MIRA
INFORM REPORT
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
L AND T – MHPS TURBINE GENERATORS PRIVATE LIMITED (w.e.f 26.06.2014) |
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|
|
|
Formerly Known
As : |
L&T - MHI TURBINE GENERATORS PRIVATE LIMITED (w.e.f 22.11.2007) L AND T TURBO GENERATOR PRIVATE LIMITED |
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Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.12.2006 |
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Com. Reg. No.: |
11-166541 |
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Capital
Investment / Paid-up Capital : |
Rs.3406.000 Millions |
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CIN No.: [Company Identification
No.] |
U31101MH2006PTC166541 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06873G |
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PAN No.: [Permanent Account No.] |
AABCL2729F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is supplying Supercritical Steam Turbines and Generators to mega power plants. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between “Larsen and Toubro Limited” and
Mitsubishi Heavy Industries Limited, Japan. It is a well-established company
having fine track record. The company has recorded accumulated losses. External borrowings of
the company seems to be huge and increasing over previous years however the
company receives strong operational and financial support from its joint
venture entities. Trade relations are fair. Business is active. Payment terms are
regular. In view of strong holdings, the subject can be considered good for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A+ |
|
Rating Explanation |
Adequate degree of safety and carry low credit
risk. |
|
Date |
March 14, 2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-67505656)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893/ 67525858 |
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E-Mail : |
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|
Website : |
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Factory : |
Hazira Manufacturing Complex, Gate No. 8, West Side, Surat Hazira
Road, Post Bhatha, Surat – 394510, Gujarat, India |
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Marketing Office : |
1st Floor, Pankaj Building, Opposite GEB Substation, N.H. 8
Chhani Road, Vadodara – 391740, Gujarat, India |
|
Tel No.: |
91-265-2451600 |
DIRECTORS
As on 05.08.2013
|
Name : |
Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2-33-13, Shiroyamadai, Nagasaki Shi, Nagasaki Ken, Nagasaki, Japan |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
23.12.2008 |
|
DIN No.: |
01585780 |
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|
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|
Name : |
Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-4-4-501, Kamioooka-Nishi, Konan-Ku, Yokohama-Shi, Kanagawa-Ken,
Japan |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
01585730 |
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|
|
|
Name : |
Sravankumar Venkata Satya Yeleswarapu |
|
Designation : |
Director |
|
Address : |
Flat No. 801, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1960 |
|
Date of Appointment : |
26.01.2012 |
|
DIN No.: |
01080060 |
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|
|
|
Name : |
Hideshi Kawamoto |
|
Designation : |
Director |
|
Address : |
Koudagou, 1196-135, Nagayocho, Nishisonokigun, Japan |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.04.2012 |
|
DIN No.: |
05256959 |
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|
|
|
Name : |
Mr. Subrat Kumar Das |
|
Designation : |
Whole Time Director |
|
Address : |
No.52, Ashirwad Bunglows, Near Rajhans Cinema, Dumas Road, Surat –
395007, Gujarat, India |
|
Date of Birth/Age : |
17.03.1952 |
|
Date of Appointment : |
22.05.2012 |
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DIN No.: |
05283783 |
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|
Name : |
Hisashi Fukuda |
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Designation : |
Whole Time director |
|
Address : |
1-7-250, OONO-CHO, Kanagawa-KU, Yokohama, Japan 22100550 |
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Date of Birth/Age : |
24.01.1959 |
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Date of Appointment : |
22.05.2012 |
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DIN No.: |
05283782 |
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|
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|
Name : |
Shailendra Roy Narain |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Flat No. 603/604 Kalpana Building Opposite Ramkrishna Mission
Hospital, 11th Road, Khar (West), Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1952 |
|
Date of Appointment : |
30.08.2012 |
|
DIN No.: |
02144836 |
