MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ECI ENGINEERING AND CONSTRUCTION COMPANY LIMITED |
|
|
|
|
Registered Office
: |
Plot No. A-12
& A-13, Panchavati Township, Manikonda, Hyderabad – 500089, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.01.1994 |
|
|
|
|
Com. Reg. No.: |
01-016827 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 154.094
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200AP1994PLC016827 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDE00924A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE4411G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Engineering, Procurement, Construction and Project Management
Services in the Energy and Infrastructure Sector. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9575000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having a satisfactory track
record. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as decent. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
February 29, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February 29, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Head Office : |
Plot No. A-12
& A-13, Panchavati Township, Manikonda, Hyderabad – 500089, Andhra Pradesh,
India |
|
Tel. No.: |
91-40-24786099/ 24786311 |
|
Fax No.: |
91-40-24786100 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
ECI Kuwait : |
Office Number 12, Third Floor, Danat Commercial Center,
Block Number -2, Abdullah Al Ahmed Street, Sharq, Kuwait |
|
Tel No.: |
965-9007-8001 |
|
|
|
|
ECI Saudi Arabia : |
P. Box No. 4381, Prince Mohammed Street, Dammam - 31491,
Kingdom of Saudi Arabia |
|
Tel No.: |
966-556662723 |
|
|
|
|
ECI Qatar : |
P.O. Box 3082, Doha, State of Qatar |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Venkat Rao Kaza |
|
Designation : |
Director |
|
Address : |
Plot No. 87, Road No. 9, Jubilee Hills, Hyderabad - 500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
19.04.1950 |
|
Qualification : |
BE |
|
Date of Appointment : |
01.07.2012 |
|
PAN No.: |
AEUPK2273D |
|
DIN No.: |
00887525 |
|
|
|
|
Name : |
Mr. Vijay Kaza |
|
Designation : |
Managing director |
|
Address : |
Plot No. 87, Road No. 9, Jubilee Hills, Hyderabad - 500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
05.03.1973 |
|
Qualification : |
BE |
|
Date of Appointment : |
03.10.1995 |
|
PAN No.: |
AEUPK2271B |
|
DIN No.: |
01676369 |
|
|
|
|
Name : |
Krishnamurthy Nagaraj Tirumakudlu Narasipur |
|
Designation : |
Director |
|
Address : |
Flat No. 32, Building No. 50, Temple View, Bull Temple Road, Basavannagudi,
Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
21.07.1934 |
|
Qualification : |
MS |
|
Date of Appointment : |
08.02.1995 |
|
DIN No.: |
00048680 |
|
|
|
|
Name : |
Mr. Rajiv Maliwal |
|
Designation : |
Director |
|
Address : |
10, Shree Apartments, 15th Road, Khar (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
26.11.1960 |
|
Qualification : |
MBA |
|
Date of Appointment : |
22.08.2008 |
|
DIN No.: |
00869035 |
|
|
|
|
Name : |
Mr. Venkata Phani Kaza |
|
Designation : |
Whole-time director |
|
Address : |
Plot No. 87, Road No. 9, Jubilee Hills, Hyderabad - 500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
07.02.1974 |
|
Qualification : |
BE |
|
Date of Appointment : |
14.06.2004 |
|
PAN No.: |
AEUPK2272C |
|
DIN No.: |
01676640 |
|
|
|
|
Name : |
Surapaneni Ramakrishna Prasad |
|
Designation : |
Director |
|
Address : |
18-58-15, MES Colony, Venkatapuram, Secunderabad - 500015, Andhra
Pradesh, India |
|
Date of Birth/Age : |
15.03.1936 |
|
Qualification : |
BE |
|
Date of Appointment : |
10.05.1995 |
|
DIN No.: |
01802631 |
|
|
|
|
Name : |
Kanakadurga Prasunamba Kaza |
|
Designation : |
Director |
|
Address : |
Plot No. 87, Road No. 9, Jubilee Hills, Hyderabad - 500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
14.12.1954 |
|
Qualification : |
BSC |
|
Date of Appointment : |
04.01.1994 |
|
PAN No.: |
AEUPK2276G |
|
DIN No.: |
01802657 |
|
|
|
|
Name : |
