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|
|
MIRA
INFORM REPORT
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Report No. : |
490160 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FEDDERS ELECTRIC AND ENGINEERING LIMITED |
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Formerly known
as: |
FEDDERS LLOYD CORPORATION LIMITED |
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Registered
Office : |
Plot No. 6 and 6/1, UPSIDC Industrial Area, Sikanderabad, Bulandshahr – 203205, Uttar Pradesh |
|
Tel. No.: |
91-11-41609457 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
16.01.1957 |
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Com. Reg. No.: |
20-021118 |
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Capital
Investment / Paid-up Capital : |
INR 339.700 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L29299UP1957PLC021118 |
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IEC No.: |
0588055760 |
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TIN No.: |
09490500198 |
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GST No.: |
09AAACF0437B1Z8 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACF0437B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the fields of Environment Control Systems (ECS), Fabrication of Steel Structures for Power, Commercial and Industrial Construction Projects and implementation of high power transmission lines. The Company has also been into exports of power equipments/ components to various funded projects by multilateral agencies. Subject has been generating revenues mainly from three segments: 1. Environmental Control Systems 2. Steel Structures and Engineering 3. Power Transmission and Distribution and Overhead Electrification (OHE) [Registered Activity] |
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|
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No. of Employees
: |
560 (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 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Fedders Electric and Engineering Limited was incorporated in the year 1957. For the financial year 2017, the company has achieved 31.30% growth in its revenue as compared to previous year revenue and has reported an average profit margin of 1.52%. The healthy financial profile of the company is marked by strong networth base along with comfortable debt coverage indicators. Rating takes into consideration equity infused by its promoters. The company has its share price trading at around INR 68.95 against the face value (FV) of INR 10 on BSE as on 5th February, 2018. The rating also takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term [Issuer not cooperating] = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
08.12.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term [Issuer not cooperating] = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
08.12.2017 |
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 08.02.2018
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
MANAGAMENT NON-COOPERATIVE [91-11-41609457/ 58]
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No-6 and 6/1, UPSIDC Industrial Area, Sikanderabad, Bulandshahr – 203205, Uttar Pradesh, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
159, Okhla Industrial Estate, Phase-III, New Delhi-110020,
India |
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Tel. No.: |
91-11-41609457/ 58/ 40627200/ 40627300 |
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Fax No.: |
91-11-41609909 |
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Factory 2 : |
C-4, Phase-II, District Gautam Budh Nagar, Noida-201305,
Uttar Pradesh, India |
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Factory 3 : |
836,837, Jambusar-Bharuch Road, Village Magnad, District
Bharuch-392150, Gujarat, India |
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Factory 4 : |
Saketi Road, Industrial Area, Kala Amb, Tehsil Nahan,
District Sirmour, Himachal Pradesh, India |
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Factory 5 : |
Plot No. 24, Sector 2, IIE Pantnagar, District Udham Singh
Nagar, Uttarakhand, India |
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Factory 6 : |
Plot Nos. S-23 & S-24, Phase-III, SIPCOT Industrial
Complex, Mukundarayapuram, District Vellore, Ranipet-632405, Tamilnadu, India |
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|
|
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Factory 7 : |
Ind. Area, Park-2, Salempur, Mehdood, Near SIDCUL,
Haridwar, Uttarakhand, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sham Sunder Dhawan |
|
Designation : |
Wholetime Director |
|
Address : |
D - 166/10 Sector – 50, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment : |
26.04.2008 |
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DIN No.: |
00528056 |
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Name : |
Mr. Bindu Dogra |
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Designation : |
Director |
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Address : |
C-114g-Summit DLF City Phase-5, Sector-54, Gurgaon-122001, Haryana, India |
|
Date of Appointment : |
06.05.2013 |
|
DIN No.: |
06580704 |
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Name : |
Mr. Ritushri Sharma |
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Designation : |
Director |
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Address : |
House No. 7 Sector-23, Gurgaon-122017, Haryana, India |
|
Date of Appointment : |
11.11.2013 |
|
DIN No.: |
06747745 |
|
|
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|
Name : |
Mr. Arun Kumar Joshi |
|
Designation : |
Director |
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Address : |
E-143, Saket, New Delhi-110017, India |
|
Date of Appointment : |
11.11.2013 |
|
DIN No.: |
06747753 |
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|
|
|
Name : |
Mr. Akhter Aziz Siddiqi |
|
Designation : |
Wholetime Director and Chief Finance Officer |
|
Address : |
House No. B-22, Ground Floor-2, Rampuri, Suryanagar, Chander Nagar S.O., Chander Nagar, Ghaziabad-201011, Uttar Pradesh, India |
|
Date of Appointment : |
09.02.2017 |
|
DIN No.: |
07726807 |
|
PAN No.: |
AIDPS0636F |
KEY EXECUTIVES
|
Name : |
Mr. Pulkit Bhasin |
|
Designation : |
Company Secretary |
|
Address : |
A-3/182, 2nd Floor, Paschim Vihar, New Delhi-110063, India |
|
Date of Appointment : |
03.05.2016 |
|
PAN No.: |
ALKPB4580B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
17651682 |
51.96 |
|
|
(B) Public |
16318018 |
48.04 |
|
|
Grand Total |
33969700 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
3723709 |
10.96 |
|
|
Brij Raj Punj |
1632667 |
4.81 |
|
|
Renu Punj |
1103352 |
3.25 |
|
|
Bharat Raj Punj |
454990 |
1.34 |
|
|
Brinda Jajoo |
296200 |
0.87 |
|
|
Bhavna Sareen |
236500 |
0.70 |
|
|
Any Other
(specify) |
13927773 |
41.00 |
|
|
Fedders Sales Pvt.
