|
|
|
MIRA INFORM REPORT
|
Report No. : |
504831 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
STAR DELTA TRANSFORMERS LIMITED |
|
|
|
|
Registered
Office : |
92-A, Industrial Area, Govindpura, Bhopal-462 023,
Madhya Pradesh |
|
Tel. No.: |
91-755-2586680/ 4261016/ 4261003/ 2587343 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
17.02.1977 |
|
|
|
|
Com. Reg. No.: |
10-001393 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 30.002 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31102MP1977PLC001393 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
|
|
|
|
TIN No : |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Transformers and Generation of Power from Solar Plant. (Registered Activity) |
|
|
|
|
No. of Employees
: |
50 (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 : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Star Delta Transformers Limited was incorporated in the year 1977. It
is a manufacturer of power and distribution transformer along with special
purpose transformer. The company’s client incude – BHEL, KEC International Limited, ABB
MPPTCL, MPPKVVL, Dainik Bhaskar Group, Blur Star, Indian Railways, Ajmer
Vidyut Vitran Nigam Limited, etc. As per the financial of 2017, the company has achieved an average net
profit margin of 5.09 % but has reported a decline in its revenue as compared
to the previous year‘s revenue. The company possess healthy financial profile marked by sound net
worth base along with strong debt coverage indicator due to low debt balance
sheet profile and acceptable liquidity position. The company has its share price trading at around INR 128 on BSR as on
April 19, 2018 as against the face value of INR 10. Business is active, Payments seems to be slow. In view of aforesaid, the concern can be considered for 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 21.04.2018
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 BY
|
Name : |
Mr. A. K. Daga |
|
Designation : |
Accountant |
|
Contact No.: |
91-755-4261016 |
|
Date : |
19.04.2018 |
LOCATIONS
|
Registered Office / Factory : |
92-A,
Industrial Area, Govindpura, Bhopal-462 023, Madhya Pradesh, India |
|
Tel. No.: |
91-755-2586680/ 4261016/ 4261003/ 2587343 |
|
Fax No.: |
91-755- 2580059 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Liasioning
Office : |
A/101, Madhumilan Building, Near Devki Nagar, EKsar Road, Borivali (West), Mumbai – 400103, Maharashtra, India |
|
Tel. No.: |
91-22-289258435/28950278 |
|
Fax No.: |
91-22-28943561 |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Kishore Gupta |
|
Designation : |
Managing Director |
|
Address : |
E-1/207, Area Colony, Bhopal -462016, Madhya Pradesh, India |
|
Date of Appointment : |
31.10.1987 |
|
DIN No : |
00014205 |
|
|
|
|
Name : |
Mr. Rakesh Gupta |
|
Designation : |
Wholetime Director and Chief Finance Director |
|
Address : |
E-1/161 Area Colony, Bhopal -462016, Madhya Pradesh, India |
|
Date of Birth/Age : |
05.08.1962 |
|
Qualification : |
BSC,
LLB |
|
Experience : |
32
Years |
|
PAN: |
AAXPG9477C |
|
Date of Appointment : |
27.03.2015 |
|
DIN No : |
00014139 |
|
|
|
|
Name : |
Mr. Laxmendra Maheshwari |
|
Designation : |
Director |
|
Address : |
E-1/186, Area Colony, Bhopal -462016, Madhya Pradesh, India |
|
Date of Appointment : |
25.06.2009 |
|
DIN No : |
00278005 |
|
|
|
|
Name : |
Chhavi Kharb |
|
Designation : |
Director |
|
Address : |
E-1/44, Arera Colony, Bhopal -462016, Madhya Pradesh, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No : |
01791358 |
|
|
|
|
Name : |
Mr. Shashendra Lahri |
|
Designation : |
Director |
|
Address : |
Iii/21, Maulana Azad, National Institute Of Technology, Manit Campus, Bhopal- 462007, Madhya Pradesh, India |
|
Date of Appointment : |
25.06.2009 |
|
DIN No : |
02704101 |
KEY EXECUTIVES
|
Name : |
Ms. Ankita Upadhyay |
|
Designation : |
Company Secretary |
|
Address : |
Near Sourabh Bhavan, Infront Of Roop Nikhar Provis Gayatri Nagar Katni 483501 Madhya Pradesh, India |
|
PAN No : |
ADHPU8623M |
|
Date of Appointment : |
26.10.2017 |
|
|
|
|
Name : |
Mr. A. K. Daga |
|
Designation : |
Accountant |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
M.Com |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
2249800 |
74.99 |
|
|
(B) Public |
750400 |
25.01 |
|
|
Grand Total |
3000200 |
100.00 |
"STATEMENT
SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP"
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
2189800 |
72.99 |
|
|
Kishore Gupta |
583500 |
19.45 |
|
|
Rakesh Gupta |
562100 |
18.74 |
|
|
Mayank Gupta |
428300 |
14.28 |
|
|
Archana Gupta |
268300 |
8.94 |
|
|
Manju Gupta |
241500 |
8.05 |
|
|
