|
|
|
MIRA INFORM REPORT
|
Report No. : |
504989 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
EMCO LIMITED (w.e.f. 1998) |
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|
|
|
Formerly Known
As : |
EMCO TRANSFORMERS LIMITED |
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|
|
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Registered
Office : |
N-104, MIDC Area, Mehrun,
Jalgaon – 425003, Maharashtra |
|
Tel. No.: |
91-257-2272462 |
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|
|
|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.09.1964 |
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|
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Com. Reg. No.: |
11-013011 |
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|
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Capital
Investment / Paid-up Capital : |
INR 135.552 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31102MH1964PLC013011 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388119926 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACE2764Q3Z4 |
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|
|
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PAN No.: [Permanent Account No.] |
AAACE2764Q |
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|
|
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
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|
|
|
No. of Employees (As on 31.03.2017): |
584 (Approximately) |
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 |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject was incorporated in the year 1964. It is engaged in the power
industry, the company manufactures range of transformers. As per the quarterly results of December 2017, the company has earned
sales turnover of INR 405.245 Million. For the financial year ended 2017, the company has achieved a decent
growth in its revenue as compared to the previous year but has incurred operational
losses. However, the company possesses an acceptable financial risk profile
marked by sound net worth base along with average debt level. Rating is constrained on account of decrease in the revenue base due
to huge loss incurred by the company. Rating is further constrained on account of delays in debt serving of
the company due to weakening of liquidity profile of the company. Business is active. Payments terms are reported as slow and delayed. In view of aforesaid, the company can be considered for business
dealings on safe and secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
|
Date |
26.03.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
|
Date |
26.03.2018 |
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 24.04.2018
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
|
Name : |
Mr. Sachin Bhoir |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-40404500 |
|
Date : |
21.04.2018 |
LOCATIONS
|
Registered Office : |
N-104, MIDC Area, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462 |
|
Mobile No.: |
91-7900129467 (Mr. Mahesh) |
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Fax No.: |
91-257-2277598 |
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E-Mail : |
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Website : |
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Head
Office/Power Transformer Plant : |
Plot No. F-5, Road No. 28, Wagle Industrial Estate, Thane (West), Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-40404500 |
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Fax No.: |
91-22-25820571 |
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|
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Corporate Office : |
1st Floor, Piramal Tower, Peninsula Corporate Park, G.K.
Kadam Marg, Lower Parel, Mumbai – 400013, India |
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E-Mail : |
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Distribution Transformer Plant : |
Gat No. 113, 114, 115, Umala, Aurangabad Road, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-5614395/96/3092594 |
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Fax No.: |
91-257-22350505 |
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|
|
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Industrial Transformer Plant : |
N-104, MIDC Area, Mehrun, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462 / 2272572 |
|
Fax No.: |
91-257-2272598 |
|
|
|
|
Tower Plants: |
Plot No.519/521, Village Asoj, Vadodara – Halol Highway, Vadodara – 391510, Gujarat, India |
|
Tel. No.: |
91-2668-281113/ 4 |
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Fax No.: |
91-2668-281030 |
|
|
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Regional Office 1: |
401-411-412, Devika Tower, 6, Nehru Place, New Delhi - 110 019, India. |
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Tel. No.: |
91-11-41618856 |
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E-Mail : |
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Regional Office 2 : |
2/203, Om Tower, 2nd Floor, 32, Chowringhee Road, Kolkata - 700 071, West Bengal, India |
|
Tel. No.: |
91-33-2226 4925 |
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E-Mail : |
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Regional Office 3 : |
S.C.O.34, First Floor, Cabin No. 7 and 7A, Sector-11, Panchkula - 134109, Haryana, India |
