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|
MIRA INFORM REPORT
|
Report No. : |
489243 |
|
Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ECE INDUSTRIES LIMITED (w.e.f. 05.06.1987) |
|
|
|
|
Formerly Known
As : |
ELECTRIC CONSTRUCTION AND EQUIPMENT COMPANY LIMITED |
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Registered
Office : |
ECE House, 28-A, Kasturba Gandhi Marg, New Delhi - 110001 |
|
Tel. No.: |
91-11-23314237, 23314238, 32944708, 23314239 |
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|
Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.06.1945 |
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|
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Com. Reg. No.: |
55-008279 |
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Capital
Investment / Paid-up Capital : |
INR 72.903 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31500DL1945PLC008279 |
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|
|
|
IEC No.: |
Not Divulged |
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|
|
GSTIN
No.:
|
06AAACE1936C1Z7 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACE1936C |
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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
: |
Subject is mainly engaged in the manufacturing and selling
of Transformer, Elevators’ Components, and Switchgear and is also engaged in
the erection and installation of Elevator. (Registered Activity) |
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|
|
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No. of Employees
: |
519 (Approximately) |
|
MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 4600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1945 having fine track record. As per the available financials of 2017, the company has achieved top line growth in its revenue as compared to its previous year along with fair profit margin during the year Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its well experienced promoters and management team The company is listed on NSE at the quoted price of INR 376.50 against is face value of INR 10. Further, as per quarterly results of 30 September 2017, the company has registered steady operating margins. However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and its working capital intensive operations. Payments seems to be usually regular. In view of aforesaid, the company 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
16.03.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
16.03.2017 |
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
31-03-2016.
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 01.02.2018
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 Co-Operative (91-11-23314237/23314238)
LOCATIONS
|
Registered Office : |
ECE House, 28-A, Kasturba Gandhi Marg, New Delhi – 110001,
India |
|
Tel. No.: |
91-11-23314237, 23314238, 32944708, 23314239 |
|
Fax No.: |
91-11-23310410 |
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E-Mail : |
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|
Website : |
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Elevator Division: |
A - 20, Industrial Area, Meerut Road, Ghaziabad – 201001, Uttar Pradesh, India |
|
Tel. No.: |
91- 120-2712065, 2712037, 2713843 |
|
Fax No.: |
91- 120-2723950 |
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E-Mail : |
|
|
|
|
|
Power Transformers/
Meter Division : |
Ashok Marg, Sanathnagar, Hyderabad- 500018, Telangana, India |
|
Tel. No.: |
91-40-23811745,65648025 |
|
Fax No.: |
91-40-23817702 |
|
|
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Contract Division: |
17, (New) Woods Road, Near Mount Road, Chennai – 600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28545155 |
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Fax No.: |
91-44-28586109 |
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|
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Power Transformer and H.T. Switch Gear Division: |
Delhi Road, Sonpat – 131001, Haryana, India |
|
Tel. No.: |
91-130-2241115/ 2242339 |
|
Fax No.: |
91-130-2218143 |
|
|
|
|
Zonal and Regional
Offices : |
Located at :
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Prakash Kumar Mohta |
|
