|
|
|
MIRA INFORM REPORT
|
Report No. : |
499773 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE METERING
TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
15th Floor, Eros Corporate Tower, Nehru Place, New
Delhi-110019 |
|
Tel. No.: |
91-120-4531400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
07.02.2011 |
|
|
|
|
Com. Reg. No.: |
55-271394 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 80.287
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31401DL2011PLC271394 |
|
|
|
|
IEC No.: |
Not Applicable (As informed by the management that firm does not have export and import) |
|
|
|
|
GST No.: |
09AAJCA5564H1ZE |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCA5564H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Energy Meters, Provides Technical
Services relating to Energy Sector and in the business of Wind Power Generation
through Wind Mills/ other renewable energy sources. [Registered Activity and
also Confirmed by Management] |
|
|
|
|
No. of Employees
: |
200 (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2011 and it is engaged in manufacturing and supplying of energy meters and provides technical services related to energy sector. It is a Special Purpose Vehicle (SPV) to take over the metering division and proposed power generation business of EON Electric Limited. As per financials of March 2017, the company has registered a growth of 24.75% in its revenue as compared to its previous year’s revenue but has reported losses. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound net worth base along with strong debt coverage indicators and decent liquidity position. Rating also takes into account the experienced promoters and strong transaction structure for the proposed term loan. However, ratings strength is partially offset by working capital intensive nature of operations, its presence in a competitive industry and vulnerability of the operational performance to climatic conditions. As per unaudited quarterly financials December 2017, the company has achieved a revenue of INR 85.54 million but has reported losses. Payments seems to be slow but correct. 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 |
CARE |
|
Rating |
Long Term Rating=BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
29.11.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
29.11.2017 |
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 24.03.2018.
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Gurjeet Singh Bhamra |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-9899306496 |
|
Date : |
22.03.2018 |
LOCATIONS
|
Registered Office : |
15th Floor, Eros Corporate Tower, Nehru Place, New Delhi-110019,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9899306496 [Mr. Gurjeet Singh Bhamra] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Consumer Care Cell/ Factory 1 : |
B-189, Phase II, Gautam Budh Nagar, Noida-201305, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-4531400/ 4531401 |
|
Fax No.: |
91-120-4531402 |
|
|
|
|
Factory 2 : |
B-62, Sector-83, Noida – 201305, Uttar Pradesh,
India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Pranav Kumar Ranade |
|
Designation : |
Managing Director |
|
Address : |
11, Ishwar Nagar Mathura Road, New Delhi-110065, India |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
00005359 |
|
|
|
|
Name : |
Mr. Ramesh Chander Bansal |
|
Designation : |
Director |
|
Address : |
7, Sagar Apartments 6, Tilak Marg, New Delhi-110001, India
|
|
Date of Appointment : |
06.04.2012 |
|
DIN No.: |
00005387 |
|
|
|
|
Name : |
Mr. Ajoy Kumar Ghosh |
|
Designation : |
Director |
|
Address : |
B-502, Kaveri Apartment Alaknanda, New Delhi-110019, India
|
|
Date of Appointment : |
06.04.2012 |
|
DIN No.: |
00005404 |
|
|
|
|
Name : |
Mr. Vikram Ranade |
|
Designation : |
Wholetime Director |
|
Address : |
11, Ishwar Nagar Mathura Road, New Delhi-110065, India |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
00006021 |
|
|
|
|
Name : |
Mr. Prashant Ranade |
|
Designation : |
Wholetime Director |
|
Address : |
11, Ishwar Nagar Mathura Road, New Delhi-110065, India |
|
Date of Appointment : |
28.07.2011 |
|
DIN No.: |
00006024 |
|
|
|
|
Name : |
Mrs. Priya Somaiya |
|
Designation : |
Director |
|
Address : |
E-022, 2nd Floor, Icon Tower, DLF Phase-5,
Gurugram-122002, Haryana, India |
|
Date of Appointment : |
05.05.2015 |
|
DIN No.: |
07173195 |
|
|
|
|
Name : |
Mr. Ashok Kumar Gupta |
|
Designation : |
Director |
|
Address : |
No. 405, Tower II, HEWO Apartments-I, Sector 56,
Gurugram-122011, Haryana, India |
|
Date of Appointment : |
09.11.2015 |
|
DIN No.: |
07294664 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Dhody |
|
Designation : |
