MIRA
INFORM REPORT
|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
WARTSILA INDIA LIMITED |
|
|
|
|
Registered
Office : |
Kesar Solitaire, 21st Floor, Plot No.5, Sector 19, Palm
Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
25.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-062170 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.118.992 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC062170 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02506A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW0345D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Power Point Equipments, Power Plants and Turnkey
Installation, Generator |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 12000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of ‘Wartsila Corporation, Finland’. It is a well established and a reputed company having a fine track record. Financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions. It can be regarded as a promising business partners in
medium to long run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Harish Kapoor |
|
Designation : |
General Manager in Corporate Accountant |
|
Contact No.: |
91-22-27818300 |
|
Date : |
01.06.2013 |
LOCATIONS
|
Registered Office/ (Power Plants/ Ship Power/ services, WSM and
Corporate Offices) : |
Kesar Solitaire, 21st Floor, Plot No.5, Sector 19, Palm
Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-27818300/ 8550 |
|
Fax No.: |
91-22-27814732 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Chennai – Sales and Services Office : |
Shreyas Vriddhi, 132, Velachery Main Road, Guindy, Chennai – 600 032, Tamilnadu, India. |
|
Tel. No.: |
91-44-22301080 |
|
|
|
|
EOU, Manufacturing,
WLSA, Marine Workshop : |
Gate No.1, Opposite Govt Rest House, Mumbai – Pune Road,
Shilphata, Khopoli- 410203, District Raigad, Maharashtra, India |
|
Tel. No.: |
91-2192-264389/ 264390/ 269712 |
|
Fax No.: |
91-2192-263314 |
|
|
|
|
Spare Parts Stores
: |
Gate No.2, Opposite Govt
Rest House, Mumbai – Pune Road, Shilphata, Khopoli- 410203 District Raigad,
Maharashtra, India |
|
Tel. No.: |
91-2192-262896 / 262897 |
|
Fax No.: |
91-2192-262692 |
|
|
|
|
Kolkata - Services
Office : |
Camac Tower, 3rd Floor, Camac Street, Kolkata -700 016, West Bengal, India |
|
Tel. No.: |
91-33-22172320 |
|
Fax No.: |
91-33-22497535 |
|
|
|
|
Mangalore - Services
Office : |
B-Wing, 6th Floor, Rama Bhavan Complex, Kodiabail, Mangalore – 575003, Karnataka , India |
|
Tel. No.: |
91-824-2441722 |
|
Fax No.: |
91-824-2443556 |
|
|
|
|
Noida - Power
Plants and Services Office : |
Plot A-98, Sector 5, Noida, District Gautam Budh Nagar- 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-419 2000 |
|
Fax No.: |
91-120-4192199 |
|
|
|
|
Paradip (Orissa) - Marine Workshop : |
Paradip Port Trust, PO- Paradip Port, District
Jagatsinghpur - 754 142, Orissa, |
|
Tel. No.: |
91-06722- 222047/222125 |
|
Fax No.: |
91-06722-222025 |
|
|
|
|
Secunderabad - Services Office : |
Flat # 301, Oxford Plaza, S. D. Road, Secunderabad- 500003, India |
|
Tel No.: |
91-40-27715383 |
|
Fax No.: |
91-40-27715377 |
|
|
|
|
Vizag - Marine
Workshop : |
Plot No 3, Auto Industrial Nagar, Village – Vadlapudi, Mandal Gajuwaka, Industrial Development Area, D, Block, Visakhapatnam – 530012, India |
|
Tel No.: |
91-891-6457771 |
|
Fax No.: |
91-891-2700210 |
DIRECTORS
As on 30.05.2012
|
Name : |
Mr. Rakesh Jagatpalsingh Sarin |
|
Designation : |
Managing Director |
|
Address : |
Apartment No.4, 18th Floor, The Pinnacle, DLF City Phase-V,
Gurgaon-122001, Haryana, India |
|
Date of Birth/Age : |
24.07.1955 |
|
Date of Appointment : |
14.02.2008 |
|
DIN No : |
02082150 |
|
|
|
|
Name : |
Mr. Christoph Carl Eric Vitzthum |
|
Designation : |
Director |
|
Address : |
Johanneksenrinne, 1 B 55, F I, 00120, Helsinki, Finland-00120 |
|
Date of Birth/Age : |
05.07.1969 |
|
Date of Appointment : |
26.02.2005 |
|
DIN No : |
00170518 |
|
|
|
|
Name : |
Mr. Lars Torsten Hellberg |
|
Designation : |
Director |
|
Address : |
Ekas 180, Kode-44298, Switzerland |
|
Date of Birth/Age : |
18.03.1959 |
|
Date of Appointment : |
18.04.2008 |
|
DIN No : |
02149091 |
|
|
|
|
Name : |
Mr. Vesa Tapio Riihimaki |
|
Designation : |
Director |
|
Address : |
Liito-Oravankatu, 17, Vaasa, Finland-65350 |
|
Date of Birth/Age : |
21.03.1966 |
|
Date of Appointment : |
