MIRA INFORM REPORT
|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
IOT
INFRASTRUCTURE AND ENERGY SERVICES LIMITED (w.e.f. 01.12.2008) |
|
|
|
|
Formerly Known
As : |
INDIAN OILTANKING LIMITED |
|
|
|
|
Registered
Office : |
103, Spectra, Hiranandani Business Park, Powai, Mumbai – 400 076,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.08.1996 |
|
|
|
|
Com. Reg. No.: |
11-102222 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2423.638
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23200MH1996PLC102222 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI02683C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI6794E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is mainly engaged in the business of Engineering, Procurement and
Construction services |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31760000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Indian Oil Corporation Limited, and
Oiltanking GmbH. It is a well established company having a good track record.
Financially company seems to be strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
IND AA – (Long Term Issuer Rating) |
|
Rating Explanation |
Very high credit quality and very low default risk. |
|
Date |
29.05.2013 |
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 BY
Management non co-operative
LOCATIONS
|
Registered Office/ Corporate Office : |
103, Spectra, Hiranandani Business Park, Powai, Mumbai – 400 076,
Maharashtra, India |
|
Tel. No.: |
91-22-66772700 |
|
Fax No.: |
91-22-25706854/ 66919599 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
IOT Office (EPC) : |
Plot No. Y2, Near Nahur Railway Station, Off CEAT Tyre Road, Nahur
(West), Mumbai – 400 078, Maharashtra, India |
|
Tel. No.: |
91-22-61524500/ 600 |
|
Fax No.: |
91-22-61524700/ 800 |
|
|
|
|
Regional Office : |
Located at: ·
Delhi ·
Kolkata ·
Chennai ·
Guwahati ·
Goa |
DIRECTORS
AS ON 13.09.2012
|
Name : |
Mr. Jayanta Bhuyan |
|
Designation : |
Managing Director |
|
Address : |
902, Sovereign, Hiranandani Gardens, Powai, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
29.01.1951 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.10.1996 |
|
DIN No : |
00190051 |
|
|
|
|
Name : |
Mr. Ranbir Singh Butola |
|
Designation : |
Director |
|
Address : |
B-2/2277, Vasant Kunj, New Delhi – 110 070, India |
|
Date of Birth/Age : |
05.05.1954 |
|
Date of Appointment : |
11.03.2011 |
|
DIN No : |
00145895 |
|
|
|
|
Name : |
Mr. Samir Kumar Barua |
|
Designation : |
Director |
|
Address : |
House No.421, Indian Institute of Management, Ahmedabad – 380 015,
Gujarat, India |
|
Date of Birth/Age : |
23.09.1951 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.09.2010 |
|
DIN No : |
00211077 |
|
|
|
|
Name : |
August Frans Irma Spaepen |
|
Designation : |
Director |
|
Address : |
Steenweg Withef 27,
82960 Brecht, Belgium |
|
Date of Birth/Age : |
13.11.1962 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No : |
00551840 |
|
|
|
|
Name : |
Murugappan Alagappan |
|
Designation : |
Director |
|
Address : |
UTI Capital Private Limited, UTI Tower, GN Block, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051,
Maharashtra, India |
|
Date of Birth/Age : |
16.09.1967 |
|
Date of Appointment : |
27.02.2012 |
|
DIN No : |
01016498 |
|
|
|
|
Name : |
Rutger Cornelis Van Thiel |
|
Designation : |
Nominee Director |
|
Address : |
Neuer Wall,
48, 20354, Hamburg, Germany |
|
Date of Birth/Age : |
03.01.1964 |
|
Date of Appointment : |
01.09.2010 |
|
DIN No : |
03199912 |
|
|
|
|
Name : |
Padmanabhan Sugavanam |
|
Designation : |
Director |
|
Address : |
119, Block-A, Vinay Cascades, Thimmarayappa Garden, 3rd Main, 11th Cross,
Sivanand Nagar, Bangalore – 560 075, Karnataka, India |
|
Date of Birth/Age : |
03.06.1945 |
|
Qualification : |
CA |
|
Date of Appointment : |
01.09.2010 |
|
DIN No : |
03229120 |
|
|
|
|
Name : |
Mr. Sudhir Bhalla |
|
Designation : |
Nominee Director |
|
Address : |
56, Manu Apartment, Mayur Vihar, Phase-1, New Delhi – 110 091, India |
|
Date of Birth/Age : |
03.09.1956 |
|
Date of Appointment : |
27.09.2011 |
|
DIN No : |
03284103 |
|
|
|
|
Name : |
Franz Christian Wolfgong Flach |
|
