MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
VA TECH WABAG LIMITED |
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Registered Office : |
11, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.02.1995 |
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Com. Reg. No.: |
18-30231 |
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Capital Investment / Paid-up Capital : |
Rs.46.783 millions |
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CIN No.: [Company
Identification No.] |
L45205TN1995PLC030231 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02389C |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Subject provided a comprehensive range of services which includes
Drinking Eater, Industrial Water, Waste Water, Sea and Brackish Water
desalination etc, for the public and private sectors. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 9700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 : |
11, |
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Tel. No.: |
91-44-42232323 |
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Fax No.: |
91-44-42232324 |
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E-Mail : |
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Website : |
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Regional Office 1 : |
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Tel. No.: |
91-20-66424900 / 66424901 |
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Fax No.: |
91-20-66424949 |
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Regional Office 2 : |
Ec-33, Sector -1, 1st Floor, |
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Tel. No.: |
91-33-23376779/ 23376778 |
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Fax No.: |
91-33-23376779 |
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Regional Office 3 : |
S-14, Second Floor, |
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Tel. No.: |
91-11-41006634 / 41006635 / 41006636 |
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Fax No.: |
91-11-41006637 |
DIRECTORS
As on 02.08.2010
|
Name : |
Mr. Rajiv Mittal |
|
Designation : |
Managing Director |
|
Address : |
No. 13A , Jeevarathinam Nagar, |
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Date of Birth/Age : |
08.04.1960 |
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Date of Appointment : |
27.09.2000 |
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DIN No. : |
01299110 |
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Name : |
Mr. Sumit Chandwani |
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Designation : |
Director |
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Address : |
2001, Era3, Marathon Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400
013, |
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Date of Birth/Age : |
11.11.1967 |
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Date of Appointment : |
13.09.2005 |
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DIN No. : |
00179100 |
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Name : |
Mr. Guenter Heisler |
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Designation : |
Director |
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Address : |
Hutteldorderstr, 349/8, A-1410, |
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Date of Birth/Age : |
09.05.1953 |
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Date of Appointment : |
05.12.2005 |
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DIN No. : |
01359297 |
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Name : |
Mr. Jaithirth Rao |
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Designation : |
Director |
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Address : |
# 61, Umang, Kashibai Navrang Marg, Gamdevi, Mumbai-400007, |
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Date of Birth/Age : |
12.07.1953 |
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Date of Appointment : |
31.01.2007 |
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DIN No. : |
00025289 |
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Other Directorship: |
Mphasis Limited L30007KA1992PLC025294 IDFC Private Equity Company Limited U67190MH2002PTC137798 Gabriel India Limited L34101PN1961PLC015735 Royal Orchid Hotels Limited L05510KA1986PLC007392 Puravankara Projects Limited U45200MH1986PLC039988 RAO Properties Private Limited U70100MH1990PTC059315 Sanvijay Tourist Services Private Limited U630540MH1990PTC059400 U22211KA2005PTC037776 Juris Investments Private Limited U67190KA2006PTC040449 Jurima Trix Services India Private Limited U7410KA2005PTC037857 Lotus India Assets Management Company Private Limited U67190MH2005PTC153471 |
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Name : |
Mr. Bhagwan Dass Narang |
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Designation : |
Director |
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Address : |
Flat No. 29, DDA Apartments, Pocket-F, SFS Scheme, Sheikh Sarai,
Phase-I, New Delhi-110017, |
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Date of Birth/Age : |
12.04.1945 |
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Date of Appointment : |
07.09.2009 |
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DIN No. : |
00038052 |
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Name : |
Dr. Erwin Sebron |
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Designation : |
Director |
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Address : |
Farngasse 2A, A-1220, |
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Date of Birth/Age : |
30.01.1944 |
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Date of Appointment : |
04.10.2001 |
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Date of Ceasing : |
23.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Ramsundaram S. Sankarannarayanan |
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Designation : |
