MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERING PROJECTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Core 3, SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi - 110003 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.04.1970 |
|
|
|
|
Com. Reg. No.: |
55-117585 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.354.227 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL1970GOI117585 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE00097G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction and Projects related activities. |
|
|
|
|
No. of Employees
: |
434 (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 6400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated under the administrative control of department
of HEAVY INDUSTRY, Government of India. It is a well established company having a good track record. The
latest financials are not made available with the government department. As per previous year’s, the company performance seems to be high.
Financial seems to be good. Fundamental of the company appears to be health
and strong. Trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered for normal 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) |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A+ (Non Fund Based Limit) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligations. It carry moderate credit risk. |
|
Date |
December 2011 |
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 : |
Core 3, SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi – 110003, India |
|
Tel. No.: |
91-11-24361666 |
|
Fax No.: |
91-11-24362436 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Offices : |
Located at: ·
Kolkata ·
Mumbai ·
New
Delhi · Chennai ·
Guwahati |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. SPS Bakshi |
|
Designation : |
Chairman-cum-Managing Director |
|
Date of Appointment : |
05.02.2009 |
|
DIN No.: |
02548430 |
|
|
|
|
Name : |
Mr. A.K. Verma |
|
Designation : |
Director (Finance) |
|
Date of Appointment : |
01.02.2011 |
|
DIN No.: |
03428630 |
|
|
|
|
Name : |
Mr. R. Asokan |
|
Designation : |
Director, IF Wing, DHI |
|
|
|
|
Name : |
Mr. Niraj Kumar |
|
Designation : |
Director, DHI |
|
|
|
|
Name : |
Dr. K.S. Rao |
|
Designation : |
Independent Director |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
03383447 |
KEY EXECUTIVES
|
Name : |
AGB and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
1st Floor, 970, Sector-21D, Faridabad-121001, NCT of Delhi, India |
|
Tel. No.: |
91-129-4080970 |
|
Mobile No.: |
91- 9811386723/ 9873186723 |
|
E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Construction and Projects related activities. |
GENERAL INFORMATION
|
No. of Employees : |
434 (Approximately) |
|
|
|
|
Bankers : |
·
Allahabad Bank ·
Bank of Baroda ·
Canara Bank ·
HDFC Bank ·
Corporation Bank ·
Dena Bank ·
IDBI Bank ·
State Bank of India ·
State Bank of Hyderabad ·
Syndicate Bank ·
Union Bank of India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
L-41, Connaught Circus, New Delhi-110001, India |
|
|
|
|
Branch Auditors 1 : |
|
|
Name : |
G.P. Agrawal
and Company Chartered Accountants |
|
Address : |
7-A Kiran Shankar Ray Road, Kolkata- 700 001, West Bengal, India |
|
|
|
|
Branch Auditors 2 : |
|
|
Name : |
Singavi
Oturkar and Kelkar Chartered Accountants |
|
Address : |
609, ‘B’ Wing, Gurukrupa Building, Opposite Plaza Cinema, N.C. Kelkar Road,
Dadar (West), Mumbai - 400028, Maharashtra, India |
|
|
|
|
Branch Auditors 3 : |
|
|
Name : |
Sekar and
Mohan Chartered Accountants |
|
Address : |
Shop No.18, First Floor, Natesan street, T. Nagar, Chennai - 600017, Tamilnadu, India |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
909404600 |
Equity Shares |
Rs.10/- each |
Rs.9094.046 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35422688 |
Equity Shares |
Rs.10/- each |
Rs.354.227 Millions |
|
|
|
|
|
Note:
During the year, the Company sub-divided each equity share of Rs.38.95 into 3.895 equity shares of Rs.10.00 each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
354.227 |
354.227 |
354.227 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1250.743 |
1182.574 |
865.052 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1604.970 |
