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MIRA INFORM REPORT
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Report No. : |
503549 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ELECON ENGINEERING COMPANY LIMITED |
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Registered
Office : |
Anand Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat |
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Tel. No.: |
91-2692-238701/ 702 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
11.01.1960 |
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Com. Reg. No.: |
04-001082 |
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Capital
Investment / Paid-up Capital : |
INR 224.400 Million |
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CIN No.: [Company Identification
No.] |
L29100GJ1960PLC001082 |
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IEC No.: [Import-Export Code No.] |
0888003978 |
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACE4644D1Z4 |
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TIN No.: |
24151000023 |
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CST No.: |
24651000023 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE4644D |
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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
: |
· Manufacturing of material handling equipments like raw material handling system, stackers, reclaimers, bagging and weighing machines, wagaon and truck loaders, crushers, wagon tipplers, feeders ad port equipments. It is also engaged in executing projects on these material handling equipments. · Manufacturing of material transmission equipments like gearboxes, couplings and elevator traction machines. [Registered Activity] |
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No. of Employees
: |
1143 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1960 and is engaged in the
business of manufacturing of a very wide range of underground mining
machinery viz. air powered rocker shovels, electro hydraulic side dump
loaders and electrohydraulic and air powered load haul dumpers used as
loading machines in both the underground coal mines and metalliferous mines. For the financial year 2017, the company has registered decreased in
its revenue as compared to previous year and has maintained average
profitability margin of 2.11% during the year under review. Rating takes into consideration sound financial profile of the company
marked by healthy networth base along with average debt structure. Rating also derives strength from company’s established track record
of business operations and promoters extensive industry experience. Trade relations are reported as fair. Business is active. Payments are
seems to be regular and as per commitment. 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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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 12.04.2018
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 (91-2692-237016 / 237017 / 238701 / 238702)
LOCATIONS
|
Registered/ Corporate Office : |
Anand Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India |
|
Tel. No.: |
91-2692-238701/ 702/ 237016/ 230166/ 236469 |
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Fax No.: |
91-2692-227484/ 227020 |
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E-Mail : |
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Website : |
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Factories : |
·
Gear
Division Anand-Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India ·
Material
Handling Equipment Division Anand-Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India ·
Alternate
Energy Division Anand-Sojitra Road, Vallabh Vidyanagar – 388120, Gujarat, India |
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Marketing Office : |
418, World Trade Centre, Babar Road, New Delhi – 110001, India |
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National Branch Offices : |
Located at: · Ahmedabad · Vadodara · Pune · Mumbai · Kolkata · Dhanbad · Asansol · Jamshedpur · Bilaspur · Nagpur · Indore · Raipur · New Delhi · Chennai · Hyderabad ·
Bangalore |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Pradip Manubhai Patel |
|
Designation : |
Director |
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Address : |
318, Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India |
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Date of Appointment : |
14.11.1977 |
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DIN No.: |
00012138 |
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Name : |
Mr. Prayasvin Patel |
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Designation : |
Managing Director |
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Address : |
"Honest House", Bakrol Road, Vallabh, Vidyanagar - 388120, Gujarat, India |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00037394 |
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Name : |
Mr. Jal Patel |
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Designation : |
Casual Vacancy Director |
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Address : |
Flat 33, Vaikunth, Behind Deepak Foundation, Gotri Road, Vadodara - 390021, Gujarat, India |
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Date of Appointment : |
12.05.2012 |
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DIN No.: |
00065021 |
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Name : |
Mr. Chirayu Ramanbhai Amin |
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Designation : |
Director |
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Address : |
F 10/195, Race Course Circle, Gorti Road, Vadodara - 390007, Gujarat, India |
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Date of Appointment : |
29.06.1998 |
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DIN No.: |
00242549 |
