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|
MIRA INFORM REPORT
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Report No. : |
485703 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VOLTECH MANUFACTURING COMPANY LIMITED (w.e.f
20.09.2011) |
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|
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Formerly Known
As : |
VOLTECH MANUFACTURING COMPANY PRIVATE LIMITED (w.e.f.20.09.2011) VOLTECH TRANSFORMERS PRIVATE LIMITED |
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Registered
Office : |
Survey No. 212/1, 212/2 and 213/3, Pillaipakkam Village, Sriperumbudur
Taluk, Kancheepuram – 602105, Tamilnadu |
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Tel. No.: |
91-44-27107288 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.11.2005 |
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Com. Reg. No.: |
18-058126 |
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Capital
Investment / Paid-up Capital : |
INR 188.130 Million |
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CIN No.: [Company Identification
No.] |
U31102TN2005PLC058126 |
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IEC No.: |
0409030287 |
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GSTIN/UIN: |
33AACCV1962D1ZN |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCV1962D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is primarily in the business of design, manufacture, supply, installation and servicing of Transformers (power 25 MVA, 132 KV), Switch Gear used for switching, controlling, and protecting the electrical circuits, Control Relay Panels, Relays, Flameproof Equipment, and Electronic Products. (Registered activity and also confirmed by management) |
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|
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No. of Employees
: |
420 (Approximately) (Office =120 + factory = 300) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 620000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2005 and it is a manufacturer and
importer of electrical equipment such as transformer and switch gears. As per financials of march 2017, the company has registered growth of
15.75% in its revenue as compared to its previous year’s revenue and has
reported average profit margin of 1.15%. Rating takes into consideration the company’s low reserve level along
with average debt coverage indicators and unfavorable gap between its trade
payables to its trade receivables. However, rating strength is partially offset by satisfactory track
record of business operations and sound capital base the company. Payments are reported to be slow but correct. In view of aforesaid, the subject can be considered for business
dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = BB- (Issuer
Non-Cooperative) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
17.05.2017 |
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|
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Rating Agency Name |
CARE |
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Rating |
Short Term Rating = A4 (Issuer
Non-Cooperative) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
17.05.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 11.01.2018
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 DENIED BY
|
Name : |
Mr. R. Adalarasan |
|
Designation : |
Vice President |
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Contact No.: |
91-9677055467 |
|
Date : |
11.01.2018 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 212/1, 212/2 and 213/3, Pillaipakkam Village, Sriperumbudur
Taluk, Kancheepuram – 602 105, Tamilnadu, India |
|
Tel. No.: |
91-44-43978000 |
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Mobile No: |
91-9677055467 (Mr. R. Adalarasan) |
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Fax No.: |
91-44-42867746 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Factory1: |
Voltech Techno Park No.132,133 and 134, Sri Kumaran Nagar, Kundrathur Main
Road, Kovur, Chennai – 600128, Tamilnadu, India |
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Tel. No.: |
91-44-64586126 |
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E-Mail : |
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Website : |
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Factory 2: |
Voltech Techno Park No.2/431-B, Sri Kumaran Nagar, Kundrathur Main
Road, Kovur, Chennai – 600128, Tamilnadu, India |
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Tel. No.: |
91-44-29301092 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Murugesan Umapathi |
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Designation : |
Managing Director |
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Address : |
232/99, UK House, GST Road, MIT Gate, Chrompet, Chennai – 600 044,
Tamilnadu, India |
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Date of Birth/Age : |
01.06.1960 |
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Qualification : |
BE |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
00729251 |
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Other Directorship:
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Name : |
Raveenthiran Pethurajan |
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Designation : |
Additional director |
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Address : |
233, Kattabomman Street, Alwarthirunagar, Chennai – 600087, Tamil
Nadu, India |
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Date of Appointment : |
01.11.2011 |
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DIN No.: |
00800415 |
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Other Directorship:
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Name : |
Murugan |
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Designation : |
Director |
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Address : |
