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MIRA INFORM REPORT
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Report No. : |
486329 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AMARA RAJA POWER SYSTEMS LIMITED (w.e.f.25.03.2009) |
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Formerly Known
As : |
AMARA RAJA POWER SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
Renigunta, Cuddapah Road, Karakambadi , Tirupati-517520, Andhra Pradesh |
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Tel. No.: |
91-40- 23139000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
06.12.1984 |
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Com. Reg. No.: |
01-005165 |
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Capital
Investment / Paid-up Capital : |
INR 93.371 Million |
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CIN No.: [Company Identification
No.] |
U31102AP1984PLC005165 |
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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.] |
AABCA9265F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in the manufacture of Industrial chargers and also engaged into the business of transmission and distribution projects. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Amara Raja Power Systems Limited (ARPSL) is a manufacturer of Industrial chargers and also engaged into the business of transmission and distribution projects. The company was incorporated in the year 1984. It is a well-established company having a good track. As per the financials of March 2017, the company has achieved fair growth in its revenue along with good profit margin during the year. The company has a fair liquidity and a favourable gap between trade payables and trade receivables which again enhances company’s capability in case of sales and receivables. Also, the company has a favourable debt to equity ratio this year. The company has given an output of INR 34.02 in the EPS section as compared to its original face value of INR 10. Return on equity and Return on assets stands Positive. Rating also derives strength from company’s well established track record of business operations. Trade relations are reported as good. Business is active. Payment terms are reported to be regular and as per commitments. In view aforesaid, the company can be considered for business dealings at the specified 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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
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Date |
12.05.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
12.05.2017 |
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 16.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.:91-40-23139000)
Tel No.:91-877-2265000 (Not working)
LOCATIONS
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Registered Office/ Factory : |
Renigunta, Cuddapah Road, Karakambadi, Tirupati-517520, Andhra
Pradesh, India |
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Tel. No.: |
Not Available |
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Fax No.: |
91-877-2285600 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality: |
Industrial |
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Corporate Operations Office: |
Terminal A, 1-18/1/AMR/NR, Nanakramgud Gachibowli, Hyderabad–500032, Telangana,
India |
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Tel. No.: |
91-40-23139222/23139000 |
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Fax No.: |
91-40-23139001 |
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E-Mail : |
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Branch Office 1 : |
12, 6th Floor, Riaz Garden, Kodambakkam High Road,
Nungambakkam, Chennai–600034, Tamilnadu, India |
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Tel. No.: |
91- 44-42910707 |
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E-Mail : |
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Branch Office 2 : |
Plot No. A-35, Street No. 2, Okay House, MIDC, Andheri (East), Mumbai-400093,
Maharashtra, India |
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Tel. No.: |
91-22-40598000 |
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Branch Offices 3: |
B 93A, Panchasheel Vihar, Triveni Commercial Complex, Near Sheikh Sarai, Phase-I, New Delhi – 110017, India |
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Tel No.: |
91-11 48235500 |
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Branch Offices 4: |
E-201, Koila Vihar, Abhinandan Mandal, Beside Haldiram VIP Road, P.O Airport, Kolkata–700 052, West Bengal, India |
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Tel No.: |
91-33-25250089/90 |
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Branch Offices 5: |
992/26, Madhuram, 2nd Floor, Service Road, Vijayanagar, II Stage, Hampinagar (Old RPC Layout), Bangalore–560040, Karnataka, India |
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Tel No.: |
91-80- 23102140/41 |
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Branch Offices 6: |
Suit: 203, 6-3-550, LB Bhawan Erramanzil, Somajiguda, Hyderabad–500082,Telangana, India |
