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|
|
MIRA INFORM REPORT
|
Report No. : |
503530 |
|
Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
HEG LIMITED (w.e.f.30.10.1991) |
|
|
|
|
Formerly Known
As : |
HINDUSTAN ELECTRO-GRAPHITES LIMITED |
|
|
|
|
Registered
Office : |
Mandideep (Near Bhopal), Industrial Area Nh-12, Raisen District – 462046, Madhya Pradesh |
|
Tel. No.: |
91-7480-405500/ 233524 to 233527 |
|
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
27.10.1972 |
|
|
|
|
Com. Reg. No.: |
10-008290 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 399.595 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23109MP1972PLC008290 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
1188000110 |
|
|
|
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TIN No: |
23214100234 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
23AAACH6184K1ZH |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH6184K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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|
Line of Business
: |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1972. It is manufacturer and exporter of graphite electrodes. For the financial year 2017, the company has reported decline in its revenue as compared to previous year and has incurred operational loss. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 2870.30 against the Face Value (FV) of INR 10 on BSE as on April 11, 2018. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the subject can be considered for good 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 |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 13.04.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Aashish |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9868371139 |
|
Date : |
11.04.2018 |
LOCATIONS
|
Registered Office / Factory 1 : |
Mandideep (Near Bhopal), Industrial Area Nh-12, Raisen District – 462046, Madhya Pradesh, India |
|
Tel. No.: |
91-7480-405500/ 233524 to 233527 |
|
Mobile No: |
91-9868371139 (Mr. Aashish) |
|
Fax No.: |
91-7480-233522 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Bhilwara Towers, A-12, Sector -1, Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4390300 |
|
Fax No.: |
91-120-4277841 |
|
E-Mail : |
|
|
|
|
|
|
|
|
Factory 3 : |
Hydro Electric Power: Village Ranipur, Tawa Nagar, Hoshangabad District – 461001, Madhya Pradesh, India |
|
Tel. No.: |
91-7572-272810/ 272859 |
|
Fax No.: |
91-7572-272849 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. L. N. Jhunjhunwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ravi Jhunjhunwala |
|
Designation : |
Managing Director |
|
Address : |
63, Friends Colony (East), New Delhi-110065, India |
|
Date of Birth/Age : |
28.10.1955 |
|
Qualification : |
B.Com. (Hons.), MBA |
|
Experience : |
36 Years |
|
Date of Appointment : |
08.09.1979 |
|
DIN No.: |
00060972 |
|
|
|
|
Name : |
Mr. Dharmendar Nath Davar |
|
Designation : |
Director |
|
Address : |
B5/82, Safdarjung Enclave, New Delhi-110029, India |
|
Date of Appointment : |
10.11.1994 |
|
DIN No.: |
00002008 |
|
|
|
|
Name : |
Mr. Kamal Gupta |
|
Designation : |
Director |
|
Address : |
N-23, Sector 11, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment : |
10.11.1994 |
|
DIN No.: |
00038490 |
|
|
|
|
Name : |
Ms. Vinita Singhania |
|
Designation : |
Director |
|
Address : |
101, Friends Colony (East), New Delhi-110065, India |
|
Date of Appointment : |
12.11.2013 |
|
DIN No.: |
00042983 |
|
|
|
|
Name : |
Mr. Riju Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
63, Friends Colony (East), New Delhi-110025, India |
|
Date of Birth/Age : |
13.01.1979 |
|
Qualification : |
Degree in Business Management studies |
|
Experience : |
12.5 Years |
|
Date of Appointment : |
30.04.2009 |
|
DIN No.: |
00061060 |
|
|
|
|
Name : |
Mr. Shekhar Agarwal |
|
Designation : |
Director |
|
Address : |
7, Sadhana Enclave, New Delhi-110017, India |
|
Date of Appointment : |
15.07.1996 |
|
DIN No.: |
00066113 |
|
|
|
|
Name : |
Mr. Satish Chand Mehta |
|
Designation : |
Director |
|
Address : |
K-7, Malviya Marg, C-Scheme, Jaipur-302001, Rajasthan, India |
|
Date of Birth/Age : |
02.09.1955 |
|
Qualification : |
B. Com, Chartered Accountant, IFS (Retired) |
|
Experience : |
35 Years |
|
Date of Appointment : |
23.06.2016 |
|
DIN No.: |
02460558 |
|
|
|
|
Name : |
Mr. Om Parkash Bahl |
|
Designation : |
Director |
|
Address : |
D-210, Sector-55, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment : |
30.04.2009 |
|
DIN No.: |
02643557 |
