|
|
|
MIRA INFORM REPORT
|
Report No. : |
498595 |
|
Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TD POWER SYSTEMS LIMITED (w.e.f. 04.02.2011) |
|
|
|
|
Formerly Known
As : |
TD POWER SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 27, 28 and 29, KIADB Industrial Area, Dabaspet, Nelamangala
Taluka, Bangalore – 562111, Karnataka |
|
Tel. No.: |
91-80-22995700 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation
: |
16.04.1999 |
|
|
|
|
Com. Reg. No.: |
08-025071 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 332.376 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31103KA1999PLC025071 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0799012220 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT0360J |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of AC Generator and Electric Motor. (Registered Activity) |
|
|
|
|
No. of Employees
: |
582 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
TD Power Systems Limited was incorporate in the year 1999. It is a manufacturer
of AC generators and electric motors. For the financial year 2017, the company has reported dip in its
revenue as compared to the previous year along with a low profit margin of
0.02%. The sound financial risk profile of the company is marked by adequate
networth base along with strong debt protection metrics due to low debt
balance sheet profile. Rating takes into account the subject’s long established track record
of business operations along with extensive experience of its promoters. Payments seems 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Facilities=A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
27.12.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Facilities=A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
27.12.2017 |
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 20.03.2018
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.: 91-80-22995700)
LOCATIONS
|
Registered Office/ Factory 1/ Head Office : |
No. 27, 28 and 29, KIADB Industrial Area, Dabaspet, Nelamangala
Taluka, Bangalore – 562 111, Karnataka, India |
|
Tel. No.: |
91-80-22995700 / 66337700 / 27734432 |
|
Fax No.: |
91-80-22995718 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Japan Branch Office
: |
Towa Building, 4th Floor, 3-3 Kitashinagawa, 3 Chome, Shinagawa-ku. Tokyo-140-0001, Japan |
|
Tel. No.: |
81-3-5783-5380 |
|
Fax No.: |
81-3-5783-5381 |
|
|
|
|
Factory 2 : |
Survey No. 59/2, Yedehalli Village, Dabaspet, Nelamangala, Rural District Bangalore – 562111, Karnataka, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nikhil Kumar |
|
Designation : |
Managing Director |
|
Address : |
No. 79 and 80, 1 Main, 1 Block, RMV Extension-2, Bangalore-560094,
Karnataka, India |
|
Date of Birth/Age : |
17.08.1967 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
13.01.2011 |
|
DIN No.: |
00062243 |
|
|
|
|
Name : |
Kanivenahalli Govindasetty Prabhakar |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 201, Comfort Residency II, 16th, A Main, 3rd
Block, Jayanagar Bangalore-560011, Karnataka, India |
|
Date of Appointment : |
20.05.2015 |
|
PAN No.: |
AAUPP5279L |
|
DIN No.: |
07187463 |
|
|
|
|
Name : |
Mr. Mohib Nomanbhai Khericha |
|
Designation : |
Director |
|
Address : |
4, Saritakunj Society, Opposite Nid Hostel, Pt College Road, Paldi,
Ahmedabad- 380007, Gujarat, India |
|
Date of Birth/Age : |
04.08.1952 |
|
Date of Appointment : |
22.02.2000 |
|
DIN No.: |
00010365 |
|
|
|
|
Name : |
Mr. Nithin Bagamane |
|
Designation : |
Director |
|
Address : |
006, Raheja Chambers, 12, Museum Road, Bangalore-560001, Karnataka,
India |
|
Date of Appointment : |
13.01.2011 |
|
DIN No.: |
00136704 |
|
|
|
|
Name : |
Mr. Ravi Kanth Mantha |
|
Designation : |
Director |
|
Address : |
108, Eng Neo Avenue Singapore 289567 SG |
|
Date of Appointment : |
02.12.2013 |
|
DIN No.: |
03630968 |
|
|
|
|
Name : |
Ms. Prathibha Sastry |
|
Designation : |
Additional Director |
|
Address : |
No. 8, 3rd Main Road, 3rd Cross, Ramanjani Nagar, Chikkalsandra, Bangalore – 560061, Karnataka, India |
|
Date of Appointment : |
27.09.2017 |
|
DIN No.: |
01505172 |
KEY EXECUTIVES
|
Name : |
Mr. Srivatsa Nagaraja |
|
Designation : |
Company Secretary |
|
Address: |
Kaustubha, No.32, Vhbcs Layout, West of Chord Road, Mahalakshmi Puram, PO St, Bangalore-560086, Karnataka, India |
