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|
MIRA INFORM REPORT
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Report No. : |
508421 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VOLTAMP TRANSFORMERS LIMITED |
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Registered
Office : |
Makarpura, Vadodara – 390014, Gujarat |
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Tel. No.: |
91-265-2642011/ 2642012 / 3041480 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
02.03.1967 |
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Com. Reg. No.: |
04-001437 |
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Capital
Investment / Paid-up Capital : |
INR 101.171 Million |
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|
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CIN No.: [Company Identification
No.] |
L31100GJ1967PLC001437 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACV5048G |
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GSTN : [Goods & Service Tax
Registration No.] |
24AAACV5048G1ZH |
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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
: |
Manufacturing of Electrical Transformers. [Registered Activity] |
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No. of Employees
: |
20 (As per site visit) |
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company incorporated in the year 1967. It is an established company having an excellent track record. It is engaged in manufacturing of electrical transformers. Its product portfolio comprises oil-filled power and distribution transformers upto 160 mega volt ampere (MVA), 220 kilo volt (KV) class and dry type transformers upto 12.50 MVA, 33 KV class. The products find application in varied industries including power, refineries, real estate, automobile, infrastructure and steel. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and maintained healthy profit margin of 11.15%. The rating takes into consideration strong financial risk profile of the company marked by healthy networth base and low debt level along with fair liquidity position. Rating also derives strength from VTL’s established track record in transformer business, experienced management and Improvement in client diversity. However, rating strength is partially offset by volatile raw material prices with competitive pressures and its working capital intensive operations. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of established market position, the company can be considered good for normal business dealings at usual trade terms and conditions. Note : Site visit was conducted at the registered address of the company. Our executive has successfully traced the company on the given address but Security Guard didn’t allow our executive to enter in the premises. As per our executive observation, location is easy to find. Locality appears to be commercial. Area seems to be neutral. 20 employees were sighted into premises. Name board of the company was sighted at the given address. |
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 = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
October, 2017 |
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|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
October, 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
31-03-2018.
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 14.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Shailesh |
|
Designation : |
DGM |
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Contact No.: |
91-8046047019 |
|
Date.: |
09.05.2018 |
91-9429830330 / 7228095444 (CONTINUOUSLY RINGING)
LOCATIONS
|
Registered Office / Works I : |
Makarpura, Vadodara – 390014, Gujarat, India |
|
Tel. No.: |
91-265-2642011/ 2642012/ 3041480/ 403 |
|
Mobile No.: |
91-9429830330 (Mr. Sanket Rathod) 91-7228095444 (Mr. Manjal Jani) |
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Fax No.: |
91-265-2646774 / 3041499 |
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E-Mail : |
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Website : |
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|
Location : |
Commercial (As per site visit) |
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Works II : |
Village Vadadala, Jarod-Samlaya Road, Tehsil Savli, District Vadodara – 391520, Gujarat, India |
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Tel. No.: |
91-81286-75081/ 82/ 8511187262 |
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Fax No.: |
91-2667-251250 |
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|
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Branch Office : |
