MIRA INFORM REPORT
|
Report No. : |
348087 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAYCHEM-RPG PRIVATE LIMITED (w.e.f. 08.09.2010) |
|
|
|
|
Formerly Known
As : |
RAYCHEM RPG LIMITED RADIATION
TECHNOLOGIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
RPG House, 463, |
|
Tel no. : |
91-22-24937485 |
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
18.08.1984 |
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|
|
|
Com. Reg. No.: |
11-033786 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 30.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1984PTC033786 |
|
|
|
|
IEC No.: |
0388128933 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR15956D |
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|
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PAN No.: [Permanent Account No.] |
AAACR8032L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing, exporting, supplying and trading
electronic components such as power and distribution transformers, instrument
transformers, insulators and protection, energy metrics and industrial
products, cables accessories etc. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1984 engaged in manufacturing,
exporting, supplying and trading electronic components. Its products includes
power and distribution transformers, instrument transformers, insulators and
protection, energy metrics and industrial products, cables accessories etc. For the financial year ended 2014, company has reported 15.86% sales
turnover growth as compared to previous sales turnover and it has maintained
satisfactory profitability margins at 4.28% during the year under a review. Rating takes into consideration company’s established track record of
business operations marked by healthy financial profile along with adequate
networth base, low gearing and sound debt protection indicators. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
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 |
INDIA RATING AND RESEARCH |
|
Rating |
Long term ratings=AA- |
|
Rating Explanation |
High degree of safety and very low risk |
|
Date |
November 27, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL
DETAILS)
|
Name : |
Mr. Prashant Pujara |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-250-3057551 |
|
Date |
16.10.2015 |
LOCATIONS
|
Registered Office / Corporate Office: |
RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra, India |
|
Tel. No.: |
91-22-24937485 / 6 / 39509400 |
|
Mobile No.: |
91-9873784117 (Mr. Himanshu Gupta) |
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Fax No.: |
91-22-24938879 |
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E-Mail : |
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|
Website : |
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|
Area : |
2000 Sq. ft. |
|
Location : |
Owned |
|
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Factory / Operational Office 1: |
Gat No.426/2B, Chakan Talegaon Road, Mahalunge Village, Taluka : Khed,
Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-399316, 3057551 / 662300 / 01 /23 |
|
Fax No.: |
91-2135-662302 |
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|
|
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Operational Office 2 / Sales Office 1 : |
Village Kanjari, Taluka Halol, Near Halol, GIDC, District Panchmahal-389350, Gujarat, India |
|
Tel. No.: |
91-2676-610800 |
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Fax No.: |
91-2676-610801 |
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Operational Office 3: |
1/62, M. G. Road, Near Bharat Petroleum Pump, Off Western Express Highway, P Sativali, Vasai East, Vasai - 401208, Maharashtra , India |
|
Tel. No.: |
91-250-3057600/3057618/3057517/662300 / 3057500 |
|
Fax No.: |
91-250-2480046 |
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Sales Office 2: |
Located At : ·
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Operational Office 4 : |
Also Located At
|
DIRECTORS
As on 24.09.2014
|
Name : |
Mr. Sharad Madhav Kulkarni |
|
Designation : |
Director |
|
Address : |
161-A, Twin Towers, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025,
Maharashtra, India |
|
Date of Birth/Age : |
09.01.1939 |
|
Date of Appointment : |
07.02.1989 |
|
DIN No.: |
00003640 |
|
|
|
|
Name : |
Mr. Ramesh Deokisandas Chandak |
|
Designation : |
Director |
|
Address : |
1202 Shrushti Towers, 12th Floor, Old Prabhadevi Road,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1946 |
|
Date of Appointment : |
18.11.2003 |
|
DIN No.: |
