MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ESSAR PROJECTS (INDIA) LIMITED (w.e.f.23.09.2009)

 

 

Formerly Known As :

ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f.11.01.2007)

 

ESSAR CONSTRUCTIONS LIMITED (w.e.f.18.10.2000)

 

ESSAR STENA LIMITED

 

 

Registered Office :

Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.09.1989

 

 

Com. Reg. No.:

11-053280

 

 

Capital Investment / Paid-up Capital :

Rs. 1240.000 Millions

 

 

CIN No.:

[Company Identification No.]

U99999MH1989PLC053280

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUME03801A

 

 

PAN No.:

[Permanent Account No.]

AAACE2358J

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of undertaking and executing projects involving Industrial plants, civil and irrigation projects, laying of pipelines (both onshore and offshore), marine constructions and highways and expressways.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 46000000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist 

 

 

Comments :

Subject is a part of “ESSAR GROUP”. It is an established company having moderate track record.

 

Management has failed to file latest financial of FY14, with the statutory authorities.

 

The company has seen a deterioration in its financial profile marked by stretched liquidity position due to leveraged capital structure and elongation of working capital cycle along with significant investments in subsidiaries which are yet to generate free cash flows.

 

Moreover, the management has witnessed a drastic dip in its sales volume during FY 13.

 

However, trade relations are seems to be fair. Business is active. Payment terms are reported as slow but correct.  

 

In view of vast promoters experience, the company can be considered for business dealings with caution.

 

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)

India

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 : BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

19.03.2014

 

 

Rating Agency Name

CARE

Rating

Short term Bank facilities : A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

19.03.2014

 

 

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 DECLINED

 

MANAGEMENT NON COOPERATIVE (91-22-67335000)

 

 

LOCATIONS

 

Registered / Corporate Office :

Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India

Tel. No.:

91-22-66601100/ 24950606/ 50011100

Fax No.:

91-22-66601809/ 24954324

E-Mail :

corporatecommunications@essar.com

brijesh.shah@essar.com

vikasparadkar@yahoo.com

vasant.savla@essar.com

Website :

www.essar.com

 

 

Branch Office 1 :

Equinox Business Park (Peninsula Techno Park), Off Bandra Kurla Complex, LBS Marg, Kurla (West), Mumbai 400070, Maharashtra, India

 

 

Branch Office 2 :

44 Km Stone, S H No 25, Jamnagar Okha Highway, Vadinar District Jamnagar – 361305, Gujarat, India

 

 

Other Branch Offices :

Located at:

 

·         Ahmedabad

·         Mumbai

·         Chennai

·         Hazira

·         New Delhi

·         Visakhapatnam

 

 

Overseas Offices :

Located at:

 

·         Africa

·         Canada

·         Czech Republic

·         China

·         Indonesia

·         Kenya

·         Korea

·         Madagascar

·         Mauritius

·         United Kingdom

·         Qatar

·         UAE

·         USA

·         Vietnam

 

 

DIRECTORS

 

AS ON 26.09.2013

 

Name :

Alwyn Keith Bowden

Designation :

Managing director

Address :

Casa Grande, Tower No.1, Flat No.1803, 18th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

06.12.1957

Qualification :

BE - Civil (Swansea University (UK))

Experience :

34 Years

Date of Appointment :

18.07.2011

PAN No.:

AUEPB7254M

DIN No.:

01349295

 

 

Name :

Mr. Venkatesan Venkataramansinganallur

Designation :

Director

Address :

F-401, The Atrium, Old No. 49, New No. 22, Kalakshetra Road, Thiruvanmiyur, Chennai- 600041, Tamilnadu, India

Date of Birth/Age :

01.10.1939

Date of Appointment :

01.03.2001

DIN No.:

00004010

 

 

Name :

Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur

Designation :

Director

Address :

#32, Plot No.50, temple View, Bull Temple Road, Basavangudi, Bangalore-560004, Karnataka, India

Date of Birth/Age :

21.07.1934

Date of Appointment :

01.03.2001

DIN No.:

00048680

 

 

Name :

Mr. Mahesh Sitaram Ambegaonkar

Designation :

Whole-time director

Address :

B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

05.08.1946

Qualification :

Mechanical Engineer

Date of Appointment :

