MIRA INFORM REPORT

 

 

Report Date :

07.06.2011

 

IDENTIFICATION DETAILS

 

Name :

TECPRO SYSTEMS LIMITED

 

 

Registered Office :

106, Vishwadeep Towers, Plot No. 4, District Centre, Janak Puri,  New Delhi -110058

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.11.1990

 

 

Com. Reg. No.:

55-41985

 

 

Capital Investment / Paid-up Capital :

Rs.442.237 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1990PLC041985

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELT03519F

 

 

PAN No.:

[Permanent Account No.]

AABCT4355K

 

 

Legal Form :

A Closely Held Public Limited Liability Company 

 

 

Line of Business :

Subject Engaged in Designing, Engineering, Manufacturing, Supply, Installation and Erection of Material Handling Systems.

 

 

No. of Employees :

2000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

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 14000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 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)

India

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 :

106, Vishwadeep Tower, Plot No.4, District Centre, Janak Puri, New Delhi – 110058, India

Tel. No.:

91-11-45038735

Fax No.:

91-11-45038734

E-Mail :

legal_ggn@tecprosystems.com

tecprodel@techprosystems.com

Website :

http://www.tecprosystems.com

 

 

Corporate Office 1:

Tagore Garden, New Delhi – 110027, India

 

 

Corporate Office 2:

202-204, Pacific Square, Sector 15, Part II, Gurgaon-122001, Haryana, India

Tel. No.:

91-124-4343100

Fax No.:

91-124-4343243

 

 

Head Office:

Tecpro Towers, Plot No. 11-A17, 5th Cross Road, SIPCOT IT Park, Siruseri, Chennai-603103, Tamilnadu, India

Tel. No.:

91-44-37474747

Fax No.:

91-44-37443011

 

 

Factory :

Located at:

 

  • Bawal
  • Bhiwadi

 

 

Branch Office :

Located at:

 

  • Chennai
  • Secunderabad
  • Bangalore
  • Gurgaon
  • Kolkata
  • Mumbai
  • Ahmedabad

 

 

International Office :

Located at:

 

  • Dubai
  • South Africa
  • Singapore

 

 

DIRECTORS

 

AS ON 31.03.2010

 

Name :

Mr. Ajay Kumar Bishnoi

Designation :

Chairman and Managing Director

Address :

Flat No.5, Old No.48, New No.58, 3rd Main Road, Kasturibai Nagar, Adayar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

01.06.1957

Qualification :

MBA, DMM

Date of Appointment :

06.04.2002

 

 

Name :

Mr. Amul Gabrani

Designation :

Vice Chairman and Managing Director

Address :

F B – 26, Tagore Garden, New Delhi – 110027, India

Date of Birth/Age :

31.12.1959

Qualification :

BE, MBA

Date of Appointment :

07.11.1990

 

 

Name :

Mrs. Achal Ghai

Designation :

Non Executive Director

Address :

Villa 6, Cluster 40, Jumeirah Islands, P O Box No.18264, Dubai – 018264

Date of Birth/Age :

30.08.1963

Date of Appointment :

17.07.2006

Other Directorship :
  • M J Biopharma Private Limited

Director

U29249MH1987PTC044458

 

  • Avigo Capital Partners Private limited

Director

U67190DL2005PTC141426

 

  • Avigo Trustee Company Private limited

Director

U74999DL2005PTC144251

 

  • Super Hoze Industries Private Limited

Director

U34300DL2005PTC133336

 

 

Name :

Mr. Suresh Kumar Goenka

Designation :

Director

Address :

P – 119, CIT Road, Scheme VIM, Fulbagan, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

23.08.1956

Date of Appointment :

26.09.2007

Other Directorship :
  • Midas Touch Health Care Private Limited

Director

U85110WB2004PTC100165

 

 

Name :

Mr. Brij Bhushan Kathuria

Designation :

Director

Address :

6704 DLF, Phase – IV, Gurgaon – 122002, India

Date of Birth/Age :

11.04.1956

Date of Appointment :

26.09.2007

 

 

Name :

Mr. Shakti Kumar Banarjee

Designation :

Director

Date of Appointment :

15.11.2007

 

 

Name :

Mr. Anunay Kumar

Designation :

