MIRA
INFORM REPORT
|
Report Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
TRIVENI
ENGINEERING & INDUSTRIES LIMITED |
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Registered Office : |
Deoband, District Saharanpur - 247554, Uttar
Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1997 |
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Com. Reg. No.: |
20-22266 |
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CIN No.: [Company
Identification No.] |
U99999UP1997PLC022266 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTT00200E |
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PAN No.: [Permanent
Account No.] |
AABCT6370L |
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Legal Form : |
A
Public Limited Liability Company. The
company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing
and Sale of Sugar, Sugar Plant & Machinery Products and Turnkey Projects
Turbines – Steam Turbines, Hydel Turbines, Packaging of Gas Turbines, Gears
& Gearboxes and Surface Pollution Control –Turnkey Projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and diversified engineering company having satisfactory
track. The company’s profitability is
under severe pressure. Payments are reported as slow but correct. The
company can be considered normal for small business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Deoband, District Saharanpur - 247554, Uttar
Pradesh, India |
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Tel. No.: |
91-1336-222497 / 222185 / 222866 / 223791 |
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Fax No.: |
91-1336-222220 |
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E-Mail : |
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Website : |
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Gears
division |
¨
1,2,3
Belagola Industrial Area, Metagalli, K.R.S Road, Mysore – 570016, Karnataka,
India. Tel. No.
91-821-2582807 / 2582148 Fax No.
91-821-2582694 |
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Corporate
Office : |
¨
“KAILASH”
2nd Floor, 26, Kasturba Gandhi Marg, New Delhi – 110001, India. Tel. No.
91-11-23310021 (4 Lines) 91-11-23714460
(3 Lines) Fax No.
91-11-23310117 |
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Factory
1 : |
¨
Deoband
Sugar Unit, District Saharanpur – 247554, Uttar Pradesh, India. Tel. No.
91-1336-222497 / 222185 / 222866 Fax No.
91-1336-222220 ¨
Ramkola
Sugar Unit, District Kushinagar – 274305, Uttar Pradesh, India. Tel. No.
91-5564-222218 91-5567-226021
/ 226071 / 226072 / 226243 Fax No.
91-5567-226248 ¨
D-196,
Okhla Industrial Area Phase – 1, New Delhi – 110 020, India. Tel. No. 91-11-2681 0125 /
530 / 2681 3223 / 6093 / 94 / 98 E-mail triveni@del2.vsnl.net.in ¨
Khatauli Sugar Unit, District Muzaffarnagar - 251201, Uttar Pradesh,
India Tel No.
91-1396-272561 / 272562 Fax No.
91-1396-272543 ¨
Jeevan
Tara Building, Gate No.4, 1st Floor, 5 Parliament Street, New
Delhi – 110 001, India. Tel. No.
91-11-23362522 - 24 Fax No. 91-11-23362525 |
DIRECTORS
|
Name : |
Mr.
