MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM EPC LIMITED |
|
|
|
|
Registered
Office : |
Sigappi Achi Building, 4th Floor, 18/3 Rukmini Lakshmipathi
Road, Egmore, Chennai – 600008, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
12.06.2000 |
|
|
|
|
Com. Reg. No.: |
18-045167 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.443.443 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74210TN2000PLC045167 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHES20276E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS1410C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Providing Integrated Design,
Engineering, Procurement, Construction and
Project Management services. |
|
|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Shriram Group. It is an established company having satisfactory track record. There
appears some dip in the profitability of the company. However, networth appears
to be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short term bank facilities) |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
14.11.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB- (Long term bank facilities) |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
14.11.2012 |
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 / Administrative Office : |
Sigappi Achi Building, 4th Floor, 18/3 Rukmini Lakshmipathi Road,
Egmore, Chennai-600008, Tamilnadu, India |
|
Tel. No.: |
91-44-49015678/49005555 |
|
Fax No.: |
91-44-49015655/49005599 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
1 B, Sigappi Achi Building, 18/3, Rukmani Lakshmipathy Salai (Marshall's Road), Egmore, Chennai-600008, Tamilnadu,India |
|
Tel. No.: |
91-44-49005555 |
|
Fax No.: |
91-44-49005599 |
|
E-Mail : |
|
|
|
|
|
Engineering Centre
: |
1st & 3rd Floor Kochar Technology Park, No.SP-31A, 2nd Main Road, Ambattur Industrial Estate, Ambattur, Chennai – 600058, Tamilnadu, India |
|
Tel. No.: |
91-44-45985100 |
|
Fax No.: |
91-44-45985111 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at ·
Chennai |
|
|
|
|
Branch Office : |
Located at ·
Kolkata ·
New Delhi |
|
|
|
|
Overseas Office : |
Beijing Office Shriram EPC Add.: Room 2426E, 24th floor, Building B, Wantong New World, No.2,
Fuwai treet, Xicheng District, Tel : 0086-10-68024682 Email : shriramepc.bj@gmail.com |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Arun Duggal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. T Shivaraman |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. M. Amjad Shariff |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. S. R. Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R Sundararajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Krishnamurthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil K Kolangara |
|
Designation : |
Nominee Director - Ascent Capital |
|
|
|
|
Name : |
Mr. S Bapu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P D Karandikar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vishal Vijay Gupta |
|
Designation : |
Nominee Director - Bessemer Venture Partners Trust |
KEY EXECUTIVES
|
Name : |
Mr. K. Suresh |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. R. Dharmarajan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2347 |
0.01 |
|
|
17048070 |
38.44 |
|
|
17050417 |
38.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17050417 |
38.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1728407 |
3.90 |
|
|
317646 |
0.72 |
|
|
1250678 |
2.82 |
|
|
3296731 |
7.43 |
|
|
|
|
|
|
4478204 |
10.10 |
|
|
|
|
|
|
1699885 |
3.83 |
|
|
403651 |
0.91 |
|
|
17426296 |
39.29 |
|
|
10332 |
0.02 |
|
|
26240 |
0.06 |
|
|
13481762 |
30.40 |
|
|
82783 |
0.19 |
|
|
38400 |
0.09 |
|
|
3786779 |
8.54 |
|
|
24008036 |
54.13 |
|
Total Public shareholding (B) |
27304767 |
61.56 |
|
Total (A)+(B) |
44355184 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
44355184 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Integrated Design, Engineering, Procurement, Construction and
Project Management services. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
31.03.2011 Units Produced |
|
|
|
In
Nos |
In
MWs |
|
Wind Turbine Generators – 250 KW |
112 |
32.80 |
NOTE: The installed capacities have not been disclosed
since they are variable subject to utilization of manufacturing facilities
given the nature of its operations.
