MIRA
INFORM REPORT
|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL HITECH ENGINEERS LIMITED |
|
|
|
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Registered
Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520,
Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.05.1998 |
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Com. Reg. No.: |
11-115155 |
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Capital
Investment / Paid-up Capital : |
Rs.122.752 Millions |
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|
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CIN No.: [Company Identification
No.] |
L28920MH1998PLC115155 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS03119E |
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PAN No.: [Permanent Account No.] |
AAFCS7498N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11400000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction, according
the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
03.12.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2+” |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
03.12.2012 |
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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sagar |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-61872400 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520,
Maharashtra, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010,
Maharashtra, India |
|
Tel. No.: |
91-712-6685200 (400 Lines) / 2562087 / 88 / 3045200 |
|
Fax No.: |
91-712-2562091 |
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E-Mail : |
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Corporate Office : |
602, Trade Center, Bandra Kurla Complex Opposite Bandra Kurla
Telephone Exchange, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-61872400 |
|
Fax No.: |
91-22-61872455 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ratnakar Manikrao Gutte |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Under Graduate |
|
Experience: |
32 Years |
|
Date of Appointment : |
08.06.1998 |
|
|
|
|
Name : |
Mr. Sunil Ratnakar Gutte |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mrs. Sudhamati Ratnakar Gutte |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
28.03.1957 |
|
Qualification : |
B.E. (Electrical), from Indian Institute of Science, Bangalore |
|
Date of Appointment : |
14.08.2012 |
|
|
|
|
Name : |
Mr. Mattathil Narayanan Mohanan |
|
Designation : |
Director (Operations) |
|
Date of Birth/Age : |
23.05.1958 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Experience: |
31 Years |
|
Date of Appointment : |
01.06.2003 |
|
|
|
|
Name : |
Mr. Vijay Ratnakar Gutte |
|
Designation : |
Director (Finance) |
|
Date of Birth/Age : |
19.03.1983 |
|
Qualification : |
M. B. A. in Marketing and Finance |
|
Date of Appointment : |
29.05.2007 |
|
|
|
|
Name : |
Mr. Venkataramana Condoor |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sonyabapu Shankar Waghmare |
|
Designation : |
Independent Director |
|
Qualification : |
M.Sc. (Agriculture), LL.B. and D.B.M. |
|
|
|
|
Name : |
Mr. Dilip Y. Ghanekar |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
19.09.1956 |
|
Qualification : |
B. E. Mech and Diploma in Industrial Management from V. R. C. E. Nagpur |
|
Date of Appointment : |
30.01.2007 |
|
|
|
|
Name : |
Mr. Devesh Nandan Garg |
|
Designation : |
Independent Director |
|
Qualification : |
Graduate in Engineering and an MBA (Finance), |
|
|
|
|
Name : |
Mr. Sajid Ali |
|
Designation : |
Independent Director |
|
Qualification : |
Engineering |
|
|
|
|
Name : |
Mr. Parag Sakalikar |
|
Designation : |
Independent Director |
|
Qualification : |
B.E. degree in Mechanical Engineering |
|
|
|
|
Address : |
Mr. Siddharth Ratilal Mehta |
|
Date of Birth/Age : |
Independent Director |
|
Qualification : |
BE degree in Electrical |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Kumar Mishra |
|
Designation : |
Company Secretary |
|
Address : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010, Maharashtra,
India |
|
|
|
|
Name : |
Mr. Sagar |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6530990 |
53.20 |
|
|
0 |
0.00 |
|
|
6530990 |
53.20 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6530990 |
53.20 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
165 |
0.00 |
|
|
1108000 |
9.03 |
|
|
1108165 |
9.03 |
|
|
|
|
|
|
516504 |
4.21 |
|
|
|
|
|
|
3207975 |
26.13 |
|
|
719565 |
5.86 |
|
|
191961 |
1.56 |
|
|
53 |
0.00 |
|
|
9278 |
0.08 |
|
|
2120 |
0.02 |
|
|
180510 |
1.47 |
|
|
4636005 |
37.77 |
|
Total Public shareholding (B) |
5744170 |
46.80 |
|