Director

Address :

9 Mekon Colony, O S Doranda P IO Hinu Ranchi – 834002, Jharkhand, India

Date of Birth/Age :

10.04.1946

Date of Appointment :

20.06.2007

 

 

Name :

Mr. Arvind Kumar Bishnoi

Designation :

Director

Address :

Flat No.5, Old No.48, New No.58, 3rd Main Road, Kasturibai Nagar, Adayar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

29.11.1984

Date of Appointment :

01.06.2007

 

 

Name :

Mr. Satvinder Jeet Singh Sodhi

Designation :

Director

Address :

A-4, MCD Officer Flat Soami Nagar, New Delhi – 110017, India

Date of Birth/Age :

04.10.1952

Date of Appointment :

20.06.2007

 

 

Name :

Mr. Amar Banerjee

Designation :

Whole Time Director

 

 

Name :

Aditya Gabrani

Designation :

Whole Time Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Pankaj Tandon

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2011

 

Names of Shareholders

Total No. of Shares

Total Shareholding as a % of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

19,022,456

37.69

Bodies Corporate

7,525,084

14.91

Sub Total

26,547,540

52.60

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

26,547,540

52.60

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

3,509,019

6.95

Financial Institutions / Banks

13,000

0.03

Venture Capital Funds

705,557

1.40

Foreign Institutional Investors

10,883,870

21.56

Foreign Venture Capital Investors

5,169,147

10.24

Sub Total

20,280,593

40.18

(2) Non-Institutions

 

 

Bodies Corporate

665,150

1.32

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

1,343,727

2.66

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

138,722

0.27

Any Others (Specify)

1,498,059

2.97

Trusts

11,102

0.02

Non Resident Indians

1,400,416

2.77

Clearing Members

15,406

0.03

Hindu Undivided Families

71,135

0.14

Sub Total

3,645,658

7.22

Total Public shareholding (B)

23,926,251

47.40

Total (A)+(B)

50,473,791

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject Engaged in Designing, Engineering, Manufacturing, Supply, Installation and Erection of Material Handling Systems.

 

 

Products :

Products Description

Item code No.

 

 

 

Idlers and Pulleys

84313910

Structure

73089090

Crusher Components

84742010

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Installed Capacity*

Actual Production#@

Idlers

Nos.

120000

76783

Pulley

Nos.

2500

1971

Structure

Nos.

2400

1406

Crusher

Nos.

50

46

Crusher Component

Nos.

1000

929

Conveyor Systems

Nos.

5

--

Conveyor Component

Nos.

14300

8858

Feeder

Nos.

150

83

Feeder Component

Nos.

130

129

Screen

Nos.

90

62

Screen Component

Nos.

4200

3917

Iron and Steel Casting

MT.

1200

514

Ash Handling Plants

Nos.

7**

21316

Traveling Water Screens, Trash Cleaning Machines (Mechanical Cleaning Rakes) Allied Equipment and Accessories

Nos.

20***

3229

 

Note:

 

  • *As certified by management and relied upon by the auditors, as this is a technical matter.
  • # Excluding production capacities of job workers.
  • @Actual production includes production for captive consumption.
  • **Depending on the size of the plant according to the customers specification
  • ***Depending on the size as per customers specification and application.

 

 

GENERAL INFORMATION

 

No. of Employees :

2000 (Approximately)

 

 

Bankers :
  • Punjab National Bank, MID Corporate Branch, JMD Pacific Squre, Sector – 15, Part – II. Gurgaon – 122001, Haryana, India
  • State Bank of India, Leather International Branch, MVJ Tower, 177/1, P H Road, Kilpauk, Chennai – 600010, Tamilnadu, India
  • Vijaya Bank, Raja Garden, New Delhi – 110015, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. In Millions)

As on 31.03.2009

(Rs. In Millions)

From Banks

 

 

Term Loan

874.632

215.702

Export Packing Credit

240.795

60.959

Cash Credit

1750.348

477.168

Short Term Loans

(Repayable within one year)

250.000

0.000

Buyers Credit

(Repayable within one year)

117.251

0.000

Bills Discounting

1585.546

130.912

Car Loan

5.318

10.231

From Others

Car Loan

34.043

10.699

Total

4857.933

905.671

 

