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|
|
MIRA INFORM REPORT
|
Report No. : |
493694 |
|
Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHIRDI SAI ELECTRICALS LIMITED (w.e.f.28.01.2011) |
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|
|
|
Formerly Known
As : |
SHIRDI SAI ELECTRICAL LIMITED (w.e.f.12.10.2010) SHIRDI SAI ELECTRICALS LIMITED |
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|
Registered
Office : |
G Pulla Reddy Sweets Building, 3rd Floor, # 6-3-8-879/B,
Greenland Road, Bengumpet, Kurnool, Hyderabad – 500016, Telangana |
|
Tel. No.: |
91-40-30759966 / 77 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
30.07.2010 |
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|
|
|
Com. Reg. No.: |
36-069777 |
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Capital
Investment / Paid-up Capital : |
INR 299.894 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U31401TG2010PLC069777 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAOCS9992C |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
The
company is engaged in manufacturing, trading and undertaking service of power
transformers of different capacities and also engaged in executing turnkey
projects in respect of high voltage distribution systems. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information denied by the management |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2010. It is engaged in manufacturing, trading and undertaking service of power transformers of different capacities and also engaged in executing turnkey projects in respect of high voltage distribution systems. For the financial year 2017, the company has achieved revenue growth of 24.71% as compared to the previous year along with an average profit margin of 6.53%. The sound financial risk profile of the company is marked by adequate networth base along with strong debt protection metrics due to negligible balance sheet profile. Rating takes into consideration the subject’s acceptable Earnings Per
Share of INR 19.63 against the Face Value of INR 10. These rating strengths are partially offset by working capital
intensive operations and geographical concentration in revenue. Payments seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms a 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Borrowing= A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
10.05.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Borrowing= A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
10.05.2017 |
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 26.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Sanjeev |
|
Designation : |
Assistant Finance Manager |
|
Contact No.: |
91-7799857888 |
|
|
|
|
Name : |
Mr. Anil |
|
Designation : |
Senior Finance Manager |
|
Contact No.: |
91-7799888479 |
|
Date : |
25.02.2018 |
LOCATIONS
|
Registered Office : |
G Pulla Reddy Sweets Building, 3rd Floor, # 6-3-8-879/B,
Greenland Road, Bengumpet, Kurnool, Hyderabad – 500016, Telangana, India |
|
Tel. No.: |
91-40-30759966 / 77 |
|
Mobile No.: |
91-7799857888 (Mr. Sanjeev) 91-7799888479 (Mr. Anil) |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot # 55 and 60, Industrial Development Park, Kadapa – 516004, Andhra
Pradesh, India |
|
|
|
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Factory 2 : |
Plot # 13/82, Industrial Estate Kadapa, Andhra Pradesh, India |
|
Tel. No.: |
91-8562-652544 |
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Fax No.: |
91-8562-200101 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Narreddy Visweswara Reddy |
|
Designation : |
Managing director |
|
Address : |
1-441-14,
Maruthi Nagar, Kadapa – 516001, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.06.1967 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
02996298 |
|
|
|
|
Name : |
Narreddy Lavanya |
|
Designation : |
Director |
|
Address : |
1-441-14,
Maruthi Nagar, Kadapa – 516001, Andhra Pradesh, India |
|
Date of Birth/Age : |
25.08.1978 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
02996278 |
|
|
|
|
Name : |
Narreddy Reddy Radha |
|
Designation : |
Director |
|
Address : |
1-441-14,
Maruthi Nagar, Kadapa – 516001, Andhra Pradesh, India |
|
Date of Birth/Age : |
22.09.1969 |
|
Date of Appointment : |
01.04.2016 |
|
DIN No.: |
02996305 |
|
|
|
|
Name : |
Narreddy Karunakara Reddy |
|
Designation : |
Director |
|
Address : |
1-441-14,
Maruthi Nagar, Kadapa – 516001, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.07.1970 |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
02996309 |
|
|
|
|
Name : |
Mr. Peddada Suryanarayana Murthy |
|
Designation : |
Director |
|
Address : |
F.No. 447, Block No.9 Janapriya Township, Mallapur,
Hyderabad – 500076, Telangana, India |
|
Date of Appointment : |
30.01.2017 |
|
DIN No.: |
03604377 |
|
|
|
|
