|
Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
L AND T – MHI TURBINE GENERATORS PRIVATE LIMITED (w.e.f. 22.11.2007) |
|
|
|
|
Formerly Known
As : |
L AND T TURBO GENERATOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, P. O. Box 278, Mumbai – 400001,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166541 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2501.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31101MH2006PTC166541 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06873G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2729F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Super Critical Steam Turbine and Generators For Power
Plant. |
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between “Larsen & Toubro” and Mitsubishi
Electric Corporation, Japan. It is a well established company having fine
track record. There appear some accumulated losses recorded by the company in FY
2011-12. External borrowings appear to be very huge and increasing over
previous years. However, the ratings also take into consideration the recent
huge order worth Rs.56800.000 Millions bagged by the company. Trade relations are fair. Business is active. Payment terms are
regular. In view of financial, technical and managerial support from the well
experienced venture companies, the subject can be considered good 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A+ |
|
Rating Explanation |
Adequate Degree of safety and low credit
risk. |
|
Date |
12.06.2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE.
Contact No.: 91-22-67525656
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, P. O. Box 278, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893/ 67525858 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Hazira Manufacturing Complex, Gate No. 8, West Side, Surat Hazira
Road, Post Bhatha, Surat – 394510, Gujarat, India |
|
|
|
|
Marketing Office : |
1st Floor, Pankaj Building, Opposite GEB Substation, N.H. 8
Chhani Road, Vadodara – 391740, Gujarat, India |
|
Tel No.: |
91-265-2451600 |
DIRECTORS
(AS ON 27.08.2012)
|
Name : |
Mr. Ravi Uppal |
|
Designation : |
Chairman |
|
Address : |
No.484, 9th Main, 3rd Cross, Hal II, Stage,
Indiranagar, Bangalore-560008, Karnataka, India |
|
Date of Birth/Age : |
09.05.1952 |
|
Date of Appointment : |
17.02.2009 |
|
DIN No.: |
00025970 |
|
|
|
|
Name : |
Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2 33 13, Shiroyamadai, Nagasaki Shi, Nagasaki Ken, Nagasaki, Japan |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
23.12.2008 |
|
DIN No.: |
01585780 |
|
|
|
|
Name : |
Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-4-4-501, Kamioooka-Nishi, Konan-Ku, Yokohama-Shi, Kanagawa-Ken,
Japan |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
01585730 |
|
|
|
|
Name : |
Sravankumar Venkata Satya Yeleswarapu |
|
Designation : |
Director |
|
Address : |
Flat No.801, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1960 |
|
Date of Appointment : |
26.01.2012 |
|
DIN No.: |
01080060 |
|
|
|
|
Name : |
Hideshi Kawamoto |
|
Designation : |
Director |
|
Address : |
Koudagou, 1196-135, Nagayocho, Nishisonokigun, Japan |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.04.2012 |
|
Din No.: |
05256959 |
|
|
|
|
Name : |
Mr. Subrat Kumar Das |
|
Designation : |
Whole Time Director |
|
Address : |
No.52, Ashirwad Bunglows, Near Rajhans Cinema, Dumas Road, Surat – 395007,
Gujarat, India |
|
Date of Birth/Age : |
17.03.1952 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No.: |
05283783 |
|
|
|
|
Name : |
Hisashi Fukuda |
|
Designation : |
Whole Time director |
|
Address : |
1-7-250, OONO-CHO, Kanagawa-KU, Yokohama, Japan 22100550 |
|
Date of Birth/Age : |
24.01.1959 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No.: |
05283782 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Mehta |
|
Designation : |
Company Secretary |
|
Address : |
9, Navratan Baug, Indore-452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
01.03.2011 |
|
Pan No.: |
ABAPM8233E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mitsubishi Heavy Industries Limited, Tokyo |
|
97539000 |
|
Mitsubishi Electric Corporation, Tokyo |
|
25010000 |
|
Larsen and Toubro Limited, India |
|
127551000 |
|
|
|
|
|
Total |
|
250100000 |
(AS ON 04.05.2013)
|
Names of Allottee |
|
No. of Shares
Allotted |
|
|
|
|
|
Larsen and Toubro Limited, India |
|
20400000 |
|
Mitsubishi Heavy Industries Limited, Tokyo |
|
19600000 |
|
|
|
|
|
Total |
|
40000000 |
(AS ON 22.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
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 : |
Manufacturer of Super Critical Steam Turbine and Generators For Power
Plant. |
GENERAL INFORMATION
|
No. of Employees : |
1200 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai-400020, Maharashtra, India |
|
PAN No.: |
AAAFS2967E |
|
|
|
|
Joint Ventures : |
· Mitsubishi Heavy Industries Limited, Japan · Mitsubishi Electric Corporation, Japan |
|
|
|
|
Holding Company : |
· Larsen and Toubro Limited, India [L99999MH1946PLC004768] |
|
|
|
|
Fellow Subsidiary : |
·
L and T-Valdel Engineering Limited, India [U74210KA2004PLC035094] ·
L and T-MHI Boilers Private Limited, India [U29119MH2006PTC165102] ·
Larsen and Toubro Infotech Limited, India [U72900MH1996PLC104693] ·
L and T-Sargent and Lundy Limited, India [U74210MH1995PLC088099] ·
