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|
|
MIRA INFORM REPORT
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Report No. : |
499646 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
EMCO LIMITED (w.e.f. 1998) |
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Formerly Known
As : |
EMCO TRANSFORMERS LIMITED |
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Registered
Office : |
N-104, MIDC Area, Mehrun,
Jalgaon – 425003, Maharashtra |
|
Tel. No.: |
91-257-2272462 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.09.1964 |
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Com. Reg. No.: |
11-013011 |
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Capital
Investment / Paid-up Capital : |
INR 135.552 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31102MH1964PLC013011 |
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IEC No.: |
0388119926 |
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GSTIN : |
Not Divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AAACE2764Q |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
The Company’s products include transformers, energy metering system, substation and transmission towers and lines which constitutes of generation, transmission, distribution and manufacture of power equipment viz Generation Equipment and T&D Equipment. [Registered Activity] |
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|
|
|
No. of Employees
: |
584 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1964. It is engaged in the power
industry, the company manufactures range of transformers. For the financial year 2017, the company has achieved a decent growth
in its revenue as compared to the previous year but has incurred operational
losses. However, the company possesses an acceptable financial risk profile
marked by sound net worth base along with average debt level. Rating is constrained on account of delays in debt serving of the
company due to weakening of liquidity profile of the company. Business is active. Payments terms are reported as slow and delayed. In view of aforesaid, the company can be considered for business
dealings on safe and secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE RATING |
|
Rating |
Long Term Loans = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
|
Date |
06.04.2017 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Loans = D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery |
|
Date |
06.04.2017 |
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 25.11.2017.
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.: 91-22-40404500)
LOCATIONS
|
Registered Office : |
N-104, MIDC Area, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
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|
Head
Office/Power Transformer Plant : |
Plot No. F-5, Road No. 28, Wagle Industrial Estate, Thane (West), Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-40404500 |
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Fax No.: |
91-22-25820571 |
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|
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|
Corporate Office : |
1st Floor, Piramal Tower, Peninsula Corporate Park, G.K.
Kadam Marg, Lower Parel, Mumbai – 400013, India |
|
E-Mail : |
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|
|
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|
Distribution Transformer Plant : |
Gat No. 113, 114, 115, Umala, Aurangabad Road, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-5614395/96/3092594 |
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Fax No.: |
91-257-22350505 |
|
|
|
|
Industrial Transformer Plant : |
N-104, MIDC Area, Mehrun, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462 / 2272572 |
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Fax No.: |
91-257-2272598 |
|
|
|
|
Tower Plants: |
Plot No.519/521, Village Asoj, Vadodara – Halol Highway, Vadodara – 391510, Gujarat, India |
|
Tel. No.: |
91-2668-281113/ 4 |
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Fax No.: |
91-2668-281030 |
|
|
|
|
Regional Office: |
Located At :
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajesh Suresh Jain |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No. 2602, Sumer Trinity, Towers A, Near Saama Press,
New Prabhadevi Road, Mumbai – 400025, Maharashtra, India |
|
Qualification : |
B.E. (Electronics) |
|
Experience: |
29 Years |
|
Date of Appointment : |
20.10.2011 |
|
DIN No.: |
00005829 |
|
|
|
|
Name : |
Mr. Shailesh Suresh Jain |
|
Designation : |
Director |
|
Address : |
2902, Tower-A Sumer Trinity Tower, Near Samna Press, New Prabhadevi
Road, Mumbai – 400025, Maharashtra, India |
|
Qualification : |
B.E. (Chemical) |
|
Experience: |
24 Years |
|
Date of Appointment : |
09.10.1993 |
|
DIN No.: |
00006180 |
|
|
|
|
Name : |
Mr. Bherulal Dayalal Choudhary |
|
Designation : |
Director |
|
Address : |
Flat No. 301, Everest Chambers 332, Mount Pleasant Road,
Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Qualification : |
B.Com, LLM |
|
Date of Appointment : |
25.09.2015 |
|
DIN No.: |
00011905 |
|
|
|
|
Name : |