Designation : |
Director |
|
Address : |
Wischhoff
17, Sereetz - 23611 |
|
Date of Birth/Age : |
09.01.1968 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No : |
03377640 |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Nominee Director |
|
Address : |
V-33, Green Park, Delhi – 110 016, India |
|
Date of Birth/Age : |
04.06.1954 |
|
Date of Appointment : |
27.09.2011 |
|
DIN No : |
03613222 |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Jamnadas Mavani |
|
Designation : |
Secretary |
|
Address : |
B-602, Cottage Land, Sector -19A, Nerul, Navi Mumbai – 400 706,
Maharashtra, India |
|
Date of Birth/Age : |
22.09.1958 |
|
Date of Appointment : |
11.04.1997 |
|
PAN No : |
AAHPM7153R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.09.2012
Note: Shareholding
details file attached.
AS ON 17.04.2013
|
Names of Allottees |
No. of Shares |
|
Jatin Mavani |
15750 |
|
Sathasivan Sankaran |
8400 |
|
TOTAL
|
24150 |
AS ON 13.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Government companies |
47.91 |
|
Venture Capital |
3.84 |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
47.91 |
|
Directors or relatives of Directors |
0.10 |
|
Other top fifty shareholders |
0.24 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
mainly engaged in the business of Engineering, Procurement and Construction
services |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40-A, Doshi Marg, Hamam Street, Mumbai – 400 001,
Maharashtra, India |
|
PAN No.: |
AADFL1894Q |
|
|
|
|
Subsidiaries : |
IOT Anwesha
Engineering And Construction Limited CIN No.: U29199GJ1998PLC034128 IOT Utkal Energy
Services Limited CIN No.: U45208OR2009PLC011389 IOT Design And
Engineering Limited CIN No.: U74200MH2007PLC173770 IOT Engineering
Projects Limited CIN No.: U74200MH2007PLC170617 Stewarts And
Lloyds of India Limited CIN No.: L28999WB1937PLC009099
|
CAPITAL STRUCTURE
AFTER 13.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
242442138 |
Equity Shares |
Rs.10/- each |
Rs. 2424.421
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
242363788 |
Equity Shares |
Rs.10/- each |
Rs. 2423.638
Millions |
|
|
|
|
|
AS ON 13.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
242466288 |
Equity Shares |
Rs.10/- each |
Rs. 2424.663
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2423.638 |
2327.892 |
|
(b) Reserves & Surplus |
|
5516.777 |
3505.507 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
1.175 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7941.590 |
5833.399 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1944.466 |
1642.732 |
|
(b) Deferred tax liabilities (Net) |
|
244.829 |
323.205 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
135.107 |
400.551 |
|
Total Non-current
Liabilities (3) |
|
2324.402 |
2366.488 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
606.007 |
141.678 |
|
(b) Trade
payables |
|
6701.175 |
5756.015 |
|
(c) Other
current liabilities |
|
991.048 |
786.980 |
|
(d) Short-term
provisions |
|
252.674 |
166.882 |
|
Total Current
Liabilities (4) |
|
8550.904 |
6851.555 |
|
|
|
|
|
|
TOTAL |
|
18816.896 |
15051.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
3301.265 |
2888.641 |
|
(ii)
Intangible Assets |
|
77.151 |
85.636 |
|
(iii)
Capital work-in-progress |
|
43.015 |
388.092 |
|
(b) Non-current Investments |
|
4068.528 |
2838.233 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
825.644 |
1.866 |
|
(e) Other
Non-current assets |
|
71.587 |
37.114 |
|
Total Non-Current
Assets |
|
8387.190 |
6239.582 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
300.092 |
642.426 |
|
(b)
Inventories |
|
148.037 |
74.951 |
|
(c) Trade
receivables |
|
3511.191 |
1136.679 |
|
(d) Cash
and cash equivalents |
|
318.971 |
253.067 |
|
(e)
Short-term loans and advances |
|
862.432 |
1001.593 |
|
(f) Other
current assets |
|
5288.983 |
5703.144 |
|
Total
Current Assets |
|
10429.706 |
8811.860 |
|
|
|
|
|
|
TOTAL |
|
18816.896 |
15051.442 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2323.832 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2397.161 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4720.993 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3079.709 |