312, Samnan-II, Opposite Shell Petrol Pump, 100 Ft. Anand Nagar Road, Satellite, Ahmedabad - 380051, Gujarat, India |
|
Tel. No.: |
91-79-30421884 |
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Fax No.: |
91-79-30421883 |
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|
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Other Branch Offices : |
Located At: ·
Bangalore ·
Chandigarh ·
Chennai ·
Coimbatore ·
Ghaziabad ·
Jamshedpur ·
Kolkata ·
Mumbai · New Delhi · Nagpur · Pune · Ahmedabad · Secunderabad |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Kanubhai Shakarabhai Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
20, Shantikunj Society, Near VMC Ward Office No.6, Akota, Vadodara-390020, Gujarat, India |
|
Qualification : |
B.Com., F.C.A., F.C.S. |
|
Experience : |
37 Years |
|
Date of Appointment : |
11.02.2010 |
|
DIN No.: |
00008395 |
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|
|
|
Name : |
Mr. Kunjal Lalitkumar Patel |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
Nirmaya, Bhaili Raipura Road, Bhaili, District Vadodara-391410, Gujarat, India |
|
Date of Birth/Age : |
19.04.1972 |
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Qualification : |
B.E. (Electrical) |
|
Experience : |
22 Years |
|
Date of Appointment : |
04.06.1994 |
|
DIN No.: |
00008354 |
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|
|
|
Name : |
Mr. Vasantbhai Lallubhai Patel |
|
Designation : |
Director |
|
Address : |
C-10, Amruta Society, Nizampura, Vadodara – 390002, Gujarat, India |
|
Date of Birth/Age : |
09.02.1943 |
|
Date of Appointment : |
14.08.2015 |
|
DIN No.: |
00014411 |
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|
|
|
Name : |
Mr. Hemant Pravin Shaparia |
|
Designation : |
Director |
|
Address : |
B-1, Aadinath Towers, Opposite Akashwani, Rajkot – 360001, Gujarat, India |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
00053392 |
|
|
|
|
Name : |
Mr. Vallabh Nanjibhai Madhani |
|
Designation : |
Director |
|
Address : |
A/36, Shivshakti Soc Vasna Road, Vadodara – 390015, Gujarat, India |
|
Date of Birth/Age : |
27.03.1941 |
|
Date of Appointment : |
08.05.2008 |
|
DIN No.: |
02209006 |
|
|
|
|
Name : |
Dr. Neelaben Arvindbhai Shelat |
|
Designation : |
Director |
|
Address : |
101, Riya Residency Appartment-1, Opposite Kalpana Flats B/H Narmada Guest House, Race Course, Vadodara – 390007, Gujarat, India |
|
Date of Birth/Age : |
07.12.1935 |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
07121915 |
KEY EXECUTIVES
|
Name : |
Mr. Vallabh Nanjibhai Madhani |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
A/36, Shivshakti Society, Vasna Road, Vadodara – 390015, Gujarat, India |
|
Date of Appointment : |
09.02.2015 |
|
PAN No.: |
ACDPM6338A |
|
|
|
|
Name : |
Mr. Sanket Kanubhai Rathod |
|
Designation : |
Company Secretary |
|
Address : |
37, Akashdeep Society, High Tension Road, Subhanpura, Vadodara – 390023, Gujarat, India |
|
Date of Appointment : |
04.11.2015 |
|
PAN No.: |
ANTPR5523R |
SHAREHOLDING PATTERN
As on March, 2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
4804067 |
47.48 |
|
|
Public |
5313053 |
52.52 |
|
|
Grand Total |
10117120 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
1002690 |
9.91 |
|
|
Kunjal Lalitkumar Patel |
536380 |
5.30 |
|
|
Lalitkumar Haribhai Patel |
208000 |
2.06 |
|
|
Kunjal Lalitkumar Patel (HUF) |
86190 |
0.85 |
|
|
Aayushi Kunjal Patel |
86060 |
0.85 |
|
|
Jwalin Kunjal Patel |
86060 |
0.85 |
|
|
Any Other (specify) |
3801377 |
37.57 |
|
|
Kunjal Investments Private Limited |
3801377 |
37.57 |
|
|
Sub Total A1 |
4804067 |
47.48 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
4804067 |
47.48 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
1908421 |
18.86 |
|
|
Reliance Capital Trustee Company Limited |
814071 |
8.05 |
|
|
Dsp Blackrock Micro Cap Fund |
398974 |
3.94 |
|
|
Uti-Mid Cap Fund |
383712 |
3.79 |
|
|
Alternate Investment Funds |
31000 |
0.31 |
|
|
Foreign Portfolio Investors |
1653072 |
16.34 |
|
|
Nalanda India Fund Limited |
1005340 |
9.94 |
|
|
Nalanda India Equity Fund Limited |
647732 |
6.40 |
|
|
Financial Institutions/ Banks |
7546 |
0.07 |
|
|
Sub Total B1 |
3600039 |
35.58 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 million |
984409 |
9.73 |
|
|
Individual share capital in excess of INR 0.200 million |
43116 |
0.43 |
|
|
Any Other (specify) |
685489 |
6.78 |
|
|
HUF |
73801 |
0.73 |
|
|
NRI – Non- Repat |
7595 |
0.08 |
|
|
NRI – Repat |
25402 |
0.25 |
|
|
Clearing Members |
43335 |
0.43 |
|
|
Icici Prudential Life Insurance Company Limited |
361960 |
3.58 |
|
|
Sub Total B3 |
1713014 |
16.93 |
|
|
B=B1+B2+B3 |
5313053 |