Dhruv M. Sawhney |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. F
C Kohli |
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Designation : |
Director |
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Name : |
Mr. M
K Daga |
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Designation : |
Director |
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Name : |
Mr. M
V Subbiah |
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Designation : |
Director |
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Name : |
Mr. R
C Sharma |
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Designation : |
Director |
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Name : |
Mr. S
K Seth |
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Designation : |
Director |
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Name : |
Mr. M
M Haque |
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Designation : |
Director (IDBI Nominee) |
KEY EXECUTIVES
|
Name
: |
Mr. V
P Ghuliani |
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Designation
: |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indiari Promoters |
179108220 |
69.45 |
|
Persons acting in concert |
2961825 |
1.15 |
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Mutual Funds & UTI |
21362362 |
8.29 |
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Banks, Financial Institutions, Insurance Cos. |
4200043 |
1.62 |
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Flls |
29955042 |
11.62 |
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Private Corporate Bodies |
3564986 |
1.38 |
|
Indian Public |
14337029 |
5.56 |
|
NRIs/OCBs |
' 353098 |
0.14 |
|
Others - Clearing Members & Trust |
2037545 |
0.79 |
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Total |
257880150 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Sale of Sugar, Sugar Plant & Machinery Products and Turnkey Projects
Turbines – Steam Turbines, Hydel Turbines, Packaging of Gas Turbines, Gears
& Gearboxes and Surface Pollution Control –Turnkey Projects. |
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Exports to : |
Bangladesh,
Egypt, Ethiopia, Gabbon, Germany, Indonesia, Kenya, Nepal, Netherlands,
Nigeria, Pakistan, Papua New Guinea, Philippines, Seychelles, Sri Lanka,
Tanzania, UAE, Uganda and Venezuela. |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Sugar |
MT |
|
40,500 |
382,131.20 |
|
Molasses |
MT |
|
-- |
207,286.09 |
|
Mechnical Equipment |
Rs. In Millions |
|
-- |
142.52 |
|
Steam Turbines |
MW |
|
660 |
425 |
|
High Speed Reduction Gears |
Nos. |
|
450 |
313 |
|
Power |
OOO'KWH |
|
45 MW |
145,964.45 |
GENERAL
INFORMATION
|
No. of Employees : |
2500 |
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Bankers : |
v
Central
Bank of India v
Punjab
National Bank v
Oriental
Bank of Commerce v
Union
Bank of India v
Standard
Chartered Bank v
State
Bank of Travancore v
Canara
Bank |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
¨
J.
C. Bhalla & Company Chartered Accountants branch auditors
¨
M/s
R. S. Gupta & Company ¨
M/s
Virmani & Associates |
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Subsidiaries : |
¨
United
Shippers & Dredgers Limited ¨
The
Engineering & Technical Services Limited ¨
Triveni
Sperry Sun Limited ¨
TOFSL
Trading & Investment Limited ¨
Triveni
Sri Limited “Kailash” 2nd Floor, 26,
Kasturba Gandhi Marg, New Delhi – 110001, India. Tel No.
91-11-3310021 (4 Lines) 91-11-3714460 (3 Lines) Fax No.
91-11-3310117 |
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MEMBERSHIPS |
Confederation
Of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 500.000 Millions |
|
20,000,000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Total |
|
Rs.700.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
257,888,150 |
Equity Shares |
Rs.1/- each |
Rs. 257.88
Million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
257.880 |
103.020 |
122.900 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5044.490 |
1838.270 |
1375.400 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5302.370 |
1941.290 |
1498.300 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3697.950 |
4299.640 |
3864.500 |
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2] Unsecured Loans |
328.090 |
201.290 |
238.700 |
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TOTAL BORROWING |
4026.040 |
4500.930 |
4103.200 |
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DEFERRED TAX LIABILITIES |
443.100 |
344.140 |
5601.500 |
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TOTAL |
9771.510 |
6786.360 |
5601.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5480.000 |
2465.150 |
