MIRA
INFORM REPORT
|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR PROJECTS (INDIA) LIMITED (w.e.f. 23.09.2009) |
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Formerly Known
As : |
ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f. 11.01.2007) ESSAR CONSTRUCTIONS LIMITED (w.e.f.
17.07.2000) ESSAR STENA LIMITED |
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Registered
Office : |
Essar House, 11 - Keshavrao Khadye Marg, Mahalaxmi, Mumbai-400034, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.09.1989 |
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Com. Reg. No.: |
11-053280 |
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Capital
Investment / Paid-up Capital : |
Rs.1240.000 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1989PLC053280 |
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PAN No.: [Permanent Account No.] |
AAACE2358J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of undertaking and executing projects
involving Industrial plants, civil and irrigation projects, laying of
pipelines (both onshore and offshore), marine constructions and highways and
expressways. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 52800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly-owned subsidiary of Essar Projects Limited, which
is the holding company for project execution initiatives of the Essar Group. It is a well established company having fine track record. Financial position of the company appears to be sound. The company is
found to be performing well. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A2 (Short term bank facilities) |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
11.02.2013 |
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Rating Agency Name |
CARE |
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Rating |
A – (Long term bank
facilities) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
11.02.2013 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66601100 / 67335000)
LOCATIONS
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Registered / Corporate Office : |
Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai-400034,
Maharashtra, India |
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Tel. No.: |
91-22-66601100/ 24950606/ 50011100 |
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Fax No.: |
91-22-66601809/ 24954324 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: ·
Essar Technopark, Old Swan Mill Compound Mark,
Kurla (West), Mumbai-400070, Maharashtra, India ·
Ahmedabad ·
Chennai ·
Hazira ·
New Delhi ·
Vadinar ·
Visakhapatnam |
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Overseas Offices: |
Located at: ·
Africa ·
Canada ·
Czech Republic ·
China ·
Indonesia ·
Kenya ·
Korea ·
Madagascar ·
Mauritius · United Kingdom · Qatar ·
UAE ·
USA ·
Vietnam |
DIRECTORS
AS ON 14.09.2012
|
Name : |
Mr. Venkataraman S. Venkatesan |
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Designation : |
Director |
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Address : |
F-401, The Atrium, Old No.49, New No.22, Kalakshetra Road, Thiruvanmiyur, Chennai- 600041, Tamilnadu, India |
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Date of Birth/Age : |
09.10.1939 |
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Date of Appointment : |
01.03.2001 |
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DIN No.: |
00004010 |
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Name : |
Mr. Govinda Raghavan Venkatraman |
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Designation : |
Director |
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Address : |
Flat No. 171/172, 17th Floor, Kalpataru, Residency, Sion Circle, Sion (East), Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
16.07.1945 |
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Date of Appointment : |
18.07.2011 |
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DIN No.: |
00008683 |
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Name : |
Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur |
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Designation : |
Director |
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Address : |
#32, Plot No.50, temple View, Bull Temple Road, Basavangudi, Bangalore-560004, Karnataka, India |
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Date of Birth/Age : |
21.07.1934 |
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Date of Appointment : |
01.03.2001 |
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DIN No.: |
00048680 |
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Name : |
Mr. Vishnoo Narayan Paradkar |
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Designation : |
Whole time Director |
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Address : |
#1302, Rose Regencey Garden, Sector-6, Kharghar, Navi Mumbai-410210, Maharashtra, India |
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Date of Birth/Age : |
06.10.1948 |
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Date of Appointment : |
08.09.2009 |
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DIN No.: |
00078728 |
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Name : |
