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|
1800 |
0.01 |
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|
327834 |
1.15 |
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|
200 |
0.00 |
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|
1988642 |
6.99 |
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|
2328704 |
8.18 |
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|
827480 |
2.91 |
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|
3042300 |
10.69 |
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|
719441 |
2.53 |
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|
198691 |
0.70 |
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|
600 |
0.00 |
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|
198091 |
0.70 |
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|
4787912 |
16.82 |
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Total Public shareholding (B) |
7116616 |
25.00 |
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Total (A)+(B) |
28466464 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
28466464 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
Essar
Telecom Limited |
21349848 |
75.00 |
|
Total |
21349848 |
75.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Name of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
India
Opportunities Growth Fund
Limited - Pinewood Strategy |
1364630 |
4.79 |
|
Emerging
India Focus Funds |
315895 |
1.11 |
|
Total |
1680525 |
5.90 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing, trading and
integrating network solutions and selling reputed brand of Video Conference, Voice
and Data Products. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: Cash
credit and buyers credit from banks is secured by first exclusive charge on entire
current assets of the Company (present and future) including stocks of raw
material, WIP, finished goods, book debts, insurances, etc. and by second
charge on all moveable fixed assets of the Company. The cash credit is
repayable on demand and carries average interest @ 13.5% p.a. Buyers credit
is repayable on due date. |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address: |
5th Floor, Block B2, Nirlon Knowledge Park, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61923000 |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company
: |
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Ultimate
holding company Subsidiaries : |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
|
1000000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.400.00
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28466464 |
Equity Shares |
Rs.10/- each |
Rs.285.000 Million |
- Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
At the beginning of the period |
28466464 |
285.000 |
|
Issued during the period – Bonus issue |
-- |
-- |
|
Outstanding at
the end of the period |
28466464 |
285.000 |
- Terms /
rights attached to equity shares
The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend if proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
- Shares
held by holding Company
Out of equity shares issued by the Company,
shares held by its holding Company are as below:
|
Name of
Shareholder |
Rs. In Million |
|
Essar Telecom Limited (Holding Company w.e.f. 28 March 2014) 21,349,848 (31 March 2013 : Nil) equity shares of ` 10 each fully paid |
213.000 |
|
Aegis Limited, (Holding Company upto 28 February 2014) Nil (31 March 2013 : 21,349,848) equity shares of ` 10 each fully paid |
0.000 |
- Aggregate number of bonus shares issued during the period of five
years immediately preceding the reporting date:
|
Name of
Shareholder |
Rs. In Million |
|
|
|
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium |
14233232 |
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity shares of Rs. 10 each fully paid |
|
|
|
Essar Telecom Limited (Holding Company w.e.f. 28 March 2014) |
21349848 |
75.00% |
|
Aegis Limited, (Holding Company upto 28 February 2014) |
-- |
-- |
As per of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
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 |
285.000 |
285.000 |
142.000 |
|
(b) Reserves & Surplus |
654.000 |
2,105.000 |
2,479.000 |
|
(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) |
939.000 |
2,390.000 |
2,621.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.000 |
21.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
40.000 |
|
(c) Other long term
liabilities |
34.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
67.000 |
77.000 |
46.000 |
|
Total Non-current
Liabilities (3) |
