MIRA
INFORM REPORT
|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL HITECH ENGINEERS LIMITED |
|
|
|
|
Registered
Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.05.1998 |
|
|
|
|
Com. Reg. No.: |
11-115155 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.122.752 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1998PLC115155 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS03119E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS7498N |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of Engineering, Procurement, Construction-(EPC),
Fabrication, Erection, Overhauling, Maintenance, Trading and other related
activities. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. There
appears some dip in the profitability of the company. However, networth of
the company is satisfactory general financial position of the company is
good. Trade relations are reported to be regular and as per commitments. The company can be considered normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB + (Ind) |
|
Rating Explanation |
Good credit quality. |
|
Date |
September 19, 2011 |
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 DENIED BY
|
Name : |
Ms. Shilpa |
|
Designation : |
Account Department |
|
Contact No.: |
91-712-3045200 |
|
Date : |
20.02.2013 |
LOCATIONS
|
Registered Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010,
Maharashtra, India |
|
Tel. No.: |
91-712-3045213/ 2562087/ 88/ 3045200 (300 Lines) |
|
Fax No.: |
91-712-2562091 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
602, Trade Center, Bandra Kurla Complex Opposite Bandra
Kurla Telephone Exchange, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67996000/ 01 |
|
Fax No.: |
91-22-67996015 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ratnakar Manikrao Gutte |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sunil Ratnakar Gutte |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mrs. Sudhamati Ratnakar Gutte |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
28.03.1957 |
|
Qualification : |
B.E. (Electrical), from Indian Institute of Science, Bangalore |
|
Date of Appointment : |
14.08.2012 |
|
|
|
|
Name : |
Mr. Mattathil Narayanan Mohanan |
|
Designation : |
Director (Operations) |
|
Date of Birth/Age : |
23.05.1958 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
01.06.2003 |
|
|
|
|
Name : |
Mr. S. K. Kodandaramaiah |
|
Designation : |
CEO and Director (Business Development) |
|
Date of Birth/Age : |
04.09.1949 |
|
Qualification : |
Post Graduate in Mechanical Engineering |
|
Date of Appointment : |
05.02.2004 |
|
|
|
|
Name : |
Mr. Vijay Ratnakar Gutte |
|
Designation : |
Director (Finance) |
|
Date of Birth/Age : |
19.03.1983 |
|
Qualification : |
M. B. A. in Marketing & Finance |
|
Date of Appointment : |
29.05.2007 |
|
|
|
|
Name : |
Mr. Dilip Y. Ghanekar |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
19.09.1956 |
|
Qualification : |
B. E. Mech and Diploma in Industrial Management from V. R. C. E.
Nagpur |
|
Date of Appointment : |
30.01.2007 |
|
|
|
|
Name : |
Mr. Devesh Nandan Garg |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sajid Ali |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Parag Sakalikar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sonyabapu Shankar Waghmare |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Kumar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010, Maharashtra,
India |
|
|
|
|
Name : |
Ms. Shilpa |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
6530990 |
53.2 |
|
|
|
6530990 |
53.2 |
|
|
|
6530990 |
53.2 |
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6530990 |
53.2 |
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
10140 |
0.08 |
|
|
|
165 |
0 |
|
|
|
1113000 |
9.07 |
|
|
|
1123305 |
9.15 |
|
|
|
|
|
|
|
|
591109 |
4.82 |
|
|
|
|
|
|
|
|
3174909 |
25.86 |
|
|
|
662804 |
5.4 |
|
|
|
192043 |
1.56 |
|
|
|
53 |
0 |
|
|
|
25345 |
0.21 |
|
|
|
2120 |
0.02 |
|
|
|
164525 |
1.34 |
|
|
|
4620865 |
37.64 |
|
|
Total Public shareholding (B) |
5744170 |
46.8 |
|
|
Total (A)+(B) |
12275160 |
100 |
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
|
0 |
0 |
|
|
|
0 |
0 |
|
|
|
0 |
0 |
|
|
Total (A)+(B)+(C) |
12275160 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of Engineering, Procurement, Construction-(EPC),
Fabrication, Erection, Overhauling, Maintenance, Trading and other related
activities. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
UCO Bank ·
Union Bank of India ·
ICICI Bank Limited ·
IDBI Bank Limited ·
HSBC Bank Limited ·
Oriental Bank of Commerce ·
Kotak Mahindra Bank Limited ·
Barclays Bank ·
Axis Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
Address : |
157, Princess
Street, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Subsidiary
Company : |
·
SEAM Industries Limited ·
Sunil Hitech Energy Private Limited ·
SHEL Investments Consultancy Private Limited |
|
|
|
|
Associate
Company : |
·
Gangakhed Sugar and Energy Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12275160 |
Equity Shares |
Rs. 10/- each |
Rs. 122.752
Millions |
|
|
|
|
|
Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
Rs. in million |
|
Equity shares at the beginning of the year |
12275160 |
122.752 |
|
Movement during the year |
-- |
-- |
|
Equity shares outstanding at the end of the year |
12275160 |
122.752 |
Terms/Rights attached to equity shares
The Company has only
one class of equity shares having a par value of ` 10 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31 March, 2012, the amount of per share dividend recognised as
distributions to equity shareholders is ` 1.20 Pr. Yr. ` 1.20).
