IRA INFORM REPORT
|
Report No. : |
349905 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
AKSH OPTIFIBRE LIMITED |
|
|
|
|
Registered
Office : |
F-1080, Phase III, RIICO Industrial Area, Bhiwadi - 301019, Rajasthan |
|
Tel. No.: |
91-1493-221954 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
19.03.1986 |
|
|
|
|
Com. Reg. No.: |
17-016132 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.757.698 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24305RJ1986PLC016132 |
|
|
|
|
IEC No.: |
0591031868 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRA01280G |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACA0062F |
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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
: |
Subject is engaged in the manufacturing and selling of Optical Fibre, Optical Fibre Cable, Fibre Reinforced Plastic Rods and Impregnated Glass Roving Reinforcement. |
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|
|
|
No. of Employees
: |
350 (Approximetely) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11240000 |
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|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1986 having
satisfactory track. Available financial indicates sound financial risk profile marked by
healthy networth position along with comfortable liquidity position and
favourable gap between trade payables and trade receivables. Further, the rating also takes into consideration good profit margin
of the company. Trade relations are reported ad fair. Business is active. payments
tersm are reported as usually correct and as per commitment. In view of long track record and sound financial base, the company can
be considered normal 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
ICRA |
|
Rating |
Term Laons : BBB |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
August, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund based limits : A3+ |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
August, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Triloki |
|
Designation : |
Process Member Finance and Accounts |
|
Contact No.: |
91-11-26991508 |
|
Date : |
13.11.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
F-1080, Phase III, RIICO Industrial Area, Bhiwadi - 301019, Rajasthan,
India |
|
Tel. No.: |
91-1493-221954 / 221955 / 221636 / 223536 / 221333 / 220763 / 220388 / 220718 |
|
Fax No.: |
91-1493-221636 / 221329 |
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E-Mail : |
|
|
Website : |
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|
|
|
Corporate Office : |
J-1/1, B-1 Extension, Mohan Co-operative Industrial Estate, |
|
Tel. No.: |
91-11-26991508 / 09 |
|
Fax No.: |
91-11-26991510 |
|
|
|
|
Factory 2 : |
F-1075-81, RIICO Industrial Area (Phase III), Bhiwadi-301019, Rajasthan, India |
|
Tel No: |
91-1493-221333 / 220763 / 220388 / 220718 |
|
Fax No: |
91-1493-221955 / 223536 |
|
|
|
|
Factory 3 : |
A-315 (B), RIICO Industrial Area (Phase I), Bhiwadi-301019, Rajasthan, India |
|
Tel./Fax No.: |
91-1493-221955 / 223536 |
|
|
|
|
Factory 4 : |
SP-47, Shri Khatu Shyam Ji Industrial Complex, Ringus, District Sikar-352404, Rajasthan, India |
|
Tel No: |
91-1575-224151 / 224154 |
|
Fax No: |
91-1575-224150 |
|
|
|
|
FRP and Cable
Division : |
A, 58,59 Shri Khatu Shyam Ji Industrial Complex, Reengus, District Sikar – 332404, Rajasthan, India |
|
|
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|
Network Operation Centers : |
Located at:
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DIRECTORS
As on 31.03.2015
|
Name : |
Dr. Kailash S. Choudhari |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Amrit Nath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.R. Rakhecha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narendra Kumbhat |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Devika Raveendran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. K. Mathur |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Mehta |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Satyendra Gupta |
|
Designation : |
Executive Director (Finance) & CFO |
|
|
|
|
Name : |
Mr. Triloki |
|
Designation : |
Process Member Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
20255837 |
12.98 |
|
|
20255837 |
12.98 |
|
|
|
|
|
|
28146596 |
18.04 |
|
|
28146596 |
18.04 |
|
Total shareholding of
Promoter and Promoter Group (A) |
48402433 |
31.03 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
32795 |
0.02 |
|
|
293058 |
0.19 |
|
|
1457708 |
0.93 |
|
|
1783561 |
1.14 |
|
|
|
|
|
|
19359914 |
12.41 |
|
|
|
|
|
|
31842795 |
20.41 |
|
|
46903211 |
30.07 |
|
|
7706792 |
4.94 |
|
|
2255556 |
1.45 |
|
|
623120 |
0.40 |
|
|
1000 |
0.00 |
|
|
4827116 |
3.09 |
|
|
105812712 |
67.83 |
|
Total Public shareholding
(B) |
107596273 |
68.97 |
|
Total (A)+(B) |
155998706 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
1111110 |
0.00 |
|
|
1111110 |
0.00 |
|
Total (A)+(B)+(C) |
