MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED [THERMAX BABCOCK AND WILCOX LIMITED DIVISON OF THERMAX LIMITED] |
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Registered
Office : |
D-13, MIDC
Industrial Arear, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
30.06.1980 |
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Com. Reg. No.: |
11-22787 |
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Capital
Investment / Paid-up Capital : |
Rs.238.300 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299MH1980PLC022787 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03854E PNET00017D |
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PAN No.: [Permanent Account No.] |
AAACT3910D |
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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
: |
Manufacturing of
Steam or other Vapour Generating Boilers, other Refrigerating or Freezing Equipment
and Ion Exchangers of the Polymerisation or Co-Polymerisation type. |
|
|
|
|
No. of
Employees: |
4464
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 420000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company having fine track. Financial position of the
company appears to be sound. Fundamentals are strong and healthy. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/ Factory : |
D-13, MIDC
Industrial Area, |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
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E-Mail : |
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|
Website : |
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Corporate
Office : |
Thermax House,
14, Mumbai – |
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Tel. No.: |
91-20-66051200 /
25542122 |
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Fax No.: |
91-20-25542242 |
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E-Mail : |
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Factory 1 : |
D-1 Block, MIDC Industrial Area,
Chinchwad, Pune - 411 019, |
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Factory 2 : |
Village Paudh, Mazgaon, Via Pategarga, Taluka Khalapur, District
Raigad – 410 206, |
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Factory 3 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, Dist.- Vadodara –
391775, |
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Factory 4 : |
D-13, MIDC
Industrial Area, |
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Factory 5 : |
Survey No-169,
Village Dhrub, Taluka Mundra, Mundra – 370 201, District Kutch, |
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Overseas Offices
: |
·
Thermax
International Limited, ·
Thermax
(Rus) Limited, ·
Thermax
Europe Limited, ·
Thermax
Europe Limited, ·
ME
Engineering Limited, ·
Thermax
Inc., |
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|
|
|
Branches : |
Located At: ·
Ahmedabad,
·
·
·
·
·
Kolkata,
·
Chennai,
Tamilnadu ·
·
Mumbai,
·
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. A. R. Aga |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. A. M. Nalawade |
|
Designation : |
Managing Director |
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|
Name : |
Mr. P. D. Chansarkar |
|
Designation : |
Director |
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|
Name : |
Mr. D. L. Chavan |
|
Designation : |
Director |
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|
Name : |
Mr. B. M. Desai |
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Designation : |
Director |
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|
Name : |
Mr. B F. Gagrat |
|
Designation : |
Director |
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Name : |
Mr. G. K. Gureja |
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Designation : |
Director |
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Name : |
Mr. N. D. Joshi |
|
Designation : |
Director |
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|
Name : |
Mr. P. M.
Kulkarni |
|
Designation : |
Director |
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|
Name : |
Mr. S. S. Marathe |
|
Designation : |
Director |
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|
Name : |
Mr. M. P.
Pudumjee |
|
Designation : |
Director/Chair Person |
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|
Name : |
Mr. R. V. Ramani |
|
Designation : |
Director |
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Name : |
Mr. H P Ranina |
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Designation : |
Director |
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Name : |
Mr. P. K. Sen |
|
Designation : |
Director |
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|
Name : |
Mr. M. J. Shaikhali |
|
Designation : |
Director |
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|
Name : |
Mr. R. A. Shroff |
|
Designation : |
Director |
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|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director |
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|
Name : |
Mr. G. Trivedi |
|
Designation : |
Director |
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|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
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|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
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|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
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|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
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|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
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|
Name : |
Dr. Manu Seth |
|
Designation : |
Director |
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|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. M.
Nalavade |
|
Designation : |
Company Secretary |
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|
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|
Name : |
Mr. Sunil Lalai |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Amitabh
Mukhopadhyay |
|
Designation : |
Executive Vice President and Chief Financial Officer |
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|
Name : |
Mr. Gopal Mahadevan |
|
Designation : |
Executive Vice President and Chief Executive Officer |
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EXECUTIVE COUNCIL :
|
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|
|
|
|
Name : |
Mr. Ravinder
Advani |
|
Designation : |
Executive Vice
President – ESD |
|
Qualification
: |
B. E. (Hons)
(Mech.), PGDBM |
|
Date of
Appointment : |
01.05.2000 |
|
Previous Employment
: |
Thermax Babcock
and Wilcox Limtied – General Marketing Manager. |
|
|
|
|
Name : |
Mr. Shishir
Joshipura |
|
Designation : |
Executive Vice
President - PHD |
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Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.03.2003 |
|
Previous Employment
: |
Thermax Energy
Performance Services Limited – CEO |
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|
|
|
Name : |
Mr. Prakash
Kulkarni |
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Designation : |
Managing Director
|
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Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.07.1999 |
|
Previous Employment
: |
Thermax Babcock
and Wilcox Limited – Managing Director |
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|
|
|
Name : |
Mr. Amitabha
Mukhopadhyay |
|
Designation : |
Executive Vice
President and CFO |
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Qualification
: |
B. Sc. (Hons.),
ACA |
|
Date of
Appointment : |
24.10.2001 |
|
Previous Employment
: |
IFB Industries
Limited – Vice President Finance |
|
|
|
|
Name : |
Mr. M. S.
Unnikrishnan |
|
Designation : |
Executive Vice
President |
|
Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.08.1997 |
|
Previous Employment
: |
Terrazzo Limited
– Assistance General Manager |
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|
|
|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Executive Vice
President |
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|
|
|
Name : |
Mr. Sudhir Sohoni
|
|
Designation : |
Executive Vice
President |
|
Qualification
: |
M A (PM and IR) |
|
Date of
Appointment : |
01.03.2006 |
|
Previous Employment
: |
CEAT Limited –
Vice President – Human Resource ( |
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|
|
|
Name : |
Mr. R V Ramani |
|
Designation : |
Divisional Head |
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Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.10.1974 |
|
Previous Employment
: |
Indowse
Engineering Private Limited – Sales Engineer |
|
|
|
|
Name : |
Mr. V J Shah |
|
Designation : |
Divisional Head |
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Qualification
: |
B. Tech. (Chem.
Engg.), MBM |
|
Date of
Appointment : |
15.05.1988 |
|
Previous Employment
: |
Rieco Industries
Limited – Senior Manager |
|
|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. s.
