MIRA INFORM REPORT
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Report No. : |
320933 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTHAN URBAN INFRA LIMITED |
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Registered
Office : |
‘Kanchenjunga’ 7th Floor 18, Barakhamba Road, New Delhi -110001. |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.10.1959 |
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Com. Reg. No.: |
55-003141 |
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Capital Investment
/ Paid-up Capital : |
Rs. 14.429 million |
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CIN No.: [Company Identification
No.] |
L31300DL1959PLC003141 |
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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
: |
Manufacturer of overhead conductors and electro – porcelain high
tension insulators. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported
as usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February 18, 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Rating (A2) |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
February 18, 2015 |
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 : |
Mr. Yogesh |
|
Designation : |
Account Manager |
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Contact No.: |
91–11–2331 0001 |
|
Date : |
05.05.2015 |
LOCATIONS
|
Registered Office/ Head Office : |
‘Kanchenjunga’ 7th Floor 18, Barakhamba Road, New Delhi -110001, India |
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Tel. No.: |
91–11–2331 0001 (5 Lines) |
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Fax No.: |
91–11–2331 3707 |
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E-Mail : |
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Website : |
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Works |
Located At:
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Branch Offices |
Located at:
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DIRECTORS
As on: 31.03.2014
|
Name : |
Shri R.P. Mody |
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Designation : |
Director and Chairman |
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|
Name : |
Shri V.A. Mody |
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Designation : |
Director |
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Name : |
Shri O.P. Shroff |
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Designation : |
Director |
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Name : |
Shri Suman J. Khaitan |
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Designation : |
Director |
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Name : |
Shri Subhash Madan |
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Designation : |
Director |
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Name : |
Shri S.S. Bhuwania |
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Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Shri M.L. Birmiwala |
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Designation : |
Sr. Vice President-Finance And Secretary |
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|
|
|
Name : |
Mr. Yogesh |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Promoter Group |
|
|
|
|
|
|
|
M/s. Hindusthan Consultancy and Services Limited(Formerly M/s Energy Holdings Consortium Limited) |
708825 |
49.12 |
|
M/s. Promain Limited |
117900 |
8.17 |
|
M/s. Carbo Industrial Holdings Limited |
132820 |
9.21 |
|
M/s. Hindusthan Business Corporation Limited |
47000 |
3.26 |
|
M/s. Pradyumnna Steels Limited |
70000 |
4.85 |
|
Others |
500 |
0.03 |
|
Foreign Promoters |
- |
- |
|
M/ Persons acting
in concert |
|
|
|
|
1077045 |
74.64 |
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|
|
|
|
|
|
|
|
|
- |
- |
|
|
|
|
|
(Central/State Govt. Institutions, Non-Govt. Institutions) |
|
|
|
|
5600 |
0.39 |
|
|
- |
- |
|
|
- |
- |
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|
|
|
|
|
5600 |
0.39 |
|
|
47631 |
3.30 |
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Indian Public |
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|
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Holding more than 1% : |
|
|
|
Ritika Gupta |
49713 |
3.45 |
|
Nita M Patel |
21700 |
1.50 |
|
Ramaben Bhagubhai Patel |
21314 |
1.48 |
|
Paresh Chimanial shah HUF |
19000 |
1.32 |
|
Mahendra Girdharilal |
16460 |
1.14 |
|
Holding below 1% |
183732 |
12.73 |
|
NRI/OCB’s |
690 |
0.05 |
|
Any Other |
- |
- |
|
Sub Total |
360240 |
24.97 |
|
Grand Total |
1442885 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of overhead conductors and electro – porcelain high
tension insulators. |
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Products : |
- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Long-term