Designation : |
Managing Director |
|
Address : |
Shreegunjan, 7 Ronaldshay Road, Alipore, Kolkata-700027, West Bengal, India |
|
Date of Appointment : |
18.01.2007 |
|
DIN No.: |
00191299 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Jajoo |
|
Designation : |
Director |
|
Address : |
W - 10/14, Western Avenue, Sainik Farm, New Delhi-110062, India |
|
Date of Appointment : |
24.01.2009 |
|
DIN No.: |
00006504 |
|
|
|
|
Name : |
Mr. Sakate Khaitan |
|
Designation : |
Director |
|
Address : |
5, Queens Park, Kolkata-700019, West Bengal, India |
|
Date of Birth/Age : |
16.02.1972 |
|
Date of Appointment : |
27.05.2008 |
|
DIN No.: |
01248200 |
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|
|
|
Name : |
Mrs. Moulishree Gani |
|
Designation : |
Director |
|
Address : |
7, Ronaldshay Road, Kolkata-700027, West Bengal, India |
|
|
27.08.1976 |
|
Date of Appointment : |
19.01.2015 |
|
DIN No.: |
02496033 |
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|
|
|
Name : |
Shiban Ganju |
|
Designation : |
Casual Vacancy Director |
|
Address : |
A-10, Greater Kailash-I, New Delhi-110048, India |
|
Date of Appointment : |
10.02.2016 |
|
DIN No.: |
03434994 |
KEY EXECUTIVES
|
Name : |
Mr. Rajat Sharma |
|
Designation : |
President and Chief Financial Officer |
|
Address : |
2/20, Kalkaji Extension, Nehru Enclave, New Delhi-110019, India |
|
Date of Appointment : |
07.11.2015 |
|
PAN No.: |
AALPS2476B |
|
|
|
|
Name : |
Mr. Piyush Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
Sahukara Faridpur, Bareilly-243503, Uttar Pradesh, India |
|
Date of Appointment : |
09.02.2012 |
|
PAN No.: |
AMSPA0060E |
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|
|
|
Name : |
Mr. Manish Sikka |
|
Designation : |
President – (Elevator Division - Ghaziabad) |
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|
Name : |
Mr. H.M. Mot |
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Designation : |
President (Transformer Division -Hyderabad) |
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|
Name : |
Mr. P K Agarwal |
|
Designation : |
President (Transformer Division -Sonepat) |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter & Promoter Group |
6576900 |
90.23 |
|
(B) Public |
711745 |
9.77 |
|
Grand Total |
7288645 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the manufacturing and selling
of Transformer, Elevators’ Components, and Switchgear and is also engaged in the
erection and installation of Elevator. (Registered Activity) |
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Products/
Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
519 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
VSD and Associates Chartered Accountants |
|
Address : |
DD-34, Basement, Kalkaji New Delhi – 110019, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
INR 10/- each |
INR 145.000 Million |
|
50000 |
Redeemable Cumulative Preference Shares |
INR 100/- each |
INR 5.000
Million |
|
|
Total
|
|
INR 150.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7333875 |
Equity Shares |
INR 10/- each |
INR 73.339
Million |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7288645 |
Equity Shares |
INR 10/- each |
INR 72.886
Million |
|
|
Add : Forfeited Shares (Amount originally Paid-up) |
|
INR 0.017
Million |
|
|
|
|
INR 72.903 Million |
Reconciliation of the
number of Equity shares outstanding
|
Particulars |
As at March 31, 2016 |
|
|
|
Nos. |
INR In Million |
|
Number of shares at the beginning |
7725925 |
77.259 |
|
Less : Shares issued / bought back during the year |
(437280) |
(4.373) |
|
Number of shares at the end |
7288645 |
72.886 |
Total number of
1487665 (1050385) Equity Shares were bought back in the last five years
Details of the
Shareholders holding more than 5% shares along with number of shares held
|
Particulars |
As at March 31, 2017 |
|
|
|
No. of Shares held |
% of Equity Shares |
|
Jayantika Investment and Finance Limited (Formerly Parvati Tea Company Private Limited) |
2709997 |
37.18 |
|
Prakash Kumar Mohta |
1524182 |
20.91 |
|
Jayshree Finvest Private Limited |
449124 |
6.16 |
|
Bhiragacha Finance Co. Private Limited |
917734 |
12.59 |
Rights, preferences
and restrictions attached with Shares Equity Shares:
