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|
|
%20LIMITED%20-%20490344%2007-Feb-2018_files/image015.jpg){kind=small}
%20LIMITED%20-%20490344%2007-Feb-2018_files/image016.jpg)
%20LIMITED%20-%20490344%2007-Feb-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
490344 |
|
Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED [w.e.f. 29.03.1995] |
|
|
|
|
Formerly Known
As : |
TRIVENI ELECTRIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village:
Moraiya, Taluka: Sanand, District
Ahmedabad - 382213, Gujarat |
|
Tel. No.: |
91-2717-661661 (30 Lines) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.07.1994 |
|
|
|
|
Com. Reg. No.: |
04-022460 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 132.564 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L33121GJ1994PLC022460 |
|
|
|
|
IEC No.: |
0895001268 |
|
|
|
|
GST No.: |
24AACCT8243P1ZV [Ahmedabad] |
|
|
|
|
TIN No.: |
24074500882 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT8243P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of a wide range of Transformers. [Registered Activity] |
|
|
|
|
No. of Employees
: |
504 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1994 and is based in Ahmedabad, Gujarat. It is engaged in manufacturing transformers. Its product includes power transformer, distribution transformer, rectifier transformer, furnace transformer, specialty transformer and reactors. For the financial year ended 2017, the company has achieved 39.19% growth in its revenue as compared to previous year revenue along with average profit margin of 1.62%. The sound financial profile of the company is marked by healthy networth base along with negligible debt level. Rating also takes into consideration of TRIL’S new joint venture with china’s jiansu smart electric company for manufacturing of switchgears, with nominal requirement of deployment of internal accruals in the joint venture in near term. The company has its share price trading at around INR 32.75 against the Face Value of (FV) INR 01 on BSE as on 5th February, 2018. Rating also derive strengths from its established position as one of the leading domestic transformers manufacturers, strong technological tie-ups, well established client base and stable industry outlook. However, rating strengths are partially offset by TRIL’s working capital intensive operations and exposure to volatile raw material prices. Business is active. Payment seems to be regular. In view of aforesaid, 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=A- |
|
Rating Explanation |
Adequate degree of safety |
|
Date |
22.09.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
22.09.2017 |
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 07.02.2018.
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
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-2717-661661]
[Given number 91-2717-6616631 is
incorrect number]
LOCATIONS
|
Survey No.427 P/3-4
and 431 P/1-2, Sarkhej-Bavla Highway, Village: Moraiya, Taluka: Sanand, District Ahmedabad -
382213, Gujarat, India |
|
|
Tel. No.: |
91-2717-661661
(30 Lines) |
|
Fax No.: |
91-2717-661716 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Other Factories
: |
Located at: ·
Odhav,
Ahmedabad, Gujarat, India ·
Odhav,
Ahmedabad, Gujarat, India · Changodar, Ahmedabad, Gujarat, India |
|
|
|
|
Regional Offices : |
·
Located At: ·
#104, Vishwa Prakruthi Haveli, Amruthahalli
Main Road, · 48/9, (Gr. Floor) Purna Chandra Mitra Lane, Swiss Park. (Oppo: Man-Tsee-Khang), Tollygunge, Kolkata - 700 033, West Bengal, India Telefax: 91-33-24240018 ·
502, 5th Floor, Vatika City Point, Near M. G.
Road Metro Station, M. G. Road, Gurgaon - 122 002, Haryana, India Tel.: 91-124-4216537 to 539 · Mumbai ·
Gujarat, Rajasthan and Madhya Pradesh |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Jitendra Ujamsi Mamtora |
|
Designation : |
Whole Time Director |
|
Address : |
2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road,
Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
11.07.1994 |
|
DIN No.: |
00139911 |
|
|
|
|
Name : |
Mr. Satyen Jitendra Mamtora |
|
Designation : |
Managing Director |
|
Address : |
2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road,
Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
12.06.1974 |
|
Qualification: |
Diploma in Electrical Engineering |
|
Expertise in
specific functional areas : |
He has 23 years association with the organization and has
been trained by rotation in all key functional areas of the organization.