Mr. Ajay Kaza |
|
Designation : |
Director |
|
Address : |
Plot No. 87, Road No. 9, Jubilee Hills, Hyderabad - 500034, Andhra
Pradesh, India |
|
Date of Birth/Age : |
08.10.1977 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.12.2001 |
|
PAN No.: |
AJWPK9348J |
|
DIN No.: |
02147461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Kaza Venkata Rao |
|
2110023 |
|
Kaza Kanaka Durga Prasunamba |
|
747140 |
|
Kaza Vijay |
|
3103474 |
|
Kaza Venkata Phani |
|
1929382 |
|
Kaza Ajay |
|
1929381 |
|
Virajitha Investment and Finance Limited |
|
1548189 |
|
K Tulasi |
|
30000 |
|
SA 1 Holding Infrastructure Company Private Limited |
|
100 |
|
|
|
|
|
Total |
|
11397689 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
SA 1 Holding Infrastructure Company Private Limited |
|
1823519 |
|
|
|
|
|
Total |
|
1823519 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
13.58 |
|
Directors
or relatives of directors |
|
86.42 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering, Procurement, Construction and Project
Management Services in the Energy and Infrastructure Sector. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
Ø YES Bank
Limited, 9th Floor, Nehru Centre, Discovery of India, DR. Annie Besant Road,
Worli, Mumbai - 400018, Maharashtra, India Ø ING Vysya Bank Limited,
1-7-1, T.Subbarami Reddy Complex, Sardar Patel Road, Secunderabad - 500003,
Andhra Pradesh, India Ø Axis Bank
Limited, Jubilee Hills Branch, Near Bhartiya Vidya Bhavan, Hyderabad -
500034, Andhra Pradesh, India Ø Bank of India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SREI Equipment
Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046,
West Bengal, India |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385,
3rd Floor, Gowra Grand, S.P. Road, Secunderabad - 500003, Andhra
Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Auditors 2 : |
|
|
Name : |
M. Vijaya
Karunakara Rao Chartered Accountant |
|
Address : |
# 203, Tanmayi
Apartments, 127, Srinagar Colony, Hyderabad - 500073, Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACQPM1035M |
|
|
|
|
Joint Venture : |
Ø Gayatri ECI JV Ø McML - ECI JV Ø ECI Nayak JV Ø ECI BJCL JV Ø ECI ICOMM JV Ø Shiva RK JV Ø ECI SPTTEC JV Ø ECI SAN JOSE JV Ø ECI SAN JOSE Nayak JV Ø ECI Bumi JV Ø ECI SREI JV Ø ECI VERVO METRO JV Ø ECI SPIC SMO MCML JV Ø ECI SPIC SMO JV Ø NCCL
- ECIECCL - ARPL JV |
|
|
|
|
Subsidiaries : |
Ø Hayen Hydel
Power Company Private Limited [U40101AP2006PTC062948] Ø Rupa Hydel Power
Private Limited [U40102AP2008PTC061447] Ø ECI Infra Towers
Company Private Limited [U31401AP2008PTC057346] Ø Hamad Ahmed Al
Muhana ECI Engineering and Construction Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
|
6,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
1,823,519 |
Preference Shares |
Rs. 22/- each |
Rs. 40.117 Millions |
|
|
Total |
|
Rs. 220.117
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
11,397,689 |
Equity Shares |
Rs. 10/- each |
Rs. 113.977
Millions |
|
|
1,823,519 |
Preference Shares |
Rs. 22/- each |
Rs. 40.117 Millions |
|
|
|
Total |
|
Rs. 154.094 Millions |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
154.094 |
154.094 |
154.094 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2239.646 |
1992.833 |
1597.881 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2393.740 |
2146.927 |
1751.975 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4216.657 |
2576.301 |
1579.585 |
|
|
2] Unsecured Loans |
27.750 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4244.407 |
2576.301 |
1579.585 |
|
|
DEFERRED TAX LIABILITIES |
45.122 |
43.219 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6683.269 |
4766.447 |
3331.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
911.627 |
972.596 |
567.974 |
|
|
Capital work-in-progress |
10.882 |
30.681 |
84.507 |
|
|
|
|
|
|
|
|
INVESTMENT |
255.696 |
255.696 |
155.696 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
1.823 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