|
Date of Appointment : |
01.08.2010 |
|
PAN No.: |
ABOPS9619Q |
|
|
|
|
Name : |
Kanivenahalli Govindasetty Prabhakar |
|
Designation : |
Chief Fiannce Officer |
|
|
Flat No. 201, Comfort Residency II, 16th, A Main, 3rd
Block, Jayanagar Bangalore-560011, Karnataka, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AAUPP5279L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
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 |
17965563 |
54.05 |
|
|
(B) Public |
15272025 |
45.95 |
|
|
Grand
Total |
33237588 |
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 |
||
|
Individuals/Hindu
undivided Family |
83,69,624 |
25.18 |
|
|
Nikhil Kumar |
46,38,664 |
13.96 |
|
|
Mohib Nomanbhai Khericha |
37,30,960 |
11.23 |
|
|
Any Other (specify) |
63,60,685 |
19.14 |
|
|
Chartered Capital and
Investment Limited |
11,34,252 |
3.41 |
|
|
Sofia Mohib Khericha |
2,00,000 |
0.60 |
|
|
Saphire Finman Services
LLP |
50,26,433 |
15.12 |
|
|
Sub Total A1 |
1,47,30,309 |
44.32 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
32,35,254 |
9.73 |
|
|
Hitoshi Matsuo |
32,35,254 |
9.73 |
|
|
Sub Total A2 |
32,35,254 |
9.73 |
|
|
A=A1+A2 |
1,79,65,563 |
54.05 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
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/ |
5999220 |
18.05 |
|
|
Reliance Capital Trustee
Co. Limited-A/C Reliancesmall Cap Fund |
1817345 |
5.47 |
|
|
Sundaram Mutual Fund A/C
Sundaram Smile Fund/SUNDARAM INFRASTRUCTURE ADVANTAGE FUND/ SUNDARAM SELECT MICRO
CAP SERIES XIV / SUNDARAM SELECT MICRO CAP |
1927718 |
5.80 |
|
|
Idfc Sterling Equity
Fund/IDFC INFRASTRUCTURE FUND' |
741146 |
2.23 |
|
|
Icici Prudential
Infrastructure Fund/ ICICI PRUDENTIAL BUSINESS CYCLE FUND SERIES 1/ ICICI PRUDENTIAL
INDIA RECOVERY FUND - SERIES 3 |
1038021 |
3.12 |
|
|
Alternate Investment
Funds |
120000 |
0.36 |
|
|
Foreign Portfolio
Investors |
1246231 |
3.75 |
|
|
Baring India Private
Equity Fund Iii Listed Investments Limited |
805778 |
2.42 |
|
|
Financial Institutions/
Banks |
24195 |
0.07 |
|
|
Sub Total B1 |
7389646 |
22.23 |
|
|
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 |
2936386 |
8.83 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1197329 |
3.60 |
|
|
Any Other (specify) |
3748664 |
11.28 |
|
|
HUF |
190478 |
0.57 |
|
|
Toyo Denki Seizo K K |
876270 |
2.64 |
|
|
NRI – Non- Repat |
32916 |
0.10 |
|
|
NRI – Repat |
176934 |
0.53 |
|
|
Foreign Portfolio
Investors (Category III) |
1600 |
0.00 |
|
|
Clearing Members |
372779 |
1.12 |
|
|
Bodies Corporate |
2097687 |
6.31 |
|
|
India Value Fund Iv |
1218971 |
3.67 |
|
|
Sub Total B3 |
7882379 |
23.72 |
|
|
B=B1+B2+B3 |
15272025 |
45.95 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of AC Generator and Electric Motor. (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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|
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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 : |
582 (Approximately) |
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Bankers : |
· Bank of Baroda · Standard Chartered Bank · ICICI Bank Limited |
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Facilities : |
Notes:
|
|
Auditors : |
|
|
Name : |
B.K. Ramadhyani and Company LLP Chartered Accountants |
|
Address : |
4 – B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaran, |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
· DF Power Systems Private Limited · TD Power Systems (USA) Inc · TD Power Systems Japan Limited · TD Power Systems Europe GmbH |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33237588 |
Equity Shares |
INR 10/- each |
INR 332.376 Million
|
|
|
|
|
|
Other Information
The Company has only one class of equity shares having par value of INR 10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Equity shares include
a. Shares allotted pursuant to a contract without consideration being received in cash.
Issued to the shareholder of subsidiary company, DF Power Systems Private Limited, in exchange of 1700000
fully paid up equity shares of INR 10/- each on 19th October 2010
b. Shares allotted by way of bonus shares.
On Capitalisation out of Reserves to an extent of 16,246,934 Equity Shares of INR 10/- each on 11th January 2011.
