Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
ENGINEERS INDIA LIMITED |
Principal Name 1 |
Mr. Mukesh Rohatgi |
|
Status |
Good |
Principal Name 2 |
Mr. R K Grover |
|
|
|
Registration # |
55-4352 |
|
Street Address |
Engineers |
||
|
Established Date |
15.03.1965 |
SIC Code |
-- |
|
Telephone# |
91-11-26102121/ 26101419/ 2610 4132 / 26762121 |
Business Style 1 |
Provides engineering and related technical services for
petroleum refineries, oil and gas pipelines, petrochemical industries,
chemical process plants and other industrial projects. |
|
Fax # |
91-11-26178210/ 26187902/ 2619 4760 / 26194715 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
3774 Approximately |
Product Name 2 |
-- |
|
Paid up capital |
Rs.561,562,000 |
Product Name 3 |
-- |
|
Shareholders |
Central Government / State Government(s) 80.40 % |
Banking |
Bank of |
|
Public Limited Corp. |
-- |
Business Period |
46 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Aa (75) |
|
Related
Company |
|||
|
Relation
- Associates |
Country |
Company
Name |
Petroleum |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,518,4037000 |
Current Liabilities |
17,188,094,000 |
|
Inventories |
9,725,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
600,480,000 |
Other Liabilities |
0 |
|
Deferred Assets |
1,415,195,000 |
Total Liabilities |
17,188,094,000 |
|
Invest& other Assets |
1,125,715,000 |
Retained Earnings |
10,585,496,000 |
|
|
0 |
Net Worth |
11,147,058,000 |
|
Total Assets |
28,335,152,000 |
Total Liab. & Equity |
28,335,152,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
19,937,970,000 |
Net Profit |
4,355,751,000 |
|
Sales(Previous yr) |
15,324,628,000 |
Net Profit(Prev.yr) |
3,445,337,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERS INDIA LIMITED |
|
|
|
|
Registered Office : |
Engineers |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.03.1965 |
|
|
|
|
Com. Reg. No.: |
55-4352 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 561.562 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1965GOI004352 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELE00048G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. Company’s shares are listed on the
stock exchange. |
|
|
|
|
Line of Business : |
Provides engineering and related technical services for petroleum refineries,
oil and gas pipelines, petrochemical industries, chemical process plants and
other industrial projects. |
|
|
|
|
No. of Employees : |
3774 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 44588232 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Engineers |
|
Tel. No.: |
91-11-26102121/ 26101419/ 2610 4132 / 26762121 |
|
Fax No.: |
91-11-26178210/ 26187902/ 2619 4760 / 26194715 |
|
E-Mail : |
company.secretary@eil.co.in |
|
Website : |
|
|
|
|
|
Regional Office 1 : |
A.G. Towers (5th Floor), 125/1, |
|
Tel. No.: |
91-33-22298995,
22277791, 22276304 |
|
Fax No.: |
91-33-22277692 |
|
E-Mail : |
|
|
|
|
|
Regional Office 2 : |
701-801,
|
|
Tel. No.: |
91-265-2340368
/ 2340369 |
|
Fax No.: |
91-265-2340328 |
|
E-Mail : |
|
|
|
|
|
Regional Office 3 : |
|
|
Tel. No.: |
91-44-28543060
to 28543071 |
|
Fax No.: |
91-44-28112320,
28114395 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Great
Eastern Chambers, 5th Floor, Plot No. 28, Sector 11, Belapur C.B.D, Navi
Mumbai – 400614, Maharashtra |
|
Tel. No.: |
91-22-27560072
/ 27560032 |
|
Fax No.: |
91-22-2757201
/ 27563066 |
|
E-Mail : |
|
|
|
|
|
Overseas
Offices : |
Located at: |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Mukesh Rohatgi |
|
Designation : |
Chairman and Managing Director and
Additional Charge – Director (Finance) |
|
|
|
|
Name : |
Mr. R K Grover |
|
Designation : |
Director (Projects) |
|
|
|
|
Name : |
Mr. R K Saxena |
|
Designation : |
Director (Commercial) |
|
|
|
|
Name : |
Mr. M K Joshi |
|
Designation : |
Director (Technical) |
|
Address : |
El Bhawan, 1, Bhikaiji Cama Place, New Delhi-110 066, |
|
Date of Birth/Age : |
27.07.1950 |
|
Qualification : |
Degree in Chemical Engineering (1972) from NT |
|
Experience : |
1972 to till date - Engineers India Limited He has extensive experience in activities related to conceptualisation of projects, preparation of feasibility reports for Grass root and revamp projects, technology evaluation for licensed processes, process design for open art facilities and residual process design for licensed processes, support during detailed engineering, startups, trouble shooting and energy audit/ energy conservation studies, support in technology development. He has also been closely involved in the development and commercialisation of indigenous technologies. |
|
|
|
|
Name : |
Mr. D K Gupta |
|