157109816 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing and selling of
Optical Fibre, Optical Fibre Cable, Fibre Reinforced Plastic Rods and
Impregnated Glass Roving Reinforcement. |
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|
|
|
Products : |
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|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximetely) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note Long-term
borrowings a. External Commercial Borrowings are secured by way of first pari- passu charge on the fixed assets of the Company and personal guarantee of Dr. Kailash S. Choudhari. b. Term Loan from Bank are secured by way of exclusive charge on Plant and Machinery installed under the project, second pari-passu charge on current assets, third pari-passu charge on fixed assets of the Company and further secured by personal guarantee of Dr. Kailash S. Choudhari. c. Term Loan from others are secured by way of exclusive charge on Fixed assets installed under the subject project. d. Issue of Foreign Currency Convertible Bonds (FCCBs) convertible into ordinary shares, the particulars, terms of issue and the status of conversion as at March 31, 2015 are given below :-
Short-term
borrowings a. Working capital facilities from banks are secured by way of first pari-passu charge on Current Assets both present and future and second pari-passu charge on the fixed assets of the Company. These facilities are further secured by way of first pari-passu charge on the immovable properties of the Company and personal guarantee of Dr. Kailash S. Choudhari. The cash credit is repayable on demand. The interest payable on cash credit is 14.00% p.a. b. Non fund based limits are secured by first pari-passu charge on immovable properties of the Company and personal guarantee of Dr. Kailash S. Choudhari. c. Loan from Cisco Systems Capital India Private Limited is secured against first and exclusive charge on plant and machinery of APAKSH Broadband Limited covered under loan agreement. |
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Auditors : |
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|
Name : |
P.C. Bindal and Company Chartered Accountants |
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Subsidiaries Companies : |
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|
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Fellow Subsidiaries : |
AOL Projects DMCC |
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|
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Enterprises over which personal referred in aforementioned exercise
significant influences : |
Mangal Chand Tubes Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170,100,000 |
Equity Shares |
Rs.5/- each |
Rs.850.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151,539,689 |
Equity Shares |
Rs.5/- each |
Rs.757.698 Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting year Equity
shares
|
|
No. |
Rs. In Million |
|
At the beginning of the year |
148,564,989 |
742.825 |
|
Add: |
|
|
|
- Issued pursuant to conversion of FCCBs |
2,974,700 |
14.873 |
|
Outstanding at the end of the year |
151,539,689 |
757.698 |
Terms/ rights attached
to equity shares
The Company has only one class of equity shares having par value of Rs 5/- 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 proposed by the Board of Directors is subject to the approval of the shareholders in ensuing 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.
During the period of
five years immediately preceeding to reporting date, the Company has not
(i) issued any bonus shares
(ii) issued shares for consideration other than cash
(iii) Bought back any shares
Details of
shareholders holding more than 5% shares in the Company
|
Name of the
shareholder |
No. |
% holding |
|
Dr. Kailash S. Choudhari |
25,842,700 |
17.05% |
|
Usha Jain |
17,425,000 |
11.50% |
|
Sunidhi Capital Private Limited |
7,338,671 |
4.84% |
|
Seema Choudhari |
7,000,000 |
4.62% |
|
The Bank of New York, Mellon |
1,375,000 |
0.91% |
|
Religare Finvest Limited |
69,000 |
0.05% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
757.698 |
742.825 |
742.825 |
|
(b) Reserves & Surplus |
3177.365 |
2822.161 |
2847.933 |
|
(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) |
3935.063 |
3564.986 |
3590.758 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
597.804 |
779.141 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
22.377 |
19.749 |
18.344 |
|
Total Non-current
Liabilities (3) |
620.181 |
798.890 |
18.344 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
414.998 |
259.180 |
117.491 |
|
(b) Trade payables |
674.325 |
374.053 |
381.104 |
|
(c) Other current liabilities |
331.251 |
279.664 |
919.283 |
|
(d) Short-term provisions |
63.860 |
84.253 |
3.741 |
|
Total Current
Liabilities (4) |
1484.434 |
997.150 |
1421.619 |
|
|
|
|
|
|
TOTAL |
6039.678 |
5361.026 |
5030.721 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
860.935 |
866.886 |
974.497 |
|
(ii) Intangible Assets |
74.778 |
76.539 |
94.825 |
|
