MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Engineers |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.03.1965 |
|
|
|
|
Com. Reg. No.: |
55-4352 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1684.684
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1965GOI004352 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE00048G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Provides engineering and related technical services for petroleum
refineries, oil and gas pipelines, petrochemical industries, chemical process
plants and other industrial projects. |
|
|
|
|
No. of Employees
: |
3417 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 58000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established reputed company having
excellent track record. It is working under the administrative control of
Ministry of Petroleum and Natural Gas, Government of India. It has recorded a
better increase in its sales turnover and profitability during the year 2012.
Financial position of the company appears to be sound. Directors are
reported as well experienced and knowledgeable people. Trade relations are reported as praiseworthy. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered
excellent for any 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
Engineers India Bhawan, 1, Bhikaji Cama Place, New Delhi – 110066,
India |
|
Tel. No.: |
91-11-26102121/ 26101419/ 2610 4132/ 26762121 |
|
Fax No.: |
91-11-26178210/ 26187902/ 2619 4760/ 26194715 |
|
E-Mail : |
company.secretary@eil.co.in |
|
Website : |
|
|
|
|
|
Regional Office 1 : |
A.G. Towers (5th Floor), 125/1, Park
Street, Kolkata – 700017, West Bengal, India |
|
Tel. No.: |
91-33-22298995/
22277791/ 22276304/ 22277305/ 22277118/ 22277119 |
|
Fax No.: |
91-33-22277692 |
|
E-Mail : |
|
|
|
|
|
Regional Office 2 : |
4th and 5th Floor,
Meghdhanuh Building Near Transpek Circle Race Course, Vadodara – 390015,
Gujarat, India |
|
Tel. No.: |
91-265-2340326/
2340368 |
|
Fax No.: |
91-265-2340328 |
|
E-Mail : |
|
|
|
|
|
Regional Office 3 : |
Talamuthu Natarajan Building, CMDA Tower, 5th
Floor (West Wing) Gandhi Irwin Salai, Egmore, Chennai – 600008, Tamilnadu,
India |
|
Tel. No.: |
91-44-28543060
to 28543071/ 28576000/ 28576089 |
|
Fax No.: |
91-44-28112320/
28114395/ 28543080 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Great
Eastern Chambers, 5th Floor, Plot No. 28, Sector 11, Belapur C.B.D, Navi
Mumbai – 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27560072/
27560032 |
|
Fax No.: |
91-22-27563004/
27563066 |
|
E-Mail : |
|
|
|
|
|
Overseas
Offices : |
Located at: · UK ·
Abu Dhabi, United Arab Emirate (UAE) · Malaysia · China · Italy |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. A. K. Purwaha |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. D. Moudgil |
|
Designation : |
Director (Projects) |
|
|
|
|
Name : |
Mr. G. D. Goyal |
|
Designation : |
Director (Commercial) |
|
|
|
|
Name : |
Mr. P. K. Rastogi |
|
Designation : |
Director (HP) |
|
|
|
|
Name : |
Mr. P. Mahajan |
|
Designation : |
Director (Technical) |
|
|
|
|
Name : |
Mr. Ram Singh |
|
Designation : |
Director (Finance) |
|
|
|
|
Name : |
Mr. L N Gupta |
|
Designation : |
Director (Government Nominee) |
|
|
|
|
Name : |
Mr. Dependra Pathak |
|
Designation : |
Director (Government Nominee) |
|
|
|
|
Name : |
Mr. B N Bankapur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. U. N. Bode |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A K Purwar |
|
Designation : |
Non-Official Independent Director |
|
|
|
|
Name : |
Dr. Avinash Chandra |
|
Designation : |
Non-Official Independent Director |
|
|
|
|
Name : |
Mr. Adit Jain |
|
Designation : |
Non-Official Independent Director |
|
|
|
|
Name : |
Dr. (Prof.) K. D. P. Nigam |
|
Designation : |
Non-Official Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Kapur |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
270,900,540 |
80.40 |
|
|
270,900,540 |
80.40 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
270,900,540 |
80.40 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
8,354,754 |
2.48 |
|
|
2,294,770 |
0.68 |
|
|
16,138,069 |
4.79 |
|
|
17,625,216 |
5.23 |
|
|
44,412,809 |
13.18 |
|
|
|
|
|
|
|
|
|
|
4,993,189 |
1.48 |
|
|
|
|
|
|
15,006,627 |
4.45 |
|
|
674,374 |
0.20 |
|
|
|
|
|
|
949,061 |
0.28 |
|
|
570,537 |
0.17 |
|
|
199,186 |
0.06 |
|
|
179,338 |
0.05 |
|
|
21,623,251 |
6.42 |
|
|
|
|
|
Total Public
shareholding (B) |
66,036,060 |
19.60 |
|
|
|
|
|
Total (A)+(B) |
336,936,600 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
336,936,600 |
- |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Provides engineering and related technical services for petroleum
refineries, oil and gas pipelines, petrochemical industries, chemical process
plants and other industrial projects. |
GENERAL INFORMATION
|
No. of Employees : |
3417 (Approximately) |
|
|
|
|
Bankers : |
· Indian Overseas Bank F-47, Malhotra
Building, Janpath, New Delhi - 110 001, India · State Bank of India Corporate Accounts
Group, 11th Floor, Jawahar Vyapar Bhawan, 1, Janpath, New Delhi - 110 001,
India · HDFC Bank Limited B-6/3,
Safdarjung Enclave, DDA Complex, New Delhi - 110 029, India · Bank of Baroda Ansal Chamber-I,