|
|
|
|
Name : |
Mr. Satyendra Nath Bhattacharya |
|
Designation : |
Director |
|
Address : |
Flat No. 13, Oval View, Maharshi Karve Road Churchgate, Opposite Oval Maidan, Mumbai-400020, Maharashtra, India |
|
Date of Appointment : |
22.09.2015 |
|
DIN No.: |
06758088 |
KEY EXECUTIVES
|
Name : |
Mr. Raju Rustogi |
|
Designation : |
Chief Financial Officer and Chief Operating Officer |
|
Address : |
M-139, First Floor Blossom-II, Sector-51, Gurugram-122009, Haryana, India |
|
Date of Appointment : |
30.07.2014 |
|
PAN No.: |
ABLPR7778N |
|
|
|
|
Name : |
Mr. Vivek Chaudhary |
|
Designation : |
Company Secretary |
|
Address : |
Flat No-316/2, Express Garden, 6-Vaibhav Khand,Indirapuram, Ghaziabad (U.P.)-2010, Ghaziabad-201014, Uttar Pradesh, India |
|
Date of Appointment : |
30.05.2017 |
|
PAN No.: |
AEMPC9546D |
|
|
|
|
Name : |
Mr. Sudhir Sood |
|
Designation : |
Chief Human Resource Officer |
|
|
|
|
Name : |
Mr. Manish Gulati |
|
Designation : |
Chief Marketing Officer |
|
|
|
|
Name : |
Mr. Ashish |
|
Designation : |
Marketing Manager |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
24389979 |
61.04 |
|
|
(B) Public |
15569163 |
38.96 |
|
|
Grand Total |
39959142 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
Undivided Family |
1299188 |
3.25 |
|
|
Lakshmi Niwas Jhunjhunwala |
179740 |
0.45 |
|
|
Ravi Jhunjhunwala-Huf |
214710 |
0.54 |
|
|
Mani Devi Jhunjhunwala |
103350 |
0.26 |
|
|
Rishabh Jhunjhunwala |
186126 |
0.47 |
|
|
Rita Jhunjhunwala |
224312 |
0.56 |
|
|
Riju Jhunjhunwala |
233290 |
0.58 |
|
|
Ravi Jhunjhunwala |
136060 |
0.34 |
|
|
Nivedan Churiwal |
11250 |
0.03 |
|
|
Shubha Churiwal |
7850 |
0.02 |
|
|
Sudha Churiwal |
2500 |
0.01 |
|
|
Any Other (Specify) |
11272684 |
28.21 |
|
|
Bharat Investments Growth Limited |
2609598 |
6.53 |
|
|
Deepak Pens and Plastics Private Limited |
497397 |
1.24 |
|
|
India Texfab Marketing Limited |
218851 |
0.55 |
|
|
Investors India Limited |
38382 |
0.10 |
|
|
Giltedged Industrial Securities Limited |
504668 |
1.26 |
|
|
Lnj Financial Services Limited |
1427465 |
3.57 |
|
|
Nivedan Vanijya Niyojan Limited |
70597 |
0.18 |
|
|
M.L. Finlease Private Limited |
366797 |
0.92 |
|
|
Sandhu Auto Deposits Limited |
567226 |
1.42 |
|
|
Shashi Commercial Co. Limited |
715187 |
1.79 |
|
|
Purvi Vanijya Niyojan Limited |
1745350 |
4.37 |
|
|
Raghav Commercial Limited |
1533166 |
3.84 |
|
|
Rswm Limited |
978000 |
2.45 |
|
|
Sub Total A1 |
12571872 |
31.46 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (Specify) |
11818107 |
29.58 |
|
|
Norbury Investments Limited |
5362991 |
13.42 |
|
|
Mekima Corporation |
1789537 |
4.48 |
|
|
Microlight
Investments Limited |
4665579 |
11.68 |
|
|
Sub Total A2 |
11818107 |
29.58 |
|
|
A=A1+A2 |
24389979 |
61.04 |
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 |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
611415 |
1.53 |
|
|
Foreign Portfolio
Investors |
1232867 |
3.09 |
|
|
Financial
Institutions/ Banks |
349989 |
0.88 |
|
|
Insurance Companies |
3821082 |
9.56 |
|
|
Life Insurance Corporation Of India |
3333963 |
8.34 |
|
|
The New India Assurance Company Limited |
486969 |
1.22 |
|
|
Sub Total B1 |
6015353 |
15.05 |
|
|
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 |
4470415 |
11.19 |
|
|
Individual share capital in excess of INR 0.200 Million |
921702 |
2.31 |
|
|
NBFCs registered with RBI |
12137 |
0.03 |
|
|
Any Other (specify) |
4149556 |
10.38 |
|
|
Bodies Corporate |
3819584 |
9.56 |
|
|
PACIFIC MANAGEMENT Private Limited |
573034 |
1.43 |
|
|
NRI – Repat |
126785 |
0.32 |
|
|
NRI – Non- Repat |
29425 |
0.07 |
|
|
Trusts |
3800 |
0.01 |
|
|
Investor Education and Protection Fund Authority Ministry of Corporate Affairs |
169962 |
0.43 |
|
|
Sub Total B3 |
9553810 |
23.91 |
|
|
B=B1+B2+B3 |
15569163 |
38.96 |
BUSINESS DETAILS
|
Line of Business : |
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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 : |
|
||||
|
Selling : |
Advance Payment and L/C |
||||
|
|
|||||
|
Purchasing : |
Advance Payment and L/C |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
No. of Employees : |
1000(Approximately) |
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Bankers : |
|
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|
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|
Facilities : |
|
|
Auditor 1 : |
|
|
Name : |
Doogar and Associates Chartered Accountants |
|
|
|
|
Auditor 2 : |
|
|
Name : |
S. S. Kothari Mehta and Company Chartered Accountants |
|
|
|
|
Auditor 3 : |
|