|
Tel. No.: |
91-17-2504 0117 |
|
E-Mail : |
DIRECTORS
As on 2018
|
Name : |
Mr. Rajesh Suresh Jain |
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Designation : |
Whole-time Director |
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|
Address : |
Flat No. 2602, Sumer Trinity, Towers A, Near Saama Press,
New Prabhadevi Road, Mumbai – 400025, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
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Qualification : |
B.E. (Electronics) |
||||||||||||||||||||||||||||||||||||||||
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Experience: |
29 Years |
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Date of Appointment : |
20.10.2011 |
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DIN No.: |
00005829 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Shailesh Suresh Jain |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
2902, Tower-A Sumer Trinity Tower, Near Samna Press, New
Prabhadevi Road, Mumbai – 400025, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
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Qualification : |
B.E. (Chemical) |
||||||||||||||||||||||||||||||||||||||||
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Experience: |
24 Years |
||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
01.04.2013 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00006180 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Bherulal Dayalal Choudhary |
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Designation : |
Director |
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Address : |
Flat No. 301, Everest Chambers 332, Mount Pleasant Road,
Malabar Hill, Mumbai – 400006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
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Qualification : |
B.Com, LLM |
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Date of Appointment : |
25.09.2015 |
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DIN No.: |
00011905 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Shyamsunder Venkatesh Deo |
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Designation : |
Director |
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Address : |
Flat No. 201, Bhairavi Apartment, S.No. 132b/5A, ICS
CLY, Pune – 411007, Maharashtra, India |
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Date of Appointment : |
22.03.2004 |
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DIN No.: |
00210554 |
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Other Directorship:
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Name : |
Mr. Sanjay Bhatnagar |
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Designation : |
Director |
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Address : |
101 West, 79th, ST. # 24 A, New York – 10024, United States |
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Qualification : |
M.E, MBA (Harvard University) |
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Date of Appointment : |
20.09.2011 |
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DIN No.: |
00867848 |
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Name : |
Ms. Archana Capoor |
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Designation : |
Additional Director |
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Address : |
C-221, SFS, Sheikh Sarai, Phase I, New Delhi – 110017,
India |
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Date of Appointment : |
25.09.2017 |
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DIN No.: |
01204170 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mrs. Priyamvada Bhumkar |
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|
Designation : |
Women – Independent Director |
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Qualification : |
B.Sc.(Chemistry), MBA (Finance) |
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KEY EXECUTIVES
|
Name : |
Mr. Sachin Bhoir |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Ganesh Mal Tawari |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 1402, 14th Floor, Siddhachal PH-Vi 3B Building,
Opposite Pokhran Road No. 2, Thane –
400610, Maharashtra, India |
|
Qualification : |
B.Com. (Hons), ACA, ACS, AICWA |
|
Date of Appointment : |
28.02.2015 |
|
PAN No.: |
ABHPT0170C |
|
|
|
|
Name : |
Mr. Amit Sudhakar |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 1402, 14th Floor, Siddhachal PH-Vi 3B Building,
Opposite Pokhran Road No. 2, Thane –
400610, Maharashtra, India |
|
Qualification : |
FCA |
|
Date of Appointment : |
20.03.2018 |
|
PAN No.: |
ABHPT0170C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March 2018
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
Promoter & Promoter Group |
30720998 |
45.24 |
|
|
Public |
37188217 |
54.76 |
|
|
Grand
Total |
67909215 |
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 |
22365140 |
32.93 |
|
|
RAJESH S. JAIN |
9599345 |
14.14 |
|
|
SHAILESH S. JAIN |
6299340 |
9.28 |
|
|
RATNA SURESH JAIN |
4354255 |
6.41 |
|
|
TRIPTEE JAIN |
1362200 |
2.01 |
|
|
YACHNA JAIN |
750000 |
1.10 |
|
|
Any Other (specify) |
8355858 |
12.30 |
|
|
ZARCO REALTIES PRIVATE LIMITED |
8355858 |
12.30 |
|
|
Sub Total A1 |
30720998 |
45.24 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
30720998 |
