MIRA
INFORM REPORT
|
Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GEI INDUSTRIAL SYSTEMS LIMITED (w.e.f. 26.10.2006) |
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Formerly Known
As : |
GEI HAMON INDUSTRIES LIMITED |
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Registered
Office : |
26-A, Industrial Area, Govindpura, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
10-8029 |
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CIN No.: [Company Identification
No.] |
L28112MP1993PLC008029 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLG00553A |
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PAN No.: [Permanent Account No.] |
AABCG1403B |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturers and Marketers of Industrial Machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 4105000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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
|
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
|
Registered Office/ Factory 1 : |
26-A, Industrial
Area, Govindpura, |
|
Tel. No.: |
91-755-2586922 / 2587147 / 2582080 / 2586692 / 2586695 /
3292163 |
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Fax No.: |
91-755-2587678 / 2586619 |
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E-Mail : |
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Website : |
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Corporate Office : |
501, Central Plaza, 5th Floor, 166, |
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Regional Office : |
Located at:
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Factory 2 : |
10-B, Sector D, Industrial Area, Govindpura, |
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X-Wire Technology Engineering Services
Outsourcing Phone: (919) 490 5971, (919) 338 2966 Email: eso@x-wiretechnology.com |
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Branch Office : |
14 and 15
Creative Industrial Estate, Sunder Nagar, Road No. 2, Kalina, Mumbai- 400
098, 101, Merlin Chambers, 1 Crooked Lane, Kolkata – 700
069, West |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. C.E. Fernandes |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
Diploma in Business Management |
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Date of Appointment : |
28.12.1993 |
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Name : |
Mr. Bernard John |
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Designation : |
Joint Managing Director |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
09.03.1994 |
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Name : |
Mr. Pannalal Mundhra |
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Designation : |
Whole Time Director |
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Name : |
Mrs. Everlyn Fernandes |
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Designation : |
Whole Time Director |
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Qualification : |
Metric |
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Date of Appointment : |
10.01.2002 |
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Name : |
Ms. Irene Valentine |
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Designation : |
Non Executive Director |
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Name : |
Mr. D. Laxminarayan |
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Designation : |
Executive Director |
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Qualification : |
B.E. (Mechanical) |
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Date of Appointment : |
18.10.1997 |
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Name : |
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Designation : |
Independent - Non Executive Director |
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Name : |
Mr. Vijay Khanna |
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Designation : |
Independent - Non Executive Director |
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Name : |
Dr. Sudarshan Synghal |
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Designation : |
Independent - Non Executive Director |
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Name : |
Mr. K. Nandakumar |
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Designation : |
Independent- Non Executive Director |
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Name : |
Mr. Sanjiv Singhal |
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Designation : |
Non Executive Director (Nominee of BTGC) |
KEY EXECUTIVES
|
Name : |
Mr. Sudeep Jain |
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Designation : |
Company Secretary |
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Name : |
Mr. P.V. Sundaram |
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Designation : |
President (Corporate Management) |
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Name : |
Mr. N.K. Katare |
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Designation : |
Sr. Vice President (Corporate H.R.) |
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Name : |
Mr. Robinson Fernandez |
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Designation : |
Sr. Vice President (Applications) |
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Name : |
Mr. J.C. Sanghvi |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. G.S. Tiwari |
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Designation : |
Vice President (MM and SCX) |
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Name : |
Mr. Alok Jagani |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. Rajesh Vohra |
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Designation : |
Vice President (Mumbai) |
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Name : |
Mr. J.V.S.S.B. Prasad Rao |
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Designation : |
General Manager (QA and QC) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
As a % of
(A+B+C) |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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6,884,525 |
41.41 |
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|
6,884,525 |
41.41 |
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Total shareholding of Promoter and Promoter Group (A) |
6,884,525 |
41.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24,751 |
0.15 |
|
|
1,000 |
0.01 |
|
|
1,433,362 |
8.62 |
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|
1,459,113 |
8.78 |
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|
|
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1,548,236 |
9.31 |
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2,647,457 |
15.92 |
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|
1,648,085 |
9.91 |
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2,437,164 |
14.66 |
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|
157,916 |
0.95 |
|
|
333,748 |
2.01 |
|
|
500 |
- |
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|
1,945,000 |
11.70 |
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|
8,280,942 |
49.81 |
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Total Public shareholding (B) |
9,740,055 |
58.59 |
|
Total (A)+(B) |
16,624,580 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
16,624,580 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Industrial Machinery.
