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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

484732

Report Date :

09.01.2018

 

IDENTIFICATION DETAILS

 

Name :

SECURE METERS LIMITED

 

 

Registered Office :

E – Class Pratap Nagar, Industrial Area, Udaipur – 313001, Rajasthan

Tel. No.:

91-294-2492300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

22.04.1987

 

 

Com. Reg. No.:

17-029106

 

 

Capital Investment / Paid-up Capital :

INR 1021.364 Million

 

 

CIN No.:

[Company Identification No.]

U74899RJ1987PLC029106

 

 

IEC No.:

Not Divulged

 

 

GSTIN No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCS8785M

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The Company is engaged in manufacture of electronic energy meters and equipments and related services. [Registered Activity]

 

 

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

 

Maximum Credit Limit :

USD 16950000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Secure Meters Limited (SML) is a pioneer in the domestic electronic energy meters market and caters to all segments of the power transmission and distribution sector. The company was incorporated in the year 1987 and is based in Udaipur, Rajasthan. It is an established company having excellent track.

As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources.


As per available financials of 2016, the company has witnessed a healthy growth in its revenue and has achieved good profit margin at 7.21% (approximately).

The company possesses robust financial profile by healthy net worth base along with fair debt level and favourable gap between trade payables to its trade receivables.

The company also derives strength from its long standing track record of business operations.


Fundamentals of the company are strong and healthy.


Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments.


In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Rating = AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

25th January, 2017

 

Rating Agency Name

CARE

Rating

Short Term Rating = A1

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

25th January, 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 09.01.2017.

 

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/ Head Office :

E- Class Pratap Nagar, Industrial Area, Udaipur - 313001, Rajasthan, India

Tel. No.:

91-294-2492300 / 301 / 2492302 / 2492303 / 2492304 / 2492305

Fax No.:

91-294-2492310

E-Mail :

hemender.pandwal@securemeters.com

sml@securemeters.com

mktg@securetogether.com

sales_india@securemeters.com

Website :

http://www.securemeters.com

 

 

Corporate Office:

 

401, 4th Floor, Sector 30, Park Centra, Delhi-Jaipur Highway, Gurugram -122001, Haryana, India

Tel. No.:

91-124-4670200/201 

Fax No.:

91-124-4670202 

E-Mail :

india@securemeters.com

 

 

Overseas Office:

101, Upper Cross Street, No. 08-07, People’s Park Centre, Singapore – 058357

 

 

Factory / Warehouse:

Udaipur Unit

‘E’ Class, Pratap Nagar Industrial Area, Udaipur - 313001, Rajasthan, India

 

Barotiwala Unit

Haripur Road, Barotiwala, District – Solan - 174103, Himachal Pradesh, India

 

Bated Unit

Village Bated, off Haripur Road, Barotiwala, District Solan, Himachal Pradesh, India

 

Haripur Unit 

Village Bated, Near Haripur Road, Barotiwala, District Solan, Himachal Pradesh, India  

 

G 1, 466-467, Meware Industrial Area, Udaipur – 313003, Rajasthan, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Sanjaya Singhal

Designation :

Managing Director

Address :

Sangam, Fateh Sagar, Road Near, Swaroop Sagar, Girwa, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

22.01.1955

Qualification:

B.Sc.(Honrs)

Date of Appointment :

01.07.2002

PAN No.:

AHNPS4185J

DIN No.:

00109705

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U74210RJ2008PTC027919

VAASTU TATWA DESIGN CONSULTANTS PRIVATE LIMITED

15/12/2008

-

U74999RJ2017PTC058381

DHAROHAR LEISURE AND PARKS PRIVATE LIMITED

23/06/2017

-

U74999RJ2017PTC059309

SECURE METERING AND SERVICES (BHILWARA) PRIVATE LIMITED

16/10/2017

-

 

 

Name :

Ms. Nandita Singhal

Designation :