110.000 |
98.000 |
86.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,458.000 |
2,322.000 |
902.000 |
|
(b) Trade
payables |
1,575.000 |
1,935.000 |
1,461.000 |
|
(c) Other
current liabilities |
1,110.000 |
1,046.000 |
878.000 |
|
(d) Short-term
provisions |
37.000 |
52.000 |
305.000 |
|
Total Current
Liabilities (4) |
4,180.000 |
5,355.000 |
3,546.000 |
|
|
|
|
|
|
TOTAL |
5,229.000 |
7,843.000 |
6,253.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
161.000 |
213.000 |
253.000 |
|
(ii)
Intangible Assets |
25.000 |
12.000 |
22.000 |
|
(iii)
Capital work-in-progress |
25.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
487.000 |
492.000 |
150.000 |
|
(c) Trade receivables |
25.000 |
0.000 |
125.000 |
|
(d) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(e) Long-term Loan and Advances |
813.000 |
689.000 |
527.000 |
|
(f) Other
Non-current assets |
59.000 |
11.000 |
7.000 |
|
Total Non-Current
Assets |
1,595.000 |
1,417.000 |
1,084.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
800.000 |
|
(b)
Inventories |
637.000 |
778.000 |
606.000 |
|
(c) Trade
receivables |
1,688.000 |
3,169.000 |
2,670.000 |
|
(d) Cash
and cash equivalents |
721.000 |
937.000 |
486.000 |
|
(e)
Short-term loans and advances |
525.000 |
1,465.000 |
584.000 |
|
(f) Other
current assets |
63.000 |
77.000 |
23.000 |
|
Total
Current Assets |
3,634.000 |
6,426.000 |
5,169.000 |
|
|
|
|
|
|
TOTAL |
5,229.000 |
7,843.000 |
6,253.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,053.000 |
5,944.000 |
6,210.000 |
|
|
|
Other Income |
185.000 |
421.000 |
114.000 |
|
|
|
TOTAL (A) |
3,238.000 |
6,365.000 |
6,324.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
44.000 |
227.000 |
237.000 |
|
|
|
Purchase of traded goods |
1,625.000 |
3,142.000 |
3,277.000 |
|
|
|
(Increase)/ decrease in inventories of finished goods, work-in-progress and stores and spares |
28.000 |
(162.000) |
(298.000) |
|
|
|
Excise duty |
1.000 |
1.000 |
1.000 |
|
|
|
Employee benefits expense |
762.000 |
1,142.000 |
1,070.000 |
|
|
|
Other expenses |
1,745.000 |
1,735.000 |
1,548.000 |
|
|
|
Exceptional items |
95.000 |
0.000 |
9.000 |
|
|
|
TOTAL (B) |
4,300.000 |
6,085.000 |
5,844.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1,062.000) |
280.000 |
480.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
297.000 |
323.000 |
63.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1,359.000) |
(43.000) |
417.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.000 |
111.000 |
127.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1,449.000) |
(154.000) |
290.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.000 |
78.000 |
127.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1,451.000) |
(232.000) |
163.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
552.000 |
784.000 |
885.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
16.000 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
213.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
35.000 |
|
|
BALANCE CARRIED
TO THE B/S |
899.000 |
552.000 |
784.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales proceeds from overseas branch / Export Oriented Unit |
187.000 |
407.000 |
893.000 |
|
|
TOTAL EARNINGS |
187.000 |
407.000 |
893.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
0.000 |
12.000 |
44.000 |
|
|
|
Traded Goods |
1730.000 |
1674.000 |
2252.000 |
|
|
|
Capital Goods |
16.000 |
14.000 |
23.000 |
|
|
TOTAL IMPORTS |
1746.000 |
1700.000 |
2319.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(50.97) |
(8.16) |
5.72 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd
Quarter |
|
Net Sales |
601.000 |
916.000 |
909.500 |
|
Total Expenditure |
817.000 |
974.000 |
893.500 |
|
PBIDT (Excl OI) |
(216.000) |
(58.000) |
16.000 |
|
Other Income |
17.000 |
20.000 |
54.100 |
|
Operating Profit |
(199.000) |
(38.000) |
70.100 |
|
Interest |
58.000 |
60.000 |
54.900 |
|
Exceptional Items |
0.000 |
(3.000) |
0.000 |
|
PBDT |
(257.000) |
(101.000) |
15.200 |
|
Depreciation |
20.000 |
19.000 |
19.000 |
|
Profit Before Tax |
(277.000) |
(120.000) |
(3.800) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(277.000) |
(120.000) |
(3.800) |
|
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 |
(277.000) |
(120.000) |
(3.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(47.53) |
(3.90) |
2.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(34.79) |
4.71 |
7.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(136.44) |
(15.54) |
35.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.54) |
(0.06) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.56 |