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|
|
|
Name : |
Sunil Rameshchandra Pande |
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Designation : |
Director |
|
Address : |
703, Sovereign, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
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Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
05.12.2012 |
|
DIN No.: |
03060968 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Mehta |
|
Designation : |
Company Secretary |
|
Address : |
9, Navratan Baug, Indore-452001, Madhya Pradesh, India |
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Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
01.03.2011 |
|
PAN No.: |
ABAPM8233E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Mitsubishi Heavy Industries Limited, Tokyo |
152434000 |
40.05 |
|
Mitsubishi Electric Corporation, Tokyo |
34060000 |
8.95 |
|
Larsen and Toubro Limited, India |
194106000 |
51.00 |
|
|
|
|
|
Total |
380600000 |
100.00 |
As on 05.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is supplying Supercritical Steam Turbines and Generators to mega power plants. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai – 400020, Maharashtra, India |
|
PAN
No. : |
AAAFS2967E |
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|
Holding Company : |
¨ Larsen and Toubro Limited |
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Joint Venture
Partner : |
¨ Mitsubishi Heavy Industries Limited ¨ Mitsubishi Electric Corporation |
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|
Fellow subsidiary :
|
¨ Larsen and Toubro InfoTech Limited ¨ L&T-MHI Boilers Private Limited ¨ L&T Special Steels and Heavy Forgings Private Limited. ¨ L&T Howden Private Limited ¨ EWAC Alloys Limited |
|
|
|
|
Subsidiary of Joint Venture : |
¨ Mitsubishi Heavy Industries India Private Limited ¨ Mitsubishi Power System India Private Limited ¨ Mitsubishi Electric India Private Limited |
CAPITAL STRUCTURE
As on 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each |
Rs.3900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380600000 |
Equity Shares |
Rs.10/- each |
Rs.3806.000 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each |
Rs.3900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340600000 |
Equity Shares |
Rs.10/- each |
Rs.3406.000 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 |
3406.000 |
2501.000 |
2501.000 |
|
(b) Reserves & Surplus |
(2218.840) |
(1172.005) |
(955.990) |
|
(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) |
1187.160 |
1328.995 |
1545.010 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9577.333 |
8707.283 |
5268.407 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
9577.333 |
8707.283 |
5268.407 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3476.947 |
1652.756 |
0.000 |
|
(b) Trade payables |
11866.059 |
12591.570 |
9615.340 |
|
(c) Other current
liabilities |
3404.391 |
3787.701 |
4938.441 |
|
(d) Short-term provisions |
66.708 |
677.528 |
532.861 |
|
Total Current Liabilities (4) |
18814.105 |
18709.555 |
15086.642 |
|
|
|
|
|
|
TOTAL |
29578.598 |
28745.833 |
21900.059 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10126.201 |
6891.293 |
4969.653 |
|
(ii) Intangible Assets |
147.776 |
147.030 |
157.308 |
|
(iii) Capital
work-in-progress |
1694.421 |
2298.789 |
1620.489 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
577.947 |
577.999 |
0.000 |
|
(d) Long-term Loan and Advances |
143.563 |
370.996 |
1472.739 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
12689.908 |
10286.107 |
8220.189 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
312.159 |
|
(b) Inventories |
1326.514 |
247.956 |
51.208 |
|
(c) Trade receivables |
9782.999 |
5910.980 |
1528.362 |
|
(d) Cash and cash
equivalents |
(83.667) |
0.304 |
129.056 |
|
(e) Short-term loans and
advances |
1798.160 |
1375.651 |
3220.256 |
|
(f) Other current assets |
4064.684 |
10924.835 |
8438.829 |
|
Total Current Assets |
16888.690 |
18459.726 |
13679.870 |
|
|
|
|
|
|
TOTAL |
29578.598 |
28745.833 |
21900.059 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9923.418 |
12288.209 |
|
|
|
|
Other Income |
(0.106) |
35.635 |
|
|
|
|
TOTAL |
9923.312 |
12323.844 |
11352.367 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Construction
and Operating expenses Cost of Raw Materials & Components Consumed |
7259.831 |
10511.039 |
|
|
|
|
Stores, spares and tools |
356.793 |
315.249 |
|
|
|
|
Sub-Contracting Charges |
137.250 |
101.218 |
|
|
|
|
Other Manufacturing, Construction and Operating expenses |
670.185 |
512.201 |
|
|
|
|
Employee Benefit Expenses |
438.740 |
389.120 |
|
|
|
|
Sales, administration and other expenses |
732.970 |
99.345 |
|
|
|
|
TOTAL |
9595.769 |
11928.172 |
11503.805 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
327.543 |
395.672 |
(151.438) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