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Products : |
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Power Plant PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity * |
Actual
Production * |
|
1. Heat Exchangers |
MT |
12500 |
10650 |
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2. Finned Tubes |
R.Mtrs |
4920000 |
2244780 |
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a) For captive consumption |
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|
2208590 |
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b) For sales |
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|
36190 |
* Installed
capacity and Production quantities have been certified by the management and
not verified by the auditors, being technical matters.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
Notes: ICICI Bank
Limited, IDBI Bank Limited, State Bank of India, Yes Bank Limited and
Barclays Bank PLC are hereinafter collectively referred to as "the ICICI
Consortium". It has been agreed by and between the ICICI Consortium and
the Company that the primary security for the Working Capital Limits
sanctioned by ICICI Consortium will be first charge on the Current Assets of
the Company comprising Raw Materials, Components, Stock in Process, Finished
Goods, Consumable Stores and Spares, Packing material, at their factory
premises, or at such other places as may be permitted by the ICICI Bank
Consortium in their discretion from time to time including goods in
transit/shipment, book debts, outstanding monies, receivables, claims and
bills etc. both present and future, wherever situated. Charges on the Current
Assets rank pari passu among the member Banks of the Consortium. The Working
Capital Loan is also secured by second charge rank pari passu on all fixed
assets of the Company, immovable properties situated on Plot No. 1, 2, 24,
24-A, 24-B, 25, 26, 27, 28, A Sector, Industrial Area, Govindpura, Bhopal. Mr. C E
Fernandes, Mrs. Everlyn Fernandes and Mr. Bernard John, Directors of the
Company have personally guaranteed the repayment of loans. Further the
Working Capital Facilities from State Bank of Term Loan from
ICICI Bank Limited, are secured by way of first charge on equitable mortgage
of immovable properties situated on plot no. 1, 2, 24, 24-A, 24-B, 25, 26, 27
and 28, A sector, Industrial Area, Govindpura, Bhopal and hypothecation of
all the Fixed Assets of the Company situated thereon. The charge operates
ranking pari-passu with the charges created / to be created in favour of the
Company's Term Loan Lenders viz IDBI Bank Limited for Term Loan granted by
them to the Company / to be granted by them in future under the loan
agreement and Madhya Pradesh Financial Corporation for their Working Capital
Term Loan. The loan is also secured by way of second charge on entire current
assets of the Company, ranking pari-passu with Term Loan Lenders. Mr.C Further the
above loan from ICICI Bank Limited is also secured by pledge of 1 Lac Equity
Shares of the Company held by Mr. C E Fernandes Corporate Loan
of Rs.50.000 millions, Term Loan of Rs.100.000 millions and Funded Interest
Term Loan along with the interest accrued and funded from IDBI are secured by
equitable mortgage of immovable properties situated on plot no. 1, 2, 24,
24-A, 24-B, 25, 26, 27 and 28, A sector Industrial Area, Govindpura, Bhopal
and hypothecation of all the fixed assets of the Company. The charge operates
as first charge ranking pari-passu with the charges created / to be created
in favour of the Company's Bankers viz ICICI Bank Limited for term loan and
Working Capital facilities granted by them to the Company / to be granted by
them in future under the loan agreement and Madhya Pradesh Financial
Corporation for their Working Capital Term Loan. Mr.C Further both the
above loans from IDBI Bank Limited are also secured by pledge of 13 lac
Equity Shares of the Company held by Mr. C E Fernandes, Mrs. Everlyn
Fernandes and Mr. P L Mundhra. Working Capital
Term Loan from Madhya Pradesh Financial Corporation, Indore is secured by
equitable mortgage of immovable properties situated on Plot No. 1, 2, 24,
24-A, 24-B, 25, 26, 27 and 28, A Sector, Industrial Area, Govindpura, Bhopal
and hypothecation of all the fixed assets of the Company situated thereon.
