|
|
|
MIRA INFORM REPORT
|
Report No. : |
502484 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HTL LIMITED |
|
|
|
|
Registered
Office : |
No. 57, G.S.T. Road, Guindy, Chennai – 600032, Tamilnadu |
|
Tel. No.: |
91-4344-276092 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.12.1960 |
|
|
|
|
Com. Reg. No.: |
18-004355 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 150.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1960PLC004355 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAACH5516P1ZG |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH5516P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of various types of Digital Electronic Telephone Exchange Equipment for rural and urban networks, Power Plants, Telephone Instruments, Transmission Systems (DCME, MUXs, SDH, Dias), Access Products (WLL- CORdect, HDSL, DLC, PMP) and Data Communication Products (Cross Connects, Data Modems and Internet Products) and also engaged in manufacturing Fibre Reinforced Plastic Rods, Impregnated Glass Fibre Re-inforcement and Optical Fibre Cables. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
HTL was incorporated in Chennai, India in 1960 as a public sector undertaking under the Ministry of Communications to manufacture tele printers for the national telecom network. It is a subsidiary of HFCL one of the largest Private Sector Company providing integrated Telecom product & Solution in Indian as well as Global markets. HFCL acquired 74% equity stake in HTL Ltd. under divestment policy of Government of India in 2000 and Government of India still retains 26% equity stake in the Company. For the financial year 2017, the company has achieved massive growth in its revenue as compared to the previous year along with a low profit margin of 0.96%. The moderate financial risk profile of the company is marked by eroded net worth base along with average debt balance sheet profile. Rating takes into consideration the strong financial and managerial support that the subject receives from its holding company and Government of India. Payments seems to be slow. In view of aforesaid, the company can be considered for business dealings with some caution. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 06.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-4344-276092)
91-44-22501020 – out of Services
91-44-22501027 – number is continuously ringing
91-44-22501022 – not working
LOCATIONS
|
Registered Office : |
No. 57, G.S.T. Road, Guindy, Chennai – 600032, Tamilnadu, India
|
|
Tel. No.: |
91-44-22501020 To 27 (Board) |
|
Fax No.: |
91-44-22500341 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
113-116, Sipcot Industrial Estate, Hosur – 635126, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ranjeet Mal Kastia |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
First Floor, A - 147, New Friends Colony, New Delhi -110065, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.10.1941 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification: |
Ph.D., FBIM |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.02.2018 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00053059 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AHJPK6269M |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Yogeshwar Lal Agarwal |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
M-124, South City, Gurugram - 122001, Haryana, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.09.1936 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification: |
B.Sc., BDs., DFIETE |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2010 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00024770 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mahendra Nahata |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
W - 48, Greater Kailash - II New Delhi - 110048, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.05.1959 |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
31.12.2002 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00052898 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mahendra Pratap Shukla |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
B - 22, Sector - 14, Noida 201301, Uttar Pradesh, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.06.1932 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification: |
B. E Electricals |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.02.2015 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00052977 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kamalkishore Chandravadan Jani |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
244, Tower B, Twin Tower, Prabhadevi, Mumbai -400025, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.01.1954 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification: |