Mr. Shyamsunder Venkatesh Deo |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Bhairavi Apartment, S.No. 132b/5A, ICS
CLY, Pune – 411007, Maharashtra, India |
|
Date of Appointment : |
22.03.2004 |
|
DIN No.: |
00210554 |
|
|
|
|
Name : |
Mr. Sanjay Bhatnagar |
|
Designation : |
Director |
|
Address : |
101 West, 79th, ST. # 24 A, New York – 10024, United States |
|
Qualification : |
M.E, MBA (Harvard University) |
|
Date of Appointment : |
20.09.2011 |
|
DIN No.: |
00867848 |
|
|
|
|
Name : |
Ms. Archana Capoor |
|
Designation : |
Additional Director |
|
Address : |
C-221, SFS, Sheikh Sarai, Phase I, New Delhi – 110017,
India |
|
Date of Appointment : |
10.01.2017 |
|
DIN No.: |
01204170 |
|
|
|
|
Name : |
Mrs. Priyamvada Bhumkar |
|
Designation : |
Women – Independent Director |
|
Qualification : |
B.Sc.(Chemistry), MBA (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Mal Tawari |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 1402, 14th Floor, Siddhachal PH-Vi 3B Building,
Opposite Pokhran Road No. 2, Thane –
400610, Maharashtra, India |
|
Qualification : |
B.Com. (Hons), ACA, ACS, AICWA |
|
Date of Appointment : |
28.02.2015 |
|
PAN No.: |
ABHPT0170C |
|
|
|
|
Name : |
Mr. Amit Sudhakar |
|
Designation : |
Chief Executive Officer |
|
Address : |
A-501, Brentwood Apartments, Hiranandani Gardens, Powai,
Mumbai - 400076 Maharashtra, India |
|
Qualification : |
FCA |
|
Date of Appointment : |
17.10.2014 |
|
PAN No.: |
AGLPS9163K |
MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
3,07,20,998 |
45.28 |
|
|
(B) Public |
3,71,21,551 |
54.72 |
|
|
Grand Total |
6,78,42,549 |
100.00 |
|
Statement showing shareholding pattern of the Promoter and Promoter
Group
|
Category of
shareholder |
Total nos. 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 |
2,23,65,140 |
32.97 |
|
|
Rajesh S Jain |
95,99,345 |
14.15 |
|
|
Shailesh Suresh Jain |
62,99,340 |
9.29 |
|
|
Ratna Suresh Jain |
43,54,255 |
6.42 |
|
|
Triptee R Jain |
13,62,200 |
2.01 |
|
|
Yachana S Jain |
7,50,000 |
1.11 |
|
|
Any Other (specify) |
83,55,858 |
12.32 |
|
|
Zarco Realties Private Limited |
83,55,858 |
12.32 |
|
|
Sub Total A1 |
3,07,20,998 |
45.28 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
3,07,20,998 |
45.28 |
|
Statement
showing shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
Total no. shares held |
Total as a % of Total Voting right |
|
|
B1) Institutions |
0.00 |
|
|
|
Foreign Portfolio Investors |
50,000 |
0.07 |
|
|
Financial Institutions/ Banks |
78,735 |
0.12 |
|
|
Insurance Companies |
22,65,519 |
3.34 |
|
|
Icici Prudential Life Insurance Company Limited |
18,81,917 |
2.77 |
|
|
Sub Total B1 |
23,94,254 |
3.53 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
|
|
|
Central Government/ State Government(s)/ President of India |
64,497 |
0.10 |
|
|
Sub Total B2 |
64,497 |
0.10 |
|
|
B3) Non-Institutions |
0.00 |
|
|
|
Individual share capital upto Rs. 2 Lacs |
2,14,16,677 |
31.57 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
48,18,957 |
7.10 |
|
|
Farida Asif Petiwala |
8,02,933 |
1.18 |
|
|
Sameer Shantilal Muttha |
9,00,240 |
1.33 |
|
|
Any Other (specify) |
84,27,166 |
12.42 |
|
|
Trusts |
3,450 |
0.01 |
|
|
HUF |
22,67,023 |
3.34 |
|
|
NRI – Repat |
3,80,413 |
0.56 |
|
|
Director or Director's Relatives |
15,367 |
0.02 |
|
|
NRI – Non- Repat |
3,63,754 |
0.54 |
|
|
Clearing Members |
7,65,168 |
1.13 |
|
|
Bodies Corporate |
46,31,991 |
6.83 |
|
|
Sub Total B3 |
3,46,62,800 |
51.09 |
|
|
B=B1+B2+B3 |
3,71,21,551 |
54.72 |
BUSINESS DETAILS
|
Line of Business : |
The Company’s products include transformers, energy
metering system, substation and transmission towers and lines which constitutes
of generation, transmission, distribution and manufacture of power equipment
viz Generation Equipment and T&D Equipment. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
584 (Approximately) |
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Bankers : |
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Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
|
Address: |
3/1218, Navijan Society, Lamington Road, Mumbai – 400008, Maharashtra,
India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Entities where key management personnel have significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 2/- each |
INR 150.000 Million |
|
500000 |
Cumulative Redeemable Preference Shares |
INR 100/- each |
INR 50.000 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67775883 |
Equity Shares |
INR 2/- each |
INR 135.552 Million |
|
|
|
|
|
Reconciliation of number
of shares outstanding at the beginning and end of the year :
|
Equity Shares |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Outstanding at the beginning of the year |
67575885 |
135.152 |
|
Equity shares issued during the year pursuant to exercise of ESOPs |
199998 |
0.400 |
|
Outstanding at the end of the year |
67775883 |
135.552 |
Terms/Rights attached
to each classes of shares
Terms/Rights attached
to Equity Shares
The company has only one class of equity shares with voting rights having a par value of INR 2 per share 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 at the ensuring Annual General Meeting, except in case of interim dividend.
