1. Summary Information
|
Country |
INDIA |
||
|
Company Name |
ENERGO
ENGINEERING PROJECTS LIMITED |
Principal Name 1 |
MR. DINESH BAHADUR SINGH |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. SUJIT DASGUPTA |
|
Registration # |
55-036554 |
||
|
Street Address |
E-42/2, OKHLA INDUSTRIAL AREA, PHASE-2, NEW DELHI – 110 020 |
||
|
Established Date |
08.06.1989 |
SIC Code |
-- |
|
Telephone# |
91-11-26385323/ 28/ 29/ 38 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-11-26385333 |
Business Style 2 |
SERVICE PROVIDER |
|
Homepage |
Product Name 1 |
MATERIAL HANDLING SYSTEMS |
|
|
# of employees |
630 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.102,450,000/- |
Product Name 3 |
-- |
|
Shareholders |
BODIES CORPORATE - 51.60% DIRECTORS OR RELATIVES OF
DIRECTORS - 45.09% OTHER TOP FIFTY SHAREHOLDERS -
3.31% |
Banking |
STATE BANK OF MYSORE |
|
Public Limited Corp. |
NO |
Business Period |
24 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
|
|
|
|
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,995,428,000 |
Current Liabilities |
1,613,504,000 |
|
Inventories |
413,009,000 |
Long-term Liabilities |
1,052,229,000
|
|
Fixed Assets |
213,153,000 |
Other Liabilities |
153,294,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,819,027,000 |
|
Invest& other Assets |
4,649,000 |
Retained Earnings |
704,762,000 |
|
|
|
Net Worth |
807,212,000 |
|
Total Assets |
3,626,239,000 |
Total Liab. & Equity |
3,626,239,000 |
|
Total Assets (Previous Year) |
1,978,104,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
5,081,381,000 |
Net Profit |
290,398,000 |
|
Sales(Previous yr) |
3,545,993,000 |
Net Profit(Prev.yr) |
220,546,000 |
MIRA INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENERGO ENGINEERING PROJECTS LIMITED (w.e.f. 22.08.2005) |
|
|
|
|
Formerly Known
As : |
ENERGO ENGINEERING PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-42/2, Okhla Industrial Area, Phase-2, New Delhi – 110 020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.06.1989 |
|
|
|
|
Com. Reg. No.: |
55-036554 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.102.450
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119DL1989PLC036554 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE1558J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
a.
Manufacturing, Supply, Civil and Erection and Commissioning of Material
Handling Systems and Balance of Power Plants b. Engineering,
Energy Audit and Other Services |
|
|
|
|
No. of Employees
: |
630 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3229000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of “Energo Infrastructure Development Corporation Limited”. It is an
established company having a satisfactory track record. The company has
achieved a better growth in its sales turnover as well as net profitability
during 2012. There appears drastic dip in its export earnings for the year
under review. However, trade
relations are fair. Business is active. Payment terms are usually correct. In view of
significant experience of the promoters, the subject 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
CARE |
|
Rating |
Long Term Bank Facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 01, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
March 01, 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.
LOCATIONS
|
Registered Office/ Marketing and Project Office : |
E-42/2, Okhla Industrial Area, Phase-2, New Delhi – 110 020,
India |
|
Tel. No.: |
91-11-26385323/ 28/ 29/ 38 |
|
Fax No.: |
91-11-26385333 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
A-57/4, Okhla Industrial Area, Phase-2, New Delhi – 110 020,
India |
|
|
|
|
Engineering Office : |
A-61/1, Okhla Industrial Area, Phase-2, New Delhi – 110 020,
India |
|
|
|
|
Factory : |
175-176, Thirumalayampalayam Village, K.G. Chavadi, Palakkad Main