00026581 |
|
|
|
|
Name : |
Mr. Harsh Vardhan Goenka |
|
Designation : |
Director |
|
Address : |
14-15 A, IL Palazzo, B.G. Kher Marg, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
10.12.1957 |
|
Date of Appointment : |
07.02.1989 |
|
DIN No.: |
00026726 |
|
|
|
|
Name : |
Mr. Tony Martin Gatt |
|
Designation : |
Director |
|
Address : |
Hobbing Foot, 48 High Street, Gravely, Hertfordshire, 4, United
Kingdom |
|
Date of Birth/Age : |
31.05.1960 |
|
Date of Appointment : |
27.06.2008 |
|
DIN No.: |
00052339 |
|
|
|
|
Name : |
Mr. Raja Venkataraman |
|
Designation : |
Director |
|
Address : |
1054, Sobha Carnation, 98/1, Green Glen Layout
Near, Sarjapur and Marathalli, Outer Ring Road, Bellandur, Bangalore –
560103, Karnataka, India |
|
Date of Birth/Age : |
08.12.1956 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No.: |
00669376 |
|
|
|
|
Name : |
Mr. Anant Vardhan Goenka |
|
Designation : |
Director |
|
Address : |
14-15 A, IL Palazzo, B.G. Kher Marg, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
19.10.1981 |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
02089850 |
|
|
|
|
Name : |
Mr. Sachin Rajkumar Nandgaonkar |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Appt No # B202 The IVY, A-Block, Sushant Lok-1, Gurgaon -
122009, Haryana, India |
|
Date of Appointment : |
26.03.2015 |
|
DIN No.: |
03410739 |
|
|
|
|
Name : |
Joydeep Nag |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
D-1203 Brigade Metro Polis, White Field Road Mahadevapura, Bangalore - 560048, Karnataka, India |
|
Date of Appointment : |
20.06.2013 |
|
DIN No.: |
01501037 |
KEY EXECUTIVES
|
Name : |
Ms. Sneha Girish Karmarkar |
|
Designation : |
Secretary |
|
Address : |
14/A, Suyog, S. D. Road,
Mulund (East), Mumbai- 400081, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1989 |
|
Date of Appointment : |
19.08.2013 |
|
PAN No.: |
BGVPK3846C |
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|
|
|
Name : |
Mr. Prashant Pujara |
|
Designation : |
Chief Financial Officer |
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|
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|
Name : |
Mr. Deepak Harlalka |
|
Designation : |
Chief Financial Officer |
|
Address : |
Raheja Heights B-1102 Filmcity Road, Malad East, Mumbai - 400097, Maharashtra, India |
|
Date of Appointment : |
24.09.2014 |
|
DIN No.: |
AADPH3353C |
|
|
|
|
Name : |
Mr. Ramani Yegna Kasi |
|
Designation : |
Chief Executive Officer |
|
Address : |
2b/ 405 Garden Enclave, Off Pokhran Road No. 2 Near Vasant Vihar, Thane - 400610, Maharashtra, India |
|
Date of Appointment : |
24.09.2014 |
|
DIN No.: |
AAMPK5066E |
MAJOR SHAREHOLDERS
As on 24.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Raychem Internatioanl Manufacturing LLC, USA |
|
149970 |
|
Sri Parvathi Suthan Trading Company LLP, |
|
149993 |
|
Chattarpati Investments Limited, |
|
1 |
|
Carniwal Investments Limited, |
|
5 |
|
Swallow Associates LLP, India |
|
1 |
|
TE Connectivity India Private
Limited, India |
|
20 |
|
Tyco Electronics Systems India Private Limited, India |
|
10 |
|
|
|
|
|
Total |
|
300000 |
As on 24.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
49.99 |
|
Bodies corporate |
50.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing, exporting, supplying and trading electronic
components such as power and distribution transformers, instrument
transformers, insulators and protection, energy metrics and industrial
products, cables accessories etc. |
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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 : |
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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 |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252, Veer Sawarkar Marg, |
|
PAN No.: |
AAAFP8828M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other related parties : |
CIN No.:
U29199KA1995PTC032692 |
CAPITAL STRUCTURE
As on 24.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/-each |
Rs.50.000 Million |
|
|
|
|
|
|
300000 |
Preference Shares |
Rs.100/- each |
Rs. 30.000 Million |
|
|
Total |
|
Rs.80.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/-each |
Rs.30.000
Million |
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 |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
1908.664 |
1708.675 |
1670.702 |
|
(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) |
1938.664 |
1738.675 |
1700.702 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20.000 |
134.000 |
314.048 |
|
(b) Deferred tax liabilities
