MIRA INFORM REPORT
|
Report
Date : |
18th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
THERMAX LIMITED |
|
|
|
|
Registered
Office : |
D-13,
MIDC Industrial Area, R D Aga Road, Chinchwad, Pune - 411 019, Maharashtra,
India |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
30.06.1980 |
|
|
|
|
Com.
Reg. No.: |
25-22787 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U29299MH1980PLC022787 |
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|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
PNET03854E/PNET00017D |
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|
|
|
Legal
Form : |
Public
Limited Liability Company. The company’s shares are listed on the Stock
Exchanges. |
|
|
|
|
Line
of Business : |
Manufacturing of Steam or other Vapour Generating Boilers,
other Refrigerating or Freezing Equipment and Ion Exchangers of the
Polymerisation or Co-Polymerisation type. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
19000000 |
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|
|
|
Status
: |
Good |
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|
|
|
Payment
Behaviour : |
Regular |
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|
|
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Litigation
: |
Clear |
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|
|
Comments
: |
Subject
is an old and well established company. The company is engaged in
manufacturing and selling Air Pollution Control Plants & Systems, water
work treatment plants and Ion Exchange Resins and Chemicals. It is a
professionally managed company. The
company is progressing well. Trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered good for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
D-13,
MIDC Industrial Area, R D Aga Road, Chinchwad, Pune - 411 019, Maharashtra,
India |
|
Tel.
No.: |
91-20-27475941 |
|
Fax
No.: |
91-20-27472049 |
|
E-Mail
: |
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|
Website
: |
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|
|
Corporate
Office : |
Thermax
House, 4, Mumbai – Pune Road, Shivajinagar, Pune – 411 005, Maharashtra,
India |
|
Tel.
No.: |
91-20-25512122 |
|
Fax
No.: |
91-20-25512242/ 25511226 |
|
E-Mail
: |
|
|
|
|
|
Factory
1 : |
Pimpri - Chinchwad, Pune, Maharashtra |
|
Tel.
No.: |
91-20-27475941 |
|
Fax
No.: |
91-20-27472049 |
|
E-Mail
: |
|
|
Area : |
66,000 sq. fts |
|
|
|
|
Factory
2 : |
Village Paudh, Mazgaon, Via Pategarga, Taluka
Khalapur, District Raigad – 410 206, Maharashtra |
|
|
|
|
Overseas
Offices : |
Ř
Thermax
International Limited, Mauritius Ř
Thermax
(Rus) Limited, Russia Ř
Thermax
Europe Limited, U.K. Ř
Thermax
Europe Limited, U.K. Ř
ME
Engineering Limited, U.K. Ř
Thermax
Inc., U.S.A. |
|
|
|
|
Branches
: |
·
Ahmedabad,
Gujarat ·
Baroda,
Gujrata ·
Chandigarh
·
Bhopal,
Madhya Pradesh ·
Kolkata,
West Bengal ·
Chennai,
Tamilnadu ·
Hyderabad,
Andhra Pradesh ·
Mumbai,
Maharashtra ·
New
Delhi |
DIRECTORS
|
Name : |
Ms. Meher Pudumjee |
|
Designation
: |
Chairperson |
|
Age : |
36 Years |
|
Qualification
: |
Master in Chemical Engineering, B.E. |
|
Experience
: |
13 Years |
|
Date
of Appointment : |
1st August, 1991 |
|
|
|
|
Name : |
Mr. Prakash M. Kulkarni |
|
Designation
: |
Managing Director |
|
Age : |
55 Years |
|
Qualification
: |
B.E. Mech. |
|
Experience
: |
34 Years |
|
Date
of Appointment : |
1st July, 1999 |
|
Previous Employment |
Thermax Babcock & Wilcox Limited – Managing
Director |
|
|
|
|
Name : |
Mrs. Anu
R. Aga |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Tapan
Mitra |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Pheroz Pudumjee |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr. Manu
Seth |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr.
Jairam Varadaraj |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Ravi
Venkatesan |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation
: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil
Lalai |
|
Designation
: |
Company Secretary |
|
|
|
|
Name : |
Mr.
Amitabh Mukhopadhyay |
|
Designation
: |
Executive Vice President and Chief Financial
Officer |
|
|
|
EXECUTIVE COUNCIL :
|
|
|
|
|
|
Name : |
Mr.