Designation : |
Director (Personnel) |
|
|
|
|
Name : |
Mr. U. N. Bose |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B N Bankapur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Avinash Chandra |
|
Designation : |
Director(Part Time Non Official) |
|
|
|
|
Name : |
Mr. Dependra Pathak |
|
Designation : |
Nominee (Government) |
|
|
|
|
Name : |
Mr. A K Purwar |
|
Designation : |
Director(Part-time Non-official) |
|
|
|
|
Name : |
Mr. L N Gupta |
|
Designation : |
Nominee (Government) |
|
|
|
|
Name : |
Mr. Dependra Pathak |
|
Designation : |
Director (Government Nominee) |
|
|
|
|
Name : |
Dr. Avinash Chandra |
|
Designation : |
Director (Government Nominee) |
|
|
|
|
Name : |
Mr. D. S. Chakrabarti |
|
Designation : |
Director (Finance) (up to 04.03.2009) |
|
Address : |
El Bhawan, 1, |
|
Date of Birth/Age : |
01.01.1953 |
|
Qualification : |
Chartered Accountant (1977) |
|
Experience : |
1978-1979 M/s Coal India Limited 1979-2001 M/s IBP Company Limited 2001- till date M/s Engineers India Limited (EIL) He has extensive experience in the fields of Financial Management, Financial Accounting, Cost Accounting, Budgetary and Cost Management and internal audit. |
|
|
|
|
Name : |
Mr. P K Rastogi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Soundararajan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
AS ON 31.03.2010
|
Category of
Shareholder |
Total
No. of Shares |
% of
total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
270,900,540 |
80.40 |
|
|
270,900,540 |
80.40 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
270,900,540 |
80.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9,804,420 |
2.91 |
|
|
1,197,309 |
0.36 |
|
|
1,007,106 |
0.30 |
|
|
12,204,215 |
3.62 |
|
|
22,183,014 |
6.58 |
|
|
46,396,064 |
13.77 |
|
|
|
|
|
|
3,572,562 |
1.06 |
|
|
|
|
|
|
14,484,234 |
4.30 |
|
|
555,494 |
0.16 |
|
|
1,027,706 |
0.31 |
|
|
463,037 |
0.14 |
|
|
404,436 |
0.12 |
|
|
160,233 |
0.05 |
|
|
19,639,996 |
5.83 |
|
Total Public shareholding (B) |
66,036,060 |
19.60 |
|
Total (A)+(B) |
336,936,600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
336,936,600 |
100.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
|
Line of Business : |
Provides engineering and related technical services for petroleum
refineries, oil and gas pipelines, petrochemical industries, chemical process
plants and other industrial projects. |
GENERAL INFORMATION
|
No. of Employees : |
3774 Approximately |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish
Chand and Company Chartered
Accountants |
|
|
|
|
Memberships : |
Confederation of Indian Industry |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Associates : |
Petroleum |
|
|
|
|
Subsidiaries : |
Certification
Engineers International Limited Address: Engineers Phone : 91-11-26101265 Fax : 91-11-26164868 Email : ceil.del@eil.co.in EIL Asia Pacific
SDN BHD, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
56196600 |
Equity Shares |
Rs.10/- each |
Rs.561.966
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
56156100 |
Equity Shares |
Rs.10/- each |
Rs.561.561
Millions |
|
|
Add: Forfeited Shares (Amount originally paid on 1300 Equity
Shares) |
|
Rs.0.001 Million
|
|
|
Total |
|
Rs.561.562 Millions |
(Out of the above 80860 Equity Shares of
Rs.10/- each were allotted as fully paid up pursuant to a contract without
payment being received in cash and 55187400 Equity Shares of Rs.10/- each were allotted
as fully paid Bonus Shares by way of capitalization of General Reserve. )
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 |
561.562 |
561.562 |
561.562 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10585.496 |
13191.803 |
10958.938 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11147.058 |
13753.365 |
11520.500 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11147.058 |
13753.365 |
11520.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
600.480 |
547.586 |
468.922 |
|
|
Capital work-in-progress |
118.458 |
60.153 |
34.667 |
|
|
|
|
|
|
|
|
INVESTMENT |
1007.257 |
1536.957 |
1468.084 |
|
|
DEFERREX TAX ASSETS |
1415.195 |
1167.019 |
959.182 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.725
|
8.474
|
8.391 |
|
|
Work in Progress |
422.159
|
325.206
|
310.888 |
|
|
Sundry Debtors |
3167.419
|
3000.907
|
1765.474 |
|
|
Cash & Bank Balances |
17639.685
|
18941.624
|
12525.802 |
|
|
Other Current Assets |
2109.526
|
2040.945
|
1803.758 |
|
|
Loans & Advances |
1845.248
|
2225.504
|
1816.668 |
|
Total
Current Assets |
25193.762
|
26542.660
|
18230.981 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1926.603
|
1639.839
|
752.734 |
|
|
Current Liabilities |
12077.475
|
11283.692
|
7220.686 |
|
|
Provisions |