The company has issued one class of Equity Share having a par value of INR 10/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their shareholding
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 |
72.903 |
77.276 |
77.276 |
|
(b) Reserves &
Surplus |
1547.473 |
1328.855 |
1339.840 |
|
(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) |
1620.376 |
1406.131 |
1417.116 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.157 |
0.912 |
0.434 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
4.004 |
0.000 |
|
(c) Other long term
liabilities |
4.667 |
4.397 |
5.447 |
|
(d) long-term provisions |
20.155 |
23.681 |
29.220 |
|
Total Non-current
Liabilities (3) |
24.979 |
32.994 |
35.101 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
225.592 |
161.238 |
0.951 |
|
(b) Trade payables |
563.948 |
482.074 |
500.364 |
|
(c) Other current liabilities |
452.256 |
329.854 |
232.357 |
|
(d) Short-term provisions |
197.969 |
36.053 |
40.444 |
|
Total Current Liabilities
(4) |
1439.765 |
1009.219 |
774.116 |
|
|
|
|
|
|
TOTAL |
3085.120 |
2448.344 |
2226.333 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
177.557 |
186.175 |
207.765 |
|
(ii) Intangible Assets |
2.346 |
6.118 |
10.691 |
|
(iii) Capital
work-in-progress |
1.344 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1493.051 |
1004.294 |
905.656 |
|
(c) Deferred tax assets
(net) |
39.168 |
0.000 |
1.000 |
|
(d) Long-term Loan and Advances |
20.635 |
18.462 |
63.655 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1734.101 |
1215.049 |
1188.767 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
323.944 |
392.874 |
291.352 |
|
(c) Trade receivables |
866.961 |
594.300 |
530.357 |
|
(d) Cash and cash
equivalents |
69.588 |
73.478 |
69.386 |
|
(e) Short-term loans and
advances |
85.448 |
164.825 |
129.700 |
|
(f) Other current assets |
5.078 |
7.818 |
16.771 |
|
Total Current Assets |
1351.019 |
1233.295 |
1037.566 |
|
|
|
|
|
|
TOTAL |
3085.120 |
2448.344 |
2226.333 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2614.198 |
1552.969 |
1788.319 |
|
|
Other Income |
173.927 |
137.328 |
103.237 |
|
|
TOTAL |
2788.125 |
1690.297 |
1891.556 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1926.882 |
1223.949 |
1350.525 |
|
|
Purchases of Stock-in-Trade |
4.953 |
8.069 |
6.995 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
69.709 |
(73.710) |
41.342 |
|
|
Employees benefits
expense |
255.220 |
207.401 |
174.401 |
|
|
Exceptional
Items |
(314.738) |
(80.309) |
(45.150) |
|
|
Other expenses |
483.308 |
369.595 |
310.634 |
|
|
TOTAL |
2425.334 |
1654.995 |
1838.747 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
362.791 |
35.302 |
52.809 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
36.917 |
19.721 |
21.586 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
325.874 |
15.581 |
31.223 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.306 |
21.562 |
26.449 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
304.568 |
(5.981) |
4.774 |
|
|
|
|
|
|
|
Less |
TAX |
16.078 |
5.004 |
(5.113) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
288.490 |
(10.985) |
9.887 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
441.247 |
452.332 |
443.575 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
30.000 |
0.100 |
0.200 |
|
|
Proposed Dividend |
0.000 |
0.000 |
0.773 |
|
|
Tax on Dividend |
0.000 |
0.000 |
0.157 |
|
|
Balance Carried to the
B/S |
699.737 |
441.247 |
452.332 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material (including
High Sea Purchase) |
49.603 |
30.173 |
16.956 |
|
|
Components, Spare Parts
and Store etc. |
0.000 |
3.394 |
0.832 |
|
|
TOTAL IMPORTS |
49.603 |
33.567 |
17.788 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
39.08 |
(1.42) |
1.28 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.755 |
0.826 |
0.254 |
|
Cash generated from operations |
(230.104) |
(127.373) |
70.252 |
|
Net cash flow from (used in) operations |
234.755 |
(131.014) |
64.992 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
625.360 |
416.820 |
|
Total Expenditure |
|
631.590 |
428.240 |
|
PBIDT (Excluding Other Income) |
|
(6.230) |
(11.420) |
|
Other income |
|
84.140 |
63.690 |
|
Operating Profit |
|
77.910 |
52.270 |
|
Interest |
|
10.590 |
9.830 |
|
Exceptional Items |
|
9.570 |
NA |
|
PBDT |