Ravinder Advani |
|
Designation
: |
Executive
Vice President – ESD |
|
Age : |
56 Years |
|
Qualification
: |
B. E.
(Hons) (Mech.), PGDBM |
|
Experience
: |
34 Years |
|
Date
of Appointment : |
01.05.2000 |
Previous Employment :
|
Thermax
Babcock and Wilcox Limtied – General Marketing Manager. |
|
|
|
|
Name : |
Mr.
Shishir Joshipura |
|
Designation
: |
Executive
Vice President - PHD |
|
Age : |
44 Years |
|
Qualification
: |
B. E.
(Mech.) |
|
Experience
: |
22 Years |
|
Date
of Appointment : |
01.03.2003 |
Previous Employment :
|
Thermax
Energy Performance Services Limited – CEO
|
|
|
|
|
Name : |
Mr.
Prakash Kulkarni |
|
Designation
: |
Managing
Director |
|
Age : |
58 Years |
|
Qualification
: |
B. E.
(Mech.) |
|
Experience
: |
38 Years |
|
Date
of Appointment : |
01.07.1999 |
Previous Employment :
|
Thermax
Babcock and Wilcox Limited – Managing Director |
|
|
|
|
Name : |
Mr.
Amitabha Mukhopadhyay |
|
Designation
: |
Executive
Vice President and CFO |
|
Age : |
41 Years |
|
Qualification
: |
B. Sc.
(Hons.), ACA |
|
Experience
: |
17 Years |
|
Date
of Appointment : |
24.10.2001 |
Previous Employment :
|
IFB
Industries Limited – Vice President Finance |
|
|
|
|
Name : |
Mr. M. S.
Unnikrishnan |
|
Designation
: |
Executive
Vice President |
|
Age : |
45 Years |
|
Qualification
: |
B. E.
(Mech.) |
|
Experience
: |
24 Years |
|
Date
of Appointment : |
01.08.1997 |
Previous Employment :
|
Terrazzo
Limited – Assistance General Manager |
|
|
|
|
Name : |
Mr.
Sudhir Sohoni |
|
Designation
: |
Executive
Vice President |
|
Age : |
48 Years |
|
Qualification
: |
M A (PM
and IR) |
|
Experience
: |
26 Years |
|
Date
of Appointment : |
01.03.2006 |
Previous Employment :
|
CEAT
Limited – Vice President – Human Resource (Tyre Sector) |
|
|
|
|
Name : |
Mr. R V
Ramani |
|
Designation
: |
Divisional
Head |
|
Age : |
54 Years |
|
Qualification
: |
B. E.
(Mech.) |
|
Experience
: |
31 Years |
|
Date
of Appointment : |
01.10.1974 |
Previous Employment :
|
Indowse
Engineering Private Limited – Sales Engineer |
|
|
|
|
Name : |
Mr. V J
Shah |
|
Designation
: |
Divisional
Head |
|
Age : |
58 Years |
|
Qualification
: |
B. Tech.
(Chem. Engg.), MBM |
|
Experience
: |
30 Years |
|
Date
of Appointment : |
15.05.1988 |
Previous Employment :
|
Rieco
Industries Limited – Senior Manager |
MAJOR SHAREHOLDERS
As on 11.04.2006
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
Promoters' Holdings
|
73855305 |
61.98 |
|
|
|
|
Non Promoter's Holdings
|
|
|
|
Mutual
Funds and UTI Banks, Financial Institutions and Insurance Companies |
19165729 |
16.08 |
|
FIIs |
5008383 |
4.20 |
|
Private
Corporate Bodies |
4252943 |
3.57 |
|
Indian
Public and Others |
16665162 |
13.99 |
|
NRIs /
OCBs |
208778 |
0.18 |
|
Total |
119156300 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing of Steam or other Vapour Generating Boilers,
other Refrigerating or Freezing Equipment and Ion Exchangers of the
Polymerisation or Co-polymerisation type. |
||||||||
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|
Products
: |
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PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Energy Products & Systems a. Boilers
Capacity upto 30MT / Chillers b. Boilers
Capacity above 30MT c. Heaters d. Power
Plants |
|
Nos. MT Mn. Kg
Cal MW |
3281 5700 -- -- |
2050 3923 144 69 |
|
Environmental Products & Systems : |
|
|
|
|
|
a. Air Pollution Control Plants and
Systems |
|
Nos. |
-- |
555 |
|
b. Water and Waste Treatment Plants |
|
Nos. |
-- |
1429 |
|
c. Ion Exchange Resins & Chemicals |
|
MT |
34890 |
14056 |
GENERAL INFORMATION
|
No. of
Employees : |
Around 3253 |
|
|
|
|
Bankers
: |
®
Union
Bank of India, Chinchwad Branch, Pune – 411 015 ®
Bank
of Baroda, Shivajinagar Branch, Pune – 411 015 ®
Canara
Bank ®
Citibank
N.A. ®
Corporation
Bank ® Standard Chartered Bank ® Bank of America NA, Express
Towers, Nariman Point, Mumbai – 400 021 ® ICICI Bank Limited |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors
: |
B. K.
Khare and Company Chartered Accountants |
|
Address
: |
706/707, Sharda Chambers, New Marine Lines, Mumbai – 400
020, Maharashtra |
|
|
|
|
Associates
: |
v
Thermax
Culligan Water Technologies Limited v
Thermax
Systems & Software Limited |
|
|
|
|
Subsidiaries
: |
v
Thermax
Babcock and Wilcox Limited v
Thermax
Energy Performance Services Limited v
Thermax
Surface Coatings Limited v
Thermax
Capital Limited v
Thermax
Electronics Limited v
Thermax
Engineering Construction Company Limited v
Thermax
Instrumentation Limited v
Thermax
Co-gen Limited v
Winman
Gas Limited v
Thermax
International Limited, MAuritius v
Thermax
(Rus) Limited, Russia v
Thermax
Europe Limited, U.K. v
ME
Engineering Limited, U.K. v
Thermax
Inc., U.S.A. v
Thermax
do Brasil Energia e Equipmentos Ltda, Brazil v
Thermax
Hong Kong Limited, Hong Kong |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
37,50,00,000 |
Equity
Shares |
Rs.10/- each |
Rs. 750.000 millions |
|
-- |
Redeemable
Preference Shares |
Rs. 10/- each |
-- |
|
|
Total |
|
Rs. 750.000 millions
|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
11,91,56,300 |
Equity
Shares fully paid up |
Rs.2/- each |
Rs. 238.300 millions |
|
-- |
6%
Redeemable Preference Shares fully paid-up |
Rs. 10/- each |
-- |
|
|
Total |
|
Rs. 238.300 millions |
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 |
|
|
|
|
|
1] Share
Capital |
238.300 |
714.900 |
714.900 |
|
|
2]
Reserves & Surplus |
4547.600 |
3386.000 |
3191.700 |
|
NETWORTH
|
4785.900 |
4100.900 |
3906.600 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
92.900 |
82.000 |
77.700 |
|
|
|
|
|
|
|
TOTAL
|
4878.800 |
4182.900 |
3984.300 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1332.400 |
926.400 |
808.000 |
|
Capital work-in-progress
|
43.800 |
89.800 |
21.600 |
|
|
|
|
|
|
|
INVESTMENT
|
4174.900 |
3161.600 |
2760.800 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1187.400 |
859.200 |
595.100 |
|
|
Contracts in Progress
|
435.400 |
196.500 |
0.000 |
|
|
Sundry Debtors
|
2263.000 |
1728.600 |
1179.900 |
|
|
Cash & Bank Balances
|
361.100 |
111.500 |
186.300 |
|
|
Other Current Assets
|
215.400 |
84.800 |
183.700 |
|
|
Loans & Advances
|
867.300 |
699.600 |
502.900 |
Total Current Assets
|
5329.600 |
3680.200 |
2647.900 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
4787.200 |
2971.500 |
1884.100 |
|
|
Contracts in Progress
|
654.300 |
294.300 |
0.000 |
|
|
Provisions
|
562.400 |
416.400 |
381.100 |
Total Current Liabilities
|
6003.900
|
3682.200
|
2265.200 |
|
Net
Current Assets
|
(674.300) |
(2.000) |
382.700 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
2.000 |
7.100 |
11.200 |
|
|
|
|
|
|
|
TOTAL
|
4878.800 |
4182.900 |
3984.300 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
14980.000 |
9411.600 |
6038.100 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
1925.300 |
830.200 |
724.500 |
Provision for Taxation
|
692.800 |
277.300 |
183.600 |
Profit/(Loss) After Tax
|
1232.500 |
552.900 |
540.900 |
|
|
|
|
|
Dividend
|
405.100 |
286.000 |
286.000 |
|
|
|
|
|
Export Value
|
2420.000 |
1808.700 |
1130.800 |
|
|
|
|
|
Import Value
|
1570.700 |
983.800 |
619.000 |
|
|
|
|
|
Total Expenditure
|
13054.700 |
8581.400 |
5255.600 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.09.2006 [2nd Quarter] |
