MIRA INFORM REPORT
|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GEI INDUSTRIAL SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
26-A, Industrial Area, Govindpura, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.12.1993 |
|
|
|
|
Com. Reg. No.: |
10-008029 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 814.913 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28112MP1993PLC008029 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLG00553A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG1403B |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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|
Line of Business
: |
Manufacturers and Marketers of Industrial Machinery. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
There appears drastic fall in its profitability during 2011-2012. However, general financial position is good. Trade relations are reported
to be fair. Business active. Payments are reported to be usually correct and
as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation it carry low credit risk. |
|
Date |
January, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office /Factory : |
26-A, Industrial
Area, Govindpura, |
|
Tel. No.: |
91-755-2586691 /
2586692 / 258669 / 2586695 |
|
Fax No.: |
91-755-2587678 /
2586619 |
|
E-Mail : |
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|
Website : |
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|
|
|
Corporate Office : |
G-3, Central Plaza, Ground
Floor, 166, CST Road, Kalina, Santacruz (East), Mumbai - 400 098,
Maharashtra, India |
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|
|
|
Regional Office : |
Located at:
|
|
|
|
|
Overseas Local
Representative Offices : |
Located at :
|
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. C.E. Fernandes |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Diploma in Business Management |
|
Date of Appointment : |
28.12.1993 |
|
|
|
|
Name : |
Mr. Bernard John |
|
Designation : |
Joint Managing Director |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
09.03.1994 |
|
|
|
|
Name : |
Mr. Pannalal Mundhra |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. D. Laxminarayan |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
30.03.1948 |
|
Qualification : |
B.E. (Mechanical) |
|
Date of Appointment : |
18.10.1997 |
|
|
|
|
Name : |
Mr. Robinson Fernandez |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
12.11.1960 |
|
Qualification : |
Post Graduate in Thermal Engineering
and Business Administration |
|
|
|
|
Name : |
|
|
Designation : |
Independent - Non Executive Director |
|
|
|
|
Name : |
Mr. Vijay Khanna |
|
Designation : |
Independent - Non Executive Director |
|
Date of Birth/Age : |
25.01.1946 |
|
Qualification : |
B.Com. |
|
|
|
|
Name : |
Dr. Sudarshan Synghal |
|
Designation : |
Independent - Non Executive Director |
|
Date of Birth/Age : |
24.12.1953 |
|
Qualification : |
Doctrate in Economics |
|
|
|
|
Name : |
Mr. K. Nandakumar |
|
Designation : |
Independent- Non Executive Director |
|
|
|
|
Name : |
Mr. Sanjiv Singhal |
|
Designation : |
Non Executive Director (Nominee of BTGC) |
|
|
|
|
Name : |
Mr. Bharat Banka |
|
Designation : |
Independent - Non Executive Director (Additional Director) |
KEY EXECUTIVES
|
Name : |
Mr. Sudeep Jain |
|
Designation : |
Company Secretary |
|
Address : |
26/A, Industrial Area, Govindpura, Bhopal – 462 023, Madhya Pradesh, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholder |
No. of Shares |
% of total No.