|
Name : |
S. C. Vasudeva and Company Chartered Accountant |
|
Address: |
B-41, Panchsheel Enclave, New Delhi – 110017, India |
|
Tel No: |
91-11-26499111/26499222/26499444/26499555 |
|
Fax No: |
91-11-41749444 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary: |
|
|
|
|
|
Associates and joint ventures: |
|
|
|
|
|
Trust Under Common Control: |
|
|
|
|
|
Enterprises over which any
person described in is able to exercise significant
influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
INR 10/- each |
INR 550.000 Million |
|
1500000 |
Preference Shares |
INR 100/- each |
INR 150.000 Million |
|
|
Total |
|
INR 700.000 Million
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39959142 |
Equity Shares |
INR 10/- each |
INR 399.591 Million |
|
1150 |
Forfeited Equity Shares |
|
INR 0.004 Million |
|
|
Total |
|
INR 399.595
Million |
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
Amount |
|
At the beginning of the year |
39959142 |
399.591 |
|
Changes during the year |
-- |
-- |
|
Outstanding at the end of the year |
39959142 |
399.591 |
b) Terms/Rights
attached to equity shares
Company
has only one class of equity shares having a par value of INR 10/-. Each holder
of equity shares is entitled to one vote per share. The dividend (if any)
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Norbury Investments Limited |
5362991 |
13.42 |
|
Microlight Investments Limited |
4665579 |
11.68 |
|
Life Insurance Corporation of India |
3333963 |
8.34 |
|
GPC Mauritius II LLC |
2893888 |
7.24 |
|
Bharat Investments Growth Limited |
2609598 |
6.53 |
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 |
399.595 |
399.595 |
399.595 |
|
(b) Reserves &
Surplus |
8318.350 |
8810.364 |
9007.652 |
|
(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) |
8717.945 |
9209.959 |
9407.247 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1356.406 |
1565.533 |
2523.717 |
|
(b) Deferred tax
liabilities (Net) |
608.912 |
512.030 |
973.427 |
|
(c) Other long term
liabilities |
12.085 |
12.488 |
10.511 |
|
(d) long-term provisions |
34.295 |
30.659 |
30.026 |
|
Total Non-current
Liabilities (3) |
2011.698 |
2120.710 |
3537.681 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4118.359 |
5199.984 |
5759.174 |
|
(b) Trade payables |
864.856 |
517.170 |
1289.256 |
|
(c) Other current
liabilities |
1997.522 |
1717.971 |
1574.220 |
|
(d) Short-term provisions |
7.048 |
17.671 |
161.774 |
|
Total Current Liabilities
(4) |
6987.785 |
7452.796 |
8784.424 |
|
|
|
|
|
|
TOTAL |
17717.428 |
18783.465 |
21729.352 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8850.263 |
9323.849 |
9063.999 |
|
(ii) Intangible Assets |
0.181 |
0.464 |
1.384 |
|
(iii) Capital
work-in-progress |
12.040 |
266.961 |
1077.486 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1531.396 |
1521.005 |
1493.089 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23.148 |
45.020 |
819.401 |
|
(e) Other Non-current
assets |
296.134 |
274.551 |
18.008 |
|
Total Non-Current Assets |
10713.162 |
11431.850 |
12473.367 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.534 |
4.712 |
2.500 |
|
(b) Inventories |
2577.976 |
3711.927 |
4019.048 |
|
(c) Trade receivables |
3607.879 |
3184.849 |
4054.640 |
|
(d) Cash and cash
equivalents |
82.496 |
51.177 |
40.643 |
|
(e) Short-term loans and
advances |
39.656 |
19.345 |
933.651 |
|
(f) Other current assets |
690.725 |
379.605 |
205.503 |
|
Total Current Assets |
7004.266 |
7351.615 |
9255.985 |
|
|
|
|
|
|
TOTAL |
17717.428 |
18783.465 |
21729.352 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
8600.427 |
8695.023 |
12330.697 |
|
|
Other Income |
71.281 |
41.058 |
151.606 |
|
|
TOTAL |
8671.708 |
8736.081 |
12482.303 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3298.488 |
3322.403 |
5931.580 |
|
|
Purchases of
Stock-in-Trade |
129.260 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1011.453 |
634.824 |
242.508 |
|
|
Employees benefits
expense |
588.616 |
625.810 |
610.716 |
|
|
share application |
(59.072) |
0.000 |
0.000 |
|
|
Other expenses |
2766.064 |
2747.330 |
3729.495 |
|
|
TOTAL |
7734.809 |
7330.367 |
10514.299 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
936.899 |
1405.714 |
1968.004 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
547.176 |
603.130 |
771.265 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
389.723 |
802.584 |
1196.739 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
739.173 |
793.002 |
753.572 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(349.450) |
9.582 |
443.167 |
|