30.06.2006 [1st Quarter] |
|
Sales
Turnover |
|
4822.900 |
3185.900 |
|
Other
Income |
|
87.600 |
105.800 |
|
Total Income |
|
4910.500 |
3291.700 |
|
Total
Expenditure |
|
4296.200 |
2843.900 |
|
Operating
Profit |
|
614.300 |
447.800 |
|
Interest |
|
2.400 |
0.100 |
|
Gross
Profit |
|
611.900 |
447.700 |
|
Depreciation |
|
49.900 |
37.600 |
|
Tax |
|
227.700 |
134.500 |
|
Reported
PAT |
|
250.800 |
275.400 |
200609 Quarter 2 :-- Net Sales Includes Sales and
Services (Excluding Excise Duty) Rs 4697.80 million Other Income from
Operations Rs 125.10 million Expenditure Includes (Increase) / Decrease in
Stock in Trade Rs (36.20)million Consumption of Raw Materials Rs 3030.10
million Staff Cost Rs 432.20 million Other Expenditure Rs 870.10 million Tax
Includes Provision for Current Tax Rs 222.00 million Deferred Tax Rs
(16.50)million Fringe Benefit Tax Rs 05.70 million.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
0.94 |
1.02 |
1.10 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
7.50 |
5.65 |
3.67 |
|
Inventory |
11.76 |
10.94 |
10.28 |
|
Debtors |
7.89 |
6.64 |
5.98 |
|
Interest Cover Ratio |
38.46 |
22.34 |
33.22 |
|
Operating Profit Margin (%) |
13.51 |
9.95 |
15.02 |
|
Profit Before Interest and Tax Margin (%) |
12.55 |
9.00 |
13.58 |
|
Cash Profit Margin (%) |
8.79 |
6.68 |
11.25 |
|
Adjusted Net Profit Margin (%) |
7.82 |
5.72 |
9.80 |
|
Return on Capital Employed (%) |
44.53 |
21.76 |
21.90 |
|
Return on Net Worth (%) |
29.09 |
14.86 |
16.25 |
STOCK PRICES
|
Face Value |
Rs. 2/- |
|
High |
Rs. 417.00 |
|
Low |
Rs. 357.00 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY :
In 1980,
Wanson (India) Private Limited, manufacturing coil type packaged boilers, was
amalgamated with Thermax India Private Limited and Thermo-Dynamics Private
Limited. The amalgamated company was renamed Thermax Private Limited. Three
companies - Tulsi Fine Chemicals Private Limited, Kailas Castings Private
Limited and T K Steel Industries were later amalgamated with it and the company
is now known as Thermax Limited. The company manufactures boilers upto
capacities of 30 tph.
In 1995-96,
the company received the ISO 9002 certification from Lloyd’s Register of
Quality Assurance. Its COGEN division signed a distributorship agreement with
Kawasaki Heavy Industries for Packaging Kawasaki’s gas turbines upto 6 MW.
During
1996-97 the company received the AD-Merkblatt certification for the entire
manufacturing unit at Chinchwad. An electronic network called Thermet Linking
all establishments of the company in the country was introduced during the
year, making Thermax virtually a single workplace.
During the
year 1999-2000, Thermax Instrumentation Limited, a joint venture between
Thermax and Fuji Electric of Japan was amicably dissolved. It acquired ME
Engineering, a UK-based company belonging to the Beel Industrial Boilers Plc (BIB) group. Thermax recently exited from
Thermax System and Software by selling it at a valuation of Rs. 110 millions in
exchange for one lakh shares of Global Tele Systems which are to be locked in
for a specified period. Thermax has also sold its industrial fans division to a
Pune-based company, Universal Fans, for a valuation of Rs. 12.500 millions.
