1. Summary Information
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Country |
India |
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Company Name |
PL ENGINEERING
LIMITED |
Principal Name 1 |
Mr. Atul Punj |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Luv Chhabra |
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|
|
Registration # |
55-156532 |
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Street Address |
Punj Llyod
House, 17-18, Nehru Place, New Delhi – 110019 |
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Established Date |
13.12.2006 |
SIC Code |
-- |
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Telephone# |
91-124-2620123 |
Business Style 1 |
The Company is primarily engaged in the business of engineering and
design consultancy services |
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Fax # |
91-124-2620111 |
Business Style 2 |
-- |
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Homepage |
-- |
Product Name 1 |
-- |
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# of employees |
Not Available |
Product Name 2 |
-- |
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Paid up capital |
Rs.262,300,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Foreign Holdings (17.14%) Bodies corporate (80.32%) Other top fifty (50) shareholders (2.54%) |
Banking |
State Bank of India |
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Public Limited Corp. |
YES |
Business Period |
6 Years |
|
IPO |
YES |
International Ins. |
- |
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Public |
YES |
Rating |
Ba (46) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
|
Holding company |
India |
Punj-Lloyd Limited |
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|
Note |
- |
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2. Summary
Financial Statement
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Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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|
Current Assets |
815,712,000 |
Current Liabilities |
127,155,000 |
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Inventories |
0,000 |
Long-term Liabilities |
11,880,000 |
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Fixed Assets |
70,233,000 |
Other Liabilities |
78,793,000 |
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Deferred Assets |
2,540,000 |
Total Liabilities |
217,828,000 |
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Invest& other Assets |
110,778,000 |
Retained Earnings |
519,135,000 |
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|
|
Net Worth |
781,435,000 |
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Total Assets |
999,263,000 |
Total Liab. & Equity |
999,263,000 |
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Total Assets (Previous Year) |
525,472,000 |
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|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1,099,583,000 |
Net Profit |
137,969,000 |
|
Sales(Previous yr) |
1,081,910,000 |
Net Profit(Prev.yr) |
125,764,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
PL ENGINEERING LIMITED (w.e.f. 06.08.2009) |
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Formerly Known
As : |
SIMON CARVES INDIA LIMITED |
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Registered
Office : |
Punj Llyod House, 17-18, Nehru Place, New Delhi – 110019 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.12.2006 |
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Com. Reg. No.: |
55-156532 |
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Capital Investment
/ Paid-up Capital : |
Rs.262.300 Millions |
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CIN No.: [Company Identification
No.] |
U45201DL2006PLC156532 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS31862F |
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PAN No.: [Permanent Account No.] |
AAKCS4126L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is
primarily engaged in the business of engineering and design consultancy
services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Punj Llyod House, 17-18, Nehru Place, New Delhi – 110019, India |
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Tel. No.: |
91-124-2620123 |
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Fax No.: |
91-124-2620111 |
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E-Mail : |
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Corporate Office : |
5-7, Udyog Vihar, Phase IV, Gurgaon – 122016, Haryana, India |
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Tel. No.: |
91-124-4860000 |
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Fax No.: |
91-124-4860001 |
DIRECTORS
As on 10.06.2011
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Name : |
Mr. Atul Punj |
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Designation : |
Director |
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Address : |
10, Prithvi Raj Road, New Delhi – 110011, India |
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Date of Birth/Age : |
27.10.1957 |
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Date of Appointment : |
13.12.2006 |
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DIN No.: |
00005612 |
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Other Directorship :
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Name : |
Mr. Luv Chhabra |
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Designation : |
Director |
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Address : |
H 16/4, DLF City, Phase – I, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
29.09.1956 |
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Date of Appointment : |
13.12.2006 |
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DIN No.: |
00005413 |
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Other Directorship :
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Name : |
Mr. Pawan Kumar Gupta |
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Designation : |
Director |
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Address : |
126, Laburnum Sushant Lok Phase – I, Sector 28, Gurgaon – 122001,
Haryana, India |
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Date of Birth/Age : |
24.08.1952 |
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Date of Appointment : |