|
|
|
|
|
|
Less |
TAX |
92.433 |
(34.550) |
53.151 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(441.883) |
44.132 |
390.016 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(12.54) |
(1.92) |
9.76 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1,363.100 |
1,050.751 |
888.689 |
|
Cash generated from operations |
1726.628 |
2576.841 |
2817.982 |
|
Net cash flow from (used in) operations |
1629.464 |
2492.930 |
2764.832 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2st
Quarter |
3st
Quarter |
|
Net sales |
2137.100 |
4095.400 |
8427.100 |
|
Total Expenditure |
1903.200 |
2198.100 |
2852.000 |
|
PBIDT (Excluding Other Income) |
233.900 |
1897.300 |
5575.100 |
|
Other income |
7.200 |
25.500 |
53.000 |
|
Operating Profit |
241.100 |
1922.800 |
5628.100 |
|
Interest |
131.600 |
129.400 |
126.800 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
109.500 |
1793.400 |
5501.300 |
|
Depreciation |
177.800 |
182.000 |
188.900 |
|
Profit Before Tax |
(68.300) |
1611.400 |
5312.400 |
|
Tax |
16.000 |
474.800 |
1891.300 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit after tax |
(84.300) |
1136.600 |
3421.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(84.30) |
1136.600 |
3421.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
153.12 |
133.69 |
120.02 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.38 |
2.73 |
3.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
92.09 |
56.82 |
79.33 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
0.38 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.11 |
0.15 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.55 |
0.54 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.78 |
0.85 |
0.97 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.80 |
0.81 |
0.93 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.02 |
1.04 |
1.08 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.71 |
2.33 |
2.55 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(5.14) |
0.51 |
3.16 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.49) |
0.23 |
1.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(5.07) |
0.48 |
4.15 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.00 |
0.99 |
1.05 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.63 |
0.49 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.49 |
0.49 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
17.11 |
19.56 |
22.95 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.00 |
0.99 |
1.05 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 2870.30 |
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 |
399.595 |
399.595 |
399.595 |
|
Reserves & Surplus |
9007.652 |
8810.364 |
8318.350 |
|
Net worth |
9407.247 |
9209.959 |
8717.945 |
|
|
|
|
|
|
long-term borrowings |
2523.717 |
1565.533 |
1356.406 |
|
Short term borrowings |
5759.174 |
5199.984 |
4118.359 |
|
Current Maturities of
Long term debt |
888.689 |
1050.751 |
1363.100 |
|
Total borrowings |
9171.580 |
7816.268 |
6837.865 |
|
Debt/Equity ratio |
0.975 |
0.849 |
0.784 |
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 |
12330.697 |
8695.023 |
8600.427 |
|
|
|
(29.485) |
(1.088) |
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 |
12330.697 |
8695.023 |
8600.427 |
|
Profit/(Loss) |
390.016 |
44.132 |
(441.883) |
|
|
3.16% |
0.51% |
(5.14)% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
399.595 |
399.595 |
|
(b) Reserves &
Surplus |
|
9126.036 |
9558.978 |
|
(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) |
|
9525.631 |
9958.573 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1356.406 |
1565.533 |
|
(b) Deferred tax
liabilities (Net) |
|
608.912 |
512.030 |
|
(c) Other long term
liabilities |
|
12.085 |
12.488 |
|
(d) long-term provisions |
|
34.295 |
30.659 |
|
Total Non-current
Liabilities (3) |
|
2011.698 |
2120.710 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4118.359 |
5199.984 |
|
(b) Trade payables |
|
864.867 |
517.182 |
|
(c) Other current
liabilities |
|
1997.524 |
1717.972 |
|
(d) Short-term provisions |
|
7.047 |
17.670 |
|
Total Current Liabilities
(4) |
|
6987.797 |
7452.808 |
|
|
|
|
|
|
TOTAL |
|
18525.126 |
19532.091 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8850.263 |
9323.849 |
|
(ii) Intangible Assets |
|
0.181 |
0.464 |
|
(iii) Capital
work-in-progress |
|
12.040 |
266.961 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
2338.827 |
2269.332 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
23.148 |
45.020 |
|
(e) Other Non-current
assets |
|
296.134 |
274.551 |
|