GENERAL INFORMATION
|
No. of Employees : |
350 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Allahabad Bank Limited · Axis Bank Limited · Bank of India Limited · Barclays Bank PLC · Central Bank of India Limited · Citi Bank N.A. · DBS Bank Limited · Development Credit Bank Limited · ICICI Bank Limited · IDBI Bank Limited · IndusInd Bank Limited · Oriental Bank of Commerce Limited · Punjab National Bank Limited · State Bank of Patiala · State Bank of Mysore · State Bank of Travancore Limited · The Federal Bank Limited · The Lakshmi Vilas Bank Limited ·
Yes Bank Limited ·
Jammu
and Kashmir Bank · South Indian Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
L&T
Finance Limited ·
Reliance
Capital Fund ·
Easy
Access Financial Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai - 600 017, Tamilnadu, India |
|
|
|
|
Subsidiaries : |
·
Shriram EPC (Singapore) Pte Limited ·
Blackstone Group Technologies (Private) Limited ·
Chemprojects Consulting Private Limited |
|
|
|
|
Jointly Controlled
Entities : |
· Hamon Shriram Cottrell Private Limited · Leitner Shriram Manufacturing Limited |
|
|
|
|
Associates : |
· Haldia Coke and Chemicals Private Limited · Ennore Coke Limited (Subsidiary of Haldia Coke and Chemicals Private Limited · Wellman Coke India Ltd. (Subsidiary of Haldia Coke and Chemicals Private Limited) · Shriram SEPL Composites Private Limited · Shriram Composites Private Limited |
|
|
|
|
Companies over
which Key Management Personnel exercises Significant Influences : |
Orient Green Power
Company Limited Subsidiaries of
Orient Green Power Company Limited · P. S. R. Green Power Projects Private Limited · Amrit Environmental Technologies Private Limited · SM Environmental Technologies Private Limited · Orient Bio Power Limited · Orient Green Power Company (Rajasthan) Private Limited · Sanjog Sugars and Eco Power Private Limited · Bharath Wind Farm Limited · Clarion Wind Farms Private Limited · Gamma Green Power Private Limited · Beta Wind Farm Private Limited · Orient Eco Energy Private Limited · Global Power Tech Equipments Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs.650.000 Millions |
|
20000000 |
Convertible Preferences Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.850 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44344284 |
Equity Shares |
Rs.10/- each |
Rs. 443.443 Millions |
|
|
|
|
|
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period :
|
Particulars |
31.03.2012 |
|
|
|
In Shares |
Rs. In millions |
|
Equity Shares |
|
|
|
At the beginning of the year |
4,42,62,399 |
44.624 |
|
Issued during the year |
81,885 |
0.819 |
|
Outstanding at the end of the year |
4,43,44,284 |
443.443 |
Details of shareholders
holding more than 5% shares of the Company
|
Particulars |
31.03.2012 |
|
|
|
No of Shares |
% holding |
|
Equity Shares |
|
|
|
Shriram Industrial Holdings Private Limited |
1,49,29,070 |
33.67% |
|
Shriram Auto Finance (Partner: Ms Vathsala Ranganathan) |
25,17,003 |
5.68% |
|
Bessemer Venture Partners |
1,04,81,762 |
23.64% |
|
Agronaut Ventures |
23,73,364 |
5.35% |
|
Unit Trust of India Investment Advisory Services Ltd |
37,86,779 |
8.54% |
Terms/rights attached
to the Equity Shares
The Company has issued equity shares having a par value of Rs.10 per share. All these shares have the same rights and preferences with respect to payment of dividend, repayment of capital and voting rights.
For the year ended March 31, 2012, the amount of dividend recognized as distributions to equity share holders is
Rs.1.20 per share (March 31, 2011 Rs.1.20 per share). The dividend proposed by the Board of Directors is subject to the approval of the Share Holders at the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
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 |
|
|
|
|
|
1] Share Capital |
443.443 |
442.624 |
439.138 |
|
|
2] Share Application Money |
0.000 |
0.197 |
0.282 |
|
|
3] Reserves & Surplus |
4631.434 |
4436.831 |
3761.910 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Employee Stock Option Outstanding |
0.000 |
0.000 |
12.642 |
|
|
NETWORTH |
5074.877 |
4879.652 |
4213.972 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17635.936 |
11951.421 |
5056.451 |
|
|
2] Unsecured Loans |
299.100 |
0.000 |
1252.761 |
|
|
TOTAL BORROWING |
17935.036 |
11951.421 |
6309.212 |
|
|
DEFERRED TAX LIABILITIES |
307.333 |
289.364 |
280.213 |
|
|
|
|
|
|
|
|
TOTAL |
23317.246 |
17120.437 |
10803.397 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1262.513 |
1360.098 |
1416.911 |
|
|
Capital work-in-progress |
0.000 |
1.229 |
0.109 |
|
|
|
|
|
|
|
|
INVESTMENT |
2898.159 |
2675.740 |
2106.428 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2780.203
|
1575.734 |
1775.420 |
|
|
Sundry Debtors |
12330.499
|
9872.240 |
8327.021 |
|
|
Cash & Bank Balances |
3628.001
|
