MIRA
INFORM REPORT
|
Report Date : |
02.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ISGEC HEAVY ENGINEERING LIMITED |
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Formerly Known
as: |
SARASWATI INDUSTRIAL TECHNOLOGY PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
30.09.2011 |
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Date of
Incorporation : |
23.01.1933 |
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Com. Reg. No.: |
05-000097 |
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Capital
Investment/ Paid-up Capital: |
Rs.73.695 Millions |
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CIN No.: [Company Identification
No.] |
L23423HR1933PLC000097 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKS05672C |
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PAN No.: [Permanent Account No.] |
AAACT5540K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and
Trader of Sugar, Ingots, Steel Casting, Pressure Vessel and Heat Exchanger,
etc. |
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No. of
Employees: |
500[ Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 19270000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
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Tel. No.: |
91-1732-307210/217/307363/307611 |
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Fax No.: |
91-1732-250991/250250/251495 |
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E-Mail : |
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Website : |
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Factory 1 |
Boilers and Sugar Machinery: A-4, Sector - 24 Noida – 201301 Uttar Pradesh - |
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Factory 2 |
Castings - Steel & Iron: Village |
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Factory 3 |
Pressure Vessels & Heat Exchangers, Presses- Mecha
& Hydraulic, Boilers, Castings, Sugar Machinery: Yamunanagar Yamunanagar – 135001 Haryana - |
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Factory 4 |
Coastal Plant: 13/B,G.I.D.C, Industrial Estate, Dahej, Taluka-
Vagara Bharuch District – 392130 Gujarat - |
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Factory 5 |
Pressure Vessels, Columns, Heat Exchangers and Boi 13/B, G.I.D.C Industrial Estate, Dahej, Taluka- Vagara Bharuch – 392130 Gujarat - India |
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Factory 6 |
Standard Mechanical Presses: Plot No.123, Sector-6,
HSIIDC, Industrial Growth Centre, Bawal
Rewari – 123501 Haryana - |
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Corporate Office : |
A-4, Sector-24, Noida – 201 301, Uttar Pradesh |
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Tel. No.: |
91-120-241 1289/ 241 1290 |
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Fax No.: |
91-120-241 2250 |
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Branches : |
Chennai ‘ Tel No.: 91-44-28297957/28297351 Fax No.: 91-44-28297375 Email ID: isgec@vsnl.com Mumbai ‘ Tel No.: 91-22-22662374/22665154 Fax No.: 91-22-22661899 Email ID: isgecbom@vsnl.com Also Located at :
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. C.R. Thompson |
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Designation : |
Director |
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Name : |
Mr. Vinod K. Nagpal |
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Designation : |
Director |
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Name : |
Mr. Tahir Hasan |
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Designation : |
Director |
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Name : |
Mr. V.K. Sachdeva |
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Designation : |
Director |
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Name : |
Mr. Arun Kathpalia |
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Designation : |
Director |
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Name : |
Mrs. Nina Puri |
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Designation : |
Whole Time Director |
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Name : |
Mr. Aditya Puri |
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Designation : |
Managing Director |
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Name : |
Mr. Ranjit Puri |
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Designation : |
Chairman |
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KEY EXECUTIVES
|
Name : |
Mr. S.K. Khorana |
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Designation : |
Executive Director and Secretary |
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Audit Committee |
Mr. Vinod K. Nagpal Mr. Arun Kathpalia Mr. Aditya Puri |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
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|
1. Indian |
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Individuals / Hindu Undivided Family |
1131962 |
15.36 |
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Bodies Corporate |
3380984 |
45.88 |
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Sub Total (A)
(1) |
4512946 |
61.24 |
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Total
shareholding of promoter and Promoter Group (A) |
4512946 |
61.24 |
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(B) Public
Shareholding |
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1. Institutions |
|
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Mutual Funds / UTI |
600 |
0.01 |
|
Financial Institutions / Banks |
2420 |
0.03 |
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Central Government/State Government |
1000 |
0.01 |
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Sub Total |
4020 |
0.05 |
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2. Non
Institutions |
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Bodies Corporate |
655984 |
8.90 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1014501 |
13.77 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
1182089 |
16.04 |
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|
|
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Sub Total |
2852574 |
38.71 |
|
Total Public
shareholding (B) |
2856594 |
38.76 |
|
Total (A)+(B) |
7369540 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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|
- |
- |
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- |
- |
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Sub Total |
- |
- |
|
Total
(A)+(B)+(C) |
7369540 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Trader of Sugar, Ingots, Steel Casting, Pressure Vessel and Heat Exchanger,
etc. |
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Products : |
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PRODUCTION STATUS (As
on30.09.2011)
|
Particulars |
Unit |
Actual
Production |
|
Ingots |
KWH |
742.345 |
|
Castings |
KWH |
5432.776 |
GENERAL INFORMATION
|
No. of Employees : |
500[ Approximately] |
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Bankers : |
·
State Bank of ·
Corporation Bank ·
State Bank of ·
Punjab National Bank ·
Standard Chartered Bank ·
ICICI Bank Limited ·
State Bank of ·
State Bank of ·
The Hongkong and Shanghai Banking Corporation
Limited ·
IndusInd Bank ·
State Bank of Travancore ·
Export Import Bank of ·
The Royal Bank of ·
ING Vysya Bank Limited ·
State Bank of |
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Facilities : |
Rs.