52.52 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Electrical Transformers. [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 : |
20 (As per site visit) |
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Bankers : |
Vardhman Complex, Opposite GEB Office, Race Course Circle, Vadodara – 390007, Gujarat, India |
|
Auditors 1 : |
|
|
Name : |
Chandulal M. Shah and Company Chartered Accountants |
|
Address : |
601, Samruddhi, Opposite Sakar III, Sattar Taluka Society, Ahmedabad - 380014, Gujarat, India |
|
Tel. No.: |
91-79-27544430/ 27540612/ 27541883 |
|
Mobile No.: |
9033034430 |
|
Fax No.: |
91-79-26300711 |
|
E-Mail : |
|
|
PAN No.: |
AAAFC6603M |
|
|
|
|
Auditors 2 : |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
C-201/202, Shree Siddhi Vinayak Complex, Opposite Railway
Station, Faramji Road, Alkapuri, Vadodara – 390005, Gujarat, India |
|
Tel. No.: |
91-265-2343483 / 2354353 / 2354359 |
|
E-Mail : |
|
|
Membership No.: |
101961 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associated Company
: |
|
|
|
|
|
Associated Firm : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
INR 10/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10117120 |
Equity Shares |
INR 10/- each |
INR 101.171 Million |
|
|
|
|
|
a. The company is not a subsidiary of any other company and it does not have any subsidiary. Shareholding details of the company and name of persons holding more than 5% shares are as under:
|
Names of persons holding more than 5% shares |
No. of Shares held As on 31.03.2017 |
|
Kunjal Investments Private Limited |
3801377 |
|
Nalanda India Fund Limited |
1005340 |
|
Nalanda India Equity Fund Limited |
647732 |
|
Reliance Capital Trustee Company Limited |
814071 |
|
Total |
6268520 |
b. The Company has not issued any share by way of bonus or without payment being received in cash in pursuant to any contract during the period of last five years.
c. The Company has not bought back any share during the period of last five years.
d. The Company has only one class of equity share of INR 10 each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Director is subject to the approval of the shareholders at the ensuing Annual General Meeting.
e. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion of their shareholding.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
101.171 |
101.171 |
101.171 |
|
(b) Reserves & Surplus |
5274.270 |
4594.582 |
4306.991 |
|
(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) |
5375.441 |
4695.753 |
4408.162 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
45.974 |
35.985 |
30.606 |
|
Total Non-current
Liabilities (3) |
45.974 |
35.985 |
30.606 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
17.949 |
44.034 |
132.186 |
|
(c) Other current
liabilities |
311.906 |
202.832 |
195.014 |
|
(d) Short-term provisions |
100.324 |
228.077 |
187.337 |
|
Total Current Liabilities
(4) |
430.179 |
474.943 |
514.537 |
|
|
|
|
|
|
TOTAL |
5851.594 |
5206.681 |
4953.305 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
371.730 |
380.520 |
407.200 |
|
(ii) Intangible Assets |
10.064 |
9.219 |
3.737 |
|
(iii) Capital
work-in-progress |
12.326 |
4.943 |
13.904 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2827.250 |
1776.188 |
1941.929 |
|
(c) Deferred tax assets
(net) |
21.509 |
21.723 |
19.830 |
|
(d) Long-term Loan and Advances |
8.979 |
10.102 |
11.130 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3251.858 |
2202.695 |
2397.730 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
118.357 |
420.128 |
164.590 |
|
(b) Inventories |
825.330 |
945.719 |
816.309 |
|
(c) Trade receivables |
1538.270 |
1489.274 |
1444.538 |
|
(d) Cash and cash
equivalents |
42.158 |
18.290 |
33.183 |
|
(e) Short-term loans and
advances |
75.621 |
130.575 |
96.955 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2599.736 |
3003.986 |
2555.575 |
|
|
|
|
|
|
TOTAL |
5851.594 |
5206.681 |
4953.305 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6093.770 |
5633.033 |
5168.875 |
|
|
Other Income |
420.751 |
282.718 |
211.644 |
|
|
TOTAL |
6514.521 |
5915.751 |
5380.519 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4621.218 |
4551.515 |
4401.695 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
33.283 |
(118.520) |
(146.414) |
|
|
Employees benefits
expense |
256.261 |
212.390 |
212.215 |
|
|
Other expenses |
630.968 |
613.289 |
503.908 |
|
|
TOTAL |
5541.730 |
5258.674 |
4971.404 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
972.791 |
657.077 |
409.115 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4.717 |
4.391 |
3.003 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
968.074 |
652.686 |
