MIRA INFORM REPORT

 

 

Report Date :

01.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ISGEC HEAVY ENGINEERING LIMITED

 

 

Registered Office :

Radaur Road Yamuna Nagar – 135001, Haryana

 

 

Country :

India

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

23.01.1933

 

 

Com. Reg. No.:

05-000097

 

 

Capital Investment / Paid-up Capital :

Rs. 73.695 Millions

 

 

CIN No.:

[Company Identification No.]

L23423HR1933PLC000097

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKS05672C

 

 

PAN No.:

[Permanent Account No.]

AAACT5540K

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

The subject  is engaged  into two main business segments, namely:

 

  • Sugar which consists of manufacture and sale of Sugar and

 

  • Engineering which comprises of production and sales of heavy Engineering equipments, mechanical and hydraulic presses and castings and construction and erection boilers, sugar plant and machinery and related equipment.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

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 20000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

 

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

 

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

 

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

 

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

 

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

 

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

 

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

AA – [Fund Based Limits]

Rating Explanation

High degree of safety and very low credit risk.

Date

23.04.2013

 

Rating Agency Name

ICRA

Rating

A1 + [Non Fund Based Limits]

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

23.04.2013

 

 

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 – Cooperative (91-1732-307210)

 

 

LOCATIONS

 

Registered Office :

Radaur Road Yamuna Nagar - – 135001, Haryana, India

Tel. No.:

91-1732-307210/217/307363/307611

Fax No.:

91-1732-250991/250250/251495

E-Mail :

skkhorana@isgec.com

 

roynr@isgec.com

Website :

http://www.isgec.com

Location :

Owned  

 

 

Corporate Office :

A-4, Sector-24, Noida – 201 301, Uttar Pradesh, India

Tel. No.:

91-120-2411289/ 2411290

Fax No.:

91-120-2412250

 

 

Factory  :
  • Saraswati Corporate Centre, Yamuna Nagar – 135 001, Haryana, India
  • Indian Sugar and General Engineering Corporation, Yamuna Nagar,       

      Haryana, India.

  • ISGEC John Thompson, Kolkata, West Bengal, India
  • Uttar Pradesh Steels, Muzaffar Nagar, Uttar Pradesh

 

 

Plant Location  :
  • ISGEC
  • Yamuna Nagar Plant – 135001, Haryana, India

 

  • Coastal Plant
  • 13/B, GIDC Industrial Estate, Dahej Taluka, Vagara, District Bharuch-392130, Gujarat, India

 

  • Uttar Pradesh Steels
    • Village Nara, P. O. Mansurpur, District Muzaffar Nagar - 251 203, Uttar Pradesh, India.

 

  • Engineering, Procurement and Construction Division
    • ISGEC John Thompson
    • A-4, Sector 24, Noida – 201301, Uttar Pradesh, India.

 

  • ISGEC
    • A-4, Sector 24, Noida – 201301, Uttar Pradesh, India.

 

 

Branch Office :

Chennai

‘Raji Building’, 1st Floor,  New No.212 (Old No. 730), Anna Salai, Chennai - 600 006, Tamilnadu, India

Tel No.: 91-44-28297957/28297351

Fax No.: 91-44-28297375

Email ID: isgec@vsnl.com

 

Mumbai

‘Great Social Building’ Sir P. M. Road, P.O. Box No. 1339, Mumbai - 400 001, Maharashtra, India

Tel No.: 91-22-22662374/22665154

Fax No.: 91-22-22661899

Email ID: isgecbom@vsnl.com

 

Also Located at :

  • Pune
  • Kolkata

 

 

International Office :

USA
ISGEC North America Office
2283 Country Club Drive, Pittsburgh, PA-15241, USA
Tel. : +1-412-835-5333
Fax.: +1-412-835-5336
E-mail: ashi@isgec.com


