MIRA
INFORM REPORT
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Report Date : |
02.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ARTSON ENGINEERING LIMITED |
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Registered
Office : |
Rang Udyan Building No. 2, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.09.1978 |
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Com. Reg. No.: |
11-020644 |
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CIN No.: [Company Identification
No.] |
L27290MH1978PLC020644 |
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Legal Form : |
Public Limited Liability Company The Company Share are Listed on 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
|
MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 is a subsidiary of Tata Project 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. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Rang Udyan Building No. 2, 1st Floor, |
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Tel. No.: |
91-22-66255600 |
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Fax No.: |
91-22-66255614 |
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E-Mail : |
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Tel. No.: |
+965 94099908 |
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E-Mail : |
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Factory : |
Plot No. D-5, MIDC, Ambad, Nashik - 422 010, |
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Tel. No.: |
91-253-6578500 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kishore Pal Singh |
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Designation : |
Chairman |
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Name : |
Mr. N. K. Jagasia |
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Designation : |
Vice Chairman |
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Name : |
Mr. A. K. Misra |
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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. Michael Bastian |
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Designation : |
Director |
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Name : |
Mr. Shashkant Oak |
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Designation : |
Special Director |
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Name : |
Mr. Prakash S. Chopde |
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Designation : |
Executive Director |
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Name : |
Mr. P. V. Varghese |
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Designation : |
Executive Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Bodies corporate |
27,690,000 |
75.00 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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a) Mutual Funds |
9,074 |
0.02 |
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b) Financial Institutions/Banks |
1,400 |
-- |
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c) Foreign Institutional Investors |
770 |
--- |
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2) Non – Institution |
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a) Bodies corporate |
1,920,185 |
5.20 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
6,790,318 |
18.39 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
282,500 |
0.77 |
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c) Any other |
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Non Resident Indians |
225.753 |
0.61 |
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Sub
Total |
9,218,856 |
24.97 |
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Total Public Shareholding |
9,230,000 |
25.00 |
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Total |
36,920,000 |
100.00 |
BUSINESS DETAILS
|
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. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Chokshi and Chokshi Chartered Accountant |
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Associates/Subsidiaries : |
--- |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.1/- each |
Rs. 150.000Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/-
each |
Rs.
20.000Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
36.920 |
36.920 |
36.920 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(109.237) |
(171.409) |
(123.329) |
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NETWORTH |
(72.317) |
(134.489) |
(86.409) |
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LOAN FUNDS |
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1] Secured Loans |
242.642 |
206.568 |
195.933 |
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2] Unsecured Loans |
4.641 |
4.641 |
4.641 |
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TOTAL BORROWING |
247.283 |
211.209 |
200.574 |
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DEFERRED TAX LIABILITIES |
4.832 |
4.704 |
1.784 |
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TOTAL |
179.798 |
81.424 |
115.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.542 |
48.987 |
45.016 |
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Capital work-in-progress |
15.353 |
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 |
36.827
|
13.696 |
7.467 |
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Sundry Debtors |
321.901
|
144.147 |
13.982 |
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Cash & Bank Balances |
11.980
|
63.982 |
98.379 |
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Other Current Assets |
168.077
|
36.508 |
23.237 |
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Loans & Advances |
57.681
|
33.326 |
31.155 |
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Total
Current Assets |
596.466
|
291.659 |
174.220 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
415.874
|
196.299 |
44.485 |
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Other Current Liabilities |
105.322
|
61.358 |
53.472 |
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Provisions |
1.372
|
1.566 |
3.332 |
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Total
Current Liabilities |
522.568
|
259.224 |
101.289 |
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Net Current Assets |
73.898
|
32.435 |
72.931 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
179.798 |
81.424 |
115.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1319.352 |
334.585 |
520.315 |
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Other Income |
1.453 |
3.245 |
0.658 |
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TOTAL (A) |
1320.806 |
337.831 |
520.973 |
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Less |
EXPENSES |
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Project Execution Expenses |
1041.000 |
305.127 |
363.826 |
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Employee Cost |
106.728 |
48.257 |
89.658 |
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Establishment and Other Expenses |
74.127 |
2.496 |
13.188 |
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Decrease / Increase in work-in-progress |
--- |
--- |
44.895 |
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TOTAL (B) |
1221.855 |
355.880 |
511.567 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
98.951 |
(18.049) |
9.406 |
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Less |
FINANCIAL
EXPENSES (D) |
23.091 |
20.077 |
12.079 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.860 |
(38.126) |
(2.673) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.301 |
7.345 |
9.525 |
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PROFIT BEFORE
TAX (E-F) (G) |
62.300 |
(45.471) |
(12.199) |
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Less |
TAX (I) |
0.128 |
(3.069) |
(2.136) |
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PROFIT AFTER TAX
(G-I) (J) |
62.172 |
(48.540) |
(14.325) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(171.409) |
(123.329) |
(237.638) |
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BALANCE CARRIED
TO THE B/S |
(109.237) |
(171.409) |
(123.329) |
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Earnings Per
Share (Rs.) |
1.68 |
NA |
NA |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
332.080 |
393.820 |
281.610 |
|
Total Expenditure |
308.050 |
363.660 |
263.170 |
|
PBIDT (Excl
OI) |
24.030 |
30.160 |
18.440 |
|
Other Income |
0.060 |
0.860 |
1.940 |
|
Operating
Profit |
24.090 |
31.020 |
20.380 |
|
Interest |
7.230 |
6.440 |
8.570 |
|
Exceptional
Items |
0.00 |
0.00 |
0.00 |
|
PBDT |
16.860 |
24.580 |
11.810 |
|
Depreciation |
3.230 |
4.270 |
4.280 |
|
Profit
Before Tax |
13.630 |
20.310 |
7.530 |
|
Tax |
0.00 |
0.00 |
0.00 |
|
Reported PAT |
13.630 |
20.310 |
7.530 |
|
Extraordinary Items |
0.00 |
0.00 |
0.00 |
|
Prior Period Expenses |
0.00 |
0.00 |
0.00 |
|
Other Adjustments |
0.00 |
0.00 |
0.00 |
|
Net Profit |
13.630 |
20.310 |
7.530 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.70
|
(14.36) |
(2.74) |
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Net Profit Margin (PBT/Sales) |
(%) |
4.71
|
(13.45) |
(2.34) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.42
|
(15.39) |
(7.00) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.86)
|
0.33 |
(0.40) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(7.22)
|
(1.92) |
1.17 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.12 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
Operation:
The Company commenced
the financial year with an order-book aggregating Rs. 2480.000 Millions for
construction of crude-oil storage tanks, intermediate and product storage tanks
and associated facilities.
