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|
|
MIRA INFORM REPORT
|
Report No. : |
510234 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
RMC SWITCHGEARS LIMITED (w.e.f.13.03.2009) |
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Formerly Known
As : |
RFH MENTAL CASTINGS LIMITED (w.e.f.29.12.2008) RFF METAL CASTINGS PRIVATE LIMITED |
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Registered
Office : |
Khasara No. 163 and 164, At 7 KM, From Chaksu, Khotkawda Road, Village
Badodiya, Tehsil Chaksu, Tonk Road, Jaipur – 303901, Rajasthan |
|
Tel. No.: |
91-141-4031516 |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
23.08.1994 |
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Com. Reg. No.: |
17-008698 |
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Capital
Investment / Paid-up Capital : |
INR 50.922 Million |
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|
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CIN No.: [Company Identification
No.] |
L25111RJ1994PLC008698 |
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|
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACR6750K |
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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
: |
Subject is primarily engaged in the business of manufacturing ‘Switch Gear
Engineering and Construction contracts for power distribution / transmission
sector. (Registered activity and also
confirmed by management) |
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|
|
|
No. of Employees
: |
60 (Approximately) 300 |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1994 and it is engaged in manufacturing and supplying of boards, HRC fuses isolators and load disconnectors etc. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported average profit margin. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and decent liquidity position. Rating also takes into account the long experience of the management in the manufacturing of electrical equipment and established presence with customers. Shares are quoted high Stock Exchanges. (Shares are traded at a price of INR 82 against its face value of INR 10.) However, ratings strength is partially offset by its presence in the highly fragmented industry with vulnerability of margins to fluctuation in the raw material prices and absence of price escalation clause in its contracts. As per unaudited quarterly financials of September 2017, the company has achieved a revenue of INR 339.05 million and has reported average profit margin of 3.36%. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : BB (Issuer
Non-Cooperative) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
03.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating : A4 (Issuer
Non-Cooperative) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
03.04.2018 |
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 28.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok |
|
Designation : |
Sales Executive |
|
Contact No.: |
91-8058799807 |
|
Date : |
18.05.2018 |
LOCATIONS
|
Registered Office/ Factory/ Purchase : |
Khasara No. 163 and 164, At 7 KM, From Chaksu, Khotkawda Road, Village
Badodiya, Tehsil Chaksu, Tonk Road, Jaipur – 303901, Rajasthan, India |
|
Tel. No.: |
91-141-4031516 |
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Fax No.: |
91-141-2751377 |
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E-Mail : |
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|
Website : |
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Sales and Accounts Office/ Corporate Office : |
B-11, (b and c), Malviya Industrial Area, 2nd B Road,
Jaipur – 302017, Rajasthan, India |
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Tel. No.: |
91-141-2754079 |
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|
|
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Other Area Representations : |
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ankit Agarwal |
|
Designation : |
Whole Time Director |
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Address : |
B-103B, Manu Marg Tilak Nagar, Jaipur – 302004, Rajasthan, India |
|
Date of Birth/Age : |
09.03.1982 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
00793035
|
|
|
|
|
Name : |
Mr. Ashok Kumar Agarwal |
|
Designation : |
Managing Director |
|
Address : |
B-103B, Manu Marg, Tilak Nagar, Jaipur – 302004, Rajasthan, India |
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Date of Birth/Age : |
28.06.1956 |
|