Currently, he spearheads the production and marketing division and has played
a key role in consolidating the organization’s presence in the power
utilities segment across the country. |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00139984 |
|
|
|
|
Name : |
Mrs. Karunaben Jitendra Mamtora |
|
Designation : |
Whole-Time Director |
|
Address : |
2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road,
Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
28.11.1950 |
|
Qualification : |
Bachelor’s degree in Arts |
|
Expertise in
specific functional areas : |
She has been associated with the Organization since inception and has been instrumental in undertaking Corporate Social Responsibility activities of the Company. Currently she is in charge of General Administrative functions and the Human Resource Development of the Company |
|
Date of Appointment : |
11.07.1994 |
|
DIN No.: |
00253549 |
|
|
|
|
Name : |
Mr. Vinod Masson |
|
Designation : |
Whole Time Director |
|
Address : |
C-22 Wested Heights, DLF City Phase - V, Gurgaon - 122009, Haryana,
India |
|
Date of Birth/Age : |
30.10.1946 |
|
Qualification : |
Bachelor in Electrical Engineering |
|
Expertise in specific
functional areas : |
Mr. Vinod Masson, qualified as Bachelor Electrical
Engineer from VJTI Mumbai, has 45 years of rich experience in Power Sector in
Indian and Global Markets. Mr. Masson has held various senior positions
across Power Sector. |
|
Date of Appointment : |
11.04.2014 |
|
DIN No.: |
00059587 |
|
|
|
|
Name : |
Mr. Bhaskar Sen |
|
Designation : |
Director |
|
Address : |
Flat No. 2A, 135/G, S. P. Mukherjee Road, Kolkata - 700026, West
Bengal, India |
|
Date of Birth/Age : |
72 Years |
|
Qualification : |
B.E Mechanical Engineering from Jadavpur University |
|
Date of Appointment : |
09.07.2007 |
|
DIN No.: |
01776530 |
|
|
|
|
Name : |
Mr. Rajendra Shantilal Shah |
|
Designation : |
Director |
|
Address : |
289-C, Manekbaug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad -
380015, Gujarat, India |
|
Date of Appointment : |
25.08.2005 |
|
DIN No.: |
00061922 |
|
|
|
|
Name : |
Mr. Harish Ranjit Rangwala |
|
Designation : |
Director |
|
Address : |
1, Ashwavilla - 2, Off Sindhu Bhavan Road, Opposite Ahmedabad Recqet
Acedemy, Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
25.08.2005 |
|
DIN No.: |
00278062 |
|
|
|
|
Name : |
Mr. Sureshchandra Ramsaran Agarwal |
|
Designation : |
Director |
|
Address : |
12, Swinagar, 132 ft Ring Road, Satellite, Ahmedabad - 380015,
Gujarat, India |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
13.08.2007 |
|
DIN No.: |
00889931 |
KEY EXECUTIVES
|
Name : |
Mr. Devendra Kumar Gupta |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
1702, Vasundhara Heights, Sec-11, Sanpada, Navi Mumbai-400705, Maharashtra, India |
|
Date of Appointment : |
03.02.2017 |
|
PAN No.: |
ACLPG5122A |
|
|
|
|
Name : |
Mr. Rakesh Dineshbhai Kiri |
|
Designation : |
Company Secretary |
|
Address : |
11, Dharmnathprabhu Society, Near Adiswarnagar Society, Nikol Road,
Naroda, Ahmedabad - 382330, Gujarat, India |
|
Date of Appointment : |
07.08.2015 |
|
PAN No.: |
CRBPK7537G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
99284150 |
74.90 |
|
(B) Public |
33279960 |
25.10 |
|
|
|
|
|
Total |
132564110 |
100.00 |
%20LIMITED%20-%20490344%2007-Feb-2018_files/image020.gif)
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 |
|
|
|
Individuals/Hindu
undivided Family |
9,92,84,150 |
74.90 |
|
|
Jitendra Mamtora |
8,85,89,920 |
66.83 |
|
|
Jitendra Ujamsi Mamtora (HUF) |
68,29,310 |
5.15 |
|
|
Karunaben Mamtora |
26,77,360 |
2.02 |
|
|
Satyen Mamtora |
9,70,000 |
0.73 |
|
|
Janki Mamtora |
2,13,640 |
0.16 |
|
|
Bipin Mamtora |
1,960 |
0.00 |
|
|
Dilip Mamtora |
1,960 |
0.00 |
|
|
Sub Total A1 |
9,92,84,150 |
74.90 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
9,92,84,150 |
74.90 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
3215890 |
2.43 |
|
|
Hdfc Trustee Company Limited - Hdfc
Infrastructure Fund |
3215890 |
2.43 |
|
|
Financial
Institutions/ Banks |
92967 |
0.07 |
|
|
Sub Total B1 |
3308857 |
2.50 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
25715 |
0.02 |
|
|
Sub Total B2 |
25715 |
0.02 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
23609443 |
17.81 |
|
|
Any Other
(specify) |
6335945 |
4.78 |
|
|
Trusts |
2540 |
0.00 |
|
|
HUF |
1463321 |
1.10 |
|
|
NRI – Non- Repat |
129955 |
0.10 |
|
|
NRI – Repat |
559065 |
0.42 |
|
|
Clearing Members |
1970207 |
1.49 |
|
|
Bodies Corporate |
2210857 |
1.67 |
|
|
Sub Total B3 |
29945388 |
22.59 |
|
|
B=B1+B2+B3 |
33279960 |
25.10 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of a wide range of Transformers. [Registered activity] |
|
|
|
|
Products/ Services : |
Transformers |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