Total Non-Current Assets |
|
11520.593 |
12180.177 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
5.534 |
4.712 |
|
(b) Inventories |
|
2577.976 |
3711.927 |
|
(c) Trade receivables |
|
3607.879 |
3184.849 |
|
(d) Cash and cash
equivalents |
|
82.763 |
51.476 |
|
(e) Short-term loans and
advances |
|
39.656 |
19.345 |
|
(f) Other current assets |
|
690.725 |
379.605 |
|
Total Current Assets |
|
7004.533 |
7351.914 |
|
|
|
|
|
|
TOTAL |
|
18525.126 |
19532.091 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
8600.427 |
8695.023 |
|
|
Other Income |
|
71.281 |
41.058 |
|
|
TOTAL |
|
8671.708 |
8736.081 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3298.488 |
3322.403 |
|
|
Purchases of
Stock-in-Trade |
|
129.260 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
1011.453 |
634.824 |
|
|
Employees benefits
expense |
|
588.616 |
625.810 |
|
|
share of profit |
|
(59.071) |
(119.628) |
|
|
Other expenses |
|
2766.063 |
2747.330 |
|
|
TOTAL |
|
7734.809 |
7210.739 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
936.899 |
1525.342 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
547.176 |
603.130 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
389.723 |
922.212 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
739.173 |
793.002 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(349.450) |
129.210 |
|
|
|
|
|
|
|
Less |
TAX |
|
92.433 |
85.078 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(441.883) |
44.132 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(11.06) |
1.1 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION
The
company incorporated in 1972, is a leading manufacturer and exporter of
graphite electrodes in India and operates world’s largest single-site integrated graphite
electrodes plant. The Company also operates three potheyr generation facilities
with a total rated capacity of about 76.5 MW. The Company is a public limited
company incorporated and domiciled in India, having its registered office at
Mandideep (Near Bhopal), Distt. Raisen, Madhya Pradesh.
MANAGEMENT
DISCUSSION AND ANALYSIS
Economic overview
Global economy
Performance:
Global GDP growth slotheyd marginally to 3.1% year-on-year, as deceleration in
key emerging and developing economies overshadotheyd a modest recovery in major
developed countries. This deceleration was accompanied by modest increase in
commodity prices, subdued global trade, bouts of financial market volatility,
and theyakening capital flows. Global industrial production (IP) growth
slotheyd to 1.5% year-on-year in 2016, after growing by 1.8% in 2015.IP in OECD
(Organisation for Economic Co-operation and Development) countries eased to
0.3% year-on-year in 2016, after growing by 0.8% in 2015. This could have been
worse had it not been for a healthy uptick in global economy during the second
half of 2016 especially in advanced economies. Growth picked up in the United
States as firms grew more confident about future demand, and inventories
started contributing positively to growth (after five quarters of drag). Growth
also remained robust in the UK, where spending proved resilient in the
aftermath of the June 2016 referendum in favor of leaving the European Union
(Brexit). Activity surprised on the upside in Japan thanks to strong net exports,
as theyll as in euro area countries, such as Germany and Spain, as a result of
strong domestic demand.
Indian economy
Favourable
government reforms and a stringent fiscal regime in the recent past have
supported the accelerated growth of the Indian economy since 2014. The Economic
Survey 2017 describes India’s stand in the world as haven of
stability and positions it as ‘an outpost of opportunity’. Against
this backdrop, the Indian economy registered a subdued performance in 2016-17
with the nation’s GDP growth being pegged at 7.1% against 7.9% in 2015-16 – a drop
consequent to geo-political issues in large global economies (important
business partners of India) and shortterm disruptive policy initiatives namely
demonetisation. Despite this subdued growth, the International Monetary Fund
(IMF) has restored India to the status of the world’s
fastest-growing major economy in 2016-17. The industrial sector growth remained
lack luster with the Index of Industrial Production (IIP), a measure of
industrial performance, registering a growth of 5% during 2016-17, against
about 8% recorded during 2015-16. The demonetisation initiative affected notes
with a total value of about ₹15 trillion, which amounted to 86% of all cash in circulation.