Director

Address :

Sangam, Fateh Sagar Road, Near Swroop Sagar, Girwa, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

22.02.1960

Qualification:

Graduate

Date of Appointment :

30.09.2015

PAN No.:

AJAPS3927R

DIN No.:

00139851

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U67120MH1985PTC036427

NANSJAY INVESTMENTS PRIVATE LIMITED

04/10/2004

-

U72200RJ2004PLC019221

ESL INDIA LIMITED

01/01/2007

-

U74999RJ2017PTC058381

DHAROHAR LEISURE AND PARKS PRIVATE LIMITED

23/06/2017

-

 

 

Name :

Mr. Bhagwat Singh Babel

Designation :

Director

Address :

221, Ameya, Behind Sagar Darshan Apartment Devali (Ward No. 20), Girwa, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

24.07.1953

Qualification:

B.E.

Date of Appointment :

23.12.2016

DIN No.:

01476935

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U28997MH1995PLC085294

R R KABEL LIMITED

16/09/2017

-

U01122RJ2014PTC045996

UDAIPUR URJA INITIATIVES PRODUCER COMPANY LIMITED

10/02/2017

-

 

 

Name :

Mr. Salil Singhal

Designation :

Director

Address :

Singhal Farm House, Near Airforce Station, Rajokri, New Delhi – 110038, India

Date of Appointment :

29.12.1994

PAN No.:

AHNPS4184K

DIN No.:

00006629

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U65990RJ1992PLC055823

PILL FINANCE AND INVESTMENTS LIMITED

29/03/2004

-

U55101RJ1963PTC001158

THE LAKE PALACE HOTELS AND MOTELS PRIVATE LIMITED

30/09/2000

-

U29299RJ1971PLC001379

WOLKEM INDIA LIMITED

07/08/1979

-

U55101RJ1989PTC005105

HISTORIC RESORT HOTELS PRIVATE LIMITED

27/09/1996

-

U45209RJ2005PLC021207

MAHINDRA WORLD CITY (JAIPUR) LIMITED

26/03/2015

-

L31400WB1986PLC091621

USHA MARTIN LIMITED

29/07/2009

-

L40200WB1968PLC224116

SOMANY CERAMICS LIMITED

27/07/2002

-

 

 

Name :

Mr. Dilip Dwarkadas Udeshi

Designation :

Director

Address :

501, Shanti Apartments 98, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

28.03.1995

DIN No.:

00051479

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U74140GJ2000PTC038483

CHADABHOY AND JASSOOBHOY CONSULTANTS PRIVATE LIMITED

04/08/2000

-

U67120MH1982PTC028713

SERENDIB INVESTMENTS PVT LTD

18/08/2000

-

U67120MH1984PTC033147

BALTIC CONSULTANCY AND SERVICES PRIVATE LIMITED

30/06/1988

-

U24245GA1991PTC001118

ADVANCED ORAL CARE PRODUCTS PRIVATE LIMITED

18/06/2004

-

U72300MH2011PTC224021

MAFATLAL CIPHERSPACE PRIVATE LIMITED

07/07/2012

-

U18101MH2005FTC154490

SEFAR INDIA PRIVATE LIMITED

05/07/2005

-

 

 

Name :

Mr. Girdhar Gopal Agarwal

Designation :

Director

Address :

Govindam 6 Bhan Bag, Newfathapura, Udaipur – 313004, Rajasthan, India

Date of Appointment :

22.04.1987

PAN No.:

ABZPA3361Q

DIN No.:

00076273

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U67120RJ1985PTC023079

BINARVI HOLDINGS PRIVATE LIMITED

01/04/1991

-

U27101RJ1982PLC002442

FIMAKEM INDIA LIMITED

02/09/2014

-

U51909DL1984PLC018984

SHAKUN OVERSEAS LIMITED

20/04/1994

-

U74140RJ2007PLC045746

SECURE ENERGY SERVICES LIMITED

10/12/2007

-

 