1668.200 |
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Capital work-in-progress |
467.420 |
300.400 |
182.500 |
|
|
Intangible Assets |
20.850 |
26.460 |
0.000 |
|
|
Discarded Fixed Assets Pending Disposal/Sale |
0.190 |
2.220 |
0.000 |
|
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Plant & Machinery acquired under Lease |
202.100 |
216.020 |
0.000 |
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INVESTMENT |
18.640 |
229.750 |
229.700 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
4047.900
|
4352.780 |
4431.900 |
|
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Sundry Debtors |
1003.440
|
666.490 |
583.700 |
|
|
Cash & Bank Balances |
259.190
|
227.870 |
159.900 |
|
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Other Current Assets |
2.740
|
8.980 |
0.000 |
|
|
Loans & Advances |
870.660
|
676.430 |
744.300 |
|
Total Current Assets |
6183.930
|
5932.550 |
5919.800 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2123.650
|
1877.910 |
1942.100 |
|
|
Provisions |
487.600
|
537.060 |
503.100 |
|
Total Current Liabilities |
2611.250
|
2414.970 |
2445.200 |
|
|
Net Current Assets |
3572.680
|
3517.580 |
3474.600 |
|
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|
MISCELLANEOUS EXPENSES |
9.630 |
28.780 |
46.500 |
|
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|
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TOTAL |
9771.510 |
6786.360 |
5601.500 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
11560.720 |
9191.970 |
7815.800 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
1611.790 |
1241.060 |
254.600 |
|
Provision
for Taxation |
296.830 |
245.860 |
77.100 |
|
Profit/(Loss)
After Tax |
1314.960 |
995.200 |
177.500 |
|
|
|
|
|
|
Export
Value |
198.760 |
111.910 |
NA |
|
|
|
|
|
|
Import
Value |
149.630 |
306.250 |
NA |
|
|
|
|
|
|
Total
Expenditure |
9948.930 |
7950.910 |
7810.800 |
QUARTERLY
|
PARTICULARS |
|
|
30.06.2006 (1ST Quarter) |
|
Sales Turnover |
|
|
2999.800 |
|
Other Income |
|
|
27.000 |
|
Total Income |
|
|
3026.800 |
|
Total Expenditure |
|
|
2448.100 |
|
Operating Profit |
|
|
578.700 |
|
Interest |
|
|
78.200 |
|
Gross Profit |
|
|
500.500 |
|
Depreciation |
|
|
90.100 |
|
Tax |
|
|
26.100 |
|
Reported PAT |
|
|
324.000 |
200606 Quarter 1 - Expenditure Includes (Increase)/Decrease in Stock in Trade Rs. 1007.600 million Consumption of Raw Materials Rs 1136.200 million Staff Cost Rs 188.100 million Other Expenditure Rs. 299.100 million Off Season Expenses (net)& Amount Capitalised on Rs (192.600)million Captive Supplies Depreciation includes Amortisation Rs. 9.700 million Depreciation Rs. 90.100 million Tax Includes Provision for Normal Tax Liability Rs 23.500 million Deferred Tax Rs. 60.300 million Fringe Benefit Tax Rs. 2.600 million EPS is Basic and Diluted Status of the Investors Complaints for the quarter ended 30.06.2006 Complaints Pending at the beginning of the quarter Nil Complaints received during the quarter 135 Complaints disposed off during the quarter 134 Complaints unsolved at the end of the quarter 01 1. The Company's main business is sugar (including cogeneration) which is a seasonal industry. Therefore, the performance results of the quarters may vary. 2. Implementation of the capital projects to be executed by the Company in the financial year 2006-2007 is proceeding satisfactorily. 3. Segments have been identified in accordance with the Accounting Standard on Segment Reporting (AS-17). 4. The business segment 'Others' includes the operations of the High Speed Gears and Water/Waste Water Treatment. Figures of previous quarter have been regrouped to include the operations of Agri Business, which from 25.10.2005 have been carried out by a wholly owned subsidiary. 5. The earning per share has been computed in accordance with the Accounting Standard (AS-20) issued by the Institute of Chartered Accountants of India. The earning per share for all the periods is with reference to face value of Re 1/- for each equity share and enhanced capital after bonus shares issued on 17.06.2005. In respect of the quarter ended 30.06.2005. the share capital prior to the public issue, for the year ended 31.03.2006, the weighted average of share capital before and after the public issue, and for the quarter ended 30.06.2006, the share capital after public issue, have been considered. 6. Cogeneration being a seasonal industry, during quarter ended 30.06.2006, the off-season expenses of Rs. 19.500 million pertaining to the cogeneration plants (including captive plant) have been deferred and will be charged off over the balance operational period during the current year. Figures of the previous quarter have also been revised on the same basis and consequently, profit for the previous quarter ended 30.06.2005 after tax is higher by Rs. 7.700 million. 