MIRA INFORM REPORT
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Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
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Name : |
IOT ANWESHA ENGINEERING AND CONSTRUCTION LIMITED (w.e.f. 24.04.2008) |
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Formerly Known
As : |
ANWESHA COMTECH ENGINEERING LIMITED (w.e.f. 06.10.2007) ANWESHA COMTECH ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
"IOT Anwesha House" |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.05.1998 |
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Com. Reg. No.: |
04-034128 |
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Capital
Investment / Paid-up Capital : |
Rs.3.003 Millions |
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CIN No.: [Company Identification
No.] |
U29199GJ1998PLC034128 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA9599A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is primarily engaged in the business of
erection of Oil, comfier and fire Water Storage tanks, RO Plant, ETP Plants,
Piping and Pipe rack foundation and related civil and Structural work for
Refineries in India and overseas. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by decent
liquidity position and improvement in performance of the company as compared
to previous year. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular. The company can be considered for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
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Rating |
Long term Issuer Rating = |
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Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
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Date |
20.08.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-265-3936200)
LOCATIONS
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Registered Office : |
"IOT Anwesha House" |
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Tel. No.: |
91-256-3936200 / 6546541 |
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Fax No.: |
91-265-2371375 |
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E-Mail : |
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Website : |
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Manufacturing
Unit : |
No. 716, Road No. 'C', Plot No. 301 and 305, Road No. 12, GIDC, Manjusar, Savli, Vadodara – 391775, Gujarat, India |
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Storage and
Maintenance Unit: |
Plot No. 315, Road No. 12, GIDC, Manjusar, Savli, Vadodara – 391775, |
DIRECTORS
As on 27.09.2013
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Name : |
Mr. Asim Chandra |
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Designation : |
Whole Time Director |
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Address : |
D-19, Kartikey Nagar, Division - IV, lskon Temple Road Off Side, Gotri, Vadodara – 390015, Gujarat, India |
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Date of Birth/Age : |
14.01.1958 |
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Qualification : |
B. Com |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
AAVPC7411L |
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DIN No.: |
00210266 |
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Name : |
Mr. Jatin Jamnadas Mavani |
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Designation : |
Director |
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Address : |
B-602,
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Date of Birth/Age : |
14.12.1957 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00189932 |
MAJOR SHAREHOLDERS
As on 27.09.2013
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Names of Shareholders |
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No. of Shares |
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IOT Infrastructure and Energy Services Limited, |
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244240 |
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Asim Joydev Chandra |
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27278 |
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Sukla Chandra |
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28279 |
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Annesha Chandra |
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500 |
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Jayanta Bhuyan |
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1 |
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Jatin Mavani |
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1 |
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Hirnanshu Mohapatra |
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1 |
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Total |
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300300 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
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Bodies corporate |
81.00 |
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Directors or relatives of Directors |
19.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is primarily engaged in the business of
erection of Oil, comfier and fire Water Storage tanks, RO Plant, ETP Plants, Piping
and Pipe rack foundation and related civil and Structural work for Refineries
in India and overseas. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
31. Nutan Bharat Society, Alkapuri. |
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PAN No.: |
AADFD2337G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: U23200MH1996PLC102222 |
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Subsidiary Company
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Fellow
Subsidiary Company : |
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Associate: |
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CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300300 |
Equity Shares |
Rs.10/- each |
Rs.3.003 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
3.003 |
3.003 |
3.003 |
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(b) Reserves & Surplus |
818.096 |
717.908 |
620.934 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
821.099 |
720.911 |
623.937 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
18.813 |
29.683 |
55.842 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
10.086 |
10.010 |
1.034 |
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Total Non-current
Liabilities (3) |
28.899 |
39.693 |
56.876 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
1,118.846 |
760.044 |
247.318 |
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(b) Trade
payables |
828.137 |
546.456 |
491.232 |
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(c) Other
current liabilities |
127.703 |
98.227 |
92.197 |
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(d) Short-term
provisions |
426.105 |
400.155 |
363.835 |