22E, Subha Colony, Munusamy Salai, K K Nagar, Chennai – 600078, Tamil
Nadu, India |
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Date of Appointment : |
01.11.2011 |
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DIN No.: |
03577769 |
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Other Directorship:
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Name : |
Mr. Arul Nandhisivam Kalaivani |
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Designation : |
Director |
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Address : |
232/99 Uk House , Gst Road ,Chrompet , Chennai – 600044,
Tamilnadu, India |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
00729262 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
LD Raman |
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Designation : |
Secretary |
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Address : |
30/2, Jai Maruthi Apartment, Third Trust Cross Street,
Mandavelipakkam, Chennai – 600028, Tamil Nadu, India |
|
Date of Appointment : |
01.06.2011 |
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PAN No.: |
AJVPR8060R |
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|
|
Name : |
Mr. R. Adalarasan |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Voltech Engineering Private Limited |
992750 |
|
M. Umapathi |
294800 |
|
U. Devi |
315150 |
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U. Kalaivani |
138700 |
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U. Nandinee |
138700 |
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K. Rajendraprasad |
100 |
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S. Vasanth |
100 |
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P. Subramanian |
100 |
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R. Adalarasan |
100 |
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S. Arumugavelan |
100 |
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A.Geetha |
100 |
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A.Annapoorani |
100 |
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J. Babu |
100 |
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V. Theivamani |
100 |
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R. Raja Yogesh |
100 |
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K. Punniyakoti |
100 |
|
P. Gurumurthy |
100 |
|
Total |
1881300 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
47.17 |
|
Promoters- Body corporate |
52.77 |
|
Public/Other than promoters- Individual/Hindu Undivided Family- Indian |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily in the business of design, manufacture, supply, installation and servicing of Transformers (power 25 MVA, 132 KV), Switch Gear used for switching, controlling, and protecting the electrical circuits, Control Relay Panels, Relays, Flameproof Equipment, and Electronic Products. (Registered activity and also confirmed by management) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Installation and servicing of Transformers |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling: |
Advance Payment, L/C, Credit (30/60/90 Days)/ Bank Transfer/RTGS |
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Purchasing: |
Advance Payment, L/C, Cheque, Credit (30/60/90 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
420 (Approximately) (Office =120 + factory = 300) |
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Bankers : |
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Facilities : |
(INR
In Million)
|
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Auditors : |
|
|
Name : |
T. Ashiok Babu Chartered Accountant |
|
Address : |
Plot No.6, Surya Nagar, Medavakkam, Chennai – 600100, Tamil Nadu,
India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ABWPA3939M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Associate: |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 100/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1881300 |
Equity Shares |
INR 100/- each |
INR 188.130 Million |
|
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|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
188.130 |
154.230 |
149.580 |
|
(b) Reserves and Surplus |
30.487 |
23.872 |
17.269 |
|
(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) |
218.617 |
178.102 |
166.849 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
44.243 |
41.814 |
50.825 |
|
(b) Deferred tax liabilities (Net) |
4.910 |
4.910 |
3.573 |
|
(c) Other long-term
liabilities |
2.387 |
0.054 |
0.000 |
|
(d) long-term
provisions |
1.816 |
1.816 |
2.107 |
|
Total Non-current
Liabilities (3) |
53.356 |
48.594 |
56.505 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
163.200 |
116.292 |
173.072 |
|
(b) Trade
payables |
167.828 |
133.560 |
89.572 |
|
(c) Other current
liabilities |
20.931 |
15.416 |
17.317 |
|
(d) Short-term
provisions |
16.466 |
16.647 |
11.491 |
|
Total Current
Liabilities (4) |
368.425 |
281.915 |
291.452 |
|
|
|
|
|
|
TOTAL |
640.398 |
508.611 |
514.806 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
197.176 |
173.614 |
177.810 |
|
(ii)
Intangible Assets |
4.115 |
4.976 |
9.316 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
0.000 |
0.000 |
1.300 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
201.291 |
178.590 |
188.426 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
132.749 |
132.352 |
107.948 |
|
(c) Trade
receivables |
248.970 |
152.072 |
175.581 |
|
(d) Cash and
bank balances |
27.872 |
22.540 |
26.178 |
|
(e)
Short-term loans and advances |
29.516 |
23.057 |
16.673 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
439.107 |
330.021 |
326.380 |
|
|
|
|
|
|
TOTAL |
640.398 |
508.611 |
514.806 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
577.693 |
499.075 |
492.299 |
|
|
Other Income |
2.171 |
3.113 |
3.943 |
|
|
TOTAL |
579.864 |
502.188 |
496.242 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
395.990 |
336.365 |