607.711
|
1074.809 |
551.928 |
|
|
Sundry Debtors |
2341.796
|
2249.055 |
2278.079 |
|
|
Cash & Bank Balances |
409.620
|
231.149 |
228.846 |
|
|
Other Current Assets |
3493.466
|
1740.214 |
0.000 |
|
|
Loans & Advances |
2733.389
|
2400.569 |
1968.533 |
|
Total
Current Assets |
9585.982
|
7695.796 |
5027.386 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2345.699
|
2139.067 |
1015.768 |
|
|
Other Current Liabilities |
1733.961
|
2048.992 |
1476.349 |
|
|
Provisions |
1.258
|
0.263 |
13.709 |
|
Total
Current Liabilities |
4080.918
|
4188.322 |
2505.826 |
|
|
Net Current Assets |
5505.064
|
3507.474 |
2521.560 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6683.269 |
4766.447 |
3331.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9197.243 |
8426.931 |
4292.822 |
|
|
|
Other Income |
25.963 |
24.506 |
10.904 |
|
|
|
TOTAL (A) |
9223.206 |
8451.437 |
4303.726 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2906.930 |
3145.619 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
155.416 |
(22.133) |
|
|
|
|
Employee benefit expense |
235.936 |
235.160 |
|
|
|
|
Expenditure on
production, transportation and other expenditure pertaining to E&P
activities |
4412.961 |
3879.428 |
|
|
|
|
Other expenses |
209.152 |
192.871 |
|
|
|
|
Exceptional items before tax |
0.000 |
(143.074) |
|
|
|
|
TOTAL (B) |
7920.395 |
7287.871 |
3649.742 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1302.811 |
1163.566 |
653.984 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
811.549 |
489.946 |
262.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
491.262 |
673.620 |
391.235 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
121.061 |
100.353 |
107.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
370.201 |
573.267 |
283.898 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
123.383 |
178.311 |
117.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
246.818 |
394.956 |
166.036 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
962.787 |
567.836 |
401.805 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.004 |
0.004 |
0.004 |
|
|
|
Tax on Dividend |
0.001 |
0.001 |
0.001 |
|
|
BALANCE CARRIED
TO THE B/S |
1209.600 |
962.787 |
567.836 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
14.947 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.66 |
34.65 |
14.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.68
|
4.67 |
3.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.03
|
6.80 |
6.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.53
|
6.61 |
5.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.27 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.77
|
1.20 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.84 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Term loans from banks |
18.750 |
0.000 |
|
Loans repayable on demand |
9.000 |
0.000 |
|
Total |
27.750 |
0.000 |
Note:
The registered office of the company has been shifted from Plot No.70,
Anshu Colours, 3rd Floor, Road No.1, Jubilee Hills, Hyderabad - 500033, Andhra
Pradesh, India to the present w.e.f.30.04.2010
COMPANY PROFILE:
ECI Engineering
and Construction Company is a leading EPC company in India in the Energy and
Infrastructure sectors. The Company has provided EPC services since 1974 and
have established a strong reputation within the markets for executing large
complex projects and for providing turnkey solutions. The Company's approach
and methodology towards construction management and its streamlined,
cost-effective, state-of-the-art systems & processes have helped the
company to deliver projects on time and within budget, while adhering to strict
quality control and safety measures.
The company
currently executes projects pan India and has branch offices in Delhi, Mumbai,
Kolkata, Ahmedabad, Lucknow, Vizag, Guwahati, Srinagar, and Patna. The
company’s foray into foreign shores has led to the establishment of overseas
offices in Saudi Arabia, Qatar, and Kuwait.
