MIRA
INFORM REPORT
|
Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Engineers |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.03.1965 |
|
|
|
|
Com. Reg. No.: |
55-004352 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1684.684 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1965GOI004352 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE00048G |
|
|
|
|
PAN No.: [Permanent Account No.] |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Legal Form : |
Provides engineering and related technical services for petroleum
refineries, oil and gas pipelines, petrochemical industries, chemical process
plants and other industrial projects. |
|
|
|
|
Line of Business
: |
3450 (Approximately) |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 70000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a Navratna public – sector undertaking of the Government of
India under the Ministry of Petroleum and Natural Gas. It is well – established and reputed company having excellent track
record. Financial position of the company seems to be strong and healthy. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AAA |
|
Rating Explanation |
Having highest degree of carry lowest credit
risk. |
|
Date |
14.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Have very Strong Degree of Safety and Carry
Lowest Credit Risk. |
|
Date |
14.10.2014 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 BY
Management Non Co – Operative (91-11-26102121)
LOCATIONS
|
Registered/ Head Office : |
Engineers |
|
Tel. No.: |
91-11-26102121/ 26101419/ 2610 4132/ 26762121 |
|
Fax No.: |
91-11-26178210/ 26187902/ 2619 4760/ 26194715 |
|
E-Mail : |
company.secretary@eil.co.in |
|
Website : |
|
|
|
|
|
Regional Office 1 : |
A.G. Towers (5th Floor), 125/1, |
|
Tel. No.: |
91-33-22298995/
22277791/ 22276304/ 22277305/ 22277118/ 22277119 |
|
Fax No.: |
91-33-22277692 |
|
E-Mail : |
|
|
|
|
|
Regional Office 2 : |
4th and 5th Floor,
Meghdhanuh Complex, Race Course, Near |
|
Tel. No.: |
91-265-2340326/
2340368 |
|
Fax No.: |
91-265-2340328 |
|
E-Mail : |
|
|
|
|
|
Regional Office
3 : |
Plot No. F-9, SIPCOT IT Park, Siruseri, Chennai-603103 |
|
Tel. No.: |
91-44-27469401/27469402 |
|
E-Mail : |
|
|
|
|
|
Regional Office 3 : |
|
|
Tel. No.: |
91-44-28543060 to 28543071/ 28576000/ 28576089 |
|
Fax No.: |
91-44-28112320/ 28114395/ 28543080 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Great
Eastern Chambers, 5th Floor, Plot No. 28, Sector 11, Belapur C.B.D, Navi
Mumbai – 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27560072/
27560032 |
|
Fax No.: |
91-22-27563004/
27563066 |
|
E-Mail : |
|
|
|
|
|
Overseas
Offices : |
Located at: · London ·
Abu Dhabi, United Arab Emirate (UAE) · Malaysia · China · Venuzuela · Italy |
DIRECTORS
|
Name : |
Mr. Ram Singh |
|
Designation : |
Director (Finance) |
|
Date Of Birth : |
1 May, 1957 |
|
Qualification : |
Bachelor's Degree in Commerce from Delhi University, ACMA |
|
Experience : |
He has 33 years of experience in finance and cost accounting in the steel and hydrocarbon sector. His experience includes positions held with the Steel Authority of India Limited, Bharat Petroleum Corporation Limited, Oil Co- ordination Committee and Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas. He is currently responsible for the financial management of our Company. He has been associated with various government appointed committees, including Expert Technical Group, Advisory Committee on Synergy in Energy and Committee on Pricing and Taxation of Petroleum Products and the High Powered Committee. Mr. Ram Singh has been conferred with Business Today Best CFO of a PSU (Mid size) Award-2013 and India CFO Award for Excellence in Risk Management by IMA India. |
|
Other Directorships
: |
EIL Asia Pacific Sdn. Bhd. |
|
|
|
|
Name : |
Mr. D. Moudgil |
|
Designation : |
Director (Projects) |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Director (Commercial) (w.e.f. 1.07.2012) |
|
Date of Birth/Age : |
29.10.1957 |
|
Qualification : |
B.E. from University of Roorkee |
|
Experience : |
He has 31 Years
of experience cutting across implementation of various mega projects
including Pipelines, Refineries and Petrochemicals. He was also involved in
some of the most prestigious mega projects implemented by EIL hitherto, such
as, MGCC, Tabriz Petrochemicals, Pata Petrochemicals Phase-1 and Phase-2,
Panipat Refinery Phase-1, Phase-2 and Panipat Naphtha Cracker Complex.