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Tel No.: |
91-40- 23149000 |
DIRECTORS
As on 2017
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Name : |
Mr. Gourineni Vikramadithya |
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Designation : |
Director |
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Address : |
A-54, Road No. 11, Film Nagar, Near Saibaba Temple, Jubilee Hills, Hyderabad – 500033, Telangana, India |
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Date of Birth/Age : |
24.11.1989 |
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Date of Appointment : |
25.09.2017 |
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DIN No.: |
03167659 |
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Other Directorship :
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Name : |
Mr. Galla Ramachandra Naidu |
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Designation : |
Managing Director |
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Address : |
Giridrushya, Renigunta - Cuddapah Road, Karakambadi, Tirupati-517520, Andhra Pradesh, India |
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Date of Birth/Age : |
01.06.1938 |
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Qualification : |
ME, MS |
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Date of Appointment : |
03.04.2017 |
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PAN No.: |
ACYPG9385N |
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DIN No.: |
00133761 |
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Other Directorship :
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Name : |
Mr. Galla Jayadev |
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Designation : |
Director |
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Address : |
H.No.A-54, Road No.11, Film Nagar, Jubilee Hills, Hyderabad-500034, Telangana, India |
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Date of Birth/Age : |
24.03.1966 |
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Qualification : |
BSC |
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Date of Appointment : |
14.08.1993 |
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PAN No.: |
AGYPG9736B |
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DIN No.: |
00143610 |
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Other Directorship :
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Name : |
Mr. Ajay Kumar Dhagat |
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Designation : |
Director |
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Address : |
3C, Elsium, No.1, 2nd Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamilnadu, India |
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Date of Birth/Age : |
15.04.1945 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00250792 |
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Other Directorship :
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Name : |
Dr. Upendranath Nimmagadda |
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Designation : |
Director |
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Address : |
NRI Academy Of Sciences Chinnakakani, Mangalgiri Mandal, Guntur-522510, Andhra Pradesh, India |
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Date of Appointment : |
16.08.2006 |
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DIN No.: |
00613289 |
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Other Directorship :
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Name : |
Mr. Muttuluri Narasimhappa |
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Designation : |
Director |
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Address : |
A - 2 / 102, Oxford Village, Wanworie, Pune-411040, Maharashtra, India |
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Date of Birth/Age : |
06.08.1949 |
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Qualification : |
MA |
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Date of Appointment : |
24.08.2011 |
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PAN No.: |
AAGPN2265A |
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DIN No.: |
03319847 |
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Other Directorship :
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Name : |
Mr. Siddharth Galla |
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Designation : |
Director |
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Address : |
No 54, A, Road No 11, Film Nagar, Jubilee Hills, Hyderabad- 500033, Telangana, India |
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Date of Appointment : |
25.09.2017 |
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DIN No.: |
07342402 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Dharma Chiranjeevi Raju |
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Designation : |
Company Secretary |
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Address : |
Flat No.304, 3rd Floor, Veeramanis Sri Laxmi Apart Swaroop Nagar, Uppal Hyderabad -500039, Telangana, India |
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Date of Appointment : |
