|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
POWERICA LIMITED (w.e.f. 05.10.1989) |
|
|
|
|
Formerly Known
As : |
CONSOLIDATED POWER SYSTEMS LIMITED |
|
|
|
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Registered
Office : |
9th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.05.1984 |
|
|
|
|
Com. Reg. No.: |
11-032825 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 93.607 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31100MH1984PLC032825 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15268B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3812E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability company |
|
|
|
|
Line of Business
: |
Manufacturing
and trading in diesel generating sets, components and erection, installation,
commissioning, operation, maintenance and other services relating to diesel
generating sets and also Generation of electricity from Wind Turbine
Generators. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 31700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
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Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track record.
Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
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
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 |
CRISIL |
|
Rating |
Long term rating : “AA” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
08.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1” |
|
Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
|
Date |
08.04.2013 |
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
LOCATIONS
|
Registered / Corporate Marketing Office: |
9th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No. : |
91-22-66562525 |
|
Fax No. : |
91-22-43152515 |
|
E-Mail : |
|
|
|
|
|
Administrative office : |
115 Mittal Court, B-Wing, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22- 66562525 / 66562510 / 2282 5949 |
|
Fax No.: |
91-22-22043782 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
TALOJA |
|
Tel. No.: |
91-22-67771500/6771600 |
|
Fax No.: |
91-22-27412221 |
|
E-Mail : |
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|
|
|
|
Factory 2 : |
TALOJA FACTORY (Design
department) B-8, MIDC Industrial Area, Taloja, Raigad, |
|
Tel. No.: |
91-22-67771500/6777160 |
|
Fax No.: |
91-22-27402609/27411531 |
|
Contact Person: |
Mr. U.A. Gadiyar |
|
|
|
|
Factory 3 : |
BANGALORE SHED –
III |
|
Tel. No.: |
91-80-27724994/5 27722392 |
|
Fax No.: |
91-80-27724946 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
8-10, Surpreme Industrial Area, |
|
Tel. No.: |
91-260-2220707 |
|
Fax No.: |
91-260-2220836 |
|
E-Mail : |
|
|
|
|
|
Branch Office: |
· Ahmedabad · Aurangabad · Bangalore · Chennai · Coimbatore · Daman · Faridabad · Goa · Kochi · Kolkata · Madurai · Nagpur · Nashik · Pune · Secunderabad · vijayawada |
DIRECTORS
As on 26.06.2013
|
Name : |
Mr. Naresh Chander Oberoi |
|
Designation : |
Managing director |
|
Address : |
181-B, Jolly Maker Apartment, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1942 |
|
Experience : |
47 Years |
|
Date of Appointment : |
04.05.1984 |
|
PAN No.: |
AAEPO2381A |
|
DIN No. : |
00009000 |
|
|
|
|
Name : |
Mr. Bharat Naresh Oberoi |
|
Designation : |
Whole-time director |
|
Address : |
31-B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
22.02.1971 |
|
Experience : |
21 Years |
|
Date of Appointment : |
01.11.2003 |
|
PAN No. : |
AAAPO0724D |
|
DIN No. : |
00083664 |
|
|
|
|
Name : |
Mr. Rajat Naresh Oberoi |
|
Designation : |
Whole-Time Director |
|
Address : |
171-B, 17th Floor, Jolly Maker Appartment, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1972 |
|
Experience : |
21 Years |
|
Date of Appointment : |
01.11.2006 |
|
PAN No. : |
AAAPO0477D |
|
DIN No. : |
00014977 |
|
|
|
|
Name : |
Mr. Kharati Ram Puri |
|
Designation : |
Whole-Time Director |
|
Address : |
50 Sunita, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1926 |
|
Qualification : |
Bachelor of Arts |
|
Experience : |
61 Years |
|