|
76.890 |
42.440 |
|
Depreciation |
|
4.440 |
4.590 |
|
Profit Before Tax |
|
72.450 |
37.850 |
|
Tax |
|
22.000 |
8.000 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
50.450 |
29.850 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
50.450 |
29.850 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
121.05 |
139.68 |
108.25 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.02 |
2.61 |
3.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
106.55 |
142.82 |
134.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.12 |
0.09 |
0.18 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.00 |
0.18 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.47 |
0.41 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.14 |
0.12 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.89 |
0.72 |
0.55 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.11 |
0.14 |
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.83 |
1.79 |
2.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.04 |
(0.71) |
0.55 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.35 |
(0.45) |
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.80 |
(0.78) |
0.70 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.94 |
1.22 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.71 |
0.83 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.53 |
0.57 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.11 |
2.11 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.94 |
1.22 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 376.50/- |
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 |
77.276 |
77.276 |
72.903 |
|
Reserves & Surplus |
1339.840 |
1328.855 |
1547.473 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1417.116 |
1406.131 |
1620.376 |
|
|
|
|
|
|
Long-Term Borrowings |
0.434 |
0.912 |
0.157 |
|
Short Term Borrowings |
0.951 |
161.238 |
225.592 |
|
Current Maturities of Long term debt |
0.254 |
0.826 |
0.755 |
|
Total
borrowings |
1.639 |
162.976 |
226.504 |
|
Debt/Equity
ratio |
0.001 |
0.116 |
0.140 |
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 |
1788.319 |
1552.969 |
2614.198 |
|
|
|
(13.160) |
68.335 |
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
|
1788.319 |
1552.969 |
2614.198 |
|
Profit |
9.887 |
(10.985) |
288.490 |
|
|
0.55% |
(0.71%) |
11.04% |
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 |
Yes |
|
17 |
Details of sister concerns |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATION
Subject the Company is mainly engaged in the manufacturing and selling of Transformer, Elevators’ Components, and Switchgear and is also engaged in the erection and installation of Elevator. The Company has manufacturing facilities at Hyderabad (Andhra Pradesh), Sonepat (Haryana), and Ghaziabad (Uttar Pradesh).
REVIEW OF PERFORMANCE
AND OUTLOOK
The sales turnover for the current year is INR 2614.198 Million against INR 1552.969 Million in the previous year. The total gross profit for the year ended 31st March, 2017 comes to INR 325.874 Million (Previous Year INR 15.581 Million) inclusive of net gain of INR 314.738 Million (Previous year INR 80.309 Million) shown under the head exceptional items towards income on settlement of old legal Land matter, sale of Fixed assets/ Investments and also loss on provisions made for legal cases initiated against the company. Relevant detailed notes have also been provided on exceptional items separately. After providing INR 21.306 Million (Previous year INR 21.562 Million) for depreciation and deferred tax credit of INR 43.173 Million (Previous Year INR 5.004 Million as deferred tax charge), there remains a surplus of INR 288.490 Million (Previous year deficit of INR 10.985 Million).
Infrastructure sector is a key driver for the country's economy and also the company's growth. The government is taking every possible initiative to boost the infrastructure sector. However, the progress of economic reforms is still slow. The company is focusing on designing new products and relying on low technology cost. In the earlier years several strategic measures were taken to improve the market share of the company's products. Though there was improvement in production and sales, yet there is still burden on the profitability level.
