|
|
|
MIRA INFORM REPORT
|
Report No. : |
484178 |
|
Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BARTRONICS INDIA LIMITED (w.e.f. January 01, 1996) |
|
|
|
|
Formerly Known
As : |
SUPER BARTRONICS LIMITED (w.ef. from July 27, 1995) SUPER BAR TRONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 351, Raj Bollaram Village, Medchal Mandal, R R District - 501 401, Telangana |
|
Tel. No.: |
91-40-49269269 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
10.09.1990 |
|
|
|
|
Com. Reg. No.: |
01-011721 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 340.489 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29309AP1990PLC011721 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
|
|
|
|
|
No. of Employees
: |
268 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1990. It is engaged in providing
solutions based on bar coding and is also a manufacturer of smart cards and
RFID equipments. As per the financial of 2017, the company has achieved a decent growth
in its revenue as compared to the previous year. However the company has
incurred operational losses during the year. The company possesses healthy financial position marked by adequate
networth base along with average debt balance sheet profile. Rating is constrained as the company has been found under RBI
defaulter’s list the name of the credit grantors are LIC (Life Insurance
Corporation of India) and the amount charged is INR 342.700 million dated
31.03.2014, Bank of India and the amount charged is INR 493.674 million dated
31.12.2016, Andhra Bank (S.A.R.M. Branch) and the amount charged is INR
921.800 million dated 30.09.2017, Barclays Bank PLC and the amount charged is
INR 378.269 million dated 30.09.2017 and IDBI Bank Limited and the amount charged
is INR 269.406 million dated 30.09.2017. As per the current press release, Andhra Bank has put up INR 165.300
million of NPAs for sale out of which INR 7.856 million NPA is of Bartronics
India Limited in the current asset sale. Business is active. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings on safe and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
Borrowers’ Name : |
Bartronics India Limited |
|
Address : |
Door No.8-2-120/77/4B, Beside NTR Bhavan, Road No.2, Banjara Hills, Hyderabad - 500 034, Telangana, India |
|
Name of Individual : |
Shri A.B. Satyavas Reddy Shri R. Satish Reddy |
|
Name of Credit Grantors / Bank & Branch: |
IDBI Bank Limited /City – Hyderabad, Telangana, India |
|
Amount (INR In Million) : |
INR 269.406 Million |
|
Borrowers’ Name : |
Bartronics India Limited |
|
Address : |
Door No.8-2-120/77/4B, Beside NTR Bhavan, Road No.2, Banjara Hills, Hyderabad - 500 034, Telangana, India |
|
Name of Individual : |
Sudhir Rao |
|
Name of Credit Grantors / Bank & Branch: |
Barclays Bank PLC, Ceejay House |
|
Amount (INR In Million) : |
INR 378.269 Million |
|
Borrowers’ Name : |
Bartronics India Limited |
|
Address : |
Door No.8-2-120/77/4B, Beside NTR Bhavan, Road No.2, Banjara Hills, Hyderabad - 500 034, Telangana, India |
|
Name of Individual : |
Avula Balliahgari Satyavas Reddy Mohammad Yesaw Maldar Panchapakesanrajamadam Maldar Raghavendra Rao Yenigalla Sudhir Sundar Rao |
|
Name of Credit Grantors / Bank & Branch: |
Andhra Bank, S.A.R.M. |
|
Amount (INR In Million) : |
INR 921.800 Million |
|
Borrowers’ Name : |
Bartronics India Limited |
|
Address : |
Survey No.351, Raj Bollaram Village, Medchal Mandal, Andhra Pradesh, India |
|
Name of Individual : |
Avula Balliahgari Satyavas Reddy Avutala Syamala Reddy Geetha Vavelakolanu Prakash Ramaiah Chintamaneni Udai Sagar Kanukolanu |
|
Name of Credit Grantors / Bank & Branch: |
Bank of India, Hyderabad large Corporate |
|
Amount (INR In Million) : |
INR 493.674 Million |
|
Borrowers’ Name : |
Bartronics India Limited |
|
Address : |
Survey No.351, Raj Bollaram Village, Medchal Mandal, Andhra Pradesh, India |
|
Name of Individual : |
A B S Reddy A Subrahmanyam Jimmy R Anklesaria Maldar Mohammad Yesaw R V Panchapakesan S Tirumala Prasad Sudhir Sunder Rao Y R Rao |
|
Name of Credit Grantors / Bank & Branch: |
LIC (Life Insurance Corporation of India), Central Office, Mumbai |
|
Amount (INR In Million) : |
INR 342.700 Million |
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 03.01.2018
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.