Ramachandran |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9520805 |
7.99 |
|
|
64328500 |
53.99 |
|
|
|
|
|
|
6000 |
0.01 |
|
|
|
|
|
|
|
|
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|
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|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
13430470 |
11.27 |
|
|
3850450 |
3.23 |
|
|
10751342 |
9.02 |
|
|
|
|
|
|
|
|
|
|
2132196 |
1.79 |
|
|
|
|
|
|
|
|
|
|
7379967 |
6.19 |
|
|
7353809 |
6.17 |
|
|
|
|
|
|
|
|
|
|
170580 |
0.14 |
|
|
10553 |
0.01 |
|
|
80795 |
0.07 |
|
Hindu
Undivided Families |
140833 |
0.12 |
|
|
|
|
|
Total
|
119156300 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Directors/Promoters
& their Relatives & FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Steam or other Vapour Generating Boilers, other Refrigerating or Freezing Equipment
and Ion Exchangers of the Polymerisation or Co-Polymerisation Type. |
||||||||
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|
|
||||||||
|
Products : |
· Other Refrigerating or Freezing Equipment · Ion Exchangers of the Polymerisation or Co-Polymerisation type
|
(PRODUCTION STATUS AS ON 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Energy Products and Systems a.
Boilers Capacity upto 30MT / Chillers b.
Boilers Capacity above 30MT c.
Heaters d.
Power Plants |
Nos. MT Mn. Kg Cal MW |
3441 22410 -- -- |
1881 4379 67 40 |
|
Environmental Products and Systems : |
|
|
|
|
a. Air Pollution Control Plants and Systems |
Nos. |
-- |
834 |
|
b. Water and Waste Treatment Plants |
Nos. |
-- |
1076 |
|
c. Ion Exchange Resins and Chemicals |
MT |
36161 |
18343 |
GENERAL INFORMATION
|
No. of Employees : |
4464 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of · Canara Bank · Citibank N.A. · Corporation Bank · ICICI Bank Limited ·
Union Bank of ·
State Bank of ·
The Hongkong and · Banking Corporation Limited · Standard Chartered Bank ·
Bank of |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Khare and
Company Chartered
Accountants |
|
Address : |
706/707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, |
|
|
|
|
Holding Company
: |
·
RDA Holding and Trading
Private Limited. |
|
|
|
|
Joint Venture : |
·
Thermax
SPX Energy Technologies Limited |
|
|
|
|
Domestic
Subsidiaries Company : |
·
Thermax Sustainable Energy Solutions
Limited ·
Thermax Engineering Construction
Company Limited ·
Thermax Instrumentation Limited ·
Thermax Onsite Energy Solutions
Limited |
|
|
|
|
Overseas Subsidiary
Company : |
·
Thermax International Limited, ·
Thermax Europe Limited, ·
Thermax Inc., ·
Thermax do Brasil Energia e ·
Thermax Hong Kong Limited, ·
Thermax ( |
CAPITAL STRUCTURE
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares (Of the above 6,43,28,500 shares are held by holding company, RDA
Holding and Trading Private Limited.) |
Rs.2/- each |
Rs.238.300 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 |
238.300 |
238.300 |
238.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10269.600 |
9380.600 |
7123.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10507.900 |
9618.900 |
7361.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
436.300 |
362.100 |
310.700 |
|
|
|
|
|
|
|
|
TOTAL |
10944.200 |
9981.000 |
7672.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4938.500 |
4399.100 |
2786.000 |
|
|
Capital work-in-progress |
111.700 |
176.500 |
475.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
3781.600 |
1764.500 |
5797.400 |
|
|
DEFERREX TAX ASSETS |
264.200 |
181.600 |
159.900 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories
|
2463.600 |
2664.200 |
1995.200 |
|
|
Contracts in Progress
|
2761.700 |
2268.600 |
558.100 |
|
|
Sundry Debtors
|
7470.500 |
5407.800 |
5053.100 |
|
|
Cash & Bank Balances
|
6055.500 |
3407.800 |
279.100 |
|
|
Other Current Assets
|
525.100 |
387.000 |
303.500 |
|
|
Loans & Advances
|
3014.200 |
2021.800 |
1904.700 |
|
Total
Current Assets |
22290.600
|
16157.200 |
10093.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
|
|
|
Current Liabilities
|
18794.100 |
11190.300 |
10110.800 |
|
|
Contracts in Progress
|
673.800 |
558.500 |
165.200 |
|
|
Provisions
|
974.500 |
949.100 |
1364.800 |
|
Total
Current Liabilities |
20442.400
|
12697.900
|
11640.800
|
|
|
Net Current Assets |
1848.200
|
3459.300 |
(1547.100) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10944.200 |
9981.000 |
7672.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
32352.300 |
33031.700 |
32459.400 |
|
|
|
TOTAL (A) |
32352.300 |
33031.700 |
32459.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
20584.700 |
20976.300 |
21803.900 |
|
|
|
Personnel |
2927.100 |
2546.400 |
2410.600 |
|
|
|
Excise Duty |
24.400 |
23.500 |
23.500 |
|
|
|
Other Expenditure |
4477.300 |
4953.200 |
12.700 |
|
|
|
Extra-ordinary Items of Expenses/ (Income) |
1148.600 |
(13.600) |
(21.000) |
|
|
|
TOTAL (B) |
29162.100 |
28485.800 |
24229.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3190.200 |
4545.900 |
8229.700 |
|
|
|
|
|
|
|
|
|
Less |
INTERESTS (D) |
15.200 |
32.700 |
3707.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3175.000 |
4513.200 |
4521.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
404.200 |
321.100 |
218.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2770.800 |
4192.100 |
4303.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1356.400 |
1319.100 |
1496.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1414.400 |
2873.000 |
2807.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5480.000 |
3592.000 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
142.000 |
288.000 |
-- |
|
|
|
Proposed Equity Dividend |
595.800 |
595.800 |
-- |
|
|
|
Tax on Dividend |
99.000 |
101.200 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
6057.600 |
5480.000 |
-- |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB |
7008.600 |
6275.700 |
3434.400 |
|
|
|
Other Earnings |
126.300 |
170.300 |
90.400 |
|
|
TOTAL EARNINGS |