Date of Appointment : |
01.01.2007 |
|
PAN No. : |
AAEPP8874D |
|
DIN No. : |
00015011 |
|
|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Nominee Director |
|
Address : |
A-33, Meherina, 51C, Nepean Sea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1967 |
|
Qualification : |
Bachelors Degree (Honors) in Technology |
|
Date of Appointment : |
01.10.2007 |
|
DIN No. : |
00061014 |
|
|
|
|
Name : |
Mr. Mukul Nag |
|
Designation : |
Alternate Director |
|
Address : |
B-503 Ahok Towers, Dr. S S Rao Road, Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1970 |
|
Qualification : |
Bachelors Degree (Honors) in Electrical and Electronics Engineering and Masters in Business Administration |
|
Date of Appointment : |
30.07.2010 |
|
DIN No. : |
03168627 |
|
|
|
|
Name : |
Mr. Dinesh Kumar |
|
Designation : |
Director |
|
Address : |
21, 17th Cross Malleshwram Bangalore - 560055, Karnataka, India. |
|
Date of Birth/Age : |
02.12.1937 |
|
Qualification : |
Post graduation degree from Military Studies from Defence Services Staff College |
|
Date of Appointment : |
25.06.2009 |
|
DIN No. : |
01133565 |
|
|
|
|
Name : |
Mr. Ghanshyam Dass |
|
Designation : |
Director |
|
Address : |
31A, Sobha Emerald, Sobha Suburb, 1A, Behind Jakkur Flying Club, Jakkur, Bangalore – 560064, Karnataka, India |
|
Date of Birth/Age : |
10.07.1952 |
|
Qualification : |
Graduation degree with Honors in Economics and Post graduation degree in Linguistics |
|
Date of Appointment : |
10.02.2011 |
|
DIN No. : |
01807011 |
|
|
|
|
Name : |
Mr. Krishen Dev |
|
Designation : |
Director |
|
Address : |
Plot No.16, Pallod Farms – II, Banner, Pune – 411045, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1939 |
|
Qualification : |
Graduation degree in Chemical Engineering |
|
Date of Appointment : |
10.02.2011 |
|
DIN No. : |
00001534 |
|
|
|
|
Name : |
Mr. Prem Kumar Khurana |
|
Designation : |
Director |
|
Address : |
203 B, Maker Tower 'B', Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1940 |
|
Date of Appointment : |
03.07.2012 |
|
DIN No. : |
00004050 |
|
|
|
|
Name : |
Mr. Prakash Yashwant Gurav |
|
Designation : |
Director |
|
Address : |
Mritinjaya Apartments, 3rd Floor, 54 Ideal Colony, Kothrud, Pune – 411029, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1953 |
|
Date of Appointment : |
03.07.2012 |
|
DIN No. : |
02004317 |
KEY EXECUTIVES
|
Name : |
Ms. Kety Pillo Mistry |
|
Designation : |
Secretary |
|
Address : |
Kalpak Hormus, Flat No. 501, |
|
Date of Birth/Age : |
20.03.1956 |
|
Date of Appointment : |
01.05.1998 |
|
PAN No.: |
AHXPM9896J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Naresh Chander Oberoi |
|
24710472 |
|
Kharati Ram Puri |
|
5883120 |
|
Rajat Naresh Oberoi |
|
3888054 |
|
Renu Sachin Mehra |
|
1476000 |
|
Nedungadi B. T. |
|
398043 |
|
Lata Naresh Oberoi |
|
756000 |
|
Bharat Naresh Oberoi |
|
4181994 |
|
Sunil Kumar Khurana |
|
3456 |
|
Standard Chartered Private Equity ( |
|
4129713 |
|
Standard Chartered Private Equity ( |
|
1376568 |
|
Total |
|
46803420 |
As on 26.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
11.76 |
|
Directors or relatives of Directors |
87.38 |
|
Others |
0.86 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and trading in diesel generating sets, components and erection, installation,
commissioning, operation, maintenance and other services relating to diesel
generating sets and also Generation of electricity from Wind Turbine
Generators. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Standard Chartered Bank, Abhijeet Ii, Ground Floor, Near Mithakali Six Roads, Ahmedabad-380006, Gujarat, India. · Citi Bank N.A., Bandra Kurla Complex, G-Block, Bandra (East), Mumbai – 400051, Maharashtra, India · Citi Bank N. A. 14, Valmik Complex, Near Parimal Garden, Ambawadi, Ahmedabad - 380006, Gujarat, India · Canara Bank · HDFC Bank · IDBI Bank Limited · Kotak Mahindra Bank Limited · Indian Bank · Standard Chartered Bank · State Bank of India · State Bank of Mysore · Union Bank of India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