EUROPE
ISGEC Germany Office
Kreiten Strasse 25, 40470 Dusseldorf, Germany
Tel.: +49-211-271-63 00
Fax. +49-211-271-63 01
E-mail: vchadha@isgec.com

 

 

DIRECTORS

 

As on: 30.09.2012

 

Name :

Mr. C.R. Thompson

Designation :

Director

 

 

Name :

Mr. Vinod K. Nagpal

Designation :

Director

 

 

Name :

Mr. Tahir Hasan

Designation :

Director

 

 

Name :

Mr. Vinod Kumar Sachdeva

Designation :

Director

 

 

Name :

Mr. Arun Kathpalia

Designation :

Director

 

 

Name :

Mrs. Nina Puri

Designation :

Whole Time Director

 

 

Name :

Mr. Aditya Puri

Designation :

Managing Director

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Ranjit Puri

Designation :

Chairman

 

 

Name :

Mr. S.K. Khorana

Designation :

Executive Director and Company Secretary

 

 

Audit Committee:

Mr. Vinod K. Nagpal – Chairman

Mr. Arun Kathpalia

Mr. Aditya Puri

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Category of Shareholders

Number of shares

Percentage of holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1131962

15.36

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3435751

46.62

http://www.bseindia.com/include/images/clear.gifSub Total

4567713

61.98

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

4567713

61.98

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

600

0.01

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

2420

0.03

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

1000

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

4020

0.05

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

667950

9.06

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

994283

13.49

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1135574

15.41

http://www.bseindia.com/include/images/clear.gifSub Total

2797807

37.96

Total Public shareholding (B)

2801827

38.02

Total (A)+(B)

7369540

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

7369540

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

The subject  is engaged  into two main business segments, namely:

 

  • Sugar which consists of manufacture and sale of Sugar and

 

  • Engineering which comprises of production and sales of heavy Engineering equipments, mechanical and hydraulic presses and castings and construction and erection boilers, sugar plant and machinery and related equipment.

 

 

Products :

PRODUCT DESCRIPTION

ITEM CODE

 

Pressure Vessels

84198910

Boilers

84021100

Sugar Machinery

84383090

 

PRODUCTION STATUS [AS ON 30.09.2011]

 

Particulars

Unit

Actual Production

Steel Structural, Iron and Steel Pipes and Agricultural Implement

MT

2633

C. I. Castings

MT

2961

Mechanical Presses

Nos.

180

Chlorine and Other Liquefied Gas Containers

Nos.

4046

Hydraulic Presses

Nos.

11

Pressure Vessels, Columns and heat Exchangers

MT

12744.80

Ingots

MT

472.345

Steel Casting

MT

4633.361

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :

·         State Bank of Patiala

·         Corporation Bank

·         State Bank of India

·         Punjab National Bank

·         Standard Chartered Bank

·         ICICI Bank Limited

·         State Bank of Mysore

·         State Bank of Hyderabad

·         The Hongkong and Shanghai Banking Corporation Limited

·         IndusInd Bank

·         State Bank of Travancore

·         Export Import Bank of India

·         The Royal Bank of Scotland

·         ING Vysya Bank Limited

·         State Bank of Bikaner and Jaipur

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

30.09.2012

As on

30.09.2012

Long Term Borrowings

 

 

Term loan

 

 

From Banks

 

 

External Commercial Borrowings

1175.610

588.228

 

 

 

Short Term Borrowings

 

 

Cash Credit (Refer note 9.1 and 9.2)

455.179

364.263

Buyers’ Credit (Refer note 9.1)

72.886

0.000

Total

1703.675

952.491

 

Initial Loan Amount

Loan outstanding

as at 30.09.12

Current maturity

Long term

Rate of

Interest

(p.a.)

Term of repayment

Security

328.400

(-)

(41.050)

(41.050)

(-)

9.75%

(-)

Repayable in quarterly installments.

Last installment due on 30.03.2012.