1536.801 |
1219.279 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1604.970 |
1536.801 |
1219.279 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.982 |
48.665 |
44.410 |
|
|
Capital work-in-progress |
35327.982 |
25784.262 |
24883.553 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
85.202 |
86.826 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.283
|
10.128 |
0.893 |
|
|
Sundry Debtors |
1312.985
|
1326.320 |
1567.250 |
|
|
Cash & Bank Balances |
3026.592
|
2298.003 |
1534.821 |
|
|
Other Current Assets |
25.666
|
21.315 |
56.268 |
|
|
Loans & Advances |
15877.566
|
12287.604 |
9945.269 |
|
Total
Current Assets |
20261.092
|
15943.370 |
13104.501 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13522.689
|
10459.624 |
8711.611 |
|
|
Other Current Liabilities |
40124.874
|
29474.858 |
27755.402 |
|
|
Provisions |
471.725
|
391.840 |
346.172 |
|
Total
Current Liabilities |
54119.288
|
40326.322 |
36813.185 |
|
|
Net Current Assets |
(33858.196)
|
(24382.952) |
(23708.684) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1604.970 |
1536.801 |
1219.279 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Value of work done |
11035.508 |
10615.328 |
9577.074 |
|
|
|
Claims received |
31.458 |
6.330 |
68.522 |
|
|
|
Other income |
46.089 |
35.592 |
69.680 |
|
|
|
Excess provision/ liabilities written back |
27.470 |
29.176 |
2.972 |
|
|
|
Interest income |
145.354 |
178.266 |
176.796 |
|
|
|
TOTAL (A) |
11285.879 |
10864.692 |
9895.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Direct expenditure |
10512.700 |
10088.711 |
9039.463 |
|
|
|
Claims paid |
8.143 |
6.297 |
38.051 |
|
|
|
Administrative expenditure |
514.648 |
455.370 |
433.164 |
|
|
|
Provision for doubtful advances |
0.000 |
3.849 |
0.094 |
|
|
|
Prior period adjustments |
0.496 |
6.401 |
97.386 |
|
|
|
Foreign exchange fluctuation (net) |
0.000 |
0.000 |
1.011 |
|
|
|
TOTAL (B) |
11035.987 |
10560.628 |
9609.169 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
249.892 |
304.064 |
285.875 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.611 |
24.281 |
21.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
231.281 |
279.783 |
264.405 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.504 |
5.528 |
7.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
225.777 |
274.255 |
256.589 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
75.270 |
(125.880) |
32.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
150.507 |
400.135 |
224.355 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1085.865 |
800.842 |
679.372 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
70.845 |
70.845 |
35.423 |
|
|
|
Corporate dividend tax |
11.492 |
11.767 |
12.040 |
|
|
|
General reserve |
15.000 |
32.500 |
20.000 |
|
|
|
Interim dividend |
0.000 |
0.000 |
35.422 |
|
|
BALANCE CARRIED
TO THE B/S |
1139.033 |
1085.865 |
800.842 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Design and Consultancy |
|
1.703 |
5.084 |
|
|
|
Other Earnings |
|
0.000 |
4.334 |
|
|
TOTAL EARNINGS |
NA |
1.703 |
9.418 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.25 |
11.30 |
24.67 |
|
%20LIMITED%20-%20206289%2012-Jan-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.33 |
3.68 |
2.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.05 |
2.58 |
2.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11 |
1.71 |
1.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
33.72 |
26.24 |
30.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37 |
0.40 |
0.36 |
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 |
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 |
No |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
FINANCIAL HIGHLIGHTS:
During the year 2010-11, the Company has achieved turnover of Rs. 11036.900 Millions as against previous year turnover of Rs.10619.900 Millions. It earned gross margin of Rs. 249.900 Millions and after charging depreciation of Rs. 5.500 Millions and interest of Rs. 18.600 Millions, there is net profit before tax of Rs. 225.800 Millions.
BOARD OF DIRECTOR
Mr. S.P.S. Bakshi (52 years) Mr. S.P.S. Bakshi joined EPI as Chairman-cum-Managing Director in
February, 2009. Mr. Bakshi is a Post Graduate in Highways and Trans.