NOTE LONG TERM
BORROWINGS a) Nil (Pr.Yr. Rs. 456.000 millions) are secured against hypothecation by way of first exclusive charge on 6 WindMills of 1650 KW each presently installed at village Vandhiya, Kutch and pledge of 5 WindMills of 1650 KW each in village Lakhapur, Kutch, 1 WindMill of 1650 KW in village Vandhiya, Kutch b) Rs. 815.84 million (Pr.Yr. Rs. 1023.130 millions) are secured against hypothecation by way of first exclusive charge on 14 WindMills of 1800 KW each presently installed at Kutch, Gujarat, and moveable assets of the Company both present and future situated at Company's premises, warehouses, stockyards, godowns, various worksites or wherever else the same may be held by any party. c) R 1087.790 millions (Pr.Yr. Nil) are secured against hypothecation by way of first exclusive charge of five windmills of 1650 KW in village Lakhapur, Kutch and six windmills of 1650 KW in village Vandhiya, Kutch and all the windmills procured out of the loan including its present and future book debts receivables, its moveable fittings both present and future situated at Companies premises, warehouses, stockyards, godowns, various worksites or wherever else the same may be held by any party. d) Term loan of Nil (Pr.Yr. Rs. 456.000 millions) from Standard Chartered Bank is repayable at the end of 3 years from the date of disbursement i.e. on 23rd September, 2013. e) Term loan of Rs. 815.840 millions (Pr.Yr. Rs. 1023.130 millions) from Citi Bank is repayable in 8 semi-annual installments beginning from 25th April, 2013. f) Term loan of Rs. 1087.790 millions (Pr.Yr. Nil) from Standard Chartered Bank is repayable in 16 quarterly installments beginning from 22nd June, 2014. g) The rate of interest on secured term loans is varying between LIBOR plus 2% to LIBOR plus 3%. Installment following dues in respect of all the above loans upto 31.03.2014 have been grouped under "Current Maturities of long- term debt" |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
Address : |
701, Business Suites 9, S V Road, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
PAN No. : |
AAAFK1612L |
|
|
|
|
Subsidiary Company
: |
Quadrant Engineers Limited CIN No.: U74140MH1981PLC024853 |
|
|
|
|
Associated Company |
· Powerica Sales and Services Private Limited CIN No.: U51900MH1980PTC022350 · Art Yarn Exports (India) Private Limited CIN No.: U51494MH2004PTC147119 · Suna Projects and Advisory Private Limited CIN No.: U74140MH2006PTC166052 · deGustibus Hospitality Private Limited CIN No.: U55101MH1996PTC097667 |
|
|
|
|
Significant
Interest entities : |
Oberoi Family Trust |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46803420 |
Equity Shares |
Rs.2/- each |
Rs. 93.607 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
93.607 |
93.607 |
93.610 |
|
(b) Reserves & Surplus |
7838.744 |
7350.777 |
6887.350 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7932.351 |
7444.384 |
6980.960 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1903.626 |
1479.130 |
456.000 |
|
(b) Deferred tax liabilities (Net) |
1352.491 |
984.618 |
757.610 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
19.627 |
13.374 |
14.480 |
|
Total Non-current
Liabilities (3) |
3275.744 |
2477.122 |
1228.090 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
20.885 |
312.979 |
63.270 |
|
(b) Trade
payables |
1859.880 |
1316.918 |
1284.620 |
|
(c) Other
current liabilities |
1966.793 |
1922.006 |
947.450 |
|
(d) Short-term
provisions |
8.606 |
69.956 |
192.150 |
|
Total Current
Liabilities (4) |
3856.164 |
3621.859 |
2487.490 |
|
|
|
|
|
|
TOTAL |
15064.259 |
13543.365 |
10696.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6449.870 |
7284.688 |
4685.120 |
|
(ii)
Intangible Assets |
10.498 |
2.592 |
4.880 |
|
(iii)
Capital work-in-progress |
62.004 |
99.726 |
107.230 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.328 |
52.355 |
25.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1012.598 |
767.275 |
710.640 |
|
(e) Other
Non-current assets |
4.081 |
3.289 |
0.000 |
|