Ltd. (Formerly Lloyd Sales Pvt. Ltd.) |
4293619 |
12.64 |
|
|
Perfect Radiators
And Oil Coolers Pvt. Ltd. |
3826525 |
11.26 |
|
|
Airserco Pvt. Ltd. |
1752709 |
5.16 |
|
|
Fedders
Manufacturing Pvt. Ltd.(Formerly Lloyd Manufacturing Pvt. Ltd.) |
1254920 |
3.69 |
|
|
Pandit Kanahaya
Lal Punj Pvt. Ltd. |
700000 |
2.06 |
|
|
Fedders Aircool
Pvt. Ltd.(Formerly Lloyd Aircon Pvt. Ltd.) |
500000 |
1.47 |
|
|
Fedders Stock
& Investments Pvt. Ltd. (Formerly Lloyd Stock & Investments Pvt.
Ltd.) |
500000 |
1.47 |
|
|
Himalayan Mineral
Waters Pvt. Ltd. |
500000 |
1.47 |
|
|
Fedders Credits
Ltd. (Formerly Lloyd Credits Ltd.) |
500000 |
1.47 |
|
|
Punj Services Pvt.
Ltd. |
100000 |
0.29 |
|
|
Sub Total A1 |
17651482 |
51.96 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
200 |
0.00 |
|
|
Tulsi Vansh
Prakash Punj |
200 |
0.00 |
|
|
Sub Total A2 |
200 |
0.00 |
|
|
A=A1+A2 |
17651682 |
51.96 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Financial
Institutions/ Banks |
40616 |
0.12 |
|
|
Sub Total B1 |
40616 |
0.12 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
9318636 |
27.43 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1364892 |
4.02 |
|
|
NBFCs registered
with RBI |
1868 |
0.01 |
|
|
Any Other
(specify) |
5592006 |
16.46 |
|
|
Zenith Impex Pvt.
Ltd. |
751910 |
2.21 |
|
|
Prabhudas Liladhar
Financial Services Pvt. Ltd. |
402000 |
1.18 |
|
|
Investor Education
& Provident Fund, Ministry of Corporate Affairs |
366863 |
1.08 |
|
|
Bodies Corporate |
1591204 |
4.68 |
|
|
NRI |
260278 |
0.77 |
|
|
Trusts |
1050 |
0.00 |
|
|
HUF |
693098 |
2.04 |
|
|
Clearing Members |
1525603 |
4.49 |
|
|
Sub Total B3 |
16277402 |
47.92 |
|
|
B=B1+B2+B3 |
16318018 |
48.04 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the fields of Environment Control Systems (ECS), Fabrication of Steel Structures for Power, Commercial and Industrial Construction Projects and implementation of high power transmission lines. The Company has also been into exports of power equipments/ components to various funded projects by multilateral agencies. Subject has been generating revenues mainly from three segments: 1. Environmental Control Systems 2. Steel Structures and Engineering 3. Power Transmission and Distribution and Overhead Electrification (OHE) [Registered Activity] |
|
|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
|
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· ABB · Citi · Bharat Sanchar Nigam Limited · HAL · RF · India Army |
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No. of Employees : |
560 (Approximately) |
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Bankers : |
· Axis Bank Limited · Central Bank of India · ICICI Bank Limited · Karnataka Bank Limited · Punjab National Bank · Standard Chartered Bank ·
State Bank of India |
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Facilities : |
|
|
|
|
|
Statutory Auditors |
|
|
Name : |
Suresh C. Mathur and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Secretarial Auditors |
|
|
Name : |
Mr. Sanjay Chugh Practicing Company Secretary |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Jain Sharma and Associates Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
(Associated
co./subsidiary co./directors interested): |
· Airserco Private Limited · LEEL Electricals Limited (Formerly known as Lloyd Electric & Engineering Ltd.) · Perfect Radiators & Oil Coolers Private Limited · PSL Engineering Private Limited · Regal Information Technology Private Limited · Fedders Credits Ltd. (Formerly known as Lloyd Credits Limited) · Fedders Sales Private Limited. (Formerly known as Lloyd Sales Private Limited) · Fedders Manufacturing Private Limited. (Formerly known as Lloyd Manufacturing Private Limited) · Himalayan Mineral Waters Private Limited · Fedders Aircool Private Limited (Formerly known as Lloyd Aircon Private Limited) · Fedders IT Technology Private Limited (Formerly known as Lloyd IT Technology Private Limited) · Fedders Infotech (India) Private Limited (Formerly known as Lloyd Infotech (India) Private Limited) · Fedders Stock & Investment Private Limited (Formerly known as Lloyd Stock & Investment Private Limited) · Punj Engineering Private Limited · Punj Services Private Limited · Pandit Kanahya Lal Punj Private Limited · Pandit Kanahya Lal Punj Trust |
|
|
|
|
Foreign Subsidiary
Company : |
Fedders Lloyd Trading FZE |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
INR 10/- each |
INR 700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33969700 |
Equity Shares |
INR 10/- each |
INR 339.700 Million |
|
|
|
|
|