 

Name :

Mr. Arvind Singhal

Designation :

Director

Address :

Lake House, P P Singhal Marg, Udaipur – 313004, Rajasthan, India

Date of Appointment :

21.09.1999

PAN No.:

ALYPS5930N

DIN No.:

00092425

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U13209TG2004PTC043579

NEPHKEM MINERALS PRIVATE LIMITED

05/07/2004

-

L24211RJ1946PLC000469

PI INDUSTRIES LIMITED

06/09/2017

-

U29299RJ1971PLC001379

WOLKEM INDIA LIMITED

01/08/1995

-

U28113RJ1993PTC007723

MYNORES INDIA PRIVATE LIMITED

29/04/2013

-

U14107RJ2002PTC057580

WOLKEM TALC PRIVATE LIMITED

01/06/2016

-

U74899DL1969NPL005064

FEDERATION OF INDIA MINERAL INDUSTRIES

31/07/2014

-

U14106RJ2007PTC023768

WOLKEM OMEGA MINERALS INDIA PRIVATE LIMITED

02/02/2007

-

U26900RJ2011PLC047399

WOLKEM LIME LIMITED

27/09/2011

-

U14290DL2013NPL261671

SKILL COUNCIL FOR MINING SECTOR

06/12/2013

-

 

 

Name :

Pradyumna Natvarlal Shah

Designation :

Director

Address :

51/Shantiniketan Corporate Housing Society, 5th Floor, Plot No. 96, Prabhat Colony, Road No. 1, Santacruz (East), Mumbai - 400055, Maharashtra, India

Date of Birth/Age :

01.01.1929

Qualification:

C.A.

Date of Appointment :

18.08.1997

PAN No.:

AABPS3192C

DIN No.:

00096793

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L17119PN1990PLC058139

PRANAVADITYA SPINNING MILLS LIMITED

23/08/2014

-

U29299RJ1971PLC001379

WOLKEM INDIA LIMITED

28/09/2002

-

L72200PN1988PLC068972

INDO COUNT INDUSTRIES LIMITED

30/09/1992

-

U74900PN2008PLC131409

GARWARE HEALTHCARE LIMITED

19/03/2016

-

U24130MH1994PLC142451

GARWARE BESTRETCH LIMITED

30/09/2013

-

 

 

KEY EXECUTIVES

 

Name :

Mr. Hemender Pandwal

Designation :

Company Secretary

Address :

844, Hiran Magri, Gyan Nagar, Sector No.4, Saweena (Rural), Girwa, Udaipur – 313002, Rajasthan, India

Date of Birth/Age :

26.03.1961

Qualification:

C.S. and C.A.

Date of Appointment :

31.05.1999

PAN No.:

ACZPP5645H

 

 

Name :

Mr. Amit Sharma

Designation :

Chief Financial Officer 

Address :

D-115, South City II, Block-D, Gurugram – 122018, Haryana, India

Date of Appointment :

01.04.2016

PAN No.:

AHAPS8832K

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders (Equity Shares)

 

No. of Shares

Sangam Trust

 

19314000

Sanjaya Singhal

 

100

Nandita Singhal

 

100

Suket Singhal

 

100

Ananya Singhal

 

100

Salil, Arvind and Sanjaya Family Trust

 

33527

Mecron 1 Inc.

