MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
|
|
|
|
Registered
Office : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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Date of
Incorporation : |
30.06.1980 |
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Com. Reg. No.: |
11-022787 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 238.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
Line of Business
: |
Manufacturer of Solar Power Generation, Water Treatment Plant,
Industrial Boiler, Air Pollution Control System. |
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|
|
|
No. of Employees
: |
4016 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 64000000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company having fine track record. Financial
position of the company appears to be sound. Fundamentals are strong and
healthy. Trade relations are reported as fair. Business is active. Payments
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) |
|
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 |
ICRA |
|
Rating |
CASH CREDIT FACILITIES : ICRA AA+ |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligation it carry very low credit risk. |
|
Date |
January, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative
(91-20-27475941)
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
|
E-Mail : |
|
|
Website : |
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|
Corporate Office : |
Thermax House,
14, Mumbai – |
|
Tel. No.: |
91-20-66051200 /
25542122 |
|
Fax No.: |
91-20-25542242 |
|
E-Mail : |
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Factory 2 : |
D-1 Block, MIDC Industrial Area,
Chinchwad, Pune - 411 019, |
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Factory 3 : |
At Paudh, Post Mazgaon Taluka Khalapur, District Raigad – 410 206, |
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Factory 4 : |
Gat No. 125, |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, Dist.- Vadodara – 391
775, |
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Factory 6 : |
Survey No-169, Village
Dhrub, Taluka Mundra, Mundra – 370 201, District Kutch, |
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Factory 7 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia, District
Bharuch – 393 110, |
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Branch : |
409-411, Mahakant, Opposite V.S. Hospital, Ashram Road, Ahmedabad –
380006, Gujarat, India |
|
Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
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|
|
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
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|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Mahadevan |
|
Designation : |
Executive Vice President and Chief Finance Officer |
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|
|
|
Name : |
Mr. Devang Trivedi |
|
Designation : |
Company Secretary |
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|
EXECUTIVE
COUNCIL:
|
|
|
|
|
|
Name : |
Mr. Ravinder
Advani |
|
Designation : |
Executive Vice
President – ESD |
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|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Gopal
Mahadevan |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. S.
Ramachandran |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. R V Ramani |
|
Designation : |
Divisional Head |
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|
|
|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Executive Vice
President |
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|
|
|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Executive Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9520805 |
7.99 |
|
Bodies Corporate |
64328500 |
53.99 |
|
Any Others (Specify) |
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73855305 |
61.98 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
Mutual Funds / UTI |
7377026 |
5.97 |
|
Financial Institutions / Banks |
5339949 |
4.54 |
|
Foreign Institutional Investors |
14725809 |
13.60 |
|
Sub Total |
27442784 |
24.10 |
|
|
|
|
|
|
1864796 |
1.25 |
|
|
|
|
|
|
8041720 |
6.33 |
|
|
7349121 |
6.06 |
|
|
602574 |
0.27 |
|
|
208919 |
0.13 |
|
Trusts |
7655 |
0.00 |
|
Clearing Members |
214783 |
0.01 |
|
Hindu Undivided Families |
171217 |
0.12 |
|
Sub Total |
17858211 |
13.92 |
|
Total Public
shareholding (B) |
45300995 |
38.02 |
|
Total (A)+(B) |
119156300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
0.00 |
|
|
- |
0.00 |
|
|
- |
0.00 |
|
|
- |
0.00 |
|
Total
(A)+(B)+(C) |
119156300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Power Generation, Water Treatment Plant,
Industrial Boiler, Air Pollution Control System. |
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Products : |
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(PRODUCTION STATUS AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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|
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|
|
|
Energy Products and Systems a.
Boilers Capacity upto 30MT / Chillers b.
Boilers Capacity above 30MT c.
Heaters d.
Power Plants |
Nos. MT Mn. Kg Cal MW |
3441 22410 -- -- |
2141 4351 35 63 |
|
Environmental Products and Systems : |
|
|
|
|
a. Air Pollution Control Plants and Systems |
Nos. |
-- |
946 |
|
b. Water and Waste Treatment Plants |
Nos. |
-- |
1256 |
|
c. Ion Exchange Resins and Chemicals |
MT |
36161 |
19855 |
GENERAL INFORMATION
|
No. of Employees : |
4016 (Approximately) |
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Bankers : |
v Union
Bank of v Bank
of v Canara Bank v Citibank N.A. v Corporation Bank v ICICI Bank Limited v State
Bank of v HSBC |
|||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda Chambers, New Marine Lines, Mumbai –
400020, |
|
|
|
|
Holding Company : |
RDA Holding and Trading Private Limited |
|
|
|
|
Joint Ventures : |
v
Thermax
SPX Energy Technologies Limited v Thermax
Babcock and Wilcox Energy Solutions Private Limited |
|
|
|
|
Wholly Owned
Subsidiaries Domestic : |
v
Thermax Sustainable Energy Solutions
Limited v
Thermax Engineering Construction
Company Limited v
Thermax Instrumentation Limited v
Thermax Onsite Energy Solutions
Limited |
|
|
|
|
Overseas Subsidiary
Company : |
v Thermax
International Limited, v Thermax
Europe Limited, v Thermax
Inc., v Thermax
do Brasil Energia e v Thermax
Hong Kong Limited, v Thermax
( v Thermax
v Thermax
v Danstoker
A/ S, v Omnical
Kessel- und Apparatebau v Ejendomsanpartsselskabet
Industrivej Nord 13, v Danstoker
( v Rifox-Hans
Richter GmbH, |
|
|
|
|
Other Related Party
: |
Thermax Social Initiative Foundation |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs. 2/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs. 2/- each |
Rs.238.300
Millions |
|
|
|
|
|
Notes:
(a) Reconciliation of number of shares
|
Particular |
31.03.2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the
period |
119156300 |
238.300 |
|
Shares outstanding at the end of the period |
119156300 |
238.300 |
(b) Rights, preferences and retractions
attached to shares
Equity Shares: The Company has one class of
equity shares having a par value of Rs.2 per share. Each shareholder is eligible
for one vote per share held. The dividend proposed by the Board of Director is
subject to the approval of the shareholders in the ensuring Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the company
after distribution of all preferential amounts, in proportion to their
shareholding.
(c) Equity Shares held by the company 64328500
shares are held by holding company, RDA Holding and Trading Private Limited.
