MIRA INFORM REPORT

 

 

Report No. :

510251

Report Date :

21.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GE T&D INDIA LIMITED (w.e.f. 02.08.2016)

 

 

Formerly Known As :

ALSTOM T & D INDIA LIMITED(w.e.f. 02.13.2013)

 

AREVA T & D INDIA LIMITED (w.e.f. 2005)

 

ALSTOM LIMITED

 

 

Registered Office :

A-18, First Floor, Okhla Industrial Area, Phase II, New Delhi – 110020

Tel. No.:

91-11-41610660

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.03.1957

 

 

Com. Reg. No.:

55-193993

 

 

Capital Investment / Paid-up Capital :

INR 512.100 Million

 

 

CIN No.:

[Company Identification No.]

L31102DL1957PLC193993

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

·         The Company is engaged in the business relating to products, projects and services for electricity transmission and related activities.

·         Manufacturing of transmission and distribution equipment.

(Registered activity and also confirmed by management )

 

 

No. of Employees :

2862 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist  

 

 

Comments :

Subject is a step down subsidiary of “General Electric Company, United States”. The company was incorporated in the year 1957.


It is a manufacturer and service provider of Electricity Transmission and related activities and distributor of Transformer Panel.


For the financial year 2017, the revenue of the company has increased by 22.70% but has incurred operational losses.


Rating takes into consideration strong financial position of the company marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile.


Rating also takes into account of strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team.


The company has its share price trading at around INR 374.65 against the Face Value (FV) of INR 02 on BSE as on 18th May, 2018.


As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 14385.5 million and has reported profit margin of 4.98%.

Rating also derives strength from company’s established track record of business.

It is also to be noted that the “General Electric Company” has been ranked at 13 place in global fortune 500, company list 2017, which is considered good company.

However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables.


Business is active. Payment seems to be regular.


In view of strong financial base and established market position the company can be considered good for normal 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

ICRA

Rating

Fund based limits = AA

Rating Explanation

High degree of safety and very low credit risk

Date

18.05.2017

 

 

Rating Agency Name

ICRA

Rating

Non Fund Based Limits = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

18.05.2017

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

 

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 21.05.2018

 

INFORMATION DENIED

 

MANAGEMENT NON-COOPERATIVE (91-120-4790000)

 

 

LOCATIONS

 

Registered Office :

A-18, First Floor, Okhla Industrial Area, Phase II, New Delhi – 110020, India

Tel. No.:

91-11-41610660

Fax No.:

91-11-41610659

E-Mail :

ashokkumar@areva-ltd.com

manojprasad.singh@alstom.com 

Website :

www.ge.com

Location :

Owned

Locality:

Commercial

 

Branch Office

142, Vandalur-Walajabad Road Salamangalam Village, Padapai - 601301, Chennai, India

 

 

Country Office:

A-7, Sector - 65, Noida - 201301, Uttar Pradesh, India

Tel No.:

91-120-4790000

Fax No.:

91-120-4791140

 

Corporate Office :

A-28, First Floor, Okhla Industrial Phase, New Delhi – 110020, India

 

Head Office / Regional Office 1 :

457, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India

 

 

Regional Office 2 :

D-2 Gillander House, Netaji Subhas Road, Kolkata – 700001, West Bengal, India

 

Regional Office 3 :

Narottam Morarji Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India

 

Branch Office 3 / Factory 1   :

A-7, Sector – 65, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-2405421/ 22/ 23/ 4790000

Fax No.:

91-120-2405439/ 40/ 4791140

 

Factory 2:

Plot No.46, SIPCOT, Industrial Complex Zu Zuwadi Village, Hosur – 635126, Tamilnadu, India

 

Factory 3 :

Naini Works, Mirzapur Road P. O. Naini, Allahabad – 211008, Uttar Pradesh, India

Tel No.:

91-532-2697422/ 424

Fax No.:

91-532-2697604

 

Factory 4 :

Plot No. 142, Salamangalam Village, Padappai, Sriperumbudur T.K., Kancheepuram - 601301, Tamilnadu, India

 

Factory 5 :

19/1, GST Road, Pallavaram, Chennai – 600043, Tamilnadu, India

Tel. No.:

91-44-22368621/ 8723/ 8917/ 22640033/ 37

Fax No.:

91-44-22367276/ 22640040

 

Factory 6 :

Kotambi Village, Vadodara – Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara – 391510, Gujarat, India

 

Factory 7 :

19/1, GST Road, Pallavaram, Chennai - 600043, Tamilnadu, India

 

 

DIRECTORS

 

AS ON 31.03.2018

 

Name :

Mr. Sunil Kumar Wadhwa

Designation :

Managing Director

Address :

C-4/143, 2nd Floor, Safdarjung Development Area, New Delhi – 110016, India

Date of Appointment :

04.04.2017

DIN No.

00259638

 

Name :

Mr. Stephane Cai

Designation :

Director

Address :

118,Boulevard Malesherbes Paris 75017 France

Date of Appointment :

07.09.2016

DIN No.

