|
|
|
MIRA INFORM REPORT
|
Report No. : |
484144 |
|
Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
HUBLI ELECTRICITY SUPPLY COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Navanagar, PB Road, Hubli - 580025, Karnataka |
|
Tel. No.: |
91-836-2322771 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
30.04.2002 |
|
|
|
|
Com. Reg. No.: |
08-030437 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 9344.878 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31401KA2002SGC030437 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH3176J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Distribution of Electricity. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Hubli Electricity supply company limited was incorporated in the year
2002. For the financial year 2016, the company has achieved 13.79% growth in
its revenue as compared to previous year revenue but has incurred operational
loss. The moderate financial profile of the company is reflected by negative
networth base in spite of equity infused by its promoters along with average
debt coverage indicators. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings on fully 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 |
CRISIL |
|
Rating |
Long term = B- |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk |
|
Date |
27.11.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term = D |
|
Rating Explanation |
Lowest-credit0quality and very low prospects of recovery |
|
Date |
27.11.2017 |
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 04.01.2018.
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-836-2322771/ 2223828]
LOCATIONS
|
Registered/ Corporate Office : |
Navanagar, PB Road, Hubli - 58025, Karnataka, India |
|
Tel. No.: |
91-836-2322771/ 2223828 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Poondla Ravi Kumar |
|
Designation : |
Director |
|
Address : |
No. 373,12th Cross, 5main, Hig Colony New Bel Road, Bangalore-560094, Karnataka, India |
|
Date of Birth/Age : |
03.05.1962 |
|
Date of Appointment : |
21.10.2017 |
|
DIN No.: |
02285126 |
|
|
|
|
Name : |
Lachanaik Ramanaik Neelanaik |
|
Designation : |
Director |
|
Address : |
Gescom Office Behind Shakti Nursing Home 2nd Cross, Parvathi Nagar, Talur Road, Bellary-583101, Karnataka, India |
|
Date of Appointment : |
09.10.2017 |
|
DIN No.: |
07054491 |
|
|
|
|
Name : |
Alenahalli Ningegowda Jayaraj |
|
Designation : |
Director |
|
Address : |
32 1st Cross 6th Main Sarvabouma Nagar Chikkallasa Bangalore South Subramanyapura Bangalore South, Bangalore-560061, Karnataka, India |
|
Date of Appointment : |
07.05.2016 |
|
DIN No.: |
07178623 |
|
|
|
|
Name : |
Mr. Shashikant Parasappa Sakkari |
|
Designation : |
Managing Director |
|
Address : |
#1926/9, 11th Main 12th Cross,Behind Green Park Hotel, Siddaveerappa Badavane, Davanager E Southern Extension, Davanagere-577004, Karnataka, India |
|
Date of Appointment : |
27.04.2015 |
|
DIN No.: |
07194969 |
|
|
|
|
Name : |
Mr. Fakirappa Yamanappa Doddamani |
|
Designation : |
Director |
|
Address : |
#1398, Naragund Pattan, Ambedkar Nagar Maththu Adhyapak Nagar, Dandapur Naragund Gadag, Bangalore-582207, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07526916 |
|
|
|
|
Name : |
Mr. Jawahar Yallappa Uppar |
|
Designation : |
Director |
|
Address : |
229, Karikatti Parasgad Taluk, Belgaum-591126, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07526917 |
|
|
|
|
Name : |
Mr. Mahantesh Mallikarjun Umatar |
|
Designation : |
Director |
|
Address : |
Laxminagar Ramdurg, Belgaum-591123, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07526918 |
|
|
|
|
Name : |
Mr. Manjunath Hanumanth Naik |
|
Designation : |
Director |
|
Address : |
Yelavadikavoor Yalwadikavur Bhatkal, Uttara Kannada-581320, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07526919 |
|
|
|
|
Name : |
Mr. Virupaxagowda Venkanagowda Ranganagowdra |
|
Designation : |
Director |
|
Address : |