 

 

Unsecured Loan

 

 

Short Term Loans and Advances

(Repayable within one year)

 

 

From Bank

10.003

0.000

From Directors

0.000

49.600

From Others

0.000

42.308

Total

10.003

91.908

 

Note:

 

  • Term loans includes loan from State Bank of India amounting to Rs.174.358 millions (previous year Rs.214.702 millions) for new office of the company at Siruseri, Chennai is secured by way of equitable mortgage over the leasehold rights of the company land and building constructed thereon for new office and also further secured by the current assets of the company. Amount repayable within a year Rs.40.800 millions (previous year Rs.44.200 millions)
  • Term loans includes corporate loan form State Bank of India amounting Rs.400.274 millions (previous year Rs. nil) for pari passu funding of escalation in cost of construction of company new office at Chennai and for meeting the working capital requirement is secured by way of charge on the entire current assets of the company on a pari passu basis. Amount repayable within a year “Rs.133.400 millions (previous year Rs. nil)
  • Term loan and corporate loan from State Bank of India mentioned in note no. 1 and 2 above are also collaterally secured by

A)          Hypothecation of movable fixed assets owned by the company and equitable mortgage over certain assets of certain directors (includes a relative of directors) of the company

B)          Equitable mortgage over factory land and building at Bawal Haryana and Bhiwandi, Rajasthan at SP 496 and 497, Industrial area belonging to the company. Corporate loan is further collaterally secured by equitable mortgage over land on which new office is constructed at Siruseri, Chennai, alongwith building constructed thereon belonging to the company.

  • Term loan include loans taken from Yes Bank Limited amounting    Rs.300.000 millions which is secured by Subservient charge on all current assets (present and future) of the company. Amount repayable within a year Rs.80.000 millions (previous year Rs. nil)
  • Cash credit amounting to Rs.1234.950 millions (previous year Rs.477.168 millions) export packing credit amounting to Rs.240.795 (previous year Rs.60.958 millions) short term loans amounting to Rs.250.000 millions (previous year Rs. nil) and buyers credit amounting to Rs.117.251 millions (previous year Rs. nil) are secured by first charge on the current assets of the company on pari passu basis. The charge on the current assets have further been extended to bills discounting amounting to Rs.1585.546 millions (previous year Rs.130.912 millions) of the above

A)        Cash credit, short term loans and buyers credit from certain banks are further primarily / collaterally secured by way of hypothecation of movable fixed assets of the company on a pari passu basis other than those specifically funded through term loans and charged to State Bank of India.

  • Cash credit short term loans export packing credit buyers credit and bills discounting mentioned in note 5 above are further secured by first charge in favour of all the banks under multiple banking arrangement along with State Bank of Indai on pari passu over factory land and building at Bawal, Haryana and Bhiwadi, Rajasthan belonging to the company and further collaterally secured by equitable mortgage over certain assets of certain director (includes a relative of the director) of the company.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountant

Address :

4-B, DLF Corporation Park, DLF City, Phase III, Gurgaon – 122002, Haryana, India

Tel. No.:

91-124-2549191

Fax No.:

91-124-2549101

 

 

Associates/Subsidiaries :
  • Tecpro Energy Limited
  • Tecpro International FZE
  • Tecpro Trema Limited
  • Ajmer Waste Processing Company Private Limited
  • Tecpro Systems (Singapore) Pte. Limited
  • Bikaner Waste Processing Company Private Limited
  • Tecpro Power Systems Limited (upto year ended 31 March 2009)*
  • Tecpro Systems (Singapore) Pte. Limited
  • Bikaner Waste Processing Company Private Limited
  • Tecpro Power Systems Limited (upto year ended 3 March 2009)
  • Tecpro Energy Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

127900000

Equity Shares

Rs.10/- each

Rs.1279.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

44223791

Equity Shares

Rs.10/- each

Rs.442.237 Millions

 

Note:

 

Of the above 140000 shares (previous year 140000 shares) have been allotted as fully paid up pursuant to a contract without payment being received in cash. Of this 22437750 shares (previous year 22437750 shares) have been allotted as fully paid up by way of bonus shares out of share premium account. Of this 16526291 shares (previous year nil shares) have been allotted as fully paid up pursuant to the scheme of amalgamation.

