|
|
|
MIRA INFORM REPORT
|
Report No. : |
503520 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDO-TECH TRANSFORMERS LIMITED |
|
|
|
|
Registered
Office : |
Survey No.153-210, Illuppapattu Village, Post Rajakulam, 64 K.M. Chennai-Bangalore Highway, Kancheepuram District -631561, Tamilnadu |
|
Tel. No.: |
91-44 - 30289 873 / 37290518 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
16.01.1992 |
|
|
|
|
Com. Reg. No.: |
18-022011 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 106.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29113TN1992PLC022011 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No: |
33221662114 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAACI5775P1Z2 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5775P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing power and distribution transformers and various special application transformers, mobile sub-station transformers and sub-stations. (Registered Activity) |
|
|
|
|
No. of Employees
: |
294 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
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Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1992. It is a subsidiary of
Prolec GE Internacional, S De R. L de C.V. Mexico. The company is engaged in the business of manufacturing power and
distribution transformers and various special application transformers, mobile
sub-station transformers and sub-stations. As per the quarterly results of December 2017, the company has achieved sales turnover of
INR 466.00 million. For the financial year ended 2017, the company has reported a decline
in its revenue as compared to the previous year’s revenue and has incurred
operational losses. The overall financial position of the company seems to be healthy
marked by sound net worth base along with zero debt balance sheet profile. Rating takes into consideration the strength that the company derives
from its holding company and its experienced management team. The company has its share price trading as around INR 182 on BSE as on
April 11, 2018 as against the face value (FV) of INR 10. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition.
|
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term Loans (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
08.08.2017 |
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 (Tel No.: 91-44-37290518/ 30289854)
LOCATIONS
|
Registered Office/ Factory 1/ Service Center: |
Survey No.153-210, Illuppapattu Village, Post Rajakulam, 64 K.M. Chennai-Bangalore Highway, Kancheepuram District -631561, Tamilnadu, India |
|
Tel. No.: |
91-44 - 30289 873 / 37290518 |
|
Fax No.: |
91-44 – 37290547/ 37290518 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office 1: |
DLF Cyber City, Sector 25A, DLF Phase III, Building No. 7 A, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91 - 124 - 4808502 |
|
|
|
|
Sales Office 2: |
Kamak Towers, III Floor, 12A Thiruvika Industrial Estate, Ekkatuthangal, Guindy – 600032, Tamilnadu, India |
|
Tel. No.: |
91 - 44 - 49681402 |
|
|
|
|
Sales Office 3: |
6th Floor, Tower B, RMZ infinity, Old Madras Road, Bangalore – 560016, Karnataka, India |
|
Tel. No.: |
91 - 80 - 40482398 |
|
|
|
|
Sales Office 4: |
5th Floor, Ashoka Janardhan Chambers, 1-10-72, SP Road, Begumpet, Secunderabad – 500016, Telangana, India |
|
Tel. No.: |
91 - 40 - 4004 0440 |
|
|
|
|
Sales Office 5: |
Vatika Business Centre, 7th Floor, Wing-B, Supreme Business Park (Behind Lake Castle Building), Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91 - 22 - 42019198 |
|
|
|
|
Sales Office 6: |
22, Mangalam Business Centre, 6th Floor, Camac Street, Kolkata – 700016, West Bengal, India |
|
Tel. No.: |
91 – 33-33640226 |
|
|
|
|
Factory 2 : |
DP-36, SIDCO Industrial Estate, Thirumazhisai, Chennai - 600124, Tamilnadu, India |
|
Tel. No.: |
91- 44 - 30289 830 / 33 / 36 |
|
Fax No.: |
91- 44 - 30289 820 |
DIRECTORS
As on 31.03.2017
|
Name : |
Milagiripattu Sundaravaradan Srinivasan |
|
Designation : |
Director |
|
Address : |
Plot No. 1013, T.V.S. Colony, 42nd Street, Anna Nagar, West Extension, Chennai-600101, Tamilnadu, India |
|
Date of Appointment : |
01.08.2009 |
|
DIN No: |
00261201 |
|
|
|
|
Name : |
Pallavur Venkateswaran Krishna |
|
Designation : |
Director |
|
Address : |