3, Bhikaiji Cama Place, New Delhi - 110 066, India · Corporation Bank 3, Ansal
Chamber-I, Bhikaiji Cama Place, New Delhi - 110 066, India · State Bank of Travancore 3, Ansal
Chamber-I, Bhikaiji Cama Place, New Delhi - 110 066, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish
Chand and Company Chartered
Accountants |
|
Address : |
H-20, LGF, Green Park (Main), New Delhi – 110 016, India |
|
|
|
|
Joint Ventures : |
· TEIL Projects Limited · Technimont EIL Emirates Consultores E Servicos, LDA |
|
|
|
|
Associates : |
· Petroleum India International |
|
|
|
|
Subsidiaries : |
· Certification Engineers International Limited Address: Engineers India Bhavan, 1, Bhikaji Cama Place, RK Puram, New Delhi – 110 066, India Phone : 91-11-26101265 Fax : 91-11-26164868 Email : ceil.del@eil.co.in · EIL Asia Pacific Sdn. Bhd. Suite B-02-05, Dataran 3 Two, No. 2, 19/1, 46300 Petaling Jaya,
Selangor Darul Ehsan Kuala Lumpur - Malaysia |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.5/- each |
Rs.3000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
337017600 |
Equity Shares |
Rs.5/- each |
Rs.1685.088
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
336936600 |
Equity Shares |
Rs.5/- each |
Rs.1684.683
Millions |
|
|
Add: Forfeited Shares (Amount originally paid up on 2600 Equity
Shares) |
|
Rs.0.001
Million |
|
|
|
|
|
|
|
Total |
|
Rs.1684.684 Millions |
NOTE:
Out of the above 161720 Equity Shares of
Rs.5/- each were allotted as fully paid up pursuant to a contract without
payment being received in cash and 334999200 Equity Shares of Rs.5/- each were
allotted as fully paid Bonus Shares by way of capitalization of General Reserve
and shares premium.
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 |
1684.684 |
561.562 |
561.562 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12736.513 |
10585.496 |
13191.803 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14421.197 |
11147.058 |
13753.365 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14421.197 |
11147.058 |
13753.365 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
600.716 |
600.480 |
547.586 |
|
|
Capital work-in-progress |
219.410 |
118.458 |
60.153 |
|
|
|
|
|
|
|
|
INVESTMENT |
5124.154 |
1007.257 |
1536.957 |
|
|
DEFERREX TAX ASSETS |
1756.358 |
1415.195 |
1167.019 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.749
|
9.725
|
8.474
|
|
|
Work in Progress |
2128.653
|
422.159
|
325.206
|
|
|
Sundry Debtors |
3168.936
|
3167.419
|
3000.907
|
|
|
Cash & Bank Balances |
17646.888
|
17639.685
|
18941.624
|
|
|
Other Current Assets |
1224.115
|
2109.526
|
2040.945
|
|
|
Loans & Advances |
2566.088
|
1845.248
|
2225.504
|
|
Total
Current Assets |
26743.429
|
25193.762
|
26542.660
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
3073.362
|
1926.603
|
1639.839
|
|
|
Other Current Liabilities |
12349.427
|
12077.475
|
11283.692
|
|
|
Provisions |
4600.081
|
3184.016
|
3179.346
|
|
Total
Current Liabilities |
20022.870
|
17188.094
|
16102.877
|
|
|
Net Current Assets |
6720.559
|
8005.668
|
10439.783
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.867 |
|
|
|
|
|
|
|
|
TOTAL |
14421.197 |
11147.058 |
13753.365 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28232.844 |
19937.970 |
15324.628 |
|
|
|
Other Income |
1603.663 |
1836.710 |
2215.252 |
|
|
|
TOTAL |
29836.507 |
21774.680 |
17539.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Technical Assistance/ Sub-Contracts |
6466.609 |
3002.475 |
1890.864 |
|
|
|
Construction Materials and Equipments |
8118.898 |
5560.992 |
4962.409 |
|
|
|
Salaries and Benefits |
5182.013 |
4869.006 |
3869.255 |
|
|
|
Facilities |
342.198 |
296.964 |
272.277 |
|
|
|
Corporate Costs |
320.937 |
205.938 |
208.084 |
|
|
|
Other Expenditure |
1357.321 |
1096.767 |
1023.876 |
|
|
|
Prior Period Adjustments |
57.745 |
7.996 |
0.013 |
|
|
|
TOTAL |
21845.721 |
15040.138 |
12226.778 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7990.786 |
6734.542 |
5313.102 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
145.440 |
129.763 |
108.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7845.346 |
6604.779 |
5204.677 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2620.152 |
2249.028 |
1759.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5225.194 |
4355.751 |
3445.337 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED
FROM GENERAL RESERVE |
0.000 |
5615.610 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
336.937 |
5952.547 |
NA |
|
|
|
Proposed Final Dividend |
1347.746 |
0.000 |
NA |
|
|
|
Tax on Interim / Proposed Dividend |
266.372 |
1009.511 |
NA |
|
|
TRANSFER TO
GENERAL RESERVE |
3274.139 |
3009.303 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
926.816 |
999.227 |
1214.282 |
|
|
|
Interest earned |
0.102 |
0.095 |
0.141 |
|
|
TOTAL EARNINGS |
926.918 |
999.322 |
1214.423 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.51 |
12.93 |
10.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
8536.000 |
8274.200 |
7924.960 |
12253.090 |
|
Total Expenditure |
6738.560 |
6646.450 |
6102.560 |
10468.680 |
|
PBIDT (Excl OI) |
1797.440 |
1627.750 |
1822.400 |
1784.410 |
|
Other Income |
417.740 |
539.590 |
444.340 |
920.110 |
