MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MECON LIMITED |
|
|
|
|
Registered
Office : |
P.O. and P.S. Doranda, Ranchi – 834002, Jharkhand |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.03.1973 |
|
|
|
|
Com. Reg. No.: |
03-001199 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.905.384 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140JH1973GOI001199 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM2119B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Design and Engineering Consultancy Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 13520000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and a reputed company having a fine
track record. The financial position of the company is sound and healthy. The
performance capability is also high. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
GOI Guaranteed Bond : AAA (SO) |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Bank Facilities : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
P.O. and P.S. Doranda, Ranchi – 834002, Jharkhand, India |
|
Tel. No.: |
91-651-2483062 |
|
Fax No.: |
91-651-2482189 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 10.07.2012
|
Name : |
Mr. Kishore Kumar Mehrotra |
|
Designation : |
Managing Director |
|
Address : |
A - 10, Shyamali Colony, P O. Doranda, Ranchi - 834002, Jharkhand, India |
|
Date of Birth/Age : |
24.07.1953 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
10.02.2012 |
|
PAN No.: |
ACKPM1735A |
|
DIN No.: |
02894045 |
|
|
|
|
Name : |
Mr. Mohammad Nagur Sharif |
|
Designation : |
Director |
|
Address : |
A – 14, Shyamali Colony, P O.
Doranda, Ranchi - 834002, Jharkhand, India |
|
Date of Birth/Age : |
29.10.1954 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
12.12.2011 |
|
PAN No.: |
AJQPS7466P |
|
Voter ID No.: |
LPV8748378 |
|
DIN No.: |
05131561 |
|
|
|
|
Name : |
Mr. Ashok Kumar Tyagi |
|
Designation : |
Whole Time Director |
|
Address : |
Mecon Bhawan, Shyamali Colony, P O. Doranda, Ranchi - 834002, Jharkhand, India |
|
Date of Birth/Age : |
25.09.1956 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
01.03.2012 |
|
PAN No.: |
AACPT0676M |
|
Voter ID No.: |
WGO2101228 |
|
DIN No.: |
05212389 |
|
|
|
|
Name : |
Mr. Subir Chattopadhyay |
|
Designation : |
Director |
|
Address : |
A-16, Shyamali Colony, P O. Doranda, Ranchi - 834002,
Jharkhand, India |
|
Date of Birth/Age : |
14.08.1957 |
|
Date of Appointment : |
01.03.2012 |
|
PAN No.: |
ACKPC4700J |
|
Voter ID No.: |
KNH6595839 |
|
DIN No.: |
05257726 |
|
|
|
|
Name : |
Mr. Subramonian Machendranathan |
|
Designation : |
Director |
|
Address : |
Room No. 219, Tamilnadu Guest House, 9 Bir Tikender, Jeetsingh Marg, New Delhi, India |
|
Date of Birth/Age : |
07.03.1954 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
14.06.2010 |
|
PAN No.: |
ABBPM6914H |
|
DIN No.: |
00751975 |
|
|
|
|
Name : |
Mr. Udai Pratap Singh |
|
Designation : |
Director |
|
Address : |
D-117, 2nd Floor, Panchsheel Enclave, New Delhi – 110016,
India |
|
Date of Birth/Age : |
01.10.1958 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
09.10.2007 |
|
PAN No.: |
AIOPS3894G |
|
DIN No.: |
02043525 |
|
|
|
|
Name : |
Ganatantra Ojha |
|
Designation : |
Director |
|
Address : |
204, Street - 29, Smriti Nagar, Bhilai - 490020, Madhya Pradesh, India |
|
Date of Birth/Age : |
26.01.1950 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.01.2011 |
|
PAN No.: |
AACPO2074N |
|
DIN No.: |
00416614 |
|
|
|
|
Name : |
Mr. Mulkh Raj Pasrija |
|
Designation : |
Director |
|
Address : |
E - 261, Naraina Vihar, New Delhi - 110028, India |
|
Date of Birth/Age : |
01.12.1948 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
25.01.2011 |
|
PAN No.: |
AAKPP5533B |
|
DIN No.: |
00447645 |
|
|
|
|
Name : |
Mr. Ramesh Kumar Bhashyakarla |
|
Designation : |
Director |
|
Address : |
6-1-134/6, Balram Compound, Padmarao Nagar, Secunderabad - 500025, Andhra Pradesh, India |
|
Date of Birth/Age : |
07.09.1947 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
31.01.2011 |
|
PAN No.: |
ABYPB1526F |
|
DIN No.: |
02790989 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Bambha |
|
Designation : |
Secretary |
|
Address : |
F-92, Shyamali Colony, P O Doranda, Ranchi – 834002, Jharkhand, India |
|
Date of Birth/Age : |
18.07.1962 |
|
Date of Appointment : |
01.07.2002 |
|
PAN No.: |
ACEPB6893J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.07.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
President of India |
|
40138120 |
|
Udai Pratap Singh |
|
120 |
|
Kishore Kumar Mehrotra |
|
120 |
|
|
|
|
|
Total |
|
40138360 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
President of India |
|
50400000 |
|
|
|
|
|
Total |
|
50400000 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.07.2012
|
Category |
|
Percentage |
|
Government [Central and State] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Design and Engineering Consultancy Services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
State Bank of India, SME Branch, Mecon Campus, Doranda, Ranchi - 834002, Jharkhand, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. Gupta and Company Chartered Accountants |
|
Address : |
4th, Floor Sukriti SP, Verma Road Patna – 800001, Bihar, India |
|
PAN No.: |
AACFG2208A |
|
|
|
|
Joint Venture
Company : |
Metallurgical and Engineering Consultants (Nigeria) Limited |
CAPITAL STRUCTURE
