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MIRA INFORM REPORT
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Report No. : |
489482 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HINDUSTHAN URBAN
INFRASTRUCTURE LIMITED (w.e.f.19.02.2014) |
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Formerly Known
As : |
HINDUSTHAN VIDYUT PRODUCTS LIMITED (w.e.f.26.03.1998) THE INDIAN ALUMINIUM CABLES LIMITED |
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Registered
Office: |
Kanchenjunga, 7th Floor, 18, Barakhamba Road, New Delhi
-110001 |
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Tel. No.: |
91-11-23320001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.10.1959 |
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Com. Reg. No.: |
55-003141 |
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Capital
Investment / Paid-up Capital : |
INR 14.429 Million |
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CIN No.: [Company Identification
No.] |
L31300DL1959PLC003141 |
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IEC No.: |
0588001236 |
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TIN No.: |
07540021418 |
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GST No.: |
07AAACT2345J2ZD |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT2345J |
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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
: |
Manufacturer and Exporter of Overhead
Conductors, Electro-Porcelain High Tension Insulators and Overhead
Transmission Products and also Power Generation, Investment Activities
& Chemicals. (Registered Activity and also
Confirmed by Management) |
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No. of Employees
: |
613 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1959 and it is having satisfactory track. It is Manufacturer and Exporter of Overhead Conductors, Electro-Porcelain High Tension Insulators and Overhead Transmission Products and also Power Generation. For the financial year 2017, the company has marginal decreased in its revenue from operation as compared to previous year and reported losses. However, Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Rating also reflects from its established track records of business operations, experienced promoters and long standing relationship with its customers. Also rating derives strength from HUIL’s healthy order book position, satisfactory liquidity position and consistent funding support from the group company viz. Hindusthan Engineering Industries Limited (HEIL). Further, Share price are quoted high on stock exchange (Share Price of INR 1280 with face value of INR 10). These strengths are partially offset by susceptibility of its volatility in raw material prices as well as presence in an intensely competitive industry. Trade relations are reported as fair. Business is active. Payments are seems to be usually correct. The company can be considered for business dealings at usual 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term rating = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
03.01.2018 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating = A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
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Date |
03.01.2018 |
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
31-03-2016.
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 DECLINED BY
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-7480400822/ 11-23320001]
[91-129-22775861-3] not working
[91-8527101011] not available
LOCATIONS
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Registered/ Head Office : |
Kanchenjunga 7th Floor, 18, Barakhamba Road, New Delhi
-110001, India |
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Tel. No.: |
91-11-23320001 (5 Lines) |
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Fax No.: |
91-11-23313707 |
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E-Mail : |
contactsales@hindusthanvidyut.com |
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Website : |
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Factory 1 : |
12/1, Milestone, Delhi Mathura Road, Faridabad – 121003, Haryana, India |
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Fax No.: |
91-129-2274509 |
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E-Mail : |
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Factory 2 : |
Industrial Area, P.O. Birla Nagar, Gwalior – 474004, Madhya Pradesh,
India |
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Tel. No.: |
91-751-2421195/ 2450146 |
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Fax No.: |
91-751-4040309 |
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E-Mail : |
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Factory 3 : |
Plot No. 1(C), Brahanaputra Industrial Park,Village : Silla, Mouza
ila, Sundari Ghopa, P.O. College Nagar, North Guwahati District, Kamrur –
781031, Assam, India |
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Tel. No.: |
91-361-2130518/9207411521 |
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E-Mail : |
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Factory 4 : |
Insulators and
Electricals Company 1 – 8, New Industrial Area Post Box no. 1, Mandideep – 462036, Madhya
Pradesh, India |
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Tel. No.: |
91-7480-400800/ 400823-03/ 23326/7/ 407900/01/ 02/ 03/ 400822 |
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Fax No.: |
91-7480-233329/ 400843 |
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Factory 5 : |
321, 325/ 1386, Champajhara, Malipada Khurda, Khurda - 751004, Odisha, India |
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Other Factories: |
Located at: · Mandideep (Madhya Pradesh) · Bhubaneswar (Odisha) |
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Branch Offices : |
Located at :
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Shyam Sunder Bhuwania |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
S-247, Greater Kailash Part Two, New Delhi-110048, India |
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Date of Appointment : |
04.02.1975 |
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DIN No.: |
00107171 |
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Name : |
Mr. Ramawatar Joshi |
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Designation : |
Director |
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Address : |
11/185, Rajendra Nagar, Sector - III, Sahibabad, Ghaziabad-201005, Uttar Pradesh, India |
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Date of Appointment : |
24.02.2015 |
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DIN No.: |
00027616 |
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Name : |
Mr. Raghavendra Anant Mody |
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Designation : |
Whole-time Director |
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Address : |
Mody House, 14B, Judges Court Road, Kolkata - 700027, West Bengal, India |
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Date of Appointment : |
31.08.2017 |
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DIN No.: |
03158072 |
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Name : |
Mr. Mool Chand Gauba |
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Designation : |
Director |
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Address : |
110 D, Sunder Apartments, Paschim Vihar, New Delhi-110087, India |
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Date of Appointment : |
24.02.2015 |
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DIN No.: |
02942664 |
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Name : |
Mrs. Suman Lata Saraswat |
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Designation : |
Director |