Mr. Alwyn Keith Bowden |
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Designation : |
Managing Director |
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Address : |
Casa Grande Tower No.1, Flat No.1803, 18th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Date of Birth/Age : |
06.12.1957 |
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Qualification : |
BE - Civil (Swansea University (UK)) |
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Date of Appointment : |
18.07.2011 |
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PAN No.: |
AUEPB7254M |
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DIN No.: |
01349295 |
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Name : |
Mr. Tapash B. Bhattacharya |
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Designation : |
Whole time Director |
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Address : |
Planet Godrej, Tower-3, 21st Floor, 030, K.K. Marg, Sant Gadge Maharaj Chowk, Mumbai-400011, Maharashtra, India |
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Date of Birth/Age : |
11.02.1959 |
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Qualification : |
PG Diploma in Management |
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Date of Appointment : |
26.12.2008 |
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PAN No.: |
AAPPB6093B |
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DIN No.: |
02339966 |
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Name : |
Mr. Mahesh Sitaram Ambegaonkar |
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Designation : |
Whole time Director |
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Address : |
B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
05.08.1946 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
26.12.2008 |
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PAN No.: |
AACPA4652N |
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DIN No.: |
02341599 |
KEY EXECUTIVES
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Name : |
Mr. Brijesh Manmohan Shah |
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Designation : |
Company Secretary |
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Address : |
Plot No.328, Swastik Park, Flat No. 202, ‘A’ Wing, 12th
Road, Jawahar Nagar, Goregaon (West), Mumbai-400062, Maharashtra, India |
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Date of Birth/Age : |
09.05.1978 |
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Date of Appointment : |
31.10.2008 |
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PAN No.: |
AUDPS8448M |
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Name : |
Mr. Anand Sonthalia |
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Designation : |
Chief Executive Officer - EHES |
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Name : |
Mr. Adluru Amarnath |
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Designation : |
Chief Executive Officer-Minerals and Metals SBU |
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Name : |
Mr. Asis Gupta |
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Designation : |
Sr. Vice President |
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Name : |
Mr. Ravindran Kayarat |
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Designation : |
Sr.Vice President - Hydrocarbon |
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Name : |
Mr. S. N. Eachampati |
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Designation : |
Chief Eexecutive Officer-Power SBU |
MAJOR SHAREHOLDERS
AS ON 14.09.2012
|
Names of Shareholders |
No. of Shares |
|
Essar Projects Limited, UAE |
123998000 |
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Mohan Singh Manral Nominee Essar Projects Limited, UAE |
4 |
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Brijesh Manmohan Shah Nominee Essar Projects Limited, UAE |
8 |
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Prasad V. Devata Nominee Essar Projects Limited, UAE |
4 |
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Savla Mavji Vasant Nominee Essar Projects Limited, UAE |
4 |
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Ghosh P. K. Amitabh Nominee Essar Projects Limited, UAE |
4 |
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Gulbchand R. Parek Nominee Essar Projects Limited, UAE |
4 |
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TOTAL
|
123998028 |
AS ON 14.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
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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 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of undertaking and executing projects involving Industrial
plants, civil and irrigation projects, laying of pipelines (both onshore and
offshore), marine constructions and highways and expressways. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
Union Bank of ·
ICICI Bank Limited ·
Corporation Bank Limited ·
ING Vysya Bank ·
Yes Bank |
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Facilities : |
Note :
Cash
Credit facilities and bill discounting facility (Acceptances against Letter