As on: 10.07.2012
Authorised Capital : Rs.1040.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.779.384 Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41000000 |
Equity Shares |
Rs.10/- each |
Rs.410.000 Millions |
|
63000000 |
Preference Share |
Rs.10/- each |
Rs.630.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1040.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40138360 |
Equity Shares |
Rs.10/- each |
Rs.401.384 Millions |
|
50400000 |
Preference Share |
Rs.10/- each |
Rs.504.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.905.384 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 |
|
905.384 |
1031.384 |
|
(b) Reserves & Surplus |
|
2476.069 |
1242.486 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
250.000 |
500.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
64.722 |
|
(c) Other long term
liabilities |
|
761.789 |
1584.285 |
|
(d) long-term
provisions |
|
2254.865 |
1992.639 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.144 |
0.383 |
|
(b) Trade payables |
|
1691.837 |
1251.514 |
|
(c) Other current
liabilities |
|
1837.721 |
1753.967 |
|
(d) Short-term
provisions |
|
1490.761 |
1031.019 |
|
TOTAL |
|
11668.570 |
10452.399 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
708.965 |
720.147 |
|
(ii) Intangible Assets |
|
6.345 |
11.552 |
|
(iii) Capital
work-in-progress |
|
27.603 |
22.149 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
51.192 |
51.192 |
|
(c) Deferred tax assets (net) |
|
8.302 |
0.000 |
|
(d) Long-term Loan and Advances |
|
160.599 |
127.319 |
|
(e) Other
Non-current assets |
|
311.227 |
372.899 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
66.465 |
55.835 |
|
(c) Trade receivables |
|
1306.314 |
1776.896 |
|
(d) Cash and cash
equivalents |
|
7236.021 |
6021.670 |
|
(e) Short-term loans
and advances |
|
538.116 |
440.338 |
|
(f) Other current
assets |
|
1247.421 |
852.402 |
|
TOTAL |
|
11668.570 |
10452.399 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1031.384 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
344.711 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1376.095 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1.466 |
|
|
2] Unsecured Loans |
|
|
1200.181 |
|
|
TOTAL BORROWING |
|
|
1201.647 |
|
|
DEFERRED TAX LIABILITIES |
|
|
16.984 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2594.726 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
727.481 |
|
|
Capital work-in-progress |
|
|
24.836 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
51.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
103.781
|
|
|
Sundry Debtors |
|
|
1631.456
|
|
|
Cash & Bank Balances |
|
|
4869.499
|
|
|
Other Current Assets |
|
|
868.334
|
|
|
Loans & Advances |
|
|
1185.160
|
|
Total
Current Assets |
|
|
8658.230
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2207.635
|
|
|
Other Current Liabilities |
|
|
2359.326
|
|
|
Provisions |
|
|
2299.860
|
|
Total
Current Liabilities |
|
|
6866.821
|
|
|
Net Current Assets |
|
|
1791.409
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2594.726 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7232.115 |
6443.647 |
6047.753 |
|
|
|
Other Income |
672.336 |
504.105 |
542.780 |
|
|
|
TOTAL (A) |
7904.451 |
6947.752 |
6590.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
820.061 |
601.858 |
|
|
|
|
Purchases of stock-in-trade |
1666.490 |
1371.178 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(7.075) |
51.092 |
|
|
|
|
Employee benefit expense |
2587.404 |
2950.308 |
|
|
|
|
Other expenses |
731.514 |
474.491 |
|
|
|
|
Prior period items |
3.747 |
1.599 |
|
|
|
|
TOTAL (B) |
5802.141 |
5450.526 |
5200.434 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2102.310 |
1497.226 |
1390.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.392 |
47.130 |
105.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2055.918 |
1450.096 |
1284.847 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.565 |
40.816 |
37.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2015.353 |
1409.280 |
1246.944 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
651.718 |
472.431 |
420.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1363.635 |
936.849 |
826.227 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
144.836 |
(681.391) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
NA |
NA |
144.836 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.211 |
61.808 |
60.189 |
|
|
TOTAL EARNINGS |
48.211 |
61.808 |
60.189 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.12 |
22.43 |
19.67 |
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
17.25
|
13.48 |
12.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.87
|
21.87 |
20.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.68
|
12.06 |
14.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.62 |
0.91 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07
|
0.22 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.59 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
LONG TERM
BORROWING |
|
|
|
Bonds |
249.490 |
499.490 |
|
|
|
|
|
Total |
249.490 |
499.490 |
PERFORMANCE
HIGHLIGHTS
It is heartening to note that the Company has made all round improvement in its performance during the current financial year. In addition to substantial improvement in the financial performance, the Company has booked large value orders during the year.
