MIRA INFORM REPORT
|
Report No. : |
313978 |
|
Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ITI LIMITED |
|
|
|
|
Registered
Office : |
ITI Bhavan, Doorvaninagar, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
25.01.1950 |
|
|
|
|
Com. Reg. No.: |
000640 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5880.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32202ka1950goi000640 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI01843C BLRI02119F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC14625C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Supply of New Technology Telecom
Products |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a government of India company. It is an established company having a moderate track. The company has incurred a loss from its operations. Trade relations are fair. Business is active. Payment terms are
reported as slow. The company can be considered for business dealings 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.
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
|
Rating Agency Name |
CARE |
|
Date |
February 18, 2015 |
|
Note: |
CARE, has withdrawn the ratings assigned to ITI Limited’s short-term bond program FRB 2006 series of Rs. 3900.000 Million and L Series long term Bond of Rs. 940.000 Million with immediate effect, as the company has fully repaid the amounts under the said issue and there is no outstanding under the bond issues as on date. |
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 BY
|
Name : |
Ms. Rajlaxmi |
|
Designation : |
Personal Secretary of Factory Head |
|
Contact No.: |
91-80-25651340 |
|
Date : |
23.03.2015 |
LOCATIONS
|
Registered Office/Corporate Office : |
ITI Bhavan, Doorvaninagar, Bangalore – 560 016, Karnataka, India |
|
Tel. No.: |
91-80-25614466 |
|
Fax No.: |
91-80-25617525 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plants / Units /
Projects : |
Located At:
|
|
|
|
|
Regional Offices
: |
Located at: ·
Bangalore ·
Bhubaneshwar ·
Chennai ·
·
Kolkata ·
·
Mumbai ·
New Delhi |
DIRECTORS
As on: 26.09.2014
|
Name : |
Ms. Kishori Lal Dhingra |
|
Designation : |
Managing Director |
|
Address : |
A1, Central Avenue, ITI Township, Doorvani Nagar,, Bangalore - 560016, Karnataka, India |
|
Date of Birth/Age : |
02.10.1955 |
|
Date of Appointment : |
07.04.2010 |
|
DIN No.: |
00388194 |
|
|
|
|
Name : |
Mr. Manuji Zarabi |
|
Designation : |
Director |
|
Address : |
C-28, Pamposh Enclave, G.K.Part - I, New Delhi - 110048, Delhi, India |
|
Date of Birth/Age : |
24.08.1947 |
|
Date of Appointment : |
03.10.2012 |
|
DIN No.: |
00648928 |
|
|
|
|
Name : |
Mr. Dhirendra Singh |
|
Designation : |
Director |
|
Address : |
102, Earth Court-2, J.P. Greens, Greater Noida-201306, Uttar Pradesh, India |
|
Date of Birth/Age : |
23.03.1945 |
|
Date of Appointment : |
03.10.2012 |
|
DIN No.: |
00852815 |
|
|
|
|
Name : |
Mr. Ramesh Kumar Bhat |
|
Designation : |
Director |
|
Address : |
I-1612, Ground Floor, Chittaranjan Park, New Delhi-110019, India |
|
Date of Birth/Age : |
09.03.1956 |
|
Date of Appointment : |
03.01.2013 |
|
DIN No.: |
01958539 |
|
|
|
|
Name : |
Ms. Rajni Kumar Agarwal |
|
Designation : |
Whole-Time Director |
|
Address : |
A-2, Central Avenue, ITI Colony, Dooravani Nagar, Bangalore - 560016, Karnataka, India |
|
Date of Appointment : |
09.03.2010 |
|
DIN No.: |
03033503 |
|
|
|
|
Name : |
Mr. Kishore Kumar Gupta |
|
Designation : |
Whole-Time Director |
|
Address : |
A-16, Central Avenue, ITI Township, Doorvaninagar, Bangalore - 560016, Karnataka, India |
|
Date of Birth/Age : |
06.10.1955 |
|
Date of Appointment : |
01.05.2010 |
|
DIN No.: |
03092622 |
|
|
|
|
Name : |
Mr. Ravindra Kumar Mishra |
|
Designation : |
Nominee Director |
|
Address : |
T6, Atul Grove Road, Tolstoy Marg, New Delhi - 110001, India |
|
Date of Birth/Age : |
15.07.1955 |
|
Date of Appointment : |
25-07.2014 |
|
DIN No.: |
05184575 |
|
|
|
|
Name : |
Mr. Nitin Kumar Kohli |
|
Designation : |
Nominee Director |
|
Address : |
8K, Kamraj Lane, New Delhi - 110011, Delhi, India |
|
Date of Birth/Age : |
19.07.1956 |
|
Date of Appointment : |
29.10.2013 |
|
DIN No.: |
06785394 |
|
|
|
|
Name : |
Mr. Gopu Sudarsanam |
|
Designation : |
Director |
|
Address : |