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Total Current
Liabilities (4) |
2,500.791 |
1,804.882 |
1,194.582 |
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TOTAL |
3,350.789 |
2,565.486 |
1,875.395 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
613.158 |
469.742 |
495.807 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
41.188 |
80.879 |
50.028 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
15.632 |
13.125 |
13.125 |
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(c) Deferred tax assets (net) |
13.666 |
19.536 |
20.849 |
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(d) Long-term Loan and Advances |
20.854 |
20.241 |
13.121 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
704.498 |
603.523 |
592.930 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
40.469 |
56.088 |
38.984 |
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(c) Trade
receivables |
523.246 |
351.409 |
364.875 |
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(d) Cash
and cash equivalents |
70.295 |
37.381 |
22.017 |
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(e)
Short-term loans and advances |
618.415 |
478.489 |
349.525 |
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(f) Other
current assets |
1,393.866 |
1,038.596 |
507.064 |
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Total
Current Assets |
2,646.291 |
1,961.963 |
1,282.465 |
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TOTAL |
3,350.789 |
2,565.486 |
1,875.395 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
3,576.721 |
2,208.636 |
2,627.003 |
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Other Income |
41.217 |
6.476 |
70.027 |
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TOTAL (A) |
3,617.938 |
2,215.112 |
2,697.030 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
2,732.062 |
1,584.180 |
0.000 |
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Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
0.000 |
0.000 |
(7.723) |
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Employee Benefits Expenses |
348.517 |
223.310 |
168.895 |
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Other Expenses |
171.368 |
106.043 |
2,030.145 |
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Expenditure on production, transportation and other expenditure pertaining to E and P activities |
0.000 |
0.000 |
18.606 |
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TOTAL (B) |
3,251.947 |
1,913.533 |
2,209.923 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
365.991 |
301.579 |
487.107 |
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Less |
FINANCIAL
EXPENSES (D) |
134.846 |
82.186 |
31.120 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
231.145 |
219.393 |
455.987 |
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Less |
DEPRECIATION/
AMORTISATION (F) |
74.750 |
74.606 |
80.856 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
156.395 |
144.787 |
375.131 |
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Less |
TAX (H) |
56.206 |
47.812 |
110.706 |
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
100.189 |
96.975 |
264.425 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
717.908 |
620.934 |
356.508 |
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BALANCE CARRIED
TO THE B/S |
818.097 |
717.908 |
620.933 |
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EARNINGS IN
FOREIGN CURRENCY |
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Hire Charges from |
27.494 |
0.000 |
0.000 |
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TOTAL EARNINGS |
27.494 |
0.000 |
0.000 |
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Earnings /
(Loss) Per Share (Rs.) |
334.00 |
323.00 |
413.00 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Net Profit Margin (PAT/Sales) |
(%) |
2.80 |
4.39 |
10.07 |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
10.23 |
13.65 |
18.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.77 |
5.90 |
20.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.20 |
0.60 |
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Debt Equity Ratio (Total Debt /Networth) |
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1.39 |
1.10 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.09 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
3.003 |
3.003 |
3.003 |
|
Reserves & Surplus |
620.934 |
717.908 |
818.096 |
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Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Net
worth |
623.937 |
720.911 |
821.099 |
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Long Term borrowings |
55.842 |
29.683 |
18.813 |
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Short Term borrowings |
247.318 |
760.044 |
1118.846 |
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Total
borrowings |
303.160 |
789.727 |
1137.659 |
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Debt/Equity
ratio |
0.486 |
1.095 |
1.386 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,627.003 |
2,208.636 |
3,576.721 |
|
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|
(15.926) |
61.943 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,627.003 |
2,208.636 |
3,576.721 |
|
Profit |
264.425 |
96.975 |
100.189 |
|
|
10.07% |
4.39% |
2.80% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
65.972 |
68.279 |
48.830 |
|
Total |
65.972 |
68.279 |
48.830 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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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 |
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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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
246.714 |
183.984 |
|
Total |
246.714 |
183.984 |
OPERATIONS:
During the year, Company has earned the revenue of Rs. 3617.939 Millions and profit after tax of Rs.100.189 Millions as against the revenue of Rs.2215.252 Millions and profit after tax of Rs.96.974 Millions compared to previous year.
The Company has been continuing to put thrust on minimizing the operating costs thereby to generate more surpluses in coming years.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10034090 |
09/01/2007 |
400,000.00 |
State
Bank Of |
Alkapuri
Banch, |
A09691072 |
|
2 |
10024005 |
20/10/2006 |
490,000.00 |
State
Bank Of |
Alkapuri
Branch, Alkapuri, |
A06057822 |
|
3 |
90106907 |
01/04/2004 |
297,000.00 |
ICICI Bank Limited |
|
- |
|
4 |
90106855 |
24/01/2004 |
300,000.00 |
ICICI Bank Limited |
|
- |
|
5 |
90106787 |
26/08/2003 |
569,000.00 |
ICICI Bank Limited |
|
- |
|
6 |
90104161 |
31/12/2012 * |
1,578,600,000.00 |
State
Bank Of |
Alkapuri
Branch, |
B66664681 |
|
7 |
90106621 |
02/01/2013 * |
1,578,600,000.00 |
State
Bank Of |
Alkapuri
Branch, |
B66749177 |
|
8 |
90106620 |
16/08/2003 * |
14,500,000.00 |
State
Bank Of |
Alkapuri
Branch, |
- |
|
9 |
90106571 |
09/10/2001 |
273,000.00 |
State
Bank Of |
|
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.