7134.900 |
6446.000 |
3524.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1893.600 |
1632.100 |
2036.400 |
|
|
|
Stores & Spares |
1001.700 |
1024.200 |
985.900 |
|
|
|
Consumable |
27.900 |
53.600 |
31.800 |
|
|
|
Capital Goods |
230.600 |
356.400 |
218.500 |
|
|
TOTAL IMPORTS |
3153.800 |
3066.300 |
3272.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
11.87 |
24.11 |
23.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
7897.820 |
10916.210 |
12411.690 |
17713.350 |
|
Total Expenditure |
6938.140 |
9630.490 |
10947.530 |
15762.040 |
|
PBIDT (Excl
OI) |
959.680 |
1285.720 |
1464.160 |
1951.310 |
|
Other Income |
139.850 |
133.290 |
116.850 |
132.580 |
|
Operating
Profit |
1099.530 |
1419.010 |
1581.010 |
2083.890 |
|
Interest |
5.590 |
4.550 |
2.040 |
9.660 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.00 |
|
PBDT |
1093.940 |
1414.470 |
1578.970 |
2074.240 |
|
Depreciation |
105.840 |
104.970 |
105.30 |
115.570 |
|
Profit
Before Tax |
988.090 |
1309.500 |
1473.440 |
1958.670 |
|
Tax |
326.400 |
414.230 |
471.240 |
693.640 |
|
Reported PAT |
661.690 |
895.270 |
1002.200 |
1265.030 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.00 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
661.690 |
895.270 |
1002.200 |
1265.030 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.37
|
8.70
|
8.65
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.18
|
20.39
|
33.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.44
|
0.58
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95
|
1.32
|
1.58
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.27
|
0.87
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject (Thermax) came to business in 30th June of the year
1980, headquartered in Pune, India, Company provides sustainable solutions in
Energy and Environment by the way of standard products in the 6 areas of
business, such as Boilers and Heaters, Absorption Cooling, Water and Waste
Solutions, Chemicals for Energy and Environment applications, Power and
Cogeneration systems and Air Pollution and Purification Thermal's international
operations are spread over South East Asia, Middle East, Africa, Russia, UK and
the US.
Tulsi Fine Chemical Industries Private Limited and Kailas Castings Private
Limited were merged with the company with effective from 1st July of the year
1982. As at 1st July 1989, Thermax became a deemed public company. In the year
1991, T. K. Steel Industries Ltd was merged with the company. During the year
1994, the company's status was changed from deemed public company public
company. The process heat division came out with a new boiler design in the
year 1995, an oil fired smoke boiler, shell Max and Combiac, a boiler specially
designed to burn agro fuels like rice and groundnut husk, saw dust, coffee
waste etc. also in the same year of 1995, a Memorandum of Understanding (MoU)
was signed with Bharat Shell for thermic fluid, therma, for heat transfer
system. The process heat projects division received an order from PT South
Pacific Viscose, an Indonesian Company for supply of 3 boilers of 22.5 tonnes
per hour of steam. Energy System Division of the company was born in the year
1996 by the way of merger of two division, one in the energy area and the other
in heat recovery area to pool the expertise with a view to addressing the heat
recovery business and also in the same year launched fine circulation fluidised
bed combustion boiler. The MoU was signed with Bharat Shell and the Process
Heat Division of the company.
During the year 1997, the company had received the AD-Merkblatt certification
for the entire manufacturing unit at Chinchwad. An electronic network called
Thermnet linking all establishments of the company in the country was
introduced during the year same year of 1997 and also Thermax had entered into
a joint venture with Fuji Electric Company of
With the investment of US $ 200,000, the company had incorporated a wholly
owned overseas (WOS) subsidiary in
As at February 2008, the company had signed a technical transfer license
agreement with US-based Babcock and Wilcox Power Generation Group (B and W) to
engineer, manufacture and sell sub critical B and W radiant utility boilers in
Company is planning to set up a new Rs.5-billion manufacturing plant for large
boilers of capacity 100 mw to 800 mw for power plants. In the first phase, the company
will have a capacity to produce sub-critical boilers with total capacity of
1,500 mw per annum, which would entail an investment of Rs.3 billion. In the
next phase the company will scale up the capacity of the boilers of equivalent
to 3,000 mw with an additional investment of Rs.2 billion.
PERFORMANCE:
The total order booking for the year was Rs.57940.000
Millions as against Rs.35570.000 Millions, last year. The company completed the
year with a record order book of Rs.53810.000 Millions. The year 2009-10 began
with a lower order book, owing to the global financial crisis, resulting in the
total income being marginally lower at Rs.32352.000 Millions, as compared to
the previous year. Profit before tax and extraordinary items was Rs.3919.000
Millions compared to Rs.4179.000 Millions in the previous year. Profit, after
tax and extraordinary items, was significantly lower at Rs.1414.000 Millions
compared to Rs.2873.00 Millions in the previous year, owing to a one-time
extraordinary expense of Rs.1149.00 Millions (net of tax) towards a business
settlement. Earnings per share (EPS) dropped to Rs.118.700 Millions from
Rs.241.100 Millions in 2008-09.
During the year, exports – including deemed exports – were
lower at Rs.6565. 000 Millions from Rs.9123.000 Millions last year, a decline
of 28% due to the continued financial turmoil in the global market.
COLLABORATION WITH GLOBAL TECHNOLOGY MAJORS
The company made significant moves that will help it to
benefit from the rapid growth
happening in the country's power sector.