45.24 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC
SHAREHOLDER
|
Category & Name
of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Foreign
Portfolio Investors |
70000 |
0.10 |
|
|
Insurance
Companies |
829461 |
1.22 |
|
|
Sub Total B1 |
899461 |
1.32 |
|
|
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 |
22493866 |
33.12 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4308765 |
6.34 |
|
|
SAMEER SHANTILAL MUTTHA |
900240 |
1.33 |
|
|
FARIDA ASIF PETIWALA |
802933 |
1.18 |
|
|
Any Other
(specify) |
9486125 |
13.97 |
|
|
Non-Resident Indian (NRI) |
571998 |
0.84 |
|
|
Director or Director's Relatives |
4951 |
0.01 |
|
|
HUF |
2462204 |
3.63 |
|
|
Trusts |
1450 |
0.00 |
|
|
Clearing Members |
2166583 |
3.19 |
|
|
Bodies Corporate |
4214442 |
6.21 |
|
|
IEPF |
64497 |
0.09 |
|
|
Sub Total B3 |
36288756 |
53.44 |
|
|
B=B1+B2+B3 |
37188217 |
54.76 |
|
BUSINESS DETAILS
|
Line of Business : |
|
||||||
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|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
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Agencies Held : |
Not Divulged |
||||||
|
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|
||||||
|
Exports : |
|
||||||
|
Products : |
Transformers |
||||||
|
Countries : |
|
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Material |
||||||
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Countries : |
|
||||||
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|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C |
||||||
|
|
|
||||||
|
Purchasing : |
L/C, NEFT and RTGS |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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Customers : |
Retailers and End Users and Government
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees (As on 31.03.2017): |
584 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
|
Address : |
3/1218, Navijan Society, Lamington Road, Mumbai – 400008, Maharashtra,
India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Entities where key management personnel have significant influence : |
|
CAPITAL STRUCTURE
After 25.09.2017
Authorised Capital : INR 750.000
Million
Issued, Subscribed & Paid-up Capital : INR 135.818 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 2/- each |
INR 150.000 Million |
|
500000 |
Cumulative Redeemable Preference Shares |
INR 100/- each |
INR 50.000 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67775883 |
Equity Shares |
INR 2/- each |
INR 135.552 Million |
|
|
|
|
|
Reconciliation of
number of shares outstanding at the beginning and end of the year:
|
Equity Shares |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Outstanding at the beginning of the year |
67575885 |
135.152 |
|
Equity shares issued during the year pursuant to exercise of ESOPs |
199998 |
0.400 |
|
Outstanding at the end of the year |
67775883 |
135.552 |
Terms/Rights attached
to each classes of shares
Terms/Rights attached
to Equity Shares
The company has only one class of equity shares with voting rights having a par value of INR 2 per share each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuring Annual General Meeting, except in case of interim dividend.
During the year ended 31st March 2017, the amount of dividend per equity share recognized as distribution to equity shareholders is Nil (previous year INR 8.133 Million). In the event of liquidation of the company the shareholders 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.
Shareholders holding
more than 5% shares in the company is set out below:
|
Equity Shares |
31.03.2017 |
|
|
Number |
% of Shares |
|
|
Rajesh Jain |
9599345 |
14.16 |
|
Shailesh Jain |
6299340 |
9.29 |
|
Emco Investments Private Limited |
8355858 |
12.33 |
|
Ratna Jain |
4354255 |
6.42 |
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
135.552 |
135.152 |
135.152 |
|
(b) Reserves &
Surplus |
4528.003 |
5211.741 |
5683.742 |
|
(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) |
4663.555 |
5346.893 |
5818.894 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
779.579 |
1013.422 |
1305.149 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
5.384 |
131.319 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.462 |
7.934 |
9.891 |
|
Total Non-current
Liabilities (3) |
789.041 |
1026.740 |
1446.359 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8343.532 |
6460.150 |
4141.376 |
|
(b) Trade payables |
1779.741 |
2417.232 |
3453.549 |
|
(c) Other current
liabilities |
1149.150 |
1659.209 |
1491.765 |
|
(d) Short-term provisions |
37.983 |
51.857 |
243.693 |
|
Total Current Liabilities
(4) |
11310.406 |
10588.448 |
9330.383 |
|
|
|
|
|
|
TOTAL |
16763.002 |
16962.081 |
16595.636 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2140.533 |
2576.834 |
2714.916 |
|
(ii) Intangible Assets |
160.841 |
121.969 |
171.129 |
|
(iii) Capital
work-in-progress |
35.282 |
24.206 |
10.516 |
|
(iv) Intangible assets
under development |
0.000 |
57.132 |
0.000 |
|
(b) Non-current
Investments |
1212.443 |
1209.977 |
852.272 |
|
(c) Deferred tax assets
(net) |
333.696 |
50.108 |
0.000 |
|
(d) Long-term Loan and Advances |
0.748 |
0.657 |
256.670 |
|
(e) Other Non-current
assets |
41.623 |
33.140 |
42.420 |
|
Total Non-Current Assets |
3925.166 |
4074.023 |
4047.923 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1402.211 |
2060.393 |
2023.877 |
|