Manali Gupta |
70000 |
2.33 |
|
|
Archit Gupta |
20000 |
0.67 |
|
|
Tusharika Gupta |
10000 |
0.33 |
|
|
Laxmi Narayan Gupta |
4600 |
0.15 |
|
|
Neeta Gupta |
1500 |
0.05 |
|
|
Any Other (specify) |
60000 |
2.00 |
|
|
Ark Transformers Pvt Ltd. |
60000 |
2.00 |
|
|
Sub Total A1 |
2249800 |
74.99 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2249800 |
74.99 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/ President of India |
2100 |
0.07 |
|
|
Sub Total B2 |
2100 |
0.07 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
336295 |
11.21 |
|
|
Individual share capital in excess of INR 0.200 Million |
304953 |
10.16 |
|
|
Ajay Goenka |
49185 |
1.64 |
|
|
Om Prakash Gupta |
35487 |
1.18 |
|
|
Subramanian P |
76781 |
2.56 |
|
|
Any Other (specify) |
107052 |
3.57 |
|
|
HUF |
14416 |
0.48 |
|
|
Others |
1577 |
0.05 |
|
|
Others |
432 |
0.01 |
|
|
Clearing Members |
2687 |
0.09 |
|
|
Bodies Corporate |
87940 |
2.93 |
|
|
Arihant Capital Markets Ltd. |
80909 |
2.70 |
|
|
Sub Total B3 |
748300 |
24.94 |
|
|
B=B1+B2+B3 |
750400 |
25.01 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Transformers and Generation of Power from Solar Plant. (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 : |
50 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(i)
Term Loan from State Bank of India is
secured by First charge on the entire fixed assets of the Company including
Land and Buildings situated at S.No.13/2/2 Village Gagorni, District Rajgarh. (ii)
Car Loan from HDFC Bank is secured by
hypothecation of the Car purchased. (iii)
Working Capital loan is secured by
first charge over entire current assets of the Company and by first
mortgage/charge on immovable properties situated at 92-A, Industrial Area,
Govindpura, Bhopal. All credit facilities from State Bank of India including
Term Loan as per Note 3 above is collaterally secured by Equitable Mortgage
of house property at E-1/207 owned by Shri Kishore Gupta and Shri Rakesh
Gupta, both directors of the Company also by their personal guarantee. |
|
Auditors : |
|
|
Name : |
A.K.
Khabya and Company Chartered Accountants |
|
|
|
|
Secretarial
Auditors : |
ASA
& Associates Practicing
Company Secretaries, |
|
|
|
|
Cost
Auditor : |
Sanjay
Kasliwal Cost
Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3125000 |
Equity Shares |
INR 10/- each |
INR 31.250 Million |
|
50000 |
Preference
Shares |
INR 10/- each |
INR 0.500 Million |
|
|
Total |
|
INR 31.750 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000200 |
Equity Shares |
INR 10/- each |
INR 30.002 Million |
|
|
|
|
|
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 |
|
|
|
Kishore Gupta |
583500 |
19.45 |
|
Rakesh Gupta |
562100 |
18.73 |
|
Archana Gupta |
268300 |
8.94 |
|
Manju
Gupta |
241500 |
8.05 |
|
Mayank
Gupta |
428300 |
14.28 |
The
Reconciliation of the number of shares outstanding is set out below:
|
Particulars |
|
31.03.2017 |
|
|
Number |
|
|
Equity shares of INR 10/- each |
|
|
|
Equity Shares at the beginning of the year |
|
3000200 |
|
Equity Shares at the end of the year |
|
3000200 |
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 |
30.002 |
30.002 |
30.002 |
|
(b) Reserves & Surplus |
362.434 |
330.274 |
298.629 |
|
(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 |
392.436 |
360.276 |
328.631 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
24.034 |
28.417 |
26.385 |
|
(b) Deferred tax liabilities (Net) |
14.700 |
15.600 |
14.400 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities |
38.734 |
44.017 |
40.785 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
20.211 |
29.243 |
0.001 |
|
(b) Trade
payables |
14.178 |
13.451 |
22.283 |
|
(c) Other
current liabilities |
19.984 |
22.224 |
55.168 |
|
(d) Short-term
provisions |
6.254 |
3.175 |
4.105 |
|
Total Current
Liabilities |
60.627 |
68.093 |
81.557 |
|
|
|
|
|
|
TOTAL |
491.797 |
472.386 |
450.973 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
81.258 |
88.978 |
90.921 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
81.258 |
88.978 |
90.921 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
71.206 |
102.451 |
131.161 |
|
(c) Trade
receivables |
241.686 |
216.678 |
155.488 |
|
(d) Cash
and cash equivalents |
69.330 |
34.886 |
50.313 |
|
(e) Short-term
loans and advances |
27.908 |
28.496 |
21.527 |
|
(f) Other
current assets |
0.409 |
0.897 |
1.563 |
|
Total
Current Assets |
410.539 |
383.408 |
360.052 |
|
|
|
|
|
|
TOTAL |
491.797 |
472.386 |
450.973 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
632.055 |
766.373 |
528.284 |
|
|
Other Income |
16.022 |
21.543 |
5.961 |
|
|
TOTAL |
648.077 |
787.916 |