Rangangoudra Street, Kundagola Taluk Gudigeri, Gudigeri, Dharwad-581107, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07527721 |
|
|
|
|
Name : |
Kambale Sanjeev Bhimarao |
|
Designation : |
Director |
|
Address : |
3938, Ambedkar Nagar Sadalga Sadalga, Belgaum-591239, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07527754 |
|
|
|
|
Name : |
Mr. Mallappa Laxmappa Kempalingannavar |
|
Designation : |
Director |
|
Address : |
House No. 250/1, Maruthieswar Gudi Raste, Chikkala Algundi, Bagalkot Bilagi-587116, Karnataka, India |
|
Date of Appointment : |
07.04.2016 |
|
DIN No.: |
07536973 |
|
|
|
|
Name : |
Mr. Vishwanath Prabhudevayya Hiremath |
|
Designation : |
Director |
|
Address : |
#667, 8th B Main Road 1st Block 3rd Stage Manjunath Nagar Bengaluru-560010, Karnataka, India |
|
Date of Appointment : |
07.05.2016 |
|
DIN No.: |
07536985 |
|
|
|
|
Name : |
Mr. Robert Francis Daddapuri |
|
Designation : |
Director |
|
Address : |
#58 Jenugudu Vivekanand Nagar, Vidyagiri Dharwad-580004, Karnataka, India |
|
Date of Appointment : |
24.05.2016 |
|
DIN No.: |
07538035 |
|
|
|
|
Name : |
Mr. Sambhulingaiah Renukamath |
|
Designation : |
Director |
|
Address : |
House No. 326, Shalavadi Village Navalgund Taluq, Dharwad-582208, Karnataka, India |
|
Date of Appointment : |
24.05.2016 |
|
DIN No.: |
07542772 |
|
|
|
|
Name : |
Mr. Veerabasappagouda Hallappagoudar Rudragouda |
|
Designation : |
Director |
|
Address : |
247a, Masure, House No.1 To 332, Hirekeruru Haveri-581210, Karnataka, India |
|
Date of Appointment : |
24.05.2016 |
|
DIN No.: |
07542773 |
|
|
|
|
Name : |
Mr. Sundareshbabu Murugesan |
|
Designation : |
Director |
|
Address : |
S/O Murugesan, 11w-4a/1. A.P.S.Illam, Sabarimalai Theru-3, Bodinayakanur Bodinayackanur, Theni-625513, Tamilnadu, India |
|
Date of Appointment : |
07.05.2016 |
|
DIN No.: |
07599274 |
|
|
|
|
Name : |
Mr. Rajappa Rangayya |
|
Designation : |
Wholetime Director |
|
Address : |
House No. 29, Sajjal Shree Building, Ground Floor Near Silver Town, Hubballi, Dharwad-580030, Karnataka, India |
|
Date of Appointment : |
03.09.2016 |
|
DIN No.: |
07628676 |
|
|
|
|
Name : |
Sanganagouda Basangouda Bommanahalli |
|
Designation : |
Director |
|
Address : |
Basanagouda Bommanahalli, #863/1, 14th Cross Mahalaxmi Layout, Bangalore North, Bangalore-560086, Karnataka, India |
|
Date of Appointment : |
04.08.2016 |
|
DIN No.: |
07751784 |
|
|
|
|
Name : |
Mr. Nallavalla Veerabhadraiah Bhuvaneswaraiah |
|
Designation : |
Director |
|
Address : |
No 417, 9th C Main, H R B R 1st Block Kalyananagar, Bangalore- 560043, Karnataka, India |
|
Date of Appointment : |
22.04.2017 |
|
DIN No.: |
07828125 |
|
|
|
|
Name : |
Mrs. Snehal Rayamane |
|
Designation : |
Director |
|
Address : |
#66, Annapoorneshwari, 10th Cross, 3rd Sub Cross Ullal Main Road,Muneshwaranagar,Bangalor E South Bangalore Viswavidalaya, Bangalore-560056, Karnataka, India |
|
Date of Appointment : |
22.04.2017 |
|
DIN No.: |
07828148 |
|
|
|
|
Name : |
Mr. Ramakrishnaiah Taggikuppe Ramaiah |
|
Designation : |
Director |
|
Address : |
# 13 Bychapura Kasaba Hobli Thaggikuppe, Magadi, Ramanagar 562120, Karnataka, India |
|
Date of Appointment : |
14.08.2017 |
|
DIN No.: |
07924084 |
KEY EXECUTIVES
|
Name : |
Mr. Abdul Wajid Bellary |
|
Designation : |
CFO(KMP) |
|
Address : |
#127 B, Siddeshwar Park, Vidyanagar, Hubli, Hubli Engineering College , Dharward HUBLI - 580031, Karnataka, India |
|
Date of Appointment : |
02.02.2017 |
|
PAN No.: |
AAIPW2739A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Honble Governor State of Karnataka , India |
|
934437800 |
|
Poondla Ravi Kumar |
|
49994 |
|
Paulchamy Rajendra Cholan |
|
1 |
|
Munivenkatappa Nagaraja |
|
1 |
|
Shashikant Parasappa Sakkari |
|
1 |
|
Khushboo Goel |
|
1 |
|
Dipti Aditya Kanade |
|
10 |
|
Kariputtaiah Siddaraju |
|
10 |
AS ON 19.05.2017
|
Names of Allottee |
|
No. of Shares |
|
Hon’ble Governor, State of Karnataka, India |