Subject has
restructed its business activities and had closed down or hived off unrelated
business and took some strategic initiatives. Lloyds Register of Quality
Assurance has awarded ISO 9001 certificate to the quality management system of
the Absorption Cooling Division.
During
2001-2002, Thermax Water Technologies a wholly owned subsidiary of the subject
was amalgamated with it. Subject to approval of Hon’ble High Court at Judicature
at Mumbai. Subject has proposed to issue bonus shares by way of redeemable
preference shares in the ratio of 2 redeemable preference shares for each
equity held in subject. The issue was subject to approval in the forthcoming
AGM. The 36 MW power plant for Shree Cement was commenced during 2002-03.
The Boiler & Heater business of the company has received
an order during December 2004 from a leading company in the Steel Industry for
supply, erection & installation of 8 Nos of Waste Heat Recovery Boilers
alongwith associated piping & fittings. The value of the order is Rs.900
millions.
The Cogen Division of the company has received the Letter of Intent from a
leading company in the Iron & Steel industry, valued at Rs.650 millions.
This is for setting up a 18.5 MW Captive Power Plant(CPP) using waste from
their sponge iron kiln. The CPP is a fast track project and expected to be
commissioned within 16 months from December 2004.
Business :
The company
has developed new generation sewage treatment plant that occupies only 10% of
the space required by a conventional plant. Pilot plant trials had been
completed successfully and this technology will be commercialised soon for
municipal sewage treatment.
The company
has obtained the prestigious Det Norske Veritas ISO 14001 certification for its
environmental management system in its manufacturing plant at Chinchwad. The
company is planning a restructuring exercise and plans to close down or hive
off unrelated businesses and take some strategic initiatives. Lloyds Register
of Quality Assurance has awarded ISO 9001 certificate to the quality management
system of the Absorption Cooling Division.
In January
2002, the Board of Directors of the company has approved the proposal for
amalgamation of Thermax Water Technologies, a wholly owned subsidiary with the
company.
Performance
The company has posted
good results during the year with total sales revenue and other income of Rs.
14980.000 millions, up from Rs. 9412.000 millions in the previous year. Profit
before tax and extraordinary items is up at Rs. 1925.000 millions (Rs. 830.000
millions in the previous year) - the
highest ever earned by the company.
Profit after tax is
marginally higher at Rs. 1233.000 millions from Rs. 553.000 millions in the
previous year. Earnings per share (EPS) moved up significantly to Rs.96.900
millions compared to Rs. 43.700 in 2004-05.
During the year exports have increased to Rs. 3080.000 millions from Rs.
1760.000 millions in the previous year.
The current years figures
are not strictly comparable with those of the previous year as two wholly-owned
subsidiary companies- Thermax Babcock and Wilcox Limited and Thermax Capital
Limited – were amalgamated with Thermax Limited during the year.
A detailed review of the
company performance and future prospects in included in the Management
Discussion and Analysis section of this Annual Report.
Consolidated Results
The consolidated revenue of the Thermax Group
has gone up by 29 percent to Rs. 1606.000 million. Income from international
business has increased to Rs. 3925.000 millions from Rs. 3520. Profit before
tax has increased 67 percent to Rs. 1728.000 millions and profit after tax and
minority interest has increased 52.6 percent to Rs. 1025.000 millions. Earnings
per share (EPS) on a consolidated basis was Rs. 79.600 millions as compared to
Rs. 54.600 millions in the previous year. ME Engineering, the UK based
subsidiary incurred a net loss of GBP 2.08 millions affecting consolidated
profit.
Amalgamation
Thermax Babcock and Wilcox Limited (TBW) and
Thermax Capital Limited (TCL), two wholly owned subsidiary companies, have been
amalgamated with the company w.e.f. 01.04.2005, the appointed date as per the
scheme of amalgamation sanctioned by the Honorable High Court of judicature of
Mumbai.
Thermax Babcock and Wilcox which is now
integrated in the Boiler and Heater (B and H) Group of the company continues to
manufacture large boilers in the range of 30 to 500 tph.
Consequent upon amalgamation Rs. 107.000
millions and Rs. 150.000 millions that the company had invested in TBW and TCL
respectively stand extinguished and the net worth of company has increased by
Rs. 726.000 millions.