(Net) |
16.239 |
7.871 |
10.111 |
|
(c) Other long term
liabilities |
128.082 |
164.691 |
226.153 |
|
(d) long-term provisions |
52.414 |
57.513 |
53.692 |
|
Total
Non-current Liabilities (3) |
216.735 |
364.075 |
604.004 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1143.505 |
1148.248 |
1026.786 |
|
(b) Trade payables |
1306.777 |
1140.283 |
1248.135 |
|
(c) Other current liabilities |
351.906 |
417.815 |
391.459 |
|
(d) Short-term provisions |
136.340 |
102.558 |
61.305 |
|
Total
Current Liabilities (4) |
2938.528 |
2808.904 |
2727.685 |
|
|
|
|
|
|
TOTAL |
5093.927 |
4911.654 |
5032.391 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1428.082 |
1379.495 |
1256.222 |
|
(ii) Intangible Assets |
32.326 |
23.770 |
31.813 |
|
(iii) Capital work-in-progress |
33.727 |
70.703 |
5.151 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
74.417 |
77.413 |
62.505 |
|
(e) Other Non-current assets |
0.000 |
-0.005 |
132.468 |
|
Total
Non-Current Assets |
1568.552 |
1551.376 |
1488.159 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
935.768 |
799.048 |
916.636 |
|
(c) Trade receivables |
2172.178 |
2181.539 |
2170.384 |
|
(d) Cash and cash equivalents |
78.027 |
50.359 |
39.805 |
|
(e) Short-term loans and
advances |
324.377 |
328.370 |
414.766 |
|
(f) Other current assets |
15.025 |
0.962 |
2.641 |
|
Total
Current Assets |
3525.375 |
3360.278 |
3544.232 |
|
|
|
|
|
|
TOTAL |
5093.927 |
4911.654 |
5032.391 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Total Revenues |
7119.000 |
6144.200 |
6379.900 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND EXTRA-ORDINARY ITEMS |
652.505 |
326.335 |
442.158 |
|
|
|
|
|
|
|
Add |
EXTRA-ORDINARY ITEM |
5.858 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
658.363 |
326.353 |
442.158 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
175.172 |
152.897 |
152.007 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
483.191 |
173.456 |
290.151 |
|
|
|
|
|
|
|
Less |
TAX |
177.574 |
47.406 |
86.079 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
305.617 |
126.050 |
204.072 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1325.353 |
1299.654 |
1168.289 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
30.562 |
12.605 |
20.407 |
|
|
Dividend |
90.000 |
75.000 |
45.000 |
|
|
Tax on Dividend |
15.296 |
12.746 |
7.300 |
|
|
Total |
135.858 |
100.351 |
72.707 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1495.112 |
1325.353 |
1299.654 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2577.666 |
2193.641 |
2091.04 |
|
|
TOTAL
EARNINGS |
2577.666 |
2193.641 |
2091.040 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1018.72 |
420.17 |
680.24 |
CURRENT
MATURITIES OF LONG-TERM DEBT
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
114.000 |
182.957 |
202.385 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
678.805 |
660.282 |
21.966 |
|
Net cash flows from (used in) operating activities |
684.551 |
624.176 |
(6.253) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
4.29 |
2.05 |
3.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.55 |
3.58 |
5.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.10 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.74 |
0.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.20 |
1.30 |
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 |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
1670.702 |
1708.675 |
1908.664 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1700.702 |
1738.675 |
1938.664 |
|
|
|
|
|
|
long-term borrowings |
314.048 |
134.000 |
20.000 |
|
Short term borrowings |
1026.786 |
1148.248 |
1143.505 |
|
Current Maturities of
Long Term Debt |
202.385 |
182.957 |
114.000 |
|
Total borrowings |
1543.219 |
1465.205 |
1277.505 |
|
Debt/Equity ratio |
0.907 |
0.843 |
0.659 |
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) |
|
Total Revenues |
6379.900 |
6144.200 |
7119.000 |
|
|
|
(3.694) |
15.865 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Revenues |
6379.900 |
6144.200 |
7119.000 |
|
Profit |
204.072 |
126.050 |
305.617 |
|
|
3.20% |
2.05% |
4.29% |
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 |
Yes |
|
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 |
Yes |
|
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 four 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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered office has been shifted from CEAT Mahal, 463 Dr. Annie Besant
Road, Worli, Mumbai – 400030, Maharashtra, India to the present address w.e.f.