(c) Trade receivables |
6403.818 |
6138.477 |
6024.159 |
|
(d) Cash and cash
equivalents |
308.962 |
99.386 |
246.021 |
|
(e) Short-term loans and
advances |
1363.149 |
1339.934 |
4253.656 |
|
(f) Other current assets |
3359.696 |
3249.868 |
0.000 |
|
Total Current Assets |
12837.836 |
12888.058 |
12547.713 |
|
|
|
|
|
|
TOTAL |
16763.002 |
16962.081 |
16595.636 |
PROFIT
& LOSS ACCOUNT - STANDALONE
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
8673.784 |
8379.897 |
9122.328 |
|
|
Other Income |
5.431 |
6.874 |
2.001 |
|
|
TOTAL |
8679.215 |
8386.771 |
9124.329 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3549.284 |
4479.432 |
6002.886 |
|
|
Purchases of Stock-in-Trade |
2500.408 |
1695.867 |
848.310 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
388.337 |
5.034 |
214.594 |
|
|
Excise Duty |
260.309 |
317.387 |
0.000 |
|
|
Employees benefits expense |
436.613 |
401.275 |
397.753 |
|
|
Other expenses |
743.177 |
803.381 |
735.425 |
|
|
Exceptional Items |
391.958 |
0.000 |
0.000 |
|
|
TOTAL |
8270.086 |
7702.376 |
8198.968 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
409.129 |
684.395 |
925.361 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1205.677 |
965.246 |
668.785 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(796.548) |
(280.851) |
256.576 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
180.682 |
196.369 |
195.874 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(977.230) |
(477.220) |
60.702 |
|
|
|
|
|
|
|
Less |
TAX |
(288.747) |
(226.661) |
28.157 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(688.483) |
(250.559) |
32.545 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR) |
(10.18) |
(3.71) |
0.50 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
326.921 |
562.227 |
327.428 |
|
Cash generated from operations |
(164.504) |
817.994 |
(27.834) |
|
Net cash flows from (used in) operations |
(182.255) |
767.272 |
(42.478) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net sales |
1285.600 |
858.130 |
405.250 |
|
Total Expenditure |
1143.210 |
911.680 |
506.440 |
|
PBIDT (Excluding Other Income) |
142.390 |
(53.550) |
(101.190) |
|
Other income |
NA |
NA |
0.570 |
|
Operating Profit |
142.390 |
(53.550) |
(100.620) |
|
Interest |
339.450 |
339.290 |
320.600 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(197.060) |
(392.840) |
(421.220) |
|
Depreciation |
41.620 |
42.120 |
42.200 |
|
Profit Before Tax |
(238.680) |
(434.960) |
(463.420) |
|
Tax |
(86.020) |
(132.240) |
(140.530) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(152.660) |
(302.720) |
(322.880) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(152.660) |
(302.720) |
(322.880) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
269.48 |
267.37 |
241.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.35 |
1.37 |
1.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
107.38 |
142.87 |
183.99 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.29 |
0.33 |
0.46 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.18 |
0.25 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.72 |
0.68 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.96 |
1.40 |
0.94 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.43 |
1.98 |
1.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.50 |
0.52 |
0.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.34 |
0.71 |
1.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(7.94) |
(2.99) |
0.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(4.11) |
(1.48) |
0.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(14.76) |
(4.69) |
0.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.14 |
1.22 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.01 |
1.02 |
1.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.28 |
0.32 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
67.30 |
55.30 |
40.30 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.14 |
1.22 |
1.34 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 14.75/- |
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 |
135.152 |
135.152 |
135.552 |
|
Reserves & Surplus |
5683.742 |
5211.741 |
4528.003 |
|
Net worth |
5818.894 |
5346.893 |
4663.555 |
|
|
|
|
|
|
long-term borrowings |
1305.149 |
1013.422 |
779.579 |
|
Short term borrowings |
4141.376 |
6460.150 |
8343.532 |
|
Current Maturities of
Long term debt |
327.428 |
562.227 |
326.921 |
|
Total borrowings |
5773.953 |
8035.799 |
9450.032 |
|
Debt/Equity ratio |
0.992 |
1.503 |
2.026 |
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 |
9122.328 |
8379.897 |
8673.784 |
|
|
|
-8.139 |
3.507 |
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 |
9122.328 |
8379.897 |
8673.784 |
|
Profit |
32.545 |
(250.559) |
(688.483) |
|
|
0.36% |
(2.99%) |
(7.94%) |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
135.552 |
135.152 |
|
(b) Reserves &
Surplus |
|
2568.535 |
3059.657 |
|
(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) |
|
2704.087 |
3194.809 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1020.593 |
1659.859 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
5.384 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
9.462 |
7.934 |
|
Total Non-current
Liabilities (3) |
|
1030.055 |
1673.177 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
8751.779 |
6600.435 |
|
(b) Trade payables |
|
1780.966 |
2418.092 |