Total (A)+(B) |
12275160 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12275160 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
|
|
Ratnakar Manikrao Gutte |
22,02,500 |
17.94 |
|
Sodhamati Ratnakar Gutte |
19,68,750 |
16.04 |
|
Sunil Ratnakar Gutte |
16,78,740 |
13.68 |
|
Vijay Ratnakar Gutte |
6,75,000 |
5.50 |
|
Swati Ratnakar Gutte |
6,000 |
0.05 |
|
Gutte Infra Private Limited |
|
0.00 |
|
VRG Digital Corporation Private Limited |
|
0.00 |
|
Total |
65,30,990 |
53.20 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
Bessemer Venture Partners Trust |
1100000 |
8.96 |
|
|
Ashish Dhawan |
245000 |
2.00 |
|
|
Total |
1345000 |
10.96 |
|
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
Bessemer Venture Partners Trust |
1100000 |
8.96 |
|
|
Total |
1100000 |
8.96 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· UCO Bank Union
Bank of India Oriental
Bank of Commerce Punjab
National Bank Bank
of India IDBI
Bank ICICI
Bank HSBC
Bank Axis
Bank Kotak
Mahindra Bank |
||||||||||||||||||||||||
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|
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Facilities : |
NOTE LONG TERM
BORROWINGS Term loan from bank referred above to the extent of: a) Rs. 49.918 Millions (Pr.Yr. Rs. 34.152 Millions) are secured by first mortgage/pari-passu charge on the respective buildings situated at Pune and Nagpur. b) Rs. 103.846 Millions (Pr.Yr. Rs. 219.985 Millions) secured by first hypothecation/pari-passu charge on the respective plant and machineries including Hydras at various sites. c) Rs. 8.432 Millions (Pr.Yr. Rs. 16.380 Millions) are secured by first hypothecation/pari-passu charge on the respective Vehicles at various sites. d) Rs. 110.758 Millions (Pr.Yr. Rs. Nil) are secured by exclusive charge over the project specific total assets including receivables of the Kolhapur T&D site. Term loan from financial institutions referred above to the extent of: a) Rs. 197.515 Millions (Pr.Yr. Rs. 171.743 Millions) are secured by first hypothecation/pari-passu charge on the respective plant and machineries including Hydras situated at various sites. b) Rs. 0.633 Millions (Pr.Yr. Rs. 0.951 Millions) are secured by first hypothecation/pari-passu charge on the respective Vehicles atvarious sites. c) Rs. 3.531 Millions (Pr.Yr. Rs. Nil) are secured by first and exclusive hypothecation on the respective non consumable materials. SHORT TERM
BORROWINGS Working Capital Loans are secured by hypothecation of
present and future stock of raw materials, stores and spares, book debts and
other receivables and have Second Charge on Fixed Assets of the Company and
personal guarantee of some of the DirectoRs. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
Address : |
157, Princess
Street, Mumbai – 400002, Maharashtra, India |
|
|
|
|
R & T Agents: |
Bigshare Services Private Limited, E-2/3, Ansa Industrial Estate, Saki Vihar Road, Salki, Naka, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
|
|
|
Depositories: |
· National Securities Depositories Limited Central
Depository Services (India) Limited |
|
|
|
|
Subsidiaries |
· SEAM Industries Limited Sunil
Hitech Energy Private Limited SHEL
Investments Consultancy Private Limited Ecological
Road Construction Private Limited (From 13 February 2013 to 05 March 2013) |
|
|
|
|
Associates: |
· Gangakhed Sugar and Energy Limited V.
K. Realtors (Partnership Firm) |
|
|
|
|
Joint Venture: |
PBSPL - SHEL - JV |
|
|
|
|
Enterprises over which
persons covered under Category IV above are able to exercise significant
control: |
· Gutte Infra Private Limited (Formerly - Sadoday Laxmi Infrastructure Private Limited) VRG
Digital Corporation Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12275160 |
Equity Shares |
Rs. 10/- each |
Rs. 122.752
Millions |
|
|
|
|
|
Note
Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
31.03.2013 |
|
|
|
No. of shares |
Rs. in million |
|
Equity shares at the beginning of the year |
12275160 |
122.752 |
|
Movement during the year |
-- |
-- |
|
Equity shares outstanding at the end of the year |
12275160 |
122.752 |
Terms / Rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Holders of equity shares are entitled to voting rights as follows: (i) On voting by show of hands, every holder shall have one vote (ii) On voting by poll, in proportion to the amount paid on equity shares held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2013, the amount of per share dividend recognised as distributions to equity shareholders is Rs. 1.20 (Pr.Yr. Rs. 1.20).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Company does not
have any holding company.