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Address : |
195 H Pocket Iv, Mayur Vihar I, Delhi-110091, India |
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Date of Appointment : |
01.08.2014 |
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DIN No.: |
06932165 |
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Name : |
Mr. Vivek Dayaram Kohli |
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Designation : |
Whole-time Director |
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Address : |
Bunglow - 5, Road – 7, Sector-I, Cidco, New Panvel, Navi Mumbai – 410206, Maharashtra, India |
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Date of Appointment : |
28.03.2016 |
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DIN No.: |
06898043 |
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Name : |
Mr. Ratan Lal Nangalia |
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Designation : |
Casual Vacancy Director |
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Address : |
K-504, Aggarsen Apartments, I.P Extention, Patparganj, Delhi - 110092, India |
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Date of Appointment : |
14.09.2015 |
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DIN No.: |
07268034 |
KEY EXECUTIVES
|
Name : |
Mr. Murari Lal Birmiwala |
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Designation : |
Senior Vice President-Finance and Secretary |
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Address : |
10491 A, Mohan Park, Navin Shahdara, Delhi-110032, India |
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Date of Appointment : |
30.09.1982 |
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PAN No.: |
AAGPB4160J |
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Name : |
Mr. Deepak Kejriwal |
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Designation : |
Chief Financial Officer |
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Address : |
H. No. 199, First Floor, Sector 30-33, Indraprastha Colony, P.O. Amar Nagar Faridabad - 121003, Haryana, India |
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Date of Appointment : |
31.08.2017 |
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PAN No.: |
ALGPK7434F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Names of Shareholders |
No. of Shares |
% of Shares |
|
Promoter & Promoter Group |
1077245 |
74.66 |
|
Public |
365640 |
25.34 |
|
Total |
1442885 |
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
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
undivided Family |
700 |
0.05 |
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RAGHAVENDRA ANANT
MODY |
200 |
0.01 |
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RAJENDRA PRASAD
MODY |
500 |
0.03 |
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Any Other
(specify) |
1076545 |
74.61 |
|
|
HINDUSTHAN
BUSINESS CORPORATION LIMITED |
47000 |
3.26 |
|
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PRADYUMNA STEELS
LIMITED |
70000 |
4.85 |
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|
PROMAIN LIMITED |
117900 |
8.17 |
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CARBO INDUSTRIAL
HOLDINGS LTD |
132820 |
9.21 |
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HINDUSTHAN CONSULTANCY
AND SERVICES LTD |
708825 |
49.13 |
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Sub Total A1 |
1077245 |
74.66 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
1077245 |
74.66 |
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) |
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B1) Institutions |
0 |
0.00 |
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Financial
Institutions/ Banks |
5600 |
0.39 |
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Sub Total B1 |
5600 |
0.39 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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B3)
Non-Institutions |
0 |
0.00 |
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|
Individual share
capital upto INR 0.200 Million |
229321 |
15.89 |
|
|
SHAH PARESH
CHIMANLAL |
16194 |
1.12 |
|
|
MAHENDRA
GIRDHARILAL |
16460 |
1.14 |
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RITIKA GUPTA |
17000 |
1.18 |
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Individual share
capital in excess of INR 0.200 Million |
70827 |
4.91 |
|
|
RAMABEN BHAGUBHAI
PATEL |
21314 |
1.48 |
|
|
RITIKA GUPTA |
49513 |
3.43 |
|
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Any Other
(specify) |
59892 |
4.15 |
|
|
Clearing Members |
40 |
0.00 |
|
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HUF |
14443 |
1.00 |
|
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NRI – Repat |
699 |
0.05 |
|
|
3 A CAPITAL
SERVICES LIMITED |
23670 |
1.64 |
|
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Bodies Corporate |
44710 |
3.10 |
|
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Sub Total B3 |
360040 |
24.95 |
|
|
B=B1+B2+B3 |
365640 |
25.34 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Overhead
Conductors, Electro-Porcelain High Tension Insulators and Overhead
Transmission Products and also Power Generation, Investment Activities
& Chemicals. (Registered Activity and also
Confirmed by Management) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users · BSES · AREVA · BHEL · WESEDIL · DGVCL · DHBVN · EIL |
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No. of Employees : |
613 (Approximately) |
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Bankers : |
· IDBI Bank Limited Malviya Nagar, Bhopal, Madhya Pradesh, India · Andhra Bank M 35 Mainconnaught Circus, New Delhi - 110001, India · State Bank of Bikaner and Jaipur Commercial Branch101-102, New Delhi House, 27 Barakhamba Road, New Delhi-110001, India · Canara Bank · State Bank of India |
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Facilities : |
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Auditors : |
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Name : |
K.N. Gutgutia and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise which
have significant influence over the company: |
Hindusthan
Consultancy & Services Limited |
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|
|
Enterprises over which
Company/ key managerial personnel of company having significant influence: |
·
Carbo Industrial Holdings Limited ·
Hindusthan Business Corporation Limited ·
Pradyumnna Steels Limited ·
Promain Limited ·
Hindusthan Engineering & Industries
Limited ·
Jai Commercial Company Limited ·
Mody Investment & Mfg. Co. Private
Limited ·
Adarsh Commercial Co. Limited ·
Mody Education Foundation |
|
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Wholly Owned
Subsidiary Company: |
·
Hindusthan Speciality Chemicals Limited ·
Hindusthan Vidyut Products Limited ·
Hindusthan Projects Limited |
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|
|
Other Related
Parties: |
·
Hindusthan Vidyut Products Limited ·
EPF Trust |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
INR 10/- each |
INR 25.000 Million |
|
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|
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Issued Capital & Subscribed:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1443000 |
Equity Shares |
INR 10/- each |
INR 14.430
Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1442885 |
Equity Shares |
INR 10/- each |
INR 14.429 Million |
|
|
|
|
|
RECONCILIATION OF THE
NUMBER OF SHARES OUTSTANDING
|
Particulars |
31.03.2017 |
|
|
|
No of Shares |
Amount |
|
Opening Balance |
1442885 |
14.429 |
|
Add:- Addition during the Year |
- |
-- |
|
Less:- Deletion during the Year |
- |
-- |
|
Closing Balance |
1442885 |
14.429 |
The Company has
only one class of shares referred to as equity shares having par value of INR 10/-
per share. Each holder of equity shares is entitled to one vote per share.