Since payment transactions in India are primarily cash-based and electronic
payments infrastructure is limited, the shortage of cash had disrupted economic
activity and the impact was particularly severe for smaller businesses and
rural regions. On the brighter side, the steep decline in global oil prices
that began in late 2014 boosted the economic activity in India, further
improved the external current account and fiscal positions and helped lower
inflation. In addition,
Outlook:
Economy
experts and opinion makers are optimistic of India’s economic
resurgence and expect the nation’s GDP growth to rebound in the
range of 6.75-7.5% in 2017-18, catalysed by two important triggers – the GST roll
out and the infrastructure spend announced in the Union Budget 2017-18. The
adoption of the Goods and Service Tax (GST) promises to create a single
national market which will enhance efficiency of the movement of goods and
services. This critical fiscal policy could make an important contribution
Steel industry: a
global perspective
Overview: Despite
a lower output of the grey metal in large producing nations, global steel
production returned to growth in 2016. According to the World Steel
Association, the amount of crude steel produced worldwide increased by 0.8% to
1628.5 million tonnes last year. This was underpinned by a 1.2% rise in output
by China, the world’s largest producer, reversing the country’s first
production decline in three decades in 2015. The crude steel capacity
utilisation ratio of the 66 countries in 2016 was 69.3% compared to 69.7% in
2015. Steel prices
rose
throughout most of last year in many regions after touching decade-long lows in
2015. Outlook: Global
steel demand is projected to expand moderately by 1.3% or 20-MnT to 1535-MnT
during 2017 with advanced economies growing by 0.7% while emerging markets
growing by 1.6%. China has ambitious capacity restructuring plans to cut 50-
MnT capacity in 2017 after administering a cut of 85 Mn Tin 2016, while the
target for 2017-2020 stands revised to 140-MnT. Raw materials as well as steel
prices are likely to remain less volatile, unlike in the previous year 2016.
Trade actions shall continue to remain active to arrest the unfair and volatile
export-push. Downside risks to this outlook come from the high corporate debt
and real estate market situation in China, Brexit uncertainties and possible
further escalation of instability in some regions.
EAF Steel: a
global perspective
The
output of crude steel produced from scrap in electric arc furnaces (EAF)
continues to decrease. While roughly 32% of total worldwide crude steel came
from EAF mills in 2006, ten years later the total barely reached 25%. The share
of EAF steel production has now fallen three years in succession. According to
new figures released by the World Steel Association (Worldsteel), most notably
China, the world's leading steel producer, has moved almost exclusively to the
basic oxygen furnace process (BOF) relying on primary raw materials.
An Indian
perspective
Overview: India
is the world’s third-largest producer of crude steel, up from eighth in 2003 -
the growth being driven by domestic availability of raw materials such as iron
ore and cost-effective labour. Consequently, the steel sector has been a major
contributor to India’s manufacturing output - the steel sector contributes 2% to the
GDP of the nation and provides more than 6 lakh jobs in the country.
Outlook
The
outlook for the steel industry appears promising especially due to the
Government’s thrust to infrastructure
creation
and housing. Union Budget impetus: The Union Budget’s focus on housing, rural economy,
infrastructure spending and railway and defence capex is expected to boost
economic growth and revive domestic steel demand. A lion's share of INR 0.395 Million
has been allocated for infrastructure sector and is being termed as top
priority by the government. This investment is expected to spur steel demand.
The Government's plan to put in place a specific programme for development of
multi-modal logistics would help the industry. In addition, the Government’s target of
laying 3,500 km of railway tracks should provide impetus to steel demand. Rural
demand for steel: Rural
India is expected to reach per capita consumption of 12.11 kg to 14 kg for
finished steel by 2020, driven by development-focused Government policies
namely Food for Work Programme (FWP), Indira Awaas
Yojana,
Pradhan Mantri Gram Sadak Yojana and Affordable Housing drive. The Government
announced a total allocation for rural, agricultural and allied sectors for
2017-18 at INR 0.187 Million - 24% higher than the allocation in the previous
year. The focus would be on spending more on rural areas, infrastructure and
poverty alleviation with fiscal prudence. A case in point is the increased allocation
under the Pradhan Mantri Aawas Yojana-Gramin to ₹23,000 Crore from ₹15,000 Crore in the previous year with the hope to complete 10
million pucca houses for the homeless and those living in kachha houses by
2019. Estimates for 2017-18 Indian steel demand is poised for a moderately
improved performance exhibiting a growth of 4-5% during FY’18.