The details of
shareholders holding more than 5% of Equity Shares in the Company:
|
Particulars |
31.03.2013 |
|
|
|
No. of shares |
% holding |
|
Ratnakar Manikrao Gutte |
22,02,500 |
17.94% |
|
Sudhamati Ratankar Gutte |
19,68,750 |
16.04% |
|
Sunil Ratnakar Gutte |
16,78,740 |
13.68% |
|
Bessemer Venture Partners Trust |
11,00,000 |
8.96% |
|
Vijay Ratnakar Gutte |
6,75,000 |
5.50% |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
122.752 |
122.752 |
122.752 |
|
(b) Reserves & Surplus |
2676.334 |
2414.338 |
2191.882 |
|
(c) Money
received against share warrants |
54.750 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2853.836 |
2537.090 |
2314.634 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
209.712 |
208.593 |
195.890 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
759.997 |
647.827 |
0.000 |
|
(d) long-term provisions |
21.389 |
20.480 |
14.485 |
|
Total Non-current Liabilities (3) |
991.098 |
876.900 |
210.375 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3596.333 |
2886.137 |
2276.589 |
|
(b) Trade payables |
2525.461 |
1463.919 |
1275.356 |
|
(c) Other current
liabilities |
921.186 |
1307.143 |
2236.224 |
|
(d) Short-term provisions |
21.746 |
22.328 |
21.091 |
|
Total Current Liabilities (4) |
7064.726 |
5679.527 |
5809.260 |
|
|
|
|
|
|
TOTAL |
10909.660 |
9093.517 |
8334.269 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1087.989 |
1304.070 |
1305.330 |
|
(ii) Intangible Assets |
41.728 |
53.432 |
5.685 |
|
(iii) Capital
work-in-progress |
53.945 |
54.244 |
135.755 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
322.694 |
296.890 |
349.969 |
|
(c) Deferred tax assets (net) |
80.866 |
45.002 |
53.238 |
|
(d) Long-term Loan and Advances |
203.316 |
263.089 |
249.475 |
|
(e) Other Non-current assets |
389.745 |
361.264 |
254.543 |
|
Total Non-Current Assets |
2180.283 |
2377.991 |
2353.995 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
70.000 |
|
(b) Inventories |
951.142 |
1133.467 |
421.268 |
|
(c) Trade receivables |
3752.920 |
3506.629 |
2604.104 |
|
(d) Cash and cash
equivalents |
779.404 |
381.841 |
216.649 |
|
(e) Short-term loans and
advances |
845.557 |
668.052 |
1892.766 |
|
(f) Other current assets |
2400.354 |
1025.537 |
775.487 |
|
Total Current Assets |
8729.377 |
6715.526 |
5980.274 |
|
|
|
|
|
|
TOTAL |
10909.660 |
9093.517 |
8334.269 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10960.155 |
8555.927 |
7300.894 |
|
|
|
Other Income |
90.779 |
197.644 |
74.483 |
|
|
|
TOTAL (A) |
11050.934 |
8753.571 |
7375.377 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3042.740 |
2475.700 |
2123.355 |
|
|
|
Changes in Inventories of Work-in-Process |
0.000 |
(30.094) |
0.000 |
|
|
|
Purchase of Traded Goods |
2848.772 |
972.672 |
453.160 |
|
|
|
Contract and Site Expenses |
2556.823 |
2740.353 |
2545.500 |
|
|
|
Employee Benefit Expenses |
643.173 |
646.255 |
492.718 |
|
|
|
Other Expenses |
643.618 |
734.845 |
595.362 |
|
|
|
Extraordinary Items |
0.000 |
(9.352) |
(5.000) |
|
|
|
TOTAL (B) |
9735.126 |
7530.379 |
6205.095 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1315.808 |
1223.192 |
1170.282 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
583.234 |
470.807 |
341.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
732.574 |
752.385 |
828.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
295.909 |
308.418 |
261.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
436.665 |
443.967 |
566.563 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
157.344 |
204.294 |
228.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
279.321 |
239.673 |
338.531 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1086.003 |
882.066 |
594.463 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.950 |
18.616 |
33.808 |
|
|
|
Dividend |
14.730 |
14.730 |
14.730 |
|
|
|
Tax on Dividend |
2.503 |
2.390 |
2.390 |
|
|
BALANCE CARRIED TO
THE B/S |
1327.141 |
1086.003 |
882.066 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB Value |
377.612 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
377.612 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock in Trade |
964.732 |
|
|
|
|
|
Capital Goods |
10.676 |
164.205 |
|
|
|
TOTAL IMPORTS |
975.408 |
269.683 |
168.523 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.73 |
19.53 |
27.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2999.700 |
274.04 |
|
Total Expenditure |
|
2715.700 |
2449.300 |
|
PBIDT (Excl OI) |
|
284.100 |
291.100 |
|
Other Income |
|
21.100 |
32.000 |
|
Operating Profit |
|
305.100 |
323.100 |
|
Interest |
|
168.900 |
203.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
136.300 |
119.400 |
|
Depreciation |
|
57.100 |
62.800 |
|
Profit Before Tax |
|
79.100 |
56.600 |
|
Tax |
|
17.700 |
37.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
61.400 |
18.900 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
61.400 |
18.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.53
|
2.74
|
4.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.98
|
5.19
|
7.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
5.10
|
7.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.33
|
1.22
|
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.18
|
1.03 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long-Term Debts |
264.921 |
234.618 |
235.631 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10453230 |
26/09/2013 |
7,246,018.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B86729332 |
|
2 |
10454168 |
18/09/2013 |
1,000,000,000.00 |
CANARA BANK |
145, FARMLAND, MAHARAJBAGH ROAD, RAMDASPETH, NAGPUR - 440010, MAHARASHTRA, INDIA |
B87146379 |
|
3 |
10430061 |
22/05/2013 |
1,358,854.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B76684323 |
|
4 |
10428160 |
11/05/2013 |
1,000,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, 8B, KALAMANA ROAD, SURYANA GAR, NAGPUR - 440008, MAHARASHTRA, INDIA |
B75901330 |
|
5 |
10423040 |
25/03/2013 |
65,000,000.00 |
IDBI BANK LIMITED |
SPECILAIZED CORPORATE BRANCH, 3RD FLOOR, GUPTA TOWER, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
B74164278 |
|
6 |
10427017 |
25/03/2013 |
250,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI - 400001, |
B75586511 |
|
7 |
10410163 |
26/02/2013 |
100,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B70212741 |