3184.016
|
3179.346
|
1671.914 |
|
Total
Current Liabilities |
17188.094
|
16102.877
|
9645.334 |
|
|
Net Current Assets |
8005.668
|
10439.783
|
8585.647 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.867 |
3.998 |
|
|
|
|
|
|
|
|
TOTAL |
11147.058 |
13753.365 |
11520.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
19937.970 |
15324.628 |
7377.521 |
|
|
|
Other Income |
1836.710 |
2215.252 |
1355.726 |
|
|
|
TOTAL (A) |
21774.680 |
17539.880 |
8733.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Technical Assistance/ Sub-Contracts |
3002.475 |
1890.864 |
552.162 |
|
|
|
Construction Materials and Equipments |
5560.992 |
4962.409 |
368.162 |
|
|
|
Salaries and Benefits |
4869.006 |
3869.255 |
3322.222 |
|
|
|
Facilities |
296.964 |
272.277 |
226.886 |
|
|
|
Corporate Costs |
205.938 |
208.084 |
89.621 |
|
|
|
Other Expenditure |
1096.767 |
1023.876 |
1106.834 |
|
|
|
Prior Period Adjustments |
7.982 |
0.013 |
24.227 |
|
|
|
TOTAL (B) |
15040.124 |
12226.778 |
5690.114 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6734.556 |
5313.102 |
3043.133 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6734.556 |
5313.102 |
3043.133 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.777 |
108.425 |
104.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6604.779 |
5204.677 |
2938.805 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2249.028 |
1759.340 |
992.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4355.751 |
3445.337 |
1945.987 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
999.227 |
1214.282 |
1001.195 |
|
|
|
Interest earned |
0.095 |
0.141 |
0.384 |
|
|
Total |
999.322 |
1214.423 |
1001.579 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.93 |
10.23 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6060.370 |
5936.130 |
6770.990 |
|
Total Expenditure |
4606.790 |
4468.980 |
5196.830 |
|
PBIDT (Excl OI) |
1453.580 |
1467.150 |
1574.160 |
|
Other Income |
589.710 |
348.640 |
327.090 |
|
Operating Profit |
1743.290 |
1815.780 |
1901.250 |
|
Interest |
0.010 |
0.020 |
0.010 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1743.280 |
1815.760 |
1901.240 |
|
Depreciation |
28.150 |
32.860 |
41.660 |
|
Profit Before Tax |
1715.140 |
1782.910 |
1859.580 |
|
Tax |
569.550 |
583.500 |
635.050 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1145.590 |
1199.400 |
1224.530 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1145.590 |
1199.400 |
1224.530 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.00
|
19.64
|
22.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.12
|
33.96
|
39.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.60
|
19.21
|
15.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.38
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
0.76
|
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.65
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a premier engineering consultancy and turnkey
contracting organization executing projects on conventional and lump sum turnkey
basis in the fields of refineries, petrochemicals, pipelines, offshore,
metallurgy, infrastructure, fertilizer etc. The company is also focused on
several areas, including highways and bridges, information technology (IT),
airports, mass rapid transport systems, ports and terminals, and power
projects. Subject is a public-listed company under the Ministry of Petroleum
and Natural Gas. The company provides a range of services needed to
conceptualize, design, engineer and construct projects to meet the specific
requirements of their clients. Some of the services offered include feasibility
studies, project management, planning and scheduling, process design and
construction management. The company has two wholly owned subsidiaries, EIL
Asia Pacific Sdn Bhd in
CAPITAL STRUCTURE
The Authorized
Share Capital of the Company has been increased from ` 1000 millions to ` 3000
millions as approved by the Members of the Company in its 14th Extraordinary
General Meeting held on April 22, 2010. The subscribed and paid-up capital of
the Company as at March 31, 2010 was ` 561.562 millions comprising of
5,61,56,100 equity shares of ` 10/- each. The shareholders of the Company in
its Extra-ordinary General Meeting held on April 22, 2010 approved the split of
existing equity share of face value of ` 10/- each into two equity shares of
face value of ` 5/- each and issue of bonus equity shares in the ratio of 2:1
by capitalization of its free reserves as recommended by the Board of Directors
of the Company. After the split and issue of bonus shares, the share capital of
the Company stands at `1684.684 millions comprising of 33,69,36,600 equity
shares of ` 5/- each.