of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7384525 |
37.52 |
|
|
7384525 |
37.52 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7384525 |
37.52 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2500 |
0.01 |
|
|
1000 |
0.01 |
|
|
2500000 |
12.70 |
|
|
2342544 |
11.90 |
|
|
4846044 |
24.63 |
|
|
|
|
|
|
1347993 |
6.85 |
|
|
|
|
|
|
2494852 |
12.68 |
|
|
1635507 |
8.31 |
|
|
1970327 |
10.01 |
|
|
27971 |
0.14 |
|
|
225826 |
1.15 |
|
|
500 |
0.00 |
|
|
1716030 |
8.72 |
|
|
7448679 |
37.85 |
|
Total Public
shareholding (B) |
12294723 |
62.48 |
|
Total (A)+(B) |
19679248 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19679248 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Industrial Machinery. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production * |
|
1. Heat Exchangers |
MT |
40000 |
20095 |
|
2. Finned Tubes |
R.Mtrs |
7920000 |
3380303 |
|
a) For captive consumption |
|
|
3310850 |
|
b) For sales |
|
|
69453 |
* Installed capacity
and Production quantities have been certified by the management and not
verified by the auditors, being technical matters.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Kotak Mahindra Bank Limited ·
Standard Chartered Bank ·
State Bank of India ·
Yes Bank Limited ·
Barclays Bank PLC ·
HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. K. Khabya and
Company Chartered Accountants |
|
Address : |
Bhopal - 462011, Madhya Pradesh, India |
|
|
|
|
Subsidiary Company
: |
GEI Power Limited |
|
|
|
|
Enterprises Related
to Key Management Personnel : |
|
CAPITAL STRUCTURE
After: 29.09.2012
Authorised Capital : Rs. 900.000 Millions
Issued, Subscribed & Paid-up Capital : 206.792
Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23125000 |
Equity Shares |
Rs.10/- each |
Rs. 231.250 Millions |
|
3000000 |
(9%)Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
2555000 |
(5%) Cumulative Convertible Preference Shares |
Rs.250/- each |
Rs. 638.750 Millions |
|
|
Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16624580 |
Equity Shares |
Rs.10/- each |
Rs. 166.246
Millions |
|
1000000 |
9% Cumulative Redeemable Preference Share |
Rs.10/- each |
Rs. 10.000
Millions |
|
2554668 |
(5%) Cumulative Convertible Preference Shares |
Rs.250/- each |
Rs. 638.667 Millions |
|
|
Total |
|
Rs. 814.913
Millions |
|
|
Warrant Application
Money |
|
Rs. 31.250 Millions
|
The details of
shareholders holding more than 5% shares:
|
Name of Shareholder |
No. of Shares |
% held |
|
Equity |
|
|
|
Mr. Carnet Elias Fernandes |
4730650 |
28.46 |
|
Banyantree Growth Capital LLC |
1661362 |
9.99 |
|
PCA India Infrastructure Equity Open Limited |
872000 |
5.25 |
|
Cumulative Convertible Preference Shares |
|
|
|
Aditya Birla Private Equity Fund - I |
2500000 |
97.86 |
|
Cumulative Redeemable Preference Shares |
|
|
|
IDBI Bank Limited |
1000000 |
100 |
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.
The reconciliation of
the number of shares outstanding is set out below:
Equity Shares of
Rs.10 each
|
Particulars |
No. of Shares |
Amount in Millions |
|
At the beginning of the period |
16624580 |
166.246 |
|
Issued during the period |
-- |
- |
|
Outstanding at the end of the period |
16624580 |
166.246 |
(9%) Cumulative
Redeemable Preference Shares of Rs.10 each
|
Particulars |
No. of Shares |
Amount in Millions |
|
At the beginning of the period |
2000000 |
20.000 |
|
Redeemed during the period |
1000000 |
10.000 |
|
Outstanding at the end of the period |
1000000 |
10.000 |
(5%) Cumulative
Convertible Preference Shares of Rs. 250 each
|
Particulars |
No. of Shares |
Amount in Millions |
|
At the beginning of the period |
- |
- |
|
Issued during the period |
2554668 |
638.667 |
|
Outstanding at the
end of the period |
2554668 |
638.667 |
Terms / rights
attached to Equity Shares
The Company has only one class of equity shares having a par value of `10 per share and is ranking pari-passu amongst them. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
Due to inadequacy of profits, the Company has not declared any dividend on Equity Shares for the current fiscal
(Last fiscal: Rs. 1.00 per equity share).
Terms of conversion /
redemption of (9%) Cumulative Redeemable Preference Shares
As on 31st March 2012, 1000000, (9%) Cumulative Redeemable Preference Shares (CRPS) are outstanding, which is being hold by IDBI Bank Ltd. These Preference Shares would be due for redemption during FY 2012-2013. CRPS carry dividend of 9% per annum, payable annually.
Terms of conversion
of (5%) Cumulative Convertible Preference Shares
During the year ended 31st March 2012, the Company issued 2500000 - 5% Cumulative Convertible Preference
Shares (CCPs) of Rs. 250 each to Aditya Birla Private Equity - Fund I, managed by Aditya Birla Capital Advisors Private Limited and 54,668 - 5% Cumulative Convertible Preference Shares of Rs. 250 each to Banyantree Growth Capital LLC which are compulsorily and mandatorily convertible at any time within 18 months from the date of allotment of the CCPs into One Equity Share of the Company of Rs. 10 each at a premium of Rs. 240 against each CCPs.