|
8 |
10410330 |
22/02/2013 |
3,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B70271135 |
|
9 |
10392051 |
26/11/2012 |
4,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B64173503 |
|
10 |
10387456 |
10/10/2012 |
3,800,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B62331632 |
|
11 |
10374453 |
11/06/2013 * |
300,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B77870707 |
|
12 |
10374191 |
07/08/2012 |
70,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B57132839 |
|
13 |
10358223 |
25/04/2012 |
600,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL LOAN
PROCESSING CELL, KAMANWALA CHAMBERS, |
B40641714 |
|
14 |
10351910 |
15/04/2012 |
100,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B38285482 |
|
15 |
10354592 |
30/03/2012 |
42,500,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B39285044 |
|
16 |
10345120 |
15/03/2012 |
91,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B36117521 |
|
17 |
10340465 |
22/02/2012 |
1,050,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B34271858 |
|
18 |
10340460 |
15/02/2012 |
1,050,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B34271171 |
|
19 |
10333135 |
30/01/2012 |
1,630,600.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B31060551 |
|
20 |
10328225 |
26/12/2011 |
80,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE - 411035, MAHARASHTRA, INDIA |
B29496353 |
|
21 |
10322837 |
10/12/2011 |
2,221,894.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B27749696 |
|
22 |
10314751 |
29/10/2011 |
3,835,849.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B24156374 |
|
23 |
10309752 |
21/09/2011 |
524,200,000.00 |
ORIENTAL BANK OF COMMERCE |
KINGSWAY, NAGPUR - 440001, MAHARASHTRA, INDIA |
B22359236 |
|
24 |
10311483 |
13/09/2011 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B23058779 |
|
25 |
10299682 |
15/07/2011 |
9,820,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
B17881277 |
|
26 |
10294941 |
11/07/2011 |
2,461,200.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B16092645 |
|
27 |
10297258 |
10/07/2011 |
5,906,568.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B16827289 |
|
28 |
10298974 |
10/07/2011 |
6,835,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B17584582 |
|
29 |
10292200 |
18/06/2011 |
4,930,437.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B14992309 |
|
30 |
10290099 |
11/06/2011 |
610,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B14251250 |
|
31 |
10297096 |
30/05/2011 |
3,475,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B16828535 |
|
32 |
10287960 |
19/05/2011 |
12,840,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B13361308 |
|
33 |
10282739 |
25/04/2011 |
1,690,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B10839934 |
|
34 |
10278523 |
31/03/2011 |
10,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B10028058 |
|
35 |
10276411 |
28/03/2011 |
7,300,216.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B09340605 |
|
36 |
10274122 |
17/03/2011 |
7,115,792.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B08345399 |
|
37 |
10273788 |
11/03/2011 |
2,829,526.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B08137465 |
|
38 |
10273789 |
11/03/2011 |
21,222,599.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B08137770 |
|
39 |
10269428 |
21/02/2011 |
4,595,576.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B06452304 |
|
40 |
10268929 |
18/02/2011 |
2,165,741.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B06274500 |
|
41 |
10275031 |
28/01/2011 |
7,622,285.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B08907388 |
|
42 |
10263500 |
13/01/2011 |
5,914,439.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B03831245 |
|
43 |
10260062 |
11/01/2011 |
3,229,995.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B03004165 |
|
44 |
10258661 |
20/12/2010 |
2,165,741.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B01677509 |
|
45 |
10258390 |
09/12/2010 |
29,953,758.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B01268838 |
|
46 |
10242484 |
04/10/2010 |
300,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITE |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A95880118 |
|
47 |
10243005 |
23/08/2010 |
140,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A95309415 |
|
48 |
10225344 |
25/06/2010 |
14,040,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A87838264 |
|
49 |
10201829 |
22/09/2011 * |
524,200,000.00 |
ORIENTAL BANK OF COMMERCE |
KINGSWAY, NAGPUR - 440001, MAHARASHTRA, INDIA |
B22322093 |
|
50 |
10203914 |
15/01/2010 |
275,000,000.00 |
AXIS BANK LIMITED |
RABINDRANATH TAGORE ROAD, M G HOUSE CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
A79449393 |
|
51 |
10086748 |
25/09/2007 |
2,065,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A27808831 |
|
52 |
10064886 |
13/08/2007 |
1,950,000.00 |
ABN AMRO BANK NV |
11TH FLOOR, TOWER C, CYBER GREENS, DLF CYBER CITY, SECTOR 25A, GURGAON - 122002, HARYANA, INDIA |
A21675392 |
|
53 |
10137411 |
30/03/2007 |
5,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A16751315 |
|
54 |
10042942 |
31/01/2007 |
8,900,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A12789285 |
|
55 |
10110191 |
20/12/2006 |
240,000,000.00 |
UCO BANK |
MOUNT ROAD, SADAR, NAGPUR - 440001, MAHARASHTRA, INDIA |
A08556607 |
|
56 |
10055200 |
24/08/2012 * |
8,913,500,000.00 |
UCO BANK |
MID CORPORATE BRANCH, AJNI SQUARE, WARDHA ROAD, NAGPUR - 440015, MAHARASHTRA, INDIA |
B56468697 |
|
57 |
90144785 |
09/09/2004 * |
21,482,000.00 |
UCO BANK |
MOUNT ROAD, EXTEN. BRANCH, NAGPUR, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign Currency Buyers Credit Arrangement from Banks |
770.447 |
306.431 |
|
Total |
770.447 |
306.431 |
GENERAL INFORMATION
The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY REVIEW –
STRUCTURE AND DEVELOPMENT
THE INDIAN POWER
SECTOR
Power is a core industry as it facilitates development across various economic sectors (manufacturing, agriculture, commercial enterprises and railways). Though India has the fifth largest electricity generation capacity in the world estimated at 192,792 MW (Source: The Economic Times), the country suffers from a shortage, which is indicative of the growing appetite for electricity in the country.