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.
The Company does not have any holding company
The details of
shareholders holding more than 5% of Equity Shares in the Company
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
% holding |
|
Ratnakar Manikrao Gutte |
22,02,500 |
17.94% |
|
Sudhamati Ratankar Gutte |
19,68,750 |
16.04% |
|
Sunil Ratnakar Gutte |
16,78,740 |
13.68% |
|
Bessemer Venture Partners Trust |
11,00,000 |
8.96% |
|
Vijay Ratnakar Gutte |
6,75,000 |
5.50% |
As per of the Company,
including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
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 |
122.752 |
122.752 |
122.752 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2414.338 |
2191.882 |
1870.574 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2537.090 |
2314.634 |
1993.326 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2788.299 |
2472.479 |
2680.954 |
|
|
2] Unsecured Loans |
309.746 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3098.045 |
2472.479 |
2680.954 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5635.135 |
4787.113 |
4674.280 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1357.502 |
1311.015 |
1310.303 |
|
|
Capital work-in-progress |
54.244 |
135.755 |
113.045 |
|
|
|
|
|
|
|
|
INVESTMENT |
296.890 |
419.969 |
600.212 |
|
|
DEFERRED TAX ASSETS |
45.002 |
53.238 |
35.993 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1133.467
|
421.268 |
403.423 |
|
|
Sundry Debtors |
2091.117
|
2604.104 |
1592.730 |
|
|
Cash & Bank Balances |
381.841
|
216.649 |
585.549 |
|
|
Other Current Assets |
1158.730
|
1030.030 |
591.974 |
|
|
Loans & Advances |
2574.724
|
2142.241 |
1284.748 |
|
Total
Current Assets |
7339.879
|
6414.292 |
4458.424 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1463.919
|
1275.356 |
573.223 |
|
|
Other Current Liabilities |
1951.655
|
2236.224 |
1218.871 |
|
|
Provisions |
42.808
|
35.576 |
58.294 |
|
Total
Current Liabilities |
3458.382
|
3547.156 |
1850.388 |
|
|
Net Current Assets |
3881.497
|
2867.136 |
2608.036 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.691 |
|
|
|
|
|
|
|
|
TOTAL |
5635.135 |
4787.113 |
4674.280 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8555.927 |
7300.894 |
7226.757 |
|
|
|
Other Income |
197.644 |
74.483 |
144.029 |
|
|
|
TOTAL (A) |
8753.571 |
7375.377 |
7370.786 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2475.700 |
2123.355 |
|
|
|
|
Changes in Inventories of Work-in-Process |
(30.094) |
0.000 |
|
|
|
|
Purchase of Traded Goods |
972.672 |
453.160 |
|
|
|
|
Contract and Site Expenses |
2740.353 |
2545.500 |
|
|
|
|
Employee Benefit Expenses |
646.255 |
492.718 |
|
|
|
|
Other Expenses |
734.845 |
595.362 |
|
|
|
|
Extraordinary Items |
(9.352) |
(5.000) |
|
|
|
|
TOTAL (B) |
7530.379 |
6205.095 |
6389.670 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1223.192 |
1170.282 |
981.116 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
470.807 |
341.923 |
241.867 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
752.385 |
828.359 |
739.249 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
308.418 |
261.796 |
215.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
443.967 |
566.563 |
524.127 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
204.294 |
228.032 |
286.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
239.673 |
338.531 |
234.551 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
882.066 |
594.463 |
369.006 |
|
|
|
|
|
|
|
|
|
Add |
Reversal of
Proposed Dividend and Tax on it |
0.000 |
0.000 |
14.361 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
18.616 |
33.808 |
23.455 |
|
|
|
Dividend |
14.730 |
14.730 |
0.000 |
|
|
|
Tax on Dividend |
2.390 |
2.390 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1086.003 |
882.066 |
594.463 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials/ Traded Goods |
113.941 |
168.523 |
43.322 |
|
|
|
Capital Goods |
218.822 |
0.000 |
20.647 |
|
|
|
Components and Spare parts |
0.000 |
0.000 |
6.125 |
|
|
TOTAL IMPORTS |
332.763 |
168.523 |
70.094 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.53 |
27.58 |
19.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2135.000 |
2898.200 |
3469.000 |
|
Total Expenditure |
