|
|
|
MIRA INFORM REPORT
|
Report No. : |
503422 |
|
Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ICOMM TELE LIMITED (w.e.f. 06.02.2003) |
|
|
|
|
Formerly Known
As : |
ICOM TELE LIMITED (w.e.f. 12.11.2002) ARM LIMITED (w.e.f. 15.09.1995) ADVACED RADIO MASTS LIMITED (w.e.f. 31.07.1992) ADVANCED RADIO MASTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 40-46, Phase-I, IDA, Cherlapally, HCL Post, Hyderabad –
500051, Telangana |
|
Tel. No.: |
91-40-23552222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
30.01.1989 |
|
|
|
|
Com. Reg. No.: |
36-009561 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 484.950 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64203AP1989PLC009561 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA1326Q |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of executing Engineering, Procurement and Construction (EPC) contracts in infrastructure fields, comprising sub-stations, transmission, distribution and related ancillary services for power distribution including manufacturing activity of towers, shelters, transformers, conductor and cables, defence equipment's, telecommunications and other allied engineering services. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989 and it is engaged in
providing infrastructure solutions in power transmission and distribution, defence,
solar and water and waste water sectors. Management has failed to file its financials for the year 2017 with
Registrar of Companies. For the financial year 2016, the company has reported a sharp decline in
its revenue as compared to its previous year and has incurred heavy losses
during the year which has resulted into complete erosion of its networth. The company possesses weak financial risk profile marked by eroded
networth base owing to delay in realization of receivables in the telecom and
rural electrification distribution projects. The ratings factors in continued delays in debt servicing by ITL
towards working capital and term debt obligations. However, these rating weakness gets partially offset by its long
standing experience of its promoters in telecommunication and power
transmission sectors. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings at fully safe and secured 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 |
ICRA |
|
Rating |
Term Loan=D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery. |
|
Date |
28.02.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit=D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery. |
|
Date |
28.02.2017 |
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 14.04.2018
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.: 91-40-23552222)
LOCATIONS
|
Registered Office : |
Plot No. 40-46, Phase-I, IDA, Cherlapally, HCL Post, Hyderabad –
500051, Telangana, India |
|
Tel. No.: |
91-40-23552222 |
|
Fax No.: |
91-40-23552266 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
ICOMM House, Plot No.31, Phase-1, Kmalapuri Srinagar Colony, Banjara
Hills, Hyderabad-500 073, Telangana, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Sumanth Paturu |
||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||
|
Address : |
C-10, 11 D.D. Colony, Hyderabad – 500007, Telangana, India |
||||||||||||||||||||
|
Date of Birth/Age : |
12.07.1976 |
||||||||||||||||||||
|
Date of Appointment : |
26.09.2008 |
||||||||||||||||||||
|
DIN No.: |
00137669 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Percy Homi Italia |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
153/1, Sappers Lines, Hyderabad – 500003, Telangana, India |
||||||||||||||||||||
|
Date of Appointment : |
18.03.2010 |
||||||||||||||||||||
|
DIN No.: |
00033962 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Pradeep Shankar |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
B-90, First Floor, Ardee City, Sector-52, Gurugram – 122001, Haryana, India |
||||||||||||||||||||
|
Date of Birth/Age : |
18.10.1948 |
||||||||||||||||||||
|
Date of Appointment : |
26.02.2010 |
||||||||||||||||||||
|
DIN No.: |
02179835 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Ms. Nivedita Rani
Yalamanchili |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
