MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P. E. S. ENGINEERS PRIVATE LIMITED |
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Formerly Known As : |
PRESSTEELS ENGINEERING SERVICES PRIVATE
LIMITED |
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Registered Office : |
6-3-1218 / 6 / 2, Umanagar, Begumpet,
Hyderabad – 560 016, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.06.1982 |
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Com. Reg. No.: |
01-003513 |
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CIN No.: [Company
Identification No.] |
U74210AP1982PTC003513 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP0087D |
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PAN No.: [Permanent
Account No.] |
AABCP4220B |
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Legal Form : |
Private Limited liability Company |
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Line of Business : |
Fabrication and Erection of Penstocks Erection of Turbine Generators
for Power Project. |
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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Maximum
Credit Limit : |
USD 375000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well – established company having
satisfactory track records. Trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6-3-1218 / 6 / 2, Umanagar, Begumpet, Hyderabad – 560 016,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23402508 |
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Fax No.: |
91-40-23311348 |
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E-Mail.: |
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Website: |
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Area : |
3000 Sq. ft |
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Location : |
Rented |
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Corporate Office : |
1st Floor, 14 Pancom Chambers, 6-3-1090/ 1/ A, Raj
Bhawan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
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Tel. No.: |
91-40-3311740 / 3311194/ 23311395 |
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Fax No.: |
91-40-3311348 |
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Mobile No.: |
91-9391022101 |
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E-Mail.: |
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Website : |
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Area : |
2500 sq. ft. |
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Factory 1 : |
14 Pancom Chambers, 6-3-1090/ 1/ A, Raj Bhawan Road,
Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
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Tel. No.: |
91-40-3311740/ 23311395 |
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Fax No.: |
91-40-3311348 |
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Factory 2 : |
SVCIE Balanagar Hyderabad - 500 037, Andhra Pradesh, INDIA |
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Tel. No.: |
91-40-23774170 |
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Fax No.: |
91-40-23770906 |
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Area : |
27000 |
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Location : |
Owned |
DIRECTORS
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Name
: |
Mr. Vasudeva Prasad Ravi |
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Designation
: |
Managing Director |
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Address
: |
6-3-1218 / 6 / 2, Umanagar,
Begumpet, Hyderabad – 560 016, Andhra Pradesh, India |
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Date
of Birth/Age : |
05.06.1967 |
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Qualification
: |
B.E., M.S. (USA] |
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Date
of Appointment : |
23.03.1992 |
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Email
: |
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Name
: |
Mr. Suresh Ravi |
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Designation
: |
Director |
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Address
: |
6-3-1218 / 6 / 2, Umanagar, Begumpet,
Hyderabad – 560 016, Andhra Pradesh, India |
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Date
of Birth/Age : |
28.06.1969 |
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Qualification
: |
B. Tech. (Mech.) |
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Date
of Appointment : |
23.03.1992 |
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Email
: |
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Name
: |
Mr. Venkata Krishna Rao |
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Designation
: |
Director |
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Address
: |
Flat 101, MCH No. 1085, Bhaskar Enclave, Nagarjuna Nagar,
Hyderabad – 500073, India |
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Date
of Birth/Age : |
12.12.1953 |
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Qualification
: |
B. E. (Mech.) |
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Date
of Appointment : |
03.03.1997 |
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Email
: |
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Name
: |
Mrs. Radha Kumari Ravi |
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Designation
: |
Director |
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Address
: |
6-3-1218 / 6 / 2, Umanagar,
Begumpet, Hyderabad – 560 016, Andhra Pradesh, India |
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Date
of Birth/Age : |
15.09. 1943 |
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Qualification
: |
BSC |
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Date
of Appointment : |
06.02.1985 |
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Name
: |
Dr. Chandra Sekhar Choudhary Yalamanchali |
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Designation
: |
Director |
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Address
: |
Plot No. B-51, Steel Mines Complex, Punjagutta, Hyderabad
– 500082, India |
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Date
of Birth/Age : |
20.09.1959 |
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Qualification
: |
MBAS, DCH |
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Date
of Appointment : |
25.01.1989 |
KEY EXECUTIVES
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Name : |
GMVDR and Associates |
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Designation : |
Company Secretary |
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Address : |
Hyderabad |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
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No. of Shares |
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Mr. Ravi Vasudeva Prasad |
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186700 |
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Mr. Ravi Suresh |
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186700 |
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Mrs. Y. Laxmi |
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67800 |
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Mrs. Ravi Radha Kumari |
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27000 |
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Mr. V V Krishna Rao |