Shares in respect
of each class in the company held by its holding company rights ultimate
holding company including shares held by or by subsidiaries or associates of
the holding company or the ultimate holding company in aggregate: NIL
Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts: NIL
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist
currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
The company has not Issued equity share capital including shares allotted for consideration other than cash during the last five years.
Dividend
of INR 1/- share (Previous Year INR 1/-) proposed by the Board of Directors is
subject to the approval of the share holders in the ensuing Annual General
Meeting.
SHAREHOLDERS HOLDING
MORE THAN 5%
|
Name of the Shareholders |
As on 31.03.2017 |
|
|
|
No.
of Shares |
% of Share holding |
|
Hindusthan Consultancy and Services Limited |
708825 |
49.12% |
|
Carbo Industrial Holdings Limited |
132820 |
9.21% |
|
Promain Limited |
117900 |
8.17% |
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 |
14.429 |
14.429 |
14.429 |
|
(b) Reserves & Surplus |
2691.854 |
2709.136 |
2694.947 |
|
(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) |
2706.283 |
2723.565 |
2709.376 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
428.465 |
463.106 |
421.538 |
|
(b) Deferred tax liabilities (Net) |
190.227 |
222.169 |
222.169 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
51.766 |
48.178 |
60.644 |
|
Total
Non-current Liabilities (3) |
670.458 |
733.453 |
704.351 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1503.911 |
1638.971 |
1377.363 |
|
(b)
Trade payables |
1244.318 |
1393.558 |
529.711 |
|
(c)
Other current liabilities |
503.566 |
403.427 |
378.333 |
|
(d)
Short-term provisions |
67.566 |
73.371 |
52.809 |
|
Total
Current Liabilities (4) |
3319.361 |
3509.327 |
2338.216 |
|
|
|
|
|
|
TOTAL |
6696.102 |
6966.345 |
5751.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2170.259 |
2248.530 |
1603.274 |
|
(ii)
Intangible Assets |
28.562 |
1.748 |
1.497 |
|
(iii)
Capital work-in-progress |
25.918 |
26.302 |
739.587 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
900.672 |
908.702 |
641.580 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
177.431 |
180.041 |
147.785 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
45.369 |
|
Total
Non-Current Assets |
3302.842 |
3365.323 |
3179.092 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
777.108 |
731.462 |
482.712 |
|
(c)
Trade receivables |
2302.265 |
2544.960 |
1669.490 |
|
(d)
Cash and cash equivalents |
65.535 |
47.675 |
73.280 |
|
(e)
Short-term loans and advances |
235.905 |
274.543 |
339.548 |
|
(f)
Other current assets |
12.447 |
2.382 |
7.821 |
|
Total
Current Assets |
3393.260 |
3601.022 |
2572.851 |
|
|
|
|
|
|
TOTAL |
6696.102 |
6966.345 |
5751.943 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Gross) |
6559.519 |
6802.381 |
7885.096 |
|
|
|
Other Income |
48.927 |
45.118 |
42.130 |
|
|
|
TOTAL (A) |
6608.446 |
6847.499 |
7927.226 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4348.351 |
4886.943 |
6010.456 |
|
|
|
Purchases of Stock-in-Trade |
5.187 |
0.000 |
0.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
19.547 |
(243.179) |
105.188 |
|
|
|
Employees benefits expense |
301.570 |
309.135 |
291.410 |
|
|
|
Other expenses |
1460.825 |
1378.401 |
1161.193 |
|
|
|
Extraordinary Items |
0.000 |
36.333 |
0.000 |
|
|
|
TOTAL (B) |
6135.480 |
6367.633 |
7568.247 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
472.966 |
479.866 |
358.979 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.213 |
339.785 |
218.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.753 |
140.081 |
140.578 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
152.239 |
130.350 |
91.744 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(47.486) |
9.731 |
48.834 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(31.940) |
(6.195) |
21.171 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(15.546) |
15.926 |
27.663 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
433.785 |
498.244 |
74.689 |
|
|
|
Freight &
Insurance on Exports |
1.964 |
1.371 |
1.725 |
|
|
|
Earning
by sales under Global Tender in India |
0.000 |
1.371 |
3668.022 |
|
|
|
Domestic sales in
foreign currency |
84.230 |
391.391 |
0.000 |
|
|
TOTAL EARNINGS |
519.979 |
892.377 |
3744.436 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
262.871 |
246.382 |
991.658 |
|
|
|
Components and Stores
parts |
1.255 |
5.565 |
4.642 |
|
|
|
Capital Goods |
0.000 |
2.982 |
20.954 |
|
|
TOTAL IMPORTS |
264.126 |
254.929 |
1017.254 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR) |