3-12-33/A, Ganesh Nagar, Ramanhapur, Hyderabad – 500013, Telangana, India |
||||||||||||||||||||
|
Date of Appointment : |
28.09.2015 |
||||||||||||||||||||
|
DIN No.: |
02387966 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Boina |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 202, Dwarakamai Apartment, Navodaya Colony, Srinagar Colony Post, Hyderabad – 500073, Telangana, India |
|
Date of Appointment : |
01.08.2013 |
|
PAN No.: |
BFXPB3719L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 01.02.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
69.56 |
|
Promoters (Body corporate) |
4.97 |
|
Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
0.74 |
|
Public/Other than promoters (Financial institutions) |
6.89 |
|
Public/Other than promoters (Foreign institutional investors) |
7.63 |
|
Public/Other than promoters (Body corporate) |
10.21 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of executing Engineering, Procurement and Construction (EPC) contracts in infrastructure fields, comprising sub-stations, transmission, distribution and related ancillary services for power distribution including manufacturing activity of towers, shelters, transformers, conductor and cables, defence equipment's, telecommunications and other allied engineering services. (Registered Activity) |
||||||
|
|
|
||||||
|
Products/ Services : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : (As on 2016) |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Nataraja Iyer and Company Chartered Accountants |
|
Address : |
1-10-126, Ashok Nagar, Hyderabad - 500 020, Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
BKFPD8906E |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, S.P. Road, Secunderabad – 500003, Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies : |
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : (As on 31.03.2016) |
|
CAPITAL STRUCTURE
After 01.02.2017
Authorised Capital : INR 1160.000 Million
Issued, Subscribed & Paid-up Capital : INR 1055.401 Million
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000100 |
Equity Shares |
INR 10/- each |
INR 400.001 Million |
|
15000000 |
Preference Shares |
INR 10/- each |
INR 150.000 Million |
|
|
Total
|
|
INR 550.001
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39814535 |
Equity Shares |
INR 10/- each |
INR 398.150 Million |
|
8680000 |
Preference Shares |
INR 10/- each |
INR 86.800 Million |
|
|
Total
|
|
INR 484.950
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
484.950 |
484.950 |
484.950 |
|
(b) Reserves & Surplus |
(2939.270) |
(2695.420) |
(180.020) |
|
(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) |
(2454.320) |
(2210.470) |
304.930 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2377.780 |
2898.200 |
2876.740 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
11.410 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
17.560 |
36.300 |
47.430 |
|
Total Non-current Liabilities
(3) |
2395.340 |
2934.500 |
2935.580 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7191.460 |
5820.580 |
3806.150 |
|
(b) Trade
payables |
4019.150 |
4415.070 |
3484.200 |
|
(c) Other
current liabilities |
1487.230 |
1290.960 |
2289.390 |
|
(d) Short-term
provisions |
89.760 |
91.020 |
111.860 |
|
Total Current
Liabilities (4) |
12787.600 |
11617.630 |
9691.600 |
|
|
|
|
|
|
TOTAL |
12728.620 |
12341.660 |
12932.110 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
746.760 |
784.020 |
948.420 |
|
(ii)
Intangible Assets |
0.940 |
1.860 |
6.650 |
|
(iii)
Capital work-in-progress |
8.110 |
7.580 |
7.250 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
88.670 |
88.670 |
88.670 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
503.910 |
445.680 |
219.510 |
|
(e) Other Non-current
assets |
2161.540 |
1617.520 |
2007.210 |
|
Total Non-Current
Assets |
3509.930 |
2945.330 |
3277.710 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.240 |
0.000 |
|
(b)
Inventories |
1201.100 |
1442.780 |
1402.200 |
|
(c) Trade
receivables |
4956.580 |
4825.810 |
4769.810 |
|
(d) Cash
and cash equivalents |
146.160 |
219.170 |
130.740 |
|
(e)
Short-term loans and advances |
1031.910 |
999.100 |
931.690 |
|
(f) Other
current assets |
1882.940 |
1909.230 |