During the year ended 31st March 2017, the amount of dividend per equity share recognized as distribution to equity shareholders is Nil (previous year INR 8.133 Million). In the event of liquidation of the company the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shareholders holding
more than 5% shares in the company is set out below:
|
Equity Shares |
31.03.2017 |
|
|
Number |
% of Shares |
|
|
Rajesh Jain |
9599345 |
14.16 |
|
Shailesh Jain |
6299340 |
9.29 |
|
Emco Investments Private Limited |
8355858 |
12.33 |
|
Ratna Jain |
4354255 |
6.42 |
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
135.552 |
135.152 |
135.152 |
|
(b) Reserves &
Surplus |
4528.003 |
5211.741 |
5683.742 |
|
(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) |
4663.555 |
5346.893 |
5818.894 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
779.579 |
1013.422 |
1305.149 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
5.384 |
131.319 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.462 |
7.934 |
9.891 |
|
Total Non-current
Liabilities (3) |
789.041 |
1026.740 |
1446.359 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8343.532 |
6460.150 |
4141.376 |
|
(b) Trade payables |
1779.741 |
2417.232 |
3453.549 |
|
(c) Other current
liabilities |
1149.150 |
1659.209 |
1491.765 |
|
(d) Short-term provisions |
37.983 |
51.857 |
243.693 |
|
Total Current Liabilities
(4) |
11310.406 |
10588.448 |
9330.383 |
|
|
|
|
|
|
TOTAL |
16763.002 |
16962.081 |
16595.636 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2140.533 |
2576.834 |
2714.916 |
|
(ii) Intangible Assets |
160.841 |
121.969 |
171.129 |
|
(iii) Capital
work-in-progress |
35.282 |
24.206 |
10.516 |
|
(iv) Intangible assets
under development |
0.000 |
57.132 |
0.000 |
|
(b) Non-current
Investments |
1212.443 |
1209.977 |
852.272 |
|
(c) Deferred tax assets
(net) |
333.696 |
50.108 |
0.000 |
|
(d) Long-term Loan and Advances |
0.748 |
0.657 |
256.670 |
|
(e) Other Non-current
assets |
41.623 |
33.140 |
42.420 |
|
Total Non-Current Assets |
3925.166 |
4074.023 |
4047.923 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1402.211 |
2060.393 |
2023.877 |
|
(c) Trade receivables |
6403.818 |
6138.477 |
6024.159 |
|
(d) Cash and cash
equivalents |
308.962 |
99.386 |
246.021 |
|
(e) Short-term loans and
advances |
1363.149 |
1339.934 |
4253.656 |
|
(f) Other current assets |
3359.696 |
3249.868 |
0.000 |
|
Total Current Assets |
12837.836 |
12888.058 |
12547.713 |
|
|
|
|
|
|
TOTAL |
16763.002 |
16962.081 |
16595.636 |
PROFIT
& LOSS ACCOUNT – [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8673.784 |
8379.897 |
9122.328 |
|
|
|
Other Income |
5.431 |
6.874 |
2.001 |
|
|
|
TOTAL |
8679.215 |
8386.771 |
9124.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3549.284 |
4479.432 |
6002.886 |
|
|
|
Purchases of Stock-in-Trade |
2500.408 |
1695.867 |
848.310 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
388.337 |
5.034 |
214.594 |
|
|
|
Excise Duty |
260.309 |
317.387 |
0.000 |
|
|
|
Employees benefits expense |
436.613 |
401.275 |
397.753 |
|
|
|
Other expenses |
743.177 |
803.381 |
735.425 |
|
|
|
Exceptional Items |
391.958 |
0.000 |
0.000 |
|
|
|
TOTAL |
8270.086 |
7702.376 |
8198.968 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
409.129 |
684.395 |
925.361 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1205.677 |
965.246 |
668.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(796.548) |
(280.851) |
256.576 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
180.682 |
196.369 |
195.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(977.230) |
(477.220) |
60.702 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(288.747) |
(226.661) |
28.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(688.483) |
(250.559) |
32.545 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR) |
(10.18) |
(3.71) |
0.50 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
326.921 |
562.227 |
327.428 |
|
Cash generated from operations |
117.266 |
702.109 |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net sales |
1285.600 |
858.130 |
405.250 |
|
Total Expenditure |
1143.210 |
911.680 |
506.440 |
|
PBIDT (Excluding Other Income) |
142.390 |
(53.550) |
(101.190) |
|
Other income |
NA |
NA |
0.570 |
|
Operating Profit |