A-3, ITI Township, Dooravani Nagar, Bangalore - 560016, Karnataka, India |
|
Date of Birth/Age : |
13.06.1958 |
|
Date of Appointment : |
16.04.2014 |
|
DIN No.: |
06896926 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Gupta |
|
Designation : |
Director |
|
Address : |
A-5,South Avenue, ITI Township,, Doorvani Nagar,, Bangalore - 560016, Karnataka, India |
|
Date of Birth/Age : |
01.01.1957 |
|
Date of Appointment : |
27.03.2014 |
|
DIN No.: |
06896959 |
KEY EXECUTIVES
|
Name : |
Ms. Rajlaxmi |
|
Designation : |
Personal Secretary of Factory Head |
|
|
|
|
Name : |
S Shanmuga Priya |
|
Designation : |
Secretary |
|
Address : |
1220, 4th Cross, 4th Main, BTM 4th Stage, Bangalore - 560076, Karnataka, India |
|
Date of Appointment : |
19.01.2015 |
|
PAN No.: |
BHQPS7851D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
259200000 |
90.00 |
|
|
259200000 |
90.00 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
259200000 |
90.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
109338 |
0.04 |
|
|
8580690 |
2.98 |
|
|
1142157 |
0.40 |
|
|
274600 |
0.10 |
|
|
10106785 |
3.51 |
|
|
|
|
|
|
2468444 |
0.86 |
|
|
|
|
|
|
12751679 |
4.43 |
|
|
2637301 |
0.92 |
|
|
835791 |
0.29 |
|
|
194754 |
0.07 |
|
|
567337 |
0.20 |
|
|
73700 |
0.03 |
|
|
18693215 |
6.49 |
|
Total Public shareholding (B) |
28800000 |
10.00 |
|
Total (A)+(B) |
288000000 |
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) |
288000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Supply of New Technology Telecom
Products |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Divulged |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Divulged |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Sundar Srini and Sridhar Chartered Accountants |
|
Address : |
Floor, New No.9, Rajamannar Street, T. Nagar, Chennai-600 017, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFS4576K |
|
|
|
|
Cost Auditors : |
|
|
Name : |
GNV and Associates |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint venture: |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 3000.000 million |
|
40000000 |
Preference Shares |
Rs. 100/- Each |
Rs. 4000.000 million |
|
|
|
Total
|
Rs.
7000.000 million |
Issued, Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
288000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2880.000 million |
|
30000000 |
Preference Shares |
Rs. 100/- Each |
Rs. 3000.000 million |
|
|
|
Total
|
5880.000 million |
·
Government of
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 |
5880.000 |
5880.000 |
5880.000 |
|
(b) Reserves & Surplus |
2307.909 |
5844.111 |
8252.113 |
|
(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) |
8187.909 |
11724.111 |
14132.113 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2609.720 |
6117.169 |
10512.080 |
|
(c) Other long term
liabilities |
1043.753 |
1265.263 |
2842.191 |
|
(d) long-term
provisions |
0.000 |
0.000 |
1266.905 |
|
Total Non-current
Liabilities (3) |
3653.473 |
7382.432 |
14621.176 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8759.268 |
6058.217 |
4829.953 |
|
(b) Trade
payables |
20344.263 |
20242.867 |
18775.700 |
|
(c) Other
current liabilities |
6602.346 |
21381.253 |
17079.431 |
|
(d) Short-term
provisions |
3328.550 |
3287.302 |
2889.377 |
|
Total Current
Liabilities (4) |
39034.427 |
50969.639 |
43574.461 |
|
|
|
|
|
|
TOTAL |
50875.809 |
70076.182 |
72327.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24512.927 |
24825.099 |
25120.404 |
|
(ii)
Intangible Assets |
15.678 |
31.356 |
47.033 |
|
(iii)
Capital work-in-progress |
211.455 |
13.230 |
17.775 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.055 |
4.055 |
4.055 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
19.483 |
19.180 |
18.975 |
|
(e) Other Non-current
assets |
2081.167 |
6797.362 |
12704.149 |
|
Total Non-Current
Assets |
26844.765 |
31690.282 |
37912.391 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
962.056 |
1049.071 |
1126.191 |
|
(c) Trade
receivables |
19435.238 |
33875.872 |
29978.345 |
|
(d) Cash
and cash equivalents |
323.397 |
168.743 |
212.586 |
|
(e)
Short-term loans and advances |
3306.900 |
3287.421 |
3085.826 |
|
(f) Other
current assets |
3.453 |
4.793 |
12.411 |
|
Total
Current Assets |
24031.044 |
38385.900 |
34415.359 |
|
|
|
|
|
|
TOTAL |
50875.809 |