|
Operating Profit |
2215.180 |
2167.340 |
2266.740 |
2704.520 |
|
Interest |
0.000 |
0.000 |
0.000 |
11.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
2215.180 |
2167.340 |
2266.730 |
2692.900 |
|
Depreciation |
29.820 |
28.720 |
28.110 |
107.850 |
|
Profit Before Tax |
2185.360 |
2138.620 |
2238.620 |
2585.050 |
|
Tax |
704.610 |
672.180 |
726.020 |
681.690 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1480.750 |
1466.440 |
1512.600 |
1903.360 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1480.750 |
1466.440 |
1512.600 |
1903.360 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
17.51
|
20.00
|
19.64
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.79
|
33.13
|
33.96
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.69
|
25.61
|
19.21
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.59
|
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
1.54
|
0.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.46
|
1.65
|
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
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 |
|
Promoter’s Background |
No |
|
No. of Employees |
No |
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Name of Person Contacted |
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Designation of Contact person |
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Turnover of Firm for last three years |
Yes |
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Profitability for last three years |
Yes |
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Reasons for variation <> 20% |
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Estimation for coming financial year |
No |
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Capital in the business |
Yes |
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Details of sister concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
No |
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Export/ Imports Details (If applicable) |
No |
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Market Information |
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Litigations that the firm/ Promoters Involved in |
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Banking details |
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Financials, if provided |
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Incorporation details is applicable |
Yes |
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Last Accounts filed at ROC |
Yes |
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Major Shareholders, if available |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
Sector wise details
of operations of the Company are given below:
PETROLEUM REFINING
Petroleum Refining sector continued to play a dominant role in Company's business. During the year, company has achieved good progress on the following major jobs, some of which were commissioned/ likely to be commissioned in the next financial year. These jobs include:
6 MMTPA grassroot Bina Refinery of Bharat Oman Refineries Limited (BORL): All the process units were commissioned during the year. BORL is now taking up commercial production. This refinery has full conversion hydorcracker unit integrated with diesel hydrotreater. The pet coke produced in Delayed Coking Unit (DCU) will be used for power generation in the Captive Power Plant (CPP).
11.5 MMTPA BPCL-Kochi Refinery's CEMP-II Project (Capacity Expansion and Modernization Project - II) at Kochi: All the process units of this project were mechanically completed and commissioned during the year. Petroleum products meeting Euro III and IV specifications are being dispatched to consumers from the Kochi Refinery. Completion of this project was indeed challenging, given the geographic constraints and long spell of one of the highest rainfalls in the country.
Euro-IV Project of CPCL : The project comprising of NHT-Isom and DHDT Units executed on LSTK-OBE mode was commissioned during the year.
For the implementation of Euro III and Euro -IV fuel compliance in north-east Assam, Company was engaged for up-gradation of Refinery of IOCL at Bangoigaon and by NRL for their Numaligarh Refinery for the following units:
1.2 MMTPA Diesel Hydrotreater Project (DHDT) of IOCL-Bongaigaon Refinery was completed during the year. For DHDT Unit, EIL-IOCL, indigenously developed technology was used and for the HGU, Sulphur Block (SRU, SWS and ARU) and associated Utilities and of fsites, company’s indigenously developed technology was used.
Diesel Quality Upgradation Project (DQUP) of NRL : The project was completed within a shut-down period of 50 days and this could be achieved by adopting meticulous planning of material and resources available at site.
Panipat Refinery Additional Expansion Project (PRAEP) : Company has successfully executed, a mega revamp project of IOCL's Panipat Refinery raising the refining capacity from 12 MMTPA to 15 MMTPA. The mega shutdown was executed concurrently in Crude and Vacuum units, Hydrocracker, Delayed Coking Unit and Amine Regeneration unit with zero lost time incident and involving huge quantity of existing piping and equipment replaced with new facilities.