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Name : |
Mr. Jai Shishir Diwanji |
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Designation : |
Director |
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Address : |
Wyoming, 5th Floor, Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
01.11.2012 |
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DIN No.: |
00910410 |
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Name : |
Mr. Prashant Chandrakant Amin |
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Designation : |
Whole-time Director |
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Address : |
Shital Bhikhabhai Marg, Vallabh, Vidyanagar - 388120, Gujarat, India |
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Date of Appointment : |
29.07.2008 |
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DIN No.: |
01056652 |
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Name : |
Mrs. Sonal Vimal Ambani |
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Designation : |
Director |
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Address : |
Vimal House, Navrangpura, Ahmedabad - 380009, Gujarat, India |
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Date of Appointment : |
14.08.2015 |
|
DIN No.: |
02404841 |
KEY EXECUTIVES
|
Name : |
Mr. Parthiv Pravinbhai Parikh |
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Designation : |
Company Secretary |
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Address : |
9, Vinanti Apartments, Panchvati, 2nd Lane, Ambawadi, Ahmedabad - 380006, Gujarat, India |
|
Date of Appointment : |
29.01.2016 |
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PAN No.: |
AEAPP8912J |
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|
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|
Name : |
Mr. Rajat Jain |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
Bungalow No. 14, Kumar Palmsprings, Sr No. 12/13, Undri, Pune - 411060, Maharashtra, India |
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Date of Appointment : |
04.11.2014 |
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PAN No.: |
AAIPJ6067E |
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Name : |
Devang Bharatkumar Trivedi |
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Designation : |
Company Secretary |
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Address : |
Flat No-F-8, Dwarka Sai Paradise, Rahatani Road, Near Shivar Chowk, Pimple Saudagar, Pune - 411027, Maharashtra, India |
|
Date of Appointment : |
05.08.2017 |
|
PAN No.: |
ACAPT8737H |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
65793041 |
58.64 |
|
(B) Public |
46406924 |
41.36 |
|
Grand Total |
112199965 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
4445437 |
3.96 |
|
Prayasvin
Bhanubhai Patel |
1962932 |
1.75 |
|
Trupti Pradip
Patel |
1431058 |
1.28 |
|
Bhanubhai
Patel-Karta-(B I Patel-Huf) |
227490 |
0.20 |
|
Taruna Patel |
206517 |
0.18 |
|
Aishwarya
Prayasvin Patel |
2220 |
0.00 |
|
Akansha P. Patel |
615220 |
0.55 |
|
Any Other
(specify) |
61347604 |
54.68 |
|
Emtici
Engineering Limited |
26337818 |
23.47 |
|
Prayas
Engineering Limited |
11239414 |
10.02 |
|
K B Investments
Private Limited |
11190168 |
9.97 |
|
Bipra Investments
& Trusts Private Limited |
6709436 |
5.98 |
|
Elecon
Information Technology Limited |
2330481 |
2.08 |
|
Akaaish
Mechatronics Limited |
1864849 |
1.66 |
|
Devkishan
Investments Private Limited |
1290814 |
1.15 |
|
Speciality Woodpack
Private Limited |
184332 |
0.16 |
|
Wizard Fincap
Limited |
184332 |
0.16 |
|
Power Build
Private Limited |
15960 |
0.01 |
|
Sub Total A1 |
65793041 |
58.64 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
65793041 |
58.64 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
8572923 |
7.64 |
|
Hdfc Trustee Company
Ltd - Hdfc Core And Satellite Fund & Hdfc Prudence Fund & Hdfc
Infrastructure Fund |
7521923 |
6.70 |
|
Foreign Portfolio
Investors |
382419 |
0.34 |
|
Financial
Institutions/ Banks |
244730 |
0.22 |
|
Sub Total B1 |
9200072 |
8.20 |
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
Central
Government/ State Government(s)/ President of India |
934149 |
0.83 |
|
Sub Total B2 |
934149 |
0.83 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share capital
upto INR 0.200 million |
25321705 |
22.57 |
|
Individual share
capital in excess of INR 0.200 million |
2754082 |
2.45 |
|
Any Other
(specify) |
8196916 |
7.31 |
|
Trusts |
29700 |
0.03 |
|
HUF |
1423511 |
1.27 |
|
Non-Resident
Indian (NRI) |
802449 |
0.72 |
|
Director or
Director's Relatives |
372261 |
0.33 |
|
Clearing Members |
711926 |
0.63 |
|
Market Maker |
9285 |
0.01 |
|
Bodies Corporate |
4847784 |
4.32 |
|
Sub Total B3 |
36272703 |
32.33 |
|
B=B1+B2+B3 |
46406924 |
41.36 |
BUSINESS DETAILS
|
Line of Business : |
· Manufacturing of material handling equipments like raw material handling system, stackers, reclaimers, bagging and weighing machines, wagaon and truck loaders, crushers, wagon tipplers, feeders ad port equipments. It is also engaged in executing projects on these material handling equipments. · Manufacturing of material transmission equipments like gearboxes, couplings and elevator traction machines. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1143 (Approximately) |
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Bankers : |
· State Bank of India · Bank of Baroda · EXIM Bank of India · Axis Bank Limited · HDFC Bank Limited · IndusInd Bank Limited |
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Facilities : |
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Auditors 1 : |
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|
Name : |
Thacker Butala Desai Chartered Accountants |
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Auditors 2 : |
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|
Name: |
B S R and Company LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly owned
Subsidiary Companies : |