BUSINESS OUTLOOK
General Economic
Environment
Global growth is projected to drop from about 4 percent in 2011 to about 3½ % in 2012 because of weak activity during the second half of 2011 and the first half of 2012. This is mainly on account of the damage done by deteriorating sovereign and banking sector developments in the EURO area. The reacceleration of activity during the course of 2012 is expected to return global growth to about 4% in 2013. The EURO area is still projected to go into a mild recession in 2012 as a result of the sovereign debt crisis and a general loss of confidence, the effects of bank deleveraging on the real economy, and the impact of fiscal consolidation in response to market pressures. Because of the problems in Europe, activity will continue to disappoint for the advanced economies as a group, expanding by only about 1½ % in 2012 and by 2% in 2013.
Real GDP growth in the emerging and developing economies is projected to slow from 6.25 % in 2011 to 5.75 in 2012 but then to reaccelerate to 6% in 2013, helped by easier macroeconomic policies and strengthening foreign demand.
As per IMF forecasts, 2013 is expected to see recovery in many parts of the world. World economy is likely to grow by 3.5% in 2012 while advanced economies together is expected to grow by 1.4%. USA and Japan is likely to have good growth of about 2% during 2012. Developing economies is expected to grow by 5.7% in 2012 which is likely to increase to 6.05 in 2013. Of the developing countries, China and India are likely to take the lead in economic growth with 8.2% and 6.9% respectively in 2012. The projected growth rates for China and India are 8.8% and 7.3% respectively for 2013 indicating gradual recovery. For economies like Latin America and Middle East, the situation likely to remain grim.
Indian Economy
After facing the downward impact of economic meltdown during 2008-09, the Indian economy was on the recovery path in 2009-10 with a real economic growth of 8.4% in 2009-10 and then, again entered in to the downward growth phase. During 2010-11 and 2011-12, real GDP growth declined to 7.9% and 7.0% respectively. For the 11th Five Year Plan (2007-12), Indian economy grew by a CAGR of 7.9%. Industrial growth has been moderate in 2010-11 (8.2%) although some strong effects of economic melt-down was visible. Within industry, the manufacturing sector, accounting for 77% of industrial output, has shown 8.9% growth acceleration in 2010-11 which is less compared to the growth achieved in 2009-10 (10.9%). Among the manufacturing sector, basic metal sector grew by 8.8% in 2010-11. Electricity sector has shown a dismal pictures registering a growth of 5.5% only in 2010-11.
Moreover, Government of India has given special thrust on the infrastructure sector as a whole. 12th Five Year Plan, Government of India is likely to put thrust on infrastructure development and hence, huge investment plans are expected in sectors like power, roads, railways, ports, civil aviation, telecommunications, irrigation, drinking water, sanitation, storage, and warehousing. This will help in achieving a robust and inclusive growth in future.
The Company's business procurement and turnover registered phenomenal growth in recent past few years despite economic meltdown. Meanwhile the world economy in general and Indian economy in particular is slowly on recovery path. As Indian economy is expected to recover slowly in 2012-13 and this trend is likely to continue in future, the business procurement prospect for the company is expected to be encouraging in the forthcoming years 2013-14 onwards.
CONTINGENT LIABILTIES
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against Company under liquidated damage clause by the Clients. |
0.161 |
8.493 |
|
Letters of Credit opened with Bankers for purchase of equipment and components and technical services. |
84.910 |
91.322 |
|
Guarantees given by Banks for and on behalf of the Company to different clients etc |
1123.846 |
1319.383 |
|
Income tax in dispute / under appeal |
147.810 |
144.663 |
|
Sales tax demands pending appeals with Appellate Authorities. |
185.976 |
192.582 |
|
Claims against Company by Contractors/Suppliers, etc. |
119.622 |
130.812 |
|
Claims against electricity supply by Jharkhand State Electricity Board (JSEB) |
14.865 |
14.865 |
|
The Regional Provident Fund Commissioner II, Jharkhand, Ranchi ordered for payment of Rs.38.527 Millions by way of interest and penalty to the BOT, arising out of delayed remittances by the company to the BOT, MECON Employees PF Trust. The company disputed the same and filed an appeal with EPF, Appellate Tribunal, New Delhi after depositing Rs.9.632 Millions as interim adhoc advance. |
38.527 |
38.527 |
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
- Books Periodicals
Intangible Assets
- Computer Software
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared by
: |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
63 |
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.