of Credit) are secured by First pari passu charge amongst working capital consortium Banks by
way of hypothecation of entire current assets of the Company and second pari
passu charge on all the moveable fixed assets of the Company excluding the
charge in the specific equipments / assets exclusively hypothecated to other
secured lenders. Collateral security by way of Corporate Guarantee of Essar Investments
Limited. Other loans from
banks First paripassu
charge amongst Working Capital Consortium Banks by way of hypothecation of
entire current assets of the Company and second pari passu charge on all the
moveable fixed assets of the Company excluding the charge on the specific
equipments / assets exclusively hypothecated to other Secured Lenders Collateral Security by way of Corporate Guarantee of Essar Investments
Limited Secured by first
pari passu charge on the current assets and Second pari passu charge on
movable fixed assets of the Company, both present and future. Secured by
second pari passu charge on the current assets and movable fixed assets of
the Company Term loan from a bank is secured by subservient charge on entire fixed
assets, entire current assets of the Company and Corporate Guarantee provided
by Essar Steel India Limited. |
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Banking
Relations : |
-- |
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Financial Institutions: |
· SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700046, West Bengal, India |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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PAN No.: |
AACFD4851A |
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Holding Company: |
·
Essar Projects Limited, |
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Ultimate Holding Company : |
·
Essar Global Limited, Cayman Island |
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Joint Venture : |
·
Essar – Dong Fang Electric Crop. ·
Essar Projects ( |
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Subsidiary Company: |
· Essar Offshore Subsea Limited, CIN No.:U11101MH2008PLC179089 · Essar Constructions Overseas Limited, Mauritius (ECOL) · Essar Project Management Company Limited, Dubai(from 2nd March 2011) (Subsidiary of ECOL) (EPMC) · Essar Project (PNG) Limited (Subsidiary of ECOL) · Krios Holding Private Limited · Kadmos Holding Private Limited · Essar Project (Singapore) Limited CIN No. : U1110MH2008PLC179089 · Essar Constructions Limited, Dubai (Subsidiary of EPMC) · Lucknow Varanasi Tollways Private Limited (from 24th February, 2012) CIN No. : U45200DL2011PTC227573 |
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Other major related
parties commonly controlled or influenced by major shareholders / directors
of the company, where there have been transactions:
|
· Essar Steel India Limited (Formerly Essar Steel Limited) CIN No. : U27100GJ1976FLC013787 · Essar Oil Limited CIN No. : L11100GJ989PLC032116 · Essar Shipping Limited · Essar Power Limited CIN No. : U40100GJ1991PLC064824 · Clickforsteel Services Limited · Vadinar Oil Terminal Limited · Adinar Power company Limited · Essar Power MP Limited CIN No. : U99999DL2005PLC208864 · Bhander Power Limited CIN No. :U31101GJ1995PLC065146 · Aegis Limited(in current year Essar Engineering Services Limited merged with Aegis Limited) CIN No. :U99999MH1992PLC064767 · Essar Power Gujarat Limited CIN No. : U4900GJ2007PLC066273 · Essar Logistic Limited, India CIN No. : U6300MH2004PLC49214 · Essar Infrastructure Services Limited, India CIN No. : U64202MH1995PLC087774 · Essar Bulk Terminal Limited, India CIN No. : U13100GJ2004PLC043477 · Essar Bulk Terminal (Salaya) Limited · Essar Bulk Terminal Paradeep Limited · Essar Oilfield Services Limited, Mauritius · Essar Power Transmission Limited · Essar Power (Orissa) Limited · Vadinar Port and Terminal Limited · Essar Power (Jharkhand) Limited CIN No. : U31101DL21005PLC211274 · Essar Steel Minnesota LLC · Essar Power Salaya Limited · Essar Power Hazira Limited · Navbharat Power Private Limited · Essar Oilfield Service Limited · Essar Windpower Private Limited · Essar Ports Limited CIN No. : L85110GJ975PLC054824 · Lucknow Varanasi Tollways Private Limited · Essar Projects Saudi Company Limited · SaudiGlobal Supplies (UAE) FZE, Dubai(upto 20th March 2012, Professional Equipment Suppliers Limited,Dubai {(Formerly Essar Subsea Limited) upto 20th March 2012}. |
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Other major related
parties upto 26th March 2012 commonly controlled or influenced by
major shareholders / directors of the company, where there have been
transactions: |
· Essar House Limited · Essar Procurement Services Limited (Formerly Essar Projects Limited) CIN No. : U45203TN1990PLC026337 · Futura Travels Limited · Essar Information Technology Limited CIN No. : U7220MH1992PLC064816 · Vadinar Properties Limited · Essar Investments Limited CIN No. : U99999MH1976PLC034721 · Essar House Services Limited · Securities Limited, Arkay Holding Limited · Essar Properties Limited CIN No. : U93090TN1983PLC019552 · Trikaya Investments Limited · Global Supplies (India) Limited · Imperial Consultants and Securities Private Limited · Sinter-Keramos and Composites Private Limited · The MobileStore Limited · Essar Securities Limited · Paprika Properties India Private Limited · Essar Services India Limited · Frontier Leasing and Finance Limited · Trikaya Cultivations Private Limited · Essar Agrotech Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