III Particulars of equity share holders holding
more than 5% of the total paid-up equity share capital
|
Particulars |
As at
31.03.2017 |
|
|
|
Percentage |
No. of shares |
|
Saphire Finman Services LLP (Saphire Finman Services Private Limited) |
5026433 |
15.12% |
|
Nikhil Kumar |
4638664 |
13.96% |
|
Hitoshi Matsuo |
3235254 |
9.73% |
|
Mohib N Khericha |
3730960 |
11.23% |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
332.376 |
332.376 |
332.376 |
|
(b) Reserves & Surplus |
4609.103 |
4608.214 |
4580.438 |
|
(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) |
4941.479 |
4940.590 |
4912.814 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
154.031 |
154.413 |
181.435 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
37.909 |
37.524 |
28.377 |
|
Total Non-current
Liabilities (3) |
191.940 |
191.937 |
209.812 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
453.428 |
276.415 |
573.514 |
|
(b) Trade
payables |
1034.696 |
1103.104 |
1116.787 |
|
(c) Other
current liabilities |
657.100 |
896.503 |
753.355 |
|
(d) Short-term
provisions |
26.858 |
151.472 |
130.933 |
|
Total Current
Liabilities (4) |
2172.082 |
2427.494 |
2574.589 |
|
|
|
|
|
|
TOTAL |
7305.501 |
7560.021 |
7697.215 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2304.823 |
2535.953 |
2644.890 |
|
(ii)
Intangible Assets |
24.631 |
36.947 |
49.262 |
|
(iii)
Capital work-in-progress |
6.866 |
6.626 |
0.096 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
290.612 |
277.630 |
264.547 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
201.509 |
238.753 |
353.073 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2828.441 |
3095.909 |
3311.868 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
799.823 |
803.304 |
760.209 |
|
(c) Trade
receivables |
1402.789 |
1337.477 |
1140.920 |
|
(d) Cash
and cash equivalents |
1903.090 |
1921.933 |
1920.809 |
|
(e)
Short-term loans and advances |
371.358 |
401.398 |
563.409 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4477.060 |
4464.112 |
4385.347 |
|
|
|
|
|
|
TOTAL |
7305.501 |
7560.021 |
7697.215 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3694.403 |
4553.502 |
4047.651 |
|
|
Other Income |
179.404 |
190.113 |
171.854 |
|
|
TOTAL |
3873.807 |
4743.615 |
4219.505 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2187.039 |
2485.097 |
2352.253 |
|
|
Purchases of
Stock-in-Trade |
269.996 |
549.329 |
308.360 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
22.809 |
91.009 |
116.659 |
|
|
Employees benefits
expense |
593.639 |
592.880 |
490.783 |
|
|
Other expenses |
475.578 |
524.127 |
404.155 |
|
|
TOTAL |
3549.061 |
4242.442 |
3672.210 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
324.746 |
501.173 |
547.295 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
40.617 |
48.145 |
37.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
284.129 |
453.028 |
510.095 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
277.221 |
283.762 |
280.060 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
6.908 |
169.266 |
230.035 |
|
|
|
|
|
|
|
Less |
TAX |
6.018 |
19.478 |
60.406 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
0.890 |
149.788 |
169.629 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2106.662 |
2091.163 |
2062.758 |
|
|
|
|
|
|
|
Less: |
Depreciation on Opening balance |
0.000 |
0.000 |
15.226 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Provision for Dividends
and Tax thereon |
0.000 |
122.012 |
105.913 |
|
|
Transfer to General
Reserve |
0.000 |
12.277 |
20.085 |
|
|
Total |
0.000 |
134.289 |
125.998 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
2107.552 |
2106.662 |
2091.163 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods
calculated on FOB basis |
1684.469 |
1764.216 |
1440.950 |
|
|
Royalty, Knowhow, professional
and consultancy fees |
42.984 |
11.607 |
8.561 |
|
|
Other Income |
2.040 |
2.076 |
1.055 |
|
|
TOTAL EARNINGS |
1729.493 |
1777.899 |
1450.566 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
391.928 |
580.542 |
490.418 |
|
|
Components and Stores
parts |
|
|
|
|
|
Capital Goods |
1.644 |
67.286 |
13.691 |
|
|
TOTAL IMPORTS |
393.572 |
647.828 |
504.109 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.03 |
4.51 |
5.10 |
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 |
(120.488) |
427.581 |
745.901 |
|
Net cash flow from operating activity |
(123.618) |
501.930 |
703.810 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
558.580 |
1287.970 |
945.380 |
|
Total Expenditure |
727.390 |
1182.510 |
902.420 |
|
PBIDT (Excl OI) |
(168.810) |
105.460 |
42.960 |
|
Other Income |
58.390 |
44.090 |
44.840 |
|
Operating Profit |
(110.420) |
149.550 |
87.790 |
|
Interest |
16.600 |
18.650 |
14.920 |
|
Exceptional Items |
NA |
NA |
221.400 |
|
PBDT |
(127.030) |
130.900 |
294.270 |
|
Depreciation |
69.430 |
67.570 |
67.070 |
|
Profit Before Tax |
(196.460) |
63.330 |
227.200 |
|
Tax |
(5.650) |
(3.880) |
28.020 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(190.810) |
67.210 |
199.180 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(190.810) |
67.210 |
199.180 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
138.59 |
107.21 |
102.88 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
2.63 |