16.12.2009 |
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DIN No.: |
01520949 |
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Other Directorship :
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Name : |
Mr. Rajesh Kumar Dugar |
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Designation : |
Director |
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Address : |
31, Chitrakoot, Altamount Road, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
07.05.2010 |
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DIN No.: |
00307729 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Sanjay Goel |
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Designation : |
Manager |
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Address : |
3, Birch Court, Nirwana Country, South City II, Sector 51, Gurgaon –
122002, Haryana, India |
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Date of Birth/Age : |
22.02.1956 |
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Date of Appointment : |
21.05.2010 |
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PAN No.: |
ACPKG9182D |
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Name : |
Mr. Rajiv Dudeja |
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Designation : |
Secretary |
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Address : |
235, 1st Floor, State Bank Nagar, Paschim Vihar, New Delhi
– 110063, India |
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Date of Birth/Age : |
21.07.1969 |
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Date of Appointment : |
07.05.2010 |
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PAN No.: |
AAMPD9544L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.06.2011
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Names of Shareholders |
No. of Equity
Shares |
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Punj Lloyd Limited, India |
4999994 |
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Atul Punj |
1 |
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Luv Chhabra |
1 |
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Dinesh Thairani |
1 |
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Sanjay Goel |
150000 |
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Sameer P. Sashidharan |
1 |
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FIL Capital Management Mauritius Limited, Mauritius |
1066955 |
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Fidelity India Principals, India |
8045 |
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Anupam Sharma |
1 |
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Manhar Kapoor |
1 |
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Total |
6225000 |
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Names of Shareholders |
No. of
Preference Shares |
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FIL Capital Management Mauritius, Mauritius |
19855 |
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Fidelity Principals, India |
150 |
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Total |
20005 |
Equity Share Break up (Percentage of Total Equity)
As on 10.06.2011
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
17.14 |
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Bodies corporate |
80.32 |
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Other top fifty shareholders |
2.54 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
primarily engaged in the business of engineering and design consultancy
services. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1,
Tolstoy Marg, New Delhi – 110001, India |
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Facilities : |
Notes : (A) It indicates Secured by first and
exclusive charge by way of hypothecation over vehicle financed through the loan
and further secured by corporate guarantee from Punj Llyod Limited, the
Holding Company. Loans aggregating to Rs.3.453 Millions are repayable within
one year. (B) It indicates
Secured by first and exclusive charge by way of hypothecation over vehicle financed
through the loan and further secured by corporate guarantee from Punj Llyod
Limited, the Holding Company. Cash / Export credit facilities from banks.
Loans aggregating to Rs.1.882 Millions are repayable within one year. Secured
by Hypothecation charge over entire current assets of the company including
receivables and first charge over the fixed assets of the company and
corporate guarantee of Punj Llyod Limited, the Holding company. (C) It indicates
Cash/ Export Credit facilities from Banks. (Secured by hypothecation charge
over entire current assets of the Company including receivables and first
charge over the fixed assets of the Company and corporate guarantee of Punj
Llyod Limited, the Holding Company). |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
Golf View Corporate Tower – B, Sector – 42, Sector Road, Gurgaon –
122002, Haryana, India |
|
PAN.: |
AALFS0506L |
|
|
|
|
Holding company
: |
Punj-Lloyd Limited CIN No.:
L74899DL1988PLC033314 |
|
|
|
|
Subsidiaries : |
·
Ple Technology Consultancy Limited CIN
No.: U74210DL2010PLC199851 ·
Punj Lloyd Engg Pte Limited |
|
|
|
|
Fellow
Subsidiary company : |
·
Punj Lloyd Kazakhstan LLP ·
PT Punj Lloyd Indonesia ·
Punj Lloyd Pte Limited ·
Simon Carves Limited ·
Sembawang Infrastructure(India) Private Limited CIN
No.: U45203DL1996PTC190367 ·
Punj Lloyd-Oil and Gas Sdn Bhd ·
Simon Carves Singapore (Pte) Limited ·
Technodyne International Limited ·
Dayim Punj Lloyd Construction Contracting Company
Limited ·
Olive Group India Private Limited CIN
No.: U32109DL2008FTC178601 ·
Punj Lloyd Delta Renewables Private Limited CIN
No.: U51103DL2008PTC180660 ·
Punj Lloyd Aviation Limited CIN
No.: U62200DL2007PLC163930 ·
PLI Ventures Advisory Services Private Limited CIN
No.: U74140DL2010PTC206852 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
20005 |
Preference Shares |
Rs.10000/- each |
Rs.200.050 Millions |
|
|
Total |
|
Rs.300.050
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6225000 |
Equity Shares |
Rs.10/- each |
Rs.62.250
Millions |
|
20005 |
Preference Shares |
Rs.10000/-
each |
Rs.200.050
Millions |
|
|
Total |
|
Rs.262.300 Millions |
Notes:
(A) i) 5000000
Equity Shares are held by Punj Lloyd Limited , the Holding Company.