|
|
2] Unsecured Loans |
|
|
917.025 |
|
|
TOTAL BORROWING |
|
|
3996.734 |
|
|
DEFERRED TAX LIABILITIES |
|
|
371.002 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9088.729 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2946.667 |
|
|
Capital work-in-progress |
|
|
274.583 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1464.389 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
89.859
|
|
|
Sundry Debtors |
|
|
936.017
|
|
|
Cash & Bank Balances |
|
|
10.878
|
|
|
Other Current Assets |
|
|
7312.497
|
|
|
Loans & Advances |
|
|
477.482
|
|
Total
Current Assets |
|
|
8826.733 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3744.264
|
|
|
Other Current Liabilities |
|
|
561.908
|
|
|
Provisions |
|
|
117.471
|
|
Total
Current Liabilities |
|
|
4423.643 |
|
|
Net Current Assets |
|
|
4403.090
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9088.729 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
15930.123 |
11927.564 |
9700.416 |
|
|
|
Other Income |
700.158 |
837.401 |
493.476 |
|
|
|
TOTAL (A) |
16630.281 |
12764.965 |
10193.892 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13573.484 |
9907.789 |
|
|
|
|
Employee benefit expense |
363.829 |
246.601 |
|
|
|
|
Other expenses |
482.837 |
434.528 |
|
|
|
|
TOTAL (B) |
14420.150 |
10588.918 |
8904.939 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2210.131 |
2176.047 |
1288.953 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
350.305 |
269.096 |
345.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1859.826 |
1906.951 |
943.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
270.053 |
238.132 |
227.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1589.773 |
1668.819 |
716.221 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
474.189 |
562.503 |
240.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1115.584 |
1106.316 |
475.547 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
NA |
NA |
1243.984 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1719.531 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Construction and engineering services |
339.962 |
35.874 |
177.771 |
|
|
TOTAL EARNINGS |
339.962 |
35.874 |
177.771 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
9.059 |
100.335 |
4.551 |
|
|
|
Construction Materials and Related Expenses |
1400.333 |
470.195 |
874.458 |
|
|
TOTAL IMPORTS |
1409.392 |
570.530 |
879.009 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.75 |
4.76 |
2.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.71 |
8.67
|
4.67
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.98 |
13.99
|
7.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.81
|
14.11 |
6.08
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.29 |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.32
|
0.31 |
0.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.29 |
2.00
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Foreign Currency Term Loans From Banks |
1281.470 |
490.207 |
|
Short Term
Borrowings |
|
|
|
Working Capital Loans From Banks |
602.068 |
78.089 |
|
|
|
|
|
TOTAL |
1883.538 |
568.296 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Maturities Of Long Term Debt |
548.106 |
520.899 |
NA |
|
|
|
|
|
|
TOTAL |
548.106 |
520.899 |
NA |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
ADDRESS |
Service Request Number (SRN |
|
1 |
10185616 |
12/10/2009 |
260,000,000.00 |
DHANALAKSHMI BANK LIMITED |
DHANALAKSHMI BANK BUILDING, NAICKANAL, TRICHUR, K |
A73021990 |
|
2 |
10178813 |
11/08/2009 |
850,000,000.00 |
DHANALAKSHM BANK LTD |
DHANALAKSHMI BANK BUILDING, NAICKANAL, TRICHUR, KERALA -
680001, INDIA |
A70140777 |
|
3 |
10089165 |
04/02/2008 |
156,200,000.00 |
STATE BANK OF BIKANER AND
JAIPUR |
G-72, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A32862823 |
|
4 |
90150736 |
06/07/2011 * |
13,170,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE, BALLARD |
B16875536 |
|
* Date Of Charge Modification |
||||||
NOTE
The registered office address of the company has been shifted from Navghar
Dronagirinode, NH-4B, Navi Mumbai – 400 707, Maharashtra, India to present
w.e.f. 31.10.2007.