70076.182 |
72327.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7087.217 |
8432.601 |
9159.616 |
|
|
|
Other Income |
370.676 |
318.881 |
330.254 |
|
|
|
TOTAL (A) |
7457.893 |
8751.482 |
9489.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
792.397 |
1537.927 |
1546.834 |
|
|
|
Purchases of Stock-in-Trade |
577.126 |
810.943 |
1604.096 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
19.849 |
108.845 |
(28.418) |
|
|
|
Employees benefits expense |
3373.163 |
3927.539 |
4014.491 |
|
|
|
Prior period |
(20.474) |
(477.515) |
11.284 |
|
|
|
Exertional Item |
0.000 |
(1300.000) |
0.000 |
|
|
|
Transfer to Capital Ac |
0.000 |
0.000 |
(0.188) |
|
|
|
Other expenses |
4763.087 |
4933.106 |
4974.254 |
|
|
|
TOTAL
(B) |
9505.148 |
9540.845 |
12122.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(2047.255) |
(789.363) |
(2632.483) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1223.140 |
847.993 |
852.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(3270.395) |
(1637.356) |
(3484.960) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.186 |
183.243 |
213.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT
(LOSS) BEFORE TAX (E-F)
(G) |
(3442.581) |
(1820.599) |
(3697.991) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
(LOSS) AFTER TAX (G-H) (I) |
(3442.581) |
(1820.599) |
(3697.991) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
894.142 |
252.587 |
1310.201 |
|
|
|
Components and Stores parts |
1.220 |
2.566 |
0.908 |
|
|
|
Capital Goods |
11.720 |
15.881 |
9.742 |
|
|
|
TOTAL
IMPORTS |
907.082 |
271.034 |
1320.851 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(12.88) |
(11.76) |
(13.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(48.57) |
(21.59) |
(40.37) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(28.89) |
(9.36) |
(28.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.80) |
(2.60) |
(5.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.42) |
(0.16) |
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.07 |
0.52 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62 |
0.75 |
0.79 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Unaudited 30.06.2014 |
Unaudited 30.09.2014 |
Unaudited 31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Revenue |
969.800 |
1,240.700 |
1,604.600 |
|
Other Income |
53.000 |
99.300 |
83.200 |
|
Total Income |
1,022.800 |
1,340.000 |
1,687.800 |
|
Expenditure |
(1,664.900) |
(2,019.9000 |
(2,105.800) |
|
Interest |
(351.600) |
(379.100) |
(395.200) |
|
PBDT |
(993.700) |
(1,059.000) |
(813.200) |
|
Depreciation |
(42.800) |
(43.300) |
(42.300) |
|
PBT |
(1,036.500) |
(1,102.300) |
(855.500) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(1,036.500) |
(1,102.300) |
(855.500) |
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 |
5880.000 |
5880.000 |
5880.000 |
|
Reserves & Surplus |
8252.113 |
5844.111 |
2307.909 |
|
Net worth |
14132.113 |
11724.111 |
8187.909 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
4829.953 |
6058.217 |
8759.268 |
|
Total borrowings |
4829.953 |
6058.217 |
8759.268 |
|
Debt/Equity ratio |
0.342 |
0.517 |
1.070 |
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 |
9159.616 |
8432.601 |
7087.217 |
|
|
|
(7.937) |
(15.955) |
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 |
9159.616 |
8432.601 |
7087.217 |
|
Profit/Loss |
(3697.991) |
(1820.599) |
(3442.581) |
|
|
(40.37%) |
(21.59%) |
(48.57%) |
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 |
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% |
-- |
|
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 |
-- |
|
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 |
PERFORMANCE:
The Company has achieved Sales and Production of Rs. 7699.000 Million and Rs. 7679.100 Million respectively during the year 2013-14 against Rs. 9210.400 Million and Rs. 9101.600 Million respectively during the previous year 2012-13. The Company could achieve this turnover in spite of the fact that our major customers BSNL and MTNL have not placed orders like earlier years. The net loss of the Company for the year 2013-14 is Rs.3442.600 Million against the figure of Rs. 1820.600 Million for the year 2012-13, which however, was after considering a grant of Rs. 1772.300 Million by the Government.