(d) Details of Equity shares held by the
shareholders holding more than 5% of the aggregate shares in the company.
|
Name of Shareholder |
31.03.2012 |
|
|
|
Percentage |
No. of Shares
held |
|
RDA Holding and Trading Private Limited |
53.99 |
64328500 |
|
Anu Aga |
5.78 |
6888305 |
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 |
238.300 |
238.300 |
238.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15773.500 |
12685.100 |
10269.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16011.800 |
12923.400 |
10507.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.400 |
0.800 |
0.000 |
|
|
2] Unsecured Loans |
1628.000 |
480.400 |
0.000 |
|
|
TOTAL BORROWING |
1664.400 |
481.200 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
229.800 |
201.300 |
436.300 |
|
|
|
|
|
|
|
|
TOTAL |
17906.000 |
13605.900 |
10944.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5316.200 |
4866.100 |
4938.500 |
|
|
Capital work-in-progress |
419.700 |
297.300 |
111.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
5526.900 |
4043.600 |
3781.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
264.200 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2792.200
|
2823.200 |
2463.600 |
|
|
Contracts in Progress |
0.000
|
0.000 |
2761.700 |
|
|
Sundry Debtors |
12456.300
|
9611.700 |
7470.500 |
|
|
Cash & Bank Balances |
5697.500
|
5956.900 |
6055.500 |
|
|
Other Non-Current Assets |
1020.000
|
|
|
|
|
Other Current Assets |
4585.800
|
6614.500 |
525.100 |
|
|
Loans & Advances |
1882.700
|
2091.900 |
3014.200 |
|
Total
Current Assets |
28434.500
|
27098.200 |
22290.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8954.400
|
8445.500 |
7298.800 |
|
|
Other Current Liabilities |
10379.600
|
11656.600 |
11392.100 |
|
|
Contracts in Progress |
0.000
|
0.000 |
673.800 |
|
|
Provisions |
2457.300
|
2597.200 |
1077.700 |
|
Total
Current Liabilities |
21791.300
|
22699.300 |
20442.400 |
|
|
Net Current Assets |
6643.200
|
4398.900 |
1848.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17906.000 |
13605.900 |
10944.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
53040.600 |
|
|
|
|
|
Other Income |
704.900 |
831.300 |
|
|
|
|
TOTAL (A) |
53745.500 |
49354.900 |
32352.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
35283.600 |
32892.000 |
|
|
|
|
Purchases of Stock-in-Trade |
1558.800 |
1415.300 |
|
|
|
|
Changes in Inventories |
(33.800) |
(148.800) |
|
|
|
|
Employee Benefits |
3874.300 |
3686.400 |
|
|
|
|
Other Expenses |
6518.600 |
5327.900 |
|
|
|
|
TOTAL (B) |
47201.500 |
43172.800 |
29162.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6544.000 |
6182.100 |
3190.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.500 |
21.800 |
15.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6478.500 |
6160.300 |
3175.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
469.500 |
433.300 |
404.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6009.000 |
5727.000 |
2770.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1940.400 |
1902.800 |
1356.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4068.600 |
3824.200 |
1414.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8235.400 |
6057.600 |
5480.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
420.000 |
400.000 |
142.000 |
|
|
|
Dividend |
834.100 |
1072.400 |
595.800 |
|
|
|
Tax on Dividend |
135.300 |
174.000 |
99.000 |
|
|
BALANCE CARRIED
TO THE B/S |
10914.600 |
8235.400 |
6057.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
7257.300 |
6122.000 |
7008.600 |
|
|
|
Others |
61.400 |
54.000 |
126.300 |
|
|
TOTAL EARNINGS |
7318.700 |
6176.000 |
7134.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4649.700 |
3254.300 |
1893.600 |
|
|
|
Stores & Spares |
1167.800 |
1423.900 |
1001.700 |
|
|
|
Consumables |
63.200 |
84.600 |
27.900 |
|
|
|
Capital Goods |
31.700 |
15.200 |
230.600 |
|
|
TOTAL IMPORTS |
5912.400 |
4778.000 |
3153.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.15 |
32.09 |
11.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
9834.710 |
11923.810 |
10468.300 |
|
Total Expenditure |
8870.750 |
10706.300 |
9349.500 |
|
PBIDT (Excl OI) |
963.960 |
1217.510 |
1118.800 |
|
Other Income |
187.010 |
273.640 |
123.700 |
|
Operating Profit |
1150.970 |
1491.150 |
1242.500 |
|
Interest |
37.430 |
34.500 |
19.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1113.540 |
1456.650 |
1222.700 |
|
Depreciation |
132.100 |
138.760 |
132.600 |
|
Profit Before Tax |
981.440 |
1317.890 |
1090.100 |
|
Tax |
309.300 |
407.260 |
326.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
672.140 |
910.640 |
763.600 |
|
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 |
672.140 |
910.640 |
763.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.57 |
7.75 |
4.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.33 |
11.80 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.80 |
17.92 |
10.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.44 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10 |
0.04 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.19 |
1.09 |
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 |
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 |
ANNUAL PERFORMANCE
The company has registered record total revenue of Rs. 53746.000
Millions, a growth of 8.9% over last year's revenue of Rs. 49355.000 Millions.
Thermax's Energy business comprising Boiler and Heater, Power, Cooling and
Heating contributed 78.2% of the total revenue while the Environment business
comprising Air Pollution Control, Chemicals, Water and Wastewater Solutions
accounted for the remaining 21.8%. Last year, the share of Energy and
Environment businesses was 80% and 20% respectively.
During the year, exports, including deemed exports were higher at Rs.
11427.000 Millions from Rs. 10659.000 Millions last year, an increase of 7.2%.
Profit before tax at Rs. 6009.000 Millions was 11.2% of total revenue as
compared to Rs. 5727.000 Millions in the previous year which was 11.6%. The
company maintained the EBITDA margins at 11% even though the year witnessed
increase in input costs. The company’s management continues to work on building
operational efficiency and controlling costs on a sustainable basis at
divisional and overall company levels.
Profit after tax and extraordinary items was at Rs. 4069.000 Millions
compared to Rs. 3824.000 Millions in the previous year. Earnings Per Share
(EPS) rose to Rs. 34.15 from Rs. 32.09 in 2010-11.