B.E. |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.08.2016 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02535299 |
||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Prahlad Kumar Sinha |
||||||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||||||
|
Address : |
Quarter NO. 8-1 (7th Floor) Block-C, Sector -13, R.K. Puram, New Delhi
-110022, India |
||||||||||||||||||||||||
|
Date of Appointment : |
19.12.2016 |
||||||||||||||||||||||||
|
DIN No.: |
01724159 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Rajesh Kumar Pathak |
||||||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||||||
|
Address : |
Type V, Netaji Nagar, M 2776 Delhi, New Delhi -110023, India |
||||||||||||||||||||||||
|
Date of Appointment : |
01.02.2018 |
||||||||||||||||||||||||
|
DIN No.: |
03272001 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Narayanan Srinivasan |
|
Designation : |
Company Secretary |
|
Address : |
A6, Narayana Apartments, 22.37,Parankusapuram Street, Kodambakkam,
Chennai -600024, Tamilnadu, India |
|
Date of Birth/Age : |
25.06.1958 |
|
Qualification: |
B.Com., ACA., ACS |
|
Date of Appointment : |
05.01.2004 |
|
PAN No.: |
AAAPN2220K |
|
|
|
|
Name : |
Mr. Gilkara Shrinivas Naidu |
|
Designation : |
Manager |
|
Address : |
Flat No.104,The Metro Zone, F 44, Pillayar Koil 4th Street, Anna
Nagar, Chennai 600040, Tamilnadu, India |
|
Date of Birth/Age : |
19.07.1963 |
|
Qualification: |
B.E. Electrical |
|
Date of Appointment : |
25.06.2015 |
|
PAN No.: |
ABRPN4626P |
|
|
|
|
Name : |
Mr. Chottangada Devaiah Ponnappa |
|
Designation : |
Chief Finance Officer |
|
Address : |
18062, 18A Tower, Prestige Belevista, Iyyappanthangal, Porur, Chennai -
600056, Tamilnadu, India |
|
Date of Birth/Age : |
20.07.1971 |
|
Qualification: |
B. Com, ACA. |
|
Date of Appointment : |
04.07.2016 |
|
PAN No.: |
ACZPP1337Q |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
|
Himachal Futuristic Communications Limited |
|
1110000 |
|
Government of India |
|
|
|
President of India |
|
389996 |
|
Shambhu Kumar Mahto, DDG (PHP), DoT |
|
2 |
|
R M Agarwal, DDG (SU), DoT |
|
1 |
|
Rajeev Kumar Srivastava, Director (TPF), DoT |
|
1 |
|
Total |
|
1500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 04.08.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
74.00 |
|
Public/Other than promoters- Government -Central Government |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of various types of Digital Electronic Telephone Exchange Equipment for rural and urban networks, Power Plants, Telephone Instruments, Transmission Systems (DCME, MUXs, SDH, Dias), Access Products (WLL- CORdect, HDSL, DLC, PMP) and Data Communication Products (Cross Connects, Data Modems and Internet Products) and also engaged in manufacturing Fibre Reinforced Plastic Rods, Impregnated Glass Fibre Re-inforcement and Optical Fibre Cables. [Registered Activity] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFK0985C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
[L64200HP1987PLC007466] |
|
|
|
|
Fellow Subsidiary: |
|
|
|
|
|
Associates of
Holding Co.: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 100/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
INR 100/- each |
INR 150.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
150.000 |
150.000 |
150.000 |
|
(b) Reserves and Surplus |
(1146.937) |
(1166.265) |
(1190.000) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(996.937) |
(1016.265) |
(1040.000) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1187.307 |
0.081 |
0.306 |
|
(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 |
18.315 |
16.620 |
22.058 |
|
Total Non-current
Liabilities (3) |
1205.622 |
16.701 |
22.364 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
186.481 |
240.000 |
175.500 |
|
(b) Trade
payables |
1218.652 |
721.692 |
184.199 |
|
(c) Other
current liabilities |
147.845 |
1149.862 |
1101.448 |
|
(d) Short-term
provisions |
3.466 |
3.135 |
4.344 |
|
Total Current
Liabilities (4) |
1556.444 |
2114.689 |
1465.491 |
|
|
|
|
|
|
TOTAL |
1765.129 |
1115.125 |
447.855 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
516.228 |
499.881 |
29.909 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
32.431 |
|
(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 loans and advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
54.373 |
40.464 |
0.000 |
|
Total Non-Current
Assets |
570.601 |
540.345 |
62.340 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
252.531 |
163.183 |
0.651 |
|
(c) Trade
receivables |
725.331 |
166.377 |
61.593 |
|
(d) Cash and
bank balances |
127.708 |
134.264 |
255.293 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
31.904 |
|
(f) Other
current assets |
88.958 |
110.956 |
36.074 |
|
Total
Current Assets |
1194.528 |
574.780 |
385.515 |
|
|
|
|
|
|
TOTAL |
1765.129 |
1115.125 |