In Millions
Note: 1. Secured by hypothecation of inventories and by a charge on book
debts & other assets of the Company. 2. Amount of Rs. 281.403 Millions (Previous Year Rs.4,54.123 Millions)
secured by pari passu first charge on the fixed assets both present and future of unit at Dahej, 3. Amount repayable within one year Rs. 258.975 Millions (Previous year
Rs. 172.720 Millions). Rs.
In Millions
Note: Includes deposits from Directors Rs.2.902
Millions (Previous year Rs. 5.584 Millions). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.S.
Kothari Mehta and Company Chartered Accountants |
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Associates: |
v
Himachal
Polyolefines Limited |
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Subsidiaries |
v
Saraswati
Sugar Mills Limited v
ISGEC
Covema Limited v
ISGEC:
Exports Limited v
ISGEC
Engineering and Projects Limited |
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Joint Venture : |
v
ISGEC
Haco Metal Forming Machinery Private Limited |
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Entities over which Directors and their relatives can exercise
significant influence |
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,500,000 |
Equity Shares |
Rs.10/- each |
Rs.85.000
millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,369,540 |
Equity Shares |
Rs.10/- each |
Rs.73.695
millions |
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Notes
1. Issued, Subscribed and Paid-up Capital include equity Shares of Rs. 10/- each allotted without
payment of cash in earlier years as under:
|
|
Equity Shares (Nos.) |
Equity
Shares (Nos.) |
|
Bonus shares by
Capitalisation of Reserve's |
6251910 |
6251910 |
|
Under Schemes of
Amalgamation of |
|
|
|
Indian Sugar and
General Engineering Corporation Limited (since dissolved) |
69770 |
69770 |
|
Isgec John Thompson
Limited (since dissolved) |
70 |
70 |
|
Uttar Pradesh
Steels Limited (since dissolved) |
9270 |
9270 |
|
Compensatory
shares to Promoter shareholders in extinguishment of their right to
additional dividend |
30100 |
30100 |
2. 40 Equity Shares
of Rs.10/ - each are yet to be allotted by way of Bonus Shares on receipt of
fractional Certificates, value of which has been shown under capital reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
73.695 |
73.695 |
73.695 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4742.593 |
4077.024 |
3331.616 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4816.288 |
4150.719 |
3405.311 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1217.602 |
1040.377 |
809.657 |
|
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2] Unsecured Loans |
839.102 |
753.752 |
569.682 |
|
|
TOTAL BORROWING |
2056.704 |
1794.129 |
1379.339 |
|
|
DEFERRED TAX LIABILITIES |
67.655 |
64.614 |
56.915 |
|
|
|
|
|
|
|
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TOTAL |
6940.647 |
6009.462 |
4841.565 |
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3014.667 |
2886.165 |
2299.133 |
|
|
Capital work-in-progress |
450.557 |
135.847 |
112.183 |
|
|
|
|
|
|
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|
INVESTMENT |
2406.095 |
2207.946 |
925.702 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4530.009
|
3667.451
|
2467.224
|
|
|
Sundry Debtors |
6324.682
|
5287.085
|
4239.772
|
|
|
Cash & Bank Balances |
1474.780
|
405.941
|
443.455
|
|
|
Other Current Assets |
21.978
|
1.885
|
2.252
|
|
|
Loans & Advances |
2028.174
|
1407.030
|
831.385
|
|
Total
Current Assets |
14379.623
|
10769.392 |
7984.088 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5784.144
|
3928.251
|
2455.030
|
|
|
Other Current Liabilities |
5864.341
|
4899.766
|
2915.622
|
|
|
Provisions |
1661.810
|
1161.871
|
1108.889
|
|
Total
Current Liabilities |
13310.295
|
9989.888 |
6479.541 |
|
|
Net Current Assets |
1069.328
|
779.504 |
1504.547 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6940.647 |
6009.462 |