Road, Road, Coimbatore – 641 105 Tamilnadu, India |
|
Tel. No.: |
91-422-2656544 |
|
Fax No.: |
91-422-2656499 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Dinesh Bahadur Singh |
|
Designation : |
Managing Director |
|
Address : |
46, Vardan Apartments, I.P. Extension, New Delhi – 110 092, India |
|
Date of Birth/Age : |
02.07.1954 |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
08.06.1989 |
|
DIN No.: |
00290481 |
|
PAN No.: |
AATPS3396L |
|
|
|
|
Name : |
Mr. Sujit Dasgupta |
|
Designation : |
Whole-Time Director |
|
Address : |
B-604, Kenwood Tower, Charmwood Village, Suraj Kund Road, Faridabad –
121 009, Haryana, India |
|
Date of Birth.Age : |
01.04.1946 |
|
Qualification : |
B. Tech. (Honours) |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
01055545 |
|
PAN No.: |
AADPG8458P |
|
|
|
|
Name : |
Mrs. Jaya Singh |
|
Designation : |
Whole-Time Director |
|
Address : |
46, Vardan Apartments, I.P. Extension, New Delhi – 110 092,
India |
|
Date of Birth/Age : |
27.10.1963 |
|
Qualification : |
CFA, Phd |
|
Date of Appointment : |
06.08.2007 |
|
DIN No.: |
00634957 |
|
PAN No.: |
AALPS1760Q |
|
|
|
|
Name : |
Mr. Lalit Mohan Gupta |
|
Designation : |
Director |
|
Address : |
G-1, Fine Home Apartment, Mayur Vihar, Phase-1, New Delhi –
110 091, India |
|
Date of Birth/Age : |
05.07.1946 |
|
Qualification : |
B.Com, F.C.A |
|
Date of Appointment : |
07.05.2010 |
|
DIN No.: |
00645505 |
|
|
|
|
Name : |
Mr. Raghu Nandan Singh |
|
Designation : |
Director |
|
Address : |
28/G, Balihar Road, Morabadi, Ranchi – 834 008, Jharkhand, India |
|
Date of Birth/Age : |
04.04.1945 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
07.05.2010 |
|
DIN No.: |
00032014 |
KEY EXECUTIVES
|
Name : |
Ms. Farhana Hasan |
|
Designation : |
Secretary |
|
Address : |
Plot A-140, Flat A-4, Shalimar Garden
Extension-2, Sahibabad – 201 005 |
|
Date of Appointment : |
23.01.2009 |
|
PAN No.: |
ACAPH5530Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Dinesh B. Singh |
2295580 |
22.41 |
|
Jaya Singh |
2030000 |
19.82 |
|
Sudhir Singh |
337500 |
3.29 |
|
Sujit Dasgupta |
252500 |
2.47 |
|
Suhasini Singh |
40000 |
0.39 |
|
Amit Singh |
2500 |
0.02 |
|
Energo Infrastructure Development Corporation Limited, India |
5286920 |
51.60 |
|
Total
|
10245000 |
100.00 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
51.60 |
|
Directors
or relatives of directors |
|
45.09 |
|
Other
top fifty shareholders |
|
3.31 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
a.
Manufacturing, Supply, Civil and Erection and Commissioning of Material
Handling Systems and Balance of Power Plants b. Engineering,
Energy Audit and Other Services |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Thermal Power
Plant BOP equipment, Structural Steel Fabrication, Boilers, Air/Gas/ Fluid Heating
Systems, Specialized Knife Gate Valves. |
Numerous Items |
N.A. (Note a) |
Not Ascertainable (Note b) |
(Note b) |
Notes
a) As none of the
Company’s products are covered under licensing requirements of the new Industrial
Policy, the licensed capacity is being treated as Not Applicable. (N.A.)
b) Installed
capacity is taken as certified by the management being a technical matter,
comprises of numerous items of different sizes and measurement units and hence
cannot be quantified. Further, capacity can be used for production of any of
the above shown items with interchangeability and utilization is contingent
upon the types of projects under execution.
GENERAL INFORMATION
|
No. of Employees : |
630 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: * 1. The Term
Loans from Banks are secured by Exclusive charge on the Fixed Assets acquired
/ to be acquired out of the term loan. 2. Loan from State Bank of Mysore and
Kotak Mahindra Bank are also secured by Personal Guarantee of Directors. 3.