142.390 |
(53.550) |
(100.620) |
|
Interest |
339.450 |
339.290 |
320.600 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(197.060) |
(392.840) |
(421.220) |
|
Depreciation |
41.620 |
42.120 |
42.200 |
|
Profit Before Tax |
(238.680) |
(434.960) |
(463.420) |
|
Tax |
(86.020) |
(132.240) |
(140.530) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(152.660) |
(302.720) |
(322.880) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(152.660) |
(302.720) |
(322.880) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
269.48 |
267.37 |
241.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
1.35 |
1.37 |
1.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
107.38 |
142.87 |
183.99 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.29 |
0.33 |
0.46 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.18 |
0.25 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.72 |
0.68 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.96 |
1.40 |
0.94 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.43 |
1.98 |
1.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.50 |
0.52 |
0.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.34 |
0.71 |
1.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(7.94) |
(2.99) |
0.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.11) |
(1.48) |
0.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(14.76) |
(4.69) |
0.56 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.14 |
1.22 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.01 |
1.02 |
1.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.32 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
67.30 |
55.30 |
40.30 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.14 |
1.22 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 10.50/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
135.152 |
135.152 |
135.552 |
|
Reserves & Surplus |
5683.742 |
5211.741 |
4528.003 |
|
Net worth |
5818.894 |
5346.893 |
4663.555 |
|
|
|
|
|
|
long-term borrowings |
1305.149 |
1013.422 |
779.579 |
|
Short term borrowings |
4141.376 |
6460.150 |
8343.532 |
|
Current Maturities of
Long term debt |
327.428 |
562.227 |
326.921 |
|
Total borrowings |
5773.953 |
8035.799 |
9450.032 |
|
Debt/Equity ratio |
0.992 |
1.503 |
2.026 |
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 |
9122.328 |
8379.897 |
8673.784 |
|
|
|
-8.139 |
3.507 |
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 |
9122.328 |
8379.897 |
8673.784 |
|
Profit |
32.545 |
(250.559) |
(688.483) |
|
|
0.36% |
(2.99%) |
(7.94%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
135.552 |
135.152 |
|
(b) Reserves &
Surplus |
|
2568.535 |
3059.657 |
|
(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) |
|
2704.087 |
3194.809 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1020.593 |
1659.859 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
5.384 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
9.462 |
7.934 |
|
Total Non-current
Liabilities (3) |
|
1030.055 |
1673.177 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
8751.779 |
6600.435 |
|
(b) Trade payables |
|
1780.966 |
2418.092 |
|
(c) Other current
liabilities |
|
1509.488 |
1917.383 |
|
(d) Short-term provisions |
|
43.452 |
51.857 |
|
Total Current Liabilities
(4) |
|
12085.685 |
10987.767 |
|
|
|
|
|
|
TOTAL |
|
15819.827 |
15855.753 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2145.254 |
2582.022 |
|
(ii) Intangible Assets |
|
160.841 |
121.968 |
|
(iii) Capital
work-in-progress |
|
248.481 |
215.155 |
|
(iv) Intangible assets
under development |
|
0.000 |
57.132 |
|
(v) Goodwill |
|
2.253 |
2.253 |
|
(b) Non-current
Investments |
|
803.612 |
788.049 |
|
(c) Deferred tax assets
(net) |
|
333.696 |
50.108 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
174.958 |
168.890 |
|
Total Non-Current Assets |
|
3869.095 |
3985.577 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1402.211 |
2060.394 |
|
(c) Trade receivables |
|
6371.732 |
6115.682 |
|
(d) Cash and cash
equivalents |
|
366.937 |
107.030 |
|
(e) Short-term loans and
advances |
|
95.990 |
85.774 |
|
(f) Other current assets |
|
3713.862 |
3501.296 |
|
Total Current Assets |
|
11950.732 |
11870.176 |
|
|
|
|
|
|
TOTAL |
|
15819.827 |
15855.753 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