Date of Appointment : |
29.09.2012 |
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DIN No.: |
00793152
|
|
|
|
|
Name : |
Mrs. Neha Agrawal |
|
Designation : |
Director |
|
Address : |
B-103B, Manu Marg, Tilak Nagar, Jaipur – 302004, Rajasthan, India |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
07540311 |
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|
|
|
Name : |
Mr. Suresh Kumar Jain |
|
Designation : |
Director |
|
Address : |
402, Mahaveer Nagar Adarsh Block, Tonk Road, Jaipur –
302015, Rajasthan,
India |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
07546087 |
|
|
|
|
Name : |
Mrs. Devi Shankar Goyal |
|
Designation : |
Director |
|
Address : |
34, Shankar Colony Naya Khera, Near Mall Road, Vidhyadhar
Nagar, Jaipur - 30202, Rajasthan, India |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
07559565 |
|
|
|
|
Name : |
Mr. Radhika Agarwal |
|
Designation : |
Director |
|
Address : |
C-3, Azad Marg C-Scheme Jaipur - 302001, Rajasthan, India |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
07579658 |
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|
|
|
Name : |
Mr. Himanshu Goyal |
|
Designation : |
Additional Director |
|
Address : |
C-94 Lal Kothi Scheme Janpat, Jaipur -302015,
Rajasthan, India |
|
Date of Appointment : |
28.02.2018 |
|
DIN No.: |
03101053 |
KEY EXECUTIVES
|
Name : |
Atul Dixit |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat 1n, Block-A, Sherwood Estate, 169 NSC Bose
Road, PS-Sonarpur, South 24 Parganas, Kolkata -700103, West Bengal, India |
|
Date of Appointment : |
04.09.2017 |
|
PAN No.: |
ACGPD9908C |
|
|
|
|
Name : |
Monika Sharma |
|
Designation : |
Company Secretary |
|
Address : |
233, Himmat Nagar Tonk Road Jaipur 302018,
Rajasthan, India |
|
Date of Appointment : |
31.10.2017 |
|
PAN No.: |
BMOPS8306L |
|
|
|
|
Name : |
Shiv Charan Mahashwari |
|
Designation : |
Chief Finance Officer |
|
Address : |
59 Mahesh Nagar Extension B, Bank Colony.
Gopalpura, Jaipur- 302015, Rajasthan, India |
|
Date of Appointment : |
01.07.2016 |
|
PAN No.: |
ACLPM2789H |
|
|
|
|
Name : |
Mr. Ashok |
|
Designation : |
Sales Executive |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
3401960 |
55.84 |
|
(B) Public |
2690240 |
44.16 |
|
Grand Total |
6092200 |
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 |
|
Individuals/Hindu undivided Family |
3401960 |
55.84 |
|
Ashok Kumar Agarwal |
585000 |
9.60 |
|
Ankit Agrawal |
569880 |
9.35 |
|
Santosh Agarwal |
568520 |
9.33 |
|
Vitthal Das Agarwal HUF |
500600 |
8.22 |
|
Parwati Bai Agrawal |
302920 |
4.97 |
|
Ashok Kumar Agrawal HUF |
212840 |
3.49 |
|
Neha Agrawal |
420000 |
6.89 |
|
Ankit Agarwal Huf . |
104000 |
1.71 |
|
Vitthal Das Agrawal |
63200 |
1.04 |
|
Rajendra Kumar Agrawal |
40320 |
0.66 |
|
Atika Agrawal |
34680 |
0.57 |
|
Sub Total A1 |
3401960 |
55.84 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
3401960 |
55.84 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
B2) Central Government/ State Government(s)/
President of India |
|
0.00 |
|
B3) Non-Institutions |
|
0.00 |
|
Individual share capital upto INR 0.200
Million |
763900 |
12.54 |
|
Individual share capital in excess of INR
0.200 Million |
1014520 |
16.65 |
|
Sunit Karnawat |
304000 |
4.99 |
|
Vasudevarao Dhanekula |
92000 |
1.51 |
|
Vikram Karnawat |
304000 |
4.99 |
|
Any Other (specify) |
911820 |
14.97 |
|
HUF |
313000 |
5.14 |
|
Ishwar Prasad Agarwal And Sons |
121000 |
1.99 |
|
Non-Resident Indian (NRI) |
92000 |
1.51 |
|
Clearing Members |
32100 |
0.53 |
|
Bodies Corporate |
474720 |
7.79 |
|
Argent Leasing And Finance Pvt. Ltd. |
413120 |
6.78 |
|
Sub Total B3 |
2690240 |
44.16 |
|
B=B1+B2+B3 |
2690240 |
44.16 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is primarily engaged in the business of manufacturing ‘Switch
Gear Engineering and Construction contracts for power distribution /
transmission sector. (Registered
activity and also confirmed by management) |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cheque and Credit (30 Days) |
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Purchasing : |
Cheque and Credit (30 Days) and Online transfer |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Statutory Auditors: |
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Address : |
B - 5 Jaipur Tower, Opposite All India Radio, Mirza Ismail Road,
Jaipur, - 302001, Rajasthan, India |
|
Tel. No.: |
91-141-2363908 / 2372909 / 2205792 / 2351161 |
|
Mobile No.: |
91-9829063908 / 9829063907 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AANFS8091A |