The above mentioned Long terms borrowings exclude Current maturities of Long
Term Debt, classified under Other Current Liabilities. 4. The Repayment of
the Loan is scheduled as below: (Rs. in
millions)
(Rs. in
millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
221, Hans Bhawan, Bahadur Shah Zafar Marg, New Delhi – 110 002, India |
|
PAN No.: |
AAAFK0985C |
|
|
|
|
Holding Company
: |
Energo
Infrastructure Development Corporation Limited, India (CIN No.:
U72200DL2008PLC175177) |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
|
CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10245000 |
Equity Shares |
Rs.10/- each
|
Rs.102.450
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 |
|
102.450 |
101.250 |
|
(b) Reserves & Surplus |
|
704.762 |
400.563 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
15.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
807.212 |
516.813 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
58.417 |
82.946 |
|
(b) Deferred tax liabilities (Net) |
|
2.954 |
3.541 |
|
(c)
Other long term liabilities |
|
684.655 |
304.506 |
|
(d)
Long-term provisions |
|
3.528 |
3.171 |
|
Total
Non-current Liabilities (3) |
|
749.554 |
394.164 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
993.812 |
336.204 |
|
(b)
Trade payables |
|
449.235 |
317.381 |
|
(c)
Other current liabilities |
|
479.614 |
291.966 |
|
(d)
Short-term provisions |
|
146.812 |
121.576 |
|
Total
Current Liabilities (4) |
|
2069.473 |
1067.127 |
|
|
|
|
|
|
TOTAL |
|
3626.239 |
1978.104 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
213.153 |
163.837 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
4.649 |
40.170 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
60.539 |
50.067 |
|
(e)
Other Non-current assets |
|
305.556 |
115.660 |
|
Total
Non-Current Assets |
|
583.897 |
369.734 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
413.009 |
196.904 |
|
(c)
Trade receivables |
|
1236.516 |
702.958 |
|
(d)
Cash and cash equivalents |
|
707.568 |
324.708 |
|
(e)
Short-term loans and advances |
|
570.544 |
336.944 |
|
(f)
Other current assets |
|
114.705 |
46.856 |
|
Total
Current Assets |
|
3042.342 |
1608.370 |
|
|
|
|
|
|
TOTAL |
|
3626.239 |
1978.104 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
101.250 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
180.018 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
281.268 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
150.989 |
|
|
2] Unsecured Loans |
|
|
200.000 |
|
|
TOTAL BORROWING |
|
|
350.989 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3.310 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
635.567 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
95.728 |
|
|
Capital work-in-progress |
|
|
101.137 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
146.766 |
|
|
Sundry Debtors |
|
|
314.094 |
|
|
Cash & Bank Balances |
|
|
190.433 |
|
|
Other Current Assets |
|
|
18.561 |
|
|
Loans & Advances |
|
|
128.323 |
|
Total
Current Assets |
|
|
798.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
104.916 |
|
|
Other Current Liabilities |
|
|
182.591 |
|
|
Provisions |
|
|
71.968 |
|
Total
Current Liabilities |
|
|
359.475 |
|
|
Net Current Assets |
|
|
438.702 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
635.567 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5035.331 |
3530.194 |
2077.196 |
|
|
|
Other Income |
46.050 |
15.799 |
10.709 |
|
|
|
TOTAL (A) |
5081.381 |
3545.993 |
2087.905 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
372.665 |
133.018 |
|
|
|
|
Purchases of stock-in-trade |
3526.992 |
2711.565 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(57.956) |
(45.598) |
|
|
|
|
Employee benefit expenses |
141.301 |
91.082 |
|
|
|
|
Other Expenses |
470.437 |
209.167 |
|
|
|
|
TOTAL (B) |
4453.439 |
3099.234 |
1836.816 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
627.942 |
446.759 |
251.089 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
162.857 |
88.091 |
35.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
465.085 |
358.668 |
215.108 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.274 |
17.891 |
12.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
434.811 |
340.777 |
202.362 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.413 |
120.231 |
71.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
290.398 |
220.546 |
130.911 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
254.716 |
134.170 |
53.259 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
535.114 |
254.716 |
134.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6.400 |
38.800 |
14.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
28.64 |
21.78 |
14.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.71
|
6.22 |
6.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.64
|
9.65 |
9.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.01
|
17.58 |
22.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.66 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.30
|
0.81 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.51 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Other loans and advances (Short Term Unsecured Loan from Bank represents
Buyer Credit from Foreign Banks.) |
283.434 |
56.809 |
|
Total
|
283.434 |
56.809 |
HIGHLIGHTS:
The Company
continued on its growth path during this financial year as well despite a slowdown
in the core sector. The growth is evidenced by the key performance indicators
discussed below:
Ø Total income
increased by 43%
Ø EBIDTA increased
by 41%
Ø Profit after tax
(PAT) increased by 32%
Ø Earnings per
share (EPS) increased by 32%
Ø Order book
exceeded 1000 Crore mark
Ø Turnover of self manufactured goods increased by 500 %
Ø Integrated CHP
of 1330MW Power Station Commissioned
Ø Breakthrough achieved for complete EPC contract
MANAGEMENT DISCUSSIONS AND ANALYSIS
Industry Overview
The Company is
engaged in providing Material Handling Solutions across industries. The growth
of the business is contingent upon Capital Investments in user industries. The
major industries are Power, Steel, Coal, and Other Mining Industries. They have
felt a slight slowdown in the user industries as a consequence of global
economic slowdown in general and coal-supply related issues in their country in
particular. They are however optimistic that the Government of India will be
taking adequate measures to ensure ‘power for all’ and that the slowdown will
be tackled within a year’s time. The Government has set an ambitious target of
adding 100000 MW of power capacity in power plant in the 12th plan
(2012-17).