LOCATIONS
|
Registered Office/ Plant : |
Survey No. 351, Raj Bollaram Village, Medchal Mandal, R R District - 501 401, Telangana, India |
|
Tel. No.: |
Not available |
|
Fax No.: |
Not available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1: |
Suite No. 201 and 202, Ashoka Capitol, Banjara Hills, Road No – 2, Hyderabad – 500034, Telangana, India |
|
Tel. No.: |
91-40-49269269 |
|
Fax No.: |
91-40-49269246 |
|
|
|
|
Corporate Office 2: |
# 5-9-22/B/503, 5th Floor, My Home Sarovar, Near Mediciti Hospital,
Secretariat Road, Hyderabad – 500 004, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23298073/74 |
|
Fax No.: |
91-40-23298076 |
|
|
|
|
Branch Office: |
Located At:
|
|
Area : |
|
|
|
|
|
Overseas Office:
|
Located At:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Avula Balliahgari Satyavas Reddy |
|
Designation : |
Director |
|
Address : |
6-3-712/119, H.No.2/3rd, Punjagutta Colony, Hyderabad-500082, Telangana, India |
|
Date of Birth/Age : |
15.05.1963 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of Appointment
: |
15.10.2003 |
|
Experience: |
Mr. A. B. Satyavas Reddy is a Mechanical Engineer from Osmania University and has rich experience in engineering industry. He is the promoter Director of the Company. |
|
Directorship: |
Satya Straps and Packing Technologies Limited |
|
DIN No: |
00137948 |
|
|
|
|
Name : |
Mr. Geetha Vavelakolanu |
|
Designation : |
Director |
|
Address : |
House No.6-3-1096/B, Rajbhavan Road, Somajiguda, Hyderabad-500082, Telangana, India |
|
Date of Appointment : |
13.10.2015 |
|
DIN No: |
03271922 |
|
|
|
|
Name : |
Udai Sagar Kanukolanu |
|
Designation : |
Managing Director |
|
Address : |
B-204, Badruka Enclave Road, Number 12, Banjara Hills, Hyderabad-500034, Telangana, India |
|
Date of Appointment : |
14.05.2013 |
|
DIN No: |
03298532 |
|
|
|
|
Name : |
Mrs. Archana Kalara |
|
Designation : |
Director |
|
Address : |
9101, Garden Villas, DLF Phase - 4, Near Shiv Lok Dham, Galleria DLF - IV, Farrukh Nagar, Gurugram – 122009, Haryana, India |
|
Date of Birth/Age : |
03.02.1967 |
|
Qualification : |
Engineering and MBA |
|
Date of Appointment : |
10.08.2017 |
|
Experience: |
Mrs. Archana Kalra is having an industrial experience of more than 27 years |
|
DIN No: |
07916152 |
KEY EXECUTIVES
|
Name : |
Phaneendra Modali |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.2, Sitara Residency, Opposite Kama Koti Krupa, Chandragiri Colony, Safilguda Secundrabad-500056, Telangana, India |
|
Date of Appointment : |
14.11.2017 |
|
PAN No.: |
ATTPM6009R |
|
|
|
|
Management
Committee |
Mr. A. B. Satyavas Reddy Mr. K. Udai Sagar |
|
|
|
|
Audit Committee |
Ms. Archana Kalra, Chairman Mr. A. B. Satyavas Reddy, Member Mrs. V. Geetha, Member |
|
|
|
|
Stakeholders
Relationship Committee: |
Mrs. V. Geetha, Chairman Mr. A. B. Satyavas Reddy, Member Mr. K. Udai Sagar, Member |
|
|
|
|
Nomination and
Remuneration Committee |
Ms. Archana Kalra, Chairman Mr. A. B. Satyavas Reddy, Member Mrs. V. Geetha, Member |
|
|
|
|
Risk Management
Committee: |
Ms. Archana Kalra, Chairman Mr. A. B. Satyavas Reddy, Member Mrs. V. Geetha, Member |
|
|
|
|
Compliance Officer |
Mr. K. Udai Sagar |
MAJOR SHAREHOLDERS
As on 30.09.2017
|
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) |
|
|
(A) Promoter & Promoter Group |
3591187 |
10.55 |
|
|
(B) Public |
30457674 |
89.45 |
|
|
Grand Total |
34048861 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
372797 |
1.09 |
|
|
AVULABALAIAGARI SATYAVAS REDDY |
372797 |
1.09 |
|
|
Any Other (specify) |
3218390 |
9.45 |
|
|
SATYA STRAPS AND PACKING TECHNOLOGIES LTD |
1018390 |
2.99 |
|
|
INFO TECH INFIN AND TRADING PRIVATE LIMITED |
2200000 |
6.46 |
|
|
Sub Total A1 |
3591187 |
10.55 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
3591187 |
10.55 |
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 |
|
|
Financial Institutions/ Banks |
917752 |
2.70 |
|
|
INDIAN OVERSEAS BANK |
665500 |
1.95 |
|
|
Sub Total B1 |
917752 |
2.70 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 million |
20731049 |
60.89 |
|
|
Individual share capital in excess of INR 0.200 million |
4330375 |
12.72 |
|
|
SUDHIR SUNDAR RAO |
400780 |
1.18 |
|
|
NBFCs registered with RBI |
25138 |
0.07 |
|
|
Any Other (specify) |
4453360 |
13.08 |
|
|
PROFITMART SECURITIES PRIVATE LIMITED |
613050 |
1.80 |
|
|
NAMAN FINANCE AND INVESTMENT PRIVATE LIMITED |
441919 |
1.30 |
|
|
Clearing Members |
106555 |
0.31 |
|
|
NRI – Non- Repat |
170212 |
0.50 |
|
|
NRI |
1133709 |
3.33 |
|
|
NRI – Repat |
1700 |
0.00 |
|
|
Overseas corporate bodies |
500 |
0.00 |
|
|
Trusts |
1450 |
0.00 |
|
|
Bodies Corporate |
3039234 |
8.93 |
|
|
Sub Total B3 |
29539922 |
86.76 |
|
|
B=B1+B2+B3 |
30457674 |
89.45 |
BUSINESS DETAILS
|
Line of Business
: |
|
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
268 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
M/s T. Raghavendra and Associates Chartered Accountants |