(iii) Capital work-in-progress |
10.795 |
154.977 |
33.143 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2603.373 |
1867.233 |
1131.752 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.828 |
8.018 |
9.019 |
|
(e) Trade receivables |
0.000 |
0.000 |
4.741 |
|
(f) Other Non-current assets |
156.105 |
145.573 |
120.632 |
|
Total Non-Current
Assets |
3714.814 |
3119.226 |
2368.609 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
284.291 |
245.626 |
150.787 |
|
(c) Trade receivables |
1269.554 |
678.554 |
615.315 |
|
(d) Cash and cash equivalents |
39.367 |
5.418 |
19.306 |
|
(e) Short-term loans and advances |
716.858 |
1304.606 |
1868.237 |
|
(f) Other current assets |
14.794 |
7.596 |
8.467 |
|
Total Current
Assets |
2324.864 |
2241.800 |
2662.112 |
|
|
|
|
|
|
TOTAL |
6039.678 |
5361.026 |
5030.721 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3482.992 |
2200.640 |
2330.049 |
|
|
|
Other Income |
58.354 |
74.206 |
72.034 |
|
|
|
TOTAL (A) |
3541.346 |
2274.846 |
2402.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2088.301 |
1326.121 |
1374.411 |
|
|
|
Purchases of Stock-in-Trade |
58.461 |
21.360 |
39.582 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
20.963 |
(65.273) |
(0.234) |
|
|
|
Employees benefits expense |
183.650 |
151.947 |
138.603 |
|
|
|
Other expenses |
607.614 |
430.668 |
448.591 |
|
|
|
Exceptional Items |
(11.551) |
(70.660) |
(61.902) |
|
|
|
TOTAL (B) |
2947.438 |
1794.163 |
1939.051 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
593.908 |
480.683 |
463.032 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
102.610 |
70.590 |
37.338 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
491.298 |
410.093 |
425.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
163.088 |
149.938 |
166.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
328.210 |
260.155 |
259.373 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.118 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
321.092 |
260.155 |
259.373 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods and Services |
1179.240 |
1276.497 |
1596.283 |
|
|
|
Interest |
16.135 |
52.163 |
49.110 |
|
|
TOTAL EARNINGS |
1195.375 |
1328.660 |
1645.393 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
914.423 |
667.633 |
754.230 |
|
|
|
Consumable |
0.000 |
13.969 |
14.177 |
|
|
|
Spare Parts, Consumable and Packing Material |
15.612 |
0.000 |
0.000 |
|
|
|
Accessories |
5.302 |
0.000 |
11.186 |
|
|
|
Capital Goods |
9.855 |
94.884 |
8.702 |
|
|
|
Others |
0.000 |
7.238 |
10.740 |
|
|
TOTAL IMPORTS |
945.192 |
783.724 |
799.035 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.18 |
1.75 |
1.77 |
|
|
|
Diluted |
2.03 |
1.60 |
1.77 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long term debt |
172.574 |
133.302 |
0.000 |
|
Cash generated from / (used in) operations |
156.076 |
146.608 |
(113.981) |
|
Net cash flow from / (used in) operating activities |
102.924 |
131.600 |
(107.527) |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 |
30.09.2015 |
|
Unaudited |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1136.230 |
932.800 |
|
Total Expenditure |
|
981.640 |
757.910 |
|
PBIDT (Excl OI) |
|
154.590 |
174.890 |
|
Other Income |
|
8.250 |
5.750 |
|
Operating Profit |
|
162.840 |
180.640 |
|
Interest |
|
25.370 |
22.800 |
|
Exceptional Items |
|
(0.690) |
(0.210) |
|
PBDT |
|
136.780 |
157.630 |
|
Depreciation |
|
46.580 |
46.670 |
|
Profit Before Tax |
|
90.200 |
110.960 |
|
Tax |
|
NA |
NA |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
90.200 |
110.960 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
90.200 |
110.960 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.22 |
11.82 |
11.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.05 |
21.84 |
19.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.21 |
27.13 |
23.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.33 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.01 |
0.01 |
0.01 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.17.40/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
742.825 |
742.825 |
757.698 |
|
Reserves & Surplus |
2847.933 |
2822.161 |
3177.365 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3590.758 |
3564.986 |
3935.063 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
779.141 |
597.804 |
|
Short term borrowings |
117.491 |
259.180 |
414.998 |
|
Current Maturities of
Long Term Debt |
0.000 |
133.302 |
172.574 |
|
Total borrowings |
117.491 |
1171.623 |
1185.376 |
|
Debt/Equity ratio |
0.033 |
0.329 |
0.301 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2330.049 |
2200.640 |
3482.992 |
|
|
|
(5.554) |
58.272 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2330.049 |
2200.640 |
3482.992 |
|
Profit |
259.373 |
260.155 |
321.092 |
|
|
11.13% |
11.82% |
9.22% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATIONS DETAILS
|
RAJASTHAN HIGH COURT
|
|||||||||||||||||||||||||||
UNSECURED LOAN
|
Particular |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
|