4841.565 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
23513.887 |
17480.796 |
16999.125 |
|
|
|
|
Other Income |
313.061 |
514.962 |
161.890 |
|
|
|
|
Profit from Farm Operations |
0.459 |
0.542 |
0.313 |
|
|
|
|
TOTAL (A) |
23827.407 |
17996.300 |
17161.328 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Cost of goods purchased for resale |
10793.493 |
8232.299 |
6413.488 |
|
|
|
|
Purchased of Trading Goods |
7.929 |
0.000 |
0.000 |
|
|
|
|
Erection & Civil Cost |
1591.907 |
1187.469 |
468.893 |
|
|
|
|
Manufacturing expenses |
7044.880 |
5025.298 |
5503.034 |
|
|
|
|
Employee cost |
1631.918 |
1336.506 |
1115.440 |
|
|
|
|
Administration & Selling expenses |
1662.994 |
984.160 |
1655.699 |
|
|
|
|
|
22733.121 |
16765.732 |
15156.554 |
|
|
|
|
Increase/(Decrease) in stock of
Finished goods and Work-in-progress |
(658.508) |
[513.641] |
586.100 |
|
|
|
|
TOTAL (B) |
22074.613 |
16252.091 |
15742.654 |
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1752.794 |
1744.209 |
1418.674 |
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
293.738 |
283.621 |
334.994 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1459.056 |
1460.588 |
1083.680 |
|
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
380.937 |
307.362 |
283.236 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1078.119 |
1153.226 |
800.444 |
|
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
326.900 |
332.899 |
289.112 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
751.219 |
820.327 |
511.332 |
|
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2694.917 |
2031.542 |
1645.038 |
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
75.122 |
82.033 |
51.133 |
|
|
|
|
Proposed Dividend |
73.695 |
7.370 |
73.695 |
|
|
|
|
Interim Dividend |
0.000 |
66.325 |
0.000 |
|
|
|
|
Corporate
Dividend Tax |
11.955 |
1.224 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
3285.364 |
2694.917 |
2031.542 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7410.553 |
2889.311 |
5148.186 |
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
1592.733 |
1175.220 |
1226.364 |
|
|
|
|
Spare Parts |
282.910 |
280.364 |
160.754 |
|
|
|
|
Goods for Resale |
435.847 |
138.624 |
109.536 |
|
|
|
|
Capital Goods |
331.701 |
102.276 |
90.244 |
|
|
|
TOTAL IMPORTS |
2643.191 |
1696.484 |
1586.898 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
101.94 |
111.31 |
68.20 |
|
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
31.12.2011 1st
Quarter |
31.03.2012 2nd
quarter |
|
Net Sales |
|
6333.000 |
6473.200 |
|
Total Expenditure |
|
6016.500 |
6211.500 |
|
PBIDT (Excl OI) |
|
313.500 |
261.700 |
|
Other Income |
|
71.600 |
88.800 |
|
Operating Profit |
|
385.100 |
350.500 |
|
Interest |
|
46.900 |
56.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
338.200 |
293.600 |
|
Depreciation |
|
99.300 |
111.100 |
|
Profit Before Tax |
|
238.900 |
182.500 |
|
Tax |
|
77.500 |
50.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
161.400 |
132.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
161.400 |
132.400 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
3.15
|
4.56 |
2.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.59
|
6.60 |
4.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.20
|
8.44 |
7.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.28 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.19
|
2.84 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.08 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
OPERATIONS:
The Company increased its turnover for the 9th year in succession at Rs. 24341.800 Millions against Rs. 18099.000 Millions in the previous year. The profit was less due to reduction in margins as a result of intensive competition and sluggishness of the economy, particularly in the business of capital goods. The profit was also affected due to higher depreciation and accounting of ‘mark to market’ foreign exchange fluctuation during the year under report.