Domestic · Tata Projects Limited · Engineers India Limited · Steel Authority of India Limited · Nuclear Power Corporation of India Limited · Mecon Limited · Customer/Consultant · Tata Projects Limited International · SK Engineering & Construction, Korea · Fluor Daniel, USA |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
504 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Yes Bank Limited 9th Floor, Discovery of India, Nehru Centre, Dr. Annie
Besant Road, Worli, Mumbai-400018, Maharashtra, India · State Bank of India · Bank of Baroda · Axis Bank Limited · Standard Chartered Bank ·
IDBI Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered Accountants |
|
Address : |
19th
Floor, Shapath-V, Besides Crowne Plaza, S.G. Highway, Ahmedabad - 380015,
Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries
Companies : |
·
Transweld
Mechanical Engineering Works Limited ·
Transpares
Limited ·
TARIL
Infrastructure Limited · Savas Engineering Company Private Limited |
|
|
|
|
Joint Venture : |
Jiangke Parth Electrical Equipments Private Limited (w.e.f 5th October, 2016) |
|
|
|
|
Enterprises over which
key Managerial Personnel is able to exercise significant Influence : |
·
Benchmark
HR Solutions (India) Private Limited ·
Benchmark
HR Solutions (India) LLP ·
Jitendra
U. Mamtora (HUF) ·
Transpower · Skytrek Tours & Travels |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13256411 |
Equity Shares |
INR 10/- each |
INR 132.564 Million |
|
|
|
|
|
(i) Reconciliation
of the number of Equity Shares outstanding at the beginning and at the end of
the reporting period
|
Particulars |
31.03.2017 Nos. |
31.03.2017 INR
In Million |
|
|
|
|
|
At the Beginning of the period |
13256411 |
132.564 |
|
Outstanding at the
end of period |
13256411 |
132.564 |
ii) Details of
shareholders holding more than 5% of equity shares
|
|
AS ON 31.03.2017 |
|
|
|
Nos. |
% Holding |
|
Jitendra U. Mamtora |
8858992 |
66.83% |
|
Jitendra U. Mamtora (HUF) |
682931 |
5.15% |
(iii) Rights of
Equity Shares
The Company has one class
of equity shares 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 approval of
the shareholders in ensuing Annual General Meeting except in case of interim
dividend. In the event of liquidation, the equity share holders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in 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 |
132.564 |
132.564 |
132.564 |
|
(b) Reserves & Surplus |
3193.791 |
3063.463 |
3148.817 |
|
(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) |
3326.355 |
3196.027 |
3281.381 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
389.500 |
448.480 |
186.409 |
|
(b) Deferred tax liabilities (Net) |
107.897 |
34.265 |
74.560 |
|
(c)
Other long term liabilities |
3.624 |
25.854 |
57.599 |
|
(d)
long-term provisions |
17.755 |
10.868 |
8.367 |
|
Total
Non-current Liabilities (3) |
518.776 |
519.467 |
326.935 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1308.215 |
964.872 |
1192.459 |
|
(b)
Trade payables |
2396.371 |
2537.176 |
1789.748 |
|
(c)
Other current liabilities |
803.272 |
385.334 |
340.333 |
|
(d)
Short-term provisions |
27.174 |
3.140 |
3.009 |
|
Total
Current Liabilities (4) |
4535.032 |
3890.522 |
3325.549 |
|
|
|
|
|
|
TOTAL |
8380.163 |
7606.016 |
6933.865 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1531.377 |
1605.450 |
1666.988 |
|
(ii)
Intangible Assets |
155.404 |
68.745 |
78.509 |
|
(iii)
Capital work-in-progress |
53.612 |
114.219 |
111.039 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
60.449 |
60.449 |
60.449 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
175.242 |
127.698 |
130.162 |
|
(e)
Other Non-current assets |
4.768 |
36.353 |
48.543 |
|
Total
Non-Current Assets |
1980.852 |
2012.914 |
2095.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1841.910 |
1800.593 |
1560.160 |
|
(c)
Trade receivables |
3559.747 |
2995.292 |
2357.323 |
|
(d)
Cash and cash equivalents |
230.082 |
342.884 |
327.829 |
|
(e)
Short-term loans and advances |
731.152 |
352.724 |
368.453 |
|
(f)
Other current assets |
36.420 |
101.609 |
224.410 |
|
Total
Current Assets |
6399.311 |
5593.102 |
4838.175 |
|
|
|
|
|
|
TOTAL |
8380.163 |
7606.016 |
6933.865 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
8022.426 |
5763.748 |
5416.854 |
|
|
|
Other Income |
66.773 |
50.351 |
35.069 |
|
|
|
TOTAL |
8089.199 |
5814.099 |
5451.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6197.127 |
4833.953 |
4618.808 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(7.243) |
(195.383) |
(307.924) |
|
|
|
Employees benefits expense |
265.647 |
227.921 |
230.656 |
|
|
|
Other expenses |
803.562 |
610.084 |
609.703 |
|
|
|
Exceptional Items |
125.482 |
0.000 |
0.000 |
|
|
|
TOTAL |
7384.575 |
5476.575 |
5151.243 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
704.624 |
337.524 |
300.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
362.821 |
328.099 |
276.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
341.803 |
9.425 |
23.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
134.468 |
134.814 |
120.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