07607252

 

 

Name :

Mr. Gaurav Manoher Negi

Designation :

Director

Address :

1138, Sector C, Pocket 1, Vasant Kunj, New Delhi – 110070, India

Qualification :

B.Com, CA

Experience :

19 Years

Date of Appointment :

26.07.2016

DIN No.

02835748

 

Name :

Mr. Nagesh Tilwani

Designation :

Whole Time Director

Address :

Flat 3B, Ashiana Apartments No 6, Rukmani Street, Kalakshetra Colony, Besant Nagar, Chennai – 600090, Tamilnadu, India

Qualification :

B.E. - Electrical and Electronics

Experience :

22 Years

Date of Appointment :

21.12.2016

DIN No.

07684746

 

Name :

Mr. Kirit Shantilal Parikh

Designation :

Director

Address :

C-50, Chhota Singh Block, Asian Games Village Complex, Khelgaon, Delhi - 110049, India

Date of Appointment :

23.07.2015

DIN No.

00684234

 

Name :

Mr. Rakesh Nath

Designation :

Director

Address :

D-II/93, Kaka Nagar, New Delhi - 110003, India

Date of Appointment :

23.07.2015

DIN No.

00045986

 

Name :

Mr. Bhanu Bhushan

Designation :

Director

Address :

A-3 PWO, Sector 43, Gurgram - 122001, Haryana, India

Date of Appointment :

23.07.2014

DIN No.

03602134

 

Name :

Ms. Neera Saggi

Designation :

Director

Address :

Building, Raheja Acropolis-I Corporate Housing Society Limited, Deonarpada Road, Deonar Village, Chembur , Mumbai – 400088, Maharashtra, India

Date of Appointment :

26.07.2016

DIN No.

00501029

 

 

KEY EXECUTIVES

 

Name :

Mr. Gaurav Manoher Negi

Designation :

Chief Financial Officer

Address :

1138, Sector C, Pocket 1, Vasant Kunj, New Delhi – 110070, India

Date of Appointment :

01.06.2016

PAN No.:

ABUPN3420G

 

Name :

Mr. Manoj Prasad Singh

Designation :

Company Secretary

Address :

96/1, Pkt A3, Sector 7, Rohini, New Delhi - 110085, India

Date of Appointment :

15.12.2011

PAN No.:

AICPS9618L

 

Audit Committee :
  • Rakesh Nath, Chairman 1
  • Bhanu Bhushan
  • Neera Saggi 2
  • Stephane Cai 2
  • Isabelle Compain-Gerlier 3
  • Michel Augonnet 4
  • Chandan Roy 5

1 Chairman w.e.f 28.06.2016

2 Member w.e.f 07.09.2016

3 Ceased to be member w.e.f. 04.07.2016

4 Member from 05.07.2016 upto 06.09.2016

5 Passed away on 23.06.2016

 

Stakeholders Relationship Committee :
  • Rakesh Nath, Chairman 1
  • Sunil Wadhwa 2
  • Gaurav M. Negi 3
  • Chandan Roy 4
  • Rathindra Nath Basu 5
  • Michel Augonnet 6
  • S. M. Momaya 7

1 Chairman w.e.f. 28.06.2016

2 Member w.e.f. 04.04.2017

3 Member w.e.f. 26.07.2016

4 Passed away on 23.06.2016

5 Ceased to be a member w.e.f. 04.04.2017

6 Ceased to be member w.e.f. 26.07.2016

7 Ceased to be a member w.e.f. close of business hours on 31.05.016

 

Corporate Social Responsibility Committee :
  • Dr. Kirit S Parikh, Chairman 1
  • Sunil Wadhwa 2
  • Gaurav M. Negi 3
  • Chandan Roy 4
  • Rathindra Nath Basu 5
  • Michel Augonnet 6
  • S. M. Momaya 7

1 Member and Chairman w.e.f. 28.06.2016

2 Member w.e.f. 04.04.2017

3 Member w.e.f. 26.07.2016

4 Passed away on w.e.f 23.06.2016

5 Ceased to be a member w.e.f. 04.04.2017

6 Ceased to be a member w.e.f. 26.07.2016

7 Ceased to be a member w.e.f. close of business hours on 31.05.2016

 

Nomination and Remuneration Committee :
  • Rakesh Nath, Chairman 1
  • Bhanu Bhushan
  • Stephane Cai 2
  • Chandan Roy 3
  • Michel Augonnet 4

1 Chairman w.e.f. 28.06.2016

2 Member w.e.f. 07.09.2016

3 Passed away on 23.06.2016

4 Ceased to be a member w.e.f. 07.09.2016

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2018

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Promoter & Promoter Group

192034901

75.00

(B) Public

64011634

25.00

Grand Total

256046535

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of Shareholder

No. of Shares

Percentage of Holding

A1) Indian

 

0.00

Any Other (specify)

175492524

68.54

Grid Equipments Private Limited

175492524

68.54

Sub Total A1

175492524

68.54

A2) Foreign

 

0.00

Any Other (specify)

16542377

6.46

GE Grid Alliance B.V. (formerly ALSTOM Grid Holding B.V.)

