MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TECHNO ELECTRIC AND ENGINEERING COMPANY LIMITED (w.e.f. 14.07.2010) |
|
|
|
|
Formerly Known
As : |
SUPER WIND PROJECT LIMITED |
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|
|
|
Registered Office
: |
P-46A, |
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|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
26.10.2005 |
|
|
|
|
Com. Reg. No.: |
21-139595 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40108WB2005PLC139595 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT05298G / CALT00104G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS4414Q |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Provides High Quality Engineering, Procurement and Construction
Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 14800000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be correct ans as per
commitments. The company can be considered good for normal 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
P-46A, |
|
Tel. No.: |
91-33-22254671 / 4472 / 30212600 |
|
Fax No.: |
91-33-22254478 |
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E-Mail : |
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|
Website : |
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|
Corporate Office : |
508-509, Skipper Corner, 88, |
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Tel. No.: |
91-11-30542900 / 26451342 |
|
Fax No.: |
91-11-26446098 |
|
E-Mail : |
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|
|
|
|
Power Plant and Electric Division : |
3F, |
|
Tel. No.: |
91-33-30213000 / 3100 / 22498090 |
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Fax No.: |
91-33-22171167 |
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|
|
|
Utility Projects Division : |
6A, |
|
Tel. No.: |
91-33-30214700 |
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Fax No.: |
91-33-30214772 |
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|
|
|
Branches : |
Located at
|
DIRECTORS
|
Name : |
Mr. P. P. Gupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. V. D. Mohile |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K. M. Poddar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K. Vasudevan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K. K. Rai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. N. Roy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N. Brahma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
942,620 |
1.65 |
|
|
30,440,303 |
53.32 |
|
|
31,382,923 |
54.97 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
31,382,923 |
54.97 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1,242,070 |
2.18 |
|
|
11,926 |
0.02 |
|
|
276,000 |
0.48 |
|
|
1,529,996 |
2.68 |
|
|
|
|
|
|
20,171,315 |
35.33 |
|
|
|
|
|
|
2,486,997 |
4.36 |
|
|
608,879 |
1.07 |
|
|
911,090 |
1.60 |
|
|
38,625 |
0.07 |
|
|
872,465 |
1.53 |
|
|
24,178,281 |
42.35 |
|
Total
Public shareholding (B) |
25,708,277 |
45.03 |
|
Total
(A)+(B) |
57,091,200 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
57,091,200 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Provides High Quality Engineering, Procurement and Construction
Services. |
GENERAL INFORMATION
|
Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
S. S. Kothari and Company Chartered Accountant |
|
Address : |
Centre Point, 21, |
|
|
|
|
Holding Company : |
Suzlon Green Power Limited |
|
|
|
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
424900000 |
Equity Shares |
Rs.2/- each |
Rs.849.800 Millions |
|
55020000 |
Preference Shares |
Rs.10/- each |
Rs.550.200 Millions |
|
|
Total |
|
Rs.1400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57091200 |
Equity Shares |
Rs.2/- each |
Rs.114.182
Millions |
Notes :
(i) Authorised Capital :
(a) Equity
Share of Rs. 10 each and Preference Share of Rs. 100 each of the Company were
sub-divided into 5 equity shares of Rs. 2 each and 10 preference shares of Rs.
10 each respectively w.e.f. October 10, 2009. Consequently, the number of
shares of both equity and preference shares stand increased.
(b) The
Authorised Capital of the Company includes 7,49,00,000 equity shares of Rs. 2
each and 20,000 preference shares of Rs. 10 each transferred w.e.f. 01.04.2009
(appointed date) from the Transferor Company pursuant to Scheme of Amalgamation
approved by the Hon'ble High Court at Calcutta vide its Order dated May 6,
2010.
(ii) Issued, Subscribed and Paid
up Capital :
(a)
5,70,91,200 equity shares of Rs. 2 each, fully paid up and ranking pari pasu,
are to be issued and allotted to the shareholders of the Transferor Company
pursuant to Scheme of Amalgamation approved by the Hon'ble High Court at
Calcutta vide its Order dated May 6, 2010.
