MIRA
INFORM REPORT
|
Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
IOT
INFRASTRUCTURE AND ENERGY SERVICES LIMITED (w.e.f. 01.12.2008) |
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Formerly Known
As : |
INDIAN OILTANKING LIMITED |
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Registered
Office : |
103, Spectra, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.08.1996 |
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|
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Com. Reg. No.: |
11-102222 |
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Capital
Investment / Paid-up Capital : |
Rs. 2424.421
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23200MH1996PLC102222 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI02683C |
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PAN No.: [Permanent Account No.] |
AAACI6794E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is mainly engaged in the business of Engineering, Procurement and Construction services. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 34000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating takes into consideration company’s healthy financial risk profile
and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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
31-03-2014.
INFORMATION DENIED
The Management Non-Cooperative
Tel No. : 91-22-61524854
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 |
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E-Mail : |
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Website : |
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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 |
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Fax No.: |
91-22-61524700/ 800 |
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Regional Office : |
Located at: ·
Delhi ·
Kolkata ·
Chennai ·
Guwahati ·
Goa |
DIRECTORS
As on 03.09.2013
|
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 |
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Date of Appointment : |
01.10.1996 |
|
DIN No : |
00190051 |
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|
|
Name : |
Mr. Samir Kumar Barua |
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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 |
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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 |
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|
|
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 : |
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 |
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|
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|
Name : |
Mr. Carlin Conner |
|
Designation : |
Director |
|
Address : |
UP DE Schanz 53, Hamburg-22609, Germany |
|
Date of Birth/Age : |
06.10.1957 |
|
Date of Appointment : |
05.12.2012 |
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|
|
|
Name : |
Mr. Vasudev Sitaram Okhde |
|
Designation : |
Director |
|
Address : |
B-606, Roayal Towers, Sector 61, Noida, Up-201307, Delhi, India |
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Date of Birth/Age : |
03.01.1955 |
|
Date of Appointment : |
01.10.2012 |
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|
|
|
Name : |
Mr. Imtaiyazur Rahman |
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Designation : |
Nominee Director |
|
Address : |
E-402, Dheeraj Heritage Residency II, Daulat Nagar, Santacruz West,
Mumbai-400054, Maharshtra, India |
|
Date of Birth/Age : |
07.09.1963 |
|
Date of Appointment : |
21.11.2013 |
|
DIN No : |
01818725 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Rathod |
|
Designation : |
Procurement Manager |
|
|
|
|
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 03.09.2013
Note: Shareholding
and Allottees details file attached.
Equity Share Break up (Percentage of Total Equity)
As on 03.09.2013
|
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. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management |
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Bankers : |
· State Bank of India, Corporate Accounts Group, Neville House, Ballard Estate, Mumbai – 400 001, Maharashtra, India ·
Standard Chartered Bank, 90, M.G. Road, Fort,
Mumbai – 400 001, Maharashtra, India ·
Dhanalakshmi Bank Limited, Dhanalakshmi Bank
Building, Naickanal, Trichur-680001, Kerala, India ·
Allahbad Bak, Plot No. A-2, Model Town
Cooprative Hpusing Society, J.V.P.D., Mumbai-400029, Maharashtra, India ·
Bank of Maharashtra, Industrial Finance
Branch, Apeejay House, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400 023,
Maharashtra, India |
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Facilities : |
SECURED LOAN
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
6, Karim Chambers, 40-A, Doshi Marg, Hamam Street, Mumbai – 400 001,
Maharashtra, India |
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PAN No.: |
AADFL1894Q |
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Subsidiaries : |
· Stewarts and Lyods of India Limited (S and L) · IOT Engineering and Construction Services Pte. Limited (IOTECS Singapore) · IOT Engineering Projects Limited (IOTEP) · IOT Infrastructures Private Limited (step-down subsidiary) · IOT Anwesha Engineering and Construction Limited (IOT Anwesha) · IOT Anwesha Engineering and Construction LLC Oman (step-down subsidiary) · Indian Oiltanking Engineering and Construction Services LLC (IOTECS Oman) · IOT Design and Engineering Limited (IOTDE) · IOT Canada Limited · Newsco International Energy Services Inc. (step-down subsidiary) · Newsco Support Services Inc.(step-down subsidiary) · Newsco Directional Drilling (Peru) SAC (step-down subsidiary) · Newsco USA Inc. (step-down subsidiary) · Telematrix USA Inc. (step-down subsidiary) · Newsco International Energy Services Cyprus Limited (step-down subsidiary) · Newsco FZE Sharjah (step-down subsidiary) · PT IOT Energy Services Indonesia (step-down subsidiary) · PT IOT EPC Indonesia · IOT Utkal Energy Services Limited |