2419.960 |
|
Total
Current Assets |
9218.690 |
9396.330 |
9654.400 |
|
|
|
|
|
|
TOTAL |
12728.620 |
12341.660 |
12932.110 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
|
SALES |
|
|
|
|
|
Income |
3172.540 |
4946.770 |
4014.800 |
|
|
Other Income |
75.270 |
554.050 |
394.990 |
|
|
TOTAL |
3247.810 |
5500.820 |
4409.790 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1893.890 |
3626.650 |
2549.600 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
97.220 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
243.770 |
(271.900) |
414.210 |
|
|
Employees benefits
expense |
106.820 |
378.900 |
321.090 |
|
|
Other expenses |
557.510 |
2349.700 |
907.960 |
|
|
Exceptional Items |
0.000 |
0.000 |
(176.650) |
|
|
TOTAL |
2801.990 |
6083.350 |
4113.430 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
445.820 |
(582.530) |
296.360 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
655.200 |
1769.460 |
1042.420 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
(209.380) |
(2351.990) |
(746.060) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
34.470 |
174.820 |
89.890 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(243.850) |
(2526.810) |
(835.950) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(11.410) |
9.880 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(243.850) |
(2515.400) |
(845.830) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
21.450 |
47.950 |
67.540 |
|
|
Capital Goods |
0.430 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
21.880 |
47.950 |
67.540 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(6.12) |
(63.18) |
(21.24) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
Current Maturities of Long term debt |
NA |
1623.700 |
1057.810 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(407.290) |
728.270 |
341.270 |
|
Net cash flow from operating activity |
(444.370) |
688.080 |
297.190 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
570.25 |
356.07 |
433.64 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
0.64 |
1.03 |
0.84 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
774.59 |
444.35 |
480.48 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.37 |
(0.40) |
0.21 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.59 |
(0.73) |
0.31 |
LEVERAGE RATIOS
|
PARTICULARS |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.19 |
1.31 |
1.05 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(3.90) |
(4.68) |
25.39 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(5.21) |
(5.26) |
31.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.31) |
(0.36) |
3.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.68 |
(0.33) |
0.28 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
(7.69) |
(50.85) |
(21.07) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.92) |
(20.38) |
(6.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.94 |
113.79 |
(277.38) |
SOLVENCY RATIOS
|
PARTICULARS |
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
01.04.2013 to 31.03.2014 (12 Months) |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.72 |
0.81 |
1.00 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.63 |
0.68 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.19) |
(0.18) |
0.02 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
19.73 |
21.33 |
15.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.72 |
0.81 |
1.00 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
30.09.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
484.950 |
484.950 |
484.950 |
|
Reserves & Surplus |
(180.020) |
(2695.420) |
(2939.270) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
304.930 |
(2210.470) |
(2454.320) |
|
|
|
|
|
|
long-term borrowings |
2876.740 |
2898.200 |
2377.780 |
|
Short term borrowings |
3806.150 |
5820.580 |
7191.460 |
|
Total borrowings |
6682.890 |
8718.780 |
9569.240 |
|
Debt/Equity ratio |
21.916 |
(3.944) |
(3.899) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
30.09.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
4014.800 |
4946.770 |
3172.540 |
|
|
|
23.213 |
(35.866) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
30.09.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
4014.800 |
4946.770 |