Engineering and MBA in Human Resource Development. He is a Fellow Member of the
Institution of Engineers (India) and a Member of the Institute of
Transportation Engineers, USA. Mr. Bakshi has a rich and comprehensive
experience of 30 years in the field of Project Planning and Management with
special reference to Implementation of Mega Buildings and Airports and Highway
Projects on turnkey basis. He has also handled projects on Public
Private Partnership basis. Before joining EPI, Mr. S.P.S. Bakshi has worked at senior positions in Airports
Authority of India and National Highways Authority of India. He has handled major Infrastructure Airports
and Highways Projects of national
importance.
Mr. A.K. Verma (51 Years) Mr. A.K. Verma joined EPI as Director (Finance) on 1st February, 2011. He has rich experience of about 30 years in Finance, Accounts and Auditing fields. He holds qualification of M.Com, MBA, LL.B and is also a fellow member of the Institute of Cost and Works Accountants of India. Mr. Verma has been associated in various Railways, Highways, Buildings projects in the nature of Turnkey, Items rates, Cost Plus/Deposit work in India and abroad. Mr. Verma has rich and comprehensive experience in the field as costing of cash projects including financial modeling for BOT/Annuity/Concession projects, project financing, finalization of accounts for construction companies, budget and budgetary control tools, foreign currency hedging and cross currency risk. Before joining EPI, Mr. Verma has worked with IRCON International Limited and various other Public Sector companies.
Mr. R. Asokan (54 years) Mr. R. Asokan is Director, Integrated Finance Wing, Department of Heavy Industry, Government of India. He joined the Board of EPI as Nominee Director w.e.f 01.02.08. Mr. Asokan is a Cost and Works Accountant and Post graduate in Commerce. Prior to his tenure in Department of Heavy Industry, Mr. Asokan has worked in Department of Economic Affairs, Deptt of Industrial Policy and Promotion (BICP, Tariff Commission), Deptt of Expenditure, Deptt of Company Affairs and Deptt of Fertilizers. Before joining Indian Cost Accounts Services in 1989, Mr. Asokan has worked for 9 years with Neyveli Lignite Corporation Limited Mr. Asokan is also Nominee Director on the Board of Cement Corporation of India, Bharat Bhari Udyog Nigam Limited, NEPA Limited, Andrew Yule and Company Limited and Hindustan Paper Corporation Limited
Mr. Niraj Kumar (45 years) Mr. Niraj Kumar is Director, Department of Heavy Industry Govt. of India. He joined the Board of EPI on 17th August, 2011 as Nominee of Govt. of India. Mr. Kumar is from Indian Postal Service, 1992 Batch. He is a B.Sc. (Geology) from Patna University. During his service in the Department of Posts, he has worked in different parts of the country including Rajasthan, Tamil Nadu. In the year 2002 he joined Raipur as Director, Postal Services, Chhattisgarh Circle. In 2004, he joined as Director in the Ministry of Communications and IT, Department of Posts at Dak Bhawan, New Delhi. He also worked as Additional General Manager, Business Development and Marketing Directorate. Mr. Kumar has also represented the country in various seminars/conferences conducted abroad.
Dr. K.S. Rao (53 Years) Dr. K.S. Rao, Professor, Department of Commerce and Management Studies, Andhra University, Visakhapatnam joined EPI, as an Independent Director on 16th December, 2010. He has rich and comprehensive experience of 26 years in the field of Teaching and Research. He is Life Member in “All India Commerce Association” and “Commerce Association of Kerala”. He is also a member of “Research Development Association” and “Indian Accounting Association”. Dr. K. Sambasiva Rao has been awarded with “UGC career Award”. He served as a member in various working group meetings for development of instructional material organized by PSSCIVE (NCERT Wing). He is also a Governing Body Member in various Degree Colleges affiliated to Andhra University
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The global economy continues to recover admist ongoing policy support and improving financial market conditions. The recovery process was led by emerging economies especially in Asia as growth remained weak in advanced economies. The global economies continued to face challenges such as high level of unemployment, inflation, oil price etc. Despite the sign of renewed activity in manufacturing and initial improvement in retail sales, the economic recovery in Europe was clouded by acute fiscal strains in some countries.
