MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
L AND T – MHI BOILERS PRIVATE LIMITED |
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Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.10.2006 |
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Com. Reg. No.: |
11-165102 |
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Capital
Investment / Paid-up Capital : |
Rs.1501.000
Millions |
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CIN No.: [Company Identification
No.] |
U29119MH2006PTC165102 |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Designer, Manufacturer and Supplier of commission supercritical
pressure boilers used in coal-fired power generation plants. |
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No. of Employees
: |
2000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo Japnese Joint Venture between Larsen and Toubro
Limited, The company can be considered for business dealings with slight
caution, initially. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY [General Details]
|
Name : |
Mr. Ranjeet |
|
Designation : |
Manager |
|
Contact No.: |
91-9924823900 |
|
Date : |
20.06.2011 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
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Tel. No.: |
91-22-67525617 |
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Fax No.: |
91-22-67525893 |
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E-Mail : |
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Website : |
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Factory: |
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Branch Office: |
Located at: |
DIRECTORS
As on 16.07.2010
|
Name : |
Mr. Anandram Khatumal Chhatwani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
301, Juhu Green North South Road No. 4, JVPD Scheme, Vile Parle
(west), Mumbai-400056, |
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Date of Birth/Age : |
16.02.1946 |
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Date of Appointment : |
09.10.2006 |
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Date of Ceasing: |
10.05.2010 |
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|
Name : |
Mr. Vijay Chander Bedi |
|
Designation : |
Director |
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Address : |
402, |
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Date of Birth/Age : |
27.08.1946 |
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Date of Appointment : |
20.02.2008 |
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|
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|
Name : |
Mr. Vozaburo Mabuchi |
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Designation : |
Director |
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Address : |
2-33-13, Shiroyamadai, Nagasakishi, Nagasaki-ken, |
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Date of Birth/Age : |
04.10.1951 |
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Date of Appointment : |
28.05.2007 |
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|
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|
Name : |
Mr. Ravi Uppal |
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Designation : |
Director |
|
Address : |
No. 484, 9th Main, 3rd Cross, HAL II Stage,
Indira Nagar, Bangalore-560008, Karnataka, India |
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Date of Birth/Age : |
09.05.1952 |
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Date of Appointment : |
17.02.2009 |
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|
|
|
Name : |
Mr. Hirokazu Nakagawa |
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Designation : |
Director |
|
Address : |
1-19, Boyama, Kamitakano, Sakyoku-6060071, Kyto |
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Date of Birth/Age : |
22.08.1961 |
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Date of Appointment : |
20.02.2009 |
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|
Name : |
Mr. Masayuki Kubo |
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Designation : |
Director |
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Address : |
3-18-11, Daiyarando, Nagasakishi, Nagasaki-Ken, |
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Date of Birth/Age : |
15.08.1952 |
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Date of Appointment : |
28.05.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Amarjit Singh Lamba |
|
Designation : |
Manager |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
14.07.2008 |
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Name : |
Ms. Amruta Vitthal Khadilkar |
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Designation : |
Secretary |
|
Address : |
B-3, Yamuna Arjun CHS, Jaijai Nagar, Namdeo Path, Dombivali (East),
Thane-421201, |
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Date of Birth/Age : |
08.07.1985 |
|
Date of Appointment : |
18.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, Mumbai, |
|
76551000 |
|
Mitsubishi Heavy Industries Limited, |
|
73549000 |
|
Total |
|
150100000 |
Equity Share Breakup (Percentage of Total Equity) As on 16.07.2010
|
Category |
|
Percentage of
Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident indian(s) or overseas
corporate bodies or others) |
|
49.00 |
|
Bodies corporate |
|
51.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designer, Manufacturer and Supplier of commission supercritical pressure
boilers used in coal-fired power generation plants. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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No. of Employees
: |
2000 [Approximately] |
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Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman
Point, Mumbai-400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountant |
|
Address : |
Ravindra Annex, 194, Churchgate Reclamation, Dinshaw Vaccha Road,
Mumbai-400020, Maharashtra, India |
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Tel. No.: |
91-22-22047722/ 23/ 66338343/ 47 |
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Fax No.: |
91-22-66338352 |
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E-Mail : |
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Holding Company : |
L and T Power Limited U40100MH2006PLC160413 |
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Ultimate Holding Company |
Larsen and Toubro Limited |
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|
|
Other Related Party |
i. Mitsubishi
Heavy Industries Limited ii Mitsubishi Heavy Industries
Limited iii. L and T-MHI Turbine
Generators Private Limited iv, L and T-Sargerit and Lundy
Limited v.