Company Secretary |
|
Address : |
R-607, New Rajinder Nagar, New Delhi-110060, India |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
CS. L.L.B. |
|
Experience : |
35 Years |
|
Date of Appointment : |
02.08.2013 |
|
PAN No.: |
AAAPD0504C |
|
|
|
|
Name : |
Mr. Hrydesh Jain |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
Kharanja Road, Dholpur-328001, Rajasthan, India |
|
Date of Birth/Age : |
36 Years |
|
Qualification : |
C.A. |
|
Experience : |
12 Years |
|
Date of Appointment : |
13.02.2017 |
|
PAN No.: |
AHMPJ7420L |
|
|
|
|
Name : |
Mr. Gurjeet Singh Bhamra |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
10204716 |
63.55 |
|
(B) Public |
5852750 |
36.45 |
|
|
|
|
|
Total |
16057466 |
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
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
32,62,870 |
20.32 |
|
|
P. K. RANADE (HUF) |
4,320 |
0.03 |
|
|
AMEETA RANADE |
10,91,757 |
6.80 |
|
|
P. K. RANADE |
8,54,635 |
5.32 |
|
|
VIKRAM RANADE |
6,56,079 |
4.09 |
|
|
PRASHANT RANADE |
6,56,079 |
4.09 |
|
|
Any Other
(specify) |
69,41,846 |
43.23 |
|
|
PKR HITECH INDUSTRIAL CORPORATION LLP |
69,41,846 |
43.23 |
|
|
Sub Total A1 |
1,02,04,716 |
63.55 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
1,02,04,716 |
63.55 |
|
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 (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
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 |
3961240 |
24.67 |
|
|
Individual share
capital in excess of INR 0.200 Million |
846148 |
5.27 |
|
|
TRIPAT KAUR |
279999 |
1.74 |
|
|
NBFCs registered
with RBI |
1300 |
0.01 |
|
|
Any Other
(specify) |
1044062 |
6.50 |
|
|
Clearing Members |
15632 |
0.10 |
|
|
Bodies Corporate |
767719 |
4.78 |
|
|
ADVANCE METERING TECHNOLOGY LIMITED
UNCLAIMED SUSPENSE ACCOUNT |
166165 |
1.03 |
|
|
NRI – Repat |
46179 |
0.29 |
|
|
NRI – Non- Repat |
6890 |
0.04 |
|
|
HUF |
207642 |
1.29 |
|
|
Sub Total B3 |
5852750 |
36.45 |
|
|
B=B1+B2+B3 |
5852750 |
36.45 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Energy Meters, Provides Technical
Services relating to Energy Sector and in the business of Wind Power Generation
through Wind Mills/ other renewable energy sources. [Registered Activity and
also Confirmed by Management] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Advance Payment |
|
|
|
|
Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Manufacturers
|
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|
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|
No. of Employees : |
200 (Approximately) |
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|
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Bankers : |
|
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|
|
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
S. S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New
Delhi-110065, India |
|
|
|
|
Secretarial Auditor : |
|
|
Name : |
Navneet K Arora and Company LLP Company Secretaries |
|
Address : |
E-8/1, Near Geeta, Bhawan Mandir, Malviya Nagar, New Delhi – 110017,
India |
|
|
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies : |
· PKR Energy Limited - wholly owned subsidiary · Global Power and Trading PTE Limited., Singapore - subsidiary · Advance Power and Trading GMBH., Germany - wholly owned subsidiary · R. S. Infosystems Private Limited - subsidiary (till 13th May 2014) |
|
|
|
|
Investing Parties with whom the company is a JV Partner : |
Saudi National Lamps and Electrical Company Limited - ceased to be a
Joint Venture with effect from 24th January 2014. |
|
|
|
|
Enterprises over which directors exercise significant influence : |
· PKR Infrastructure Private Limited · PKR Technologies Private Limited · Renewable Power Venture Private Limited (Formerly Known as PKR Power Private Limited) · R.S.Infosystems Private Limited |
|
|
|
|
LLP firms in which directors and their relatives are partners : |
· PKR Hitech Industrial Corporation LLP · Industrial Solutions Corporation LLP · Prescomp Components LLP |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19200000 |
Equity Shares |
INR 5/- each |
INR 96.000 Million |
|
6000000 |
Preference Shares |
INR 5/- each |
INR 30.000 Million |
|
|
|
|
INR 126.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16057466 |
Equity Shares |
INR 5/- each |
INR 80.287
Million |
|
|
|
|
|
3.1 The rights,
preferences and restrictions attached to each class of shares including restrictions
on the distribution of dividends and the repayment of capital are as under:
The Company has only one class of equity shares having a par value of INR 5 per share. Each share holder is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by each of the equity share holders.