(10.77) |
11.04 |
19.17 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
11.65% Term Loan from a Bank (Rupee Loan) |
0.000 |
0.000 |
40.036 |
|
11.20% Term Loan from a Bank (Rupee Loan) |
90.336 |
90.535 |
0.000 |
|
16.20% p.a.Term Loan from a Bank (Rupee Loan) |
3.583 |
0.000 |
0.000 |
|
5.758 % p.a.Term Loan -(Foreign Currency Loan) |
20.789 |
18.279 |
0.000 |
|
6.385% Term Loan from a Bank (FCLR) |
0.000 |
0.000 |
5.300 |
|
10.14% ICICI Bank Term Loan - Car Loan |
4.519 |
4.085 |
3.692 |
|
13.70% Term Loan from a Bank (Rupee Loan) |
0.000 |
0.000 |
0.802 |
|
16.20% Term Loan from a Bank (Rupee Loan) |
0.000 |
18.279 |
0.000 |
|
6.345% Term Loan from a Bank (FCLR) |
0.000 |
0.000 |
33.845 |
|
Unsecured Loan (Sales Tax Deferment) |
0.000 |
7.604 |
7.604 |
|
Total |
119.227 |
138.782 |
91.279 |
|
|
|
|
|
|
Cash Generated from Operations |
599.548 |
277.895 |
NA |
|
|
|
|
|
|
Net Cash Inflow /(Outflow) in course of Operating Activities |
597.687 |
265.318 |
NA |
|
|
|
|
|
|
Net Cash from Operating Activities |
NA |
NA |
443.140 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
128.11 |
136.56 |
77.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.85 |
2.67 |
4.72 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
104.32 |
104.08 |
32.17 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.61 |
0.66 |
0.74 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.21 |
0.21 |
0.15 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.59 |
0.50 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.76 |
0.82 |
0.70 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.23 |
1.29 |
0.86 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.82 |
0.84 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.28 |
1.41 |
1.64 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(0.24) |
0.23 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(0.23) |
0.23 |
0.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(0.57) |
0.58 |
1.02 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.02 |
1.03 |
1.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.79 |
0.82 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.39 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
142.19 |
155.30 |
131.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.02 |
1.03 |
1.10 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 1280/- (BSE) |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
14.429 |
14.429 |
14.429 |
|
Reserves & Surplus |
2694.947 |
2709.136 |
2691.854 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2709.376 |
2723.565 |
2706.283 |
|
|
|
|
|
|
long-term borrowings |
421.538 |
463.106 |
428.465 |
|
Short term borrowings |
1377.363 |
1638.971 |
1503.911 |
|
Current Maturities of Long
term debt |
91.279 |
138.782 |
119.227 |
|
Total
borrowings |
1890.180 |
2240.859 |
2051.603 |
|
Debt/Equity
ratio |
0.698 |
0.823 |
0.758 |
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 |
7885.096 |
6802.381 |
6559.519 |
|
|
|
(13.731) |
(3.570) |
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 |
7885.096 |
6802.381 |
6559.519 |
|
Profit/(Loss) |
27.663 |
15.926 |
(15.546) |
|
|
0.35% |
0.23% |
(0.24%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
14.429 |
14.429 |
|
(b) Reserves & Surplus |
|
2663.890 |
2687.689 |
|
(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) |
|
2678.319 |
2702.118 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
538.147 |
463.106 |
|
(b) Deferred tax liabilities (Net) |
|
181.531 |
223.839 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
52.686 |
48.851 |
|
Total
Non-current Liabilities (3) |
|
772.364 |
735.796 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1503.911 |
1638.971 |
|
(b)
Trade payables |
|
1271.565 |
1398.530 |
|
(c)
Other current liabilities |
|
506.588 |
405.274 |
|
(d)
Short-term provisions |
|
68.251 |
74.445 |
|
Total
Current Liabilities (4) |
|
3350.315 |
3517.220 |
|
|
|
|
|
|
TOTAL |
|
6800.998 |
6955.134 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2297.433 |
2379.647 |
|
(ii)
Intangible Assets |
|
30.531 |
3.252 |
|
(iii)
Capital work-in-progress |
|
265.608 |
153.232 |
|
(iv) Intangible assets under development |
|
122.155 |
122.716 |
|
(b) Non-current
Investments |
|
309.840 |
356.884 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
227.906 |
196.193 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
3253.473 |
3211.924 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
21.500 |
|
(b)
Inventories |
|
796.790 |
768.563 |
|
(c)
Trade receivables |
|
2329.625 |
2560.787 |
|
(d)
Cash and cash equivalents |
|
160.739 |
94.096 |
|
(e)