25.05.2017 |
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PAN No.: |
AHZPR4537K |
MAJOR SHAREHOLDERS
As on 31.03.2017
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
72.21 |
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Public/Other than promoters (Individual/Hindu Undivided Family – Indian) |
1.92 |
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Public/Other than promoters (Individual/Hindu Undivided Family – Non-resident Indian (NRI)) |
25.87 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the manufacture of Industrial chargers and also engaged into the business of transmission and distribution projects. (Registered Activity) |
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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
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Suppliers : |
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Customers : (As per indirect source) |
ABB Alstom BSNL Jindal Power L&T Siemens TATA |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Vidyasagar Babu V Chartered Accountants |
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Address : |
H No 6-3-244/5, Sarada Devi, Street Prem Nagar, Hyderabad, Telangana, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAJFS7295N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
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CAPITAL STRUCTURE
As on 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9337084 |
Equity Shares |
INR 10/- each |
INR 93.371 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 |
93.371 |
46.685 |
46.685 |
|
(b) Reserves & Surplus |
786.232 |
354.268 |
263.187 |
|
(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) |
879.603 |
400.953 |
309.872 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2.189 |
1.349 |
2.321 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
139.392 |
51.616 |
7.176 |
|
Total Non-current
Liabilities (3) |
141.581 |
52.965 |
9.497 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
123.047 |
485.536 |
364.532 |
|
(b) Trade
payables |
823.214 |
480.113 |
625.095 |
|
(c) Other
current liabilities |
158.001 |
202.900 |
157.313 |
|
(d) Short-term
provisions |
55.093 |
15.173 |
15.071 |
|
Total Current
Liabilities (4) |
1159.355 |
1183.722 |
1162.011 |
|
|
|
|
|
|
TOTAL |
2180.539 |
1637.640 |
1481.380 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
103.977 |
109.547 |
118.259 |
|
(ii)
Intangible Assets |
0.914 |
1.269 |
1.853 |
|
(iii)
Capital work-in-progress |
28.653 |
8.232 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
10.976 |
|
(b) Non-current Investments |
0.456 |
0.456 |
0.456 |
|
(c) Deferred tax assets (net) |
23.016 |
5.786 |
9.417 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
157.016 |
125.290 |
140.961 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
189.174 |
164.271 |
132.092 |
|
(c) Trade
receivables |
1343.454 |
1124.194 |
1057.785 |
|
(d) Cash
and cash equivalents |
121.428 |
49.843 |
51.580 |
|
(e)
Short-term loans and advances |
343.056 |
152.015 |
92.095 |
|
(f) Other
current assets |
26.411 |
22.027 |
6.867 |
|
Total
Current Assets |
2023.523 |
1512.350 |
1340.419 |
|
|
|
|
|
|
TOTAL |
2180.539 |
1637.640 |
1481.380 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
3083.692 |
2040.026 |
1614.956 |
|
|
Other Income |
8.411 |
6.143 |
10.904 |
|
|
TOTAL |
3092.103 |
2046.169 |
1625.860 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2282.809 |
1532.219 |
1170.475 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.580 |
(11.955) |
26.244 |
|
|
Employee benefit expense |
235.398 |
188.741 |
156.508 |
|
|
CSR expenditure |
6.165 |
4.000 |
0.000 |
|
|
Other expenses |
214.389 |
142.266 |
183.677 |
|
|
TOTAL |
2739.341 |
1855.271 |
1536.904 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
352.762 |
190.898 |
88.956 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
41.409 |
42.806 |
44.751 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
311.353 |
148.092 |
44.205 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.209 |
13.176 |
12.341 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
298.144 |
134.916 |
31.864 |
|
|
|
|
|
|
|
Less |
TAX |
99.607 |
43.835 |
11.956 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
198.537 |
91.081 |
19.908 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
271.858 |
180.777 |
160.869 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
470.395 |
271.858 |
180.777 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3.917 |
16.309 |
0.136 |
|
|
TOTAL EARNINGS |
3.917 |
16.309 |
0.136 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
0.067 |
0.989 |
|
|
TOTAL IMPORTS |
NA |
0.067 |
0.989 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
34.02 |
19.51 |
4.26 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
0.819 |
6.192 |
|
Net cash flows from (used in) operations |
316.666 |
(28.902) |
14.248 |
|
Net cash flows from (used in) operating activities |
217.059 |
(69.105) |
69.381 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
159.02 |
201.14 |
239.07 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.30 |
1.81 |
1.53 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