Secretary |
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Address : |
F1, Venkatadhri Apartments, |
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Tel. No.: |
91-44-64506228 |
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Date of Birth/Age : |
01.07.1959 |
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Date of Appointment : |
12.03.2007 |
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PAN No. : |
ABKPS5617C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholder |
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
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|
1356512 |
12.84 |
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|
1356512 |
12.84 |
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|
1919944 |
18.17 |
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|
1919944 |
18.17 |
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Total shareholding of Promoter and Promoter Group (A) |
3276456 |
31.02 |
|
(B) Public Shareholding |
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|
1799478 |
17.03 |
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|
16896 |
0.16 |
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|
2584513 |
24.47 |
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|
259095 |
2.45 |
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|
4659982 |
44.11 |
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|
|
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|
492938 |
4.67 |
|
|
|
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|
724266 |
6.86 |
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|
1410153 |
13.35 |
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|
13368 |
0.13 |
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|
9474 |
0.09 |
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|
232645 |
2.20 |
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|
1034167 |
9.79 |
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|
31158 |
0.29 |
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|
89341 |
0.85 |
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|
2627357 |
24.87 |
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Total Public shareholding (B) |
7287339 |
68.98 |
|
Total (A)+(B) |
10563795 |
100.00 |
|
(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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|
- |
- |
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Total (A)+(B)+(C) |
10563795 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 1 lakh
As on 02.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Venture Capital |
|
14.57 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
46.67 |
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Bodies
corporate |
|
0.08 |
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Directors
or relatives of directors |
|
22.56 |
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Other
top fifty shareholders |
|
16.12 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provided a comprehensive range of services which includes Drinking
Eater, Industrial Water, Waste Water, Sea and Brackish Water desalination
etc, for the public and private sectors. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank Limited ·
State Bank of Industrial Finance Branch, 155, Anna
Salai, Chennai – 600 002, ·
The HongKong and Shanghai Banking Corporation
Limited 76, ·
Citibank NA ·
ING Vysya Bank ·
HDFC Bank Limited ·
Punjab National Bank |
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Facilities: |
(Secured by Hypothecation of all current assets present and future on
pari passu basis and second charge on the present and future immovable and movable
properties (other than current assets) of the company) |
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Banking
Relations : |
-- |
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Financial
Institute: |
Rabo Finance Private Limited |
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Auditors : |
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Name : |
Mohan Ramakrishna Chartered Accountant |
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Address : |
Unit No. 13, 14 and 16, III Floor, No. 31, Thiru Vi Ka Road,
Royapettah, Chennai – 600 014, Tanilnadu, India |
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Subsidiaries : |
·
VA Tech Wabag ( ·
VA Tech Wabag ·
WABAG Wassertechnik AG, ·
Va Tech Wabag Deutschland ·
VA Tech Wabag ·
VA Tech Wabag Brno. Spol. S.R.O, ·
VA Tech Wabag Tunisie S.A.R.L ·
Engenharia Hidraulica De Macau Limitada, ·
Wabag Water Services ( ·
Wabag Water Services s.e.l., ·
Va Tech Wabag ·
Va Tech Wabag (Gulf) Contracting (L.L.C.), ·
Va Tech Wabag ( ·
Beijing Va Tech Wabag Water Treatment Technology
Company Limited, |
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Associates : |
Winhoek Goreangab Operating Company Limited, |
CAPITAL STRUCTURE
After 02.08.2010
Authorised Capital : Rs.150.000 millions
Issued, Subscribed & Paid-up Capital : Rs.52.865
millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20350000 |
Equity Shares |
Rs.5/- each |
Rs.101.750 millions |
|
4825000 |
Preference Shares |
Rs.10/- each |
Rs.48.250 millions |
|
|
Total |
|
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9356621 |
Equity Shares |
Rs.5/- each |
Rs.46.783
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 |
46.783 |
41.536 |
41.535 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2386.983 |
1968.340 |
1755.736 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2433.766 |
2009.876 |
1797.271 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
114.976 |
121.876 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
114.976 |
121.876 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2433.766 |
2124.852 |
1919.147 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
301.318 |
360.538 |
359.057 |
|
|
Capital work-in-progress |
6.414 |
1.246 |
4.817 |
|
|
|
|
|
|
|
|
INVESTMENT |
55.508 |