L and T Power Limited, India [U40100MH2006PLC160413] ·
EWAC Alloys Limited, India [U74999MH1962PLC012315] · L&T Special Steels and Heavy Forgings Private Limited, India [U27109MH2009PTC193699] |
CAPITAL STRUCTURE
(AS ON 27.08.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each |
Rs.3900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380600000 |
Equity Shares |
Rs.10/- each
|
Rs.3806.000
Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each |
Rs.3900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250100000 |
Equity Shares |
Rs.10/- each
|
Rs.2501.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2501.000 |
2501.000 |
|
(b) Reserves & Surplus |
|
(1172.005) |
(955.990) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
1328.995 |
1545.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
8707.284 |
5268.408 |
|
(b) Deferred tax liabilities (Net) |
|
246.232 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
8953.516 |
5268.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1635.627 |
0.000 |
|
(b)
Trade payables |
|
12351.682 |
9615.340 |
|
(c)
Other current liabilities |
|
4363.230 |
4938.441 |
|
(d)
Short-term provisions |
|
365.945 |
532.861 |
|
Total
Current Liabilities (4) |
|
18716.484 |
15086.642 |
|
|
|
|
|
|
TOTAL |
|
28998.995 |
21900.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6891.293 |
4969.653 |
|
(ii)
Intangible Assets |
|
147.030 |
157.309 |
|
(iii)
Capital work-in-progress |
|
1341.910 |
1620.489 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
577.999 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
1327.875 |
1472.739 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
10286.107 |
8220.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
312.159 |
|
(b)
Inventories |
|
247.956 |
51.208 |
|
(c)
Trade receivables |
|
5910.980 |
1528.362 |
|
(d)
Cash and cash equivalents |
|
(16.825) |
129.056 |
|
(e)
Short-term loans and advances |
|
1360.080 |
3220.256 |
|
(f)
Other current assets |
|
11210.697 |
8438.829 |
|
Total
Current Assets |
|
18712.888 |
13679.870 |
|
|
|
|
|
|
TOTAL |
|
28998.995 |
21900.060 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1501.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(760.384) |
|
|
NETWORTH |
|
|
740.616 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
1386.626 |
|
|
TOTAL BORROWING |
|
|
1386.626 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2127.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
309.111 |
|
|
Capital work-in-progress |
|
|
2515.056 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1120.355 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
12.858 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
130.921 |
|
|
Other Current Assets |
|
|
3359.183 |
|
|
Loans & Advances |
|
|
2102.517 |
|
Total
Current Assets |
|
|
5605.479 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
3846.109 |
|
|
Other Current Liabilities |
|
|
3570.192 |
|
|
Provisions |
|
|
6.458 |
|
Total
Current Liabilities |
|
|
7422.759 |
|
|
Net Current Assets |
|
|
(1817.280) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2127.242 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Revenue) |
12323.845 |
11352.367 |
4276.023 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
395.673 |
(151.438) |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
732.666 |
39.639 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(336.993) |
(191.077) |
(637.429) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
412.355 |
94.119 |
11.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(749.348) |
(285.196) |
(648.963) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
577.999 |
0.000 |
0.048 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(171.349) |
(285.196) |
(649.011) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(978.837) |
(693.641) |
(44.630) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1150.186) |
(978.837) |
(693.641) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
4.819 |
0.000 |
0.836 |
|
|
TOTAL EARNINGS |
4.819 |
0.000 |
0.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.69) |
(1.80) |
(4.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.77)
|
(1.41) |
(10.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.56)
|
(0.18) |
(0.88) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.78
|
3.41 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.91 |
0.76 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
|
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
External Commercial Borrowings (ECB’s) (Repayable in 6 equal Half yearly installments commencing from
15/03/2017 and ending on 15/09/2019) |
8707.284 |
5268.408 |
|
|
|
|
|
Total |
8707.284 |
5268.408 |
FINANCIAL AND PERFORMANCE OF THE COMPANY:
During the year, the
Company has made a good progress in completion of customer projects. The
revenue has increased by 8.5% to Rs.12323.845 Millions as against Rs.11352.367
Millions in the previous year. The Company was not able to secure any major
orders during the year because of current market scenario, however due to
sustained effort from the Management to remain competitive in the market has
resulted in improvements in the manufacturing processes, supply chain
initiatives and able to achieve a reasonable Operating Margin during the year.