26.12.2008

PAN No.:

AACPA4652N

DIN No.:

02341599

 

 

Name :

Mr. Gautam Thakor Bhai Shroff

Designation :

Director

Address :

# 13, Windsor House, Maharshi Karve Road, Chruchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

03.12.1935

Date of Appointment :

26.09.2013

DIN No.:

00850082

 

 

Name :

Mr. Mukesh Rambihari Rohatgi

Designation :

Director

Address :

D 190, Sector 41, G B Nagar, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

27.09.1949

Date of Appointment :

26.09.2013

DIN No.:

00136067

 

 

Name :

Tapash B. Bhattacharya

Designation :

Director

Address :

Planet Goodrej, Tower-3, 21st Floor, 030, K.K.Marg,Sant Gadge Maharajchowk, Mumbai-400011, Maharshtra, India

Date of Birth/Age :

11.02.1959

Date of Appointment :

26.12.2008

 

 

Name :

Vishnoo Narayan parackar

Designation :

Director

Address :

#1302, Rose Regency Garden Sector-6kharghar, Navi Mumbai-410210, Maharashtra, India

Date of Birth/Age :

06.10.1948

Date of Appointment :

02.04.2001

 

 

KEY EXECUTIVES

 

Name :

Mr. Brijesh Manmohan Shah

Designation :

Secretary

Address :

Plot No.328, Swastik Park, Flat No. 202, ‘A’ Wing, 12th Road, Jawahar Nagar, Goregaon (West), Mumbai-400062, Maharashtra, India

Date of Birth/Age :

09.05.1978

Date of Appointment :

31.10.2008

PAN No.:

AUDPS8448M

 

 

Name :

Mr. Anand Sonthalia

Designation :

Chief Executive Officer - EHES

 

 

Name :

Mr. Vinay Joshi

Designation :

Sr. Vice President

 

 

Name :

Mr. Asis Gupta

Designation :

Sr. Vice President

 

 

Name :

Mr. Adluru Amarnath

Designation :

Chief Executive Officer-Minerals and Metals SBU

 

 

Name :

Mr. Shyam Bagrodia

Designation :

Chief Executive Officer – Global Sourcing

 

 

Name :

Mr. Ravindran Kayarat

Designation :

Sr. Vice President – Hydrocarbon

 

 

Name :

Mr. Mike Barton

Designation :

Sr. Vice President-Civil and Building SBU

 

 

Name :

Mr. Robin Scowcroft

Designation :

Sr.Vice President-Commercial

 

 

Name :

Mr. Ghanshyam Mehta

Designation :

Sr. Vice President - Construction Head

 

 

Name :

Mr. Chandrajit Pati

Designation :

Senior Vice President - HR

 

 

Name :

Mr. Vishwesha Bhat

Designation :

Chief Executive Officer-Infrastructure SBU

 

 

Name :

Mr. S. N. Eachampati

Designation :

Chief Executive Officer-Power SBU

 

 

Name :

Mr. Pradeep Kathuria

Designation :

Head and Chief Exceutive Officer-Construction Equipment Bank

 

 

Name :

Jasbir Singh

Designation :

Vice President-Engineering

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.09.2013

 

Names of Shareholders

 

No. of Shares

 

Essar Projects Limited, UAE

 

123998000

Mohan Singh Manral Nominee Essar Projects Limited, UAE

 

4

Brijesh Manmohan Shah Nominee Essar Projects Limited, UAE

 

8

Prasad V. Devata Nominee Essar Projects Limited, UAE

 

4

Savla Mavji Vasant Nominee Essar Projects Limited, UAE

 

4

Ghosh P. K. Amitabh Nominee Essar Projects Limited, UAE

 

4

Gulabchand R. Parek Nominee Essar Projects Limited, UAE

 

4

 

 

 

Total

 

123998028

 

 

AS ON 26.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of undertaking and executing projects involving Industrial plants, civil and irrigation projects, laying of pipelines (both onshore and offshore), marine constructions and highways and expressways.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

·         Central Bank of India, Corporate Finance Branch, 1st Floor, MMO Building, Fort, Mumbai - 400023, Maharashtra, India

 

·         IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

 

·         Yes Bank Limited, Nehru Centre, 9th Floor, Discovery Of India, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India