The net loss for the year 2013-14 is the lowest ever loss in the last twelve financial years (if the financial assistance by way of grant from the government is not taken into account).
The contribution (net of material cost) for the year is Rs. 1849.900 Million, which is comparable for that of previous year at Rs. 1872.700 Million.
SANCTION OF REVIVAL
PROPOSAL:
The Directors are pleased to inform that ITIs Revival Plan has been approved by the Cabinet Committee on Economic Affairs (CCEA) on 12th February 2014. The financial package approved by CCEA includes funding support for Rs. 18927.900 Million as grant-in-aid towards clearing of part of its liabilities and Rs.22640.000 Million as equity for up gradation and implementation of several projects as part of revival plan. The Government has already approved release of Rs. 4600.000 Million as first stage disbursement to the Company towards capital expenditure in the recent budget for the year 2014-15.
In the Revival plan, around 18 projects have been identified for implementation. This includes expansion of capacities for manufacturing of existing telecom products like Encryptions for Defense sector, G-PON, DWDM, MLLN, Ethernet, Broadband equipments, SMART cards etc. and also diversified products like Solar, LED lightings, Data center and Defense projects. These projects are allocated to all the six units of ITI for their revival. The project implementation will be done in three phases. For the implementation of projects in the 1st phase an amount of Rs. 460 million has already approved by the Government in the recent budget. The amount required for the implementation of projects in 2nd and 3rd phases is expected to be released subsequently. For monitoring of the implementation of the projects, committees have been formed at unit level, corporate level at ITI and at DoT level and also at APEX level.
As part of diversification, all the Units have taken various initiatives for enhancement of production and sales.
Mankapur Unit developed and entered into production of various LED based lighting products. ITI Mankapur executed an order from ONGC under their Corporate Social Responsibility (CSR) 'Swach Roshni Abhiyan' Project.
Naini Unit established High Wattage Solar Panels manufacturing line of 280 W SPV panel and tested internally. For commercial orders, IEC Certification is under process.
Rae Bareli Unit developed, total Solution for Lightening & Surge Protection Unit (LSPU) and the first lot of 39 units were supplied to Ahmedabad BSNL Gujarat Circle.
Palakkad Unit has established inroads in the Defense manufacturing area by supplying to NPOL (National Physical Oceanographic Laboratory), HVF (Heavy Vehicle Factory) Avadi, etc. The Plant has opened a separate manufacturing area for meeting the requirements of production of Space related products and have supplied to VSSC (Vikram Sarabhai Space Centre) both bare and assembled PCBs.
NATIONAL POPULATION
REGISTRATION (NPR) AND SOCIO ECONOMIC & CASTE CENSUS (SECC) PROJECTS:
ITI is one among the consortium of three PSUs (other two PSUs being BEL & ECIL) for the execution of prestigious National Population Register (NPR) Project under Ministry of Home Affairs (MHA). The job involves collection of citizen data including biometrics. The above consortium is also executing SECC project for the Ministry of Rural Development.
MLLN (MANAGED LEASED
LINE NETWORKS):
ITI has successfully rolled out countrywide MLLN network for BSNL in technical collaboration with a technology partner. ITI had received an expansion order from BSNL and the same has been executed during 2013-14.
GSM:
ITI has implemented GSM Projects in BSNL West Zone and in technology alliance with M/s Alcatel-Lucent& in South Zone in technology alliance with Huawei. The Annual Maintenance Contract related works have been carried out for West zone network.
G-PON (Gigabit
Passive Optical Network):
ITI has been a major supplier of this product to BSNL and MTNL using the imported technology. Some G-PON equipments against the earlier orders have been supplied during 2013-14. Requirements are anticipated for this product in future also for applications like FTTH.
DEFENCE PROJECTS:
ITI is the leader in supplying encryption equipments for the secured communication in the Defense networks. ITI has supplied telecom equipment like Telephones, Ruggedized Telephone Exchanges, Transmission equipments, VSAT etc. to the Defense sector. ITI has also executed ASCON project (Phase I, II, & III) successfully.
Solar Project:
Naini Plant of ITI is having requisite expertise and experience for implementing Solar solutions. ITI has executed solar projects for BSNL as well as UP police. BSNL and other Service Providers are planning to upgrade their outdoor GSM Telecom BTS sites with Solar Power especially in rural areas where grid power supply position is poor. ITI Naini is planning to augment the solar panel manufacturing infrastructure in its plant.