16542377

6.46

Sub Total A2

16542377

6.46

A=A1+A2

192034901

75.00

 

Statement showing shareholding pattern of the Public shareholder

 

Category of Shareholder

No. of Shares

Percentage of Holding

B1) Institutions

 

0.00

Mutual Funds/

32055914

12.52

RELIANCE CAPITAL TRUSTEE CO. LTD THROUGH ITS VARIOUS SCHEMES

22744748

8.88

SBI THROUGH ITS VARIOUS SCHEMES

6719416

2.62

Foreign Portfolio Investors

4525082

1.77

Financial Institutions/ Banks

40876

0.02

Insurance Companies

6386187

2.49

THE NEW INDIA ASSURANCE COMPANY LIMITED

3839079

1.50

Sub Total B1

43008059

16.80

B2) Central Government/ State Government(s)/ President of India

 

0.00

Central Government/ State Government(s)/ President of India

605

0.00

Sub Total B2

605

0.00

B3) Non-Institutions

 

0.00

Individual share capital upto INR 0.200 Million

15549448

6.07

Individual share capital in excess of INR 0.200 Million

1500346

0.59

Any Other (specify)

3953176

1.54

Non-Resident Indian (NRI)

634412

0.25

Bodies Corporate

811427

0.32

Trusts

1165573

0.46

Clearing Members

212316

0.08

IEPF

1129448

0.44

Sub Total B3

21002970

8.20

B=B1+B2+B3

64011634

25.00

 

 

BUSINESS DETAILS

 

Line of Business :

·         The Company is engaged in the business relating to products, projects and services for electricity transmission and related activities.

·         Manufacturing of transmission and distribution equipment.

(Registered activity and also confirmed by management )

 

 

Products / Services :

Description products / services

NIC Code No

Switchgear all types, Control Panels, Power Transformers Electrical Substation projects and Services

271

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Wholesalers, Retailers, Manufacturer

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

2862 (Approximately)

 

 

Bankers :
  • ICICI Bank Limited
  • Axis Bank Limited
  • Bank of Tokyo - Mitsubishi
  • Citibank N.A.
  • Credit Agricole CIB
  • HSBC
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Standard Chartered Bank

 

 

Auditors :

 

Name :

B S R and Associates LLP

Chartered Accountants

Address:

Building No.10, 8th Floor, Tower-B, DLF City, Phase-II, Gurugram-122002, Haryana, India

Tel. No.:

91-124-7191000

Fax No.:

91-124-2358613

 

Cost Auditors :

 

Name :

Shome and Banerjee

Cost Accountants

 

Name :

Jugal K. Puri and Associates

Cost Accountants

 

Secretarial Auditors :

 

Name :

VKC and Associates

Company Secretaries

 

Memberships :

Not Available

 

Collaborators :

Not Available

 

Ultimate Holding Company :

General Electric Company, United States (w.e.f. 02 November 2015)*

 

Intermediate Holding Company :

·         GE Energy International Cooperatief U.A., Netherlands

·         GE Albany Global Holdings BV, Netherlands (w.e.f. 02 November 2015)*

·         GE Grid Alliance B.V., Netherlands (formerly ALSTOM Grid Holding BV, Netherlands and ALSTOM Grid Finance BV, Netherlands)

·         Grid Equipments Private Limited, India

 

Fellow Subsidiaries with whom transactions have taken place :

·         Grid Solutions Argentina S.A. (formerly ALSTOM Grid Argentina SA), Argentina

·         ALSTOM Grid Australia Pty Limited, Australia

·         ALSTOM Austria GMBH, Austria

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), Bahrein

·         GRID Solutions Belgium (formerly ALSTOM Grid Belgium), Belgium

·         GE Digital Energy do Brasil Ltda., Brazil

·         Grid Solutions Transmissao de Energia Ltda. (formerly ALSTOM Grid Energia Ltda), Brazil Reason Tecnologia S.A., Brazil

·         GE Multilin, Canada

·         Grid Solutions Canada ULC (formerly ALSTOM Grid Canada Inc), Canada

·         ALSTOM (China) Investment Company, China

·         ALSTOM (Wuhan) Engineering and Technology Company Limited, China

·         ALSTOM Suzhou High Voltage Switchgear Company Limited, China

·         GE Grid (Shanghai) Company Limited. (formerly ALSTOM Grid (Shanghai) Company Limited), China

·         GE Energy Colombia S.A. (formerly ALSTOM Colombia SA), Colombia

·         PT Grid Solutions (formerly PT ALSTOM Grid), Indonesia

·         PT Unelec Indonesia, Indonesia

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), Iraq

·         GRID Solutions S.p.A. (formerly ALSTOM Grid SpA), Italy

·         ALSTOM Grid Japan K.K., Japan

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), Kuwait

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), Libya

·         GE Power Services (Malaysia) Sdn. Bhd. formerly ALSTOM Services Sdn Bhd), Malaysia

·         GE Power Solutions (Malaysia) Sdn. Bhd., Malaysia

·         GE Grid Solutions, S.A. de C.V. (formerly ALSTOM Grid Sa De C.V), Mexico