(b)
Further, pursuant to the aforesaid Order, 3,07,90,600 equity shares of Rs. 10
each (subsequently sub-divided into 15,39,53,000 equity shares of Rs. 2 each)
and 55,00,000 redeemable cumulative Preference Shares of Rs. 100 each
(subsequently sub-divided into 5,50,00,000 redeemable cumulative preference
shares of Rs. 10 each) held by the Transferor Company stand cancelled.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
114.182 |
857.906 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3587.070 |
295.450 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(34.662) |
|
|
NETWORTH |
|
3701.252 |
1118.694 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1666.783 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
1666.783 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
6.678 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5374.713 |
1118.694 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2605.372 |
2147.388 |
|
|
Capital work-in-progress |
|
0.000 |
537.679 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1864.707 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
69.657
|
0.000 |
|
|
Sundry Debtors |
|
381.446
|
11.940 |
|
|
Cash & Bank Balances |
|
3.534
|
0.004 |
|
|
Other Current Assets |
|
960.341
|
19.253 |
|
|
Loans & Advances |
|
1701.385
|
17.596 |
|
Total
Current Assets |
|
3116.363
|
48.793 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
630.681
|
1615.166 |
|
|
Other Current Liabilities |
|
2072.254
|
0.000 |
|
|
Provisions |
|
139.475
|
0.000 |
|
Total
Current Liabilities |
|
2211.729
|
1615.166 |
|
|
Net Current Assets |
|
904.634
|
(1566.373) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5374.713 |
1118.694 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
6680.390 |
25.694 |
|
|
|
Other Income |
|
524.683 |
0.255 |
|
|
|
TOTAL (A) |
|
7205.073 |
25.949 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease in inventories |
|
(63.296) |
0.000 |
|
|
|
Operative, Administrative and Other Expenses |
|
5624.847 |
1.870 |
|
|
|
TOTAL (B) |
|
5561.551 |
1.870 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1643.522 |
24.079 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
128.272 |
0.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1515.250 |
24.029 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
146.715 |
58.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1368.535 |
(34.707) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
230.399 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
1138.136 |
(34.707) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(34.661) |
0.046 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
788.300 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
|
182.000 |
0.000 |
|
|
|
Dividend |
|
114.182 |
0.000 |
|
|
|
Tax on Dividend |
|
18.964 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
0.029 |
(34.661) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Global Tender at Ex-works value |
|
979.768 |
0.000 |
|
|
TOTAL EARNINGS |
|
979.768 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
|
167.683 |
0.000 |
|
|
TOTAL IMPORTS |
|
167.683 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
19.94 |
(1.46) |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2010 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1516.170 |
|
Total Expenditure |
|
|
1208.620 |
|
PBIDT (Excl OI) |
|
|
307.550 |
|
Other Income |
|
|
70.720 |
|
Operating Profit |
|
|
378.270 |
|
Interest |
|
|
36.930 |
|
Exceptional Items |
|
|
0.760 |
|
PBDT |
|
|
342.100 |
|
Depreciation |
|
|
37.230 |
|
Profit Before Tax |
|
|
304.880 |
|
Tax |
|
|
61.190 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
243.690 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
243.690 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
15.80 |
(133.75) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
20.48 |
(135.08) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
23.92 |
(1.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.37 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.05 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.41 |
0.03 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
Scheme of Amalgamation (Under Sections 391 and 394 of the Companies Act,
1956) of Techno Electric and Engineering Company Limited with Super Wind
Project Limited.
REVIEW OF OPERATION :
The operations of the Company in
2009-10 comprised scheduled operations of the Company and operations of Techno
Electric. During the year, the Company achieved a turnover of Rs.6680.390
Millions and profit after tax of Rs.1138.136 millions. The Company operates
mainly in two segments i.e. energy sale (power) and EPC within the power
sector.
MANAGEMENT DISCUSSION AND
ANALYSIS
i)
Industry structure and developments
With economic pace picking up, global commodity prices
staged a comeback from their lows; and global trade subsequently saw a healthy
growth over the last two years. However, in 2008-09
ii)
Segment-wise performance
The Company operates in two business segments i.e.
power-generation from renewable energy sources (wind power), and execution of
power projects; comparatively performing better than others in the industry.
iii)
Outlook
The average per capita consumption of electricity in
iv)
Financial performance
During the year, the Company has achieved a turnover of
Rs.6318.354 millions from construction activities and Rs.362.035 millions from
generation activities. The Company has also earned other income amounting to
Rs.524.684 millions and profit after tax amounting to Rs.1138.137 millions.