Loan has been fully repaid

First charge on movable and immovable fixed assets of the company located at Dahej, Gujarat, unit of the Company'

119.800

(-)

37.444 (67.399)

29.955 (29.955)

7.489 (37.444)

7.51%

(-)

Repayable in quarterly installments of X 7.489 Millions each. Last installment of X 7.489 Millions due

on 31.12.2013

First charge on movable and immovable fixed assets of the company located at Dahej, Gujarat, unit of the Company'

98.000

(-)

49.000

(73.500)

24.500 (24.500)

24.500 (49.000)

9.40%

(-)

Repayable in quarterly installments of X 6.125 Millions each. Last payment

of X 12.250 Millions due on 09.06.2014

First charge on movable and immovable fixed assets of the company located at Dahej, Gujarat, unit of the Company'

144.600

(-)

63.289

(99.454)

36.165

(36.165)

27.124

(63.289)

9.60% (-)

Repayable in quarterly installments of X 9.041 Millions. Last installment of X 9.041 Millions due on 23.06.2014

First charge on movable and immovable fixed assets of the company located at Dahej, Gujarat, unit of the company'

565.800

(-)

438.495 (565.800)

146.165 (127.305)

292.330 (438.495)

8.23%

(-)

Repayable in quarterly installments. First installment of X 17.681 Millions was due and paid on 24.10.2011 and balance repayable in equal quarterly installments of X 36.541 Millions. Last installment of X 36.541 Millions due on 22.07.2015

Exclusive charge on specific movable and immovable fixed assets

989.000

(-)

989.000

(-)

164.833

(-)

824.167

(-)

7.10%

(-)

Repayable in quarterly installments. First installment of X 32.967 Millions due on 05.01.2013 and balance in equal installments of X 65.933 Millions. Last payment of X 32.967 Millions due

on 05.10.2016

Exclusive charge on specific movable and immovable fixed assets

Total

1577.228 (847.203)

401.618

(258.975)

1175.610

(588.228)

 

 

 

 

 

Note 9.1 Secured by hypothecation of inventories and by a charge on book debts and other assets of the company, on pari passu basis to working capital consortium bankers

 

Note 9.2 Repayable on demand

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.S. Kothari Mehta and Company

Chartered Accountant

 

 

Subsidiaries

v  Saraswati Sugar Mills Limited

v  ISGEC Covema Limited

v  ISGEC: Exports Limited

v  ISGEC Engineering and Projects Limited

 

 

Joint Venture with 51 % share holding

ISGEC Hitachi Zosen Limited

 

 

Entities over which Directors and their relatives can exercise significant influence

v  Yamuna Syndicate Limited

v  Kamla Puri Charitable Trust

v  Kamla Puri Charitable Foundation

v  Blue Water Enterprises

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8500000

Equity Shares

Rs.10/- each

Rs. 85.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7369540

Equity Shares

Rs.10/- each

Rs. 73.695 Millions

 

 

 

 

 

NOTES:

 

(a) The rights, preferences and restrictions attaching to each class of shares including restrictions on the  distribution of dividends and the repayment of capital are as under:

 

The Company has only one class of equity shares having a par value of ` 10/- per share. Each share holder is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all the preferential amounts. The distribution will be in proportion to number of equity shares held by each of the equity share holders.

 

 

(b)  Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the  reporting year :

 

Particulars

Number of Shares

Amount

Equity shares outstanding at the beginning of the year

7369540

73.695

Add: Issued during the year

-

-

Less: Shares bought back

-

-

Equity shares outstanding at the close of the year

7369540

73.695

 

(c) Detail of Shares held by each shareholder holding more than 5% Shares:

 

Class of shares/Name of the shareholders:

Number of Shares

% holding in that class of shares

Equity shares with voting rights

 

 

Yamuna Syndicate Limited

3277161

44.47

Ranjit Puri (individually and/ or jointly with others)

659201

8.94

Aditya Puri (individually and/ or jointly with others)

456808

6.20

Ranjan Tandon (individually and/ or jointly with others)

438900

5.96

 

(d) 40 Equity shares of Rs. 10/- each are yet to be allotted by way of Bonus Shares on receipt of fractional  certificates, value of which has been shown under capital reserve.