The Company had, pursuant to the approval of Board of Directors, Shareholders and other regulatory approvals and subsequent upon receipt of 25% of the issue price from the Promoters and Promoters’ Group, allotted 50,00,000 warrants convertible into equivalent number of equity shares on preferential basis to its Promoters and Promoters’ Group on 3rd August, 2015 at the issue price of ` 75 per warrant.
The aforesaid warrant holders had applied for exercising
their right for conversion of 32,00,000 warrants into equity shares and had
paid balance 75% aggregating to INR 18,00,00,000/-. Consequently, the Company
had allotted equity shares to the aforesaid holders in 2 (two) Tranches, on
30th December, 2016 and 13th January, 2017 respectively. The remaining
18,00,000 warrants held by the warrant holders were forfeited in accordance
with the applicable provisions of the SEBI (ICDR) Regulations, 2009.
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares |
Rs. In Million |
|
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
30769700 |
307.700 |
|
Shares Issued during the year |
3200000 |
32.000 |
|
Shares outstanding
at the End of the year |
33969700 |
339.700 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having par value of INR 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting
In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares |
% of holding |
|
|
Equity Shares of INR
10 each fully paid-up |
|
|
|
Zenith Impex Private Limited |
1951910 |
5.74 |
|
Rajul Estates Private Limited |
1003562 |
2.95 |
|
Fedders Sales Private Limited (Formerly Lloyd Sales Pvt. Ltd.) |
4293619 |
12.64 |
|
Perfect Radiators and Oil Coolers Private Limited |
3826525 |
11.26 |
|
Brij Raj Punj |
1632667 |
4.81 |
|
Airserco Private Limited |
1752709 |
5.16 |
As per the records of the company, including its register of
shareholders/members and other declaration received from the shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
339.700 |
307.700 |
307.700 |
|
(b) Reserves & Surplus |
4244.500 |
3839.000 |
3651.800 |
|
(c) Money received against share warrants |
0.000 |
93.700 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4584.200 |
4240.400 |
3959.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
132.100 |
428.200 |
602.800 |
|
(b) Deferred tax liabilities (Net) |
150.700 |
130.400 |
86.900 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
36.400 |
40.300 |
209.700 |
|
Total
Non-current Liabilities (3) |
319.200 |
598.900 |
899.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4256.000 |
4362.900 |
4460.000 |
|
(b)
Trade payables |
1980.700 |
1846.000 |
2143.500 |
|
(c)
Other current liabilities |
627.200 |
579.900 |
454.700 |
|
(d)
Short-term provisions |
217.500 |
244.500 |
123.600 |
|
Total
Current Liabilities (4) |
7081.400 |
7033.300 |
7181.800 |
|
|
|
|
|
|
TOTAL |
11984.800 |
11872.600 |
12040.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2558.700 |
2601.100 |
2618.100 |
|
(ii)
Intangible Assets |
5.100 |
6.400 |
6.300 |
|
(iii)
Capital work-in-progress |
120.500 |
118.600 |
111.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6.600 |
6.600 |
7.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
138.100 |
112.300 |
68.900 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2829.000 |
2845.000 |
2812.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3798.100 |
3938.900 |
4162.600 |
|
(c)
Trade receivables |
4581.000 |
4377.400 |
4295.300 |
|
(d)
Cash and cash equivalents |
81.600 |
109.900 |
187.300 |
|
(e)
Short-term loans and advances |
695.100 |
601.400 |
583.000 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
9155.800 |
9027.600 |
9228.200 |
|
|
|
|
|
|
TOTAL |
11984.800 |
11872.600 |
12040.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
13535.800 |
10309.400 |
13161.600 |
|
|
|
Other Income |
27.500 |
40.700 |
29.400 |
|
|
|
TOTAL |
13563.300 |
10350.100 |
13191.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11340.800 |
8660.100 |
11483.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
115.600 |
(141.400) |
(643.300) |
|
|
|
Employees benefits expense |
373.200 |
283.000 |
329.300 |
|
|
|
Other expenses |
644.400 |
567.800 |
657.600 |
|
|
|
TOTAL |
12474.000 |
9369.500 |
11826.700 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1089.300 |
980.600 |
1364.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
648.600 |
490.400 |
642.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
440.700 |
490.200 |
721.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
129.200 |
97.400 |
127.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
311.500 |
392.800 |
594.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
105.900 |
177.000 |
192.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
205.600 |
215.800 |
401.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
546.300 |
493.100 |
2091.100 |
|
|
TOTAL EARNINGS |
546.300 |
493.100 |
2091.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials Components & Parts |