131.62 |
114.37 |
194.93 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.86 |
1.16 |
0.67 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.64 |
1.60 |
0.68 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.53 |
0.72 |
0.79 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.14 |
1.22 |
1.20 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.32 |
2.95 |
3.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.15 |
0.30 |
0.42 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
8.52 |
4.46 |
1.99 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.44 |
4.46 |
1.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
9.10 |
5.56 |
1.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
22.57 |
22.72 |
6.42 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.75 |
1.28 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.58 |
1.14 |
1.04 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.40 |
0.24 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.34 |
10.45 |
7.99 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.75 |
1.28 |
1.15 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR In
Million |
INR
In Million |
|
Share Capital |
46.685 |
46.685 |
93.371 |
|
Reserves & Surplus |
263.187 |
354.268 |
786.232 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
309.872 |
400.953 |
879.603 |
|
|
|
|
|
|
long-term borrowings |
2.321 |
1.349 |
2.189 |
|
Short term borrowings |
364.532 |
485.536 |
123.047 |
|
Total
borrowings |
366.853 |
486.885 |
125.236 |
|
Debt/Equity
ratio |
1.184 |
1.214 |
0.142 |
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 |
1614.956 |
2040.026 |
3083.692 |
|
|
|
26.321 |
51.159 |
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 |
1614.956 |
2040.026 |
3083.692 |
|
Profit |
19.908 |
91.081 |
198.537 |
|
|
1.23% |
4.46% |
6.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
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 |
OPERATIONS AND BUSINESS
PERFORMANCE
During the financial year 2016-17, both Products and EPC projects business has helped the Company achieve overall revenue growth of 51%. While the products business had a growth of 8% and EPC business had a growth of 112%. The Product and Project revenue mix has been 41:59 during FY17. In products the business mix has changed favorably with 35% of the revenue coming from panels and new business opportunities. This compliments the vision of the Company in building new businesses in the areas of Panel products systems, Integration solutions and EPC projects. The PBT has grown more than 2 times from INR 135 mn to INR 298 mn validating the measures they have taken to grow the business profitably. Further, the Company successfully completed its rights issue of INR 280 mn with the existing shareholders, with the proceeds being used to repay certain interest bearing loans and fund infrastructure expansion. Despite the increase in revenue by 51%, due to efficient cash flow management, reduction in certain interest bearing loans out of partial proceeds of rights issue and leveraging on financing schemes, they have been able to keep interest costs down at INR 41 mn in FY17 as against INR 43 mn in FY16.
During the year, emphasis has been on scaling up EPC projects business and diversifying the products business by tapping emerging solar market for Panel Business, System Integrated Package solutions for utilities. The Railway business continues to be stable helping us maintain required contribution and maintain significant market share.
The Service Segment poised to enter into the next phase of Business Growth by venturing into Sub-Station O& M Business and further scouting for opportunities in Solar. They recently backed an O&M order for INR25 mn for 2 substations at Kurnool.
During the year, they have further consolidated their position as an emerging and prominent EPC player in the Solar Power Evacuation by bagging order for fTheir220KV S/s at Pavagada in Karnataka and two 220KV s/s at Kurnool in Andhra Pradesh, which has further strengthen the EPC business and technical qualification requirements. They continue to engage with MSETCL, KPTCL and OPTCL with ongoing implementation of project and scouting for opportunities to bid for future projects selectively. As they are working closely with PGCIL for an entry into Transmission Business, They have got an opportunity for 765 KV Vemagiri Expansion Project, as a sub-Contractor, which will help us gain the experience.
During the year, the commissioning of Two nos 220 KV /33 KV Solar Power evacuation substation projects at Kurnool ahead of time (3.5 months as against normal practice of 8 months), has impressed APTRANSCO and other stake holders i.e APSPCL,SECI and Solar Developers , which will fetch us future Business opportunities in Solar Parks. The Bays Theyre commissioned within 12 months at their first 400KV Sub-Station project at Dindi, which has been recognized and appreciated by TSTRANSCO.
Their company received Silver award from India rooftop solar congress 2017 under the category of Solar Rooftop EPC Company of the year for executing 1.2 MW Solar Rooftop at Amara Raja Batteries Limited, ARGC, Chittoor.