CORRELATION BETWEEN
GDP GROWTH AND GENERATION CAPACITY
India witnessed total capacity addition of approximately 54,000 MW during the Eleventh Five Year Plan (47 percent by the central government, 34 percent by state governments and 19 percent from the private sector, according to India Energy Congress Report).
In India, power is primarily generated from thermal and nuclear fuels, hydro energy and renewable sources (see in table). India faces a widening gap between power deficit of approximately 8.5 percent and a peak demand deficit of over 10 percent. This shortage can be attributed to aggregate technical and commercial (AT&C) losses, which is about 30 percent with a high variance across various utilities. It is essential for the government to work proactively to increase the sector’s generation capacity in a sustainable manner by addressing key challenges such as supply shortages and distribution losses without damaging the environment.
To cope with the demand deficit, the Indian government implemented various progressive measures like rural electrification programmes and ultra mega power projects. In particular, the inflow of foreign direct investments is expected to increase capacity addition. The government allowed FDI up to 100 percent through the automatic route in all segments of the power sector except for nuclear energy.
Consequently, the sector attracted about USD 4.6 billion investment over the past decade, of which USD 1.6 billion came in FY12 alone (Source: Overseas India facilitation Centre – Power in India). As per recent statement of Ministry of Power statement revealed that the power sector is expected to receive investments of about USD 300 billion on the back of large expansion plans over the next few years.
ELEVENTH FIVE-YEAR
PLAN ACHIEVEMENTS
The Eleventh Five-Year Plan was one of the most successfully implemented plan. The sector achieved a total capacity addition of approximately 53,922 MW (more than two-and-a half times that in the Tenth Plan), out of which close to 19,500 MW was added in FY12 alone (Source: Indian Power Sector). Some key achievements of the Eleventh Five Year Plan comprised:
• In the generation sector, approximately 13,800 MW of capacity was added till the end of FY12 and 16,407 MW worth of capacity incorporated in FY13 with the private sector leading the charge with a 125 percent higher capacity addition over the set target of 7,250 MW (Source Ministry of Power)
• The government achieved the electrification of over one lakh villages and provided free electricity to close to 20 million households below the poverty line by the end of the Eleventh Plan.
• Capacity addition of 6,080 MW was sanctioned through nine super critical technology units with over 24,000 MW to be added in a similar manner in the Twelfth Plan
• A National Electricity Fund (NEF) was constituted, which subsidises the interest to be paid on loans taken by State Electricity Boards (SEBs) to hedge against distribution losses
ROADS AND HIGHWAYS –
STRUCTURE AND DEVELOPMENT
The roads sector constitutes a substantial part of infrastructure in India. India has a road network of 4.11 million Kms the second largest in the world. Roads and highways constitute a major part of transport system and its all round development is very essential for the growth of the economy.
The Government of India has realized of having well constructed and developed roads / highways transport system for the all round development of the national economy as in addition to power, transport system plays the vital role for national growth. In view of this, the Government has given major thrust to accelerate the road construction and announced various measures for its development.
The Government of India in view of growing need of road / highway / bridges construction and development created a non lapsable dedicated fund for National Highway Development Projects under the Central Road Fund Act, 2000, by levying cess on high speed diesel oil and petrol.
The Road sector in India, after being declared as an Industry is offering plenty of opportunities to Civil Contractors, Engineering Companies etc. In addition to generate opportunities for Civil / Engineering companies, It is also providing opportunities to road equipment manufacturer, cement manufacturer and supplier and generate big employment opportunities for different classes of people.
Initially the Roads/highway projects were mostly public fundedwith share of Built – Operate- Transfer (BOT) not more than 10% of the total programme. Now most of the Projects were running under Public – Private -Partnership which includes all expressways, six laning/ four laning/two laning projects.