BUSINESS DIVISIONS
ECI provides
engineering, procurement, construction and project management services in the
Energy and Infrastructure sector. The company has a well-diversified business
portfolio and is organized by the following business segments:
I. INFRASTRUCTURE
ECI is one of the
leading players in India in developing and constructing civil infrastructure.
Their capabilities in delivering turnkey solutions in the civil infrastructure
space include:
Ø Transportation
Ø Industrial
structures
Ø Power plants
construction
Ø Tunnels
Ø Irrigation
Ø Water works
Transportation:
ECI brings to
board a vast background of expertise in the area of transportation
infrastructure. Roads, Highways, Bridges, Flyovers, Railway tracks etc and the
Company has delivered them all. ECI has executed several projects for NHAI,
CPWD, APIIC, State PWDs, MUDA.
ECI is equipped
with the requisite expertise and wide-ranging experience to undertake EPC and
BOT contracts with single-source responsibility in the road sector.
Tunnels:
ECI has developed
expertise in this niche area and is in the process of execution of multiple
projects in this segment for Indian Railways.
Executing Tunnel
projects in the most difficult terrains in India has become their specialty.
ECI with its access to sophisticated in-house technology and experience ensure
faster completion of projects at a lower cost.
Power Plant construction:
ECI has capability
to deliver complete turnkey solution for power plants. They have developed
strong expertise in constructing Hydro power plants and Thermal power plants.
Their services encompass all aspects of planning, engineering, procurement and
construction of power plants.
II. ENERGY
Power Generation:
Leveraging their
experience of building various power plants for private clients, ECI has
diversified into the Power Generation segment and is currently focusing on the
growing Hydro power sector in India.
Currently the
company has a port folio of 96 MW of Hydro Power plants. One plant of 4 MW in
the State of Assam is operational and balance 92 MW are under different stages
of implementation.
Power Transmission:
ECI has developed
some of the best processes in the T & D sector saving customers millions of
dollars and assuring quality results while meeting tight project schedules on
the most challenging projects.
In addition, ECI
is experienced in helping to form Public Private Partnerships that bring
together the resources of government and the private sector for new projects.
ECI is currently
executing one of the largest Transmission contracts in India Worth Rs 16000.000
Millions from Maharashtra State Electricity Transmission Company Limited
(MSETCL). The project consists of building 42 Sub - Stations and transmission
lines over 1,300 Km.
Their capabilities
in the Transmission space include building sub-stations and transmission lines
from 132 KV to 400 KV.
ECI has so far
built 5,800 KM of transmission lines and 24 substations across India.
Power Distribution:
ECI is one of the
leading firms in India executing 33/11 KV distribution lines on Turn-Key basis
to provide power service connections to towns, rural and semi-rural areas.
To augment the
distribution lines, ECI is also executing 33/11KV Sub - Stations on turnkey
basis. ECI has so far built over 3,000 KM of distribution lines reaching
1,17,407 households covering 2,753 villages in India.
Design and Engineering capabilities:
ECIs Design team is
fully equipped to deliver design and engineering services with latest design
softwares that assist in the design of Transmission Lattice towers, Guyed
tower, Monopoles & Tubular structures of any kind to meet specific client
requirements. The Design team along with their associates undertakes complete
Design & Engineering of Transmission Lines & Substations up to 500 KV
in India and Overseas.
Civil Engineering Design capabilities:
Ø Design
calculations for substation equipment structure and foundations
Ø Preparation of
structural and foundation drawings for all substation equipments and Cable
trenches
Ø Electrical
Engineering Design capabilities:
Ø Preparation of
detailed engineering drawings
Ø Drawing review for
all electrical equipments
Ø Preparation of
specific design calculations
III. RAILWAYS
ECI is amongst the
very few companies in India having end-to-end capabilities in the Railway
infrastructure segment. They are amongst the Top 3 companies in India in
Railway Over Head Electrification (OHE) segment.