8673.784 |
8385.238 |
|
|
Other Income |
|
88.234 |
7.014 |
|
|
TOTAL |
|
8762.018 |
8392.252 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
3549.284 |
4479.432 |
|
|
Purchases of Stock-in-Trade |
|
2500.408 |
1695.867 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
388.337 |
5.034 |
|
|
Excise Duty |
|
260.309 |
317.387 |
|
|
Employees benefits expense |
|
454.174 |
401.275 |
|
|
Other expenses |
|
776.333 |
861.670 |
|
|
Exceptional items |
|
391.958 |
0.000 |
|
|
Share of Profit |
|
(123.938) |
35.011 |
|
|
TOTAL |
|
8196.865 |
7795.676 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
565.153 |
596.576 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1329.656 |
1069.976 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(764.503) |
(473.400) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
180.682 |
196.369 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(945.185) |
(669.769) |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(288.735) |
(226.661) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
(656.450) |
(443.108) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(9.71) |
(6.56) |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 23/02/2017 |
|
|
|
Reg. No.:- COMS/505/20174
Reg. Date :- 15/07/2017 |
|
Petitioner: SEATRANS FREIGHT CARRIERS-
Respondent: EMCO LIMITED
Petn. Adv : DIVEKAR & CO. (303) Res. Adv.: 0
(0) District: MUMBAI |
|
Bench: SINGLE Status: PRE-ADMISSION
Category: COMMERCIAL SUMMART SUIT Last Date: 19/06/2017
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS]
Last Coram: REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|
Act: Code of Civil Procedure 1908 |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 10/08/2017 |
|
|
|
Petitioner: MOSER BAER SOLAR LIMITED- Respondent: EMCO
LIMITED
Petn. Adv : DHIR AND DHIR ASSOCIATES (I14477) District: MUMBAI |
|
Bench: SINGLE Status: PRE-ADMISSION
Category: ARBITRATION APPLICATIONS Last Date: 03/10/2017
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS]
Last Coram: REGISTRAR
(OS)/PROTHONOTARY AND SR. MASTER |
|
Act: Arbitration and Conciliation Act 1996 UNDER SECTION: 11 |
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 |
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 |
-- |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW OF COMPANY'S
FINANCIAL PERFORMANCE
During the year Income from Sales and Services of the Company was stood at INR 8068.400 Million against INR 9124.300 Million in the previous financial year.
The Company has incurred a net Loss of INR 254.000 Lakhs in the current financial year against the net profit of INR 32.500 Million in the previous financial year.
MANAGEMENT’S
DISCUSSION AND ANALYSIS REPORT
Opportunities and
Threats
The Company foresees the market full of opportunity for its Businesses in the long term. This view has emerged after considering the expected increase in planned expenditure in the expected increase in planned expenditure in interest rate by banks and revival of long struck projects across sectors, in addition to strong presence in international markets. The Prime Minister’s “Make In India” program will also fuel Industrial growth in a time bound manner.
Open and Transparent process of selecting/empanelling the Contractors for carrying out EPC works related to Tariff based competive bidding by Central Utility (PGCIL) in the Transmission Line business within India and Exim Bank of India are opening doors for Indian companies to do work under the line of Credits provided by the Exim Bank to foreign countries thereby further helping the company to increase its presence in overseas market.
Outlook
Given the growth plans of the power sector and expected growth in industrial activity due to ‘make in India’ and other initiatives of the government like focusing on generating power from renewable energy, the prospect for the company’s products and services look very bright. In addition to the domestic market, the Company has taken a number of steps to increase its global reach which will further increase business opportunities for the company. While they remain very optimistic on the overall business environment, they are internally adjusting our costs to a new world of continuous pricing pressure.
