%20-%20158573%2007-Nov-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED THERMAX BABCOCK AND WILCOX (A DIVISON OF THERMAX LIMITED) |
|
|
|
|
Registered
Office : |
D-13, MIDC Industrial
Area, D AGA Road, Chinchwad, Pune – 411019, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.06.1980 |
|
|
|
|
Com. Reg. No.: |
11-22787 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.238.300 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299MH1980PLC022787 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET03854E PNET00017D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3910D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
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 52000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office/ Factory : |
D-13, MIDC
Industrial Area, |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Hitter and Boiler
Department : |
Energy House, Plot No. 38 & 39, D-II Block, MIDC Area, Chinchwad, Pune – 411019, Maharashtra, India |
|
|
|
|
Corporate
Office : |
Thermax House,
14, Mumbai – |
|
Tel. No.: |
91-20-66051200 /
25542122 |
|
Fax No.: |
91-20-25542242 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
D-1 Block, MIDC Industrial Area,
Chinchwad, Pune - 411 019, |
|
|
|
|
Factory 2 : |
Village Paudh, Mazgaon, Via Pategarga, Taluka Khalapur, District
Raigad – 410 206, |
|
|
|
|
Factory 3 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, Dist.- Vadodara –
391775, |
|
|
|
|
Factory 4 : |
D-13, MIDC
Industrial Area, |
|
|
|
|
Factory 5 : |
Survey No-169,
Village Dhrub, Taluka Mundra, Mundra – 370 201, District Kutch, |
|
|
|
|
Overseas
Offices : |
·
Thermax
International Limited, ·
Thermax
(Rus) Limited, ·
Thermax
Europe Limited, ·
Thermax
Europe Limited, ·
ME
Engineering Limited, ·
Thermax
Inc., |
|
|
|
|
Branches : |
Located At: ·
Ahmedabad,
·
·
·
·
·
Kolkata,
·
Chennai,
Tamilnadu ·
·
Mumbai,
·
|
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Meher Pudumjee |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Lalai |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Gopal Mahadevan |
|
Designation : |
Executive Vice President and Chief Executive Officer |
|
|
|
EXECUTIVE COUNCIL :
|
|
|
|
|
|
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. M. S.
Unnikrishnan |
|
Designation : |
Executive Vice
President |
|
Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.08.1997 |
|
Previous Employment
: |
Terrazzo Limited –
Assistance General Manager |
|
|
|
|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Executive Vice
President |
|
|
|
|
Name : |
Mr. R V Ramani |
|
Designation : |
Divisional Head |
|
Qualification
: |
B. E. (Mech.) |
|
Date of
Appointment : |
01.10.1974 |
|
Previous Employment
: |
Indowse
Engineering Private Limited – Sales Engineer |
|
|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. S. Ramachandran
|
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Gopal
Mahadevan |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
8807742 |
7.39 |
|
|
5441563 |
4.57 |
|
|
12572125 |
10.55 |
|
|
|
|
|
|
|
|
|
|
2626009 |
2.20 |
|
|
|
|
|
|
|
|
|
|
8231651 |
6.91 |
|
|
7363809 |
6.18 |
|
|
|
|
|
|
258096 |
0.22 |
|
|
224664 |
0.19 |
|
|
7278 |
0.01 |
|
|
26154 |
0.02 |
|
|
|
|
|
Total
|
119156300 |
100.00 |
%20-%20158573%2007-Nov-2011_files/image004.gif){kind=small}
(1) Indian%20-%20158573%2007-Nov-2011_files/image005.gif){kind=small}
Individuals / Hindu Undivided Family%20-%20158573%2007-Nov-2011_files/image006.gif){kind=small}
Directors/Promoters and their Relatives and
FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Steam or other Vapour Generating Boilers, other Refrigerating or Freezing Equipment
and Ion Exchangers of the Polymerization or Co-Polymerization Type. |
||||||||
|
|
|
||||||||
|
Products : |
· Other Refrigerating or Freezing Equipment · Ion Exchangers of the Polymerization or Co-Polymerization type
|
(PRODUCTION STATUS AS ON 31.03.2011)
|
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 -- -- |
2141 4351 35 63 |
|
Environmental Products and Systems : |
|
|
|
|
a. Air Pollution Control Plants and Systems |
Nos. |
-- |
946 |
|
b. Water and Waste Treatment Plants |
Nos. |
-- |
1256 |
|
c. Ion Exchange Resins and Chemicals |
MT |
36161 |
19855 |
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 · HSBC |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Khare and
Company Chartered
Accountants |
|
Address : |
706/707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, |
|
|
|
|
Joint Venture : |
·
Thermax
SPX Energy Technologies Limited ·
Thermax Babcock and Wilcox Energy
Solutions Private Limited |
|
|
|
|
Holding Company : |
RDA Holding And Trading Private Limited |
|
|
|
|
Wholly Owned
Subsidiaries Domestic : |
·
Thermax Sustainable Energy Solutions
Limited ·
Thermax Engineering Construction
Company Limited ·
Thermax Instrumentation Limited ·
Thermax Onsite Energy Solutions
Limited |
|
|
|
|
Overseas Subsidiary
Company : |