· Elecon Transmission International Limited, Mauritius · Elecon Singapore Pte. Limited, Singapore · Elecon Middle East FZE, Middle East |
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|
Wholly owned Step
down Subsidiaries : |
· Benzlers Systems AB, Sweden · Radicon Transmission UK Limited, U.K. · AB Benzlers, Sweden · Radicon Drive Systems, Inc., USA (formerly known as Elecon USA Transmission Limited, USA) (w.e.f. September 27, 2016) · Benzlers Transmission A.S., Denmark · Benzlers Antriebstechnik GmbH, Germany · Benzlers TBA B.V., Netherlands · OY Benzlers AB, Finland · Benzlers Italia s.r.l. |
|
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|
Associates : |
· Eimco Elecon (India) Limited · Elecon Australia Pty. Limited · Elecon Africa Pty. Limited · Elecon Engineering (Suzhou) Co. Limited, China · Elecon Peripherals Limited (Associate upto October, 2015) |
|
|
|
|
Enterprises over
which above have significant influence : |
· Bipra Investments & Trusts Private Limited · Devkishan Investment Private Limited · K. B. Investments Private Limited · Elecon Information Technology Limited · Tech Elecon Private Limited · Emtici Engineering Limited · Prayas Engineering Limited · Specialty Wood Pack Private Limited · Power Build Private Limited · Elecon Hydraulics Private Limited · Akaaish Mechatronics Limited · Madhubhan Prayas Resorts Limited · Wizard Fincap Limited · Eimco Elecon Electricals Limited · Elecon Peripherals Limited · Packme Industries Private Limited · Darshan Chemicals · WRC Engineering Company Private Limited · Radicon Transmission FZE · Radicon Transmission (Thailand) Limited · Radicon Transmission (Australia) Pty Limited |
|
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Other Related Party
: |
Post-employment benefit plan · Elecon Engineering Company Limited Employees Group Gratuity Fund · Elecon Engineering Company Limited Employees Superannuation scheme |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27500000 |
Equity Shares |
INR 2/- each |
INR 455.000 Million |
|
25000000 |
Cumulative Redeemable Preference Shares |
INR 2/- each |
INR 50.000 Million |
|
12750000 |
Non-cumulative non-convertible Redeemable Preference Shares |
INR 100/- each |
INR 1275.000 Million |
|
|
Total |
|
INR 1780.000 Million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112199965 |
Equity Shares |
INR 2/- each |
INR 224.400
Million |
|
|
|
|
|
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
Particulars |
March 31, 2017 |
|
|
|
No. of Shares |
INR in Million |
|
At the beginning of the year |
108935843 |
217.871 |
|
Issued during the year |
3264122 |
6.529 |
|
Outstanding at the
end of the year |
112199965 |
224.400 |
Rights, preferences
and restrictions attached to the equity shares
The Company has only one class of Equity Shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Number of Shares held by each shareholder
holding more than 5% Shares in the Company
|
Particulars |
March 31, 2017 |
|
|
Equity Shares of INR 2 each fully paid held by: |
No. of Shares |
% of Shareholding |
|
EMTICI Engineering Limited |
26337818 |
23.47 |
|
Prayas Engineering Limited |
11239414 |
10.02 |
|
K. B. Investments Private. Limited |
11190168 |
9.97 |
|
Bipra Investments & Trusts Private Limited . |
6709436 |
5.98 |
|
HDFC Trustee Company Limited |
8601184 |
7.67 |
Aggregate number of equity shares allotted as fully paid up pursuant to contract without payment being received in Cash, Bonus Shares issued and shares bought back during the period of 5 years immediately preceding the financial year:-
|
Equity Shares of INR
2 each fully paid held by: |
31.03.2017 |
|
Equity Share allotted as fully paid up shares by virtue of schemes of arrangement |
19338455 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
224.400 |
217.871 |
217.871 |
|
(b) Reserves & Surplus |
7068.530 |
7016.164 |
6798.861 |
|
(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) |
7292.930 |
7234.035 |
7016.732 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
906.040 |
1284.001 |
908.412 |
|
(b) Deferred tax liabilities (Net) |
715.196 |
615.653 |
40.988 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
52.457 |
58.702 |
568.226 |
|
Total
Non-current Liabilities (3) |
1673.693 |
1958.356 |
1517.626 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3311.835 |
4094.123 |
3576.071 |
|
(b)
Trade payables |
3602.260 |
4070.791 |
3755.215 |
|
(c)
Other current liabilities |
2519.060 |
2091.588 |
2518.646 |
|
(d)
Short-term provisions |
187.466 |
309.613 |
405.849 |
|
Total
Current Liabilities (4) |
9620.621 |
10566.115 |
10255.781 |
|
|
|
|
|
|
TOTAL |
18587.244 |
19758.506 |
18790.139 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
7495.693 |
7824.941 |
8264.981 |
|
(ii)
Intangible Assets |
63.075 |
65.181 |
73.827 |
|
(iii)
Capital work-in-progress |
9.897 |
62.871 |
19.791 |
|
(iv) Intangible assets under development |
6.500 |
14.280 |
18.134 |
|
(b) Non-current
Investments |
1307.831 |
1127.899 |
783.287 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
339.850 |
246.702 |
206.115 |
|
(e)
Other Non-current assets |
132.101 |
104.287 |
102.214 |
|
Total
Non-Current Assets |
9354.947 |
9446.161 |
9468.349 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2318.348 |
2627.739 |
2510.286 |
|
(c)
Trade receivables |
5866.474 |
6591.397 |
6067.382 |
|
(d)
Cash and cash equivalents |
60.436 |
204.747 |
65.392 |
|
(e)
Short-term loans and advances |
163.525 |
357.735 |
253.212 |
|
(f)
Other current assets |
823.514 |
530.727 |
425.518 |
|
Total
Current Assets |
9232.297 |
10312.345 |
9321.790 |
|
|
|
|
|
|
TOTAL |
18587.244 |
19758.506 |
18790.139 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9964.805 |
10647.341 |
5031.924 |
|
|
|
Other Income |
78.534 |
312.510 |
226.774 |
|
|
|
TOTAL |
10043.339 |
10959.851 |
5258.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3592.570 |
4569.566 |
2156.318 |
|
|
|
Changes in inventories of finished goods work-in-progress