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended (Unaudited) |
31.12.2010 Nine Months Ended (Unaudited) |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
1490.198 |
4877.192 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
Total Operating Income |
1490.198 |
4877.192 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in inventories |
(21.649) |
28.660 |
|
(b) Consumption of Materials, Stores and Services |
968.342 |
3272.244 |
|
(c) Purchase of traded goods |
0.000 |
0.000 |
|
(d) Employees Cost |
51.086 |
149.079 |
|
(e) Depreciation |
37.565 |
112.110 |
|
(f) Other Expenditure |
149.282 |
363.832 |
|
Total Expenditure |
1184.626 |
3925.925 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
305.572 |
951.267 |
|
Other Income |
101.954 |
235.563 |
|
Profit/(Loss) before Interest and Exceptional items |
407.526 |
1186.830 |
|
Interest |
90.764 |
156.618 |
|
Profit / (Loss) after interest before Exceptional items |
316.762 |
1030.212 |
|
Exceptional Items |
0.000 |
(3.560) |
|
Profit / (Loss) From
Ordinary activities before Tax |
316.762 |
1033.772 |
|
Tax Expenses |
|
|
|
- Current Tax |
63.099 |
206.036 |
|
- Deferred Tax |
0.256 |
0.313 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
253.407 |
827.423 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
253.407 |
827.423 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
114.182 |
114.182 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Basic and Diluted Earning Per Share (EPS) |
4.44 |
14.49 |
|
Public Share
Holding |
|
|
|
- Number of Shares |
25708277 |
25708277 |
|
- Percentage of shareholding |
45.03% |
45.03% |
|
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 |
31382923 |
31382923 |
|
- 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) |
54.97% |
54.97% |
Notes :-
- The above results were reviewed by the Audit Committee and approved
by the Board of Directors at their respective meeting held on 27th
January, 2011 and a limited review of the same has been carried out bt the
Statutory Auditors of the Company.
- The number of Investors Complaints pending at the beginning of the
quarter – Nil, received – Nil, disposed off – Nil and lying unresolved at
the end of the quarter – Nil.
- Exceptional item represents mark to market provision for foreign
currency exposure.
- The Equity Shares of the Company were listed on 10.11.2010 with
Bombay Stock Exchange Limited and National Stock Exchange of India
Limited.
- Figures for the previous corresponding period have been regrouped /
rearranged, wherever considered necessary.
Statement wise Revenue, Results and Capital Employed (by Business
Segment)
|
Particulars |
31.12.2010 Quarter Ended |
31.12.2010 Nine Months
Ended |
|
1. Segment Revenue (Net Sales and Income from Operations) |
|
|
|
a) EPC (Construction) |
1428.428 |
4574.022 |
|
b) Energy (Power) |
61.770 |
303.170 |
|
c) Corporate |
101.954 |
239.123 |
|
Total Segment Revenue |
1592.152 |
5116.315 |
|
Less : Inter-Segment Revenue |
0.000 |
0.000 |
|
Net Sales and Income from Operations |
1592.152 |
5116.315 |
|
2. Segment Result |
|
|
|
a) EPC (Construction) |
280.240 |
757.473 |
|
b) Energy (Power) |
25.332 |
193.794 |
|
c) Corporate |
101.954 |
239.123 |
|
Total |
407.526 |
1190.390 |
|
Less : |
|
|
|
Interest and Finance Charges |
90.764 |
156.618 |
|
Other Un-allocable Expenses (Net of Un-allocable Income) |
0.000 |
0.000 |
|
Total Profit before Tax |
316.762 |
1033.772 |
|
3. Capital Employed (Segment Assets less Segment Liabilities) |
|
|
|
a) EPC (Construction) |
0.000 |
266.893 |
|
b) Energy (Power) |
0.000 |
1555.704 |
|
c) Corporate |
0.000 |
2706.078 |
|
Total Segment Capital Employed |
0.000 |
4528.675 |
FIXED ASSETS :
- Land
- Non
- Plant and Machinery
- Wind Mill
- Office Equipment
- Furniture and Fixture
- Construction Vehicle
- Vehicle
WEBSITE DETAILS :
PROFILE
Subject is a large EPC contracting company that is focused on the Indian
power sector. They also possess specific domain knowledge that enables them to
serve the Steel, Fertilizer, Metals and Petrochemicals sectors along with
specialized jobs in diversified manufacturing.