534.245 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
451.455 |
540.577 |
355.276 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.529 |
33.027 |
40.217 |
|
|
Employees benefits expense |
16.994 |
16.956 |
14.987 |
|
|
Other expenses |
97.895 |
129.175 |
80.808 |
|
|
TOTAL |
580.873 |
719.735 |
491.288 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
67.204 |
68.181 |
42.957 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.478 |
12.182 |
11.876 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
57.726 |
55.999 |
31.081 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
7.887 |
7.835 |
8.898 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
49.839 |
48.164 |
22.183 |
|
|
|
|
|
|
|
Less |
TAX |
17.679 |
16.519 |
5.399 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
32.160 |
31.645 |
16.784 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.331 |
6.686 |
1.707 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
5.000 |
10.000 |
|
|
Dividend |
0.000 |
0.000 |
1.500 |
|
|
Tax on Dividend |
0.000 |
0.000 |
0.305 |
|
|
Total
|
0.000 |
5.000 |
11.805 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
65.491 |
33.331 |
6.686 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
51.606 |
25.120 |
|
|
TOTAL
IMPORTS |
0.000 |
51.606 |
25.120 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
10.72 |
10.55 |
5.59 |
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 |
68.793 |
(20.596) |
84.350 |
|
Net cash flows from (used in) operating activity |
50.214 |
(35.915) |
78.950 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended 30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
228.930 |
47.430 |
87.360 |
|
Total Expenditure |
212.360 |
48.390 |
85.680 |
|
PBIDT (Excl OI) |
16.570 |
(0.960) |
1.680 |
|
Other Income |
1.550 |
0.270 |
1.600 |
|
Operating Profit |
18.110 |
(0.690) |
3.280 |
|
Interest |
4.310 |
0.730 |
2.480 |
|
Exceptional Items |
|
|
|
|
PBDT |
13.800 |
(1.420) |
0.800 |
|
Depreciation |
1.950 |
1.950 |
1.950 |
|
Profit Before Tax |
11.850 |
(3.370) |
(1.150) |
|
Tax |
1.280 |
3.740 |
2.500 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
10.570 |
(7.110) |
(3.650) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
10.570 |
(7.110) |
(3.650) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
139.57 |
103.20 |
107.43 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.62 |
3.54 |
3.40 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
11.46 |
9.08 |
22.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.94 |
0.67 |
0.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.83 |
0.77 |
0.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.17 |
0.20 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.11 |
0.16 |
0.08 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.15 |
0.19 |
0.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.21 |
0.25 |
0.28 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.09 |
5.60 |
3.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.09 |
4.13 |
3.18 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
6.54 |
6.70 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.19 |
8.78 |
5.11 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
6.77 |
5.63 |
4.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
5.60 |
4.13 |
2.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.80 |
0.76 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.47 |
1.92 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
6.77 |
5.63 |
4.41 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 128.00/- |
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 |
30.002 |
30.002 |
30.002 |
|
Reserves & Surplus |
298.629 |
330.274 |
362.434 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
328.631 |
360.276 |
392.436 |
|
|
|
|
|
|
long-term borrowings |
26.385 |
28.417 |
24.034 |
|
Short term borrowings |
0.001 |
29.243 |
20.211 |
|
Total
borrowings |
26.386 |
57.660 |
44.245 |
|
Debt/Equity
ratio |
0.080 |
0.160 |
0.113 |
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 |
528.284 |
766.373 |
632.055 |
|
|
|
45.068 |
(17.526) |
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 |
528.284 |
766.373 |
632.055 |
|
Profit |
16.784 |
31.645 |
32.160 |
|
|
3.18% |
4.13% |
5.09% |
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 |
Yes |
|
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 three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF COMPANY'S
AFFAIRS & FUTURE OUTLOOK:
The Company's revenue has been decreased from INR 787.916 Million to INR 648.077 Million i.e. 17.75% and Company's profit before tax has increased from INR 48.164 Million to INR 49.839 Million i.e. 3.48%.