Order booking for the year was Rs. 40320.000 Millions against Rs.
53180.000 Millions last year. Your company completed the year with an order
backlog of Rs. 42300.000 Millions as against Rs. 56050.000 Millions in the
previous year. 2011-12 had been a challenging year for the capital goods
sector. Various policy and economic factors were responsible for significantly
reducing fresh investments and order finalisations in the power sector,
affecting order booking and resulting in lower order backlog. The order inflows
were lower compared to the previous year as the economy witnessed a slowing
down of growth, particularly in the second half of the financial year.
The profit after tax on a consolidated basis is lower than the stand
alone results owing to the losses incurred by the subsidiaries namely, Thermax
Instrumentation Limited (TIL), Thermax (Zhejiang) Cooling and Heating
Engineering Company Limited (TZL) and the company's share of losses in the
recent joint venture subsidiaries, Thermax Babcock and Wilcox Energy Solutions
Private Limited (TBWES) and Thermax SPX Energy Technologies Limited TIL, which
undertakes erection and commissioning work for the Power division of the
company, is expected to face a challenging year ahead. TZL improved its
business operations and reduced operating losses. TBWES is yet to be
operational.
The consolidated total income of the Thermax Group was Rs. 61742.000
Millions (Rs. 53936.000 Millions, previous year) recording a 14.5% increase.
Income from international business including deemed exports was up 25.9% to Rs.
15742.000 Millions from Rs. 12503.000 Millions. The Group registered a profit
before tax of Rs. 5965.000 Millions (Rs. 5734.000 Millions, previous year).
Profit after tax, extraordinary items and minority interest was Rs. 4035.000
Millions for the year. Consequently, EPS also increased to Rs. 33.86 (Rs. 32.03
after extraordinary item, previous year).
A detailed review of performance and future prospects of the company’s
business and its subsidiaries is included in the section 'Management Discussion
and Analysis'.
The audited consolidated financial statements presented by the company
include the financial results of all subsidiary companies, prepared in
accordance with Accounting Standard 21 issued by The Institute of Chartered
Accountants of India. In addition, a statement of summarised financials of all
the subsidiaries is included.
AWARDS AND RECOGNITION
The company has
received the following awards and recognition during the year:
v Thermax won the
CNBC TV-18 India award for the ‘most promising entrant to the big league’. M.
S. Unnikrishnan received the award from the Union Finance Minister, Pranab
Mukherjee in January, 2012.
v Anu Aga, Director
and former Chairperson of Thermax, nominated as Member of the Rajya Sabha by the
President of India, on the recommendations of the Prime Minister.
v Chinchwad factory
bagged the Safety Innovation Award 2011 from the Institution of Engineers,
v Chinchwad factory won
the Health, Safety and Environment appreciation award 2011 from CII, Western
region.
v Gopal Mahadevan,
Chief Financial Officer and Executive Vice President received the
bestperforming CFO award in the Capital Goods sector by CNBC TV-18 in February,
2012.
v Meher Pudumjee’s
column, ‘Expressions’ in Fireside, the company in-house magazine, won first
prize at the Association of Business Communicators of India in November 2011.
v Thermax employees
continue to win awards for technical paper presentations, corporate quizzes and
sports tournaments.
MANAGEMENT
DISCUSSION AND ANALYSIS
Overview of the
business Environment
The Indian economy, in the wake of the positive performance of the
previous year, began 2011-12 with high growth expectations. The Eurozone crisis,
along with the
While both agriculture and services sector performed well during the
year, internally,
For industry – especially the capital goods sector – the most worrying
aspect was a feeble IIP growth of 2.8% for 2011-12 against a robust 8.2% growth
seen in fiscal 2010-11. During the year, the sector witnessed a major slowdown
in order booking and subdued execution owing to lower infrastructure spending,
rising input costs and spiralling interest rates. Confidence in growth,
critical for capital formation and expenditure, remained at a low level
throughout the year. This was reflected in the sharp fall in fresh order
inflows, especially in the power sector.
Growth in power generation during April'11-January'12 was 8.6% as
compared to 5.2% during April’10- January’11, reflecting unfulfilled demand.
However, new plants being ordered out plummeted to low levels compared to
previous years.
Barring roads, all other constituents of the infrastructure sector –
power, oil and gas, cement and mining – witnessed a sluggish trend in the
current fiscal. With the unlikely prospect of a reduction in interest rates,
factors such as weakening rupee, higher inflation rate and constrained
governance, the corporate sector adopted a wait-and-watch approach resulting in
the absence of big-ticket projects.
After protracted discussions and modifications, a comprehensive National
Manufacturing Policy was announced by the Government. If implemented in its
letter and spirit, the policy can certainly give an impetus to industrial
growth in
The recently held Durban Climate Change Conference marked an important
step forward in the climate change negotiations. Compared to the earlier Cancun
summit, this conference outcome paved a decisive way forward in terms of the
Kyoto Protocol and the stand of developing countries like
Moving on to the current financial year, the global economic scenario is
challenged by a socialistic polarisation of
The downgrade of the nation's credit rating by S&P could have an
adverse impact on year 2012-13 in terms of making finance dearer for
corporates, particularly in foreign currencies. The agency has indicated that
GDP growth could fall to 5.3% as against the government expectations of over
7%. This downgrade along with continued high fiscal deficit could put increased
pressure on the rupee, next year.
OVERVIEW OF
COMPANY OPERATIONS
The company registered improved results for fiscal 2011-12 with total
revenue of Rs. 53746.000 Millions and a net profit after tax of Rs. 4069.000
Millions. Export income including deemed exports, during the financial year,
increased to Rs. 11430.000 Millions.
The economic uncertainties of the country, especially in the power
sector caused Thermax's order booking to decline to Rs. 40321.000 Millions, a
reduction of 24.2% from the previous year. The project businesses of the
company – Power, Boiler & Heater, Air pollution Control (Enviro) – were
adversely affected by the shortfall in orders. As a result, the order balance
at the end of the year reduced by 24.5% to Rs. 42300.000 Millions from Rs.
56054.000 Millions, the previous year.
Sixty two percentage of the orders booked during the year were repeat
orders from our existing customers. Among the sectors that contributed to the
orders booked, the leading ones were ferrous metals, power, refinery and
cement. Even as these sectors continued to be the largest contributors of this
year's revenue, compared to the previous year, in real terms they have shrunk.