Borrowings 12.25% Term Loans from Canara Bank, New Delhi of Rs. 123.900 Million and Rs. 119.593 million is repayable in 108 & 96 monthly instalments starting from 01.08.2010 and 01.02.2011 respectively. The loan is secured by first charge on Assets created out of 4 nos. Wind Turbine Generator (WTGs) at Rajasthan and land at WTG site and Term Loan for Rs. 129.500 Million taken for Guwahati Project is repayable in 16 half yearly instalments starting from 01.08.2012. The loan is secured by first charge on Land, Building and plant and machinery created out of the loan. During the previous year the above mentioned 2 WTGS term loan @ Rs. 80.000 million for each WTG and Rs. 110.000 Million related to Guwahati Works were converted into Foreign Currency Loan of US ($) 1453884.60, ($) 1453884.60 and ($) 1999091.32 at a pricing of 6 months LIBOR plus 600 bps, with rollover at every 6 month at fresh pricing. During the year reaming Foreign Currency Loan of US ($) 962463.91, ($) 962463.91 and ($) 1443695.86 reset at fresh pricing of 6.3480%. 13.70% Term Loans from Canara Bank, New Delhi of Rs. 290.000 Million and Rs. 283.000 Million is repayable in 20 & 24 Quarterly instalments starting from 01.12.2009 and 28.02.2011 respectively. The loan is secured by first charge on fixed Assets financed out of the term loan including existing land of the unit. Short-term borrowings Working Capital Facilities from a Bank for the Cable & Conductor Division are Secured against hypothecation of stocks, book debts and plant & machinery both present & future at Faridabad, Gwalior and Guwahati Unit and equitable mortgage of land and building at Faridabad and Gwalior Unit. * Working capital facilities from State Bank of India, Bhopal Branch for the Insulator division are secured against hypothecation of stocks and book debts and secured collaterally by way of second charge on fixed assets of insulators division against which drawing is Rs. 395.496 Million (previous year Rs. 427.669 Million) including drawing against foreign currency Non Resident Demand Loan (FCNR-DL). The FCNR-DL is due for renewal in the month of April 2013 and February 2014. |
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Auditors : |
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|
Name : |
K.M. Agarwal and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Parties which
control the company : |
Carbo Industrial Holdings Limited Hindusthan Consultancy & Services Limited Pradyumnna Steels Limited Promain Limited |
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Related parties in
broader sense of the term : |
Hindusthan Engineering & Industries Limited (HEIL) Jai Commercial Company Limited, Mody Investment and Manufacturing Company Private Limited Adarsh Commercial Company Limited General Engineering Works Mody Institute of Education & Research |
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Subsidiary Company |
Hindusthan Speciality Chemicals Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Million |
|
|
|
|
|
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,43,000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.430 Million |
|
|
|
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Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,42,885 |
Equity Shares |
Rs. 10/- each |
Rs. 14.429 Million |
|
|
|
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|
b) Reconciliation of the number of shares outstanding at the beginning
and the end of the reporting period:
|
|
31.03.2014 |
|
|
|
No. of Shares
held |
Rs. in Million |
|
At the beginning of the period |
|
1.443 |
|
Issued during the period |
|
- |
|
Outstanding at the end of the period |
|
1.443 |
c) Shares in the company held by each shareholder holding more than 5
percent shares specifying the number of shares held:
|
Name of
Shareholders |
31.03.2014 |
|
|
|
No. of Shares
held |
% of Holding |
|
Hindusthan Consultancy & Services Limited |
708825 |
49.12 |
|
Carbo Industrial Holdings Limited |
132820 |
9.21 |
|
Promain Limited |
117900 |
8.17 |
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 |
14.429 |
14.429 |
14.429 |
|
(b) Reserves & Surplus |
2646.667 |
2599.342 |
2375.921 |
|
(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) |
2661.096 |
2613.771 |
2390.350 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
250.407 |
336.309 |
382.995 |
|
(b) Deferred tax liabilities (Net) |
206.401 |
195.953 |
193.273 |
|
(c) Other long term
liabilities |
0.000 |
53.055 |
125.922 |
|
(d) long-term provisions |
67.100 |
65.118 |
60.325 |
|
Total Non-current
Liabilities (3) |
523.908 |
650.435 |
762.515 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1199.515 |
712.737 |
472.669 |
|
(b) Trade
payables |
1038.387 |
945.240 |
738.723 |
|
(c) Other
current liabilities |
618.087 |
455.100 |
453.986 |
|
(d) Short-term
provisions |
51.293 |
47.012 |
41.491 |
|
Total Current
Liabilities (4) |
2907.282 |
2160.089 |
1706.869 |
|
|
|
|
|
|
TOTAL |
6092.286 |
5424.295 |