Disinvestment of
10% of Paid-up Capital of Engineers India Limited by Government of India
through “Further ublic Offering (FPO)”.
Ministry of Finance, Department of Disinvestment conveyed vide its letter dated
25.01.2010 that the Government has approved disinvestment of 10% paidup Equity
capital of the Company aggregating to 3,36,93,660 shares of face value of ` 5/-
each out of Government shareholding of 90.401% in the domestic market through
Further Public Offering (FPO). The Draft Red Herring Prospectus (DRHP) and Red
Herring Prospectus (RHP) were duly filed with the Regulatory Authorities on
15th June, 2010 and 9th July, 2010 respectively and the necessary approvals
were obtained. The offer opened on 27th July, 2010 and closed on 30th July,
2010 (except for QIBs, for whom the offer closed on 29th July, 2010). The issue
was offered at a offer price of ` 290/- per equity share and a discount of 5%
to the offer price was offered to the Employees and Retail Investors. The
prospectus was filed with ROC on 5th August, 2010. The allotment of shares was
made on 10th August, 2010. The trading in the equity shares allotted pursuant
to this offer commenced on 12th August, 2010 on the Bombay Stock Exchange
Limited and National Stock Exchange of India Limited.
MANAGEMENT
DISCUSSION AND ANALYSIS
Petroleum Refining
Petroleum Refining
sector continued to play a dominant role in Company's business. During the
year, EIL achieved good progress on following major jobs, some of which were
commissioned/likely to be commissioned in the next financial year. These jobs
include:
• For the
implementation of Euro-III and Euro-IV fuel compliance in North-East Assam, EIL
has been engaged for Upgradation of Refinery of IOCL at Bongaigaon and by NRL
for their Numaligarh Refinery for the following units: a) Diesel Hydrotreater
Project (DHDT) of Bongaigaon Refinery of IOCL is under advance stage of
completion and expected to go on stream by third quarter of 2010. b) Diesel
Quality Upgradation Project of Numaligarh Refinery of NRL has come on stream in
June, 2010.
• Euro-IV Project
of CPCL which EIL is executing on OBE (Open Book Estimate) convertible to LSTK
basis - the first of its kind in the hydrocarbon sector in
• 6 MMTPA
grassroot Bina Refinery of Bharat Oman Refineries Limited (BORL) consisting of
Crude and Vacuum Unit, Full conversion Hydro-cracker Unit, Diesel Hydro
Treater, CCR, Isomer Unit and Sulphur Recovery Unit , expected to meet Euro-III
and Euro-IV specifications, is under mechanical completion. The Crude Unit of
the Refinery has been commissioned in June 2010 and the products were
dispatched to market. The balance units of the Refinery are scheduled to be
commissioned by third quarter of 2010 for full commercial production.
• All the units of
Capacity Expansion and Modernization project of BPCL at
• 9 MMTPA
grassroot Guru Gobind Singh Refinery Project of HPCL Mittal Energy Ltd. at
Bathinda is progressing as per schedule. Incentive milestones for periods 1-5
have been achieved ahead of schedule. All the equipment have been ordered. The
cumulative physical progress achieved at the end of the financial year 2010 is
ahead of the target schedule. The project is on track to meet the contractual
completion schedule of 42 months.
Mangalore Refinery
of MRPL involves capacity expansion from 9.6 MMTPA to 15 MMTPA with product
quality improvement to Euro-IV specifications. The entire Project is being
implemented on hybrid mode of execution i.e. LSTK/ OBE/conventional system.