7. The Company raised an amount of Rs. 2400 million by way of public issue of equity shares during the year 2005-2006 and utilised Rs. 2275.600 million towards the objects for which the money was raised. The balance amount of Rs. 124.400 million as on 30.06.2006 is invested temporarily for reducing the Working Capital over-draft. 8. Previous period figures under different heads have been regrouped to the extent necessary. 9. The above results were reviewed and recommended for adoption by the Audit Committee and approved by the Board of Directors of the company at their meetings held on July 12 and July 13, 2006 respectively.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2005 |
|
Debt
Equity Ratio |
1.24 |
2.80 |
2.87 |
|
Long
Term Debt Equity Ratio |
0.54 |
0.81 |
0.72 |
|
Current
Ratio |
1.13 |
1.04 |
1.06 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.36 |
3.24 |
2.54 |
|
Inventory
|
3.02 |
2.32 |
1.70 |
|
Debtors |
15.21 |
16.34 |
13.35 |
|
Interest
Cover Ratio |
6.86 |
4.68 |
1.83 |
|
Operating
Profit Margin (%) |
16.71 |
16.66 |
10.42 |
|
Profit
Before Interest and Tax Margin (%) |
14.85 |
15.45 |
8.80 |
|
Cash
Profit Margin (%) |
12.21 |
10.95 |
4.40 |
|
Adjusted
Net Profit Margin (%) |
10.35 |
9.74 |
2.78 |
|
Return
on Capital Employed (%) |
24.55 |
27.21 |
11.80 |
|
Return
on Net Worth (%) |
38.34 |
66.01 |
14.17 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.68.25/- |
|
Low |
Rs.67.30/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Triveni Engineering & Industries Limited, a part of Triveni group is in the business of manufacturing of Sugar, Steam Turbines and Project & Engineering activities.
On looking the four decade history starting from the incorporation of
erstwhile Triveni Engineering in January 1961, it is dotted with mergers and
amalgamations, totalling to 3 mergers/amalgamations. In 1971 the Upper India
Sugar Mills was merged with the Triveni Engineering Works(TEWL), and this was
subsequently merged with Triveni Oil Field Services, which is a JV company
between TEWL and Pool Company, US and the merged company was renamed as Triveni
Enginering and Industries Limited. In 2000, the Triveni Engineering & Industries
Limited was amalgamated with Gangeshwar Limited, and the amalgamated entity was
named as Triveni Engineering & Industries Limited.
Sugar Division: This division came into existence by the way of
merger of Upper India Sugar Mill at Khatauli with TEWL. This capacity of the
plant was expanded and upgraded continuously. In 1992-1993, the erstwhile TEWL
has taken over the management of Gangeswar Limited two sugar units at Deoband
and Ramkoda in UP. In 1993 the TEWL went public to part finance the chemical project
based on captive molasses. Subsequently, by the amalgamation in 2000, this
division has got all the three plants under it's roof with an installed
capacity of 25250 Metric Tons of Cane Crushed per day.
Turbine Business Group: In 1964, the erstwhile TEWL, has started
manufacuturing of steam turbines for the sugar industry in collaboration with
Peter Brotherhood, UK. an in 1974 it has set up a facility at Bangalore to
manufacture Steam turbines (upto 6MW rated capacity), turbo alternators and hydraulic
systems. The mysore plant had been set up in 1976 to manufacture gears and gear
boxes/drives. Now TEIL is the only gear manufacturer in India with the
International Technology (provided by Lufkin Industries, Texas, US under
licence) for manufacturing entire range of high speed gears. In 2000-2001, the
company start producing gas turbine under licence from vericor Power Systems
LLC, Apharetta, Georgia, USA. The first gas turbine under this has been
supplied and commissioned at the prestigious Oberoi Amar Vilas Hotel in Agra in
FY 2000-2001.
Projects & Engineering Division : This division of the company
is located in Okhla Industrial Area, N.Delhi is specialising in Sugar
Machinery, Mini Hydel and sewage treatment project. This division, as a part of
erstwhile TEWL has started manufacturing of mini and micro hydel turbines, in
collaboration with Society Esac of France, with a view to offering turnkey
projects in the range of 50KW to 3MW. In 1986, the company's Mathura
engineering unit was closed down and shifted to Naini in Uttar Pradesh. In
1994-1995, the company has renewed it's licence with Envirex of US for another
10 Yrs for surface pollution control products. The company has successfully
commissioned four mini hydel projects on the Abohar Canal, in Punjab in
2000-2001.