 

·         ICICI Bank Limited, Land Markrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

·         UCO Bank

·         HDFC Bank

·         Union Bank of India

·         Corporation Bank Limited

·         Dena Bank

·         ING Vysya Bank

·         Export Import Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term loans from banks

10091.400

9375.000

Term loans from others

7818.900

6729.300

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

7302.700

3801.500

Other loans and advances

9060.700

8557.300

 

 

 

Total

 

34273.700

28463.100

 

LONG-TERM BORROWINGS

 

Security

 

(i) Term loan from bank is secured by first charge on entire fixed assets of the Company both present and future and second charge on entire current assets of the Company both present and future, subject to the prior charge of the bankers for short term working capital facilities.

 

(ii) Export Project Cash Flow Deficit Finance (EPCDF) Facility of Rs 750.000 millions from Exim Bank is secured by second pari passu charge on the current assets and moveable fixed assets of the Company.

 

(iii) Rupee term loan facility of Rs 1500.000 millions from non-banking financial company is secured by first and exclusive charge by way of hypothecation of all the assets purchased out of the said credit facility.

 

(iv) Rupee term loan facility of Rs 1000.000 millions from non-banking financial company is secured by first pari passu charge on the entire fixed assets of the Company subject to prior charge of the Bank(s) for equipment finance facilities.

 

(v) Suppliers credit-foreign currency facility from non-banking financial company is secured by first and exclusive charge by way of hypothecation of all the assets including but not limited to machinery spares, tools and accessories purchased out of the said credit facilities.

 

(vi) Minnesota Credit Facilities of Rs 9000.000 millions sanctioned by EXIM Bank (Rs 6000.000 millions) and Central Bank of India (Rs 3000.000 millions) are secured by:

 

1. First pari passu charge by way of hypothecation over all the assets both present and future acquired / to be acquired by the Company from Pre-shipment Credit Facilities

 

2. Exclusive charge over Trust and Retention Account maintained by Company for the receivables from Essar Steel Minnesota LLC. (ESML)

 

3. Assignment of all the contracts, rights, securities and insurances of the Company with respect to the contract with ESML

 

4. Assignment of security to be created by way of first charge of equitable mortgage on immoveable properties and first charge by way of hypothecation of moveable assets of ESML in favour of Minnesota Project Lenders (including the Company) on pari passu basis.

 

5. Assignment of pledge of 51 % of shares of ESML created / to be created in favour of Minnesota Project Lenders (including the Company) on pari passu basis.

 

6. An irrevocable and unconditional guarantee of Essar Projects Limited, Dubai (till the pre-shipment credit facility is liquidated from the Post-shipment

credit facility or export realisations from ESML under the contract.

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700046, West Bengal, India  

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400018, Maharashtra, India

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

AADFD2337G

 

 

Holding company :

Essar Projects Limited

 

 

Ultimate Holding

Company :

Essar Global Funds Limited, Cayman Island

 

 

Enterprises which are owned, or have significant

influence of or are partners

with Key management personnel and their relatives :

v  Aegis Limited [U99999MH1992PLC064767]

v  Bhander Power Limited [U31101GJ1995PLC065146]

v  Essar Bulk Terminal Limited [U13100GJ2004PLC043477]

v  Essar Information Technology Limited [U72200MH1992PLC064816]

v  Essar Infrastructure Services Limited [U64202MH1995PLC087774]

v  Essar Investments Limited [U99999MH1976PLC034721]

v  Essar Logistics Limited [U63000MH2004PLC149214]

v  Essar Oil Limited [L11100GJ1989PLC032116]

v  Essar Oilfield Services Limited

v  Essar Power Hazira Limited [U40300GJ2006PLC063146]

v  Essar Ports Limited [L85110GJ1975PLC054824]

v  Essar Power Gujarat Limited [U74900GJ2007PLC066273]

v  Essar Power (Jharkhand ) Limited [U31101DL2005PLC211274]

v  Essar Power Limited [U40100GJ1991PLC064824]

v  Essar Power M P Limited [U40100DL2005PLC201961]

v  Essar Power Transmission Company Limited [U99999DL2005PLC208864]

v  Essar Procurement Services Limited [U45203TN1990PLC026337]