 

 

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

442.237

276.975

266.975

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3079.559

1324.002

749.152

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3521.796

1600.977

1016.127

LOAN FUNDS

 

 

 

1] Secured Loans

4857.933

905.671

248.983

2] Unsecured Loans

10.003

91.908

0.000

TOTAL BORROWING

4867.936

997.579

248.983

DEFERRED TAX LIABILITIES

0.000

5.746

7.004

 

 

 

 

TOTAL

8389.732

2604.302

1272.114

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1208.340

267.245

208.142

Capital work-in-progress

110.060

544.689

216.055

 

 

 

 

INVESTMENT

94.181

228.078

155.850

DEFERREX TAX ASSETS

11.911

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1061.457

793.151
328.957

 

Sundry Debtors
9175.852

3874.860
2176.621

 

Cash & Bank Balances
1820.128

955.033
400.245

 

Other Current Assets
1985.402

316.271
7.849

 

Loans & Advances
741.097

196.227
118.150

Total Current Assets
14783.936

6135.542

3031.822

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
6138.764

3696.530

 

Other Current Liabilities
1235.439

452.636
1913.426

 

Provisions
444.493

422.086
426.329

Total Current Liabilities
7818.696

4571.252
2339.755

Net Current Assets
6965.240

1564.290
692.067

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

8389.732

2604.302

1272.114

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

7712.761

5817.617

4301.821

 

 

Contract Revenue

6311.780

759.011

0.000

 

 

Service Income

524.735

493.199

0.000

 

 

Other Income

209.169

90.682

560.040

 

 

TOTAL                                     (A)

14758.445

7160.509

4861.861

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

10876.291

5336.617

3534.162

 

 

Personal Costs

628.281

370.305

0.000

 

 

Administrative Expenses

782.810

472.811

600.895

 

 

TOTAL                                     (B)

12287.382

6179.733

4135.057

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2471.063

980.776

726.804

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

714.272

130.783

44.311

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1756.791

849.993

682.493

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

73.283

31.198

23.019

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1683.508

818.795

659.474

 

 

 

 

 

Less

TAX                                                                  (H)

587.058

311.922

248.015

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1096.450

506.873

411.459

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

431.977

137.815

NA

 

PROFIT / LOSS BROUGHT FORWARD OF THE TRANSFEROR COMPANY FOR THE YEAR ENDED 31 MARCH 2009

2.099

0.000

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

109.645

50.688

NA

 

 

Interim Dividend

0.000

138.487

NA

 

 

Dividend Tax

0.000

23.536

NA

 

 

Proposed Dividend

132.671

0.000

NA

 

 

Proposed Dividend Tax

22.548

0.000

NA

 

BALANCE CARRIED TO THE B/S

1265.662

431.977

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Export

256.274

213.835

 

 

Drawing and Designing

37.203

0.000

 

 

TOTAL EARNINGS

293.477

213.835

212.723

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

251.734

88.878

 

 

Capital Goods

43.560

15.818

 

 

TOTAL IMPORTS

295.294

104.696

157.153

 

 

 

 

 

 

Earnings Per Share Basic (Rs.)

25.22

18.86

15.98

 

Earnings Per Share Diluted (Rs.)

25.19

18.62

15.96

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
7.43

7.08
8.46

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
21.83

14.07
15.33

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
10.53

12.79
20.35

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.48

0.51
0.65

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
3.60

3.48
2.55

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
1.89

1.34
1.30

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Background

 

Subject is an engineering company primarily engaged in designing, engineering, manufacturing, supply, installation and erection of material handling systems.

 

Pursuant to the Schemes of amalgamation, Company's wholly owned subsidiary, Blossom Automotive Private Limited has been amalgamated with the Company effective 10 September 2009. Further, Tecpro Ashtech Limited and Tecpro Power Systems Limited have also been amalgamated with the Company effective 31 March 2010.