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31800 |
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Total |
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500000 |
(As on 31.03.2008)
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Category |
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Percentage
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Fabrication and Erection of Penstocks Erection of Turbine Generators
for Power Project. |
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Products : |
v Contractors v Fabrication
Works |
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Terms : |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v Nuclear
Power Corporation Limited v Sardar
Sarovar Narmada Nigam Limited v North
Eastern Electricity Power Corporation Limited v Tehri
Hydro Development Corporation Limited v Himachal
Pradesh Jal Vidyut Vikas Nigam Limited v Indian
Oil Corporation Limited v Steel
Authority of India Limited v Vishakhapatnam
Steel Project v DSD
Noell GmbH v Orissa
Hydro Power Corporation Limited v Mitsui
and Company Limited v AP
Genco v Tamil
Nadu Electricity Board v National
Thermal Power Corporation Limited v National
Hydroelectric Power Corporation Limited v Bharat
Heavy Electricals Limited v Karnataka
Power Corporation Limited v Oil
and Natural Gas Corporation Limited v Voith
SIEMENS Limited v Gammon
India Limited v Toshiba
Plant Kenetsu (India) Private Limited v ITD
Cem v LMZ
Energy (India) Limited v Kerala
State Electricity Board v Bhoruka
Power Corporation Limited v West
Bengal State Electricity Board |
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No. of Employees : |
1200 |
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Bankers : |
v Andhra Bank Prakashamnagar, Begumpet, Hyderabad – 500016, Andhra Pradesh, India
v State Bank of Hyderabad, Industrial Finance Branch, Panjagutta, Hyderabad – 500082, Andhra Pradesh, India v ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ram Babu and Company Chartered Accountant |
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Address : |
3rd Floor, Pancom Chambers, Rajbhavan Road, Somajiguda,
Hyderabad – 500082, India |
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Associates/Subsidiaries : |
PES Infotech
Private Limited Pancom Chambers, Raj Bhawan Road, Somajiguda, Hyderabad – 500082,
Andhra Pradesh, India Line of Business : Software Development |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
|
500000 |
Equity Shares |
Rs.100/-
each |
Rs.50.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
270.739 |
221.279 |
166.837 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
320.739 |
271.279 |
216.837 |
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LOAN FUNDS |
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1] Secured Loans |
63.088 |
22.616 |
9.473 |
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2] Unsecured Loans |
42.604 |
34.611 |
26.102 |
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TOTAL BORROWING |
105.692 |
57.227 |
35.575 |
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DEFERRED TAX LIABILITIES |
9.401 |
8.029 |
7.543 |
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Advance received against work |
108.214 |
70.412 |
108.429 |
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TOTAL |
544.046 |
406.947 |
368.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
209.848 |
172.678 |
101.992 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.742 |
0.743 |
1.792 |
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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 |
55.310
|
16.844 |
29.445
|
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Sundry Debtors |
209.870
|
150.858 |
107.332
|
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Cash & Bank Balances |
130.941
|
130.625 |
163.997
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
139.130
|
96.919 |
62.501
|
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Total
Current Assets |
535.251
|
395.246 |
363.275 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
155.458
|
129.866 |
77.644
|
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Provisions |
46.337
|
31.854 |
21.031
|
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Total
Current Liabilities |
201.795
|
161.720 |
98.675 |
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Net Current Assets |
333.456
|
233.526 |
264.600
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
544.046 |
406.947 |
368.384 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Total Income (including other
income) |
722.600 |
720.700 |
734.800 |
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Profit/(Loss) Before Tax |
NA |
NA |
NA |
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Provision for Taxation |
NA |
NA |
NA |
|
Profit/(Loss) After Tax |
61.200 |
66.200 |
65.800 |
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|
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Total Expenditure |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
08.46
|
09.18 |
08.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
08.20
|
11.64 |
14.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24 |
30.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.81 |
0.62
|
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Current Ratio (Current Asset/Current Liability) |
|
2.65
|
2.44 |
3.68
|
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate identity
number of the company |
U74210AP1982PTC003513 |
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Name of the
company |
P. E. S. ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6-3-1218 / 6 / 2, Umanagar, Begumpet,
Hyderabad – 560 016, Andhra Pradesh, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable Property Book Debts Movable Property |
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Particular of
charge holder |
Andhra Bank Prakashamnagar, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Nature of
instrument creating charge |
Joint Deed of
hypothecation Working Capital
Consortium Agreement Declaration-cum
undertaking and memorandum of Entry |
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Date of
instrument Creating the charge |
07.03.2008 |
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Amount secured by
the charge |
Rs.543.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Term of
Repayment: As mentioned in
loan document |
|
Particulars of
the present modification |
Overall limit
enhanced to Rs.543.500 Millions |
FIXED ASSETS:
v Building Office
v Building Factory
v Temporary Sheds
v Computers
v Plant and
Machinery
v Furniture and
Fittings
v Vehicles
v Motor Carriers
v Cycles
v Electrical
Installation
v Office Equipment
v Tools and Tackles
WEBSITE DETAILS:
HISTORY:
v Company
was established in 1981 by its founder Managing Director, Late Shri Ravi
Janardhan Choudhury, a technocrat with almost three decades of experience in
the Engineering and Construction industry.
v
After graduating in Mechanical Engineering from REC, Warangal, Shri
Janardhan Choudhury joined a project construction company as a
partner.
v As
Director Technical of the firm he executed projects such
as Kothagudem Thermal Power project, Nagarjuna
Sagar (penstocks), Madras Atomic Project and Lower Sileru hydro
project to name a few.