3.40 |
3.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
153.71 |
132.69 |
153.21 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.41 |
0.62 |
0.72 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.14 |
0.19 |
0.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.30 |
0.32 |
0.33 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.09 |
0.06 |
0.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.44 |
0.49 |
0.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.47 |
0.52 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.00 |
10.41 |
14.71 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
0.02 |
3.29 |
4.19 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.01 |
1.98 |
2.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.02 |
3.03 |
3.45 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.06 |
1.84 |
1.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.69 |
1.51 |
1.41 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.68 |
0.65 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.36 |
0.83 |
1.73 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.06 |
1.84 |
1.70 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 206.50/- |
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 |
332.376 |
332.376 |
332.376 |
|
Reserves & Surplus |
4580.438 |
4608.214 |
4609.103 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4912.814 |
4940.590 |
4941.479 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
573.514 |
276.415 |
453.428 |
|
Total borrowings |
573.514 |
276.415 |
453.428 |
|
Debt/Equity ratio |
0.117 |
0.056 |
0.092 |
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 |
4047.651 |
4553.502 |
3694.403 |
|
|
|
12.497 |
(18.867) |
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 |
4047.651 |
4553.502 |
3694.403 |
|
Profit/(Loss) |
169.629 |
149.788 |
0.890 |
|
|
4.19% |
3.29% |
0.02% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
332.376 |
332.376 |
|
(b) Reserves &
Surplus |
|
4355.594 |
4400.369 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
4687.970 |
4732.745 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
152.353 |
153.280 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
37.909 |
39.159 |
|
Total Non-current
Liabilities (3) |
|
190.262 |
192.439 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
453.428 |
276.415 |
|
(b) Trade payables |
|
1301.484 |
1446.252 |
|
(c) Other current
liabilities |
|
661.328 |
1016.379 |
|
(d) Short-term provisions |
|
129.983 |
264.810 |
|
Total Current Liabilities
(4) |
|
2546.223 |
3003.856 |
|
|
|
|
|
|
TOTAL |
|
7424.455 |
7929.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2308.856 |
2545.290 |
|
(ii) Intangible Assets |
|
24.631 |
36.947 |
|
(iii) Capital
work-in-progress |
|
6.866 |
6.626 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.050 |
0.050 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
154.025 |
192.665 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2494.428 |
2781.578 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
799.823 |
881.265 |
|
(c) Trade receivables |
|
1549.143 |
1552.442 |
|
(d) Cash and cash
equivalents |
|
2146.191 |
2258.144 |
|
(e) Short-term loans and
advances |
|
434.870 |
455.611 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
4930.027 |
5147.462 |
|
|
|
|
|
|
TOTAL |
|
7424.455 |
7929.040 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
3799.090 |
5067.512 |
|
|
Other Income |
|
204.513 |
201.884 |
|
|
TOTAL |
|
4003.603 |
5269.396 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2200.807 |
2508.287 |
|
|
Purchases of
Stock-in-Trade |
|
352.738 |
1079.575 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
22.809 |
91.009 |
|
|
Employees benefits
expense |
|
637.977 |
660.517 |
|
|
Other expenses |
|
506.842 |
661.277 |
|
|
TOTAL |
|
3721.173 |
5000.665 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
282.430 |
268.731 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
41.429 |
49.815 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
241.001 |
218.916 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
278.555 |
288.071 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(37.554) |
(69.155) |
|
|
|
|
|
|
|
Less |
TAX |
|
7.289 |
22.699 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(44.843) |
(91.854) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(1.35) |
(2.76) |
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 |
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 |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
FINANCIAL RESULTS
During fiscal 2017, the company continued to experience challenging circumstances - an uncertain global environment, sluggish domestic market scenario, and severe competition both in the domestic and overseas markets. These challenges contributed to a lower total income of INR 3873.807 Million in Fiscal 2017 (lower by 18.34%) as compared to Fiscal 2016. Net sales from manufacturing business was INR 3091.257 Million compared to INR 3592.591 Million in Fiscal 2016 contributing 79.80% of their Total Income in Fiscal 2017. Net sales from their Project Business was INR 603.146 Million compared to INR 960.910 Million in Fiscal 2016 contributing 15.57% their Total Income in Fiscal 2017.