OUTLOOK
The company is focusing on designing new products and relying on low technology cost. In the earlier years several strategic measures were taken to improve the market share of the company's products. Though there was improvement in production and sales, yet there is still burden on the profitability level.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Repayable on Demand |
|
|
|
Bill Discounting Facility from NBFC |
46.863 |
41.238 |
|
Total |
46.863 |
41.238 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
Company not acknowledged as debts, are as given below |
|
|
|
(i) Excise Duty |
0.817 |
0.817 |
|
(ii) Sales Tax / VAT / Work Contract Tax etc. Provision of INR 2.500 Million (Previous year INR 2.500 Million) made in an earlier year is being carried forward under the head “Provision for contingencies.” |
11.128 |
10.668 |
|
(iii) Cess and Others |
0.060 |
0.060 |
|
Other Claims: |
|
|
|
Other claims
against the Company not acknowledged as debts, are as given below**: |
|
|
|
Labour Cases |
0.200*** |
0.200*** |
|
Demands raised by Provident Fund / Employee State Insurance department |
0.155*** |
0.155*** |
|
Other Claims |
3.155*** |
3.155** |
|
** The Management feels that the Company has a good chance of success in above mentioned cases hence no provision there against is considered necessary. *** In view of large number of cases pending at various Forums / Courts, it is not practicable to give the details of each case. List also includes certain labour matters for which amount of liability is not ascertainable at this stage. |
||
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G35273606 |
100076351 |
BANK OF
BARODA |
11/01/2017 |
- |
- |
200000000.0 |
PARLIAMENT
STREETNEW DELHIDL110001IN |
|
2 |
G08724304 |
100042446 |
ADITYA
BIRLA FINANCE LIMITED |
22/06/2016 |
- |
- |
50000000.0 |
INDIAN
RAYON COMPOUND,VERAVALGU362266IN |
|
3 |
G34358002 |
100043121 |
IIFL
WEALTH FINANCE LIMITED |
21/04/2016 |
05/12/2016 |
- |
500000000.0 |
6TH FLOOR,
IIFL CENTRE, KAMALA CITY,SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMA400013IN |
|
4 |
C58355975 |
10578937 |
TOYOTA
FINANCIAL SERVICES INDIA LIMITED |
17/06/2015 |
- |
- |
1650000.0 |
NO. 21
CENTROPOLIS, FIRST FLOOR,5TH CROSS LANGFORD ROAD, SHANTI NAGARBANGALOREKA560025IN |
|
5 |
G58566340 |
10431991 |
BANK OF
BARODA |
21/05/2013 |
28/09/2017 |
- |
1240000000.0 |
PARLIAMENT
STREETNEW DELHIDL110001IN |
|
6 |
G60210747 |
10573247 |
HDFC
BANK LIMITED |
26/08/2014 |
- |
07/09/2017 |
804379.0 |
HDFC BANK
HOUSE, SENAPATI BAPAT MARG,LOWER PAREL (WEST)MUMBAIMH400013IN |
|
7 |
B81321713 |
90062581 |
BANK OF
BARODA |
27/06/2002 |
17/03/2006 |
10/07/2013 |
1022500000.0 |
K.G.