C/1308A, Kukreja Residency, W. T. Patil Road, Village Borla, Chembur, Mumbai-400071, Maharashtra, India |
|
Date of Appointment : |
27.05.2015 |
|
DIN No: |
02459872 |
|
|
|
|
Name : |
Tabassum Mustafa Wajid |
|
Designation : |
Director |
|
Address : |
327, A. T. H. Layout, Shanthi Nagar, Bangalore-560027, Karnataka, India |
|
Date of Appointment : |
25.03.2015 |
|
DIN No: |
06904452 |
|
|
|
|
Name : |
Ricardo Garza Suarez |
|
Designation : |
Director |
|
Address : |
Plat No. 210, Pericles 8, KVA X Lot Residency Chipinque Garzo Garcia 66297 Mexico |
|
Date of Appointment : |
27.05.2015 |
|
DIN No: |
07194157 |
|
|
|
|
Name : |
Mr. Ajay Kumar Sinha |
|
Designation : |
Wholetime Director/ Chief Executive Officer |
|
Address : |
9/102, Sky City Apartments, Vanagaram, Chennai-600095, Tamilnadu, India |
|
Date of Appointment : |
29.11.2017 |
|
PAN No.: |
|
|
DIN No: |
07972409 |
|
|
|
|
Name : |
Mr. Anthony Benoit Vincent Allard |
|
Designation : |
Additional Director |
|
Address : |
770 P ST, NW # 301, Washington DC 20001 United States |
|
Date of Appointment : |
29.11.2017 |
|
DIN No: |
07992699 |
KEY EXECUTIVES
|
Name : |
Mr. Sathyamoorthy Arumugam |
|
Designation : |
Company Secretary |
|
Address : |
36/31-3, Bajany Koil Street, Oliyanallur, Arakkonam-631052, Tamilnadu, India |
|
Date of Appointment : |
29.12.2015 |
|
PAN No.: |
DWZPS3394P |
|
|
|
|
Name : |
Mr. Abhishek Dalmia |
|
Designation : |
Chief Finance Executive |
|
Address : |
No. 228, 23 Main, 16 Cross, J.P., Nagar, 5 Phase, Bangalore- 560078, Karnataka, India |
|
Date of Appointment : |
25.05.2016 |
|
PAN No.: |
AANPD9310M |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
Total nos.
shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
7895625 |
74.35 |
|
|
(B) Public |
2724375 |
25.65 |
|
|
Grand Total |
10620000 |
100.00 |
|
Statement showing shareholding pattern
of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
7895625 |
74.35 |
|
|
Prolec Ge Internacional, S.De R.L. De C.V. |
7895625 |
74.35 |
|
|
Sub Total A2 |
7895625 |
74.35 |
|
|
A=A1+A2 |
7895625 |
74.35 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Financial Institutions/ Banks |
2873 |
0.03 |
|
|
Sub Total B1 |
2873 |
0.03 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
million |
1659232 |
15.62 |
|
|
Individual share capital upto INR 0.200
million |
120576 |
1.14 |
|
|
Any Other (specify) |
941694 |
8.87 |
|
|
HUF |
216478 |
2.04 |
|
|
NRI – Non- Repat |
8974 |
0.08 |
|
|
NRI – Repat |
30226 |
0.28 |
|
|
Clearing Members |
177917 |
1.68 |
|
|
Bodies Corporate |
508099 |
4.78 |
|
|
Sub Total B3 |
2721502 |
25.63 |
|
|
B=B1+B2+B3 |
2724375 |
25.65 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the business of manufacturing power and distribution transformers and various special application transformers, mobile sub-station transformers and sub-stations. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
294 (Approximately) |
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|
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|
Bankers : |
|
|
Auditors : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
No.10, Mahatma Gandhi Road, Nungambakkam, Chennai-600 034, Tamilnadu, India |
|
Tel. No.: |
91-44-39145000 |
|
Fax No.: |
91-44-39145999 |
|
|
|
|
Secretarial
Auditors |
|
|
Name : |
J B Bhave and Company Company Secretaries, |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Internal Auditors |
|
|
Name : |
G Balu and Associates Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Cost Auditors |
|
|
Name : |
J. G. and Company Cost Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Company Secretary
& Compliance Officer |
Sathyamoorthy A. |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company |
Prolec GE Internacional, S de R.L de C.V., Mexico |
|
|
|
|
Ultimate holding
company |
Xignux S.A. de C.V., Mexico |
|
|
|
|
Fellow subsidiary |
Prolec S.A. de C.V., Mexico |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15300000 |
Equity Shares |
INR 10 /- each |
INR 153.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10620000 |
Equity Shares |
INR 10 /- each |
INR 106.200 Million |
|
|
|
|
|
a) Terms / rights
attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder in a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. During the year ended March 31, 2017, the Company has not declared any dividend.