Dividend
The directors have paid pro rata dividend of 6
percent for the year 2005-06 upon redemption of the Redeemable Preference
Shares on 26.07.2005. The payment of the dividend is being placed for
confirmation of the members at the forthcoming Annual General Meeting.
The Directors recommend the payment of Rs. 170
percent dividend on equity shares (Rs. 3.4 per shares of face value of Rs. 2
each) for 2005-2006. (Previous year Rs. 12 per share of Rs. 10 each).
If approved this will entail a total outgo of
Rs. 462.000 millions towards dividend payout (including tax on dividend).
Dividend on equity shares represents a payout ratio of 40 percent.
Awards and Recognition
®
“Asia Best Under a Billion” in year 2005.
®
ACREX Award for Thermax in year 2006.
®
Younger Achiever Award for Chairperson in year
2006.
OHSAS Certification:
The chemical plant of Thermax at Paudh, near Mumbai, has received the
OHSAS 18001:1999 certification from BVQI for implementing the occupational
health and safety management system.
Comfex award for Thermax:
Comfex 2005 honoured Prakash Kulkarni, Managing Director of Thermax, with a
special award for Thermax's contribution to the HVAC industry.
Recognition for Anu Aga:
Former Chairperson Anu Aga was featured as one of the 25 Most Powerful Women in
Indian Business in the special issue of Business Today, in September
2004.
The company is in trade
terms with :
Ř
Ashok
Surfactants Private Limited
Ř
Balaji
Chemicals
Ř
Davale
Packing Contractors
Ř
Gadia
Industries
Ř
Metal
Arts
Ř
National
Engineers
Ř
Chemi
Flow Rubber Industries
Ř
Arca
Control Private Limited
Ř
Annapurna
Engineering and Manufacturing Private Limited
Ř
Arem
Engineering
Ř
Arun
Plast
Ř
Autocon
Engineering
Ř
Blue
Stone Enterprises
Ř
Creative
Mouldings
Ř
Elcon
Industries
Ř
Elcon
Instruments
Ř
Elder
Instruments
Ř
Electro
Fab
Ř
Friends
Engineers
Ř
Guddi
Plasticom
Ř
Hercules
Speciality
Ř
Initiative
Inc
Ř
Jai
Ganesh Enterprises
Ř
K. J.
Engineering Works
Ř
K. K.
Nag Limited
Ř
Kalyani
Marg
Ř
Khandelwal
Engineering
Ř
Lebracs
Rubber Lining
Ř
Lokesh
Auto
Ř
Mangalam
Enterprises
Ř
Maruti
Enterprises
Subject has
joint venture with the following :
Ř
Thermax,
Babcock & Wilcox
Ř
Thermax
Culligan Water Technologies Limited
Ř
Thermax
Energy Performance Services Limited
The company
has strategic alliances with the following :
Ř
Struthers
Wells, USA
Ř
Kawasaki
Engineering, Japan
Ř
Ecotec,
Canada
Ř
Aqua-Chem,
USA
Ř
Allied
Signals, USA
Ř Bloom Engineering, Germany
Subject has
network of 150 distributors, dealers and franchisees.
The
company's fixed assets of important value include Freehold Land, Leasehold
Land, Buildings, Plant & Machinery, Machinery on Lease, Electrical
Installation, Furniture, Fixtures, Computers & Office Equipment and
Vehicles.
PRESS RELEASES:
Thermax
revenues up 56 %; declares 120 % dividend
Pune, May
11, 2005. Thermax Limited, today presented its audited financial results for
2004-05 announcing a 56 % revenue growth to Rs. 9412.000 Millions . Exports
have increased to Rs. 1760.000 Millions from Rs. 1180.000 Millions last year.
Consolidated revenue for the group has climbed 55 % to Rs.12810.000 Millions .
Profit after tax in 2004-05 was Rs. 553.000 Millions and Earning Per Share was
Rs. 218.300 Millions , about the same level as last year after expensing Rs.
90.000 Millions on a transformation project and a fall of Rs.100.000 Millions
in investment income on its portfolio of Rs. 2720.000 Millions .
Consolidated profit after tax this year was up 10% to Rs.683.000 Millions and
Earning Per Share was Rs. 27.3 (last year Rs. 25.4).
