MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
L AND T - MHPS BOILERS PRIVATE
LIMITED |
|
|
|
|
Formerly Known
As : |
L AND T – MHI BOILERS PRIVATE LIMITED (w.e.f.18.04.2007) L AND T BOILERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
09.10.2006 |
|
|
|
|
Com. Reg. No.: |
11-165102 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2341.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29119MH2006PTC165102 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2635C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Designing, Engineering, Manufacturing and Commissioning of
Super Critical Steam Generators. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Larsen and Toubro Limited, India
and Mitsubishi Hitachi Power System Limited (MHPS), Japan. It is a well-established and reputed company having fine track record.
The company is progressing well it has been successful in wipping off its
accumulated losses of the previous year. There also seems huge growth in the
profitability of the company during the current year. The company also receives good operational and financial support from
its group. Directors are reported to be well experienced and respectable
businessman. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered good for normal business at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
18.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-67525656/5617)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai - 400001, |
|
Tel. No.: |
91-22-67525617 / 67525656 |
|
Mobile No.: |
91-9913605561 [Mr. Anand Vade] |
|
Fax No.: |
91-22-67525893 / 67525858 |
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E-Mail : |
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|
Website : |
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|
Head Office ; |
L and T Technology Centre, 1st Floor, Pankaj Building, NH-8, |
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Tel. No.: |
91-265-2451600 / 2600 |
|
Fax No.: |
91-265-2452224 |
|
Website |
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|
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|
Factory: |
Hazira Manufacturing Complex-West, |
|
Tel No.: |
91-261-2808500 |
|
Fax No.: |
91-261-2808641 |
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|
|
|
Engineering and Marketing Office : |
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|
Tel No.: |
91-129-4291000 |
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Fax No.: |
91-129-4291222 |
|
E-mail : |
DIRECTORS
As on 05.08.2013
|
Name : |
Mr. Shailendra Roy Narain |
|
Designation : |
Chairman |
|
Address : |
Flat No 603/604, Kalpana Building, Opposite Ramkrishna Mission,
Hospital, 11th Road Khar, West, Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1952 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
02144836 |
|
|
|
|
Name : |
Mr. Amarjit Lamba Singh |
|
Designation : |
Whole-time director |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
24.05.2012 |
|
DIN No.: |
05284078 |
|
|
|
|
Name : |
Mr. Sravankumar Venkata Satya Yeleswarapu |
|
Designation : |
Director |
|
Address : |
Flat No. 801, Verona, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1960 |
|
Date of Appointment : |
27.01.2012 |
|
DIN No.: |
01080060 |
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|
|
|
Name : |
Mr. Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-18-11, Daiyarando, Nagasakishi, Nagasaki-Ken, |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
28.05.2007 |
|
DIN No.: |
01585730 |
|
|
|
|
Name : |
Mr. Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2-33-13, Shiroyamadai, Nagasakishi, Nagasaki-ken, |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
28.05.2007 |
|
DIN No.: |
01585780 |
|
|
|
|
Name : |
Hideshi Kawamoto |
|
Designation : |
Director |
|
Address : |
Koudagou, 1196-135, Nagayocho, Nishisonokigun, Japan |
|
Date of Birth/Age : |
07.02.1962 |
|
Date of Appointment : |
26.04.2012 |
|
DIN No.: |
05256959 |
|
|
|
|
Name : |
Mr. Sunil Rameshchandra Pande |
|
Designation : |
Director |
|
Address : |
703, Sovereign Hlranandanl, Gardens, Powai, Mumbai –
400076, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1950 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
03060968 |
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|
|
|
Name : |
Mr. Yoshiyuki Wakabayashi |
|
Designation : |
Director |
|
Address : |
45-1, Hayama – 2 Chome, Nagasaki, Japan |
|
Date of Birth/Age : |
09.11.1955 |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
05352353 |
KEY EXECUTIVES
|
Name : |
Mr. Kundan Jha |
|
Designation : |
Assistant to Chief Executive Officer |
|
|
|
|
Name : |
Mr. Amarjit Singh Lamba |
|
Designation : |
Manager |
|
Address : |
2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
14.07.2008 |
|
PAN No.: |
AAAPL1048B |
|
|
|
|
Name : |
Mr. Raju Vishwanathan Iyer |
|
Designation : |
Secretary |
|
Address : |
16, Bhiravi, Borla, Uttam CHS Limited, St. Anthony Road, Chembur,
Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1971 |
|
Date of Appointment : |
01.11.2012 |
|
PAN No.: |
AAAPI1454N |
MAJOR SHAREHOLDERS
As on 26.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Larsen and Toubro Limited, India |
119391000 |
51.00 |
|
Mitsubishi Heavy Industries Limited, |
114709000 |
49.00 |
|
Total |
234100000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 05.08.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designing, Engineering, Manufacturing and Commissioning of
Super Critical Steam Generators. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
Canara Bank, 104, Jyoti Commercial Complex, Near
Shyamal Cross Road, Vejalpur, Ahmedabad – 380015, Gujarat, India ·
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
ICICI Bank Limited, Landmark Race Course Circle,
Alkapuri, Baroda – 390015, Gujarat, India |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
742, Parsi Colony, Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India |
|
Tel. No.: |
91-22-22047722/ 23/ 66338343/ 47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
|
|
PAN No.: |
AAAFS2967E |
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|
|
|
Holding Company : |
· Larsen and Toubro Limited, India CIN No.: L99999MH1946PLC004768 |
|
|
|
|
Joint Venture : |
· Mitsubishi Heavy Industries Limited, Japan |
|
|
|
|
Fellow Subsidiary : |
·
L and T-MHI Turbine Generators Private Limited CIN No.: U31101MH2006PTC166541 ·
L and T-Sargent and Lundy Limited CIN No.: U74210MH1995PLC088099 ·
L and T Howden Private Limited CIN No.: U31401MH2010PTC204403 ·
L and T Infrastructure Finance Company Limited CIN No.: U67190TN2006PLC059527 ·
Larsen and Toubro Infotech Limited CIN No.: U72900MH1996PLC104693 ·
L and T Special Steel and Heavy Forgings Private
Limited CIN No.: U27109MH2009PTC193699 ·
L and T Power Development Limited CIN No.: U40101MH2007PLC174071 ·
Ewac Alloys Limited CIN No.: U74999MH1962PLC012315 ·
Nabha Power Limited CIN No.: U40102PB2007PLC031039 ·
Mitsubishi Heavy Industries India Private Limited
CIN No.: U29299DL2005PTC133062 ·
Mitsubishi Power Systems India Private Limited CIN No.: U29292DL2011FTC225628 ·
MHI Technical Services Corporation |
CAPITAL STRUCTURE
As on 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity Shares |
Rs.10/- each |
Rs.2350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
234100000 |
Equity Shares |
Rs.10/- each |
Rs.2341.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2341.000 |
2201.000 |
2201.000 |
|
(b) Reserves & Surplus |
475.988 |
(907.320) |
(1045.383) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2816.988 |
1293.680 |
1155.617 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4853.795 |
4807.177 |
2107.555 |
|
(b) Deferred tax liabilities (Net) |
204.949 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
5058.744 |
4807.177 |
2107.555 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5196.125 |
0.001 |
0.000 |
|
(b) Trade payables |
7810.642 |
4619.171 |
1879.690 |
|
(c) Other current
liabilities |
11436.991 |
20880.299 |
20847.017 |
|
(d) Short-term provisions |
60.618 |
36.190 |
31.721 |
|
Total Current Liabilities (4) |
24504.376 |
25535.661 |
22758.428 |
|
|
|
|
|
|
TOTAL |
32380.108 |
31636.518 |
26021.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4708.069 |
4585.263 |
2616.031 |
|
(ii) Intangible Assets |
178.378 |
61.933 |
59.114 |
|
(iii) Capital
work-in-progress |
12.230 |
276.501 |
388.045 |
|
(iv)
Intangible assets under development |
0.000 |
143.147 |
143.147 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49.243 |
67.255 |
627.978 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4947.920 |
5134.099 |
3834.315 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4501.800 |
985.630 |
3298.326 |
|
(b) Inventories |
1648.523 |
3682.379 |
2157.080 |
|
(c) Trade receivables |
15301.381 |
14411.788 |
2778.238 |
|
(d) Cash and cash
equivalents |
4273.777 |
218.599 |
1435.834 |
|
(e) Short-term loans and
advances |
1587.948 |
3739.191 |
3856.342 |
|
(f) Other current assets |
118.759 |
3464.832 |
8661.465 |
|
Total Current Assets |
27432.188 |
26502.419 |
22187.285 |
|
|
|
|
|
|
TOTAL |
32380.108 |
31636.518 |
26021.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
TOTAL (A) |
23790.300 |
24478.700 |
10642.400 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
|
Employee Benefits Expenses |
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
TOTAL (B) |
21537.200 |
24145.000 |
11054.400 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2253.100 |
645.500 |
NA |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
304.700 |
311.800 |
NA |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1948.400 |
333.700 |
(412.000) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
314.300 |
222.700 |
111.600 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1634.100 |
111.000 |
(523.600) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