55.508 |
3.097 |
|
|
DEFERREX TAX ASSETS |
173.059 |
112.789 |
28.772 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.359
|
360.576 |
132.570 |
|
|
Sundry Debtors |
4063.373
|
3483.548 |
1922.881 |
|
|
Cash & Bank Balances |
641.425
|
657.870 |
472.156 |
|
|
Other Current Assets |
2.308
|
2.272 |
1.543 |
|
|
Loans & Advances |
688.095
|
720.830 |
579.987 |
|
Total
Current Assets |
5578.560
|
5225.096 |
3109.137 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2256.826
|
2294.533 |
1133.429 |
|
|
Other Current Liabilities |
944.466
|
1098.058 |
403.527 |
|
|
Provisions |
479.801
|
237.734 |
48.777 |
|
Total
Current Liabilities |
3681.093
|
3630.325 |
1585.733 |
|
|
Net Current Assets |
1897.467
|
1594.771 |
1523.404 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2433.766 |
2124.852 |
1919.147 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
7009.679 |
5688.527 |
3353.838 |
|
|
|
Other Income |
66.889 |
46.883 |
108.274 |
|
|
|
TOTAL (A) |
7076.568 |
5735.410 |
3462.112 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales and services |
5363.110 |
4727.244 |
2927.296 |
|
|
|
Employee Costs |
366.755 |
291.079 |
|
|
|
|
Selling, general and administrative expenses |
465.691 |
334.482 |
|
|
|
|
TOTAL (B) |
6195.556 |
5352.805 |
3363.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
881.012 |
382.605 |
98.988 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
BANK CHARGES (D) |
86.074 |
105.430 |
33.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
794.938 |
277.175 |
65.805 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.424 |
54.471 |
47.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX AND PRIOR PERIOD ADJUSTMENTS |
715.514 |
222.704 |
18.339 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
35.107 |
14.149 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
680.407 |
208.555 |
18.339 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
270.611 |
17.865 |
0.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
409.796 |
190.690 |
18.259 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
643.107 |
452.417 |
434.158 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1052.903 |
643.107 |
452.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1457.471 |
945.544 |
308.467 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
770.660 |
239.031 |
227.223 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
43.80 43.07 |
20.40 20.06 |
-- -- |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
1351.700 |
1693.600 |
3562.600 |
|
Total Expenditure |
1273.900 |
1453.400 |
2974.200 |
|
PBIDT (Excl OI) |
77.800 |
240.200 |
588.400 |
|
Other Income |
8.000 |
6.700 |
13.300 |
|
Operating Profit |
85.800 |
246.900 |
601.700 |
|
Interest |
11.500 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
74.300 |
246.900 |
601.700 |
|
Depreciation |
15.300 |
18.600 |
10.600 |
|
Profit Before Tax |
59.000 |
228.300 |
591.100 |
|
Tax |
5.800 |
79.500 |
200.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
53.200 |
148.800 |
391.000 |
|
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 |
53.200 |
148.800 |
391.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.79
|
3.32
|
0.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.71
|
3.67
|
0.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.57
|
3.73
|
0.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.10
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.86
|
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.44
|
1.96 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE
The company has
achieved significant growth in the financial year 2009-10 and it has achieved a
gross turnover of Rs.7009.700 millions for the year ended 31st March, 2010 as against
Rs.5688.500 millions for the previous financial year registering an incremental
increase of Rs.1321.200 millions, thereby recording a growth rate of 23.22.%
over the previous year. The company carries an order backlog of more than
Rs.18950.000 millions to execute in the following financial years.
The company has
achieved Earnings Before Interest, Taxes, Depreciation and Amortisation
(EBITDA) of Rs.881.000 millions for the year as against Rs.382.600 millions for
the previous financial year and profit after tax (PAT) of Rs.409.800 millions
as against Rs.190.700 millions last year, recording a growth rate of 115% and
the EPS has grown to 43.80 from 20.40 as compared to last year. The Board has
decided not to recommend any dividend for the Equity shares during the year.
ORDER INTAKE
The following are
the significant orders received by the company during the year.
·
100 MLD SWRO Desalination Plant, Nemmeli, Chennai
·
AOCICOC stream = 750 mA3 per hr. Salt stream 250
m^3 per hour ESSAR Waste Water Treatment and Tertiary Treatment Plant for
Refinery, Vadinar
·
500 MW power plant KORBA Plant Water System, Korba
-
·
41.6 m^3 per hour Coke Oven Effluent Treatment
Plant, Durgapur Projects Limited,
·
2 x 3 MLD Rural Area Electricity Company, Duqm
·
18 MLD CMWSSB-PKG-V Piping and Sewage Pumping
Station, Chennai
·
2x800MW L and T MW TPP at Krishnapatnam
·
21.6 MLD Operation and Maintenance of TTP RO Plant
at Panipat Refinery
·
203 MLD Delhi Jal Board-Sewage Treatment Plant at
Kondli
·
24 MGD Kolkata Municipal Corporation-Telipara PS
CHANGE IN CAPITAL STRUCTURE
During the year,
the company's Equity shares have been split into Rs.51- paid up from Rs.10/- paid up per share and
also issued bonus shares in the ratio of 1:8 to the existing shareholders,
after the split issue. The company has decided to enter into Capital market
through Initial Public Offer (IPO) for which the company has filed Draft Red
Herring Prospectus with SEBI. The issue comprises fresh issue upto the extent
of Rs.1250.000 millions and offer for sale of 27,03,383 Equity shares by the
Selling Shareholders. On getting approval from the SEBI and depending upon the
market conditions, the company is planning to hit the market during this
financial year.