Name : |
Mr. Rameshbabu Telugu |
|
Designation : |
Director |
|
Address : |
Ft.203, Gayatri Mansion, 1-1-648/2, Gandhi Nagar,
Hyderabad – 500080, Telangana, India |
|
Date of Appointment : |
30.01.2017 |
|
DIN No.: |
03613926 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas Avasarala |
|
Designation : |
Chief Financial Officer |
|
Address : |
A1 401, Indu Annexe, Indu Fortune Fields, 13 Phase, KPHB
Colony, Hyderabad – 500072, Telangana, India |
|
Date of Appointment : |
05.08.2017 |
|
PAN No.: |
ABLPA4132B |
|
|
|
|
Name : |
Mr. Sanjeev |
|
Designation : |
Assistant Finance Manager |
|
|
|
|
Name : |
Mr. Anil |
|
Designation : |
Senior Finance Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
N. Visweswara Reddy |
|
17590013 |
|
N. Pratibha |
|
3964676 |
|
N. Reddy Radha |
|
3918542 |
|
N. Narayana Reddy |
|
2354043 |
|
N. Karunakara Reddy |
|
301014 |
|
N. Lavanya |
|
200507 |
|
C. Jayanthi |
|
41000 |
|
|
|
|
|
Total |
|
28369795 |
LIST OF ALLOTTEES:
AS ON 31.03.2017
|
Names of Allottees |
|
No. of Shares |
|
Visweswara Reddy |
|
539143 |
|
N. Reddy Radha |
|
488636 |
|
|
|
|
|
Total |
|
1027779 |
Equity Share Break up (Percentage of Total Equity)
AS ON 02.09.2016
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
99.86 |
|
Public/Other than promoters
[Individual/Hindu Undivided Family (Indian)] |
0.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing, trading and undertaking service of power
transformers of different capacities and also engaged in executing turnkey
projects in respect of high voltage distribution systems. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Reddy and Kumar Chartered Accountants |
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Address : |
B-27, View Towers, Lakadikapul, Hyderabad – 500004, Telangana, India |
|
Tel. No.: |
91-40-23306666 / 66666655 |
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PAN No.: |
AAFFR0484E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
· Shirdi Sai Cables and Conductors · Universal Electro Magnetic Cores · Unique Green Energy Technologies Private Limited, India ·
Unique Electro Mechanical Windings |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29989380 |
Equity Shares |
INR 10/- each |
INR 299.894 Million |
|
|
|
|
|
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 |
299.894 |
283.698 |
258.698 |
|
(b) Reserves & Surplus |
1587.786 |
944.137 |
548.417 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
50.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1887.680 |
1227.835 |
857.115 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
177.613 |
39.691 |
42.028 |
|
(b) Deferred tax liabilities (Net) |
25.242 |
8.840 |
5.020 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
202.855 |
48.531 |
47.048 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
469.011 |
346.639 |
500.947 |
|
(b) Trade
payables |
1860.450 |
1295.879 |
1003.457 |
|
(c) Other
current liabilities |
366.343 |
398.920 |
98.523 |
|
(d) Short-term
provisions |
222.072 |
206.423 |
61.660 |
|
Total Current
Liabilities (4) |
2917.876 |
2247.861 |
1664.587 |
|
|
|
|
|
|
TOTAL |
5008.411 |
3524.227 |
2568.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
756.978 |
247.691 |
128.434 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
0.000 |
35.071 |
78.189 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
756.978 |
282.762 |
206.623 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
985.433 |
470.680 |
732.872 |
|
(c) Trade
receivables |
2192.974 |
1983.199 |
1087.013 |
|
(d) Cash
and cash equivalents |
566.279 |
478.559 |
414.047 |
|
(e)
Short-term loans and advances |
506.296 |
308.463 |
122.657 |
|
(f) Other
current assets |
0.451 |
0.564 |
5.538 |
|
Total Current
Assets |
4251.433 |
3241.465 |
2362.127 |
|
|
|
|
|
|
TOTAL |
5008.411 |
3524.227 |
2568.750 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
9012.174 |
7226.331 |
4184.942 |
|
|
Other Income |
53.799 |
23.455 |
14.887 |
|
|
TOTAL |
9065.973 |
7249.786 |
4199.829 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6896.064 |
4979.303 |
2768.573 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(479.095) |
319.457 |
(264.884) |
|
|
Employee benefit expense |
302.160 |
144.900 |
53.635 |
|
|
Expenditure on production, transportation
and Other expenditure pertaining to
exploration and production activities |
858.973 |
814.983 |
569.364 |
|
|
CSR expenditure |
3.000 |
0.000 |
0.000 |
|
|
Other expenses |
331.709 |
230.905 |
651.125 |
|
|
Extraordinary items |
0.000 |
0.000 |
2.233 |
|
|
TOTAL |
7912.811 |
6489.548 |
3780.046 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1153.162 |
760.238 |
419.783 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
219.674 |
163.750 |
141.198 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
933.488 |
596.488 |