However, sectors like food, textiles, pharma and sugar, insulated from the
economic turbulence, have performed well and the company's standard product
businesses have gained orders from these sectors.
In the orders booked for the export market, South East Asia had the
largest share, followed by West Asia, Africa, SAARC and
The Service business of the company grew by 16% over the previous year.
Power Plant Management Services is supporting 995 MW equivalent of power
plants, of which 48% are for plants constructed by our competitors.
NEW PRODUCTS
The company has launched a very high efficiency, triple effect
absorption chiller that has reduced energy consumption by 30%. Deploying this
product, Thermax installed a unique solar based air conditioning system at the
National Solar Research Centre, Gurgaon, with the support of the Ministry of
New and Renewable Energy (MNRE). This technology demonstration project will
need to undergo commercial feasibility and initiatives for cost reduction are
already underway.
A new compact hot water chiller was introduced for basements of
commercial complexes where space is a major constraint.
The first low capacity CFBC Boiler using a combination of U-beam and
cyclone technology was also commissioned. This product will find major
applications for very poor quality coal as well as lignite, petcoke and
biomass.
A) POWER
The Power division maintained its performance during the year, based on
orders carried forward from the previous year. The year saw four more captive
power plants getting commissioned, enabling the division cross the cumulative
1000 MW mark for successfully commissioned projects.
This year, the division bagged only one major order from a viscose fibre
producer in
Due to adverse market conditions, especially in the power sector in
The 2 x 150 MW IIP project in Andhra Pradesh is due for commissioning in
the first half of FY 12-13. The gas based cogeneration plant for a
petrochemical unit in Karnataka is also progressing well. The division
continued to focus on safety measures at project sites. Several of its teams
have won client appreciation and awards for their safety practices and 'safe
manhours'.
The division is working on another set of power projects totaling over
1000 MW which is under various stages of erection and commissioning. In the
absence of a clear stimulus for investments in infrastructure including power
sector, this business expects challenging conditions to continue for the next
two years.
POWER PLANT
MANAGEMENT SERVICES
The Power Plant Management (O and M) Services business registered robust
growth in revenues in the year. Repeat orders from its customers and renewals
of earlier contracts contributed to this sustained growth. To tide over the
uncertain business environment, several companies outsourced their captive
power plants for O and M, on a variable pricing model based on plant load factor
to lower their breakeven point. The company responded with some innovative
pricing structures and flexible manpower that can be shared across a cluster of
power plant sites. New sectors covered were sugar, non recovery coke oven
plants and independent power producers.
The SBU ensured that the two cogeneration power plants based
predominantly on biomass in the
Apart from Udaipur, one more training centre was opened in Trichy (Tamil
Nadu) to train young engineers in power plant O and M to create a steady supply
of skilled manpower for their growing number of sites.
With opportunities emerging in public sector undertakings who face
shortage of staff and are looking at outsourcing of power plant O and M, the
outlook for this business continues to be positive.
THERMAX
INSTRUMENTATION LIMITED (SUBSIDIARY)
Thermax Instrumentation Limited is the construction arm of the Power
Division. During the year, this subsidiary earned a total income of Rs.
2495.000 Millions (Rs. 2365.000 Millions, previous year). The company posted a
net loss of Rs. 104.000 Millions (Rs. 34.000 Millions profit after tax,
previous year) because of cost escalations at some of its project sites. This
may continue in the forthcoming year too, and will turn profitable by FY
2014-15.
BOILER AND HEATER
The Boiler and Heater division of the company registered reasonable
growth in revenues during the year. This growth was supported by a healthy
order carry forward from the previous year.
During the year, the division successfully commissioned many large
Circulating Fluidised Bed Combustion (CFBC) boilers, predominantly in the
captive power plant sector. It also commissioned high capacity process fired
heaters for refineries in
The division's manufacturing facility at Chinchwad exceeded its
installed capacity and the Savli facility’s production was very close to the
rated capacity.
The division received a 120 MW BTG order based on blast furnace gas
firing from a leading public sector steel plant in
The unfavorable environment for investment decisions resulted in
shrinking markets and aggressive competition from both established and emerging
players. FY 2013 appears to be tough for the Boiler and Heater business.
Refining and petrochemical segments, steel, distillery and sugar are expected
to bring in business for the division. A revival of captive power plants using
solid fuels is also anticipated, due to the ongoing impasse on grid power.
B AND H SERVICES
The services arm of Boiler and Heater business continues to focus on
retrofit and revamp services for ageing heating equipment in Indian and global
markets. The division completed a retrofit assignment for a South East Asian
national oil company. This business stream is likely to continue, as customers
are likely to avoid capex investments and opt for revenue based expenditure in
the wake of the prevailing difficult economic environment.
Fuel shortage due to gas and coal availability issues and high prices of
oil, has encouraged this group to support industrial customers with energy
efficient alternatives. The division innovated and customised a waste heat
recovery boiler to optimise the energy use in a coal gasification plant. For a
mining company in
THERMAX
ENGINEERING CONSTRUCTION COMPANY LIMITED (SUBSIDIARY)
Thermax Engineering Construction Company Limited, (TECC) undertakes and
executes engineering construction projects mainly for the Boiler and Heater
division of the company. This subsidiary's total income for the year is Rs.
1710.000 Millions (Rs. 1201.000 Millions, previous year), on account of higher
order balance at the beginning of the financial year. The company made a profit
after tax of Rs. 71.000 Millions (Rs. 64.000 Millions, previous year). The
company's year-end order balance is lower than the previous year. The slowdown
in the capital goods sector makes the current year a challenging one for this
company.
COOLING
Cooling business completed the financial year with a healthy growth in
revenues. It also registered a strong growth in order booking and consequently
a healthy carry forward for the new financial year. Inlet air cooling for
improving power generation with minimum additional inputs brought in new
business for the Cooling division. Growth has also come from the steel sector
which in the absence of reliable power at competitive rates, uses alternate
energy sources – waste heat, steam from processes – to meet its cooling
requirements.
Export business accounted for more than half of the revenues for the
Cooling business. Growth in order booking was witnessed in US, Europe and
Business in
The chiller heater introduced last year to deliver 30% savings in energy
bills, have found several new customers this year. With a healthy carry forward
and projected business from its domestic and international markets, the cooling
business is poised to witness strong growth in FY 2012-13.