DATA CENTER & IT
PROJECTS:
ITI has already established Tier 3+ state-of-art Data center at Bangalore on PPP model. Presently this Data Center is fully booked for co-location services. ITI is also playing a major role in implementing IT projects. The State Governments are pursuing E-Governance projects for taking the benefit of IT to the Village Panchayats and they have made a substantial budget provision for the same. ITI is aggressively pursuing this Market segment. ITI is also executing Accelerated Power Development and Reform Programmer (APDRP) of Tamil Nadu state.
FUTURE OUTLOOK:
DEFENCE PROJECTS
ITI is looking at Defense market as a great opportunity for its business. With greater thrust towards domestic manufacturing of Defense equipments, ITI proposes taking up manufacturing of new products for Defense like, Software Defined Radio (SDR), High Frequency Radio Handsets, TR modules for RADAR, Electronic Fuzes, equipments for Army Wide Area Network (AWAN Phase II) etc.
Other major projects which have been launched by Indian Army are ASCON Phase IV and Battlefield Management System (BMS). Earlier three phases of ASCON project have been executed by ITI successfully and ITI is hopeful of getting order for ASCON phase IV project also. ITI has also responded to the RFI against the BMS project and has presented details on BMS solution to the Indian Army.
SOLAR PROJECT
There has been special emphasis by the Government of India to implement the renewable energy sources including solar to overcome the environmental hazards and meeting the growing energy needs. ITI, having requisite expertise and experience for implementing solar solutions, is planning to augment the solar panel manufacturing infrastructure in its Naini plant and is also planning to install one more manufacturing facility at its Srinagar plant.
TABLET PC
MANUFACTURING
Ministry of Human Resources Development has an ambitious plan of distributing Tablet PCs to all students at College level for empowering students to access educational data through internet. Similar programmers are being launched by State Governments also. These devices are also being used by common man for e-enabled applications similar to mobile phones. Since the requirements are huge, ITI is planning to take up manufacture of this product at its various units. ITI has already been qualified for the low cost tablet PC supplies announced by the Ministry of HRD and has been listed by DGS&D.
CORE TELECOM PRODUCTS
ITI is pursuing on addressing the core telecom market like GSM, Next Generation Networks (NGN), Long Term Evolution (LTE), and Managed Leased Line Network (MLLN) etc. The LTE technology is expected to be the future technology in mobile communications. ITI is planning to take up manufacturing of these products by entering into collaboration agreements with technology providers.
NFS
The Government funded projects like Network for Spectrum (NFS) require many types of telecom equipments like DWDM, Carrier Ethernet, Microwave, IP-MPLS equipments etc. in huge volumes. ITI is planning to take up manufacture of these products with suitable technology collaborations. In the tender floated by BSNL for laying optical cables under NFS project, ITI was L1 and has recently received Advance Purchase Order (APO) from BSNL worth Rs. 2111 Million (excluding AMC) for establishment of optical fiber network in two (out of seven) zones in the Country.
LED LIGHTING
LED lighting is an environmental friendly system due to non-use of Mercury. Market potential for this product is very good. ITI is planning to address this market. Potential areas of business opportunities are expected from National Highway Authority, State Governments and Municipal Corporations, CPWDs/ PWDs, Railways, Hotels and Hospital Industry.
DATA CENTER
Considering the huge scope existing in the market of Data Center particularly in the Government sector, for projects of national importance like NPR, UIDAI and other Projects/Schemes envisaged by Government agencies & PSUs, ITI is planning to establish its own Data Center.
Manufacture of
Citizen ID Cards
As an extension of NPR project which is under execution by ITI as a consortium partner with BEL and ECIL, ITI is also looking at the huge opportunity of manufacturing SMART card based citizen identity cards for all the citizens in the Country. ITI is already having SMART card manufacturing facility at its Palakkad plant. This will be further augmented to take manufacture of citizen ID cards.
Manufacturing of
Li-Ion Batteries
High density back up power solutions using Li-Ion technology have been proved in the fields of consumer electronics like PCs, Mobile phones, Tablet PCs etc. They are also making inroads into other applications like powering GSM towers. ITI is planning to take up manufacturing of Li-Ion batteries in one of its plants.
HUMAN RESOURCE
DEVELOPMENT:
Human Resource Development (HRD), keeping in view the initiatives taken for organizational turnaround, diversification and the Company’s MOU target on HRM. Training for 2013-14, focused on imparting need based training for executives and non-executives in the areas of New Technology, Information Technology and General Management Development. To keep pace with the advancements in Telecom & Information Technology, training programmers on the topics like GPON, OFC Networks, Mobile Communications, Cloud Computing, MLLN, Networking, Cyber Security, etc., were organized. Management Development programmers focused on Leadership, Finance, Human Resource, Vigilance, Quality, Personality Development, etc., besides organizing a host of awareness programmers.