207.335 |
(125.389) |
(96.081) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
77.007 |
(40.035) |
(31.561) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
130.328 |
(85.354) |
(64.520) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
357.128 |
263.124 |
172.688 |
|
|
TOTAL EARNINGS |
357.128 |
263.124 |
172.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
326.202 |
195.089 |
377.758 |
|
|
|
Capital Goods |
6.324 |
7.447 |
101.796 |
|
|
TOTAL IMPORTS |
332.526 |
202.536 |
479.554 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
9.83 |
(6.44) |
(4.87) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
146.909 |
162.372 |
116.156 |
|
|
|
|
|
|
Cash generated from operations |
22.025 |
338.045 |
935.870 |
|
|
|
|
|
|
Net Cash Generated from Operating Activities |
3.989 |
331.469 |
919.256 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
161.96 |
189.68 |
158.84 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.25 |
1.92 |
2.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
141.14 |
191.58 |
141.43 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.38 |
0.19 |
0.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
0.19 |
0.16 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.61 |
0.59 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.55 |
0.49 |
0.46 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.36 |
1.22 |
1.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.52 |
0.56 |
0.57 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.94 |
1.03 |
1.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.62 |
(1.48) |
(1.19) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.56 |
(1.12) |
(0.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.92 |
(2.67) |
(1.97) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.44 |
1.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.00 |
0.97 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.42 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.91 |
11.89 |
11.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.44 |
1.45 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 32.75/- |
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 |
132.564 |
132.564 |
132.564 |
|
Reserves & Surplus |
3148.817 |
3063.463 |
3193.791 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3281.381 |
3196.027 |
3326.355 |
|
|
|
|
|
|
long-term borrowings |
186.409 |
448.480 |
389.500 |
|
Short term borrowings |
1192.459 |
964.872 |
1308.215 |
|
Current Maturities of Long
term debt |
116.156 |
162.372 |
146.909 |
|
Total
borrowings |
1495.024 |
1575.724 |
1844.624 |
|
Debt/Equity
ratio |
0.456 |
0.493 |
0.555 |
%20LIMITED%20-%20490344%2007-Feb-2018_files/image022.gif)
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 |
5416.854 |
5763.748 |
8022.426 |
|
|
|
6.404 |
39.188 |
%20LIMITED%20-%20490344%2007-Feb-2018_files/image024.gif)
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 |
5416.854 |
5763.748 |
8022.426 |
|
Profit |
(64.520) |
(85.354) |
130.328 |
|
|
(1.19%) |
(1.48%) |
1.62% |
%20LIMITED%20-%20490344%2007-Feb-2018_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
G74904129 |
100142972 |
RBL BANK LIMITED |
20/12/2017 |
19/01/2018 |
- |
510000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
2 |
G69817500 |
100139426 |
HDFC BANK LIMITED |
13/10/2017 |
- |
- |
13254551.0 |
HDFC Bank HouseSenapati Bapat Marg, Lower Parel WMumbaiMH400013IN |
|
3 |
G69816973 |
100119996 |
YES BANK LIMITED |
05/08/2017 |
24/11/2017 |
- |
80000000.0 |
9TH FLOOR, DISCOVERY OF INDIA, NEHRU CENTRE,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
4 |
G43124387 |
100095479 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
09/04/2017 |
- |
- |
2662000.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
5 |
G39539911 |
100086410 |
YES BANK LIMITED |
04/03/2017 |
- |
- |
4600000.0 |
9TH FLOOR, DISCOVERY OF INDIA, NEHRU CENTRE,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
6 |
G41296906 |
100090515 |
HDFC BANK LIMITED |
01/03/2017 |
- |
- |
3290000.0 |
HDFC Bank House, Senapati Bapat Marg,Lower Parel W,MumbaiMH400013IN |
|
7 |
G39540760 |
100086412 |
YES BANK LIMITED |
08/11/2016 |
- |
- |
1124000.0 |
9TH FLOOR, DISCOVERY OF INDIA, NEHRU CENTRE,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
8 |
G38544755 |
100083784 |
ICICI BANK LIMITED |
01/08/2016 |
- |
- |
26040000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
9 |
C42715060 |
10547488 |
Axis Bank Limited |
30/01/2015 |
- |
- |
2439000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
10 |
C30808505 |
10527545 |
HDFC BANK LIMITED |
12/09/2014 |
- |
- |
975000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
REVIEW OF OPERATIONS
For the financial year ended 31st March, 2017, the Company has reported standalone total revenue of INR 8089.199 Million and net Profit of INR 130.328 Million as compared to previous year’s total revenue of INR 5814.099 Million and net loss of INR 85.354 Million.