123998028 |
Equity Shares |
Rs.10/- each |
Rs. 1240.000
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
1240.000 |
310.000 |
309.995 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11961.500 |
9473.900 |
6965.632 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
13201.500 |
9783.900 |
7275.627 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
28463.100 |
13948.500 |
9270.378 |
|
|
2] Unsecured Loans |
0.000 |
940.000 |
7819.987 |
|
|
TOTAL BORROWING |
28463.100 |
14888.500 |
17090.365 |
|
|
DEFERRED TAX LIABILITIES |
342.600 |
325.300 |
358.129 |
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|
|
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TOTAL |
42007.200 |
24997.700 |
24724.121 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10475.800 |
8346.300 |
8836.048 |
|
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Capital work-in-progress |
1841.100 |
2020.200 |
58.959 |
|
|
|
|
|
|
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|
INVESTMENT |
9961.100 |
2674.500 |
2199.382 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20481.800
|
7877.000 |
6490.011
|
|
|
Sundry Debtors |
16890.500
|
8843.700 |
5336.987
|
|
|
Cash & Bank Balances |
2345.200
|
2751.700 |
1500.069
|
|
|
Other Current Assets |
4469.500
|
1287.500 |
0.000
|
|
|
Loans & Advances |
28099.700
|
39699.800 |
26536.444
|
|
Total
Current Assets |
72286.700
|
60459.700 |
39863.511 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17338.000
|
12535.900 |
10250.366
|
|
|
Other Current Liabilities |
34871.300
|
35860.000 |
15842.640
|
|
|
Provisions |
348.200
|
107.100 |
140.773
|
|
Total
Current Liabilities |
52557.500
|
48503.000 |
26233.779 |
|
|
Net Current Assets |
19729.200
|
11956.700 |
13629.732 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42007.200 |
24997.700 |
24724.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
88198.000 |
69295.700 |
45037.452 |
|
|
|
Other Income |
1824.000 |
2098.200 |
1021.190 |
|
|
|
TOTAL (A) |
90022.000 |
71393.900 |
46058.642 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
10045.900 |
3823.400 |
|
|
|
|
Purchase of stock in trade |
38999.000 |
35074.300 |
41243.910 |
|
|
|
Change in inventories of finished goods, work in progress and stock in
trade |
51.600 |
(221.700) |
|
|
|
|
Employee benefit expenses |
3126.000 |
2279.600 |
|
|
|
|
Other expenses |
28526.000 |
23568.200 |
|
|
|
|
TOTAL (B) |
80748.500 |
64523.800 |
41243.910 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9273.500 |
6870.100 |
4814.732 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3406.800 |
1818.000 |
1501.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5866.700 |
5052.100 |
3313.210 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1458.100 |
1309.900 |
1347.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4408.600 |
3742.200 |
1965.304 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1497.600 |
1233.900 |
689.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2911.000 |
2508.300 |
1275.422 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Contract Income |
3427.400 |
359.400 |
0.000 |
|
|
|
Commission Earnings |
30.600 |
43.200 |
0.000 |
|
|
|
Other Earnings |
194.600 |
23.700 |
0.000 |
|
|
|
Equipment Hiring |
0.000 |
0.000 |
167.740 |
|
|
TOTAL EARNINGS |
3652.600 |
426.300 |
167.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
7376.300 |
386.600 |
866.138 |
|
|
|
Capital Goods |
1960.200 |
175.600 |
40.312 |
|
|
TOTAL IMPORTS |
9336.500 |
562.200 |
906.450 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.48 |
20.23 |
41.14 |
|
%20LIMITED%20-%20224388%2006-Jun-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.23
|
3.51 |
2.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.00
|
5.40 |
4.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.33
|
5.44 |
4.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.38 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.16
|
1.52 |
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.24 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
17338.000
|
12535.900 |
10250.366
|
|
|
|
|
|
|
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 |
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
|
Particulars |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs.
In Millions |
|
Loan From Banks Unsecured |
0.000 |
940.000 |
|
TOTAL |
0.000 |
940.000 |
REVIEW OF OPERATIONS
Total Revenue
of the Company rose by more than 26% from Rs.71393.900 Million in FY 2010-11 to
Rs.90022.000 Million in FY 2011-12.
The
company continued to sustain EBITDA margin despite increase in certain input
costs by continuously focusing on enhancing its operational efficiencies. The
EBITDA has increased from Rs.6870.100 Million in FY 2010-11 to Rs.9273.500
Million in FY 2011-12 registering a growth of over 34%.
Profit
before Tax has increased by 17 % from Rs.3742.200 Million in FY 2010-11 to
Rs.4408.600 Million in FY 2011-12.