278.585 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
32.717 |
15.525 |
7.816 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
900.771 |
580.963 |
270.769 |
|
|
|
|
|
|
|
Less |
TAX |
312.188 |
210.243 |
95.908 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
588.583 |
370.720 |
174.861 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
19.63 |
13.07 |
6.85 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
43.935 |
33.661 |
34.761 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
812.914 |
725.972 |
277.921 |
|
Net cash flows from (used in) operating activities |
470.719 |
496.109 |
167.940 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
88.82 |
100.17 |
94.81 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.11 |
3.64 |
3.85 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
98.47 |
94.99 |
132.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.17 |
1.62 |
0.57 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.52 |
3.07 |
3.27 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.63 |
0.66 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.37 |
0.34 |
0.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.55 |
1.83 |
1.94 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.40 |
0.20 |
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.25 |
4.64 |
2.97 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
6.53 |
5.13 |
4.18 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.75 |
10.52 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
31.18 |
30.19 |
20.40 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.46 |
1.44 |
1.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.12 |
1.23 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.35 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.30 |
1.48 |
2.23 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.46 |
1.44 |
1.42 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
258.698 |
283.698 |
299.894 |
|
Reserves & Surplus |
548.417 |
944.137 |
1587.786 |
|
Share Application money
pending allotment |
50.000 |
0.000 |
0.000 |
|
Net
worth |
857.115 |
1227.835 |
1887.680 |
|
|
|
|
|
|
Long-term borrowings |
42.028 |
39.691 |
177.613 |
|
Short term borrowings |
500.947 |
346.639 |
469.011 |
|
Current maturities of
long-term debts |
34.761 |
33.661 |
43.935 |
|
Total
borrowings |
577.736 |
419.991 |
690.559 |
|
Debt/Equity
ratio |
0.674 |
0.342 |
0.366 |
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 |
4184.942 |
7226.331 |
9012.174 |
|
|
|
72.675 |
24.713 |
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 |
4184.942 |
7226.331 |
9012.174 |
|
Profit/ (Loss) |
174.861 |
370.720 |
588.583 |
|
|
4.18
% |
5.13
% |
6.53
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
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 |
NOTE: Registered office of the company has been shifted from No. 9A, 71-397/04, Flat No. 102, JSRN Plaza, Sanjeeva Reddy Nagar, Hyderabad – 500038, Telangana, India to the present address.
Corporate Information
The company is a public company domiciled in India and came into existence as a result of conversion of an erstwhile firm M/s Shirdi Sai Electricals, under provisions of Part IX of the Companies Act, 1956. The Company is engaged in manufacturing, trading and undertaking service of Power Transformers of different capacities and also engaged in executing turnkey projects in respect of High Voltage Distribution Systems.
Operating Results and Business:
Financial Performance and Review:
The sales turnover for the current year is INR 9523.800 million as against INR 7658.800 million in the previous year representing healthy growth of 24.35%. The net profit of the Company has been increased from INR 370.700 million to INR 588.500 INR by registering 58.75% growth.
There was an all-round increase in volume of business viz. Transformers as well as EPC Projects reflecting significant growth in both Sales Turnover as well as Net Profits.
Transformer
Transformer Business grew in physical terms as given below:
Tanking 2535 MVA (1850 MVA in 2015-16). Growth of 37 % achieved.
Dispatches 2399 MVA (1786 MVA in 2015-16). Growth of 34 % achieved.
HVDS EPC Projects
During the year 2016-17, we executed 13 Nos of HVDS packages in Andhra Pradesh & Telangana states generating total revenue of about INR 2580.000 million and 16, 704 Distribution Transformers were supplied, installed, charged and handed over to State Discom within scheduled time. By installing these Distribution Transformers total about 1,35,878 Agricultural Services got connected to Motors.
Bihar Rural Electrification Projects
Bihar Rural Electrification Projects (Contract value of INR 7180.000 million) which were taken up during end of last Financial Year (2016-17) were successfully handled & during the year billing of about INR 4060.000 million were completed.