v  Essar Properties Limited [U93090TN1983PLC019552]

v  Essar Steel India Limited [U27100GJ1976FLC013787]

v  Essar Steel Minnesota LLC

v  Futura Travels Limited [U63040MH1990PLC056592]

v  Global Supplies (UAE) FZE

v  Imperial Consultants and Securities Private Limited [U65993TN1993PTC024724]

v  Navabharat Power Private Limited [U40109DL2005PTC231302]

v  The MobileStore Limited [U51900MH2006PLC160647]

v  Vadinar Power Company Limited [U40100GJ1997PLC033108]

v  Essar Power (Orissa) Limited [U31101DL2005PLC208862]

v  Vadinar Ports and Terminals Limited [U63023GJ2009FLC056684]

v  Equinox Business Parks Private Limited [U70102MH2007PTC172950]

v  Essar Shipping Limited [U61200GJ2010PLC060285]

v  Vadinar Oil Terminal Limited

v  Essar Bulk Terminal (Salaya) Limited

v  Essar Bulk Terminal Paradeep Limited

v  Essar Power Salaya Limited

v  Essar Windpower Private Limited

v  Essar Oil Vadinar Limited

 

 

Subsidiary company :

v  Essar Constructions Limited

v  Essar Constructions Overseas Limited

v  Essar Offshore Subsea Limited [U11101MH2008PLC179089]

v  Essar Projects (PNG) Limited

v  Essar Projects Singapore Pte Limited

v  Krios Holdings Pte. Limited

v  Lucknow Varanasi Tollways Private Limited [U45200DL2011PTC227573]

v  Essar Refinery Projects Limited [U45200GJ2010PLC062785]

v  Tirunelveli Wind Farms Limited [U01403MH2007PLC166813]

v  Essar Projects Saudi Company LLC

 

 

Joint venture :

Essar Projects (India) Limited-JSC Stroytransgaz Russia

 

 

Fellow Subsidiary

Company :

v  Essar Projects Middle East FZE, Dubai

v  Essar Projects UK Limited, United Kingdom.

v  PT Essar Projects Indonesia, Indonesia

v  Essar Projects(USA) LLC, Delaware USA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

130000000

Equity Shares

Rs. 10/- each

Rs.1300.000 Millions

 

 

 

 

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

123998028

Equity Shares

Rs. 10/- each

Rs.1240.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1240.000

1240.000

310.000

(b) Reserves and Surplus

14778.500

11961.500

9473.900

(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)

16018.500

13201.500

9783.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

17910.300

16104.300

9481.200

(b) Deferred tax liabilities (Net)

420.100

342.700

325.300

(c) Other long term liabilities

17368.300

9639.200

11100.600

(d) long-term provisions

152.500

108.600

70.200

Total Non-current Liabilities (3)

35851.200

26194.800

20977.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16363.400

12358.800

5407.300

(b) Trade payables

19679.400

17338.100

12535.900

(c) Other current liabilities

16648.800

25232.600

24759.400

(d) Short-term provisions

854.800

239.700

36.900

Total Current Liabilities (4)

53546.400

55169.200

42739.500

 

 

 

 

TOTAL

105416.100

94565.500

73500.700

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8826.600

9983.500

8344.600

(ii) Intangible Assets

454.300

492.200

1.700

(iii) Capital work-in-progress

2108.200

1841.100

2020.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

21029.400

9961.100

2674.500

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

742.100

341.200

292.800

(e) Other Non-current assets

6827.100

4424.100

1243.400

Total Non-Current Assets

39987.700

27043.200

14577.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

19929.400

20481.800

7877.000

(c) Trade receivables

18641.200

16890.500

8843.700

(d) Cash and cash equivalents

2199.000

2345.200

2751.700

(e) Short-term loans and advances

24430.500

27759.400

39407.000

(f) Other current assets

228.300

45.400

44.100

Total Current Assets

65428.400

67522.300

58923.500

 

 

 

 

TOTAL

105416.100

94565.500

73500.700

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operations

66684.300

88198.000

69295.700

 

 

Other Income

2513.500

1824.000

2098.200

 

 

TOTAL                                     (A)

69197.800

90022.000

71393.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

7037.900

10045.900

3823.400

 

 