ii) 150000 Equity Shares
of Rs.10 each were allotted as fully paid up persuant to Contract for
consideration other than cash.
(B) i) 5000000
Equity Shares are held by Punj Lloyd Limited , the Holding Company.
ii) 150000 Equity
Shares of Rs.10 each were allotted as fully paid up persuant to Contract for
consideration other than cash.
(C) 20005 Fully
Paid up 0.0001% Preference shares of Rs.10000 each. Preference shares shall be
converted at a price to be decided based on future earnings at any time before
June 30, 2014.
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 |
262.300 |
51.500 |
50.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
519.135 |
197.814 |
69.950 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
781.435 |
249.314 |
120.450 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.880 |
110.386 |
185.094 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
11.880 |
110.386 |
185.094 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.755 |
|
|
DEFERRED PAYMENT LIABILITY |
2.209 |
6.422 |
9.525 |
|
|
|
|
|
|
|
|
TOTAL |
795.524 |
366.122 |
316.824 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
70.233 |
52.352 |
56.621 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
110.778 |
0.500 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.540 |
4.255 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
529.101
|
377.071 |
320.031 |
|
|
Cash & Bank Balances |
43.759
|
4.803 |
32.286 |
|
|
Other Current Assets |
174.393
|
51.136 |
23.626 |
|
|
Loans & Advances |
68.459
|
35.355 |
23.676 |
|
Total
Current Assets |
815.712
|
468.365 |
399.619 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
86.529
|
87.086 |
65.376 |
|
|
Other Current Liabilities |
40.626
|
23.056 |
48.132 |
|
|
Provisions |
76.584
|
49.208 |
25.908 |
|
Total
Current Liabilities |
203.739
|
159.350 |
139.416 |
|
|
Net Current Assets |
611.973
|
309.015 |
260.203 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
795.524 |
366.122 |
316.824 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1099.583 |
1081.910 |
799.821 |
|
|
|
Other Income |
136.456 |
0.000 |
6.102 |
|
|
|
TOTAL (A) |
1236.039 |
1081.910 |
805.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Service costs |
45.447 |
27.753 |
|
|
|
|
Employee related expenses |
706.094 |
635.392 |
698.516 |
|
|
|
Administrative selling other expenses |
253.377 |
177.023 |
|
|
|
|
TOTAL (B) |
1004.918 |
840.168 |
698.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
231.121 |
241.742 |
107.407 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.973 |
38.532 |
8.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
218.148 |
203.210 |
99.260 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.917 |
11.722 |
27.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
203.231 |
191.488 |
71.890 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.262 |
65.724 |
30.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
137.969 |
125.764 |
41.668 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
193.764 |
68.000 |
26.332 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
331.733 |
193.764 |
68.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy fees |
729.291 |
635.425 |
411.495 |
|
|
TOTAL EARNINGS |
729.291 |
635.425 |
411.495 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.25 |
24.71 |
8.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.16
|
11.62 |
5.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.48
|
17.70 |
8.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.94
|
36.77 |
15.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.77 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
1.08 |
2.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.00
|
2.94 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE:
2010-11 was a slow
growth year for PL Engineering, the design and engineering arm of the Punj
Lloyd Group. The company was just able to maintain its top Sine as at Rs.