357.146 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
7.548 |
1.100 |
(2.689) |
|
|
Employee benefit expense |
48.189 |
47.495 |
41.917 |
|
|
Other expenses |
59.866 |
52.370 |
38.127 |
|
|
TOTAL |
511.593 |
437.330 |
434.501 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
68.271 |
64.858 |
61.741 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
47.333 |
37.766 |
37.205 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.938 |
27.092 |
24.536 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.548 |
16.484 |
15.013 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
8.390 |
10.608 |
9.523 |
|
|
|
|
|
|
|
Less |
TAX |
1.775 |
4.006 |
3.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
6.615 |
6.602 |
6.113 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.51 |
3.50 |
3.24 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
12.568 |
11.459 |
10.744 |
|
Cash generated from operations |
4.684 |
(27.542) |
(2.884) |
|
Net cash flows from (used in) operations |
2.909 |
(31.548) |
(8.403) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
157.31 |
111.22 |
130.18 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.32 |
3.28 |
2.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
154.69 |
144.93 |
91.54 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.51 |
0.49 |
0.57 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.34 |
0.36 |
0.33 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.66 |
0.69 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.01 |
0.95 |
1.41 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.69 |
1.58 |
1.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.92 |
1.00 |
1.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.44 |
1.72 |
1.66 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.15 |
1.32 |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.03 |
1.30 |
1.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.03 |
3.71 |
3.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.19 |
1.17 |
1.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.83 |
0.70 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.35 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.17 |
1.10 |
1.57 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.19 |
1.17 |
1.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
149.580 |
154.230 |
188.130 |
|
Reserves & Surplus |
17.269 |
23.872 |
30.487 |
|
Net
worth |
166.849 |
178.102 |
218.617 |
|
|
|
|
|
|
Long-term borrowings |
50.825 |
41.814 |
44.243 |
|
Short term borrowings |
173.072 |
116.292 |
163.200 |
|
Current maturities of
long-term debts |
10.744 |
11.459 |
12.568 |
|
Total
borrowings |
234.641 |
169.565 |
220.011 |
|
Debt/Equity
ratio |
1.406 |
0.952 |
1.006 |
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 |
492.299 |
499.075 |
577.693 |
|
|
0.000 |
1.376 |
15.753 |
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 |
492.299 |
499.075 |
577.693 |
|
Profit/ (Loss) |
6.113 |
6.602 |
6.615 |
|
|
1.24
% |
1.32
% |
1.15
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: Registered office
of the company has been shifted from “B 4, 1st Floor, Arunodaya Apartments No
27, 2nd Madlet Street, T Nagar, Chennai – 600017, Tamilnadu, India” to the
present address w.e.f.15.06.2009
COMPANY’S FINANCIAL
PERFORMANCE:
The Company is primarily in the business of design, manufacture, supply, installation and servicing of Transformers, Switch Gear used for switching, controlling, and protecting the electrical circuits, Control Relay Panels, Relays, Flameproof Equipment, and Electronic Products.
The Company’s Net Turnover for the year ended March 31, 2017, increased to INR 577.700 Million, as against INR 499.100 Million, for the previous year. The Net Profit for the year after taxes for the year ended March 31, 2017 is INR 6.700 Million. The various Central Government schemes gave some impetus to the Power sector and the Company was able to improve its business volume during the year. However implementation of a disciplinary policy by the Company, in selecting the orders with better margins and customer values, in the first two quarters, and a slowdown in the third quarter, following demonetization, restricted the scaling up of the volume to the budgeted level.
The Unexecuted Order Book of the Company as on date stood at about INR 32.000 Million, which are expected to be delivered, by the end of the ensuing year, which excludes a 75Crore order for production of Transformers to be released by TANGEDCO, and the Company hopes to achieve the desired higher sales volume, during ensuing financial year.
The constant challenge for the Company to execute fixed price orders at budgeted cost has been met and sorted out during the year, with better designing and quality standards, which shall result in better margins during the ensuing year. The constant challenge for the Company to execute fixed price orders at budgeted cost has been met and sorted out during the year, with better designing and quality standards, which shall result in better margins during the ensuing year.
The Company also achieved during the year Exports, aggregating to INR 21.400 Million, and focus on exports of particularly Switch Gear Products to the African Countries is being done. And with better terms from customers, and the resultant margins, the Company is focusing on optimizing its working capital to improve it’s financial position, during the ensuing year. The Promoters have also infused additional Funds during the year to augment the liquidity of the Company.
COMPANY'S OUTLOOK:
The Company is predominantly manufacturing the following range of products, according to customer specifications: Transformers: Power, Distribution and Special application Transformers, with the capacities ranging up to 20 MVA(132KV Class) in Power Transformers and 2500 KVA in Distribution Transformers with Bureau of Indian Standards(ISI) IS2026 and International Electrotechnical Commission IEC60076, with customized designs.
The Designs of the transformers are being customized, by an exclusive design team located the factory, contributing to the quality and energy efficiency level ratings of Transformers, and also optimising the Total Owning Cost of the Transformers for the customer. The Company has sufficient testing capabilities for the transformers, and production is being done with transparency and a quality assurance plan. The Main Factory Premises of the Company for producing Transformers is strategically located at Pillaipakkam, Sriperumbudur near Bengaluru National Highway near Chennai. New Factory land has been acquired nearby for extension of them existing manufacturing facilities. New Transformer Manufacturing and Service Facilities have been finalized at Sanchore in Rajasthan on back to back basis during the year, to save in investments new plants and logistics for the upcountry Projects.
POWER AND
TRANSMISSION SECTOR:
The Company is in predominantly in the Power and Transmission Sector. The ongoing reforms in the Indian Power Sector is gaining momentum with the Government of India’s target to provide 24/7 power by 2022 through the Accelerated Power Development Reform Programs. The Deendayal Upadhyaya Gram Jyoti Yojana Scheme (Dugjy) and the Ujwal DISCOM Assurance Yojna (Uday) Scheme are having a positive impact on the financial health of the Power Distribution Companies.
The ambitious target of 175 GW Renewable Energy Capacity by 2022 which includes 100GW of Solar and 60 GW of Wind shall give a big fillip to the Power Sector.
The outlook for the sector is improving at a slow but steady pace. The Industrial Sector growth was at 5.20% in 2016-17. The Sector is expected to perform better with the various new initiatives of the
Government of India, in the form of Make-In-India, Invest India, Start-Up India and E-biz Mission Mode Project under the National E-governance plan. The Government for the first time introduced GST in the country with effect from 01st July,2017. The roll out of GST will impact the expected Economic Growth rate, and has already affected the dispatches of the Company, for the first two quarters of the year 2017-2018, particularly with the Non-Government customers.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Long term loans
and advances |
15.000 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advance
from related parties |
0.000 |
10.181 |
|
Total |
15.000 |
10.181 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G35885284 |
100077302 |
STATE BANK OF INDIA |
23/12/2016 |
- |
- |
303900000.0 |
5, J.N. ROAD,SME EKKADUTHANGAL BRANCH,CHENNAITN600032IN |
|
2 |
C75411611 |
10611940 |
TAMILNADU INDUSTRIAL INVESTMENTCORPORATION LIMITED |
11/01/2016 |
- |
- |
100000000.0 |
692 , ANNA SALAINANDANAMCHENNAITN600035IN |
|
3 |
C64954852 |
10592578 |
TAMILNADU INDUSTRIAL INVESTMENTCORPORATION LIMITED |
07/08/2015 |
- |
- |
10000000.0 |
692 , ANNA SALAINANDANAMCHENNAITN600035IN |
|
4 |
G34473546 |
10212096 |
BANK OF BARODA |
22/03/2010 |
09/03/2015 |
27/01/2017 |
262295000.0 |
SRI PERUMBUDUR BRANCH143, GANDHI ROADSRI PERUMBUDURTN602105IN |
|
5 |
G34474676 |
10568683 |
BANK OF BARODA |
15/05/2015 |
- |
27/01/2017 |
10000000.0 |
SRI PERUMBUDUR BRANCH143, GANDHI ROADSRI PERUMBUDURTN602105IN |
|
6 |
G34472704 |
10212093 |
BANK OF BARODA |
25/03/2010 |
- |
27/01/2017 |
109000000.0 |
SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,SRI PERUMPUDUR, KANCHIPURAM DISTRICT,CHENNAITN602105IN |
|
7 |
G34474023 |
10298230 |
BANK OF BARODA |
28/06/2011 |
- |
27/01/2017 |
21000000.0 |
SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,SRI PERUMPUDUR, KANCHIPURAM DISTRICT,CHENNAITN602105IN |
|
8 |
B70832092 |
10365524 |
BANK OF BARODA |
22/06/2012 |
- |
04/03/2013 |
6300000.0 |
SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,SRI PERUMPUDUR, KANCHIPURAM DISTRICT,CHENNAITN602105IN |
|
9 |
B55801245 |
10325237 |
BANK OF BARODA |
01/12/2011 |
30/03/2012 |
28/07/2012 |
119905100.0 |
DOOR NUMBER143,GROUND FLOORGANDHI ROADSRIPERUMBUDURTN602105IN |
|
10 |
B39859525 |
10310271 |
BANK OF BARODA |
15/09/2011 |
- |
04/05/2012 |
16800000.0 |
SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,SRI PERUMPUDUR, KANCHIPURAM DISTRICT,CHENNAITN602105IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Computer equipments
- Office equipment
Intangible assets
- Designs
- 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,
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 63.73 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
POO |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NKTS |
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 |
YES |
|
--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.