The company had record order booking this year, both in domestic and export markets. The margins are under pressure due to economic weakness. Efforts are on to cut costs, improve productivity and efficiencies by tightening internal processes.
Intense marketing and sales efforts were made to develop export market and this in turn resulted in both higher export turnover as well as higher order booking. The export turnover during the year under report was about 32% of the total turnover.
Training of their Engineers under the Technology Agreement
with Foster Wheeler,
The Company continued to maintain its share in the domestic and overseas markets in the range of Boilers it operates. The Company completed installation and commissioning of 24 Boilers during the year (not yet commissioned).
In recent years they had embarked on supplying turnkey power plants. In addition to the Boiler, they also supplied the Turbo set and balance of plant. This business has come of age and at the moment 11 complete power plants are under execution. In some cases, they are also doing civil works.
The Company has emerged as a leading Sugar Machinery and Sugar Boiler manufacturer both in domestic as well as international markets. A number of orders for export were received and the Company is striving to become a world leader in this business in the next few years.
The Process Equipment Division continued to book orders for
large Pressure Vessels and Heat Exchangers. Both Yamunanagar as well as Dahej
shops are fully booked. The Division has been able to book its first order for
Process Equipment from the
The shareholders would be happy to know that American Society of Mechanical Engineers (ASME) has approved the Process Equipment Division of the Company for manufacturer of equipments for Nuclear Plants and the Company has been awarded the ‘N’ and ‘NPT’ stamps.
Due to year to year fluctuations in the automobile sector,
the Machine Building Division of the Company had made efforts to book orders
for Presses from other sectors such as Defence, White Goods and Forgings. With
the slowing down of the automobile sector in
The Division is also making efforts to secure orders for sophisticated fabrication and machining from various sectors like Shipbuilding, Power and Steel. The turnover from this complex fabrication and machining activity is 25% of the total turnover of the Machine Building Division.
The factory set up at Bawal last year has stabilized during the year under report and has been able to achieve respectable market share. During the current year, the factory proposes to expand its range of products and is poised to manufacture larger and more sophisticated Standard Mechanical Presses.
The investment plan to manufacture heavier and more complex castings in the Steel Casting Unit of the Company has been completed. With this, the Unit will be able to offer heavier and more complex castings to the market including P-91 and Duplex Stainless Steel Castings. P-91 is an alloy which is used for making castings to be used under very high temperature and pressure, such as Super critical grade steam turbine castings. Duplex grade of stainless steel is used for making castings for special Pumps in order to increase corrosive resistance.
Industrial relations remained peaceful.
Contingent
Liabilities:
(Rs.
In Millions)
|
Particulars |
30.09.2011 |
30.09.2010 |
|
Claims against the Company not acknowledged
as debts (including sales tax under dispute) |
92.833 |
84.336 |
|
Guarantees furnished by the bankers on
behalf of the Company and counter indemnity furnished by the Company to
bankers for the same amount. *Includes Performance Bank Guarantees given
on behalf of subsidiary company ISGEC Covema Limited |
12559.879 13.225 |
8759.626 27.625 |
|
Bonds executed in favour of President of
India against EPCG license |
196.850 |
174.035 |
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 31.03.2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Unaudited) |
|
1. |
a. Net Sales/Income from Operations |
6319.600 |
6217.100 |
12536.700 |
|
|
b. Other Operating Income |
153.600 |
112.900 |
266.500 |
|
|
Total
Income From Operations |
6473.200 |
6330.000 |
12803.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of materials consumed |
1538.100 |
1111.000 |
2649.100 |
|
|
b) Purchase of stock-in-trade |
2103.00 |
2561.700 |
4664.700 |
|
|
c) Change in inventories of finished goods, work-in- progress and stock-in-trade.