EXPORTS
During the financial year, the Company has achieved export sales of INR 357.128 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OUTLOOK
The Asian Development bank, in its economic publication, has predicted India’s growth rate 7.4% in 2017-18 and 7.6% in 2018- 19, remaining ahead of China. It has further stated that the Note Ban is likely to have a positive impact over the medium term. The impact of demonetization seems to be dissipating with the entry of replacement currency note in circulation. Along with the implementation of the Goods and Service Tax (GST), demonetization will widen the tax net and improve tax Compliance. With more people channelizing their saving into banks, there will be more money in the system to land at lower rates. A drop in aggregate deposit costs should improve bank profitability, further increasing their lending capacity - the report has said.
Meanwhile, there is
some encouraging news:
• Output of the Core Industries increased by 5.6% in December 2016
• Services sector has expanded in March, 2017. The services activity index has grown from 50.3 in February to 51.1 in March, 2017.
• The GST has been implemented from 01.07.2017. It is widely believed that with its implementation, the GDP will go up by 1.5 - 2%. The GST implementation will bring unorganized sector in Tax fold and improve economic scenario in medium to long run.
• Government has achieved revised Tax Collection Target at 17.1 lakh crore for FY 2017. Direct Taxes are up 14.2% and Indirect taxes rose 22%. The strong revenue performance should help bring the fiscal deficit to the budgeted level of ` 5.34 lakh crore, 3.5% of GDP.
• Manufacturing activity expanded the fastest in five months in March, 2017, buoyed by a sharp uptick in production and new purchase orders. Looking ahead, volumes are likely to rise further as businesses will seek to replenish their stock.
BUDGET 2017-18 &
ITS LIKELY IMPACT ON POWER SECTOR
The two biggest budget announcements pertained to rural Electrification and Solar Energy. There were few others announcements pertaining to higher allocations to the flagship Programs – Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and the Integrated Power Developments Scheme (IPDS), more incentives for LED domestic manufacturing and lowering indirect taxes to promote the use of renewable.
While these proposals augur well for the Power Sector, the budget, on the whole, perhaps failed to cheer the sector and fell short of meeting certain industry expectations. Some of these are :
• Absence of any mention of thermal or hydro projects • Direct head on tackling of Stressed Power Assets.
• Measures to address Cost Overrun Pressure & Low electricity prices for Private Power generation companies, Low Plan Load Factors (PLFs), Falling Merchant tariffs, rates for Power Purchase Agreement have led to slower Cash Flow.
• The budget has also refrained from stepping up allocations towards meeting India’s National Development Council (NDC) commitments on renewable energy and energy efficiency.
The Government has allocated INR 138.81 Billion to the Ministry of Power (MoP) for 2017-18; an increase of 33 percent over INR 104.76 Billion (revised) allocated for the previous year.
Solar power Development: This year’s budget has announced the development of an additional 20,000 MW of solar projects under the second phase of solar power development. Further, the government has proposed to use solar power in 7,000 railway stations.
Rural Electrification: The govt. has announced that full electrification of 18,452 villages, identified in 2015, will be achieved by May 2018. As on February ’16, 2017, 66 percent of this target, was achieved, i.e, 12,145 village stood electrified.