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

30.09.2012

30.09.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

73.695

73.695

(b) Reserves & Surplus

 

5369.275

4742.593

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

5442.970

4816.288

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

1289.862

1025.546

(b) Deferred tax liabilities (Net)

 

122.602

67.655

(c) Other long term liabilities

 

952.619

1071.204

(d) long-term provisions

 

963.002

765.328

Total Non-current Liabilities (3)

 

3328.085

2929.733

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

635.516

511.143

(b) Trade payables

 

5582.825

5033.115

(c) Other current liabilities

 

5222.055

6064.314

(d) Short-term provisions

 

790.477

896.482

Total Current Liabilities (4)

 

12230.873

12505.054

 

 

 

 

TOTAL

 

21001.928

20251.075

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

3343.894

2625.834

(ii) Intangible Assets

 

355.264

388.833

(iii) Capital work-in-progress

 

459.397

446.872

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

1233.080

723.080

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

146.437

57.519

(e) Other Non-current assets

 

0.319

12.834

Total Non-Current Assets

 

5538.391

4254.972

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

1480.753

1883.015

(b) Inventories

 

4448.501

4530.009

(c) Trade receivables

 

6907.614

6313.081

(d) Cash and cash equivalents

 

776.765

1474.780

(e) Short-term loans and advances

 

1845.448

1771.964

(f) Other current assets

 

4.456

23.254

Total Current Assets

 

15463.537

15996.103

 

 

 

 

TOTAL

 

21001.928

20251.075

 

SOURCES OF FUNDS

 

 

 

30.09.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

73.695

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

4077.024

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

 4150.719

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

1040.377

2] Unsecured Loans

 

 

753.752

TOTAL BORROWING

 

 

1794.129

DEFERRED TAX LIABILITIES

 

 

64.614

 

 

 

 

TOTAL

 

 

6009.462

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

2886.165

Capital work-in-progress

 

 

135.847

 

 

 

 

INVESTMENT

 

 

2207.946

DEFERREX TAX ASSETS

 

 

0.000

OTHER NON CURRENT ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
3667.451

 

Sundry Debtors
 
 
5287.085

 

Cash & Bank Balances
 
 
405.941

 

Other Current Assets
 
 
1.885

 

Loans & Advances
 
 
1407.030

Total Current Assets
 
 

10769.392

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors
 
 
3928.251

 

Other Current Liabilities
 
 
4899.766

 

Provisions
 
 
1161.871

Total Current Liabilities
 
 

9989.888

Net Current Assets
 
 

779.504

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

6009.462

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

30.09.2012

30.09.2011

 

SALES

 

 

 

 

 

Revenue from Operation

 

26635.742

23591.930

 

 

Other Income

 

367.884

235.477

 

 

TOTAL                                     (A)

 

27003.626

23827.407

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Material Consumed

 

5558.572

5697.857

 

 

Purchase of goods for resale

 

9929.971

9547.788

 

 

Employee Benefits Expenses

 

1797.276

1631.918

 

 

Erection & Civil Cost

 

2216.963

1591.907

 

 

Other Expenses

 

6106.929

4379.135

 

 

Changes in Inventories of Finished Goods, Work - in - Progress and Stock - in - trade

 

(319.433)

(658.508)

 

 

TOTAL                                     (B)

 

25290.278

22190.097

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

1713.348

1637.310

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

254.995

178.254

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

1458.353

1459.056

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

451.307

380.937

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

1007.046

1078.119

 

 

 

 

 

Less

TAX                                                                  (H)

 

306.670

326.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

700.376

751.219

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

3285.364

2694.917

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

 

70.040

75.122

 

 

Dividend @ Rs. 10/- per Equity Share of Rs. 10/-each

 

73.695

0.000

 

 