OVERVIEW OF THE
ECONOMY
During the last
financial year the Indian economy witnessed a slowdown, pushed by a series of largely
global interlocking factors, and domestic factors like tightening of monetary
policy, high inflation and slower investment and industrial activities.
Though
region-centric to begin with, the financial turmoil in Europe affected
developing and other high-income countries by increasing borrowing costs in
many parts of the world, triggering a down ward trend in stock markets and
lowered capital flows to developing countries.
At the domestic
level, the surge in inflation which remained in double digits for most of the
year prompted further policy tightening measures to combat the rising
inflationary pressures. In addition, cutbacks in investment decisions, debt
overhang, rising fiscal deficit, mounting government borrowing on the revenue
account, moderating exports, all point towards testing times ahead. The growth
rate of investment in the economy was estimated to have declined significantly
with sharp increase in interest rates and resulting high borrowing and other
costs affecting profitability and internal accruals.
The Indian economy
despite a global slowdown remained exuberant and was among the fastest growing
economies of the world. At a time when expansion in investments has assumed a
sharp downward trend, in addition to resumption of a low interest rate regime,
private investments need to be encouraged in critical areas of the economy to
encourage investment activity and push economic growth.
Investment in
infrastructure projects should be promoted as there is an need to upgrade the
country’s physical infrastructure to maintain the current growth rate.
Infrastructure and Power require special attention to attract investments.
Development of renewable energy sources, which are indigenous and distributed
and have low marginal costs of generation, can increase energy security by
diversifying supply, reducing import dependence, and mitigating fuel price
volatility.
Effort sat
attracting longer-term inflows with dedicated infrastructure funding need to be
intensified alongside fast-tracked reforms, incentives, policy rationalization
and encouraging combined efforts of the government and private sector.
BUSINESS
In 2011-12,
progress was made towards setting up the over Rs 30000.000 Millions, 1.4
million KL crude and product terminal at Paradip, thus enabling completion and
commissioning of the project in the second half of CY2012.
During the year,
IOT concluded a strategic acquisition by purchasing the business of Newsco
Canada, through its subsidiary News co International (formerly known as Newsco
Asia) at the cost of USD 45million. This has enabled IOT to gain 60%
controlling interest in News co International with its expanded business. This
transaction enabled a controlling shareholding in the profitable directional
drilling business in high growth markets like Russia, Canada, USA and Peru in
addition to India. Also, the acquisition of Kazakhstan Caspishelf (KCS) during
the year enabled IOT to garner capabilities for rapid expansion of the Seismic
business.
In2011-12, IOT
formed a joint venture called Jabal EILIOT in Saudi Arabia with Engineers India
Ltd (EIL) and Jabal Dahran (Jabal) to participate in the multi-billion dollar
EPC business in the Kingdom of Saudi Arabia.