Purchases of stock-in-trade

28050.000

39055.000

35074.300

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

182.700

51.600

(221.700)

 

 

Employee benefit expense

3312.000

3126.000

2279.600

 

 

Other expenses

20584.100

28470.000

23568.200

 

 

TOTAL                                     (B)

59166.700

80748.500

64523.800

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

10031.100

9273.500

6870.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4446.600

3406.800

1818.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

5584.500

5866.700

5052.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1528.700

1458.100

1309.900

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

4055.800

4408.600

3742.200

 

 

 

 

 

Less

TAX                                                                  (H)

1333.800

1497.700

1233.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2722.000

2910.900

2508.300

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

9387.600

6476.700

3968.400

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

12109.600

9387.600

6476.700

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Income from Construction Contract

3384.400

3427.400

359.400

 

 

Interest on advances and dividend on preference shares

90.600

30.600

43.200

 

 

Other income (Reimbursement of expenses)

543.700

194.600

23.700

 

 

Proceeds on sale of fixed assets

73.100

0.000

0.000

 

TOTAL EARNINGS

4091.800

3652.600

426.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Components and Spare Parts

5777.100

7376.300

386.600

 

 

Capital Goods

354.800

1960.200

175.600

 

TOTAL IMPORTS

6131.900

9336.500

562.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

21.95

23.48

20.23

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT/Sales)

(%)

4.08

3.30

3.62

 

 

 

 

 

Operating Profit Margin

(PBITD/Sales)

(%)

15.04

10.51

9.91

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.93

5.33

5.44

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.33

0.38

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.14

2.16

1.52

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.22

1.22

1.38

 

 

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

310.000

1240.000

1240.000

Reserves & Surplus

9473.900

11961.500

14778.500

Net worth

9783.900

13201.500

16018.500

 

 

 

 

long-term borrowings

9481.200

16104.300

17910.300

Short term borrowings

5407.300

12358.800

16363.400

Total borrowings

14888.500

28463.100

34273.700

Debt/Equity ratio

1.522

2.156

2.140

 

 

 

 

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

69295.700

88198.000

66684.300

 

 

27.278

(24.393)

 

 

 

 

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

69295.700

88198.000

66684.300

Profit

2508.300

2910.900

2722.000

 

3.62%

3.30%

4.08%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBT

 

Particular

31.03.2013

31.03.2012

31.03.2011

 Current maturities of long-term debt

2962.100

714.400

125.700

Total

2962.100

714.400

125.700

 

 

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

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS

 

LITIGATION DETAILS

Bench:- Bombay

Lodging No. :

CPL/847/2014                      

 

Failing Date:-

19/11/2014

 

Petitioner:-

SHYAM METALICS AND ENERGY LIMITED

Respondent:-

ESSAR PROJECTS INDIA LIMITED

Petn. Adv:-

SAMEER KASHMIRAM SAWANT (I5517)

 

 

District:-

OUTSIDE MAHARASHTRA

Bench:-

SINGLE

Category:-

COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT

Status:-

Pre-Admission                                                    

Stage:-

 

Last Date:-

27.11.2014

 

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

 

 

Act. :

Income Tax Act,1956

Under Section :-

433 (E) 434, 439

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10528776

08/10/2014

2,400,000,000.00

Axis Bank Limited

Bombay Dyeing Mills Compound, Worli, Mumbai, Maharashtra - 400025, INDIA

C32029647

2

10515416

24/07/2014

500,000,000.00

IDBI Bank Limited

Mittal Court, 224, A Wing, 2nd Floor,, Nariman Point, MUMBAI, Maharashtra - 400005, INDIA

C16750150

3

10517180

03/07/2014

1,250,000,000.00

SREI EQUIPMENT FINANCE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Bengal - 700046, INDIA

C18641183

4

10507299

26/06/2014

1,621,360,510.00

Axis Bank Limited

9, Raffles Place, #48-01,, Republic Plaza 1, Singapore, - 048619, SINGAPORE

C10049997

5

10461523

31/10/2013

2,150,000,000.00

Central Bank of India

Corporate Finance Branch, 1st Floor,, MMO Building, Fort,, Mumbai, Maharashtra - 400023, INDIA