406.112 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
58.172 |
59.778 |
72.179 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
909.902 |
592.908 |
333.933 |
|
|
|
|
|
|
|
Less |
TAX |
230.214 |
153.107 |
49.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
679.688 |
439.801 |
284.133 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
144.192 |
106.601 |
95.790 |
|
|
|
|
|
|
|
Add |
Adjustment of
Depreciation |
0.000 |
0.000 |
(1.436) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend (Including Dividend Distribution Tax) |
0.000 |
152.210 |
121.886 |
|
|
General Reserve |
0.000 |
250.000 |
150.000 |
|
|
Total |
0.000 |
402.210 |
271.886 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
823.880 |
144.192 |
106.601 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods |
19.526 |
17.331 |
43.971 |
|
|
TOTAL EARNINGS |
19.526 |
17.331 |
43.971 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
67.18 |
43.47 |
43.47 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash from Operations |
629.972 |
(11.935) |
(101.705) |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
1430.760 |
1289.050 |
160.103 |
|
Total Expenditure |
1334.330 |
1202.950 |
141.346 |
|
PBIDT (Excluding Other Income) |
96.430 |
86.100 |
187.570 |
|
Other Income |
109.850 |
136.520 |
123.270 |
|
Operating Profit |
206.280 |
222.620 |
310.840 |
|
Interest |
0.910 |
1.170 |
0.760 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
205.370 |
221.450 |
310.080 |
|
Depreciation |
13.720 |
14.850 |
15.560 |
|
Profit Before Tax |
191.650 |
206.600 |
294.520 |
|
Tax |
46.670 |
53.830 |
58.460 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
144.980 |
152.770 |
236.060 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net
Profit |
144.980 |
152.770 |
236.060 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365) |
92.14 |
96.50 |
102.01 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sunday Debtors) |
3.96 |
3.78 |
3.58 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
1.42 |
3.53 |
10.96 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.18 |
0.69 |
0.50 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.47 |
1.66 |
0.96 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.07 |
0.09 |
0.10 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.08 |
0.10 |
0.12 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.07 |
0.08 |
0.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
206.23 |
149.64 |
136.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
11.15 |
7.81 |
5.50 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
11.62 |
8.45 |
5.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.64 |
9.37 |
6.45 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
6.04 |
6.32 |
4.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
4.12 |
4.33 |
3.38 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.92 |
0.90 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
6.04 |
6.32 |
4.97 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1199.00/- |
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 |
101.171 |
101.171 |
101.171 |
|
Reserves & Surplus |
4306.991 |
4594.582 |
5274.270 |
|
Net worth |
4408.162 |
4695.753 |
5375.441 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
5168.875 |
5633.033 |
6093.770 |
|
|
|
8.980 |
8.179 |
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 |
5168.875 |
5633.033 |
6093.770 |
|
Profit |
284.133 |
439.801 |
679.688 |
|
|
5.50% |
7.81% |
11.15% |
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 |
Yes |
|
5 |
Buyer visit details |
Yes |
|
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 |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW:
The economic recovery is slow and policy measures taken by the Government are yet to positively influence the economy and the business of power industry. The Government has undertaken many policy reforms in the power sector in the past couple of years. Schemes like UDAY are likely to have a lasting impact on the fiscal health of discoms. Further, an increased emphasis on renewables has created new opportunities in the sector. However further reforms are required at the distribution level to improve the health of discoms, thereby increasing power offtake and thereby putting available power generation capacity to use. In spite of the Government’s continued efforts to provide a fillip to the power sector by way of schemes like the UDAY, 24x7 Power for all, 100 per cent electrification of villages and the introduction of transparent mechanisms such as competitive bidding for the allocation of resources like coal, utility performances did not show any significant signs of improvement in current financial year.