Popularized the concept of process project coordination to streamline the
project take offs to facilitate project implementation. He was also entrusted
the task of leading the implementation of the OBE Mode of Project
implementation and pioneered the same with CPCL Euro-IV. He was also
singularly responsible for implementation of one of the biggest LSTK Projects
of EIL, under implementation, on the OBE route viz. PFCCU at MRPL. He has
been entrusted the task of Leadership for formulation of the Strategy Group
responsible for EPC Initiatives, as well as, Business Growth Initiatives
within the Company during the past couple of years. All these initiatives
have now materialized into a key Strategy Group cutting across various
initiatives for the company to enhance its business profile, geography and
horizontal base. |
|
|
|
|
|
|
|
Name : |
Ms. Veena Swarup |
|
Designation : |
Director (HR) |
|
Qualification : |
MBA, Lucknow University |
|
Experience : |
She has three decades of experience in the field of human resource in the Petroleum and natural gas sector. Prior to joining EIL, Ms. Swarup was with ONGC since 1983, where she headed the performance Management and Benchmarking Group, which steers the performance contracts and service level agreements between board level and unit chiefs. Her other assignments included setting up the ONGC Energy Center, Head HR at various units of ONGC, policy making and negotiations with collectives. She also headed the SAP-HR Project for ONGC. She was deputed to MRPL as a change agent to initiate aligning the Company to public sector requirements. She has also had a stint with the Directorate General of Hydrocarbons as the Head of Corporate Affairs and Human Resources. She has been associated with several prestigious committees of DPE & SCOPE to review various policies with reference to Public Sectors. As Director (HR), EIL she is credited for bringing a transformational change in the functioning of HR in EIL and undertaking a number of HR initiatives. |
|
|
|
|
Name : |
Ms. Ajay Narayan Deshpande |
|
Designation : |
Director (Technical) |
|
|
|
|
Name : |
Mr. Adit Jain |
|
Designation : |
Non-Official Independent Director |
|
|
|
|
Name : |
Mr. Bijoy Chatterjee |
|
Designation : |
Non-official Independent Director |
|
Address : |
I -1797,
Chittaranjan Park, New Delhi – 110 019, India |
|
Date of Birth/Age : |
20.09.1950 |
|
Qualification : |
·
M.Sc in Physics ·
M.Sc in National Development and Project Planning |
|
|
|
|
Name : |
Mr. Dr. Jai Prakash Gupta |
|
Designation : |
Non-official Independent Director |
|
Date of Birth/Age : |
04.05.1945 |
|
Qualification : |
·
B. Tech in Chemical Engineering from IIT Kanpur ·
MSE in Chemical Engineering from University of
Michigan, USA ·
Ph.D. in Chemical Engineering from University of
Pennsylvania, USA |
|
|
|
|
Name : |
Dr. Archana S. Mathur |
|
Designation : |
Director (Govt. Nominee) |
|
|
|
|
Name : |
Dr. R. K. Shevgaonkar |
|
Designation : |
Non Official Independent Director |
|
|
|
|
Name : |
D.R. Meena |
|
Designation : |
Non Official Independent
Director (w.e.f. 13.11.2013) |
|
|
|
|
|
|
|
Name : |
R. N. Choubey |
|
Designation : |
Director (Govt. Nominee) |
|
|
|
|
Name : |
Dr. (Prof.) K.D.P.Nigam |
|
Designation : |
Non Official Independent
Director (w.e.f. 08.07.2013) |
|
|
|
|
Name : |
Dr. Christy Fernandez |
|
Designation : |
Non Official Independent
Director ( from 26.09.2013 to 27.02.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Kapur |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
233727299 |
69.37 |
|
|
233727299 |
69.37 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
233727299 |