To boost the road construction, the Government has announced the following measures;
• Government will carry out all preparatory work including land acquisition and utility removal. Right of way (ROW)
to be made available to concessionaires free from all encumbrances.
• NHAI / GOI to provide capital grant up to 40% of project cost to enhance viability on a case to case basis
• 100% tax exemption for 5 years and 30% relief for next 5 years, which may be availed of in 20 years.
• Concession period allowed up to 30 years
• Arbitration and Conciliation Act 1996 based on UNICITRAL provisions.
• In BOT projects entrepreneur are allowed to collect and retain tolls
• Duty free import of specified modern high capacity equipment for highway construction.
• Foreign Direct Investment upto 100% in road sector.
• Easier external commercial borrowing norms.
• Investment of 9.1 trillion envisaged for the twelfth plan, investments primarily under Public Private Partnership (PPP Model).
SEGMENT-WISE
PERFORMANCE
The Company is operating under three business segments namely: project, overhauling and maintenance and supply/ trading.
Project segment: This segment is engaged in the business of fabrication, erection of boilers (power plants), erection testing, commission of ESP, transmission and distribution and EPC contract, civil and structural works, construction and development contracts
Overhauling and maintenance : This segment is engaged in the repair and maintenance, overhauling and renovation of boilers and auxiliaries, ash handling systems etc
Supply Segment: This segment is engaged in supply of electrodes, boiler spare parts, supply of ESP components and electrical items like transformer cables etc., coal, steel and other materials at various power plants.
During the period of economic uncertainty and financial crisis, the performance of each segment of the Company was satisfactory for the financial year ended on 31.03.2013. The project segment remained steady during this financial year, maintained a growth of 6.78% over the last year. The overhauling and maintenance segment was flat and the supply or trading division witnessed a remarkable performance, registering a significant growth (more than twice) over its last year’s performance. In the current year 2013-14, they expect better performance of infrastructure sector and hence better result for the Company.
OUTLOOK
1) POWER
The demand for power is expected to grow at a compounded annual growth rate (CAGR) of approximately 7.5 percent during the Twelfth Five Year Plan from 9,68,658 Gwh in FY12 to 13,95,065 Gwh in FY17, whereas peak load requirement is expected to grow at a CAGR of 7.4 percent. In view of projected increase in demand, the government initiated various power projects. It also plans a capacity addition of approximately 100 GW, of which 28 GW will come from projects started in the Eleventh Plan. The focus of the Planning Commission during the Twelfth and Thirteenth Plans has been on conventional sources (thermal) and renewable sources. The power sector is in the process of obtaining clearances to address about 22,000 MW of untapped hydropower capacity and 2,800 MW from nuclear energy generation (Source: Central Electricity Authority).
During the Twelfth Plan, the share of the private sector in capacity generation and transmission is likely to increase. The private sector is expected to contribute approximately 60 percent of the total planned capacity over 2012-17. This increased private participation will be primarily on account of allowing 100 percent FDI through the automatic route, setting up of ultra mega power projects and public sector participation through PPP / joint venture routes.
The government’s focus is expected to shift from thermal generation to nuclear generation and renewable sources to ensure sustainability and prevent the depletion of natural reserves.
2) ROADS
FY2012-13 witnessed a growth of 6% for the Indian construction sector. Due to monetary issues and other related policies the Indian construction industry showed a lackluster performance in 2012-13. But the outlook for the construction sector beyond FY2012-13 is brightening up. Not only are monetary conditions likely to improve for construction companies in FY2013-14, but the government is also making pertinent efforts to remove bottlenecks that are delaying infrastructure projects in India. India’s construction sector is to reach 7.6% growth in FY2013- 14 with the innovations in construction technology and design along with attractive pricing, which is making the NRIs to take a fresh look at the Indian construction sector as unique market in which they can invest.
While the national highways are managed by the Union Government, other roads are looked after by State Governments/ local bodies. Planning, project preparation, implementation and overall management of roads are looked after by the respective Govt. Departments.
The roads sector is one of the promising sectors since the last few years and it attracts several private players to explore opportunities. Due to the needs of a growing economy, the Government of India has made several announcements to boost this sector and promoted public-private partnerships for all-round developments of roads/ highways/ bridges across the country. The Government of India has constituted the National Highway Authority of India (NHAI) under the NHAI Act, 1988, for implementing NHDP and for the development, maintenance and management of highways as entrusted to it by the Central Government and for other matters incidental thereto. The Government of India has launched major initiatives to strengthen and upgrade national highways to two lane / four lane / bridges/ six lane/ flyovers/ expressways etc through various phases of NHDP (Phase I to VII). In recent times, the Government has prioritised the roads sector and announced major packages to boost the construction and development of roads/ highways through public private partnerships.
