MIRA INFORM REPORT
|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PETRON
ENGINEERING CONSTRUCTION LIMITED |
|
|
|
|
Registered
Office : |
Swastik Chambers 6th Floor, Sion Trombay Road, Chembur,
Mumbai – 400071, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.1976 |
|
|
|
|
Com. Reg. No.: |
11-019135 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.384 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45202MH1976PLC019135 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in the business of engineering,
procurement and construction of plants for oil and gas refineries, power,
cement, petrochemical, fertiliser and other industries |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6308000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of some dip in the turnover and drastic
dip in the profits of the company during financial year 2013, borrowing of
the company has also increased. However, trade relations are reported as fair. Business is active.
Payment terms re reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BB+ (Revised from
BBB+) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
September 11, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term bank facility A4+ (Revised from
A3+) |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
September 11, 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
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON - COOPERATIVE (91-22-4085620)
LOCATIONS
|
Registered / Corporate Office : |
Swastik Chambers 6th Floor, Sion Trombay Road, Chembur,
Mumbai – 400071, Maharashtra, India |
|
Tel. No.: |
91-22-40856200 / 40856400 |
|
Mobile No.: |
91-9820035758 (Mr. Mukesh H. Anjankar) |
|
Fax No.: |
91-22-40856250 / 67973509/10 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft (approximately) |
|
Location : |
Owned |
|
|
|
|
Division : |
Petron
Mechanical Division Plot No. A – 328, T T C, Industrial Area, MIDC, Mahape, Navi Mumbai –
400701, Petrofab
Division Plot No 222-224, Village – Dabhasa, Vadodara – Rockwool
Insulation Division Plot No. A – 307, TTC Industrial Area, Mahape, Thane – Belapur Road,
thane, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ajay Hans |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi Keswani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Gautam Das |
|
Designation : |
Senior Vice President (Projects) |
|
|
|
|
Name : |
Mr. Gautam Sen |
|
Designation : |
Senior Vice President (Projects) |
|
|
|
|
Name : |
Mr. S. C. Pyne |
|
Designation : |
Senior Vice President (Projects) |
|
|
|
|
Name : |
Mr. Milind Sathe |
|
Designation : |
Senior Vice President (Proposals) |
|
|
|
|
Name : |
Mr. Manoj Verma |
|
Designation : |
Head – Procurement and Logistics |
|
|
|
|
Name : |
Mr. Pulkit Goyal |
|
Designation : |
Head – Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
3945393 |
52.34 |
|
|
3945393 |
52.34 |
|
|
|
|
|
|
1517810 |
20.13 |
|
|
1517810 |
20.13 |
|
Total shareholding of Promoter and Promoter Group (A) |
5463203 |
72.47 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2600 |
0.03 |
|
|
250 |
0.00 |
|
|
2850 |
0.04 |
|
|
|
|
|
|
206875 |
2.74 |
|
|
|
|
|
|
1314343 |
17.44 |
|
|
372800 |
4.95 |
|
|
178329 |
2.37 |
|
|
2072347 |
27.49 |
|
Total Public shareholding (B) |
2075197 |
27.53 |
|
Total (A)+(B) |
7538400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7538400 |
0.00 |
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 % of grand total |
|
|
Kazstroyservice Infrastructure India Private Limited (KSS Petron
Private Limited) |
3945393 |
52.34 |
|
Kazstroy service Global BV |
1507680 |
20.00 |
|
Kazstroyservice Hungary KFT |
10130 |
0.13 |
|
Total |
5463203 |
72.47 |
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 % of Total No. of Shares |
|
|
Mitesh Mehta |
372800 |
4.95 |
|
|
Mahesh Dinkar Vaze |
90000 |
1.19 |
|
|
Total |
462800 |
6.14 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of engineering,
procurement and construction of plants for oil and gas refineries, power,
cement, petrochemical, fertiliser and other industries |
GENERAL INFORMATION
|
Customers : |
¨ Adani Infra
(India) Limited ¨ Associated
Cement Company Limited ¨ Associated
Construction ¨ Bharat Heavy