It signed two joint venture
agreements - with SPX Netherlands BV (SPX) for air pollution
control equipment to help power plants meet stringent
emission norms and
also improve their thermal
efficiencies; and with Babcock
and Wilcox (B&W), USA for
manufacturing supercritical boilers. Details of
the joint venture UV) company
formed with SPX is provided
in the 'Subsidiaries' section of this report. With Babcock
and Wilcox Power Generation Group, Inc. (B&W PGG),
a global leader in power generation industry, Thermax has
entered into an alliance to form a strategic joint venture to engineer, manufacture
and supply supercritical boilers
for the Indian power sector. The
JV will also manufacture subcritical boilers over 300
megawatts (MW) in size.
Thermax will own 51% share of the joint venture while B&
This technology will allow the new JV to contribute to
efficient power generation in the
ultra mega thermal plants planned to meet
the massive energy requirements
of the country. Utility boilers above 660 MW
generally fall under the
supercritical category. Operating at higher pressures than those of subcritical boilers, they increase
efficiency and produce more energy from the same amount of fuel.
The new joint venture is being established at a critical
time when
DOMESTIC SUBSIDIARIES
JOINT VENTURE
Thermax
SPX Energy Technologies Limited
The company has entered into a joint venture with
The company will
operate on the basis of a license agreement with Balcke-Durr
GmbH,
In the initial
phase, it shall cover air
pollution control systems, electrostatic precipitators (ESPs)
for high ash coalbased power plants, bag filters and
equipment for reducing SOx-NOx
emissions, and rotary
heat exchangers.
The company has secured its first order for a regenerative
air-preheater (RAPH). This order
involves design, engineering, manufacturing, supply,
supervision, installation,
erection and commissioning of four RAPH units for two 750 TPH boilers (two RAPH
for each boiler) for a oil refinery. The
company has been
actively participating in a
number of bids
for electrostatic precipitators, regenerative air-preheaters, air-cooled condensers and such
balance-of-plant equipment to build a strong foundation for future
business.
The company has infused Rs.102.000 Millions as an
initial contribution towards the share
capital of the joint venture.
WHOLLY
OWNED:
Thermax
Engineering Construction Company Limited
Thermax Engineering Construction Company Limited, (TECC)
undertakes and executes engineering construction projects mainly for the Boiler
and Heater (B&H) business unit of the company.
In 2009-10, this
subsidiary earned a total income of Rs.968.000 Millions and profit
after tax of Rs.30.000 Millions
compared to Rs.999.000 Millions and
Rs.15.000 Millions respectively, in the previous financial year. The
marginal decline in income was due to lower order balance as on March 31, 2009,
resulting from the economic slowdown and projects being put on
hold by customers during the
financial year 2008-09. Despite
the lower income, the
subsidiary's profit improved as
a result of better cost
management. However, the profitability of the
company may be impacted in the coming
year due to enhanced demand for construction vendors
and skilled labour from the power
sector.
The company successfully completed the assembly
of a second FM boiler weighing
585 tons at the Mundra port facility, for export. Erection of three spent wash
fired units and a municipal solid waste
(MSW) fired boiler are the other highlights of the year.
With the company's year end order balance being significant,
the focus for the coming year will be on
the execution of existing orders. The company is gearing up to
face the challenge of recruitment along with
training and development of
skilled personnel for projects.
Thermax
Instrumentation Limited:
Thermax
Instrumentation Limited (TIL)
focuses its operations
on installation and commissioning of power and cogeneration
plants including civil construction.
The company earned a total income of Rs.1291.000 Millions
and profit after tax of Rs.20.000 Millions compared to
Rs.1032.000 Millions and Rs.4.000
Millions respectively, last year. Increase in business volume has helped the
company achieve a better performance as compared to last year.
The company has secured a breakthrough order in larger
capacity projects in the Independent Power Producers (IPP) range.
The subsidiary successfully
commissioned eight power plants
comprising ten units aggregating to 212.5 MW -the largest capacity commissioned in any year so far.
With the country
focusing on dramatically improving its
power generation capacity, and with Thermax's foray into utility
projects, the outlook for the company is
positive.
Thermax
Sustainable Energy Solutions Limited:
With the looming threat of climate change and the need
to reduce carbon emission, Thermax Sustainable Energy Solutions Limited
(TSES) is entering into businesses
related to clean development mechanism (CDM). An amount of Rs.40.000 Millions was infused towards the
share capital of the company to support its foray into this business area.
TSES has developed CDM projects, which
are now under validation. In the coming financial
year, these projects
are expected to be
registered with United Nations
Framework Convention on Climate Change (UNFCCC).
The company has earned an income of Rs.6.960 Millions during
the year against Rs.1.420 Millions in
the previous year. This comprised mainly reimbursement of expenses for support rendered to the
parent company. It has incurred a net loss of Rs.11.730 Millions compared to
Rs.1.280 Millions loss in the previous year.
The loss was predominantly due to higher outlay of expenditure,
which would help ramp up the
operations when the expected approval
from UNFCCC is received.
Thermax
Onsite Energy Solutions Limited:
Thermax Onsite Energy Solutions Limited
(TOESL) was incorporated in September 2009. This subsidiary, focusing
on the area of green energy from biomass and
other alternate sources, plans to
develop utility delivery business to
customer on unit-consumption
basis. For this, the
company installs its own
equipment and peripherals at customer site, operates and maintains
these, and organises required
inputs like fuel, manpower
and consumables at its own cost.
This business mainly
aims to capture the major share
of revenue-side spending of
clients by supplying steam, heat or chilled water on a unit
basis.
The subsidiary has signed a project for a tenure of seven
years to supply heat to a
leading paint manufacturing company. The company is already offering services of
steam supply to a joint venture in textile knit wear business. With several
industrial units identifying the
benefits of savings in capital expenditure and freedom from having to manage operation and maintenance of
utilities, the outlook for the business looks promising.