619.015 |
732.666 |
39.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(291.472) |
(336.994) |
(191.077) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
603.131 |
412.354 |
94.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(894.603) |
(749.348) |
(285.196) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.053 |
(578.000) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(894.656) |
(171.348) |
(285.196) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1150.185) |
(978.837) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2044.841) |
91150.185) |
(978.837) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Construction and Project related activity |
10722.089 |
9476.655 |
|
|
|
|
Export of Goods |
5.204 |
26.123 |
|
|
|
TOTAL EARNINGS |
10727.293 |
9502.778 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6951.066 |
7837.486 |
|
|
|
|
Components and Spare parts |
1539.536 |
5727.208 |
|
|
|
|
Capital Expenditure |
2993.563 |
421.214 |
|
|
|
TOTAL IMPORTS |
11484.165 |
13985.908 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.95) |
(0.69) |
(1.80) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(9.02) |
(1.39) |
(2.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.02) |
(6.10) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.28) |
(2.90) |
(1.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.75) |
(0.56) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
11.00 |
7.80 |
3.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
0.99 |
0.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2501.000 |
2501.000 |
3406.000 |
|
Reserves & Surplus |
(955.990) |
(1172.005) |
(2218.840) |
|
Net
worth |
1545.010 |
1328.995 |
1187.160 |
|
|
|
|
|
|
long-term borrowings |
5268.407 |
8707.283 |
9577.333 |
|
Short term borrowings |
0.000 |
1652.756 |
3476.947 |
|
Total
borrowings |
5268.407 |
10360.039 |
13054.280 |
|
Debt/Equity
ratio |
3.410 |
7.795 |
10.996 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11352.367 |
12323.844 |
9923.312 |
|
|
|
8.557 |
(19.479) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11352.367 |
12323.844 |
9923.312 |
|
Profit |
(285.196) |
(171.348) |
(894.656) |
|
|
(2.51%) |
(1.39%) |
(9.02%) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current Maturities
of Long Term Debts is Not Available.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from bank |
9577.333 |
8707.283 |
|
|
|
|
|
Total |
9577.333 |
8707.283 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10240270 |
23/09/2011 * |
12,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B22575625 |
* Date of charge modification
FINANCIALS AND
PERFORMANCE OF THE COMPANY
The financial year 2012-13 has been one of the challenging years for the Company. The combined effect of general economic slowdown along with the problems faced by the power sector has impacted the performance of the Company. The Company was not able to meet order inflow targets for the year for reasons beyond its control, consequently the revenue has reduced by 15.7% compared to previous year. However, the Company has made a good progress in completing the major portion of the existing customer projects. Due to sustained effort from the Management to remain competitive in the market has resulted in improvements in the manufacturing processes and the Supply chain initiative, the Company is able to achieve significant improvement in Operating Margin. However, mark-to-market loss (MTM) on term loans has resulted in bringing down the margin significantly during the year.
The Company has fully completed the manufacturing facility including the Heavy Casting Unit establishment at Hazira, Surat. The Company has received ISO/IEC 27000 certification for Information Security Management Systems and ISO 50001:2011 certification for Energy Management Systems. Their Company is the first engineering Company in India to get all the ISO certifications. During the year the Company is also accredited with the British Safety Council’s 5 star rating and sword of honor for Occupational Health, Safety and Environment management system.
Further, the Company has increased the talent pool and trained the employees to absorb the manufacturing technology to meet the market demands. During the year, the Company has received small orders for export of components to United States and Middle East countries. The Company is confident of receiving major orders in the coming months and is expected to achieve the targets in the coming years.
FIXED ASSETS
œ Leasehold Land
œ Building
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Electrical Equipments
œ Air Conditioners
œ Tools, Jigs and Fixtures
œ Office Equipments
œ Computers
œ Computer Software
œ Engineering and Technical Know-how Fees
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.60.87 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.