Proposed Dividend

 

0.000

73.695

 

 

Corporate Dividend Tax

 

0.000

11.955

 

BALANCE CARRIED TO THE B/S

 

3842.005

3285.364

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

10592.454

7410.553

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

1218.790

1592.733

 

 

Spare Parts

 

194.996

282.910

 

 

Goods for Resale

 

0.000

435.847

 

 

Capital Goods

 

558.899

331.701

 

TOTAL IMPORTS

 

1972.685

2643.191

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

95.04

101.94

 

 

 

PARTICULARS

 

 

 

30.09.2010

 

SALES

 

 

 

 

 

Income

 

 

17480.796

 

 

Other Income

 

 

514.962

 

 

Profit from Farm Operations

 

 

0.542

 

 

TOTAL                                     (A)

 

 

17996.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of goods purchased for resale

 

 

8232.299

 

 

Purchase of trading goods

 

 

 

 

 

Erection & Civil Cost

 

 

1187.469

 

 

Manufacturing expenses

 

 

5025.298

 

 

Employee cost

 

 

1336.506

 

 

Administration & Selling expenses

 

 

984.160

 

 

Increase/(Decrease) in stock of Finished goods and Work-in-progress

 

 

[513.641]

 

 

TOTAL                                     (B)

 

 

16252.091

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

 

1744.209

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

 

283.621

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

 

1460.588

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

 

307.362

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

 

1153.226

 

 

 

 

 

Less

TAX                                                                  (H)

 

 

332.899

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

 

820.327

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

 

2031.542

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

 

 

82.033

 

 

Proposed Dividend

 

 

7.370

 

 

Interim Dividend

 

 

66.325

 

 

Corporate Dividend Tax

 

 

1.224

 

BALANCE CARRIED TO THE B/S

 

 

2694.917

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

2889.311

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

 

1175.220

 

 

Spare Parts

 

 

280.364

 

 

Goods for Resale

 

 

138.624

 

 

Capital Goods

 

 

102.276

 

TOTAL IMPORTS

 

 

1696.484

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

111.31

 

 

QUARTERLY RESULTS

 

 

Particulars

 

 

31.12.2012

31.03.2013

Type

 

1st Quarter

2nd Quarter

Net Sales

 

5910.700

6301.800

Total Expenditure

 

5607.000

6001.500

PBIDT (Excl OI)

 

303.700

300.300

Other Income

 

45.900

69.900

Operating Profit

 

349.600

370.200

Interest

 

45.700

59.200

PBDT

 

303.900

311.000

Depreciation

 

122.600

136.700

Profit Before Tax

 

181.300

174.300

Tax

 

58.900

56.400

Profit After Tax

 

122.400

117.900

Net Profit

 

122.400

117.900

 

 KEY RATIOS

 

PARTICULARS

 

 

30.09.2012

30.09.2011

30.09.2010

PAT / Total Income

(%)
2.59

3.15

4.56

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.78

4.53

6.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.65

6.27

8.45

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.18

0.22

0.28

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.35

0.32

0.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.05

1.02

1.08

 

 

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

No

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

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN

(Rs in Millions)

Particular

As on

30.09.2012

As on

30.09.2011

Long Term Borrowings

 

 

Deposits - (Refer Note 5.2 below)

 

 

Public

95.736

434.495

Shareholders

18.450

0.000

Directors

0.066

2.823

 

 

 

Short Term Borrowings

 

 

Public Deposits

 

 

Public

2.070

0.000

Shareholders

0.000

0.000

Related Parties

0.000

0.000

Packing Credit Foreign Currency Loan from Banks

105.381

146.880

Total

221.703

584.198

 

Note: 5.2

 

Deposits

Loan outstanding

as on 30.09.2012

Current maturity

Short term

Long term

Period of Deposit : Rate of Interest (p.a.)