1868.200 |
2629.700 |
3183.600 |
|
PBIDT (Excl OI) |
266.800 |
268.500 |
285.400 |
|
Other Income |
18.200 |
66.100 |
9.100 |
|
Operating Profit |
285.000 |
334.600 |
294.500 |
|
Interest |
148.800 |
139.900 |
144.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
136.200 |
194.700 |
150.500 |
|
Depreciation |
69.800 |
72.300 |
75.200 |
|
Profit Before Tax |
66.400 |
122.400 |
75.400 |
|
Tax |
22.100 |
35.200 |
34.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
44.300 |
87.200 |
40.500 |
|
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 |
44.300 |
87.200 |
34.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.74
|
4.59 |
3.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.19
|
7.76 |
7.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
7.33 |
9.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.24 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.22
|
1.07 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.81 |
2.41 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Foreign Currency Buyers Credit Arrangement from Banks |
309.746 |
0.000 |
|
Total |
309.746 |
0.000 |
GENERAL
INFORMATION
Subject is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India. The
Company is engaged in the business of Engineering, Procurement,
Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading
and other related activities.
OPERATIONAL REVIEW
The Company
has registered the net turnover of Rs. 8555.927 Millions for the financial year
2011-12 as against Rs. 7300.894 Millions in the previous year, thereby
registered a growth of 17.19% over the last year’s turnover. The operating
profit of the Company for the financial year ended 31st March 2012
is Rs. 1223.192 Millions, whereas it was Rs. 1170.283 Millions during the last
financial year.
The Company has not any discontinued operation as on date.
SHIFTING OF
REGISTERED OFFICE
The Board
of Directors, vide their meeting held on 14.08.2012, subject to such other
approvals, has recommended to shift the registered office of the Company from
‘Ratnadeep Jaynagar, Parli Vaijnath, Dist – Beed, Pin - 431520 Maharashtra to
‘602, 6TH Floor Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400
051, Maharashtra with in the state of Maharashtra under the jurisdiction of
same Registrar of Companies, Ministry of Corporate Affairs, Mumbai.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GLOBAL ECONOMY
The
global recovery was threatened by intensifying strains in the euro area and
fragilities elsewhere. Financial conditions deteriorated, growth prospects
dimmed, and downside risks escalated.
The
global economic environment, which was tenuous at best throughout the year,
turned sharply adverse in September 2011 owing to the turmoil in the eurozone,
and questions about the outlook on the
The
financial turmoil intensified with the deepened European fiscal crisis. It
spread to developing and high-income countries. Capital flows to developing
countries in 2011 declined by almost half as compared with the previous year.
Europe seemed to have entered recession, while growth in several major
developing countries (
The
global GDP grew 3.8 percent growth in 2011, significantly lower than the 5.2
percent growth in 2010.
(Percent)
|
|
2010 |
2011 |
2012
(E) |
2013
(E) |
|
World Output |
5.2 |
3.8 |
3.3 |
3.9 |
|
Advanced Economies |
3.2 |
1.6 |
1.2 |
1.9 |
|
Emerging and developing Economies |
7.3 |
6.2 |
5.4 |
5.9 |
INDUSTRIAL
PRODUCTION
Global
industrial production was impacted by consistent shocks and after-shocks which
decelerated its growth. Growth in industrial output dampened in early 2011 when
compared with the marginal growth in the second half of 2010 due to adverse
weather conditions in Europe and the
The
confidence crisis engulfed high-income countries in the wake of the
The
heightened uncertainty related to the sovereign debt concerns in high-income
countries shook investors and
consumers’
confidence, consumers delayed purchases of durable goods and businesses drew
down stocks and
disrupted
some supply chains – this weighed on the industrial sector recovery
The
only positive surprise emerged from the
As a
result, industrial output growth was impacted in varying degrees across regions
and time.