4043.110 |
1784.480 |
|
|
Other Current Assets |
2445.713
|
639.272 |
0.000 |
|
|
Loans & Advances |
7303.384
|
5254.419 |
2348.582 |
|
Total
Current Assets |
28487.800
|
21384.775 |
14235.503 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5327.083
|
3917.477 |
5986.661 |
|
|
Other Current Liabilities |
3911.812
|
4200.226 |
882.644 |
|
|
Provisions |
92.331
|
183.702 |
86.249 |
|
Total
Current Liabilities |
9331.226
|
8301.405 |
6955.554 |
|
|
Net Current Assets |
19156.574
|
13083.370 |
7279.949 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23317.246 |
17120.437 |
10803.397 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13822.003 |
13107.237 |
11105.176 |
|
|
|
Other Income |
256.856 |
145.072 |
120.247 |
|
|
|
TOTAL (A) |
14078.859 |
13252.309 |
11225.423 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials and Components Consumed |
788.353 |
|
|
|
|
|
Erection, Construction and Operation Expenses |
10288.461 |
7808.968 |
10033.612 |
|
|
|
Purchases of Stock in Trade |
700.409 |
1516.049 |
|
|
|
|
Employee Benefit Expenses |
306.699 |
298.924 |
|
|
|
|
Other Expenses |
666.861 |
430.612 |
|
|
|
|
Change in Inventories of Finished Goods, Contract Work in Progress and Stock In Trade |
(1153.507) |
206.850 |
|
|
|
|
Exceptional Item - Profit on Sale of Investment |
0.000 |
(233.628) |
|
|
|
|
TOTAL (B) |
11597.276 |
10923.505 |
10033.612 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
2481.583 |
2328.804 |
1191.811 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1968.719 |
1260.474 |
417.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
512.864 |
1068.330 |
774.649 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
121.532 |
120.054 |
103.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
391.332 |
948.276 |
671.202 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
136.257 |
252.151 |
224.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
255.075 |
696.125 |
446.603 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1902.379 |
1285.672 |
911.782 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - 12% |
53.213 |
53.115 |
52.697 |
|
|
|
Provision of dividend-2009-10 inclusive Dividend Tax |
0.059 |
0.065 |
0.099 |
|
|
|
Dividend Tax |
8.643 |
8.833 |
8.752 |
|
|
|
Transfer to General reserve |
6.377 |
17.405 |
11.165 |
|
|
BALANCE CARRIED
TO THE B/S |
2089.162 |
1902.379 |
1285.672 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1245.287 |
166.117 |
0.000 |
|
|
TOTAL EARNINGS |
1245.287 |
166.117 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
81.019 |
99.593 |
21.612 |
|
|
|
Capital Goods |
0.000 |
34.653 |
0.000 |
|
|
|
Materials Consumed in Execution of Engineering Construction Contracts |
0.000 |
3206.666 |
1315.198 |
|
|
TOTAL IMPORTS |
81.019 |
3340.912 |
1336.810 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) (Basic) |
5.75 |
15.80 |
10.26 |
|
|
|
Earnings Per
Share (Rs.) (Diluted) |
5.75 |
15.80 |
10.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4108.500 |
3768.400 |
3912.600 |
|
Total Expenditure |
3473.600 |
3044.200 |
3150.300 |
|
PBIDT (Excl OI) |
634.800 |
724.300 |
762.200 |
|
Other Income |
83.000 |
110.300 |
108.100 |
|
Operating Profit |
717.800 |
834.500 |
870.400 |
|
Interest |
673.900 |
747.800 |
801.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
43.900 |
86.700 |
68.400 |
|
Depreciation |
29.800 |
29.900 |
26.000 |
|
Profit Before Tax |
14.100 |
56.800 |
42.400 |
|
Tax |
04.500 |
14.200 |
(01.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
09.600 |
42.600 |
43.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
09.600 |
42.600 |
43.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.81
|
5.25
|
3.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.83
|
7.23
|
6.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.32
|
4.17
|
4.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.19
|
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.53
|
2.45
|
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.58
|
2.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATING RESULTS AND
PERFORMANCE
During the year the Company recorded a 6.24% growth in total income at 14078.900 millions from 13252.300 millions in the previous year on a standalone basis. Profit before tax at 391.300 millions.
Profit after tax was at 255.000 millions compared to the previous year figure of 696.100 millions. The last 2 years’ figures cannot be compared as they had an exceptional income of 233.600 millions by sale of shares related to the restructuring of their investments in the Coke business – Ennore Coke Limited and Haldia Coke and Chemicals Pvt. Limited in the year 2010-11.
Earnings per share (EPS) was at 5.75 compared to Rs.15.80 in the
previous year
The Company's standalone order book was 29241.500 millions as at 31st March, 2012.