|
276580000 |
|
|
|
|
|
Total |
|
276580000 |
AS ON: 23.11.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Government- State Government) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Distribution of Electricity. [Registered Activity] |
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Products : |
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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 : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
Not Divulged |
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|
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|
Bankers : |
· State Bank of India ·
Corporation Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions: |
· Rural Electrification Corporation Core-IV, Scope Complex, 7 Lodhi Road, Delhi -110003, India · Power Finance Corporation Limited Urjanidhi, 1 Barakhamba Lane, Connaught Placenew Delhi - 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
P.G Bhagwat Chartered Accountants |
|
Address : |
No.15,Varmini, Vijayanagar, Hubballi - 580032, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB0762E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AFTER: 23.11.2016
Authorised Capital : INR
20000.000 Million
Issued, Subscribed & Paid-up Capital : INR 1211.068 Million
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
934487800 |
Equity Shares |
INR 10/- each |
INR 9344.878 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9344.878 |
7075.278 |
7075.278 |
|
(b) Reserves & Surplus |
(15298.690) |
(11563.550) |
(12047.449) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
474.100 |
2044.000 |
1552.500 |
|
Total
Shareholders’ Funds (1) + (2) |
(5479.712) |
(2444.272) |
(3419.671) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
12710.574 |
14562.301 |
8825.175 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
5247.638 |
5495.573 |
5155.561 |
|
(d)
long-term provisions |
670.367 |
608.514 |
516.357 |
|
Total
Non-current Liabilities (3) |
18628.579 |
20666.388 |
14497.093 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3211.371 |
1575.020 |
703.414 |
|
(b)
Trade payables |
40031.948 |
33075.010 |
21836.280 |
|
(c)
Other current liabilities |
16861.012 |
11539.875 |
21350.036 |
|
(d)
Short-term provisions |
181.003 |
169.336 |
6.581 |
|
Total
Current Liabilities (4) |
60285.334 |
46359.241 |
43896.311 |
|
|
|
|
|
|
TOTAL |
73434.201 |
64581.357 |
54973.733 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
16000.422 |
13408.561 |
13129.224 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3506.082 |
2843.120 |
1653.787 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
159.640 |
159.640 |
165.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1881.462 |
2604.858 |
2238.368 |
|
(e)
Other Non-current assets |
4323.043 |
4489.574 |
4953.566 |
|
Total
Non-Current Assets |
25870.649 |
23505.753 |
22140.045 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1381.514 |
1048.709 |
978.204 |
|
(c)
Trade receivables |
18028.935 |
18252.389 |
16617.272 |
|
(d)
Cash and cash equivalents |
800.124 |
873.011 |
737.144 |
|
(e)
Short-term loans and advances |
97.470 |
93.929 |
7611.214 |
|
(f)
Other current assets |
27255.509 |
20807.566 |
6889.854 |
|
Total
Current Assets |
47563.552 |
41075.604 |
32833.688 |
|
|
|
|
|
|
TOTAL |
73434.201 |
64581.357 |
54973.733 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
55207.979 |
48515.814 |
44106.273 |
|
|
|
Other Income |
914.565 |
391.676 |
279.500 |
|
|
|
TOTAL |
56122.544 |
48907.490 |
44385.773 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
47221.493 |
37855.853 |
40287.783 |
|
|
|
Employees benefits expense |
4831.273 |
4554.586 |
4445.331 |
|
|
|
Exceptional items |
1029.000 |
0.000 |
0.000 |
|
|
|
Other expenses |
1643.777 |
1719.608 |
1176.729 |
|
|
|
TOTAL |
54725.543 |
44130.047 |
45909.843 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1397.001 |
4777.443 |