GLOBAL TRADE
The
global trade volume (merchandise and services) expanded 6.4 percent in 2011-
100 bps higher than the ten-year average. However, performance across the year
was not uniform. In the first quarter, global trade growth expanded at the
historical average; however, growth became extremely volatile due to the
multiple shocks to the global economy. The slowdown in global trade volumes was
more marked in high income countries. High-income countries’ contribution to
global trade fell to 52 percent in Q/3, 2011 from 60 percent in 2006; the
contribution of developing countries’ increased from 40 percent to 48 percent
over the same period.
INDIAN ECONOMY
The
Indian economy grew 6.5 percent in 2011-12 against 8.4 percent in 2010-11
largely due to weakening industrial growth.
The
industrial sector was plagued by multiple issues, which persisted for most part
of the year. Inflation was the key hurdle for industrial growth, which
significantly eroded margins. The government’s efforts to curb inflationary
headwinds
through frequent interest rate hikes dealt a blow to the sentiments of India
Inc and nearly halted infrastructure sector growth. The sharp depreciation of the
Indian rupee against the US dollar in the third quarter of 2011-12 severely
eroded profitability for a majority of corporate
The
Service sector continued to traverse its growth path. Its share in
The
global economic environment turned adverse in September 2011 owing to the
eurozone turmoil and questions raised on the economic stability of others
nations as well. This was also reflected in sharp rating downgrades of
sovereign debt in most major advanced countries.
As a
result, despite India’s low economic progress at 7.1 percent, it retained its
position among the world’s fastest growing economies as all major countries,
including the fast growing emerging economies, witnessing signs of an
imminent slowdown.
The
Indian rupee is under great stress as overseas investors are paring their
exposure to
ECONOMIC SNAPSHOT
(Percent)
|
|
2007-08 |
2008-09 |
2009-10 |
2010-11 |
2011-12 (E) |
|
GDP at Factor Cost |
9.3 |
6.7 |
8.4 |
8.4 |
7.1 |
|
Agriculture and allied activities |
5.8 |
0.1 |
1.0 |
7.0 |
3.0 |
|
Manufacturing |
10.3 |
4.3 |
9.7 |
7.6 |
3.9 |
|
Construction |
10.8 |
5.3 |
7.0 |
8.0 |
6.2 |
|
Financing insurance, real estate and business services |
12 |
12 |
9.4 |
10.4 |
9.1 |
INDUSTRY STRUCTURE
AND DEVELOPMENTS
INDIAN
POWER SECTOR
Power
or electricity is one of the most critical components of infrastructure affecting
economic growth and well being of nations. The existence and development of
adequate infrastructure is essential for sustained growth of the Indian
economy. Infrastructure investment in
The
power sector provides one of the most important inputs for the development of a
country and availability of reliable and inexpensive power is critical for its sustainable
economic development. To sustain GDP growth rate of around 8-9 percent, it is
imperative that the power sector also grows at the same rate.
Even
after the considerable growth in the power sector infrastructure and
electricity supply, many parts of the country continue to face severe power
shortages as consumption by commercial and industrial consumers has been
increasing at a much faster rate than electricity supply.
Power
is one infrastructure area where
POWER DEMAND
The
elasticity of electricity demand to GDP growth has been declining from the
Seventh Plan and hit a low of 0.7x in the Tenth Plan due to increased share of
the service sector in GDP. However, we expect elasticity of electricity to rise
from 0.7x in the Tenth Plan to 1.0x going ahead due to higher share of
industrial and infrastructure sectors in GDP. Power demand is largely
understated in
bn
and Rs. 2,400 bn respectively with a view to improve power availability.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
The Company
is operating under three business segments namely: Project, Overhauling and
Maintenance and Supply or Trading
Project Segment:
This segment is engaged in the business of Fabrication, Erection of Boilers
(Power Plants), Erection Testing, Commission of ESP, Transmission and
Distribution and EPC contract.