and Stock-in-Trade |
232.674 |
(247.171) |
128.857 |
|
|
|
Manufacturing Expenses and Erection Charges |
1533.313 |
1778.902 |
484.171 |
|
|
|
Employees benefits expense |
853.671 |
827.170 |
369.172 |
|
|
|
Research and Development Expenses |
0.000 |
0.000 |
21.817 |
|
|
|
Excise duty |
731.231 |
851.886 |
0.000 |
|
|
|
Other expenses |
1463.350 |
1443.339 |
806.554 |
|
|
|
TOTAL |
8406.809 |
9223.692 |
3966.889 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION |
1636.530 |
1736.159 |
1291.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
630.487 |
624.373 |
299.503 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION |
1006.043 |
1111.786 |
992.306 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
481.376 |
556.722 |
515.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
524.667 |
555.064 |
476.469 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
314.045 |
189.954 |
144.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
210.622 |
365.110 |
331.858 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on F.O.B. basis Reduction Gears |
NA |
534.538 |
731.577 |
|
|
Servicing
Income |
NA |
0.000 |
0.000 |
|
|
|
TOTAL |
NA |
534.538 |
731.577 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
246.139 |
276.383 |
|
|
|
Stores & Spares |
NA |
6.174 |
14.319 |
|
|
|
Capital Goods |
NA |
93.297 |
0.579 |
|
|
TOTAL IMPORTS |
NA |
345.610 |
291.281 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
1.88 |
3.25 |
3.05 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities
of Long term debt |
|
|
|
|
Term loans from bank |
206.743 |
121.434 |
156.764 |
|
Loans from consortium of banks |
182.000 |
182.000 |
0.000 |
|
Corporate Loan |
0.000 |
0.000 |
53.500 |
|
Total |
388.743 |
303.434 |
210.264 |
|
|
|
|
|
|
Cash generated from
operations |
2007.951 |
425.700 |
2321.140 |
|
|
|
|
|
|
Net cash generated from
operating activities |
1963.588 |
128.385 |
2178.640 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
1761.510 |
1782.970 |
1953.390 |
|
Total Expenditure |
1921.280 |
1575.740 |
1704.700 |
|
PBIDT (Excluding Other Income) |
(159.770) |
207.230 |
248.690 |
|
Other income |
14.280 |
18.480 |
21.590 |
|
Operating Profit |
(145.490) |
225.710 |
270.280 |
|
Interest |
132.140 |
150.580 |
146.400 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(277.630) |
75.130 |
123.880 |
|
Depreciation |
111.280 |
117.150 |
118.100 |
|
Profit Before Tax |
(388.910) |
(42.020) |
5.780 |
|
Tax |
(1.450) |
(3.860) |
1.020 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(387.460) |
(38.150) |
4.760 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(387.460) |
(38.150) |
4.760 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
214.88 |
225.96 |
440.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
1.70 |
1.62 |
0.83 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
343.72 |
343.75 |
599.80 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.71 |
0.66 |
0.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.22 |
0.22 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.62 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.63 |
0.79 |
0.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.32 |
1.46 |
1.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.04 |
1.10 |
1.19 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.60 |
2.78 |
4.31 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
2.11 |
3.43 |
6.60 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.13 |
1.85 |
1.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.89 |
5.05 |
4.73 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.96 |
0.98 |
0.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.72 |
0.73 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.39 |
0.37 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
20.53 |
26.08 |
21.55 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.96 |
0.98 |
0.91 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 83.00 |
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 |
217.871 |
217.871 |
224.400 |
|
Reserves & Surplus |
6798.861 |
7016.164 |
7068.530 |
|
Net
worth |
7016.732 |
7234.035 |
7292.930 |
|
|
|
|
|
|
Long-Term Borrowings |
908.412 |
1284.001 |
906.040 |
|
Short Term Borrowings |
3576.071 |
4094.123 |
3311.835 |
|
Current Maturities of Long term debt |
210.264 |
303.434 |
388.743 |
|
Total
borrowings |
4694.747 |
5681.558 |
4606.618 |
|
Debt/Equity
ratio |
0.669 |
0.785 |
0.632 |
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 |
5031.924 |
10647.341 |
9964.805 |
|
|
|
111.596 |
(6.410) |
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
|
5031.924 |
10647.341 |
9964.805 |
|
Profit |
331.858 |
365.110 |
210.622 |
|
|
6.60% |
3.43% |
2.11% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
224.400 |
217.872 |
|
(b) Reserves &
Surplus |
6874.097 |
6824.963 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
7098.497 |
7042.835 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
1394.476 |
1788.915 |
|
(b) Deferred tax
liabilities (Net) |
767.694 |
616.629 |
|
(c) Other long term
liabilities |
5.780 |
470.758 |
|
(d) long-term provisions |
482.118 |
66.699 |
|
Total Non-current
Liabilities (3) |
2650.068 |
2943.001 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
3636.889 |
3954.800 |
|
(b) Trade payables |
4828.325 |
5454.674 |
|
(c) Other current
liabilities |
2530.870 |
2344.324 |
|
(d) Short-term provisions |
198.864 |
321.381 |
|
Total Current Liabilities
(4) |
11194.948 |
12075.179 |
|
|
|
|
|
TOTAL |
20943.513 |
22061.015 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
8388.374 |
8697.617 |
|
(ii) Intangible Assets |
190.564 |
282.215 |
|
(iii) Capital
work-in-progress |
9.897 |
62.871 |
|
(iv) Intangible assets
under development |
6.500 |
14.280 |
|
(b) Non-current
Investments |
518.873 |
492.313 |
|
(c) Deferred tax assets
(net) |
74.649 |
27.523 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
464.368 |
350.991 |
|