Since
it’s inception in 1963, Techno has groomed itself in the field of comprehensive
engineering, procurement and construction services for Fuel Oil Storage and
Handling System, Comprehensive Piping systems including Power Cycle Piping,
Process Plant installation, Fire Protection Systems, EHV Switchyards, EHV Sub
Stations, Power Plant Cabling System, Plant Electrical Distribution System
including Plant Earthing Systems, Lightning Protection System and Plant
Illumination Systems - all in the largest sizes and complexities installed
nationwide.
Techno
has worked in one capacity or other in setting up of more than 50% of the Power
Generating capacity in the country (more than 50,000 MW) and has similarly
participated in building more than 50% of National Grid for execution and
transmission of Power from one region to another.
Today
they are actively involved in APDRP and Rajiv Gandhi Rural Electrification
Program of Govt. of India. They have also acquired in recent past, capabilities
in setting up small capacity Power Plants and executing Balance of Plant jobs
for larger capacity Thermal/Hydro Power Plants.
Techno
is an acknowledged force vis-a-vis safety and statutory requirements for
design, engineering and construction framed by the Indian Statutory Authorities
such as the Inspectorate of Boilers, Chief Controller of Explosives, Tariff
Advisory Committee for Fire Protection, Inspectorate of Electrical Installation
among others. Bearing testimony to Techno's quality and consistency of
performance, not to mention its position as a market leader, are the repeat
orders from industrial giants such as NTPC, POWER GRID, BHEL, MSEB and BSES,
amongst others.
Techno is also licensed to execute electrical installations
upto 765 KV
FUTURE OUTLOOK
Techno's commitment and consistent performance have
succeeded in establishing a reputation of highest degree.
Techno's inspiration is derived from its warm, committed relationships with
clients. Relationships which have been nurtured and developed into
partnerships. Because Techno has built and maintained mutual bonds of trust and
respect with Clients, resulting in repeat orders from Power giants such as
NTPC, POWER GRID, BHEL, MSEB, BSES amongst others. Because Techno's strength
lies not only within but is carried beyond. Striving to achieve that, which is
for the common good. For the good of Techno's Clients, who are truly Techno's
partners.
Techno has executed a turnkey Liquid Fuel (Naphtha) based Power Plant of 3 x 30
MW (frame 6 Gas Turbine) with GE of USA at Maithon site of Damodar Valley
Corporation and subsequently has also won the confidence of other multinationals
like ABB and ROLLS ROYCE amongst others, as an associate for their IPP Projects
in India.
A comparison between Techno's areas of specialisation in the field of auxiliary
systems in the Power Sector and the activities involved in the various systems
forming the "Balance of Plant" for a Liquid Fuel based Power Plant,
establishes the fact that Techno today, is geared to set up Liquid Fuel based
IPP/CPP Projects on turnkey basis, or only "Balance of Plant" on EPC
basis, as a partner with turnkey Contractor with complete inhouse resources.
Today, Techno is poised to take giant strides into the future.
BOARD OF DIRECTORS
P. P.
Gupta (MANAGING DIRECTOR)
Aged 60
years holds a Bachelors degree in Engineering and a Post Graduate degree in Business
Management from the Indian Institute of Management, Ahmedabad. He was
associated with the Planning Commission, Government. of India, as a Financial
Analyst; Bharat Heavy Electricals Limited as a Management Consultant and as an
Advisor in the merchant banking division of the erstwhile ANZ Grindlays Bank,
Kolkata. He was the Vice President of Indian Electricals and Electronics
Manufacturers Association (IEEMA), and has over 33 years of experience,
including 28 years in the present activity.
V. D.
Mohile (INDEPENDENT DIRECTOR)
Aged 78
years holds a Bachelor of Engineering (Electrical & Mechanical), and holds
a Post Graduate Diploma in Industrial Management. He has been General Manager,
Bharat Heavy Electrical Limited; Chairman, Orissa Power Generation Corporation;
and Chief Executive,Indian Aluminum Co. Ltd. Mr. Mohile has a very sound
technical knowledge.
K. M.
Poddar (INDEPENDENT DIRECTOR)
Aged 65
years holds a Bachelor of Commerce. He is a renowned industrialist, and has 41
years of vast experience in the fields of accounting and finance.
K.
Vasudevan (INDEPENDENT DIRECTOR)
Aged 70
years holds a Bachelor of Engineering (Electrical) and a fellow-member of the
K. K.
Rai (INDEPENDENT DIRECTOR)
Aged 66
years holds a Bachelor of Arts and member of C.A.I.I.B. He is a retired banking
professional, having had 40 years of banking experience and had held important
portfolios. He was the Executive Director of Allahabad Bank from 2001 to 2004.