· Thermax International Limited, Mauritius · Thermax Europe Limited, U.K. · Thermax Inc., U.S.A. · Thermax do Brasil Energia e Equipmentos Limiteda, Brazil · Thermax Hong Kong Limited, Hong Kong · Thermax (Zhejiang) Cooling and Heating Engineering Company Limited, China ·
Thermax Netherlands B. V. ·
Thermax Denmark APS ·
Danstoker A/ S, Denmark ·
Omnical Kessel- und Apparatebau
GmbH, Germany ·
Ejendomsanpartsselskabet
Industrivej Nord 13, Denmark · Danstoker (UK) Limited |
CAPITAL STRUCTURE
As on : 31.03.2011
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
238.300 |
238.300 |
238.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12685.100 |
10269.600 |
9380.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12923.400 |
10507.900 |
9618.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
480.400 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
480.400 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
468.500 |
436.300 |
362.100 |
|
|
|
|
|
|
|
|
TOTAL |
13872.300 |
10944.200 |
9981.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4866.100 |
4938.500 |
4399.100 |
|
|
Capital work-in-progress |
297.300 |
111.700 |
176.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
4043.600 |
3781.600 |
1764.500 |
|
|
DEFERREX TAX ASSETS |
267.200 |
264.200 |
181.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories
|
2823.100 |
2463.600 |
2664.200 |
|
|
Contracts in Progress
|
3571.100 |
2761.700 |
2268.600 |
|
|
Sundry Debtors
|
10012.600 |
7470.500 |
5407.800 |
|
|
Cash & Bank Balances
|
6565.700 |
6055.500 |
3407.800 |
|
|
Other Current Assets
|
654.200 |
525.100 |
387.000 |
|
|
Loans & Advances
|
3094.100 |
3014.200 |
2021.800 |
|
Total
Current Assets |
26720.800
|
22290.600
|
16157.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
8016.100
|
7298.800 |
|
|
|
Current Liabilities
|
11671.700 |
11495.300 |
11190.300 |
|
|
Contracts in Progress
|
1014.000 |
673.800 |
558.500 |
|
|
Provisions
|
1620.900 |
974.500 |
949.100 |
|
Total
Current Liabilities |
22322.700
|
20442.400
|
12697.900
|
|
|
Net Current Assets |
4398.100
|
1848.200
|
3459.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13872.300 |
10944.200 |
9981.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
49354.900 |
32352.300 |
33031.700 |
|
|
|
TOTAL (A) |
49354.900 |
32352.300 |
33031.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
34158.500 |
20584.700 |
20976.300 |
|
|
|
Personnel |
3686.400 |
2927.100 |
2546.400 |
|
|
|
Excise Duty |
5319.800 |
24.400 |
23.500 |
|
|
|
Other Expenditure |
6.800 |
4477.300 |
4953.200 |
|
|
|
Extra-ordinary Items of Expenses/ (Income) |
0.000 |
1148.600 |
(13.600) |
|
|
|
TOTAL (B) |
43171.500 |
29162.100 |
28485.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6183.400 |
3190.200 |
4545.900 |
|
|
|
|
|
|
|
|
|
Less |
INTERESTS (D) |
21.800 |
15.200 |
32.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6161.600 |
3175.000 |
4513.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.900 |
404.200 |
321.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5729.700 |
2770.800 |
4192.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1905.500 |
1356.400 |
1319.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3824.200 |
1414.400 |
2873.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6057.600 |
5480.000 |
3592.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
142.000 |
288.000 |
|
|
|
Proposed Equity Dividend |
1072.400 |
595.800 |
595.800 |
|
|
|
Tax on Dividend |
174.000 |
99.000 |
101.200 |
|
|
BALANCE CARRIED
TO THE B/S |
8235.400 |
6057.600 |
5480.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB |
6122.200 |
7008.600 |
6275.700 |
|
|
|
Other Earnings |
54.000 |
126.300 |
170.300 |
|
|
TOTAL EARNINGS |
6176.200 |
7134.900 |
6446.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3254.300 |
1893.600 |
1632.100 |
|
|
|
Stores & Spares |
1423.900 |
1001.700 |
1024.200 |
|
|
|
Consumable |
84.600 |
27.900 |
53.600 |
|
|
|
Capital Goods |
15.200 |
230.600 |
356.400 |
|
|
TOTAL IMPORTS |
4778.000 |
3153.800 |
3066.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.09 |
11.87 |
24.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
|
Type |
|
|
|
|
|
Sales Turnover |
|
|
13034.790 |
10444.190 |
|
Total Expenditure |
|
|
11629.980 |
9307.250 |
|
PBIDT (Excl
OI) |
|
|
1404.810 |
1136.940 |
|
Other Income |
|
|
207.950 |
147.420 |
|
Operating
Profit |
|
|
1612.760 |
1284.360 |
|
Interest |
|
|
11.040 |
3.770 |
|
Exceptional
Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
1601.720 |
1280.590 |
|
Depreciation |
|
|
117.180 |
110.890 |
|
Profit
Before Tax |
|
|
1484.540 |
1169.700 |
|
Tax |
|
|
467.660 |
370.890 |
|
Reported PAT |
|
|
1016.880 |
798.810 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
1016.880 |
798.810 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.74
|
4.37
|
8.70
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.13
|
10.18
|
20.39
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.26
|
0.44
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
1.95
|
1.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.09
|
1.27
|
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.