(1524.070) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4061.298 |
3484.272 |
3311.607 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2664.297) |
1293.171 |
(4835.677) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1063.046 |
990.535 |
926.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(3727.343) |
302.636 |
(5762.542) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(3727.343) |
302.636 |
(5762.542) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(INR) |
(4.49) |
0.43 |
(8.00) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
7369.573 |
3689.719 |
3905.143 |
|
|
|
|
|
|
Cash generated from operations |
7824.857 |
(1032.860) |
4292.681 |
|
|
|
|
|
|
Net Cash flow from (used in) Operating Activities |
NA |
NA |
4292.681 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
119.20 |
137.32 |
137.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.06 |
2.66 |
2.65 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
309.43 |
318.90 |
197.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.01 |
4.56 |
(1.56) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.07 |
0.29 |
(0.10) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.09 |
1.00 |
1.03 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(4.25) |
(8.11) |
(3.93) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(11.00) |
(18.97) |
(12.84) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(3.56) |
(6.65) |
(4.32) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.34 |
1.37 |
(0.46) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(6.75) |
0.62 |
(13.07) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(5.08) |
0.47 |
(10.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
68.02 |
(12.38) |
168.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.79 |
0.89 |
0.75 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.77 |
0.86 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.07) |
(0.04) |
(0.06) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.49 |
2.80 |
1.90 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.79 |
0.89 |
0.75 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
7075.278 |
7075.278 |
9344.878 |
|
Reserves & Surplus |
(12047.449) |
(11563.550) |
(15298.690) |
|
Share Application money
pending allotment |
1552.500 |
2044.000 |
474.100 |
|
Net
worth |
(3419.671) |
(2444.272) |
(5479.712) |
|
|
|
|
|
|
long-term borrowings |
8825.175 |
14562.301 |
12710.574 |
|
Short term borrowings |
703.414 |
1575.020 |
3211.371 |
|
Current Maturities of Long
term debt |
3905.143 |
3689.719 |
7369.573 |
|
Total
borrowings |
13433.732 |
19827.040 |
23291.518 |
|
Debt/Equity
ratio |
(3.928) |
(8.112) |
(4.251) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44106.273 |
48515.814 |
55207.979 |
|
|
|
9.998 |
13.794 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44106.273 |
48515.814 |
55207.979 |
|
Profit/(Loss) |
(5762.542) |
302.636 |
(3727.343) |
|
|
(13.07%) |
0.62% |
(6.75%) |
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 |
Yes |
|
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 |
|
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G63281935 |
100134890 |
Rural
Electrification Corporation |
23/10/2017 |
- |
- |
1000000000.0 |
Core-IV SCOPE Complex,7
Lodhi RoadDelhiDL110003IN |
|
2 |
G57682791 |
100129146 |
Rural
Electrification Corporation Limited |
25/09/2017 |
- |
- |
1000000000.0 |
Core-4, SCOPE
Complex,7, Lodi RoadNew DelhiDL110003IN |
|
3 |
G55552640 |
100127037 |
POWER FINANCE
CORPORATION LIMITED |
14/09/2017 |
- |
- |
5000000000.0 |
Urjanidhi,
1Barakhamba Lane, Connaught Placenew delhiDL110001IN |
|
4 |
G41418609 |
100091884 |
Rural
Electrification Corporation Limited |
28/03/2017 |
- |
- |
1000000000.0 |
Core-4, SCOPE Complex,7,
Lodi RoadNew DelhiDL110003IN |
|
5 |
G39706908 |
100086914 |
POWER FINANCE
CORPORATION LIMITED |
07/03/2017 |
- |
- |
2000000000.0 |
'URJANIDHI',
1,BARAKHAMBA LANE,CONNAUGHT PLACE,NEW DELHIDe110001IN |