4859.734 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1587.695 |
1689.645 |
1503.562 |
|
(ii)
Intangible Assets |
0.709 |
0.744 |
0.416 |
|
(iii) Capital
work-in-progress |
199.857 |
109.133 |
168.511 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
374.294 |
339.206 |
352.137 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
226.839 |
125.395 |
103.876 |
|
(e) Other
Non-current assets |
48.982 |
46.022 |
32.923 |
|
Total Non-Current
Assets |
2438.376 |
2310.145 |
2161.425 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
773.576 |
1006.551 |
767.733 |
|
(c) Trade
receivables |
2450.825 |
1767.199 |
1467.500 |
|
(d) Cash
and cash equivalents |
143.006 |
83.647 |
251.639 |
|
(e)
Short-term loans and advances |
278.916 |
253.953 |
205.824 |
|
(f) Other
current assets |
7.587 |
2.800 |
5.613 |
|
Total
Current Assets |
3653.910 |
3114.150 |
2698.309 |
|
|
|
|
|
|
TOTAL |
6092.286 |
5424.295 |
4859.734 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7187.120 |
6389.312 |
4557.221 |
|
|
|
Other Income |
20.735 |
20.597 |
31.604 |
|
|
|
TOTAL (A) |
7207.855 |
6409.909 |
4588.825 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5038.547 |
4619.200 |
3231.028 |
|
|
|
Purchases of Stock-in-Trade |
2.141 |
0.000 |
0.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
201.534 |
(203.451) |
(50.399) |
|
|
|
Exceptional Item |
(5.441) |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
275.026 |
255.077 |
186.318 |
|
|
|
Other expenses |
1318.916 |
1143.834 |
1009.741 |
|
|
|
TOTAL
(B) |
6830.723 |
5814.660 |
4376.688 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
377.132 |
595.249 |
212.137 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
255.099 |
238.483 |
214.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
122.033 |
356.766 |
(2.452) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
133.741 |
127.173 |
120.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(11.708) |
229.593 |
(122.708) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
10.382 |
2.818 |
(47.824) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
(22.090) |
226.775 |
(74.884) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.735 |
0.000 |
9.576 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERED FROM GENERAL
RESERVE |
(22.066) |
0.000 |
(66.985) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
221.686 |
0.000 |
|
|
|
Short Provision of tax on
Dividend for Previous Year |
0.022 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity |
0.245 |
0.468 |
0.234 |
|
|
|
Tax on Dividend |
1.444 |
2.886 |
1.443 |
|
|
BALANCE CARRIED
TO THE B/S |
0.000 |
1.735 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
492.166 |
698.461 |
320.258 |
|
|
|
Freight |
18.488 |
44.444 |
10.050 |
|
|
|
Interest Received |
1.017 |
0.000 |
0.000 |
|
|
|
Earning by Sale under Global
Tender in India |
760.016 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1271.687 |
742.905 |
330.308 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
763.133 |
288.737 |
210.620 |
|
|
|
Components and Stores parts |
5.379 |
17.674 |
18.819 |
|
|
|
Capital Goods |
0.059 |
2.277 |
0.000 |
|
|
TOTAL IMPORTS |
768.571 |
308.688 |
229.439 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(15.31) |
157.17 |
(51.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.31) |
3.55 |
(1.64) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.25 |
9.32 |
4.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.21) |
4.61 |
(2.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.09 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.40 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.44 |
1.58 |
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 |
14.429 |
14.429 |
14.429 |
|
Reserves & Surplus |
2375.921 |
2599.342 |
2646.667 |
|
Net worth |
2390.350 |
2613.771 |
2661.096 |
|
|
|
|
|
|
long-term borrowings |
382.995 |
336.309 |
250.407 |
|
Short term borrowings |
472.669 |
712.737 |
1199.515 |
|
Total borrowings |
855.664 |
1049.046 |
1449.922 |
|
Debt/Equity ratio |
0.358 |
0.401 |
0.545 |
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 |
4557.221 |
6389.312 |
7187.120 |
|
|
|
40.202 |
12.487 |
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 |
4557.221 |
6389.312 |
7187.120 |
|
Profit/ Loss |
(74.884) |
226.775 |
(22.090) |
|
|
(1.64%) |
3.55% |
(0.31%) |
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 |
No |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure
and Developments
The growth of Power Sector in India is strong and market is growing every year. Transmission & Distribution sector will entail an investment of USD 120 billion (Rs. 7200000.000 Crores) in the 12th five year plan to evacuate 100000 MW of power generation capacity being added in the country. India is targeting a gross domestic product (GDP) growth rate of 8-9% in the coming years. To enable this growth, the country’s economy needs the support of its power sector.