Major secondary processing facilities are being executed on LSTK/OB Eroute,
while Utilities/Offsites are being executed in EPCM route. Out of the various
units, EIL was awarded PFCC and SRU Block under OBE mode, besides PMC for other
units being executed on LSTK mode and EPCM mode for Utilities/Offsites. The
Project activities are in full swing with LSTK/OBE contractors for all the
Units having fully mobilized. Construction works are in full swing for the
Units and Utilities/Offsites. The Project is likely to achieve mechanical
completion by third quarter of 2010-11.
• CPCL revamp
project i.e. Crude Unit and Crude Reforming Units are under completion. A
number of new project assignments were secured during the year 2009-10 and work
has commenced on all these projects. These include:
• Polypropylene
Unit (PPU) under MRPL Phase-III Refinery Project at Mangalore on OBE
convertible to LSTK basis.
• PMC services for
implementation of Captive Power Plant for Paradip Refinery of IOCL.
• Basic Design
Engineering Package (BDEP) and EPCfor Wet Air Oxidation (WAO) Unit at Mangalore
of MRPL.
• CDU/VDU-II
Revamp Project at CPCL, Chennai on EPCM basis. Petrochemicals Petrochemical
sector is another sector which, like earlier years, has contributed
significantly to Company's business. During the year, EIL continued to make
good progress on following major jobs:
• Detailed
Feasibility Report (DFR) for GAIL Petrochemical Complex-II at Pata for
enhancing the Polymer capacity to 900 KTA (expandable upto 1 MMTPA) was
prepared and has been well accepted by GAIL.
• Panipat Naphtha
Cracker Project, a prestigious grassroot petrochemical project of IOCL, for
which EIL was awarded PMC services contract against international competitive
bidding. The project consists of 800KTA of Naphtha Cracker (expandable upto
1000KTA) is being executed on LSTK(EPCC) mode. Naphtha Cracker, Polypropylene
(PP) and Mono Ethylene Glycol (MEG) Units have been successfully commissioned.
Utilities and Offsites facilities are in operation.
• Assam Cracker
Project of Brahmaputra Cracker and Polymer Ltd (BCPL), a grassroot
petrochemical project is being executed on conventional mode by EIL at
Lepetkata, near Dibrugarh. This project continued to make steady progress
during the year. Once completed, this unit will produce HDPE, LLDPE and PP. The
capacity output shall be 220 KTPA of Ethylene and 60 KTPA of Propylene. The
availability of these products shall boost development of plastic industry in
north-east. The plant is expected to go on stream during third quarter of 2012.
• Dahej
Petrochemical Complex of ONGC Petroadditions Ltd.(OPaL) is being executed on
EPCC mode and consists of 1100 KTA capacity Dual Feed Ethylene Cracker and will
produce HDPE, LLDPE and PP. This is one of the largest single value PMC
services contracts in Petrochemical field awarded to EIL against international
competition. The project is making steady progress and is scheduled to go on
stream by end 2012. Pipelines EIL Pipeline Division continue to provide
extensive services for various pipeline projects at home and abroad. 935 kms of
Vadinar-Bina Pipeline for Crude Oil transportation of BORL was successfully
completed and commissioned during this year. Presently, EIL is executing
following Pipeline Projects:
• 48"x498 kms
Vijaipur-Dadri Natural Gas Pipeline Project of GAIL.
• 18"x257 kms
of Bina-Kota Pipeline for Petroleum Product transportation for BPCL.
•
30"/28"x1012 kms Mundra-Bathinda Crude Oil Pipeline of HPCL - Mittal
Pipelines Ltd. (HMPL) for crude oil transportation.
• Compressor
Stations for GAIL at Vijaipur and Jhabua.
• Two new Compressor
Stations at Chainsa and Kailaras for Vijaipur-Dadri Gas Pipeline for GAIL.