On winding up of the Company the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
b) Reconciliation of
the shares outstanding at the beginning and at the end of the year is as under
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
At the commencement and at the end of the year |
10620000 |
106.200 |
c) Shares held by holding
company and / or their subsidiaries / associates
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Equity shares of INR 10 each fully paid up held by: Prolec GE Internacional, S de R.L de C.V., Mexico, the holding Company |
7895625 |
78.956 |
d) Details of
shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Equity shares of INR 10 each fully paid up held by: Prolec GE Internacional, S de R.L de C.V., Mexico, the holding Company |
7895625 |
74.35% |
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 |
106.200 |
106.200 |
106.200 |
|
(b) Reserves & Surplus |
1279.847 |
1442.515 |
1402.270 |
|
(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) |
1386.047 |
1548.715 |
1508.470 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.848 |
14.361 |
12.220 |
|
Total Non-current
Liabilities (3) |
9.848 |
14.361 |
12.220 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
382.738 |
418.596 |
342.733 |
|
(c) Other
current liabilities |
182.557 |
134.534 |
196.091 |
|
(d) Short-term
provisions |
48.205 |
10.711 |
6.428 |
|
Total Current
Liabilities (4) |
613.500 |
563.841 |
545.252 |
|
|
|
|
|
|
TOTAL |
2009.395 |
2126.917 |
2065.942 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
542.931 |
621.485 |
663.474 |
|
(ii) Intangible
Assets |
0.161 |
0.382 |
1.363 |
|
(iii)
Capital work-in-progress |
3.642 |
0.575 |
1.678 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
75.847 |
64.737 |
58.869 |
|
(e) Other
Non-current assets |
2.978 |
13.935 |
5.000 |
|
Total Non-Current
Assets |
625.559 |
701.114 |
730.384 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
471.091 |
352.066 |
403.717 |
|
(c) Trade
receivables |
597.426 |
646.071 |
519.060 |
|
(d) Cash
and cash equivalents |
101.962 |
234.213 |
154.663 |
|
(e)
Short-term loans and advances |
158.743 |
181.884 |
216.461 |
|
(f) Other
current assets |
54.614 |
11.569 |
41.657 |
|
Total
Current Assets |
1383.836 |
1425.803 |
1335.558 |
|
|
|
|
|
|
TOTAL |
2009.395 |
2126.917 |
2065.942 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1488.073 |
1898.731 |
1569.100 |
|
|
Other Income |
16.489 |
127.575 |
167.236 |
|
|
TOTAL |
1504.562 |
2026.306 |
1736.336 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1238.373 |
1475.303 |
1290.084 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(140.727) |
33.442 |
(4.808) |
|
|
Employees benefits
expense |
171.532 |
160.727 |
135.791 |
|
|
Other expenses |
317.491 |
263.079 |
252.069 |
|
|
TOTAL |
1586.669 |
1932.551 |
1673.136 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(82.107) |
93.755 |
63.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
10.333 |
0.000 |
48.786 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(92.440) |
93.755 |
14.414 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
48.164 |
53.510 |
51.841 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(140.604) |
40.245 |
(37.427) |
|
|
|
|
|
|
|
Less |
TAX |
22.065 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(162.669) |
40.245 |
(37.427) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports on FOB basis |
94.743 |
0.000 |
57.548 |
|
|
Salary and other expenses
for the year |
1.718 |
28.123 |
47.611 |
|
|
Salary for earlier years |
0.000 |
0.000 |
43.727 |
|
|
Subvention money receipt |
0.000 |
0.000 |
1491.250 |
|
|
TOTAL EARNINGS |
96.461 |
28.123 |
1640.136 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw material and stores
and spares |
10.845 |
17.667 |
30.855 |
|
|
TOTAL IMPORTS |
10.845 |
17.667 |
30.855 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(15.32) |
3.79 |
(3.52) |
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 |
(117.121) |
(25.077) |
(129.837) |
|
Net cash flows from (used in) operating activity |
(117.829) |
(26.755) |
(130.089) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
664.500 |
429.400 |
466.000 |
|
Total Expenditure |
654.900 |
466.400 |
470.500 |
|
PBIDT (Excl OI) |
9.600 |
(37.000) |
(4.500) |
|
Other Income |
9.200 |
9.400 |
11.600 |
|
Operating Profit |
18.880 |
(27.600) |
7.100 |
|
Interest |
1.200 |
0.900 |
2.300 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
17.600 |
(28.500) |
4.800 |
|
Depreciation |
11.800 |
11.800 |
11.900 |
|
Profit Before Tax |
5.800 |
(40.300) |
(7.100) |
|
Tax |
NA |
NA |
NA |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
5.800 |
(40.300) |
(7.100) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
5.800 |
(40.300) |
(7.100) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
146.54 |
124.20 |
120.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.49 |
2.94 |