THERMAX (ZHEJIANG)
COOLING AND HEATING ENGINEERING COMPANY LTD. (OVERSEAS SUBSIDIARY)
In its third full year of operation since commencing operations in
August 2008, Thermax (
For the FY 2011-12, the company had revenue of RMB 67.7 million (USD
10.8 million). After accounting for interest and depreciation, loss for the
year was RMB 8.4 million (USD 1.3 million) compared to RMB 11.4 million (USD
1.8 million) for last year. An additional equity of USD 2 million has been
infused in the last quarter to meet the planned total investment of USD 13.5
million.
With a subdued growth prospect for the Chinese economy in the current
year, this subsidiary will concentrate on consolidation and reduction of
losses.
THERMAX INC.
(OVERSEAS SUBSIDIARY)
This step-down subsidiary in the
The company reorganised its operations in 2011-12 in response to the
overall economic uncertainty in the
However, the ion exchange resins market continued to be stagnant, resulting
in an overall increase of 14% in the subsidiary's revenue.
Thermax Inc. recorded revenues of USD 13.3 million (USD 11.7 million,
previous year) and a profit after tax of USD 0.21 million (USD 0.03 million,
previous year) for fiscal 2012-13.
THERMAX
EUROPE LIMITED (OVERSEAS SUBSIDIARY)
This subsidiary, focusing on Thermax's cooling business in
Prestigious orders received for cooling installations for the year
include Vienna Railway station, Stanlow refinery, Kaiser Compressor, and heat
pumps for Skagen district heating company.
While the markets in Southern Europe face economic trouble, the
enquiries from
HEATING
Heating business recorded a healthy increase in its total income
compared to last year, with exports accounting
for 26% of its business.
The major industry segments of this business such as food processing,
textile, chemical, pharma, and distillery performed satisfactorily, in spite of
the economic slowdown that set in from the second half of the financial year.
The division absorbed the Lambion grate technology transferred last
year, helping it pick up several biomass based orders. Efforts are on to extend
this technology to the entire product basket, which includes various packaged
boilers and heaters.
Heating SBU received the single largest boiler and heater order from a
leading Indian textile company to shift from oil/ gas to solid fuel. It has
also commissioned a large DIN design vaporizer (16 Million kcal/h) to this
customer's existing plant in the Western region.
The Heating business offers its customers in the edible oil-soap
manufacturing segments a solid fuel based hi-pressure steam boiler package,
using the thermosyphon principle. A new shell boiler to address the small
boiler market has opened up new market potential for future growth.
The streamlining of operations at the manufacturing facility of this
business has started showing results in terms of increased productivity,
elevating the available capacity too. This will enable the Heating business to
cater to the growth demands also in the near future.
With its chosen sectors performing satisfactorily through this slowdown
phase and with the shift to biomass and other solid fuel fired systems due to
high oil prices and non availability of gas, the Heating division expects to
improve its performance in FY 2012-13.
DANSTOKER
(OVERSEAS SUBSIDIARY)
Danstoker and its subsidiary Omnical, the companies that Thermax
acquired to grow its global heating business, performed well in 2011-12.
Compared to the Euro 40.5 million revenue for the year before acquisition
(October'09-September'10), the company posted Euro 53 million for the changed
accounting year (April'11-March'12). In the 18 months since its acquisition by
the company, Danstoker has clocked Euro 78 million in revenue.
While Danstoker continued to maintain dominance in renewable fuel based
heating systems with almost 50% of its order booking coming from this segment,
Omnical continued to work with industry majors, garnering business in waste
recovery boilers. 30% of Omnical's order booking came from this segment.
Initial forays into Latin America,
SERVICES (COOLING
AND HEATING)
Cooling and Heating service business increased its total income during
the year. The business offered energy efficiency solutions in complete steam
circuit across various industry segments including an export order for a large
paper mill.
The technology partnerships the SBU formed in the previous year with two
companies in the
The acquisition of the German steam engineering company, Rifox, besides
supporting the division in its international business is expected to provide
access to a wide range of steam efficiency products to cover saturated as well
as superheated steam applications.
The outlook for the business continues to be positive.
SOLAR BUSINESS
The solar business commissioned two prestigious technology demonstration
projects during the year. It installed a unique air conditioning project
combining triple effect chillers and solar concentrators at MNRE's National
Solar Research Centre. The rural electrification project at Shive, near Pune
has also been successfully commissioned. Apart from these R&D based
applications, the solar business unit of the company continued to expand its
footprint in industrial and commercial establishments by creating hybrid
systems for heating and cooling.
In FY 2012-13, the solar business plans to grow its business. The
constraints of operating on unreliable grid power plus the possibilities of
integrating renewable systems to existing energy infrastructure, will help in
gaining increasing acceptance for the company's solar thermal products. The
outlook is positive.
AIR POLLUTION
CONTROL (ENVIRO)
The air pollution control business brought in a healthy increase in its
revenues. Increased competition from new international players as well as many
local companies have resulted in compromised margins in this business.
Construction work of its upcoming facility at Solapur,
The division has successfully completed its largest ever Lump Sum
Turnkey project for conversion of electrostatic precipitators (ESPs) to low
emission fabric filters for a cement plant in Egypt through a World Bank funded
global tender.
In 2012-13, the division is anticipating sluggish prospects in its key
customer segments of cement, steel and captive power. Intense competition in
these sectors is putting pressure on price realisation. Margins are under
severe pressure due to fierce competition and higher input cost caused by
volatile commodity prices and rupee devaluation. The division has embarked on
initiatives to reduce waste, increase productivity and value engineering to
partially mitigate the situation.
WATER AND
WASTEWATER SOLUTIONS
Water and Wastewater Solutions business of the company has reported
improved results both in revenues and profits. Fresh order intake increased
both in the industrial and commercial segments. However, new orders in
municipal sewage treatment were at subdued levels, since the current phase of
funding under JNNURM has come to an end. The slowdown in the power sector also
failed to deliver anticipated business for this group.
The standard products performance unit of this business has completed a
productivity enhancement and standardisation initiative in collaboration with
the Confederation of Indian Industry. This increased productivity and the cost
of optimisation resulting from it will enable the business to increase its
market share in the growing commercial as well as the MSME sector. The business
has also forayed into high-end municipal drinking water solutions on a
selective basis. These solutions from its stable will be limited to technology
oriented projects needing high-end processes that will save space as well as
deliver consistent quality of drinking water even when the input quality
varies.