Rs. In Million |
|
|
Long-term
borrowings |
|
|
|
Foreign Currency Convertible Bonds (FCCBs) USD 3.792 Million (31st March 2014: USD 3.792 Million) 0% FCCBs due on Feb-2019 of USD 1,000 each |
187.030 |
227.217 |
|
Short-term
borrowings |
|
|
|
Deposits |
|
|
|
0% Inter Corporate Deposit repayable on demand |
5.000 |
5.000 |
|
15% Inter Corporate Deposit from others repayable on demand |
20.000 |
20.000 |
|
0% Security Deposits |
44.632 |
39.219 |
|
Total |
256.662 |
291.436 |
|
|
|
|
CORPORATE INFORMATION
Aksh Optifibre Limited is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 2013. Its shares are listed at The Bombay Stock Exchange Limited, The National Stock Exchange Limited in India and GDRs are listed at Luxembourg Stock Exchange. The Company is engaged in the manufacturing and selling of Optical Fibre, Optical Fibre Cable, Fibre Reinforced Plastic Rods and Impregnated Glass Roving Reinforcement, The Company caters to both domestic and international markets. The Company also provides the E Governance services,FTTH and Internet Protocol Television (IPTV) services in North India.
OPERATIONAL REVIEW
Financial year 2014-15 closed with revenue of Rs 35,41.346 Million, EBIDTA of Rs. 5,82.357 Million and PAT of Rs 3,21.092 Million. The manufacturing business earned revenues of Rs. 3271.806 Million at an EBIT margin of
16.88 %.
During the year, the Company introduced certain new products and adding new markets in the manufacturing
business. the Company continues to be recognized globally for high quality FRP (Fibre Reinforced Plastic) Rods, and Optical Fibre Cables.
FUTURE OUTLOOK
MANUFACTURING
In the financial year 2014-15 there was a surge in demand of OFC, largely fuelled by introduction of next generation technologies and up gradation of existing 2G networks to make them 3G and 4 G compatible. A trend which is set to increase further in the coming year, with several Greenfield sites are being rolled out and more in the pipeline with operators preparing to launch 4G services, OFC network deployment is likely to gain momentum over the next few years making India one of the fastest growing markets in this segment. The year 2014-15 continued to witness the increased concern for women's safety, which prompted the wireless operators to increase the penetration of OFC networks for providing broadband services for
surveillance.
India optical fibre cables (OFC) market is expected to grow robustly due to expansion of telecom infrastructure throughout the country over the next five years. Being the second largest telecom market worldwide, India exhibits high data traffic owing to increasing penetration of smartphones and growing demand for broadband services, thereby creating significant demand for OFC installations. Consumers are increasingly shifting towards internet driven applications like HDTV, video on demand and high-speed file sharing. To address the soaring demand for high speed data transmission, the government of India along with telecom giants is investing substantial capital in upgrading the country's telecom infrastructure. The existing network of copper cables is being over hauled by using advanced fiber optic technology. All these factors are consequently providing a considerable thrust to the OFC market in India.
According to 'India Optical Fiber Cables Market Forecast & Opportunities, 2020', the optical fiber cables market in India is expected to surpass US$ 424 million by 2020. Nationwide connectivity projects launched by the government such as National Optical Fiber Network (NOFN) and National Fiber Spectrum (NFS), and the anticipated 4G Rollout in the country are bound to boost data transmission volumes, thereby making expansion of OFC installations critical for supporting the planned network expansions. In addition, next generation technologies such as LTE and FTTx, which require last mile connectivity, would also propel the demand for optical
fiber cables in the coming years. Globally, there is huge demand of optical fibre and optical fibre cable. The market drivers are laying of FTTX and FTTn networks, deployment of 4G networks and using the optical fibre for backhaul.
In the Asian region, there is huge export potential of optical fibre cable in the ASEAN countries, as those are developing markets having full range of long distance, metro and FTTx projects underway at the same time.
The demand of FRP is set to increase by 6-8% in domestic and global market during the current year as compared to previous year. It is anticipated that the global demand of FRP rise by 20% by 2018 as compared to FY 2014-15. Aksh share of FRP market is ~ 18%, which is set to rise by 7% by 2018.
SERVICES
The Company is running e-mitra services in the State of Rajasthan under the name of '1Stop Aksh'. 1 Stop Aksh is a public private partnership model between the Rajasthan Government and Aksh Optifibre Limited, where in complete E-Governance solutions are being provided to the public in a regulated, transparent and efficient manner.