v
In 1981 Shri Choudhury established Company In a creative and inspired
gambit; he pooled together an experienced team of 25 of the finest
technical experts from leading organizations in India.
v Company
was thus equipped with the latest construction engineering techniques in
Power Generation, Steel plants, Ship Yards, Fertiliser, Paper, Gas and
Chemical plants, and was fully geared up to meet the increasing demands of
India's industry.
v From
the core team's experience and expertise flowed the highest standards
of quality, efficiency and reliability – features that company is
renowned for today.
v From
executing high precision projects in the nascent nuclear power sector
to complex project construction works, Company established itself as a
reputed project construction company that relishes complex
challenges.
v Company
is now striding ahead confidently as a leading service provider in the Hydro
equipment segment. While embarking on new forays and adapting itself to change,
company remains faithful to its core values of investing in technical
competencies, quality human
resources and sound business ethics - a tribute to the ideals and
principles of its founder, Shri Janardhan Choudhary.
CORPORATE PROFILE:
v
Established contractor with a proven track record of
25 years. Executed over a 100 major projects to complete client
satisfaction till date.
v Professionally
managed company with young, and committed top management.
Average age of top management is a mere 43 years with average
field experience is 18 years.
v Growing
company with a 300% increase in turnover over the past three years.
v Highly
experienced technical team of 106 engineers with a cumulative work experience
of 1063 years.
v In-house
design expertise. company is one of the few companies in India with
design capabilities for design of large Penstocks, Steel Liners, Pressure
Shafts and critical Hydro mechanical equipment.
v Market
leader in India in Penstock/Steel liner/Pressure shaft segment.
v Has
undertaken maximum number of underground projects by a Hydro
mechanical, Electro mechanical contractor in the hydro power sector in
India.
v
Market leader in hi-tech welding of exotic material Nuclear Reactor
Piping.
v Has
contributed to establishment of 5000 MW (19%) of hydro generation capacity out
of about 27000 MW capacity established in India in Hydroelectric sector alone.
Presently working towards establishing 6358 MW of hydro generation to be
completed in 24 months.
v Fabrication
shops and offices across the country, fully equipped with
modern construction machinery, erection tools and testing and
commissioning equipment.
v Quality
Control (QC) and Quality Assurance (QA) policies and procedures
adhering to International quality standards. PES is one of the few
companies equipped with experienced NDT personnel and sophisticated NDT
equipment.
v Top rated
clients such as NHPC, NPC, NTPC, ONGC, BHEL, IOCL etc, majority of who are
repeat customers.
MANAGEMENT TEAM
MANAGING DIRECTOR
MR. RAVI VASUDEVA PRASAD
Vasu possesses over 15 years of invaluable project and corporate management
experience that he acquired while managing company’s eventful growth stage. He
has successfully executed several major projects for PES, including fabrication
and erection of Penstocks (6x153 MW) at Srisailam Hydro Electric Scheme in
Andhra Pradesh, the largest of its kind in India to date.
Vasu is a Mechanical Engineer from Osmania University, Hyderabad with a Masters
degree in Mechanical Engineering from Oklahoma State University, USA.
EXECUTIVE DIRECTOR
MR. RAVI SURESH
Suresh brings 13 years of hands-on project and corporate
management experience, garnered while managing company’s transition and
consolidation stage. Among the major projects that he has successfully handled
are the installation of Nuclear Piping at Kakrapar Atomic Power Project Unit II
and fabrication and erection of Penstocks (4x250 MW) at Tehri Hydro Power
project, Uttaranchal.
A Mechanical Engineer from JNTU, Hyderabad, Suresh worked for a short stint at
the KARP Nuclear facility, Kalpakkam.
DIRECTOR TECHNICAL
MR. V.V. KRISHNA RAO
A Mechanical Engineer from Mysore University, Krishna Rao possesses 27 years of
experience in erection, testing and commissioning of paper machines, rotary and
stationary equipments, pipelines, penstocks and steel structures, construction
of RCC framed buildings and AC sheet roof hangers. He has overseen execution of
over 13 large projects in Hydroelectric power plants, Thermal power plants, Oil
and gas sector and Steel sector. He is currently handling the hydro projects in
the North eastern sector.
VICE PRESIDENT- NUCLEAR OPERATIONS
P.JYOTINDRANATH
L.M.E.
He brings 37 years of experience in fabrication and erection of structures,
erection, testing and commissioning of Turbo generators and fabrication,
erection, testing and commissioning of nuclear piping and associated
equipments. He has executed over 11 major projects for PES.
VICE PRESIDENT- PROJECTS
R.PANDAY
D.M.E., D.E.E,
With 39 years of experience in fabrication, erection,
testing and commissioning of pipelines for nuclear, thermal, and petrochemical
and fertilizer projects, installation of turbines, cold rolling mills, control
panels, instrumentation work for chemical, fertilizer and thermal projects, he
has managed a variety of challenges in diverse industries successfully.
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.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|