3.02 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
112.81 |
103.56 |
96.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.17) |
0.27 |
0.16 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.15) |
0.15 |
0.09 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.31 |
0.27 |
0.26 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.44 |
0.36 |
0.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.39 |
0.40 |
0.44 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(7.95) |
0.00 |
1.30 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(10.93) |
2.12 |
(2.39) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(8.10) |
1.89 |
(1.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(11.74) |
2.60 |
(2.48) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.26 |
2.53 |
2.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.49 |
1.90 |
1.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.69 |
0.73 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.26 |
2.53 |
2.45 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/ |
|
Market Value |
INR 182.00/ |
FINANCIAL ANALYSIS
[all figures are
in 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 |
106.200 |
106.200 |
106.200 |
|
Reserves & Surplus |
1402.270 |
1442.515 |
1279.847 |
|
Net
worth |
1508.470 |
1548.715 |
1386.047 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
1569.100 |
1898.731 |
1488.073 |
|
|
|
21.008 |
(21.628) |
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 |
1569.100 |
1898.731 |
1488.073 |
|
Profit (Loss) |
(37.427) |
40.245 |
(162.669) |
|
|
(2.39%) |
2.12% |
(10.93%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
No |
|
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
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 |
FINANCIAL RESULTS
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 133 of the Companies Act, 2013 in terms of Rule 7 of The Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013, as applicable and guidelines issued by the Securities and Exchange Board of India (“SEBI”).
The Ministry of Corporate Affairs vide its notification in the Official Gazette dated February 16, 2015, notified the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) applicable for the specified class of Companies. The Ind AS replaced the existing Indian GAAP prescribed under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014. Their Company has to comply with the provisions of Companies (Indian Accounting Standard) Rules, 2015 with effect from 1st April 2017. Company has initiated adequate steps to ensure the due compliances.
OPERATIONAL
PERFORMANCE
Considering the general turmoil in the Industry, operational performance of the Company during the period under this report was in an ordinary manner. The Consolidated and combined operations of Thirumazhisai plant and Kancheepuram plant has contributed significantly to improve the performance through increase in production, efficient and effective utilisation of resources and reduced costs as compared to previous financial years. Company witnessed unprecedented disruptions from the part of some customers on performance of contract.
Consequently financial and operational parameters declined to some extent. In spite of several challenges, year 2016-17 was indeed a positive year for the Company in terms of quality order booking and operating margin.
They have improved their acceptability in the market on account of several short circuit test conducted in the previous financial years. Management has taken several steps to increase production, improve efficiency and reduce costs.
They continuously receive support from Parent Company for design optimization and to improve the production of large power transformers. Their focus currently is to improve productivity and deliver the best quality transformers. Overall, they expect further improvements by implementing their strategic plans for cost optimization and using specially developed software for transformer designs. However price pressure is immense and it is impacting the entire industry. In the challenging environment, with improved sourcing strategies and cost optimization, their focus is to improve the margin in the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
FORWARD-LOOKING
STATEMENTS
This report contains forward-looking statements which may contain certain statements describing the Company’s objectives, expectations or forecasts that appear to be forward-looking within the meaning of applicable securities laws and regulations while actual outcomes may differ materially from what is expressed herein. The Company is not obliged to update any such forward-looking statements. Some important factors that could influence the Company’s operations comprise economic developments, pricing and demand and supply conditions in global and domestic markets, changes in government regulations, tax laws, litigation and industrial relations.