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Joint Controlled
and Significant Influence : |
· Indian Oil Corporation Ltd (IOCL) · Oiltanking GmbH (OT) · Macquards and Bahls (M and B) |
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Associates : |
· Mabanaft Pte Limited |
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Joint venture : |
· Zuari Indian Oiltanking Limited (ZIOTL) · Indian Oil Skytanking Limited (IOSL) · IOT Mabagas Limited · Katoen Natie IOT Logistics Limited · Jabal EILIOT Limited · IOT Mabagas Limited |
CAPITAL STRUCTURE
After : 03.09.2013
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 |
|
|
|
|
|
|
319409429 |
Equity Shares |
Rs.10/- each |
Rs. 3194.094
Millions |
|
|
|
|
|
As on 31.03.2013
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 |
|
|
|
|
|
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 |
2424.421 |
2423.638 |
2327.891 |
|
(b) Reserves & Surplus |
6221.704 |
5516.777 |
3505.507 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.363 |
1.175 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8646.488 |
7941.590 |
5833.398 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1525.526 |
1944.466 |
1642.732 |
|
(b) Deferred tax liabilities (Net) |
10.568 |
244.829 |
323.206 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
55.309 |
80.634 |
400.551 |
|
Total Non-current Liabilities (3) |
1591.403 |
2269.929 |
2366.489 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4664.699 |
606.007 |
141.678 |
|
(b) Trade payables |
7578.499 |
6701.175 |
5756.016 |
|
(c) Other current
liabilities |
1514.050 |
1090.382 |
786.979 |
|
(d) Short-term provisions |
262.369 |
184.939 |
166.882 |
|
Total Current Liabilities (4) |
14019.617 |
8582.503 |
6851.555 |
|
|
|
|
|
|
TOTAL |
24257.508 |
18794.022 |
15051.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3379.629 |
3301.265 |
2888.641 |
|
(ii) Intangible Assets |
69.511 |
77.151 |
85.636 |
|
(iii) Capital
work-in-progress |
52.742 |
43.015 |
388.092 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4112.185 |
4068.528 |
2838.233 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2079.697 |
905.889 |
1.866 |
|
(e) Other Non-current assets |
266.062 |
39.525 |
37.114 |
|
Total Non-Current Assets |
9959.826 |
8435.373 |
6239.582 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
300.092 |
642.426 |
|
(b) Inventories |
721.256 |
148.037 |
74.951 |
|
(c) Trade receivables |
3654.006 |
3511.191 |
1136.679 |
|
(d) Cash and cash
equivalents |
120.057 |
318.971 |
253.067 |
|
(e) Short-term loans and
advances |
871.837 |
976.894 |
1001.593 |
|
(f) Other current assets |
8930.526 |
5103.464 |
5703.144 |
|
Total Current Assets |
14297.682 |
10358.649 |
8811.860 |
|
|
|
|
|
|
TOTAL |
24257.508 |
18794.022 |
15051.442 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18549.758 |
15930.123 |
11927.564 |
|
|
|
Other Income |
385.093 |
681.192 |
837.401 |
|
|
|
TOTAL (A) |
18934.851 |
16611.315 |
12764.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14547.781 |
12017.844 |
9907.789 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(370.804) |
(34.412) |
0.000 |
|
|
|
Employees benefits expense |
1005.345 |
943.950 |
246.601 |
|
|
|
Other expenses |
2077.670 |
1556.599 |
434.528 |
|
|
|
TOTAL (B) |
17259.992 |
14483.981 |
10588.918 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1674.859 |
2127.334 |
2176.047 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
444.329 |
267.508 |
269.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1230.530 |
1859.826 |
1906.951 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
285.253 |
270.053 |
238.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
945.277 |
1589.773 |
1668.819 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
240.742 |
474.189 |
562.503 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
704.535 |
1115.584 |
1106.316 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Construction and engineering services |
63.300 |
339.962 |
35.874 |
|
|
TOTAL EARNINGS |
63.300 |
339.962 |
35.874 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
9.059 |
100.335 |
|
|
|
Construction Materials and Related Expenses |
|
1400.333 |
470.195 |
|
|
TOTAL IMPORTS |
910.800 |
1409.392 |
570.530 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.29 |
0.46 |
0.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.72 |
6.72 |
8.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.10 |
9.98 |
13.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.70 |
10.83 |
14.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.20 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.72 |
0.32 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.21 |
1.29 |
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 |
2327.891 |
2423.638 |
2424.421 |
|
Reserves & Surplus |
3505.507 |
5516.777 |
6221.704 |
|
Share Application money
pending allotment |
0.000 |
1.175 |
0.363 |
|
Net
worth |
5833.398 |
7941.590 |
8646.488 |
|
|
|
|
|
|
long-term borrowings |
1642.732 |
1944.466 |
1525.526 |
|
Short term borrowings |
141.678 |
606.007 |
4664.699 |
|
Total
borrowings |
1784.410 |
2550.473 |
6190.225 |
|
Debt/Equity
ratio |
0.306 |
0.321 |
0.716 |
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 |
11927.564 |
15930.123 |
18549.758 |
|
|
|
33.557 |
16.445 |
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 |
11927.564 |
15930.123 |
18549.758 |
|
Profit |
1106.316 |
1115.584 |
704.535 |
|
|
9.28% |
7.00% |
3.80% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
499.939 |
548.106 |
520.899 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
Note:
The registered office of the company has been shifted from
Navghar Dronagirinode, NH-4B, Navi Mumbai- 400707, Maharashtra, India to present address
w.e.f. 31.010.2007
ECONOMIC OVERVIEW
The Indian market continued to witness a slowdown in 2012-13. Although such market conditions are expected to be temporary, it adversely affected the investment sentiment. India’s GDP growth projection for 2012, which dropped to around 5%, is expected to rise to around 6% and 7% in 2013 and 2014, respectively.