219.800 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1414.300 |
111.000 |
(523.600) |
||
|
|
|
|
|
|
||
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(907.300) |
(1018.300) |
(521.800) |
||
|
|
|
|
|
|
||
|
|
HEDGE RESERVE |
(31.000) |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
476.000 |
(907.300) |
(1018.300) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
15683.900 |
18031.300 |
129.800 |
|
|
|
TOTAL EARNINGS |
15683.900 |
18031.300 |
129.800 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
6.20 |
0.50 |
(2.37) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.94 |
0.45 |
(4.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06 |
0.36 |
(2.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58 |
0.09 |
(0.45) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.57 |
3.72 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.04 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2201.000 |
2201.000 |
2341.000 |
|
Reserves & Surplus |
(1045.383) |
(907.320) |
475.988 |
|
Net
worth |
1155.617 |
1293.680 |
2816.988 |
|
|
|
|
|
|
long-term borrowings |
2107.555 |
4807.177 |
4853.795 |
|
Short term borrowings |
0.000 |
0.001 |
5196.125 |
|
Total
borrowings |
2107.555 |
4807.178 |
10049.920 |
|
Debt/Equity
ratio |
1.824 |
3.716 |
3.568 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
10,642.400 |
24,478.700 |
23,790.300 |
|
|
|
130.011 |
(2.812) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
10,642.400 |
24,478.700 |
23,790.300 |
|
Profit |
(523.600) |
111.000 |
1,414.300 |
|
|
(4.92%) |
0.45% |
5.94% |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
CURRENT MATURITIES OF LONG-TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
|
Long Term Borrowings |
|
|
|
Rupee term loans from banks |
4853.795 |
4807.177 |
|
Short Term Borrowings |
|
|
|
Working capital loans from others |
1820.946 |
0.001 |
|
|
6674.741 |
4807.178 |
NOTES:
NATURE OF LONG TERM
BORROWINGS AND TERMS OF REPAYMENT
|
Nature of term loan |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
Rate of interest |
Terms of repayment |
|
External commercial borrowings |
2969.390 |
2782.863 |
USD 6M LIBOR + predetermined margin |
Repayable in 6 equal half yearly installments commencing
from 15/09/2016 and ending on 15/03/2019 |
|
External commercial borrowings |
1884.405 |
2024.314 |
JPY 6M LIBOR + predetermined margin |
Repayable in 4 equal half yearly installments commencing
from 15/07/2015 and ending on 15/01/2017 |
|
Total |
4853.795 |
4807.177 |
|
|
YEAR IN RETROSPECT
The gross sales and other income for the financial year were
Rs.23790.000 Millions as against Rs.24480.000 Millions for the previous
financial year showing marginal decline of 2.81% mainly due to deferment of
some of project’s milestones of JP project to fiscal year 2013-14.
The profit after tax for the financial year registered an exponential growth
at Rs.1414.300 Millions as against Rs.111.000 Millions for the previous
financial year mainly due to advance progress of projects under execution and
gains accrued pursuant to adoption of Accounting Standards 30, 31 and 32 issued
by The Institute of Chartered Accountants of India on Embedded Derivative
Accounting.
During the year 2012-13, the Company has focused on timely execution of
its existing projects amid multiple challenges on the business prospects front.
The continuous focus on training of people and adopting best manufacturing
processes are expected to add significantly to its ability to meet the
requirements of complex jobs. The Company has been recommended for ISO
14001:2004 certification for Environment Management Systems. The Company has
been certified with OHSAS 18001:2007 certification for Occupational Health and
Safety Management Systems and Certificates of Authorization from ASME.
Order booking position remains area of concern due to depressed market
conditions. The Company booked order worth Rs.19310.000 Millions in the year.
The order book stands at Rs.90410.000 Millions as on 31st March 2013.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10449838 |
09/09/2013 |
3,543,500,000.00 |
The Bank Of Tokyo Mitsubishi Ufj Limited |
Mumbai Branch Hoechst House, 15th and 16th Floor, 193, Vinay K Shah Marg, Nariman Point, Mumbai, Maharashtra - 400021, India |
B85306363 |
|
2 |
10293039 |
01/06/2011 |
12,500,000,000.00 |
Canara Bank |
104, Jyoti Commercial Complex, Near Shyamal Cross Road, Vejalpur, Ahmedabad, Gujarat - 380015, INDIA |
B15299787 |
|
3 |
10244456 |
23/03/2012 * |
5,000,000,000.00 |
Kotak Mahindra Bank Limited |
36-38A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai, Maharashtra - 400021, India |
B37442662 |
|
4 |
10230836 |
12/05/2011 * |
25,750,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B12057105 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Printers
·
DG Sets
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
64 |
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.