MIRA
INFORM REPORT
|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
L AND T – MHI BOILERS PRIVATE LIMITED (w.e.f.18.04.2007) |
|
|
|
|
Formerly Known
As : |
L AND T BOILERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.10.2006 |
|
|
|
|
Com. Reg. No.: |
11-165102 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2201.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH2006PTC165102 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2635C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Designer of Super Critical Steam Generators. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between Larsen Toubro Limited, India and
Mitsubishi Heavy Industries Limited, Japan. It is a well established and reputed company having fine track record.
There appear some accumulated losses recorded by the company which seems to
be reducing over the years. The company receives good operational and
financial support from the Group Companies. Directors are reported to be well
experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
18.03.2013 |
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 BY
|
Name : |
Mr. Anand Vade |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-67525617 |
|
Date : |
16.07.2013 |
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
|
Tel. No.: |
91-22-67525617 / 67525656 |
|
Mobile No.: |
91-9913605561 [Mr. Anand Vade] |
|
Fax No.: |
91-22-67525893 / 67525858 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office ; |
L and T Technology Centre, 1st Floor, Pankaj Building, NH-8, |
|
Tel. No.: |
91-265-2451600 / 2600 |
|
Fax No.: |
91-265-2452224 |
|
Website |
|
|
|
|
|
Factory: |
Hazira Manufacturing Complex-West, |
|
Tel No.: |
91-261-2808500 |
|
Fax No.: |
91-261-2808641 |
|
|
|
|
Engineering and Marketing Office : |
|
|
Tel No.: |
91-129-4291000 |
|
Fax No.: |
91-129-4291222 |
|
E-mail : |
DIRECTORS
AS ON 27.08.2012
|
Name : |
Mr. Ravi Uppal |
|
Designation : |
Director |
|
Address : |
No. 484, 9th Main, 3rd Cross, HAL II Stage,
Indira Nagar, Bangalore - 560008, Karnataka, India |
|
Date of Birth/Age : |
09.05.1952 |
|
Date of Appointment : |
17.02.2009 |
|
DIN No.: |
00025970 |
|
|
|
|
Name : |
Mr. Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2-33-13, Shiroyamadai, Nagasakishi, Nagasaki-ken, |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
28.05.2007 |
|
DIN No.: |
01585780 |
|
|
|
|
Name : |
Mr. Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-18-11, Daiyarando, Nagasakishi, Nagasaki-Ken, |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
28.05.2007 |
|
DIN No.: |
01585730 |
|
|
|
|
Name : |
Mr. Amarjit Lamba Singh |
|
Designation : |
Whole-time director |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
24.05.2012 |
|
DIN No.: |
05284078 |
|
|
|
|
Name : |
Mr. 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 : |
27.01.2012 |
|
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 : |
Hidetoshi Aiki |
|
Designation : |
Whole-time director |
|
Address : |
Ono-Cho-1-7-7-6, Kanagawaku, Yokohama, Japan |
|
Date of Birth/Age : |
01.08.1957 |
|
Date of Appointment : |
24.05.2012 |
|
DIN No.: |
05284075 |
KEY EXECUTIVES
|
Name : |
Mr. Kundan Jha |
|
Designation : |
Assistant to Chief Executive Officer |
|
|
|
|
Name : |
Mr. Amarjit Singh Lamba |
|
Designation : |
Manager |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
14.07.2008 |
|
PAN No.: |
AAAPL1048B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
119391000 |
|
Mitsubishi Heavy Industries Limited, |
|
114709000 |
|
Total |
|
234100000 |
AS ON 31.08.2012
|
Names of Allottees |
|
No. of Shares |
|
Larsen and Toubro Limited, India |
|
7140000 |
|
Mitsubishi Heavy Industries Limited, |
|
6860000 |
|
Total |
|
14000000 |
AS ON 27.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
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 and Designer of Super Critical Steam Generators. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pressure parts for Super Heated Water boilers |
Metric Tonnes |
Not Available |
6875 |
832.03 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
|||||||||||||||
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|
|||||||||||||||
|
Bankers : |
Ø Canara Bank,
104, Jyoti Commercial Complex, Near Shyamal Cross Road, Vejalpur, Ahmedabad –
380015, Gujarat, India Ø Kotak Mahindra Bank
Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021,
Maharashtra, India Ø ICICI Bank
Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat,
India |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
|
|||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
742, Parsi Colony, Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India |
|
Tel. No.: |
91-22-22047722/ 23/ 66338343/ 47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS2967E |
|
|
|
|
Holding Company : |
Ø Larsen and
Toubro Limited [L99999MH1946PLC004768] Ø Mitsubishi Heavy
Industries Limited |
|
|
|
|
Fellow Subsidiary : |
Ø L and T-MHI
Turbine Generators Private Limited [U31101MH2006PTC166541] Ø L and T-Sargent