Many state level pollution control boards have set forth stringent norms
to enforce treatment and recycling of effluent to save the limited resources of
water. This has propelled the opening up of a new market for effluent recycle.
As an innovative and technology based solution provider, your company is poised
to capitalize on this emerging market.
Despite a slowing down domestic economy, this divisions business is
poised to deliver a healthy growth in FY 2012-13.
CHEMICAL
The Chemical SBU ended the financial year with a marginal growth in
sales over the last year. A sizeable portion of the division's revenue came
from exports to the
The division commissioned its new manufacturing plant for performance
chemicals at Jhagadia,
The performance chemical arm of the SBU has added many new accounts with
products plus services offering. The paper chemical sales have grown by almost
double and will break even in the coming year.
The business expects to deliver improved performance in FY 2012-13.
SERVICES (CHEMICAL
AND WATER)
The Services business of Chemical & Water improved its business with
better revenues and orders booked. In FY 2011-12, its business gained from
effluent treatment and recycle projects and operation and maintenance of water
utilities.
Among the notable projects were the three million litre per day effluent
recycle plant for a 375 MW power project of the Gujarat State Electricity
Corporation, and recycle plant for a textile unit that also includes a five
year contract for comprehensive O&M. Breaking new ground, the SBU has also
won an order for the maintenance of multi-utilities for BOP package for Tata
Power’s 4000 MW ultra mega power plant in
With the growing trend of outsourcing utilities and the demand for
systems that help the conservation of water, the SBU is confident of improved
business in FY 2012-13. The outlook is positive.
OTHER WHOLLY OWNED
SUBSIDIARIES
THERMAX ONSITE
ENERGY SOLUTIONS LIMITED (TOESL)
TOESL which was established to deliver utilities on a unit consumption
basis earned a total income of Rs. 92.000 Millions during the year as against
Rs. 61.000 Millions in the previous year. Profit after tax was Rs. 11.000
Millions (previous year Rs. 6.000 Millions). In 2011-12, the company produced
and supplied 42789 tons of steam and 4489 million kcal of heat from the
existing three projects. It also bagged two more repeat contracts from a
leading paint manufacturing company for supply of steam and heat for its new
facilities in Southern and Western India.
With its focus on green fuel and reduction of client's carbon foot
prints, TOESL expects to improve its business prospects in FY 2012-13. The
outlook is positive.
THERMAX
SUSTAINABLE ENERGY SOLUTIONS LIMITED (TSESL)
During the year, TSESL, the subsidiary company focusing on business
related to Clean Development Mechanism (CDM) successfully registered two
projects under the Programme of Activities registered under UNFCCC.
The company earned an income of Rs. 3.000 Millions against Rs. 3.000
Millions in the previous year. It incurred a net loss of Rs. 30.000 Millions
compared to Rs. 12.000 Millions in the previous year – due to various expenses
for validation of CDM projects and investments in the development of IT
infrastructure.
JOINT VENTURE
SUBSIDIARIES
THERMAX BABCOCK
AND WILCOX ENERGY SOLUTIONS PRIVATE LIMITED (TBWES)
As part of the technology transfer agreement, engineers of the joint
venture company were trained at the Babcock and Wilcox facility at
Construction of the manufacturing facility for supercritical boilers at
Shirwal,
The company is geared up to contract and execute supercritical boilers
up to 3000 MW per year. Owing to issues related to land acquisition, fuel
security, fund availability, environment clearances and sustainable power
purchase rates, the power development initiative of the country has not taken
off as anticipated less than a year ago. The joint venture expects the
Government to take proactive and constructive measures at a quicker pace to
reverse this trend and support the power development momentum of
THERMAX SPX ENERGY
TECHNOLOGIES LIMITED
This joint venture faced another challenging year as its product
portfolio --electrostatic precipitators and regenerative air pre heaters --
were dependent on new independent power plants. There weren't any new project
order finalisations during the major part of the year, and this subsidiary did
not receive any orders.
Thermax SPX will continue to face difficulties till the power
development industry recovers.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31st December, 2012
(Rs. In Millions)
|
Particulars |
3 Month Ended |
6 Month Ended |
||
|
PART I |
31.12.2012 |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
|
||
|
|
(Unaudited) |
(Audited) |
(Unaudited) |
(Audited) |
|
1. Income from operations |
|
|
|
|
|
a. Net Sales /
Income from operations (Net of Excise Duty) |
10290.246 |
11810.532 |
9730.466 |
21540.998 |
|
b. Other
Operating Income (Net) |
178.026 |
113.283 |
104.245 |
217.528 |
|
Total Income from operations (Net) (a+
Rs.650.000 millions b) |
10468.272 |
11923.815 |
9834.711 |
21758.526 |
|
2 Expenses |
|
|
|
|
|
a. Cost of Raw
Materials consumed |
6681.271 |
7904.871 |
6374.764 |
14279.635 |
|
b. Purchase of
stock-in-trade |
302.940 |
232.516 |
289.981 |
522.497 |
|
c. Change in inventories
of finished goods, work-in-progress and stock-in-trade |
(2.280) |
19.074 |
(92.858) |
(73.784) |
|
d. Employee
benefits Expense |
981.291 |
1056.135 |
900.493 |
1956.628 |
|
e. Depreciation
and amortisation expense |
132.621 |
138.758 |
132.102 |
270.660 |
|
f. Other
Expenses |
1386.290 |
1493.705 |
1398.371 |
2793.624 |
|
Total Expenses (a to h) |
9482.133 |
10845.059 |
9002.853 |
19749.460 |
|
3. Profit/(Loss)
from Operations before Other Income, finance cost and exceptional items (1) -
(2) |
986.139 |
1078.756 |
831.858 |
2009.066 |
|
4. Other Income |
123.743 |
273.636 |
187.014 |
362.198 |
|
5. Profit/(Loss) from ordinary activities before finance
cost and exceptional Items (3) + (4) |
1109.882 |
1352.392 |
1018.872 |
2371.264 |
|
6. Finance Cost |
19.819 |
34.498 |
37.432 |
71.930 |
|
7. Profit/(Loss) from ordinary activities after
finance cost but before exceptional Items (5) - (6) |
1090.063 |
1317.894 |
981.440 |
2299.334 |
|
8. Exceptional
items |
-- |
-- |
-- |
-- |
|
9. Profit/(Loss) from ordinary activities before
tax (7) - (8) |
1090.063 |
1317.894 |
981.440 |
2299.334 |
|
10. Tax Expense |
326.461 |
407.257 |
309.298 |
716.555 |
|
11. Net Profit/(Loss) from ordinary activities
after Tax (9-10) |
763.602 |
910.637 |
672.142 |
1582.779 |
|
12.