 

410040

Firblog Holdings Limited

 

60000

Entity Group Trust

 

231962

Secure Group Trust

 

288000

Manali Singhal/ Ravi Singhal

 

50708

Total

 

20388637

 

Names of Shareholders (Preference Shares)

 

No. of Shares

Sangam Trust

 

6535730

Sanjaya Singhal [Nominee Hycron India]

 

502000

Nandita Singhal [Nominee Hycron India]

 

100000

Sanjaya Singhal [Nominee Hycron Electronics]

 

240999

Nandita Singhal [Nominee Hycron Electronics]

 

781047

Pradyymna Natvarlal Shah/ Saroj P Shah

 

10000

Saroj Pradyymna Shah. PN Shah

 

5000

Total

 

8174776

 

 

AS ON 29.09.2017

 

Equity Share Break up

Percentage

Category

 

 

Promoters – [Individual/Hindu Undivided Family – Indian]

0.00196188

Promoters – [Other - Trusts /partnerships  (in which promoters]

94.89367533

Public/Other than promoters - [Individual/Hindu Undivided Family – Indian]

0.24870716

Public/Other than promoters -[Bodies corporate]

2.30540178

Public/Other than promoters – [Other - Trusts]

2.55025385

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in manufacture of electronic energy meters and equipments and related services. [Registered Activity]

 

 

Products / Services :

ITC Code

Product/ Services Description

90283010

electronic energy meter

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Bank Name

State Bank of India

Branch

Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi – 110001, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

  • RBL Bank Limited, One Indiabulls Centre, Tower 2B, 6th Floor, 841 Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2016

INR In Million

31.03.2015

INR In Million

LONG TERM BORROWINGS

 

 

Term loans from banks

412.840

359.500

Other loans and advances

2.290

5.120

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

[hypothecation of stocks of raw material, work-in-progress, finished goods, book debts and second charge over immovable

properties]

2962.200

2066.870

Total

3377.330

2431.490

 

Auditors :

 

Name :

Chandabhoy and Jasoobhoy

Chartered Accountanta

Address :

605-606-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi, Ahemdabad – 380007, Gujarat, India

PAN No.:

AABFC0696F

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies:

[AS ON 29.09.2017]
  • Secure International Holdings Pte Limited
  • Entity Holdings Limited
  • Alfa and Advent Investment Limited
  • CEWE Instrument AB
  • Power Investment and Trading Limited
  • Horstmann Controls Limited
  • Secure (SMSO) Limited

 

 

Subsidiary Companies:
  • Advanced Energy Monitoring Systems Limited, United Kingdom
  • Cewe Instrument AB, Swedan
  • Elegant Metering Solutions Limited, United Arab Emirates
  • Secure Energy Services Limited, India

[CIN NO.: U74140RJ2007PLC045746]

  • Secure Asset Finance Limited, United Kingdom
  • Secure Australasia Pty Limited, Australia
  • Secure Controls (UK) Limited, United Kingdom
  • Secure Meters (UK) Ltd, United Kingdom
  • Secure Meters Assets Operator Limited, United Kingdom
  • Secure Meters Singapore Pte Limited, Singapore

 

 

Associates:

[As On 31.03.2016]
  • Fimakem India Limited, India [CIN NO.: U27101RJ1982PLC002442]
  • Hycron Electronics, India
  • Hycron India, India
  • Loth Lorian Infrastructure LLP, India
  • Maheshwari Pandwal And Co., India
  • Pi Industries Limited, India [CIN NO.: L24211RJ1946PLC000469]
  • Wolkem India Limited, India [CIN NO.: U29299RJ1971PLC001379]

 

 

Enterprises Which Are Owned, or Have Significant Influence of or Are Partners With Key Management Personnel And Their Relatives:

[As On 31.03.2016]
  • Dharohar, India
  • Salil,Arvind And Sanjay Family Trust, India
  • Sanjaya Singhal (HUF), India
  • Sanjaya Singhal (HUF), India
  • Shivani Family Benefit Trust, India
  • Singhal Foundation, India
  • The Entity Group Trust, India

 

 

CAPITAL STRUCTURE

 

AS ON 29.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

INR 10/- each

INR 250.000 Million

10000000

Preference Shares

INR 100/- each

INR 1000.000 Million

 

Total

 

INR 1250.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20388637

Equity Shares

INR 10/- each

INR 203.886 Million

8174776

Preference Shares

INR 100/- each

INR 817.478 Million

 