1099.500 Millions, with a headcount of 743 Engineers including facilities in
Gurgaon and Hyderabad. Company has made remarkable progress in three strategic
business sustainability and growth drivers:
1) Diversification
of services and sectors of operation beyond Oil and Gas
2) Diversification
of customer base and reducing dependence on parent company for the business by
winning majority orders from third party clients.
3) Penetration in
new Geographies beyond India and Middle East countries.
PL Engineering's
major source of revenue in the past came from design and engineering projects
in the Oil and Gas sector. In the year 2010-11, the company has been focusing
on diversifying into new sectors, especially In Poly silicon process plants,
Nuclear a thermal power sectors .It has successfully bagged projects for two
Indian Nuclear nodal agencies, namely Bhabha Atomic Research Centre (BARC) and
Nuclear Power Corporation of India Limited (NPCIL). Company also started to
build capabilities in Product design, E-leaming and embedded system with few
initial business opportunities.
To give further
impetus to diversification drive, PL Engineering has set up a JV with GECI
India, a subsidiary of GECI International, an aerospace design and commercial
aircraft manufacturing company head quartered in Paris (France). The JV will
focus on providing services to the growing Indian Aerospace sector on
supporting activities in Europe, followed by looking at the global market. The
company has set up a new Facility in Bangalore to carry out aerospace
engineering design business under this JV.
PL Engineering has
established its presence and expanded its operations from India to Middle East,
North Africa and Canada in last three years;
With slow down in
North African markets due to political disturbances, company has decided to
shift its focus to develop new markets in next year. Efforts are being put to
develop US and Latin America markets. PLE has initiated for a Joint Venture
with TCI Brazil in Oil and gas sector to tap in huge growth in Latin America.
In addition to its
'traditional' business segments of design and engineering, the company is also
looking forward to set in foot in automotive and aerospace engineering. The
Company has, during 2010-11, bagged and completed a project of FEED work in
Polysilicon. This is a very significant step up the value chain for the company
.Now with this qualification; company can target high margin feed and basic
engineering work in process plants, In summary during the year the Company has
made significant progress in qualitative terms to build foundation for
sustainable and profitable growth in future.
Nature of
Operations
Subject has been
incorporated on December 13, 2006 and is registered under Indian Companies Act,
1956. The Company is primarily engaged in the business of rendering Engineering
and Design Consultancy Services.
FORM 8
|
Corporate
identity number of the company |
U45201DL2006PLC156532 |
|
Name of the
company |
PL ENGINEERING
LIMITED. |
|
Address of the
registered office or of the principal place of business in |
Punj Lloyd House,
17 - 18, Nehru Place, New Delhi – 110019, India Email Id : rajivdudeja@punjlloyd.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10100587 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1,
Tolstoy Marg, New Delhi – 110001, India Email Id : manish.aggarwal@sbi.co.in |
|
Nature of
instrument creating charge |
(i) Letter
regarding the grant of individual limits within the overall limit (C-5) (ii) Supplemental
Deed of guarantee for increase in overall limit (C-4A) (iii) Sanction
Letter |
|
Date of
instrument Creating the charge |
13.10.2011 |
|
Amount secured by
the charge |
Rs.594.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC: 4% above
base rate, present effective rate being 12.25% with monthly rests For Car Loan: @
4.00% above base rate, present effective rate being 12.25% with monthly rests Terms of
repayment The Car
Loan(overdraft) of Rs.20.000 Millions is repayable in EMI of 5 years for each
vehicle Margin As per sanction Extent and
operation of the charge 100% Others The above is to
secure the credit facilities of Rs 594.800 Millions i.e. CC(Book Debts)*Rs
320.000 Millions, EPC/FBP/FBD(within CC Limit) (Rs 150.000 Millions), Car
Loan(Overdraft) Rs 20.000 Millions, BG Rs 2.500 Millions, and Forward
Contract Rs 4.800 Millions, granted by
the Bank to the company. * One way
interchangeability from Fund Based limits (CC) to non fund based limits (BG)
of Rs 100.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary Security:
First Charge over all current assets of the company including receivables,
both present and future Collateral
Security: First charge over all the fixed assets of the company excluding