69.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11147485 |
3.31 |
|
|
5799459 |
1.72 |
|
|
22509400 |
6.68 |
|
|
30247282 |
8.98 |
|
|
42221110 |
20.69 |
|
|
|
|
|
|
8586494 |
2.55 |
|
|
|
|
|
|
20846299 |
6.19 |
|
|
2600841 |
0.77 |
|
|
1472041 |
0.44 |
|
|
1177259 |
0.35 |
|
|
200556 |
0.06 |
|
|
94226 |
0.03 |
|
|
33505675 |
9.94 |
|
Total Public shareholding (B) |
103209301 |
30.63 |
|
Total (A)+(B) |
336936600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
336936600 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides engineering and related technical services for petroleum refineries,
oil and gas pipelines, petrochemical industries, chemical process plants and
other industrial projects. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Information denied by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Indian Overseas Bank F-47, Malhotra
Building, Janpath, New Delhi - 110 001, India · State Bank of India Corporate Accounts
Group, 11th Floor, Jawahar Vyapar Bhawan, 1, Janpath, New Delhi - 110 001,
India · HDFC Bank Limited B-6/3,
Safdarjung Enclave, DDA Complex, New Delhi - 110 029, India · Corporation Bank 3, Ansal Chamber-I,
Bhikaiji Cama Place, New Delhi - 110 066, India · State Bank of Travancore 3, Ansal Chamber-I, Bhikaiji Cama Place, New Delhi - 110 066, India |
|
Auditors : |
|
|
Name : |
M. Verma and Associates Chartered Accountants |
|
Address : |
1209, Hemkunt Chambers, 89, Nehru Place, New Delhi - 110 019, India |
|
Tel. No.: |
91-11-41078098 |
|
Fax No.: |
91-11-26211211 |
|
|
|
|
Joint Ventures : |
· TEIL Projects Limited · Jabal Eiliot Company Limited |
|
|
|
|
Associates : |
· Petroleum India International |
|
|
|
|
Subsidiaries : |
·
Certification
Engineers International Limited Address: Engineers India Bhavan, 1, Bhikaji Cama Place, RK Puram, New
Delhi – 110 066, India CIN : U74899DL1994GOI062371 Phone : 91-11-26762121 Fax : 91-11-26164868/26186245 Email : ceil.del@eil.co.in Website : www.certificationengineers.com
·
EIL Asia Pacific
Sdn. Bhd. Suite B-02-05, Dataran 3 Two, No. 2, 19/1, 46300 Petaling Jaya,
Selangor Darul Ehsan Kuala Lumpur - Malaysia |
CAPITAL STRUCTURE
As on 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs. 5/- each |
Rs. 3000.000 millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
337017600 |
Equity Shares |
Rs. 5/- each |
Rs. 1685.088
millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
336936600 |
Equity Shares |
Rs. 5/- each |
Rs.1684.683
millions |
|
|
Add: Forfeited Shares (Amount originally paid up on 2600 Equity
Shares) |
|
Rs. 0.001
millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 1684.684 millions |
Reconciliation of number of shares outstanding at the beginning and at
the end of the reporting period :
|
Particulars |
As on 31.03.2014 |
|
No. of shares outstanding at the beginning of the financial year |
336936600 |
|
Add: Sub-division of equity shares having par
value of Rs. 10/- each into two equity shares having par value of Rs. 5/-
each |
- |
|
Add: Bonus shares
issued |
- |
|
No. of shares outstanding at the close of the financial year |
336936600 |
Rights, Preferences and Restrictions Attaching to Equity Shares
The Company is
having one Class of Equity Shares having a Par Value of Rs. 5 each. Each
Shareholder is eligible for one vote per Share held. The Dividend proposed by
Board of Directors is subject to the approval of Shareholders in the ensuing
Annual General Meeting except in case of Interim Dividend. In the event of
Liquidation, Equity Shareholders are eligible to receive the remaining assets
of the Company after distribution of all Preferential amount in proportion to
their Shareholding.