3172.540 |
|
Profit/(Loss) |
(845.830) |
(2515.400) |
(243.850) |
|
|
(21.07%) |
(50.85%) |
(7.69%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
484.950 |
484.950 |
|
(b) Reserves &
Surplus |
|
(2961.520) |
(2717.910) |
|
(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) |
|
(2476.570) |
(2232.960) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2377.780 |
2898.200 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
17.560 |
36.300 |
|
Total Non-current
Liabilities (3) |
|
2395.340 |
2934.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
7192.430 |
5821.860 |
|
(b) Trade payables |
|
4031.340 |
4426.150 |
|
(c) Other current
liabilities |
|
1590.980 |
1416.010 |
|
(d) Short-term provisions |
|
89.790 |
91.050 |
|
Total Current Liabilities
(4) |
|
12904.540 |
11755.070 |
|
|
|
|
|
|
TOTAL |
|
12823.310 |
12456.610 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
806.220 |
843.750 |
|
(ii) Intangible Assets |
|
0.940 |
1.860 |
|
(iii) Capital
work-in-progress |
|
9.380 |
8.850 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
543.550 |
480.210 |
|
(e) Other Non-current
assets |
|
2161.540 |
1617.520 |
|
Total Non-Current Assets |
|
3521.630 |
2952.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.240 |
|
(b) Inventories |
|
1201.100 |
1442.780 |
|
(c) Trade receivables |
|
4978.710 |
4843.590 |
|
(d) Cash and cash
equivalents |
|
205.410 |
306.250 |
|
(e) Short-term loans and
advances |
|
1033.520 |
1002.320 |
|
(f) Other current assets |
|
1882.940 |
1909.240 |
|
Total Current Assets |
|
9301.680 |
9504.420 |
|
|
|
|
|
|
TOTAL |
|
12823.310 |
12456.610 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
01.10.2015 to 31.03.2016 (6 Months) |
01.04.2014 to 30.09.2015 (18 Months) |
|
|
SALES |
|
|
|
|
|
Income |
|
3176.820 |
4968.690 |
|
|
Other Income |
|
78.010 |
554.080 |
|
|
TOTAL |
|
3254.830 |
5522.770 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1893.890 |
3626.650 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
243.770 |
(271.900) |
|
|
Employees benefits
expense |
|
107.080 |
383.170 |
|
|
Other expenses |
|
564.220 |
2373.480 |
|
|
Prior period items |
|
0.000 |
(0.910) |
|
|
TOTAL |
|
2808.960 |
6110.490 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
445.870 |
(587.720) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
655.250 |
1770.480 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(209.380) |
(2358.200) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
34.720 |
175.570 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(244.100) |
(2533.770) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
(11.410) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(244.100) |
(2522.360) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(6.13) |
(6.35) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The registered office of the company has been shifted from “304, Trendset Towers,Road No.2, Banjarahills, Hyderabad, Telangana, India” to the present address w.e.f. 30.11.2011
CORPORATE INFORMATION
(As on 31.03.2016)
The company was established in 1989 and is in the business of executing Engineering, Procurement and Construction (EPC) contracts in infrastructure fields, comprising sub-stations, transmission, distribution and related ancillary services for power distribution including manufacturing activity of towers, shelters, transformers, conductor and cables, defence equipment's, telecommunications and other allied engineering services. The registered office of the company is at Plot No. 40-46, IDA Phase - I, Cherlapally, Hyderabad, Telangana - 500051 and its registration number is U64203AP1989PLC009561.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
30.09.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
57.900 |
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
57.900 |
0.000 |
|
Loans and advances from others |
92.770 |
96.390 |
|
Total |
150.670 |
154.290 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C69692911 |
10601687 |
Andhra Bank |
28/09/2015 |
- |
- |
14200000.0 |
Ground Floor, 6-3-891 & 892, The BelvedereRaj Bhavan Road, SomajigudaHyderabadTG500082IN |
|
2 |
C60005154 |
10582330 |
Central Bank of India |
25/06/2015 |
- |
- |