SUBSIDIARY I JOINT VENTURE COMPANIES
VA Tech Wabag (
During the year,
VA Tech Wabag (Hong Kong) Limited which is a subsidiary of VA Tech Wabag (
COMPANY OVERVIEW
Subject, its
subsidiaries, associates and joint
ventures (collectively referred to as 'the Group') is one of the world's
leading conlpanies in the water treatment field. The group's principal
activities include design, installation, supply and operational management of
drinking water and waste water treatment plants.
Subject was part
of WABAG worldwide which was in turn, part of Deutshe Babcock and formed the
water technology and engineering division of the Company.
In July 2005,
Subject worldwide was acquired by Siemens. Soon after in September 2005, the
the Company had a Management buy out with 20% of the shares with the management
team and 60% of the shares with
ICICI Ventures.
In November 2007,
the Company acquired 100% stake in its erstwhile parent VA TECH WABAG GmbH,
OPERATIONS AND MAINTENANCE
The revenue from
operations and maintenance for water and waste water treatment is recognised
over the period during which the service is rendered.
CONTINGENT LIABILITIES AND PROVISIONS
Depending upon the
facts of each case and after due evaluation of legal aspects, claims against
the Company not acknowledged as debts are treated as contingent liabilities. In
respect of statutory dues disputed and contested by the Company, contingent
liabilities are provided for and disclosed as per original demand without
taking into account any interest or penalty that may accrue thereafter. The
Company makes a provision when there is a present obligation as a result of a
past event where the outflow of economic resources is probable and a reliable
estimate of the amount of obligation can be made. Possible future or present
obligations that may but will probably not require outflow of resources or
where the same cannot be reliably estimated, has been made as a contingent liability
in the Financial Statements.
STANDALONE FINANCIAL RESULTS FOR QUARTER ENDED
MARCH 31, 2011
|
Particulars |
Quarter Ended AS on 31.03.2011 Unaudited |
Year Ended AS on 31.03.2011 Audited |
|
1. Income |
|
|
|
a. Income from operations |
3555.700 |
7321.700 |
|
b. Other Operating Income |
6.900 |
12.900 |
|
Total Income |
3562.600 |
7334.600 |
|
|
|
|
|
2. Expenditure |
|
|
|
a. Cost of Sales and Services |
2792.400 |
5769.000 |
|
b. Employee costs |
115.300 |
464.800 |
|
c. Selling, general and administrative
expenses |
66.500 |
207.700 |
|
d. Depreciation / amortization |
10.600 |
58.800 |
|
Total expenditure (a+b+c+d) |
2984.800 |
6500.300 |
|
|
|
|
|
3. Profit / (loss) from Operations before
Interest and Finance Charges, Exceptional Items and prior period expenditure |
577.800 |
834.300 |
|
|
|
|
|
4. Interest and Finance Charges (Net of
Interest and Dividend Income) |
(13.300) |
(3.600) |
|
|
|
|
|
5. Profit / (loss) after Interest and
Finance Charges but before Exceptional
Items and prior period expenditure (3-4) |
591.100 |
837.900 |
|
|
|
|
|
6. Exceptional Items and prior period
expenditure |
-- |
-- |
|
|
|
|
|
7. Profit/ (loss) from ordinary Activities
before tax (5+6) |
591.100 |
837.900 |
|
|
|
|
|
8. Tax Expenses |
200.100 |
285.300 |
|
|
|
|
|
9. Profit / ( loss ) for the period from
ordinary Activities (7-8) |
391.000 |
552.600 |
|
|
|
|
|
10. Extraordinary Items |
-- |
-- |
|
|
|
|
|
11. Share of Profit / (Loss) from Associates
|
-- |
-- |
|
|
|
|
|
12.