• CDU/VDU-III and NHT/CCR Revamp projects of Chennai Refinery of CPCL were completed and are under full commercial production.
• FCC Project at HPCL's Mumbai Refinery was mechanically completed in December, 2010, and fully commissioned thereafter.
• 9 MMTPA grassroot Guru Gobind Refinery Project of HPCL - Mittal Energy Limited at Bathinda has made steady progress and 96.4% of physical progress has been achieved as on 31.03.2011. The facilities at SPM (Onshore and Offshore) for receiving crude from tankers and crude oil terminal for storage and onward pumping to refinery through 1014 km of 30" / 28" pipeline have been mechanically completed / tested with water and are ready for crude-in upto COT facilities. All the major equipments have been delivered and installed in position at Bathinda site. CDU / VDU, the mother unit has been mechanically completed. The balance work on all other downstream process units is progressing in full swing and the units are being mechanically completed progressively enabling commissioning of the entire complex by the third quarter of 2011-12.
Mangalore Refinery Ph-III Project of MRPL involves capacity expansion from 12 MMTPA to 15 MMTPA with product quality improvement to Euro-IV specifications. The entire project is being implemented on hybrid mode of execution including LSTK/OBE/conventional system. The project activities are in full swing with LSTK/ OBE and EPCM contractors having fully mobilized for all the units and Utilities and Offsite. Engineering and procurement activities are nearly complete. Construction activities of the project are at the peak despite the obstacles posed by inclement weather during the monsoon spread over 5-6 months period.
MRPL under Phase-III Expansion Project have embarked upon a major initiative to not only upgrade the value of the products from their existing refinery, but also to enhance their profitability considerably by installing a Petrochemical Fluidised Catalyte Cracking (PFCC) for production of Polymer Grade Propylene. The PFCC Unit has been awarded to EIL on OBE convertible to LSTK mode. The PFCCU forms the key secondary processing facility of this Project and is one of the pivotal units which add substantive value to the Project. The unit has been licensed by M/s. Shaw Stone and Webster and is designed for a high severity operation with a capacity of 2.2 MMTPA to produce about 445,000 TPA of Polymer Grade Propylene. The challenge in this project is highly exacerbated on account of the extreme criticalities arising out of the unit size and associated complications. The sheer magnitude and the volume of work involved in the Project itself poses critical challenges of building one of the most complex process units in the Refining industry, implemented hitherto in India.
SRU Block is also being implemented on OBE convertible to LSTK mode. Engineering and procurement activities are nearing completion and construction is in full swing for the SRU Block.
MRPL also awarded the Polypropylene Unit (PPU) to EIL on OBE convertible to LSTK mode of implementation. Detailed engineering and procurement activities are in the advanced stage of completion. The site execution of PPU at MRPL was one of the most challenging tasks, due to uneven terrain at the site. Work at this site included piling, foundations and superstructure works, which are currently progressing well at site.
Engineering, procurement and construction are in advanced stages for the Wet Air Oxidation (WAO) Unit at MRPL Phase-III, awarded to EIL on LSTK basis. This is the first WAO unit where EIL is the licensor.
· Company is also providing PMC services for implementation of 366 MW Captive Power Project (CPP) of IOCL's 15 MMTPA Paradip Refinery Project. BHEL is the LSTK contractor for this Project. Various activities for this project are in full swing.
· Engineering and procurement activities for CDU/VDU-II Revamp of CPCL are progressing well.
· Company is also offering PMC Services for New Coke Chambers and Allied Modernization Facilities at Guwahati Refinery of IOCL.
A number of new project assignments were bagged by EIL during the year 2010-11 and work has commenced on all these projects, these include:
· DFR for grassroot Refinery in Maharashtra for HPCL, Mumbai.
· Company is also awarded the contract for Project Management Services for BPCL-Kochi Refinery for their new Integrated Refinery Expansion Project (IREP) at Kochi. The scope of work includes selection of licensors, preparation of detailed feasibility report and site grading. The work on this project has commenced.
· EPCM services contract for Wax Project of NRL was awarded to Company during the year. The project involves setting up of Wax Plant, consisting of Solvent De-oiling Unit (Licensor: EIL along with IIP) and Wax Hydro Finishing Unit (Licensor: Axens, France) and associated Utilities and Offsites to produce 50,000 MMTPA of Paraffin Wax including 4,500 MMTPA Semi Micro-Crystalline Wax.
In addition number of new project studies were taken up
during the year. Many of their major project assignments originate from these
studies. This is a sign of confidence that their customers repose in their
Company's technological expertise, particularly the ability to provide complete
range of services from concept to commissioning.
PETROCHEMICALS
This year also
witnessed significant grow the in the Company's Petrochemical segment. During
the year, company continued to make significant progress on following major
jobs.
· Assam Gas Cracker Project of Brahmaputra Cracker and Polymer Limited (BCPL), a grassroot Petrochemical project being executed on conventional mode at Lepetkata near Dibrugarh has made significant progress during the year. Procurement for critical equipment and award of major construction contracts has been completed. Engineering is in advanced stage. Once completed, this complex will produce HDPE/ LLDPE and PP and availability of these products shall boost the development of plastic industry in North-East region.