·         GE Grid Solutions Maroc (formerly ALSTOM Grid Maroc Sarl), Morocco

·         GE Power Sp.z.o.o. (formerly ALSTOM Power Sp.Zoo),Poland

·         Grid Solutions Portugal, Lda. (formerly ALSTOM Grid Portugal Ltda), Portugal

·         Grid Solutions SAS (formerly ALSTOM Grid SAS, Qatar

·         Grid Solutions Romania Srl (formerly ALSTOM Grid Romania Srl), Romania

·         Alstom Power SA, Saudi Arabia

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), Qatar

·         Grid Solutions for Electrical Networks S.A.E. (formerly ALSTOM Grid for Electrical Networks S.A.E), Egypt

·         Grid Solutions Oy (formerly ALSTOM Grid OY), Finland

·         ALSTOM IS&T SAS, France

·         ALSTOM Management SA, France

·         ALSTOM Power Conversion SAS, France

·         ALSTOM POWER SYSTEMS SA, France

·         GE Support France (ALSTOM Support France), France

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), France

·         GE Grid GmbH, Germany

·         GE Grid Messwandler GmbH (formerly ALSTOM Grid Messwandler Gmbh), Germany

·         GE Grid Solutions Limited, Hong Kong

·         GE Capital Services, India

·         GE India Exports Private Limited, India

·         GE India Industrial Private Limited, India

·         GE Intelligent Platforms Private Limited, India

·         GE Power India Limited (formerly ALSTOM India Limited), India

·         Indo Tech Transformers Limited, India

·         ALSTOM Saudi Arabia Transport and Power Limited, Saudi Arabia

·         COGELEX Saudi, Arabia

·         ALSTOM Grid Saudi Arabia Limited, Saudi Arabia

·         GE Grid Solutions Pte. Limited (formerly ALSTOM Grid Pte Limited), Singapore

·         GE Grid Solutions S.A. (formerly ALSTOM Grid SA), Spain

·         GE Power Management S.L., Spain

·         GE Grid (Switzerland) GmbH (formerly ALSTOM Grid AG), Switzerland

·         General Electric (Switzerland) GmbH, Switzerland

·         General Electric Technology GmbH (formerly ALSTOM Technology Limited), Switzerland

·         Grid Solutions Enerji Endustrisi A.S. (formerly ALSTOM Grid Enerji Endustrisi A.S), Turkey

·         ALSTOM Grid Middle East FZE, UAE

·         Grid Solutions SAS (formerly ALSTOM Grid SAS), UAE

·         GE Grid Solutions (UK) Limited, United Kingdom

·         General Electric Energy UK Limited (formerly ALSTOM Grid U K Limited, United Kingdom

·         ALSTOM Grid LLC, USA

·         GE Working Capital Solutions, LLC USA

·         General Electric International Inc., USA

·         Grid Solutions Vietnam Company Limited (formerly ALSTOM Grid Vietnam Company., Limited), Vietnam

 

Employee benefit trusts where control exists:

·         Alstom T&D India Limited (Pallavaram PF, Trust), India

·         Alstom T&D India Limited (Pallavaram PF, Trust), India

·         Alstom T&D India Limited (Staff PF Trust, Kolkata), India

·         Alstom T&D India Limited (Senior Staff PF Trust, Kolkata), India

 

 

CAPITAL STRUCTURE

 

AS ON 25.07.2017

 

Authorised Capital : INR 1255.000 Million

 

Issued, Subscribed & Paid-up Capital : INR 512.100 Million

 

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

627500000

Equity shares

INR 2/- each

INR 1255.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

256049135

Equity shares

INR 2/- each

INR 512.100 Million

 

 

 

 

 

a) Terms and rights attached to equity shares

 

The Company has a single class of equity shares having a par value of INR 2/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets on winding up. The equity shares are entitled to receive dividends as declared from time to time. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid. Failure to pay any amount called up on shares may lead to their forfeiture.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts, in proportion to the number of equity shares held.

 

b) Number of equity shares held by immediate holding company, ultimate holding company and their subsidiaries

 

 

Equity Shares

Number of Shares

Grid Equipments Private Limited (Immediate Holding Company)

175492524

GE Grid Alliance B. V., Netherlands (formerly ALSTOM Grid Holding BV) (Intermediate Holding Company)

16542372

GE Energy Europe B. V., Netherlands (subsidiary of Ultimate Holding company)

5

Total

192034901

 

 

c) Details of shareholders holding more than 5% shares in the company

 

Name of Shareholder

Number of Shares

% holding

Grid Equipments Private Limited

175492524

68.5%

GE Grid Alliance B. V., Netherlands (formerly ALSTOM Grid Holding BV) *

16542372

6.5%

Reliance Capital Trust Company Limited A/c through its various schemes

17860664

7.0%

Total

209895560

82.00%

 

* On 23 June 2015 GE Grid Alliance B.V., Netherlands (formerly ALSTOM Grid Holding B.V., Netherlands) acquired 16,542,372 equity shares of the Company (6.46% of the total share capital of the Company) from Alstom Holdings.