Term of repayment

Security

Public

381.618 (689.320)

283.812 (254.825)

2.070

(-)

95.736 (434.495)

 

 

 

Shareholder

81.964

63.514

-

18.450

6 Months 6.00%

Repayment on due

Unsecured

 

 

 

 

 

1 Year 6.00%

maturity date

 

Director

2.936

2.870

-

0.066

2 Year 7.00%

 

 

 

(2.902)

(0.079)

(-)

(2.823)

3 Year 9.00%

 

 

Total

466.518

(692.222)

350.196

(254.904)

2.070

(-)

114.252

(437.318)

 

 

 

 

 

OPERATIONS:

 

The Company increased its revenues yet again. The revenue was Rs. 27000.000 Millions against Rs. 23820.000 Millions in the preceding year.

 

As they are aware the market conditions are not good due to sluggishness of the Indian and Global economy.

Projects are held up due to issues relating to land, environment and finance. There were fewer potential orders, which were chased by many competitors. This led to pressures on margins. Efforts continued to cut costs and improve productivity and efficiency.

 

In spite of bad conditions, the overall order book position of the Company was not unsatisfactory. However, there are certain sections where there is significant capacity available.

 

Intensive efforts continued for the development of the export market and this has resulted in record export orders and revenues, this year. The export revenues were 46% of the total revenues.

 

During the year, besides their traditional territories, we made an aggressive entry in the Latin American market.

 

The Company booked its first domestic order for Pulverised Coal Fired (Utility) Boiler based upon Foster Wheeler technology. This is a major breakthrough.

 

They also secured their first order for a Biomass Pin Hole Grate Boiler.

 

The Company secured a repeat order from the Aditya Birla Group for a 33 MW Power Plant

 

The Company completed the installation and commissioning of 27 Boilers during the year including 11 outside India. During the year they also commissioned India’s largest Travelling Grate Boiler.

 

To cater to the increased requirement of pressure parts for Boilers, capacity expansion was undertaken during the year. Most of the equipments have been installed and commissioned.

 

In the Sugar Machinery business,the Company booked orders for six complete Sugar Plants with Cogeneration including order for one sugar plant from Africa. The market share in the domestic market improved during the year. However, there were less orders in the market due to uncertainty in the Policies of State and the Central Governments with regard to sugar.

 

They successfully installed and commissioned Phase-I of Boiler and Sugar Process House Equipments (12000 Tonnes Cane crush power day capacity) of 24000 Tonnes cane crush per day capacity sugar plant for their customer in Sudan. Phase-II is expected to be commissioned in early 2013.

 

The Automobile Sector had a cautious approach towards investment during the year. Therefore, there were few orders for Presses in the domestic market. The Company could, however, book significant orders from the export market including orders for the technologically advanced Transfer Presses for Lear, China, a group company of Lear, USA (1200 Tonnes) and Delga, Brazil (2500 Tonnes), which helped to maintain the order booking for Presses.

 

The Process Plant Equipment Division had lower order booking due to very few investments in the Oil & Gas and Fertilizer Sectors. Export market including West Asia was also bad. In order to increase scope of the business of this Division, Technology Agreements have been signed for Feed Water Heaters, Surface Condensers and Breech Lock Exchangers. They expect to book good orders in the current year for these products.

 

The order booking in the Container sub-division of the Process Plant Equipment Division continued to be good. The first order for 380 Containers for Europe is under execution. The Company would be manufacturing Containers of European specification for the first time in India.

 

The downtrend in Power Sector affected the customers of Steel Castings Unit in the Steam Turbine Sector. The market for Hydro Turbine was, however, good. The Steel Casting Unit increased its efforts to book orders from other Sectors namely Pumps and Valves and had a few successes.

 

JOINT VENTURE COMPANY, ISGEC HITACHI ZOSEN LIMITED:

 

During the year the Company formed a Joint Venture namely Isgec Hitachi Zosen Limited along with Hitachi

Zosen Corporation, Japan. It involved investment of Rs. 510.000 Millions representing 51% of the equity of the Joint Venture Company. Hitachi Zosen Corporation, Japan contributed balance 49% of the equity.