ANNUAL PERFORMANCE
The will be happy to know that
this year, at Rs. 49350.000 millions, the total income of the Company has
exceeded US $ one billion, a 52.6% increase over last year's income of Rs.
32350.000 Millions.
Thermax's energy business
comprising Boiler and Heater, Power and Cooling and Heating contributed 77.3%
of its income while the environment business comprising Air Pollution Control,
Chemicals, along with Water and Wastewater Solutions accounted for the
remaining 22.7%.
In terms of profitability, the
company had an EBITDA of 11.6% (12.1% last year). The variation has been due to
the rising cost of raw materials, higher share of Power EPC business and the
acceptance of certain strategic orders at lower margins.
The company's performance during
fiscal 2010-11 straddled two distinctly dissimilar phases in the economic
environment – a first half of robust growth followed by six months of economic
uncertainties. While the first phase saw the continuing surge in our order
finalization, the latter six months saw credit drying up due to high interest
rates, resulting in a slowing down of orders. Due to the slow-down in new
orders in the last two quarters of 2010-11, your company's performance next year
is likely to be subdued. However, being positioned in the crucial areas of
energy and environment, with the continuing vibrancy of the national economy,
the medium to long term outlook for the company is positive.
Profit before tax and
extraordinary items was also higher at Rs. 5730.000 millions as compared to Rs.
3919.000 millions in the previous year. Profit after tax and extraordinary
items was at Rs. 3824.000 millions compared to Rs. 1414.000 millions in the
previous year (after providing for extraordinary item of Rs. 1149.000
millions). Earnings per share (EPS) rose to Rs. 32.09 from Rs. 11.87 (after
extraordinary item) in 2009-10.
Order booking for the year was
Rs. 53180.000 millions against Rs. 57940.000 millions, last year. The company
completed the year with an order backlog of Rs. 56050.000 millions as against
Rs. 5381crore in the previous year.
During the year, exports,
including deemed exports, were higher at Rs. 10659.000 millions from Rs.
6565.000 millions last year, an increase of 62.4%.
The consolidated total income of
the Thermax Group was Rs. 53950.000 millions (Rs. 34222.000 millions, previous
year) recording a 58% increase. Income from international business including
deemed exports was up 74% to Rs. 12505.000 millions from Rs. 7204.000 millions.
The Group registered a profit before tax of Rs. 57373.000 millions (Rs.
4004.000 millions, previous year). Profit after tax and extraordinary items and
minority interest was Rs. 3817.000 millions for the year. Consequently,
earnings per share (EPS) also increased to Rs. 32.03 (Rs. 12.11 after
extraordinary item, previous year).
By a general circular (No. 2/
2011 dated February 8, 2011), the Ministry of Corporate Affairs, Government of
India, under Section 212(8) of the Companies Act, 1956, has permitted companies
to not attach copies of the Balance Sheets and Profit and Loss Accounts,
Directors' Reports, Auditors' Reports and other documents of all their
subsidiaries, to the Accounts. The company has acted accordingly.
However, annual accounts of the
subsidiary companies and the related detailed information are available at any
time to shareholders of the parent company and subsidiary companies and to
statutory authorities. On request, these documents will be made available for
inspection at the company's corporate office.
The audited consolidated
financial statements presented by the company include the financial result of
the workings of all subsidiary companies, prepared in accordance with
Accounting Standard 21 issued by The Institute of Chartered Accountants of
India. In addition, a statement of summarized financials of all the
subsidiaries is included. Further, the accounts of individual subsidiary
companies shall also be posted on the company’s website.
STRATEGIC ACQUISITION
During the year, the company
acquired Danstoker A/S, a leading European boiler manufacturer and its German
subsidiary, Omnical Kessel for a consideration of Rs. 1866.000 millions. The
acquisition offers a strategic fit for the company's packaged boiler business,
under the Cooling and Heating Business Unit. Providing state-of-the-art
technology and process know-how for the company's heating business, this
acquisition will enable the division to enhance its product portfolio and
extend it to new, untapped markets. The Danstoker and Omnical brands will help
your company expand its reach in Europe, South East Asia and the Middle East.
The acquisition will also help
in expanding your company's green initiatives, as significant portion of the
revenues of Dan stoker and Omnical come from biomass and wasteheat recovery
boilers. It will enable Thermax to gain from the ongoing renewable energy
movement of Europe aimed at generating 20% of its overall energy generation
from renewable by 2020.
MANAGEMENT
DISCUSSION AND ANALYSIS
Overview
The year gone by witnessed
recovery and gradual growth in most markets. With the financial crisis in the
developing world firmly behind us, most countries are now reevaluating the
stimulus packages they had introduced during the crisis. Countries that
curtailed their stimulus packages have had a mixed experience, some
experiencing continuing unprecedented levels of unemployment and some yet to
see consumer demand revive. Markets remained volatile due to diverse
developments over which governments and central banks appear to have little
control – the sovereign debt crisis in the Eurozone, a worrying fiscal future
for the US, sharp rise in inflation in emerging economies. The year ended with
political unrest in northern Africa which quickly gained momentum and spread
across to parts of the Middle East too.