The MOU HRM Training performance indicators were to train the company executives and non-executives and impart Risk Management training for senior executives. Following the MOU targets, the company, for knowledge / skill up-gradation of its manpower working at Corporate Office, Corporate marketing including Regional and sub offices, Manufacturing plants, Network Systems Unit, located across the country, has organized 49 exclusive training programmers covering 1134 executives and 27 training programmers covering 711 non-executives achieving totally 2868 training man-days. Besides, 45 need based awareness training programmers have been organized in the areas of safety, health, energy, environment management etc., by Plant HR (ED) Centers. 1184 personnel have been benefited by these programmers and the company 1369 training man-days on these awareness programmers. An in-house Training on Risk Management was conducted for senior executives. A group of 23 executives, consisting of DGMs and above, participated in the training. During the year, the company has sponsored 11 executives/non-executives for external training through renowned organizations / training institutions. In a nutshell the Company trained 2040 executives, 989 non-executives achieving 2061 and 1176 training man-days respectively.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Claims against company not acknowledged as debt |
372.572 |
|
Guarantees |
2209.407 |
|
Other money for which company is contingently liable |
882.016 |
|
Total |
3463.995 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
80067748 |
26/05/1997 |
1,500,000,000.00 |
CANARA BANK |
HEAD OFFICE , JC ROAD, BANGALORE - 560027, KARNATAKA, INDIA |
- |
|
2 |
80054375 |
04/08/2009 * |
17,250,000,000.00 |
STATE BANK OF INDIA |
SAMG BRANCH, 4TH FLOOR, RESIDENCY PLAZA RESIDENCY |
A69952661 |
* Date
of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIXTH MONTHS
ON 30.09.2014
[RS.
IN MILLION]
|
PARTICULARS |
3 Months Ended |
6 Months Ended |
|
|
30.09.2014 [Unaudited] |
30.06.2014 [Unaudited] |
30.09.2014 [Unaudited] |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1237.700 |
969.600 |
2207.300 |
|
b) Other operating income |
3.000 |
0.200 |
3.200 |
|
Total
Income from Operations (net) |
1240.700 |
969.800 |
2210.500 |
|
|
|
|
|
|
2.Expenditure |
624.900 |
482.300 |
1107.200 |
|
Cost of material consumed |
330.300 |
108.500 |
438.800 |
|
Purchases of Stock-in-Trade |
5.100 |
17.900 |
23.000 |
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
909.100 |
912.200 |
1821.300 |
|
Employees benefits expense |
43.300 |
42.800 |
86.100 |
|
Depreciation |
150.500 |
144.000 |
294.500 |
|
Other expenses |
624.900 |
482.300 |
1107.200 |
|
Total expenses |
2063.200 |
1707.700 |
3770.900 |
|
|
|
|
|
|
3. Profit from operations before other income, and
financial costs and Exceptional Items |
|
|
|
|
Profit/ (Loss) before Interest, Depreciation, Tax and
Amortization |
(822.500) |
(737.900) |
(1560.400) |
|
4. Other income |
99.300 |
53.000 |
152.300 |
|
5.Ecxhange Gain |
0.000 |
0.000 |
0.000 |
|
6. Profit from ordinary activities before finance costs |
(723.200) |
(684.900) |
(1408.100) |
|
7. Finance costs |
379.100 |
351.600 |
730.700 |
|
8. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
(1102.300) |
(1036.500) |
(2138.800) |
|
9. Exceptional item |
0.000 |
0.000 |
0.000 |
|
10. Profit from ordinary
activities before tax Expense: |
(1102.300) |
(1036.500) |
(2138.800) |
|
11.Tax expenses |
0.000 |
0.000 |
0.000 |
|
12.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(1102.300) |
(1036.500) |
(2138.800) |
|
13.Extraordinary
Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
14.Net
Profit / (Loss) for the period (11 -12) |
(1102.300) |
(1036.500) |
(2138.800) |
|
15.Paid-up equity share capital (Nominal value Rs.10
per share) |
2880.000 |
2880.000 |
2880.000 |
|
16. Reserve excluding Revaluation Reserves as per balance
sheet of previous accounting year |
- |
- |
- |
|
17.i)
Earnings per share (before extraordinary items) of Rs.10/- each) (not
annualised): |
- |
- |
- |
|
(a) Basic and diluted |
(4.06) |
(3.83) |
(7.89) |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
28800000 |
28800000 |
28800000 |
|
- Percentage of shareholding |
10.00 |
10.00 |
10.00 |
|
2.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
259200000 |
259200000 |
259200000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
90 |
90 |
90 |
|
|
PARTICULARS |
3
Months Ended 30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the Quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