29.06.2010 |
|
DIN No : |
03137446 |
|
|
|
|
Name : |
Mr. Aaron Gordon Bresnahan |
|
Designation : |
Director |
|
Address : |
949, Jenkins Drive, Virginia Beach, Virginia-23464, USA |
|
Date of Birth/Age : |
09.08.1969 |
|
Date of Appointment : |
29.06.2010 |
|
DIN No : |
03144818 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Kumar A Nahata |
|
Designation : |
Secretary |
|
Address : |
303, Neelam Residency, Plot 116 and 117, Sector – 44, Nerul (West),
Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1977 |
|
Date of Appointment : |
01.08.2011 |
|
PAN No : |
AAPPN9066L |
|
|
|
|
Name : |
Mr. Harish Kapoor |
|
Designation : |
General Manager in Corporate Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
Wartsila Corporation, Finland |
|
4656101 |
|
Wartsila Technology OY AB, Finland |
|
3637300 |
|
Wartsila Corporation, Finland |
|
2500000 |
|
Wartsila Technology OY AB, India |
|
62337 |
|
Wartsila Technology OY AB, Helsiothers |
|
20040 |
|
CKT Industries SA, France |
|
1 |
|
Wartsila Network Holding, Zwolle |
|
1 |
|
Wartsila Finland OY, Finland, |
|
1 |
|
Wartsila Dutch Holding, Zwolle |
|
1 |
|
Wartsila Development and Financial Services OY, Finland |
|
1 |
|
Total |
|
10875783 |
As on 30.05.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Point Equipments, Power Plants and Turnkey
Installation, Generator |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Bank of Baroda, Corporate Financial Services, fort Branch,
10/12, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountant |
|
Address : |
Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai 400013, Maharashtra, India. |
|
PAN No.: |
AADFB6889R |
|
|
|
|
Holding Company : |
Wartsila Corporation, Finland |
|
|
|
|
Fellow Subsidiaries
: |
· Wartsila Technology Oy Ab, Finland · Wartsila Bangladesh Limited · Wartsila Chile Ltda. · Wartsila China Limited · Wartsila Denmark A/S · PT. Wartsila Indonesia · Wartsila CME Zhenjiang Propeller Company Limited · Wartsila Argentina S.A. · Wartsila Enpa Dis Tic AS · Wartsila Finland Oy · Wartsila France S.a.s. Mulhouse · Wartsila Greece S.A. · Wartsila Gulf FZE · Wartsila Italia S.p.A. · Wartsila Japan Limited · Wartsila Korea Limited · Wartsila Australia Pty. Limited · Wartsila Lanka Private Limited · Wartsila Nederland B.V. · Wartsila North America Inc. · Wartsila Norway AS · Wartsila Philippines Inc. · Wartsila Power Contracting Company Limited · Wartsila Ships Repairing and Maintenance LLC · Wartsila Shanghai Services Company Limited · Wartsila Singapore Pte. Limited · Wartsila do Brazil Ltd.a. · Wartsila Eastern Africa Limited · Wartsila Sweden AB · Wartsila Switzerland Limited · Wartsila UK Limited · Wartsila Pakistan Private Limited · Wartsila Vostok, LLC · Wartsila Panama Services S.A. · Wartsila Propulsion (Wuxi) Company Limited |
|
|
|
|
Joint Venture
Company : |
Coastal Wartsila Petroleum Private Limited, India |
CAPITAL STRUCTURE
As on 30.05.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10875783 |
Equity Shares |
Rs.10/- each |
Rs.108.758
Millions |
|
|
|
|
|
As on 31.012.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11899200 |
Equity Shares |
Rs.10/- each |
Rs.118.992
Millions |
|
|
|
|
|
Of the above shares, 7,156,101 (Previous year 7,156,101) equity shares of Rs.10/ each are held by the holding company, Wartsila Corporation, Finland and 4,743,130 (Previous year 4,743,130) equity shares of Rs.10/ each are held by Wartsila Technology Oy AB, Finland, a subsidiary of Wartsila Corporation.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
118.992 |
118.997 |
120.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2930.942 |
2924.089 |
2940.914 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3049.934 |
3043.086 |
3061.254 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
24.119 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
24.119 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3074.053 |
3043.086 |
3061.254 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
431.296 |
436.111 |
417.153 |
|
|
Capital work-in-progress |
133.209 |
5.570 |
18.342 |
|
|
|
|
|
|
|
|
INVESTMENT |
469.879 |
1528.124 |
1455.087 |
|
|
DEFERREX TAX ASSETS |
81.027 |
79.777 |
43.154 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1059.776
|
1550.845 |
560.358
|
|
|
Sundry Debtors |
2511.776
|
1272.819 |
1100.024
|
|
|