•
18"/16"x290 kms Natural Gas Pipeline from Vijaipur to
• Connectivity
Pipelines (
• 30"/24"x300
kms NGL Pipeline of GASCO, Abu Dhabi All these projects are making steady
progress and are expected to be completed on or ahead of schedule. During the
year, EIL was awarded major project of 36"/30"/ 24"/18" x
995 kms Dabhol-Bangalore Natural Gas Pipeline of GAIL and 10" LPG
Onshore/Offshore Pipeline from BPCL/ HPCL Mahul Refineries to Uran for BPCL. As
an improvement plan, EIL continued to employ cost effective and effective
designs, some of which are: • Use of X-80 Grade Carbon Steel Pipe in Dabhol-
Bangalore Pipeline Project
• Using Dual Layer
Fusion Bonded Epoxy coating As a diversification strategy, EIL has decided to
enter into City Gas Distribution business through joint venture or as a sole
owner. EIL has already been empanelled with Petroleum and Natural Gas
Regulatory Board (PNGRB) as Verification/Safety Auditing agency for City Gas
Distribution networks all over
OFFSHORE OIL and GAS
During the year,
Gujarat State Petroleum Corporation (GSPC) awarded PMC services contract to EIL
for following projects for their offshore Block:
• Wellhead
Platform
•
Process-cum-Living Quarter Platform
EIL has received
work orders from ONGC, for providing consultancy services for Cluster-7, BHE
and MNW-N-15 Pipeline of MNHRD Phase-II Project and WIN Revamp Project. EIL has
also received a work order from MRPL for
executing SPM and
Associated facilities including Subsea Pipeline Booster Station and Onshore
Pipeline on OBE basis. The project is scheduled to be completed in 21 months.
After installation and commissioning of the facilities, refinery will receive
crude from the various destinations by VLCC upto 300,000 DWT capacity with lot
of cost saving to the refinery.
BUSINESS OVERVIEW
During the year,
the Company was able to maintain a healthy order book and secured business
totaling `15217.900 millions. The segment-wise breakup is as follows:-
Domestic
Consultancy - ` 6336.800 millions
Domestic LSTK - `
8175.300 millions
Overseas - `
705.800 millions
On the domestic front,
the Petrochemical and Petroleum Refining sectors continued to play a dominant
role in the Company's overall business scenario. Onshore Oil and Gas, Pipelines
and Infrastructure were the other sectors which significantly contributed to
the order book position. Major refinery jobs secured during the year were from
Indian Oil Corporation Limited (IOCL) for PMC services contract for Captive
Power Plant of Paradip Refinery and EPCM services for CDU/VDU-II Revamp Project
of Manali Refinery of CPCL (an IOCL group Company). In Petrochemical sector,
EIL also secured another OBE convertible to LSTK contract for ` 806 Crores from
Mangalore Refinery and Petrochemical Limited (MRPL) for execution of its
Polypropylene Unit at Mangalore. Last year, EIL had secured two such OBE - LSTK
contracts in Refinery sector from MRPL for their PFCC Unit and SRU Block of
Refinery Phase-III project worth ` 2630 Crores. The excellent progress of these
projects as well as the Euro-IV project of CPCL established EIL's capabilities in
executing EPC contracts under this new concept in the Indian context- with the
realization of twin benefits of significant savings in time schedule and in the
as-built project cost to the clients, while ensuring complete transparency at
all stages of project execution. In the field of Pipelines, new assignments
were secured from Gas Authority of India Limited (GAIL) for providing PMC
Services for Dabhol-Bangalore Pipeline Project and connectivity to NDPL, IOCL
Panipat, CGS Meerut, CGS Sonipat and Capacity Augmentation of Agra- Ferozabad
Pipeline Section.
In the Offshore
Oil and Gas sector, new client in
Institute of
Petroleum Technology (RGIPT) at Rae Bareilly and development of Assam Centre
for RGIPT at Sibsagar were secured.
In Overseas
segment, major assignment was secured from NPCC,
potential areas
for the next decade and the following areas have been identified :
• Market
penetration and expansion in the core business areas through enhancing the
geographic footprint of EIL's operations.
• Providing value
added services like OBE projects.
• Strengthening of
EIL's business in Infrastructure segment.
• Diversification
into Water and Waste Management, City Gas Distribution, Power-Thermal, Solar,
Nuclear, Gas based Fertilizer Projects, Coal to Liquid (CTL) and Steel.
FIXED ASSETS:
- Land Free Hold
- Land Lease Hold
- Building
- Plant and Machinery
- Furniture, Fixture and Office
- Construction Equipments
- Computer Hardware
- Computer Software
- Motor Vehicles
- Library Books
WEBSITE DETAILS:
THE COMPANY
Subject was established in 1965 to provide engineering and related technical services for petroleum refineries and other industrial projects.
In addition to petroleum refineries, with which EIL started initially, it has diversified
into and excelled in other fields such as pipelines, petrochemicals, oil and
gas processing, offshore structures and platforms, fertilizers, metallurgy and
power. EIL now provides a complete range of project services in these fields
and has emerged as
Subject is diversifying into several new areas including Highways and Bridges,
IT, Airports, Mass Rapid Transport Systems, Ports and Terminals, Power
Projects, Non-conventional / Renewable Energy Sources, Specialist Materials and
Maintenance Services, Intelligent Buildings, Water and Urban Development
projects.