and Lundy Limited [U74210MH1995PLC088099] Ø L and T
Infrastructure Finance Company Limited [U67190TN2006PLC059527] Ø L and T Howden
Private Limited [U31401MH2010PTC204403] Ø Larsen and
Toubro Infotech Limited [U72900MH1996PLC104693] Ø L and T Special
Steel and Heavy Forgings Private Limited [U27109MH2009PTC193699] Ø L and T Power
Development Limited [U40101MH2007PLC174071] Ø L and T-Komatsu
Limited [U29119MH1997PLC109700] Ø Nabha Power
Limited [U40102PB2007PLC031039] Ø Mitsubishi Heavy
Industries India Private Limited [U29299DL2005PTC133062] Ø Ewac Alloys
Limited [U74999MH1962PLC012315] |
CAPITAL STRUCTURE
AS ON 27.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
234,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2341.000
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220100000 |
Equity Shares |
Rs. 10/- each |
Rs. 2201.000
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 |
|
2201.000 |
2201.000 |
|
(b) Reserves & Surplus |
|
(907.320) |
(1045.383) |
|
(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) |
|
1293.680 |
1155.617 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4807.177 |
2107.555 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
4807.177 |
2107.555 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.001 |
0.000 |
|
(b) Trade payables |
|
4619.171 |
1879.690 |
|
(c) Other current liabilities |
|
20880.299 |
20847.017 |
|
(d) Short-term provisions |
|
36.190 |
31.721 |
|
Total Current Liabilities
(4) |
|
25535.661 |
22758.428 |
|
|
|
|
|
|
TOTAL |
|
31636.518 |
26021.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4585.263 |
2616.031 |
|
(ii) Intangible Assets |
|
61.933 |
59.114 |
|
(iii) Capital work-in-progress |
|
276.501 |
388.045 |
|
(iv) Intangible assets under development |
|
143.147 |
143.147 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
77.289 |
627.978 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
5144.133 |
3834.315 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
985.630 |
3298.326 |
|
(b) Inventories |
|
3682.379 |
2157.080 |
|
(c) Trade receivables |
|
14411.788 |
2778.238 |
|
(d) Cash and cash equivalents |
|
218.599 |
1435.834 |
|
(e) Short-term loans and advances |
|
3729.157 |
3856.342 |
|
(f) Other current assets |
|
3464.832 |
8661.465 |
|
Total Current Assets |
|
26492.385 |
22187.285 |
|
|
|
|
|
|
TOTAL |
|
31636.518 |
26021.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1501.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
(69.404) |
|
|
4] (Accumulated Losses) |
|
|
(494.812) |
|
|
NETWORTH |
|
|
936.784 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
392.552 |
|
|
TOTAL BORROWING |
|
|
392.552 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1329.336 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1254.233 |
|
|
Capital work-in-progress |
|
|
775.549 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2845.883 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
7.147
|
|
|
Sundry Debtors |
|
|
418.635
|
|
|
Cash & Bank Balances |
|
|
1407.263
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
691.283
|
|
Total
Current Assets |
|
|
2524.328
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
403.504
|
|
|
Other Current Liabilities |
|
|
5650.262
|
|
|
Provisions |
|
|
16.891
|
|
Total
Current Liabilities |
|
|
6070.657
|
|
|
Net Current Assets |
|
|
(3546.329)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1329.336 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
24478.700 |
10642.400 |
338.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
24145.000 |
11054.400 |
620.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
333.700 |
(412.000) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
222.700 |
111.600 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
111.000 |
(523.600) |
(282.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
111.000 |
(523.600) |
(282.800) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(1018.400) |
(521.800) |
N.A. |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(907.400) |
(1018.400) |
(521.800) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
18031.300 |
129.800 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.50 |
(2.37) |
(2.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.45
|
(4.92)
|
(83.67)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
(2.34)
|
(7.48)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
(2.06)
|
(0.30)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.71
|
1.82
|
0.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.98
|
0.42
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
PERFORMANCE OF THE COMPANY
The gross sales
and other income for the financial year were Rs. 24478.700 Millions as against Rs.
10642.400 Millions for the previous financial year registering an increase of
130%.
The profit after
tax for the financial year was Rs. 111.000 Millions as against losses of (-)
Rs. 523.600 Millions for the previous financial year.