INDEX OF CHARGE:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G12123386 |
100050464 |
ICICI BANK LIMITED |
30/08/2016 |
- |
- |
2338000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGu390015IN |
|
2 |
G11442787 |
100049156 |
ICICI BANK LIMITED |
19/08/2016 |
- |
- |
1469000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGu390015IN |
|
3 |
C75478537 |
10612080 |
ICICI BANK LIMITED |
30/12/2015 |
- |
- |
2400000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
4 |
G61720207 |
10568812 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/05/2015 |
17/10/2017 |
- |
19100000000.0 |
Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate,MumbaiMH400001IN |
|
5 |
C17183732 |
10515843 |
State Bank of India |
31/07/2014 |
- |
- |
2700000000.0 |
Commercial Branch (Advances), N.G.N. Vaidya Marg,Bank Street, Horniman Circle, Fort, Mumbai 400 001MumbaiMH400001IN |
|
6 |
C05256219 |
10496877 |
UNION BANK OF INDIA |
29/03/2014 |
- |
- |
250000000.0 |
INDUSTRIAL FINANCE BRANCH,66/80, MUMBAI SAMACHAR MARG,MUMBAIMH400023IN |
|
7 |
B41022971 |
10303843 |
Axis Bank Limited |
23/08/2011 |
21/05/2012 |
- |
357500000.0 |
Axis House C-2, Wadia International CentrePandurang Budhkar Marg, WorliMumbaiMH400025IN |
|
8 |
Z01128091 |
80060162 |
THE SAKURA BANK LTD. |
09/07/1996 |
05/10/1996 |
- |
243000000.0 |
2-B, MITTAL COURT224 NARIMAN POINTMUMBAIMH400021IN |
|
9 |
G49811136 |
10462208 |
DENA BANK |
06/11/2013 |
- |
18/07/2017 |
300000000.0 |
DENA CORPORATE CENTRE, C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA EAST,MUMBAIMH400051IN |
|
10 |
C60987435 |
10512133 |
Bank of India |
22/07/2014 |
- |
05/08/2015 |
250000000.0 |
'Star House', Plot No. C-5, G-BlockBandra-Kurla Complex, Bandra (E)MumbaiMH400051IN |
|
11 |
C60686714 |
10013422 |
EXPORT-IMPORT BANK OF INDIA |
10/08/2006 |
12/07/2013 |
24/07/2015 |
250000000.0 |
Centre One Building, Floor 21World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN |
|
12 |
C59908491 |
10428082 |
UNION BANK OF INDIA |
02/05/2013 |
- |
13/07/2015 |
3350000000.0 |
INDUSTRIAL FINANCE BRANCH,M S MARG,MUMBAIMH400023IN |
|
13 |
C60029501 |
10509270 |
DENA BANK |
12/06/2014 |
30/07/2014 |
03/07/2015 |
600000000.0 |
Dena Corporate Centre, Bandra Kurla Complex,Bandra (East),MUMBAIMH400051IN |
|
14 |
C60025566 |
10522215 |
DENA BANK |
04/09/2014 |
- |
03/07/2015 |
1000000000.0 |
Dena Corporate Centre, Bandra Kurla Complex,Bandra (East),MUMBAIMH400051IN |
|
15 |
C60030640 |
80016363 |
DENA BANK |
02/01/1996 |
26/05/2008 |
03/07/2015 |
10455000000.0 |
COPRPORATE BUSINESS BRANCH ,PLOT NO.C-10, G- BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
16 |
C60027778 |
80021518 |
DENA BANK |
28/06/2003 |
16/03/2012 |
03/07/2015 |
17040600000.0 |
C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA EAST,MUMBAIMH400051IN |
|
17 |
B94490398 |
10150959 |
Axis Trustee Services Limited |
19/03/2009 |
- |
21/01/2014 |
500000000.0 |
MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN |
|
18 |
B89023840 |
10098731 |
ABN Amro Bank N. V . |
04/12/2007 |
28/05/2009 |
11/11/2013 |
440000000.0 |
74, Sakhar Bhavan,7th Floor, Nariman Point,MumbaiMH400021IN |
|
19 |
B75333799 |
10020564 |
EXPORT - IMPORT BANK OF INDIA |
15/09/2006 |
- |
07/05/2013 |
150000000.0 |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,CUFF PARADEMUMBAIMH400005IN |
|
20 |
B62221007 |
10320071 |
DENA BANK |
22/11/2011 |
- |
07/11/2012 |
250000000.0 |
Corporate Business Branch, C-10, G-BlockBandra-Kurla Complex, Bandra - EastMumbaiMH400051IN |
|
21 |
B57737108 |
80014165 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
- |
14/09/2012 |
100000000.0 |
IDBI TOWER,COLABAMUMBAIMH400005IN |
|
22 |
B57735615 |
80014169 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
26/09/1997 |
14/09/2012 |
100000000.0 |
IDBI TOWER, COLABAMUMBAIMH400005IN |
|
23 |
B57389207 |
10005589 |
FEDERAL BANK LIMITED |
12/05/2006 |
- |
28/08/2012 |
50000000.0 |
32,BOMBAY SAMACHAR MARGFORTMUMBAIMH400001IN |
|
24 |
A76462365 |
10093885 |
DENA BANK |
21/11/2007 |
- |
26/12/2009 |
1250000000.0 |
CORPORATE BUSINESS BRANCH,PLOT NO C10,GBLOCKBANDRA KURLA COMPLEX,BANDRA(EAST)MAHARASHTRAMH400051IN |
|
25 |
A76417229 |
10021546 |
DENA BANK |
20/09/2006 |
- |
26/12/2009 |