|
Address : |
No.22, Krishna Apartments, 5th Floor, Tilak Road Abids,
Hyderabad – 500001, Telangana, India |
|
Tel. No.: |
91-40-24752031/ 24752032 |
|
|
|
|
Auditors : |
|
|
Name : |
M/s Kommula and Company Chartered Accountants |
|
Address : |
Hyderabad, Telangana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries |
|
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
INR 10/- each |
INR 1100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34048861 |
Equity Shares |
INR 10/- each |
INR 340.489 Million |
(Of the above 2189650 Equity Shares of INR 10/- each issued as fully paid bonus shares by way of capitalization of INR 21.897 million from the Profit & Loss account)
b) Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Shares outstanding at the beginning of the Year/Period |
34048861 |
340.489 |
|
Shares issued during the year/period |
- |
- |
|
Shares outstanding
at the end of the year/period |
34048861 |
340.489 |
c) Details of
shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Info Tech Infinn and Trading Private Limited |
2200000 |
6.46% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
340.489 |
340.489 |
340.489 |
|
(b) Reserves & Surplus |
574.698 |
1155.306 |
1487.074 |
|
(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) |
915.187 |
1495.795 |
1827.563 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.228 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.577 |
12.008 |
22.727 |
|
Total Non-current
Liabilities (3) |
11.577 |
12.008 |
22.955 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2379.731 |
2396.420 |
2319.816 |
|
(b) Trade
payables |
2617.564 |
2625.250 |
2620.527 |
|
(c) Other
current liabilities |
7231.957 |
6781.270 |
6163.314 |
|
(d) Short-term
provisions |
1497.700 |
1503.750 |
1512.956 |
|
Total Current
Liabilities (4) |
13726.952 |
13306.690 |
12616.613 |
|
|
|
|
|
|
TOTAL |
14653.716 |
14814.493 |
14467.131 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
404.945 |
451.797 |
530.823 |
|
(ii)
Intangible Assets |
96.102 |
99.860 |
115.184 |
|
(iii)
Capital work-in-progress |
135.554 |
135.553 |
135.554 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3021.799 |
3021.799 |
3021.799 |
|
(c) Deferred tax assets (net) |
157.077 |
153.086 |
130.596 |
|
(d) Long-term Loan and Advances |
1435.001 |
1441.081 |
1472.386 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5250.478 |
5303.176 |
5406.342 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
51.250 |
79.617 |
71.510 |
|
(c) Trade
receivables |
8794.290 |
8919.566 |
8532.226 |
|
(d) Cash
and cash equivalents |
62.748 |
49.642 |
40.641 |
|
(e)
Short-term loans and advances |
165.896 |
132.965 |
64.702 |
|
(f) Other
current assets |
329.054 |
329.527 |
351.710 |
|
Total
Current Assets |
9403.238 |
9511.317 |
9060.789 |
|
|
|
|
|
|
TOTAL |
14653.716 |
14814.493 |
14467.131 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
725.929 |
429.631 |
393.012 |
|
|
Other Income |
(70.789) |
190.167 |
45.694 |
|
|
TOTAL |
655.140 |
619.798 |
438.706 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
173.450 |
56.221 |
190.653 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
20.624 |
(0.682) |
(12.188) |
|
|
Employees benefits expense |
107.343 |
45.542 |
85.207 |
|
|
Prior Period Expenses |
0.000 |
0.425 |
10.498 |
|
|
Exceptional Items |
35.427 |
0.000 |
0.000 |
|
|
Other expenses |
323.472 |
224.542 |
169.326 |
|
|
TOTAL |
660.316 |
326.048 |
443.496 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(5.176) |
293.750 |
(4.790) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
518.735 |
536.415 |
700.475 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(523.911) |
(242.665) |
(705.265) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
60.689 |
111.593 |
572.111 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(584.600) |
(354.258) |
(1277.376) |
|
|
|
|
|
|
|
Less |
TAX |
(3.992) |
(22.490) |
(152.894) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(580.608) |
(354.258) |
(1124.482) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
7.674 |
25.530 |
15.338 |
|
|
TOTAL
EARNINGS |
7.674 |
25.530 |
15.338 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
173.450 |
56.221 |
190.652 |
|
|
TOTAL
IMPORTS |
173.450 |
56.221 |
190.652 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(17.05) |
(9.74) |
(33.03) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
5510.890 |
5329.113 |
4557.154 |
|
Cash generated from operations |
35.473 |
(52.799) |
1072.249 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
35.473 |
(52.799) |
1072.249 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
190.050 |
157.440 |
|
Total Expenditure |
|
121.980 |
142.590 |
|
PBIDT (Excl OI) |
|
68.070 |
14.850 |
|
Other Income |
|
(3.130) |
43.220 |
|
Operating Profit |
|
64.940 |
58.070 |
|
Interest |
|
130.960 |
130.960 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(66.020) |
(72.890) |
|
Depreciation |