Total Non-Current Assets |
9653.225 |
9927.810 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
3015.718 |
3593.693 |
|
(c) Trade receivables |
6281.483 |
7056.608 |
|
(d) Cash and cash
equivalents |
925.466 |
450.229 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
|
(f) Other current assets |
1067.621 |
1032.675 |
|
Total Current Assets |
11290.288 |
12133.205 |
|
|
|
|
|
TOTAL |
20943.513 |
22061.015 |
PROFIT
AND LOSS (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
12746.554 |
13655.480 |
|
|
Other Income |
85.626 |
296.750 |
|
|
TOTAL |
12832.180 |
13952.230 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
5315.732 |
6329.206 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
97.947 |
(314.433) |
|
|
manufacturing expenses |
1538.480 |
1821.791 |
|
|
Excise duty |
731.231 |
851.886 |
|
|
Employees benefits
expense |
1527.764 |
1509.178 |
|
|
share profit from
associates |
(40.839) |
(29.733) |
|
|
Other expenses |
1895.158 |
1819.828 |
|
|
TOTAL |
11065.473 |
11987.723 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1766.707 |
1964.507 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
795.732 |
747.196 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
970.975 |
1217.311 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
532.382 |
621.226 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
438.593 |
596.085 |
|
|
|
|
|
|
Less |
TAX |
331.091 |
222.393 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
107.502 |
373.692 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.96 |
3.33 |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
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 |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loan - From bank |
100.826 |
311.653 |
|
From related parties |
0.000 |
65.500 |
|
Less : Accrued interest |
9.694 |
13.560 |
|
|
|
|
|
Total |
91.132 |
363.593 |
REPORTING ENTITY
the Company is a public company domiciled in India and incorporated
under the provisions of the Companies Act, 1956. Its equity shares are listed on
the Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’) in India.
The registered office of the Company is located at Anand-Sojitra Road, Vallabh
Vidyanager, Gujarat.
The Company is primarily involved in the manufacturing and executing projects
on material handling equipment and manufacturing of transmission equipment.
PERFORMANCE OF THE
COMPANY
STANDALONE
FINANCIAL PERFORMANCE
For the year ended on March 31, 2017, the Company has achieved a Turnover
of INR 9964.805 Million as against INR 10647.341 Million in the previous year.
For the year ended on March 31, 2017, the Company has achieved Earnings
before Interest (Finance Cost), Depreciation & Amortization and Tax
(EBIDTA) of INR 1557.996 Million as against the EBIDTA of INR 1423.649 Million
during the previous year, representing a marginal increase in EBIDTA by 9.43%.
The Net Profit of the Company for the year 2016-17 was INR 210.622
Million compared to INR 365.110 Million during the previous year.
The Company holds total unexecuted orders about INR 11578.000 Million
(INR 6795.900 Million for Gear Division and INR 4782.100 Million of MHE
Division) as on March 31, 2017. This will help them to continue to have
sustainable growth in coming years.
The financial performance of the Company in the fiscal remained soft as
it witnessed challenges on multiple counts. At the macro level, the economic
activity in the country remained low and it resulted in the slow pick up of
orders and poor execution of the operation at the client level. The Company’s
customers also got affected by Demonetization, event which led to some
disruption of activity. At the micro level, the integration process of merger
of Elecon EPC Projects Limited, which is a significant step forward for the
Company’s growth, also added momentary interruption to the normalcy. With the
major events already executed, the Company now aims to consolidate its business
and expand its operations on the core strengths. It expects the activity at the
macro level to smoothen soon and thus anticipates a strong recovery in its
business in the near term future.
AMALGAMATION OF
ELECON EPC PROJECTS LIMITED WITH ELECON ENGINEERING COMPANY LIMITED
During the year, the Hon’ble High Court of Gujarat, vide its Orders
dated October 7, 2016 approved the Scheme of Arrangement of Elecon EPC Projects
Limited (Transferor Company) with the Company and their respective Shareholders
and Creditors. The appointed date of the Scheme was March 30, 2015. The Scheme became
effective upon filing of the certified copy of order with Registrar of
Companies, Gujarat on October 24, 2016.
The Scheme of
Amalgamation inter alia, envisages following benefits:
i. Enable Company to use the resources of Transferor Company and generate
significant synergy in operations;
ii. The consolidated entity would be able to utilize its full potential
and leverage on the combined financial strength as well as optimize the use of
resources for the purpose of future growth;
iii. Reduction of overheads and other expenses, facilitate
administrative convenience and ensure optimum utilization of available services
and resources.
FINANCE
Cash and cash equivalent as at March 31, 2017 was INR 47.084 Million. The
Company continues to focus on judicious management of its working capital.
Receivables, inventories and other working capital parameters were kept under
strict check through continuous monitoring.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL ECONOMY AND
INDIA
The growth of the world economy in 2016 remained a low-key event at
2.3%. After the subdued performances in 2015, the calendar year 2016 stayed in
the grip of heightened uncertainty, stagnant global trade, subdued investments,
and raised policy uncertainty. From a region perspective, there has been a
better than expected growth in advanced economies; however, some emerging
economies recorded moderate growth on account of their regional issues.