(Increase)/decrease |
(135.800) |
60.600 |
(75.200) |
|
|
d) Employee benefits expense |
462.400 |
480.700 |
943.100 |
|
|
e) Depreciation and amortisation expense |
111.100 |
99.300 |
210.400 |
|
|
f) Erection & commissioning expenses |
737.700 |
323.400 |
1061.100 |
|
|
g) Other expenses |
150.600 |
214.200 |
2985.200 |
|
|
Total
Expense |
6322.600 |
6115.800 |
12438.400 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
150.600 |
214.200 |
364.800 |
|
|
|
|
|
|
|
4. |
Other Income |
88.800 |
46.900 |
160.400 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
239.400 |
285.800 |
525.200 |
|
|
|
|
|
|
|
6. |
Financial Cost |
56.900 |
46.900 |
103.800 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
182.500 |
238.900 |
421.400 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
- |
- |
- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
182.500 |
238.900 |
421.400 |
|
|
|
|
|
|
|
10. |
Tax Expense |
50.100 |
77.500 |
127.600 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
132.400 |
161.400 |
293.800 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
- |
- |
- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
132.400 |
161.400 |
293.800 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
73.700 |
73.700 |
73.700 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
- |
- |
- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
17.96 |
21.90 |
39.86 |
|
|
b) Basic and diluted EPS after extraordinary items |
17.96 |
21.90 |
39.86 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
2856594 |
2988445 |
2856594 |
|
|
- Percentage of Shareholding |
38.76 |
40.55 |
38.76 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of Shares (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 |
4512946 |
4281095 |
4512946 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
61.24 |
59.45 |
61.24 |
|
INVESTOR COMPLAINTS |
Three Months
31.03.2012 |
|
Pending at the beginning of the quarter Nil |
NIL |
|
Received during the quarter Nil |
NIL |
|
Disposed of during the year Nil |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
Statement of Assets
Liabilities
Rs.in Millions
|
S.No. |
Particular |
31.03.2012 |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
a) Share capital |
73.700 |
|
|
b) Reserves and
surplus |
5036.400 |
|
|
Sub-total - Shareholders'
Funds |
5110.10 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
|
a) Long term Borrowings |
1725.200 |
|
|
b) Deferred Tax
Liabilities (net) |
67.400 |
|
|
c)Other long term
Borrowings |
59.100 |
|
|
d)Long term
provisions |
697.200 |
|
|
Sub-total - Non-Current Liabilities |
2548.900 |
|
|
|
|
|
3 |
Current liabilities |
|
|
|
a) Short term borrowings |
1132.900 |
|
|
b) Trade payables |
4893.700 |
|
|
c)Other current liabilities |
6315.900 |
|
|
d)Short term provisions |
1067.500 |
|
|
Sub-total - Current Liabilities |
13410.000 |
|
|
TOTAL - EQUITY AND LIABILITIES |
21069.000 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
a) Fixed assets |
3799.600 |
|
|
b) Non-current Investments |
722.500 |
|
|
c) Long term loans and advances |
124.700 |
|
|
d) Other non-current assets - |
472.900 |
|
|
Sub-total - Non-Current Assets |
5119.700 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a) Current investments - |
730.800 |
|
|
b) Inventories |
4928.900 |
|
|
c) Trade Receivables |
6027.500 |
|
|
d) Cash and cash
equivalents |
1986.500 |
|
|
e)Short-term loans and
advances |
2190.200 |
|
|
f) Other Current Assets |
85.400 |
|
|
Sub-total
- Current Assets |
15949.300 |
|
|
TOTAL
- ASSETS |
21069.000 |
1. The Company has only one segment of engineering business. Hence segment reporting is not applicable.
2. Basic and Diluted EPS have now been computed and restated on Profit after tax expense (including deferred tax) as against Profit after current tax in periods ended 31.03.2011.
3. The above results for the quarter ended 31st March, 2012 were reviewed by the Auditors and Audit Committee and approved by the Board of Directors inits meeting held on 15th May, 2012.
4. The current period/year figures in this statement have been reported in the format recommended as per SEBI circular dated April 16, 2012. The comparative figures have been accordingly restated to conform to the current period presentation.
5.
Figures have been regrouped/rearranged where
ever necessary.
Fixed assets
Land (Free and Lese)
Building and Road
Plant and Machinery
Furniture and Fixture
Vehicles
Technical Know-how
Office Equipment
Live Stock
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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.