The
Company has provided Rs.1458.100 Million (Previous Year INR Rs.1309.900
Million) for depreciation and Rs.1407.700 Million (Previous Year Rs.1280.000
Million) towards Current Income Tax.
INDUSTRY OUTLOOK AND BUSINESS PLAN
The infrastructure
development story in
Clearly, there is
sufficient latent demand for large scale infrastructure development across
different sectors ranging from power to transportation to urban infrastructure.
The Planning Commission’s
Eleventh Five-Year Plan (2007-2012) had already identified that inadequate
infrastructure was a major constraint on the country’s rapid growth. The Plan
had, therefore, emphasized the need for massive expansion in investment in
infrastructure.
Considering the
critical need of developing infrastructure in the country, construction
activities are crucial for creating physical infrastructure in the country.
Construction, on an average, accounts for more than half of the investment
required for setting up critical infrastructure facilities like power projects,
ports, railways, roads, bridges.
The cumulative
investment in infrastructure in the Twelfth Five-Year Plan (2012-2017) is
targeted at around $1 trillion. Nearly half of this investment will be
channelized into construction projects. Therefore, there is considerable long
term business scope for players like them in the infrastructure related large
scale construction business. Being one of the leading EPC Player, the Company
is always geared to make the most of this opportunity.
In addition to the
Infrastructure Sector, the Country is poised for substantial industrial growth
in the sectors where The Company operates as an EPC Contractor viz;
Hydrocarbon, Minerals and Metals and Pipelines. The Company expects to secure
significant contracts in these sectors by leveraging its credentials and
execution capability built on in house projects of similar nature and size.
The current Order
Book further gives sufficient confidence for the growth of revenue in the years
to come. With a growing projects portfolio in
The Company has
been investing substantially in Marketing & PR efforts to convince key
3rdParty Clients of the track-record and execution experience of creating
certain world class assets/projects not only for Essar Group but also for
external clients.
AWARDS AND
RECOGNITION
The Company has
been awarded for one of
The Company was
chosen based on its track record of impressive growth over the last 5 years,
which has seen its revenues increase eight-fold, and PAT (profit after tax) increase
eighteen-fold in the year 2005-11.
Recently, the
Company has been conferred with ‘QCI DL SHAH National Award’ by the Quality
Council of India, for outstanding achievement in Quality Circle Initiatives -
Construction Segment. The QCI-DL Shah Award recognizes successful project (case
study) of an organization that have linked quality initiatives to real term
financial gains and competitiveness. Over 400 projects across
AMALGAMATION OF
ESSAR PROJECT MANAGEMENT CONSULTANTS LIMITED WITH THE COMPANY
On 26th
August 2011, the Honorable High Court of Bombay, pursuant to the provisions of
Sections 391 to 394 of the Companies Act, 1956 passed an order approving the
Scheme of Amalgamation of Essar Project Management Consultants Limited with the
Company with effect from 1st April 2011. Consequently, Essar Project Management
Consultants Limited stands dissolved without being wound up and is removed from
the register of the Registrar of Companies,
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1989PLC053280 |
|
Name of the
company |
ESSAR PROJECTS ( |
|
Address of the
registered office or of the principal place of business in |
Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, E-mail: brijesh.Shah@essar.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Movable
property (not being pledge) |
|
Particular of
charge holder |
SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata : 700046, West Bengal, India E-mail: sanjay_chaurasia@srei.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation. (LCB255) |
|
Date of
instrument Creating the charge |
08.12.2012 |
|
Amount secured by
the charge |
Rs.39.359
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest SBR (Current SBR is 17.25%) - 3.00% = 14.25% per annum. *(SBR = SREI Benchmark Rate) Terms of repayment Loan tenure is 60
months. During the initial 6 months of principal moratorium, interest shall
be paid on monthly basis. In the balance period of 54 months, equated
quarterly installments of principal plus interest shall be repaid. Refer
attached Repayment Schedule for details. Margin Rs.3.574 millions
only. Extent and operation of the charge As per Deed of
Hypothecation. |
|
Short particulars
of the property charged (Including location of the property) |
16 Nos. of
Escorts Hydraulic Mobile Crane.(within India) |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Motor Cars, Jeeps, etc.
·
Commercial Vehicles
·
Software acquired
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.56.42 |
|
|
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
57 |
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.