India’s fiscal consolidation roadmap presented in October 2012 entailed a decline in the central government deficit from 5.2% of GDP in 2012-13 to 3% in 2016-17. This value is not much in structural terms over four years, but should help lower the general government deficit marginally. However, policy implementation still remains a challenge. Increasing the effectiveness of infrastructure investment and better targeting subsidies to improve inclusive growth is expected to boost the economy.
The growth of private consumption in India softened on the back of high inflation and soft income growth. Weak investment growth throughout 2012 due to structural factors, such as difficulties in land acquisition and energy bottlenecks also affected the countries overall growth.
The headline price inflation remained extremely high through most of 2012-13. However, underlying (non-food, no energy) price inflation eased towards the end of the financial year, as spare capacities rose.
Despite muted economic factors, India’s economy experienced significant growth and emerged second only to China among the world’s
Emerging economies. The performance was driven by expectations that India’s GDP rate would strengthen gradually through efforts to speed up the approval of large investment projects, partial deregulation of foreign direct investment and improvement in monetary conditions.
As a part of these measures, the Indian Planning Commission announced its intent to mobilize investments of approximately Rs. 41 Trillion for the 12th Five Year Plan with emphasis on building infrastructure. However, issues like land acquisition, environment clearances and
Non-availability of natural resources would have to be addressed to convert this opportunity into business. With the government gradually handing over asset ownership and development responsibilities to the private sector, there was an increasing reliance on private players for growth.
Many large companies expressed optimism over prospects for oil, gas and alternative energy projects. This helped the energy sector to remain a promising one in the US and the Middle East. Among the Middle East nations, especially Saudi Arabians economy continued to remain heavily dependent on oil and petroleum related industries, including petrochemicals and petroleum refining. Combined investments of petrochemicals and petroleum refining for Saudi Arabia is expected to reach USD1.4 Trillion by 2020.
BUSINESS
During the year, the Company strengthened its presence in important regions, such as the Middle East and Africa with IOT, Jabal EILIOT and IOTEP winning projects in the UAE, Saudi Arabia and Nigeria, respectively. The successful implementation of these projects is expected to help IOT in establishing its footprint in these important regions.
IOT, through its joint venture IOT-Mabagas, completed and commissioned its first 2.4MW biogas to power plant in Namakkal, Tamil Nadu, thus making its foray into the renewable energy sector. This plant, one-of-a-kind in India, uses multi-feedstock to produce biogas.
NEW PROJECTS
IOT secured the EPC contract of a Tank Terminal Project at Fujairah, UAE, from IL&FS Prime Terminal FZC. Valued at around Rs. 395.000 Millions, it was also the first job won by IOT in the UAE, where it faced stiff competition from the local companies. The project comprises civil, structural, mechanical and piping works. It also involves other works, such as storage tanks and pressure vessel works, electrical and instrumentation, and firefighting works for the oil terminal of storage capacity of 33,3000 cu.m. The project is expected to be completed in around 17 months.
IOT also won the contract for the Rs.175.000 Millions Crore project of Installation of Mounded Bullets at Manali Refinery of Chennai Petroleum Corporation Limited.
It secured a contract for Plant Water System Package of Nuclear Power Corporation of India (NPCIL) valued at around Rs. 1100.000 Millions.
IOT subsidiary IOTEP won its biggest ever contract valued at around Rs. 7000 Millions . It involves the erection of two trains of an Ammonia and Urea Fertilizer Complex at Edo State, Nigeria from Dangote Fertilizer Company Limited, a Nigeria-based company.
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM BORROWINGS
|
|
|
|
Rupee Term Loans From Banks |
1229.878 |
1281.470 |
|
TOTAL |
1229.878 |
1281.470 |
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- 680001, KERALA, INDIA |
A73021990 |
|
2 |
10178813 |
11/08/2009 |
850,000,000.00 |
DHANALAKSHMI BANK LIMITED |
DHANALAKSHMI BANK BUILDING, NAICKANAL, TRICHUR- 680001, KERALA, INDIA |
A70140777 |
|
3 |
10089165 |
04/02/2008 |
156,200,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
G-72, CONNAUGHT CIRCUS, NEW DELHI- 110001 , DELHI , INDIA |
A32862823 |
|
4 |
90150736 |
27/11/2013 * |
17,825,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE, BALLARD |
|
* Date of charge modification
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
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. 60.66 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 80.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
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 |
|
62 |
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.