Net Profit / ( loss ) for the period (9-10+11) |
391.100 |
552.600 |
|
|
|
|
|
13. Paid up Equity share capital ( face value Rs.5 each) |
52.800 |
52.800 |
|
|
|
|
|
14. Reserve excluding Revaluation Reserves
as per audited balance sheet of previous accounting year |
-- |
-- |
|
|
|
|
|
15. Earnings Per Share (EPS) |
|
|
|
a) Basic EPS before Extraordinary items (not
annualized) |
39.47 |
55.78 |
|
b) Diluted EPS before Extraordinary items
(not annualized) |
39.39 |
55.67 |
|
c) Basic EPS after Extraordinary items (not
annualized) |
39.47 |
55.78 |
|
d) Diluted EPS after Extraordinary items
(not annualized) |
39.39 |
55.67 |
|
|
|
|
|
16. Public Shareholding |
|
|
|
- No. of shares |
7287339 |
7287339 |
|
- Percentage of shareholding |
68.98% |
68.98% |
|
|
|
|
|
17. Promoters and promoter group |
|
|
|
Shareholding |
|
|
|
a) Pledged/Encumbered |
-- |
-- |
|
- Number of shares |
|
|
|
- Percentage of shares (as a % of the total
shareholding of promoter & promoter group) |
NIL |
NIL |
|
- Percentage of shares (as a % of total
share capital of the company |
NIL |
NIL |
|
|
|
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
3276456 |
3276456 |
|
- Percentage of shares (as a % of the total
shareholding of promoter & promoter group) |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total
share capital of the company |
31.02% |
31.02% |
Notes
·
The above audited financial results were reviewed
by the Audit Committee and approved and taken on record by the Board at its
meeting held on 26th May 2011
·
The figures for the corresponding periods have been
regrouped/reclassified wherever necessary to make them comparable.
·
Status of investor complaints for the quarter ended
31 March, 2011.
At the beginning : 6
Received : 88
Disposed : 94
Pending at the end of the quarter : Nil
·
Disclosure
Required under clause 43 of the listing agreement :
|
Particulars |
As per Prospectus |
As per Mar-11 |
|
Funding Working Capital requirements of the company |
6451 |
58 |
|
Construction of Corporate office at Chennai |
3474 |
653 |
|
Implementation of Global IT Systems |
1105 |
1105 |
|
General Corporate purpose |
874 |
874 |
|
Issue related expenses |
596 |
487 |
|
Total |
12500 |
3177 |
· Pending utilization the balance un-utilised fund of Rs.932.300 millions have been temporarily invested in mutual funds and short term deposits.
·
The management had been claming deduction under
section 80-IA of the Income Tax Act, 1961 from the financial year ended March
31, 2002 as a developer of infrastructure projects in
· The Company’s operations relates to only one segment. Hence no separate information is provided.
·
Statement
of assets and liabilities
|
|
March 31, 2011 Rs. in millions |
|
Source of Funds |
|
|
Shareholder’s Fund |
|
|
Share Capital |
52.800 |
|
Reserve and Surplus |
4040.200 |
|
Total |
4093.000 |
|
|
|
|
Application of
Funds |
|
|
Fixed assets |
|
|
Gross Block |
696.500 |
|
Less : Depreciation /Amortisation |
316.500 |
|
Net Block |
380.000 |
|
Capital work-in-progress |
74.500 |
|
|
|
|
Investments |
381.000 |
|
|
|
|
Deferred tax assets (net) |
203.200 |
|
|
|
|
Current assets,
loans and advances |
|
|
Inventories |
515.900 |
|
Sundry Debtors |
4897.500 |
|
Cash and Bank Balances |
1531.000 |
|
Other Current Assets |
2.500 |
|
Loans and Advances |
871.100 |
|
|
7818.000 |
|
Less |
|
|
Current Liabilities and Provisions |
|
|
Liabilities |
4276.000 |
|
Provisions |
487.700 |
|
|
4763.700 |
|
Net Current Assets |
3054.300 |
|
|
|
|
Total |
4093.000 |
FIXED ASSETS
·
· Plant and Machinery
· Furniture and Fittings
· Electrical Equipments
· Office Equipments
· Computers
· Vehicles
AS PER WEBSITE DETAILS:
Founded in 1996,
WABAG
India offers the entire WABAG Group portfolio in the areas of municipal and
industrial water and wastewater treatment. Also, the company has consolidated
its’ specialist reputation through a number of innovative and path-breaking
projects in the fields of water treatment and wastewater recycling. WABAG
India has also added in this portfolio a new service offering under its
umbrella with its new International Engineering Centre. This centre offers full
fledged state-of-the-art engineering services in line with global standards
both in terms of quality and delivery.