OPPORTUNITIES &
THREATS
Researcher’s analysts forecast the Electrical Conductors market in India to grow at 13.56 percent over the period
2013-2018. one of the key factors contributing to this market growth is the increasing demand due to replacement
Activities in the country.
There are opportunity of more Porcelain Insulators sales due to higher investments planned in power sector resulting into subsequent higher demand.
The industry faces challenges both domestically and internationally. Low capacity utilizations, especially in the transmission & distribution (T&D) segment, and the growing threat of low cost imports are some of the key challenges.
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE
There has been increase in production and sales of Cables and Conductors while there has been marginal increase in production and sale of Insulators. Efforts are being made to improve the performance of Insulators division including installation of LNG station in the plant and converted kilns in to dual fuels to use LNG as one of the fuel, LNG being cheaper fuel than Propane and HSD.
FUTURE OUTLOOK
The government has taken several initiatives for the growth and development of the sector such as setting up of ultramega power projects, encouraging private sector participation through PPPs electrification programmed and allowing foreign investments up to a limit of 49% in power trading. The investment climate is very positive in the power sector with government permitting 100% FDI through automatic route. Due to surge in the sector, the power sector has witnessed higher investment flows than envisaged.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Payment Liabilities (Unsecured |
|
|
|
Sales Tax Deferment |
11.024 |
7.604 |
|
Less:- Current Maturities |
(7.604) |
(7.604) |
|
Short-term
borrowings |
|
|
|
Loan & Advances - From Related Parties -Unsecured |
|
|
|
Hindustan Engineering and Industries Limited |
507.671 |
317.241 |
|
Total |
511.091 |
317.241 |
|
|
|
|
|
Unsecured loan represent the sales tax deferment of Rs.7.604 Million and Rs. 3.420 Million which will be matured on 31.03.2014 and 31.03.2018 respectively. |
||
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Income Tax demand under appeal |
4.738 |
|
Income Tax demand under appeal |
2449.127 |
|
Guarantees/Securities given on behalf of third parties |
19.150 |
|
Excise Duty show cause notices/demands under appeal |
37.230 |
|
Claims against the Company for Sales/Purchase Tax/ MCF & Other under litigation (Paid under protest Rs. 1.980 Million (Previous Year Rs. 2.211 Million) |
50.827 |
|
Surety Bond given to Custom & Excise/JDFT |
31.500 |
|
|
2592.572 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10551238 |
02/02/2015 |
450,000,000.00 |
CANARA BANK |
2ND FLOOR, PCB
CONNAUGHT PLACE, WORLD TRADE TOWER, |
C44652733 |
|
2 |
10518660 |
27/05/2014 |
20,930,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C19648955 |
|
3 |
10366225 |
10/07/2012 |
130,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH - II, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI - 110001, INDIA |
B44044857 |
|
4 |
10208678 |
02/09/2011 * |
122,900,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH-II, 2ND FLOOR, WORLD TRADE |
B21551486 |
|
5 |
10172710 |
02/09/2011 * |
123,900,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH - II, 2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI - 110001, INDIA |
B21543293 |
|
6 |
10070240 |
20/09/2007 |
283,000,000.00 |
CANARA BANK |
74 JANPATH, NEW DELHI, NCT OF DELHI - 110001, INDIA |
A24467094 |
|
7 |
90063389 |
05/04/2013 * |
4,250,000,000.00 |
CANARA BANK |
2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B72939978 |
|
8 |
80003631 |
18/11/2014 * |
687,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, HOSHANGABAD ROAD, BHOPAL - 462011, MADHYA PRADESH, INDIA |
C36090108 |
* Date
of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
b |
2513.871 |
2374.462 |
6179.969 |
|
(b) Other Operating Income |
3.707 |
5.170 |
12.300 |
|