 

FIXED ASSETS:

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Plant and Machinery
  • Furniture and Fitting
  • Vehicles
  • Computers

 

 

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2011

 

Rs. in Millions

Particular

Quarter Ended

Year Ended

 

31.03.2011

31.03.2011

 

(Unaudited)

(Audited)

 

 

 

Net Sales / Income from operations

9609.045

19684.346

Other Operating Income

2.325

50.025

Total Income

9611.370

19734.371

 

 

 

Expenditure

 

 

(Increase) / Decrease in stock in trade and work in progress

32.485

(392.997)

Consumption of raw materials

 

 

Manufactured Products

507.934

1830.808

Supplied to Fabrication / sites for fabrication

480.566

646.289

Purchase of traded goods

1092.663

2882.782

Contract cost

4328.155

8734.907

Other direct cost

323.352

784.514

Employees cost

289.728

913.077

Depreciation

25.265

102.786

Other expenditure

564.472

1328.171

Total

7644.620

16830.337

Profit from operations before other income, interest and exceptional Items

1966.750

2904.034

Other income

49.115

121.901

Profit before interest and exceptional Items

2015.865

3025.935

Interest

321.444

925.734

Profit after Interest but before Exceptional Items

1694.421

2100.201

Exceptional Items

--

--

Profit (+)/Loss(-) from Ordinary Activities before tax

1694.421

2100.201

Tax expense

597.052

737.962

Net Profit (+) / Loss (-) for the year period

1097.369

1362.239

Paid up equity share capital (Face value of Rs.10/- per share)

504.738

504.738

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

--

6207.670

Earning per share (EPS)

 

 

 (a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

21.74

28.85

(a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

21.74

28.85

Public shareholding

 

 

          Number of shares

23926251

23926251

          Percentage of shareholding

47.40

47.40

Promoters and Promoters group Shareholding-

 

 

a) Pledged /Encumbered

 

 

Number of shares

2103033

2103033

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

7.92

7.92

Percentage of shares (as a % of total share capital of the company)

4.17

4.17

 

 

 

b) Non  Encumbered

 

 

Number of shares

24444507

24444507

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

92.08

92.08

Percentage of shares (as a % of total share capital of the company)

48.43

48.43

 

 

Note:

 

1. The statement of Unaudited financial results for the quarter ended 31 March 2011 and the audited financial results for the year ended 31 March 2011 has been prepared following the same accounting policies as were followed in the annual financial statements for the year ended 31 March 2010.

 

2. The Board of Directors have recommended a dividend of Rs. 3/- on equity share of Rs. 10/- each i.e. @ 30%, subject to approval of shareholders at the ensuing annual general meeting.

 

3. Consolidation of financial statements of the Company and its subsidiaries has been done by applying Accounting Statement (AS) -21 prescribed by Company (Accounting Standards) Rule, 2006. The Consolidated financial statements for the previous year has not been presented since the Company was not a listed entity as on that date and was not required to prepare consolidated financial results.

 

4. The Company made a fresh issue of 6,250,000 equity shares of the face value of Rs. 10/- each for cash comprising 6,183,055 equity shares issued to public at a price of Rs. 355/- and 66,945 equity shares issued to employees at a price of Rs. 33 8/- per share. The allotment of these equity shares has been made by the Company at its meeting held on 8 October 2010. Share issue proceeds have been utilised in accordance with the objects of the offer stated in the prospectus

 

5. The Equity Shares of the Company were listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited (‘the Stock Exchanges’) on 12 October 2010 and the provisions of Listing Agreement with the Stock Exchanges have become applicable to the Company from the said date.

 

6. Twelve Investor complaints were pending at the beginning of the quarter ended 31 March 2011. During the quarter, the Company received 46 Investor complaints and have resolved all the 58 Investor complaints. Hence, no complaint was pending as on 31 March 2011.

 

7. The figures for the previous period(s) / year have been re-grouped / recast, wherever necessary to make them comparable.

 

8. The Unaudited financial results for the quarter ended 31 March 2011 and the audited financial results for the year ended 31 March 2011 were reviewed by the audit committee and approved by the board of directors at their meeting held on 25 May 2011.

