MIRA
INFORM REPORT
|
Report Date : |
12.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
L AND T – MHI BOILERS PRIVATE LIMITED (w.e.f.18.04.2007) |
|
|
|
|
Formerly Known
As : |
L AND T BOILERS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.10.2006 |
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|
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Com. Reg. No.: |
11-165102 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.2201.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH2006PTC165102 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
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|
|
Line of Business
: |
Manufacturer, Designer of commission supercritical pressure boilers
used in coal-fired power generation plants. |
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|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4600000 |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo Japnese Joint Venture between Larsen and Toubro
Limited, The company can be considered for business dealings with slight
cautions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Manoj |
|
Designation : |
Human Resource |
|
Contact No.: |
91-265-241600 |
|
Date : |
11.07.2012 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
|
Tel. No.: |
91-22-67525617 / 67525656 |
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Fax No.: |
91-22-67525893 / 67525858 |
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E-Mail : |
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|
Website : |
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Head Office ; |
L and T Technology Centre, 1st Floor, Pankaj Building, NH-8, |
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Tel. No.: |
91-265-2451600/2600 |
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Fax No.: |
91-265-2452224 |
|
Website |
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Factory: |
Hazira Manufacturing Complex-West, |
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Tel No.: |
91-261-2808500 |
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Fax No.: |
91-261-2808641 |
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Engineering and Marketing Office : |
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|
Tel No.: |
91-129-4291000 |
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Fax No.: |
91-129-4291222 |
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E-mail : |
DIRECTORS
AS ON 23.06.2011
|
Name : |
Mr. Vijay Chander Bedi |
|
Designation : |
Director |
|
Address : |
402, |
|
Date of Birth/Age : |
27.08.1946 |
|
Date of Appointment : |
20.02.2008 |
|
DIN No.: |
02005709 |
|
|
|
|
Name : |
Mr. Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2-33-13, Shiroyamadai, Nagasakishi, Nagasaki-ken, |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
28.05.2007 |
|
DIN No.: |
01585780 |
|
|
|
|
Name : |
Mr. Ravi Uppal |
|
Designation : |
Director |
|
Address : |
No. 484, 9th Main, 3rd Cross, HAL II Stage,
Indira Nagar, Bangalore - 560008, Karnataka, India |
|
Date of Birth/Age : |
09.05.1952 |
|
Date of Appointment : |
17.02.2009 |
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DIN No.: |
00025970 |
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|
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Name : |
Mr. Masayuki Kubo |
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Designation : |
Director |
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Address : |
3-18-11, Daiyarando, Nagasakishi, Nagasaki-Ken, |
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Date of Birth/Age : |
15.08.1952 |
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Date of Appointment : |
28.05.2007 |
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DIN No.: |
01585730 |
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|
|
|
Name : |
Mr. Yoshiyuki Hanasawa |
|
Designation : |
Director |
|
Address : |
6-53-103, Chitose-Machi, |
|
Date of Birth/Age : |
23.01.1958 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
03212809 |
KEY EXECUTIVES
|
Name : |
Mr. Amarjit Singh Lamba |
|
Designation : |
Manager |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
14.07.2008 |
|
PAN No.: |
AAAPL1048B |
|
|
|
|
Name : |
Ms. Amruta Vitthal Khadilkar |
|
Designation : |
Secretary |
|
Address : |
B-3, Yamuna Arjun CHS, Jaijai Nagar, Namdeo Path, Dombivali (East),
Thane-421201, |
|
Date of Birth/Age : |
08.07.1985 |
|
Date of Appointment : |
18.03.2010 |
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PAN No.: |
AWFPK0511K |
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|
|
|
Name : |
Mr. Hariharan |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. D. K. Chaudhari |
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Designation : |
Chief Executive |
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|
Name : |
Mr. Hidetoshi Aiki |
|
Designation : |
Chief Operating officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, Mumbai, |
|
112251000 |
|
Mitsubishi Heavy Industries Limited, |
|
107849000 |
|
Total |
|
220100000 |
AS ON 23.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.00 |
|
Bodies
corporate |
|
51.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designer, Manufacturer and Supplier of commission supercritical
pressure boilers used in coal-fired power generation plants. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pressure parts for Super Heated Water boilers |
Metric Tonnes |
Not Available |
6875 |
832.03 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountant |
|
Address : |
Ravindra Annex, 194, Churchgate Reclamation, Dinshaw Vaccha Road, Mumbai-400020,
Maharashtra, India |
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Tel. No.: |
91-22-22047722/ 23/ 66338343/ 47 |
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Mobile No.: |
91-22-66338352 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFS2967E |
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|
|
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Holding Company : |
Larsen and Toubro Limited CIN No.:
L99999MH1946PLC004768 |
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|
|
|
Fellow Subsidiary : |
v
L and T-MHI Turbine Generators Private Limited v
CIN
No.: U31101MH2006PTC166541 v
L and T-Sargent and Lundy Limited v
CIN
No.: U74210MH1995PLC088099 v
L and T Infrastructure Finance Company Limited v
CIN
No.: U67190TN2006PLC059527 v