The Industry continue to live with surplus capacity resulting in continued pricing pressure. The outlook for the sector is improving with slow pace.
OUTLOOK FOR THE
COMPANY:
policy initiatives of the Government will start showing results on ground. Large outlay by the Government on infrastructure projects and ambitious target of solar and wind energy projects is likely to improve tender / enquiry in pipeline for potential business. Initiatives such as UDAY, DDUGJY, aggressive renewable energy target, the new hydro policy and the massive transmission connectivity plans is expected to gradually ease competitive pressure. These reforms are ambitious. If executed properly, they could have a significant impact on the sector in the next few years. With this background, the Company look forward to improve business in volume term in current year, but margin continued to be under pressure in view of surplus capacity with organized sector players in industry.The Company has kept with volume growth pace of F.Y. 2015-2016 in the F.Y. 2016-2017 as well. The Company is focused on timely collection of receivables and cost control. However, pricing pressure with idle capacity in industry, are not allowing sustainable improvement in margin. GST implementation will impact first two quarters dispatches/ invoicing, particularly with non government customers.
As on date orders available for execution in the current year amount to INR 3100.000 million (5200 MVA) ` providing revenue visibility for about 7 months period.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B81615882 |
10336532 |
ICICI BANK LIMITED |
17/02/2012 |
17/07/2013 |
- |
1925000000.0 |
Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India |
|
2 |
C00013961 |
10143737 |
Axis Bank Limited |
02/02/2009 |
08/03/2014 |
- |
507700000.0 |
Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
3 |
G34794404 |
80022392 |
BANK OF BARODA |
28/07/2005 |
25/01/2007 |
25/01/2017 |
1250000000.0 |
Sayajigunj Branch, Vadodara-390005, Gujarat, India |
|
4 |
G34795138 |
80022389 |
BANK OF BARODA |
26/07/2005 |
25/01/2007 |
25/01/2017 |
1250000000.0 |
Sayajigunj Branch, Vadodara-390005, Gujarat, India |
|
5 |
B33111261 |
10072797 |
3i Infotech Trusteeship Services Limited |
19/10/2007 |
- |
22/02/2012 |
1200000000.0 |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the company
not acknowledged as debt in respect of |
|
|
|
Central Excise Duty |
47.473 |
47.473 |
|
Sales Tax |
7.014 |
0.000 |
|
Income Tax |
44.072 |
25.380 |
|
Total |
98.559 |
72.853 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
Nine Months ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1601.027 |
1289.046 |
4320.832 |
|
Other Operating Income |
123.272 |
136.521 |
369.645 |
|
Total
Income from Operations |
1724.299 |
1425.567 |
4690.477 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1128.017 |
1215.054 |
3496.673 |
|
Changes in inventories of finished goods and
work-in-progress |
54.561 |
(207.378) |
(305.014) |
|
Excise duty on sales |
0.000 |
0.000 |
126.293 |
|
Employee benefits expense |
63.382 |
54.547 |
177.023 |
|
Finance costs |
0.763 |
1.172 |
2.843 |
|
Depreciation and Amortization expenses |
15.563 |
14.854 |
44.141 |
|
Other Expenditure |
167.494 |
140.722 |
455.752 |
|
Total
Expenses |
1429.780 |
1218.971 |
3997.711 |
|
|
|
|
|
|
Profit
/ (Loss) before Tax |
294.519 |
206.596 |
692.766 |
|
Tax Expense |
58.455 |
538.290 |
158.951 |
|
Profit
/ (Loss) after Tax |
236.064 |
152.767 |
533.815 |
|
|
|
|
|
|
Other
comprehensive income for the year, net of taxes |
(1.889) |
(3.307) |
(5.862) |
|
Total
comprehensive income for the period |
234.175 |
149.460 |
527.953 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
101.171 |
101.171 |
101.171 |
|
|
|
|
|
|
Basic
and Diluted EPS (in INR) |
23.33 |
15.11 |
52.76 |
NOTES:
1. The Audit Committee have reviewed these results and the Board of Directors have approved the above results at their meeting held on 14th November 2017. The Statutory Auditors of the Company have carried out limited review of the results for the quarter and half year ended 30th September 2017. The Ind AS compliant financial results pertaining to the quarter and half year ended 30th September 2016 has not been subjected to limited review or audit. However, the management has exercised necessary diligence to ensure that the financial results provide a true and fair view of its affairs for comparison purpose.