 

 

 

AUDITED STATEMENT OF ASSETS AND LIABILITIES AS ON 31 MARCH 2011

 

Rs. in Millions

Particular

As on 31.03.2011

 

Audited

 

 

Shareholders Funds

 

Share Capital

504.738

Reserve and Surplus

6278.751

 

6783.489

Share Application Money

0.000

Minority Interest

0.000

Loan Funds

 

Secured Loan

7468.616

Unsecured Loan

0.000

Total

14252.105

 

 

Fixed Assets

1611.875

Investment

369.610

Deferred Tax Assets (Net)

25.798

 

 

Current Assets, Loans and Advances

 

Inventories

1398.939

Sundry Debtors

14073.388

Cash and Bank Balances

2991.576

Loans and Advances

1363.322

Other Current Assets

3570.688

Total

23397.913

 

 

Less: Current Liabilities and Provision

 

Current Liabilities

10623.746

Provision

529.345

Total

11153.091

 

 

Net Current Assets / Liabilities

12244.822

 

 

Total

14252.105

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

Rs. in Millions

Particular

Quarter Ended

Year Ended

 

31.03.2011

31.03.2011

 

(Unaudited)

(Audited)

 

 

 

Segment Revenue

 

 

Material handling systems

9609.045

19684.346

Setting up of complete power plant on engineering, procurement and construction (EPC) basis

0.000

0.000

Waste processing

0.000

0.000

Power generation and distribution

0.000

0.000

Total

9609.045

19684.346

Less: Inter Segment Revenue

0.000

0.000

Net Sales/ Income from Operation

9609.045

19684.346

 

 

 

Segment Results

 

 

Profit/ Loss before tax and interest from each segment

 

 

Material handling systems

1974.688

2900.655

Setting up of complete power plant on engineering, procurement and construction (EPC) basis

0.000

0.000

Waste processing

0.000

0000

Power generation and distribution

0.000

0.000

Total

1974.688

2900.655

Less: Interest

321.444

925.734

Add: Other Unallocable expenditure net off Unallocable income

41.177

125.280

Total Profit/ Loss before tax

1694.421

2100.201

 

 

 

Capital Employed (Segment Assets – Segment Liabilities)

 

 

Material handling systems

1045.209

11085.463

Setting up of complete power plant on engineering, procurement and construction (EPC) basis

0.000

96.836

Waste processing

0.000

0.000

Power generation and distribution

0.000

0.000

Unallocated

(127.055)

(4398.810)

Total

918.154

6783.489

 

Note:

 

  1. The segment have been identified in line with accounting standard (AS) 17 ‘Segment Reporting’, taking into account the risks and return, organization structure and internal reporting system.

 

  1. Segment revenue includes net sales (sale of manufactured goods and traded goods), service income and contract revenue directly identifiable to the segment. Segment results and capital employed includes amounts directly identifiable to each of the segment and which can be allocated on a reasonable basis. Unallocable income includes interest income and other income that are not identifiable to the segment. Unallocable expenditure includes corporate expenditure which is not identifiable to any of the segment. Unallocated capital employed includes assets and liabilities which are not specifically allocable to individual segments.

 

  1. The Unaudited financial results for the quarter ended 31 March 2011 and the audited financial results for the year ended 31 March 2011 were reviewed by the audit committee and approved by the board of directors at their meeting held on 25 May 2011.

 

 

 

 

WEBSITE DETAILS:

 

PROFILE:

 

Tecpro Systems Limited is an established EPC company in India, engaged in providing turnkey solutions in Bulk Material Handling Systems, Ash Handling Systems, Balance of Thermal Power Plant , Captive Power Plants and Pollution Control systems. Leveraging our capabilities in coal handling and ash handling and our established project management track record, we have begun to focus on turnkey BoP contracts in the thermal power generation sector. The scope of our services for BoP contracts includes design and engineering, manufacturing and sourcing of equipment and packages, project management and commissioning. 

We believe that our ability to provide coal handling and ash handling solutions in-house, which forms a substantial part of the BoP contracts, provides us with a competitive advantage in terms of cost, quality and execution timeline. 

We have also under execution Captive Power Plants (CPP) , in which we manage the erection and commissioning of the boiler, turbine and generator (“BTG”) packages along with undertaking the engineering, design, supply and commissioning of other equipment and services in an EPC contract. We either collaborate or outsource to a third party supplier for providing BTG packages in relation to our EPC contracts. 