(RS. IN MILLION)
|
SOURCES OF FUNDS |
30.09.2014 [Unaudited] |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)
Shareholders' Funds |
|
|
(a) Share Capital |
5880.000 |
|
(b) Reserves & Surplus |
66.600 |
|
Total
Shareholders’ Funds |
5946.600 |
|
|
|
|
(2) Share
Application Money Pending Allotment |
0.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
2000.000 |
|
(b) Trade payable |
2655.600 |
|
(c) Other long term
liabilities |
28.900 |
|
(d) long-term
provisions |
1033.300 |
|
Total Non-current
Liabilities (3) |
5717.800 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
9090.900 |
|
(b) Trade
payables |
19904.900 |
|
(c) Other
current liabilities |
6498.000 |
|
(d) Short-term
provisions |
3653.100 |
|
Total Current
Liabilities (4) |
39146.900 |
|
|
|
|
TOTAL |
50811.300 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed
Assets |
24654.000 |
|
(b) Non-current Investments |
4.100 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
19.900 |
|
(e) Other
Non-current assets |
2129.800 |
|
Total Non-Current
Assets |
26807.800 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
873.200 |
|
(c) Trade
receivables |
19613.200 |
|
(d) Cash
and cash equivalents |
70.000 |
|
(e)
Short-term loans and advances |
3443.600 |
|
(f) Other
current assets |
3.500 |
|
Total
Current Assets |
24003.500 |
|
|
|
|
TOTAL |
50811.300 |
Note:
1. The above unaudited financial results for the quarter and nine months ended 31.12.2014 were reviewed by the Audit Committee and upon its recommendations, were approved by the Board of Directors at their meeting held on 13th Feb 2015
2. A Limited Review of the Financial Results for the quarter and nine months
ended December 31, 2014 has been carried out by Statutory Auditors of the
company pursuant to clause 41 of the listing agreement.
3. Previous year/ Quarter figures have been regrouped/restated wherever
necessary.
4. The Company is primarily engaged in the business of manufacturing, trading and servicing of telecommunication equipments and rendering other associated / ancillary services and there are no other reportable segments as per Accounting Standard (AS) 17 on Segment Reporting.
5. The Company is a sick company as per provisions of Sick Industrial Companies
Act (SICA), 1985. CCEA has approved a financial assistance of Rs.41567.900
Million In February 2014, for Revival of ITI under Rehabilitation Scheme.
6. The Company has continued to charge depreciation on Straight Line Method as
per the useful life of the assets as assessed by the Management in the previous
years as against the useful life as prescribed under Part C of schedule - II to
the Companies Act 2013 which came into effect from April 01, 2014 and the
Statutory Auditors have qualified the Review Report in this regard.
7. Based on the order of the Honorable Supreme Court, a sum
of Rs. 1650.000 Million has been provided towards arrears of Pay Revision to
the employees and the same has been shown as an Exceptional Item - Expense. The
sanction of financial relief of Rs. 1650.000 Million against the above
liability by the Ministry of Communications & IT has been reflected under
Exceptional Item- Income.
FIXED ASSETS:
- Land
- Building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Know-how
WEBSITE:
News:
Chinese aggression
hurting Indian diamond industry : 08 Jan 2015: The SDMDA had
suggested to the Centre to hold expos both in India and overseas to encourage
and promote this specific segment.
Telephone system
at Hyderabad Raj Bhavan hacked: 22 Jan 2015: The misuse was
detected by the BSNL last week, following which the Raj Bhavan officials filed
a complaint with the Cyber Crime Police Station here.
Demand for tech
innovators to go up in Indian logistics industry: 27 Feb 2015: In a recent interaction,
Anjani Kumar, CIO, Safexpress talked about why the logistics industry is now
becoming more competitive than ever.
4 hottest jobs in
Indian e-commerce industry: Jan 2015: User interface
developers, e-commerce merchandising specialists, interaction designers and
digital marketers to be in demand in the e-commerce industry in the coming
years.
Oil industry
claims oil fortification with vitamins not useful for Indian cooking:
23 Jan 2015: There are thousands of oil millers and vegetable oil refiners in
small and medium scale who are not equipped for fortification of oil with
vitamins.
Indian design
industry lacks quality, disciplined manufacturers: Designers: 15 Feb
2015: The Indian design industry has a lot of potential to grow but one
of the key drawbacks is lack of quality and disciplined manufacturers.