447.855 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2012.307 |
272.334 |
21.849 |
|
|
Other Income |
68.605 |
127.374 |
1375.392 |
|
|
TOTAL |
2080.912 |
399.708 |
1397.241 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1473.253 |
331.574 |
20.890 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3.553) |
(61.657) |
0.000 |
|
|
Employee benefit expense |
178.491 |
30.585 |
86.489 |
|
|
Other expenses |
302.041 |
33.074 |
53.715 |
|
|
TOTAL |
1950.232 |
333.576 |
161.094 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
130.680 |
66.132 |
1236.147 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
51.587 |
29.509 |
16.853 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
79.093 |
36.623 |
1219.294 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
59.766 |
12.887 |
2.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
19.327 |
23.736 |
1216.474 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
19.327 |
23.736 |
1216.474 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.43 |
1.95 |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
18.098 |
358.698 |
213.897 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
21.591 |
357.964 |
213.897 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
131.56 |
222.99 |
1028.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.77 |
1.64 |
0.35 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
301.92 |
794.45 |
3218.41 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.52 |
0.41 |
1898.84 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.13 |
19.83 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.55 |
1.90 |
3.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(1.38) |
(0.24) |
(0.17) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(1.56) |
(2.08) |
(1.41) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.52) |
(0.49) |
(0.06) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.53 |
2.24 |
73.35 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.96 |
8.72 |
5567.64 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.09 |
2.13 |
271.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(1.94) |
(2.34) |
(116.97) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.77 |
0.27 |
0.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.61 |
0.19 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.56) |
(0.91) |
(2.32) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.16 |
1.60 |
1.17 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.77 |
0.27 |
0.26 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
150.000 |
150.000 |
150.000 |
|
Reserves & Surplus |
(1190.000) |
(1166.265) |
(1146.937) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(1040.000) |
(1016.265) |
(996.937) |
|
|
|
|
|
|
Long-term borrowings |
0.306 |
0.081 |
1187.307 |
|
Short term borrowings |
175.500 |
240.000 |
186.481 |
|
Total
borrowings |
175.806 |
240.081 |
1373.788 |
|
Debt/Equity
ratio |
(0.169) |
(0.236) |
(1.378) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
21.849 |
272.334 |
2012.307 |
|
|
|
1146.437 |
638.911 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
21.849 |
272.334 |
2012.307 |
|
Profit/ (Loss) |
1216.474 |
23.736 |
19.327 |
|
|
5567.64
% |
8.72
% |
0.96
% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF
OPERATIONS
Subject had been engaged in manufacture of various types of Digital Electronic Telephone Exchange Equipment for rural and urban networks, Power Plants, Telephone Instruments, Transmission Systems (DCME, MUXs, SDH, Dias), Access Products (WLL- CORdect, HDSL, DLC, PMP) and Data Communication Products (Cross Connects, Data Modems and Internet Products). The Company was a wholly owned undertaking of Government of India (‘GOI’) under the Department of Telecommunications (‘DOT’) till 16th October’2001 when the Government divested 74 % of its shareholding in the Company as part of its divestment program, including transfer of management control, to Himachal Futuristic Communications Limited (HFCL), which is now the Holding Company. From 2015-16, the Company has started manufacturing Fibre Reinforced Plastic Rods, Impregnated Glass Fibre Re-inforcement and Optical Fibre Cables.
OPERATIONAL REVIEW
The manufacturing operations of OFC in Guindy Plant suffered from the second quarter onwards due to shortage of Optical Fibre. The prices of the Optical Fibre are progressively increasing whereas the market prices of OFC have increased marginally. Further, BSNL order for supply of 19879 Kms 24F OFC with accessories has been taken at very competitive price which is barely covering variable cost. This has resulted in the reduction of profitability of the Company.
The financial performance of the Company is expected to improve further during 2017-18 after the arrangement of required credit facilities from Banks / Financial Institutions.