|
15.090 |
14.790 |
|
Profit Before Tax |
|
(81.110) |
(87.680) |
|
Tax |
|
4.830 |
(13.700) |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(85.930) |
(73.980) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(85.930) |
(73.980) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
4421.80 |
7577.76 |
7924.09 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
0.08 |
0.05 |
0.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
5508.28 |
17043.74 |
5016.93 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.10) |
3.69 |
(0.07) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.01) |
0.43 |
(0.01) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.31 |
1.26 |
1.19 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
8.62 |
5.16 |
3.76 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
15.00 |
8.90 |
6.90 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.70 |
0.46 |
0.43 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.01) |
0.55 |
(0.01) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(79.98) |
(82.46) |
(286.12) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(3.96) |
(2.39) |
(7.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(63.44) |
(23.68) |
(61.53) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.69 |
0.71 |
0.72 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.68 |
0.71 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.06 |
0.10 |
0.13 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
23.17 |
22.69 |
20.20 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.69 |
0.71 |
0.72 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 15/- |
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 |
340.489 |
340.489 |
340.489 |
|
Reserves & Surplus |
1487.074 |
1155.306 |
574.698 |
|
Net
worth |
1827.563 |
1495.795 |
915.187 |
|
|
|
|
|
|
long-term borrowings |
0.228 |
0.000 |
0.000 |
|
Short term borrowings |
2319.816 |
2396.420 |
2379.731 |
|
Current maturities of
long-term debts |
4557.154 |
5329.113 |
5510.890 |
|
Total
borrowings |
6877.198 |
7725.533 |
7890.621 |
|
Debt/Equity
ratio |
3.763 |
5.165 |
8.622 |
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 |
393.012 |
429.631 |
725.929 |
|
|
|
9.318 |
68.966 |
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 |
393.012 |
429.631 |
725.929 |
|
Profit |
(1124.482) |
(354.258) |
(580.608) |
|
|
(286.12%) |
(82.46%) |
(79.98%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
340.489 |
340.489 |
|
(b) Reserves & Surplus |
|
1631.604 |
2045.113 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1972.093 |
2385.602 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
11.577 |
12.008 |
|
Total Non-current
Liabilities (3) |
|
11.577 |
12.008 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1722.417 |
1724.549 |
|
(b) Trade
payables |
|
2886.503 |
2983.327 |
|
(c) Other
current liabilities |
|
8371.792 |
8108.814 |
|
(d) Short-term
provisions |
|
1497.700 |
1503.750 |
|
Total Current
Liabilities (4) |
|
14478.412 |
14320.440 |
|
|
|
|
|
|
TOTAL |
|
16462.082 |
16718.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
444.247 |
491.150 |
|
(ii)
Intangible Assets |
|
2038.535 |
2047.053 |
|
(iii)
Capital work-in-progress |
|
135.554 |
135.554 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
157.077 |
153.085 |
|
(d) Long-term Loan and Advances |
|
1374.302 |
1374.965 |
|
(e) Other
Non-current assets |
|
39.275 |
39.275 |
|
Total Non-Current
Assets |
|
4188.990 |
4241.082 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
51.250 |
79.617 |
|
(c) Trade
receivables |
|
11477.921 |
11694.739 |
|
(d) Cash
and cash equivalents |
|
65.269 |
56.347 |
|
(e)
Short-term loans and advances |
|
349.598 |
316.738 |
|
(f) Other
current assets |
|
329.054 |
329.527 |
|
Total
Current Assets |
|
12273.092 |
12476.968 |
|
|
|
|
|
|
TOTAL |
|
16462.082 |
16718.050 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
852.663 |
1099.548 |
|
|
Other Income |
|
(70.789) |
760.603 |
|
|
TOTAL |
|
781.874 |
1860.151 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
173.450 |
621.758 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
20.624 |
(0.682) |
|
|
Employees benefits
expense |
|
157.868 |
88.104 |
|
|
Prior Period Expenses |
|
0.000 |
0.425 |
|
|
Exceptioanl Items |
|
35.427 |
567.088 |
|
|
Other expenses |
|
398.842 |
292.605 |
|
|
TOTAL |
|
786.211 |
1569.298 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
(4.337) |
290.853 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
518.735 |
536.415 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(523.072) |
(245.562) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
63.777 |
111.609 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(586.849) |
(357.171) |
|
|
|
|
|
|
|
Less |
TAX |
|
(3.992) |
(22.490) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(582.857) |
(334.681) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(17.12) |