Cash & Bank Balances |
395.438
|
418.162 |
322.196
|
|
|
Other Current Assets |
24.004
|
67.181 |
48.879
|
|
|
Loans & Advances |
589.412
|
489.593 |
332.112
|
|
Total
Current Assets |
4580.406
|
3798.600 |
2363.569 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2139.388 |
1967.371 |
693.914
|
|
|
Other Current Liabilities |
229.491
|
262.747 |
255.099
|
|
|
Provisions |
252.885
|
574.978 |
287.038
|
|
Total
Current Liabilities |
2621.764
|
2805.096 |
1236.051 |
|
|
Net Current Assets |
1958.642
|
993.504 |
1127.518
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3074.053 |
3043.086 |
3061.254 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5616.075 |
4873.546 |
4391.581 |
|
|
|
Other Income |
125.176 |
228.808 |
174.182 |
|
|
|
TOTAL (A) |
5741.251 |
5102.354 |
4565.763 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2795.472 |
|
|
|
|
|
Manufacturing service costs |
38.767 |
28.915 |
|
|
|
|
Contract cost |
508.061 |
431.912 |
3866.403 |
|
|
|
Employee related expenses |
860.417 |
742.890 |
|
|
|
|
Administrative selling other expenses |
863.959 |
780.194 |
|
|
|
|
TOTAL (B) |
5066.676 |
4456.683 |
3866.403 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
674.575 |
645.671 |
699.360 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.784 |
0.543 |
0.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
673.791 |
645.128 |
698.757 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
54.518 |
45.535 |
44.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
619.273 |
599.593 |
654.486 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
195.929 |
187.484 |
166.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
423.344 |
412.109 |
488.298 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1846.486 |
1865.296 |
1493.958 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
42.000 |
41.211 |
48.830 |
|
|
|
Maintenance Reserve |
34.000 |
30.898 |
25.893 |
|
|
|
Dividend |
357.000 |
297.492 |
36.102 |
|
|
|
Tax on Dividend |
59.000 |
49.410 |
6.135 |
|
|
|
Dividend Distribution Tax |
0.000 |
11.908 |
0.00 |
|
|
BALANCE CARRIED
TO THE B/S |
1777.830 |
1846.486 |
1865.296 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
705.642 |
560.205 |
|
|
|
Services rendered |
NA |
248.652 |
371.866 |
|
|
|
Commission Earnings |
NA |
320.049 |
357.278 |
|
|
TOTAL EARNINGS |
NA |
1274.343 |
1289.349 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
423.243 |
1384.161 |
285.509 |
|
|
|
Stock-in-trade |
385.812 |
858.123 |
732.315 |
|
|
|
Capital Goods |
0.000 |
0.032 |
51.912 |
|
|
TOTAL IMPORTS |
809.055 |
2242.316 |
1069.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.58 |
34.25 |
40.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
7.37
|
8.08 |
10.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.03
|
12.30 |
14.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.36
|
14.16 |
23.54
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.20 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
135 |
1.91
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs.
In Millions
|
Particular |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
0.606 |
2.282 |
0.000 |
|
Creditors due others |
2138.782 |
1965.089 |
693.914 |
|
Total |
2139.388 |
1967.371 |
693.914 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
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 |
No |
NOTE:
Registered Office of the company has been shifted from 48 Neco Chambers,
Sector 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India, to the
present address w.e.f. 01.12.2011.
OPERATIONS
The Company’s turnover during the year 2011 increased to MINR 5741 being 13% more than the previous year while the profit after tax increased by 3% to MINR 423.
The delivery of power plants during the year 2011 aggregated to 66 MW (169 MW last year).During the same period, capacity commissioned totalled 85 MW (47 MW last year). The cumulative deliveries of power plants to customers up to 31st December 2011 aggregated 3470 MW, of which 3333 MW has been commissioned and operating while 137 MW is under installation and likely to be commissioned during 2012.In addition, as on 31st December 2011 orders totalling 231 MW (174 MW last year) are on hand for delivery and execution during 2012/2013. The order intake during the year 2011 was 141 MW as compared to 284 MW in the year 2010.