 

The Joint Venture Company will benefit from the state-of-the-art technical and engineering skills of Hitachi Zosen and the manufacturing expertise of Isgec. The Joint Venture Company will cater to the specialised and critical Process Equipment requirements of refineries, fertilizer and Petrochemical Industries, across the world.

 

The Joint Venture Company got a breakthrough when it booked its first order, which was an EO Reactor from Reliance Industries.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

1. Management Discussion and Analysis, as required under Clause 49 of the Listing Agreement, giving further

Analysis, Review, Outlook and Threats is given below:-

 

As communicated in the previous pages, the global and domestic markets remain very uncertain. In addition, fluctuation of the Indian Rupee also lends an uncertainty in business operations. Though they do expect a reasonable order booking in most areas of their businesses, certain sections are likely to be under-loaded.

With a view to broadening their portfolio and keep their manpower and shops fully occupied, we have ventured into new products, example, Feed Water Heaters, Surface Condensers, Breech Lock Heat Exchangers and

Electrostatic Precipitators, Castings for Pumps and Valves. With an expanded basket of offerings, we do hope to achieve a better order booking than the previous year.

 

The association with Hitachi Zosen has enabled the Company to book orders which would not have been booked otherwise. The improvement in working methods and productivity which Hitachi Zosen are able to bring about, will certainly make us more competitive.

 

We continue to scout for new technologies and products which would be complimentary to their existing line of businesses and which would also broadly use the skill set the Company possesses.

 

CONTINGENT LIABILITIES

(Rs in Millions)

Particulars

As on 30.09.2012

As on 30.09.2011

 

 

 

I    Contingent Liabilities:

 

 

a)    Claims against the Company not acknowledged as debts

65.059

92.833

(including sales tax under dispute)

 

 

b)    Guarantees furnished by the bankers on behalf of the Company and counter

10493.234

12559.879

Indemnity furnished by the Company to bankers for the same amount.*

 

 

*Includes Performance Bank Guarantees given on behalf of subsidiary

2.150

13.225

company Isgec Covema Limited

 

 

c)    Bonds executed in favour of President of India against Export Promotion

663.260

196.850

Capital Goods licence

 

 

II   Letters of Credit outstanding

408.037

1033.295

III Estimated amount of contracts remaining to be executed on Capital Account

117.183

214.293

and not provided for (net of advances)

 

 

 

 

Fixed assets

 

·         Land (Free and Lese)

·         Building and Road

·         Plant and Machinery

·         Furniture and Fixture

·         Vehicles

·         Technical Know-how

·         Office Equipment

·         Live Stock

 

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 30.06.2013

 

(Rs. in Millions)

Sr.

No.

Particular

3 MONTHS ENDED 

PRECEDING 3 MONTHS ENDED

YEAR TO DATE FIGURES FOR CURRENT PERIOD ENDED

 

 

30.06.2013

31.03.2013

30.06.2013

 

 

Unaudited

Unaudited

Unaudited

 

 

 

 

 

1.

Net Sales/Income from Operations

5442.200

6094.200

17224.600

 

Other Operating Income

174.900

207.600

605.000

 

Total Income From Operations (Net)

5617.100

6301.800

17829.600

 

 

 

 

 

2.

Expenditure

 

 

 

 

Cost of materials consumed

930.900

970.900

2751.400

 

Purchase of stock in trade

2183.700

1845.600

6493.600

 

Changes in inventories of finished goods, work in progress and stock in trade

367.600

599.200

1160.700

 

Employee benefits expenses

458.000

479.100

1384.800

 

Depreciation and amortization expenses

139.700

136.700

399.000

 

Erection and commissioning expenses

318.500

804.600

1506.100

 

Other expenses

1084.100

1302.100

3654.700

 

Total Expenses

5482.500

6138.200

17350.300

 

 

 

 

 

3.