Total income from operations (net) |
2517.578 |
2379.632 |
6192.269 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
1893.847 |
1905.021 |
4934.239 |
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
105.660 |
74.724 |
-63.230 |
|
(d) Employee benefits expense |
67.248 |
67.854 |
205.148 |
|
(e) Depreciation and Amortization Expenses |
1.364 |
33.152 |
67.376 |
|
(f) Other Expenses |
204.512 |
196.876 |
617.007 |
|
(g)Foreign Exchange |
88.547 |
84.237 |
266.605 |
|
Total expenses |
2361.178 |
2361.864 |
6027.145 |
|
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
156.400 |
17.768 |
165.124 |
|
Other Income |
-1.004 |
13.910 |
29.240 |
|
Profit/ (Loss) from operations before other income, finance
costs and exceptional items (3+4) |
155.396 |
31.678 |
194.364 |
|
Finance Costs |
56.746 |
59.992 |
169.256 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
98.650 |
-28.314 |
25.108 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
98.650 |
-28.314 |
25.108 |
|
Tax expenses |
33.711 |
-6.555 |
11.945 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
64.939 |
-21.759 |
13.163 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
64.939 |
-21.759 |
13.163 |
|
Paid-up equity share capital (Nominal value Rs.10
per share) |
14.429 |
14.429 |
14.429 |
|
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
- |
- |
- |
|
Earnings
per share (before extraordinary items) of Rs.10/- each) (not annualised): |
- |
- |
- |
|
(a) Basic and diluted |
45.01 |
(15.06) |
9.12 |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
365840 |
365840 |
365840 |
|
- Percentage of shareholding |
25.36 |
25.36 |
25.36 |
|
2.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1077045 |
1077045 |
1077045 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
74.64 |
74.64 |
74.64 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
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 |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR
THE QUARTER AND NINE MONTHS ENDED 31.12.2014
(Rs. In
Millions)
|
Particulars |
3
Months Ended |
9
Months Ended |
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
1.
Segment Revenue |
|
|
|
|
Electrical Cables and
Conductors |
2220.424 |
2107.728 |
5362.218 |
|
High Tension Insulators |
294.159 |
268.603 |
820.401 |
|
Other (Electrical Energy) |
2.995 |
3.301 |
9.650 |
|
Total |
2517.578 |
2379.632 |
6192.269 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Net
Sales |
2517.578 |
2379.632 |
6192.269 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Profit before tax and interest from each
segment |
|
|
|
|
Electrical Cables and
Conductors |
101.614 |
45.057 |
145.905 |
|
High Tension Insulators |
38.749 |
(10.482) |
32.590 |
|
Other (Electrical Energy) |
12.892 |
(6.674) |
6.379 |
|
Total |
153.255 |
27.901 |
184.874 |
|
Less : Interest |
54.605 |
56.215 |
159.768 |
|
Exceptional
Item - Foreign Exchange Gain/(Loss) |
- |
- |
- |
|
Profit
from ordinary activities before tax |
98.650 |
(28.314) |
25.106 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
Electrical Cables and
Conductors |
1439.917 |
1506.589 |
1439.917 |
|
High Tension Insulators |
425.253 |
409.116 |
425.253 |
|
Other (Electrical Energy) |
816.101 |
697.416 |
816.101 |
|
Total |
2681.271 |
2613.121 |
2681.271 |
NOTE:
1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors in their respective meeting held on 29.01.2015 at New Delhi. The Statutory Auditors of the Company have reviewed the above results for the quarter & nine month ended 31.12.2014.
2. As per requirements of Revised Schedule-II of the Companies Act, 2013 effective from April 1, 2014, the company has revised the useful life of the assets as per Schedule-II. As a result, the depreciation for the quarter and nine months ended December, 2014 is lower by Rs.107.60 Lacs and Rs. 322.80 Lacs respectively. Further, an amount of Rs. 90.64 Lacs and Rs. 52.18 Lacs pertaning to assets for which the remaining useful lives were Nil as at April 1, 2014 has been adjusted to Revaluation Reserve and General Reserve resepectively.