Details of each Shareholder holding more than 5 percent shares
|
Name of the shareholder |
Number of shares held as at 31-Mar-14 |
|
President of India |
233727299 |
|
|
69.37% |
Other disclosures
|
|
As at 31-Mar-14 |
|
Aggregate number
of equity shares having par value of Rs. 5/- each allotted as fully paid up
by way of bonus share during the period of five years immediately preceding
the Balance sheet date |
224624400 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
1684.684 |
1684.684 |
1684.684 |
|
(a) Share Capital |
22932.920 |
20690.780 |
16755.767 |
|
(b) Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
(c) Money
received against share warrants |
|
|
|
|
|
0.000 |
0.000 |
0.000 |
|
(2) Share Application money pending allotment |
24617.604 |
22375.464 |
18440.451 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
|
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
18.331 |
38.082 |
51.309 |
|
(d) long-term provisions |
200.924 |
209.913 |
200.212 |
|
Total Non-current Liabilities (3) |
219.255 |
247.995 |
251.521 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2821.046 |
3463.896 |
5872.332 |
|
(c) Other current
liabilities |
5431.954 |
7617.998 |
7542.712 |
|
(d) Short-term provisions |
4414.305 |
4741.334 |
5333.602 |
|
Total Current Liabilities (4) |
12667.305 |
15823.228 |
18748.646 |
|
|
|
|
|
|
TOTAL |
37504.164 |
38446.687 |
37440.618 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1146.044 |
474.185 |
514.778 |
|
(ii) Intangible Assets |
32.968 |
30.390 |
16.175 |
|
(iii) Capital
work-in-progress |
1317.615 |
1355.170 |
515.954 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
175.931 |
1081.385 |
764.705 |
|
(c) Deferred tax assets (net) |
2308.667 |
2363.673 |
2142.591 |
|
(d) Long-term Loan and Advances |
514.707 |
468.216 |
562.592 |
|
(e) Other Non-current assets |
4.831 |
3.747 |
2.586 |
|
Total Non-Current Assets |
5500.763 |
5776.766 |
4519.381 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7190.000 |
5450.000 |
5585.040 |
|
(b) Inventories |
10.048 |
8.210 |
8.173 |
|
(c) Trade receivables |
3430.930 |
3321.703 |
3073.725 |
|
(d) Cash and cash
equivalents |
17680.308 |
18480.199 |
16431.420 |
|
(e) Short-term loans and advances |
481.121 |
633.515 |
1850.937 |
|
(f) Other current assets |
3210.994 |
4776.294 |
5971.942 |
|
Total Current Assets |
32003.401 |
32669.921 |
32921.237 |
|
|
|
|
|
|
TOTAL |
37504.164 |
38446.687 |
37440.618 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18235.917 |
25059.670 |
36988.243 |
|
|
|
Other Income |
3360.024 |
3164.217 |
2321.774 |
|
|
|
TOTAL |
21595.941 |
28223.887 |
39310.017 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Technical Assistance/ Sub-Contracts |
4322.069 |
5026.188 |
6719.693 |
|
|
|
Construction Materials and Equipments |
1924.440 |
6137.196 |
15165.292 |
|
|
|
Employees benefits expense |
5978.146 |
5765.590 |
5416.893 |
|
|
|
Other expenses |
2217.831 |
2234.068 |
2646.839 |
|
|
|
TOTAL |
14442.486 |
19163.042 |
29948.717 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7153.455 |
9060.845 |
9361.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
145.467 |
108.700 |
194.490 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS (NET) |
27.707 |
42.775 |
19.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6980.281 |
8909.370 |
9147.653 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2182.646 |
2623.615 |
2784.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4797.635 |
6285.755 |
6363.153 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.24 |
18.66 |
18.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
26.31 |
25.08 |
17.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
39.23 |
36.16 |
25.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.71 |
26.48 |
26.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.40 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53 |
2.06 |
1.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1684.684 |
1684.684 |
1684.684 |
|
Reserves & Surplus |
16755.767 |
20690.780 |
22932.920 |
|
Net
worth |
18440.451 |
22375.464 |
24617.604 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
36988.243 |
25059.670 |
18235.917 |
|
|
|
(32.250) |
(27.230) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
36988.243 |
25059.670 |
18235.917 |
|
Profit |
6363.153 |
6285.755 |
4797.635 |
|
|
17.20% |
25.08% |
26.31% |
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 |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
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 |
LITIGATION DETAILS
O.M.P. 239/2013
M/S TEMA INDIA LTD….. Petitioner\
Through: None.