Total

 

INR 1021.364 Million

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1021.364

904.357

702.414

(b) Reserves and Surplus

4911.850

4444.380

4008.155

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

117.010

41.555

Total Shareholders’ Funds (1) + (2)

5933.214

5465.747

4752.124

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

415.130

364.620

411.031

(b) Deferred tax liabilities (Net)

107.330

116.780

68.678

(c) Other long-term liabilities

0.000

10.430

38.303

(d) long-term provisions

106.870

96.080

78.962

Total Non-current Liabilities (3)

629.330

587.910

596.974

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

3157.020

2216.810

2617.526

(b) Trade payables

1582.750

1126.840

1232.851

(c) Other current liabilities

635.176

288.433

299.086

(d) Short-term provisions

80.690

248.660

201.729

Total Current Liabilities (4)

5455.636

3880.743

4351.192

 

 

 

 

TOTAL

12018.180

9934.400

9700.290

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1909.000

1624.170

1362.633

(ii) Intangible Assets

355.090

349.160

84.875

(iii) Tangible assets capital work-in-progress

21.030

75.780

91.336

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

3113.870

3113.870

2825.444

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term loans and advances

308.940

173.020

22.931

(e) Other Non-current assets

77.520

149.450

25.695

Total Non-Current Assets

5785.450

5485.450

4412.914

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1325.090

971.840

985.843

(c) Trade receivables

3641.120

2613.200

3368.013

(d) Cash and bank balances

373.250

263.560

333.251

(e) Short-term loans and advances

875.710

584.100

318.328

(f) Other current assets

17.560

16.250

281.941

Total Current Assets

6232.730

4448.950

5287.376

 

 

 

 

TOTAL

12018.180

9934.400

9700.290

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Total Revenue from operations

11799.050

9760.490

9543.555

 

Other Income

110.400

108.350

383.052

 

TOTAL

11909.450

9868.840

9926.607

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6555.470

5321.410

5868.890

 

Purchases of Stock-in-Trade

1113.280

1004.160

345.353

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(65.790)

(98.210)

(18.176)

 

Employee benefit expense

1605.780

1226.200

1103.993

 

CSR expenditure

27.250

1.220

0.000

 

Other expenses

987.040

895.240

1014.458

 

TOTAL

10223.030

8350.020

8314.518

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1686.420

1518.820

1612.089

 

 

 

 

 

Less

FINANCIAL EXPENSES

311.520

403.160

428.797

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1374.900

1115.660

1183.292

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

256.470

224.220

255.518

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1118.430

891.440

927.774

 

 

 

 

 

Less

TAX

268.250

277.320

327.155

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

850.180

614.120

600.619

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

7619.060

5378.050

4829.796

 

TOTAL EARNINGS

7619.060

5378.050

4829.796

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

4974.990

3712.980

3050.371

 

Capital Goods

108.320

33.290

32.199

 

TOTAL IMPORTS

5083.310

3746.270

3082.570

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

37.37

29.09

53.02

 

Diluted

37.37

29.09

53.02

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

223.780

150.130

128.213

Net cash flows from (used in) operations

660.620

1973.700

1695.122

Net cash flows from (used in) operating activities

219.220

1651.880

1322.753

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

[Sundry Debtors / Income * 365]

112.64

97.72

128.81

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

3.24

3.74

2.83

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

75.33

65.02

72.41

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.27

1.56

1.64

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.74

0.74

1.05

 

 

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.51

0.44

0.50

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.64

0.50

0.66

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.92

0.71

0.92

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.39

0.37

0.32

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

5.41

3.77

3.76

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

PAT to Sales

((PAT / Sales) * 100)