|
(c) Other current
liabilities |
|
1509.488 |
1917.383 |
|
(d) Short-term provisions |
|
43.452 |
51.857 |
|
Total Current Liabilities
(4) |
|
12085.685 |
10987.767 |
|
|
|
|
|
|
TOTAL |
|
15819.827 |
15855.753 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2145.254 |
2582.022 |
|
(ii) Intangible Assets |
|
160.841 |
121.968 |
|
(iii) Capital
work-in-progress |
|
248.481 |
215.155 |
|
(iv) Intangible assets
under development |
|
0.000 |
57.132 |
|
(v) Goodwill |
|
2.253 |
2.253 |
|
(b) Non-current
Investments |
|
803.612 |
788.049 |
|
(c) Deferred tax assets
(net) |
|
333.696 |
50.108 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
174.958 |
168.890 |
|
Total Non-Current Assets |
|
3869.095 |
3985.577 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1402.211 |
2060.394 |
|
(c) Trade receivables |
|
6371.732 |
6115.682 |
|
(d) Cash and cash
equivalents |
|
366.937 |
107.030 |
|
(e) Short-term loans and
advances |
|
95.990 |
85.774 |
|
(f) Other current assets |
|
3713.862 |
3501.296 |
|
Total Current Assets |
|
11950.732 |
11870.176 |
|
|
|
|
|
|
TOTAL |
|
15819.827 |
15855.753 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
8673.784 |
8385.238 |
|
|
Other Income |
|
88.234 |
7.014 |
|
|
TOTAL |
|
8762.018 |
8392.252 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
3549.284 |
4479.432 |
|
|
Purchases of Stock-in-Trade |
|
2500.408 |
1695.867 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
388.337 |
5.034 |
|
|
Excise Duty |
|
260.309 |
317.387 |
|
|
Employees benefits expense |
|
454.174 |
401.275 |
|
|
Other expenses |
|
776.333 |
861.670 |
|
|
Exceptional items |
|
391.958 |
0.000 |
|
|
Share of Profit |
|
(123.938) |
35.011 |
|
|
TOTAL |
|
8196.865 |
7795.676 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
565.153 |
596.576 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1329.656 |
1069.976 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(764.503) |
(473.400) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
180.682 |
196.369 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(945.185) |
(669.769) |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(288.735) |
(226.661) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
(656.450) |
(443.108) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(9.71) |
(6.56) |
LEGAL
CASES
LEGAL CASE DETAIL FILE ATTACHED
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 |
Yes |
|
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) |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
Subject is primarily engaged in the power industry, the company
manufactures range of transformers. The company’s products include
transformers, substation and transmission towers and lines which constitutes of
generation, transmission, distribution and manufacture of power equipment viz
Generation Equipment and T&D equipment.
The company is a public limited company inculpated and domiciled in India
and has its registered office at N-104, MIDC Area, Jalgaon 425003, Maharashtra,
India.
OVERVIEW OF COMPANY'S
FINANCIAL PERFORMANCE
During the year Income from Sales and Services of the Company was stood at INR 8068.400 Million against INR 9124.300 Million in the previous financial year.
The Company has incurred a net Loss of INR 254.000 Lakhs in the current financial year against the net profit of INR 32.500 Million in the previous financial year.
MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT
POWER SECTOR IN INDIA
The power generation capacity in India grew by 4.72% for the Financial Year 2016-17 over the previous year and is expected to grow by 5.94% in the financial year 2017-18.
Due to economic slowdown especially in the Infrastructure sector, Power sector projects also witnessed a slow down. Project execution was impacted on account of delay in land Acquisition and project financing issues, while they had a effort down on one hand, the government is making lot of effort to kick start the investment in this sector, by encouraging investments in the renewable energy space, particularly in the area of solar power generation. The power generated through a Solar project in India is now available at prices almost equal to coal power project or even cheaper. Solar installed capacity has grown by 370% in last 3 years to 12288 MW as on 31st March 2017 and is expected to grow going forward, thus providing good opportunity to the company’s business in the power transmission and distribution area.
Transformer Business
The Transformer business in India is witnessing huge margin pressure due to low demand and excess capacity in the industry. Low rate of industrial growth, poor financial status of the utilities along with general economical slowdown has contributed to the low transformer demand in the country.
The company has therefore proactively aligned its strategy according to the current market situation and continues to focus on exports and a few large central utilities in India who have access to capital. The company has supplied many transformers of 500MVA, 400 KV class to PGCIL till the end of current financial year. The company has also contributed in a small way and helped to add power generation capacity of 2000 MW to the Nation by supplying 11 units of 260 MVA, 420 kV, Single Phase Generator Transformers to NTPC for their Solapur and Mouda power generation projects .