· Dahej Petrochemical Complex of ONGC Petro-additions Limited (OPaL) is being executed on PMC - LSTK mode. Construction activities for upstream cracker unit are in full swing. Significant progress has been achieved in award of LSTK packages for various downstream units, Utilities and Offsites. The Project consists of 11,000 KTA Dual Feed Ethylene Cracker, HDPE, LLDPE, PP Units and associated Utilities and Offsites.
·
Company has been awarded the prestigious, fast
track, GAIL Petrochemical Complex - II Project during the year. The project has
facilities at Vijaipur and Pata consisting of Gas Sweetening, Gas Cracker,
C2/C3 recovery, LLDPE/HDPE Swing, Butene-I units as well as Utilities and
Offsites. The Gas Processing Unit (GPU) at Vijaipur at a capacity of 21.71
MMSCMD, apparently is one of the largest gas plants being designed in the world
for recovery of C2/C3 fraction as feed to GCU.
·
GAIL took the unique initiative of nominating the
Licensor (M/s Shaw Stone and Webster) for GCU thereby giving impetus to the project.
Licensor selection for downstream units is also completed. Utilities and
Offsites facilities have been sized and infrastructure works are proceeding in
full swing at both sites. Advance action has been taken for procurement of long
lead items like compressors, steam generation package, columns etc.
·
The Butadiene Extraction Unit (BDEU), IOCL's
Panipat Naphtha Cracker Project (PNCP) has been awarded to EIL in Oct 2010 and
is being executed on EPCM basis. The 138,000 TPA capacity unit has been licensed
by CB and I Lummus. Engineering and procurement activities for the project are
in progress.
PIPELINES
Company has been
aggressively working in areas of oil and gas transportation and distribution in
India and abroad. Following pipeline projects were successfully completed and
commissioned during the year:
· 48" (largest diameter gas pipeline) x 498 km Vijaipur-Dadri and 36" /20"x 95 km Dadri-Bawana Natural Gas Pipeline of GAIL. The project was completed well in time despite the challenges of river crossings at Chambal and Yamuna.
· 18 "x 257 km Bina-Kota multi product pipeline of BPCL.
· Short connectivity Gas Pipelines from Dadri-Bawana Pipeline to Sonepat, Meerut, Agra, Ferozabad for GAIL, NDPL and IOCL Dadri Terminal.
· 30"/24"x300 km NGL Pipeline of GASCO, Abu Dhabi.
Following
pipeline/ associated projects handling oil and natural gas are under execution:
· Two additional Compressor stations at Chainsa (Haryana) and at Kailaras (Madhya Pradesh) on Vijaipur-Dadri Pipeline of GAIL.
· 30"/28" x 1014 km Mundra-Bathinda Crude Oil Pipeline of HMPL.
· 36"/30"/24"/18" x 995 km Dabhol-Bangalore Natural Gas Pipeline of GAIL.
· 10" X 26 km LPG Onshore/Of fshore Pipeline from BPCL/HPCL Mahul Refineries to Uran for BPCL.
· 18"/16" x 275 km Natural Gas Pipeline from Vijaipur to Kota and Spurline to Chittorgarh for GAIL.
Company has been
selected for the following new major pipeline projects for which work is under
progress:
· Company bagged South Jetty Development Pipeline Project at Paradip for loading/unloading of petroleum products and crude oil from IOCL Paradip Refienery comprising 21 nos. 4" to 38" pipelines with a total length of 140 kms. This jetty will handle variety of oil and gas products including crude and is first of its kinds in India.
· 46 no. of flow lines of various sizes (3" to 20") totalling to 240 km for NPCC/ADCO, Abu Dhabi.
· Health and Integrity Check of City Gas Distribution network of Adani Gas in Lucknow City and its integration with Green Gas Limited.
· Detailed Feasibility Report (DFR) for augmentation of Jamnagar - Loni, LPG Pipeline of GAIL. The Jamnagar Loni pipeline is one of the longest LPG Pipelines in the world.
· 12" x 100 km Hazira-Dahej Naphtha Pipeline for ONGC. In addition, EIL intends to diversify into City Gas Distribution on owner/ operator mode and bid for various cities as equity partner for new pipeline projects currently under bidding for PNGRB.
OFFSHORE OIL AND GAS
Company continued
to provide PMC services to GSPC for the following projects for their Offshore
Block.
· Wellhead Platform
· Process -cum-Living Quarters Platform
Company is
executing SPM and Associated Facilities Project of MRPL at Mallavaram (A.P.) on
open book estimate basis. After installation of these facilities, MRPL shall be
able to import crude by VLCC Tankers upto 300000 DWT capacity resulting in cost
savings.
Company is also
providing pre-award services to ONGC for WO-16 Cluster, Cluster-7, BHE and
associated sub-sea pipelines projects.
Company has
received work orders for providing post-award services of WIN Revamp project of
ONGC and crude handling facilities for IOCL at Paradip. The crude handling
facility shall meet the requirements of Paradip Refinery including other
eastern refineries of IOCL.