Business Outlook
The Country has been witnessing a growth of approx. 6.5% for the last three to four years. This is only possible only when we have the infrastructure in place and at disposal to every stake holder. Power is a vital component in the growth of any country. Hence, there has been a surge in the demand of infrastructure in the Power sector too. The Generation for the 13th Plan is to generate around 170,000 MW. More than 60% is expected to come from renewables. Encouragement for the renewables is being witnessed. To distribute the Power generated, a 765 kV grid connecting all the states has been designed by Power Grid Corporation and is reaching the final stages. This shall now enable the states to tap of Power and retransmit within individual states at 400 kV and 220 kV level. The work on these grids also has been initiated. The Government has made a decision in its agenda to ensure that every house in every village is lit with Power. This objective is being propagated strongly by the Government of India through various schemes like “Power for All”, IDPS, DDGVUY and others. The mammoth task of making a distribution network and bringing power to houses from the 33 Kv level has been undertaken by Govt. of India and all the individual states. For this network, there shall be a requirement of transformers in large numbers. SSEL sees a big opportunity.
This requirement shall not be limited to 13th Five yearly plan but shall definitely be also an important point on the agenda of the Electricity boards. The per capita consumption of power in India is almost 10 times less than the developed countries and hence the requirement shall need to be met. This is only possible through augmentation schemes like HVDS etc. which shall take these requirements into consideration. This requirement is apart from the replaceable market that shall start commencing from the 14th five year plan.
SSEL has an immense opportunity in the next 10 to 15 years in the Distribution market. Currently SSEL holds a 6% market share of the INR 60000.000 million of the Indian Market and is confident of touching 10% market share in the next couple of years.
Company has successfully obtained HVDS Contract from APSPDCL and others amounting to INR 10700.000 million. Potential contracts of over INR 20000.000 million are expected to materialize during the Financial Year 2017-18.
During the year company acquired three business entities i.e., M/s. Shirdi Sai Cables & Conductors, M/s. Universal Electro Magnetic Cores and M/s. Unique Electro Mechanical Windings. Due to this takeover the Company enhanced its operations and which lead to decrease in administrative expenditure of the Company effectively.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
16.171 |
13.123 |
|
|
|
|
|
Total |
16.171 |
13.123 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G72328339 |
100143514 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
30/05/2017 |
- |
- |
43250000.0 |
SEETHAKATHI BUSINESS CENTRE, 4TH FLOOR272/688, ANNA SALAI,CHENNAITN600006IN |
|
2 |
G46240487 |
100103733 |
SYNDICATE BANK |
20/05/2017 |
- |
- |
1900000000.0 |
6-3-666, 1ST FLOOR, LUMBINI TOWERSPANJAGUTTA, SOMAJIGUDAHYDERABADTG500082IN |
|
3 |
G39217583 |
100085567 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
30/11/2016 |
- |
- |
75000000.0 |
SEETHAKATHI BUSINESS CENTRE, 4TH FLOOR272/688, ANNA SALAI,CHENNAITN600006IN |
|
4 |
G18859256 |
100057151 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
20/09/2016 |
- |
- |
51600000.0 |
SEETHAKATHI BUSINESS CENTRE, 4TH FLOOR272/688, ANNA SALAI,CHENNAITN600006IN |
|
5 |
C59870808 |
10582054 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
30/06/2015 |
- |
- |
32445000.0 |
130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400018IN |
|
6 |
C47312947 |
10556160 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
15/12/2014 |
- |
- |
38679000.0 |
130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400018IN |
|
7 |
C38554739 |
10539479 |
RELIANCE CAPITAL LTD |
25/09/2014 |
- |
- |
20000000.0 |
"H" BLOCK 1ST FLOORDHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNENAVI MUMBAIMH400710IN |
|
8 |
B87060976 |
10453954 |
STATE BANK OF INDIA |
16/09/2013 |
- |
- |
268000000.0 |
INDUSTRIAL FINANCE BRANCHRAJ BHAVAN ROAD,SOMAJIGUDAHYDERABADAP500082IN |
|
9 |
G72210917 |
10356086 |
STATE BANK OF INDIA |
29/06/2011 |
13/12/2017 |
- |
7817500000.0 |
INDUSTRIAL FINANCE BRANCHRAJ BHAVAN ROAD, SOMAJIGUDAHYDERABADTG500082IN |
|
10 |
B23165335 |
10285067 |
SYNDICATE BANK |
11/02/2011 |
- |
26/09/2011 |
800000000.0 |
KADAPA MAIN DIVISION,7 ROADS,KADAPAAP516001IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.