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Secretarial Auditor: |
|
|
Name : |
Deepika Jain and Associates Company Secretaries |
|
Address : |
307, City Pearl, Sanjay Marg, Gopalbadi, Jaipur-302001, Rajasthan, India |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Ms. Ekta Gupta Chartered Accountant |
|
Address : |
Village Post- Palawala Jatan, Tehsil Bassi
District: Jaipur 303301, Rajasthan, India |
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|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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|
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|
Owned by Rajendra Agarwal brother of
Director: |
|
CAPITAL STRUCTURE
AFTER 29.09.2017
Authorised Capital : INR 65.000 Million
Issued, Subscribed & Paid-up Capital : INR 60.922
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
INR 10/- each |
INR 65.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5092200 |
Equity Shares |
INR 10/- each |
INR 50.922 Million |
|
|
|
|
|
Reconciliation of the number of shares
outstanding at the beginning and at the end of the reporting period :
|
Equity Shares |
Number
of Shares |
|
|
Outstanding at the beginning of the Year |
|
1081050 |
|
Add : Fresh Equity Shares issued during the quarter as Bonus Shares |
|
3243150 |
|
Add : Fresh Equity Shares issued during the Year through Initial Public Offer |
|
768000 |
|
Outstanding at the end of the Year |
|
5092200 |
Details of Shareholders
holding more than 5 % equity shares :
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Santosh Agrawal |
568520.00 |
11.16% |
|
Vitthal Das Agrawal (HUF) |
500600.00 |
9.83% |
|
Ankit Agarwal |
569880.00 |
11.19% |
|
Argent Leasing & Finance Pvt. Ltd. |
413120.00 |
8.11% |
|
Ashok Kumar Agrawal |
455000.00 |
8.94% |
|
Parwati Bai |
302920.00 |
5.95% |
|
Ashok Kumar Agrawal (HUF) |
212840.00 |
4.18% |
Terms and Rights
attached to equity shares:
The Company has only one class of equity shares having a face value of Rs.10 per share. Each holder of equity shares is entit led to one vote per equity share. A member shall not have any right to vote whilst any call or other sum shall be due and payable to the Company in respect of any of the shares of such member. All equity shares of the Company rank pari passu in all respects including the right to dividend. The dividend is recommended by the Board of Directors and declared by the members at the ensuing Annual general Meeting.
Company doesn't have any holding or ultimate holding Company
3243150 Nos. of Equity Shares of INR 10/- each have been allotted as Bonus Shares by capitalising Share Premium amounting INR 32.432 Million during the FY 2016-17
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 |
50.922 |
10.811 |
10.810 |
|
(b) Reserves &
Surplus |
87.727 |
91.787 |
89.595 |
|
(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) |
138.649 |
102.598 |
100.405 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
182.691 |
168.106 |
167.717 |
|
(b) Deferred tax
liabilities (Net) |
8.791 |
9.338 |
0.000 |
|
(c) Other long term
liabilities |
1.145 |
3.381 |
13.967 |
|
(d) long-term provisions |
1.052 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
193.679 |
180.825 |
181.684 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
89.102 |
90.520 |
83.096 |
|
(b) Trade payables |
110.881 |
88.706 |
68.375 |
|
(c) Other current
liabilities |
60.545 |
29.316 |
23.761 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
260.528 |
208.542 |
175.232 |
|
|
|
|
|
|
TOTAL |
592.856 |
491.965 |
457.321 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
232.596 |
229.612 |
200.864 |
|
(ii) Intangible Assets |
0.986 |
0.089 |
0.201 |
|
(iii) Capital
work-in-progress |
0.230 |
0.000 |
25.872 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.871 |
0.107 |
0.107 |
|
(e) Other Non-current
assets |
5.808 |
1.125 |
1.124 |
|
Total Non-Current Assets |
244.491 |
230.933 |
228.168 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
32.503 |
49.909 |
63.093 |
|
(c) Trade receivables |
235.550 |
161.759 |
120.840 |
|
(d) Cash and cash
equivalents |
31.099 |
23.681 |
23.770 |
|
(e) Short-term loans and
advances |
21.599 |
10.985 |
11.973 |
|
(f) Other current assets |
27.614 |
14.698 |
9.477 |
|
Total Current Assets |
348.365 |
261.032 |
229.153 |
|
|
|
|
|
|
TOTAL |
592.856 |
491.965 |
457.321 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
507.193 |
554.356 |
452.287 |
|
|
Other Income |
16.525 |
4.178 |
5.153 |
