(i) Modern Insulators Limited is the leading porcelain insulator manufacturer in India. It is an arm of the Modern group of Industries and was set up in 1985 in collaboration with Siemens, Germany. Modern Insulators is also India’s largest manufacturer and exporter of porcelain insulators and is closely associated with National and Regional Utilities, Indian Railways, OEMs & EPC companies worldwide.
(ii) Modern is an ISO 9001 & ISO 14001 Certified Company and also India’s largest exporter of porcelain insulators with exports exceeding USD 15 million to more than 50 countries. Their plant has also undergone extensive modernization to ensure our products meet the safety and life cycle requirements of utilities, industries, and OEMs globally.
(iii) They were the first company to introduce porcelain Long rod insulators in India – a superior alternative to disc insulators with an unbeatable pollution performance. MIL also introduced an exclusive aluminous body for porcelain insulators- proven for its improved mechanical and electrical strength.
(iv) Modern Insulators’ manufacturing plant is situated in Abu Road, Rajasthan, and has a current installed capacity of 26,000 metric tonnes per annum and exports account to about 30% of its annual turnover. Modern has the most sophisticated manufacturing plant with machinery imported from Germany along with the required testing and inspection facilities and an in-house R&D setup recognized by the Government of India for the development of new products & process improvements.
Products of the Company:
1. Hollow Insulators
2. Solid-Core Insulators
3. Long-Road Insulators
Industry Overview:
The power generation, transmission, and distribution sector is the key growth driver for the Insulators industry. The Government of India is putting emphasis on power sector reforms to overcome impediments; it will, however, take some time before on-ground demand improvement is visible. Over the past few years, demand in the domestic insulators market has been sluggish, primarily due to the poor or financial health of state utilities, which has impacted new projects and delay in the execution of on-going projects.
| Total Available Shares: | 1381 |
| Face Value: | ₹ 10 Per Equity Share |
| Lot Size: | 200 Shares |
| Current Unlisted Share Price: | ₹ 65 Per Equity Share |
| Retail Discount: | Bulk Deal (1%) |
| Year | Revenue | EBITDA | OPM | PAT | NPM | Shares | F.V. | EPS | CE | RoCE |
| 2016 | 46750.88 | 4,810.02 | 10% | 2920.6 | 6% | 471.44 | 10 | 6.20 | 29,404.33 | 10% |
| 2017 | 52002.16 | 4,424.10 | 9% | 2988.46 | 6% | 471.44 | 10 | 6.34 | 28,828.37 | 10% |
| 2018 | 41598.71 | 3,957.42 | 10% | 1663.01 | 4% | 471.44 | 10 | 3.53 | 30,916.00 | 5% |
| 2019 | 44834.18 | 4,461.62 | 10% | 2552.45 | 6% | 471.44 | 10 | 5.41 | 33,477.05 | 8% |
| CAGR | -1% | -2% | -4% |
| Year | Long-Term Debt | Short-Term Debt | Total Debt | NW | Debt/NW | RONW |
| 2016 | 24.86 | 5904.60 | 5929.46 | 26477.21 | 0.22 | 11% |
| 2017 | 37.20 | 7277.67 | 7314.87 | 26092.31 | 0.28 | 11% |
| 2018 | 32.96 | 8339.11 | 8372.07 | 25827.41 | 0.32 | 6% |
| 2019 | 90.10 | 9195.82 | 9285.92 | 28313.58 | 0.33 | 9% |
| Year | CA | CL | Current Ratio | Receivable Days | CFO | Capital Exp. | FCF |
| 2016 | 18312.45 | 10818.34 | 1.69 | 61 | 908.15 | 465.31 | 442 |
| 2017 | 24486.54 | 14124.18 | 1.73 | 78 | -865.36 | 952.5 | -1817 |
| 2018 | 21740.00 | 14732.87 | 1.48 | 91 | 3584.42 | 347.38 | 3237 |
| 2019 | 23956.42 | 14744.99 | 1.62 | 76 | 3093.46 | 510.93 | 2582 |
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828, Sector 2B, Vasundhara, Delhi-NCR, India 201012
Market Wizard
Business Performance in 2017-18
Operation:
During the year under review, the performance of the Company has been satisfactory looking at the overall global scenario of the Industry. During the year, despite a challenging environment; the company has registered a growth of 4.42%. The revenue from operations (net of excise duty) for the ya ear has been 403.19 crores as against Rs. 386.14 crores.
Exports:
The company is one of the major exporters of H.T. Porcelain Insulators from India. The Company has achieved an export turnover of 92 Cr during the year as compared to 101 Cr in the previous year. The export has been impacted mainly because of stiff competition from China and the slowdown of the global economy. However, during the year the company has been able to sustain exports at a satisfactory level because of good quality and timely delivery. In addition, they also tapped & revived potential customers especially from Europe, the USA, Turkey and Russia. The company has concluded a yearly contract with Siemens to cater to its worldwide requirement for units in Germany, Brazil, and Mexico.
Market Wizard
December 2019 Quarterly Results link
https://dyvmwwyqozzzb.cloudfront.net/main/10bc5088-c445-4c74-9b90-a08af36bf25f.pdf
Market Wizard
During the FY17-18 the Scheme of arrangement between Modern Insulators Limited (“Demerged Company” or “MIL”) and Modern Polytex Limited (“Resulting Company” or “MPL”) and their respective shareholders and creditors under sections 391 and 394 of the Companies Act, 1956 (Presently sections 230 to 232 of the Companies Act, 2013) for demerger of the Yarn division of the Company into MPL, was approved by the Hon’ble National Company Law Tribunal, Principal Bench at New Delhi vide its order dated December 12, 2017,
Pursuant to the Scheme, yarn division of MIL has been transferred to and vested in MPL who shall issue one equity shares of MPL for every two equity shares to the shareholders of MIL i.e. 1,08,71,750 equity shares of Rs. 10 each as fully paid up. Your Company and MPL are in the process of completing the formalities relating to allotment of shares of MPL to the eligible shareholders and listing the same.
Market Wizard
The shares of the Company were listed in BSE and but trading is suspended by BSE. The company has already filed an appeal with BSE to revoke the suspension.
Company has filed application for revocation of suspension of trading on 07.02.2017 and it is noted that the company has initiated and made some compliances of listing and SEBI Regulations However, the application of revocation is in process and trading is still suspended of the company