At present he holds directorships in many reputed companies.
S. N.
Roy (INDEPENDENT DIRECTOR)
Aged 67
years holds a Bachelor of Engineering (Electrical) from the Indian Institute of
Technology (IIT), Kharagpur. He started his career with Indian Oil Corporation
(IOC) as a management trainee, and thereafter joined Bharat Heavy Electricals
Limited (BHEL) in 1978 and retired as Executive Director in 2003. Mr. Roy has a
very good technical background.
PRESS RELEASE :
Techno Electric commences commissions
first phase of expansion with 15MW wind energy generation.
Kolkata, 5th April
2011 : Techno Electric
and Engineering Company Ltd (TEECL), one of the leading EPC Company in the
country, focused on power sector, today announced commencement of first phase
of the 125 MW wind energy generation project. Simran Wind Project Private
Limited, the 100% subsidiary of TEECL, embarked the project by commissioning 15
MW of wind energy generation on March 31, 2011 in the state of Tamil Nadu. The
125 MW project which is as per of schedule is set for completion by June 2011.
The
total cost for phase I of the project will be about Rs 7000.000 millions with a
debt-equity ratio of 1.8:1. The debt financing is being done by IFC Washington,
Standard Chartered and DBS.
The
company’s existing capacity has been successfully registered with UNFCC for
130,000 CER’s. Out of the existing capacity, 7.5 MW has been registered with
Indian Renewable Energy Development Agency (IREDA) for Generation Based
Incentive (GBI).
Commenting
on the development, Mr. P.P. Gupta, Managing Director, TEECL, said, “We are
happy to announce the commencement of 15 MW of wind energy generation as per
the scheduled time. The non-conventional energy sector is growing stronger with
the implementation of REC mechanism and its trading on power exchanges. This
would attract more investments into non- conventional energy generation”.
“We are
focused on expanding in the green energy space,” Mr. Gupta added.
The
Power Purchase Agreement for 15 MW has been executed with the Tamil Nadu
Generation and Distribution Company (TANGEDCO) under the REC scheme. The REC
scheme has been successfully implemented as per the Central Electricity
Regulatory Commission (CERC) and is trading at the power exchanges from its
inaugural trading session on 30th March 2011.
About Techno Electric and Engineering Company Limited :
Techno
Electric and Engineering Company Limited (TEECL), headquartered in Kolkata, is
a leading EPC company in the power sector. TEECL provides engineering,
procurement and construction services to all the three segments of power sector
namely generation, transmission and distribution. It is involved in
commissioning in one capacity or other over 50% of
With
over three decades of rich experience in the power sector, TEECL has been the
preferred vendor for all PSUs. BHEL awarded TEECL as the best electrical vendor
for the year 2010.
TEECL
has been growing vertically into Power Generation (2009) and Transmission
Network (2010). It currently owns 95.45 MW of wind energy assets in the country
and plans to expand capacity to 300 MW by 2012 and 1,250 MW by 2017. Techno won
the first of its kind PPP contract in its Transmission vertical, in consortium,
to build, finance, operate and transfer with a concession period of 25 years
(extendable by 10 years) a 400KV, 2 Nos. 24 bay sub-stations at Rohtak/Sonepat,
100 km long transmission link in Haryana. Techno will do EPC, Operations and
Maintenance work for the sub-station part of the project and is likely to be
commissioned by Dec’11. This is the first intra-state Power Transmission
project in the country, which has been awarded under the concept of Public
Private Partnership (PPP) on Design, Build, Finance, Operate and Transfer
(DBOFT) basis with the provision of Viability Gap Funding support from the
Central Government.
About Simran Wind Projects Private Limited :
Simran
Wind Projects Private Limited, a wholly owned subsidiary of Techno Electric and
Engineering Company has an installed capacity of 50.45 MW of wind energy generation..
The company’s existing capacity has been successfully registered on February
19th, 2011 with UNFCC for 50,000 CER’s. Simran’s 7.5 MW of existing capacity
has been successfully registered with the Indian Renewable Energy Development
Agency (IREDA) for GBI.
With the
aim to become a major player in the green energy space, Simran plans to expand
its existing capacity by another 200 MW (125 MW by June’11 & balance 75 MW
by Dec’11. The total projected cost for the expansion is Rs 11500.000 millions
funded with a mix of debt-equity.
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.