Profit From Operations before Other Income, Interest and Exceptional Items (1-2)

134.600

163.600

479.300

 

 

 

 

 

4.

Other Income

144.400

69.900

260.200

 

 

 

 

 

5.

Profit Before Interest and Exceptional Items (3+4)

279.000

233.500

739.500

 

 

 

 

 

6.

Interest

59.900

59.200

164.800

 

 

 

 

 

7.

Profit After Interest but before Exceptional Items (5-6)

219.100

174.300

574.700

 

 

 

 

 

8.

Exceptional Items

--

--

--

 

 

 

 

 

9.

Profit from Ordinary Activities before Tax (7+8)

219.100

174.300

574.700

 

 

 

 

 

10.

Tax Expense

74.700

56.400

190.000

 

 

 

 

 

11.

Net Profit from Ordinary Activities after Tax (9-10)

144.400

117.900

384.700

 

 

 

 

 

12.

Extraordinary Item (net of expense)

--

--

--

 

 

 

 

 

13.

Net Profit for the period (11-12)

144.400

117.900

384.700

 

 

 

 

 

14.

Paid-up Equity Share Capital (Face Value of Rs.10/- Each)

73.700

73.700

73.700

 

 

 

 

 

15.

Reserves Excluding Revaluation Reserve

 

--

 

 

 

 

 

 

16.

Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised

 

 

 

 

a) Basic and diluted EPS before extraordinary items

19.59

16.00

52.20

 

b) Basic and diluted EPS after extraordinary items

19.59

16.00

52.20

 

 

 

 

 

17.

Public Shareholding

 

 

 

 

-Number of Shares

2814580

2818428

2814580

 

- Percentage of Shareholding

38.19

38.24

38.19

 

 

 

 

 

18.

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

Nil

Nil

Nil

 

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

Nil

Nil

Nil

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

Nil

Nil

Nil

 

 

 

 

 

 

b) Non Encumbered

 

 

 

 

- Number of Shares

4554960

4551112

4554960

 

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

100.00

100.00

100.00

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

61.81

61.76

61.81

 

 

Particulars

Three months ended 30.06.2013

Pending at the beginning of the quarter

Nil

Received during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unresolved at the end of the quarter

Nil

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES ARE AS UNDER

 

Rs. in Millions

PARTICULARS

 

31.03.2013

UNAUDITED

Equity and liabilities

 

Shareholders' fund

 

Share capital

73.700

Reserve & surplus

5607.500

Sub-total - Shareholders' funds

5681.200

Non - current liabilities

 

Long term borrowings

1029.500

Deferred tax liability (net)

146.700

Other long term liabilities

1237.500

Long term provisions

1171.600

Sub-total – Non-current liabilities

3585.300

Current liabilities

 

Short term borrowings

1113.800

Trade payables

6024.000

Other current liabilities

4407.300

Short term provisions

602.700

Sub-total – Current liabilities

12147.800

 

 

Total – Equity & Liabilities

21414.300

 

 

Assets

 

Non-current assets

 

Fixed assets

4345.500

Capital work in progress

0.000

Non-current investment

1263.100

Long term loans & advances

104.300

Other non-current assets

60.100

Sub-total – Non-current Assets

5773.000

Current assets

 

Current investment

1758.800

Inventories

3601.700

Trade receivables

6630.200

Cash & bank balances

1926.300

Short term loans & advances

1687.700

Other current assets

36.600

Sub-total - Current Assets

15641.300

 

 

Total – Assets

21414.300

 

NOTES:

 

  1. The company has only one segment of engineering business. Hence segment reporting is not applicable.

 

  1. The above results are reviewed and recommended by the audit committee and approved by the board of directors of the company; in their respective meeting held on 14th August, 2013 and have been subjected to a “Limited Review” by the statutory auditors.

 

  1. Figures have been regrouped / rearranged wherever necessary

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.41

UK Pound

1

Rs.98.29

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

6

--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

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

65

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.