India's GDP grew 8.6%,
spearheaded by sectors like manufacturing, construction, transportation, real
estate, trade, communication and sustained by the agricultural sector that grew
by 5.4%. As per the latest IIP indices, manufacturing clocked an impressive
10%growth during the Apr-Nov 2010 period but later slowed, with the March
figures at just3.2%.
The last financial year also saw
India emerging as the world's second largest investor in the infrastructure
segment, with the power sector claiming the largest share of this investment,
followed by the transportation sector. However, the power demand-supply indices
show a deficit of over 10% on peak power and 8-9% at base load level and these
were compounded by the forecast that the Eleventh Five Year Plan is likely to
fall short of the original target by about 25,000 MW. The increase in general
interest rates declared in the last financial year, and the six revisions by
RBI added to the hurdles facing green field projects. Specifically, it affected
the power sector projects where the domestic commercial banks could soon hit
their sect oral lending limits. Though investment in the sector has seen good
growth, it is constrained by the inability of the States to reform their
distribution businesses that continue to run at losses.
Another downside of the growth
story has been the unhealthy inflation and a growing current account deficit
(CAD), which stood at 7% and 3% of GDP, respectively. With perceptible
uncertainty in many of the large export markets, the situation is challenging.
However, there are plans to aggressively promote the export of high value
products that have a strong manufacturing base, such as engineering goods, to
tilt the balance of payment in India's favour.
India's commitments to the
international community at Cancun this year have placed certain obligations on
it in terms of energy efficiency, GHG emission abatement and boosting renewable
power. The opportunities coming from the National Action Plan on Climate Change
(NAPCC) should present wide ranging opportunities in the coming years to
companies operating in the field of energy and environment.
Rural infrastructure development
focusing on basic water and sanitation facilities in villages across India
shall open new avenues in water and wastewater management. An inclusive
national budget looks promising for social sector areas like health, education
and self-help groups for women. The opportunities to industry from these sectors
are also extremely large and can open altogether new avenues.
With India slated to grow at
about 8% annually, prospects for the energy and environment sector continue to
be bright.
REVIEW OF OPERATIONS
The company passed a historic
milestone in 2010-11– a billion dollars in revenues, generating a total income
of Rs. 49350.000 millions and a profit after tax of Rs. 382crore. Exports,
including deemed exports, contributed 21.6 % of the total income.
The company's gains in booking
new orders in the first half of fiscal 2010-11 were offset by the uncertain
economic environment in the second half which resulted in as lowing down of
orders.
Growing three-fold in the last
five years, Thermax continued to contribute to the energy and environment sectors
of India, poised for a vibrant phase of growth and development. During 2010-11,
your company emerged as a key player in the national effort to exploit the
potential of solar thermal business. It introduced hybrid systems that blended
its thermal expertise with solar concentrator technology for cooling, heating,
power and cooking applications at hotels, industrial plants and educational
institutions.
The Innovation Council continued
to guide the company to create a nurturing environment for innovations. Some of
the key initiatives include solar cooling using triple effect absorption
chillers, a solar thermal project for rural electrification, and the successful
registration of an industrial programmed under CDM with the UNFCCC (United
Nations Framework Convention for Climate Change). A portal for capturing
innovative ideas from employees across the board was also established during
the year.
The company's Water and Waste
Solutions business continued to support the national power sector providing raw
water and effluent treatment for public and private sector companies. This
business is also Delhi Metro's partner for water management across its 144km
route, providing over 100 plus water and sewage treatment systems – filters,
softeners, RO plants and compact wastewater plants.
The company has been
strategically focusing on increasing its revenue through clean technology
products and systems. Accordingly, all business divisions are now mandated
totrack the share of their respective green and carbon neutral stream of
revenues.
Over the years, Thermax has
supplied systems with an installed capacity of 5037 MW of green energy. Its
commissioned bagasse fired boilers have an installed capacity of 1593MW.
Thermax's absorption chillers at client sites can provide 1.3 million tons of
environment friendly chilling. The treatment plants supplied by Thermax
cumulatively treat1679 million litres per day of water and waste water.
During the year, the company
expanded its operational excellence initiatives to encompass many more
processes and work centers. These projects focus on reducing the cost of poor
quality, improving on-time performance and customer satisfaction. Thermax has
also recalibrated its customer focus programmed, organizing a series of meets
for face-to-face sessions with clients in different parts of the country.
Feedback from these dialogues are put to use for product development and
quality improvement.
In today's open market regime, your company faces
competition from international players in all its business segments. Through
technology partnerships, nurturing of innovation and indigenous R&D, and
through improved products, it is preparing to meet the challenges posed by
competition. In the face of global competition, especially from China in the
power sector, your company believes that a level playing field needs to be
established for Indian manufacturers through appropriate government policies.