During the year,
Indian Oil Sky tanking (IOSL), the JV between Indian Oil Corporation (IOC), Sky
tanking Holdings GmbH, Germany (ST) and IOT was awarded the contract for
filling of Aviation Turbine Fuel Barrels by ONGC at their supply base in Nhava
Mumbai. With this business, in addition to the Fuel Farm Facilities at
Bangalore International Airport and in T3 at Delhi Indira Gandhi International
Airport, IOSL now operates across three locations in India and handles 35 per
cent of All India Aviation Turbine Fuel.
Katoen Natie IOT
Logistics Limited, the joint venture between Belgium-headquartered Katoen-Natie
and IOT won an order for operating and maintaining the polymer warehouse for
HPC-Mittal Energy Limited in Bathinda, Punjab on a single point responsibility
basis, which is a first in India.
During the year, IOT
activated dedicated Civil and Infra and Power divisions to capture EPC business
in these high-growth sectors and achieved progress in setting up its first
biogas plant in Namakkal in Tamil Nadu.
SUBSIDIARY
COMPANIES AND JOINT VENTURES
Pursuant to the
provision of Section 212(8) of the Companies Act, the Ministry of Corporate
Affairs vide its circular dated February 8,2011 has granted general exemption
from attaching the Balance Sheet, Profit and Loss Account and other documents
of the subsidiary companies with the Balance Sheet of the Company. A statement
containing brief financial details of the Company’s subsidiaries for the
financial year ended March 31, 2012 is included in the Annual Report. The
annual accounts of these subsidiaries and the related detailed information will
be made available to any member of the Company seeking such information at any
point of time and are also available for inspection by any member of the
Company at the registered office of the Company.
The annual
accounts of the said subsidiaries will also be available for inspection, as
above, at the head offices/registered offices of there spective subsidiary
companies. The Company shall furnish a copy of details of annual accounts of
subsidiaries to any member on demand.
IOT’s subsidiaries
and joint ventures have successfully evolved into an integrated whole and
contributed to the success of IOT as adiversified player in the Terminalling,
EPC and Upstream Services segments. The performance of IOT group companies is
summarized below:
IOT ENGINEERING
PROJECTS LIMITED (IOTEP)
IOTEP achieved a
satisfactory all round performance during the year. It is currently progressing
with a major Boiler project in Barh for NTPC. During the year, IOTEP’s order
book position reached around Rs.5223.200 Millions (external orders) with orders
both from private and public sectors. During the year the Company achieved
Revenue and PBT of Rs. 4123.100 Millions and Rs. 336.600 Millions respectively.
IOT ANWESHA
ENGINEERING AND CONSTRUCTION LIMITED (IOTAEC)
IOTAEC achieved
excellent all round profitable growth in India and Oman. During 2011-12, IOTAEC
achieved Revenue and PBT of Rs. 2709.000 Millions and Rs. 344.500 Millions
respectively and continues its strong growth with an Order Book of around Rs. 1146.800
Millions (external orders).
IOT UTKAL ENERGY
SERVICES LIMITED (IOT UTKA)
IOT Utkal is
executing the Crude Oil and finished Product Storage Tank Farms on BOOT basis
at the Paradip Refinery Project of IOC, won through international competitive
bidding. The proposed Paradip Refinery Storage Terminal is a 1,410,435 kilo
litre crude and finished products tank age facility at Indian Oil’s 15 MMTPA
oil refinery. The construction is expected to be completed in 2012-13.Under the
contract, mechanical completion of the storage terminal is scheduled for
January 2012.
The entire debt of
Rs.23530.000 Millions was successfully refinanced with the public sector banks
to secure significant long-term savings in interest costs for the project.
STEWARTS AND
LLOYDS OF INDIA LIMITED (S AND L)
Steps taken by the
management for turnaround started yielding positive results for S and L in
2011-12. During the year, S and L re-started its Workshop after a gap of about
12 years at Jhinjirapole, Kolkata for fabricating the Reformer Convection
Modules for Matix Fertilizer.
The Company
registered revenue and PBT of Rs 374.900 Millions and Rs 1.500 Millions
respectively in 2011-12. Between April 2011 and February 2012, S and L bagged
orders worth Rs.263.400 Millions.