%

7.21

6.29

6.29

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

7.07

6.18

6.19

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

14.33

11.24

12.64

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

1.14

1.15

1.22

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.90

0.90

0.99

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.49

0.55

0.49

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

3.72

3.02

4.49

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.14

1.15

1.22

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

702.414

904.357

1021.364

Reserves & Surplus

4008.155

4444.380

4911.850

Share Application money pending allotment

41.555

117.010

0.000

Net worth

4752.124

5465.747

5933.214

 

 

 

 

Long-term borrowings

411.031

364.620

415.130

Short term borrowings

2617.526

2216.810

3157.020

Current maturities of long-term debts

128.213

150.130

223.780

Total borrowings

3156.770

2731.560

3795.930

Debt/Equity ratio

0.664

0.500

0.640

 

 

 

 

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

9543.555

9760.490

11799.050

 

0.000

2.273

20.886

 

 

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

9543.555

9760.490

11799.050

Profit/ (Loss)

600.619

614.120

850.180

 

6.29 %

6.29 %

7.21 %

 

 

ABRIDGED BALANCE SHEET [CONSLOLIDATED]

 

SOURCES OF FUNDS

 

 

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

1021.364

904.357

(b) Reserves and Surplus

 

5708.020

3735.050

(c) Money received against share warrants

 

0.000

0.000

(d) Minority interest

 

868.780

241.740

 

 

 

 

(2) Share Application money pending allotment

 

0.000

117.010

Total Shareholders’ Funds (1) + (2)

 

6729.384

4756.417

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

415.130

1717.410

(b) Deferred tax liabilities (Net)

 

97.880

175.560

(c) Other long-term liabilities

 

0.000

10.430

(d) long-term provisions

 

118.150

104.690

Total Non-current Liabilities (3)

 

631.160

2008.090

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

 

3287.330

2411.790

(b) Trade payables

 

5663.300

3870.520

(c) Other current liabilities

 

1466.066

753.723

(d) Short-term provisions

 

603.800

509.910

Total Current Liabilities (4)

 

11020.496

7545.943

 

 

 

 

TOTAL

 

12018.180

9934.400

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

3208.430

3373.350

(ii) Intangible Assets

 

2724.170

2074.100

(iii) Tangible assets capital work-in-progress

 

21.030

75.790

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

1.270

1.130

(c) Deferred tax assets (net)

 

0.000

0.000

(d) Long-term loans and advances

 

348.150

199.650

(e) Other Non-current assets

 

80.050

151.390

Total Non-Current Assets

 

6383.100

5875.410

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

2175.890

1640.810

(c) Trade receivables

 

4304.150

4123.230

(d) Cash and bank balances

 

3342.080

1286.750

(e) Short-term loans and advances

 

3027.040

1598.540

(f) Other current assets

 

17.560

27.450

Total Current Assets

 

12866.720

8676.780

 

 

 

 

TOTAL

 

12018.180

9934.400

 

 

PROFIT & LOSS ACCOUNT [CONSLOLIDATED]

 

 

PARTICULARS

 

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Total Revenue from operations

 

40511.700

27438.770

 

Other Income

 

216.030

176.550

 

TOTAL

 

11909.450

9868.840

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

9026.680

6289.110

 

Purchases of Stock-in-Trade

 

19055.310

12104.340

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(336.430)

(96.860)

 

Employee benefit expense

 

3630.340

3210.990

 

CSR expenditure

 

27.250

1.220

 

Other expenses

 

3983.460

2751.600

 

Exceptional items before tax

 

132.250

56.210

 

TOTAL

 

10223.030

8350.020

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

5208.870

3298.710

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

499.500

519.510

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

4709.370

2779.200

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

981.940

774.080

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

3727.430

2005.120

 

 

 

 

 

Less

TAX

 

268.250

277.320

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

 

2866.110

1499.170

 

 

 

 

 

 

Profit (loss) of minority interest

 

(662.350)

(353.580)

 

 

 

 

 

 

TOTAL PROFIT (LOSS) FOR PERIOD

 

2203.760

1145.590

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

 