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 and 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 and
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 and 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 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 organizes 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., USA:
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, HONG KONG:
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
(ZHEJIANG) COOLING AND HEATING ENGINEERING COMPANY LIMITED, CHINA
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, MAURITIUS:
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 LIMITED, BRAZIL:
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..
FIXED ASSETS
·
·
·
Buildings
·
Plant
and Machinery
·
Electrical
Installation
·
Furniture
·
Fixtures
·
Office
Equipment
·
Vehicles
AUDITED FINANCIAL
RESULTS FOR THE HALF YEAR ENDED 30.09.2011
(Rs In Millions)
|
Particulars |
30.09.2011 Quarter Ended |
30.09.2011 Half Year Ended |
|
|
|
(Audited) |
(Audited) |
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
Net Sales / Income from Operations |
12867.252 |
23195.999 |
|
|
Other Operating Income |
167.538 |
282.982 |
|
|
Total Income (a+b) |
13034.790 |
23478.981 |
|
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(5.708) |
(71.174) |
|
|
(b) Consumption of Raw Materials |
8838.202 |
15719.506 |
|
|
(c) Purchase of traded goods |
298.320 |
764.113 |
|
|
(d) Employees Cost |
985.450 |
1890.144 |
|
|
(e) Depreciation |
117.184 |
228.072 |
|
|
(f) Other Expenditure |
5113.713 |
2634.640 |
|
|
Total Expenditure |
11747.161 |
9735.458 |
|
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
1287.629 |
2313.680 |
|
|
Other Income |
207.951 |
355.369 |
|
|
Profit/(Loss) before Interest and Exceptional items |
1495.580 |
2669.049 |
|
|
Interest |
11.041 |
14.813 |
|
|
Profit / (Loss) after interest before Exceptional items |
1484.539 |
2654.236 |
|
|
Exceptional Item |
-- |
-- |
|
|
Profit / Loss from Ordinary Activities before tax |
1484.539 |
2654.236 |
|
|
Tax Expenses |
467.657 |
838.548 |
|
|
Net Profit/(Loss) after tax |
1016.882 |
1815.688 |
|
|
Extra-Ordinary Item |
-- |
-- |
|
|
Net Profit for the period |
1016.882 |
1815.688 |
|
|
Paid-up Equity Share Capital (face value Rs. 2/-each) |
238.313 |
238.313 |
|
|
Reserves excluding Revaluation Reserves |
-- |
-- |
|
|
Earning per share |
|
|
|
|
Basic and diluted EPS before extraordinary items for the period (not annualized) |
8.53 |
15.24 |
|
|
Basic and diluted EPS after extraordinary Items for the period (not annualized) |
8.53 |
15.24 |
|
|
Public Share
Holding |
|
||
|
Number of Shares |
45306995 |
45306995 |
|
|
Percentage of Shareholding |
38.02% |
38.02% |
|
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
||
|
- Number of Shares |
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) |
-- |
-- |
|
|
b) Non-encumbered |
|
||
|
- Number of Shares |
73849305 |
73849305 |
|
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
|
- Percentage of Share (as a % of the total share capital of the company) |
61.98% |
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 20, 2011
- Additional Information Key Unaudited Financial
Parameters/ Figures (Consolidated) for the Thermax Group are as follows
(Rs In Millions)
|
Particulars |
Half yearly ended 30.09.2011 |
|
Total Income |
27332.819 |
|
Profit Before Tax
|
2803.272 |
|
Profit After Tax
and Minority Interest |
1943.010 |
Segment wise Revenue, Results and Capital
Employed
(Rs In Millions)
|
Particulars |
30.09.2011 Quarter Ended |
30.09.2011 Half Year Ended |
|
|
(Audited) |
(Audited) |
|
|
|
|
|
Segment Revenue |
|
|
|
a. Energy |
10348.439 |
18372.356 |
|
b. Environment |
2968.447 |
5615.817 |
|
Total |
13316.886 |
23988.173 |
|
Less : Inter Segment Income |
282.096 |
509.192 |
|
Total Segment Income |
13034.790 |
23478.981 |
|
|
|
|
|
Segment Results |
|
|
|
Profit/(Loss) before tax and Interest |
|
|
|
a. Energy |
1102.405 |
1912.004 |
|
b. Environment |
319.700 |
632.629 |
|
Total |
1422.105 |
2544.633 |
|
Less : Interest |
11.041 |
14.813 |
|
Less : Other Unallocated Expenditure net of unallocable income |
(73.475) |
(124.416) |
|
Total Profit before Tax |
1484.539 |
2654.236 |
|
|
|
|
|
Capital Employed |
|
|
|
a. Energy |
3515.526 |
3515.526 |
|
b. Environment |
1825.823 |
1825.823 |
|
c. Unallocated |
9288.879 |
9288.879 |
|
Total Capital Employed |
14630.228 |
14630.228 |
3. Statement of Assets and Liabilities as
per clause 41(v)(h) of the listing Agreement
( Rs. In Millions)
|
Particulars |
|
|
30.09.2011 Half Year Ended |
|
|
|
|
(Audited) |
|
Shareholders Fund |
|
|
|
|
a. Capital |
|
|
238.313 |
|
b. Reserves and Surplus |
|
|
14391.915 |
|
Loan Funds |
|
|
901.533 |
|
Deferred tax liabilities (net) |
|
|
194.369 |
|
Total |
|
|
15726.130 |
|
Fixed assets |
|
|
5331.414 |
|
Investment |
|
|
4232.515 |
|
Current Assets, Loans and Advances |
|
|
|
|
a. inventories |
|
|
3027.074 |
|
b. sundry Debtors |
|
|