The Board of the company has approved an overall investment
of Rs.60.000 Millions towards the equity capital of TOESL for this new business
initiative.
OVERSEAS
SUBSIDIARIES
Wholly
Owned
Thermax
Inc.,
This step-down
subsidiary is the front-end value chain for the company s cooling and chemical businesses in the
The profit after tax of the subsidiary increased
significantly to USD 0.96 million (USD
0.1 million, previous year) on a marginally higher top line of USD 14.9
million. Better financial results were achieved in a
depressed market environment with sharper focus on speciality
resins, customised solutions and
cost control.
The external economic environment continues to be
challenging with respect to growth, investment and availability of
credit. To maintain margins for the chemical
business, the efforts to focus on product mix
and pricing discipline will
continue.
The cooling business
segment has started growing with
the commercial execution of
sourcing/distribution agreement with
Trane (division of Ingersoll
Rand). Marketing initiatives are
in place to transform to a
'market share' player in the near future.
Therniax
Europe Limited, UK.:
The year witnessed a significant slow down in business
activities in all European
economies due to credit crunch. The company closed the financial
year with a turnover of GBP 3.8 million
(USD 5.7 million) as compared to GBP
5.6 million (USD 8.5 million) in the previous year. The profit
after tax was GBP
0.43 million (USD 0.65 million) against
the previous year profit
of GBP 0.55
million (USD 0.83 million).
In comparison to the
previous year the profitability has increased to 11.3% from 9.8%, owing to better
product mix. Although the enquiry levels for
chillers remained constant,
conversion into orders was a challenge.
The year also saw a
45% increase in service revenues
over the previous year. Key highlights of the year
included supply of a 3 MW steam chiller to
With challenging conditions continuing and aggressive
strategies adopted by competition, there is pressure on pricing. The company
plans to identify standard market
segments and improve
profitability through operational efficiencies. Service business
would continue to be the thrust area for the company to reduce volatility in
the business.
With the
European economies yet to recover
from the effects of
global financial crisis the company aims to maintain its performance.
Thermax
Hong Kong Limited,
Thermax Hong Kong Limited (THKL) was formed in December 2003
as part of the strategy to enter the Chinese absorption cooling market. It had
no revenue stream planned
for the financial year. The
company was slated for
the 'dormancy status' after collection of debts and completion of
committed contractual
transactions. This being achieved,
the company has
been registered for a dormancy
status in March 2010 under the existing
company laws of
The absorption cooling
business of the company is now
routed through Thermax (
To support and meet administrative expenses like audit
fees, statutory filings, etc. during the dormancy stage, the Board
of the
company has invested USD 6,500
towards equity share capital.
Thermax
(
Thermax (
For the export market, it has geared up to compliment the
company's Indian manufacturing base by
acquiring all the necessary
certifications for supplying chillers to the European and American markets
which are poised for growth in the coming years. The
company has already commenced its first supplies to these markets during the
year.
Thermax
International Limited,
The company has invested USD 25,000 in the share capital of
this subsidiary to meet operational expenses. The total investment
in this subsidiary towards share
capital now stands at USD 3.2
million. The company is a parent
to the step down subsidiary, Thermax Inc.,
Thermax
do Brasil - Energia a Equipamentos Ltda.,
During the fiscal year the subsidiary earned an income of
BRL 0.12 million (USD 0.07
million) and made a profit after tax of BRL 0.04 million
(USD 0.02 million).
At present, steps are
being evaluated towards putting the affairs
of the company to hibernation.
FINANCE, ACCOUNTS AND SYSTEMS:
As on March 31, 2010, with the increased order booking, the
company's cash and cash equivalents stood
at Rs.9160.000 Millions. After an investment of Rs.880.000 Millions in fixed
assets, the company's net cash inflow was Rs.4520.000 Millions. Its net working capital was negative at Rs.3806.000
Millions as against a positive
Rs.171.000 Millions in the previous year.
The management of the company
would continue to focus on prudent working capital management and cash flows.
The company's funds are invested in debt funds
and fixed deposits with reputed banks. It has not traded or engaged in
any derivative instruments or options during the year.
ICRA Limited has assigned the company LAA+ and Al + rating for long term
and short term bank limits, respectively.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW:
Economies, worldwide, are recovering from the severe
downturn of 2008 that continued into 2009. Many countries are showing signs of
small but positive growth due to
domestic consumption and
a marginal improvement
in international trade. The recovery
is uneven and the business environment for sustained growth is fragile.
Much of the economic rebound is due to the strong fiscal stimulus provided by the governments
of both developed and developing countries.
In developed economies,
increasing unemployment,
rising inflation and tightening credit
conditions have resulted
in subdued consumer
and investment demand. Government
plans to withdraw the financial stimulus
to control the ballooning fiscal deficit are met with concerns about economic recovery losing
momentum. In the next couple
of years, at
least, the developed economies
are not expected to provide a strong impetus to
global growth.
Displaying
remarkable resilience in 2009-10,
The Union Budget 2010-11 indicates a positive outlook
for the Indian economy in the near term. The economic agenda
emphasises inclusive growth and development
of infrastructure in
both urban and
rural areas. Rs.1735520.000
Millions has been allotted for
infrastructure expansion, which accounts for
over 46% of the total
allocation. Budgetary allotment
to power, road transport, shipping, urban infrastructure
and railways will provide
the much needed
growth trajectory for the
manufacturing and infrastructure
related sectors.
In the recent past, averaging 4000 - 6000 MW a year,
While
constructively engaging with the international community
at the Copenhagen conference
on climate change, India
has pursued a
strong domestic agenda for
addressing the issue. The National Solar Mission with an
enabling policy framework
has been created with the
objective of generating 20,000
MW of solar power by 2022. This is
expected to be achieved
by creating favorable
conditions for solar
manufacturing capability, indigenous production and market leadership.
A proposal to
establish a National Clean Energy Fund for funding research and
innovative projects in clean energy technologies and a 61%
increased budget outlay for new and renewable energy sector, provide the
much needed support to companies in
related fields. Overall, the energy and environment sectors are poised to ride
the wave of positive growth in the coming years.