BUSINESS HIGHLIGHTS
During the year the Company was awarded several prestigious projects. Some of
these projects and other business initiatives taken by the Board to position
the Company in its growth path as a key player in the EPC business and as a
manufacturer of wind turbines are as under:
During the year the Company received the following maior orders:
1. Order from Surya Dev Steels for Unit 2 of their 2X80 MW Captive Power Plant
valued atRs.3620.000 millions.
2. An order from Abhijeet Projects Limited. for the construction of a 50MW
Solar Thermal Power Plant in Rajasthan. The Company will execute the EPC work
for the project with technical support from Ener-T International Limited. The
order is valued at Rs.6400.000 millions and marks their entry into the emerging
Solar Power market.
3. Order from Hindustan Copper Limited. for work on the Surda Mine Project. The
Company will lead the consortium to undertake the project, which is valued at
Rs.2063.400 millions. This marks their entry into the Mining and Minerals
sector.
4. Order for the installation of a Coke oven by-product Complex including at the
3.0 MTPA Steel Plant of NMDC at Nagarnar in Chattisgarh. The value of the order
is Rs.4116.000 millions of which the scope for the Company is Rs.2600.000
millions.
5. Orders in the Municipal Services Segment from the Kerala Water Authority /
Kerala Sustainable Urban Development / TWAD / MCGM valued at over Rs.1500.000
millions.
The Company's Joint venture, Hamon Shriram Cottrell Pvt. Limited has an order
backlog as of 31st March, 201 2 of Rs.3483.200 millions. Major
orders include GAIL (India) Limited, Pata.
The Company's other Joint Venture, Leitner Shriram Manufacturing Limited. has
an order backlog as of 31st
March, 2012 of Rs.5249.800 millions.
BUSINESS OVERVIEW
The Company operates in two main segments; turnkey contracts and wind turbines.
A brief review of the business in these segments is given below.
The turnkey contracts segment represents the Company's engineering, procurement
and construction projects business, which include renewable energy projects
like Biomass-based power plants, Metallurgical and
Process plant projects and Municipal services projects like Water and
Waste-water treatment plants, Water and Sewer infrastructure and Pipe
rehabilitation.
AJOR ACHIEVEMENTS
DURING THE YEAR
- Successfully completed the first major export order to Sri Lanka for 10.5 MW
to Power Gen Lanka P Limited. - USD 1 2.90 million.
- Commenced execution of 93.6 MW order from Beta Wind farms at Tadipatri with
the new WEG model LTW 80 1.8.
- Successfully completed erection and commissioning WEG for 100 MW in India
since inception.
- Prototype for a new variant of the 1.5 MW turbine as well as a 2MW turbine
were installed at Sivagnanapuram, Tamil Nadu, and are undertesting
forcertification.
- Blade Plant expansion for doubling capacity for production of rotor blades is
completed.
LSML order book position from various clients like PPS Enviro, TVH, Power Gen
Lanka and OGPL is Rs.524.98 Crores.
During the year under review, LSML has reported a turnover of Rs.721 crores as
compared to Rs.550 crores during the year 2010-1 1 with a loss of Rs.28.75
crores as compared to a profit of Rs.4.20 crores during the year201 0-11.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY OVERVIEW:
Shriram EPC Limited (SEPC) is a leading service provider of Integrated Design, Engineering, Procurement, Construction and Project Management services. The Company`s business centers around providing integrated turnkey solutions for Process and Metallurgy plants, Power plants including Thermal power plants, Biomass based power plants and Solar power plant, Water and Waste-water treatment plants, Water and Sewer infrastructure and Pipe rehabilitation.
Through its Subsidiaries & Associates the Company also manufactures.
* Wind Turbine Generators (WTG)
* Cooling Towers
* GRP pipes and liners
SEPC also holds interests in the following:
* 21.11% (direct and indirect) stake in Orient Green Power Company Limited. - Owner & operator of Renewable energy power generation projects.
* 48.48% stake in Haldia Coke and Chemicals Pvt. Limited - leading manufacturer and marketer of metallurgical coke.
* 55% in Blackstone Group Technologies Pvt. Limited., a design &engineering firm.
SEPC is head quartered in Chennai, Tamil Nadu and has offices in New Delhi, Kolkata and Beijing. It has a factory in Chennai.
THE MACRO-ECONOMIC
SCENARIO:
The Fiscal year 2011-12 reflected the fragile state of the global economy since the two shocks over the last five years. The US which is the largest economy is yet to fully recover from the impact of these events. This year the Eurozone faced an intensification of the debt crisis in some of its member countries. Together these two regions represent a large part of global GDP and the resultant impact has led to slowing of global growth. This was further exacerbated by political unrest in the Middle East, natural disasters in Japan, Thailand and Indonesia and slowing growth in China and other emerging economies.