218.000 |
206.600 |
1457.500 |
|
|
|
Capital Goods |
32.600 |
4.300 |
54.300 |
|
|
TOTAL IMPORTS |
250.600 |
210.900 |
1511.800 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
6.05 |
7.03 |
13.06 |
|
|
|
Diluted
|
6.05 |
6.04 |
13.06 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Foreign Currency Loan |
254.800 |
254.300 |
261.700 |
|
Indian Currency Loan |
0.000 |
62.500 |
125.400 |
|
Loan against Vehicles (secured by hypothecation of vehicle
financed) |
3.200 |
4.000 |
0.200 |
|
Total |
258.000 |
320.800 |
387.300 |
|
|
|
|
|
|
Cash generated from operations |
1029.800 |
739.100 |
1463.500 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
858.200 |
649.900 |
1236.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
123.53 |
154.98 |
119.12 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.95 |
2.36 |
3.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
63.75 |
77.80 |
68.13 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.29 |
0.25 |
0.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.41 |
0.36 |
0.50 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.62 |
0.66 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.01 |
1.21 |
1.38 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.54 |
1.66 |
1.81 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.59 |
0.64 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.68 |
2.00 |
2.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.52 |
2.09 |
3.05 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.72 |
1.82 |
3.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.48 |
5.09 |
10.15 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 [12 Months] |
31.03.2016 [9 Months] |
30.06.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.29 |
1.28 |
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.76 |
0.72 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.36 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
13.68 |
16.61 |
17.71 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.29 |
1.28 |
1.28 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 68.95/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
30.06.2015 |
31.03.2016 [9 Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
307.700 |
307.700 |
339.700 |
|
Reserves & Surplus |
3651.800 |
3839.000 |
4244.500 |
|
Money received against share
warrants |
0.000 |
93.700 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3959.500 |
4240.400 |
4584.200 |
|
|
|
|
|
|
long-term borrowings |
602.800 |
428.200 |
132.100 |
|
Short term borrowings |
4460.000 |
4362.900 |
4256.000 |
|
Current Maturities of Long
term debt |
387.300 |
320.800 |
258.000 |
|
Total
borrowings |
5450.100 |
5111.900 |
4646.100 |
|
Debt/Equity
ratio |
1.376 |
1.206 |
1.014 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2015 |
31.03.2016 [9 Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
13161.600 |
10309.400 |
13535.800 |
|
|
|
(21.671) |
31.296 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2015 |
31.03.2016 [9 Months] |
31.03.2017 [12 Months] |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
13161.600 |
10309.400 |
13535.800 |
|
Profit/ (Loss) |
401.800 |
215.800 |
205.600 |
|
|
3.05% |
2.09% |
1.52% |
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 |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G28308500 |
100063764 |
TOYOTA FINANCIAL SERVICES INDIA LIMITED |
16/11/2016 |
- |
- |
1800000.0 |
NO. 21 CENTROPOLIS, FIRST FLOOR,5TH CROSS LANGFORD ROAD, SHANTI NAGARBANGALOREKA560025IN |
|
2 |
C43358431 |
10549099 |
ICICI BANK LIMITED |
20/01/2015 |
- |
- |
14350000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
3 |
C32889404 |
10510922 |
STATE BANK OF INDIA |
30/06/2014 |
15/10/2014 |
- |
14350000000.0 |
14TH FLOOR, JAWAHAR VYAPAR BHAWAN1, TOLSTOY MARGNEW DELHIDL110001IN |
|
4 |
C10164010 |
10348047 |
ICICI BANK LIMITED |
06/03/2012 |
07/04/2014 |
- |
361500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
5 |
C10162337 |
10273410 |
ICICI BANK LIMITED |
04/03/2011 |
07/04/2014 |
- |
153500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
C10171932 |
10273465 |
ICICI BANK LIMITED |
04/03/2011 |
07/04/2014 |
- |
185000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
7 |
B08619371 |
10273413 |
ICICI BANK LIMITED |
28/02/2011 |
- |
- |
361500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
8 |
B08614273 |
10273408 |
ICICI BANK LIMITED |
28/02/2011 |
- |
- |
153500000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
9 |
B08615411 |
10273409 |
ICICI BANK LIMITED |
28/02/2011 |
- |
- |
185000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
10 |
G22124895 |
10315109 |
STANDARD CHARTERED BANK |
09/09/2011 |
17/06/2013 |
28/10/2016 |
275000000.0 |