Electricals Limited ¨ Bharat Oman
Refineries Limited ¨ ESSAR Projects
Limited ¨ Grasim Cement ¨ Grasim
Industries Limited ¨ Gajambuja Cement
¨ Oil Natural Gas
Corporation ¨ Raj Cement ¨ Reliance Energy
Limited ¨ Reliance
Industries Limited ¨ National
Shipping Company ¨ Prteochemicals
Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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Facilities : |
NOTE: LONG TERM
BORROWINGS a) Term loan from bank amounting Rs. Nil (Previous year: Rs.17.996 millions) carried interest @ 12.35% p.a. The Loan was repayable in 36 monthly installments of Rs. 2.222 millions each along with interest, from the date of loan, viz., 01 December 2009. The loan has been completely repaid on 01 December 2012.Theban was secured by hypothecation of Plant and Machinery of the company acquired out of the said ban. b) Term loan from bank amounting to Rs. 74.129 (Previous year: Rs. 185.439 millions) carries interest @ 12.35% p,a + The loan is repayable in 42 monthly installments along with interest (as per schedule laid down by bank), from the date of loan, viz., 01 lanuary2011. The loan is secured by hypothecation of plant and machinery of the company acquired out of the said loan. c) Term loan from bank amounting to Rs.35.413 millions (Previous year: 39.085 millions) carries interest @ 12.35% p,a + The loan is repayable in 42 monthly installments along with interest (as per schedule laid down by bank), from the date of loan, viz., 01 lanuary2011. The loan is secured by hypothecation of plant and machinery of the company acquired out of the said loan d) Term Loans from financial institution amounting to Rs. 176.590 millions (Previous year: Rs. Nil) has been taken during the financial year 2012-13 and carries interest @ 13% p.a, [floating]. The loan is repayable in 48 monthly installments including interest (as per the repayment schedules). The loan is secured by Equitable Mortgage of factory freehold land and superstructure thereon, located at Pen. Maharashtra and Corporate Guarantee of Petron Investments Private Limited e) Term loans from bank amounting to Rs. 261.181 millions (Previous year: Rs. Nil) has been taken during the financial year 2012-13 and carries interest at Bank rate+ 2%, which is currently 12.75% p.a. The loan is repayable in 16 quarterly installments after a moratorium period of 12 months (as per the repayment schedule]. The Loan is secured by collateral security on Land and Building at Mahape and certain plant and machinery. Also first pari passu charge on the fixed assets of the company excluding certain assets specifically charged to certain lender along with other working capital lenders and term lender. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batiliboi and Company LLP Chartered Accountants |
|
Address : |
16th Floor, The Ruby, Senapati Bapat Marg (Tulsi Pipe Road), Dadar (West), Mumbai – 400028, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name 1 : |
Lodha and Company Chartered Accountants |
|
Address : |
C – 1, Upasna, 1 Haily Road, CP, |
|
|
|
|
Name 2 : |
Lodha and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Fellow Subsidiaries : |
¨
KazStroy Engineering India Private Limited ¨
Petron Civil Engineering Private Limited ¨
KazStroyService Infrastructure India Private
Limited ¨
KazStroyService Management Services Pte. Limited |
|
|
|
|
Holding Company : |
¨
Petron Investments Private Limited |
|
|
|
|
Ultimate Holding Company : |
¨
Kaz Story Services Global B V |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7538400 |
Equity Shares |
Rs.10/- each |
Rs.75.384 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 |
75.384 |
75.384 |
75.384 |
|
(b) Reserves & Surplus |
1501.713 |
1502.258 |
1201.190 |
|
(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) |
1577.097 |
1577.642 |
1276.574 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
407.881 |
95.887 |
67.312 |
|
(b) Deferred tax liabilities (Net) |
22.098 |
28.213 |
29.123 |
|
(c) Other long term
liabilities |
131.220 |
464.457 |
582.149 |
|
(d) long-term
provisions |
14.509 |
14.235 |
13.703 |
|
Total Non-current
Liabilities (3) |
575.708 |
602.792 |
692.287 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1346.339 |