CCPs carry dividend of 5% per annum, payable half yearly. The Company declares and pays dividends in Indian rupees.
Terms of conversion
of Warrants
During the year ended 31st March 2012, the Company issued
500000 Warrants of Rs. 250 each (on receipt of 25% consideration) to Mr. C E
Fernandes (Promoter), with the option to subscribe, within 18 months from the
date of allotment of the warrants, for one Equity Share of the Company of Rs.10
each at a premium of Rs. 240 each against each warrant.
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 |
814.913 |
186.246 |
196.246 |
|
|
2] Share Application Money |
0.000 |
638.667 |
0.000 |
|
|
3] Reserves & Surplus |
1012.116 |
1049.307 |
830.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Warrant Application Money Pending Allotment |
31.250 |
19.000 |
0.000 |
|
|
NETWORTH |
1858.279 |
1893.220 |
1026.317 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1170.055 |
943.397 |
799.925 |
|
|
2] Unsecured Loans |
564.931 |
456.135 |
61.334 |
|
|
TOTAL BORROWING |
1734.986 |
1399.532 |
861.259 |
|
|
DEFERRED TAX LIABILITIES |
37.200 |
36.200 |
35.000 |
|
|
|
|
|
|
|
|
TOTAL |
3630.465 |
3328.952 |
1922.576 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
458.575 |
471.766 |
408.265 |
|
|
Capital work-in-progress |
176.538 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
266.794 |
272.987 |
152.889 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1955.683
|
1622.111
|
1065.293
|
|
|
Sundry Debtors |
1683.851
|
1407.281
|
788.186
|
|
|
Cash & Bank Balances |
150.677
|
716.357
|
203.574
|
|
|
Other Current Assets |
91.730
|
103.842
|
0.000
|
|
|
Loans & Advances |
212.238
|
124.403
|
177.852
|
|
Total
Current Assets |
4094.179
|
3973.994
|
2234.905 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
883.021
|
660.558
|
389.392
|
|
|
Other Current Liabilities |
465.626
|
629.127
|
|
|
|
Provisions |
18.369
|
102.809
|
|
|
Total
Current Liabilities |
1367.016
|
1392.494
|
877.488 |
|
|
Net Current Assets |
2727.163
|
2581.500
|
1357.417
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.395 |
2.699 |
4.005 |
|
|
|
|
|
|
|
|
TOTAL |
3630.465 |
3328.952 |
1922.576 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3615.048 |
3832.767 |
|
|
|
Other Income |
|
29.915 |
20.549 |
|
|
|
TOTAL (A) |
|
3644.963 |
3853.316 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
2501.769 |
2544.358 |
|
|
|
Changes In Inventories of Finished Goods, Work-In-Progress and Stock In-Trade |
|
(143.217) |
(94.365) |
|
|
|
Employee Benefits / Expenses |
|
281.669 |
255.342 |
|
|
|
Other Expenses |
|
582.601 |
506.338 |
|
|
|
TOTAL (B) |
|
3222.822 |
3211.673 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
422.141 |
641.643 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
376.043 |
236.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
46.098 |
404.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
25.507 |
23.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
20.591 |
380.731 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
19.750 |
136.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.841 |
243.960 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
549.871 |
327.325 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
|
NA |
1.800 |
|
|
|
Dividend on Equity Shares |
|
NA |
16.625 |
|
|
|
Corporate Tax on Dividend |
|
NA |
2.989 |
|
|
BALANCE CARRIED
TO THE B/S |
|
NA |
549.871 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
|
18.030 |
32.889 |
|
|
TOTAL EARNINGS |
|
18.030 |
32.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
60.034 |
209.162 |
|
|
TOTAL IMPORTS |
|
60.034 |
209.162 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
|
(2.04) 0.04 |
14.39 14.39 |
|
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2493.803 |
|
|
|
Other Income |
|
|
7.959 |
|
|
|
TOTAL (A) |
|
|
2501.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing & Other Expenses |
|
|
1673.818 |
|
|
|
Employees Remuneration & Benefits |
|
|
164.253 |
|
|
|
Directors’ Salary and Remuneration |
|
|
34.465 |
|
|
|
Administrative Expenses |
|
|
130.459 |
|
|
|
Selling Expenses |
|
|
65.641 |
|
|
|
Deferred Revenue Expenses w/off |
|
|
1.305 |
|
|
|
Prior Period Adjustments |
|
|
3.100 |
|
|
|
Increase/Decrease in Stock |
|
|
79.901 |
|
|
|
TOTAL (B) |
|
|
2152.942 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
348.820 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