During the year, the company has focused on maintaining margins in a competitive environment while balancing capacity utilization and costs. The company has continuously focused on enhancing its transformer design capabilities to stay at the cutting edge of technology while also focusing on improving the supply chain efficiencies. Our every all objective is to be Right the First Time thereby controlling cost. All these initiatives are helping the business to compete in the market.
Project Business
Africa continues to offer exciting opportunities for the company, hence the company continuous to focus on Transmission lines and Substation projects across a selected group of African countries that have access to international funding. They are pleased to announce the commencement of execution of three more Sub-station projects in Africa.
International
Business
International Business offers single point access to all its customers worldwide supplying Products and Solutions that meet various International Standards like IEC and ANSI.
Consistently meeting International quality standards, the Company has exported its Products and Solutions to more than 50 countries in Middle East, Africa, Latin America and the Asia pacific region. Its impressive international clientele ranges from Power Utilities, Oil and gas companies, mining companies and EPC companies.
Moving forward with a healthy order book position and excellent references across the globe, the company is confident of substantially increasing the share of International business of the Company from 30% currently to 50 % in the next few years. This growth will be fuelled through a healthy mix of regions and customers across all product segments without excessive dependence on any specific product of market.
OUTLOOK
Given the growth plans of the power sector and expected growth in industrial activity due to ‘make in India’ and other initiatives of the government like focusing on generating power from renewable energy, the prospect for the company’s products and services look very bright. In addition to the domestic market, the Company has taken a number of steps to increase its global reach which will further increase business opportunities for the company. While they remain very optimistic on the overall business environment, they are internally adjusting our costs to a new world of continuous pricing pressure.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G12123386 |
100050464 |
ICICI BANK LIMITED |
30/08/2016 |
- |
- |
2338000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGu390015IN |
|
2 |
G11442787 |
100049156 |
ICICI BANK LIMITED |
19/08/2016 |
- |
- |
1469000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGu390015IN |
|
3 |
C75478537 |
10612080 |
ICICI BANK LIMITED |
30/12/2015 |
- |
- |
2400000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
4 |
G61720207 |
10568812 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/05/2015 |
17/10/2017 |
- |
19100000000.0 |
Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate,MumbaiMH400001IN |
|
5 |
C17183732 |
10515843 |
State Bank of India |
31/07/2014 |
- |
- |
2700000000.0 |
Commercial Branch (Advances), N.G.N. Vaidya Marg,Bank Street, Horniman Circle, Fort, Mumbai 400 001MumbaiMH400001IN |
|
6 |
C05256219 |
10496877 |
UNION BANK OF INDIA |
29/03/2014 |
- |
- |
250000000.0 |
INDUSTRIAL FINANCE BRANCH,66/80, MUMBAI SAMACHAR MARG,MUMBAIMH400023IN |
|
7 |
B41022971 |
10303843 |
Axis Bank Limited |
23/08/2011 |
21/05/2012 |
- |
357500000.0 |
Axis House C-2, Wadia International CentrePandurang Budhkar Marg, WorliMumbaiMH400025IN |
|
8 |
Z01128091 |
80060162 |
THE SAKURA BANK LTD. |
09/07/1996 |
05/10/1996 |
- |
243000000.0 |
2-B, MITTAL COURT224 NARIMAN POINTMUMBAIMH400021IN |
|
9 |
G49811136 |
10462208 |
DENA BANK |
06/11/2013 |
- |
18/07/2017 |
300000000.0 |
DENA CORPORATE CENTRE, C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA EAST,MUMBAIMH400051IN |
|
10 |
C60987435 |
10512133 |
Bank of India |
22/07/2014 |
- |
05/08/2015 |
250000000.0 |
'Star House', Plot No. C-5, G-BlockBandra-Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
11 |
C60686714 |
10013422 |
EXPORT-IMPORT BANK OF INDIA |
10/08/2006 |
12/07/2013 |
24/07/2015 |
250000000.0 |
Centre One Building, Floor 21World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN |
|
12 |
C59908491 |
10428082 |
UNION BANK OF INDIA |
02/05/2013 |
- |
13/07/2015 |
3350000000.0 |