14.12.2010.
OPERATIONS
The Company achieved total revenues of Rs. 7119.000 Million during the current financial year ended 31st March 2014 as compared to total revenues of Rs. 6144.200 Million achieved during the previous year. The profit after tax for the financial year was Rs. 305.600 Million which is more than twice of the profit after tax of Rs. 126.000 Million during the previous year. This is mainly because EPD and IBD has contributed to the improved performance of Company despite sluggish market conditions. The Company has further undertaken several business/marketing strategies, product portfolio rationalization, market penetration, business restructuring and cost reduction initiatives during the current financial year to improve the profitability.
PERFORMANCE ANALYSIS
The business of Energy Products division registered improvement as compared to the last year on account of improvement in various segments including Industry and OEM, Utilities and Contractors and Strategic. Further, in line with its strategic decision to exit the Contracts business, the Company is in the advanced stage of closure of its existing contracts. During the current fiscal year, the Company envisages to grow the business by introducing new products and services, exports, improving market share and adding new customer segments.
The Transformer business has been very severely affected due to the economic slowdown especially in the Capital Goods sector. Though the SBU has achieved ?better than budget? contribution margins, the overall PBDIT is lower due to lower sales volume. The sluggishness in the off-take is expected to last for some more time. The division expects substantial increase in business on the back of good order book, new product developments, commencement of business in 20 MVA range transformers and focus on exports in the second half of the financial year 2015. Further, the Company has also chosen the areas of Power Infrastructure and Exports for achieving growth in the coming years. Further, during the year, the Company also implemented the project for manufacture of 20MVA and higher range of Transformers along with the existing range at its facility at Chakan which will place the Company in the league of manufacturers of hi-tech and niche transformers for specialty applications. The said new facility has commenced production.
The International Business division’s sale is higher as compared to last year. The division has benefited on account of favourable currency movements, as well as the low operating expenses. The outlook for next year is quite encouraging for the Export Business Unit (EBU) and exports from Vasai location. During the year Export Business Unit (EBU) sales registered a growth of 20% on account of growth in the existing products as well as introduction of new products and customers. The growth has been mainly because of the performance both in terms of the product quality as well as the reliability. The Company was able to attract business from a host of new customers located around the globe and in particular African countries like Nigeria and Egypt, as well as in Southeast Asia like Vietnam and Indonesia.
The sales of Oil and Gas division (OGD) registered lower than budget primarily due to the delay in the execution of projects in the hydro carbon sector by major EPC contractors. However, since the division has a robust order book, the outlook for next year is quite optimistic. Further, the Gas Meter business has received orders from Sri Lanka, Peru, Bangladesh, UAE, Thailand, etc. in respect of smart metering solutions and the efforts are being made to add new customers in Latin America and Spain. As a strategy, the OGD division envisages growth by entering into new products and services focus on design and development capabilities, localization of components and export thrust in the coming years.
The Company has since long endeavored to diversify the portfolio of Products and Services as a vehicle for the growth of its business. Further, the Company has also chosen the areas of Energy Infrastructure and Exports for achieving growth in the coming years. During the year, the Infocom Business was divested to TE Connectivity Private Limited as a part of strategic decision by both the Partners.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90241523 |
09/04/2014 * |
3,364,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C02881159 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances |
(114.000) |
(182.957) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances |
155.756 |
234.873 |
|
Total |
41.756 |
51.916 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Leasehold Improvement
- 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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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
unfavorable 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.