3. The Company has no other segment which contributes more than 10% to the Company's total revenue or profits.
4. The figures of the previous period have been restated/regrouped wherever necessary, to make them comparable. 5. In response to the intimation received from Delhi Stock Exchange, the company has given its consent for recommending itself to the dissemination Board of Bombay Stock Exchange.
FIXED ASSETS:
Tangible Assets
- Land
- Building
- Plant and Machinery
- Office Equipment
- Furniture and Fixtures
- Motor Vehicles
Intangible Assets
- Software License
PRESS RELEASE:
15 REGIONAL STOCK EXCHANGES TO SHUT OPERATIONS AS SEBI DEADLINE
APPROACHES
Trade volumes are zero for RSEs and thus they won’t be able to meet the
regulator’s new net worth and trading norms
TUE, MAY 20 2014: Mumbai: With the 30 May deadline for stock exchanges to meet new
net worth and trading norms looming large, 15 of the 20 stock exchanges in the
country have opted to exit the business altogether.
According to two people directly
familiar with the matter, including an official of Securities and Exchange
Board of India (SEBI), 11 regional stock exchanges (RSEs) have already
submitted their exit applications to SEBI, while the boards of four other exchanges
will be meeting later this month to consider the resolutions related to closure
of business. Neither of the two people wished to be identified.
The Bombay Stock Exchange (BSE),
United Stock Exchange (which agreed to merge with BSE), MCX Stock Exchange Ltd
(MCX-SX), National Stock Exchange (NSE) and the Calcutta Stock Exchange will
continue in business, said the first person.
Of the remaining 15 stock
exchanges, 11 have already applied to exit the business, said this person. The
other four are also working towards this, he added.
“The Madras Stock Exchange is
convening meeting for passing the resolution for an exit. Ahmedabad Stock
Exchange and Delhi Stock Exchange are also convening the meeting for an exit. The
MPSE (Madhya Pradesh Stock Exchange Ltd) is also working on an exit.”
SEBI’S new norms for stock
exchanges mandate minimum net-worth ofRs.100 crore and an annual trading
of Rs.1,000 crore. The stock market regulator gave the recognized stock
exchanges two years to comply or exit the business.
Ramanatha Kotagal,
managing director of Madras Stock Exchange, said in an e-mail “the exchange is
holding an extraordinary general meeting on 26 May, where shareholders would
deliberate” possible exit from the business.
The regional stock exchanges in
Jaipur, Cochin, Delhi, Vadodara, Madhya Pradesh, Ludhiana, Pune, Bhubhaneswar,
the Inter Connected
Stock Exchange Ltd and Uttar Pradesh did not respond to e-mails
seeking comment.
According to the monthly bulletin
released by SEBI in April, other than BSE, NSE and MCX-SX, all equity exchanges
reported zero volume of trading in March. Indeed, for all of 2013-14, all
regional stock exchanges reported zero turnover, SEBI data shows.
Experts say that the exit of
regional exchanges is inevitable as national exchanges such as BSE and NSE have
expanded their reach across the country—making regional bourses less relevant.
“In today’s connected world,
staying financially viable is very difficult for the regional stock exchanges.
They were launched in a different era when BSE and NSE did not have reach,
which they boast of today. The regulator should see to it that while the
regional exchanges exit the business, the companies listed on such exchanges
and investors do not get affected,” said Rajnikant Patel, a former managing
director and chief executive officer of the BSE.
According to the second person
familiar with the development, some exchanges tried seeking legal recourse to
save themselves from the derecognition but the courts refused any kind of
relief.
“With the courts firmly telling
the bourses to comply with the SEBI norms or face action, the process of exit
was duly initiated by boards of the regional bourses,” this person said.
Dharmishta Raval, former executive
director in-charge of SEBI’s legal cell, confirmed that Vadodara Stock Exchange
and the brokers representing Ahmedabad Stock Exchange filed separate petitions
in the Gujarat High Court, challenging the process and the regulator’s powers
to de-recognize an exchange.
“Two regional bourses had
challenged the SEBI circular on the exit policy for stock exchanges but both
have been disposed,” added Raval.
In January 2013, SEBI allowed the
Hyderabad Stock Exchange to exit the exchange space—the first such by a
regional bourse after SEBI introduced exit norms for exchanges in May 2012.
Thereafter in April 2013,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.