This targeted addition
in power capacity will present a huge opportunity for players like them who
have the requisite qualifications, experience and infrastructure to execute
this business and hence would result in substantial business opportunities for
the Company.
As a prudent
measure to insulate the Company against any unforeseen slow down, the Company
is also branching out into areas of water treatment involving both process
industries as well as drinking / municipal water. The Company also has
expertise in renovation and modernization of old power stations and is
concentrating on retrofitting and brown field projects, in addition to green
field projects.
Company Overview
Over the years,
the Company has developed an expertise in all the areas of project execution and
boasts of a team of professionals which is the best in the industry. The
following skills/capabilities give them an edge in delivering projects
effectively and efficiently.
Design and Engineering
Energo has an
exceptionally talented team of over one hundred engineers drawn from premier
institutions in the country who provide excellent engineering solutions in all
the required areas of specialization ranging from civil, structural, mechanical
process, electrical utility, instrumentation and controls and automations.
Manufacturing
Energo’s
manufacturing unit is located at Coimbatore (TN) in South India, close to the
15th Milestone on the main Coimbatore Cochin National Highway. This
places the facility at a convenient distance of 25km from International Airport
and 300km from the Port. Constructed on a plot-size of 9.57 acres, the factory
also has a full-fledged engineering office with the latest hardware and
software installations to meet the requirements of product design and aid in
preparation of manufacturing drawings.
The Factory is
producing a wide range of Thermal Power Plant BOP equipment including Paddle
Feeders, Travelling trippers, Conveyor Systems, Jet Pumps, Clinker Grinders,
Rotary Unloaders, Ash Conditioners, Telescopic Chutes, Bag Filters, Vent
Filters, Dust Suppression Systems, Dust Extraction Systems, Ventilation
Systems, Air/Gas/Fluid Heating Systems, Specialized Knife Gate Valves and Dome
Valves etc.
The Factory
undertakes large scale fabrication of structural steel for building structures
as well as conveyor galleries, trestles etc. Structural Steel Fabrication
Capacity of the facility is 1000 MT/month. The unit also produces boiler
pressure parts, headers, bend tubes etc.
Project Management
The projects under
execution are allocated to different project verticals headed by highly
experienced people from the industry having all round experience of project
monitoring and coordination both on site and off site. Each head of the
vertical is supported by management graduates from premier institutions of the
country and a team of able engineers. Energo uses both Primavera and MS Project
for project monitoring depending on the client’s preference. All project sites
are fully equipped with software required for MIS. The project management team
also acts as interface between supply chain management and construction site to
ensure timely procurement and supply of material at project sites.
Construction Capability
Over one hundred
engineers / supervisors are deployed at various construction sites. The Company
also has a panel of construction contractors / associates besides having the
required cranes and other equipments.
Future Plans
The Company is
focusing on the existing opportunities in material and ash handling business as
well as undertaking balance of plant and EPC contract in the power sector. With
the commissioning of its major CHP/AHP units, the Company is pre-qualified to
bid for projects of any size. In large-scale projects where the expertise
required is beyond what is available in-house, the Company has entered into
consortium arrangements.
It has already
broadened its activities by taking contracts for Mill Rejects Handling Systems
and Operation and Maintenance Services for coal/ash handling systems. The Company
also intends to increase its range of manufactured products, as well as the
range of sub-systems of BOP it executes. It has plans to undertake contracts
for setting up coal washeries, water treatment plants, cooling tower both wet
and dry and port handling equipments. The necessary tie-ups are being
considered to build up their expertise in the aforementioned fields.
Major activities
which the Company intends to enter into shortly include:
· EPC for complete
Thermal Power Plant
· EPC for total
BOP
· Cooling water
system
· Water systems
· Hydel Power
Projects
· Mining Related Activities
· ACC (air cool condenser)
International
Markets and Partnerships
During the course
of the financial year ending on 31st March 2012, there was a
significant focus on the development of partnerships with entities
complementing the Company’s range of operations, in order to participate in new
areas of business and expand into international markets.