INDUSTRIAL FINANCE BRANCH,M S MARG,MUMBAIMH400023IN |
|
13 |
C60029501 |
10509270 |
DENA BANK |
12/06/2014 |
30/07/2014 |
03/07/2015 |
600000000.0 |
Dena Corporate Centre, Bandra Kurla Complex,Bandra (East),MUMBAIMH400051IN |
|
14 |
C60025566 |
10522215 |
DENA BANK |
04/09/2014 |
- |
03/07/2015 |
1000000000.0 |
Dena Corporate Centre, Bandra Kurla Complex,Bandra (East),MUMBAIMH400051IN |
|
15 |
C60030640 |
80016363 |
DENA BANK |
02/01/1996 |
26/05/2008 |
03/07/2015 |
10455000000.0 |
COPRPORATE BUSINESS BRANCH ,PLOT NO.C-10, G- BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
16 |
C60027778 |
80021518 |
DENA BANK |
28/06/2003 |
16/03/2012 |
03/07/2015 |
17040600000.0 |
C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA EAST,MUMBAIMH400051IN |
|
17 |
B94490398 |
10150959 |
Axis Trustee Services Limited |
19/03/2009 |
- |
21/01/2014 |
500000000.0 |
MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN |
|
18 |
B89023840 |
10098731 |
ABN Amro Bank N. V . |
04/12/2007 |
28/05/2009 |
11/11/2013 |
440000000.0 |
74, Sakhar Bhavan,7th Floor, Nariman Point,MumbaiMH400021IN |
|
19 |
B75333799 |
10020564 |
EXPORT - IMPORT BANK OF INDIA |
15/09/2006 |
- |
07/05/2013 |
150000000.0 |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,CUFF PARADEMUMBAIMH400005IN |
|
20 |
B62221007 |
10320071 |
DENA BANK |
22/11/2011 |
- |
07/11/2012 |
250000000.0 |
Corporate Business Branch, C-10, G-BlockBandra-Kurla Complex, Bandra - EastMumbaiMH400051IN |
|
21 |
B57737108 |
80014165 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
- |
14/09/2012 |
100000000.0 |
IDBI TOWER,COLABAMUMBAIMH400005IN |
|
22 |
B57735615 |
80014169 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
26/09/1997 |
14/09/2012 |
100000000.0 |
IDBI TOWER, COLABAMUMBAIMH400005IN |
|
23 |
B57389207 |
10005589 |
FEDERAL BANK LIMITED |
12/05/2006 |
- |
28/08/2012 |
50000000.0 |
32,BOMBAY SAMACHAR MARGFORTMUMBAIMH400001IN |
|
24 |
A76462365 |
10093885 |
DENA BANK |
21/11/2007 |
- |
26/12/2009 |
1250000000.0 |
CORPORATE BUSINESS BRANCH,PLOT NO C10,GBLOCKBANDRA KURLA COMPLEX,BANDRA(EAST)MAHARASHTRAMH400051IN |
|
25 |
A76417229 |
10021546 |
DENA BANK |
20/09/2006 |
- |
26/12/2009 |
214000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO. C -10, G- BLOCBANDRA KURLA COMPLEX, BANDRA(EAST)MUMBAIMH400051IN |
|
26 |
A76416957 |
10020827 |
DENA BANK |
20/09/2006 |
- |
26/12/2009 |
250000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO. C -10, G- BLOCBANDRA KURLA COMPLEX, BANDRA(EAST)MUMBAIMH400051IN |
|
27 |
A76416494 |
10131928 |
DENA BANK |
06/11/2008 |
- |
26/12/2009 |
4500900000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO.C10, G BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
28 |
A76417724 |
10011831 |
DENA BANK |
14/07/2006 |
- |
26/12/2009 |
150000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO.C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
29 |
A71731350 |
10029040 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
15/12/2006 |
19/09/2007 |
21/10/2009 |
200000000.0 |
IDBI TOWER, WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
30 |
A71173215 |
80056197 |
Export-Import Bank of India |
25/09/2004 |
- |
08/10/2009 |
80000000.0 |
Centre One, World Trade Centre,Cuffe ParateMumbaiMH400005IN |
|
31 |
A55404354 |
10015152 |
STATE BANK OF INDORE |
19/07/2006 |
13/11/2006 |
17/01/2009 |
140000000.0 |
5, YASHWANT NIWAS ROAD,INDOREMP452001IN |
|
32 |
A40289837 |
10066604 |
EXPORT -IMPORT BANK OF INDIA |
22/08/2007 |
- |
29/05/2008 |
200000000.0 |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,CUFFE PARADE,MUMBAIMH400005IN |
|
33 |
A06859110 |
80016364 |
EXPORT IMPORT BANK OF INDIA |
23/08/2005 |
- |
09/11/2006 |
150000000.0 |
WTCCUFFE PARADEMUMBAIMH400005IN |
|
34 |
A05904156 |
80014166 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
30/12/1997 |
16/10/2006 |
100000000.0 |
IDBI TOWER,CUFFE PARADECOLABAMUMBAIMH400005IN |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31st DECEMBER 2018
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
a) Revenue from Operation |
405.245 |
858.131 |
2548.971 |
|
b) Other Income |
0.568 |
-- |
0.568 |
|
Total Income from
Operations (net) |
405.813 |
858.131 |
2549.539 |
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
388.430 |
379.253 |
1596.370 |
|
B) Purchase of Stock in
trade |
0.000 |
420.989 |
420.989 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(98.471) |
(90.386) |
(134.552) |
|
c) Excise Duty |
0.000 |
0.000 |