Extraordinary items (net of tax expense) |
-- |
-- |
-- |
-- |
|
13. Net Profit/(Loss) for the period (11-12) |
763.602 |
910.637 |
672.142 |
1582.779 |
|
14. Paid up
Equity Share Capital (Face value of Re. 1/- each) |
238.313 |
238.313 |
238.313 |
238.313 |
|
15 Reserves
Excluding revaluation reserves as per Balance Sheet of previous accounting
year |
-- |
-- |
-- |
-- |
|
16 (i) Earning Per
Share (before and extraordinary items) of Re. 1/- each (not annualised) Basic and
Diluted (In Rs.) |
6.41 |
7.64 |
5.64 |
13.28 |
|
PART -II |
|
|
|
|
|
PARTICULARS OF SHARE HOLDING |
|
|
|
|
|
1 Public
Shareholding |
|
|
|
|
|
- Number of
Shares (Face value of Re. 1/- each) |
45300995 |
45300995 |
45300995 |
45300995 |
|
- Percentage of
Shareholding |
38.02% |
38.02% |
38.02% |
38.02% |
|
2 Promoters and
promoter group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of
Shares |
Nil |
Nil |
Nil |
Nil |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
-- |
|
- Percentage of
shares (as a % of the total share capital of the company) |
|
-- |
-- |
-- |
|
b) Non -
encumbered |
|
|
|
|
|
- Number of
shares |
73855305 |
73855305 |
73855305 |
73855305 |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
100.00% |
|
- Percentage of
shares (as a % of the total share capital of the company) |
61.98% |
61.98% |
61.98% |
61.98% |
INVESTOR COMPLAINTS
|
Particulars |
3 Month Ended |
|
|
30.09.2012 |
|
Pending at the beginning of the
quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. The above audited financial
results, reviewed by the Audit Committee, were approved at the meeting of the Board
of Directors held on October 30, 2012.
2. Additional information : Key
unaudited financial parameter/figures (consolidated) for the Thermax Group are
as follow
(Rs. In Millions)
|
Particulars |
6 Month Ended |
|
|
30.09.2012 |
|
Total Income from operations |
25649.667 |
|
Profit Before Tax |
2060.953 |
|
Profit After Tax and Minority
Interest |
1398.733 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Particulars |
3 Month Ended |
6 Month Ended |
||
|
|
31.12.2012 |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
|
||
|
|
(Unaudited) |
(Audited) |
(Unaudited) |
(Audited) |
|
1 Segment Revenue |
|
|
|
|
|
a Energy |
7992.597 |
9344.685 |
7653.871 |
16998.556 |
|
b Environment |
2626.967 |
2751.044 |
2431.980 |
5183.024 |
|
Total |
10619.564 |
12095.729 |
10085.851 |
22181.580 |
|
Less : Inter
Segment Revenue |
151.292 |
171.914 |
251.140 |
423.054 |
|
Total Segment Income |
10468.272 |
11923.815 |
9834.711 |
21758.526 |
|
2 Segment Results
|
|
|
|
|
|
Profit/Loss before Tax and Interest |
|
|
|
|
|
a Energy |
861.800 |
922.691 |
822.399 |
1745.090 |
|
b Environment |
264.573 |
264.897 |
245.853 |
510.750 |
|
Total |
1126.373 |
1187.588 |
1068.252 |
2255.840 |
|
Less : Interest |
19.819 |
34.498 |
37.432 |
71.930 |
|
Less : Other
Unallocable Expenditure Net or
Unallocable Income |
16.491 |
(1164.804) |
49.380 |
(115.424) |
|
Total Profit Before Tax |
1090.063 |
2317.894 |
981.440 |
2299.334 |
|
3 Capital Employed |
|
|
|
|
|
a Energy |
5399.414 |
3864.430 |
4542.702 |
3864.430 |
|
b Environment |
2732.544 |
2537.168 |
2363.301 |
2537.168 |
|
c Unallocable |
10344.665 |
11417.269 |
9778.928 |
11417.269 |
|
Total Capital Employed |
18476.623 |
17818.867 |
16684.931 |
17818.867 |
STATEMENT
OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2012
(Rs.
In Millions)
|
Particulars |
30.09.2012 |
|
|
Audited
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders'
Funds |
|
|
(a) Share Capital |
238.313 |
|
(b) Reserve and Surplus |
17580.555 |
|
Sub- total-
Shareholders' funds |
17818.868 |
|
Non- Current
Liabilities |
|
|
(a) Long -term Borrowings |
4.530 |
|
(b) Deferred Tax Liabilities (Net) |
218.374 |
|
(c) Other long -term Liabilities |
265.850 |
|
(d) Long-term Provisions |
- |
|
Sub- total-
Non-Current Liabilities |
488.754 |
|
Current
Liabilities |
|
|
(a) Short-term Borrowings |
1361.847 |
|
(b) Trade Payables |
7698.096 |
|
(c) Other Current Liabilities |
10479.440 |
|
(d) Short- term Provisions |
1222.464 |
|
Sub- total-
Current Liabilities |
20761.847 |
|
TOTAL - EQUITY
AND LIABILITIES |
39069.489 |
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed Assets |
6030.480 |
|
(b) Non-Current Investments |
3594.930 |
|
(c) Long-term Loans and Advances |
242.256 |
|
(d) Other Non-current assets |
1338.054 |
|
Sub- total-
Non-Current Assets |
11205.720 |
|
Current Assets |
|
|
(a) Current Investments |
3021.485 |
|
(b) Inventories |
2565.950 |
|
(c) Trade Receivables |
11793.024 |
|
(d) Cash and Cash Equivalents |
4633.601 |
|
(e) Short-term Loans and Advances |
1787.745 |
|
(f) Other Current Assets |
4061.944 |
|
Sub- total-
Current Assets |
27863.749 |
|
TOTAL - ASSETS |
39069.469 |
FIXED ASSETS:
Tangible
v
Land – Freehold
v
Land – Leasehold
v
Building
v
Plant and Machinery
v
Electrical Installation
v
Office Equipment and Computer
v
Furniture and Fixtures
v
R & D Equipments
v
Vehicles
Intangible
v
Software
v
Technical Know How
AS PER WEBSITE
DETAILS:
PRESS RELEASE
THERMAX BAGS
RS.5030.000 MILLIONS EPC ORDER FOR A CAPTIVE POWER PLANT
NOVEMBER 30, 2012
Thermax has won a Rs.5030.000 Millions EPC order from a leading Government of India Enterprise for setting up a captive power plant for its new 3 million ton per annum integrated steel plant in Central India.