Company is also
entering into cooperation agreements with multinational companies having
expertise in deep water engineering. This is viewed as an emerging sector for
the Company.
ONSHORE OIL AND GAS
GSPC, as a part of
Deen Dayal Field Development Project, is implementing an Onshore Gas Terminal
(OGT) facility at Mallavaram (A.P.). The project is being executed on OBE –
LSTK mode consists of two trains of 100 MMSFD each with GDU, GSU, CSU and
Sulphur Recovery Unit and associated Utilities and Offsites. The process
package has been finalized and engineering procurement are in progress.
Company is also
providing PMC services for additional gas processing facilities for ONGC at
Hazira.
STRATEGIC STORAGES
In view of rapid
economic grow the and increasing energy demand, the issue of energy security
has assumed importance. The country's high dependence on import for its oil and
gas needs, Government of India has decided to accord high priority to securing
India's energy security objectives; and is constructing a buffer for reserve
supply of crude oil to deal with any disruption in the supply chain.
Under Phase-I of
the crude oil strategic storage programme, Government of India is developing
crude oil storages at three locations, viz. Visakhapatnam, Mangalore and Padur.
Subsurface Projects Division (SSPD) of company is executing these three
underground rock cavern projects. The project at Visakhapatnam is in advanced
stage and mechanical completion is expected to be achieved by October 2011.
Under Phase-II of
the crude oil strategic storage programme, company prepared the pre-feasibility
report for storage of crude oil and petroleum products in underground rock
caverns, in-ground concrete tanks and salt caverns. Subsequently, company has,
on advice of Indian Strategic Petroleum Reserves Limited, submitted a proposal
for preparation of detailed feasibility report for such storages, at four
locations. Company expects to be awarded the project shortly.
Company is
striving to attain design capability in such areas of underground storage.
Having engaged and gained expertise from foreign back-up consultants for the
projects at Mangalore and Visakhapatnam, company is executing the Padur project
independently without the services of a back-up consultant. Services of an
expert have been sought solely for the review of design of critical items
executed by company
METALLURGY
The Metallurgy
Division of company continued to excel during the year, far exceeding the
client's expectations. The following major projects were implemented/ and are
in various stages of implementation:
· The Second Phase Expansion of NALCO Aluminium Smelter (from 345,000 TPA to 460,000 TPA) at Angul, Orissa has been completed.
· The Second Phase Expansion of NALCO Alumina Refinery at Damanjodi, Orissa (from 1.575 MMTPA to 2.1 MMTPA) Bauxite Mines at Panchpatmali (from 4.8 MMTPA to 6.3 MMTPA) are under execution.
· Fourth Stream Upgradation Project (from 0.525 MMTPA to 0.7 MMTPA) of Alumina Refinery at Damanjodi of NALCO is under execution.
· Engineering services are being provided for Mahan Aluminium Smelter (capacity 360,000 TPA) of HIL (Hindalco Industries Limited), at Singrauli, M.P. and for Aditya Aluminium Smelter Project (capacity 360,000 TPA) of HIL at Lapanga, Orissa. Engineering for these projects is in advanced stages.
BUSINESS OVERVIEW
During the year,
the Company was able to maintain a healthy order book and gained business worth
Rs.40550.000 Millions. The segment-wise breakup is as follows:-
Domestic
Consultancy – Rs. 8370.000 Million
Domestic LSTK –
R.31820.000 Millions
Overseas –
Rs.360.000 Millions
The Hydrocarbon
sector continues to play a dominant role in the Company's overall business
scenario. All the major segments of company’s business i.e. Refining,
Petrochemical, Pipeline and Oil and Gas Processing, have contributed positively
towards order inflows.
In the Refining
Sector, major consulting orders secured include Yield Quality Improvement
Project at Haldia and Butadiene Extraction Project at Panipat of Indian Oil
Corporation Limited and Wax Project for Numaligarh Refinery Limited, NRL
Major
Petrochemical orders gained this year include expansion projects at Vijaipur
and Pata Plants of GAIL Gas Limited and Butadiene Extraction Project at Panipat
of Indian Oil Corporation Limited
In the field of
Pipelines, company secured turnkey contracts from Mangalore Refinery and
Petrochemical Limited, (MRPL) for execution of SPM, Pipeline and Related
Facilities on OBE - LSTK basis and from IOCL for SPM, Pipeline and Jetty
Facilities at Paradip Refinery on Cost plus Basis.
Significant order
inflows were received in Oil and Gas Processing segments with award of open
book turnkey contract from Gujarat State Petroleum Corporation, (GSPC) for
Onshore Gas Terminal Project near Kakinada. Consulting order was also received
from Oil and Natural Gas Corporation, ONGC for Hazira-OPaL, Dahej Naphtha Feed
Pipeline.
EIL strengthened
its presence in the Infrastructure sector by winnning new orders viz.,
contracts from Unique Identification Authority of India (UIDAI) for office
buildings at Delhi and Bengaluru, Rajiv Gandhi Institute of Petroleum
Technology (RGIPT) for development of Assam Centre for RGIPT at Sibsagar,
Ministry of Home Affairs, New Delhi for Third Party Inspection Services for
Indo-China Border Road Works, IIIT-Delhi for construction of IIIT-D Campus.