3.2 Details of
Shareholders holding more than 5% shares in the Company.
|
Share Capital |
As at 31st March 2017 |
|
|
|
No's |
%age Holding |
|
Equity Shares of INR 5 each |
|
|
|
PKR Hitech Industrial Corporation LLP |
6941846 |
43.23% |
|
Smt.Ameeta Ranade |
1091757 |
6.80% |
|
Shri Pranav Kumar Ranade |
854635 |
5.32% |
3.3 During the current year and in the previous year, there have been no movements in the number of outstanding equity shares.
3.4 No shares have been alloted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of five years immediately preceding the reporting date.
3.5 There is no other information required to be disclosed in respect to share capital.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80.287 |
80.287 |
80.287 |
|
(b) Reserves & Surplus |
1269.153 |
1297.967 |
1353.487 |
|
(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) |
1349.440 |
1378.254 |
1433.774 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
33.183 |
9.475 |
305.851 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1.710 |
0.760 |
0.320 |
|
(d)
long-term provisions |
3.530 |
3.102 |
2.559 |
|
Total
Non-current Liabilities (3) |
38.423 |
13.337 |
308.730 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
516.164 |
374.428 |
147.499 |
|
(b)
Trade payables |
79.155 |
48.353 |
39.974 |
|
(c)
Other current liabilities |
37.241 |
125.183 |
29.042 |
|
(d)
Short-term provisions |
1.766 |
1.918 |
1.771 |
|
Total
Current Liabilities (4) |
634.326 |
549.882 |
218.286 |
|
|
|
|
|
|
TOTAL |
2022.189 |
1941.473 |
1960.790 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
936.360 |
953.227 |
940.702 |
|
(ii)
Intangible Assets |
7.434 |
1.771 |
0.135 |
|
(iii)
Capital work-in-progress |
128.167 |
71.687 |
65.809 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
91.296 |
91.296 |
91.206 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2.753 |
10.956 |
11.224 |
|
(e)
Other Non-current assets |
18.210 |
16.794 |
0.000 |
|
Total
Non-Current Assets |
1184.220 |
1145.731 |
1109.076 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
486.764 |
536.248 |
536.737 |
|
(b)
Inventories |
57.245 |
81.160 |
54.387 |
|
(c)
Trade receivables |
118.434 |
88.925 |
67.252 |
|
(d)
Cash and cash equivalents |
150.624 |
70.164 |
173.276 |
|
(e)
Short-term loans and advances |
24.902 |
19.245 |
20.062 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
837.969 |
795.742 |
851.714 |
|
|
|
|
|
|
TOTAL |
2022.189 |
1941.473 |
1960.790 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
324.966 |
260.493 |
188.663 |
|
|
|
Other Income |
61.387 |
40.624 |
80.310 |
|
|
|
TOTAL |
386.353 |
301.117 |
268.973 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
151.964 |
123.831 |
82.681 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(0.216) |
(4.151) |
0.846 |
|
|
|
Employees benefits expense |
80.220 |
80.895 |
88.068 |
|
|
|
Other expenses |
85.894 |
79.952 |
63.337 |
|
|
|
Exceptional Items |
0.000 |
(19.691) |
0.000 |
|
|
|
TOTAL |
317.862 |
260.836 |
234.932 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
68.491 |
40.281 |
34.041 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
52.891 |
52.952 |
47.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
15.600 |
(12.671) |
(12.981) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
44.147 |
42.551 |
49.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(28.547) |
(55.222) |
(62.644) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(7.033) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(28.547) |
(55.222) |
(55.611) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material (including components stores and spares) |
11.236 |
35.701 |
22.481 |
|
|
|
Capital Goods |
12.654 |
3.682 |
0.822 |
|
|
TOTAL IMPORTS |
23.890 |
39.383 |
23.303 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(1.78) |
(3.44) |
(3.46) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term Borrowings |
6.346 |
105.117 |
4.859 |
|
|
|
|
|
|
Cash generated from/(used in) Operations |
(51.464) |
28.127 |
11.461 |
|
|
|
|
|
|
Net Cash Flow From/ (Used In) Operating Activities |
(54.064) |
26.752 |
10.904 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
133.02 |
124.60 |
130.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.74 |
2.93 |
2.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
190.12 |
142.52 |
176.47 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.20 |
0.50 |
0.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.06 |
0.04 |
0.03 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.33 |
0.34 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.41 |
0.35 |
0.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.47 |
0.40 |
0.15 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.79 |
0.74 |
0.70 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.29 |