(9.83) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 |
CORPORATE INFORMATION
The Company was incorporated as a private limited Company by the name of Super Bar Tronics Private Limited on September 10, 1990. Further, the Company changed its name from Super Bar Tronics Private Limited to Super Bartronics Limited and subsequently converted into a Public Limited Company w.ef. from July 27, 1995. The name of the Company was changed to Bartronics India Limited on January 1, 1996. Bartronics is currently engaged in providing solutions based on Bar Coding, one of the oldest AIDC technologies. Since then, in the past two decades, it has been pioneer in introducing newer technologies and solutions in India based on Biometrics, RFID, POS, EAS, and Smart Cards etc.
FINANCIAL
PERFORMANCE:
The Company has achieved a turnover of INR 753.131 million for the financial year ended 31st March, 2017 against the turnover of INR 436.891 million for the previous year ended 31st March, 2016, recording a growth of 72.38%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
Overview: This is the company’s 25th Annual Report and highlights of the journey thus so far are mentioned below:
Incorporated in Hyderabad, India in 1990, The Company started with providing solutions based on Bar Coding, one of the oldest Automated Identification and Data Capture (AIDC) technologies. Since then, in the past two decades, it has been pioneering in introducing newer technologies and solutions in India based on Biometrics, RFID, POS, EAS, and Smart Cards etc. Today it has global presence through its offices in Singapore, and Middle East. It is headquartered in Hyderabad, India.
The company has always been at the forefront in most of the technologies under the AIDC umbrella and will strive to continue this for delivering improved value to the customers. This has been achieved by establishing strong relationship with technology giants who have given us access to futuristic technologies thereby giving us the competitive edge of introducing any new technology which is available for commercial use.
Our ability to keep ourselves abreast with the technological advances and provide innovative solutions to our clients; coupled with the experience and implementation skills, makes us our client’s ideal partner in their growth story; which truly defines our success.
The management team has effectively leveraged the existing strengths and since 2001 the focus has moved from being a mere systems integrator to offering end to end solutions. Today, Bartronics is spreading its wings across the globe to serve the growing demand for the quality services and reach out for the newer opportunities and markets.
BUSINESS SCENARIO
During the concluded financial year, the Indian GDP grew at around 7.1%, and the manufacturing and services sector grew at around 5.3% and 9% respectively – as declared by concerned authorities. The figures show slower growth compared to the previous year owing the demonetization and demonetization exercise undertaken the Government. This drive had severely impacted cash intensive business environment in the country. However, it also gave much need push towards digital transactions aimed at reducing the dependency on cash for business. During this phase, the company was able to help many who had enrolled under Financial Inclusion projects make digital transactions. It gives the company a sense of satisfaction of being associated with projects which have great social impact.
“Make in India” continues to be one of Government’s important drives. During the year, the company too had an opportunity to consolidate its smart cards manufacturing. The company’s manufacturing facility was the differentiating factor with which it was successful in winning and retaining key Financial Inclusion projects from various banks; popularly known as ‘Jan- Dhan Yojana’. However, continued head-winds globally restricted company’s growth only to domestic markets which gets clearly reflected in company’s financial performance.
Telecom industry, largest B-to-B consumer of Smart Cards, is witnessing a period of consolidation. Entry of new large players, migration of existing players in CDMA technology to GSM technology etc. have resulted in spike in the demand for Smart Cards.
For current year, Management believes that the company may continue to do well in domestic markets thanks to substantial exposure to government initiatives giving the company certain degree of revenue visibility; however, for the company to retain its growth trajectory, it hopes to address certain risks to growth along with improvement in business environment, globally.
KEY DEVELOPMENTS
INDIAN OPERATIONS:
In order to protect the interest of all the stakeholders of the company, a decision was taken to consolidate the business around quality clients and focus on such projects which help the company with revenue visibility and operational stability.