Oil & Gas Division : This division come into part of the
company by the way of merger of Triveni Oil Fields Services(TOFS) with TEWL.
TOFS was incorporated as Triveni Pool Intairdril in February 1986 by a JV
between TWEL and Pool Company of USA. to provide on-shore Oil drilling services
on Charter-hire to ONGC and Oil India Limited
To replace all the old boilers and turbines with new efficient high
pressure boilers and turbines the company has embarked an Co-generation &
Modernization Project costing Rs.840.000 Millions of which a subtantial will be
commissioned in the next financial year. The plant will be located separately
at Deoband.
Technical Collaboration:
The
company has technical collaboration with following companies:
¨
Flexibox
Limited, UK
¨
Lufkin
Industries Inc., USA
¨
Plenty
Limited, UK
¨
Sugar
Research International, Australia
¨
US
Filter/Envirex, USA
The
company’s fixed assets of important value includes Land-Freehold and Leasehold,
Building, Railway Sidings, Plant and Machinery, Rigs and Accessories, Bunk
Houses, Furniture and Fixtures and Vehicles
Performance
During the year under review, the company reported a record performance across
the following parameters:
Net sales increased 24.04% to Rs.11920.370 million Profit after tax increased
32.13% to Rs.1314.960 million.
There was a remarkable growth in turnover in all the engineering units
accompanied by an attractive increase in their respective margins. The company
is optimistic of a similar or higher growth in turnover and profit of all
businesses in FY 2006-2007.
On account of substantial sugar capacity expansion and new capacities, costing
around Rs. 10 billion between April 2004 and March 2007, the company is
entitled to all the prescribed incentives under the UP Sugar Promotion Policy,
2004 for ten years commencing from FY 2007, subject to a ceiling of Rs. 10
billion.
The segment wise reporting of the various business segments has been
provided in Note 16 of the Notes to Accounts' to the audited statementand
detailed comments on the performance of the various divisions are given in the
Management Discussion and Analysis.
Dividend
Directors take pleasure in recommending a dividend of Re. 0.50 per equity
share (50%) on the enhanced capital for the financial year ended 31.03.2006.
Total outgo on account of dividend for the financial year 2005-2006 will be
Rs.147.540 million (including Dividend Distribution Tax) as against Rs. 93.950
million in 2004-2005, an increase of 57.04%.
Increase in authorised capital
The shareholders of the company passed a resolution at the Extraordinary
General Meeting on 19.05. 2005 and increased the authorised capital to Rs.
700.000 million comprising 500.000 million equity shares of Re 1 each and 20.000
million preference shares of Rs. 10 each.
Public issue and listing
With a view to fund ongoing capital expansion and comply with the
directions of the Bombay Stock Exchange for resuming trading in their equity
shares, the Company came out with a public issue of 50.000 million equity
shares of Re.1 each in November 2005 through a 100% book building process
(price band Rs.42 to Rs.50 per share). The issue was subscribed over ten times.
As an investor friendly gesture, the Board fixed the final issue price of Rs.
48 per share.
Following the allotment of 124,728,090 bonus shares and 50,000,000 fresh
equity shares through the public issue, the paid-up equity capital of the
Company increased to Rs.257,880,150 consisting of 257,880,150 fully paidup
equity shares of Re.1 each.
Following the completion of all formalities, trading in the Company's
equity shares commenced on the BSE and NSE with effect from 13.12.2005.
Redemption of investment in Preference Shares:
The Company held an investment of 1,249,129 and 865,828 6%
Redeemable Non-Cumulative Preference Shares of Rs.100 each of The
Engineering & Technical Services Limited. and TOFSL Trading &
Investments Limited. respectively. These preference shares were fully redeemed
by both companies during the year ended 31.03.2006 following payment of the
principal and dividend for the year 2005-2006.