As per the estimates provided by IMF and World Bank, the economic
activity is expected to pace up in 2017 and 2018, and the same is likely to get
driven by the emerging and developing economies. However, the economic growth
could have a direct bearing from the policy stance of the newly elected
government in the US.
In general, the outlook for the advanced economies looks robust given
the improved activity in second half of 2016 and the emerging markets are
heading towards a better growth in 2017. These economies are expected to drive
growth through continued robust domestic demand and improved global trade. The
medium-term prospects also depend on the increase in investments and
productivity. From a regions viewpoint - East Asia and the Pacific and South
Asia - are likely to enhance their activity reflecting the domestic demand and
tailwinds from low oil prices.
India which continues to be a favourite in the World economy looks
buoyant and expects to grow over 7% in the coming year. The country had a mix
2016, mainly weighed up by robust private and public consumption which was
partially offset by slower fixed investment, reduced exports and subdued
activity. India also witnessed a landmark “demonetization” drive which led to a
drop in its growth in the third and fourth quarter. While lower energy cost, public
sector salary and favourable monsoons supported consumption, the economy also
drew gains from a pickup in foreign direct investment.
As the business moves forward, India anticipates to regain its “fastest
growth” economy tag by recording a superior growth over 2016. The economy and
the industry are forecasted to dwell significant gains from reforms that could
unlock supply bottlenecks and improve productivity. The Government also
continues to focus on improving ease of working in India besides attracting
more direct investments. Over the long term, the Make in India initiative
expects India to be the flag-bearer of manufacturing globally.
THE ENGINEERING
SECTOR AND GEARS
The Indian engineering and capital goods space witnessed a flattish year
regarding orders intake. While the business has a very positive long-term
visibility, the last two financial years have been relatively subdued on
account of slow activity growth. The Core sectors of the Economy have still not
come out of the problems, and therefore the business momentum has been slow.
Among these headwinds from the domestic front, the shining element has been the
progress in the exports. The country exports its engineering goods mostly to
the US and Europe, and recently the exports have surged for Japan and South
Korea.
The global headwinds which impacted the Indian exports otherwise seem to
have eased off for the engineering goods. This development also has renewed
signs of uplifting the sector in the coming year. From a long-term perspective,
India remains a preferred partner to global companies for manufacturing,
engineering and allied services. On the domestic side, with the government
taking the right measures to drive activity, the engineering and capital good
space is likely to witness a pleasant time going forward. The sector continues
to be of strategic importance to the Indian economy.
At the sectoral level, the global industrial gearbox market is expected
to grow steadily at 4% over the next four-five years. The growth in the sector
is however linked to the prospects of areas such as mining, electricity
generation, and other core sectors. In addition, the demand will also be
augmented by growing need of metals for the business activity.
ELECON ENGINEERING
- COMPANY REVIEW
Fiscal 2016-17 was a year of realignment for Elecon Engineering. The
Company reorganised its MHE business and merged it with the industrial gear
business for critical scale, size and economies. This reason apart, the Company
also strategized its material handling business which over a period was not
performing to the level of expectations. The Company decided to pursue more
product based opportunities rather than doing project business wherein it
witnessed an inefficient capital allocation.
On a business front, Elecon’s gear business continued to gain traction
from the customers, and it reported a growth in sales as well as the order
booking for the full year. However, the business margins got affected due to
change in the product mix towards products that had relatively lesser margins.
During the fiscal, the Company booked orders worth of INR 7710.600 Million with
power, fertilisers and cement contributing most to it. The gear division also
remained showed positive signs concerning efficiencies as the overheads on a
product basis reduced marginally. In the MHE business, while the first few
quarters of the fiscal remained subdued, the pick-up in the order activity
started in the fourth quarter when the Company received significant orders from
its customers. Given the changed business model, the gradual growth of the
division was on the predictable lines. The Company is confident of its smooth
performance in the period to come. At the end of fiscal, the Company’s order
book in MHE business stood at INR 3023.000 Million.
The financial performance of the Company in the fiscal remained soft as
it witnessed challenges on multiple counts. At the macro level, the economic
activity in the country remained low and it resulted in the slow pick up of
orders and poor execution of the operation at the client level. The Company’s
customers also got affected by Demonetization event which led to some
disruption of activity. At the micro level, the integration process, this is a
significant step forward for the Company’s growth, also added momentary
interruption to the normalcy. With the major events already executed, the
Company now aims to consolidate its business and expand its operations on the
core strengths. It expects the activity at the macro level to smoothen soon and
thus anticipates a strong recovery in its business in the near term future.