REVIEW
OF OPERATIONS:
During the fiscal
year 2009-10, the company witnessed
a decline in revenues, due to the lower order book of
the previous years. It generated a total income of Rs.32352.000 Millions, with
profit after tax at Rs.1414.000 Millions. Exports, including deemed exports,
represented 20.3% of the total income.
With the economic situation recovering, the order book of the company has improved and stands at Rs.53810.000
Millions on March 31, 2010.
The company's energy
business comprising Boiler
and Heater, Power,
and Cooling and Heating contributed to 75.6% of its income while
the environment business comprising Air Pollution Control, Chemicals
along with Water and Wastewater Solutions
generated 24.4%.
Industrial
growth, particularly in the
capital goods sector
remained subdued in the year 2008-09, affecting the order book and carry
forward of several manufacturing
companies. Due to economic
uncertainty, financial closure of
most projects were delayed and orders were either put on hold or were postponed
till the situation improved.
In 2009-10, with the improvement in the global economic
scenario, many of the projects on hold were awarded, but with
strict delivery schedules and lower
budgets. The innovation oriented projects initiated last fiscal have been progressing well, with contributions
from heating and cooling products supporting the company's business.
Thermax Innovation Council, established last year and
chaired by Dr. R. A. Mashelkar is
providing guidance in nurturing an innovation ecosystem within the company's
business divisions.
The company positioned itself for robust growth in the Indian
power sector. It formed two joint venture partnerships with global majors in the areas of energy and
environment that are expected to support
the growth in power. Thermax also made
its entry in the utility space of independent power plants (IPP) by winning
a project order.
With the country's
dependence on coal fired power plants
for electricity generation, reduction
of carbon footprint remains a daunting challenge. For reducing emissions
and to counter the shortage of
fossil fuels, energy efficiency has become very relevant in power generation.
It is
envisaged that in the twelfth five year plan about 60% of the
100,000 MW capacity addition and about 90% of 102,000 MW
in the thirteenth plan would be based on
supercritical technology.
Supercritical
technology, with its ability to operate
at increasingly higher temperatures
and pressures is aiding the
improvements in energy efficiency in thermal power stations
worldwide. This technology offers much higher
efficiencies of 40-42% by raising the temperature and pressure
of steam in the boiler, thereby obtaining more energy
output from the same coal input.
This shift to supercritical technology is a specific
mitigation exercise of the Government as part of its climate change agenda.
With huge investments anticipated in the sectors of energy
and environment, these partnerships will help in supporting the government's
objectives of efficient technology
introductions and establishment of
indigenised production
capabilities. These sustainable
models will help
arrest environmental degradation
and counter the negative effects
of climate change.
CONTINGENT LIABILITIES NOT PROVIDED FOR
a) Disputed demands in respect of Excise, Customs Duty and
Service Tax Rs.221.100 Millions, Sales Tax Rs.135.600 Millions and other
Statutes Rs.0.900 Million
b) i) Income Tax demands disputed in appellate proceedings
Rs.367.200 Millions
ii) References / Appeals preferred by Income Tax department
in respect of which, should the ultimate decision
be unfavorable to the Group, the liability is estimated to
be Rs.207.600 Millions
c) Counter Guarantees given to the banks for guarantees
issued by them on Group’s behalf Rs.15360.400 Millions
d) Indemnity Bonds/Corporate Guarantees given to Customs,
other Government departments and various customers
Rs.732.300 Millions
e) Liability for unexpired export obligations Rs.487.100
Millions
f) Claims against Group not acknowledged as debts Rs.94.500
Millions
g) Bills Discounted with banks Rs.433.900 Millions
h) Liability in respect of partly paid shares Rs.1.900
Millions
i) Future Lease obligations payable on non-cancelable
operating leases Rs.19.600 Millions
FIXED ASSETS
·
·
·
Buildings
·
Plant
and Machinery
·
Electrical
Installation
·
Furniture
·
Fixtures
·
Office
Equipment
·
Vehicles
AUDITED FINANCIAL RESULTS
FOR THE HALF YEAR ENDED 30.09.2010
(Rs In Millions)
|
Particulars |
30.09.2010 Quarter Ended |
30.09.2010 Half Year Ended |
31.03.2010 Year Ended |
|
|
(Audited) |
(Audited) |
(Audited) |
|
|
|
|
|
|
Operating Income |
|
|
|
|
Net Sales / Income from Operations |
10477.976 |
18265.546 |
30883.645 |
|
Other Operating Income |
438.232 |
546.483 |
|
|
Total Income (a+b) |
10916.210 |
18814.029 |
|
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(31.768) |
(58.083) |
31.551 |
|
(b) Consumption of Raw Materials |
7185.473 |
12121.560 |
19277.415 |
|
(c) Purchase of traded goods |
278.766 |
618.296 |
1275.710 |
|
(d) Employees Cost |
989.625 |
1742.490 |
2927.062 |
|
(e) Depreciation |
104.974 |
210.819 |
404.165 |
|
(f) Other Expenditure |
1208.386 |
2144.368 |
4501.869 |
|
Total Expenditure |
9735.458 |
16779.450 |
28417.792 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
1180.752 |
2034.579 |
3438.896 |
|
Other Income |
133.293 |
273.147 |
497.622 |
|
Profit/(Loss) before Interest and Exceptional items |
1314.045 |
2307.726 |
3934.518 |
|
Interest |
454.600 |
10.140 |
15.157 |
|
Profit / (Loss) after interest before Exceptional items |
1309.497 |
2297.586 |
3919.361 |
|
Exceptional Item |
-- |
-- |
-- |
|
Profit / Loss from Ordinary Activities before tax |
1309.497 |