OPERATIONAL REVIEW
The Company has registered the net turnover of Rs.10960.155 Millions for the financial year 2012-13 as against Rs.8555.927 Millions in the previous year, thereby registered a growth of 28.10% over the last year's turnover. The operating profit of the Company for the financial year ended 31st March 2013 is Rs.1315.809 Millions, whereas it was Rs.1223.192 Millions during the last financial year. The financial year 2012-13 was the year of economic uncertainty and full of challenges, in spite of that the company maintained its momentum and registered a growth of 28.10% in net turnover and 8.40% in EBITDA over the last year's performance. However the net margins were under pressure due to slow growth in the sector the company operates.
Currently the Company is operating under three segments; namely Project Execution, Overhauling and Maintenance and Supply or Trading. Project Execution segment is engaged in the business of Fabrication, Erection of Boilers (Power Plants), Erection Testing, Commission of ESP, Transmission and Distribution and EPC contract. This is the main segment of the Company and contributing major proportion of the total revenue of the Company. To name a few, the following are some of the projects running presently under this segment:
1. Erection, Testing and Commissioning of Boiler and their Auxiliaries and Bunker Shell and Bunker Mill Bay Structural, Welded Structural Steel Work of Coal Handling Plant and Erection, Testing and Completion of TG Building Steel Structural Work for 2X600 MW Singhitarai Thermal Power Project at Athena Chhattisgarh Power Ltd (ACPL), Singhitarai, Janjgir-Champa District, Chhattisgarh.
2. General Civil, Structural and Architectural Works for BTG Area / BOP Area / BOP Part 1&2 (Road and Pipe Rack) (all inclusive) of 2X600 MW DB Power Project at Baradarha-Champa Dist. Jajgir -Champa Chhattisgarh.
3. Main Plant and Offsite Civil Works and Structural Steel Work for Main Plant, Offsite Civil Works, Chomney and Chimney Elevator Package for NTPC at Ennore TPS 2X500 MW and 1X500 MW.
4. Main Plant Civil and Structural Works Package Including Supply of material for Phase - I and Phase-ll of 2X600 MW JPL, Seoni Project Near Barela-Gorakhpur Village in Seoni Dist. MP
5. Civil Works and Structural Steel works for Coal Handling Plant at Jhabua Thermal Power Project, Seoni, M.P.
6. Civil, Structural and Architectural Works for Main Plant Area of 3X660 MW BTG Package of Mahagenco for Coal Based Power Project at MSPGCL, Koradi Project
7. Design, Engineering, Manufacture, Assembly, Testing at Works, Supply of the Equipments, Mandatory Spares, Cement, Reinforcement Steel, Structural Steel for Civil Works as well as Structural Works, Architectural Works, Transportation and Delivery to Site of all the Equipments and Mandatory Spares including Special Tools and Tackles, if any, for the Balance of Plant Package for Parli TPS Project Unit-8, 1X250 MW.
8. Civil, Structural, Architectural Etc of Civil Superstructure Work of 2X600 MW, Pkg-B, Unit#2 for Singareni Thermal Power Project, Dist Adilabad, A. P.
9. Structural Steel Works for Steel Melt Shop 2 - Zone 04 (Area-6) Storage Bays for 6.3 MTPA Expansion Project VSP-6.3-atRINL, Vizag (A.P)
10. Erection, Testing and Commissioning of Boiler Unit-3, 3X800 MW Stage-I for NTPC, Kudgi Super Thermal Power Project, Bijapur Karnataka 32918 MT
11. Erection, Testing and commissioning of Steam Generator Comprising of Boiler Structures, Boiler Drum, Pressure Parts, Boiler Auxiliaries, Power Cycle Piping, ESP, Rotating Equipments, Auxiliary Boiler, Including Application of Insulation and Final Painting and Assistance for Trial Operation, PG Test and Handover of 2X300 MWTRN TPP -TRN Energy Private Ltd, Nawapara -CG
12. Erection, Testing, Comm and Handling over of Boiler and its Auxiliaries etc at Vertical Pkg Stg-IV & V, U-11 & 13 at NTPC, Vindhyachal STPP 2X500 MW & 1X500 MW and at U - 5 at NTPC, Rihand, STPP 2 X 500 MW.
13. Erection, Testing, Comm and Handling over of Boiler and its Auxiliaries etc at Vertical Pkg U-3 at NTPC, Mouda STPP 2X660 MW
14. Supply, Test, Transport, Construction, Erection, Testing and Commissioning of Distribution Lines, Distribution Transformers of Various Capacities & 33/22/11 KV Sub Stations, Other Allied Works, Including Five Years Guarantee Period for Power transformers, Distribution Transformer with Allied Equipment and Two Years Guarantee Period for Other Works in Kolhapur Zone for RAPDRP Part B Scheme
15. Supply, Test, Transport, Construction, Erection, Testing and Commissioning of Distribution Lines, Distribution Transformers of Various Capacities and 33/11 KV Sub Stations, Other Allied Works, Including Five Years Guarantee Period for Power transformers, Distribution Transformer with Allied Equipment and Two Years Guarantee Period for Other Works in Nagpur (Rural) and Nagpur (Urban) Zone for RAPDRP Part B Works
In addition to the above, the company is executing various prestigious projects related to design Supply, Test, Transport, Construction, Erection, Testing and Commissioning of Distribution Lines, Power Sub Stations etc and also Overhauling and Maintenance of various systems for Power Stations like Koradi, Khaperkheda, Chandrapur, Bhusawal, Sarni, Korba, Parli, etc.