The performance of Indian steel
industry could be influenced by
• Possible rise in inflation with firming up of oil prices
• Outflow of capital with rising US fed-rates
• Credit shortage due to elevated bad loans (NPA’s)
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE 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 |
8427.100 |
4095.400 |
14659.500 |
|
Other Operating Income |
53.000 |
25.500 |
85.800 |
|
Total
Income from Operations |
8480.100 |
4120.900 |
14745.300 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1439.100 |
1183.600 |
3756.000 |
|
Purchase of Stock in Trade |
-- |
-- |
-- |
|
Changes in inventories of finished goods and
work-in-progress |
(293.800) |
37.900 |
(435.800) |
|
Employee benefits expense |
331.400 |
169.800 |
639.500 |
|
Finance Cost |
126.800 |
129.400 |
387.800 |
|
Depreciation and Amortization expenses |
188.900 |
182.000 |
548.700 |
|
Power & Fuel |
616.600 |
273.600 |
1103.800 |
|
Excise duty |
0.000 |
0.000 |
83.500 |
|
Other Expenditure |
758.700 |
533.100 |
1806.300 |
|
Total
Expenses |
3167.700 |
2509.400 |
7889.800 |
|
Profit/(Loss)
Exceptional items |
5312.400 |
1611.500 |
6855.500 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit
/ (Loss) before Tax |
5312.400 |
1611.500 |
6855.500 |
|
Tax Expense |
3421.100 |
1136.700 |
4473.300 |
|
Profit
/ (Loss) after Tax |
3421.100 |
1136.700 |
4473.300 |
|
|
|
|
|
|
Other
compressive income |
|
|
|
|
Items that will not be reclassified |
(4.300) |
(3.100) |
(7.400) |
|
Income tax relating |
1.500 |
1.100 |
2.600 |
|
Total
other compressive income |
3418.300 |
1134.700 |
4468.500 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
399.600 |
399.600 |
399.600 |
|
Reserves (excluding Revaluation Reserve) |
85.62 |
28.45 |
111.95 |
|
Earnings per Share (EPS) - INR |
85.62 |
28.45 |
111.95 |
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 |
|
|
|
|
Graphite |
8312.900 |
4070.100 |
14507.300 |
|
Power
|
693.200 |
521.700 |
1731.400 |
|
Other
|
0.100 |
0.000 |
0.100 |
|
Total segment
revenue |
9006.200 |
4591.900 |
16238.800 |
|
Less: Inter –
segment revenue |
579.100 |
496.400 |
1579.300 |
|
Total income
from operations (net sales) |
8427.100 |
4095.400 |
14659.500 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
Graphite |
5229.400 |
1614.600 |
6770.400 |
|
Power
|
209.800 |
124.300 |
470.700 |
|
Other
|
0.000 |
2.000 |
2.200 |
|
Total segment
results |
5439.200 |
1740.900 |
7243.300 |
|
(Add)/Less:
Finance Costs |
126.800 |
129.400 |
387.800 |
|
Total Profit Before
Tax |
5312.400 |
1611.500 |
685.500 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
Graphite |
19110.200 |
15950.800 |
19110.200 |
|
Power
|
1724.800 |
1676.400 |
1724.800 |
|
Other
|
1584.900 |
1587.100 |
1584.900 |
|
Total Segment Assets |
22419.800 |
19214.300 |
22419.800 |
|
|
|
|
|
|
3. Segment Liabilities |
|
|
|
|
Graphite |
7720.900 |
6853.400 |
7720.900 |
|
Power
|
389.700 |
364.800 |
389.700 |
|
Other
|
45.600 |
57.300 |
45.600 |
|
Total Segment Liabilities |
8156.200 |
7275.500 |
8156.200 |
NOTES:
- The figures of the corresponding previous period / year have been regrouped / recast / reclassified wherever considered necessary to correspond to current period / year classification.
The Company continues to exercise the option made available by the Notification dated 29th December, 2011 issued by the Ministry of Corporate Affairs and also optional exemption under Ind-AS. Accordingly, during the quarter under review an amount of INR 5.300 Million ( Loss ) (Corresponding quarter of FY 2016-17 INR 22.200 Million (Loss)) being exchange difference arising on reporting of Long Term Foreign Currency Loans availed for acquisition of depreciable fixed assets have been taken to respective fixed assets.
Operations at our Hydro Power Plant at Tawa are seasonal in nature. The plant generally remains closed in the 1st quarter, starts operating in the 2nd quarter, peaks in the 3rd quarter before tapering down in the last quarter.
Consequent to the introduction of GST w.e.f. 1st July,2017, Revenue are required to be shown net of GST. Revenue of earlier period are shown inclusive of excise duty.