 

** Pursuant to an ‘Open Offer’ in terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI SAST Regulations”) completed in February 2016, the shareholding of the Acquirer/Promoter Group increased from 75% to 75.02%. In terms of regulation 7(4) of SEBI SAST Regulations read with rule 19A of Securities Contracts (Regulations) Rules, 1957, the Company/ Promoters had one year time from completion of open offer to comply with minimum public shareholding threshold. GE Energy Europe B.V. has completed sale of 42565 out of 42570 equity shares in the Company on 2 November 2016, pursuant to the approval by Securities and Exchange Board of India for on-market sell down, in accordance with the provisions of the SEBI Circular No. CIR/CFD/CMD/14/2015 dated 30 November 2015, to comply with the minimum public shareholding threshold. Further on 4 May 2017, GE Energy Europe BV sold its balance 5 equity shares held in the Company to another existing promoter, GE Grid Alliance B.V.


 

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

512.100

512.100

512.100

(b) Reserves & Surplus

9815.800

11271.500

12605.900

(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)

10327.900

11783.600

13118.000

 

 

 

 

(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

1110.300

1262.500

534.300

Total Non-current Liabilities (3)

1110.300

1262.500

534.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5180.000

5035.400

2165.800

(b) Trade payables

16625.900

15658.400

18161.100

(c) Other current liabilities

14488.800

12322.900

9216.600

(d) Short-term provisions

3406.800

1655.600

1727.900

Total Current Liabilities (4)

39701.500

34672.300

31271.400

 

 

 

 

TOTAL

51139.700

47718.400

44923.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6556.600

6840.900

6867.200

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

248.200

329.400

701.700

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.100

0.100

0.100

(c) Deferred tax assets (net)

1803.800

1203.500

86.700

(d)  Long-term Loan and Advances

40.600

40.400

85.800

(e) Other Non-current assets

2299.700

2058.000

0.000

Total Non-Current Assets

10949.000

10472.300

7741.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

11197.900

9720.100

6932.000

(c) Trade receivables

22713.200

20674.400

21478.000

(d) Cash and cash equivalents

717.100

610.800

815.100

(e) Short-term loans and advances

79.300

70.100

3538.500

(f) Other current assets

5483.200

6170.700

4418.600

Total Current Assets

40190.700

37246.100

37182.200

 

 

 

 

TOTAL

51139.700

47718.400

44923.700

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

42596.000

34715.200

37107.200

 

Other Income

1407.000

1424.900

113.800

 

TOTAL

44003.000

36140.100

37221.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

29594.800

24970.400

25947.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1257.500)

(2008.900)

(543.300)

 

Employees benefits expense

4033.200

3654.200

3457.200

 

Other expenses

9829.700

7201.900

5106.000

 

TOTAL

42200.200

33817.600

33966.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1802.800

2322.500

3254.100

 

 

 

 

 

Less

FINANCIAL EXPENSES

1653.500

906.400

733.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

149.300

1416.100

2520.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

882.000

857.300

818.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(732.700)

558.800

1701.800

 

 

 

 

 

Less

TAX

133.900

213.800

496.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(866.600)

345.000

1205.700

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

7717.100

7928.800

8424.700

 

 

 

 

 

Others

0.000

(2.100)

0.000

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

 

 

 

 

Dividend paid

460.900

460.900

460.900

 

Other(CSR and Depreciation Adjustments)

0.000

0.000

20.600

 

Dividend distribution tax

93.800

93.800

93.800

 

Balance Carried to the B/S

6295.800

7717.100

9055.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

4581.700

4896.800

 

Services income

 

426.000

383.500

 

TOTAL EARNINGS

5829.300

5007.700

5280.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw materials and components

NA

5608.300

6036.200

 

Capital Goods

NA

156.600

351.500

 

TOTAL IMPORTS

NA

5764.900

6387.700

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(3.40)

1.30

4.71

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

0.000

0.000

638.800

Cash generated from operations

2097.900

(410.600)

5697.200

Net cash flows from (used in) operations

1872.900

(909.100)

5020.800

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1st Quarter

30.09.2017

2st Quarter

31.12.2017

3st Quarter

 

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

Net Sales

12633.900

8699.500

14385.500

Total Expenditure

11579.000

7894.700

13881.600

PBIDT (Excluding Other Income)

1054.900

804.800

503.900

Other Income

421.800

343.900

1051.000

Operating Profit

1476.700

1148.700

1554.900

Interest

277.900

225.400

238.100

Exceptional Items

NA

NA

NA

PBDT

1198.800

923.300

1316.800

Depreciation

224.200

228.100

217.800

Profit Before Tax

974.600

695.200

1099.000

Tax

357.900

220.000

381.300

Provisions and contingencies

NA

NA

NA

Profit After Tax

616.700

475.200

717.700

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

616.700

475.200

717.700

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

194.63

217.37

211.27

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

1.88

1.68

1.73

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

205.05

228.88

255.47

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.16

0.24

0.47

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.26

0.32

0.43

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.78

0.73

0.70

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.50

0.43

0.17

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

3.84

2.94

2.38

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.66

0.61

0.58

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.09

2.56

4.44

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to sales Income

((PAT /  sales) * 100)