0.76 |
0.72 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(8.78) |
(21.20) |
(29.48) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.41) |
(2.84) |
(2.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(2.12) |
(4.01) |
(3.88) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.32 |
1.45 |
3.90 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.23 |
1.30 |
3.65 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.67 |
0.71 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.92 |
6.09 |
5.71 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.32 |
1.45 |
3.90 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 22.80/- |
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 |
80.287 |
80.287 |
80.287 |
|
Reserves & Surplus |
1353.487 |
1297.967 |
1269.153 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1433.774 |
1378.254 |
1349.440 |
|
|
|
|
|
|
long-term borrowings |
305.851 |
9.475 |
33.183 |
|
Short term borrowings |
147.499 |
374.428 |
516.164 |
|
Current Maturities of Long
term debt |
4.859 |
105.117 |
6.346 |
|
Total
borrowings |
458.209 |
489.020 |
555.693 |
|
Debt/Equity
ratio |
0.320 |
0.355 |
0.412 |
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 |
188.663 |
260.493 |
324.966 |
|
|
|
38.073 |
24.750 |
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 |
188.663 |
260.493 |
324.966 |
|
Profit/ (Loss) |
(55.611) |
(55.222) |
(28.547) |
|
|
(29.48%) |
(21.20%) |
(8.78%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G46574299 |
100104676 |
RBL BANK LIMITED |
02/06/2017 |
- |
- |
25000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
2 |
G75457580 |
100074168 |
KOTAK MAHINDRA BANK LIMITED |
24/01/2017 |
31/01/2018 |
- |
60300000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
3 |
C79318903 |
10620698 |
State Bank of India |
25/01/2016 |
- |
- |
90000000.0 |
NEPZ BRANCHPHASE IINOIDAUP201305IN |
|
4 |
C38613808 |
10539582 |
ICICI BANK LIMITED |
09/12/2014 |
- |
- |
2626516.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
COMPANY OVERVIEW :
Advance Metering Technology Limited (“AMTL” or “the Company”) was
incorporated on 7th February, 2011 under the provisions of the Companies
Act,1956. The Company operates in the Energy Sector and within the business
segment Energy Generation, Energy Measurement and Energy Management. The
Company is engaged in manufacturing and selling of Energy Meters, provides
technical services relating to Energy Sector and in the business of Wind Power
Generation through Wind Mills/ other renewable energy sources. Its shares are
listed on the National Stock Exchange of India Limited and Bombay Stock
Exchange Limited.
The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take
over the Metering Division and proposed power generation business/undertakings of
Eon Electric Limited ( formerly Indo Asian Fuse gear Limited) as a going
concern. The Hon’ble High Court for the States of Punjab & Haryana at
Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of
Arrangement ( ‘Scheme’ ) u/s 391 to 394 of the Companies Act,1956 between the
Company and Eon electronic Limited ( Eon ) and their respective shareholders
and creditors for demerger of the Metering Division and Power Generation
Business ( “De-merged Undertaking”) of Eon and transfer/ vesting of the said
undertaking in favour of AMTL with effect from Ist April 2011 ( Appointed Date)
on going concern basis. The scheme become effective on 8th April 2012 (
Effective Date) on filling of the Certified True Copy of the said Order of the
Hon’ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.
STATE OF COMPANY’S
AFFAIRS
During the last five years, the company has been able to make a mark for
itself in the existing businesses of energy meters, energy solutions and solar
plants. The revenues of the company increased from INR 132.015 Million in the
first year of operations to INR 386.353 Million in the year ended 31st March
2017, an increase of 192.65% in a short span of six years. In an endeavor to
maximize its market share and profits, the Company has forayed into the fields
of EPC services for energy sustainability, lighting solutions, solar PV
solutions, Power Management and control. With backward integration the Company
has been able to manage the market trends to its advantage.
In order to ensure higher quality and increased profitability, the
company has embarked upon backward integration programme by setting up
different verticals for manufacture of plastic components and electronic
components required in the manufacture of meters and other devices. It is also
in the process of setting up manufacture of other components required in the
manufacture of meters which would not only increase the profitability but also
reduce the dependence on others for the timely supply of quality components.