During the year, Solar Rooftop business has enhanced by bagging an order of 1.4 MW from MESCOM, Karnataka. They have also successfully commissioned 1.38 MW of Solar Roof Top plant at Amara Raja Batteries, ARGC, Chittoor. They are working towards enhancing Their capabilities to obtain credentials for Qualification for entry into new diversified projects like UG cabling and GIS substations through project specific JV Partnership and had an opportunity to participate in the tenders They are closely monitoring opportunities to work on Indoor Distribution s/s, UG cable Works with DISCOMs for further foray into Distribution Infrastructure of Smart City networks and Storage Solutions. The Company made a breakthrough business in the solar segment by bagging an order for 149 nos of MV panels from M/S ACME for AP, TS and KA Solar Projects. The Company has also bagged two high value Package orders from OPTCL and JUSNL of INR 239 Mn, which includes first automation order for 132 KV Sub-station.
They are closely working with railways to promote New Generation IPS to strengthen the Railway Business. The Overall Railway business was encouraging for the year, as Indian Railways planned for the augmentation in the Signaling area and New Projects being implemented through Rail Vikas Nigam Ltd (RVNL) and Central Organisation for Railway Electrification (CORE). The Solar Rooftop business (DSS -Distributed Solar solutions) has been merged with ARPSL to give more focus into the segment which caters to less than 50 KW in Residential, Commercial, Industrial and Govt. Sectors both in Off-Grid and Grid tie systems.
OUTLOOK
The utility electricity sector in India has a National Grid with an installed capacity of 330 GW (as of 30 April 2017). Renewable poTheyr plants (Including Hydro plants) constitute 31% of total installed capacity. The electricity generation target for the year 2016-17 was fixed as 1178 Billion Unit (BU). i.e. growth of around 6.38% over actual generation of 1108 BU for the previous year (2015-16). The generation during 2015-16 was 1108 BU as compared to 1049 BU generated during 2014-15, representing a growth of about 5.64%.
India is the world's third largest producer and fourth largest consumer of electricity. Electric energy consumption in agriculture was recorded highest (17.89%) among all countries. The per capita electricity consumption is low compared to many countries despite cheaper electricity tariff in India.
In order to address the lack of adequate electricity availability to all the people in the country by March 2019, the Government of India (GoI) launched a scheme called "Power for All". This scheme will ensure continuous and uninterrupted electricity supply to all households, industries and commercial establishments by creating and improving necessary infrastructure. Its a joint collaboration of GoI with states to share funding and create overall economic growth.
India has a huge hydro Power potential of 148 GW, out of which only 42 G has been realized till date. Steps have been taken to attract investments into the hydro sector. Government is planning hydro Power Purchase Obligation (HPO), which will obligate the Power distribution companies to purchase Power from hydro Power plants.
India’s solar market expected to grow by 90% during FY18: They look at key anticipated themes and developments for FY18. They start the year with a pipeline of around 14 GW of utility scale projects, out of which 7.7 GW is expected to be commissioned in the year (growth of around 90% over last year). Combined with 1.1 GW of expected rooftop solar capacity, India should add a total of 8.8 GW in 2017-18, ranking it amongst the top three global markets after China and USA. Despite concerns about The Power demand growth and growing incidence of grid curtailment, solar Power outlook in India remains very strong; 2017 is expected to be a bumper year for the sector in India with total installed capacity reaching around 18 GW by the end of the year; There has been some concern about weak power demand growth in India and growing incidence of grid curtailment and what it means for growth of solar power. But they believe that continuing reduction in module prices and downward trend in domestic interest rates will provide strong ongoing demand impetus to the market. Solar tariffs have fallen below INR 2.50 / kWh mark making solar Power the cheapest new source of Power. At the same time, improving financial health of Power distribution companies due to Ujwal DISCOM Assurance Yojana (UDAY) implementation will also help in sustaining renewable energy demand in particular. They expect sustainable demand of 6-8 GW for utility scale solar in the coming years. As the Indian market ramps up, it will become a key pillar for demand growth when demand in other leading countries including China, Japan and even possibly USA is expected to slow down. They already see leading international equipment suppliers paying more attention to this market and developing specific pricing and product strategies for India. However, They are still unsure if improving domestic demand will lead to large-scale investments in Greenfield manufacturing capacity. Notwithstanding the Indian governments keenness to support domestic manufacturing as part of Make in India campaign, the competitive dynamics are stacked against this sector.