(ACTING AS AN SECURITY AGENT) C D UNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
3090.400 |
3152.200 |
6242.600 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
3090.400 |
3152.200 |
6242.600 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
2619.000 |
2740.100 |
5359.100 |
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
10.900 |
(55.200) |
(44.300) |
|
Excise Duty |
0.000 |
19.100 |
19.100 |
|
Employee
benefits expense |
90.700 |
84.500 |
175.200 |
|
Finance
Costs |
166.800 |
155.400 |
322.200 |
|
Depreciation
and amortisation expense |
29.800 |
30.100 |
59.900 |
|
Other
expenditure |
145.900 |
421.000 |
566.900 |
|
Total Expenses |
3063.100 |
3395.000 |
6458.100 |
|
|
|
|
|
|
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
27.300 |
(242.800) |
(215.500) |
|
Exceptional
Items |
0.000 |
451.700 |
451.700 |
|
Profit before tax (7-8) |
27.300 |
208.900 |
236.200 |
|
Tax
expense |
9.500 |
47.200 |
56.700 |
|
Net profit/ loss for the year |
17.800 |
161.700 |
179.500 |
|
Other comprehensive income |
|
|
|
|
Investment carried at fair value through OCI |
(0.200) |
0.000 |
(0.200) |
|
Adjustment on account of excess revaluation depreciation |
(0.200) |
(0.200) |
(0.400) |
|
Tax Expenses |
0.100 |
(0.100) |
0.000 |
|
Other comprehensive income (Net of tax) |
(0.300) |
(0.300) |
(0.600) |
|
Total comprehensive income |
17.500 |
161.400 |
178.900 |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
339.700 |
339.700 |
339.700 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before exceptional
Items for the period (INR) |
0.52 |
4.75 |
5.28 |
|
b) Basic and diluted EPS after exceptional
Items for the period (INR) |
0.52 |
4.75 |
5.28 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1] Segment Revenue |
|
|
|
|
Segment Environmental Control Systems |
72.300 |
66.700 |
139.000 |
|
Segment-Steel Structures and Engineering |
2529.500 |
2581.500 |
5111.000 |
|
Segment – Power Projects. |
488.600 |
504.000 |
992.600 |
|
Unallocable |
0.000 |
0.000 |
0.000 |
|
Total |
3090.400 |
3152.200 |
6242.600 |
|
Less: Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Net Sales/Income from Operations |
3090.400 |
3152.200 |
6242.600 |
|
|
|
|
|
|
2] Segment Results |
|
|
|
|
Segment Environmental Control Systems |
8.600 |
5.100 |
13.700 |
|
Segment-Steel Structures and Engineering |
114.200 |
143.800 |
258.000 |
|
Segment – Power Projects. |
84.200 |
(225.000) |
(140.800) |
|
Unallocable |
0.000 |
0.000 |
0.000 |
|
Total |
207.000 |
(76.100) |
130.900 |
|
Less: Finance Charges |
166.800 |
155.400 |
322.200 |
|
Other
Un-Allocable Expenditure (Net off) |
12.900 |
11.300 |
24.200 |
|
Add:
Un-allocable Income |
0.000 |
451.700 |
451.700 |
|
Profit Before Tax |
27.300 |
208.900 |
236.200 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
30.09.2017 |
|
|
(Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
Equity |
|
|
(a) Equity Share Capital |
339.700 |
|
(b) Reserves and Surplus |
4363.400 |
|
Total
Shareholders’ Funds |
4703.100 |
|
|
|
|
Liabilities
|
|
|
Non-Current
Liabilities |
|
|
Financial
Liabilities |
|
|
Borrowing Long Term |
37.600 |
|
Trade Payable’s |
0.000 |
|
Others financial liabilities |
35.600 |
|
Provisions |
0.000 |
|
Differed tax liabilities |
171.300 |
|
Other non-current Liabilities |
0.000 |
|
Total Non-current Liabilities |
244.500 |
|
|
|
|
Current Liabilities |
|
|
(a)
Financial Liabilities |
|
|
(i)Borrowing Short Term |
4265.200 |
|
(ii)Trade
payables |
1410.500 |
|
(iii)Other Financial Liabilities |
296.400 |
|
(b)Other current liabilities |
982.000 |
|
(c)Provisions |
6.900 |
|
(d)Current tax
Labilities |
77.300 |
|
Sub Total Current
Liabilities |
7038.300 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
11985.900 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
Property, plant and Equipments |
2508.900 |
|
Capital work in progress |
120.500 |
|
Intangible assets |
5.500 |
|
Financial Assets |
|
|
Investments |
9.300 |
|
Trade Receivables |
0.000 |
|
Loans long term loan and advances |
0.000 |
|
Other |
0.000 |
|
Differed Tax Assets |
0.000 |
|
Other non-current Assets |
0.000 |
|
Total Non-Current
Assets |
2644.200 |
|
|
|
|
(2) Current assets |
|
|
(a)
Inventories |
4579.700 |
|
(b)Financial Assets |
|
|
Investment
|
0.000 |
|
Trade
receivables |
3898.800 |
|
Cash and
cash equivalents |
8.300 |
|
Bank
Balance Other than |
74.100 |
|
Loans short term loan and advances |
16.500 |
|
Other |
439.100 |
|
Current Tax Assets |
325.200 |
|
Other current assets |
0.000 |
|
Sub Total
Current Assets |
9341.700 |
|
|
|
|
TOTAL
ASSETS |
11985.900 |
NOTES:
1. The above un-audited financial results have been reviewed by the Audit committee and approved by the Board of Directors at their respective meetings held on 14th November, 2017.