Overhauling and Maintenance:
This segment is engaged in the Repair and Maintenance, Overhauling and
Renovation of Boilers and Auxiliaries, Ash Handling Systems etc.
Supply or Trading Segment:
This segment is engaged in supply of electrodes, Boiler Spare parts, Coal,
Steel and other materials at various power plants.
The
performance of each Segment of the Company was satisfactory for the financial
year ended on 31.03.2012. The Project Segment registered more than 10% growth
during this financial year in comparison to the performance of last year. The
Overhauling and Management Segment registered more than 12% growth over its
last years’ performance and the Supply or Trading witnessed a remarkable performance
by registering a significant growth (more than twice) over its last years’
performance.
OUTLOOK
Historically,
The
Company will regularly monitor the growing demand of opportunities in power
sector and take all initiatives to
materialise those for benefit of the organization.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a) Counter Guarantees given to Bank against Guarantees given by them |
3927.384 |
3748.401 |
|
b) Bank Letter of Credit outstanding at the year end |
106.364 |
374.666 |
|
c) Service Tax demand disputed, contested in appeal |
86.485 |
18.118 |
|
d) Corporate Guarantee given on behalf of : |
|
|
|
i) SEAM Industries Limited, a subsidiary company |
524.200 |
384.200 |
|
Loans/ LC/ BG outstanding at the year end |
446.752 |
259.654 |
|
ii) Others |
-- |
500.000 |
|
Loans outstanding at the year end |
-- |
499.975 |
|
e) Estimated
Amount of Contracts remaining to be executed on capital commitments and other
commitments net of advances. |
-- |
61.917 |
|
f) Claims against the Company not acknowledged as debts |
1.153 |
1.153 |
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Computer and Printer
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computer Software
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
3468.960 |
2898.166 |
8502.104 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
746.136 |
633.302 |
2189.004 |
|
|
Purchase of Stock In Trade |
1506.807 |
1091.228 |
2724.191 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
-- |
-- |
-- |
|
|
Employee Benefits Expenses |
160.340 |
161.882 |
492.888 |
|
|
Depreciation and Amortization Expenses |
75.148 |
72.283 |
217.271 |
|
|
Contract and site expenses |
600.274 |
575.977 |
1769.432 |
|
|
Other Expenses |
169.999 |
162.048 |
473.838 |
|
|
f) Total |
3258.704 |
2696.720 |
7866.624 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
210.256 |
201.446 |
635.480 |
|
|
|
|
|
|
|
4. |
Other Income |
9.107 |
60.857 |
61.333 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
219.363 |
262.303 |
696.813 |
|
|
|
|
|
|
|
6. |
Interest |
144.000 |
139.883 |
432.631 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
75.363 |
122.420 |
264.182 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
75.363 |
122.420 |
264.182 |
|
|
|
|
|
|
|
10. |
Tax Expense |
34.842 |
35.235 |
92.206 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
40.521 |
87.185 |
171.976 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
40.521 |
87.185 |
171.976 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
122.752 |
122.752 |
122.752 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
3.30 |
7.10 |
14.01 |
|
|
b) Basic and diluted EPS after extraordinary items |
3.30 |
7.10 |
14.01 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
5744170 |
5744170 |
5744170 |
|
|
- Percentage of Shareholding |
46.80% |
46.80% |
46.80% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
6530990 |
6530990 |
6530990 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
53.20% |
53.20% |
53.20% |
|
Particulars
|
Quarter
ended 31.12.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER 2012
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Project |
1837.862 |
1685.294 |
5485.544 |
|
|
|
Overhauling and Maintenance |
102.092 |
103.678 |
237.068 |
|
|
|
Supply |
1509.639 |
1096.602 |
2737.490 |
|
|
|
|
|
|
|
|
|
|
Total |
3449.593 |
2885.574 |
8460.102 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
3449.593 |
2885.574 |
8460.102 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Project |
257.206 |
316.906 |
909.569 |
|
|
|
Overhauling and Maintenance |
35.013 |
0.442 |
26.379 |
|
|
|
Supply |
8.908 |
36.858 |
45.899 |
|
|
|
|
|
|
|
|
|
|
Total |
301.127 |
354.205 |
981.847 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
144.000 |
139.883 |
432.631 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
81.764 |
91.902 |
285.034 |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
75.363 |
122.420 |
264.182 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Project |
3402.205 |
3331.391 |
3402.205 |
|
|
|
Overhauling and Maintenance |
171.441 |
176.186 |
171.441 |
|
|
|
Supply |
67.543 |
190.593 |
67.543 |
|
|
|
|
|
|
|
|
|
|
Total |
3641.189 |
3698.170 |
3641.189 |
|
|
|
|
|
|
|
|
|
|
Unallocated |
(937.885) |
(1035.387) |
(937.885) |
|
|
|
|
|
|
|
|
|
|
Total Capital
Employed |
2703.304 |
2662.783 |
2703.304 |
NOTES
1. The above results have been reviewed by the Audit Committee. The Board
has taken on the financial results at its meeting held on 14 February 2013. The
Statutory auditors have conducted limit review of the financial results for the
period ended 31st December 2012.