120.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
228.122 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
20.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
207.865 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
65.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
142.865 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
209.856 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
|
|
3.900 |
|
|
|
Dividend on Equity Shares |
|
|
17.683 |
|
|
|
Corporate Tax on Dividend |
|
|
3.813 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
327.325 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods value |
|
|
150.623 |
|
|
TOTAL EARNINGS |
|
|
150.623 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
66.893 |
|
|
|
Stores & Spares |
|
|
9.811 |
|
|
|
Oil Lubricants |
|
|
3.786 |
|
|
|
Repair and Maint. Machinery |
|
|
0.000 |
|
|
|
Machinery |
|
|
0.000 |
|
|
TOTAL IMPORTS |
|
|
80.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
8.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.03.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
592.900 |
498.300 |
284.300 |
|
Total Expenditure |
696.400 |
456.000 |
283.800 |
|
PBIDT (Excl OI) |
(103.500) |
42.300 |
0.500 |
|
Other Income |
0.100 |
0.000 |
6.900 |
|
Operating Profit |
(103.400) |
42.400 |
7.400 |
|
Interest |
77.300 |
90.500 |
98.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(180.600) |
(48.100) |
(90700) |
|
Depreciation |
7.100 |
6.000 |
6.000 |
|
Profit Before Tax |
(187.800) |
(54.100) |
(96.800) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(187.800) |
(54.100) |
(96.800) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(187.800) |
(54.100) |
(96.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.02
|
6.33 |
5.71
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.57
|
9.93 |
8.34
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.45
|
8.56 |
7.86
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93
|
0.74 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.99
|
2.85 |
2.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Financial Analysis /
Review FY 2011-12
FY 11-12 had been a
very difficult year for the engineering and capital goods industry in India on
account of adverse factors such as:
• Overall Economic slowdown
• Lack of policy initiatives / clearances from the Government.
• Delay / deferment of projects, especially in the power sector; consequent drying up of new orders.
• Frequent revisions in monetary policy/ interest rates by RBI.
• Increase in the prices of key raw materials and other inputs.
• Lack of adequate bank credit.
The Company has initiated various measures to increase the order book as well as to reduce the overall cost of operations:
Measures to Increase
the Order Book:
• More focus on the Oil and Gas sector, both in domestic and export markets, especially Middle East and Far East. (Skid Assembly, Compressor packages etc.).
• Continued emphasis on the equipment packages for nuclear power projects.
• Explore a new market segment for ACSC - conversion of existing Water Cooled Systems into Air Cooled Systems (Target – NTPC).
• Continued marketing efforts for ACSC packages for higher megawatt (300/660 MW) projects.
Measures to reduce
Cost of operations:
• Standardise design to reduce inventory / procurement lead-time.
• Buy or hedge maximum annual requirement when the prices are on the softer side (subject to cost/benefit analysis on inventory holding).
• Explore the possibilities of importing select raw materials and bought outs from China / Korea.
• Reduction / Rationalisation of work force across locations.
• Reduction in Administration and selling expenses.
Accomplishments
Air Cooled Heat
Exchangers:
Secured order from BHEL, Hyderabad for supply of process gas coolers to Brahmaputra Cracker Polymer Limited at Dhuliajan, Assam.
Secured order from Numaligarh Refinery
Limited, Assam for Naptha Splitter Unit at Numaligarh Refinery, Assam.
Secured order from Bharat Pumps and Compressors Limited, Naini, Allahabad for Rich Gas Compressor at Lepetkata site, Assam for Brahmaputra Cracker Polymer Limited
Secured order from Larsen and Toubro Limited, Mumbai for Deen Dayal West Field Development project-Process cum Living Quarter Platform of Gujarat State Petroleum Corporation, Gujarat.
Secured order from
HPCL, Mumbai for the project of PDA Revamp at Mumbai Refinery.