INDUSTRY
Power sector in India is experiencing a massive upsurge and experiencing a paradigm shift both in terms of additional generation capacity and in terms of the consumption levels. Government has taken various initiatives ranging from Deen Dayal Upadhyaya Gram Jyoti Yojana to Ujwal DISCOM Assurance Yojana (UDAY) which has given a new dynamism to the distribution Companies.
The electricity generation grew by 4.7% to 1,159.83 billion units (BU) in 2016-17 as compared to 1,107.82 BU generated in the previous year (2015-16). The generation during 2015- 16 was 1107.822 BU as compared to 1048.673 BU generated during April- March 2015, representing a growth of about 5.64%.
Massive investment is being made in modernizing the transmission and transformational capacity. Substantial investment is being made for the first time in the distribution networks with the objective of bringing the operation at the rural areas, electrifying every single village, extending power to all the households. All this has a huge impact and the Government foresees that 175 gigawatt additional capacity would come from renewable.
A robust and efficient power T&D infrastructure is imperative for effective transfer of power from generation source to the consumption points / demand centres. Thus, expanding the T&D infrastructure to transmit the power generated to consumer points across the length and breadth of the country becomes imperative.
BUSINESS OVERVIEW AND
OUTLOOK
Given the capacity expansion plans of state-owned transmission companies, demand is expected for high voltage and extra high voltage power transformers and for distribution large transformers. Further, the focus on non-conventional energy will lead to more wind and solar power generation fuelling the growth for transformers. In addition to the domestic market, the Company has taken steps to foray into the global market through General Electric network to improve its performance and reach.
COMPANY OVERVIEW
The Company is engaged in the business of manufacturing power and distribution transformers and various special application transformers, mobile sub-station transformers and sub-stations. The Company has manufacturing plants located at Chennai and Kancheepuram in Tamil Nadu.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G78185469 |
100157560 |
INDUSIND BANK LTD. |
13/02/2018 |
- |
- |
592046.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN |
|
2 |
G06571988 |
100035933 |
BANK OF BARODA |
03/06/2016 |
- |
- |
270000000.0 |
Corporate Financial Services Branch, 2nd floor74, Theagaraya Road, Pondy BazarChennaiTN600017IN |
|
3 |
Y10413459 |
90290532 |
STATE BANK OF INDIA |
11/01/2005 |
01/12/2005 |
- |
194000000.0 |
OVERSEAS BRANCHCHENNAITN600001IN |
|
4 |
C80915614 |
90289237 |
State Bank of India |
11/01/2005 |
10/02/2016 |
- |
470000000.0 |
Overseas BranchNo.86. Rajaji SalaiChennaiTN600001IN |
|
5 |
Y10426617 |
90303690 |
BANK OF BARODA |
17/09/1997 |
13/01/2001 |
- |
25000000.0 |
T. NAGAR BRANCHT. NAGARCHENNAITN600017IN |
|
6 |
G73412181 |
90305117 |
BANK OF BARODA |
17/09/1997 |
15/12/2017 |
- |
470000000.0 |
74, Theagaraya RoadPondy BazarChennaiTN600124IN |
|
7 |
Y10427944 |
90305017 |
BANK OF BARODA |
22/04/1996 |
22/04/1996 |
- |
333500000.0 |
T. NAGARMADRASTN600017IN |
|
8 |
G78215118 |
90307621 |
INDUS IND BANK LIMITED |
15/07/1996 |
23/02/2004 |
31/01/2018 |
40000000.0 |
NO. 3 VILLAGE ROADNUNGAMBAKKAMCHENNAITN600035IN |
|
9 |
C43017995 |
10081237 |
Standard Chartered Bank |
25/12/2007 |
07/01/2008 |
20/01/2015 |
100000000.0 |
19, Rajaji SalaiChennaiTN600001IN |
|
10 |
C43018639 |
80015956 |
Standard Chartered Bank |
03/05/2006 |
20/06/2008 |
20/01/2015 |
350000000.0 |
19, Rajaji SalaiChennaiTN600001IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Disputed sales tax / income tax / service tax |
31.315 |
18.156 |
|
Sales tax - During the year 2011-2012, the Company had received sales tax assessment orders raising demand of INR 1.421 million and INR 1.421 million for FY 2005-06 and FY 2006-07 respectively. The Company had paid INR 2.500 million (under protest) against these orders. Any liability in respect of these orders will be met by the ex-promoters to the benefit of the Company. |
||
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
466.000 |
429.400 |
1559.900 |
|
Other Operating Income |
11.600 |
9.400 |
30.200 |
|
Total income from operations (net) |
477.600 |
438.800 |
1590.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
405.500 |
369.600 |
1147.600 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(42.800) |
(40.500) |
23.300 |
|
Employee benefits expense |
45.500 |
41.800 |
133.700 |
|
Depreciation and Amortization Expenses |
11.900 |
11.800 |
35.500 |
|
Other Expenses |
62.300 |
95.500 |
232.800 |
|
Finance Costs |
2.300 |
0.900 |
4.400 |
|
Excise Duty |