0.98 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.02 |
0.01 |
0.01 |
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 |
142.000 |
285.000 |
285.000 |
|
Reserves & Surplus |
2479.000 |
2105.000 |
654.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2621.000 |
2390.000 |
939.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
21.000 |
9.000 |
|
Short term borrowings |
902.000 |
2322.000 |
1458.000 |
|
Total
borrowings |
902.000 |
2343.000 |
1467.000 |
|
Debt/Equity
ratio |
0.344 |
0.980 |
1.562 |
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 |
6,210.000 |
5,944.000 |
3,053.000 |
|
|
|
(4.283) |
(48.637) |
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
|
6,210.000 |
5,944.000 |
3,053.000 |
|
Profit |
163.000 |
(232.000) |
(1,451.000) |
|
|
2.62% |
(3.90%) |
(47.53%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Million
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
12.000 |
12.000 |
0.000 |
|
Total |
12.000 |
12.000 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Presentation Date:- |
07/03/2014 |
|||||||||
|
Lodging No.:- |
CPL/146/2014 |
Filing Date:- |
07/03/2014 |
Reg. No.:- |
CP/495/2014 |
Reg. Date:- |
31/07/2014 |
|||
|
Petitioner:- |
TRI-SYS AUTOMATION PRIVATE LIMITED |
Respondent:- |
AGC NETWORKS LIMITED (CIN NO.: L32200MH1986PLC040652) |
|||||||
|
Petn.Adv:- |
ANILA ACHARYA (I2651) |
|
|
|||||||
|
District:- |
MUMBAI |
|||||||||
|
Bench:- |
SINGLE |
|
|
|||||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|||||||
|
Next Date:- |
09/10/2014 |
Stage:- |
FOR DIRECTION (COMPANY MATTERS) |
|||||||
|
Coram:- |
ACCORDING TO SITTING LIST |
|||||||||
|
|
|
|||||||||
|
Act :- |
Companies Act and Rules 1956 |
Under Section:- |
433, 434 and 439 |
|||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Cisco Systems Capital (India) Private Limited (Unsecured)* |
9.000 |
21.000 |
|
Total |
9.000 |
21.000 |
* Interest free loan from Cisco Systems Capital (I) Private Limited is repayable in 12 quarterly installments of Rs.3 Million each starting from 14 February 2013.
CORPORATE INFORMATION
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in manufacturing, trading and integrating network solutions and selling reputed brand of Video Conference, Voice and Data Products. The Company caters to both domestic and international markets. The Company also provides annual maintenance service for telecom, networking and electronic products.
FINANCIAL PERFORMANCE
The Company, for the period ended March 31, 2014 recorded a gross turnover of Rs.3063.000 Million as against Rs.5976.000 Million for the period ended March 31, 2013. The loss before tax is Rs.1449.000 Million for the period ended March 31, 2014 as against loss before tax of Rs.154.000 Million for the previous period. The net loss is Rs.1451.000 Million as against net loss of Rs.232.000 Million for the previous period.
OPERATIONS
The world economy continued to experience subdued growth throughout FY 2014 as most major economies continued to underperform. In the same period, the U S economy experienced a positive growth in spite of being plagued by worries over a high unemployment rate and the U S fiscal cliff. In the emerging economies such as China and India, growth continued, albeit at a slower pace. Both these economies faced stiff but different macro headwinds. China appeared to have backstopped the slowdown, matching the growth rate of the previous year. In India, the GDP improved marginally compared to the previous year. Factors like sustained inflations, weakening local currency, alarming fiscal deficit and overall slowdown in demand weighed down heavily on the overall output.
BUSINESS OUTLOOK
According to IMF’s forecast, global growth is projected to strengthen from 3 per cent to 3.6 per cent in 2014, and 3.9 per cent in 2015. In the advanced economies, growth is expected to increase to around 2.25 per cent in 2014-15. The U S economy is expected to experience a strong growth of around 2.75 per cent. Similarly, in the emerging and developing economies, growth is expected to pick up to around 5 per cent in 2014. These macro developments indicate a positive outlook for the IT industry.
AWARDS AND
RECOGNITIONS
• The Company received honours from the technology partner community:
• Industry Partner of the Year – BFSI from Microsoft Corporation
• Strategic Win 2013- Enterprise Sector from Juniper Networks
• Country Partner of the Year from AVAYA
• Video Collaboration Partner of the Year from AVAYA
OVERVIEW
The purpose of the Company is to accelerate businesses with customized technology solutions.