Tecpro’s outstanding performance and strength had won the “Emerging India 2007” award of ICICI Bank CNBC TV18 in the INFRASTRUCTURE sector. The award was presented on 22nd July 2007 by the Honourable Prime Minister Dr. Manmohan Singh.

 

History:

 

Year 2002

 

Manufacturer of conveyors and components 


Year 2003

 

  • Turnkey system supplies in Material Handling Systems for smaller plants
  • Turnover of INR 110 Millions


Year 2005

 

  • Started manufacturing equipment like crushers, screens etc
  • Turnkey systems with in-house capabilities
  • Turnover of INR 1030 Millions
  • New plant constructed at Bawal for manufacture of equipment.
  • First major turnkey order from Rourkela Steel plant



Year 2006


  • Major order for CHP from Reliance Infratech for Yamunanagar TPP received.
  • Converted to Public Limited Company
  • Turnover doubled to INR 2310 Millions


Year 2007

 

  • Repeat orders from Reliance for Hisar TPP and Rosa TPP
  • Orders received for coal handling systems from Lanco Infratech for Amarkantak TPP at Korba and Punj Lloyd Limited for Chhabbra TPP, Rajasthan. 
  • Recognition of performance and growth –Selected for the “Emerging India 2007”award of CNBC 18/ICICI Bank in Infrastructure sector


Year 2008

 

  • Receives turnkey order from Tata Power Co for the Maithon TPP.
  • Wins the CHP contract from NTPC for Korba project
  • Turnover reaches INR 4810 Millions.
  • Acquires Mahindra Ashtech Limited and renamed as Tecpro Ashtech Limited



Year 2009

 

  • Wins the contract for the coal handling system for the first 800 MW power plant in India.
  • Turnover reaches Rs 7160 Millions.



Year 2010

 

  • Wins the contract for the Balance of Plant contract for the 1 X 500 MW TPP from Chattisgarh State Power Generation Company Limited
  • Tecpro AshTech Limited and Tecpro Power Systems Limited merged with Tecpro systems Limited w.e.f 01.04.2009.
  • Turnover reaches Rs 14758 Millions.
  • Won 2 orders for BOP from APGENCO for more than Rs 19 Billion

 

 

The company is headed by 



Mr. Ajay Kumar Bishnoi

 

Chairman and Managing Director A management graduate with more than 31 years' experience in marketing and project management in Material Handling Industry



Mr. Amul Gabrani,

 

Vice Chairman and   Managing Director an engineer and a management graduate with 28 years’ of experience in Marketing and Manufacturing of Material handling systems. 


The key personnel who form the senior management team of the organization are:

 

Material Handling Division:


Mr. Ajoy Dasgupta - Executive Director (Marketing)


Mr. Somen Kumar Mukherjee - Executive Director (Product Division) 


Design and Engineering:

 

Mr. Sanjay Kumar - Sr. Vice President (Technical) 



Project Management:

 

Mr. G Palanikumar - Sr. Vice President (Projects) 


Ash Handling Division:


The operations of Ash Handling Division are headed by Mr. Amar Banerjee, Whole Time Director.
The project management of Ash Handling Division is headed by Mr. Hariprasad.

 

Corporate Finance:

 

Mr. Kulbhushan  Arora - Chief Financial Officer


Mr. Pankaj Tandon, Company Secretary and Compliance Officer 


The Tecpro Board consists of Professionals with vast experience in their respective field:

BOARD DIRECTORS: 



Mr. Ajay Kumar Bishnoi, is our Chairman and  Managing Director. He holds a bachelor’s degree in commerce from St. Xaviers College, Kolkata and a master's diploma in business administration with an additional qualification in material management from the Institute of Management Development and Research, Pune. He started his career in 1978 as a management trainee in Bharat Forge Company Limited and has more than 31 years of experience in the material handling industry. Between 1979 and 2002 he was associated with various companies such as Eagle Flasks Limited, Usha Breco Limited, Beardsell Engineering (a division of Nava Bharat Ferro Alloys Limited) and Fenner (India) Limited. He joined our Board on April 6, 2002. 


Mr. Amul Gabrani, is our Vice-Chairman and  Managing Director. He is also the founding member of our Company. He holds a bachelor's degree in mechanical engineering from Delhi College of Engineering and a master’s degree in business administration from the University of Delhi. He started his career with Ingersoll Rand in 1981 and has more than 28 years of experience in the material handling industry. He was associated with Voltas Limited from 1984 to 1986 and thereafter worked with Fenner (India) Limited until 1990. He has been a member of our Board of Directors since incorporation.