The Board of Directors have recommended a dividend of 6% on the Redeemable
Preference Shares and announced an early redemption of the 6% Redeemable
Preference Shares of face value of Rs. 10 each, aggregating Rs. 47.7 crores.
The Board also recommended a dividend of Rs. 12 per Equity Share of face value
Rs. 10 each (120%).
During 2004-05, as a launching platform for the future, the Company’s capital
expenditure has accelerated. Several new products were introduced and research
and development revamped. Thermax is currently engaged in a company-wide
initiative to transform the way it does business aimed at significant increase
in customer satisfaction and its top line and bottom line growth. The company
is investing substantial resources in attaining operational excellence –
focusing on processes and systems that have a
direct impact on cost, quality, lead-time and on-time performance at every
point of customer engagement.
The order book of the company stood at Rs 773 Millions, which is 80 % higher
than same time last year. The consolidated order book was Rs 1127 Millions 65 %
higher than last year. Based on the momentum in ferrous-, non-ferrous, cement,
energy, textile, chemicals and other customer segments, the company is
confident of continued growth
About Thermax Limited
Thermax Limited, a leading player in energy and environment management, is one
of the few companies in the world that offers total integrated, solutions in
the areas of heating, cooling, power, water and waste management, air pollution
control and chemicals. The sustainable solutions Thermax develops for client
companies are environmentally friendly and enable efficient deployment of
energy resources. Headquartered in Pune, India, Thermax’s international
operations are spread over South East Asia, Middle East, Africa, Russia, UK and
the US.
Thermax
Q 3 Net up 33%, Sales up 79%.
All India, January 31,
2005: Thermax Limited, a leading player in energy and environment solutions,
today announced sharply improved results for the third quarter ended December
2004, posting a net profit of Rs.126 Millions , compared to Rs.96 Millions in
the corresponding quarter last year. Sales in Q3 were Rs.237Millions (previous
period Rs.132 Millions). The company''s revenues from exports have increased
125 percent to Rs.462 Millions from Rs.205 Millions in the same period last
year. The results were taken on record at the Board meeting today.
The results for the nine month period ended December 2004 showed an increase in
sales by 67 percent to Rs.579 Millions. However, net profit marginally declined
to Rs.291 Millions from 306 Millions , due to sharp fall in Other Income from
Rs.212 Millions to Rs.79.700 Millions .
During the quarter, while demand was buoyant the cost of input materials and
components continued to escalate, putting margins under pressure. However,
effective cost management and aggressive team effort helped increase operating
profit from
Rs.102 Millions to Rs.182 Millions . The profit for the quarter is after
considering fees of Rs.32 Millions paid to management consultant for the
business transformation initiative, which aims to leverage Thermax''s historic
strengths to achieve accelerated sustainable growth. The initiative is making
good progress.
Compared to the same quarter last year, the company''s order intake was 77
percent higher at Rs.466 Millions
Orders in hand at end December 2004 was 112 percent higher at Rs.847
Millions . On consolidated basis, orders in hand totalled Rs.1226 Millions .
The company therefore expects to end the financial year with a topline growth
of over 50 percent on consolidated basis compared to earlier growth estimate of
40 percent. To serve its buoyant market, the company is taking steps to add to
capacity. For the longer term the company is actively considering substantial
investment in new facilities for its boiler and heater business.
Thermax Limited is one of the few companies in the world that offer integrated
and innovative solutions in the areas of heating, cooling, power, water and
waste management, air pollution control and chemicals. The sustainable
solutions Thermax develop for client companies are environment friendly and enable
efficient deployment of energy and water resources. For more information, visit
wws.thermaxindia.com
Thermax Q2 Sales up 58 %, Net Rs.10.8 crores
Thermax Q2 Sales up 58 %,
Net Rs.10.8 crores, Strong order book.
All India, November 9, 2004 : Thermax Limited, a leading player in energy and
environment solutions, today announced results for the second quarter ended
September 2004.
Sales for Q2 were Rs. 217 crores, up 58 percent compared to the corresponding
quarter last year. The company’s EBIDT from operations increased 18 percent to
Rs. 164.000 Millions . Net profit was, however, down to Rs. 108.300 Millions .