2. Other income for the year ended 31st March 2012 and nine
months ended 31st December 2011 includes profit on sale of long term
investments of Rs. 53.921 Millions and profit on sale of fixed assets of Rs.
59.346 Millions.
3. Figures for previous year / period have been regrouped, rearranged and
reclassified whenever necessary to make them comparable.
WEBSITE DETAILS
PROFILE
Subject was incorporated on 29th May 1998. The Company was
established with an objective to engage in the business of fabrication,
erection and commissioning related works required for power plants. Sunil
Hitech was formed by taking over of proprietorship concern M/s. Sunil
Engineering Works (SEW) with Shri
Ratnakar M. Gutte as a proprietor, which was in existence since
1984.
The company was converted into Sunil Hitech Engineers Ltd (“SHEL” or “The
Company”) on, 18th August 2005.
They are engaged in the niche segment of Fabrication, Erection and Testing and
Commissioning of Bunkers, ESPs, Boilers, TG sets in the Power Plants, both in
Private and Public sector. SHEL is amongst very few companies which are tightly
focused in the ever-growing Power Sector, for the last two decades
MANAGEMENT
Mr. Ratnakar Manikrao Gutte : Chairman and
Managing Director
Mr. Ratnakar Manikrao Gutte, promoter of the
company has enriched Sunil Hitech with his 29 years of rich experience in
project execution i.e. fabrication, erection, testing & commissioning of
power plants. He started his career in the power sector, working as a helper,
expert welder, fitter to a contractor engaged in rendering services to State
Electricity Board. He rose to the present rank by virtue of his sheer hard work
and great clairvoyance.
Being a first generation starter, with his excellent on-the-job knowledge of
engineering, the intricacies of civil construction and machinery installation
and unmatched understanding of finance, banking, taxation, general management
and
commercial matters, he steered the company towards success and growth. His visionary
abilities skillfully nurtured the company since its inception and established
it as one of the leading companies specialized to undertake thermal power
plants work. His key strength is delivering qualitative and timely services.
His forte is strong liasoning in the industry. In recognition to his services,
he has been honoured with two National Awards: “Life Time Udyog Achievement
Award 2004” and “Great Achiever in Industrial Excellence Award 2004” by EGSI
and IOCI respectively. Recently, he was awarded NCCL Entrepreneur of the year
2007-2008 by Nagpur Chamber of Commerce Limited.
Mr. Sunil Ratnakar Gutte : Joint Managing
Director
Mr. Sunil Gutte, Joint Managing Director, is
a Mechanical Engineer from Pune University, has done Family Business Management
course from S.P. Jain Institute of Management, Mumbai and Project Management
from IIM, Ahmadabad.
After completion of his education he joined Sunil Hitech Engineers, initially
in project executions, administration and control. He was instrumental in the
journey of the company from Private Limited to Limited and then to Listed
company with two major stock exchanges of India, he successfully completed the
IPO in 2006 and QIP in 2008. His dedication, understanding, business and
finance skills, making and implementing developmental policies, broadening of
avenues for various business, implementing reporting standards, good Corporate
Governance practices, has been instrumental in Group’s overall strength, today
the group stands tall with more than Rs 1500 crores top line. Sunil Hitech
diversified in to Sugar, Power and Distillery through a state of the art green
field integrated plant Gangakhed Sugar and Energy Limtied (approx Rs400 crore)
in 2010, the project has been awarded with Mega status by Govt. of Maharashtra
in 2012 since it is established in the industrial backward region of
Marathwada, to partner with the growth of vidharbha Sunil Hitech also forayed
into manufacturing through its subsidiary SEAM Industries Ltd at Butibori
Nagpur in 2008, which has the capability to manufacture Power plant and Process
plant equipments and accessories (upto 660 mw), with a annual turnover of
approx Rs. 200.00crs,
Mrs. Sudhamati Ratnakar Gutte : Whole Time
Director
Mrs. Sudhamati Ratnakar Gutte, has more than
14 years of hands on experience in taking care of overall management and
administration of the company since its incorporation. She has been assisting
the Managing Director since the inception of the company and has immensely
contributed to the growth of the business via her key strengths like team
building, motivation and managing administration and back-office functions. She
is responsible for nurturing the organization to its present rank and file.