Business outlook and strategy
In line with their corporate vision, they continue to be a leader in each
of their businesses. They are in the midst of an aggressive programme to
significantly expand operations in all their core businesses and in 2006-2007
will be undertaking even larger investments in technology, plant and machinery
and manpower. In their engineering business, they continue to use technology
and services as their key differentiators and are gearing to rapidly expand
into the international market in 2007. In steam turbines, they plan to expand
their range of products and technology upto 45 MW and are engaged in dialogue
with few strategic partners to source technology. These partnerships will help
us in leveraging the global market for their current range of products and
services. Their in-house Research and Development is continuing and a new 20/25
MW steam turbine model with their recently developed state-of-the-art low
pressure high efficiency blades, will be ready for manufacture in the next few
months.
They are substantially expanding their sugar manufacturing capacities in
the current year and will commission three new plants at Chandanpur, Raninagal
and Narainpur with capacities of 6000, 5500 and 6000 TCD capacity respectively
in the J.P. Nagar, Moradabad and Rampur districts of U.P. A 160 kilolitre per
day distillery in Muzaffarnagar and a 23 MW co-generation plant at Khatauli
will also be commissioned in the current financial year.
Sugar pricing
The Indian Government follows a dual pricing policy, under which a fixed
proportion of production is to be sold by the sugar companies to the Public
Distribution System at a fixed price (levy sugar). This price varies from
region to region and the Sugar Directorate (under the Ministry of Consumer
Affairs, Food and Public Distribution) releases this quantity in favour of the
various States.
Interestingly, there has been a decline in sales through the Public
Distribution System as the levy sugar has declined from 60% in the early 1980s
to 10% effective from March 2002 (according to the Government's Revitalisation
Report). The balance of sugar (free sugar) can be sold in the open market.
Although sugar, which may be sold in the open market, is not subject to a levy,
the Government continues to regulate sales through a release mechanism,
determining the amount of sugar that can be sold each month.
Outlook
The domestic price of sugar is expected to stay firm over the foreseeable
future on account of the following factors: inventory is expected to stay under
control due to increased consumption and rising exports; international sugar
prices are expected to remain buoyant.
Performance
The company achieved 7% highercrush in 2005-2006, a good performance as
it competed successfully with producers of alternative sweeteners to reduce
cane diversion and increase drawal of sugarcane. Further, the company produced
Rs. 0.380 million tonnes of white sugar in 2005-2006. Due to late rains, winter
frost and overfertilisation, the sugar recoveries in western UP were lower by
around 0.6-0.7% than what had been achieved in 2004-2005. Average recovery for
their sugar units declined from 10.08% in 2004-2005 to 9.59% in 2005-2006 due
to the reasons aforesaid. It is to the company's credit that despite poor
weather, the Deoband unit reported one of the highest recoveries among all
western UP sugar factories during the season under review.
Triveni Engineering ties up with Italian firm for Indian navy jobs
The
companies have signed an MoU for sharing work, producing and assembling
mechanical equipment for maritime and naval vessels
February
14, NOIDA:
Triveni Engineering and Industries Limited has tied up with Italy-based
Fincantieri for sharing work, producing and assembling mechanical equipment for
maritime and naval vessels.
The
Executive Sub-Committee of the board at its meeting held today decided to
implement the provisions of the Memorandum of Understanding between the two
companies, which aims to tap the design engineering and production competencies
of Triveni Engineering within the existing and planned infrastructure at its
engineering locations in Bangalore and Mysore.
Under
the agreement, the products that would be produced and assembled include
thrusters, steering gears, propellers, shaft lines and gear boxes, Triveni
informed the BSE.
The
Indian Navy, to which the company already supplies steam turbines, and other
ship users will be the clients and the agreement is subject to final approval
of the Indian Navy.
At the
meeting proposals for expanding the company's present co-generation capacity
and setting up a distillery unit were also made.
A decision
to form a strategic alliance with some foreign partner for expanding the
company's technical capabilities for manufacturing steam turbines above 18 MW
and up to 50 MW, was also taken by the Executive Sub-Committee, subject to
approval of the board of directors.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.86 |
|
UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.56.99 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|