L and T-Komatsu Limited vi. L and T Infrastructure Finance
Company Limited vii.L and T Power Development
Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
165,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1650.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,551,000 |
Equity Shares (Fully paid held by L and T Power Limited) |
Rs. 10/-
each |
Rs. 765.510
Millions |
|
73,549,000 |
Equity Shares (Fully paid held by Mitsubishi Heavy
Industries Limited) |
Rs. 10/-
each |
Rs. 735.490
Millions |
|
|
Total |
|
Rs. 1501.000 Millions |
As on 16.07.2010
Authorised Capital : Rs.
2350.000 Millions
Issued, Subscribed & Paid-up Capital
: Rs. 2201.000 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 |
1501.000 |
501.000 |
101.000 |
|
|
2] Share Application Money |
0.000 |
500.000 |
196.000 |
|
|
3] Reserves & Surplus |
[69.404] |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[494.812] |
[211.993] |
0.000 |
|
|
NETWORTH |
936.784 |
789.007 |
297.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
392.552 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
392.552 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1329.336 |
789.007 |
297.000 |
|
|
|
|
|
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|
APPLICATION OF FUNDS |
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|
|
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|
FIXED ASSETS [Net Block] |
1200.928 |
15.227 |
43.638 |
|
|
Capital work-in-progress |
478.791 |
387.824 |
21.277 |
|
|
Intangible Assets |
350.064 |
256.215 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2845.883 |
230.242 |
100.425 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.147
|
0.000 |
0.000 |
|
|
Sundry Debtors |
418.635
|
0.071 |
0.000 |
|
|
Cash & Bank Balances |
1407.263
|
0.307 |
100.520 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
691.283
|
18.366 |
7.349 |
|
Total
Current Assets |
2524.328
|
18.744 |
107.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2426.903
|
118.454 |
47.486 |
|
|
Other Current Liabilities |
3621.867
|
0.000 |
0.000 |
|
|
Provisions |
21.888
|
0.791 |
0.000 |
|
Total
Current Liabilities |
6070.658
|
119.245 |
47.486 |
|
|
Net Current Assets |
[3546.330]
|
[100.501] |
60.383 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
71.277 |
|
|
|
|
|
|
|
|
TOTAL |
1329.336 |
789.007 |
297.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
338.000 |
6.800 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
338.000 |
6.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
620.800 |
146.700 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
620.800 |
146.700 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
[282.800] |
[139.900] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
72.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
[282.800] |
[212.000] |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
[2.29] |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[83.67]
|
[3117.65] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.94]
|
[48.21] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.30]
|
[0.18] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.22
|
0.15 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.42
|
0.16 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to Micro and
Small Enterprises |
18.482 |
0.000 |
0.000 |
|
Due to Larsen
and Toubro Limited |
263.875 |
51.964 |
41.753 |
|
Due to
Mitsubishi Heavy Industries Limited |
93.873 |
11.284 |
0.000 |
|
Due to Others |
380.026 |
55.206 |
3.371 |
|
Due to Customers |
1670.647 |
0.000 |
0.000 |
|
Sundry Creditors |
0.000 |
0.000 |
2.362 |
|
Total |
2426.903
|
118.454 |
47.486 |
Financial Results
Since the manufacturing operations have not yet commenced, the loss
incurred is on account of under recovery of expenses, pending commencement of manufacturing
operations.
Performance of the
company:
The company has made substantial progress in setting up the first phase
of manufacturing facilities at Hazira,
Capital
Expenditure:
The Board and approved a total capital expenditure of Rs.4961.600
Millions for the setting up the factory at Hazira and for the
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29119MH2006PTC165102 |
|
Name of the
company |
L AND T – MHI BOILERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House, Ballard Estate, Mumbai-400001, |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
21.09.2010 |
|
Amount secured by
the charge |
Rs. 2500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC- Floating over
the tenure of the facility. ROI has been arrived at on the basis of Bank’s
Base Rate. WCDL- To be
decided prior to disbursement. Terms of
Repayment WCDL- WCDL
Tranche shall be rapid by debit to current account/ cash credit account of
the borrower. Margin CC/WCDL- 10% on
Stock, WIP and Book Debts Extent and
Operation of the charge Firs pari passu
charge by way of hypothecation of current assets, both present and future of
the borrower, in favour of Kotak Mahindra bank as security for repayment of financial
facilities granted by the Bank to the borrower. |
|
Short particulars
of the property charged |
The whole of
borrower’s current assets, both present and future |
Fixed Assets:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computer Software
·
Technical Know-how
AS PER WEBSITE
Company targets
growing market
Subject is a joint venture company formed in 2007 by Larsen and Toubro
Limited of
Supercritical pressure coal-fired power generators use higher steam
temperatures and pressures than sub-critical pressure power generation, and are
more fuel-efficient and environment friendly. By reducing coal consumption
relative to power output, carbon dioxide emissions can be reduced by
approximately 5 percent. However, supercritical-type generation requires more
sophisticated equipment design to withstand the high temperatures and
pressures, and fabrication of highstrength component materials is a complex
task.
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 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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.