The manufacturing facility
of the Company at Hazira, Surat has completed installation and commissioning of
machinery required for achieving production of 4GW per annum and has also
increased its talent pool to meet the challenges of its growing business
opportunities. The continuous focus on training of people and adopting best
manufacturing processes are expected to add significantly to its ability to
meet the requirements of complex jobs. The Company has been recommended for ISO
14001:2004 certification for Environment Management Systems. The Company has
been certified with OHSAS 18001:2007 certification for Occupational Health and
Safety Management Systems and Certificates of Authorization from ASME. The
current order book position is healthy.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29119MH2006PTC165102 |
|
Name of the
company |
L AND T – MHI BOILERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House, Ballard Estate, Mumbai - 400001, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10244456 |
|
Type of charge |
Book debts Others [Current assets] |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman
Point, Mumbai - 400021, Maharashtra, India Email: snowin.dsouza@kotak.com
CIN No.: L65110MH1985PLC038137 |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
23.03.2012 |
|
Amount secured by
the charge |
Rs. 5000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the terms
in the Bank's Sanction letter Terms of Repayment As per the terms in
the Bank's Sanction letter Margin As per the terms
in the Bank's Sanction letter Extent and Operation of the charge First pari passu
charge by way of Hypothecation on all existing and future Current assets of
the Borrower to be shared with ICICI Bank and Canara Bank, in favour of Kotak
Mahindra bank as security for repayment of financial facilities granted by
the Bank to the Borrower. |
|
Short particulars
of the property charged |
All existing and
future Current assets of the Borrower to be shared with ICICI Bank and Canara
Bank |
|
Date of
Modification |
08.01.2011 |
|
Particulars of
the present modification |
Bank had granted
facilities of Rs. 2500.000 Millions which was secured by Hypothecation of Current
Assets of the Borrower on 21.09.2010. KMBL had enhanced total facilities to
Rs.5000.000 Millions secured by all existing and future Current assets of the
Borrower shared with ICICI bank on 08.01.2011. Now additional credit
facilities are sanctioned within the overall limit of Rs.5000.000 Millions
and the charge is accordingly modified and shared with Canara Bank and ICICI
bank. |
WEBSITE DETAILS
PRESS INFORMATION
New Plants of MHI's JVs in India Launch Full-scale Operation, Producing
Supercritical-pressure Boilers and Steam Turbines/Generators
-- Aggressive Response to High-efficiency Coal-fired Power Generation
Needs –
Tokyo, January 11, 2011 - Two new plants belonging to two joint ventures between Mitsubishi Heavy Industries, Ltd. (MHI) and Larsen and Toubro Limited (L and T) of India, created to manufacture supercritical-pressure*1 coal-fired boilers and steam turbines/generators respectively, have been completed and launched full-scale operations. The two JVs were established to respond aggressively to India's strong electricity demand, which is sharply increasing along with that country's robust economic growth, through the manufacture and supply of high-efficiency coal-fired power generation equipment.
To celebrate the completion and commencement of full-scale operations at the two new plants, a ceremony took place in India today. Attending were A. M. Naik, Chairman of L and T, and Hideaki Omiya, President of MHI, as well as many guests and persons concerned, including officials of India’s central government related to power and industry and Gujarat state government members.
The two new plants were built on a site adjacent to L and T's existing plant in
an industrial park at Hazira in Gujarat state, in northwestern India. The
54,000 square meter (m2) boiler production plant, located on a 280,000 m2
property, is managed by L and T MHI Boilers Private Limited (LMB), a JV
headquartered in Mumbai. By using advanced equipment, the boiler production
plant has commenced welding and assembly work of boiler parts. On the same site
LMBPL has also built a 9,900 m2 plant to manufacture coal mills, which are used
to crush coal – fuel for boilers, and inaugurated assembly of machines. Plans
call for the plant to start machining of related parts this autumn.
The plant for manufacturing steam turbines and generators is operated by L and
T MHI Turbine Generators Private Limited (LMTG), a JV based in Mumbai, of which
Mitsubishi Electric Corporation is also a JV partner as generator technology
licensor. The 53,000 m2 factory, situated on a 280,000 m2 site, consists of a
turbine production building and a generator manufacturing building, in which
large manufacturing machinery and test equipment are installed. The plant is
currently producing supercritical-pressure steam turbines for a coal-fired
plant under construction in Andhra Pradesh state*2 and began delivery to the
site last year.
Since their establishment in 2007, the two JVs have been establishing solid
foothold in thermal power generation equipment market in India, respectively,
securing firm orders for seven boilers, ranging from 600 megawatts (MW) to 800
MW, and nine turbines.
L and T, headquartered in Mumbai, is a high technology-driven engineering and
construction organization and one of the largest companies in India’s private
sector. As a comprehensive manufacturer of heavy machinery, L and T also
produces machinery and equipment for chemical plants and pressurized vessels.
Establishment of the two JVs meshed the aspirations of both MHI and L and T.
MHI had been seeking a foothold in power generation operations in India’s
rapidly growing market, while L and T had been looking for a partner possessing
advanced technologies.
BHEL-ALSTOM, L AND
T-MHI IN FINAL ROUND OF NTPC TENDER
BHEL-Alstom and L and T-Mitsubishi Heavy Industry have made it to the final round of NTPC’s supercritical boiler tender, estimated at over Rs 10,000 crore. NTPC has set the deadline for bids to January 20.