Their Railway
capabilities include
Ø Undertaking Civil
and Structural works
Ø Construction of
Railway Bridges
Ø Laying of Railway
Tracks
Ø Over Head
Electrification
Ø Traction and
Sub-Stations
Ø Signaling &
Telecommunication
Ø SCADA
ECI currently has
one of the largest unexecuted order book of OHE projects in India amounting to
Rs. 1500.000 Millions from Central Organization for Railway Electrification
(CORE).
Quality Management
& Health and Safety Management Certification
The Company was awarded
with ISO 9001:2008 and OHSAS 18001:2007 certification by The United Registrar
of Systems.
IV. MANUFACTURING
ECI has set up a
Wholly Owned Subsidiary named ECI Infra Towers Company Private Limited as part
of a backward integration effort for its Power Transmission line of business.
ECI Infra has
in-house capability of Tower Designing, Fabrication and Galvanizing. The
factory is located about 90 Km from Hyderabad, India.
ECI Infra is an
Approved Vendor with several State Electricity Boards for manufacturing of
tower parts up to 400 KV. The tower parts are manufactured as per IS / IEC
standards and quality of fabrication is ensured by testing of Prototype Towers.
ECI Infra was
awarded with ISO 9001:2008 and OHSAS 18001:2007 certification by The United
Registrar of Systems.
Design and
Manufacturing capabilities
Ø EHT Galvanized
Steel Transmission Line Towers up to 400 KV
Ø Galvanized Steel
Structures for Substations up to 400 KV
Ø Galvanized Steel
Cable Trays for Power Projects
Ø Galvanized Steel
Lattice type and Tubular Tower for Microwave Communication Projects
Ø Galvanized Steel
Crash Guards for Highways
Ø Hydraulic Gates
For Mini Hydro Power Projects
REVIEW OF
PERFORMANCE
A. FINANCIAL REVIEW
The Company
achieved a gross revenue of Rs 9223.700 Millions from its operations for the
year ended 31.03.2012 as compared to Rs 8451.800 Millions for the year ended
31.03.2011 with an increase in turnover of Rs. 771.900 Millions registering a
growth of 9%.
The Earnings before
Interest, Depreciation, Taxes and Amortization (EBIDTA) stood at Rs 1302.800
Millions and whereas in the previous year the EBIDTA stood at Rs 1020.500
Millions registering a significant year-on-year growth of 27%.
Your Company’s
operating margins at EBIDTA level for financial ending 31st Mar 2012 stood at
14.12% against 12.07% for the financial year 2010-11.
The Profit before
tax (PBT) for the financial ending 31st March 2012 stood at Rs 370.200 Millions
against Rs 573.300 Millions for the financial year 2010-11.
The Profit after
tax (PAT) for the financial year ending 31st March 2012 stood at Rs 246.900
Millions whereas in the previous year the PAT stood at Rs 395.000 Millions.
B. BUSINESS REVIEW
Your Company
through its Civil Infrastructure division which includes Roads, Bridges
Highways and Tunnels has registered a total turnover of Rs 4920.000 Millions
(53% of Turnover).
Your Company
through its Electrical division which includes Power Transmission &
Distribution has registered a total turnover of Rs 1750.000 Millions (19% of
Turnover).
Your Company
through its Maharashtra division which includes Power Transmission &
Distribution has registered a total turnover of Rs 2570.000 Millions (28% of
Turnover).
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Corporate
Guarantees given to Bank towards financial assistance extended to certain
Subsidiaries and Joint Ventures |
509.200 |
509.200 |
|
Claims against the company not acknowledged as debts |
2.807 |
2.807 |
|
Income tax matters |
96.369 |
88.931 |
|
Joint and
Several liability in respect of joint venture projects and liquidated damages
in respect of delays in completion of projects |
Amounts Indeterminate |
|
FIXED ASSETS:
Ø Land and Land
Development
Ø Freehold
Ø Buildings
Ø Plant and
Equipments
Ø Shuttering
Equipment
Ø Construction
Vehicles
Ø Office equipments
Ø Furniture and
Fixtures
Ø Vehicles
Ø Construction site
Structures
Ø Software -
Acquired
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 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. 54.28 |
|
|
1 |
Rs. 84.23 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.