Indian automobile
industry gets loose change from Budget 2015: Mar 2015: There were some other
benefits such as import of select parts for electric and hybrid vehicles.
Maran telephone
exchange case: HC grants bail to 3 accused: 03 Mar 2015: Justice P
Devadoss directed Kannan and V Gowthaman to execute a personal bond for Rs
50,000 and two sureties of the like sum to the satisfaction of the CBI Special
Judge.
Centre doles out
more to HMT, ITI employees
The decision was taken at a meeting of the
Cabinet Committee on Economic Affairs
·
28-02-2014
Government to continue with quota for ITI
ITI had failed to transform itself into a
company to keep up with the latest developments in telecom sector
·
15-01-2014
Datawind out of
Aakash project
C-DAC, Indian Telephone Industries to work on
improved version of the tablet
·
21-02-2012
Centre promises
all help to ITI
The Centre would extend all possible help to
the ailing public sector Indian Telephone Industries (ITI) in its endeavour to
make a turnaround, Union Minister of State for Communications and IT Gurudas
Kamat has said.
·
16-04-2011
BRPSE calls meet
to formulate BSNL revival
After A Raja’s exit as communications
minister, efforts have started to revive state-run telecom company Bharat
Sanchar Nigam Limited (BSNL), which has been losing its position over the
years.
·
27-11-2010
BSNL to launch
Wi-Max service in state soon
Bharat Sanchar Nigam Limited (BSNL), the
public sector telecom giant, will launch its Wi -Max services in Orissa this
year.
·
05-06-2010
ITI eases JV
terms; extends bid deadline
After failing in its attempt to find any
joint venture partner for three of its manufacturing plants, Indian Telephone
Industries Limited (ITI) has now extended the bid to July 15, with
modifications in the original bid proposals.
·
19-05-2010
More transfusion
being planned for long-ailing ITI
After failed attempts to find private
partners for the country’s oldest and long-ailing telecom equipment company,
Indian Telephone Industries (ITI), the UPA government is giving another try for
its revival.
·
15-05-2010
Centre appoints
Hudco chief K L Dhingra as new ITI CMD
The Centre has appointed K L Dhingra, earlier
the chairman and managing director (CMD) of Housing and Urban Development
Corporation Limited (Hudco) as the new CMD of state-owned telecom equipment
manufacturer, Indian Telephone Industries (ITI Limited.).
·
08-04-2010
Huawei sets eye on
three ITI factories
Government’s security concerns about Chinese
equipment makers not a deterrent.
·
10-01-2010
The government has now initiated process to
bail out loss-making state-run telecom equipment manufacturer Indian Telephone
Industries (ITI). As part of the revival plan, ITI has invited bids from Indian
and global telecom majors to set up joint.
·
30-10-2009
Three state-owned telecom companies Bharat
Sanchar Nigam Limited, Mahanagar Telecom Nigam Limited and Indian Telephone
Industries have suffered revenue losses to the tune of Rs 5275.200 Million
during 2004-05
·
18-03-2006
MTNL awards Rs 750
cr GSM order to ITI
Mahanagar Telephone Nigam Limited (MTNL) has
awarded the Rs 7500.000 Million order for two-million GSM lines for expanding its
Mumbai operations to Indian Telecom Industries (ITI).
·
08-02-2006
DALAL STREET SPIKES
·
08-11-2005
·
Markets
BSNL disallows
sub-contracting
$5 bn GSM line tender to have Indian quota.
·
07-11-2005
ITI commissions
network for Army
Public sector Indian Telephone Industries
(ITI) has commissioned Mercury Flash in Kolkata. It is a strategic broadband
satellite network which provides secure broadband bridges between remote
·
11-08-2005
Alcatel to set up
JV with C-DOT
Alcatel India and the Centre for Development
of Telematics (C-DOT) have decided to set up a joint venture, thus giving shape
to their one-year-old research and development (R&D) alliance.
·
21-05-2005
The Cabinet Committee on Economic Affairs (CCEA)
today approved a Rs 10010.000 Million revival plan for Indian Telephones
Industries (ITI). The CCEA, however, withdrew the restructuring package of
Rashtriya
·
16-12-2004
ITI revival hinges
on harsh steps
The Rs 10000.000 Million package that the
government is working on for the revival of Indian Telephone Industries (ITI)
will not have the desired impact unless it is followed up by certain key
decisions
·
26-11-2004
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 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.62.34 |
|
|
1 |
Rs.92.65 |
|
Euro |
1 |
Rs.68.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.