Furthermore The Company has entered into the construction and development of luxury homes/flats equipped with all modern amenities and facilities namely 'Water Green Project' at Nagpur, Maharashtra and 'Green Acres Project' at GOA. Also due to rapid growth and upcoming opportunities in the construction and development business of roads / highways/bridges/flyover, the Company is eyeing to explore opportunities in this sector.
FUTURE PROSPECTS
The Power business in India is on the expansion mode due to rapid industrialization, substantial expansion by industrial houses and population growth. The electricity sector in India had an installed capacity of 214.630 GW as on February 2013, the world's fifth largest. Captive power plants generate an additional 31.5 GW. Non Renewable Power Plants constitute 87.55% of the installed capacity and 12.45% of Renewable Capacity. India generated 855 BU (855000 MU i.e. 855 TWh electricity during 2011-12 fiscal. The demand of Power is increasing every year due to growing need of the economy. The country's annual electricity generation capacity has increased in last 20 years by about 130 GW, from about 66 GW in 1991 to over 100 GW in 2001, to over 199 GW in 2012. It is expected that current and approved electricity capacity addition projects in India are expected to add about 100 GW of installed capacity between 2012 and 2017. This growth makes India one the fastest growing markets for electricity infrastructure equipment. India's installed capacity growth rates are still less than those achieved by China, and short of capacity needed to ensure universal availability of electricity throughout India by 2017.
In India, Thermal Power Plants constitutes more than 65% of total electricity generation and in coming years too it is expected that the major portion of growing need of electricity shall be met by thermal power plants.
The market for power transmission and distribution is also shining due to rapid increase in consumption of electricity as the per capita power consumption gradually increases to global levels.
The Company being one of the leading niche energy player of India dealing in BOP and EPC business, shall continue to exploit emerging opportunities in Power sectors thermal power project, transmission and distribution, hydro power project or any other segment of power.
ROAD SECTOR - FUTURE
PROSPECTS
The Road sector constitutes a substantial part of infrastructure in India. India has a road network of 4.11 million Kms, the second largest in the world. It is estimated that more than 70% of freight and 85% of passengers' traffic in the country is being handled by roads. Good transport system plays a key role in the development of economy and represents the overall growth status. The Road sector being a major constituent of transport system in India, should be well constructed and developed to meet the growing demand of national economy.
The Government of India also emphasized the need of well constructed and developed roads across the country and give major thrust to boost the road construction. In recent years, the road sector becomes an industry and offering huge opportunities to civil contractors, engineering companies, material suppliers, road equipment manufacturers.
Indian Government in its union budget 2012-13 has announced Allocation of funds of Rs.25,360 crores to Road Transport and Highways Ministry to boost/construct the roads / highways in India. In last year, Government has announced the work of construction of roads having length 8800 km to be awarded (construction of Roads) under NHDP and Completion of highway projects 44 per cent higher than in previous fiscal 2011-12. In the Union budget of 2012-13 Government of India has announced Investment in 12th Plan in infrastructure to go upto Rs.50,00,000 crore; half of this is expected from private sector.
In the annual budget of 2013-14, Government of India has announced to constitute a regulatory authority for road sector to supervise and speedup the road construction projects and announced 3000 kms of road projects in Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh will be awarded in the first six months of 2013-14.
Recently, Government of India has announced to achieve target of around 38,716 kms for construction and developments of roads/highways/bridges to be achieved during its 12th fifth year plan for 2012-17 with the investment target of more than Rs.3,97,000 crores to develop these projects during this period. These facts show the huge opportunities in the road construction business. Recently the Company has been venturing into with prestigious projects of around Rs.300 crores in road / bridge construction and shall try to explore opportunities in coming years.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Service Tax demand disputed, contested in appeal |
159.824 |
86.485 |
|
b) Sales Tax demand disputed, contested in appeal |
3.984 |
0.000 |
|
c) Customs Duty disputed |
11.549 |
0.000 |
|
d) Guarantee given to Banks and Financial Institutions on behalf of - |
|
|
|
i) A subsidiary company |
524.200 |
524.200 |
|
- Loans/ LC/ BG outstanding at the year end |
353.925 |
446.752 |
|
ii) An Associate Company |
250.000 |
0.000 |
|
- Loans outstanding at the year end |
129.833 |
0.000 |
|
iii) Others |
25.000 |
0.000 |
|
e) Claims against the Company not acknowledged as debts |
10.137 |
1.760 |
FIXED ASSETS
v
TANGIBLE
ASSETS
Freehold
Land
Leasehold
Land
Buildings
Plant
and Machinery
Computer
and Printer
Furniture
and Fixtures
Office
Equipment
Vehicles
Temporary
Office Construction
v
INTANGIBLE ASSETS
Computer
Softwares
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 records 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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.