Short-term loans and advances |
|
246.723 |
291.653 |
|
(f)
Other current assets |
|
13.648 |
6.611 |
|
Total
Current Assets |
|
3547.525 |
3743.210 |
|
|
|
|
|
|
TOTAL |
|
6800.998 |
6955.134 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
6678.572 |
6857.881 |
|
|
|
Other Income |
|
50.794 |
51.844 |
|
|
|
TOTAL (A) |
|
6729.366 |
6909.725 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
4379.848 |
4909.836 |
|
|
|
Purchases of Stock-in-Trade |
|
64.732 |
56.538 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
35.702 |
-269.116 |
|
|
|
Employees benefits expense |
|
311.392 |
314.701 |
|
|
|
Other expenses |
|
1473.082 |
1391.451 |
|
|
|
Extraordinary Items |
|
0.000 |
36.333 |
|
|
|
TOTAL (B) |
|
6264.756 |
6439.743 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
464.610 |
469.982 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
368.363 |
339.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
96.247 |
129.997 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
160.112 |
135.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
|
(63.865) |
(5.115) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(41.802) |
(2.048) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
|
(22.063) |
(3.067) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR) |
|
(15.29) |
(2.13) |
|
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G50510882 |
100115948 |
ANDHRA BANK |
27/07/2017 |
- |
- |
90000000.0 |
M 35 MAINCONNAUGHT
CIRCUSNEW DELHIDL110001IN |
|
2 |
G01860972 |
100021100 |
STATE BANK OF
BIKANER AND JAIPUR |
09/02/2016 |
- |
- |
1728000000.0 |
COMMERCIAL
BRANCH101-102, NEW DELHI HOUSE, 27 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
3 |
C44652733 |
10551238 |
CANARA BANK |
02/02/2015 |
- |
- |
450000000.0 |
2ND FLOOR, PCB CONNAUGHT
PLACE, WORLD TRADE TOWERBARAKHAMBA ROADNEW DELHIDL110001IN |
|
4 |
C19648955 |
10518660 |
ICICI BANK LIMITED |
27/05/2014 |
- |
- |
20930000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
5 |
B44044857 |
10366225 |
CANARA BANK |
10/07/2012 |
- |
- |
130000000.0 |
PRIME CORPORATE
BRANCH - II2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANENEW DELHIDL110001IN |
|
6 |
B21551486 |
10208678 |
CANARA BANK |
09/03/2010 |
02/09/2011 |
- |
122900000.0 |
PRIME CORPORATE BRANCH-II2ND
FLOOR, WORLD TRADE TOWER, 18, BARAKHAMBA ROADNEW DELHIDL110001IN |
|
7 |
B21543293 |
10172710 |
CANARA BANK |
18/08/2009 |
02/09/2011 |
- |
123900000.0 |
PRIME CORPORATE
BRANCH-II2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA ROADNEW DELHIDL110001IN |
|
8 |
G05119052 |
90063389 |
CANARA BANK |
14/02/2005 |
12/05/2016 |
- |
4250000000.0 |
PCB, CONNAUGHT
PLACE, 2ND FLOOR, WORLD TRADE TOWERBARAKHAMBA LANENEW DELHIDL110001IN |
|
9 |
G47781992 |
80003631 |
STATE BANK OF
INDIA |
25/09/2001 |
19/05/2017 |
- |
937500000.0 |
COMMERCIAL BRANCH,
SBI LHO CAMPUSHOSHANGABAD ROADBHOPALMP462046IN |
|
10 |
C75866152 |
10070240 |
CANARA BANK |
20/09/2007 |
- |
04/01/2016 |
283000000.0 |
74 JANPATHNEW
DELHINCT OF DELHIDL110001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan & Advances
- From Related Parties (Repayable on demand) |
|
|
|
7% Loan from Hindusthan Engineering & Industries Limited |
710.537 |
635.787 |
|
|
|
|
|
Total |
710.537 |
635.787 |
STATE OF
AFFAIRS AND OPERATIONS
During the year, the gross revenue of the company has decreased to INR 7315.300 million as compared to INR 7558.400 million in 2015-16. The profit before depreciation has marginally decreased from INR 140.081 million to INR 104.751 million.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Power being one of the components of infrastructure crucial for the economic growth of nations, the existence and
development of adequate infrastructure is essential for sustained growth of the Indian economy.
Electricity demand in the country has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity, massive addition to the installed generating capacity is required.
India ranks third among 40 countries in EY’s Renewable Energy Country Attractiveness Index, on back of strong focus by the government on promoting renewable energy and implementation of projects in a time bound manner.
Indian
power sector is undergoing a significant change that has redefined the industry
outlook. The Government of India’s focus on attaining ‘Power for all’ has
accelerated capacity addition in the country. Total installed capacity of power
plants in India stood at 315,426.32 Megawatt (MW) as of February 28, 2017.The
Ministry of Power has set a target of 1,229.4 billion units (BU) of electricity
to be generated in the financial year 2017-18, which is 50 BU’s higher than the target for
2016-17.
SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE
During the year revenue from operations of Insulator Division has increased by 16.22% from INR 1916.300 million in FY 2015-16 to INR 2227.200 million. in FY 2016-17 and profit before Interest & Tax has grown 37.62% from INR 121.200 million. in FY 2015-16 to INR 166.800 million in FY 2016-17.
During the year revenue from operations of Conductor Division has decreased by 10.12% from INR 5566.900 million to INR 5003.500 million. while profit before Interest & Tax has fallen to INR 110.200 million. as compared to INR 191.500 million in previous financial year. We are hopeful that our performance in coming year shall improve with our own strengths of lower costs in logistics, packing and higher volume procurement strategy for Aluminium ingots and to convert the same into rods in our rolling mill at a lower cost to cater our needs.
FUTURE OUTLOOK
The government’s immediate goal is to doubling the current production of energy by 2019 to provide 24x7 electricity for residential, industrial, commercial and agriculture use.
For which number of steps and initiatives like 10-year tax exemption for solar energy projects, etc. are being taken.
The government has also sought to restart the stalled hydro power projects and increase the wind energy production target to 60 GW by 2022 from the current 20 GW.
The Government of India plans to start as many as 10,000 solar, wind and biomass power projects in next five years, with an average capacity of 50 kilowatt per project, thereby adding 500 megawatt to the total installed capacity.
Minister of State for Power outlined Government of India’s goal to provide electricity to every home in India by 2020, while also focusing on ensuring the cost of power is affordable to everyone. The Government of India announced a massive renewable power production target of 175,000 MW by 2022; this comprises generation of 100,000 MW from solar power, 60,000 MW from wind energy, 10,000 MW from biomass, and 5,000 MW from small hydro power projects.
Insulator division is maintaining sustained service level to its existing customers. Insulators with 245kv, 400kv & 765 kv for Circuit Breakers have been developed in order to have part of the business from Circuit Breaker Manufacturers.
However, future market is not looking good seeing the immense pressure on prices and high degree of competition.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH SEPTEMBER, 2017
(INR In Million)
|
Particulars
|
Quarter ended |
Quarter ended |
Half year ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Income |
|
|
|
|
a) Revenue from Operations |
1549.846 |
1812.318 |
3362.164 |
|
b) Other operating income |
9.482 |
24.543 |
34.025 |
|
Total
revenue from Operations |
1559.328 |
1836.861 |
3396.189 |
|
2. Other income |
23.788 |
26.634 |
50.422 |
|
3.
Total Income |
1583.116 |
1863.495 |
3446.611 |
|
|
|
|
|
|
4.Expenditure |
|
|
|
|
a) Cost of material consumed |
1252.456 |
1112.331 |
2364.787 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(251.796) |
15.527 |
(236.269) |
|
d) Excise duty on sale |
0.000 |
192.413 |
192.413 |
|
e) Employees benefit expenses |
75.652 |
73.854 |
149.506 |
|
f) Finance cost |
96.094 |
76.755 |
172.849 |
|
g) Depreciation and amortization expenses |
40.731 |
39.907 |
80.638 |
|
h) Other expenditure |
|
|
|
|
Power and Fuel |
133.028 |
138.175 |
271.203 |
|
Other expenses |
249.210 |
227.057 |
476.267 |
|
Total expenses |
1595.375 |
1876.019 |
3471.394 |
|
|
|
|
|
|
5. Profit/(Loss) before exceptional item and tax |
(12.259) |
(12.524) |
(24.783) |
|
|
|
|
|
|
6. Exceptional item |
1.208 |
17.739 |
18.947 |
|
|
|
|
|
|
7.
Profit/(Loss) before tax |
(11.051) |
5.215 |
(5.836) |
|
|
|
|
|
|
8. Tax expenses |
(7.796) |
(2.004) |
(9.800) |
|
|
|
|
|
|
9. Net profit/(loss) for the
period |
(3.255) |
7.219 |
3.964 |
|
|
|
|
|
|
10. Other
comprehensive income |
|
|
|
|
a) Items that will not be reclassified to profit or loss |
(0.900) |
(0.900) |
(1.800) |
|
b) Income tax relating to items that will not reclassified to profit or loss |
0.298 |
0.298 |
0.596 |
|
11.Total comprehensive income for the period |
(3.857) |
6.617 |
2.760 |
|
|
|
|
|
|
12. Paid-up share capital (Face value INR 10/- per share) |
14.429 |
14.429 |
14.429 |
|
13. Earning per share of INR
10 each |
|
|
|
|
(a) Basic |
(2.67) |
4.59 |
1.91 |
|
(b) Diluted |
(2.67) |
4.59 |
1.91 |
SEGMENT REVISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE
QUARTER ENDED 30TH SEPTEMBER, 2017
|
Particulars
|
Quarter ended |
Quarter ended |
Half year ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
A.