|
|
TOTAL |
523.718 |
558.534 |
457.440 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
161.476 |
176.183 |
156.668 |
|
|
Purchases of Finished
Goods, Trading item and Materials and Labour for works contract |
18.507 |
9.079 |
107.069 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
44.156 |
83.090 |
(16.012) |
|
|
Employees benefits
expense |
20.915 |
18.893 |
17.807 |
|
|
Other expenses |
205.976 |
200.225 |
138.771 |
|
|
TOTAL |
451.030 |
487.470 |
404.303 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
72.688 |
71.064 |
53.137 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
42.660 |
46.148 |
36.893 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
30.028 |
24.916 |
16.244 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
15.259 |
13.387 |
11.617 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
14.769 |
11.529 |
4.627 |
|
|
|
|
|
|
|
Less |
TAX |
(0.547) |
9.337 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
15.316 |
2.192 |
4.627 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
22.650 |
20.458 |
16.058 |
|
|
|
|
|
|
|
Add |
Depreciation arising on
transition of schedule II of the companies Act, 2013 on tangible fixed assets
with nil remaining useful life charged in terms |
0.000 |
0.000 |
-0.227 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
37.966 |
22.650 |
20.458 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
2.081 |
7.785 |
14.668 |
|
|
Capital
Goods |
6.673 |
0.000 |
7.703 |
|
|
TOTAL IMPORTS |
8.754 |
7.785 |
22.371 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.50 |
0.51 |
4.28 |
|
Particulars |
|
|
31.03.2018 |
|
Sales Turnover (Approximately) |
|
|
850.000 |
Expected Sales (2018-2019): INR 2000.000 Million
The above information has been parted by Mr. Ashok (Sales Executive)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
|
|
|
|
Term Loan (Secured) |
11.834 |
1.500 |
3.890 |
|
Vehicle Loan (Secured) |
1.475 |
2.137 |
2.011 |
|
Plant and Machinery Loan |
3.388 |
4.081 |
0.000 |
|
Other Loans |
2.653 |
0.000 |
0.000 |
|
Total |
19.350 |
7.718 |
5.901 |
|
|
|
|
|
|
Cash generated from operations |
44.437 |
56.827 |
0.000 |
|
Net cash from operating activities |
44.983 |
47.489 |
22.575 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
169.51 |
106.51 |
97.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.15 |
3.43 |
3.74 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
224.86 |
174.77 |
94.63 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.24 |
1.42 |
0.84 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.31 |
0.31 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.78 |
0.78 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.10 |
2.60 |
2.56 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.88 |
2.03 |
1.75 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.69 |
2.24 |
2.26 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.70 |
1.54 |
1.44 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.02 |
0.40 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.58 |
0.45 |
1.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.05 |
2.14 |
4.61 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.34 |
1.25 |
1.31 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.21 |
1.01 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.23 |
0.21 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.72 |
24.64 |
23.75 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.34 |
1.25 |
1.31 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 82/- |
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 |
10.810 |
10.811 |
50.922 |
|
Reserves & Surplus |
89.595 |
91.787 |
87.727 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
100.405 |
102.598 |
138.649 |
|
|
|
|
|
|
Long-Term Borrowings |
167.717 |
168.106 |
182.691 |
|
Short Term Borrowings |
83.096 |
90.520 |
89.102 |
|
Current Maturities of Long term debt |
5.901 |
7.718 |
19.350 |
|
Total
borrowings |
256.714 |
266.344 |
291.143 |
|
Debt/Equity
ratio |
2.557 |
2.596 |
2.100 |
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 |
452.287 |
554.356 |
507.193 |
|
|
|
22.567 |
-8.508 |
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
|
452.287 |
554.356 |
507.193 |
|
Profit |
4.627 |
2.192 |
15.316 |
|
|
1.02% |
0.40% |
3.02% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION
Subject is a
public company domiciled in India. The company is primarily engaged in the
business of ‘Switchgear Engineering’ and `ECI contracts for power distribution
/ transmission sector’.