Company is expected to have good demand for Distribution and Power Transformers and power related equipments because massive investments are planned in coming years by the Govt. (Central & States) as well as private sector.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE,
DEVELOPMENT
Market Size of the Indian power sector is undergoing a significant change that has redefined the industry outlook. Power is one of the most critical components of infrastructure crucial for the economic growth and welfare of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy.
India's power sector is one of the most diversified in the world. Electricity demand in the country has increased
rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity in the country, massive addition to the installed generating capacity is required.
SEGMENTWISE
PERFOMANCE:
The company operates broadly into following segments.
Manufacturing (ii)
Turnkey projects division (iii) Solar
i) Manufacturing Division : Company has a very wide range of distribution and power transformers varying
from 10 KVA, 250V/11KV to 40 MVA, 132 KV catering to various Electricity Boards of Madhya Pradesh,
Chattisgarh, Maharastra, Orissa, Rajasthan, Andra Pradesh etc. The Company supplies through direct orders
from Discoms and also through major private contractor companies like L&T, BHEL, Bajaj Electricals, Genus
infra power ltd., Blue star Ltd., Vindhya telelinks ltd, Angelique international company ltd., Bharat electricals,
Sangli, Fedder Llyod Ltd., KEI Industries Ltd., EPC Division etc. With a vast experience of more than 40 years and reliable after-sales service, Company has become most trusted in Central India.
(ii) Turnkey projects division :
Company is currently executing a major turnkey contract from MPMKVVCL, Jabalpur for supply, erection, commissioning of 33/11 KV substations along with 33KV & 11 KV lines in Rewa region. Also, Company has recently bagged two major Turnkey contracts from MPPKVVCL, Jabalpur for supply, erection, commissioning of Rural electrification work under Deen dayal upadhyay gram jyoti yojna (DDUGJY) scheme and for urban electrification work under Integrated power development scheme (IPDS) in Tikamgarh Circle of Madhya Pradesh.
Company also provides Project management consultancy (PMC) to its joint venture partners for turnkey projects for laying of 33 & 11 KV lines and setting up of 11 KV substations including civil work.
(iii) Solar : Company has also ventured into Renewable Power Generation, Co. has setup 500 KWp PV On-grid
Solar Power Plant in village Gagorni, Rajgarh district of Madhya Pradesh. The plant was commissioned on 12th Oct. 2012 under the REC (Renewable Energy Certificate) Mechanism with annual generation capacity of 7.5 Lakhs units. During F.Y. 2016-17 732880 Units were produced &generated revenue of INR 5.983 Million.The Company has future plans to setup additional plants for expansion.