This resolve and efforts of last few years has resulted into reduced dependency of the company on generating revenues from providing End-to-End solutions using AIDC technologies. This section of the company was highest revenue generating division few years back. Today, Financial Inclusion Projects and Manufacturing of Smart Cards are amongst highest revenue generating streams for the company while the company wants to focus providing End-to-End solutions using AIDC technologies only around quality clients. During the year, the company was able to consolidate its Financial Inclusion Business despite facing stiff competition. Company’s value proposition which includes captive manufacturing facility and the ability of providing complete solutions has greatly differentiated the company from others. Steps that the company had taken previously has indeed created an organization which is having strong base of quality customers and a scalable model on which the company will ride into growth phase.
OUTSTANDING FCCBS:
Bartronics India Ltd. had issued Foreign Currency Convertible Bonds (FCCB) for an aggregate sum of USD 50mn in January 2008. These bonds were due for redemption in February 2013. The company has appointed M/s Avista Advisory Group to assess all the options a vailable w ith t he c ompany a nd fi nalize b est suited approach in order to address the maturity. The options available with the company include restructuring the bonds i.e. rolling over the bonds for next five years or replacing the bonds with fresh bonds, or redeeming all the bonds at a mutually agreeable price. With these available options; the Company, along with M/s Avista Advisory Group has got in touch with the bondholders and has initiated discussions which are at advanced stages now. The company had filed a request for an extension of the maturity of the bonds to May 4, 2014 with Reserve Bank of India which was granted vide letter dated February 21, 2014. The company has applied for further extension with Reserve Bank of India, to enable the Company to conclude these discussions, and is waiting to hear from RBI to move forward. The company is confident of addressing the maturity of Bonds shortly.
BANK DUES:
Owing to the attractive business that the company is into, the Company is able to identify an investor who would clear all the debts on the books of the company. During past many quarters, the Company, along with the investor, has had series of discussions and accordingly the Investor has submitted his proposal of addressing the debt to Banks. As a process, Banks need consent from their respective Boards before such proposals are executed. Currently, not all banks have accorded their consent and the proposal is still under consideration. The Company believes this to be the most appropriate approach in addressing its debt position considering its current size of business and cash flow situation. However, given the competitive business landscape, it will be challenging for the company to retain this Investor’s interest for too long and any delay in Banks’ response poses material risk to the growth of the Company.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Unsecured Loans from Subsidiaries |
657.314 |
671.872 |
|
|
|
|
|
Total |
1722.417 |
1724.549 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
A96586946 |
10244916 |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LTD |
21/10/2010 |
- |
- |
93497250.0 |
3rd Floor, Calcot House, 8/10, M.P. Shetty MargTamarind Street, FortMumbaiMH400023IN |
|
2 |
A96769690 |
10250010 |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LTD |
21/10/2010 |
- |
- |
93497250.0 |
3rd Floor, Calcot House, 8/10, M.P. Shetty MargTamarind Street, FortMumbaiMH400023IN |
|
3 |
A96770003 |
10250011 |
HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LTD |
21/10/2010 |
- |
- |
93497250.0 |
3rd Floor, Calcot House, 8/10, M.P. Shetty MargTamarind Street, FortMumbaiMH400023IN |
|
4 |
A78115854 |
10198809 |
Life Insurance Corporation of India |
26/12/2009 |
- |
- |
500000000.0 |
Investment Operation Department, "Yogakshema"6th Floor, West Wing, Jeevan Beema MargMumbaiMH400021IN |
|
5 |
A85109379 |
10246598 |
Barclays Bank Plc |
08/07/2009 |
- |
- |
200000000.0 |
601/603, Ceejay House, Shivsagar Estate,Dr. Annie Besant Road, Worli,MumbaiMH400018IN |
|
6 |
A66500257 |
10149820 |
ANDHRA BANK |
03/04/2009 |
08/07/2009 |
- |
1000000000.0 |
SULTAN BAZAR BRANCHHYDERABADAP500095IN |
|
7 |
C37328200 |
10144607 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
16/02/2009 |
26/03/2014 |
- |
330000000.0 |
THE RUBY, 10TH FLOOR29, SENAPATI BAPAT MARG, DADAR (WEST)MUMBAIMH400028IN |
|
8 |
A56860091 |
10143095 |
Barclays Bank Plc |
31/12/2008 |
- |
- |
200000000.0 |