214000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO. C -10, G- BLOCBANDRA KURLA COMPLEX, BANDRA(EAST)MUMBAIMH400051IN |
|
26 |
A76416957 |
10020827 |
DENA BANK |
20/09/2006 |
- |
26/12/2009 |
250000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO. C -10, G- BLOCBANDRA KURLA COMPLEX, BANDRA(EAST)MUMBAIMH400051IN |
|
27 |
A76416494 |
10131928 |
DENA BANK |
06/11/2008 |
- |
26/12/2009 |
4500900000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO.C10, G BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
28 |
A76417724 |
10011831 |
DENA BANK |
14/07/2006 |
- |
26/12/2009 |
150000000.0 |
CORPORATE BUSINESS BRANCH, PLOT NO.C-10, G-BLOCK,BANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
29 |
A71731350 |
10029040 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
15/12/2006 |
19/09/2007 |
21/10/2009 |
200000000.0 |
IDBI TOWER, WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
30 |
A71173215 |
80056197 |
Export-Import Bank of India |
25/09/2004 |
- |
08/10/2009 |
80000000.0 |
Centre One, World Trade Centre,Cuffe ParateMumbaiMH400005IN |
|
31 |
A55404354 |
10015152 |
STATE BANK OF INDORE |
19/07/2006 |
13/11/2006 |
17/01/2009 |
140000000.0 |
5, YASHWANT NIWAS ROAD,INDOREMP452001IN |
|
32 |
A40289837 |
10066604 |
EXPORT -IMPORT BANK OF INDIA |
22/08/2007 |
- |
29/05/2008 |
200000000.0 |
CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX,CUFFE PARADE,MUMBAIMH400005IN |
|
33 |
A06859110 |
80016364 |
EXPORT IMPORT BANK OF INDIA |
23/08/2005 |
- |
09/11/2006 |
150000000.0 |
WTCCUFFE PARADEMUMBAIMH400005IN |
|
34 |
A05904156 |
80014166 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/08/1997 |
30/12/1997 |
16/10/2006 |
100000000.0 |
IDBI TOWER,CUFFE PARADECOLABAMUMBAIMH400005IN |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Half year ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Income from Operations |
|
|
|
|
a) Revenue from Operation |
858.131 |
1285.595 |
2143.726 |
|
b) Other Income |
-- |
-- |
-- |
|
Total Income from
Operations (net) |
858.131 |
1285.595 |
2143.726 |
|
Expenditure |
|
|
|
|
a) Cost of materials
consumed |
379.253 |
828.687 |
1207.940 |
|
B) Purchase of Stock in
trade |
420.989 |
0.000 |
420.989 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(90.386) |
54.304 |
(36.082) |
|
c) Excise Duty |
0.000 |
39.497 |
39.497 |
|
d) Employee benefits
expense |
97.243 |
97.414 |
194.657 |
|
e) Finance Cost |
339.284 |
339.454 |
678.738 |
|
f) Depreciation and
amortisation expense |
42.118 |
41.618 |
83.736 |
|
g) Other expenses |
104.589 |
123.297 |
227.880 |
|
Total Expenses |
1293.000 |
1524.272 |
2817.362 |
|
Profit /(Loss) before tax |
(434.949) |
(238.677) |
(673.636) |
|
Tax
expense |
(132.242) |
(86.015) |
(218.257) |
|
Net
Profit / (Loss) after tax |
(302.717) |
(152.663) |
(455.379) |
|
Other
Comprehensive Income |
(302.717) |
(152.663) |
(455.379) |
|
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
135.552 |
135.552 |
135.552 |
|
Other Equity |
|
|
|
|
Basic
Earning Per Share |
(4.47) |
(2.24) |
(6.72) |
|
Diluted
Earning Per Share |
(4.47) |
(2.24) |
(6.72) |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2017 |
|
|
|
Particulars |
|
|
A |
ASSET |
|
|
1 |
Non-current
Asset |
|
|
|
a)
Property, plant and equipment |
2104.315 |
|
|
b)
Capital work-in-progress |
35.964 |
|
|
c)
Intangible Assets |
137.244 |
|
|
d)
Financial Assets |
|
|
|
i)
Investments in subsidiaries |
1113.729 |
|
|
ii)
Investments |
98.713 |
|
|
iii)
Loans |
0.657 |
|
|
iv)
Other |
28.150 |
|
|
e)
Deferred tax assets |
551.953 |
|
|
f)
Other non-current assets |
9.170 |
|
|
Total Non-current Asset |
4080.095 |
|
|
|
|
|
2 |
Current
Asset |
|
|
|
(a)
Inventories |
1436.836 |
|
|
(b)
Financial Assets |
|
|
|
i)
Trade receivable |
6384.260 |
|
|
ii)
Cash and cash equivalents |
119.482 |
|
|
iii)
Bank balance other than (iii) above |
34.030. |
|
|
iv)
Loans |
1430.090 |
|
|
v)
Other |
13.965 |
|
|
(c)
Tax Assets (net) |
197.478 |
|
|
d)
Other Current Assets |
3207.037 |
|
|
Total
Current Assets |
12823.178 |
|
|
Total
Assets |
16903.273 |
|
|
|
|
|
B
|
Equity
and Liabilities |
|
|
1. |
Equity |
|
|
|
a)
Equity |
|
|
|
Equity
Share Capital |
135.552 |
|
|
b)
Other Equity |
4071.899 |
|
|
Total
Equity |
4207.451 |
|
|
|
|
|
2 |
Liabilities