1256.313 |
63.242 |
|
(b) Trade
payables |
1080.798 |
1208.125 |
677.376 |
|
(c) Other
current liabilities |
953.397 |
1026.179 |
1680.123 |
|
(d) Short-term
provisions |
73.370 |
69.869 |
70.091 |
|
Total Current
Liabilities (4) |
3453.904 |
3560.486 |
2490.832 |
|
|
|
|
|
|
TOTAL |
5606.709 |
5740.920 |
4459.693 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
936.189 |
1016.838 |
882.832 |
|
(ii)
Intangible Assets |
25.491 |
20.778 |
13.389 |
|
(iii)
Capital work-in-progress |
12.911 |
25.424 |
56.042 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.203 |
20.580 |
31.478 |
|
(e) Other
Non-current assets |
0.216 |
6.632 |
18.699 |
|
Total Non-Current
Assets |
979.011 |
1090.253 |
1002.441 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
11.051 |
20.810 |
9.031 |
|
(c) Trade
receivables |
1471.183 |
1932.458 |
2332.720 |
|
(d) Cash
and cash equivalents |
89.417 |
103.589 |
66.531 |
|
(e)
Short-term loans and advances |
421.596 |
355.631 |
385.367 |
|
(f) Other
current assets |
2634.451 |
2238.179 |
663.603 |
|
Total
Current Assets |
4627.698 |
4650.667 |
3457.252 |
|
|
|
|
|
|
TOTAL |
5606.709 |
5740.920 |
4459.693 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5242.660 |
6715.639 |
4991.040 |
|
|
|
Other Income |
133.951 |
13.423 |
23.255 |
|
|
|
TOTAL |
5376.611 |
6729.062 |
5014.295 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2069.674 |
2706.310 |
1216.591 |
|
|
|
Increases/ (Decrease) in project inventories |
11.993 |
(12.849) |
1.689 |
|
|
|
Employees benefits expense |
1103.142 |
1097.929 |
880.815 |
|
|
|
Other expenses |
1774.228 |
2173.520 |
2306.311 |
|
|
|
TOTAL |
4959.037 |
5964.910 |
4405.406 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
417.574 |
764.152 |
608.889 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
223.619 |
127.260 |
38.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
193.955 |
636.892 |
570.797 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
162.933 |
159.721 |
109.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
31.022 |
477.171 |
461.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
30.142 |
157.156 |
151.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
0.880 |
320.015 |
309.537 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1007.943 |
740.451 |
480.935 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
35.000 |
32.500 |
|
|
|
Proposed Dividend on Equity Shares |
0.000 |
15.077 |
15.076 |
|
|
|
Tax on Proposed Equity Dividend |
0.000 |
2.446 |
2.445 |
|
|
BALANCE CARRIED
TO THE B/S |
1008.823 |
1007.943 |
740.451 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1.290 |
89.619 |
117.710 |
|
|
|
Raw Materials |
315.872 |
247.873 |
67.579 |
|
|
TOTAL IMPORTS |
317.162 |
337.492 |
185.289 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.12 |
42.45 |
41.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.02 |
4.76 |
6.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.59 |
7.11 |
9.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.55 |
8.35 |
10.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.30 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11 |
0.86 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.31 |
1.39 |
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 |
75.384 |
75.384 |
75.384 |
|
Reserves & Surplus |
1201.190 |
1502.258 |
1501.713 |
|
Net
worth |
1276.574 |
1577.642 |
1577.097 |
|
|
|
|
|
|
long-term borrowings |
67.312 |
95.887 |
407.881 |
|
Short term borrowings |
63.242 |
1256.313 |
1346.339 |
|
Total
borrowings |
130.554 |
1352.200 |
1754.220 |
|
Debt/Equity
ratio |
0.102 |
0.857 |
1.112 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4991.040 |
6715.639 |
5242.660 |
|
|
|
34.554 |
(21.934) |
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 |
4991.040 |
6715.639 |
5242.660 |
|
Profit |
309.537 |
320.015 |
0.880 |
|
|
6.20% |
4.77% |
0.02% |
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 |
138.755 |
146.632 |
152.733 |
|
|
|
|
|
|
Total |
138.755 |
146.632 |
152.733 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 10.03.2014 |
|
Lodging No.:- ITXAL/647/2014 Filing
Date:- 10/03/2014 Reg. No.:- ITXA/765/2012 Reg.