10142.730 |
|
c. cash and Bank Balances |
|
|
5708.879 |
|
d. other Current Assets |
|
|
3083.766 |
|
e. Loan and Advances |
|
|
3124.694 |
|
Less. Current Liabilities and Provisions |
|
|
|
|
a. Liabilities |
|
|
18546.684 |
|
b. Provisions |
|
|
378.258 |
|
Net Current Assets |
|
|
6162.201 |
|
Miscellaneous Expenditure |
|
|
-- |
|
Profit and Loss Account |
|
|
-- |
|
|
|
|
|
|
Total |
|
|
15726.130 |
3. 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
4. Previous period
figures including those related to segments have been regrouped wherever
necessary to confirm to current period’s grouping and Classified
WEBSITE DETAILS :
BUSINESS
DESCRIPTION
Thermax Ltd is an India-based company. The Company has two
primary segments: Energy and Environment. The Energy segment™s products include
boilers and heaters, absorption chillers/heat pumps and power plants. The
Environment segment’s products include air pollution control equipments/
systems, water and waste recycle plants, ion exchange resins and performance
chemicals. During the fiscal year ended March 31, 2011, the Company, through
its wholly owned subsidiary Thermax Denmark ApS, acquired 100% stake in
Danstoker A/S, Denmark and Ejendomsanpartsselskabet Industrivej Nord 13 (EIN).
In turn, Danstoker A/S has wholly owned subsidiaries namely Omnical Kessel and
Apparatebau GmbH, and Danstoker (UK) Shishir Joshipura – Member
As a result of these acquisitions, the Company owns boiler
manufacturing facilities in Denmark and Germany. For the six months ended 30
September 2010, Thermax Limited's revenues increased 54% to RS20.01B. Net
income increased 50% to RS1.58B. Reasons are not available as the company has
provided the detailed financials. Thermax Limited is an India-based company.
The Company has two primary segments: Energy and Environment. The Energy
segment's products include boilers and heaters, absorption chillers/heat pumps,
power plants and solar concentrators.
Board of Directors
Meher Pudumjee - Non-Executive
Chairperson of the Board Chairman
M Chemical Engineering, University of London
Ravinder Advani – Member - Director/Board Member
Anu R. Aga - Non-Executive Director - Director/Board Member
Mrs. Anu R. Aga is Non-Executive Director of Thermax Limited She began her industry career at Thermax, in 1982. She was the Chairperson of the Board of the Company from February 1996 to October 2004. Mrs. Aga has done her B.A. in Economics and holds a post graduate degree in medical and psychiatric social work from Tata Institute of Social Sciences (TISS). She was selected for the Fullbright Scholarship for social workers to study for four months in the U.S. She has been active in various national and local associations like Confederation of Indian Industries (CII) and had served as the Chairperson of CII's Western Region
BA Economics, Tata Institute of Social Sciences
Tata Institute of Social Sciences - Shishir Joshipura – Member
Raghunath Anant Mashelkar - Non-Executive Independent Director - Director/Board Member
Dr. Raghunath Anant Mashelkar is Non-Executive Independent
Director of Thermax Shishir Joshipura – Member
He is an eminent engineering scientist and was appointed as
an Additional Director at the Board meeting held on January 29, 2008. He has a
Ph.D. in Chemical Engineering. Currently, he is the President of Indian
National Science Academy (INSA) and President of Global Research Alliance, a
network of publicly funded R and D institutes from Asia-Pacific, Europe and USA
with over 60,000 scientists. Dr. Mashelkar was the Director General of the
Council of Scientific and Industrial Research (CSIR) for over eleven years. Dr.
Mashelkar is only the third Indian Engineer to have been elected as Fellow of
Royal Society (FRS), London in the twentieth century Twenty-six universities
have honoured him with honorary doctorates, which include Universities of
London, Salford, Pretoria, Wisconsin and Delhi. Dr. Mashelkar has won over 50
awards and medals from several bodies for his contribution in the field of
science and technology. He has been honoured with the Padma Shri and Padma
Bhushan Awards, in recognition of his contribution to nation building. Dr.
Mashelkar holds directorship and is also chairman /member of committees of the
Board, of the following companies: Reliance Industhes Shishir Joshipura – Member
Tata Motors Shishir Joshipura – Member, Piramal Life Sciences Shishir
Joshipura – Member,
ICICI Knowledge Park, Gene Medix Biological Private Limited and Indigene
Pharmaceuticals Private Limited
Nawshir Hoshang Mirza - Non-Executive Independent Director - Director/Board
Member
Mr. Nawshir Hoshang Mirza is Non-Executive Independent Director of Thermax Limited., with effect from May 3, 2011. He is a Fellow of The Institute of Chartered Accountants of India. He spent most of his career with Ernst & Young and its Indian member firm, S. R. Batliboi and Company, Chartered Accountants, and its predecessor firm, Arthur Young, being a partner from 1974 to 2003.