Mr. Aditya Gabrani, is a Whole-time Director of our Company. He holds a bachelor's degree in engineering from Delhi College of Engineering, Delhi University. He joined our Board on November 10, 2010.


Mr. Arvind Kumar Bishnoi, is a Whole-time Director of our Company. He holds a bachelor's degree in engineering (electronics and communication) from SRM University, Chennai and master’s degree in business administration from Symbiosis Institute of Management, Pune. He joined our Board on April 1, 2005.

Mr. Amar Banerjee, is a Whole-time Director of our Company. He holds a bachelor’s degree in engineering (mechanical) from Jadhavpur University, Kolkata. He has 39 years of experience in ash handling industry. He was previously working with Mahindra Ashtech Limited and was responsible for marketing, manufacturing and sales division. He joined our Board on April 2, 2010.


Mr. Achal Ghai, is a Director on the Board of our Company. He holds a bachelor’s degree in commerce from Guru Nanak Dev University, Amritsar and a master's degree in business administration from University of Delhi. He has experience in corporate and investment banking and has worked with international banks across India, Dubai and Canada. He is on the board of several Indian and international companies and advises conglomerates in Canada, UK, Malaysia, Dubai and India. He joined our Board on November 24, 2005. 


Mr. Suresh Kumar Goenka, is an independent Director of our Company. He is a chartered accountant and holds a bachelor’s degree in commerce from St. Xavier’s College, Kolkata. He has more than 25 years of experience in legal, financial, taxation and other commercial matters in India and abroad. In the past he has been associated with Price Waterhouse and  Co. Presently, he is pursuing his own practice in Goenka Suresh and  Associates. He joined our Board on July 26, 2006.


Mr. Brij Bhushan Kathuria, is an independent Director of our Company. He is a chartered accountant and holds a Bachelor’s degree in sciences from Kurukshetra University. He has more than 26 years of experience in finance, taxation, auditing in India and abroad and has also served in senior management roles in companies based in Africa and Middle East. He joined our Board on July 26, 2006.


Mr. Satvinder Jeet Singh Sodhi, is an independent Director of our Company. He is a management accountant, chartered accountant, holds a bachelor’s degree in commerce from Government College, Chandigarh and is also a law graduate from University of Delhi. He has served as a civil service officer and in the past has held various senior key positions in government departments. He also served as the joint commissioner of industries, general manager - Delhi Finance Corporation and the chief executive officer of certain public sector enterprises. He earlier worked as the executive director of the Delhi Stock Exchange and has also been associated with committees of various ministries. Presently, he is the chief executive officer and executive director of Dr. B.L. Kapur Memorial Hospital, New Delhi. He joined our Board on June 20, 2007. 


Mr. Anunay Kumar, is an independent Director of our Company. He holds a bachelor's degree in mechanical engineering from the University of Ranchi and also holds a diploma in management from the All India Management Association, New Delhi. He has more than 43 years of work experience in the steel industry in India and abroad. In the past he has been associated with various companies such as, Mecon Limited and retired as its director (technology) in 2004. He also serves as a director of JSW Aluminium Limited and DESCON Limited. He joined our Board on June 20, 2007.


Mr. Sakti Kumar Banerjee, is an independent Director of our Company. He holds a bachelor's degree in civil engineering from Jadhavpur University. He was associated with NALCO as its chairman and managing director and is presently holding the position of the managing director of PervCom Consulting Private Limited. He joined our Board on November 15, 2007.

Mr. Subrata Kumar Mitra, is an independent Director of our Company. He holds a bachelor’s degree from Bangabasi College, Kolkatta, master’s degree in science from Calcutta University and a master’s degree in business administration from the U.S. He has more than 25 years of experience in financial services sector. He has previously been associated with various organizations such as, Standard Chartered Bank, Mumbai, American Express Bank, GIC Mutual Fund and Aditya Birla Group. He joined our Board on April 2, 2010.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.46

Euro

1

Rs.65.47

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

8

--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

 

65

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.