The citizens can avail 200+ Government 2 Citizen (G2C) and Business 2 Citizen (B2C) services at their doorstep,
under a single roof, through an E-platform using the software created by the Government of Rajasthan.
The introduction of Micro ATMs facilities through a strategic tie up with State Bank of India (SBI), 1 Stop Aksh
kiosks are now fully equipped to carry out transactions in the rural part of Rajasthan, which is seen as concrete step towards realizing the Pradhan Mantri Jan Dhan Yojana, aiming at providing each citizen of the country with a bank account and financial independence.
The Company is a registered 'Enrolment Agency' with UIDAI for generating Aadhar Cards. In this process the Company has made its presence felt in Rajasthan, Haryana, Punjab, Uttar Pradesh, Bihar & Madhya Pradesh, and have been able to generate 30 Lac plus Aadhar cards, in these states, with the numbers set to risefurther.
With the Central Government's endeavour of digitizing India, which means the more and more services being
made available through Internet based services, the company is set to expand its base from Rajasthan to other states in the coming times.
Achievements and
Rewards
The various CSR measures taken by the Company during the financial year 2014-2015 were well appreciated and recognized by various private, autonomous bodies and the State Government of Rajasthan.
The Company has worked towards preserving the ecosystem and to this effect, ran a plantation drive in Bhiwadi. In recognition of Company's efforts to preserve and maintain good ecological system, it was felicitated by Lions club Bhiwadi, the District Industrial council of Bhiwadi and the like.
During the year, the Company adopted two schools, one in Bhiwadi and one in Sikar. The Company completely renovated infrastructure of the school and also added new facilities, for the overall growth of the students. In
recognition of the company's untiring efforts of providing quality education to the students within the State of Rajasthan, the Company was felicitated with the 21st Bhamashah awards by the Govt. of Rajasthan. The Company endeavours to continue to carry on its mission in times to come.
MANAGEMENT DISCUSSION
AND ANALYSIS OF THE FINANCIAL STATEMENTS AND OPERATIONAL RESULTS
Industry Structure and Developments
Global Industry Scenario
The growing video content on websites and increased usage of cloud-based services has been driving internet traffic. The proliferation of smartphones and tablets has also added to the internet traffic by enabling easy access.
In order to cater to the increased traffic, service providers have been forced to upgrade their networks from copper wire to optical fiber-based networks. Consumers are also moving to fiber networks due to the higher speeds.
In May 2015, Cisco released the complete Virtual Networking Index (VNI) Global IP Traffic Forecast, 2014 – 2019. Global highlights from the updated study include the following projections:
• By 2019, there will be nearly 3.9 billion global Internet users (more than 51 percent of the world's population), up from 2.8 billion in 2014.
• By 2019, there will be 24 billion networked devices and connections globally, up from 14 billion in 2014.
• Globally, the average fixed broadband connection speed will increase 2.2-fold, from 20.3 Mbps in 2014 to 42.5 Mbps by 2019
• Globally, IP video will represent 80 percent of all traffic by 2019, up from 67 percent in 2014
In February 2015, Cisco also released the Cisco VNI Global Mobile Data Traffic Forecast, 2014 - 2019. Global highlights from the updated study include the following projections:
By 2019:
• There will be 5.2 billion global mobile users, up from 4.3 billion in 2014
• There will be 11.5 billion mobile-ready devices and connections, more than 4 billion more than there were in 2014
• The average mobile connection speed will increase 2.4-fold, from 1.7 Mbps in 2014 to 4.0 Mbps by 2019
• Global mobile IP traffic will reach an annual run rate of 292 Exabyte's, up from 30 Exabyte's in 2014
The world's optical fibre cable passed the milestone of 300 million fibre kilometer (FKM) 2014. Cabled fibre consumption was 306 million FKM, and bare fibre shipment amounted to 329 million FKM. China, alone has consumed 149 million of cabled fibre in 2014. Report of demand in H1 2015 are even more stunning. Executives in China's cable industry are forecasting demand of more than 180 million FKM, possibly more than 200 million FKM. This would lead to world demand more than 350 million FKM in 2015.
The global fiber optics market is expected to grow at a CAGR of 5.1% between2014 and 2019 to reach a value of
$3.0 billion. Fiber optics used for telecom & broadband segment is witnessing a CAGR of 5.9% and constitutes a
significant part of the overall fiber optics market. However, oil & gas application, which is the second largest
application area for fiber optics, is expected to grow at a CAGR of 4.2% by 2019.