BRIEF
DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR
The
Company is engaged in the business of Manufacturing, LT/HT Distribution Boxes
and Panels, Junction Boxes, Feeder Pillars and other Power Distribution and Circuit
Protection Switchgears. There has been no change in the business of the Company
during the financial year ended March 31, 2017. The Company recorded a
satisfactory performance despite challenging second half of the year. The
second half of the year was challenging for businesses across the country due
to demonetisation which weighed on the growth for initial few weeks. During
this period, the Company reached out to customers in an unprecedented manner to
assure support and help them navigate during this period of uncertainty. In the
Meter/Distribution Boxes segment, the Company achieved consistent, competitive,
profitable and responsible growth along with significant margin improvement.
Gross
revenues decreased to INR 558.967 Million, against INR 607.476 Million in the
previous year due to less supply order placed by the customers in spite of
having good order book.
Profit before depreciation and taxation was INR 30.028 Million against
INR 24.916 Million in the previous year and after providing for depreciation
and taxation amounting INR 14.713 Million against INR 22.725 Million in the
previous year, the net profit of the company for the year has increased to INR
15.315 Million as against INR 2.191 Million in the previous year. The year was
a moderate one for the company. Company has executed Turnkey Contracts in the
F.Y. 2016-17 and this business contributed 7.55% in total gross turnover of
company.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
From Directors /Ex-Directors |
35.271 |
0.000 |
|
Inter-Corporate Deposits |
67.660 |
0.000 |
|
Others |
51.111 |
2.652 |
|
SHORT TERM BORROWINGS |
|
|
|
Security Deposits and Refundable/Adjustable Advances |
0.000 |
1.400 |
|
Total |
154.042 |
4.052 |
STATEMENT OF
UN-AUDITED RESULTS FOR THE SIX MONTHS ENDED ON 30TH SEPTEMBER, 2017
(INR in million)
|
Particulars |
Six months ended |
||||
|
30.09.2017 |
|||||
|
Unaudited |
|||||
|
|
Income from
Operations |
|
|||
|
|
Net Sales/Income from Operations (Gross) |
353.442 |
|||
|
|
Less: Excise Duty |
14.397 |
|||
|
|
Net Sales/Income from Operations (net of excise duty) |
339.045 |
|||
|
|
Other Income |
3.729 |
|||
|
|
Total Income from Operations
(Net) |
342.774 |
|||
|
|
Expenses |
|
|||
|
|
|
Cost of Materials consumed |
167.298 |
||
|
|
|
Purchase of stock in-trade |
17.438 |
||
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.344 |
||
|
|
|
Employee benefit expenses |
13.135 |
||
|
|
|
Depreciation and amortization expenses |
8.514 |
||
|
|
|
Other expenses |
100.795 |
||
|
|
Total Expenses |
309.824 |
|||
|
|
|
Profit/(loss) from
ordinary activities after finance costs and exceptional items |
33.250 |
||
|
|
Finance Costs |
21.648 |
|||
|
|
|
Net profit/(loss)
from ordinary activities after finance costs but before exceptional items |
11.602 |
||
|
|
Exceptional Items |
0.000 |
|||
|
|
Profit From
ordinary activities before tax |
11.602 |
|||
|
|
Tax expenses |
|
|||
|
|
Current year tax |
2.320 |
|||
|
|
Income tax related to previous year |
0.000 |
|||
|
|
Less: MAT Credit Entitlement |
(2.320) |
|||
|
|
Deferred tax |
0.223 |
|||
|
|
|
Profit From
ordinary activities after tax |
11.379 |
||
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
50.922 |
|||
|
|
Reserve excluding Revaluation Reserves as per balance sheet of
Previous accounting year |
99.106 |
|||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|||
|
|
Basic |
2.23 |
|||
|
|
Diluted |
2.23 |
|||