Air Cooled Vacuum
Steam Condensers (ACSC):
Secured orders for Air Cooled Vacuum Steam
Condensers totalling 277 MW during the year.
Secured order from OPG Power Generation, Chennai for the third project of 80 MW (Unit # 3) at Gummidipoondi, Tamilnadu.
Secured order from Super Smelters Limited, Kolkata for the project of 35 MW captive power plant at Jamuria, West Bengal.
Successfully commissioned ACSC for 150 MW Unit-II of Shree Mega Power at Beawar, Rajashtan.
Successfully commissioned 20 ACSCs at different locations totaling 767 MW during the year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Economic overview
The post-2009 recovery in the world economy was hampered by the Eurozone crisis. Growth rates were lower than anticipated across most regions - USA 1.7%, Eurozone 0.7%, Japan 0.2% and emerging/ developing economies 5.6%. Indian economy was also impacted, exports were badly hit and domestic demand also declined. The country’s growth rate slowed down (around 6.9%), but remained above the world average. The economy is expected to revive and grow in the coming years.
Industry Structure
and Developments
The industrial production is an important indication of GDP growth in a developing economy like India. The core comprising six major industries - crude oil, petroleum refinery products, coal, electricity, cement and steel and having 26.68 percentage weight in the Index of Industrial Production (IIP), represents the industries we cater to. In the year 2011-12, the core sector posted a growth of 2.8% as compared to 5.9% in the previous year. The long term outlook for the engineering and capital goods industry in which the Company operates continues to remain positive.
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Related Parties |
0.000 |
12.250 |
|
Other Loans And
Advances: |
|
|
|
Inter Corporate Deposits |
189.947 |
171.527 |
|
From Banks |
|
|
|
Development Credit Bank |
0.000 |
100.788 |
|
ICICI Bank Ltd. |
0.000 |
20.000 |
|
State Bank of India |
0.000 |
50.000 |
|
Citi Bank Ltd. |
249.984 |
0.000 |
|
Others |
|
|
|
Aditya Birla Finance Ltd. |
125.000 |
0.000 |
|
LandT Finance Ltd. |
0.000 |
50.000 |
|
Kotak Mahindra Prime Ltd. |
0.000 |
51.570 |
|
Total |
564.931 |
456.135 |
CONTINGENT
LIABILITIES
|
Particular |
31.03.2012 |
31.03.2011 |
|
(A) Claims against
the Company, not acknowledged as debts |
|
|
|
Income Tax |
143.245 |
6.532 |
|
Sales Tax |
6.722 |
4.234 |
|
The Income tax Assessment of the Company have been completed upto Assessment Year 2009 - 2010. A disputed demand of Rs. 139.871 Millions has been related A.Y. 2008 - 2009 and 2009 - 2010 on the basis of apparent errors in the order the Company has been legally adviced that demand is likely to be deleted by appropriate authorities and accordingly no provision is required to be made. |
||
|
(B) Guarantees |
|
|
|
(i) Guarantees to
banks and financial institutions against credit facilities extended to third
parties (Corporate Guarantee given to banks/financial institutions against
loans to subsidiary company GEI Power Limited) |
1157.575 |
748.100 |
|
(ii) Performance
Guarantees |
|
|
|
(a) In respect of joint ventures |
- |
- |
|
(b) In respect of others |
1081.455 |
1147.018 |
|
(iii) Outstanding
guarantees furnised to Banks and financial institution including in respect
of letters of credits |
|
|
|
(a) In respect of joint ventures |
- |
- |
|
(b) In respect of others |
- |
- |
|
(C) Others Money
for which the Company is contingently liable |
|
|
|
(i) Liability in
respect of bills discounted with banks (Including third party bills
discounting) |
|
|
|
(a) In respect of joint ventures |
- |
- |
|
(b) In respect of others (Against bills discounted from IFCI and SBI Global Factors Limited) |
455.514 |
241.768 |
FIXED ASSETS
- Land
- Building
- Machinery
- Auxilary Equipments
- Electrical Installations
- Pattern
- Furniture
- Office Equipments
- Computers
- Vehicles
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 55.62 |
|
|
1 |
Rs. 84.18 |
|
Euro |
1 |
Rs. 71.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.