OUTLOOK:
The transformer market in India has been stable for
quite some years now. The market is expected to witness
healthy
growth rates and stimulating demand for the coming years.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G03766813 |
100027533 |
STATE BANK OF INDIA |
01/03/2016 |
- |
- |
4675000.0 |
SME BRANCH INDUSTRIAL AREAGOVINDPURABHOPALMP462024IN |
|
2 |
G05750815 |
10620913 |
HDFC BANK LIMITED |
27/01/2016 |
06/05/2016 |
- |
380500000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI -400013, MAHARASHTRA, INDIA |
|
3 |
G03092731 |
10069002 |
STATE BANK OF INDIA |
06/09/2007 |
25/02/2014 |
04/05/2016 |
407900000.0 |
RMME SALES HUB, SME BRANCH,INDUSTRIAL AREA, GOVINDPURA,BHOPALMP462023IN |
|
4 |
A22850069 |
90206800 |
STATE BANK OF INDIA |
24/03/1987 |
09/09/2005 |
19/09/2007 |
2720000.0 |
S.S.I. BRANCHINDUSTRIAL AREA GOVINDPURABHOPALMP462023IN |
|
5 |
Y10306839 |
90204940 |
STATE BANK OF INDIA |
19/03/1994 |
- |
28/03/1998 |
980000.0 |
INDUSTRIAL ESTATE BRANCH, BHOPAL, MP462001IN |
|
6 |
Y10306403 |
90204504 |
ALLAHABAD BANK |
18/09/1984 |
05/08/1986 |
26/03/1987 |
2470000.0 |
INDUSTRIAL AREA, GOVIND, PURABHOPALMP462011IN |
|
7 |
Y10308466 |
90206567 |
ALLAHABAD BANK |
25/11/1982 |
- |
18/09/1984 |
870500.0 |
KOLUVA KALAN NARELA BRANCHGOVINDPURABHOPALMP462011IN |
|
8 |
Y10308392 |
90206493 |
ALLAHABAD BANK |
11/09/1978 |
- |
25/11/1982 |
174250.0 |
KOLUVA KALAN NARELA BRANCH, GOVINDPURA, BHOPAL-MP462023IN |
|
9 |
Y10308416 |
90206517 |
ALLAHABAD BANK |
20/10/1980 |
- |
25/11/1982 |
445000.0 |
KOLUVA KALAN NARELA BRANCHGOVINDPURABHOPALMP462023IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Performance
Guarantees |
258.197 |
171.325 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
31.12. 2017
(INR In Million)
|
PARTICULARS |
Quarter Ended |
Nine Months |
|
|
|
31.12.2017 |
30.09.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
87.355 |
47.434 |
363.720 |
|
Other Operating Income |
1.602 |
0.266 |
3.413 |
|
Total income from operations (net) |
88.957 |
47.700 |
367.133 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
107.523 |
51.094 |
305.565 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
(69.500) |
(26.100) |
(74.500) |
|
Employee benefits expense |
5.696 |
5.548 |
16.207 |
|
Finance Costs |
2.479 |
0.728 |
7.513 |
|
Depreciation and Amortization Expenses |
1.950 |
1.950 |
5.850 |
|
Other Expenses |
41.956 |
17.850 |
99.167 |
|
Total expenses |
90.104 |
51.070 |
359.802 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
(1.147) |
(3.370) |
7.331 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
(1.147) |
(3.370) |
7.331 |
|
Tax expenses |
2.504 |
3.739 |
7.519 |
|
Net Profit / (Loss) from ordinary activities after tax |
(3.651) |
(7.109) |
(0.188) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(3.651) |
(7.109) |
(0.188) |
|
Comprehensive Income |
|
|
|
|
(i)
Items will not be
classified not profit or loss |
0.00 |
0.00 |
0.00 |
|
(i)
Remeasurement of the
defined benefit plans |
0.00 |
0.00 |
0.00 |
|
Paid up equity share capital (Face Value of INR 10/-each) |
30.002 |
30.002 |
30.002 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
362.246 |
365.896 |
362.246 |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
- |
- |
- |
|
(a) Basic |
(1.22) |
(2.37) |
(0.06) |
|
(b) Diluted |
(1.22) |
(2.37) |
(0.06) |
1.
A reconciliation
between the profits as reported earlier (Previous GAAP) and the Ind AS recast
profits for the corresponding quarter ended 31st December, 2016.
2. This statement has been prepared in
accordance with the Companies (Indian Accounting Standards) Rules, 2015. The
Company has adopted hd As effective from 01st April 2017.
3. The above results have been reviewed by Audit
Committee, approved by the board in the meeting held on 12th February, 2018.
The figure of the corresponding quarter ended 31st December,2016, Nine months
ended 31st December,2016 and year ended 31st March 2017 have not been subjected
to limited review or audit However the management has exercised necessary due
diligence to ensure that the financial results provided a true and fair view of
its affairs.
4. The company has two business segment.
5. Company does not have reportable primary
segmet in terms of AS -17.
FIXED ASSETS
- Land
- Building
- Electrical
Installation
- Office
Equipment
- Vehicle
- Furniture and
Fixture
- Computer
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 records 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 65.78 |
|
|
1 |
INR 93.42 |
|
Euro |
1 |
INR 81.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
TRUP |
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.