The Company is a Global ICT Solutions Provider and Integrator seamlessly delivering technology based solutions across global markets and verticals layered with a spectrum of applications and services. The Company is the leader in Enterprise Communications in India with global footprint in locations spanning India, the Middle East / Africa, North America and Australia / New Zealand. It has a differentiated approach to Solutions Integration and offers domain-focused, flexible & customized solutions through seamless services to customers across the globe. It currently serves more than 2500 customers worldwide, including Fortune 500 companies. AGC is an ISO 9001 and 27001 certified company.
The Company is part of the Essar group. Essar is a multinational corporation with investments in the sectors of Steel, Energy (Oil & Gas and Power), Infrastructure (Ports, Projects and Concessions) and Services (Shipping, Telecom, Realty and Outsourcing and Technology Solutions). With operations in more than 25 countries across five continents, Essar employs over 73,000 people and has revenues of US$ 39 billion.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10519275 |
11/04/2014 |
450,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru
Centre, Discovery Of India, Dr. |
C20079760 |
|
2 |
10436311 |
23/05/2013 |
400,000,000.00 |
IDBI Bank Limited |
IIDBI Complex, 1st
Floor, off CG Road, ahmedabad, |
B79385340 |
|
3 |
10416455 |
27/02/2013 |
400,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru
Centre, Discovery Of India, Dr. |
B72211071 |
|
4 |
10363921 |
14/06/2012 |
2,500,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru
Centre, Discovery Of India, Dr. |
B42962977 |
|
5 |
90229724 |
12/02/2013 * |
2,500,000,000.00 |
Yes Bank Limited |
9th Floor, Nehru
Centre, Discovery Of India, Dr. |
B72227655 |
|
6 |
90231098 |
20/11/2001 |
704,000,000.00 |
Bank Of India |
70/80; M. G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
7 |
90232120 |
15/03/1999 |
8,500,000.00 |
Canara Bank |
B. S. Marg, Bandra Kurla Complex, Mumbai, Maharashtra - 400023, India |
- |
|
8 |
90232106 |
07/12/1998 |
3,600,000.00 |
The Lakshmi Vilas Bank Ltd. |
Big Bazar, Colaba, Palakkad, Maharashtra - 678014, India |
- |
|
9 |
90229375 |
13/05/1999 * |
150,000,000.00 |
Bank Of India |
70/80; M. G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
10 |
90232096 |
13/05/1999 * |
150,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Wtc Complex; Colaba, Mumbai, Maharashtra - 400005, India |
- |
|
11 |
90229323 |
12/03/1998 |
51,600,000.00 |
State Bank Of Travancore |
Chennai, Chennai, Tamil Nadu, India |
- |
|
12 |
90232038 |
03/09/1997 |
10,000,000.00 |
Canara Bank |
B. S. Marg, Mumbai, Maharashtra - 400005, India |
- |
|
13 |
90230936 |
27/03/1997 |
4,800,000.00 |
Canara Bank |
B. S. Marg, Mumbai, Maharashtra - 400005, India |
- |
|
14 |
90229096 |
02/08/1996 |
117,100,000.00 |
BANK OF INDIA |
Mumbai Industrial Finance Branch, 70/80; M. G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
15 |
90228522 |
16/10/1999 * |
76,000,000.00 |
CANARA BANK |
B. S. Marg; Fort, Bombay, Maharashtra - 400023, India |
- |
|
16 |
90228128 |
23/06/1999 * |
60,000,000.00 |
Bank Of India |
Industrial Finance Branch, M. G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
17 |
90230560 |
08/07/1996 * |
60,000,000.00 |
Bank Of India |
Industrial Finance Branch, M. G. Road, Mumbai, Maharashtra - 400023, India |
- |
|
18 |
90228006 |
04/05/1989 * |
7,700,000.00 |
Industrial Development Bank Of India |
Nariman Point, 227; Vijay K. Shah Marg; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
19 |
90228005 |
04/05/1989 * |
7,800,000.00 |
The Industrial Credit
and Investment Corpn. Of India |
163; Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records 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 records 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.62.82 |
|
UK Pound |
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.