MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARTSON ENGINEERING LIMITED |
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Registered Office : |
426, “M. L. Aggarwal Building”, 1st Floor, Plot No. 426, W.
T. P. Patil Marg, Opposite Sghatabdi Hospital, Chembur – 400071, Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
18.09.1978 |
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Com. Reg. No.: |
20644 |
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CIN No.: [Company
Identification No.] |
L27290MH1978PLC020644 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNA00247C |
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Legal Form : |
Public limited liability company. Company’s Shares are listed on the
Stock Exchange. |
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Line of Business : |
The company is engaged in manufacturing of chemical process equipment
and providing services of design, engineering procurement services, project
exports, export of speciality equipments like resin plants, floating suction assemblies,
jacking assemblies, pressure vessels and heat exchanges. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Improving |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject has been acquired by Tata Projects Limited in January 2008 and
is now a subsidiary of Tata Projects Limited, a Tata Group Company, country’s
premier industrial house. The company’s financial position is improving. Trade relations are fair.
Payments are reported as slow but correct. As it is now a part of Tata Group, subject can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
426, “M. L. Aggarwal Building”, 1st Floor, Plot No. 426, W.
T. P. Patil Marg, Opposite Sghatabdi Hospital, Chembur – 400071, Maharashtra,
Indi a |
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Tel. No.: |
91-22-25219191 / 25219192 |
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Fax No.: |
91-22-25218564 |
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E-Mail : |
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Head Office : |
Artoson House, 16-17, Motibaug, Chembur, Mumbai – 400 071,
Maharashtra, India |
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Tel. No.: |
91-22-556 6614 / 556 8275 / 556 8261 / 557 2148 |
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Fax No.: |
91-22-557 4681 / 551 4698 |
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Factory : |
Plot No. D-5, MIDC, Ambad, Nashik - 422 010, Maharashtra, India. |
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Tel. No.: |
91-22-282 4124 / 284 4491 |
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Fax No.: |
91-22-285 3913 |
DIRECTORS
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Name : |
Mr. K. P. Singh |
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Designation : |
Chairman |
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Name : |
Mr. N. K. Jagasia |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
58 years |
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Qualification : |
B.E. (Mech.) |
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Date of Appointment : |
18.09.1978 |
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Previous
Employment : |
Manager – Alkan Engineering (India)
Private Limited |
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Name : |
Mr. P. S. Chopde |
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Designation : |
Chairman |
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Date of Birth/Age : |
51 years |
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Qualification : |
B.E. (Mech.), MMS |
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Date of Appointment : |
18.09.1978 |
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Previous
Employment : |
Engineer – Hindustan Petroleum Corporation
Limited |
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Name : |
Mr. Shailendra Krishan |
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Designation : |
Director |
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Name : |
Mr. H. H. Malgham |
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Designation : |
Director |
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Name : |
Mr. C. V. Kadvekar |
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Designation : |
Managing Director |
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Date of Birth/Age : |
44 years |
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Qualification : |
B.Chem. Engg., MBA |
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Date of Appointment : |
01.09.1982 |
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Previous Employment
: |
Chemical Engineer – Hindustan Antibiotics
Limited |
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Name : |
Mr. K. B. Kakatkar |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
55 years |
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Qualification : |
B.E. (Civil), MMS |
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Date of Appointment : |
18.09.1978 |
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Previous
Employment : |
Dy.Com. Manager – Standard Alkali Div.,
Standard Mills Company Limited |
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Name : |
Mr. R. S. Medhi |
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Designation : |
Wholetime Director |
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Date of Birth/Age : |
55 years |
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Qualification : |
Mech. Engineer |
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Date of Appointment : |
01.09.1980 |
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Previous
Employment : |
Head of PPC Dept., Garlic Engineering |
KEY EXECUTIVES
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Name : |
Mr. V. E. Vaithilingam |
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Designation : |
Vice-President – Operations |
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Name : |
Mr. V. Chandrashekar |
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Designation : |
Vice-President (Finance) & Secretary |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of chemical process equipment and
providing services of design, engineering procurement services, project
exports, export of speciality equipments like resin plants, floating suction
assemblies, jacking assemblies, pressure vessels and heat exchanges. |
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Products : |
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Exports : |
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Products : |
Project Exports & Chemicals Process Equipment |
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Countries : |
Cyprus, Gulf Countries, Nigeria and Russia |
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Imports : |
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Products : |
Steel & LPG Filling Machines Components |
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Countries : |
France and Germany |
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chokshi & Chokshi Chartered Accountants Mumbai – 400 020 |
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Memberships : |
Confederation of Indian Industry |
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Collaborators : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000
millions |
|
200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Total
|
|
Rs.