Versus
M/S ENGINEERS INDIA LIMITED. ….. Respondent
Through: Mr. Rohan Batra, Adv.
CORAM:
HON’BLE MS. JUSTICE DEEPA SHARMA
ORDER
21.08.2014
I.A.No. 4704/2014
An adjournment slip has already been
circulated.
List on 13.01.2015
DEEPA SHARMA,J
AUGUST 21, 2014
rb
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half Year Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
3906.395 |
4354.900 |
8261.295 |
|
|
|
b. Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income from
Operations (Net) |
3906.395 |
4354.900 |
8261.295 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
0.000 |
0.000 |
0.000 |
|
|
|
b. Purchase of Stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
d. Employees Benefit Expenses |
1449.617 |
1490.304 |
29399.21 |
|
|
|
e. Depreciation and Amortisation Expenses |
35.323 |
53.573 |
88.896 |
|
|
|
f. Other expenses |
|
|
|
|
|
|
I. Sub Contract Payment |
1054.647 |
1490.304 |
2163.758 |
|
|
|
II. Construction Material |
476.912 |
380.302 |
857.214 |
|
|
|
III. Other Expenses |
845.537 |
828.438 |
1673.975 |
|
|
|
Total Expenses |
3862.036 |
3861.728 |
7723.764 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
44.359 |
493.172 |
537.531 |
|
|
4 |
Other Income |
839.285 |
692.887 |
1532.172 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
883.644 |
1186.059 |
3511.715 |
|
|
6 |
Finance Costs |
0.007 |
0.000 |
0.007 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
883.637 |
1186.059 |
2069.696 |
|
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit from
ordinary activities before tax |
883.637 |
1186.059 |
2069.696 |
|
|
10 |
- Provision for Taxation |
377.511 |
473.722 |
851.233 |
|
|
|
- Short/ (Excoss) Provision for earlier years |
0.000 |
0.000 |
0.000 |
|
|
|
- Provision for Deferred Tax Liability/(Assets) Including earlier years adjustment |
(81.748) |
91.(690) |
(173.438) |
|
|
11 |
Net Profit from
ordinary activity after tax |
587.874 |
804.027 |
1391.901 |
|
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit For the
period (11 – 12) |
587.874 |
804.027 |
1391.901 |
|
|
14 |
Paid-up equity
share capital (face value of Rs.5/-per share) |
1684.684 |
1684.684 |
1684.684 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
0.000 |
0.000 |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
1.74 |
2.39 |
4.13 |
|
|
|
Diluted EPS |
1.74 |
2.39 |
4.13 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
103209301 |
103209301 |
103209301 |
|
|
|
- Percentage of shareholding |
30.63% |
30.63% |
30.63% |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
233727299 |
233727299 |
233727299 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
69.37% |
69.37% |
69.37% |
|
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (
Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
a. Information about
Primary Business Segments |
|
|
|
|
1. Segment Revenue |
|
|
|
|
Consultancy and Engineering
Project |
2204.480 |
2380.650 |
4585.130 |
|
Turnkey Project |
1701.915 |
1974.250 |
3676.165 |
|
Total |
3906.395 |
4354.900 |
8261.295 |
|
|
|
|
|
|
Segment Profit From operations |
|
|
|
|
Consultancy and Engineering
Project |
411.473 |
579.617 |
991.090 |
|
Turnkey Project |
(200.310) |
120.007 |
(80.303) |
|
Total
(a) |
211.163 |
699.624 |
910.787 |
|
|
|
|
|
|
Prior
period adjustments |
0.000 |
0.000 |
0.000 |
|
Interest
|
0.007 |
0.000 |
0.007 |
|
Other
un-allocable expenditure |
166.804 |
206.452 |
373.256 |
|
Total
(b) |
166.811 |
206.452 |
373.263 |
|
Other
Incom (c) |
839.285 |
692.887 |
1532.172 |
|
Profit
Before Tax (a+b+c) |
883.637 |
1186.059 |
2069.696 |
|
Capital
Employed |
26006.028 |
25418.154 |
26006.028 |
·
Fixed assets used in the company’s business or
liabilities contracted have not been identified to any of the reportable
segment. As the fixed assets and support services are used interchangeably
between segments. Accordingly, no disclosure relating to total segment assets
and liabilities has been made.