MARGNEW DELHIDLIN |
|
8 |
B79535829 |
80000090 |
CANARA
BANK |
10/09/1995 |
07/09/2006 |
09/07/2013 |
1022500000.0 |
74,
JANPATH,NEW DELHIDL110001IN |
|
9 |
B78607702 |
90060757 |
BANK OF
BARODA |
19/09/1995 |
12/08/2009 |
26/06/2013 |
2255000000.0 |
PARLIAMENT
STREETNEW DELHIDL110001IN |
|
10 |
B57880510 |
10018826 |
STATE BANK
OF INDIA |
25/02/2006 |
26/10/2009 |
10/09/2012 |
2255000000.0 |
OVERSEAS
BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
STATEMENT OF
UN-AUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER, 2017
(INR in million)
|
Particulars |
Quarter
Ended |
Six months ended |
|||||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|||||
|
Unaudited |
Unaudited |
Unaudited |
|||||
|
|
Income from
Operations |
|
|
|
|||
|
|
Net Sales/Income from Operations (net of excise duty) |
416.822 |
625.358 |
1042.180 |
|||
|
|
Other Income |
63.689 |
84.138 |
147.827 |
|||
|
|
Total Income from
Operations (Net) |
480.511 |
709.496 |
1190.007 |
|||
|
|
Expenses |
|
|
|
|||
|
|
|
Cost of Materials consumed |
403.205 |
492.653 |
895.858 |
||
|
|
|
Purchase of stock in-trade |
1.036 |
2.170 |
3.206 |
||
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(126.828) |
(91.420) |
(218.248) |
||
|
|
|
Excise Duty |
(0.479) |
58.140 |
57.661 |
||
|
|
|
Employee benefit expenses |
72.095 |
71.844 |
143.939 |
||
|
|
|
Finance Costs |
9.834 |
10.594 |
20.428 |
||
|
|
|
Depreciation and amortization expense |
4.590 |
4.436 |
9.026 |
||
|
|
|
Other expenses |
79.212 |
98.198 |
177.410 |
||
|
|
Total Expenses |
442.665 |
646.615 |
1089.280 |
|||
|
|
|
Profit /(Loss)
before exceptional items and tax |
37.846 |
62.881 |
100.727 |
||
|
|
Exceptional items |
0.000 |
9.573 |
9.573 |
|||
|
|
|
Profit /(Loss)
before tax |
37.846 |
72.454 |
110.300 |
||
|
|
Tax Expense including Deferred Tax Liabilities/ (Assets) [Net] |
8.000 |
22.000 |
30.000 |
|||
|
|
|
Profit /(Loss) after tax |
29.846 |
50.454 |
80.300 |
||
|
|
Other Comprehensive
Income |
41.686 |
78.037 |
119.723 |
|||
|
|
Total Other Comprehensive Income for the year |
71.532 |
128.491 |
200.023 |
|||
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
72.903 |
72.903 |
72.903 |
|||
|
|
Earnings per share (EPS)
(INR) |
|
|
|
|||
|
|
Basic |
4.09 |
6.92 |
11.01 |
|||
|
|
Diluted |
4.09 |
6.92 |
11.01 |
|||
REPORTING OF
UNAUDITED SEGMENT INFORMATION
(INR In Million)
|
Sr. No. |
Particular |
Quarter
Ended |
Six months ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
|
Equipment for Power transmission and distribution |
286.713 |
435.922 |
722.635 |
|
|
Elevator |
130.109 |
189.436 |
319.545 |
|
|
Net Sales / Income
from Operations |
416.822 |
625.358 |
1042.180 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
Equipment for Power transmission and distribution |
(31.677) |
22.941 |
(8.736) |
|
|
Elevator |
(20.652) |
(1.015) |
(21.667) |
|
|
Profit/(Loss)
before finance cost and tax |
(52.329) |
21.926 |
(30.403) |
|
|
Less : i.
Finance Cost |
9.834 |
10.594 |
20.428 |
|
|
ii. Exceptional Items Income (Expenses) |
0.000 |
9.573 |
9.573 |
|
|
ii. Un-allocable Income (Expenses) |
100.009 |
51.549 |
151.558 |
|
|
Total Profit/(Loss)
before tax |
37.846 |
72.454 |
110.300 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
Equipment for Power transmission and distribution |
1070.048 |
1047.665 |
1070.048 |
|
|
Elevator |
399.861 |
423.578 |
399.861 |
|
|
Unallocated |
2468.480 |
2500.387 |
2468.480 |
|
|
Total Segment
Assets |
3938.389 |
3971.630 |
3938.389 |
|
|
|
|
|
|
|
|
Segment liabilities
|
|
|
|
|
|
Equipment for Power transmission and distribution |
1050.697 |
1051.563 |
1050.697 |
|
|
Elevator |
315.611 |
330.056 |
315.611 |
|
|
Unallocated |
276.173 |
311.361 |
276.173 |
|
|
Total Segment
liabilities |
1642.481 |
1692.980 |
1642.481 |
Note:
The above unaudited Financial Results and Balance Sheet (attached herewith as Annexure - I) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 14th December 2017. Limited Review has been carried out by the Statutory Auditors of the Company.