Mr. Mattathil Narayanan Mohanan : Whole Time
Director
Mr M.N. Mohanan has rich experience and is
the execution man in the company. A Mechanical Diploma dropout has wide
experience in the Power Sector projects. He has been working with the Company
more than a decade, having inbuilt capabilities to handle quantum of large
volume projects at a time.
He is having 29 years of core experience in the field of fabrication and
erection of Heavy Steel Structures, Erection of Boilers and Auxiliaries,
Erection of Electrostatic Precipitators, equipments, Power cycle Piping, LP
Piping etc. He has to his credit many key projects, which have been completed
ahead of schedule with various reputed Customers of the company. His forte is
able administration.
Mr. Vijay R. Gutte : Whole Time Director
Mr. Vijay Gutte an MBA with specialization
is Marketing and Finance. He brings in most up-to-date knowledge in the
specialized field. His competency lies in understanding banking and finances,
airline industry and taxation as he has completed various projects on these
fields. Since his induction to the company in 2007, he has transformed Sunil
Hitech’s finance capability into a powerful strategic weapon. He continuously
monitors end-to-end processes and transaction quality to analyze the causes of
defects and identify remedies. He has been responsible for investing in
Web-enabled capabilities to connect with vendors, customers, employees and
managers.
His strengths are building leadership qualities, dedication towards work and
maintaining a healthy professional environment in the company.
Mr. S.K. Kodandaramaiah : Whole Time
Director and CEO
Mr. S. K. Kodandaramaiah is a post graduate
in Mechanical Engineering and has more than 32 years of experience in power
sector. He has worked for 21 years in Bharat Heavy Electricals Limited (BHEL)
and also worked for 5 years as Executive Director (Commercial) in General
Electric Power Services Limited, (GE) Delhi. He was Advisor to Dhamwari Sunda
Hydro Electric Co in the development of 70mw Hydro Power Project in Himachal
Pradesh.
He has to his credit a training program at Oslo University, Norway in “Energy
Planning and Environment”. He was part of marketing team for export marketing
and helped BHEL Western Region to implement 120mw turnkey export job in
Malaysia. He was involved in the execution of installing power plants of more
than 4000MW capacity and wide exposure in BHEL working in various areas of
Project Management, Construction Management, Commercial, Contracting, and
Overseas Marketing etc.
Mr. Devesh Nandan Garg : Independent Director
Mr. Devesh Garg is a Managing Director of
Bessemer Venture Partners. He serves on the Board of Directors of NetAmbit. He
joined BVP’s Menlo Park office in 2003 as an Operating Partner advising and
managing portfolio companies.
With more than 20 years’ experience in high technology, Devesh has invested in,
advised, and managed companies across all sizes and stages of development from
pre-revenue to worldwide operations. Most recently, he served as the founding
President and CEO of Tilera, a multi-core semiconductor company, which he took
from its incubation at Bessemer’s office through its outsider-led,
over-subscribed B-round and product release. Now a leading provider of embedded
processors and software for the networking, video, and wireless markets, Tilera
was named the "Start-Up to Watch" by the Global Semiconductor
Alliance (GSA) in 2008. Devesh was also involved in advising BVP’s investments
in Avnera, Berkeley Design Automation, K2 Optronics (acquired by Emcore), and
PA Semi (acquired by Apple Computer). He has made a number of personal
investments in real estate, as well as in retail and Internet companies.
Devesh had been General Manager of the Security Business Unit at Broadcom,
where he was part of the pre-IPO team and established the offices in Northern
California. With executive management responsibilities for technical sales and
field application engineering, he led his division to $450 million in revenues
as the company grew from a start-up to its current market capitalization of approximately
$20 billion.