A senior executive in one of the companies, requesting anonymity, said NTPC had issued letters to the BHEL and L and T-led consortia for the prestigious tender today. This was the second time that NTPC called for bids for the contract after L and T was disqualified on technical grounds in the first round.
L and T and BHEL were the only two qualified bidders in the first round. Bids from L and T Power, a 100 per cent subsidiary of L and T, was disqualified in June on the grounds that the company lacked experience to supply super critical boilers and lacked equity partnerships in manufacturing of boilers.
L and T’s joint ventures with a Japanese company – L and T MHI Boilers Private limited and L and T-MHI Turbine Generators Private limited – are between L and T and MHI, and not between L and T Power and MHI.
NTPC had issued a tender for bulk orders of supercritical power equipment with a cumulative generation capacity of 7,200 Mw. The tender had said that the bidder must have a manufacturing facility in India.
Though L and T had challenged its disqualification, the Supreme Court rejected its petition in October. The Delhi High Court had earlier rejected the company’s plea for staying the re-bid process. Besides formalising partnerships, the tender conditions also required the bidders to have acquired around 70 per cent of the land for putting up the manufacturing facility.
NTPC’s orders are for 11 boilers — nine for its own projects and two for the Damodar Valley Corporation. According to the tender, the lowest bidder for boilers would be given an order for six units. If BHEL is not the lowest bidder, the government will award the order for the remaining five units if it agrees to match the lowest bid. The option will be given to others, in case BHEL does not match the bid.
NTPC had floated the bulk tender for 660 Mw in October 2009. The last date for the submission of bids was January 28. Only BHEL and L and T had bid for the boilers but the boiler package was retendered in June. Besides L and T and BHEL, a consortium of Gammon-Ansaldo and BGR-Hitachi had also joined the fray.
The country’s biggest power generator had earlier selected a consortium of Bharat Forge-Alstom for the turbine and generator package of the bulk tender. Contracts for the boiler and turbine packages will be awarded simultaneously, said a NTPC official.
The government had last week approved another bulk tender for procuring nine supercritical units of 800 Mw capacity each.
NEWS
Rajpura TPP: Hydro
Test
L and T - MHI Boilers achieved successful hydraulic test of LMB’s first 700 MW - sized supercritical unit of Rajpura hermal power Project of Nabha Power Limited. The test was completed on 28th April, 2013 and witnessed by Director of Boilers, Punjab.
Around 465MT of chemically treated DM water was used to carry out the test, upon clearance by MHI Technical advisors and consultants.
All safety precautions were in place to carry out the test and arrangements had been adequately made to neutralize the effluent water before pumping it into the main Plant drains.
On conclusion of the Test, wherein no drop in pressure was noticed for one hour, the Director of Boilers expressed his happiness at the overall arrangements, Construction Methodology, Safety measures and housekeeping at site. Besides, he showed deep interest in the MHI Supercritical technology and interacted with MHI Advisors keenly. The achievement showcases sincere dedication and outstanding team work by LMB team with cooperation from MHI, TPPC and the customer.
Jaypee, Nigrie: Hydro
Test
L and T - MHI Boilers achieved successful hydraulic test of LMB’s first 660 MW - sized supercritical unit of Jaypee Nigrie Super Thermal Power Project (JPNSTPP). The test was completed on 6th Fe b, 2013 and witnessed by state Chief Inspector of Boiler.
Air Leak Test of the 660 MW unit of Super Critical Boilers was achieved on 21st Jan, 2013. After Successful air leak test completion, all super heaters in Boiler circuits are backwashed with DM water separately. Super heaters back washing was also completed on the same day. After ensuring the SH back wash completion, the water was allowed inside the boiler for washing to achieve the high standard of cleaning. The first unit was flushed and tested by clean and Oil free Compressed air at the pressure of 5.8 kg/ Cm2(g) prior to the hydro test by water for pre checks in boiler.
After achieving the hydro test preparedness, Internal Hydro Test was carried out on 5th Feb, 2013 with recommended quality of DM water up to the required pressure. The final official hydro test in the presence of representative of Chief Inspector of Boiler was carried out on 6th Feb, 2013. The required pressure of 410 kg/cm2 was achieved and witnessed by Deputy Director, Boiler Safety, CIB, Indore. He praised L and T-MHI Boilers for excellent quality and the remarkable achievement. He mentioned that he had not witnessed any such Hydro test without any leakage. The achievement showcases sincere dedication and outstanding team work by LMB team with cooperation from MHI, TPPC and the customer.
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computer Software
·
Technical Know-how
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 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. 59.39 |
|
|
1 |
Rs. 89.90 |
|
Euro |
1 |
Rs. 77.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
62 |
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.