Total Non-Current
Assets |
7591.379 |
8209.925 |
5533.410 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1571.951 |
1489.756 |
1948.240 |
|
(b)
Inventories |
2092.011 |
1179.784 |
1369.310 |
|
(c) Trade
receivables |
1452.553 |
1403.572 |
1073.500 |
|
(d) Cash
and cash equivalents |
2122.968 |
989.153 |
492.580 |
|
(e)
Short-term loans and advances |
192.103 |
228.462 |
243.220 |
|
(f) Other
current assets |
41.294 |
42.713 |
36.280 |
|
Total
Current Assets |
7472.880 |
5333.440 |
5163.130 |
|
|
|
|
|
|
TOTAL |
15064.259 |
13543.365 |
10696.540 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14524.854 |
11612.526 |
11044.440 |
|
|
|
Other Income |
345.266 |
200.000 |
292.500 |
|
|
|
TOTAL (A) |
14870.120 |
11812.526 |
11336.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
9813.005 |
7897.846 |
7469.430 |
|
|
|
Purchases of stock-in-trade |
877.110 |
691.243 |
668.030 |
|
|
|
Employee benefit expense |
683.748 |
616.101 |
519.820 |
|
|
|
Other expenses |
1155.068 |
782.387 |
690.960 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(43.488) |
15.957 |
(156.650) |
|
|
|
TOTAL (B) |
12485.443 |
10003.534 |
9191.590 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2384.677 |
1808.992 |
2145.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
188.465 |
94.178 |
10.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2196.212 |
1714.814 |
2134.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1011.978 |
705.780 |
525.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1184.234 |
1009.034 |
1609.550 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
369.890 |
382.395 |
328.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
814.344 |
626.639 |
1280.580 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5043.106 |
4642.341 |
3774.830 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
81.434 |
62.661 |
128.060 |
|
|
|
Interim Dividend |
280.821 |
93.606 |
104.010 |
|
|
|
Tax on Dividend |
45.556 |
22.778 |
40.590 |
|
|
|
Proposed Dividend |
0.000 |
46.803 |
140.410 |
|
|
BALANCE CARRIED
TO THE B/S |
5449.639 |
5043.106 |
4642.340 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.40 |
13.39 |
27.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.48
|
5.30 |
11.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.15
|
8.69 |
14.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.92
|
7.54 |
15.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24
|
0.24 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.47 |
2.08 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10335353 |
07/02/2012 |
1,000,000,000.00 |
CITIBANK N. A. |
14, VALMIK COMPLEX, NEAR PARIMAL GARDEN, AMBAWADI, AHMEDABAD - 380006, GUJARAT, INDIA |
B32027724 |
|
2 |
10261400 |
15/12/2010 |
455,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
B03356250 |
|
3 |
10208319 |
30/01/2012 * |
450,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
B60828027 |
|
4 |
90229643 |
17/06/2009 * |
350,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, G-BLOCK, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA |
A64034424 |
|
5 |
90231935 |
16/10/1999 * |
80,000,000.00 |
BANQUE NATIONALE DE PARIS |
FRENCH BANK BUILDING 62 HOMJI STREET, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
6 |
90235689 |
21/07/2006 * |
80,000,000.00 |
BNP PARIBAS |
FRENCH BANK BUILDING, 62, HOMJI STREET, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
7 |
90227901 |
05/02/1991 * |
5,500,000.00 |
BANQUE NATIONALE DE PARIS |
62 HOMJI STREET, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
* Date of charge modification
NOTE
The registered office of the company has been shifted from 74, A Wing,
Mittal Court, Nariman Point, Mumbai - 400021,
POWER GENERATORS BUSINESS:
The power generating set business recorded gross revenue of Rs. 15069.180 millions in 2012-2013 as compared to Rs. 12065.940 millions in 2011-2012. This healthy growth of 24.89% was result of managements focus on cost improvement, logistics optimization, healthy marketing investments and improvement in distribution efficiencies.