B90054701

6

10456171

28/09/2013

1,700,000,000.00

SREI INFRASTRUCTURE FINANCE LIMITED

VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, West Bengal - 700046, INDIA

B87991154

7

10442286

15/07/2013

23,921,199.00

SREI Equipment Finance Private Limited

'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Bengal - 700046, INDIA

B81808198

8

10437435

25/06/2013

4,500,000,000.00

YES BANK LIMITED

Nehru Centre, 9th Floor, Discovery of India,, Dr. 
A. B. Road, Worli,, Mumbai, Maharashtra - 400018, 
INDIA

B79864385

9

10438293

07/02/2014 *

2,500,000,000.00

YES BANK LIMITED

Nehru Centre, 9th Floor, Discovery of India,, Dr. 
A. B. Road, Worli,, Mumbai, Maharashtra - 400018, 
INDIA

C00557975

10

10440896

08/06/2013

790,460,000.00

SREI Equipment Finance Private Limited

'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Bengal - 700046, INDIA

B81052953

 

 

* Date of charge modification

 

 

GENERAL INFORMATION

 

Subject incorporated on 1st September 1989 is one of the leading Engineering, Procurement and Construction Company in India and is engaged in the business of undertaking and executing projects involving Industrial plants, civil and irrigation projects, laying of pipelines (both onshore and offshore), marine constructions and highways and expressways.

 

 

REVIEW OF OPERATIONS

 

Total Revenue of the Company decreased by more than 23 % from Rs. 90022.100 Millions in FY 2011-12 to Rs. 69197.800 Millions in FY 2012-13.

 

Their Company continued to sustain EBITDA margin despite increase in certain input costs by continuously focusing on optimum utilisation of resources and enhancing its operational efficiencies. The EBITDA has increased from Rs. 9273.500 Millions in FY 2011-12 to Rs. 10031.100 Millions in FY 2012-13.

 

Profit before Tax has decreased by more than 8 % from Rs. 4,408.600 Millions in FY 2011-12 to Rs. 4055.800 Millions in FY 2012-13.

 

The Company has provided Rs. 1528.700 Millions (Previous Year INR 1458.100 Millions) for depreciation and Rs. 1256.500 Millions (Previous Year Rs. 1407.700 Millions) towards Current Income Tax.

 

PRESS RELEASE

 

The comppany has bagged the contract to participate in its major refinery expansion project in Kochi

 

Essar Projects (EPL), an engineering, procurement and construction company of Essar group, today said it has bagged a Rs. 5500.000 millions contract from Bharat Petroleum Corporation Ltd (BPCL) for executing certain packages of Kochi refinery expansion project.


"Has secured a contract valued at over Rs 550 crore from BPCL to participate in its major refinery expansion project in Kochi, "Essar Projects said in a statement.

 

Essar has won the contract in a consortium with GR Engineering of Mumbai for the EPC work of the reactor regenerator package of 2.2 MTPA Fluid Catalytic Cracking Unit (FCCU) at the Kochi refinery, which is set to expand to 15.5 MTPA

.
The project is scheduled to be completed in 24 months and Technip Shaw is the process licensor of this package, the company further said.

"With this the total number of major projects secured by Essar projects, both domestic and overseas, has gone up to eight, taking the total order book to about $4.1 billion," the company said.

Essar Projects, headquartered in Dubai, works as an EPC contractor for industries like Oil and Gas, Power, Ports and Marine, Civil and Building, etc and has presence in over 20 countries. Currently it is executing significant hydrocarbon projects for several big companies, including Indian Oil, Jurong Aeromatics and Matix fertilizers.

"We are very pleased with this significant first award from BPCL which further consolidates our position in the hydrocarbons sector in India," Essar Projects' President and CEO Alwyn Bowden said.

BPCL is in the process of expanding the Kochi refinery capacity to 15.5 MTPA from from 9.5 MTPA as part of the Integrated Refinery Expansion Project (IREP). Engineers India Ltd (EIL) is the project management consultant (PMC) for the project.

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Ships vessels

·         Motor vehicles

·         Office equipment

·         Computer software

·         Licenses and franchise

 

 

 

 

CMT REPORT (Corruption, Money Laundering and Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

JYTK

 

 

SCORE and RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

33

 

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

 

--

 

 

 

 

 

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.