Tapan Mitra - Non-Executive Independent Director - Director/Board Member
Mr. Tapan Mitra is Non-Executive Independent Director of Thermax Limited, since January 15, 2001, is a Fellow Member of The Institute of Chartered Accountants of India and holds a Masters degree in Business Administration from the University of Geneva. Currently, he is the State Government nominated Member of State Planning Board of West Bengal and Chairnan of Board of Directors of West Bengal State Handloom Weaverseas Cooperative Limited He served as Chairman of Confederation of Indian Industries (CII), Eastern Region, as well as on a number of national committees of CII. Mr. Mitra holds directorship and is also chairman / member of committees of the Board, of the following companies: Tube Investments of India Limited, Essel Propack Limited, West Bengal Electricity. Distribution Company Limited, West Bengal Electhcity Transmission Company Limited, Patton International Limited.
Pheroz Pudumjee - Non-Executive Director - Director/Board Member
Mr. Pheroz Pudumjee is Non-Executive Director of Thermax Limited , since January 15, 2001. As Director he facilitates and coordinates the Company ™s international initiatives including the development of new business and relevant organizational changes. Mr. Pudumjee has a Masters in Business Administration and a Diploma in Automotive Technology from Stanford University, USA. Mr. Pudumjee is the chairman of the following Board appointed committees Overseas Investment Committee and Share Transfer and Shareholders' Grievance Committee. He is also a member of the Audit Committee, Strategic Business Development Committee, Borrowing and Investments Committee and Human Resources Committee. He is a member of the Confederation of Indian Industries (CII)'s National Committee on Export and a member of its Western Regional Council. Earlier, he was the chairman of CII, Pune. He is also a member on the Maratha Chamber of Commerce's International Panel. His other directorships include: RDA Holding and Trading Private Limited, Thermax SPX Energy Technologies Limited, Thermax International Limited, Mauritius, Thermax Hong Kong Limited, Hong Kong.
M. S. Unnikrishnan - Managing Director, Executive Director -
Director/Board Member
Jairam Varadaraj - Non-Executive Independent Director - Director/Board
Member
Dr. Jairam Varadaraj, Ph.D., is Non-Executive Independent Director of Thermax Limited. He is the Managing Director of Elgi Equipments Limited. Dr. Varadaraj holds a Masters degree in Business Administration from George Washington University, USA and has a PhD in International Business from the University of Michigan, USA. Dr. Varadaraj has spent about four years in teaching and research in the United States, studying computerized marketing simulation as well as researching on Euro-bond markets. He has also conducted detailed research studies on international financial markets, joint ventures, corporate strategy and technology transfers in the United States. He was the Chairman of the Tamil Nadu State Committee of CII. His other directorships include: Elgi Equipments Limited, Elgi Industrial Products Limited, Elgi Ultra Industries Limited., Elgi Rubber Company Limited, Adisons Precision Instruments Manufacturing Company Limited, Precot Meridian Limited, Magna Electro Castings Ltd, Executive and Business Coaching Foundation India Limited. ATS Elgi Limited, Elgi Sauer Compressors Limited, Treadsdirect Limited, Kenya, Treadsdirect Limited, Mauritius, Treadsdirect Limited, Bangladesh, Treadsdirect Limited, Sri Lanka, Belair S.A., France.
Valentin von Massow - Non-Executive Independent Director - Director/Board Member
Dr. Valentin von Massow is Non-Executive Independent Director of Thermax Limited He has done a Diploma Engineer degree in Agriculture and a Ph.D. in Agricultural Economics (both with distinction) at Georgia Augusta University in Gottingen, Germany. He worked with The Boston Consulting Group (BCG) from 1986 to 2005, since 1993 as Vice-President and Director. During his tenure as Managing Director of BCG India he has worked with the company for its turnaround and growth. He is a Non-executive Director of Crompton Greaves Limited and of other European companies in the renewable energy, agriculture and environment sectors and serves on the Board of Trustees of the Wordwide Fund for Nature (WWF) in UK and Germany. His other directorships are Crompton Greaves Limited, Agrosolar Gmbh and Company KG, Pauwels International N.V, Solarlite GmbH, ADAS Group, UK and Ritterschaftliches Kreditlnstitut Stade.