·
In Trunkey Projects of the company. margins do not
accrue uniformly during the year. Hence, the financial performance of the
segments can be discerned only on the basis of the figeres for full year.
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1684.684 |
|
(b) Reserves & Surplus |
|
|
24321.344 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
26006.028 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(c) Other long term liabilities |
|
|
23.238 |
|
(d) long-term provisions |
|
|
201.824 |
|
Total Non-current Liabilities (3) |
|
|
225.062 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(b) Trade payables |
|
|
2985.342 |
|
(c) Other current
liabilities |
|
|
5528.875 |
|
(d) Short-term provisions |
|
|
3557.260 |
|
Total Current Liabilities (4) |
|
|
12071.477 |
|
|
|
|
|
|
TOTAL |
|
|
38296.567 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
2712.936 |
|
(b) Non-current Investments |
|
|
181.874 |
|
(c) Deferred tax assets (net) |
|
|
2483.896 |
|
(d) Long-term Loan and Advances |
|
|
503.906 |
|
(e) Other Non-current assets |
|
|
5.712 |
|
Total Non-Current Assets |
|
|
5888.324 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
4235.103 |
|
(b) Inventories |
|
|
9.220 |
|
(c) Trade receivables |
|
|
3471.963 |
|
(d) Cash and cash
equivalents |
|
|
19637.622 |
|
(e) Short-term loans and
advances |
|
|
904.651 |
|
(f) Other current assets |
|
|
4149.684 |
|
Total Current Assets |
|
|
32408.243 |
|
|
|
|
|
|
TOTAL |
|
|
38296.567 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Business Overview
For the year 2013-14, the Company secured business worth ` 11547.200 Million with segment-wise breakup as follows:-
Domestic Consultancy: 4072.500 Millions
Domestic Turnkey: 6779.200 Million
Overseas: 695.500 Million
Major contribution in our order inflows continues to be from Hydrocarbon and Petrochemical businesses.
In the upstream segments, EIL was awarded Consultancy Services for Revamping of Unmanned Platform Phase-II for ONGC, Mumbai and engineering assignments from Cairn India including “Front End Engineering Design for Sulphate Removal” of Thumbli Saline Aquifer Water Project.
Major consulting orders secured in the Refining sector include Coke Chamber Replacement and Allied Modernization in Coker at Barauni Refinery for IOCL, licensor selection & initial Project activities for Rajasthan Refinery, Detailed Feasibility Report (DFR) for Numaligarh Refinery Expansion Project and for Gujarat Refinery Expansion Project of IOCL.
The Company's efforts towards augmenting its foray into the LNG sector resulted in award of PMC services for Dahej expansion –Phase- IIIA for Petronet LNG Limited. EIL has also bagged PMC Services for Kochi-Coimbatore-Erode-Salem LPG Pipeline Project and Irugur- Devangonthi Pipeline Project for BPCL, Kochi.
In the Infrastructure field, EIL was awarded Projects from Gujarat Housing Board for Project Management Services for their Housing Projects. In LSTK domain, EIL was successful in securing the job for executing Coker Block of Resid Up gradation Project for CPCL, Chennai against stiff competition.