In addition to slowing global growth, the Indian economy was beset by a host of domestic challenges. Multiple governance issues ranging from policy inaction, corruption scandals and a burgeoning fiscal deficit weakened
sentiment. The aggressive stance by the RBI to tackle persistent inflation, led to a high interest rate regime. These factors have contributed to a slow growth rate of the Indian economy which is estimated to have grown by 6.9% during 2011-12, after having witnessed growth rates in excess of 8 % in the past two years.
The concern over fiscal sustainability, has led to increased risk aversion, resulting in currency depreciation of the INR against US dollar, which continues to gain in the time of uncertainty. They also witnessed the USA being downgraded by rating agency Standard & Poor, following which the ratings of several other economies. Even India is under pressure to retain its investment grade. The World Bank has reduced its forecast for the growth of the global economy in FY2012 and FY2013 to 2.5 and 3.1% in 2012 and 2013, versus the 3.6% projected in June for both years.
INDUSTRY OVERVIEW:
POWER
India is the fifth largest producer and consumer of electricity in the world after US, China, Japan and Russia. As of 31st March, 2012, India had an installed capacity of 199.87 Gigawatt (GW). Captive power plants generate an additional 31.5 GW Out of the total installed capacity, Thermal Power plants constitute 66%, Hydroelectric about 19% and the rest contributed by a combination of Wind, Small Hydra, Biomass and Nuclear. India generated 855 Bu electricity during fiscal 2011-12 (Source: http://www.powermin.nic.).
Despite the increase in the installed capacity, the fact remains that the per capita power consumption is still very low when compared with other major economies of the world.
To support the growth which the Indian economy is expected to witness over the next years, there is a significant need to boost the investment in infrastructure segment, especially Power sector. The Government is aware of the role power sector can play in boosting the growth of the economy and thus has started taking steps towards accelerating the growth of this sector.
80,000 MW of power generation capacity is under construction for the 12th five year plan ending 2017. According to the Planning Commission estimates, the country`s energy supply needs to grow at 6.5% annually if the nation wants to achieve annual economic growth of 9% during the 12th Five Year Plan period (2012-17) that commenced from April. For the 11th five year plan a target of 78,775 MW was set, which was revised to 62,000 MW during the mid-term review against which actual capacity addition was 55,000 MW.
India’s Performance
during 2011-12:
The electricity generation during the financial year was 876.43 BU witnessing a growth rate of 8.05% over same period last year.
The achievement was 102.51% of the yearly target; target for the financial year 2011-12 was 855 BU.
Thermal generation during the financial year was 708.45 BU registering a growth rate of 6.53% over the same period last year.
Electricity generation during the financial year from coal based thermal power plant was 584.58 BU, a growth of 9.20% year on year. However concerns remain over the availability and quality of gas and coal for thermal generation growth.
OUTLOOK:
They continue to remain focused on generating strong financial returns and create a world-class Engineering, Procurement and Construction Company. They recognize the potential of renewable energy and strive to develop and manufacture technologically advanced WTGs. They will continue to pursue opportunities by expanding and enhancing their presence throughout India and abroad. They look to capitalize on their strengths, local experience and familiarity with local working conditions and ever strengthening relationships with their clients and strategic partners in order to establish and maintain a leading position in the industry. They further intend to target specific project segments and industries where they believe there is high potential for growth and can enjoy competitive advantages.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Short Term Loans from
Banks |
299.100 |
0.000 |
|
Total |
299.100 |
0.000
|
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 (Rs. in millions) |
|
Letters of Guarantee issued by the Banks |
3896.210 |
|
Letters of Credit issued by the Banks |
1283.165 |
|
Bills discounted |
0.000 |
|
Corporate Guarantees issued |
680.000 |
|
Claims against the
Company not acknowledged as debts |
129.494 |
|
Disputed Income
Tax demands contested in Appeals not provided for Civil Cases. * * Management is of the opinion that the Appeals preferred by the
Company will be decided in its favour. |
129.494 |
|
Assessment year
Appeal pending before |
|
|
2000-01 Appellate Tribunal |
4.808 |
|