WABAG
India is also foraying into plant operational management and within a few years
has added a number of cities and municipalities as its clients.
Currently, it is also operating
WABAG
India implemented a quality management system at an early stage and has
acquired the ISO 9001:2008 accreditation since 2000.
All
in all, the company can point to over 100 reference plants both at home and
abroad, which include highlights such as:
·
·
·
·
The world’s largest tannery wastewater treatment
plant for the
·
One of the world’s largest MBR technology
wastewater treatment plants for Al-Ansab,
·
·
Yesterday. Today. Tomorrow.
VA TECH WABAG GmbH resulted
from the merger in 1999 of the water technology segment of the VA TECHNOLOGIE
Group with that of DEUTSCHE BABCOCK. However, the WABAG brand actually dates
back to 1924, when Max Reder founded the WABAG Wasserfilter-Bau in
This relatively turbulent
history serves to demonstrate that international thought and action, as well as
the ongoing acquisition of know-how, represent prerequisites for successful
development and global competitiveness. Accordingly, they also wish to be the
best possible partner for the customers in years to come.
Dynamism and tradition.
For them, these
characteristics are not contradictory, but rather major factors for success.
They constitute values that contribute to the optimum implementation of long-term
experience and state of the art know-how to the benefit of the customers.
Those
that cease to improve, cease to be good.
Milestones:
|
1868 |
Foundation of the Julius Overhoff company in |
|
1924 |
Foundation of WABAG Wasserfilter-Bau in |
|
1930 |
Julius Overhoff launches its water treatment
business in |
|
1973 |
DEUTSCHE BABCOCK becomes WABAG’s majority shareholder. |
|
1986/87 |
DEUTSCHE BABCOCK takes over WABAG in its entirety. Simmering Graz Pauker (SGP) AG takes over Overhoff GmbH. |
|
1989 |
The Energy and Environmental Technology Division of SGP AG merges with VA Finalindustrie to form SGP VA Energie- und Umwelttechnik. |
|
1991 |
WABAG Leipzig is founded as a fully-owned subsidiary of WABAG Kulmbach. |
|
1992 |
SGP VA
Energie- und Umwelttechnik and the Environmental Technology Division of
Waagner Biro AG merge to form |
|
1993 |
WABAG Salzburg branch founded. |
|
1994 |
WABAG Brno founded. |
|
1995 |
WABAG Kulmbach purchases the British company, WATER ENGINEERING
LIMITED and the Belgian company, STEP, with its branch in |
|
1996 |
Austrian Energy takes over Tetra Industrietechnik and the environmental activities of Sulzer Chemtech AG. |
|
1997 |
Austrian Energy takes over the reverse osmosis desalination segment of Elin Energieversorgung, as well as 70% of the PURAQUA shares of Energie Steiermark. |
|
1999 |
VA TECH/Austrian Energy purchases the remaining 30% PURAQUA shares of Energie Steiermark, as well as the WABAG Group from DEUTSCHEN BABCOCK AG. As the legal successor to Austrian Energy and Environment, the new VA TECH WABAG GmbH is fully owned by VA TECHNOLOGIE AG. |
|
2004/05 |
VA TECH
ELIN EBG assumes the industrial management of subject. In the course of a restructuring
process, international branches and holdings not corresponding to the
strategy of focusing on core competences and core market regions (above all
business units in |
|
2005
|
As a result of the merger between VA TECHNOLOGIE AG
and SIEMENS, VA TECH WABAG GmbH becomes part of the SIEMENS Group. |
|
2007 |
On November 6, 2007 Siemens sold all its stock in its
fully owned subsidiary, VA TECH WABAG GmbH, |
|
2008 |
Foundation of WABAG Water Services SRL in |
|
2009 |
Foundation of a WABAG subsidiary in the PR China: “Beijing
VA TECH WABAG Water Treatment Technology Co., Limited” |
|
2010 |
Foundation of a WABAG subsidiary in |
|
2010 |
VA TECH WABAG Ltd. goes public: 22.9.2010: Start of IPO (Initial Public Offering) in 13.10.2010: Listing of the WABAG shares on National Stock
Exchange. |
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.44.69 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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.