The company has been able to create a niche for itself in the market for
meters and is expected to maintain the rate of increase this year also.
MANAGEMENT
DISCUSSION AND ANALYSIS
While the world economy remains in a low growth difficult times, India
continues to post a strong growth. Consumption was supported by lower energy
costs, public sector salary increases, and favourable monsoon rains, which
boosted urban and rural incomes. While the unexpected ‘demonetisation’ weighed
on growth in the second half of FY 2016-17, the recent election outcome have
risen hopes for a stable political and regulatory platform.
One of the major tax reforms, The Goods and Services Tax (GST) Amendment
Bill passed during the year, aims at streamlining the country’s complex tax
system, reduce fragmentation in markets, lower business costs, and widen the
tax base. Robust implementation of this legislative changes will be key to
boost prospects of the organised market.
The Indian Electric Meter market has grown at a single digit over the
last few years. Slowdown in construction activity has been one of the major
factors for a sluggish growth. The Central Government’s ‘Housing for All by
2022’ (20mn houses for urban poor and 30mn for rural poor) and Smart Cities (development
of 100 cities) missions promise to trigger fast-paced rollout of new homes.
This should usher in multi-year growth for electric meters.
The management of Advance Metering Technology Limited presents its
analysis report covering performance and outlook of the Company. The core
business of the Company is manufacturing of Energy Meters, Power Generation and
Energy Audit Services. The management accepts responsibility for integrity and
objectivity of the financial statements.
INDUSTRY STRUCTURE
AND DEVELOPMENT
POWER GENERATION
Wind power generation capacity in India has significant increase in
recent years. As of the end of March 2017 the total installed wind power
capacity was 32.17 GW, mainly spread across the South, West and North regions.
By the end of 2015, India had the fourth largest installed wind power capacity
in the world. The levelised tariff of wind power reached a record low of ₹3.46
(5.4¢ US) per kWh (without any direct or indirect subsidies) during auctions
for wind projects in February 2017. In 2015, the MNRE set the target for Wind
Power generation capacity by the year 2022 at 60,000 MW. The development of
wind power in India began in the 1986, and has progressed steadily in the last
few years. The short gestation periods for installing wind turbines, and the
increasing reliability and performance of wind energy machines have made wind
power a favoured choice for capacity addition in India.
Wind power accounts nearly 9.87% of India’s total installed power
generation capacity and generated 46,011 million kWh in the fiscal year 2016-17
which is nearly 3% of total electricity generation. The capacity utilisation
factor is nearly 19.62% in the fiscal year 2016-17 (14% in 2015-16). 70% of
wind generation is during the five months duration from May to September
coinciding with Southwest monsoon duration.
The reason for the company to venture in wind energy is its inherent
strength to support rural employment and uplift of rural economy. Further, unlike
all other sources of power, wind energy does not consume any water-which in
itself will become a scarce commodity.
METERS
The market for meters in India was estimated to be 3,000 crore in fiscal
2015, with organised participants contributing to over 80% of the total market.
There has been a continued and visible shift from demand for traditional meters
to demand for metering solutions, which helps in energy management as compared
to mere monitoring and billing functionalities. Major consumer segments for
meters in India are (a) public and private power utilities for residential and
grid metering; (b) conventional and non-conventional captive power plants; and
(c) industries and commercial establishments. Public and private power
utilities are mostly consumers of tariff meters, captive power plants consume
panel meters, and industries and commercial establishments consume panel and
smart meters, based on their requirement. Few developers of residential
buildings, however, provide prepaid meters residents, which are directly
purchased by developers and installed at such residential buildings.
Demand for electronic meters dominates the market for meters and will
continue due to replacement market for electrochemical and old meters and
orders from power utilities. Of this, power utilities account for nearly 90% of
the revenue generated from sale of tariff meters. In fiscal 2015, the
industrial segment was the largest consumer of panel meters, power generation
companies for tri-vector meters and commercial establishments for electronic
meters. With increasing focus on reliability and accuracy, the contribution
from these segments is likely to witness an upward trend.