2001-02 Appellate Tribunal |
2.095 |
|
2002-03 Appellate Tribunal |
4.915 |
|
2003-04 Appellate Tribunal |
15.5333 |
|
2004-05 Commissioner of Income
Tax (Appeals) |
2.624 |
|
2005-06 Commissioner of
Income Tax (Appeals) |
29.848 |
|
2006-07 Commissioner of
Income Tax (Appeals) |
21.968 |
|
2007-08 Commissioner of
Income Tax (Appeals) |
19.224 |
|
2008-09 Commissioner of Income
Tax (Appeals) |
6.356 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012
(STANDALONE)
(Rs. In millions)
|
Particulars |
Quarter
Ended |
Half
Months Ended |
|
|
|
31.12.2012 Unaudited |
30.09.2012 Unaudited |
31.12.2012 Unaudited |
|
a) Net Sales/Income from Operations |
3900.173 |
3711.912 |
11694.495 |
|
b) Other operating Income |
12.388 |
56.531 |
94.964 |
|
Total Income
from Operations |
|
|
|
|
Expenses |
|
|
|
|
a) Election, Construction and Operation Expenses |
2801.829 |
2316.486 |
7991.276 |
|
b) Purchase of Stock in Trade |
375.324 |
621.831 |
997.155 |
|
c) Change in Inventories of finished goods and work in progress |
(341.292) |
(182.846) |
(266.319) |
|
d) Employees benefits Expenses |
123.508 |
104.538 |
332.757 |
|
e) Depreciation and amortisation Expenses |
26.032 |
29.893 |
85.709 |
|
f) Other expenditure |
190.960 |
184.185 |
613.285 |
|
Total Expenses |
3176.361 |
3074.087 |
9753.863 |
|
Profit from Operations before Other Income, Interest and Exceptional
items (1-2) |
736.200 |
694.356 |
2035.596 |
|
Other Income |
108.118 |
110.292 |
301.360 |
|
Profit / (Loss)
from Ordinary Activities before Finance Costs |
844.318 |
804.648 |
2336.956 |
|
& Exceptional
Hems (3+4) |
|
|
|
|
Finance Costs |
801.939 |
747.838 |
2223.681 |
|
Profit from
Ordinary Activities after Finance costs but Exceptional Items (5-6) |
42.379 |
56.810 |
113.275 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit from Ordinary
activities before tax (7+8) |
42.379 |
56.810 |
113.275 |
|
Tax Expenses |
(1.406) |
14.182 |
17.312 |
|
Net Profit from
Ordinary Activities after Tax (9-10) |
43.785 |
42.628 |
95.963 |
|
Extraordinary items (net of Tax) |
-- |
-- |
-- |
|
Net Profit and
Loss Period (11-12) |
43.785 |
42.628 |
95.963 |
|
Paid-Up Equity Share Capital (Face Value of Rs.10/- each) |
443.552 |
443.490 |
443.552 |
|
Reserves excluding Revaluation Reserves as per Balance
Sheet |
-- |
-- |
-- |
|
Earning Per Share (EPS) (not annualised) |
|
|
|
|
i) Basic (Rs) |
0.99 |
0.96 |
2.16 |
|
ii) Diluted (Rs) |
0.99 |
0.96 |
2.16 |
|
Particulars of
share holdings |
|
|
|
|
- Number of shares * |
2,73,04,704 |
2,72,98,567 |
2,73,04,704 |
|
- Percentage of
shareholding |
61.56 |
61.55 |
61.56 |
|
Promoters and
Promoter Group shareholding |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of share (as
% of the total shareholding of Promoter group) |
-- |
-- |
-- |
|
- Percentage of share (as
% of the total share capital of the Company) |
-- |
-- |
-- |
|
b)
Non-Encumbered |
|
|
|
|
- Number of shares |
1,70,50,417 |
1,70,50,417 |
1,70,50,417 |
|
- Percentage of share (as %
of the total shareholding of Promoter group) |
-- |
-- |
-- |
|
- Percentage of share (as
% of the total share capital of the Company) |
38.44 |
38.44 |
38.44 |
|
Particulars |
31.12.2012 |
|
B INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes :
The standalone results for Quarter and Nine Months ended December 31, 2012 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 12, 2013.
The results for the Quarter and Nine Months ended December 31, 2012 have been subjected to a limited review by the Statutory Auditors.
The Company had executed an EPC contract for Sree Jayajothi Cements Ltd (SJCL) in an earlier year and dues from this customer as of Decemeber 31, 2012 is Rs. 3208.494 millions, which have been outstanding for a considerable period of time. These amounts are secured by way of a Subservient Charge on the assets of SJCL. The Company has drawn up a proposal for recovering its dues from SJCL over a period of time and is confident of recovering the dues in full from SJCL and does not expect any loss in realising its dues. In addition the company also has investment in equity shares of SJCL amounting to Rs. 1082.345 millions in Equity Shares (including Rs. 932.345 millions invested during the first quarter). Further, the Company during the current nine months, has invested Rs. 2567.656 millions in 12% Optionally Convertible Debentures and Rs 0.100 millions in Equity shares of Spark Environmental Technology Limited (Spark), a fellow shareholder of SJCL. The money invested in Spark has been invested in its entirety, in equity shares of SJCL. As these investments are of long term and strategic in nature, the diminution in their value is not considered as other than temporary in nature and hence no provision is considered necessary in this regard. These matters have been qualified in the auditors' report for the Quarter and Nine Months ended December 31, 2012.