Telecom & broadband will continue to have the largest share of the world market for fiber optics and will drive its demand on a global scale. The developing regions of Asia- Pacific, Latin America, and Western and Eastern Europe will experience the largest growth in this application. The demand for fiber optics in the telecom industry will grow primarily in China, India, and other Asia-Pacific countries as demand is arising from 3G/4G usage in the region. Hence, by 2020, we can imagine a world covered by an extensive network of optical fibre. They will provide an almost unlimited capacity to transport data anywhere around the world over a wide geographical location which will result in unlimited bandwidth subscription rather than time-based charging being the norm.
Indian Industry
Scenario
Indian OFC (OPTICAL FIBRE CABLE) Industry: Indian Optical Fibre Cable market is expected to reach to USD 424.12 Million, in value terms, in 2020 from USD 180.20 Million in 2014. The market is expected to grow with a CAGR of 15.46%.
Indian Telecom Industry continues to witness significant growth due to rising expansion of telecom infrastructure.
As per estimates of Telecom Regulatory Authority of India (TRAI), India is the second largest telecom market in the world with around 987.30 million telephone subscribers as of 28th February 2015.
The demand for OFC cables is poised to explode in India in coming years due to growing penetration of broadband services in India. The country exhibited an overall teledensity of 78.73 %, as on 28th February 2015 with total number of internet subscribers of 350 million and 97.37 million of broadband subscribers. Further, the demand for internet driven applications like HDTV, videos on demand, faster file sharing have pushed the investment in the OFC networks to provide high bandwidth.
The growth story of mobile internet in India is on the upsurge. According to the IAMAI & KPMG Report “India On
The Go – Mobile Internet Vision Report 2017”, India is projected to have 236 million mobile internet users by 2016. The Report further projects that mobile internet user in India will reach 314 million by 2017.
The Report also points out that India will have over 500 million internet users by 2017. As of June 2015, internet
users in India stood at over 350 million. According to the Report, 2G user base in India is projected to decline in the coming years as more and more customers are expected to migrate from 2G to 3G. The 3G user base in India is rapidly gaining market and is projected to grow at a CAGR of 61.3% from 2013-17. There were approximately 82 million 3G subscribers in India by the end of year 2014 and the number is projected to reach 284 million by end of year 2017 “With more than 300 million internet users, India has the second largest internet user base in the world. But the internet penetration at 19 per cent (approx.) is poor and limits the potential. The next wave of growth in penetration of internet will be driven by adoption of mobile internet. The mobile internet growth story would be written by the large population in the hinterland and meaningful and compelling content/ use cases would enable adoption of mobile internet.
Rural India is steadily moving towards a more Internet friendly and exploratory mind-set. As of 2014, the Active Internet User (AIU) base in rural India was 6.7% of the overall rural population of 905 million and accounted for 61 million users. 4.4% of the total rural population used a mobile device to access the Internet; a figure that stood at
a meagre 0.4% in the year 2012.
The rural growth story in the coming years will likely be written by 2G technologies. 3G and 4G may continue to be primarily an urban phenomenon for the next few years. Increased Internet enabled device penetration,
decreasing handset prices and data plans tariffs are helping to create a suitable environment for a rapid growth
of Mobile Internet in India, with rural India set to take the lead. As of June 2014, nearly 50% of the AIU in rural areas accessed Internet using mobile phones, Community Service Centers (CSC) and Cyber Cafes. 38% of the Active Internet Users use Mobile phone as the main access point.
Various next generation technologies such as Long-Term Evolution (LTE) and Fibre to the X (FTTX), which require seamless connectivity for continuous operation are expected to drive the demand for OFC in the country. Huge investments are being made by the government in projects like National Optical Fibre Network (NOFN) project and National Fibre Spectrum (NFS). The OFC deployment is also taking place to support next-generation services such as 4G, Fibre to the Home (FTTH), Cable TV digitalization, etc.
Being a developing nation, India is currently focusing on establishing transmission infrastructure by installing new lines and increasing the carrying capacity of the existing infrastructure. This is projecting a healthy trend for the telecom cable market.
The government raised the FDI Limit in the telecom sector to 100% as on 23 August 2013 from the existing limit of 74% to boost the FDI in telecom sector. The cumulative FDI in the telecom sector reached USD 14.16 billion in
2014, registering a CAGR of 12.22% from 2010 to 2014. The growing FDI Investment is expected to increase the
OFC deployment in coming years.
FUTURE OUTLOOK
In the Indian context, the OFC market is set to grow with the implementation of National Optical Fibre Network (NOFN). Continuing expansion of existing networks by Railways and Defence, apart from private players who want to build project with OFC as key component, will also help fuel the demand.
