MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

ANSALDOCALDAIE BOILERS INDIA PRIVATE LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEA10138C

 

 

PAN No.:

[Permanent Account No.]

AAFCA0623B

 

 

Legal Form :

Private Limited Liability Company

 

 

No. of Employees :

112 [Approximately]

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Supplying of Boilers.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

84021100

Manufacture/Assembly of Boilers

 

 

GENERAL INFORMATION

 

No. of Employees :

112 [Approximately]

 

 

Bankers :

·         IDBI Bank Limited

115, Anna Salai, P. B. No. 805, Saidapet, Chennai - 600015, Tamilnadu, India

 

·         ING Vysya Bank Limited

185 Anna Salai, Near TVS, Chennai - 600006, Tamilnadu, India

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term loans from banks

67.500

90.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

353.638

256.438

 

 

 

Total

 

421.138

346.438

 

LONG-TERM BORROWINGS

 

Security for Loans and Terms of Payment: Security Primary - First charge on entire Current Assets of the company. Collateral - First charge on Fixed Assets of the company. Repayment Terms - One year Moratorium and thereafter repayable in 16 quarterly instalments starting from April 2013. The interest is chargeable at 375bps above the Bank's base rate.

 

The company had in the previous year availed of a loan from its related party, M/s AC-Italy amounting to 1233916 euros. The said related party had remitted the money to the company during the previous year, however pending receipt of approvals from the Reserve Bank of India and receipt of the Loan Request No, the same was being treated as amounts received in suspense by the authorised dealer and not credited to the company’s account. During the year pursuant to the approval of the Reserve Bank of India the same has been refunded back to the lender.

 

SHORT TERM BORROWINGS

 

Cash Credit from IDBI bank is secured against first charges on entire Current Assets of the Company. Collateral Charge on Fixed Assets of the Company.

 

The Company has taken loan from Its holding company during the previous year 2011-12 on which interest is payable @12% p.a. on monthly basis. However the Company has not paid interest amounting to Rs 7.967 Millions as on the date of Balance Sheet.

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

Loans and advances from related parties

63.262

57.380

 

 

 

Total

 

63.262

57.380

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Natvarlal Vepari and Company

Chartered Accountants

Address :

Oricon House, 4th Floor, 12 K Dubash Marg, Mumbai - 400023, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFN2322E

 

 

Holding company :

Gammon India Limited [L74999MH1922PLC000997]

 

 

Associates :

·         Ansaldo Caldaie S.p.A

·         Ras Cities and Townships Private Limited [U70102AP2005PTC047148]

·         Franco Tosi Meccanica

·         Ansaldocaldaie – GB Engineering Private Limited [U29253TN2009PTC074036]

·         Gammon OJSC Mosmetrostroy JV

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 21.09.2013

 

Names of Shareholders

 

No. of Shares

 

GB Engineering Enterprises Private Limited, India

 

300000

Ansaldo Caldaie S.P.A, Italy

 

13000000

Gammon India Limited, India

 

36700000

 

 

 

Total

 

 

50000000

 

 

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

500.000

500.000

500.000

(b) Reserves & Surplus

(232.315)

84.503

72.830

(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)

267.685

584.503

572.830

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

67.500

90.000

0.000

(b) Deferred tax liabilities (Net)

0.000

3.658

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)

67.500

93.658

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

416.900

313.818

53.311

(b) Trade payables

354.450

362.924

64.470

(c) Other current liabilities

337.124

341.402

262.632

(d) Short-term provisions

6.309

2.051

0.000

Total Current Liabilities (4)

1114.783

1020.195

380.413

 

 

 

 

TOTAL

1449.968

1698.356

953.243

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.134

14.289

15.343

(ii) Intangible Assets

26.860

43.776

5.590

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

180.050

180.050

0.000

(c) Deferred tax assets (net)

1.813

0.000

0.098

(d)  Long-term Loan and Advances

203.706

190.001

312.246

(e) Other Non-current assets

228.731

264.537

119.766

Total Non-Current Assets

648.294

692.653

453.043

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

191.539

216.616

104.163

(c) Trade receivables

491.797

578.435

164.000

(d) Cash and cash equivalents

54.481

177.392

99.742

(e) Short-term loans and advances

63.857

32.704

132.295

(f) Other current assets

0.000

0.556

0.000

Total Current Assets

801.674

1005.703

500.200

 

 

 

 

TOTAL

1449.968

1698.356

953.243

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

TOTAL                                    

1096.814

1677.955

401.640

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

1380.493

1642.170

384.397

 

 

 

 

 

 

PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION                          

(283.679)

35.785

17.243

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

20.609

16.256

4.818

 

 

 

 

 

 

PROFIT/ [LOSS] BEFORE TAX

(304.288)

19.529

12.425

 

 

 

 

 

Less

TAX                                                                 

12.530

7.855

3.905

 

 

 

 

 

 

PROFIT/ [LOSS] AFTER TAX

(316.818)

11.674

8.520

 

 

 

 

 

 

Earnings/ [Loss] Per Share (Rs.)

(6.34)

0.23

0.17

 

 

FINANCIAL PERFORMANCE:

 

During the year, the Company’s income from Sales stood at Rs.1096.800 Millions as compared to Rs.1677.900 Millions during the previous year. The Loss after tax stood at Rs.316.800 Millions for the year as compared to a profit of Rs.11.600 Millions during the previous year.

 

 

FINANCE:

 

During the year pursuant to the resolutions passed at Extraordinary General Meeting of the company on 2nd July 2012 for the authority to the Board to call for application money for the Rights Issue of shares, the company received share application money from one of its shareholders Ansaldo Caldaie S.p.A Italy (A.C. Italy) amounting to Rs.156.600 Millions. The respective portions towars share allotment for the other shareholders in their proportion of existing shareholding has not been received till date. The company has further written to RBI for extension of time to allot such shares or convert such amounts into compulsory convertible preference shares subject to the approval of the bankers of Ansaldo Caldaie S.p.A. Italy. No clarification has been received till date and the amount has been lying as Share application money for a period of more than six months.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

LOCATIONS

 

Registered Office :

ASV Adarsh, Door No.719, Block C, 1st and 3rd Floor, Pathari Road, Chennai – 600002, Tamilnadu, India

Tel. No.:

91-44-45920101

Fax No.:

91-44-45920100

E-Mail :

info@ansaldoboiler.in

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from No.53, Habibullah Road, T. Nagar, Chennai – 600017, Tamilnadu, India to the present address w.e.f.06.12.2011.

 

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

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