IOT DESIGN AND
ENGINEERING LIMITED (IOTDE)
IOTDE continued to
provide detail engineering and pre-bid engineering support to the EPC and
Terminal ling SBUs of IOT in 2011-12. During the period, IOTDE provided support
in the form of detailed engineering for Paradip Flare project, ZIL and ZIOTL
Pipeline project and IOT Mabagas Project, PMC for the Imphal Terminal, LPG
Storage facility for Mogas Tanzania and PMC for H2 rich gases as per schedule.
The company had an
order backlog of Rs 70.400 Millions as of 31st March 2012and achieved revenue
and PBT of Rs 419.300 Millions and 9.800 Millions respectively.
IOT ENGINEERING
AND CONSTRUCTION SERVICES LLC, OMAN (IOTECS)
After completing
the earlier phase of the project for construction of storage tanks and terminal
facilities at Sohar, Oman ahead of schedule, IOTECS Oman is now executing the
EPCC services contract for Phases V and VI of the Sohar Terminal. During the
year, IOTECS Oman registered revenue and PBT of Rs 452.500 Millions and Rs
152.700 Millions respectively.
PTIOT ENERGY
SERVICES INDONESIA (PT IOT INDONESIA)
During FY 12, PT
IOT Indonesia began targeting opportunities in Upstream Services. PT IOT
Indonesia would be able to directly bid For directional drilling projects in
Indonesia thereby clearing the entry barriers otherwise faced by foreign
companies.
PTIOT EPC
INDONESIA (PT IOT EPC INDONESIA)
In2011-12 PT IOT
EPC Indonesia was established as a joint venture between Puri Energy and IOT to
tap EPC opportunities in Indonesia. The company is initially targeting power
projects.
NEWS CO
INTERNATIONAL
During the year
Newsco International registered Revenue and PBT of USD 26.52Mn (Rs. 1280.000
Millions) and USD 0.91 Mn (Rs. 40.000 Millions) respectively and is currently
executing an Order Book of USD 16 mio in India and several call-out jobs in US,
Canada , Russia and Peru.
KAZAKHSTAN CASPI
SHELF (KCS)
KCS is an
excellent brand with outstanding Past Track Record (PTR) due to its historical
achievements and successful track record with major western oil companies that
will help IOT to pre-qualify for the entire gamut of seismic services. Through
KCS, IOT also becomes a part of oil exploration and development in Kazakhstan
which is expected to become a dominant player in this sector in the near
future.
JOINT VENTURES
ZUARIINDIAN
OILTANKING LIMITED (ZIOTL)
Operations at the
terminal are going on smoothly and successfully meeting the customer’s demands.
Post the August incident most of their commendations of the Government have
been effectively implemented and the remaining would be complied with shortly.
Insurance claims for damages and business interruption have been assessed and
lodged with insurance companies. During the year, ZIOL achieved a turnover of
Rs. 162.500 Millions and PBT of Rs. (10.200) Millions.
INDIAN OIL SKY
TANKING LIMITED, (IOSL)
IOSL has been
successfully operating the Fuel Farm Facility at Bangalore International
Airport for 46 months and has been efficiently carrying out the Operatorship
under Open Access Model as well as providing in to-plane services since 2008.
The concept of single man refueling was introduced for the first time in India
by IOSL at Bangalore Airport and has set a new benchmark in productivity
standards in the Indian Aviation space.
Suppliers like IOCL, HPCL, BPCL, Shell MRPL and Reliance Industries are
presently using the facility.
IOSL’s success in
Bangalore was replicated at the T3 Terminal of Delhi’s Indira Gandhi
International Airport, where the Company is a proud partner and has been
successfully operating the Fuel Farm and Fuel Hydrant system that caters to T2
and T3 Terminals of the airport as well as providing Into Plane Refuelling
services. The company completed 21 successful months of operations at this
AIRPORT
IOSL has also been
accredited with ISO 9001 (QMS) and ISO 14001 (EMS) certifications for its
operations at Bangalore International Airport and in T3 of Delhi’s Indira
Gandhi International Airport.