BALANCE SHEET AS
AT SEPTEMBER 30, 2017
|
Particulars |
30.09.2017 Unaudited |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
50.922 |
|
(b) Reserves &
Surplus |
99.106 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
150.028 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
216.290 |
|
(b) Deferred tax
liabilities (Net) |
9.015 |
|
(c) Other long term
liabilities |
1.145 |
|
(d) long-term provisions |
1.577 |
|
Total Non-current
Liabilities (3) |
228.027 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
113.977 |
|
(b) Trade payables |
215.197 |
|
(c) Other current
liabilities |
46.313 |
|
(d) Short-term provisions |
0.000 |
|
Total Current Liabilities
(4) |
375.487 |
|
|
|
|
TOTAL |
753.542 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
239.954 |
|
(ii) Intangible Assets |
1.166 |
|
(iii) Capital
work-in-progress |
14.371 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
17.283 |
|
(e) Other Non-current
assets |
7.839 |
|
Total Non-Current Assets |
280.613 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
65.159 |
|
(c) Trade receivables |
345.006 |
|
(d) Cash and cash
equivalents |
26.931 |
|
(e) Short-term loans and
advances |
10.395 |
|
(f) Other current assets |
25.438 |
|
Total Current Assets |
472.929 |
|
|
|
|
TOTAL |
753.542 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G87664199 |
100177660 |
HDFC BANK LIMITED |
27/03/2018 |
- |
- |
4982100.0 |
HDFC BANK HOUSE
SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
G80098304 |
100162077 |
DEWAN HOUSING
FINANCE CORPORATION LIMITED |
15/03/2018 |
- |
- |
8578209.0 |
WARDEN HOUSE 2ND
FLOORS.IR P M ROADFORTMUMBAIMA400001IN |
|
3 |
G63352249 |
100134938 |
THE FEDERAL BANK
LTD |
02/11/2017 |
- |
- |
990000.0 |
C-98, SANGHI
UPASANA TOWERSUBHASH MARG, C-SCHEMEJAIPURRJ302001IN |
|
4 |
G49866411 |
100114281 |
PUNJAB NATIONAL
BANK |
07/07/2017 |
- |
- |
495900000.0 |
CHANDPOLE BAZARSANSAR
CHANDRA ROADJAIPURRJ302001IN |
|
5 |
G32432536 |
100069996 |
HERO FINCORP
LIMITED |
14/12/2016 |
- |
- |
2000000.0 |
34, COMMUNITY
CENTRE, BASANT LOKVASANT VIHARNEW DELHIDE110057IN |
|
6 |
C74799776 |
10610777 |
THE FEDERAL BANK
LTD |
11/12/2015 |
- |
- |
4000000.0 |
98-C, SANGHI
UPASANA TOWERSUBHASH MARG, C-SCHEMEJAIPURRJ302001IN |
|
7 |
G30649990 |
10610771 |
THE FEDERAL BANK
LTD |
11/12/2015 |
03/12/2016 |
- |
345000000.0 |
98-C SANGHI
UPASANA TOWERSUBHASH MARG, C SCHEMEJAIPURRJ302001IN |
|
8 |
C08500712 |
10505170 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA (SIDBI) |
27/06/2014 |
- |
- |
30000000.0 |
FIRST FLOOR,
JEEVAN NIDHI BLD IIAMBEDKAR CIRCILE, BHAWANI SINGH ROADJAIPURRJ302005IN |
|
9 |
C74791062 |
90070171 |
THE FEDERAL BANK
LTD |
27/01/1998 |
31/12/2015 |
- |
20000000.0 |
98-C SANGHI
UPASANA TOWERSUBHASH MARG, C SCHEMEJAIPURRJ302001IN |
|
10 |
G87663811 |
100097316 |
PUNJAB NATIONAL
BANK |
15/04/2017 |
- |
11/05/2018 |
195000000.0 |
CHANDPOLE BAZARSC
ROAD JAIPURJAIPURRJ302002IN |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
|
|
|
|
Bank Guarantee issued to third parties by banks ( Net of Margin) |
159.193 |
114.502 |
|
Letter of Credit Issued to suppliers by banks |
10.981 |
22.692 |
|
Buyer's Credit in Foreign Currency |
0.000 |
1.182 |
|
Disputed Excise Demand Liability(Net of deposit) |
4.246 |
0.127 |
|
Claims lodged but not accepted by company |
1.005 |
0.000 |
|
TDS Interest Demand |
0.046 |
0.051 |
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Building
- Plant and Equipments
- Furniture
- Vehicles
Intangible
Assets
- Software’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SRY |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KVT |
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.