Other income for the nine months includes Rs 215.261 millions represents interest on debentures issued by Spark Environmental Technologies Limited, which is receivable on maturity as per the terms.
Though the Company had obtained its Shareholders' approval through Postal Ballot on August 21, 2008, for transfer of 250 KW Wind Turbine Business to its Joint Venture, Leitwind Shriram Manufacturing Limited ( LSML ) with effect from April 1, 2008, the Company would continue to sell the 250 KW Wind Turbines till the time LSML obtains all statutory approvals to manufacture and sell the same. Consequently, the Company has not recognised the Loss / Profit in the standalone results for the Quarter and Nine Months ended December 31, 2012.
The Company operates in three segments i.e. Contracts, Windmill and Trading.
6,200 options were exercised and shares allotted under ESOP Scheme 2007 to the eligible employees during the Quarter ended December 31, 2012.
SEGMENT REPORTING UNDER CLAUSE 41 OF THE LISTING AGREEMENT WITH
STOCK-EXCHANGE FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012
(Rs. In millions)
|
Particulars |
Quarter
Ended |
Half
Months Ended |
|
|
|
31.12.2012 Unaudited |
30.09.2012 Unaudited |
31.12.2012 Unaudited |
|
1. Segment Revenue : |
|
|
|
|
(Net Sales/Income from each Segment Gross of Excise) |
|
|
|
|
a. Contracts |
3390.228 |
3121.261 |
10348.787 |
|
b. Windmill |
76.130 |
(50.529) |
371.928 |
|
c. Trading |
376.324 |
630.998 |
1007.322 |
|
Sub-total |
3842.682 |
3701.730 |
11728.037 |
|
Less : Intersegmental Revenue |
|
|
|
|
Net Sales /Income from Operations |
3842.682 |
3701.730 |
11728.037 |
|
2. Segment Results : |
|
|
|
|
(Profit (+) / Loss (-) before Tax and Finance Costs from each segment) |
|
|
|
|
a. Contracts |
511.802 |
484.154 |
1682.415 |
|
b. Windmill c. Trading |
6.169 1.001 |
(28.355) 9.167 |
(10.356) 10.168 |
|
Sub-total |
518.972 |
464.966 |
1682.227 |
|
Less : (i) Finance Costs (Net of amounts identified with
"Construction Contracts" |
|
|
|
|
Segments) (ii) Other un-allocable expenditure net of un-allocable income |
544.948 (68.355) |
511.944
(103.788) |
1519.826 49.126 |
|
Total Profit Before Tax |
42.379 |
56.810 |
113.275 |
|
3. Capital Employed |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
a. Contracts |
(78.383) |
454.987 |
(78.383) |
|
b. Windmill |
1680.098 |
1325.862 |
16,80.098 |
|
c. Trading d. Unallocated Assets
less Unallocated Liabilities |
1161.147
2408.289 |
1177.600
2168.792 |
11,61.147 24,08.289 |
|
Total |
5171.151 |
5127.241 |
51,71.151 |
FIXED ASSETS
Tangible Assets
·
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipment
·
Computers
·
Vehicles
Intangible Assets
·
Technical know-how
·
Software
·
Leasehold land right to use
WEB DETAILS
SHRIRAM GROUP TO INJECT RS 6000.000 MILLIONS INTO SHRIRAM EPC,
SUBSIDIARIES
CHENNAI, FEB. 22:
Chennai-based Shriram group will pump in around Rs 6000.000 millions into Shriram EPC and its listed subsidiary, Orient Green Power Limited. This was decided at a board meeting today, with the aim of restructuring the two companies.
When this exercise is completed, Shriram EPC will get back the loans it gave OGPL and a clutch of other, smaller subsidiaries. It will also receive cash for the transfer of its stake in the subsidiaries to its (Shriram EPC’s) parent company, Shriram Industrial Holdings Limited.
Shriram Industrial Holdings will also invest Rs 1500.000 millions in the preference capital of OGPL. This will enable OGPL, a leading renewable energy company that owns wind and biomass power plants, to complete its ongoing 300 MW wind farm project.