0.000 |
0.000 |
54.400 |
|
Total expenses |
484.700 |
479.100 |
1631.700 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
(7.100) |
(40.300) |
(41.600) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
(7.100) |
(40.300) |
(41.600) |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) from ordinary activities after tax |
(7.100) |
(40.300) |
(41.600) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(7.100) |
(40.300) |
(41.600) |
|
Comprehensive Income |
0.000 |
(4.400) |
(4.400) |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
(7.100) |
(44.700) |
(46.000) |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
- |
- |
- |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 10/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
(0.67) |
(3.79) |
(3.92) |
Note:
- The above unaudited results of the Company were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 7 February 2018. The statutory auditors have carried out a limited review for the quarter and nine months ended 31 December 2017. An unqualified report has been issued by them thereon.
- The Company has consistently been incurring operational losses over the last few years and has accumulated losses. In order to overcome this, the Company has developed a business plan to strengthen its financial position / liquidity and has initiated various measures to improve it's operational performance. Prolec GE (the holding company) has also continued to support the Company over the years. Based on the approved business plans, commitment by the holding company to provide financial and other assistance as is necessary to enable the Company to continue in operational existence for the foreseeable future (at least for the next 12 months from the reporting date) and availability of banking limits, the Company believes that it would be able to meet its financial requirements and no adjustments would be required in respect of the carrying values of assets/liabilities. Accordingly, this statement has been prepared on a going concern basis,
- Beginning 1 April 2017 the Company has for the first time adopted Indian Accounting Standards (Ind AS) with a transition date of 1 April 2016. These financial results have been prepared in accordance with Ind AS prescribed under section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 {"SEBI Regulations") and SEBI circular dated 5 July 2016. The Company has opted to avail the relaxations provided by SEBI in respect of disclosure requirements for the previous year ended accordingly, financial results for the year ended 31 March 2017 have not been presented. The reserves as per balance sheet of the previous accounting year 31 March 2017, not being mandatory, has also not been presented.
- The Company has also prepared a reconciliation of the net loss for the corresponding period under the previously applicable Generally Accepted Accounting Principles ('previous GAAP') with the total comprehensive income as reported in these financial results under Ind AS. The net loss reconciliation for the quarter and nine months ended 31 December 2016 for the results is presented below: For Table, kindly refer Corporate Announcements on
- Pertains to reversal of excess provision based on expected credit loss model on trade receivables and adjustment on account of fair valuation of deposits.
- Consequent to the introduction of Goods and Service Tax (GST) with effect from 1 July 2017, Central Excise, Value Added tax (VAT), etc. have been subsumed into GST. In accordance with Indian Accounting Standard -18 on Revenue and Schedule Hi of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc. are not part of Revenue. Accordingly, the figures for the periods upto 30 June 2017 are not strictly relatable to those thereafter. The following additional information is being provided to facilitate such understanding: For Table, kindly refer Corporate Announcements on.
- The Company has primarily only one business segment, which is manufacture and sale of transformers. Hence, there are no other primary reportable segments.
- The remuneration payable to a Whole Time Director is subject to the approval at the next genera! meeting of the Company.
- The Company had filed an application for settlement under The Direct Tax Dispute Resolution Scheme, 2016' to facilitate quick resolution of certain tax disputes relating to earlier years. The tax expense, interest of INR 7.300 million and penalty of INR 5.500 million arising on account of such settlement had been accrued during the quarter ended 31 December 2016.
FIXED ASSETS
- Land
- Building
- Furniture and Fixture
- Computer
- Office equipments
- Plant and Machinery
- Vehicle
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 64.13 |
|
|
1 |
INR 92.52 |
|
Euro |
1 |
INR 50.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.