With the increased awareness about security, the various state Governments in India are sensitizing the cities through FTTs projects, wherein security cameras are to be installed in the city, virtually feeding the city with fibre. Also in order to reduce the digital divide the various State Governments are mulling to broadband infrastructure, with dedicated free Wi-Fi zones to the citizens. This development will further fuel the demand of optical fibre cables.
The Indian FTTH market will be more successful than its global counterparts due to large population density of the country. The rapid pace with which the landscape of the country is changing, with increased demand of houses, the builders while building new housing complexes, a making a conscious effort to lay fibre instead of copper for providing television and telephone services connectivity to each apartment. They are providing optical network terminals and optical line termination devices within the complex.
Aksh is today a global name and to broaden, it is planned to increase the exports and domestic sales, to establish manufacturing facilities outside India and to execute large numbers of turnkey projects both domestic and internationally.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10536007 |
05/11/2014 |
894,700.00 |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE |
3rd Floor, Calcot House, 8/10, M.P. Shetty Marg, |
C36640340 |
|
2 |
10476739 |
25/01/2014 |
2,448,000.00 |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE |
3rd Floor, Calcot House, 8/10, M.P. Shetty Marg, |
B96004395 |
|
3 |
10472053 |
28/02/2014 * |
50,000,000.00 |
Punjab National Bank |
Shalimar Bagh Branch, AM-60, Shalimar Bagh, New D |
C00576819 |
|
4 |
10423784 |
01/10/2015 * |
1,300,000,000.00 |
Union Bank of India |
M-11, Middle Circle, Connaught Place, New Delhi, |
C69192201 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.09.2015
(Rs. in million)
|
|
|
Particulars |
Quarter Ended |
Quarter Ended |
|
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1 |
Income from Operations |
|
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
1220.759 |
1000.294 |
2221.053 |
|
|
|
Less: Excise Duty |
84.527 |
67.497 |
152.024 |
|
|
a) Net Sales/Income from Operations (net of excise duty) |
1136.232 |
932.797 |
2069.029 |
|
|
|
b) Other Operating Income |
-- |
-- |
-- |
|
|
|
Total Income from Operations (Net) |
1136.232 |
932.797 |
2069.029 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
733.333 |
524.633 |
1257.966 |
|
|
b) |
Purchase of stock in-trade |
10.363 |
8.569 |
18.932 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(11.170) |
0.561 |
(10.609) |
|
|
d) |
Employee benefit expenses |
47.344 |
51.010 |
98.354 |
|
|
e) |
Depreciation and amortization expense |
46.583 |
46.665 |
93.248 |
|
|
f) |
Other
expenses |
201.778 |
173.135 |
374.913 |
|
|
Total Expenses |
1028.231 |
804.573 |
1832.804 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
108.001 |
128.224 |
236.225 |
|
4 |
Other
Income |
8.254 |
5.753 |
14.007 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
116.255 |
133.977 |
250.232 |
|
6 |
Finance
Costs |
25.368 |
22.804 |
48.172 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
90.887 |
111.173 |
202.060 |
|
8 |
Exceptional
Items |
(0.691) |
(0.214) |
(0.905) |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
90.196 |
110.959 |
201.155 |
|
|
10 |
Tax
Expense |
0.000 |
0.000 |
0.000 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
90.196 |
110.959 |
201.155 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
90.196 |
110.959 |
201.155 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
785.549 |
757.698 |
785.549 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
16 |
|
Earnings per
share (before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
0.59 |
0.73 |
1.32 |
|
|
|
Diluted |
0.57 |
0.68 |
1.28 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
108707383 |
100161092 |
108707383 |
|
|
|
-
Percentage of Shareholding |
69.19 |
66.10 |
69.19 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
3000000 |
-- |
3000000 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
6.20 |
-- |
6.20 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
1.91 |
-- |
1.91 |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number
of shares |
45402433 |
51378597 |
45402433 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
93.80 |
100.00 |
93.80 |
|
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
28.90 |
33.90 |
28.90 |
|
|
Particulars |
Quarter ended
30.09.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Received during the quarter |
-- |
|
|
|