Exports and deemed exports contributed 67% of manufacturing Revenue in Fiscal 2017 as compared to 56% in Fiscal 2016 reflecting their continuing focus on growing their overseas markets. The company continues to add new customers in steam, gas turbine, hydro and diesel segments in different parts of the world with a growing footprint of generator installations in over 80 countries worldwide.
Earnings Before interest, tax, depreciation and amortization (EBITDA) decreased by INR 176.427 Million or 35.20% to INR 324.746 Million in Fiscal 2017 as compared to INR 501.173 Million in Fiscal 2016. Profit before tax and extraordinary items decreased by INR 162.358 Million or 95.92%, to INR 6.908 Million in Fiscal 2017 from INR 169.266 Million in Fiscal 2016 mainly due to reduced sales volumes. Profit after tax decreased by INR 148.898 Million, or 99.41%, to INR 0.890 Million in Fiscal 2017 from INR 149.788 Million in Fiscal 2016.
The pending orders as of March 31, 2017 are INR 3540.545 Million comprising of both manufacturing (INR 2969.622 Million) and project business (INR 570.923 Million).
The net worth of the Company stands at INR 4941.479 Million with the accretion of INR 0.890 Million to total reserves during the year.
No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year of the Company to which these financial statements relate and the date of this report.
MANAGEMENT DISCUSSION
AND ANALYSIS
India continued to be the fastest growing major economy in the world in fiscal 2017. However, Investments in the country’s core sectors continued to be depressed, as the private sector was constrained by debts and large nonperforming assets (NPAs) continued to be a source of worry for the banks. Despite the best efforts by the government, both at central and state levels, demand remained tepid in the core sectors leading to lower capacity utilization in sectors like cement, steel, non-ferrous metal. Public sector capital expenditure was restricted to renewable energy, power transmission, highways and railways. Customers slowed down the speed of project execution as a result of demonetization impacting turnover and profitability.
The global scenario offered no cause for cheer as it continued to encounter challenges including volatility, Eurozone instability, depression in crude oil and commodity prices, currency depreciation/volatility in emerging markets and a continuing slowdown in China
Given the above scenario, the company continued to experience challenging circumstances in fiscal 2017 as the
much awaited acceleration of investments & industrial growth did not gain the required speed. The capital goods industry continued to be rated as an underperformer due to lower capacity utilization and slowdown in user industries.
They continued to be one of the leading manufacturers of AC Generators for a diverse range of prime movers with output capacities ranging from 1 MW to 200 MW for steam and gas and up to 35 MW for hydro and up to 20 MW diesel and gas engines and customized rating for wind turbines, catering to both conventional and renewable fuel based power plants. As in the last two to three years the domestic market for generators continued to be sluggish in Fiscal 2017. Consistent compression in demand over the last three years intensified competition in the domestic markets consequently resulting in unrealistic pricing pressures. This led to large companies emerging as competitors, who used their deep pockets to start a price war in the market. The market was at best a “push market rather than a pull market” resulting in deferment of deliveries and an extended working capital cycle.
The manufacturing order inflow in Fiscal 2017 was INR 3551.836 Million as compared to INR 3500.433 Million in Fiscal 2016. Domestic market contributed 27% in Fiscal 2017 and 43% in Fiscal 2016 and exports (including deemed exports) contributed 73% in Fiscal 2017 and 57% in Fiscal 2016 reflecting their continuing focus on overseas market. As of March 31, 2017 (Fiscal 2017) 3,342 generators with an aggregate output capacity of over 24,864 MW have been supplied to over 80 countries Steam, Hydro and Gas application generators contributed 41%, 18% and 28% respectively of the revenue for Fiscal 2017. The contribution of Gas generators continued to increase in Fiscal 2017 over Fiscal 2016. As customary, a large part of generator sales take place through OEM’s, with top 10 customers contributing to 78% of Fiscal 2017 revenues. Their association with leading hydro & gas OEM’S is progressing well reflecting a good potential in these segment.
During Fiscal 2017, they added - new customers in steam, gas diesel and hydro segments. As a part of increasing their enlistment as preferred vendor, they have undergone audits by overseas OEMS for supply of wind, steam, gas and traction generators.