Funds to repay loans
Shriram EPC has a bunch of subsidiaries that include OGPL, wind turbine manufacturer Leitner Shriram and Sree Jayajyoti Cements. The cement company is not a part of this deal. Shriram Industrial Holdings will purchase Shriram EPC’s stake in these subsidiaries “at a price not less than their fair value.” This will fetch Shriram EPC around Rs 2500.000 millions, including capital gains of about Rs 500.000 millions, company officials told Business Line today.
In addition, Shriram Industrial Holdings will lend to these subsidiaries which, in turn, will use the funds to repay Shriram EPC’s loans to them. In this way, Shriram EPC will get about Rs 2000.000 millions.
Open offer for OGPL
In the case of Shriram Industrial Holdings’ purchase of shares in OGPL, a quirk of the complex holding structure triggers an open offer. The holding company will make an open offer to buy 26 per cent stake in OGPL at Rs 15 a share. This could mean investment of a further Rs 2250.000 millions.
At the end of this exercise, Shriram EPC will turn into a pure-play EPC company and OGPL will get funds to complete its wind farm project, the Managing Director and CEO of Shriram EPC, Thyagarajan Shivaraman, told Business Line today. Shriram EPC has orders on hand worth Rs 46000.000 millions, he said.
Meanwhile, it is learnt the Shriram group is looking to raise private equity of about $200 million.
For the financial year ended March 31, 2012, Shriram EPC achieved a turnover of Rs 13820.000 millions and made a net profit of Rs 250.000 millions. For the first nine months of the current year, its turnover was Rs 11790.000 millions and net profit, Rs 96.000 millions.
On the BSE today, the Shriram EPC share closed at Rs 75.05.
OGPL achieved a turnover of Rs 304.800 millions and a net loss of Rs 53.700 millions for 2011-12. The OGPL share closed at Rs 13.05 on the NSE today.
SHRIRAM EPC BAGS RS 3670.000-MILLIONS ORDERS ACROSS SECTORS
CHENNAI, JAN. 30
Building up capability to deliver engineering, procurement and construction solutions in the mining and mineral processing areas has paid off for Shriram EPC Limited.
The company has bagged multiple contracts totalling over Rs 3670.000 millions, including a large order from Hutti Gold Mines, according to a press release. Shriram EPC’s total order book is over Rs 40000.000 millions.
The Rs 2340.000-millions order from Hutti Gold Mines Company Limited, a Karnataka Government undertaking, is for construction of a circular shaft, 6 metres wide, to a depth of 960 metres.
This project will be taken up as part of a consortium with Shandong Gold Group Yantai Design and Research Engineering Co Ltd, of China, and is scheduled to be completed in three years. Shriram EPC is executing an order awarded by Hindustan Copper Limited involving similar expertise at Surda Indian Copper Complex, Jharkhand, worth Rs 2063.400 millions.
Two orders amounting to Rs 1026.000 millions are in the municipal services vertical.
The first is a repeat order from the Gujarat Urban Development Company Limited for Rs 756.000 millions, to supply and fix pipes and erect and commission pumping stations, a conventional water treatment plant and related facilities, including electro-mechanical works.
A Rs 270.000-millions contract is for establishing intake wells, water storage and distribution lines of 50 km in Kayalpattanam Municipality, Tamil Nadu.
It has also got a Rs 303.000-millions order from Kerala Feeds Limited for a 300-tonne-a-day cattle-feed plant in Kozhikode.
SHRIRAM EPC INVITATION GOLF TOURNAMENT, VIZAG
10th FEBRUARY, 2013
PRESS NOTE
The Annual Shriram EPC Invitation Golf Tournament was conducted on 10 February at the East Point Golf Club, Vizag. This is the third edition of the Tournament they have conducted in Vizag. Shriram EPC also conducts similar Invitation Golf Tournaments across the country at various strategic locations.
A total of over 80 players from various organizations took part in this prestigious Corporate Tournament.
The Tournament was kick started in full zest with an inaugural tee off by the Chief Guest Rear Admiral N.K. Mishra (CMD, Hindustan Shipyard Limited)
RESULTS:
The Winner of the Gold Division (0-12 Handicap) was Mr. S. Noel Treasure and Runner up was Mr. K. Sreenivas
The Winner of the Silver Division (13-24 Handicap) was Dr. Gangadhar Prasad and Runner Up was Mr. M.S.N. Raju
The Prize for the Longest Drive was bagged by Mr. H. Ram Dora The Prize for the Closest to Pin was bagged by Mr. K. Sreenivas
A friendly Putting competition was also conducted for the Ladies who attended the Event.
Winner of the Ladies Putting Event was Mrs. Swetha Gupta Runner Up was Mrs. Zoya Armreen
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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.