OUTLOOK
India remains well placed on the global front to lead it growth. It is
estimated that the growth would exceed 7% given the anticipated recovery in
private investments, timely and smooth implementation of the GDP and the ever
strong domestic demand. These initiatives coupled with the right decisions by
government are likely to bring momentum in the core section and therefore
leading to recovery into the Elecon business. Going into the future, The
Company remain confident on the prospects of the business with a potential
upside on economy achieving its targeted growth. For Elecon, the key catalysts
remain the same, the Company is looking forward to an increased economy activity
including the revival of core sectors such as power, steel, cement and mining,
surging exports and a strong performance in MHE business.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Claims against the Company not acknowledged as debt |
|
|
|
Disputed with Excise and Service tax authority |
816.869 |
724.759 |
|
Disputed with Sales tax authority |
276.166 |
294.298 |
|
Disputed with Income tax authority |
99.329 |
101.471 |
|
Disputed with Service tax authority |
25.638 |
33.299 |
|
Sales bills discounted under letter of credit with Banks |
142.794 |
60.464 |
|
In respect of arbitration proceeding as directed by Honorable Gujarat High Court in response to an application made by one of the contractor of the company for INR 20.607 million However the company has made a counter claim of INR 20.000 million with the same arbitrator in response and as per the books of account INR 51.88 Lakhs is due to him. |
15.236 |
15.236 |
|
The Company has provided Corporate Guarantee to Bank of Baroda, ubai to the tune of GBP 7,216,000 and US$ 282,99,876 as a security for repayment of Financial facility availed by Elecon Transmission International Limited, Mauritius, a wholly owned subsidiary of the Company. |
2422.531 |
2561.267 |
|
The Company has provided Corporate Guarantee to Bank of Baroda, London to the tune of GBP 6,000,000 as a security for repayment of Financial facility availed by Radicon Transmission UK Limited, United Kingdom, a subsidiary of the Company |
488.436 |
0.000 |
|
Bonus Liability for the year 2014 -15 |
15.175 |
15.175 |
|
NexGen Energy Partners, LLC of USA has filed a case bearing no. 2011 CV 0066, against Reflecting Blue Technologies (RBT) of USA and the Company, in the court of Ohio, USA on account of non performing of Wind Mill supplied through Reflecting Blue Technologies (RBT). The matter is pending in the court of Ohio, USA and amount of claim is unascertainable. |
Unascertained |
Unascertained |
|
In respect of a commercial civil suit filed by a customer against the Company with the Commercial Civil Court, Ahmedabad amounting to INR 493.300 million. Against this, the Company has filed a counter claim of INR 549 lakhs against the Customer for the default made by the customer. |
438.400 |
0.000 |
|
In respect of a suit filed by a vendor against the Company with the APMSEFC for non payment of dues and interest thereon amounting to INR 129 lakhs. |
12.900 |
0.000 |
|
In respect of a suit filed by a vendor against the Company with the APMSEFC for non payment of dues and interest thereon amounting to INR 3.25 lakhs. |
0.325 |
0.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1953.387 |
1782.965 |
5497.860 |
|
Other Operating Income |
21.588 |
18.482 |
54.349 |
|
Total
Income from Operations |
1974.975 |
1801.447 |
5552.209 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost
of materials consumed |
833.074 |
738.738 |
2407.157 |
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
77.044 |
121.787 |
175.055 |
|
Manufacturing expenses |
367.999 |
279.576 |
1062.730 |
|
Excise
duty |
0.000 |
0.000 |
82.707 |
|
Employee
benefits expense |
164.824 |
165.357 |
525.829 |
|
Finance
Cost |
146.401 |
150.577 |
429.117 |
|
Depreciation
and amortisation expense |
118.103 |
117.150 |
346.534 |
|
Other
expenses |
261.746 |
270.279 |
948.219 |
|
Total
Expenses |
1969.191 |
1843.464 |
5977.348 |
|
Profit / (Loss) before Tax |
5.784 |
(42.017) |
(425.139) |
|
Tax Expense |
1.021 |
(3.864) |
(4.295) |
|
Profit
/ (Loss) after Tax |
4.763 |
(38.153) |
(420.844) |
|
Other Comprehensive Income |
|
|
|
|
·
Items that will not be
reclassified to profit or loss |
(2.660) |
(2.661) |
(7.981) |
|
·
Income tax relating to
items that will not be reclassified to profit or loss |
0.921 |
0.920 |
2.762 |
|
|
(1.739) |
(1.741) |
(5.219) |
|
Total other Comprehensive Income |
3.024 |
(39.894) |
(426.063) |
|
Paid-up Equity Share Capital (Face value INR 2/- per
share) |
224.400 |
224.400 |
224.400 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
0.04 |
(0.34) |
(3.75) |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Material Handling Equipment |
907.745 |
705.151 |
2404.626 |
|
b)
Transmission Equipment |
1045.642 |
1077.814 |
3093.234 |
|
c)
Unallocated |
-- |
-- |
-- |
|
Total segment
revenue |
1953.387 |
1782.965 |
5497.860 |
|
Less: Inter –
segment revenue |
-- |
-- |
-- |
|
Total income from
operations (net sales) |
1953.387 |
1782.965 |
5497.860 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Material Handling Equipment |
(5.341) |
(64.216) |
(222.989) |
|
b)
Transmission Equipment |
134.550 |
164.554 |
207.433 |
|
Total segment
results |
129.209 |
100.338 |
(15.556) |
|
Less: |
|
|
|
|
Finance Costs |
146.401 |
150.577 |
429.117 |
|
Other un-allocable corporate
expenses |
4.393 |
5.917 |
11.405 |
|
Unallocable income |
27.369 |
14.139 |
30.939 |
|
Total Profit
Before Tax |
5.784 |
(42.017) |
(425.139) |
|
|
|
|
|
|
3. Segment
Assets |
|
|
|
|
a)
Material Handling Equipment |
6238.849 |
6236.772 |
6238.849 |
|
b)
Transmission Equipment |
9706.870 |
9823.320 |
9706.870 |
|
c)
Unallocated |
1806.063 |
1660.092 |
1806.063 |
|
Total
|
17751.782 |
17720.184 |
17751.782 |
|
|
|
|
|
|
4. Segment
Liabilities |
|
|
|
|
a)
Material Handling Equipment |
4634.230 |
4355.461 |
4634.230 |
|
b)
Transmission Equipment |
5440.450 |
5690.793 |
5440.450 |
|
c)
Unallocated |
877.752 |
877.605 |
877.752 |
|
Total |
10952.432 |
10923.859 |
10952.432 |
|
|
|
|
|
|
5.