%

(2.03)

0.99

3.25

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(1.69)

0.72

2.68

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(8.39)

2.93

9.19

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.01

1.07

1.19

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.73

0.79

0.97

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.20

0.25

0.29

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

10.12

9.83

4.23

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.01

1.07

1.19

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

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

512.100

512.100

512.100

Reserves & Surplus

12605.900

11271.500

9815.800

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

13118.000

11783.600

10327.900

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

2165.800

5035.400

5180.000

Current Maturities of Long term debt

638.800

0.000

0.000

Total borrowings

2804.600

5035.400

5180.000

Debt/Equity ratio

0.214

0.427

0.502

 

 

 

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

37107.200

34715.200

42596.000

 

 

(6.446)

22.701

 

 

 

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

37107.200

34715.200

42596.000

Profit / (Loss)

1205.700

345.000

(866.600)

 

3.25%

0.99%

(2.03%)

 

 

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 374.65/-

 

 

LEGAL CASE

 

DISTRICT AND SESSIONS COURT, GURGAON

CASE DETAILS

 

Case Type: ARB

Filing Number: 9269/2017Filing Date: 06-12-2017

Registration Number: 160/2017Registration Date: 06-12-2017

CNR Number: HRGR01-015247-2017



Case Status

First Hearing Date: 07th December 2017

Next Hearing Date: 19th December 2017

Stage of Case: Arguments


Court Number and Judge: 32-Additional District Judge

Petitioner and Advocate

1) HCPNL


 Advocate- RBT FROM PANCHKULA

 

Respondent and Advocate

1) M/S GE T AND D INDIA LTD


2) MR. R.K AGGARWAL

        
3) MR. S.K. MITTAL

        
4) MR. RAKESH JOLLY

       
Acts

Under Act(s)

Under Section(s)

Code of Civil Procedure

ARB

History of Case Hearing

Registration Number

Judge

Business On Date

Hearing Date

Purpose of hearing

160/2017

Additional District Judge

07-12-2017

19-12-2017

Arguments

Orders

  Order Number

  Order Date

  Order Details

 

  1

  07-12-2017

  Copy of order

 

 

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

--

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)

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE AND GENERAL INFORMATION

 

The company is a publicly listed Company, incorporated on 13 March 1957 in India under the provisions of the Indian Companies Act.

 

The Company in the business of building the power transmission and distribution infrastructure. It has a portfolio of products solutions and services, comprising the entire range of transmission equipment up to Extra and Ultra High Voltages (765 kV and beyond), including air-insulated switchgear (AIS) and locally manufactured power transformers and gas-insulated switchgear (GIS). It also provides power electronics solutions to create super highways and offers advanced power management Smart Grid solutions for transmission and distribution including renewable energy integration.

 

 

PERFORMANCE

 

Sthemtained Performance in a Challenging Market Environment Though India’s overall GDP growth in the year 2016-2017 stood at 7.1% and was among the leading countries of the world, the growth in manufacturing, indthemtry and infrastructure was not adequate to create new market opportunities and witnessed muted capex demands. Hence, the capital goods sector, where the Company operates, witnessed degrowth. Despite these challenging circumstances the Company continues to maintain its performance and stay at the forefront of technology advancements. During the year 2016-17, asset quality of public sector banks remained a concern. The Gross Non-Performing Assets (NPAs) for public and private sector banks, as on March 2017, stood at around INR. 0.600 Million. As a consequence, lending to potheyr and infrastructure sector was seen to be significantly reduced throughout the year. Potheyr generation in the country continues to struggle with underutilized capacities, project slippages and off-take by state utilities. The fall in prices of solar tariffs, reaching grid parity alongside conventional thermal sources of fuel is further challenging fresh investments in conventional thermal sector. The financial difficulties faced by state utilities in India and their inability to pay energy generators have long been at the heart of India’s struggle to achieve its mission of 24x7 electricity for all. The state electricity boards and distribution companies are facing seriothem financial losses aggregating to over INR 4.3 trillion (THEM$ 60 billion) and are neither able to buy potheyr nor able to pay generation companies and equipment suppliers. In 2015, the Indian government launched UDAY (Ujwal DISCOM Assurance Yojana) scheme to revive financial health of distribution companies in India by putting discom debt on to the books of state governments, in return for improvements in performance. But under the terms of the UDAY scheme, distribution companies cannot take out short-term loans to pay their generators. This is limiting fresh investments in the state T&D sector and thereby creating T&D grid network congestion at the State level. All the above factors have led to a moderate growth in the T&D sector and potheyr equipment market, also deeply impacting the market price due to demand supply mismatch. Ththem, the company had to be cautiothem in order selection process. Overall, despite the extremely challenging market, the Company successfully achieved a balanced portfolio of orders, resulting in sthemtained market leadership and improved overall performance. In addition, the Company ensured a healthy backlog of orders.