Companys new manufacturing facility at Village Madap, Khalapur, Dist- Raigad of diesel generating sets and acoustics will also go functional in the current year, enabling the Company to scale up its production and sales from current year onwards. Progressively, this unit will also become a significant contributor to the sales and profitability of the Company.
Service Division at Chennai, Pondicherry, Mumbai and parts of western Maharashtra achieved a total business of Rs. 1079.470 millions ( previous year Rs. 839.400 millions). Major contributing factors for enhanced performance of Service Division across geographies and various sectors of the economy were Companys customer-centric approach, cost reduction efforts, focus on timely delivery, and the vigor in following strong internal processes.
ELECTRICITY GENERATION FROM WIND TURBINE
GENERATORS BUSINESS:
There has been an increased focus on renewable sources of energy in the recent years in India. The Company has an installed capacity of 76.35 MW in Gujarat and 26.4 MW in Tamil Nadu as on March 31, 2013.
This segment generated revenue of Rs. 867.61 million in the financial year ended on March 31, 2013, excluding profit of Rs. 83.06 million on unwinding of Foreign Exchange derivative instrument.
Company has some more wind power projects in pipeline in the States of Maharashtra and Gujarat as on the date of Report with total estimated capital expenditure of Rs. 4500.000 millions. All these projects are expected to be installed and commissioned before September 30, 2014. Company is expected to achieve total capacity of 174.75 MW by September 30, 2014 in this business.
CLEAN DEVELOPMENT MECHANISM :
In the year under review, Company has entered into an agreement with Asian Development Bank for Sale of 1,50,000 CER generated from wind power projects .
Companys two wind power projects in the state of Gujarat, having capacity of 21.6MW and 9.9MW were registered with UNFCCC (United Nations Framework Convention on Climate Change) for availing carbon benefits and as on the date of this Report, same has been granted. Further, Company has submitted its application for its wind power project of 25.2MW capacity in the state of Gujarat to UNFCCC (United Nations Framework Convention on Climate Change) for carbon benefits which is under process.
OUTLOOK :
The Company is well on track to becoming a major power solution Company for all sectors of the economy. Company will continue its drive of an aggressive growth strategy and identify opportunities that will help it further fortify its competitive position, in gen set industry.
Companys Wind Division is also on the path of growth with the proposed setting of wind power projects in the States of Maharashtra and Gujarat in the financial year 2013-2014.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
a) Stamp duty demands disputed pending in appeal |
5.850 |
5.850 |
|
b) Bank Letter of Credit outstanding at the year end |
275.950 |
1114.170 |
|
c) Estimated amount of contracts remaining to be executed on capital account and not provided for, net of advances |
66.390 |
4.690 |
|
d) Sales Tax demand disputed, contested in |
7.170 |
9.020 |
|
appeal Amount paid there against and shown as Advances Recoverable |
3.360 |
3.360 |
|
e) Service Tax demand disputed, contested in appeal |
1.690 |
1.690 |
|
Amount paid there against and shown as Advances Recoverable |
0.000 |
0.000 |
|
f) Excise Duty demand disputed, contested in appeal |
1.970 |
2.850 |
|
Amount paid there against and shown as Advances Recoverable |
0.590 |
0.000 |
|
g) Income Tax demand disputed, contested in appeal |
3.330 |
0.000 |
|
Amount paid there against and shown as Advances Recoverable |
0.000 |
0.000 |
|
h) Claims against the Company not acknowledged as debt |
2.370 |
2.040 |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Office Building
· Plant and Equipment
· Other plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· Computer 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 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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.