The charge operates as first charge ranking pari-passu with the charges
created in favour of IDBI Bank Limited for their term loans and funded
interest and ICICI Bank Limited for their Working Capital Term Loan, Term
Loan and funded interest and Mr. C E Fernandes, Mr. P L Mundhra, Mrs Everlyn
Fernandes and Mr. Bernard John, Directors of the Company have personally
guaranteed the repayment of loans. The above loan is collaterally secured by
the entire fixed assets of the GEI Foods Limited. Hire Purchase
Loan from Finance Companies are secured by the assets financed. Loans from L and
T Finance Limited are secured by the assets financed.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A.K. Khabya and
Company Chartered Accountants |
|
Address : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
3000000 |
9% Cumulative Redeemable
Preference Shares |
Rs.10/- each |
Rs.30.000 millions |
|
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TOTAL |
|
Rs.230.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16624580 |
Equity Shares |
Rs.10/- each |
Rs.166.246 millions |
|
3000000 |
9% Cumulative Redeemable
Preference Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
TOTAL |
|
Rs.196.246 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
196.246 |
178.761 |
173.496 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
830.071 |
578.012 |
496.107 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1026.317 |
756.773 |
669.603 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
799.925 |
641.623 |
421.806 |
|
|
2] Unsecured Loans |
61.334 |
1.334 |
23.897 |
|
|
TOTAL BORROWING |
861.259 |
642.957 |
445.703 |
|
|
DEFERRED TAX LIABILITIES |
35.000 |
32.500 |
31.500 |
|
|
|
|
|
|
|
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TOTAL |
1922.576 |
1432.230 |
1146.806 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
408.265 |
393.344 |
379.535 |
|
|
Capital work-in-progress |
0.000 |
26.770 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
152.889 |
20.363 |
12.908 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1065.293
|
864.404 |
506.638
|
|
|
Sundry Debtors |
788.186
|
630.586 |
607.592
|
|
|
Cash & Bank Balances |
203.574
|
123.563 |
74.289
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
177.852
|
158.363 |
109.987
|
|
Total
Current Assets |
2234.905
|
1776.916 |
1298.506 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
389.392
|
|
546.575 |
|
|
Other Current Liabilities & Provisions |
488.096
|
472.457 |
|
|
Total
Current Liabilities |
877.488
|
790.473 |
546.575 |
|
|
Net Current Assets |
1357.417
|
986.443 |
751.931
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.005 |
5.310 |
2.432 |
|
|
|
|
|
|
|
|
TOTAL |
1922.576 |
1432.230 |
1146.806 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2493.803 |
2134.902 |
1871.603 |
|
|
|
Other Income |
7.959 |
10.529 |
|
|
|
|
TOTAL (A) |
2501.762 |
2145.431 |
1871.603 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expenses |
1673.818 |
|
1636.201 |
|
|
|
Employees Remuneration & Benefits |
164.253 |
146.256 |
|
|
|
|
Directors’ Salary and Remuneration |
34.465 |
32.924 |
|
|
|
|
Administrative Expenses |
130.459 |
121.885 |
|
|
|
|
Selling Expenses |
65.641 |
43.975 |
|
|
|
|
Deferred Revenue Expenses w/off |
1.305 |
0.608 |
|
|
|
|
Prior Period Adjustments |
3.100 |
0.388 |
|
|
|
|
Increase/Decrease in Stock |
79.901 |
15.001 |
|
|
|
|
TOTAL (B) |
2152.942 |
1843.548 |
1636.201 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
348.820 |
301.883 |
235.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.698 |
112.727 |
68.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
228.122 |
189.156 |
166.722 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.257 |
18.129 |
16.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
207.865 |
171.027 |
150.579 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.000 |
67.356 |
60.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
142.865 |
103.671 |
89.679 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
209.856 |
124.641 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
3.900 |
1.500 |
NA |
|
|
|
Dividend on Equity Shares |
17.683 |
14.275 |
NA |
|
|
|
Corporate Tax on Dividend |
3.813 |
2.681 |
NA |
|
|
BALANCE CARRIED TO
THE B/S |
327.325 |
209.856 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods value |
150.623 |
NA |
467.916 |
|
|
TOTAL EARNINGS |
150.623 |
NA |
467.916 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
66.893 |
151.138 |
|
|
|
|
Stores & Spares |
9.811 |