 

FINANCIAL RESULTS

 

Financial results for the year ended March 31, 2017 are in compliance with the Indian Accounting Standards (Ind-AS) prescribed under Section 133 of the Companies Act, 2013. Consequently, previothem Indian Generally Accepted Accounting Principles (IGAAP) results for the year ended March 31, 2016 have been restated to make them comparable. During the quarter ended June 30, 2016, Company has re-evaluated recoverability of certain cthemtomer debts. On the basis of internal evaluation and variothem factors, including significant lapse of time and resultant increase in uncertainty in realization, the Company has provided for an amount of Rs. 693 million as bad debts reserve (excluding provisions on account of expected credit loss). The Company has also reassessed the pending matters relating to taxes, and accordingly, has created provisions of Rs. 384 million and Rs. 1,450 million towards direct tax and indirect tax litigations/disputes respectively.

 

MARKET OVERVIEW

 

The year 2016-17 continued to be challenging with moderate growth in the market, better than the preceding three years that saw a steady decline in growth. Power Infrastructure investments were primarily driven by the central utilities, state utilities and private transmission players, with focus on building high capacity power transmission corridors and strengthening the inter and intra state transmission networks. However, Power Generation, Industry and Infrastructure sectors continued facing muted investments.

 

Continued Investments by Power Grid Power Grid, the corporation that is responsible for developing the transmission infrastructure at the national level, continued to implement its Capital expenditure as per 12th five year plan of the Government of India. The key areas where Power Grid continued to invest were identified as: strengthening of 765kV network in the grid, building bulk power transmission schemes with HVDC technology, development of the Green Energy Corridors Phase II for evacuation of renewable energy and modernization of assets.

 

Increase in Private Participation With the Central Government determined to increase private participation in the transmission sector, several Tariff Based Competitive Bidding (TBCB) projects are being rolled out for strengthening the grid infrastructure. The Company is well positioned to meet the demands that will thus arise from the private players participating in these transmission schemes.

 

THE UDAY EFFECT

 

The Government of India’s UDAY (Ujwal DISCOM Assurance Yojana) scheme to turn around state electricity boards and distribution companies is seeing investments in the areas of technology upgradation and strengthening of power infrastructure. However, the large capital outlay and states taking over debts of electricity

distribution utilities, has resulted in a deterioration of state finances and execution on ground may see challenges.

 

FOCUS ON RENEWABLES

 

As per the Central Electricity Authority’s, draft National Electricity Plan, the anticipated shift from conventional to non-conventional renewable energy may result into slowdown in thermal power projects in the future. This however, shall be compensated by the ramp-up in solar driven power generation. This is likely to benefit the Company, as the renewable capacity needs to be integrated with national transmission grid while maintaining its stability and robustness. This would further create a demand for Renewable Energy Monitoring and Control Centers (REMCs) along with stability and compensation solutions in various regions of the country.

 

The Industrial sector however remains cautious, when it comes to large infrastructure investments in power. Highly leveraged balance sheets and non-performing assets has resulted into deferment of fresh capex in this segment. The government of India’s policies and new regulations to improve the investment climate is expected to show results in long term, till then the company continues to strongly engage with industrial customers to tap potential opportunities in the market.

 

The overall investment climate, in power generation, industry and infrastructure sectors remains cautious and suppressed. Transmission sector remains to be in the heart of all the new investment activities. The Company is closely watching these developments and consistently adopting new strategies in stay relevant in changing market conditions. Implementation of new reforms and policies is expected to improve the market conditions in the year 2017-2018.

 

OUTLOOK

 

The long term outlook for transmission and distribution sector remains positive as the bulk potheyr generated in the country needs grid infrastructure for reliable, efficient and stable potheyr supply to consumer. The new government seems deeply committed to drive the economic growth, enable recovery of sick Gencos and SEBs and stabilize the banking system in the economy. The focthem on Potheyr and T&D sector is high. Making land available for new investments, implementing GST and improving the ease of doing btheminess also seems to be in high focthem. The company is overall optimistic that variothem reforms initiated by Government if India will lead to revival of the economy, primarily due to resulting increase in capital expenditure in utilities, potheyr generation, indthemtry and infrastructure. The GE T&D team is fully ready to address such growth opportunities.

 

The strong thrthemt on renewable potheyr generation, evacuation and integration of clean energy opens up new market opportunities within the potheyr sector. Strengthening of sub-transmission network under the Integrated Potheyr Development Scheme (IPDS) and deployment of Potheyr System Development Fund (PSDF) creates new markets for transmission and distribution products.

 

The process of tariff based competitive bidding though is posing new challenges to original equipment manufacturers in terms of providing optimized solutions at competitive costs and margins.

 

Under the current challenges, the Company’s management team remains holistically focthemed and committed to deliver increased value for its stakeholders.