170.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,230,000 |
Equity Shares |
Rs. 10/- each |
Rs. 92.300
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
92.300 |
92.300 |
92.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
[124.700] |
[83.400] |
[178.300] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
[32.400] |
8.900 |
[86.000] |
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LOAN FUNDS |
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1] Secured Loans |
435.500 |
442.500 |
527.300 |
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2] Unsecured Loans |
4.800 |
4.800 |
5.700 |
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TOTAL BORROWING |
440.300 |
447.300 |
533.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
407.900 |
456.200 |
447.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.500 |
37.800 |
43.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
119.200
|
116.100 |
109.300 |
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Sundry Debtors |
264.100
|
276.600 |
387.700 |
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Cash & Bank Balances |
6.900
|
17.400 |
12.700 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
43.800
|
126.500 |
189.200 |
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Total
Current Assets |
434.000
|
536.600 |
698.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.000
|
111.400 |
293.200 |
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Provisions |
1.600
|
6.900 |
1.800 |
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Total
Current Liabilities |
65.600
|
118.300 |
295.000 |
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Net Current Assets |
368.400
|
418.300 |
403.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.100 |
0.100 |
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TOTAL |
407.900 |
456.200 |
447.000 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
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Sales Turnover |
138.600
|
135.300
|
35.200
|
|
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Other Income |
2.400
|
63.400
|
02.200
|
|
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Total Income |
141.000 |
198.700 |
37.400 |
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Profit/(Loss) Before Tax |
[13.900]
|
21.600
|
[38.800]
|
|
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Provision for Taxation |
0.100
|
5.700
|
0.000
|
|
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Profit/(Loss) After Tax |
[14.000]
|
15.900
|
[38.800]
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Expenditures : |
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Raw Materials |
34.800
|
22.300
|
17.400
|
|
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Excise Duty |
0.000
|
0.000
|
0.000
|
|
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Power & Fuel Cost |
0.800
|
0.500
|
0.400
|
|
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Other Manufacturing Expenses |
39.600
|
28.800
|
15.200
|
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Employee Cost |
26.700
|
29.800
|
9.700
|
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Selling and Administration
Expenses |
24.900
|
26.600
|
12.300
|
|
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Stock Adjustments |
[7.600]
|
[6.700]
|
14.600
|
|
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Miscellaneous Expenses |
28.800
|
70.100
|
0.300
|
|
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Interest & Financial Charges
|
1.900
|
0.300
|
0.200
|
|
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Depreciation |
5.000
|
5.400
|
6.100
|
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Total Expenditure |
154.900 |
177.100 |
76.200 |
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SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.09.2007 |
|
Type |
|
|
Full
Year |
|
Sales Turnover |
|
|
357.600 |
|
Other Income |
|
|
0.100 |
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Total Income |
|
|
357.700 |
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Total Expenditure |
|
|
300.700 |
|
Operating Profit |
|
|
57.000 |
|
Interest |
|
|
0.200 |
|
Gross Profit |
|
|
56.800 |
|
Depreciation |
|
|
7.600 |
|
Tax |
|
|
0.200 |
|
Reported PAT |
|
|
49.000 |
|
Dividend (%) |
|
|
0.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.12.2007 |
|
Type |
|
|
1st
Qtr |
|
Sales Turnover |
|
|
94.400 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
94.400 |
|
Total Expenditure |
|
|
82.200 |
|
Operating Profit |
|
|
12.200 |
|
Interest |
|
|
3.000 |
|
Gross Profit |
|
|
9.200 |
|
Depreciation |
|
|
1.700 |
|
Tax |
|
|
0.100 |
|
Reported PAT |
|
|
7.400 |
KEY RATIOS
|
PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
Debt-Equity
Ratio |
0.00 |
0.00 |
0.00 |
|
Long
Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current
Ratio |
1.23 |
1.11 |
1.04 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
0.85 |
0.84 |
0.22 |
|
Inventory |
1.18 |
1.20 |
0.29 |
|
Debtors |
0.51 |
0.41 |
0.09 |
|
Interest
Cover Ratio |
[6.32] |
121.33 |
[193.00] |
|
Operating
Profit Margin(%) |
[5.05] |
30.89 |
[92.33] |
|
Profit
Before Interest And Tax Margin(%) |
[8.66] |
26.90 |
[109.66] |
|
Cash
Profit Margin(%) |
[6.49] |
23.73 |
[92.90] |
|
Adjusted
Net Profit Margin(%) |
[10.10] |
19.73 |
[110.23] |
|
Return
On Capital Employed(%) |
0.00 |
6.62 |
0.00 |
|
Return
On Net Worth(%) |
0.00 |
44.80 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Artson Engineering (AEL) as a project engineering company it
offers multi-disciplinary design and construction services in the mechanical,
civil, electrical and instrumentation fields. It offers turnkey services in
petroleum storage and handling systems, plant utilities, diesel power houses,
CPP, energy conservation, waste-heat recovery and noise pollution control
systems.
The company promoted by a group of technocrat entrepreneurs was incorporated in
Sep.'78. The company went public in 1986. Further in Oct 1994 the company came
out with an rights issue to part finance its expansion and
diversification.