DDUGJY and IPDS: The combined allocation has been increased by over 35 percent to INR 106.35 Billion in 2017-18. Overall, the budget restates the focus of the govt. on Rural Electrification and Solar Power.
POWER SECTOR
REVIEW:
India’s Power System in the third largest in the
world. It is highly complex and challenging with more than 325 GW of installed
capacity, 175 million customers and an integrated transmission grid covering a
land mass of 3 million square km and operating in one frequency. It has been
growing at a rate of 8-9 percent every year in terms of both generation
capacity and customer numbers.
Generation Outlook:
The low power offtake by DISCOMS is a key challenge
for GENCOS at present. However, with the launch of the Ujwal Discom Assurance
Yojana (UDAY), the financial condition of DISCOMS is expected to improve and
they are likely to come up with power procurement bids in the coming months.
Further, to address the issue of stressed assets, the Ministry of Power (MoP)
is planning to launch a fund worth $ 1 billion to facilitate the financing of
such project. There developments augur well for the growth of the generation
segment.
Transmission Sector:
The spotlight is now on the transmission segment
more than ever before. With the rising demand for power, increasing phase of
renewable in the energy mix, significant expansion of grid is needed. Its
growth story looks promising with investments of nearby 2.6 trillion forecast
by 2022 as per Central Electricity Authority’s (CEA) draft National Electricity
Plan. The projected investments are almost 1.4 times those planned for the 12th
plan period.
The CEA projects an addition of almost 100,000 ckt.
km of transmission lines and 290,000 MVA of transformation Capacity at 220 Kv
and above voltage levels during 13th plan period. An interregional capacity
addition of around 45,700 MW is expected as compared to 29,700 MW planned for
the 12th plan.
Out of the 105,580 ckt km planned, 43 percent is
expected to be added at the 400 Kv level, 25 percent at the 765 Kv level, 26.5
percent at the 220kV, and the remaining of the 800 kV level. The total AC
transformation capacity addition is likely to be 292,000 MVA, of which 39
percent would be added of the 765 Kv level, 35 percent at the 450 Kv level and
remaining at the 220 Kv level.
The allocation of the investments are INR 300 billion in the 220 kV transmission systems, INR 1.6 trillion for intra-state transmission projects
and another INR 1 trillion for interstate
transmission projects.
Another key focus area will be reactive power
management. The total investment planned for Bus reactors during 13th plans is INR 24 billion as compared to INR 6.3 billion in the 12th plan. For line Reactors,
nearly `
26 billion of investments are pegged in the 13th
plan vis-a-vis INR 6.3 billion in the 12th plan.
In addition to these, several dynamic compensation devices such as static var
compensators and static compensators are under implementation in the network.
Across all regimes, The investments are projected to be INR 28.3 billion as compared to ` 8.3 billion in the 12th plan.
Green Energy Corridors - II:
The GEC - II report outlines strategy to integrate
20,000 MW of capacity from 34 proposed solar panels in 21 states, out of a
total solar capacity addition target of 100,000 MW. The plan comprises
inter-state and intrastate transmission schemes with 7,200 ckt km of
transmission lines and 28,700 MVA of transmission capacity at an estimated cost
of INR
127 billion. German development bank KfW will
provide a soft loan of around $1.1 billion.
Distribution Segment - Biting the Bullet:
The Govt. takes another shot at DISCOM revival by
re-engineering its program initiatives to address the long-standing concerns of
the poor financial health of the distribution utilities, inadequate network
development and inefficient asset management. However, sustained improvements
in performance cannot be achieved unless the regulators ensure appropriate and
adequate tariff revisions.