Date:- 08.04.2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX-10- Respondent: PETRON
ENGINEERING CONSTRUCTION
LIMITED Petn. Adv : ARVIND PINTO (I583) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 10.06.2014 Stage: Last Coram: ACCORDING TO SITTING LIST
ACCORDING TO SITTING
LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter-corporate deposits |
152.716 |
69.000 |
|
|
|
|
|
Total |
152.716 |
69.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413066 |
11/03/2013 |
500,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL LOAN PROCESSING CELL, 65/7, 1ST FLOOR, NEW ROHTAK ROAD, NEW
DELHI, Delhi - 110005, INDIA |
B71210850 |
|
2 |
10378144 |
07/09/2012 |
185,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, |
B58752304 |
|
3 |
10360747 |
15/06/2012 |
5,484,076.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
B41673310 |
|
4 |
10352805 |
04/05/2012 |
245,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B38626032 |
|
5 |
10345077 |
15/03/2012 |
16,802,020.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
B36105468 |
|
6 |
10252810 |
24/09/2010 |
410,000,000.00 |
Axis Bank Limited |
1st floor, Karumuttu Nilayam,No.192, Anna Salai, |
A97609226 |
|
7 |
10241707 |
19/08/2011 * |
1,400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B19991504 |
|
8 |
10211635 |
22/03/2010 |
32,830,000.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
A82928375 |
|
9 |
10145364 |
22/09/2010 * |
3,700,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 118-121, SWASTIK CHAMBERS, SION TROMBAY ROAD, CHEMBUR,
MUMBAI, Maharashtra - 400071, INDIA |
A95923892 |
* Date of charge modification
CORPORATE INFORMATION
The company is a public Company domiciled in India and incorporated on 19th
July, 1976 under the provisions of the Companies Act, 1956. The Company is
primarily engaged in the business of engineering, procurement and construction
of plants for oil and gas refineries, power, cement, petrochemical, fertiliser
and other industries. Its shares are listed on two stock exchanges in India.
The Company has mechanical fabrication and manufacturing facilities in
Maharashtra and Gujarat regions. The Company also provides electrical and
instrumentation services and insulation and refractory application/maintenance
services to above industries.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY TRENDS
AND DEVELOPMENTS
With Indian Government's view to renew focus on Infrastructure
development and prioritize the need for greater Infrastructure development, Infrastructure
Industry in India is surely poised for Growth. Petron is optimistic in meeting
its share of Engineering Construction business under a major challenging
scenario.
Power, Cement and Refineries are considered major concentration areas
for further business volumes for Petron. To bridge the ever increasing Gas
demand and supply situation in Natural Gas, new LNG Terminals are being planned
in India and Petron is focusing this sector. Few Fertilizer plants expansion
projects are announced, this being one of its core area, Petron is also working
in this sector.
Thus, Petron is geared up to align to participate for such Projects to
achieve a sustainable business in its challenging times.
DIVISION WISE
PERFORMANCE ENGINEERING and CONSTRUCTION
The work on the following projects substantially progressed during the
year:
a)
Erection and associated works of Boiler and
Auxiliaries and TG Auxiliaries of Unit No. 01 and 03 for 3 x 660 MW Tiroda
Thermal Power Project of Adani Power Maharashtra Limited at Tiroda, Dist.
Gondia, Maharashtra.
b)
Engineering, Procurement, Construction and
Commissioning Assistance (EPCC) of Fired Heaters for VGO-HDT unit of Paradip
Refinery Project, for Indian Oil Corporation Limited at Paradip, Orissa.
c)
Engineering, Procurement, Construction and
Commissioning Assistance (EPCC) of AVU Fired Heaters of Paradip Refinery
Project for Indian Oil Corporation Limited at Paradip, Orissa.
d)
Engineering, Procurement, Construction and
Commissioning Assistance (EPCC) of NHT/CCR Fired Heaters for Paradip Refinery
Project at Paradip, