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|
|
MIRA INFORM REPORT
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Report No. : |
485888 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ADC INDIA COMMUNICATIONS LIMITED (w.e.f. 2010) |
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Formerly Known
As : |
KRONE COMMUNICATIONS LIMITED |
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Registered
Office : |
No.485/8A and 8B, 14th Cross, 4th Phase, P.B. No.5812, Peenya Industrial Area, Bangalore – 560058, Karnataka |
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Tel. No.: |
91-80-28366291 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
26.07.1988 |
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Com. Reg. No.: |
08-009313 |
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Capital
Investment / Paid-up Capital : |
INR 46.000 Million |
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CIN No.: [Company Identification
No.] |
L32209KA1988PLC009313 |
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IEC No.: |
Not Divulged |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in providing versatile, reliable and cost effective connectivity solutions to suit individual enterprise and telecom service provider requirements. The Company provides copper and fiber physical connectivity in telecommunications and data networking solutions including structured cabling. (Registered Activity) (Note: Line of business is updated as per latest annual report 2017.) |
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No. of Employees
: |
24 (Approximately) (Permanent Basis) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 1270000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
ADC India Communications Limited is a step down subsidiary of
“Commscope Holding Company Inc”. The company was incorporated in the year
1988. For the financial year 2017, the company has achieved 7.10%growth in its
revenue as compared to previous year revenue and has maintained fair
profitability margin of 6.22% during the year under review. The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to debt free
balance sheet profile. The rating takes into consideration the subject’s long track record of
business operations along with extensive experience of its promoters. The company has its share price trading at around INR 238 against the
face value (FV) of INR 10 on BSE as on 11th January, 2018. Rating also takes into account the strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. Business is active. Payments are reported to be regular. In view of 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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 12.01.2018
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
Management non-cooperative (Tel No.: 91-80-28367220)
LOCATIONS
|
Registered Office/ Factory : |
No.485/8A and 8B, 14th Cross, 4th Phase, P.B. No.5812, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28366291/ 28367220 |
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Fax No.: |
91-80-28362214 |
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E-Mail : |
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Website : |
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Corporate Office : |
P.B. No. 5812, 10 'C' II Phase, 1st Main, Peenya, Bangalore – 560058, Karnataka - India |
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Tel. No.: |
91-80-28396101, 28396291 |
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Fax No.: |
91-80-23722753 |
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E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mylaraiah Nagabhushana Jambur |
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Designation : |
Managing Director |
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Address : |
103, 1st Floor, Sundar Paradise Fourth Cross, AECS Layout, Bangalore - 560037, Karnataka, India |
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Date of Appointment : |
06.09.2013 |
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DIN No.: |
06675260 |
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Name : |
Revathy Ashok |
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Designation : |
Director |
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Address : |
139/6-2, Domlur Layout, Sharadamma Layout, Bangalore – 560071, Karnataka, India |
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Date of Appointment : |
10.02.2012 |
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DIN No.: |
00057539 |
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Other Directorship:
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Name : |
Mr. Samu Devarajan |
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Designation : |
Director |
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Address : |
185, Palm Meadows, Phase I, Airport Whitefield Road, Bangalore – 560066, Karnataka, India |
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Date of Appointment : |
13.08.2013 |
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DIN No.: |
00878956 |
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Other Directorship:
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Name : |
Mr. Natraj Srinivasan |
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Designation : |
Director |
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Address : |
D-1, Clivia, Royale Habitat Apartments, HSR Layout, Sector 2, Bangalore – 560102, Karnataka, India |
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Date of Appointment : |
13.07.2012 |
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DIN No.: |
02036517 |
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Other Directorship:
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Name : |
Ravi Bosco Rebello |
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Designation : |
Additional Director |
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Address : |
AS 12, Prabhudessal Classic, Matt Road, Near Chowgule College, Gogol, Margao-403601, Goa, India |
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Date of Appointment : |
04.08.2017 |
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DIN No.: |
07868872 |
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KEY EXECUTIVES
|
Name : |
Mr. Ramamoorthy Ganesh |
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Designation : |
Company Secretary |
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Address : |
No.136, Cross Road 3, MICO Layout, II Stage, Arakere, Bannerghatta Road, Bangalore – 560076, Karnataka, India |
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Date of Appointment : |
14.07.1997 |
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PAN No.: |
AASPG7855M |
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|
Name : |
Mr. Rakesh Kishore Bhanushali |
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Designation : |
Chief Financial Officer |
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Address : |
No-14131, Prestige Shantiniketan Apartment, Near ITPL, Whitefield, Bangalore – 560048, Karnataka, India |
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Date of Appointment : |
01.07.2014 |
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PAN No.: |
AGXPB7625F |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
3313037 |
72.02 |
|
|
(B) Public |
1286963 |
27.98 |
|
|
Grand
Total |
4600000 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
A2) Foreign |
0.00 |
||
|
Individuals (Non Resident
Individuals/ Foreign Individuals) |
3313037 |
72.02 |
|
|
CommScope Technologies
LLC |
208677 |
4.54 |
|
|
ADC Telecommunications
Inc (CommScope Connectivity LLC) |
3104360 |
67.49 |
|
|
Sub Total A2 |
3313037 |
72.02 |
|
|
A=A1+A2 |
3313037 |
72.02 |
Statement showing
shareholding pattern of the Public shareholder
|
Category and
Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
700 |
0.02 |
|
Financial Institutions/ Banks |
380 |
0.01 |
|
Sub Total B1 |
1080 |
0.02 |
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3) Non-Institutions |
0 |
0.00 |
|
Individual share capital
upto INR 0.200 Million |
1057814 |
23.00 |
|
Individual share capital IN Excess
INR 0.200 Million |
47500 |
1.03 |
|
NBFCs registered with RBI |
2000 |
0.04 |
|
Any Other (specify) |
178569 |
3.88 |
|
NRI |
18756 |
0.41 |
|
NRI – Non- Repat |
3835 |
0.08 |
|
Clearing Members |
770 |
0.02 |
|
Bodies Corporate |
88174 |
1.92 |
|
HUF |
65211 |
1.42 |
|
NSDL or CDSL transit |
1823 |
0.04 |
|
Sub Total B3 |
1285883 |
27.95 |
|
B=B1+B2+B3 |
1286963 |
27.98 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in providing versatile, reliable and cost effective connectivity solutions to suit individual enterprise and telecom service provider requirements. The Company provides copper and fiber physical connectivity in telecommunications and data networking solutions including structured cabling. (Registered Activity) (Note: Line of business is updated as per latest annual report 2017.) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
24 (Approximately) (Permanent Basis) |
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Bankers : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore –
560025, Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276013 |
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|
|
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Secretarial
Auditors |
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|
Name : |
V. Sreedharan and Associates Company Secretaries |
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|
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Internal
Auditors |
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|
Name : |
Gnanoba and Bhat Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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|
Ultimate Holding
Company : |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4600000 |
Equity Shares |
INR 10/- each |
INR 46.000
Million |
|
|
|
|
|
(a) Reconciliation of the shares outstanding
at the beginning and at the end of the reporting period
Equity Shares
|
PARTICULARS |
March 31, 2017 |
|
|
No. |
INR In Million |
|
|
At the beginning of the year |
4600000 |
46.000 |
|
Outstanding at the end of the year |
4600000 |
46.000 |
(b) Terms/ rights attached to equity shares
The
Company has only one class of equity shares having a par value of INR 10 per
share. Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividend in Indian rupees. Interim dividend is declared by
Board of Directors. The final dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
meeting.
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
(c) Shares held by holding/ ultimate holding
company and/ or their subsidiaries/ associates
Out of equity shares issued by the Company,
shares held by its holding company, ultimate holding company and their
subsidiaries / associates are as below:
|
PARTICULARS |
March 31, 2017 (INR In Million) |
|
CommScope Connectivity LLC (Formerly ADC Telecommunications Inc.) (w.e.f. 27th August 2015) |
|
|
3104360 (March 31, 2016: 3104360) equity shares of INR 10 each fully paid up |
31.044 |
|
|
|
|
CommScope
Technologies LLC |
|
|
208677 (March 31, 2016: Nil) equity shares of INR 10 each fully paid up |
2.087 |
(d) Details of shareholders holding more than
5% shares in the Company
|
PARTICULARS |
March 31, 2017 |
|
|
Equity shares of INR 10 each fully paid |
No. |
% holding |
|
CommScope Connectivity LLC (formerly ADC Telecommunications Inc.) ( w.e.f. 27th August 2015) |
3104360 |
67.49% |
|
Subject Stock
Code : |
BSE : 523411 NSE : KRONECOMM ISIN : INE833A01016 |
|
Stock Exchange Place : |
Bombay Stock Exchange Limited (BSE) Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001, Maharashtra, India |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
46.000 |
46.000 |
46.000 |
|
(b) Reserves &
Surplus |
397.143 |
358.390 |
320.061 |
|
(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) |
443.143 |
404.390 |
366.061 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
7.850 |
7.850 |
7.850 |
|
(d) long-term provisions |
10.863 |
1.957 |
1.052 |
|
Total Non-current
Liabilities (3) |
18.713 |
9.807 |
8.902 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
122.252 |
101.519 |
95.876 |
|
(c) Other current
liabilities |
6.785 |
6.134 |
138.855 |
|
(d) Short-term provisions |
2.139 |
14.055 |
11.805 |
|
Total Current Liabilities
(4) |
131.176 |
121.708 |
246.536 |
|
|
|
|
|
|
TOTAL |
593.032 |
535.905 |
621.499 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
38.840 |
40.523 |
43.298 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
6.534 |
10.529 |
0.000 |
|
(d) Long-term Loan and Advances |
49.429 |
35.594 |
27.638 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
94.803 |
86.646 |
70.936 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
67.168 |
51.573 |
53.973 |
|
(c) Trade receivables |
117.312 |
109.045 |
121.859 |
|
(d) Cash and cash
equivalents |
295.863 |
264.237 |
356.096 |
|
(e) Short-term loans and
advances |
14.119 |
20.279 |
11.845 |
|
(f) Other current assets |
3.767 |
4.125 |
6.790 |
|
Total Current Assets |
498.229 |
449.259 |
550.563 |
|
|
|
|
|
|
TOTAL |
593.032 |
535.905 |
621.499 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
623.239 |
581.926 |
578.084 |
|
|
Other Income |
29.555 |
27.921 |
45.327 |
|
|
TOTAL |
652.794 |
609.847 |
623.411 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of raw materials, components, packing materials and services consumed |
89.670 |
89.657 |
129.991 |
|
|
Purchase of traded goods |
371.332 |
337.697 |
263.829 |
|
|
(Increase)/ decrease in inventories of finished goods, work-in-progress and traded goods |
3.846 |
1.134 |
23.434 |
|
|
Employees benefits
expense |
35.057 |
32.329 |
29.389 |
|
|
Other expenses |
87.034 |
86.956 |
98.598 |
|
|
TOTAL |
586.939 |
547.773 |
545.241 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
65.855 |
62.074 |
78.170 |
|
|
|
|
|
|
|
Less |
FINANCE COST - INTEREST ON DELAYED PAYMENT OF TAX |
0.000 |
0.214 |
1.093 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
65.855 |
61.860 |
77.077 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.606 |
3.419 |
5.499 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
63.249 |
58.441 |
71.578 |
|
|
|
|
|
|
|
Less |
TAX |
24.495 |
6.271 |
21.806 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
38.753 |
52.170 |
49.772 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
280.751 |
242.422 |
359.494 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on Equity Shares |
0.000 |
0.000 |
133.400 |
|
|
Proposed Final Dividend on Equity Shares |
0.000 |
11.500 |
28.844 |
|
|
Tax on Dividends |
0.000 |
2.341 |
4.600 |
|
|
Total |
0.000 |
13.841 |
166.844 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
319.504 |
280.751 |
242.422 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2.665 |
16.422 |
43.145 |
|
|
TOTAL EARNINGS |
2.665 |
16.422 |
43.145 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials, components, consumables and packing materials |
19.058 |
31.254 |
84.975 |
|
|
Traded Goods |
25.174 |
46.636 |
42.733 |
|
|
TOTAL IMPORTS |
44.232 |
77.890 |
127.708 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
8.42 |
11.34 |
10.82 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
49.308 |
51.976 |
90.267 |
|
Net cash flow from operating activity |
30.590 |
31.792 |
68.955 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
156.980 |
155.390 |
|
Total Expenditure |
|
151.630 |
150.730 |
|
PBIDT (Excl OI) |
|
5.350 |
4.660 |
|
Other Income |
|
8.760 |
6.440 |
|
Operating Profit |
|
14.110 |
11.110 |
|
Interest |
|
NA |
NA |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
14.110 |
11.100 |
|
Depreciation |
|
0.750 |
0.740 |
|
Profit Before Tax |
|
13.360 |
10.360 |
|
Tax |
|
5.500 |
4.810 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
7.860 |
5.540 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
7.860 |
5.550 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
68.70 |
68.40 |
76.94 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.31 |
5.34 |
4.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
96.79 |
86.71 |
88.86 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.98 |
1.20 |
1.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.70 |
1.53 |
1.81 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.22 |
0.23 |
0.40 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.30 |
0.30 |
0.67 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.09 |
0.10 |
0.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.00 |
290.07 |
71.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.22 |
8.97 |
8.61 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
6.53 |
9.73 |
8.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.75 |
12.90 |
13.60 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
3.80 |
3.69 |
2.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
3.29 |
3.27 |
2.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.75 |
0.75 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
3.80 |
3.69 |
2.23 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 238.00/- |
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
46.000 |
46.000 |
46.000 |
|
Reserves & Surplus |
320.061 |
358.390 |
397.143 |
|
Net
worth |
366.061 |
404.390 |
443.143 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
578.084 |
581.926 |
623.239 |
|
|
|
0.665 |
7.099 |
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 |
578.084 |
581.926 |
623.239 |
|
Profit |
49.772 |
52.170 |
38.753 |
|
|
8.61% |
8.97% |
6.22% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a public company domiciled in India. The Company is engaged in providing versatile, reliable and cost effective connectivity solutions to suit individual enterprise and telecom service provider requirements. The Company provides copper and fiber physical connectivity in telecommunications and data networking solutions including structured cabling.
FINANCIAL PERFORMANCE
In the financial year 2016-17 the revenue from operations grew by 7% over that of previous year. Revenue from the Telecommunication business decreased by about 9% and the revenue from IT Networking (Enterprise network) business grew by about 13% over that of previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Telecommunication
Telecom sector continues to be at the epicenter for growth, innovation, and disruption for virtually any industry. With continued momentum around core telecommunications businesses— Mobile devices and related broadband connectivity continue to be more and more embedded in the fabric of society today and are key in driving the momentum around some key trends such as video streaming, Internet of Things (IoT), and mobile payments
Due to the emergence of new and competitive service models, the telecom sector is already witnessing consolidation where mobile network operators and infrastructure providers are coming together to better utilize their spectrum and infrastructure. This will also expand the reach of network coverage and bring down infrastructure costs. As mobile network operators spread the reach of 4G across regions and look forward to introducing new and faster technologies with extensive deployment of optical fiber in the existing network as well as for residences (FTTH) for the network to be laid in coming years to support new broadband services is stressed to be more important to meet the upcoming bandwidth requirements. With developments in services such as security and surveillance, Internet of Things, Home automation, traffic management, retail, logistics and grid energy could eventually facilitate optimization of resources, which indicates a better future performance for the operators and there is likelihood of a higher capex spend which works well for the company.
ENTERPRISE
Enterprise network market growth continues to improve with lower price realization and reduced profitability with greater competition at the market. We do foresee the growth to improve in the medium term driven by demand in Banking & Finance sector, Manufacturing, Infrastructure projects by Govt., Defense sector, healthcare & hospitality projects. The Company do see growth in Fiber Business over copper due high bandwidth requirements with rapid adoption of advanced internet applications and the Company will be able to favorably participate in this market.
REVIEW OF OPERATING
PERFORMANCE
The financial statements have been prepared in compliance with the requirement of the Companies Act, 2013 and Generally Accepted Accounting Principles (GAAP) in India. The management of the Company accepts responsibility for the integrity and objectivity of these financial statements and the basis for the various estimates and judgments used in preparing the financial statements.
In the financial year 2016-17 the revenue from operations grew by 7% over that of previous year. Revenue from the Telecommunication business decreased by about 9% and the revenue from IT Networking (Enterprise network) business grew by about 13% over that of previous year.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C45756335 |
90192011 |
CANARA BANK |
26/11/1998 |
15/03/2012 |
02/03/2015 |
150000000.0 |
19/7, MARUTHI MANSION, CUNNINGHAM ROAD, BANGALORE-560052, KARNATAKA, INDIA |
|
2 |
C45754512 |
90194212 |
CANARA BANK |
11/12/1998 |
28/02/2005 |
02/03/2015 |
103500000.0 |
MARUTHI MANSION, 19/7, CUNNINGHAM ROAD, BANGALORE-560052, KARNATAKA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Central sales tax demands contested by the
Company |
49.679 |
49.541 |
|
Income Tax demands contested by the Company |
65.648 |
77.074 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
6 Months ended |
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1.
Income from Operations |
|
|
|
|
Net
Sales/income from operations |
155.385 |
156.976 |
312.361 |
|
Other
Operating Income |
6.444 |
8.764 |
15.208 |
|
Total
income from operations (net) |
161.829 |
165.740 |
327.569 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost
of materials consumed |
33.975 |
37.041 |
71.016 |
|
Purchases
of stock-in trade |
91.190 |
92.892 |
184.082 |
|
Changes
in inventories of finished goods. work-in-progress and stock in trade |
3.072 |
-10.382 |
-7.311 |
|
Employee
benefits expense |
8.631 |
8.391 |
17.022 |
|
Depreciation
and Amortization Expenses |
0.742 |
0.746 |
1.449 |
|
Other
Expenses |
13.866 |
16.815 |
30.681 |
|
Finance
Costs |
0.000 |
6.882 |
6.887 |
|
Excise
Duty |
|
|
|
|
Total
expenses |
151.476 |
152.385 |
303.861 |
|
Profit/
(Loss) from ordinary activities after finance cost but before exceptional
items |
10.353 |
13.355 |
23.708 |
|
Exceptional
items |
0.000 |
0.000 |
0.000 |
|
Profit/
(Loss) from ordinary activities before tax |
10.353 |
13.355 |
23.708 |
|
Tax
expenses |
4.811 |
5.497 |
10.310 |
|
Net
Profit / (Loss) from ordinary activities after tax |
5.542 |
7.858 |
13.398 |
|
Extraordinary
item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net
Profit / (Loss) for the period |
5.542 |
7.858 |
13.398 |
|
Comprehensive
Income |
0.184 |
(0.105) |
0.079 |
|
Net Profit/
(Loss) after taxes, minority interest and share of profit/(loss) of
associates |
5.726 |
7.753 |
13.477 |
|
|
|
|
|
|
Earnings
per share (before extraordinary items) of INR 10/- each (not annualized): |
|
|
|
|
Basic/ Diluted |
1.20 |
1.71 |
2.91 |
|
weight
average number of equity shares in million |
46.00 |
46.00 |
46.00 |
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017
(INR In Million)
|
SOURCES OF
FUNDS |
30.09.2017 |
|
[Unaudited] |
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
46.000 |
|
(b) Reserves &
Surplus |
393.953 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
Money Pending Allotment |
0.000 |
|
|
|
|
Total Shareholders’ Funds
|
439.953 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
7.850 |
|
(d) long-term provisions |
2.787 |
|
Total Non-current
Liabilities (3) |
10.637 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
166.492 |
|
(c) Other current liabilities |
5.677 |
|
(d) Short-term provisions |
10.639 |
|
Total Current Liabilities
(4) |
182.808 |
|
|
|
|
TOTAL |
633.398 |
|
|
|
|
II. ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
37.925 |
|
(ii) Intangible Assets |
4.922 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
0.000 |
|
(c) Deferred tax assets
(net) |
5.585 |
|
(d) Long-term Loan and
Advances |
0.000 |
|
(e) Other Non-current
assets |
42.317 |
|
Total Non-Current Assets |
90.749 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
79.941 |
|
(c) Trade receivables |
174.742 |
|
(d) Cash and cash equivalents |
271.766 |
|
(e) Short-term loans and advances |
0.000 |
|
(f) Other current assets |
16.200 |
|
Total Current Assets |
542.649 |
|
|
|
|
TOTAL |
633.398 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER
2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
6 Months ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. Segment revenue |
|
|
|
|
Telecommunication |
25.656 |
39.516 |
65.172 |
|
IT-Networking |
129.729 |
117.460 |
247.189 |
|
Total |
155.385 |
156.976 |
312.361 |
|
Less: Inter segment
revue |
- |
- |
- |
|
Net sales/ income
from operations |
155.385 |
156.976 |
312.361 |
|
|
|
|
|
|
2. Segment results |
|
|
|
|
Profit before interest and tax |
|
|
|
|
Telecommunication |
(1.727) |
0.597 |
(1.130) |
|
IT-Networking |
4.879 |
5.526 |
10.405 |
|
Total |
3.152 |
6.123 |
9.275 |
|
Add/ Less: |
|
|
|
|
Interest and Rental Income (net) |
7.201 |
7.232 |
14.433 |
|
Other un – allocable expenditure net of un-allocable income |
- |
- |
- |
|
Profit before tax |
10.353 |
13.355 |
23.708 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
Telecommunication |
81.811 |
75.795 |
81.811 |
|
IT-Networking |
257.357 |
196.002 |
257.357 |
|
Unallocable |
294.230 |
300.579 |
294.230 |
|
Total |
633.398 |
572.376 |
633.398 |
|
|
|
|
|
|
4. Segment
Liabilities |
|
|
|
|
Telecommunication |
23.417 |
20.672 |
23.417 |
|
IT-Networking |
151.932 |
85.040 |
151.932 |
|
Unallocable |
18.096 |
15.828 |
18.096 |
|
Total |
193.445 |
121.540 |
193.445 |
NOTE:
1. These financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No.CIR/CFD/FAC/62/2016 dated July 5, 2016. The Company has opted to avail the relaxation provided by Securities and Exchange Board of India ('SEBI') in respect of disclosure requirements for corresponding figures for the earlier periods.
2. The above results were taken on record by the Board of Directors at its
meeting held on November 15, 2017.
3. Segment Assets & Liabilities - Unallocable amount represents
assets/liabilities used interchangeably between segments.
4. The results for the quarter and six months ended September 30,2016 have been
recasted to be Ind AS compliant and have not been subjected to limited review.
However, the management has exercised necessary due diligence to ensure that
the financial results provide true and fair view.
5. Post Implementation of goods and services Tax (GST) with effect from 01 July, 2017, revenue from operations for the earlier period included excise duty which is now subsumed in GST. Revenue from operation for the six months ended 30 September 2017 included excise duty upto 30 June 2017. Accordingly, revenue from operation for the quarter and six months ended 30 September 2017 are not comparable with those of the previous periods presented. During the Quarter, the company has paid a final dividend of INR 3/- per equity share to all eligible shareholders as recommended by the Board of the Directors at Its meeting held on May 16, 2017 and approved by the shareholders at 29th Annual General Meeting held on 28 July, 2017.
7. There is a possibility that these quarterly financial results may require
adjustment before constituting the final Ind AS financial statements as of and
for the year ending March 31, 2018 due to changes in financial reporting
requirements arising from new or revised standards or interpretations Issued by
MCA / ICAI or changes in the use of one or more optional exemptions from full
retrospective application of certain Ind AS as permitted under Ind AS 101.
8. The Company does not have any exceptional Item to report for the above periods.
9. Previous period's figures have been regrouped / reclassified, wherever necessary to conform to the current period grouping/classification.
FIXED ASSETS
- Freehold Land
- Building
- Plant and Machinery
- Electrical Installations
- Furniture and Fixtures
- Office Equipment
- Computers
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 63.74 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.