801/808, Ceejay House, Shivsagar Estate,Dr. Annie Besant Road, Worli,MumbaiMH400018IN |
|
9 |
A68376151 |
10129967 |
BANK OF INDIA LIMITED |
16/10/2008 |
08/07/2009 |
- |
900000000.0 |
PTI BUILDINGKHAIRATABAD BRANCHHYDERABADAP500004IN |
|
10 |
A67610899 |
10118521 |
IDBI Bank Limited |
18/08/2008 |
08/07/2009 |
- |
650000000.0 |
5-9-89/1&2CHAPEL ROADHYDERABADAP500001IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims Against The
Company Not Acknowledged As Debts: |
|
|
|
Income Tax |
1176.630 |
410.380 |
|
Sales Tax |
60.896 |
60.896 |
|
Letters of Credit
and Guarantees issued: |
|
|
|
Counter Guarantees Given To Banks Towards: Bank Guarantees Issued |
46.175 |
46.175 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
6 Months ended |
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income from Operations |
|
|
|
|
Net sales/ Income from operations (Net of excise duty) |
157.441 |
190.049 |
347.490 |
|
Other Operating Income |
43.219 |
(3.125) |
40.094 |
|
Total income from operations (net) |
200.660 |
186.924 |
387.584 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
9.715 |
11.805 |
21.520 |
|
Changes in inventories of finished goods. work-in-progress and stock in trade |
9.548 |
0.609 |
10.157 |
|
Employee benefits expense |
25.069 |
22.256 |
47.325 |
|
Depreciation and Amortisation Expenses |
14.801 |
15.091 |
29.892 |
|
Finance Costs |
130.957 |
130.957 |
261.914 |
|
Other Expenses |
98.251 |
87.312 |
185.563 |
|
Total expenses |
288.341 |
268.030 |
556.371 |
|
|
|
|
|
|
Profit/ (Loss) from ordinary activities
before exceptional items |
(87.681) |
(81.106) |
(168.787) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities
before tax |
(87.681) |
(81.106) |
(168.787) |
|
Tax expenses |
(13.704) |
4.825 |
(8.879) |
|
Net Profit / (Loss) from ordinary
activities after tax |
(73.977) |
(85.931) |
(159.908) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(73.977) |
(85.931) |
(159.908) |
|
Other comprehensive income, net of income tax – Items that will not be reclassified subsequently to profit and loss Acturial gain / (loss) on employees defined benefit plans |
0.000 |
0.000 |
0.000 |
|
Total comprehensive income for the period
|
(73.977) |
(85.931) |
(159.908) |
|
Paid up equity share capital (Face Value of INR 10/- each) |
- |
- |
- |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
- |
- |
- |
|
Earnings per share (of INR 10/- each) |
- |
- |
- |
|
(a) Basic |
(2.17) |
(2.52) |
(4.70) |
|
(b) Diluted |
(2.17) |
(2.52) |
(4.70) |
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
340.489 |
|
(b) Reserves & Surplus |
414.790 |
|
Total
Shareholders’ Funds (1) + (2) |
755.279 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term
provisions |
5.767 |
|
Total Non-current
Liabilities (3) |
5.767 |
|
|
|
|
(4)
Current Liabilities |
|
|
(a) Short
term borrowings |
2386.188 |
|
(b) Trade
payables |
2592.622 |
|
(c) Other
current liabilities |
7492.663 |
|
(d) Short-term
provisions |
1496.003 |
|
Total Current Liabilities
(4) |
13967.476 |
|
|
|
|
TOTAL |
14728.522 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
|
|
(i)
Tangible assets |
379.008 |
|
(ii)
Intangible Assets |
94.820 |
|
(iii)
Capital work-in-progress |
135.554 |
|
(iv)
Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
3021.799 |
|
(c) Deferred tax assets (net) |
165.956 |
|
(d) Long-term Loan and Advances |
1437.220 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
5234.356 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
43.165 |
|
(c) Trade
receivables |
8875.927 |
|
(d) Cash
and cash equivalents |
73.044 |
|
(e)
Short-term loans and advances |
177.873 |
|
(f) Other
current assets |
324.158 |
|
Total
Current Assets |
9494.166 |
|
|
|
|
TOTAL |
14728.522 |
Note:
1. The statement is as per the Regulation 33 of the SEBI (Listing obligations and disclosure requirements) Regulations, 2015.
2. The company had adopted Ind AS notified by MCA w.e.f 01.04.2017 and
accordingly the financial results for the Quarter and half year ended
30.09.2017 and for the preceding Quarter and half year ended 30.09.2016 has
been prepared in compliance with Ind AS Prescribed under section 133 of the
companies Act, 2013 and other recognized accounting practices and policies to
the extent applicable. Beginning from 1st April, 2017, the company has adopted
first Ind AS with a transition date 1st April, 2016.
3. The statement does not include Ind AS compliant results for the immediately
preceding Q.E 31.03.2017 and previous year ended 31st March, 2017 as the same
are not mandatory as per SEBI's circular dated. 5th July, 2016.
4. The reconciliation of net profit for the Q.E 30.09.2016 reported under
previous Ind GAAP to the total comprehensive income as prepared in accordance
with Ind AS is given below.