L and T Howden Private Limited v
CIN
No.: U31401MH2010PTC204403 v
Larsen and Toubro Infotech Limited v
CIN
No.: U72900MH1996PLC104693 v
L and T Special Steel and Heavy Forgings Private
Limited v
CIN
No.: U27109MH2009PTC193699 v
L and T Power Development Limited v
CIN
No.: U40101MH2007PLC174071 v
L and T-Komatsu Limited v
CIN
No.: U29119MH1997PLC109700 |
|
|
|
|
Others : |
Mitsubishi Heavy Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220100000 |
Equity Shares |
Rs. 10/- each |
Rs. 2201.000
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 |
2201.000 |
1501.000 |
501.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
500.000 |
|
|
3] Reserves & Surplus |
(27.014) |
(69.404) |
0.000 |
|
|
4] (Accumulated Losses) |
(1018.369) |
(494.812) |
(211.993) |
|
|
NETWORTH |
1155.617 |
936.784 |
789.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2107.555 |
392.552 |
0.000 |
|
|
TOTAL BORROWING |
2107.555 |
392.552 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3263.172 |
1329.336 |
789.007 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2675.146 |
1254.233 |
15.227 |
|
|
Capital work-in-progress |
1149.099 |
775.549 |
387.824 |
|
|
Intangible Assets |
0.000 |
0.000 |
256.215 |
|
|
|
|
|
|
|
|
INVESTMENT |
3298.325 |
2845.883 |
230.242 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2157.080
|
7.147
|
0.000 |
|
|
Sundry Debtors |
2778.237
|
418.635
|
0.071 |
|
|
Cash & Bank Balances |
1435.835
|
1407.263
|
0.307 |
|
|
Other Current Assets |
5565.591
|
0.000
|
0.000 |
|
|
Loans & Advances |
3866.412
|
691.283
|
18.366 |
|
Total
Current Assets |
15803.155
|
2524.328
|
18.744 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9273.910
|
403.504
|
118.454 |
|
|
Other Current Liabilities |
10356.987
|
5650.262
|
0.000 |
|
|
Provisions |
31.656
|
16.891
|
0.791 |
|
Total
Current Liabilities |
19662.553
|
6070.657
|
119.245 |
|
|
Net Current Assets |
(3859.398)
|
(3546.329)
|
(100.501) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3263.172 |
1329.336 |
789.007 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
338.000 |
6.800 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
10465.800 |
338.000 |
6.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
620.800 |
146.700 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
620.800 |
146.700 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(523.600) |
(282.800) |
(139.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
72.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(523.600) |
(282.800) |
(212.000) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.37) |
(2.29) |
(0.42) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(5.00)
|
(83.67)
|
(3117.65) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.83)
|
(7.48)
|
(48.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.45)
|
(0.30)
|
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
18.84
|
6.90
|
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80
|
0.42
|
0.16 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS:
(Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
- For Due Small and
Micro |
56.840 |
18.482 |
0.000 |
|
- For Due Others |
9217.070 |
385.022 |
55.206 |
|
- Larsen and
Tubro Limited |
0.000 |
0.000 |
51.964 |
|
- Mitsubishi
Heavy Industries Limited |
0.000 |
0.000 |
11.284 |
|
Total |
9273.910
|
403.504
|
118.454 |
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
PERFORMANCE OF THE
COMPANY:
The company has completed setting up the first phase of its manufacturing
facilities at Hazira,
CAPITAL
EXPENDITURE:
The board had approved a total capital expenditure of Rs.5082.000
Millions for the setting up of the factory at hazira and for the Faridabad
Office.
CONTINGENT
LIABILITY:
Estimated amount of contracts remaining to be executed on capital
account (net of advances) Rs.1261.751 Millions (Previous Year Rs.827.816
Millions)
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29119MH2006PTC165102 |
|
Name of the
company |
L AND T – MHI BOILERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House, Ballard Estate, Mumbai-400001, E-Mail : ss-sec@ith.itindia.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Others (Current Assets) |
|
Particular of
charge holder |
Canara Bank, 104, Jyoti Commercial Complex, Near Shyamal Cross Road,
Vejalpur, Ahmedabad – 380015, Gujarat, India E-Mail : ss-sec@ith.itindia.com |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
01.06.2011 |
|
Amount secured by
the charge |
Rs.12500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per terms of sanction
letter dated 14.03.2011 Terms of Repayment As per terms of
sanction letter dated 14.03.2011 Margin As per terms of
sanction letter dated 14.03.2011 Extent and Operation of the charge Current Assets have
been hypothecated by way of first pari passu charge in favour of Canara bank.
Working Capital Limit is Rs. 12500.000 Millions |
|
Short particulars
of the property charged |
Borrower’s stock
pf raw materials, goods in progress, semi finished / finished goods,
Consumable stores spares, others movable whether in the possession of the
borrower or not, be stored in borrower’s factories, godown situate at L and T
MHI Boilers private Limited, L and T Technology Centre, 1st Floor,
Punkaj building, Opposite GEB Sub-Station, Chennai – Road, Vadodara – 390024,
Gujarat, India and at Hazira manufacturing Complex (West), Surat hazira Road,
p. O Bhatha, Surat – 394510, Gujarat, India including book debts monies receivables both present
and future. |
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computer Software
·
Technical Know-how
AS PER WEBSITE
COMPANY TARGETS
GROWING MARKET
Subject is a joint venture company formed in 2007 by Larsen and Toubro
Limited of
Supercritical pressure coal-fired power generators use higher steam
temperatures and pressures than sub-critical pressure power generation, and are
more fuel-efficient and environment friendly. By reducing coal consumption
relative to power output, carbon dioxide emissions can be reduced by
approximately 5 percent. However, supercritical-type generation requires more
sophisticated equipment design to withstand the high temperatures and
pressures, and fabrication of high strength component materials is a complex
task.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 55.37 |
|
|
1 |
Rs. 85.95 |
|
Euro |
1 |
Rs. 67.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.