39.497 |
|
d) Employee benefits
expense |
93.623 |
97.243 |
288.280 |
|
e) Finance Cost |
320.597 |
339.284 |
999.336 |
|
f) Depreciation and
amortisation expense |
42.190 |
42.118 |
125.926 |
|
g) Other expenses |
122.859 |
104.589 |
350.745 |
|
Total Expenses |
869.229 |
1293.000 |
3686.591 |
|
Profit /(Loss) before tax |
(463.415) |
(434.949) |
(1137.052) |
|
Tax
expense |
(140.532) |
(132.242) |
(358.789) |
|
Net
Profit / (Loss) after tax |
(322.883) |
(302.717) |
(778.263) |
|
Other
Comprehensive Income |
(322.883) |
(302.717) |
(778.263 |
|
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
135.685 |
135.552 |
135.685 |
|
Other Equity |
|
|
|
|
Basic
Earning Per Share |
(4.76) |
(4.47) |
(11.47) |
|
Diluted
Earning Per Share |
(4.47) |
(2.24) |
(6.72) |
Note:
1. The unaudited financial statement for the period ended 31st December, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13th February 2017 and have been subjected with limited review by the statutory auditors of the Company.
2. This statement has been prepared in accordance with Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the
Companies Act, 2013 and other recognised accounting practices and policies to
the extent applicable.
3. The Company has only one reportable Segment i.e. Transmission and
Distribution Segment within Power Sector as per Ind AS-108.
4. Subsequent to the withdrawal of S4A Proposal, the Company has submitted a
revised proposal of restructuring the loans to the Bankers The Management is
confident that the revised proposal which also includes fresh investment will
be acceptable to the JLF members and believes its implementation together with
realisations from the sale of non-core assets will reduce the debt, thereby
reducing the finance cost, improve the liquidity and profitability of the
company's operations in future and therefore, these financial statements have
been prepared on going concern basis
5. Trade receivables include INR 754.917 Million due from two customers on
account of outstanding dues and liquidated damages and other deductions
withheld by them The company has taken legal action for recovery of above
amounts Management considers these amounts as good of recovery based on the
legal advice
6. As at 31st March, 2017. trade receivables include INR 2128.572 Million in
respect of the supplies or projects which have been closed or substantially
completed These receivables are due to retentions and claims ansing mainly in
respect of cost over-run due to client caused delays, suspension of projects,
deviation in design and change in scope of work; for which Company is at
various stages of negotiation/discussion with the clients Considering the
contractual tenability, progress of negotiation/ discussion with the client,
the management is confident of recovery of these receivables.
7. Other Current Asset as at 31st December, 2017 includes revenues of INR
1096.428 Million recognised in earlier years under percentage completion method
which are yet to be billed as per the contractual terms This projects are
almost completed and at final reconciliation stage with customers. In view of
the management, the invoices would be raised on the customers as per
contractual terms on hand over of the projects, completion of reconciliation
procedures and amendment in contract wherever required.
8. Inventories as at 31st December 2017 includes INR 444.456 Million lying at
project sites which has been commissioned in past and are lying unused from a
considerable period of time Based on the inspection earned out by technical
personnel, Management is of the opinion that these inventions are in good
conditions and can be utilised in upcoming projects in near time
9. Exceptional items for the year ended 31st March 2017, represent write off of
Project Development Expenditure amounting to INR 306.015 Million and write off
of non-current loan in wholly owned subsidiary amounting to INR. 85.943
Million.
10. Previous period figures have been regrouped, re-arranged and re-classified
wherever necessary to conform to current quarter's classification
FIXED ASSETS:
- Freehold land
- Leasehold land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicles
- Office Equipment
- Air Craft
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 66.01 |
|
|
1 |
INR 92.72 |
|
Euro |
1 |
INR 81.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
NO |
|
--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.