2. Results for the quarter and nine months ended 31st December 2017 are in accordance with the Indian Accounting Standard (Ind AS) notified by the Ministry of Corporate Affairs, which are applicable to the Company for the accounting periods beginning after 1st April 2017. Consequently, results for the corresponding quarter and nine months ended 31st December 2016, have been restated as per the requirements of the said notificaion to comply with lnd AS to make them comparable.
3. The format for the above results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November 2015 has been modified to comply with requirements of SEBl's Circular dated 05th July 2016, Ind AS and Schedule II (Division-II) to the Companies Act, 2013 applicable to Companies that are required to comply with Ind AS. Pursuant to this Circular, the above results do not include Ind AS compliant results for the year ended 31st March 2017, as the same are not mandatory.
4. The activities of the Company relate to only one
segment I.e. Electrical Transformers.
5. Consequent to introduction of Goods and Service Tax (GST) with effect from 01st July, 2017, Central Excise, Value Added Tax (VAT) etc, have been subsumed into GST. In accordance with Indian Accounting Standard -18 on Revenue and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc are not part of Revenue from Operations. Thus, Revenue for the quarter ended 31st December, 2017 and 30th September, 2017 are net of GST. However, Revenue for the quarter ended 31st December, 2016 and nine months ended 31st December, 2017 and nine months ended 31st December 2016 are inclusive of excise duties. The following additional information is being provided to facilitate such understanding.
(INR in Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
30.12.2017 |
30.09.2017 |
30.09.2017 |
|
Revenue from Operations (A) |
1601.027 |
1289.046 |
4320.832 |
|
Excise Duty on Sales (B) |
0.000 |
0.000 |
126.293 |
|
Revenue from
Operations excluding Excise Duty on Sale
(A-B) |
1601.027 |
1289.046 |
4194.539 |
6. Consequent to applicability of IND AS w.e.f. 01.04.2017, the investments made by the Company are valued at market value as on 31st December 2017 and the difference between the Cost and the Market Value of the investments is accounted for as a part of other income. The impact of recognition of such gain in the profit and loss is detailed below:
(INR in Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
30.12.2017 |
30.09.2017 |
30.09.2017 |
|
|
Other Income (A) |
60.989 |
92.825 |
254.671 |
|
Adjustment for Fair Value of Mutual Funds (B) |
62.283 |
43.696 |
114.974 |
|
Other Income after Adjustments (A-B) |
123.272 |
136.521 |
369.645 |
8. The figures for the corresponding previous periods have been regrouped/ reclassified wherever considered necessary to confirm to the figures represented in the current period.
FIXED ASSETS:
Tangible Assets:
·
Land
·
Building
· Plant and Equipment
·
Furniture and Fixture
·
Computer
· Office equipment
·
Vehicles
Intangible Asset:
·
Computer software
OBSERVATION FORM
|
COMPANY NAME: VOLTAMP TRANSFORMERS LIMITED ADDRESS: MAKARPURA, VADODARA – 390014, GUJARAT, INDIA PERSON TO WHOM WE
MET: SECURITY GUARD NAME BOARD: SIGHTED LOCATION: EASY LANDMARK (IF ANY): NEAR ATMIYA COMPLEX LOCALITY: COMMERCIAL AREA: NEUTRAL NO. OF EMPLOYEES SEEN AT PREMISES: 20 VISIBILITY OF
ITEMS: TELEPHONE COMPUTERS AIR CONDITIONER OFFICE EQUIPMENT PROOF OF VISIT: PHOTOGRAPH |
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 67.38 |
|
UK Pound |
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHT |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
KJL |
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.