2. As per Ind AS 108 on Operating Segments, the reportable segments of the Company have been classified as (i) Environmental Control Systems; (ii) Steel Structures & Engineering; and (iii) Power Projects.
3. The Company has opted to submit Un-Audited Standalone Financial Results for the quarter and half year ended 30th September, 2017. The Limited Review of the above financial results has been carried out by the Statutory Auditors of the Company.
4. The Company has adopted Indian Accounting Standards ("Ind AS") effective 1st April, 2017 and accordingly, the financial results for the quarter and half year ended 30th September, 2017 have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
5. The Ind AS Compliant financial results for corresponding previous quarter arid half year ended on 30th September, 2016 have not been audited or reviewed by the Statutory Auditors and has been presented based on the information compiled by management after exercising due diligence and making necessary Ind AS adjustment to ensure a true and fair view of the results in accordance with Ind AS and as per exemption given in para 2.7 of the SEBI circular no. CIR/CFD/FAC/62/2016 dated 05.07.2016, The Ind AS Compliant financial results for the previous year ended 31st March, 2017 have not been provided as per the exemption given in the above referred circular.
6. According to the requirements of SEBI (Listing Obligations mid Disclosure Requirements) Regulations, 2015, revenue from operations for the quarter and half year ended on 30th September, 2016 was reported inclusive of excise duty. Goods and Service Tax ("GST") was implemented w.e.f. 1st July, 2017, which replaced excise duty and other input taxes. Accordingly, revenue from operations for the quarter ended 30th September, 2017 is reported net of GST. Therefore, revenue from operations for the current periods are not comparable with the corresponding earlier periods.
7. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, wherever considered necessary.
CONTINGENT
LIABILITIES: [AS ON: 31.03.2017]
1. Bank Guarantees: INR 3235.300 Million* (Previous year INR 3352.500 Million)
*Includes the bank guarantees amounting to USD 5425915 (INR 351.800 Million) invocation initiated by the beneficiaries in respects of certain contracts in Ethiopia under execution, against which the Company has got permanent injunction from Ethiopian court. The matter is under arbitration proceedings on direction of Ethiopian court.
2. Sales Tax Assessment demands for Financial Year 2011-12 and 2012-13 of INR 0.900 Million and INR 10.700 Million respectively are pending under appeal and the tribunal has granted stay against the demand.
3. Show cause notice cum demand for INR 6.100 Million issued by Excise deptt. For duty on freight. Appeal against the impugned order has been filed before Commissioner of Central Excise.
4. Recovery suits filed by the parties in different court but not acknowledged as debts/liabilities: INR 64.900 Million.
5. Income Tax demands of INR 5.800 Million pending for rectification.
CORPORATE INFORMATION
Subject (Formerly known as Fedders Lloyd Corporation Limited) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on National Stock Exchange of India Limited (NSE) & BSE Limited (BSE) in India and well diversified in the fields of Environment Control Systems (ECS), Fabrication of Steel Structures for Power, Commercial and Industrial Construction Projects and implementation of high power transmission lines. The Company has also been into exports of power equipments/ components to various funded projects by multilateral agencies.