Segment Revenue |
|
|
|
|
Electrical Cables and Conductors |
1059.393 |
1306.900 |
2366.293 |
|
High Tension Insulators |
490.062 |
515.417 |
1005.479 |
|
Others (Electrical Energy) |
9.873 |
14.544 |
24.417 |
|
Total |
1559.328 |
1836.861 |
3396.189 |
|
Less:
Inter Segment Revenue |
-- |
-- |
-- |
|
Net
Sales income From Operations |
1559.328 |
1836.861 |
3396.189 |
|
|
|
|
|
|
B Segment Results Profit/Loss(-) before tax and finance
cost |
|
|
|
|
Electrical Cables and Conductors |
42.899 |
32.541 |
75.440 |
|
High Tension Insulators |
22.426 |
6.748 |
29.174 |
|
Others |
18.510 |
24.942 |
43.452 |
|
Total |
83.835 |
64.231 |
148.066 |
|
Less: Finance
Cost |
96.094 |
76.755 |
172.849 |
|
Exceptional items |
(1.208) |
(17.739) |
(18.947) |
|
Total
Profit/(Loss) before tax |
(11.051) |
5.215 |
(5.836) |
|
|
|
|
|
|
Segment
Assets |
|
|
|
|
Electrical Cables and Conductors |
5448.533 |
5099.199 |
5448.533 |
|
High Tension Insulators |
2300.771 |
2294.275 |
2300.771 |
|
Others |
1069.351 |
1118.139 |
1069.351 |
|
Total
Assets |
8818.655 |
8511.613 |
8818.655 |
|
Add:
Un-allocable corporate assets |
-- |
-- |
-- |
|
Total
assets in the company |
8818.655 |
8511.613 |
8818.655 |
|
|
|
|
|
|
Segment
Liabilities |
|
|
|
|
Electrical Cables and Conductors |
1908.037 |
1615.839 |
1908.037 |
|
High Tension Insulators |
2093.970 |
2059.565 |
2093.970 |
|
Others |
44.070 |
51.442 |
44.070 |
|
Total
Segment Liabilities |
4046.077 |
3726.846 |
4046.077 |
|
|
|
|
|
|
Add:
Un-allocable corporate liabilities |
-- |
-- |
-- |
|
Total
liabilities in the company |
4046.077 |
3726.846 |
4046.077 |
|
|
|
|
|
|
Capital
Employed Segment Assets - Segment Liabilities) |
|
|
|
|
Electrical Cables and Conductors |
3540.496 |
3483.360 |
3540.496 |
|
High Tension Insulators |
206.801 |
234.710 |
206.801 |
|
Others |
1025.281 |
1066.697 |
1025.281 |
|
Total
capital employed in segments |
4772.578 |
4784.767 |
4772.578 |
|
|
|
|
|
|
Add:
Un-allocable corporate assets - liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
Total
capital employed in the company |
4772.578 |
4784.767 |
4772.578 |
STATEMENT
OF STANDALONE UNAUDITED ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017
(INR in Million)
|
PARTICULARS |
30.09.2017 |
|
|
(Unaudited) |
|
ASSETS |
|
|
Non-current Assets |
|
|
Property, Plant and Equipment |
4042.712 |
|
Capital work-in-progress |
19.413 |
|
Investment property |
114.511 |
|
Other intangible Assets |
26.017 |
|
Financial assets |
|
|
Investments |
671.059 |
|
Other financial assets |
-- |
|
Income tax assists (net) |
100.877 |
|
Other non-current Tax assets |
79.994 |
|
Total Non-current
Assets |
5054.583 |
|
|
|
|
Current Assets |
|
|
Inventories |
1124.610 |
|
Financial Assets |
|
|
Investments |
-- |
|
Trade receivable |
2349.834 |
|
Cash and cash equivalents |
9.267 |
|
Other bank balances |
63.085 |
|
Loans and advances |
31.571 |
|
Other financial assets |
12.711 |
|
Income tax assets (net) |
-- |
|
Other current assets |
160.282 |
|
Assets held for sale |
12.712 |
|
Total Current
Assets |
3764.072 |
|
|
|
|
TOTAL ASSETS |
8818.655 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Equity |
|
|
Equity share capital |
14.429 |
|
Other equity |
4178.876 |
|
Total Equity |
4193.305 |
|
|
|
|
Liabilities |
|
|
Non-current
Liabilities |
|
|
Financial
Liabilities |
|
|
Borrowings |
369.200 |
|
Other financial liabilities |
-- |
|
Provisions |
53.498 |
|
Deferred tax liabilities (net) |
579.273 |
|
Other non-current liabilities |
20.748 |
|
Total Non-current
Liabilities |
1022.719 |
|
|
|
|
Current Liabilities |
|
|
Financial
Liabilities |
|
|
Borrowings |
882.557 |
|
Loans and advances |
636.037 |
|
Trade payables |
1550.591 |
|
Other financial liabilities |
370.367 |
|
Other current liabilities |
113.754 |
|
Provisions |
49.325 |
|
Current tax liabilities |
-- |
|
Total Current
Liabilities |
3602.631 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
8818.655 |
NOTES:
1.The above unaudited financial results were, subjected to
limited review by the Statutory Auditors of the Company, reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on 22nd November,
2017. The review report of the Statutory Auditors is being filed with the
Bombay Stock Exchange.