The Company has,
over the recent past, entered into strategic tie-ups with reputed organisations
in order to improve their technical expertise and develop their credentials to
bid for new projects. Formal relationships have been entered into /
strengthened with the following entities in the form of strategic tie-ups:
· Zoomlion, China
· Hargreaves
Limited, UK - Mining / Port Operations
· Paramount
Industries - Water Systems
· Satec, U.K -
Water Systems
· Beijing Guodian Futong Science and Technology Development Company
Limited, Bejing, China
With a view to secure
support for different projects and possibly enter into MoUs in the future, they
are working with the following entities:
· Sichuan, China -
for boilers up to 200 MW
· Temak, Greece -
water systems
· Skoda Power,
Czech Rep - turbine and generator
· Shanghai- Electric, China - boilers
· EM Alliance,
Russia - boilers
· Deltares,
Netherlands - sea water intake systems
· BWE, Denmark -
boilers
· Fin Tube, Korea
- ACC
· New Fire, India
- fire fighting, fuel handling system, etc
· Harbine, China
· Franketossi,
Italy
· Ansaldo, Italy
This list of
entities reflects the intense on-going work in terms of identifying and
selecting appropriate partners for the different business areas.
On an
opportunistic basis, efforts were put in last year, and they continue to do the
same into identifying and participating in international projects:
· Nigeria - power
market is in the privatization mode; and they are identifying the right
opportunities in the power generation sector.
Identification of
strong, credible and reliable local alliances is also under progress.
· France - They
are in talks with Alstom, France for their ash handling requirements in Asia.
They hope to get a working relationship going with them this year.
· China - The
dynamic market is being evaluated for different types of partnerships
· Indonesia -
Participation in EPC as well as AHP/CHP tenders has been initiated.
· Africa - There
has been a participation in tenders for EPC of complete power plants, CHP and
AHP packages
· Malaysia - There
has been participation in AHP tenders.
· Chile - There
has been participation in AHP/CHP tenders
· Vietnam - There
has been participation in CHP and water system tenders
· Pakistan - There
has been participation in AHP/CHP tenders.
· Bangladesh - There has been participation in AHP/CHP tenders.
In addition to
bidding for projects, there has been an effort to market EEPL’s Elastomer Based
Knife-Gate Valve which is a niche product) in international markets (Chile,
Malaysia, Australia, Canada, etc).
This year, they
have also brought in special focus in Operation and Maintenance of Power Plant
Islands, such as Coal Handling, Ash handling, Mill Rejects Handling etc.. They
have already received breakthrough contracts, and are expecting a revenue
stream of approx. 500.000 millions this fiscal year.
Brand Building
The Company
embarked upon a rebranding initiative to rejuvenate its perception in the
market as an innovative, capable and lively brand to work with. The Company
redesigned its logo as part of this initiative and branding collaterals like
website, corporate film, catalogues, stationary, etc. are in the process of
being redesigned.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
a) Sales Tax Surety given in favour of Third parties |
0.050 |
0.050 |
|
b) Bank Guarantees given against Bid Bonds/ Performance/Advance |
1551.196 |
1255.277 |
|
c) Claims against the Company not acknowledged as debt |
0.652 |
0.652 |
|
d) Estimated
amount of contracts remaining to be executed on capital account and not
provided for (net of advances) |
8.507 |
7.089 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29119DL1989PLC036554 |
|
Name of the
company |
ENERGO ENGINEERING PROJECTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-42/2, Okhla Industrial Area, Phase-2, New Delhi – 110 020, India E-Mail: hasan.farhana@energoindia.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10148148 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (current
and fixed block assets) |
|
Particular of
charge holder |
State Bank of
Mysore, 3, 4 and 5, DDA Building, Nehru Place, New Delhi – 110 019, India E-Mail: nehruplace@sbm.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
02.02.2013 |
|
Amount secured by
the charge |
Rs.8000.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: As per respective
sanction letters of the Bank Terms of
Repayment: As per respective
sanction letters of the Bank Margin: As per respective
sanction letters of the Bank Extent and
Operation of the charge: The charge
operates as security as first pari passu charge on company's entire current
assets, movable assets and fixed assets, including plant and machinery,
forming part of block assets, both present and future (except for the assets
already charged exclusively or to be charged exclusively in favour of the
other lenders) and lien on FD Others: This is to secure
various fund and non fund based limits aggregating Rs.800.000 millions in
consortium (i.e. FB Rs.1000.000 millions and NFB Rs.7000.000 millions) |
|
Date of latest
modification prior to the present modification |
02.02.2013 |
|
Particulars of
the present modification |
The various limits
enhanced/modified by consortium member banks aggregating Rs.8000.000 millions
are collaterally secured by extension of equitable mortgage of immovable
property situated at 175-176, Palghat Road, K.G. Chavady, Thirumalayampalayam
Village, Madukarai, Coimbatore. |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
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.63.73 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.