EIL's fields of activities include:
- Petroleum Refineries
- Pipeline
- Oil and Gas Processing
- Petrochemicals
- Offshore Structures and Platforms
- Ports and Terminals
- Metallurgy
- Fertilizers
- Power
- Highways and Bridges
- Airports
- Non Conventional / Renewable Energy Sources
- Intelligent Buildings and Urban Development
EIL provides the complete range of services needed to conceptualise, design, engineer and construct projects to meet the specific requirements of its clients. Its association with the clients extends beyond the commissioning of their plants through monitoring operation of each plant and accumulating feedback on performance. Lumpsum Turnkey projects from concept to commissioning is an area into which EIL has entered in a big way. EIL's quality management systems in respect of its services have been assessed and upgraded to ISO 9001:2000 version.
Besides its Head Office at
EIL has two wholly owned subsidiaries, EIL Asia Pacific Sdn Bhd in
COMPANY HISTORY
|
1965 |
Foundation of Engineers India Limited. |
|
1967 |
EIL became a wholly owned Government Company. |
|
1969 |
Diversification into Petrochemicals. |
|
1970 |
Creation of Heat and Mass Transfer Design and Computer Services Departments. |
|
1971 |
Ocean Engineering Department formed. |
|
1972 |
First Metallurgical Project. |
|
1973 |
Procurement office opened in Entry into Fertilizer and Pipeline projects. |
|
1974 |
First Overseas assignment Inhouse process design/engineering, technology development. |
|
1975 |
Installed a third generation computer system. |
|
1976 |
Training Division formed. |
|
1977 |
First Oil and Gas processing project. |
|
1975-1980 |
Development of skills in the areas of Process Plant services e.g. Operations, Safety, Materials, Environmental Engineering. |
|
1981 |
Use of computers at construction sites, Procurement office
opened in |
|
1983 |
Own office complex - EIL Bhavan occupied, Independent Certification Division formed. |
|
1989 |
Own R and D Centre at Gurgaon. |
|
1992 |
Engineering Office opened in |
|
1993 |
Regional Offices opened in Chennai and Vadodara. |
|
1994 |
Creation of subsidiary - EIL Asia Pacific Sdn. Bhd ISO 9001 Certification Peak export earnings. |
|
1995 |
Six Percent Disinvestment Formation of Subsidiary-Certification Engineers International Limited |
|
1997 |
Four per cent equity for employees. |
|
1998 |
Diversification into LNG and Refinery Residue based Power Plants |
|
1999 |
EIL enters into Turnkey Contracting-Undertakes turnkey projects in the areas of Offshore Platforms and Offsite Automation Highest Dividend of 150% paid. |
|
2000 |
EIL’s MOU rating highest amongst all PSUs under the Ministry of Petroleum and Natural Gas. |
|
2001 |
Major diversification into several new infrastructure and other areas. EIL's MOU performance improved to 1.017 (in 2000-2001) and is ranked no. 1 amongst the PSEs under the Ministry of Petroleum and Natural Gas |
|
2002 |
Major Breakthrough in Turnkey Contracting. ONGC awarded the prestigious MNW Platform to EIL on Lumpsum Turnkey basis |
AWARDS AND RECOGNITIONS
|
2008 |
Amity Award for Best Engineering Consultancy Services. |
|
2008 |
PetroFed award for ‘Best Women Executive of the Year’ to Ms Vartika, AGM (Process Design and Dev.) |
|
2007 |
EIL received a shield and a certificate from Abu Dhabi Company for Onshore Oil Operations (ADCO) on for successfully completing 5 Million man-hours without Loss Time incident at their Tank Farm Upgrade Facilities Project, Jebel Dhanna. |
|
2007 |
Hindalco awarded a “Certificate of Recognition” to EIL for achieving a landmark of 1.16 million accident-free man-hours at Muri Alumina Brownfield Expansion Project. |
|
2007 |
Appreciation letter from Pune Municipal Corporation for bringing about noticeable improvement in quality and reliability of various projects like roads, drainage systems etc. |
|
2007 |
Fifth time recipient of Indira Gandhi Shield (1st Prize) for Rajbhasha Implementation (2005-2006) |
|
2007 |
World Intellectual Property Organisation (WIPO)’s Certificate of Merit to Dr. S Banik, Chief Consultant, for Co-inventor of Best Invention of India for commercialization of Novel Process for Removal of H2S and Mercaptans from LPG through CFC. |