On standalone basis, Net sales from manufacturing business at INR 3097.285 Million compared to INR 3592.591 Million in Fiscal 2016. Net sales of their manufacturing business contributed 79.80% and 75.74% of their Total Income in Fiscal 2017 and 2016.
Adverse domestic market conditions continue to be the constraining factor for growth in revenues in Fiscal 2017.
However the company’s ability to diversify its product portfolio and its consistent focus on overseas markets has
enabled the company to sustain revenues and partially offset the unprecedented fall in domestic market. Their overseas markets will continue to drive their exports both in the medium and long-term.
They also undertake overseas Turbine Generator island (TG Island) projects for steam turbine power plants with output capacity up to 55 MW using a Japanese turbine combined with their generator through their Japan branch. Net sales from their Project Business was INR 6,031.46 Million compared to INR 9,609.10 Million in Fiscal 2016. This contributed 15.57% and 20.26% of their Total Income in Fiscal 2017 and 2016, respectively
The pending orders as of March 31, 2017 are INR 35,405.45 Million comprising of both manufacturing (INR 29,696.22 Million) and project business (INR 5,709.23 Million).
The performance of the EPC business and overseas subsidiaries is as stated in the Director’s Report.
On a standalone basis the Earnings Before interest, tax, depreciation and amortization (EBITDA) decreased by INR 176.427 Million or 35.20% to INR 324.746 Million in Fiscal 2017 as compared to INR 501.173 Million in Fiscal 2016. Profit before tax and extraordinary items decreased by INR 1,623.58 Million or 95.92%, to INR 69.08 Million in Fiscal 2017 from INR 169.266 Million in Fiscal 2016. Profit after tax decreased by INR 148.898 Million, or 99.41%, to INR 0.890 Million in Fiscal 2017 from INR 149.788 Million in Fiscal 2016.
OUTLOOK
Steam, Hydro and Gas Engine generators will continue to drive revenues for Fiscal 2017. The pending orders for Fiscal 2018 is promising. The market for Steam generators is showing a gradual improvement with good pipeline of export orders. Orders from the US region, extension of an exclusivity arrangement with a MNC and a steady share of business from an Indian customer are expected to support the pipeline for steam generators. The company is working on supply of wind turbine generators to certain MNC turbine suppliers during the Fiscal 2018. The Company continues to pursue component business from the large generator segment.
The Company has received an order from a large European multinational company (MNC) in India for manufacture and supply of certain components (Product) of traction motors used in Electric Locomotives to be supplied to Indian Railways by the MNC. The total order value is about INR 7500.000 Million to be supplied over 10 years starting from 2018. The MNC will also provide the required technology for manufacture of the Product under License through its Affiliate Company. With this contract TDPS affirms its position as a growing market player in the traction equipment business.
Over the years, they have built a strong reference list of installations in Turkey. They are currently working on expanding this presence with a project to supply generators made in Turkey meeting certain local content requirements. This initiative has the potential to contribute significantly to both revenues and margins of the company during the next 3 years.
The domestic market conditions however, continue to be adverse with severe competition and pricing pressures. There has been no perceptible momentum in order conversions for supply of generators. They are approaching the domestic market cautiously and will pursue orders with sustainable prices. While they are well placed to capitalize on any upswing in domestic demand as well as overseas markets, Exports will continue to be their focus area in Fiscal 2017 given the tepid domestic market scenario.
While they hope that the domestic market recovers, they continue to focus on building their existing portfolio of generators for other applications. Though there is uncertainty and continuing compression in the domestic market, they are hopeful of moderate growth in revenues and improvement in performance based on their export orders and other initiatives as stated above.
The Company continues to remain debt free and maintains a healthy cash position.