|
|
|
|
Non-current
liabilities |
|
|
|
(a)
Financial liabilities |
|
|
|
i)
Borrowings |
399.314 |
|
|
(b)
Provision |
9.462 |
|
|
Total
Non-current assets |
408.776 |
|
|
|
|
|
|
Current
liabilities |
|
|
|
a)
Financial Liabilities |
|
|
|
i) Borrowings |
8324.030 |
|
|
ii) Trade Payables |
1971.517 |
|
|
b) Other Financial Liabilities |
971.137 |
|
|
c) Provision |
35.107 |
|
|
d) Other current liabilities |
985.255 |
|
|
Total
Current Liabilities |
12287.046 |
|
|
Total
Equity and Liabilities |
16903.273 |
FIXED ASSETS:
- Freehold land
- Leasehold land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicles
- Office Equipment
- Air Craft
PRESS RELEASE
SSG CAPITAL
MANAGEMENT IN TALKS TO BUY STAKE IN EMCO LIMITED
SSG Capital Management is in talks with promoters of Emco for acquiring a stake, the transformer maker is currently undergoing debt restructuring under RBI’s S4A norms
Mumbai: Asia-focused special situations investment firm SSG Capital Management Ltd is interested in acquiring a stake in transformer maker Emco Limited, said two people aware of the development. Emco is engaged in manufacturing power equipments and is the third largest manufacturer of transformers in India.
Emco has debt worth INR 17000.000 Million.
“Emco promoters are in discussions to bring in an investor who can acquire some part of equity capital as well as debt from its lenders. SSG is one of the financial investors that has shown an interest in the asset and has been in talks with the promoters,” said one of the two people cited above, requesting anonymity. As part of a restructuring plan, the board has approved raising up to Rs600 crore from various avenues. Emco is restructuring its debt through the so-called Scheme for Sustainable Structuring of Stressed Assets (S4A). Under the S4A scheme, debt is split into sustainable debt—which cannot be less than 50% of existing debt and will have to be serviced on the same terms as those of existing facilities—and unsustainable debt, which can be converted into equity or redeemable optionally convertible preference shares/optionally convertible debentures (OCDs).
In June, the board of Emco approved raising not more than Rs225 crore by way of a rights issue/qualified institutional placement and/or a preferential allotment. Besides, it also approved the issue of equity shares up to Rs75 crore to lenders pursuant to conversion of existing loans and issue of OCDs or any other securities up to Rs300 crore to lenders pursuant to conversion of existing loans. Mails sent to Emco Ltd and SSG Capital did not elicit any responses.
Established in 1964, Emco counts power utilities, steel mills, cement plants, petrochemical complexes, fertilizer plants and independent power plants among its customers.
In 2009, Emco Ltd sold its subsidiary Emco Energy Ltd to GMR Energy Ltd (GEL).
As of June, Emco promoters including Rajesh Jain and his family held a 45.33% stake while institutions and non-institutions held 2.2% and 52.4%, respectively.
“SSG Capital is likely to invest Rs150-200 crore in Emco,” said the second person cited above, also on condition of anonymity. SSG Capital Management, an active investor in the Indian distressed assets space, is planning an investment vehicle in India to buy distressed assets in the country, Mint reported on 2 August.
Founded in 2009 by former Lehman Brothers Holdings Inc. executives Edwin Wong, Andreas Vourloumis and Shyam Maheshwari, SSG Capital Management is focussed on China, India and South-East Asia.
On 24 July, Mint reported that SSG Capital was raising close to $2 billion across two Asia-focused new funds.
SSG’s investments in India include Asset Care and Reconstruction Enterprise Ltd (ACRE) and Amtek Auto Ltd debentures which it bought from JPMorgan Asset Management. It has also invested in real estate.
Many Indian companies are seeking to restructure their debt with creditors. In June, lenders of infrastructure firm Hindustan Construction Co. Ltd (HCC) agreed to recast standalone debt of Rs4,900 crore in one of the first S4A approvals after the Reserve Bank of India (RBI) tweaked the scheme in November.
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 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.