103.76

56.95

 

Diluted

 

103.76

56.95

 

 

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

No

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

 

 

FUTURE OUTLOOK

Their strategy of growing business overseas has given desired results, when the Indian market condition continues to be sluggish. The overseas market continues to be at core of the strategy, while all efforts are also being made to grow Indian market as well. It is expected that with the formation of National Institution for Transforming India (NITI Aayog) (replacing the erstwhile Planning Commission) the economic scenario and infra-structure investments will pick up in the coming years. With UK Government mandated the roll out of smart metering, the company is well positioned to be a significant player in the UK smart metering market.

 

They have competitive challenges at the market place, but with a strong R&D base and commitment to developing and producing cost effective solutions for the changing demands of customers, gives us an edge over competitors. This situation is likely to continue in near future as well and therefore, the company needs constant improvement in productivity and reduction of overheads. The company is focused on all these aspects and expects good results in coming years.

UNSECURED LOANS:

 

Particulars

31.03.2016

INR In Million

31.03.2015

INR In Million

SHORT-TERM BORROWINGS

 

 

Working capital loans from banks

194.820

149.940

Total

194.820

149.940

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G36198505

10581891

RBL BANK LIMITED

01/07/2015

27/12/2016

-

826700000.0

ONE INDIABULLS CENTRE, TOWER 2B, 6TH FLOOR, 841 SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI -  400013, MAHARASHTRA, INDIA

2

G71909840

80003970

STATE BANK OF INDIA

08/07/2003

15/11/2017

-

8760000000.0

OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN 1, TOLSTOY MARG, NEW DELHI -110001, INDIA

3

G53169868

10410762

IDBI BANK LIMITED

02/03/2013

25/03/2013

07/09/2017

400000000.0

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA

4

G10017572

10493251

EXPORT IMPORT BANK OF INDIA

02/05/2014

26/05/2014

28/07/2016

1014280000.0

5TH FLOOR, 35, KING STREET, EC2V 8BB, LONDON, NAEC2V28BGB

5

C60276664

10197279

STATE BANK OF INDIA

20/01/2010

23/04/2013

22/07/2015

40000000.0

SME BRANCH4-C, RIDHI SIDHI COMPLEX, MADHUBAN, UDAIPUR – 313001, RAJASTHAN, INDIA

6

C59949420

10262489

STATE BANK OF BIKANER & JAIPUR

10/01/2011

21/11/2014

16/07/2015

500000000.0

CHETAK CIRCLE, UDAIPUR-313001, RAJASTHAN, INDIA

7

B74316258

10144161

STATE BANK OF INDIA

31/01/2009

-

22/04/2013

180000000.0

COMMERCIAL BRANCH, MADHUBAN, UDAIPUR – 313001, RAJASTHAN, INDIA

8

B71423644

10124187

HSBC BANK (MAURITIUS ) LIMITED

08/09/2008

16/10/2008

07/03/2013

539865000.0

5TH FLOOR, LES CASCADES BUILDING, EDITH CAVELL STREET, PORT LOUISNA000000MU

9

B61130852

10332043

AXIS BANK LIMITED

04/01/2012

-

01/11/2012

630000000.0

222/21, SAHELI MARG, UDAIPUR- 313001, RAJASTHAN, INDIA

10

B44708857

10019451

ICICI BANK LIMITED

09/06/2006

20/01/2009

26/07/2012

300235000.0

LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA  – 390015, GUJARAT, INDIA

 

 

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS

31.03.2016

31.03.2017

Claims against company not acknowledged as debt

258.570

246.240

Guarantees

3648.370

3799.490

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixture

·         Factory equipments

·         Computer Equipment

·         Vehicles

·         Office Equipment

·         Motor Vehicles

 

Intangible assets

 

  • Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 63..35

UK Pound

1

INR 86.89

Euro

1

INR 76.15

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

GEET

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.