0.510 |
|
|
|
|
Oil Lubricants |
3.786 |
1.116 |
|
|
|
|
Repair and Maint. Machinery |
0.000 |
0.986 |
|
|
|
|
Machinery |
0.000 |
3.178 |
|
|
|
TOTAL IMPORTS |
80.490 |
156.928 |
122.159 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.32 |
7.14 |
6.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
503.300 |
1017.340 |
1096.650 |
|
Total Expenditure |
418.740 |
845.170 |
916.540 |
|
PBIDT (Excl OI) |
84.560 |
172.170 |
180.110 |
|
Other Income |
2.450 |
8.380 |
2.010 |
|
Operating Profit |
87.020 |
180.550 |
182.120 |
|
Interest |
26.860 |
41.330 |
47.220 |
|
Exceptional Items |
0.000 |
(13.400) |
0.000 |
|
PBDT |
60.150 |
125.820 |
134.900 |
|
Depreciation |
5.160 |
5.110 |
5.240 |
|
Profit Before Tax |
54.990 |
120.710 |
129.660 |
|
Tax |
13.750 |
44.230 |
42.790 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
41.240 |
76.480 |
86.870 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
41.240 |
76.480 |
86.870 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.71
|
4.83 |
4.79
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.34
|
8.01 |
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.86
|
7.88 |
8.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.23 |
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
1.89 |
1.48
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.25 |
2.38
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Formed in 1970 as General Engineering Industries, a partnership firm,
GEI Engineering was converted into a joint stock company in Dec.'93. In
1997-98, the name of the company was changed to GEI Hamon Industries. Hamon
Industries,
FUTURE PROSPECTS
The Company caters
to the entire spectrum of industries in Energy Sector, viz. Oil and Gas,
Petroleum Refineries, Power Generation, Transmission/ Distribution etc and has
emerged as one of the largest Air Cooled Heat Exchanger Company in the World,
providing “Innovative engineering systems and solutions”.
Substantial
investments are being committed by the Government and Private Entrepreneurs in
the energy sector, which will help the Company to achieve accelerated growth.
Export House Status
The Company has
been recognized as an “EXPORT HOUSE” for the period of 4 years from 01.04.2010
to 31.03.2014 by the Ministry of Commerce and Industry, Government of India.
MANAGEMENT
DISCUSSION AND ANALYSIS
Review of the Economy
During the year
2009-10, the resilient Indian economy withstood the after-shocks of the western
financial crisis and fared relatively better than other economies recording a
GDP Growth of 7.4%. This growth was facilitated by infrastructure investments,
especially in Oil, Gas and Power Sectors.
Power Sector overview
Power development
is the key to the economic development.
Oil and Gas Sector overview
The Oil and Gas
Industry has been instrumental in fueling the rapid growth of the Indian
economy.
Gas availability
in
Business / Financial Review
During the year,
the Company delivered impressive results, capitalising on the emerging
opportunities in the Power Sector.
Gross Sales
increased by 13% from Rs.2390.917 millions in 2008-09 to Rs.2704.453 millions
in 2009-10.
Profit After Tax
(PAT) increased by 38 % from Rs.103.671 millions in 2008-09 to Rs.142.865
millions in 2009-10 (Consolidated PAT: Rs. 157.545 millions).
Employee costs
were at Rs.164.253 millions (Previous year Rs.146.256 millions). In relation to
the turnover, the employee costs were at 6.78%, which is in line with the
industry trend.
Finance charges
were at Rs.120.698 millions (Previous year Rs.112.727 millions). In relation to
the turnover, the finance charges decreased from 5.29 % to 4.98 %.
Depreciation for
the year was Rs.20.257 millions as against Rs.18.129 millions in the previous
year.
Credit Analysis
and Research Limited (CARE) carried out the rating of the Company for
Short-Term borrowings (PR2 + : Adequate capacity for timely payment of
short-term debt) and Long-Term borrowings (CARE A - : Offer adequate safety for
timely servicing of debt obligations). The ratings have helped the Company to
obtain reduction in the interest rates from Banks/Financial Institutions.
Outlook
The Company has
orders worth Rs.4500.000 millions as on date and is well placed to receive
further business from its major/ regular clients for execution during the
current year. The Company has in-house capability for design and manufacture of
Air Cooled Vacuum Steam Condensers upto 660 ™ single unit. This will help the
Company to target and obtain business from higher capacity power projects.