Implementation of Goods and Services Tax (GST) during the year will lead to marginal cost increases and may create uncertainty for developers and contractors although there is a widespread expectation that any adverse impact will be passed through to the distribution companies. Rooftop solar will also continue its spectacular growth trajectory in 2017. They expect around 1.1 GW of rooftop solar capacity to be added in 2017, up 75% from 2016, driven by capital subsidies and substantial demand from public sector.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
123.047 |
485.536 |
|
|
|
|
|
Total |
123.047 |
485.536 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G46784120 |
100073049 |
Kotak Mahindra Bank Limited |
26/12/2016 |
06/06/2017 |
- |
980000000.0 |
2ND FLOOR, JEWEL PAVANI TOWERSRAJ BHAVAN ROAD, SOMAJIGUDA HYDERABAD-500082, TELANGANA,INDIA |
|
2 |
G33703281 |
100072934 |
ICICI BANK LIMITED |
12/09/2016 |
- |
- |
1695000.0 |
RAPG DIVISION, LEVEL 3, PLOT NO.12,GACHIBOWLI, NANAKRAMGUDA, HYDERABAD-500032, TELANGANA,INDIA |
|
3 |
C09740796 |
10506798 |
Bank of Bahrain & Kuwait B S C |
30/06/2014 |
- |
- |
100000000.0 |
6-3-550, L.B. BHAWAN, AKASHGANGA,SOMAJIGUDA HYDERABAD-500082, TELANGANA,INDIA |
|
4 |
B69061232 |
10406677 |
BANK OF BAHRAIN & KUWAIT B.S.C |
26/02/2013 |
- |
- |
120000000.0 |
6-3-550, AKASHGANGA, LB BHAWANSOMAJIGUDA HYDERABAD-500082, TELANGANA,INDIA |
|
5 |
G54375878 |
90130267 |
State Bank of India |
26/03/2003 |
28/06/2017 |
- |
75000000.0 |
SME BRANCH NEW BALAJI COLONYAIR BYPASS ROAD TIRUPATI-517502, ANDHRA PRADESH, INDIA |
|
6 |
G51773000 |
90129482 |
Andhra Bank |
18/08/1995 |
03/08/2017 |
- |
1015000000.0 |
TIRUPATI MAIN BRANCH TIRUPATI -517501, ANDHRA PRADESH, INDIA |
|
7 |
G46782025 |
100072929 |
ICICI BANK LIMITED |
15/10/2016 |
- |
26/05/2017 |
932000.0 |
RAPG DIVISION, LEVEL 3, PLOT NO.12,GACHIBOWLI, NANAKRAMGUDA, HYDERABAD-500032, TELANGANA,INDIA |
|
8 |
C69893196 |
10559275 |
Andhra Bank |
24/12/2014 |
- |
17/11/2015 |
100000000.0 |
TIRUPATI MAIN BRANCHTIRUPATIAP517501, ANDHRA PRADESH, INDIA |
|
9 |
C42910612 |
10469467 |
KOTAK MAHINDRA BANK LIMITED |
08/12/2013 |
- |
05/02/2015 |
120000000.0 |
36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT,MUMBAI-400021,MAHARASHTRA,INDIA |
|
10 |
B26171991 |
90127351 |
ANDHRA BANK |
18/07/1987 |
30/03/1993 |
23/11/2011 |
6500000.0 |
MAIN BRANCHBERI STREET TIRUPATI, ANDHRA PRADESH, INDIA |
FIXED ASSETS
- Land
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.39 |
|
UK Pound |
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
INFORMATION DETAILS
|
Information Gathered
by : |
KAM |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.