During the fiscal, the company's intense focus on augmenting international business met with considerable success. The company was successful in expanding its footprints in new territories of Indonesia, Turkey, Angola and Nigeria. Upcoming business opportunities for large scale projects are also envisaged in Algeria, Oman and Bahrain. In UAE, EIL was successful in signing long term General Engineering Services Agreement with the state owned company M/s GASCO. The Company's General Engineering Services Agreement with Equate of Kuwait and BAPCO of Bahrain were extended for 2 years.
During the year we initialed a contract worth US$139 Million with Dangote Oil Refining Company of Nigeria for implementing a grassroot 20 MMTPA Petroleum Refinery and 600,000 TPA Polypropylene Plant in Nigeria. This is the largest ever single consultancy assignment for EIL. The contract is now signed and will be part of order book for FY2014-15.
Business overview
During the financial year 2013-14, company was able to maintain a healthy order book and secured business worth around ` 360.000 Millions as compared to around ` 270.000 Million secured during the last financial year. The order book as on 31.03.2014 was around ` 365.000 Million.
In the Certification activities, the company was able to secure five major orders during the year. The company is hopeful of further improving order book position of Certification contracts in the current year 2014-15.
In the Third Party Inspection activities, the company secured major orders from Vadodara Municipal Corporation, Rajkot Urban Development Authority, Gujarat State Petronet Ltd., BPCL, Fabtech Projects and other esteemed clients, besides securing sizeable business from various State Government Organizations etc.
The Company continued to receive and execute prestigious orders under various HSE verticals.
BUSINESS ENVIRONMENT
AND FUTURE OUTLOOK
As per World Economic Output reports, global activity strengthened during the second half of 2013 and is expected to improve further in 2014–15, largely on account of recovery in the developed economies. The global economic growth is projected to be slightly higher in 2014, at around 3.7%, rising to 3.9% in 2015. Construction and service companies will benefit from increased oil and gas investments in Middle East markets owing to demand recovery. However, prevalent instability in the region due to political strife and unrest in countries like Egypt, Iran, Iraq, Libya and Syria may inhibit immediate upturn of the sector.
Indian GDP growth is estimated to have moderated to 4.8% in the year 2013-14 from 5% in the previous year and was significantly below the 8% average growth achieved during the past decade. However, the economic survey 2014-15 has projected GDP growth for FY2015 between 5.4-5.9%.
The Company is hopeful that with stable government at centre, there will be a renewed focus on revival of investment climate both in energy and infrastructure sectors which can provide incremental growth opportunities for us and the diversified segments of renewable, water & waste water management and fertilizers that have strong potential for future growth will continue to be the focus area. In renewable space, your company is entering into an SPV with other Oil majors for setting up solar power projects in India. We also plan to capitalize on the current success from overseas markets and build on the credentials for PMC and FEED services for green field and brown field expansion projects in hydrocarbons.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10495700 |
01/04/2014 |
4,000,000,000.00 |
INDUSIND BANK LTD. |
Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Del |
C04766622 |
|
2 |
90044328 |
18/08/2004 |
2,500,000,000.00 |
CORPORATION BANK |
BHIKAJI CAMA PLACE, NEW DELHI, Delhi, INDIA |
- |
|
3 |
90050360 |
18/03/2013 * |
1,500,000,000.00 |
VIJAYA BANK |
ANSAL CHAMBER-II,6,AFRICA AVENUE, BHIKAJI CAMA PL |
B73000481 |
|
4 |
80054346 |
08/08/2011 * |
4,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR B |
B19817931 |
|
5 |
90042936 |
10/08/2008 * |
4,800,000,000.00 |
INDIAN OVERSEAS BANK |
F-47,MALHOTRA BUILDING, JANPATH, NEW DELHI, Delhi |
A46360731 |
* Date of charge modification
FIXED ASSETS:
·
Land Free Hold
·
Land Lease Hold
·
Building
·
Plant and Machinery
·
Furniture, Fixture and Office
·
Construction Equipments
·
Computer Hardware
·
Computer Software
·
Motor Vehicles
·
Library Books
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.61.85 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.