Thermax will design, engineer, construct and commission the project on a turnkey basis. The supply of equipment includes three 160 ton per hour capacity(3xl60 TPH) boilers that use multiple fuels - blast furnace and Coke oven gas from the steel process and light diesel oil -and two 40 MW each steam turbines. Steam from the boilers will be used to blow air into the blast furnace and to generate 80 MW of power. The order also includes water dernineraliscr plant, cooling water system, air conditioning and ventilation system, compressed air system, fire fighting facilities, emergency DG set, etc. This project is designed as a zero discharge plant and an effluent treatment plant based on reverse osmosis will recycle water.
Says M.S. Unnikrishnan, MD and CEO of Thermax, "Award of this contract is another testimony to Thermax's ability to configure a complex energy solution at an economical cost. We won it against competition from both domestic and international players,"
Till date, Thermax has contracted over 75 Power projects on turnkey basis based on various fuels including domestic and imported coal, washery rejects, petcoke, waste heat from various processes, renewable energy including biomass and solar, waste gases, naptha and natural gas. Thermax is already executing a gas based combined cycle power project for an oil and gas major.
About Thermax
Thermax, the Rs.60000.000 Millions leader in energy and environment solutions, is one of the fe.. companies in the world that offers integrated, innovative solutions in the areas of healing, cooling, power, water and waste management, air pollution control and chemicals. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources. Headquartered in Pune, India, the company's international operations arc spread over Southeast Asia, the Middle East, China, Africa, Europe, United Kingdom and the United States.
THERMAX POSTS Q2 NET
PROFIT OF RS.910.000 MILLIONS
OCTOBER 30, 2012:
Nationally and globally, investment in infrastructure, especially in the power sector, is yet to regain momentum. Weak demand has intensified competition. Despite this, the audited results for the second quarter of fiscal 2012-13 announced by Thermax Limited showed that its performance was stronger than that of the previous quarter ending June 2012. In the September 2012 quarter, the company posted a total operating income of Rs.11920.000 Millions, 9 % lower than Rs.13040.000 Millions in the same quarter of the previous year. Net profit was Rs.910.000 Millions (Rs.1020.000 Millions in last year’s second quarter).
The company’s total operating income for the first half of the year was at Rs.21760.000 Millions (Rs.23480.000 Millions previous year). Net profit for six months was Rs.1580.000 Millions (Rs.1820.000 Millions, last year)
On a consolidated basis, total operating income of the Group for the half year was Rs.25650.000 Millions compared to Rs.27330.000 Millions last year. Net profit for 6 months was Rs.1400.000 Millions (Rs.1940.000 Millions).
As on September 30, 2012, Thermax Limited has an order backlog of Rs.44120.000 Millions against Rs.57700.000 Millions in September 2011. The group order backlog stands at Rs.49840.000 Millions (Rs.65310.000 Millions).
During the current quarter, Thermax won a Rs.2800.000 Millions EPC order for a combined cycle extension power project from a leading Government of India Enterprise in the North East.
The company also won the Gold Award at the Asian Power Awards, 2012 in the Best Renewable Energy Project category for a captive cogeneration plant built for a paper manufacturer in the Philippines.
ABOUT THERMAX
Thermax, the Rs.60000.000 Millions energy and environment major, offers integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources. Headquartered in Pune, India, the company’s international operations are spread over Southeast Asia, West Asia, China, Africa, Europe, and the United States.
Thermax Q3 revenue at Rs. 10470.000 millions with Rs. 760.000 millions
net profits
Pune: January 31,
2013
Thermax Limited registered operating revenue of Rs. 10470.000 millions
for the third quarter of financial year 2012-13, lower by 18 % compared to Rs.
12690.000 millions for the corresponding period last year. Profit before tax
for the quarter was Rs. 1090.000 millions and profit after tax stood at Rs.
760.000 millions, a dip of 20% from last year’s Rs. 950.000 millions
For the nine month period (April-December), the company’s operating
revenue was Rs. 32230.00 millions (last year, Rs. 36170.000 millions).
Year-till-date, it posted a profit before tax of Rs.3390.000 millions (Rs.
4040.000 millions), and a profit after tax of Rs. 2350.000 millions (Rs.
2770.000 millions).
Thermax Limited more than doubled its order intake at Rs. 12840.000
millions as against Rs. 5900.000 millions
for the same quarter in the previous year.
On a consolidated basis, Thermax Group’s total operating revenue for the
nine months stood at Rs. 38120.000 millions (Rs. 42000.000 millions). Profit
after tax was Rs. 2160.000 millions (Rs. 2890.000 millions). The order backlog
of the group is at Rs. 51910.000 millions, compared to Rs. 58090.000 millions
last year.
During the quarter, Thermax won a Rs. 5030.000 millions EPC order from a
leading Government of India enterprise for setting up a captive power plant for
its new three million tons per annum integrated steel plant in Central India.
The company will design, engineer, construct and commission the project on a
turnkey basis.
The company has also commissioned a state-of-the-art bi-drum boiler
manufacturing plant at its Savli facility in Gujarat. The plant is dedicated to
process heating and cogeneration boilers for biomass as well as other fossil
fuels.
About Thermax
Thermax, the energy and environment major, is one of the few companies in
the world that offers integrated, innovative solutions in the areas of heating,
cooling, power, water and waste management, chemicals and air pollution
control. The sustainable solutions Thermax develops for client companies are
environment-friendly and enable efficient deployment of energy and water
sources.
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.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.