UNAUDITED
RESULTS (PROVISIONAL) FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2010
(Rs.
in millions)
|
Particulars |
Stand-Alone |
|
|
Quarter ended 31.12.2010 (Unaudited) |
Nine Months ended 31.12.2010 (Unaudited) |
|
|
1. (a) Gross Sales/Income from Operations |
1218.283 |
2845.843 |
|
Less: Taxes and Duties |
123.867 |
245.784 |
|
Net Sales/Income from Operations |
1094.417 |
2600.060 |
|
b) Other Operating Income |
2.237 |
17.237 |
|
Total |
1096.654 |
2617.297 |
|
2. Expenditure |
|
|
|
a) (Increase)/decrease in stock in trade and work in progress |
(26.035) |
(56.660) |
|
b) Consumption of raw material |
770.631 |
1788.054 |
|
c) Employees cost |
67.733 |
180.893 |
|
d) Depreciation |
5.237 |
15.512 |
|
e) Other Expenditure |
104.210 |
268.156 |
|
f) Total |
921.776 |
2195.955 |
|
3. Profit from Operations before Other Income, Interest and
Exceptional Items (1-2) |
174.878 |
421.342 |
|
4. Other Income |
2.011 |
12.838 |
|
5. Profit before Interest and Exceptional Items (3+4) |
176.888 |
434.179 |
|
6. Finance Charges |
47.224 |
115.415 |
|
7. Profit after Interest but before Exceptional Items (5-6) |
129.664 |
318.764 |
|
8. Exceptional items- Misc. Expenses W/o including prior period
adjustments |
0.000 |
(13.400) |
|
9. Profit/ Loss (-) from Ordinary Activities before tax (7+8) |
129.664 |
305.364 |
|
10. Tax expenses |
42.789 |
100.770 |
|
11. Net Profit (+) / Loss (-) from Ordinary Activities after tax
(9-10) |
86.875 |
204.594 |
|
12. Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit (+) I Loss (-) for the period (11-12) |
86.875 |
204.594 |
|
14. Paid up Equity Share Capital (Face value of Rs. 10/- each) |
166.246 |
166.246 |
|
15. Reserves excluding revaluation reserves V |
|
|
|
16. Earning Per Share (EPS) |
|
|
|
Basic and diluted EPS before Extraordinary items (Not Annualised) |
5.23 |
12.31 |
|
Basic and diluted EPS after Extraordinary items (Not Annualised) |
5.23 |
12.31 |
|
17. Public Shareholding |
|
|
|
- Number of shares |
9740055 |
9740055 |
|
- Percentage of shareholding |
58.59 |
58.59 |
|
18. Promoters arid promoter group Shareholding |
|
|
|
a) Pledged/ Encumbered |
6884525 |
6884525 |
|
-Number of shares |
3100000 |
3100000 |
|
- Percentage of shares (as a % of the total shareholding of promote
and promoter group) |
45.03 |
45.03 |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
18.65 |
18.65 |
|
b) Non-encumbered |
|
|
|
- Number of shares |
3784525 |
3784525 |
|
- Percentage of shares (as a % of the total shareholding of promote
and promoter group) |
54.97 |
54.97 |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
22.76 |
22.76 |
Notes:
- The above
financial results after review by the Audit Committee have been approved and
taken on record by the Board of Directors at their meeting held on 19th
January 2011.
- The above
results are subject to Limited Review by the Auditors.
- For the
quarter ended 31.12.2010, Net Sales / Income from Operations increased by
79%, EBIDTA increased by 95% and Net Profit after Tax increased by 122% as
compared to the corresponding period of last year.
- For the nine
months ended 31.12.2010, Net Sales? Income from Operations increased by
63%, EBIOTA increased by 75% and Net Profit after Tax increased by 91% as
compared to the corresponding period of last year.
- Previous year
figures have been regrouped and rearranged where necessary to conform to
the current period classification.
- The
Accounting Standards (AS-17) relating to segment reporting has been complied
with. As the gross income and profit from the other segments are below the
norms prescribed in AS-17, separate disclosure has not been made.
- Consolidated
financials include the provisional and unaudited results of GEI Power
Limited, a wholly owned subsidiary of the Company.