The Company has been
generating revenues mainly from three segments:–
1. Environmental Control Systems
2. Steel Structures & Engineering
3. Power Transmission & Distribution and Overhead
Electrification (OHE)
STATE OF AFFAIRS AND
OPERATIONAL HIGHLIGHTS
During the year, the Gross Revenue from operations of your
Company for the year ended 31st March, 2017 stood at INR 13648.500 Million as
compared to the revenue generated of INR 10417.800 Million in the previous nine
months period ended on 31st March, 2016. The EBITDA of the Company for the year
under review stood at INR 1089.300 Million in comparison to INR 980.600 Million
for the period ending on 31st March, 2016. The Profit after tax
("PAT") for the year ended 31st March, 2017 stood at INR 205.600 Million
in comparison with the Profit after tax of INR 215.800 Million earned in the
previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
The financial year 2016-17 has been a year marked with both
excitement and challenges for the Indian economy. Some of the events that took
place during the course of this year could very well turn out to be the
defining moments for the World economy at large. Against the backdrop of robust
macro-economic stability, the year was marked by two major domestic policy
developments, the passage of the Constitutional amendment, paving the way for
implementing the transformational Goods and Services Tax ("GST"), and
the action to demonetise the two highest denomination notes of INR 500 and INR
1000—together comprising 86% of all the cash in circulation. The highlight was,
of course, the transformational GST bill, which will create a common Indian
market, improve tax compliance, boost investment and growth and improve
governance; the GST is also a bold new experiment in the governance of
cooperative federalism. Demonetisation has had short-term costs in the form of
inconvenience and hardships, especially those in the informal and
cash-intensive sectors of the economy who have lost income and employment.
These costs are transitory, and may be minimised in recorded Gross Domestic
Product ("GDP") because the national income accounts estimate
informal activity on the basis of formal sector indicators, which have not
suffered to the same extent. The benefits of lower interest rates and dampened
price pressure may have cushioned the short-term macroeconomic impact. However,
at the same time, demonetization has the potential to generate long-term
benefits in terms of reduced corruption, greater digitalization of the economy,
increased flows of financial savings and greater formalization of the economy,
all of which could eventually lead to higher GDP growth, better tax compliance
and greater tax revenues. The government has taken important steps over the
past year. In addition, the government:
• Overhauled the bankruptcy laws so that the “exit” problem that pervades the Indian economy, with deleterious consequences highlighted in last year’s Survey-can be addressed effectively and expeditiously; and
• Codified the institutional arrangements on monetary policy with the Reserve Bank of India (RBI), to consolidate the gains from macro-economic stability by ensuring that inflation control will be less susceptible to the whims of individuals and the caprice of governments.
On the fiscal front, the position is expected to be much better with the Government expected to meet its fiscal deficit target at 3.5% of GDP and the current account deficit narrowing down further to about 1.1% of GDP. Inflation, though inching up in the last few months, also stayed below the RBI’s target of 5%, leading to an accommodative monetary policy for most part of the year. Due to favourable indicators such as moderate levels of inflation, reduced Current Account Deficit (CAD), fiscal consolidation and transitory impact of demonetisation, the Country is currently characterised as a stable macroeconomic situation, the Government expects India’s GDP to expand at a growth rate between 6.75–7.5 % during the financial year 2017-18
The Indian rupee stayed relatively stable this year, trading
in a range of INR 66-67 to USD for most part of the year before seeing a sharp
appreciation during the close of the financial year.
SEGMENT-WISE
PERFORMANCE AND BUSINESS OUTLOOK
The Company’s strategy for long term growth has been to continually expand its addressable market by investing in newer geographies and newer industry verticals. Accordingly, the Company’s business is broadly classified into following three segments:
STEEL STRUCTURES
& ENGINEERING
The Steel Structures & Engineering business of the Company is equipped with highly experienced engineers and “State of the Art” manufacturing facilities with ultramodern plants and machineries for designing any prefabricated structure with latest design and technology. The Company provides onsite fabrication of steel structures, erection, installation, supply, prefabrication of structural steel components at the fabrication facilities for large industrial projects such as Power, Refineries, Steel, Fertilizer, Railways, Petrochemical projects, Pre-engineered structure for Metro Stations, Structural Sheds, Metro Depots and Special Spans in Steel Structure. The Company undertakes Turnkey Projects for designing, engineering, supplying and commissioning of complete Pre-Engineered Building Solutions.
During the year, the Company has been awarded with various orders by Delhi Metro Rail Corporation Ltd. and Larsen & Toubro etc. respectively for works relating to fabrication of steel structures and the same are being executed with full swing.
The Company is also engaged in the fabrication of steel structures of wind towers at its manufacturing facility at Bharuch, Gujarat and it has achieved a manufacturing capacity of 13,000 M.T. The Company has achieved a breakthrough by way of addition of “Siemens-Gamesa Renewable Energy” as its global customer. The Company expanded its operations and entered into contracts with “Siemens-Gamesa” & “INOX Wind” which are top notch in the Wind Industry of India. The manufacturing facility at Bharuch, Gujarat has been certified with“EN-3834-2”, to cater export opportunity for wind tower requirements in Europe. The Company has also taken steps to modernize its infrastructure for production of Wind Towers in accordance with the international standards for the industry by, inter-alia, installing Dehumidifier for enhancing painting application process quality.