Prepayment meters have recently seen steady growth as more power
utilities are installing them to increase consumer visibility in terms of load
patterns and to reduce the percentage of under-recovered revenue. While in
developed countries prepayment meters are considered to be tariff meters, in
the India they are considered as smart meters and are considered as the first
step towards establishment of smart cities and smart grid projects. Smart grid
pilot projects are under implementation mostly in the southern and western
parts of India although, northern and eastern states also have some ongoing
pilot projects
ENERGY AUDIT
Energy today has become a key factor in deciding the product cost at
micro level as well as in dictating the inflation and the debt burden at the
macro level. Energy cost is a significant factor in economic activity at par with
factors of production like capital, land and labor. The imperatives of an
energy shortage situation calls for energy conservation measure, which
essentially mean using less energy for the same level of activity. Energy Audit
attempts to balance the total energy inputs with its use and serves to identify
all the energy streams in the systems and quantifies energy usage’s according
to its discrete function. Energy Audit helps in energy cost optimization,
pollution control, safety aspects and suggests the methods to improve the
operating & maintenance practices of the system. It is instrumental in
coping with the situation of variation in energy cost availability, reliability
of energy supply, decision on appropriate energy mix, decision on using improved
energy conservation equipment’s, instrumentation’s and technology
The Preliminary Energy Audit focuses on the major energy suppliers and
demands usually accounting for approximately 70% of total energy.
OUTLOOK
The basic aim of the Company is to be able to produce Energy Meters and
Energy Audit Service as per market requirements and be able to manage market
trends to its advantage. “Opportunities abound in growing economies and opening
of economy in India has created opportunities for Indian enterprise to move
beyond national boundaries as well to create productive assets”.
The Company is currently engaged in manufacturing of Energy Meters and
Energy Audit service related products activity and is looking for new avenues
of business in various areas like EPC. Since EPC has linkages to other
industries like cement, brick and steel through backward and forward linkages.
The outlook for the industry looks reasonable, since India has skilled manpower
and growing demand for Energy Audit Services and Energy Meters. The improved
demand is expected to continue in the current fiscal as well on the back of
ongoing infrastructure projects. The upward trend is expected to be continued
on account of fiscal measures taken by the Government.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
85.540 |
76.999 |
291.697 |
|
Other Income |
1.963 |
8.997 |
26.683 |
|
Total
Income from Operations |
87.503 |
85.995 |
318.380 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
45.717 |
54.620 |
167.133 |
|
Excise Duty on sale of goods |
--- |
--- |
11.418 |
|
Changes in inventories of finished goods and
work-in-progress |
14.137 |
(22.254) |
(12.867) |
|
Employee benefits expense |
17.291 |
17.609 |
53.239 |
|
Finance Costs |
14.763 |
13.290 |
44.219 |
|
Depreciation and Amortization expenses |
9.289 |
9.159 |
27.435 |
|
Other Expenditure |
23.805 |
25.538 |
73.627 |
|
Total
Expenses |
125.003 |
97.962 |
364.703 |
|
Profit/(Loss) before Exceptional Items |
(37.499) |
(11.967) |
(45.822) |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
(37.499) |
(11.967) |
(45.822) |
|
Tax Expense |
|
|
|
|
Current
tax |
--- |
--- |
--- |
|
Deferred
tax Asset |
--- |
--- |
--- |
|
Profit/ loss for the period |
(37.499) |
(11.967) |
(45.822) |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
Remeasurement benefits (losses) on defined obligation |
--- |
--- |
--- |
|
Income tax relating of items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
Total comprehensive
income (Net of tax) |
--- |
--- |
--- |
|
Total comprehensive
income for the period |
(37.499) |
(11.967) |
(45.822) |
|
Paid-up Equity Share Capital (Face value INR 5/- per
share) |
80.287 |
80.287 |
80.287 |
|
Earnings per Share (Not Annualised) before and after
exceptional items) |
|
|
|
|
Basic |
(2.34) |
(0.75) |
(2.85) |
|
Diluted |
(2.34) |
(0.75) |
(2.85) |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
a)
Power Generation |
6.776 |
29.064 |
69.865 |
|
b)
Meters and Others |
78.764 |
47.935 |
221.832 |
|
Total |
85.540 |
76.999 |
291.697 |
|
Less: Inter – segment revenue |
--- |
--- |
--- |
|
Total income
from operations (Gross) |
85.540 |
76.999 |
291.697 |
|
2.