Disposed during the quarter |
- |
|
|
|
Remaining unresolved at the end of the quarter |
- |
Note:
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS'
PERIOD ENDED 31ST MARCH, 2014
|
Particulars |
Quarter Ended |
Quarter Ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
|
Manufacturing |
1048.800 |
860.710 |
1909.510 |
|
Trading |
10.338 |
8.951 |
19.289 |
|
Services |
78.352 |
64.354 |
142.706 |
|
Net Sales / Income and interdivisional transfers |
1137.490 |
934.015 |
2071.505 |
|
Less: Inter-segment transfers |
1.258 |
1.218 |
2.476 |
|
Net Sales / Income from operation |
1136.232 |
932.797 |
2069.029 |
|
|
|
|
|
|
Segment Results: |
|
|
|
|
[Profit/ (Loss) before tax and interest from each segment] |
|
|
|
|
Manufacturing |
132.552 |
158.865 |
291.417 |
|
Trading |
0.525 |
0.774 |
1.299 |
|
Services |
21.510 |
15.070 |
36.580 |
|
[Profit/ (Loss) before interest and tax segment] |
154.587 |
174.709 |
329.296 |
|
Manufacturing |
121.408 |
147.243 |
268.651 |
|
Trading |
0.525 |
0.774 |
1.299 |
|
Services |
(13.929) |
(19.973) |
(33.902) |
|
TOTAL |
108.004 |
128.044 |
236.048 |
|
Less: Financial Cost |
25.368 |
22.804 |
48.172 |
|
Other
unallocable expenditure, net of unallocable income |
(8.251) |
(5.933) |
(14.184) |
|
Total Profit/
Loss –before tax |
90.887 |
111.173 |
202.060 |
|
Exceptional |
(0.691) |
(0.214) |
(90.500) |
|
Total Profit/
Lossordinary before before tax |
90.196 |
110.939 |
201.155 |
|
Capital Employed: |
|
|
|
|
Manufacturing |
848.771 |
848.930 |
848.771 |
|
Trading |
0.000 |
0.000 |
0.000 |
|
Services |
957.636 |
926.678 |
957.636 |
|
Unallocated |
2918.424 |
2861.973 |
2918.424 |
|
TOTAL |
4724.831 |
4637.581 |
4724.831 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
30.09.2015 (Rs.
In Million) |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
785.549 |
|
(b) Reserves and surplus |
3444.025 |
|
Sub-total
- Shareholders' funds |
4229.574 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
495.257 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
|
(c) Other Long Term Liability |
0.000 |
|
(d) Long Term Provision |
22.419 |
|
Sub-total
- Non-current liabilities |
517.676 |
|
|
|
|
Current
liabilities |
|
|
(a) Short -term borrowings |
245.284 |
|
(b) Trade payables |
702.313 |
|
(c) Other Current Liability |
678.992 |
|
(d) Short-term provision |
86.131 |
|
Sub-total
- Current liabilities |
1712.720 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
6459.970 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i)
Tangible Assets |
874.239 |
|
(ii)
Intangible Assets
|
0.000 |
|
(iii)
Capital work in Progress |
0.000 |
|
(iv)
Intangible assets under development / R and D |
0.000 |
|
(b) Non-current investment |
2603.373 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term loans and advances |
22.609 |
|
(e) Other non-current assets |
174.355 |
|
Sub-total
- Non-current assets Current assets |
3674.576 |
|
Current assets |
|
|
(a) Current Investment |
0.000 |
|
(b) Inventories |
268.500 |
|
(c) Trade receivables |
1534.065 |
|
(d) Cash and cash equivalents |
74.268 |
|
(e) Short-term loans and advances |
888.998 |
|
(f) Other current assets |
19.563 |
|
Sub-total
- Current assets |
2785.394 |
|
|
|
|
TOTAL
- ASSETS |
6459.970 |
NOTE :
1. The above financial results were reviewed by the Audit Committee in its meeting held on 13.11.2015 and approved by Board of Directors in its meeting held on 14.11.2015.
2. during the quarter ended, company has allotted 5570127 equity shares of Rs.5each fully paid up upon conversion of FCCBs aggregating to USD1.498 million. Further 3710939 equity shares of Rs.5 ech fully paid up have been allotted upon conversion of FCCBs aggragating to USD 0.998 Million post end of quarter till date.
2. Exchange gain / (loss) on foreign currency assets / liabilities (other than operation) has not been provided for the quarter ended September 30, 2015. The effect of such gain / (loss) will be provided for at the year end. Had such gain / (loss) been provided, the profit for the quarter would have been lower by Rs. 10.657 Million and Rs.23.404 Million respectively.
4. Previous periods figures have been regrouped and rearranged wherever necessary.
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Factory Building
- Plant and Machinery
- Telecom Networking
- Testing Instrument
- Air Conditioner
- Furniture and Fixtures
- Office Equipments
- Data Processing Systems
- Electric Fittings
- Vehicles
- Fork Lift
Intangible Assets
- Computer Software
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.66.16 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
47 |
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.