During 2010-11, their economy grew at 8.6% and growth is expected to be around 9% in next fiscal year. The growth has been broad based with a rebound in the agriculture sector even manufacturing and services have registered impressive gain. Saving and Investment has been rising. However, food inflation, higher commodity prices and volatility in global commodity market have been areas of concerns. To sustain this momentum of growth, substantial investment in infrastructure sector is required and expansion in investment in infrastructure including housing will drive the construction industry. It is expected that construction industry shall grow by 10%. Govt. has kept a target of spending Rs.2.14 lakh crore in the infrastructure sector amounting to 48.5% of Govt. Budgetary Support 2011-12.
The level of investment and capacity addition in first three years of the XIth Plan vis - a - vis a financial and physical performance present an optimistic outlook. However, for time bound capacity addition embodying value for money certain challenges need to be overcome.
OUTLOOK
As per revised estimates of Eleventh plan, investment in infrastructure sector is likely to be Rs. 20542050.000 crore. Further, a preliminary assessment suggest that investment in infrastructure during Twelfth Plan would be around Rs. 40992400.000 crore. This would open up the opportunities for the Company in the areas like Roads and Bridges, Irrigation, Water Supply and Sanitation, Ports etc.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO THE OPERATIONAL PERFORMANCE
The turnover of the Company increased by 3.93% over the previous year from Rs.10619.900 Millions to Rs.1103.
6.900 Millions in 2010-11, the gross margin reduced from Rs.304.100 Millions to Rs.249.900 Millions in 2010-11. The net profit before tax also reduced to Rs.225.800 Millions in 2010-11 from Rs.274.200 Millions in the previous year on account of increase in gratuity limits, loss of PF Trust and decrease in income from interest. As a result, the net worth of the Company increased from Rs.1536.800 Millions in 2009-10 to Rs.1605.000 Millions in 2010-11.
The authorised and paid-up share capital of the Company remains at Rs.9094.000 Millions and Rs.354.200 Millions respectively. During the year 2010-2011, the equity shares of Rs. 389.500 each was splitted into equity share of Rs.10 each. As a result of splitting of the share, the fractions of shares were created for which shareholders trust has been created. The trust shall be responsible for the safe custody of the shares and the benefits accrued till shares of the Company are listed on the Stock Exchange.
Further, EPI was converted into Public Limited Company w.e.f. 9th December, 2010 and Memorandum and Articles of Association were revised accordingly and shares of the Company have been dematerialized with National Securities Depository Limited (NSDL).
The Board has proposed a dividend of 20% of paid up capital.
CONTINGENT LIABILITY:
a) Sales
Tax/Works Contract tax demand in respect of completed assessments under
dispute/appeal, amounting to Rs. 46.845 Millions (previous year Rs. 46.845
Millions) against which an amount of Rs. 8.028 Millions (previous year Rs.
7.826 Millions) has been deposited with the respective authorities.
b) Guarantees issued by banks in favour of various clients on behalf of the Company Rs. 4868.659 Millions (previous year Rs. 4687.155 Millions).
c) Indemnity bonds issued to clients Rs. 360.256 Millions (previous year Rs. 276.156 Millions).
d) Corporate guarantees issued to clients Rs. 96.700 Millions (previous year Rs. 10.000 Millions)
e) Claims against the Company not acknowledged as debts Rs. 6297.796 Millions (previous year Rs. 6120.463 Millions).
FIXED ASSETS:
· Leasehold Land
· Building – Leasehold
· Building – Freehold
· Construction Equipment
·
Furniture
and Fixture
·
Office
Equipment
· Data Processing Machine and Computers
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.