2.The Company has adopted Indian Accounting Standard (Ind-AS) effective 1st
April 2017 (transition date being 1st April 2016) and accordingly unaudited
financial results for the quarter and half year ended 30th September, 2017 are
in compliance with the Ind-AS prescribed under Section 133 of the Companies
Act, 2013 read together with the Companies (Indian Accounting Standards) Rules,
2015 (as amended), and accordingly, previous Indian Generally Accepted
Accounting Principles (IGAAP) results for the quarter and half year ended 30th
September, 2016, have been restated to make the results comparable. The format
for unaudited quarterly results as prescribed in SEBI's circular
CIR/CFD/CMD/15/2015 dated 13-Nov-2015 has been modified to comply with
requirements of SEBI's circular dated 5th July 2016, Ind-AS and Schedule III
(Division II) to the Companies Act, 2013 applicable to company that are
required to comply with Ind-AS.
3.Financial results for all the period have been prepared and presented in
accordance with the recognition and measurement principles of Ind - AS 34
" Interim Financial Reporting".
4.The statement does not include Ind - AS compliant financial results and
Balance Sheet for the previous year ended 31st March, 2017, as the same are not
mandatory as per Circular CIR/CFD/FAC/62/2016 dated 5th July, 2016 issued by SEBI.
5.Reconciliation of the net profit for the quarter and half year ended 30th
September, 2016, as reported under previous IGAAP and as restated under Ind-AS
is as under:
|
Particulars |
Quarter 30.09.2017 |
|
Profit after tax reported
in previous Indian GAAP |
(2.396) |
|
Adjustment: |
|
|
Actuarial (gain)/loss of gratuity to other comprehensive income |
0.893 |
|
Fair value of investment, classified as fair value through profit and loss |
24.968 |
|
Others |
(4.183) |
|
Profit after tax as
per IND-AS |
19.282 |
|
Other comprehensive
income |
|
|
Actuarial (gain)/loss of gratuity |
(0.893) |
|
Total comprehensive
income as per IND-AS |
18.389 |
6.Pursuant to Ind-AS 108, "Operating Segments" are presented based on
the regular review by the Company's Chief Operating Decision Maker to assess
the performance of each segment and to make decisions about the allocation of
the resources. The accounting principles followed in the preparation of the
financials results are consistently applied to record revenue and expenditure
in individual segments.
7.The company may review its accounting policies or its use of exemptions and
accordingly, the consequent changes in the accounting treatment and
disclosures, if any, would be considered in the financial results of the
subsequent quarters within the financial year ending 31st March, 2018 as
provided in Ind - AS 101 "First-time Adoption of Indian Accounting
Standards".
8.Other income for the half year ended 30th September, 2017, includes gain of
INR 17.466 million (Previous half year ended 30th September, 2016 - Nil) on
sale of long term investment in shares and fair value gain of INR 11.147
million (Previous half year ended 30th September, 2016 - INR 8.316 million) of
investment, classified as fair value through profit & loss.
9.Exceptional items denotes profit on sale of some fixed assets of Faridabad
Plant.
10.According to the requirements of Ind AS and SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015, revenue for the corresponding
previous quarters ended 30th June 2017 and 30th September 2016 and for the Six
months ended 30th September 2016 were reported inclusive of Excise Duty. The
Government of India has implemented Goods and Service Tax ("GST") from
1st July 2017 replacing Excise Duty, Service Tax and various other indirect
taxes. As per Ind AS, the revenue for the quarter ended 30th September 2017, is
reported net of GST.
11.Other operating income for the quarter ended 30th September, 2017 is not
comparable to previous & corresponding quarters of the previous year,
subsidy income of Guwahati unit is not available to the unit due to implemented
Goods and Service Tax ("GST") from 1st July 2017.
12.Tax expenses for the current quarter and half year, are based upon
estimation basis and excess/short tax expenses if any, will be adjusted in the
last quarter of the financial year.
13.The figures of the corresponding quarter have been regrouped/reclassified,
wherever necessary to confirm to current quarter's classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantee |
|
|
|
The Company has given following corporate
guarantee on behalf of its subsidiaries or group companies to secure
financial facilities : |
|
|
|
Hindusthan Speciality Chemicals Ltd (100 % Subsidiary), for secure financial facilities |
1728.000 |
1728.000 |
|
Hindusthan Engineering Industries Ltd (group company), under sales tax, excise, custom etc |
60.724 |
60.724 |
|
Outstanding guarantees furnished by banks on behalf of the company |
1883.175 |
1673.849 |
|
Outstanding letters of credit furnished by banks on behalf of the company |
904.385 |
1701.053 |
|
Claims against Company, disputed by the Company, not acknowledged as debt: |
|
|
|
Income Tax demand under appeal * |
6.036 |
5.549 |
|
Excise Duty show cause notices/demands under appeal |
59.301 |
44.012 |
|
Claims against the Company for Sales/Purchase Tax/VAT |
38.933 |
24.369 |
|
Claims against the Company for Labour Cases/MCF & Other under litigation |
24.162 |
16.996 |
|
* Apart from these liabilities, the company has received demand of INR 66.927 million from Income Tax department related to assessment year 13-14 & 14-15, however the credit of advance Income tax of INR 46.600 million has not been adjusted against liability at the time of assessment but the same is reflecting in records of Income tax department (As per statement of 26AS). Balance demand is due to interest charged on the above. The company has filed rectification application for the said demand. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.69 |
|
UK Pound |
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.