2297.586 |
3919.361 |
|
Tax Expenses |
414.225 |
740.630 |
1356.385 |
|
Net Profit/(Loss) after tax |
895.272 |
1556.956 |
2562.976 |
|
Extra-Ordinary Item |
-- |
-- |
1148.567 |
|
Net Profit for the period |
895.272 |
1556.956 |
1414.389 |
|
Paid-up Equity Share Capital (face value Rs. 2/-each) |
238.313 |
238.313 |
238.313 |
|
Reserves excluding Revaluation Reserves |
-- |
-- |
10269.629 |
|
Earning per share |
|
|
|
|
Basic and diluted EPS before extraordinary items for the period (not annualized) |
0.751 |
1.307 |
2.151 |
|
Basic and diluted EPS after extraordinary Items for the period (not annualized) |
0.751 |
1.307 |
1.167 |
|
Public Share
Holding |
|
||
|
Number of Shares |
45306995 |
45306995 |
45306995 |
|
Percentage of Shareholding |
38.02% |
38.02% |
38.02% |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
||
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- 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) |
73849305 |
73649305 |
73849305 |
|
b) Non-encumbered |
|
||
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100% |
|
- Percentage of Share (as a % of the total share capital of the company) |
61.98% |
61.96% |
61.98% |
Notes :
- The above audited financial results, reviewed
by the Audit Committee, were approved at the meeting of the Board of
Directors held on October 27, 2010
- Additional Information Key Unaudited
Financial Parameters/ Figures (Consolidated) for the Thermax Group are as
follows
(Rs In Millions)
|
Particulars |
Half yearly ended
30.09.2010 |
Half yearly ended
30.09.2009 |
|
Total Income |
20006.573 |
1261.312 |
|
Profit Before Tax
|
2353.944 |
1569.260 |
|
Profit After Tax
and Minority Interest |
1582.024 |
1053.345 |
Segmentwise Revenue, Results and Capital
Employed
(Rs In Millions)
|
Particulars |
30.09.2010 Quarter Ended |
30.09.2010 Half Year Ended |
31.03.2010 Year Ended |
|
|
(Audited) |
(Audited) |
(Audited) |
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
a. Energy |
6909.570 |
14975.076 |
24081.956 |
|
b. Environment |
2482.109 |
4702.805 |
8409.891 |
|
Total |
11391.679 |
19677.881 |
3241.847 |
|
Less : Inter Segment Income |
475.469 |
863.852 |
637.159 |
|
Total Segment Income |
475.469 |
18814.029 |
1584.688 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before tax and Interest |
|
|
|
|
a. Energy |
912.915 |
1593.064 |
2873.309 |
|
b. Environment |
308.382 |
577.346 |
1173.445 |
|
Total |
1221.297 |
2170.410 |
4046.754 |
|
Less : Interest |
4.548 |
10.140 |
15.157 |
|
Less : Other Unallocated Expenditure net of unallocable income |
(92.748) |
(137.316) |
112.236 |
|
Total Profit before Tax |
1309.497 |
2297.586 |
919.361 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
a. Energy |
1143.414 |
1143.414 |
1791.791 |
|
b. Environment |
1394.536 |
1394.536 |
1012.814 |
|
c. Unallocated |
9396.803 |
9396.803 |
7703.337 |
|
Total Capital Employed |
11934.753 |
11934.753 |
1050.742 |
3. Statement of Assets and Liabilities as
per clause 41(v)(h) of the listing Agreement
( Rs. In Millions)
|
Particulars |
|
|
30.09.2010 Half Year Ended |
|
|
|
|
(Audited) |
|
Shareholders Fund |
|
|
|
|
a. Capital |
|
|
238.313 |
|
b. Reserves and Surplus |
|
|
10405.275 |
|
Loan Funds |
|
|
-- |
|
Deferred tax liabilities (net) |
|
|
224.859 |
|
Total |
|
|
10868.447 |
|
Fixed assets |
|
|
4973.768 |
|
Investment |
|
|
2708.645 |
|
Current Assets, Loans and Advances |
|
|
|
|
a. inventories |
|
|
1996.751 |
|
b. sundry Debtors |
|
|
5119.563 |
|
c. cash and Bank Balances |
|
|
4742.580 |
|
d. other Current Assets |
|
|
2419.546 |
|
e. Loan and Advances |
|
|
1947.251 |
|
Less. Current Liabilities and Provisions |
|
|
|
|
a. Liabilities |
|
|
12780.376 |
|
b. Provisions |
|
|
261.301 |
|
Net Current Assets |
|
|
3186.014 |
|
Miscellaneous Expenditure |
|
|
-- |
|
Profit and Loss Account |
|
|
-- |
|
|
|
|
|
|
Total |
|
|
10868.447 |
4. During the
Quarter twelve investor complaints were received and all were resolved. No.
Complaints were pending either at the beginning or at the end of the quarter
5. Previous period figures
including those related to segments have been regrouped wherever necessary to
confirm to current period’s grouping and Classified
WEBSITE DETAILS:
PROFILE:
SUSTAINABLE SOLUTIONS IN ENERGY AND ENVIRONMENT
Subject is an Rs.32460.000 Millions (USD 800 million)
company, providing a range of engineering solutions to the energy and
environment sectors.
They are headquartered in
Their presence spans 75 countries across Asia Pacific, Africa and the Middle
East, CIS countries, Europe, USA and South America.
Tuning to the needs of the day, all our solutions are innovative, energy-efficient,
environment-friendly and easy to operate.
SOLUTIONS SUITE – INNOVATIVE AND ECO-FRIENDLY
The solutions specifically focus on:
·
Heating equipment - using a variety of
fuels, including biomass
·
Absorption chillers - fired by waste heat
or steam
·
Power and captive cogeneration plants
·
Waste heat recovery units
·
Waste water management systems –
pre-treatment, waste water treatment and chemical conditioning of water, sewage
effluent treatment and recycling
·
Air pollution control systems
·
Performance improving chemicals
Their experience of over three decades in the energy sector, they offer a range
of boilers and thermal oil heaters, energy chillers and customized products
like exhaust gas boilers. Comapny absorption chillers have found a niche
in green energy systems in Europe and
INDUSTRY-SPECIFIC SOLUTIONS – CLEAN AND GREEN
Company provides industries with clean technologies that recover pollutants;
thereby reducing their hazardous impact on the environment. Today, many iron
and steel, cement, fertilizer and chemical industries reduce emissions using
their air pollution control systems.