During the period, the Steel Structures & Engineering
segment of the Company registered the Revenue of INR 10532.200 million which
represents 77.65% of total revenue generated by the Company.
POWER PROJECTS
POWER TRANSMISSION
AND DISTRIBUTION
The Power Project Division of the Company (“Power Division”), inter-alia, functions in Domestic and International markets for execution of projects for Power Transmission & Distribution and setting up of Sub-stations as an EPC Contractor. The Company has assembled unrivalled skills in the Power Sector and is eligible and qualified in Power Grid Corporation of India Limited (“PGCIL”) and other Utilities to execute the transmission lines and sub-stations upto 800 KV Level AC and DC supply. During the period under review, the Company performed relentlessly for completion of the distribution projects awarded by various state utilities. The Company also actively participated in bidding process to garner various Power Projects in its best interest.
The Power Division has been actively bidding/ executing for the GIS projects for various utilities upto 400 KV Level. The Company has also taken up the special assignments to reduce the power losses by the specialized High Temperature Low Sag conductor replacement in all Centre and State utilities. The Power Division is also contemplating to execute the underground cabling and GIS upto 33 KV Levels for better quality and uninterrupted power supply in all urban areas and major cities covered under “Power Distribution Scheme” of the “Smart City and State Financing Schemes”. The Company has been shortlisted as the lowest bidder with respect to the project for setting up of 220/33 KV GIS substation at Uttarakhand at a project cost of ` 72.00 Crores.
During the year, the Company has been awarded with prestigious orders aggregating to ` 368.00 Crores by state utilities of Chhattisgarh and Madhya Pradesh respectively under Deen Dayal Upadhyaya Gram Jyoti Yojana (“DDUGJY”).
The Company also has an expertise in design, supply, erection, testing & commissioning of 25KV single phase, 50 Hz, Traction Overhead Equipment, Switching Stations, Booster Transformer Stations and LT Supply Transformer Stations including foundations, structures and ancillary equipment. The Company has completed various Sub-sectioning post, feeding posts and Sub-sectioning and paralleling posts for Indian Railways. During the period, the Company has successfully completed several key projects for designing, drawing, supplying, erection, testing & commissioning of Overhead Electrification Lines awarded by Indian Railways.
During the year, the Company has been assigned with the work
of Overhead Electrification and General Electricals by Rail Vikas Nigam Ltd.
aggregating to INR 940.000 million.
RENEWABLE SOURCES OF
ENERGY
Wind and Solar Power were the largest contributors among the renewable energy technologies in terms of capacity addition in FY 2016-17. A total of 5,413 MW of wind energy capacity was added, the highest-ever in India’s history. Solar power capacity addition stood at 5,526 MW, also the highest ever in India. The thermal power sector in India is already feeling the pinch of increased generation capacity in the renewable energy sector. Last year, the Central Electricity Authority reported that thermal power plants were operating at a plant load factor of just 50% due to the increased power generation from renewable energy projects. A record 10 GW of solar power capacity is expected to be added in calendar year 2017, and 6 GW of wind energy capacity is expected to be added in FY 2017-18.
The Company is engaged in the supply of various Solar products including crystalline PV modules, home & street lights as well as provide turnkey EPC services for setting up solar PV plants suitable for residential, industrial & commercial and utility scale MW grid feed application.
During the period under review, the Power Projects segment of the Company registered the Revenue of ` 255.17 Crores which represents 18.81% of total revenue generated by the Company
INTERNATIONAL
PROJECTS
International Projects Division of the Company has established itself in the fields of Power, Water, Hospitality, Infrastructure, Education, Oil & Gas respectively
The Company is engaged in the participation of various tenders and execution of international projects on turnkey basis related to Power Transmission, Distribution, Sub-stations, Renewable Energy, Water, Hospitality, Infrastructure, Education, Oil & Gas sector under various funding agencies
The Company has expanded internationally by bagging various projects in countries like Nigeria, Bangladesh, Myanmar etc. During the year under review, the Company executed various international projects with respect to Rehabilitation and Reinforcement of 330/132 KV and 132/33 KV Transmission Substations at Nigeria and Construction of railway bridges along with approach Rail Lines at Bangladesh.
The Company has signed MOU with HH Sheikh Ahmed Bin Obaid Al Maktoum on 15th August, 2016 for 250 MW Roof Top Solar Project at the project cost of USD 181 Million for various locations in Dubai and the Letter of Intent (LOI) has been issued in favour of the Company.
FIXED ASSETS:
· Land
· Building Factory
·
Office Premises
·
Temporary Shed
·
Furniture & Fixtures
·
Plant & Machinery
· Computer
· Office Equipments
· Motor Car
· Scooter & Motor Cycle
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 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RUP |
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.