Company
successfully made inroads in developing business and securing orders in new
sectors viz. Fertilizer and Nuclear. Company’s foray into Fertilizer segment
brought successful results with award of consulting order from Jaiprakash
Associates Limited for Fertilizer Complex at Kanpur. Company’s efforts in
building relationship with Nuclear Power Corporation of India ltd (NPCIL),
resulted in an MoA between the two parties subsequent to which EIL has been
awarded services order for their Mithi Virdi Nuclear Power Park (6x1000 Mwe
LWRs), District Bhavnagar, Gujarat.
Company also
entered in strategic alliances in Oman and UAE for partnering in execution of
turnkey projects. In addition to the above, company continues to provide a
large number of value added specialized services in filed relating to Project
Feasibility Studies, Risk Analysis, Environment Management, Energy Efficiency
Management, Refinery Optimization and Materials and Maintenance Services.
BUSINESS ENVIRONMENT AND FUTURE OUTLOOK
Long Term growth
in global energy demand is expected to be robust in non OECD countries boosted by
strong economic grow the in emerging economies like China, India and Brazil.
However oil supply shall remain sluggish in near future due to slow grow the in
supply from non-OPEC countries and unrest in oil producing countries. As a
consequence crude oil prices are expected to remain at higher levels for the
next 2 years.
Large scale
capital expenditure was witnessed in Indian hydrocarbon sector in last 3 years.
Some of the major projects undertaken in Refinery and Petrochemical sector
include grassroot refineries at Bina, Bathinda, Paradip and Jamnagar and
Petrochemical complexes at Panipat, Dahej, Assam, Pata and Vijaipur. The
investments showcase positive sentiments and long term growth prospects in
hydrocarbon sector. Some of the contributing factors include long term domestic
GDP growth, growth in product exports and large potential for growth in per
capita energy consumption, which happens to be among the lowest in Indian
subcontinent.
Further detailed
feasibilities for next phase of expansion and new projects are already being
undertaken by OMCs. It is therefore expected that OMC's shall continue with
their investment commitments for the period 2011-13. However the impact of
crude prices and certain policy issues such as gas pricing and fuel subsidy
release may influence the schedule for the upcoming projects.
To marginalize
such industry risks and sustain steady long term growth, diversification in
related sectors namely Fertilizer, City Gas, Nuclear and Renewables were
planned. These initiatives have shown encouraging results with company securing
their first orders this year in Fertilizer, Nuclear and Solar. Further
Memorandum of Agreements was signed with potential business partners for
strategic alliances and cooperation in these sectors. Company further proposes
to improve its market position and competitiveness by pursuing further the
proposed strategic initiatives namely:
•
Internationalization and Market penetration in core business segments
• Pursuing value
added services to clients like OBE, BOO/BOOT, O&M services etc.
• Strengthening of
company’s business in Infrastructure segment.
• Developing long
term plans for strategic partnerships and technology management for diversified
business segments such as Water and Waste Management, City Gas Distribution,
Power and Fertilizer.
Acquiring new
clients and expansion to markets with growth potential will be pursued
aggressively.
FINANCIAL PERFORMANCE IN RELATION TO OPERATIONAL
PERFORMANCE
Income from
services rendered increased 42% to Rs.28232.800 Millions during the financial
year 2010-11 from Rs.19938.000 Millions in the financial year 2009-10.
The consultancy
and engineering income increased 7% to Rs.11279.400 Millions during the
financial year 2010-11. Lumpsum Turnkey project income increased 81% to
Rs.16934.500 Millions during the financial year 2010-11 from Rs.9384.700
Millions in the financial year 2009-10.
Profit before tax
increased 19% to Rs.7845.300 Millions during the financial year 2010-11 from
Rs.6604.800 Millions in the financial year 2009-10. Profit after tax increased
20% to Rs.5225.200 Millions during the financial year 2010-11 from Rs.4355.700
Million in financial year 2009-10. The total dividend payout for the financial
year 2010-11 was Rs.5/- per share.
CONTINGENT LIABILITIES
A) Claims against
the Company not acknowledged as debt.
i) Commercial
claims pending in the Courts or lying with Arbitrators amounting to Rs.2051.800
Millions (Rs.707.567 Millions).
ii) Few cases
relating to the employees/others are pending in the Court against the Company,
in respect of which the liability is not ascertainable.