The Company has adopted Indian Accounting Standards (`Ind AS') from 1st April, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34-Interim Financial Reporting prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other Accounting Principles Generally Accepted in India. The date of transition to Ind AS is 1st April, 2016. The above results are as per the formats for Balance Sheet and Statement of Profit & Loss (excluding notes and detailed sub-classification) as presecribed in Schedule III to the Companies Act, 2013.
The Finanical Results for the quarter and half year ended 30th September, 2016 have not been subjected to Limited Review or Audit by the Statutory Auditors. These Results have been prepared based on the information compiled by the Management. However, the Management has exercised necessary due diligence to ensure that the Financial Results for the quarter and half year ended 30th September, 2016 provided true and fair view of the results of the Compay in accordance with Ind AS.
Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Central Excise, Value Added Tax (VAT) etc. have been replaced by GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III of the Companies Act, 2013, GST, VAT, etc. are not included in Gross Revenue from sale of products and services for applicable periods. In view of the aforesaid restructuring of indirect taxes, Gross Revenue from sale of products and services and Excise duty for the quarter and six months ended 30th September, 2017 are not comparable with the previous periods. Following additional information is being provided to facilitate such comparison
(INR In Million)
|
Sr. No. |
Particular |
Quarter
Ended |
Six months ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
|
Income from operations (A) |
416.822 |
625.358 |
1042.180 |
|
|
Excise Duty |
0.000 |
55.909 |
55.909 |
|
|
Income from operations (Net of Excise Duty) (A-B) |
416.822 |
569.449 |
986.271 |
Figures for the previous quarter have been regrouped, wherever necessary, for the purpose of comparison
STATEMENT OF ASSETS
OF LIABILITIES
|
SOURCES OF FUNDS |
30.09.2016 (Unaudited) |
|
ASSETS |
|
|
Non-current
assets |
|
|
Property, Plant and Equipment |
173.891 |
|
Other Intangible assets |
4.535 |
|
Intangible Assets under development |
1.495 |
|
|
|
|
Financial
Assets |
|
|
-
Investments |
2401.254 |
|
-
Loans |
1.567 |
|
-
Other financial assets |
19.462 |
|
Deferred Tax Assets (Net) |
9.626 |
|
Non-Current Tax Assets (Net) |
5.036 |
|
|
|
|
Current
assets |
|
|
Inventories |
525.710 |
|
Financial
Assets |
|
|
-
Trade receivables |
683.842 |
|
-
Cash and bank balances |
19.733 |
|
-
Loans |
5.604 |
|
-
Other financial assets |
20.227 |
|
Other current assets |
66.407 |
|
|
|
|
TOTAL |
3938.389 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share Capital |
72.903 |
|
Other equity |
2223.005 |
|
|
|
|
Non-Current
Liabilities |
|
|
Borrowings |
61.839 |
|
Others |
2.818 |
|
Provisions |
21.085 |
|
Other Non-Current Liabilities |
1.699 |
|
|
|
|
Current
Liabilities |
|
|
Borrowings |
70.661 |
|
Trade Payables |
881.946 |
|
Other Current Financial Liabilities |
366.840 |
|
Other Current Liabilities |
198.732 |
|
Provisions |
36.861 |
|
|
|
|
TOTAL |
3938.389 |
FIXED ASSETS:
Tangible Assets
- Land (Leasehold)
- Land (Freehold)
- Building, Road and Culverts
- Plant and Machinery
- Electric and Gas Installation
- Furniture and Fittings
- Office Equipments
- Motor and Other Vehicles
Intangible Assets
- Drawings and Development
- Design Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.69 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
PUJ |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.