Segment Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Power Generation |
(2.958) |
18.339 |
39.041 |
|
b)
Meters and Others |
(3.020) |
(8.063) |
(13.542) |
|
Total |
(5.978) |
10.276 |
25.499 |
|
Less: Interest |
(14.763) |
(13.790) |
(44.219) |
|
Less : Other un-allocable
expenditure net off un-allocable other operating income |
(16.759) |
(8.953) |
(27.102) |
|
Net Profit/
(Loss) Before Tax |
(37.499) |
(11.967) |
(45.822) |
|
3.
Segment Assets |
|
|
|
|
a)
Power Generation |
578.419 |
593.712 |
578.419 |
|
b)
Meters and Others |
494.883 |
469.382 |
494.883 |
|
c)
Others - Unallocable |
1050.263 |
1043.302 |
1050.263 |
|
Total Assets |
2123.565 |
2106.396 |
2123.565 |
|
4.
Segment Liabilities |
|
|
|
|
a)
Power Generation |
250.396 |
247.235 |
250.396 |
|
b)
Meters and Others |
406.948 |
389.474 |
406.948 |
|
c)
Others - Unallocable |
146.195 |
112.161 |
146.195 |
|
Total Liabilities |
803.539 |
748.870 |
803.539 |
Notes:
1. The Company has adopted Indian Accounting Standards ('IND AS') notified by the Ministry of Corporate Affairs with effect from 01 April, 2017 (being transition from 01 April 2016). Accordingly, the standalone financial results for the quarter and nine months ended 31st December, 2017 have been prepared in accordance with Companies (Indian Accounting Standard) Rules, 2015 (amended) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. Consequently, the standalone financial results for the corresponding quarter and nine months ended 31st December 2016 have been restated to comply with Ind AS to make them comparable.
2. The Ind AS compliant financial results for the previous year ended March 31,
2017 have not been provided as per the exemption given in SEBI circular no.
CIR/CFD/FAC/62/2016 dated 05.07.2016.
3. The revenue from operations for the period upto 30th June, 2017 are
inclusive of excise duty, in accordance with requirement of Ind AS. Consequent
to the implementation of Goods and Service Tax (GST) regulations effective from
01st July, 2017, the revenue from operations for the quarter ended 31st
December, 2017 and 30th September, 2017 are reported net of GST, in accordance
with the requirement of Ind AS. Accordingly, the revenue from operations for
the quarter and the nine months ended 31st December, 2017 are not comparable
with the amount reported in the corresponding preceding periods.
4. The above standalone financial results were reviewed by the Audit Committee
and approved by the Board of Directors in their respective meetings held on 9th
February, 2018.
5. Deferred Tax Asset has not been provided due to carried forward business
loss/unabsorbed depreciation.
6. Reconciliation between standalone financial results reported under erstwhile
Indian GAAP (reffered to as 'Indian GAAP') and IND AS are summarised as below:
|
Description |
Quarter Ended December 31,2016 |
Nine Months Ended December 31,2016 |
|
Net Profit as per Previous GAAP (Indian GAAP) |
(36.302) |
(32.518) |
|
Ind AS Adjustments : Add/ (less) |
|
|
|
i) Gain/(Loss) on fair valuation of investment |
4.979 |
10.898 |
|
ii) Reclassification of actuarial gain/loss on employee defined benefit plan recognised in other comprehensive income |
--- |
--- |
|
iii) Interest expense on financial instruments |
(0.014) |
(0.035) |
|
iv) Provision for expected credit loss |
(1.376) |
(1.201) |
|
v) Amortization of lease hold land |
(0.777) |
(2.291) |
|
vi) Other adjustments |
(0.049) |
(0.156) |
|
vii) Other Comprehensive Income (Net of taxes) |
--- |
--- |
|
- Reclassification of actuarial gain/loss on employee defined benefit plan recognised to other comprehensive income |
--- |
--- |
|
Total comprehensive income as per IND AS |
(35.539) |
(25.303) |
7. 'Figures for the previous period/year have been
re-classified/re-arranged/re-grouped, wherever necessary.
CONTINGENT LIABILITIES:
[As on 31.03.2017]
i) Bank Guarantees- INR 15.976 Million (Previous Year INR 11.661 Million)
ii) Standby Letter of Credit (SBLC) issued by Barclays bank on behalf of Advance Metering Technology Ltd for Global Power and Trading (GPAT) PTE Ltd, Singapore for USD 200,000 (Previous Year USD 200,000) for purpose of Business Transactions.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer
·
Electrical Fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.13 |
|
UK Pound |
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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.