OUTLOOK
Digital transformation enabled by mobility, cloud and broadband is taking place in almost every industry, disrupting and making us rethink our ways of working. In the union budget 2017-18, the Govt. has allocated Rs. 100 billion for Broadband project. The Government of India aims at increasing the rural tele-density to 70% by 2017 and 100% by year 2020 along with providing affordable and reliable broadband-on-demand, achieving 175 million broadband connections by 2017 and 600 million by 2020 at minimum 2 Mbps download speed.
The Government is therefore serious to build and strengthen Optical Fibre Cable (OFC) network for addressing the country’s increasing data transmission requirements. BharatNet / National Optical Fibre Network (NOFN) project and Rural Wireline Broadband Scheme coupled with mandatory digitisation of Cable TV Networks shall definitely increase the demand of OFC.
The recent currency demonetisation initiative has been a boon for ensuring widespread utilisation of digital infrastructure. The future growth engine for OFC industry will be massive digitization initiative by Govt., IOT and roll out of 5G networks.
The Company has achieved a good growth in OFC business during 2016-17 along with expansion of capacities after its starting manufacturing of OFC in February 2015 and is hopeful that the growth in OFC business shall continue both in domestic and exports market in the future.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Rupee term loans from others |
62.420 |
0.000 |
|
Loans and advances from directors |
888.000 |
0.000 |
|
Other loans and advances |
236.887 |
0.081 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand |
100.000 |
130.000 |
|
Loans and advances from directors |
77.000 |
110.000 |
|
Total |
1364.307 |
240.081 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G43098193 |
90296280 |
UNIT TRUST OF
INDIA |
07/02/1995 |
- |
12/04/2017 |
200000000.0 |
BOMBAYBOMBAYMHIN |
|
2 |
G10205656 |
90296361 |
INDUSIND BANK
LIMITED |
20/09/1996 |
29/11/1999 |
03/08/2016 |
130000000.0 |
CHENNAI BRANCH;
NO. 3VILLAGE ROAD; NUNGAMBAKKAMCHENNAITN600034IN |
|
3 |
G07350044 |
90296285 |
UTI BANK LTD. |
25/02/1995 |
22/10/1998 |
04/07/2016 |
350000000.0 |
82DR.
RADHAKRISHNAN SALAICHENNAITN600004IN |
|
4 |
C59429951 |
90296283 |
STATE BANK OF
INDIA |
13/02/1995 |
12/06/1995 |
02/07/2015 |
165000000.0 |
GUINDY
BRANCHMADRASTN600032IN |
|
5 |
C59425587 |
90296247 |
STATE BANK OF
INDIA |
25/06/1994 |
- |
02/07/2015 |
100000000.0 |
GUINDY
BRANCHMADRASTN600032IN |
|
6 |
C59421941 |
90296218 |
STATE BANK OF
INDIA |
09/11/1993 |
- |
02/07/2015 |
60000000.0 |
GUINDYMADRASTN600032IN |
|
7 |
C52295367 |
90296471 |
THE SOUTH INDIAN
BANK LIMITED |
20/05/1999 |
09/04/2003 |
10/04/2015 |
7500000.0 |
WOODS ROAD BRANCH20;
WOOD ROADCHENNAITN600002IN |
|
8 |
C52298569 |
90296481 |
THE SOUTH INDIAN
BANK LIMITED |
24/09/1999 |
09/04/2003 |
10/04/2015 |
60000000.0 |
WOODS ROAD
BRANCH20; WOOD ROADCHENNAITN600002IN |
|
9 |
C47654785 |
90297691 |
CANARA BANK |
29/03/1996 |
05/07/1999 |
17/03/2015 |
10000000.0 |
GUINDY
BRANCHMADRASTN600032IN |
|
10 |
B84797281 |
90296944 |
STATE BANK OF
INDIA |
25/02/1995 |
30/03/2010 |
23/08/2013 |
1700000000.0 |
GUINDYCHENNAITN600032IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.