The above unaudited financial results have been reviewed by the Audit Committee and approved by board at their respective meetings held on 31st January ,2018, and have also been reviewed by the statutory auditors of the company as per the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G41606575 |
100091659 |
ADITYA BIRLA FINANCE LIMITED |
28/03/2017 |
- |
- |
900000000.0 |
INDIAN RAYON COMPOUND, VERAVAL – 362266, GURUGRAM, INDIA |
|
2 |
G43772839 |
100022070 |
ICICI BANK LIMITED |
22/04/2016 |
17/02/2017 |
- |
700000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA - 390007, GURUGRAM, INDIA |
|
3 |
G37808482 |
90205303 |
STATE BANK OF INDIA |
17/01/1998 |
17/02/2017 |
- |
9350000000.0 |
COMMERCIAL BRANCH, LHO COMPLEXHOSHANGABAD ROAD, BHOPAL – 462011, MADHYA PRADESH, INDIA |
|
4 |
G69530988 |
10534593 |
KOTAK MAHINDRA BANK LIMITED |
17/11/2014 |
26/05/2015 |
05/12/2017 |
420000000.0 |
7TH FLOOR, AMBADEEP BUILDING14, K G MARGNEW DELHI - 110001, INDIA |
|
5 |
G68500016 |
100092906 |
YES BANK LIMITED |
29/03/2017 |
- |
23/11/2017 |
1000000000.0 |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIADR. A. B. ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA , INDIA |
|
6 |
G70042635 |
10550438 |
STATE BANK OF INDIA |
02/02/2015 |
26/05/2015 |
16/11/2017 |
480000000.0 |
COMMERCIAL BRANCH, LHO COMPLEX, HOSHANGABAD ROAD, BHOPAL – 462011, MADHYA PRADESH, INDIA |
|
7 |
G56695752 |
10563289 |
IDBI BANK LIMITED |
27/03/2015 |
20/11/2015 |
07/10/2017 |
770000000.0 |
COMMERCIAL BRANCH, LHO COMPLEX, HOSHANGABAD ROAD, BHOPAL – 462011, MADHYA PRADESH, INDIA |
|
8 |
G48048235 |
10302358 |
DBS BANK LIMITED |
27/07/2011 |
- |
05/07/2017 |
900500000.0 |
7TH FLOOR, AMBADEEP BUILDING14, K G MARGNEW DELHI - 110001, INDIA |
|
9 |
C80932379 |
10336655 |
DBS BANK LTD. |
06/02/2012 |
14/08/2013 |
02/03/2016 |
540000000.0 |
CAPITOL POINT , BABA KHARAK SINGH MARGCONNAUGHT PLACENEW DELHIDL110001IN |
|
10 |
C79109013 |
10389582 |
ADITYA BIRLA FINANCE LIMITED |
23/11/2012 |
14/08/2013 |
10/02/2016 |
500000000.0 |
INDIAN RAYON COMPOUNDVERAVALGJ362266IN |
|
11 |
C78080041 |
10395919 |
DEVELOPMENT CREDIT BANK LIMITED |
04/01/2013 |
14/08/2013 |
02/02/2016 |
500000000.0 |
601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI – 400013, MAHARSHTRA, INDIA |
|
12 |
C61625976 |
10356947 |
AXIS BANK LTD |
19/05/2012 |
12/02/2013 |
10/08/2015 |
500000000.0 |
165A-166 STAR ARCADEM.P. NAGAR, ZONE-1, BHOPAL – 462013, MADHYA PRADEHS, INDIA |
|
13 |
C50225747 |
10348642 |
AXIS BANK LTD |
28/03/2012 |
12/02/2013 |
15/04/2015 |
500000000.0 |
165A-166 STAR ARCADEM.P. NAGAR, ZONE-1, BHOPAL – 462013, MADHYA PRADEHS, INDIA |
|
14 |
C43610609 |
10302521 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
27/07/2011 |
- |
17/02/2015 |
913900000.0 |
1, QUEEN'S ROAD CENTRALHONG KONG SPECIAL ADMINISTRATIVE REGIONHONGKONGNA9999999HK |
|
15 |
C42689877 |
10388518 |
DENA BANK |
22/04/2013 |
- |
28/01/2015 |
500000000.0 |
M-36CONNAUGHT PLACE, NEW DELHI – 110001, INDIA |
|
16 |
C19814755 |
10184934 |
STANDARD CHARTERED BANK |
04/11/2009 |
28/07/2011 |
09/09/2014 |
329000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA |
|
17 |
C00339226 |
10395777 |
YES BANK LIMITED |
21/12/2012 |
14/08/2013 |
20/03/2014 |
250000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA |
|
18 |
B70375910 |
90205143 |
UTI BANK LTD. |
16/08/1996 |
30/07/2002 |
12/03/2013 |
150000000.0 |
MAKER TOWER CUFFE |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
For Taxation
matters |
|
|
|
Excise duty under appeal |
23.573 |
26.412 |
|
service tax |
195.827 |
209.555 |
|
income tax |
769.121 |
746.593 |
|
sales tax |
44.567 |
55.237 |
|
Other than taxation
matters |
|
|
|
electricity charges |
553.099 |
527.636 |
|
RPO obligation [(Net of REC certificate benefit Current Year INR 96.380 million |
47.921 |
37.254 |
|
Labour related matters |
19.854 |
3.810 |
Based on
legal advice, discussions with the solicitors, etc., the management believes
that there is fair chance of decisions in the company’s favour in
respect of all the items listed above and hence no provision is considered
necessary against the same. The management believes that the ultimate outcome
of these proceedings will not have a material adverse effect on the company’s financial
position and results of operations.
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Office equipment
- Railway sidings
- Electrical installation
- Furniture and Fixture
- Vehicles
Intangible Asset:
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKTS |
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.