those vehicles which are exclusively financed by HDFC Corporate
Guarantee of Punj Lloyd Limited |
|
Date of
instrument modifying the charge |
15.03.2010 |
|
Particulars of
the present modification |
Extent of
operation of charge on Current Assets as well as Fixed Assets stands
enhanced from Rs 444.800 Millions to Rs
594.800 Millions i.e. CC (Book Debts) Rs 320.000 Millions, EPC/FBP/FBD(within
CC Limit) (Rs 150.000 Millions), Car Loan(Overdraft) Rs 20.000 Millions, BG
Rs 2.500 Millions, and Forward Contract
Rs.4.800 Millions |
Contingent Liabilities
not provided for:
Bank guarantee given by the Company amounting to Rs.48.469 Millions
(Previous year Rs.13.065 Millions)
FIXED ASSETS
·
Vehicles
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Software
WEBSITE DETAILS
Press Release
PL Engineering and GECI India to jointly offer Engineering Services in
the Aerospace Sector
New Delhi, February 9, 2011: PL Engineering, a
Punj Lloyd Group Company providing a full spectrum of design and engineering
services in Oil and Gas, infrastructure, product and nuclear sectors and GECI
India, a subsidiary of GECI International, a French major providing engineering
services in the transportation sector and mainly aeronautics and space, today
announced a JV in Bangalore to offer engineering services in the Aerospace
sector. The JV will initially focus on providing services to the growing Indian
Aerospace sector on supporting activities in Europe, followed by looking at the
global market. Speaking on the JV, Serge Bitboul, Chairman and CEO, GECI International
said, “GECI International has over thirty years of experience in providing high
level engineering activities, especially to the Aerospace sector and is
referenced by major manufacturers like Dassault, Thales or EADS/E2S. We are
currently establishing ourselves as an aircraft manufacturer with the
production of the turboprop aircraft F406 and the development of the Skylander,
a 19-seater turboprop, with serial aircraft available in 2013. We are delighted
to have entered into a partnership with the Punj Lloyd Group which will allow
us to offer an extended range of engineering services and together capture a
significant part of the growing Indian Aerospace sector.” Speaking on the JV,
Sanjay Goel, CEO, PL Engineering said, “We are very excited with this joint
venture, which will be a significant step towards furthering our existing
engineering capabilities in the Oil Gas, Power and Defence sectors. Together
with GECI, we look forward to leveraging the potential in the Indian Aerospace
Sector. Besides strengthening the existing bilateral relations between Europe
and India, this JV will bring together the Indian resources and skills in
design and engineering with global aerospace technology, knowhow and
experience. This will introduce a new dimension to the supply chain, thus
addressing the complex resource demands of the Indian and International
Aerospace program.”
About Punj Lloyd:
The Punj Lloyd Group is a diversified
international conglomerate offering EPC services in Energy and Infrastructure
along with engineering and manufacturing capabilities in the Defence sector.
Known for its capabilities in delivering mega projects “ontime,” thereby
ensuring repeat customers, the Group possesses a rich experience of
successfully delivered projects across the globe, while maintaining the highest
standards of health, safety, environment and quality (HSEQ).
About PL Engineering:
PL Engineering is a Punj Lloyd Group Company
and provides a full-spectrum of design and engineering services in the oil and
gas, chemical and petrochemical, power and infrastructure sectors. Design and
engineering capabilities cover all the stages of the product and project
life-cycle starting from concept design to commissioning. Services include
feasibility studies, front end design, detail design, analysis and stimulation.
In 2010, PL Engineering raised capital from Fidelity Growth Partners India
(FGPI), the private equity arm of Fidelity International focused on growth
capital investing across sectors. This investment is an endorsement of PLE’s
impressive track record and growth potential. PL Engineering currently has 800
employees across delivery centers in Gurgaon, Hyderabad and Abu Dhabi working
in a global work share environment, enabled by state-of-the-art IT
infrastructure. Over the last few years the company has aggressively built up
its client base, which includes global companies across North America, Europe,
Middle East and India. The senior management team has deep expertise in scaling
up outsourcing businesses and in the energy vertical with previous experience
in leading firms like Genpact, Bechtel, L and T and EIL.
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.49.53 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.