The year 2011 saw challenging situation for Services with rising fuel prices and non availability of gas as fuel. Services surpassed the constraints by delving into inorganic business, which contributed approximately 30% to Ship Power Service sales. Power plants service Sales got 100% share of the Relocation of Engines business, which was the mainstay and complementing segment to the Parts business which inspite of constraints did sizable business for 3rd year in a row. Contract Management bagged two orders of about 480 MW in BTG segment and this will be an area for future development. Contract Management is continuing and consolidating its focus on BTG and HFO/Gas engine based O and M Services. This has resulted in better enquiries and a brand name as an efficient O and M Contractor for BTG plants. As on 31st December 2011 the Company is operating 49 sites 1070 MW consisting 334 MW of BTG and 59 MW of WTG. It has 4 new sites under mobilisation totalling to 503 MW. The company having established as an Automation player now looks at growing in this segment and becoming a key player.
Ship building industry during the year 2011 remained at low levels globally. While there was growth in certain segments, some other segments witnessed even lesser new ship building orders being placed than the previous years. Naval ship building and offshore industry continued its growth to an extent, but the merchant segment remained at very low levels. Fierce competition due to low demand and high supply in merchant segment led to prices for new ships dropping further and the trend is expected to continue till end of 2013. Focus is also shifting to gas, environment and economically sound solutions for the shipping industry.
We are proud of supplying DG Sets for the unique project of Indian Navy with supply of 3MW DG Sets for the Air Craft Carrier Ship. The DG Sets have undergone rigorous trials by Indian Navy before acceptance. Growth in Auxiliary Units manufacturing business continues and is 46% over the last year. More than 90% of the Auxiliary Units were exported. We have closed the Gear Box manufacturing activity in EOU in view of the market scenario.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
Rs. In Millions
|
Particulars |
31.12.2011 |
31.12.2010 |
|
Guarantees issued by banks to third parties on Company's behalf [Secured by hypothecation of tangible movable assets (both present and future) and a second charge on all immovable properties (both present and future)] |
484.190 |
619.108 |
|
Letter of Credit |
-- |
4.900 |
|
Sales Tax demands – matters under appeal |
82.536 |
82.536 |
|
Income tax Demands – Matters under appeal |
12.330 |
24.771 |
|
Customer Duty Demands |
34.280 |
34.280 |
|
Service Tax |
380.015 |
380.015 |
|
Excise Duty |
1.275 |
1.274 |
|
Other Demands |
4.499 |
4.499 |
UNSECURED LOAN
(Rs.
In Millions)
|
|
As
on 31.12.2011 |
As
on 31.12.2010 |
|
Working capital loans |
24.119 |
0.000 |
|
Total |
24.119 |
0.000 |
|
Export Credit facility [Due within one year Rs.24.119 Millions]. |
||
FIXED ASSETS:
· Land- Freehold
· Building
· Plant and Machinery
· Furniture and Fitting
· Office Equipments
· Vehicles
· Technical Known-how
AS PER WEBSITE
PRESS RELEASE
WARTSILA TO SUPPLY
EMERGENCY DIESEL GENERATORS FOR FINNISH NUCLEAR POWER PLANT
3 May 2013
Wartsila, a leading global supplier of flexible power plant solutions, has been contracted to supply emergency diesel generators for the Olkiluoto nuclear power plant in Finland. The diesel generators, which are a part of the power plant’s safety systems, are for the Olkiluoto 1 and Olkiluoto 2 units. The contract was signed today with Teollisuuden Voima Oyj (TVO).
Wartsila will supply the engineering, procurement, installation and commissioning of the process equipment. The emergency generating power will be supplied by nine Wartsila 32 engines running on light fuel oil. Wartsila will also supply all the necessary auxiliary equipment for the plant. These diesel generators are intended for back-up use to secure the power supply for the nuclear plant. The Wartsila equipment will be delivered and installed in phases starting from 2016.
“The Olkiluoto nuclear power plant units are undergoing modernisation according to the principle of continuous improvement. The replacement of the diesel generators, which automatically secure the electricity supply in the case of a potential, albeit improbable loss of power supply, is part of the ongoing major modernisation project,” says Sami Jakonen, Senior Vice President of Engineering at TVO.
“This is a significant order for Wartsila. The emergency generating capacity that Wartsila is supplying will be used in the case that the electricity supply from external grids and the plant’s main generator has ceased. The critical requirement is for fast starting capability with sufficient power and excellent reliability, in accordance with the stringent standards and regulations for emergency generating sets,” says Vesa Riihimäki, President, Wartsila Power Plants.
TVO is a Finnish electricity generating public company that owns and operates two nuclear power plants in Olkiluoto on the west coast of Finland. A third nuclear power plant unit is currently under construction.
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.56.50 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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.