Two Orders for construction
of crude-oil storage tanks viz. 4 (four) tanks at Bathinda and 4 (four) tanks
at Panipat are nearing completion. Work for construction of Intermediate and
Product Storage Tanks (total 64 tanks) at Bathinda is in advanced stage of
completion and likely to be completed in the current year.
The Company's
Total Income for the year under review aggregated Rs. 132.080 Millions
(Previous year - Rs. 337.800 Millions) recording an impressive growth of about
290% over the previous year. The operations of the Company for the period under
review resulted in a Profit After Tax of Rs. 62.200 Millions (Previous year -
Loss after Tax of Rs. 48.600 Millions).
The Company's
order booking in the current year was adversely affected both in the domestic
as well as overseas market due to unprecedented melt down and recession that
led to postponement of investments. Business in the domestic market was further
affected due to the Company not being able to qualify to bid due to negative
networth and accumulated losses. The prospects in the current year are however
promising both in the domestic as well as overseas market, particularly in the
Gulf region where the Company is already active. The Company has recently been
awarded a contract on EPC basis for construction of tanks at
With the execution of carry-over orders and substantial portion of new
orders to be executed during the year, the Company's performance is expected to
be better during the financial year 2010-11.
Rehabilitation
Scheme sanctioned by the.Board for Industrial and Financial Reconstruction
As the Members are
aware, the Board for Industrial and Financial Reconstruction (BIFR) had, vide
its Order dated 27th November 2007, sanctioned a rehabilitation scheme
(Sanctioned Scheme). The said Sanctioned Scheme is presently under
implementation.
During the year
under review, the Company had filed two separate modification applications as
certain modifications to the Sanctioned Scheme were felt necessary for smooth
rehabilitation of the Company. The BIFR has approved the Company's request and
has granted exemption, upto 31st March 2011, from complying with the provisions
of Clause 49 of the Listing Agreement. Permission has also been granted to the
Company to utilize, for other business activities of the Company, the surplus
available against the Capital Expenditure aggregating Rs. 58.000 Millions
earmarked in the Sanctioned Scheme for the revival of the Nashik factory.
Various approvals
and permissions for revival of the Company's Nashik Factory are being obtained
and it is expected that the Nashik factory will commence commercial production
in the current year.
Moratorium for
re-payment of loan to Tata Projects Limited
Considering the
working capital requirements for the projects-execution and other business
activities of the Company and other circumstances prevailing, a request was
made to Tata Projects Limited (TPL) to grant a moratorium for re-payment of 1st
installment of principal amount of loan, that was originally due on 30th
September 2008 as per the Sanctioned Scheme. TPL has approved the moratorium
request and accordingly, the 1st such installment will fall due on 30th
September 2010 and the 2nd installment will fall 'due on 31st March 2011.
Repayment thereafter will be on a yearly rest basis. Interest on the said loan
extended to the Company has been paid to TPL.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
Quarter 31.12.2010 (Unaudited) |
Nine Months Ended 31.09.210 (Unaudited) |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
281.611 |
282.713 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
0.00 |
0.00 |
|
(b) Consumption of Raw Materials |
235.627 |
234.250 |
|
(c) Purchase of Traded Goods |
0.00 |
0.00 |
|
(d) Employees Cost |
20.386 |
22.716 |
|
(e) Depreciation |
4.277 |
3.604 |
|
(f) Other Expenditure |
7.165 |
4.953 |
|
Total Expenditure |
267.455 |
265.523 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
14.156 |
17.190 |
|
Other Income |
1.936 |
0.111 |
|
Profit/(Loss) before Interest and Exceptional items |
16.092 |
17.301 |
|
Interest |
8.566 |
5.892 |
|
Profit / (Loss) after interest before Exceptional items |
7.526 |
11.409 |
|
Exceptional Items |
0.00 |
0.00 |
|
Profit / (Loss) From
Ordinary activities before Tax |
7.526 |
11.409 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
7.526 |
11.049 |
|
Extraordinary Items |
|
|
|
Net Profit/(Loss) for the period |
|
|
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
36.920 |
36.920 |
|
Reserves (Excluding Revaluation Reserves) |
--- |
--- |
|
Earning Per Share
(EPS) |
|
|
|
a) Basic and
diluted EPS before Extraordinary items
for the period, for the year to date and for the previous year (not to be
annualized) |
2.00 |
31.00 |
|
b) Basic and
diluted ESP after Extraordinary items for the period for the year to date and
for the previous year (not to be
annualized) |
2.00 |
31.00 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
9230000 |
9230000 |
|
- Percentage of shareholding |
25.00% |
25.00% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
|
|
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
--- |
--- |
|
- Percentage of shares(as a % of the total share capital of the company) |
--- |
--- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
27690000 |
27690000 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
75.00% |
75.00% |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Computer
- Furniture
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.