M. S. Unnikrishnan - Managing Director, Executive Director - Managing Director
Reuters Biography (Thermax Limited) Mr. M. S. Unnikrishnan is Managing Director, Executive Director of Thermax Limited. He currently heads the Company’s Project Business. As an Executive Vice President, he looks after the three high growth areas of Thermax — captive power, boilers and heaters and air pollution control. Mr. Unnikrishnan began his career as a Graduate Trainee with the Company after completing his Mechanical Engineering degree from National Institutes of Technology, Nagpur in 1982. He went on to set up the marketing operation for the Energy Division of Thermax in the Western Region. In 1987, he joined the EID Parry Group as Deputy Regional Manager and after a four-year stint he was promoted as the Head of its Engineering Division. Mr. Unnikrishnan joined as an Assistant General Manager of Terrazzo Incorporated - Sharjah in 1992 heading the manufacturing, marketing and commercial operations. He rejoined the Company as a General Manager in 1997. Since then, he has headed the Waste Management and Absorption Cooling Divisions of the Company, turning around both these businesses and making them profitable SBUs. After the organizational restructuring in 2000, he became a member of the newly formed Executive Council. He led the Human Resource function of Thermax during its critical turnaround period and later established the Project Management Office to spearhead the transformation initiative of the company
PRESS RELEASE
India plans duties on import of Chinese power equipment
Mint
31 October 2011
[What
follows is the full text of the news story.]
New
Delhi, Oct. 31 -- In a move that may spell trouble for private sector utilities
and Chinese makers of power generation equipment, heavy industries minister
Praful Patel has called a meeting on Thursday to discuss and push for the
imposition of customs duties on imports of such equipment.
The
meeting will be attended by officials from the ministries of heavy industries,
commerce and power, and follows demands by local manufacturers to restrict
Chinese power equipment imports.
"This
is because domestic companies have been long complaining that they are becoming
increasingly uncompetitive due to the cheaper power equipment imported from
China," said a top government official aware of the meeting, who requested
anonymity. "If customs duty along with excise duty is imposed on Chinese
power equipment, then the effective tax on such imports will be around
17-18%."
Bharat
Heavy Electricals Limited (Bhel) and Larsen and Toubro Ltd (L and T) have been
lobbying with the government to limit Chinese competition. According to the
contours of an earlier proposal, the imported equipment will be subjected to 5%
customs duty, 10% countervailing duty and a special additional duty of 4%.
State-owned
Bhel has been facing competition from Chinese power generation equipment firms
such as Shandong Electric Power Construction Corp., Shanghai Electric Group
Company Limited, Dongfang Electric Corporation Limited and Harbin Power
Equipment Co. Ltd, both in domestic and overseas markets.
Power
utilities have placed orders for overseas equipment largely because of the
inability of local manufacturers to meet growing demand. Chinese imports are
relatively cheaper because equipment makers from that country benefit from low
interest rates and an undervalued currency. Undervaluing the currency makes
exports cheaper and increases demand of products.
"We're
aware about the proposal about levying duties on imported equipment. This is a
very sensitive issue and we'll take some action. It's an unfair policy,"
said an Indian representative of Shanghai Electric.
Patel
didn't respond to phone calls or to a message left on his cellphone on Friday.
A Bhel executive, requesting anonymity, confirmed the development.
"There
is a forward movement on the proposal," the official said.
The
proposal being pushed by the heavy industries ministry has been in the works
for some time and is aimed at creating a level-playing field for domestic
companies.
The
power ministry was not in favour of such a move until after the start of the
12th Five-year Plan (2012-17). A panel of senior government officials had
earlier agreed to impose the taxes.
Planning
Commission member Arun Maira has also recommended 14% import duty on power
generation equipment to strike a balance between protecting local manufacturers
and the need to import equipment to boost power production, reported on 10
February 2010.
"There
is an intent on the part of the government to limit Chinese imports," said
another official, who did not want to be named.
reported
on 29 September about the government reviving a plan to scrap its so-called
mega power plant policy, imposing a 5% customs duty on the import of equipment
that goes into thermal projects that will generate at least 1,000 megawatts.
However, the move needs to be cleared by the cabinet and the rule will apply
only to new projects; firms that have already placed orders with Chinese
companies will be exempt.
Power
generation equipment makers having a manufacturing base in India-Bhel, Doosan
Heavy Industries and Construction Company Limited and the joint ventures
between L and T and Mitsubishi Heavy Industries Limited Toshiba Corporation and JSW Group; Ansaldo
Caldaie SPA of Italy and Gammon India Limited Alstom SA of France and Bharat
Forge Limited BGR Energy Systems Limited and Hitachi Power Europe GmbH, and
Thermax Ltd and Babcock and Wilcox Company -stand to
benefit
from such a move.
India's
move to curb Chinese power equipment imports comes at a time when the two
countries have been discussing ways to double bilateral trade to $100 billion
by 2015 and to plug a yawning trade gap in China's favour.
Aggression
against a significant trade partner like China will not pay in the long run,
said Abhijit Das, head of the Centre for WTO Studies.
"While
imposing any such import duty, we have to first of all keep in mind that it is
compliant with out commitments under the World Trade Organization and within
the bound tariff rates," he said. "Secondly, it has to be applicable
to all countries on a non-discriminatory basis and no country can be singled out."
India has been complaining about the increasing trade imbalance with
China and lack of access for Indian firms to the Chinese market. China is the
second-largest trade partner of India, behind only the United Arab Emirates.
Indian exports to China were valued at $19.6 billion in 2010-11 and imports
from that country $43.5 billion. Published by HT Syndication with permission
from MINT.
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. 49.08 |
|
|
1 |
Rs. 78.65 |
|
Euro |
1 |
Rs. 67.79 |
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.