NET CAPITAL EMPLOYED |
6799.350 |
6796.325 |
6799.350 |
NOTES:
1. The above unaudited standalone financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on February 7, 2018. These results are subjected to "Limited review" by the statutory auditor of the Company. The statutory auditor have issued an unqualified opinion. The report has been filed with the stock exchange and is available on the Company's website.
2. This unaudited standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013.
3.
(a) The Honourable High Court of Gujarat vide its order dated October 07, 2016 sanctioned a scheme of Amalgamation (the Scheme) of Elecon EPC Projects Limited (EEPL) with the Company. The Scheme specified the appointed date of March 30, 2015. The corresponding previous quarter's figures include the results of erstwhile EEPL. The scheme specified the accounting under the “Purchase Method” laid down by Accounting Standard 14, Accounting for amalgamation.
(b) As per the Scheme the assets have been recorded at their fair values. The difference between the net assets of EEPL and equity and preference shares, after eliminating inter company balances is credited to Capital Reserve.
(c) The treatment prescribed of crediting the excess to capital reserve is not in line with IND AS 103 which has been referred to by the auditors in their review report.
4. The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July 2017, consequently revenue from operations for the quarter ended 31st December 2017 and 30th September 2017 is net of GST. However revenue for all other period presented (including the quarter ended 30th June 2017 included in the figures presented for the nine months ended 31st December 2017) is inclusive of excise duty.
5. As per Ind AS 108, Operating Segment the Company has reported segment information under 2 segments 1) Material Handling Equipment and 2) Transmission Equipment.
6. Figures of the previous period have been regrouped / reclassified wherever considered necessary.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G68954478 |
100129223 |
IFCI LIMITED |
16/10/2017 |
24/11/2017 |
- |
950000000.0 |
IFCI TOWER61, NEHRU PLACENEW DELHIDL110019IN |
|
2 |
G04157939 |
100028406 |
ADITYA BIRLA FINANCE LIMITED |
10/05/2016 |
- |
- |
600000000.0 |
INDIAN RAYON COMPOUND,VERAVALGU362266IN |
|
3 |
G04473385 |
100028014 |
ADITYA BIRLA FINANCE LIMITED |
10/05/2016 |
17/05/2016 |
- |
600000000.0 |
INDIAN RAYON COMPOUND,VERAVALGU362266IN |
|
4 |
G32936312 |
10555436 |
SBICAP TRUSTEE COMPANY LIMITED |
02/03/2015 |
12/01/2017 |
- |
3622500000.0 |
202, MAKER TOWER 'E'CUFFE PARADEMUMBAIMH400005IN |
|
5 |
G72480403 |
10539869 |
SBICAP TRUSTEE COMPANY LIMITED |
09/12/2014 |
22/12/2017 |
- |
8968000000.0 |
202, MAKER TOWER 'E',CUFFE PARADEMUMBAIMH400005IN |
|
6 |
C19747443 |
10127322 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
10/11/2008 |
27/08/2014 |
- |
350000000.0 |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHINAVI MUMBAIMH 400703IN |
|
7 |
G80955628 |
90102915 |
SBICAP TRUSTEE COMPANY LIMITED |
17/01/1991 |
21/03/2018 |
- |
3842500000.0 |
202, MAKER TOWER 'E',CUFFE PARADE MUMBAI MH400005IN |
|
8 |
G82181686 |
10174489 |
IDBI BANK LIMITED |
03/12/2008 |
10/10/2014 |
29/03/2018 |
600000000.0 |
NEAR LAL BUNGLOW, OFF. C.G. ROAD, AHMEDABAD GJ380006IN |
|
9 |
G56792138 |
10525862 |
GE CAPITAL SERVICES INDIA |
20/10/2014 |
23/01/2015 |
16/10/2017 |
660000000.0 |
401, 402, 4TH FLOOR, AGGARWAL MILLENNIUM TOWER,E-1,2,3, NETAJI SUBHASH PLACE, WAZIRPUR,NEW DELHIDL110034IN |
|
10 |
G00379271 |
10569357 |
IFCI LIMITED |
22/04/2015 |
08/05/2015 |
31/03/2016 |
600000000.0 |
IFCI TOWER61 NEHRU PLACENEW DELHIDL110019IN |
FIXED ASSETS:
· Land (Freehold)
· Buildings
· Plant and Machinery
· Electrical Installations
· Electrical Fittings
· Office Equipment’s
· Air Conditioning Plant
· Sundry Equipment’s
· Furniture and Fixtures
· Vehicles
·
Site Office Equipment
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 65.13 |
|
|
1 |
INR 92.52 |
|
Euro |
1 |
INR 80.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
YES |
|
--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.