BUSINESS ENVIRONMENT AND FUTURE PROSPECTS
Power transformer
production for the period Nov 15 to Oct 16 stood around 184,000 MVA higher than
the highest annual production of 178,732 MVA recorded earlier. Despite
encouraging expansion of transmission lines, concomitant volume expansions in
transformer production is yet to reach such values as would ensure optimal
capacity utilization available with the manufacturers. However, it can be
logically expected that, with persistent government efforts for development,
the demand will steadily improve, though may not be at the desired pace.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Half Year ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1658.000 |
1315.000 |
2973.000 |
|
Other Income |
19.600 |
15.200 |
34.800 |
|
Total
Income from Operations |
1677.600 |
1330.200 |
3007.800 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1492.900 |
1299.900 |
2792.800 |
|
Purchases of Stock-in-Trade |
--- |
--- |
--- |
|
Changes in inventories of finished goods and
work-in-progress |
(217.200) |
(356.500) |
(573.700) |
|
Excise Duty on sales |
--- |
81.600 |
81.600 |
|
Employee benefits expense |
81.200 |
68.600 |
149.800 |
|
Finance Costs |
90.400 |
81.700 |
172.100 |
|
Depreciation and Amortization expenses |
34.100 |
36.100 |
70.200 |
|
Other Expenditure |
156.600 |
148.100 |
304.700 |
|
Total
Expenses |
1638.000 |
1359.500 |
2997.500 |
|
Profit/(Loss) before Exceptional and Extraordinary Items
and tax |
39.600 |
(29.300) |
10.300 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit//(Loss) before Extraordinary Items and tax |
39.600 |
(29.300) |
10.300 |
|
Extraordinary Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
39.600 |
(29.300) |
10.300 |
|
Tax Expense |
|
|
|
|
Current
tax |
(1.300) |
1.900 |
0.600 |
|
Deferred
tax |
12.800 |
(9.600) |
3.200 |
|
Total tax expenses |
11.500 |
(7.700) |
3.800 |
|
Profit/ loss for the period for continuing
operation |
28.100 |
(21.600) |
6.500 |
|
Profit/ loss from discontinued operations |
--- |
--- |
--- |
|
Tax expenses of discontinued operations |
--- |
--- |
--- |
|
Profit/ loss for the period from discontinued operations |
--- |
--- |
--- |
|
Other comprehensive income |
--- |
--- |
--- |
|
Items that will not be reclassified to profit or loss |
(0.800) |
(0.800) |
(1.600) |
|
Income tax relating of items that will not be reclassified to profit or loss |
0.300 |
0.300 |
0.500 |
|
Items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Income tax relating of items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Total comprehensive income |
27.600 |
(22.100) |
5.400 |
|
Paid-up Equity Share Capital (Face value INR 1/- per
share) |
132.600 |
132.600 |
132.600 |
|
Earnings per Share (EPS) |
|
|
|
|
Basic |
0.21 |
(0.17) |
0.04 |
|
Diluted |
0.21 |
(0.17) |
0.04 |
STANDALONE
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property Plant and equipment |
|
|
1495.900 |
|
Capital work in progress |
|
|
124.800 |
|
Intangible assets |
|
|
142.600 |
|
Financial assets |
|
|
|
|
Investments |
|
|
63.600 |
|
Loans |
|
|
66.400 |
|
Deferred Tax Assets |
|
|
45.700 |
|
Other Non-Current Assets |
|
|
23.900 |
|
Total |
|
|
2012.900 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
(a) Inventories |
|
|
2539.000 |
|
(b) Financial assets |
|
|
|
|
Trade receivables |
|
|
4523.000 |
|
Cash and cash equivalents |
|
|
250.000 |
|
Bank balances other than (iii) above |
|
|
0.4000 |
|
Loans |
|
|
17.300 |
|
Other financial assets |
|
|
66.500 |
|
Current
Tax Assets |
|
|
--- |
|
Other Current Assets |
|
|
499.700 |
|
Total |
|
|
7896.400 |
|
|
|
|
|
|
Total Assets |
|
|
9909.300 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
EQUITY |
|
|
|
|
(a) Equity Share Capital |
|
|
132.600 |
|
(b) Other Equity |
|
|
3063.000 |
|
Total |
|
|
3195.600 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
370.500 |
|
Provisions |
|
|
19.400 |
|
Total |
|
|
389.900 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
2775.900 |
|
Trade payables |
|
|
2757.100 |
|
Other financial liabilities |
|
|
172.300 |
|
Other current liabilities |
|
|
519.500 |
|
Current tax liabilities |
|
|
74.500 |
|
Provisions |
|
|
24.500 |
|
Total Current Liabilities |
|
|
6323.800 |
|
|
|
|
|
|
Total Equity and
liabilities |
|
|
9909.300 |
Notes:
1. The above Unaudited Financial Results have been reviewed
and recommended by the Audit Committee and taken on record and approved by the Board
of Directors in their respective meetings held on 25th November,
2017.
2. The Company has adopted Indian Accounting Standards (Ind AS) notified by the
Ministry of Corporate Affairs from 1st April, 2017 with a transition date of
1st April, 2016 and accordingly these financial results have been prepared in
accordance with the Companies (Indian Accounting Standards) Rules, 2015
prescribed under Section 133 of the Companies Act, 2013 and other accounting
principles generally accepted in India.
3. There is possibility that these quarterly financial results along with the
provisional financial statements act as of and the year ended March 31, 2017
may require adjustment before constituting the final Ind AS Financial
Statements as of and for the year ending March 31, 2018 due to changes in
financial reporting requirements arising from new or revised standards or
interpretation issued by ICAI or changes in the use of one of more optional
exemptions from full retrospective application as permitted under Ind AS 101.