In 1992, it diversified into finned tubes and heat exchangers. The company
undertakes turnkey contracts to set up petroleum storage installations, fuel
handling systems, port-based cryogenic facilities and bottling plants for LPG
besides the manufacture of machinery for filling and testing LPG cylinders.
The company signed a MoU with Chicago Bridge and Roof Constructions, UK, to
jointly undertake major projects in India. It has also signed agreements with
Verwater, Netherlands, and Baker Tank Company, US, to represent them and repair
tanks.
Subject has acquired ISO 9001 certification for EPC activities.
REVIEW
OF OPERATIONS
The company is actively perusing its effects to get its arbitrations completed
at the earliest to improve the funds flow and provide the same for growth. The
contracts under execution both at Reliance-Jamnagar, Reliance-Chennai and
Heisco-Kuwait are proceeding well on schedule.
THE FUTURE SCENARIO
The revival in Engineering and Construction Industry has gathered momentum.
Large number of projects are being approved and implemented. The company's
proven performance in Oil and Gas Sector should see it consolidate its position
and capitalize on the gains achieved in the year under consideration. Orders
from Reliance Jamnagar Refinery worth 200 Millions and Kuwait Heisco of about
120 Millions, have just started.
BIFR
Hearing on the company's application made to the Board for Industrial &
Financial Reconstruction took place on 17th May, 2006 before the BIFR Bench.
The company's application has been admitted under reference No. 152/2004. The
Board has appointed M/s. Bank of India, Electric House branch, as an Operating
Agency. The company is in the process of preparing the rehabilitation plans
through the Operating Agency to the Board.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Overall Review
The year under consideration ending on 30th September, 2006 shows improvement
over the previous years and a trend of positive growth. The company is
operating at reduced capacity due to non-availability of Bank Guarantees and
other funding facilities. A number of tenders received by the company could not
be taken advantage in view of financial constraints. The company has during the
year completed at Buhasa Oil Fields at Abu Dhabi, UAE. The work on 62 Tanks at
Essar is in final stages of completion.
During the year under consideration, the company has secured contract for
construction of storage Tanks at Kuwait for Heavy Engineering Industries &
Shipping Company, at Chennai & Jamnagar for Reliance Industries. The work
for these projects has already been started & gathered momentum.
AS PER WEBSITE
08-JAN-08 Tata Projects has been inducted as the strategic investors in BIFR-referred Artson
Engineering. Artson Engineering board has
allotted 27.69 million shares of Rs 1.00 each to Tata Projects.
18-DEC-07 Tata group company Tata Projects, will buy a majority stake in Artson Engineering, a Board
for Industrial and Financial Reconstruction (BIFR) referred company.
Acquisition of Artson Engineering Limited, Mumbai (January 2008)
Tata
Projects Limited (TPL) acquired a majority stake of 75% in Artson Engineering Limited
(AEL), in January 2008. AEL is a Public Limited Company listed on the Bombay
Stock Exchange, TPL subscribed to 2,76,90,000 Equity Shares of Re.1/- each as
per the Rehabilitation Scheme sanctioned by the Hon’ble Board of BIFR on
December 18, 2007.
In
compliance with the Order of BIFR, the Face Value of the Equity Share of Rs.
10/- each has been reduced to Re. 1/- each. Consequent to the reduction and the
subscription by TPL, AEL’s paid-up share capital now aggregates
Rs.3,69,20,000/-. As part of the Sanctioned Scheme, TPL as a Strategic Investor
is required to infuse funds in the form of Secured Debt to pay off the Secured
Lenders and other creditors pursuant to the Rehabilitation Scheme and to
provide for the expansion of AEL’s Business.
Subject
has successfully commissioned on turnkey basis, several fuel storage and
handling facility systems and emerged as one of the foremost companies in the
country which specialize in such systems. Its expertise has gradually expanded
beyond the country and subject have been executing prestigious overseas
contracts also.
Subject
has also developed its capabilities in multi disciplinary construction fields
for the Hydrocarbon Process Industry and successfully executed many prestigious
construction contracts such as FCCU, Double Walled Storage Tanks etc. in India
& abroad. Subject is now one of the leading Design, Engineering,
Procurement and Construction Companies in Petroleum Storage & Handling
Systems
The
expertise of subject would enhance the EPC business opportunities of TPL,
especially in the Oil, Gas & Hydrocarbon Sector. This synergy is currently
being demonstrated in the Project under execution, of a Major Oil Terminal in
the UAE.
FIXED ASSETS
- Land
- Buildings
- Plant &
Machinery
- Computer
- Furniture
& Fixture
- Office
Equipments & Air Conditioner
- Electrical
Installation
- Vehicles
- Testing
Equipments
- Workshop/Safety
Equipments
- Patterns
- Dies &
Templates
- R&D
Tech. Development
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.40.02 |
|
UK Pound |
1 |
Rs.78.77 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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
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. |
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 |
|