Industries in the
PROJECT MANAGEMENT CAPABILITIES
The project management capabilities extend to setting up energy-environment
projects for customers in several markets. This is backed by a robust and
innovative R&D setup, involved in technology development and adaptation for
various industrial applications.
TECHNOLOGY PARTNERSHIPS
Over the years, Thermax has formed technology partnerships with global majors,
including: Babcock and Wilcox (USA), Kawasaki Thermal Engineering (
BUSINESS AREAS:
IN focus with the business mission; to provide Sustainable solutions in Energy and Environment, company core business comprise 6 major business areas.
- Boilers and Heaters
- Absorption Cooling
- Water and Waste Solutions
- Chemicals for Energy and Environment applications
- Power and Cogeneration systems
- Air Pollution and Purification
Company provides standard products in these 6 areas of
business. Drawing on decades of research and experience in process productivity
improvement and energy generation, Company also customizes integrated
sustainable solutions for the project requirements of a wide range of
industries.
STRATEGIC ALLIANCES
Company has sourced cutting-edge technologies for its
business operations through alliances with world technology majors, like
Babcock and Wilcox USA, Kawasaki Thermal Engineering Company,
BUSINESS
Company is packaged boilers and
heaters, energy recovery systems and power boilers. This leadership position –
in
Company pioneered the vapour absorption
technology in
Chemicals:
Company offers resins and speciality chemicals that improve
processes and product performance. The range covers resins, polyelectrolytes,
oil well chemicals, boiler fireside cleaning compounds and cooling water
chemicals. Company exports resins to the
Company has rich experience in water/wastewater treatment and water recycles. The innovative and customised solutions company offers have redefined conventional methods of treatment of water and wastewater. It also addresses the safe disposal of toxic and non-toxic wastes in liquid, solid and sludge form.
Company offers freedom from large power stations through decentralized power solutions on a variety of fuels including biomass. A EPC contractor, Company provides least cost, fast track and relevant captive power and cogeneration solutions to industry.
Company is a key player in the field of gaseous and particulate emission control. Keeping pace with international trends, it offers turnkey solutions as well as pollution abatement products for varied applications for a host of industries including power, steel, fertiliser and chemicals.
Press
Release :
Thermax acquires European boiler maker, Danstoker: Reinforces company
initiatives in renewable energy. Pune
: November 9, 2010 Thermax has acquired Danstoker A/S, a leading European
boiler manufacturer and its German
subsidiary, Omnical Kessel. The acquisition valued at Euro 29.5 million was
completed on November 8, 2010.
Danstoker,
headquartered in
Omnical, the
Danstoker subsidiary, specialises in boilers using oil and gas as well as
biomass, and also has waste heat recovery products. Operating predominantly
within
Renewable and green
products account for over 50 % of the current revenues of the Danstoker Group.
This acquisition will enable Thermax to leverage the ongoing renewable energy
movement of
The acquisition
offers a strategic fit for Thermax’s packaged boiler business, under the
Cooling & Heating Business Unit. Providing state-of-the-art technology and
process know-how for the company’s heating business, it will enable the
division to enhance its product portfolio and extend it to new untapped
markets. “As both Danstoker and Omnical have high brand value in the markets of
South East Asia and the
Thermax will add 237
experienced employees to its rolls with this acquisition, apart from a well
organized and established supply chain rooted in the high-quality European
engineering industry. It will also benefit from the strong business relations
that Danstoker and Omnical have built with customers, dealers, packagers and
consultants in
About Thermax
Limited
Thermax Limited, a
Rs. 3300 millions energy and environment solutions provider, is one of the few
companies in the world that offers integrated, innovative solutions in the
areas of heating, cooling, power, water and waste management, air pollution
control and chemicals. The sustainable solutions that Thermax develops for
client companies are environment-friendly and enable efficient deployment of
energy and waste resources. Thermax has a well established technology research
and development facility. The company has 120 patents, 82 national and 16
international trademarks to its credit. Over the years, Thermax has had
technology partnerships and alliances with at over 40 global organisations. For
more information on Thermax, visit www.thermaxindia.com
Thermax Q2 Net up by 65% at Rs. 900 millions
Pune : October 27,
2010 : thermax Limited, a leading Player in energy and environment solutions, today
announced robust result for the second quarter of fiscal 2010-11. Total
operating income was up 61% at Rs. 10916 millions compared to Rs. 6770 millions
in the same quarter of the previous year. Net Profit at Rs. 895 millions was up
by 65% over Rs. 541 millions in Q2 last year.
For the half year,
the company registered a net profit of Rs. 1557 as compared to Rs. 1006
millions last year. Total operating income was Rs. 18814 millions compared to
Rs. 12211 millions the previous year.
On a consolidated
basis, the Thermax Group total Operating Income, year to date, was Rs. 20007
millions compared to Rs. 1053 millions in the corresponding period last year.
The order backlog
for Thermax Limited as on September 30, 2010 is higher by 43% at Rs. 66020 millions
as compared to Rs. 46030 Millions in September 2009. The group order backlog is
Rs. 72760 millions up from Rs. 50590 millions last year.
The company has
substantially increased its engineering, manufacturing, project management and
construction capabilities to take on the new inflow of order.
About Thermax
Limited
Thermax Limited,
the Rs. 32000 millions leader in energy and environment solutions, is one of
the few companies in the world that offers total integrated, innovative
solutions in the areas of heating, cooling, power, water and waste management,
air pollution control and chemicals. The Sustainable solutions Thermax develops
sustainable for clients companies are environment–Friendly and unable efficient
development of energy and water resources.
Headquartered in
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. 44.77 |
|
|
1 |
Rs. 73.45 |
|
Euro |
1 |
Rs. 64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.