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G73079154 |
100065293 |
KOTAK MAHINDRA BANK LIMITED |
28/11/2016 |
26/12/2017 |
- |
300000000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (EAST), Mumbai MAHARASHTRA 400051 INDIA |
|
2 |
B38974481 |
10353809 |
Standard Chartered Bank |
19/04/2012 |
- |
- |
200000000.0 |
Branch Office: Raheja Towers, 26/27, M. G. Road Bangalore KARNATAKA 560001 INDIA |
|
3 |
G72629686 |
90192621 |
Bank of Baroda |
18/10/2002 |
06/12/2017 |
- |
3232700000.0 |
CORPORATE FINANCIAL SERVICES BRANCH, NO.72,1st FLOOR, NITESH LEXINGTON AVENUE, BRIGADE ROAD BANGALORE KARNATAKA 562111 INDIA |
|
4 |
G76567114 |
10070492 |
BANK OF BARODA |
20/09/2007 |
17/10/2008 |
05/02/2018 |
113700000.0 |
CORPORATE FINANCIAL SERVICES BRANCH, NO.72,1st FLOOR, NITESH LEXINGTON AVENUE, BRIGADE ROAD BANGALORE KARNATAKA 562111 INDIA |
|
5 |
A61332219 |
80037373 |
BANK OF BARODA |
18/10/2002 |
- |
16/04/2009 |
40000000.0 |
HJS CHAMBERS BANGALORE KARNATAKA 560025 INDIA |
|
6 |
A61332003 |
80037374 |
BANK OF BARODA |
23/01/2004 |
20/09/2007 |
16/04/2009 |
400000.0 |
CORPORATE BANKING BRANCHNO. 26, RICHMOND ROAD BANGALORE KARNATAKA 560025 INDIA |
|
7 |
Y10299922 |
90198023 |
M/S KARNATAKA STATE FINANCIAL CORPORATION |
26/07/2001 |
25/01/2002 |
31/01/2004 |
30000000.0 |
NO. 1/1; THIMMAIAH ROAD BANGALORE KARNATAKA 560001 INDIA |
|
8 |
Y10294326 |
90192427 |
KARNATAKA STATE FINANCIAL CORPORATION |
26/07/2001 |
25/01/2002 |
31/01/2004 |
30000000.0 |
THIMMAIAH ROAD BAGALORE KARNATAKA 560052 INDIA |
|
9 |
Y10294473 |
90192574 |
THE SHAMRAD VITHAL CO-OPERATIVE BANK LIMITED |
05/07/2002 |
- |
30/12/2002 |
10000000.0 |
MALLESWARAM BRANCH5TH CORSS; MALLESWARAM BANGALORE KARNATAKA 560003 INDIA |
|
10 |
Y10294346 |
90192447 |
THE SHAMRAD VITHAL CO-OPERATIVE BANK LIMITED |
28/09/2001 |
03/10/2001 |
30/12/2002 |
36500000.0 |
MALLESWARAM BRANCH5TH CORSS; MALLESWARAM BANGALORE KARNATAKA 560003 INDIA |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars |
Quarter |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
945.376 |
1287.973 |
2820.827 |
|
Other Operating Income |
44.835 |
44.091 |
147.319 |
|
Total
Income from Operations |
990.211 |
1332.064 |
2968.146 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
623.392 |
858.924 |
2122.967 |
|
Purchase of Stock in Trade |
(15.055) |
17.709 |
114.111 |
|
Changes in inventories of finished goods and
work-in-progress |
28.366 |
20.926 |
(229.016) |
|
Excise Duty on Sale of goods |
0.000 |
0.000 |
28.898 |
|
Employee benefits expense |
152.893 |
175.499 |
474.193 |
|
Finance Costs |
14.919 |
18.651 |
50.174 |
|
Depreciation and Amortization expenses |
67.067 |
67.569 |
204.068 |
|
Other Expenditure |
112.826 |
109.461 |
330.079 |
|
Total
Expenses |
984.408 |
1268.739 |
3095.474 |
|
Profit
/ (Loss) from ordinary activities before Net Exceptional income /
(Expenditure) |
5.803 |
63.325 |
(127.328) |
|
Net Exceptional Income / (Expenditure) |
(221.398) |
-- |
(221.398) |
|
Profit
/ (Loss) before Tax |
227.201 |
63.325 |
94.070 |
|
Tax Expense |
|
|
|
|
-Current tax |
32.000 |
0.000 |
32.000 |
|
-Deferred tax |
(3.979) |
(3.881) |
(13.510) |
|
Profit
/ (Loss) after Tax |
199.180 |
67.206 |
75.580 |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(0.846) |
(0.847) |
(2.540) |
|
Total comprehensive
income for the period (comprising profit/loss and other comprehensive income
for the period) |
198.334 |
66.359 |
73.040 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
332.376 |
332.376 |
332.376 |
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
|
5.99 |
2.02 |
2.27 |
|
Diluted |
5.99 |
2.02 |
2.27 |
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter |
Nine
months ended |
|
|
|
31.12.2017 |
30.09.2017 |
30.09.2017 |
|
1.
Segment Revenue |
Unaudited |
Unaudited |
Unaudited |
|
Manufacturing |
948.633 |
1224.843 |
2642.270 |
|
Project Business including WOS |
18.488 |
160.804 |
298.829 |
|
Engineering, procurement and construction
(EPC) |
-- |
-- |
-- |
|
Total |
967.121 |
1385.647 |
2941.099 |
|
Less : Inter Segment Revenue |
21.745 |
97.674 |
120.272 |
|
Net
Sales |
945.376 |
1287.973 |
2820.827 |
|
|
|
|
|
|
2.