40400000.0 |
Bank StreetKotiHyderabadTG500095IN |
|
3 |
C53809760 |
10400805 |
IDBI TRUSTEESHIP SERVICES LIMITED |
23/01/2013 |
24/03/2015 |
- |
17047000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
4 |
B11589041 |
10262449 |
PTC INDIA FINANCIAL SERVICES LIMITED |
06/12/2010 |
18/12/2010 |
- |
600000000.0 |
2ND FLOOR NBCC TOWER 15 BHIKAJI CAMA PLACENEW DELHIDL110066IN |
|
5 |
A90674276 |
10120163 |
LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED |
22/08/2008 |
12/07/2010 |
- |
500000000.0 |
MOUNT POONAMALLEE ROADMANAPAKKAMCHENNAITN600089IN |
|
6 |
A22051130 |
10066113 |
ALLAHABAD BANK |
16/08/2007 |
- |
- |
650000000.0 |
INDUSTRIAL FINANACE BRANCHAMEERPETHYDERABADAP500016IN |
|
7 |
A36585578 |
90119383 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
28/06/2005 |
25/04/2008 |
- |
2080000000.0 |
MAIN BRANCH OFFICE, 5-9-89/1 & 2CHAPEL ROAD, POST BOX NO:370HYDERABADAP500001IN |
|
8 |
Y10211290 |
90118485 |
INDUSIND BANK LIMITED |
25/07/1994 |
29/04/2002 |
- |
57000000.0 |
LAXMI BEGUMPETSECUNDERABNADAPIN |
|
9 |
C77308419 |
10548377 |
UCO Bank |
31/12/2014 |
- |
13/01/2016 |
157400000.0 |
FLAGSHIP CORPORATE BRANCH, 6-3-1108, GROUND FLOOR,NAVABHARAT CHAMBERS, RAJ BHAVAN ROAD, SOMAJIGUDAHYDERABADTG500082IN |
|
10 |
B79689071 |
10295553 |
STATE BANK OF HYDERABAD |
28/05/2011 |
- |
01/07/2013 |
1010000000.0 |
OVERSEAS BRANCH6-3-652, "KAUTILYA", SOMAJIGUDAHYDERABADAP500082IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
30.09.2015 |
|
Claim against the Company not acknowledged as debt In respect of matters under dispute |
|
|
|
-Sales tax |
97.540 |
102.540 |
|
-Service tax & Excise duty |
221.130 |
250.300 |
|
-Customs duty |
323.190 |
323.190 |
|
-Income Tax |
112.760 |
106.490 |
|
-Others |
235.300 |
235.300 |
|
Guarantees |
|
|
|
-Performance and other bank guarantees issued by banks on behalf of the Company |
5,865.030 |
5,854.100 |
|
-Corporate guarantees |
30.020 |
30.020 |
|
Others - Liquidated damages |
Amounts Indeterminate |
Amounts Indeterminate |
Notes:
- Commissioner of Customs, Mumbai and Hyderabad raised demand for customs duty and penalties for INR 300.070 Million (September 30,2015: INR 300.070 Million) and INR 15.970 Million (September 30,2015: INR15.970 Million) respectively, on import of parts of Dense Wavelength Division Multiplexing (DWDM) equipment, rejecting the claim made by the Company for concessional rate of duty. The Company has contested the customs duty demand raised by Commissioner of Customs, Mumbai and Hyderabad and filed appeals before Customs, Excise and Service Tax Appellate Tribunal, Mumbai and Bangalore, which are pending to be heard. Simultaneously the Company also approached the Mumbai Appellate Tribunal for stay of demand. While granting the stay, the Tribunal observed that, “We find prima facie force in the applicants (the Company) argument that Rule 2 (a) of the interpretative Rules is not required to be applied for claiming exemption which has to be extend to the goods in the form in which they are cleared as held in the case of SAB Electronics” and granted conditional stay subject to payment of ` 60 Million.(September 30,2015 INR 60.000 Million.), the Company has approached the Hon’ble High Court of Mumbai for stay of demand. The Hon’ble High Court of Mumbai has granted the stay on demand raised by Commissioner of Customs, Mumbai subject to the payment of INR 30.000 Million (September 30,2015 :INR 30.000 Million.) as deposit. Based on the High Court order the Company has deposited INR 30.000 Million (September 30, 2015: INR 30.000 Million) with the Commissioner of Customs, Mumbai in 2003-04. In-respect of ` 15.97 Million (September 30,2015 INR 15.970 Million) demand raised by Commissioner of Customs, Hyderabad; the Company has given Bank Guarantee of INR 12.370 Million (September 30,2015 INR 12.370 Million) in 2006-07.
- Corporate guarantee given to Banks and Financial Institutions on
behalf of its subsidiary ICOMM International Lanka Private Limited and
remaining outstanding as at March 31 ,2016 INR 30.020 Million ( September 30,
2015: INR 30.020 Million)
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
NRG |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.