(Last year Q2, Rs. 154.200 Millions ) During the quarter the company continued
to face repeated price escalations of its raw materials like steel, copper and
styrene putting severe pressure on margins. Further, declining interest rates
and the softening of the debt market sharply reduced Other Income in the
quarter by Rs. 58.700 Millions. Also, during the quarter the company spent Rs
31.700 Millions to launch a business transformation exercise which is expected
to lead to significant improvement in the quality and quantity of its business.
In the half year, compared to the same period last year, the company’s
consolidated results show a top line increase by 59 percent to Rs.483 crores;
EBIDT from operations improved 61 percent to Rs. 346.200Millions and net profit
by 5 percent to
Rs. 240.200 Millions from Rs. 228.700 Millions in H1 of the previous year.
Earning per share has improved to Rs. 10.10 from Rs. 9.40.
Orders at hand on a consolidated basis at end September 2004 were Rs. 956
crores compared to Rs. 447 crores last year. Recently, the company has bagged
an order for a captive power plant valued at Rs. 93 crores for a leading cement
company.
Thermax Limited is one of the few companies in the world that offers integrated
and innovative solutions in the areas of heating, cooling, power, water and
waste management, air pollution control and chemicals. The sustainable
solutions Thermax develops for client companies are environment friendly and
enable efficient deployment of energy and water resources. For more
information, visit www.thermaxindia.com
Thermax posts 60 %
increase in invoicing in Q1
Thermax
Limited, a leading player in the energy and environment sectors, today
announced results for the first quarter of fiscal 2004-05, showing an increase
in sales from Rs. 779 Millions last year to Rs. 1248 Millions .
Thermax announces 2003-04
results
Thermax
Limited, the leading player in energy and environment management, today
announced its audited financial results for the year 2003-04. Sales and other
income stood at Rs. 6038.100 Millions up from Rs 5525.300 Millions in the
previous year. Profit after tax is up at Rs. 540.900 Millions from Rs. 482.400
Millions last year. Earnings per share was Rs. 21.99 compared to Rs. 20.24 in
the previous year.
The consolidated revenue of Thermax Group has gone up by 11.9 per cent to Rs.
8293.500 Millions Profit before tax
increased 13.6 per cent to Rs.894.0000 Millions . Profit after tax and minority
interest increased 12.8 per cent to Rs. 628.600 Millions . Thermax consolidated
earnings per share has gone up to Rs. 26.32 as compared to Rs. 23.37 in the previous
year.
The Board of Directors has recommended a dividend of 120 per cent. (Rs.12 per
equity share of Rs. 10 each).
During the year there was a record 86 per cent growth in order intake to Rs.
867 Millions . The order intake for the Thermax Group was Rs 1214 Millions ,
the highest ever.
The order backlog on 1st April 2004 was Rs. 429 Millions for Thermax Limited as against Rs. 134
Millions in the previous year. The order backlog on a consolidated basis was
Rs. 683 Millions as compared to Rs. 256 Millions in the previous year.
The company is currently engaged in capability building to offer significantly
improved end-to-end solutions in energy and environment to its customers.
The company is in the process of buying out the 40 per cent minority stake from
Babcock & Wilcox International investments (BWII) in their joint venture
company in India, Thermax Babcock & Wilcox Limited (TBW). Consequently, the
JV will become a wholly owned subsidiary of Thermax. However, it will continue
to operate under its present name. BWII will continue to support technology
transfer, revamp and retrofit in the utility market and help in augmenting
business in the international market.
About Thermax Limited
Thermax Limited, a leading player in energy and environment management, is one
of the few companies in the world that offers total integrated solutions in the
areas of heating, cooling, power, water and waste management, air pollution
control and chemicals. The sustainable solutions Thermax develops for client
companies are environmentally friendly and enable efficient deployment of
energy and water resources. Headquartered in Pune, India, Thermax’s
international operations are spread over South East Asia, Middle East, Africa,
Russia, UK and the US.
Thermax Plans Rs.100 Millions capacity enhancement - The Times of India
|
Thermax
revenues up 56 %; declares 120 % dividend |
|
Pune, May
11, 2005. Thermax Limited, today presented its audited financial results for
2004-05 announcing a 56 % revenue growth to Rs. 9412 Millions Exports have increased to Rs. 176
Millions from Rs. 118 Millions last year. Consolidated revenue for the
group has climbed 55 % to Rs.1281 Millions . |
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
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.44.99 |
|
UK Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
and their relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
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 |