The Company is
currently carrying out almost 140 and 240 refuellings per day at Bangalore and
Delhi International Airports respectively. The market share of IOSL for Into
Plane services at Bangalore and Delhi is 77% and 64% respectively. During the
year, IOSL bagged the contract for Commissioning of Hydrant extension of
Apron-E and Cargo Terminal at T-3 Delhi.
IOSL is keenly
following the progress on the proposed Navi Mumbai Airport, as it would be a
significant opportunity to work towards in the near term. During the year IOSL
achieved turnover and PBT of Rs. 309.13crore and Rs. 154.400 Millions
respectively.
KATOEN NATIE IOT
LOGISTICS LIMITED (KTN-IOT)
KTN-IOT is a 50:50
Joint Venture between IOT and Belgium-based Katoen Natie, the world’s leading
polyole fins handling company with operations across the globe.
The JV, which was
finalized in August 2011, won its first order for the O and M of the polymer
warehouse of HMEL in Bathinda on a single-point responsibility basis within
eight months of starting operations.
IOT MABAGAS
LIMITED
The company’s project
of building a 2.4 MW Biogas based project at Puduchatram, Namakkal, Tamil Nadu,
is proceeding as per schedule. The validation study for project Clean
Development Mechanism (CDM) is complete and the final validation report is
expected to be sent to the UNFCCC Executive Board by April 2012.The CDM
registration would enable the project to earn tradable Certified Emission
Reductions(CER) credits.
Apart from Tamil
Nadu, the Company is pursuing business opportunities in the states of Punjab,
Haryana, Maharashtra, Gujarat and Karnataka with a focus on projects which can
be registered as Clean Development Mechanism (CDM) Projects.
JABAL EILIOT
Jabal EILIOT began
operations during the year and was successfully registered in the Kingdom of
Saudi Arabia. The company is pro actively pursuing EPC opportunities in the
Saudi Arabian market.
FIXED ASSETS
- Land and Land Improvements
- Building and Building Improvements
- Plant and Machinery
- Office Equipments
- Factory Equipments
- Computer Equipments
- Furniture and Fixtures
- Vehicles
- Railway Sidings
- Computer Software
WEBSITE DETAILS
NEWS
IOC VENTURE GETS RS 1000.000-MILLIONS INVESTMENT
FROM IIDF
Mumbai, Jan. 24:
IOT Infrastructure and Energy Services Limited (IOT) announced on Monday that
Rs 1000.000 Millions have been invested in the company by India Infrastructure
Development Fund (IIDF), a private equity fund managed by UTI Capital.
IOT is a joint venture between Indian Oil Corporation (IOC) and Oiltanking
GmbH of Germany.
The fresh investment will help IOT meet its capital requirements for
various projects including the over 1.4 million kilolitre petroleum product
facility at IOC Paradip refinery and the proposed 1.92 lakh kilolitre capacity
common user terminal at Raipur in Chhattisgarh.
Mr. Jayanta Bhuyan, Managing Director of IOT, in a press release said that
“In 2010, we decided to raise equity through a public offer for their projects
in India, but eventually opted for private equity funding due to unfavourable
market conditions for an IPO. IIDF's investment has placed their valuation
higher than what was envisaged during the planned IPO,” he said.
He said that the company finds PE investments to be a viable route for
funding its proposed expansion plans. The company has a CAGR of over 40 per
cent in revenue and profit in the last five years, which has also attracted the
new investment.
Over 80 per cent of IOT's revenue is generated from its engineering,
procurement and construction (EPC) services and the remaining from its petroleum
products storage and upstream services businesses.
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. 63.78 |
|
|
1 |
Rs. 100.70 |
|
Euro |
1 |
Rs. 84.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.