FIXED ASSETS:
·
Land Free Hold
·
Land Lease Hold
·
Building
·
Plant and Machinery
·
Furniture, Fixture and Office
·
Construction Equipments
·
Computer Hardware
·
Computer Software
·
Motor Vehicles
·
Library Books
WEBSITE DETAILS:
THE COMPANY
Subject was set up in 1965 to provide engineering and related technical services for petroleum refineries and other industrial projects. Company is working under the administrative control of Ministry of Petroleum and Natural Gas (MoP and NG), Government of India. In addition to Petroleum Refineries, with which company started initially, over the years it has diversified and excelled in various other fields. Company today has emerged as Asia’s leading design, engineering and turnkey contracting company providing a complete range of project services needed to conceptualize, plan, design, engineer and construct projects to meet the specific requirements of its clients in the following fields:
· Petroleum Refining
· Petrochemicals
· Pipelines
· Offshore Oil and Gas
· Onshore Oil and Gas
· Terminals and Storages
· Mining and Metallurgy
· Infrastructure
Company is capable to provide services from concept to commissioning in all the sectors listed above and its association with clients extend beyond the commissioning of their plants through monitoring the operation of each plant and accumulating feedback on its performance. Company can provide its services in the following modes:
a) Project Implementation Services (EPCM) such as Conceptual Studies, Feasibility Studies, Detailed Project Reports, FEED Package, Basic Design Engineering Package (BDEP) Project Management, Planning and Scheduling, Cost Engineering, Process Design, Detailed Engineering, Procurement Services, Construction Management and Supervision, Commissioning and plant start‐up assistance etc.
b) Project Management Consultancy (PMC) Services
c) Specialist Services such as Heat and Mass Transfer Equipment Design, Engineering and Technology Development and Design, Environmental Engineering, Information Technology Services, Specialist Materials and Maintenance Services, Energy Conservation Services, Plant Operations and Safety including HAZOP Studies, Safety Integrity Levels (SIL) studies and Risk Analysis, Yield and Energy and Optimisation Studies.
d) Engineering, Procurement and Construction (EPC) / Lumpsum Turnkey (LSTK) Contracts
e) Open Book converted LSTK Projects
EIL has been involved in setting up of almost all the large projects that have come up in India in the Oil and Gas Sector in the last four decades and has also successfully executed several assignments in the middle‐east and south‐east Asia. Company has to its credit more than 400 major projects successfully completed and operating smoothly at the rated capacity, creating an array of satisfied clients.
In the course of setting up various projects, company has worked with a large number of process licensors and engineering/construction/contracting companies worldwide and is well versed with the latest engineering codes and practices followed internationally.
Subject is a strong technology based and technology oriented company and has developed extensive data bank, computerized design tools, flexible yet integrated project control systems, besides having an extra edge in the following traits:
· Technical skills for process design, optimization and integration, HAZOP Analysis.
· Knowledge and appreciation of third party processes.
· Extensive experience in detailed engineering.
· Worldwide procurement capabilities (purchase, inspection, expediting, transportation).
· Expertise in Contract Management
· Expertise in Project Management Consultancy Services
· Expertise in construction management and commissioning assistance.
Engineers India is an ISO 9001
Accredited Company.
Subject has state-of-the-art computer and communications network for an enterprise wide connectivity. It takes care of voice, data and document communications requirements for operations within the country as well as abroad. Such enterprise connectivity provides a fabric for Electronic Data Interchange (EDI) facilitating the effective execution of company's projects. Effective internet and intranet communication infrastructure has been established among Head office, Regional/ Branch Offices and Overseas Offices.
PRESS RELEASES
EIL BAGS INTEGRATED REFINERY EXPANSION
PROJECT OF BPCL, KOCHI
6TH JULY 2012
Engineers India Limited (EIL) has secured
Consultancy Services Contract from Bharat Petroleum Corporation Limited (BPCL)
for Integrated Refinery Expansion Project (IREP), Kochi at a fee of Rs.7200.000
Million. The project involves enhancing crude oil refining capacity of the
refinery from the present level of 9.5 MMPTA to 15.5 MMPTA.
EIL will be providing consultancy services
for Project Management, Process Design/ Residual Process Design, Detailed
Engineering, Procurement, Inspection and Expediting, Tendering, Construction
Management and Supervision including Quality Assurance, Assistance in start-up,
Pre-Commissioning, Commissioning and Guarantee test Runs for Units and
facilities of Plant.
The major facilities are CDU / VDU, NHT/ISOM-Revamp,
DHDT, VGO–HDT, FCCU, Delayed Coker Unit, SRU, ARU, SWS, SR, LPG Treating Unit,
CR LPG Treating Unit, Fuel Gas Treating Unit, CPP and associated Utilities and
Offsite facilities.
Besides other major projects undertaken in
the Hydrocarbon Sector by the Company, EIL has to its credit 50 petroleum
refinery projects including Grassroots, Revamp and Expansions. EIL has provided
its services for most of Refineries existing in India owned by various
prestigious clients like IOCL, BPCL, HPCL, CPCL, KRL, NRL, MRPL, BRPL, BORL and
HMEL.
EIL is a Total Solutions Consultancy
Company and EPC Contractor in the fields of Petroleum Refining, Petrochemicals,
Pipelines, Oil and Gas Terminal and Storages, Mining and Metallurgy and
Infrastructure projects. The Company has diversified into newer areas such as
Nuclear, Solar and Thermal Power, Water and Solid Waste Management, City Gas
Distribution and Fertilizers.
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.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
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 |
|
76 |
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.