4. Limited Review of the unaudited financial results for the quarter ended on 30th June, 2017 has been carried out by the Statutory Auditors. The financial results for quarter ended on 30th June, 2016 have not been audited/ reviewed and have been presented based on the information compiled by the management after exercising necessary due diligence to ensure true and fair view of the results in accordance with Ind AS.
6. The format for unaudited quarterly results as prescribed in SEBI's circular
dated CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply
with requirements of SEBI's circular dated 5th July, 2016 applicable to all
companies that are required to comply with Ind AS.
6. The shareholders in the 23rd Annual General Meeting held on 30th August,
2017 approved the subdivision of equity shares from Face Value of INR 10 to
Rs.1 each without altering the aggregate amount of such capital and shall rank
pari passu in all respects with the existing fully paid up equity share. However,
subdivision of shares has not been effected as of the date of results. Pursuant
to above, earnings per share (both basic and diluted) for the quarter and
comparative period has been calculated without adjustment to the number of
equity shares.
7. After applicability of Goods and Service Tax (GST) w.e.f. 1st July, 2017, sales are required to be disclosed net of GST. Accordingly, the figures of Revenue from Operations and excise duty on sales for the quarter and half year ended September 30, 2017, are not comparable with the previous periods presented in the results, Further, Revenue from Operations is presented inclusive of excise duty which has resulted into an increase in Revenue from Operation and Excise duty expense by INR 81.600 Million for the current quarter ended 30th September, 2017, INR 260.700 Million for the quarter ended 30th September, 2016 and INR 383.200 Million for the half year ended 30th September, 2016.
8. The operations of the company are limited to one segment, namely
"Electric Transformers".
9. Reconciliation of profit after tax for the quarter ended 30th June, 2016
between Ind AS compliant result as reported above with result reported in
previous year (referred to as Indian GAAP) is given below:
|
PARTICULARS
|
Quarter
Ended 30.09.2016 |
Half
Year ended 30.09.2016 |
|
Net Profit as per Previous GAAP |
96.000 |
103.500 |
|
Effect on finance cost due to Transaction cost |
(0.100) |
(0.300) |
|
Gain arising on fair value accounting of Guarantees |
0.400 |
0.800 |
|
Gain on discounting of
long term financial assets |
0.500 |
1.000 |
|
Effect of warranty
provisions |
(2.600) |
(6.000) |
|
Reversal of warranty provisions |
7.100 |
7.100 |
|
Actuarial (Gain)/ Loss on Employee Defined benefit plan |
0.400 |
0.700 |
|
Deffered tax Impact on above Ind AS adjustment |
(1.600) |
(0.600) |
|
Net Profit After
Tax under Ind AS (A) |
100.100 |
106.200 |
|
|
|
|
|
Other Comprehensive Income |
(0.300) |
(0.700) |
|
Actuarial (Gain)/ Loss on Employee Defined benefit plan |
0.100 |
0.200 |
|
Deffered tax Impact on above Ind AS adjustment |
--- |
--- |
|
Other Comprehensive
Income (B) |
(0.200) |
(0.500) |
|
|
|
|
|
Total Comprehensive
Income as per Ind AS (A+ B) |
99.900 |
105.700 |
10. Figures of the previous period have been re-grouped/ re-arranged wherever
necessary, to conform to current quarter's classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Disputed demand of
Central Excise/Service Tax for payment of excise duty and eligiblity of input
tax credit |
109.195 |
45.457 |
|
Disputed demand of Income
Tax Department for additions and disallowances made against which appeals
have been made (refer note 1) Note 1 - Against the above the company has paid INR 12.600
Million (Previous year INR 12.600 Million). The expected outflow will be
determined at the time of final outcome in respect of the concerned matter.
No amount is expected to be reimbursed. The outflow if any, is not likely to
have a material adverse impact on the Company’s
financial condition, results of operations or cashflows. |
5.705 |
16.770 |
|
Corporate Guarantees of
INR 249.000 Million (Previous year INR 249.000 Million) given by Company for
loan taken by Subsidiaries Company |
53.105 |
90.676 |
|
|
|
|
|
Total |
168.005 |
152.903 |
FIXED ASSETS:
Tangible Assets:
· Land
· Building
· Plant and Equipment
· Electrifications
· Office Equipments
· Furniture and Fixture
· Computer and Accessories
· Vehicles
Intangible Asset:
·
Computer
Software
· Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 64.27 |
|
UK Pound |
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
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.