 

 

UNSECURED LOANS:

 

Particular

31.03.2017

INR In Million

31.03.2016

INR In Million

Short-term borrowings

 

 

Unsecured loans from banks *

1205.700

1592.400

Unsecured loans from related parties *

4171.900

3601.500

Less: Interest accrued but not due

197.600

158.500

Total

5180.000

5035.400

 

Note: *Includes interest accrued net of tax deducted at source

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Demands relating to

 

 

Sales tax matters

476.700

103.200

Excise duty and Service tax matters

48.300

245.700

Claims against the Company not acknowledged as debts pertaining to legal cases

193.300

110.100

Total

718.300

459.000

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTH ENDED 31 DECEMBER 2017

 (INR In Million)

PARTICULARS

QUARTER ENDED

 

NINE MONTH ENDED

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

INCOME FROM OPERATIONS

 

 

Revenue from operation

14385.500

8699.500

35718.900

Other Income

1051.000

343.900

1730.500

Total Income from Operations

15436.500

9043.400

37449.400

 

 

 

 

EXPENSES

 

 

 

Cost of raw material and components consumed and projects bought outs

7387.300

5247.300

21688.700

Changes in inventories of finished goods and work-in-progress

3261.600

161.100

2797.400

Excise duty

--

--

541.100

Employee benefits expense

1012.400

987.900

2867.500

Finance Costs

238.100

225.400

741.400

Depreciation and Amortization expenses

217.800

228.100

670.100

Other Expenditure

2220.300

1498.400

5374.400

Total Expenses

14337.500

8348.200

34680.600

Profit / (Loss) before Tax

1099.000

695.200

2768.800

Tax Expense

(449.900)

(166.600)

(979.300)

Profit / (Loss) after Tax

717.700

475.200

1809.600

Other Comprehensive Income

 

 

 

- Items that will not be reclassified to profit or loss

 

 

 

Remeasurement of defined benefits obligation

(15.400)

(15.500)

(46.400)

Income tax relating to above

5.300

5.400

16.100

Total Comprehensive Income for the period

707.600

465.100

1779.300

Paid-up Equity Share Capital (Face value INR 2/- per share)

 

--

--

Basic and Diluted EPS (in INR)

2.81

1.86

7.07

 

NOTES:

 

1. The Company is engaged in the business relating to products, projects and systems for electricity transmission and related activities only. Accordingly, the Company has only one operating segment.


2. During the quarter ended 30 June 2016, management had re-evaluated recoverability of certain customer debts. On the basis of internal evaluation and various factors, including significant lapse of time and resultant increase in uncertainty in realisation, the Company had provided for an amount of INR 693.000 million as bad debts reserve (excluding provisions on account of expected credit loss). During the same period, the management had also reassessed the pending matters relating to taxes, and accordingly, had created provisions of INR 383.000 million and INR 1450.000 million towards direct tax and indirect tax litigations/disputes respectively.


3. The above unaudited results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 25 July 2017. The unaudited results for the quarter ended 30 June 2017 have been subjected to limited review by the Statutory Auditors of the Company.


4. The review report of the Statutory Auditors is being filed with BSE Limited, National Stock Exchange of India Limited and Calcutta Stock Exchange Limited. 

 

 

INDEX OF CHARGES:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

B97750335

90331839

UTI BANK LTD.

16/07/2001

01/09/2005

10/02/2014

150000000.0

NO;19. M.G ROADBANGALOREKAIN

2

B93212942

90252583

CANARA BANK

28/03/1988

03/10/1997

24/12/2013

450000000.0

VALLUVAR KOTTAM HIGH ROADNUNGAMBAKKAMCHENNAITN600034IN

3

B69930618

90301318

PUNJAB NATIONAL BANK

08/02/2005

-

02/03/2013

10000000.0

7 KAMARAJ SALAIPONDICHERRYPYIN

4

B69903946

90250544

BNP PARIBAS

24/09/2002

20/12/2002

14/02/2013

50000000.0

PRINCE TOWER; 3RD FLOOR25/26; COLLEGE ROADCHENNAITN600006IN

5

B69930964

90251305

BNP PARONAS

24/09/2002

-

14/02/2013

50000000.0

PRINCE TOWERS-3RD FLOOR25/26; COLLEGE ROADCHENNAITN600006IN

6

B67895599

90249994

STANDARD CHARTERED BANK

27/12/1993

-

01/02/2013

85000000.0

19; RAJAJI SALAIMADRASTN600001IN

7

B67893347

90249790

STANDARD CHARTERED BANK

28/03/1988

28/02/2004

01/02/2013

1770000000.0

19; RAJAJI SLAICHENNAITN600001IN

8

B67894931

90249847

STANDARD CHARTERED BANK

18/12/1989

29/12/1992

01/02/2013

55000000.0

19; RAJAJI SALAIMADRASTN600001IN

9

B60791936

90250710

PUNJAB NATIONAL BANK

15/04/2004

-

25/10/2012

250000000.0

92. ANNA SALAICHENNAITN600002IN

10

B60790581

90250875

PUNJAB NATIONAL BANK

15/04/2005

-

25/10/2012

619348000.0

92; ANNA SALAI`1CHENNAITN600002IN

 

 

FIXED ASSETS:

 

Tangible Asset:

  • Buildings
  • Leasehold improvements
  • Plant and machinery
  • Furniture and fittings
  • Computers
  • Laptops, desktops etc.
  • Servers and networking equipment
  • Office equipment
  • Motor vehicles

 

 

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 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

KVT

 

 

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.