- Status of
investor complaints: Opening Balance: Nil, Received during the quarter: 4,
Disposed oft during the quarter 4, Closing balance: Nil
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their estimated value as under : |
|
|
i) Guarantees and/or counter guarantees given by Banks |
790.128 |
|
ii) Corporate Guarantee given for M/s GEI POWER LIMITED |
206.000 |
FIXED ASSETS:
- Building
- Machinery
- Auxiliary
Equipment
- Electrical
Installation
- Pattern
- Furniture
- Office
Equipment
- Computer
- Vehicle
- Software
WEBSITE DETAILS
Company Background
Subject established in the year 1970 is located in the
central part of
Subject is today known as a specialist in Heat Transfer Technology with an
unbeatable track record in the Oil, Gas, Power and Compressor business with
equipment installed in all the six continents i.e; North America, South
America, Europe, Africa, Asia and Australia.
The registered head office and factory located in
Subject is accredited with ISO 9001-2000 for quality system
and its shop in
PEOPLE:
GEI values its human resource assets and has long recognized that the employees and management hold the key to successful implementation of the company's business strategies.
They have been able to attract and retain the some of the best and the
brightest in their industry. Their key executives who each average over 25
years of relevant experience from different industries, are profiled along with
their Chairman and Managing Director in this section.
C.E. Fernandes is the founder Chairman and Managing
Director of the company. He is a member on the board of several professional
bodies such as the Confederation of Indian Industry (CII) - a key business link
between Indian Industry and the Govt of India, National Safety Council,
Christian Service Society etc. He has received numerous awards, notable among
them being ; A.R.Bhatt National Entrepreneurship Award and the Super Achievers
of India Award. He has led several Indian business delegations to
GEI has recently entered into marketing agreement with M/s.
X-Wire, a
D. Laxminarayan joined GEI in 1997 as Vice-president of the company and was elected as its Executive Director in 2004. He is in charge of all operations, related to the core business of the company i.e; Heat Exchangers and allied products, covering design, quality, manufacturing, and project management functions. He is actively involved in directing research and development activities, involving the local University Technical Institutions and is responsible for delivering new projects like LNG De-Gasification project of Government of India, from concept to commissioning.
He is directing the company in its new diversification into
areas such as Engineering Services business and the Power sector business.
Before joining GEI, Laxminarayan had over 27 years of experience with the power
sector major, BHARAT HEAVY ELECTRICALS (BHEL) as Project Manager covering
design, quality, manufacturing and commissioning of Heat Exchangers and other
large fabrication products, for OIL/GAS/POWER sectors both in
S.C. Parakh joined GEI in 2006 as Advisor for
establishing it as Power Equipment/Project supplier. Prior to joining GEI, he
was the Advisor for independent power producers from 1996. He headed POWERGRID
CORP (A Government Undertaking) - the largest domestic electrical transmission
and distribution company, as CMD and Director (Projects) during 1991-1996 and
was responsible for the implementation of EHV Transmission projects and other
associated schemes. Prior to this Parakh was Executive Director, NATIONAL
THERMAL POWER CORP (A Government Undertaking) - the largest domestic power
generation company, from 1978-1991 and was in charge of operations for Super
Thermal Power Stations at Singrauli and Rihand in
Robinson Fernandez joined GEI in the design section of Heat Exchangers after graduating in Mechanical Engineering, and currently holds the position of Sr. Vice President (Engineering and Marketing).
He has 21 years of experience in Thermal design of Air-cooled Heat Exchangers
and Air-cooled Steam Condensers. He is involved in R and D activities for
various types of Heat Transfer apparatus and Ventilators and is now entrusted
with business development of the above products. He also completed Masters
degrees in Thermal engineering and Business Administration.
M. Balasubramaniam joined GEI in 2006 as coordinator for their new business activity of Engineering Services especially to the American markets, through their marketing partner X-Wire, an established NC based American corporation. His goal is to explore the American Heat Exchanger market for providing competent and reliable engineering services like Front End Engineering Design (FEED), Detailed Engineering, Bid Assistance and Engineering, Preparation of Structural Steel Fabrication, Procurement support, 3D modeling and Design, 2D Drawing conversion, Project Management and Engineering support during construction, Updating the drawings based on field markups for Heat Exchangers and Steam Condensers.
Before joining GEI, Balasubramaniam was with the power
sector major, BHARAT HEAVY ELECTRICALS, for 30 years. He has vast experience in
Design and Contracts engineering of Switchgear products and also in Project
management as Additional Gen. Manager. He holds a Master's degree in Electrical
Engineering. He is a Lead Assessor with NABL, an accreditation body of
Government of India, for assessment of electrical laboratories to ISO:17025.
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 records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
|
1 |
Rs.71.59 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.