However, a mark-to-marketloss (MTM) on term loans has resulted in bringing down
the margin significantly.
The Company has
fully completed the phase I of the manufacturing facility establishment and
made good progress in the phase II program during the year at Hazira, Surat.
The Company has received ISO 14001:2004 certification for Environmental
Management Systems and OHSAS 18001:2007 certification for Occupational Health
and Safety Management Systems. Further, the Company has increased the talent
pool and trained the employees to absorb the manufacturing technology at a
faster pace. The Company is exploring the possibilities of Export and
Renovation and Modernization business and is confident of improving the
performance in the coming years.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10240270 |
23/09/2011 * |
12,500,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B22575625 |
* Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Electric Equipments
· Air Conditioners
· Tools, Jigs and Fixtures
· Computer
NEWS:
L & T’S POWER EQUIPMENT BIZ AWAITS MORE
ORDERS
Mumbai – April 2, 2013
Larsen and Toubro's super-critical power equipment business, whose break-even was delayed by a year-and-a-half, got a breather today. After a gap of nearly two years, the capital goods company has bagged an order worth Rs.56800.000 Millions, its biggest order yet, from Rajasthan Vidyut Utpadan Nigam.
The order involves supply of equipment as well as the civil construction work for a 1,320 megawatt power plant to be set up at Chhabra in the Baran District in Rajasthan. Even this order, however, does not ensure that the power equipment business would achieve a breakeven.
The company had forged a joint venture with Japanese major Mitsubishi to produce environment friendly super-critical equipment, under the name L&T-MHI Turbine Generators (LMTG) in 2007. The JV hoped to bag orders as private power producers who were expanding then, but many orders were lost to Chinese companies.
“We are on the threshold of a break-even. This order alone is not enough. We have to bag another order of similar value for break-even," said Shailendra N Roy, whole-time director of the company. The company, which has a capacity of 5,000 megawatts, is capable of executing 50% more orders, than it currently has. Its facility in Surat, Gujarat also has an option to increase its capacity by another 1,000 megawatts, which has not been utilised due to low ordering. After the Rajasthan order, the facility has L&T now has orders for supply and installation of 26 super-critical steam generators and steam turbine generators.
The last large order that was won by L&T MHI was from JP Power for its 1,320 megawatts power plant Madhya Pradesh around two years back. After that they bagged a small balance of plant job from the Dainik Bhaskar group. While orders from private power generators have dried up due to worries over coal supply, L&T is banking on orders from state-owned utilities.
It expects as many as eight state utilities are expected to announce their orders in the current financial year. It has already bid for three of these tenders which have already been announced, and is known to be the lowest bidder of yet another 1,320 megawatts order for boilers from NTPC. This news, however, was not confirmed by the company.
Last month, rating agency CRISIL revised outlook on the business of L&T Mitsubishi joint venture to 'negative', while re-affirming its rating at 'A+', indicating low-credit risk for its long-term loans of Rs.15000.000 Millions.
The agency had revised its rating due to its shrinking order book. “The slowdown in investments in new power plants is leading to fewer orders for the company; competition from both domestic and international peers has also intensified," the rating agency said, in its report.
CRISIL had said that LMTG is likely to receive a new order in its report released before the announcement. Yet, it believed that the order book is expected to remain significantly lower than earlier expected. This low ordering, would adversely impacting the company’s revenues as well as profitability.
“LMTG is likely to take longer to achieve breakeven; its capital structure and debt protection metrics will remain constrained over the medium term, given the continued pressure on its profitability and the increased debt levels," the report said.
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.61.54 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.