Segment Result Profit (+) Loss (-) before taxation and Finance Costs for each segment) |
|
|
|
|
Manufacturing |
76.869 |
135.997 |
110.362 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Project Business including WOS |
(12.819) |
11.430 |
(11.417) |
|
Engineering, procurement and construction
(EPC) |
0.000 |
0.000 |
0.000 |
|
Less : Deprecation |
67.067 |
67.569 |
204.068 |
|
|
(3.017) |
79.858 |
(105.123) |
|
Interest |
14.919 |
18.651 |
50.174 |
|
Un-allocable income net odd expenditure |
(245.137) |
(2.118) |
(249.367) |
|
Total Profit Before tax |
227.201 |
63.325 |
94.070 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
Segment Assets |
|
|
|
|
Manufacturing |
5233.300 |
5646.816 |
5233.300 |
|
Project Business including WOS |
534.159 |
681.479 |
534.159 |
|
Engineering, procurement and construction
(EPC) |
0.000 |
0.000 |
0.000 |
|
Un-allocable Segment |
1594.071 |
1555.885 |
1594.071 |
|
Total |
7361.530 |
7884.180 |
7361.530 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Manufacturing |
1414.133 |
1890.597 |
1414.133 |
|
Project Business including WOS |
245.360 |
379.165 |
245.360 |
|
Engineering, procurement and construction
(EPC) |
0.000 |
0.000 |
0.000 |
|
Un-allocable Segment |
886.294 |
852.933 |
886.294 |
|
Total
|
2545.787 |
3122.695 |
2545.787 |
Notes:
- The Company has adopted Indian Accounting Standards ("Ind AS") from April 1, 2017 and accordingly, these financial results have been prepared in accordance with Companies (Indian Accounting Standard) Rules, 2015 as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
- The Ind AS financial results and financial information for the quarter and nine months period ended December 31, 2017 have been subjected to limited review by the company's Auditors in terms of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (LODR) and limited review report has been placed at the board meeting held today i.e. February 7, 2018. The above financial results have been reviewed by the audit committee and approved by the Board of Directors in its meeting today.
- The consolidated financial results and consolidated statement of assets and liabilities relate to TOPS Group, The Group consists of TD Power Systems Limited and its subsidiaries mentioned below:
-D F Power Systems Private
Limited
-TD Power Systems USA Inc
-TD Power Systems Japan Limited
-TD Power Systems Europe GMBH
-TD Power Systems Jenerator Sanayi Anonim Sirketi
- Post implementation of Goods and Service Tax ("GST") with effect from July 1, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods included excise duty which is now subsumed in the GST. Revenue from operations for the nine months ended December 31, 2017 includes excise duty up to June 30, 2017. Accordingly, revenue from operations for the quarter and nine months period ended December 31, 2017 are not comparable with those of the previous periods presented.
- The Ind AS compliant financial results for the year ended March 31, 2017 have not been provided as per exemption given by Securities and Exchange Board of India (SEBI) in its circular dated July 5, 2016.
- Consequent to closure of the guarantee provided to the Indian Subsidiary, the company has recovered guarantee commission from it's Indian Subsidiary which were prohibited by the Bank under the terms of the Guarantee document. The amount of commission so recovered from the subsidiary aggregating to INR 170.209 Million (excluding tax) has been disclosed under exceptional items in the above financial results. Exceptional items also include other service charges not recovered from the said subsidiary earlier amounting to INR 51.188 Million (excluding tax) which have been recovered during the quarter.
- Segment wise Revenue, Results, assets and liabilities are stated separately.
- The Company has evaluated the financial position of it's Indian Subsidiary for the purposes of transition to lnd_AS and has accordingly recorded a provision of INR 144.075 Million being the excess of the carrying value of the investment of the subsidiary over the face value, by debit to the Other Equity as on 1st April 2016.
- Previous period figures have been re-grouped/rearranged/recasted wherever required in conformity with current period presentation.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debts |
0.000 |
0.000 |
|
Guarantees |
536.710 |
557.806 |
|
Letters of credit |
382.216 |
353.772 |
|
The management believes, based on internal assessment and/or legal advice, that the probability of an ultimate adverse decision and outflow of resources of the Company is not probable and accordingly, no provision for the same is considered necessary. |
||
FIXED ASSETS
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Plant and Machinery
·
Office Equipment’s
·
Furniture and Fixtures
·
Computers
·
Communication Equipment’s
·
Motor Vehicle
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 65.03 |
|
|
1 |
INR 90.55 |
|
Euro |
1 |
INR 79.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
SUD |
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.