The reconciliation of net profit reported under Indian GAAP for the quarter
ended 30th Sep 2016 with Ind AS is given below.
5. The above Audited Financial Results have been reviewed by the Audit
Committee and approved by the Board of Directors of the Company at their
respective meetings held on November 14, 2017.
6. The company has started negotiations with the holders of company's bonds
(FCCBs) and in this regard it has appointed a consultant to assess all the
options available with the company and finalize the best suited approach in
order to address the maturity of the bonds. The company is in advanced stages
of negotiations for arriving at a consensus with the bond holders and is
confident of resolving this shortly.
7. Forming part of the Financial Statement regarding Capital advances to the
extent of
INR 906.149 million "They are unable to ascertain whether such balances
are fully recoverable". Accordingly, they are unable to ascertain the
impact, if any, that may arise in case any of these advances are subsequently
determined to be doubtful of recovery. Had the Company provided for the same,
the loss for the period would have been higher by the said amount.
8. Sundry Debtors include export receivables aggregating to INR 9579.400
Million as at September 30, 2017. On account of the economic slowdown and consequent
recessionary conditions in the global market there have been delays in recovery
of such amounts. Given the fact that the amounts are recoverable from customers
with whom the Company has a long, standing relationship, the Management is
confident of realizing the amounts due and no provisions are required on these
accounts at this stage, notwithstanding the "disclaimer" by the
Auditors in their report for the period ended September 30, 2017. Consequently,
Management believes that the recognition of revenue and the corresponding
foreign exchange translation gain/(loss) to the extent of INR 2.90 million for
the quarter ended September 30, 2017, is appropriate, as there is no
uncertainty regarding recovery of the corresponding outstanding amount with respect
to receivables.
9. The Company was awarded the "AapkeDwar" Project in 2009 by the
Muncipal Corporation of Delhi (MCD). The project envisages availment of various
Governments to Citizen (G2C) Service. The Company is required to install and
operate 2,000 Kiosks at various locations in the city of facilitate the above.
The Company has also the right to display advertisements on the external walls
of the kiosks.
As at the quarter ended dated September 30, 2017 - 300 kiosks have been
constructed and for the balance 1,700 Kiosks, allotment of clear sites by MCD
is awaited. In view of the unseemly delays in the allocation of sited by the
MCD, the company has filed a petition in the High Court of Delhi which has
initiated the process of arbitration. However, the management is confident of
arriving at an amicable solution shortly.
10. The number of investor complaints pending at the beginning of the period
NIL, received during the Period NIL disposed of during the Period NIL and
pending unresolved at the end of the quarter NIL
11. Figures have been regrouped to facilitate comparison with the previous
period results wherever necessary.
FIXED ASSETS
- Land
- Building
- Furniture and Fixture
- Electrical Installation
- Office Equipment
- Leasehold Improvements
- Computer
- Plant and Machinery
- Vehicle
- Computer
Software
PRESS RELEASE:
ANDHRA BANK PUTS UP INR 16530.000 MILLION OF NPAS FOR SALE
October 19, 2017: Hyderabad:
Government-owned Andhra Bank has put up 62 stressed loan accounts, with a
combined principal balance of INR 16530.000 million, for sale in a move to
partly reduce the burden of non-performing assets (NPAs).
This will be the second NPA sale by the bank in this financial year. In June, it
sold INR 38710.000 million of NPAs. The bank had added INR 22140.000 million in new NPAs during the 12 months ended June; reduction in NPAs stood at INR 4560.000 million during the same
period. The present round of auction, which would take the total sale of NPAs to a little over INR 55000.000 million, comes ahead
of the announcement of financial results for the September quarter. The loan accounts of L&T Chennai Tada Tollways (INR
1080.000 million), Chennai Elevated Tollway (INR 609.600 million) and
Bartronics India (INR 785.600 million) are some of the large NPAs in the current asset sale.
As on June, gross and net NPAs had risen to 13.33 per cent and 9.09 per cent,
respectively, from 10.3 per cent and 6.21 per cent in June 2016. The gross and
net NPA ratios were 5.75 per cent and 2.99 per cent, respectively, in June
2015.
Close to 70 per cent of the bank’s INR 1942800.000 million NPAs arise from its operations in Delhi, Telangana and
Maharashtra. Iron and steel, infrastructure, textiles and construction
contribute to the bulk.
The bank’s total business was INR 3340730.000 million, of which advances were
INR 1882720.000 million as on June. During the June quarter, credit growth was
6.25 per cent at INR 1458010.000 million, on the back of higher growth in
lending to individuals and small and medium enterprises. The management has
been gearing up to expand the business by raising tier-2 capital, in addition
to INR 11000.000 million of infusion by the government earlier this year.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 85.11 |
|
Euro |
1 |
INR 76.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
MTN |
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.