|
2007 |
EIL amongst Most Admired Companies in Construction World magazine (Nov. 2007 Issue) |
|
2007 |
EIL bagged two National awards from Public Relations Society of India for the following:“Aap Aur Hum”- 1st “Hamara EIL (In Hindi Category) - 3rd PrizePrize |
|
2006 |
CDC National Award for Excellence in Consultancy Services 2005 for execution of Capacity Expansion-cum-Modernization Project Phase-I of KRL. |
|
2006 |
Merit Certificate for Excellence in the achievement of MoU Target for the year 2003-2004 by Hon’ble Vice President of India |
|
2006 |
EIL ranked at 142 in the list of ET 500 companies (published in February 2006) up from 311 an year ago based on an average of eight separate factors |
|
2006 |
EIL has been ranked at 26 in Business India’s Top 50 PSUs based on the Market Capitalization |
|
2006 |
NRDC award for innovation and commercialization of CFC Technology of EIL-R and D and IOC-R and D |
|
2006 |
EIL bagged two National awards from Public Relations Society of India for the following:- “Aap Aur Hum”- 3rd - “Corporate Brochure” - 3rd PrizePrize |
|
2006 |
Fourth time recipient of Indira Gandhi Shield (1st Prize) for Rajbhasha Implementation (2004-2005) |
|
2006 |
Appreciation from M/s HEISCO for completing the job of Heater
and Boiler Safety Upgradation and Emission project of KNPC, |
|
2006 |
Certificate of appreciation for achieving over 36 million accident free construction man-hours at the PTA Project of IOCL at Panipat. |
|
2006 |
Certificate of appreciation for achieving 10 million accident free construction man-hours at Refinery Expansion Project of IOCL at Panipat. |
|
2006 |
EIL received a shield and a certificate from Abu Dhabi Company for Onshore Oil Operations (ADCO)for successfully completing 1.5 Million man-hours without Loss Time incident at their Tank Farm Upgrade Facilities Project, Jebel Dhanna. |
PRESS RELEASES
Engineers India pays highest ever Dividend
A Special
Interim Dividend cheque of Rs. 5076.500 millions was presented to Shri Murli
Deora, Hon’ble Minister of Petroleum & Natural Gas (MoP&NG) by Shri A K
Purwaha, C & MD, Engineers India Ltd. (EIL) on April 6, 2010. On this
occasion, Shri Jitin Prasada, Hon’ble Minister of State, Shri S Sundareshan,
Secretary, MoP&NG, other senior officials of the Ministry and all Directors
of EIL were also present.
This Special
Interim Dividend is @ 1000% of the paid up share capital for the financial year
2009-10. This is the highest ever dividend paid by EIL and 1000% Interim
Dividend is perhaps the highest ever paid by any Public Sector Enterprise
(PSE).
The Board of
Directors of EIL have also approved sub-division of Equity Shares of the
Company of the face value of Rs. 10/- each into two Equity Shares of the face
value of Rs. 5/- each and also issue of two bonus shares for existing one share
held by the shareholders. This is subject to the approval of the shareholders
in the forthcoming Extra Ordinary General Meeting scheduled for 22nd April
2010. EIL is a premier design & engineering consultancy company in the
fields of petroleum refining, pipelines, petrochemicals, offshore oil &
gas, onshore oil & gas, terminal & storages, mining & metallurgy
and infrastructure and is now diversifying into several new areas including
nuclear energy, solar energy, gas based fertilizers & power plants and city
gas distribution.
EIL signs MoU with
Ministry of Petroleum & Natural Gas
Engineers India Limited signed the Memorandum of Understanding (MoU) for the year 2010-2011 with the Ministry of Petroleum & Natural Gas. The MoU document was signed by Shri S Sundareshan, Secretary, Ministry of Petroleum & Natural Gas and Shri A.K. Purwaha, Chairman & Managing Director, Engineers India Limited on 10th March, 2010.
The MoU envisages enhanced revenue from both Consultancy and LSTK business segments along with major thrust on holistic growth encompassing Customer Satisfaction, R & D, HRD and CSR initiatives.
EIL has been signing MoUs since 1991-92. The present MOU is Twentieth in the series and EIL has sustained “Excellent” ratings in the last three years.
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
75 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.