Mr. Sajid Ali : Independent Director
Mr. Sajid Ali is a Graduate Engineer with 40
years of experience in erection and commissioning of equipment in coke oven plants,
piping, boiler erection, turnkey projects. he has vast knowledge about the
planing and execution of various projects and has handled large-volume
projects. His forte is able administration. He was in-charge of total
construction management of the Power Sector for BHEL, Western Region, in 1994.
Mr. Dilip Y. Ghanekar : Independent Director
Mr. Dilip Y. Ghanekar has done his
graduation in the year 1967 from V.R.C.E., Nagpur. He is retired as Technical
Director , MSEB. He has got 36 years of experience in Maharashtra State.
Electricity Board in Operation, Maintenance, Construction and Planning at Power
Stations up to 500 MW unit size, Global procurement of Equipments, Encouraging
Non-Conventional Energy Development of Contracts for Power Purchase, etc.
He has also undergone foreign training of 4 weeks customer training at the
works of boiler manufacturer M/s. Combustion Engineering U.S.A. for 500 MW unit
and 4 weeks training in Australia conducted by United nations for Coal
Technology Environment.
Mr. Parag Sakalikar : Independent Director
Mr. Parag Sakalikar is a young entrepreneur,
joined as additional director of the company in the month of December 2007. He
has done his Diploma in Mechanical Engineer from Bombay Technical Board in 1994
and B.E. in Mechanical Engineer from Nagpur in 1998. After graduation, he
joined as trainee in Auditor training programme in ISO 9001-2000 from TUV Asia
Private Limited and advance training in Maruti Servicing Vehicle from Maruti
Udyog Limited. He worked as work manager in Maruti Authorized workshop.
He set up his own authorized Automobile service station, (An ISO 9001 : 2000
certified company from TUV) for entire range of Maruti vehicles. His company
was awarded good performing mass in entire Maharashtra from 2003-2007 and also
in entire west region (Maharashtra, Goa, Gujarat and Chattisgarh) by Maruti
Suzuki. He has also setup additional new Maruti authorized service station in
Butibori MIDC with ‘A’ Grade category.
MR. S.S. Waghmare : Independent Director
Mr. Waghmare has got 33 years of rich
experience in banking sector. He retired as DGM from UCO Bank in the year 2006.
He has also undergone a training programme at University of Bradford, England,
on project planning and management. He was also chairman of Thar Anchalik
Gramin Bank, Jodhpur, Rajasthan (a Government of India Undertaking) sponsored
by UCO Bank.
MR. Siddharth Ratilal Mehta : Independent
Director
Mr. Siddharth Ratilal Mehta - Independent
Director Mr Siddharth R. Mehta is B.E. (Electrical),from Indian Institute of
Science, Bangalore in the year 1980. He has around 32 years of rich experience
in areas of Strategy and Business Development, Project Coordination, Management
and Execution; Corporate Governance; Business Expansion and Growth. During this
period he has worked for big Industrial houses like Tata Power, Torrent Power.
Currently he is serving Essar Power and looking after Development of new
distribution and transmission business for the group for securitization of
upcoming of generation through power distribution –DISCOMs, franchisees, open
access and SEZs.
NEWS
THE BOARD OF DIRECTORS AT THE MEETING HELD ON 14.02.2013 HAS TRANSECTED
THE FOLLOWING MAIN BUSINESSES
The Board of Directors at the meeting held on 14.02.2013 has transected the
following main businesses;
1. Accepted the resignation of Mr. S. K. Kodandaramaiah Executive Director of
the Company
2. Approved and taken on record the unaudited financial result for the quarter
and nine months ended on 31.12.2012.
3. Ratified the resolution passed by circulation on 29.01.2013 for creation
offer, issue and allotment of 19,66,380 warrants convertible into equity shares
to Soach Global Opportunities Fund (Sub Account of FII) in place of New Leaina
Investments Limited and Avatar India Opportunities subject to all other
approvals.
4. Allotted warrants convertible into equity shares to Promoters group,
companies under promoters group, sub accounts of Foreign Institutional
Investors subject to all other approvals.
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 records 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. 55.05 |
|
|
1 |
Rs. 82.75 |
|
Euro |
1 |
Rs. 71.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
BVA / DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.