|
6 |
G39647078 |
100086733 |
Rural Electrification
Corporation Limited |
04/03/2017 |
- |
- |
1000000000.0 |
Core-4, SCOPE
Complex,7, Lodi RoadNew DelhiDL110003IN |
|
7 |
G15987118 |
100055332 |
Power Finance
Corporation limited |
22/09/2016 |
- |
- |
1000000000.0 |
Urja Nidhi, 1, Barakhamba
Lane, Connaught PlaceNew DelhiDL110001IN |
|
8 |
G11472859 |
100049220 |
Rural
Electrification Corporation Limited |
18/08/2016 |
- |
- |
337452000.0 |
Core-4, SCOPE
Complex7 Lodi RoadNew DelhiDL110003IN |
|
9 |
G29485323 |
100065536 |
Rural Electrification
Corporation Limited |
18/08/2016 |
- |
- |
1631700000.0 |
Core-4, SCOPE
Complex, 7 Lodi RoadNew DelhiDL110003IN |
|
10 |
G03982519 |
100027946 |
Rural
Electrification Corporation Limited |
25/04/2016 |
- |
- |
332836000.0 |
Core-4, SCOPE Complex7
Lodi RoadNew DelhiDL110003IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From Other Parties |
497.090 |
1433.025 |
|
|
|
|
|
Total |
497.090 |
1433.025 |
CORPORATE INFORMATION
Subject is registered with the Bangalore Registrar of Companies as a Public Limited company on 30th April, 2002 vide registration no. U31401KA2002SGC030437 and commenced its operation with effect from 1st June, 2002.
The registered office of the company is located at PB Road, Navanagar, Hubli- 580 025.
The company is engaged in the business of Distribution of Electricity in the Seven Districts of Karnataka duty purchasing power from various Power Generators Pool Account as per the energy allocation/ assigned by the Givernment of Karnataka as per the government order issued from time to time. The rates followed for the allocated/ assigned power purchase is based on the commercial rates/ predetermined rates as approved by the PPA/ KERC/ Government of Karnataka.
The principal activities of the company is to engage in distribution of power.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Claims against the
company not acknowledgement debt |
|
|
|
Additional fixed cost paid by the KPTCL for supply of power by thannir
bhavi power corporation limited |
1272.500 |
1272.500 |
|
The claim of interest on belated payments by independent private power
producers (kaiga) which is disputed by the company. |
213.900 |
356.400 |
|
KPTCL intimated (July 2009) to HESCOM to raise the loan liabilities to
the extent of INR 204.500 million being the HESCOM portion of ARDRP-REC loan.
The company has disputed the same as the periodicity of the liability is not
tenable with the G.O |
204.500 |
204.500 |
|
Interest on delayed payment of electricity tax to government (up to
31.03.2014) |
210.000 |
210.000 |
|
Income tax matter under appeal with various appellate authorities for
assement year 2006-07 to 2012-13. |
90.600 |
1711.900 |
|
NOTES: 1. Arbiration on suit filed against the company by contractor. Matter pending at Hon’ble City Civil Session Judge Bangalore (Amount Claimed by contractor INR 248.118 Million less Amount Payable as per Company INR 32.226 Million. 2. The company had filed an appeal before the joint commissioner of Commercial Tax (Appeal), Hubli against the sale tax demand raised of INR 0.990 Million for the period from 2005-6 to 2009-10 by the Asset. Commissioner of Commercial Taxes, Hubli by deposting INR 31.523 Million towards preferring Appeal which is included in Item (14.6) above. The said Appeal was dismissed on 26.04.2012 and the company has further filed a stay petition before KAT B’lore and the stay is granted on 28.08.2012. As per KAT B’lore Order Dated 28.11.2014 the Tribunal has remanded back the matter to ACCT (Enforcement) Hubli for detailed verification of the document. |
||
FIXED ASSETS:
· Land Freehold
· Buildings
· Hydraulic Works
· Other Civil Works
· Vehicle
· Furniture and Fixtures
· Office Equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.48 |
|
UK Pound |
1 |
INR 86.41 |
|
Euro |
1 |
INR 76.54 |
INFORMATION
DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.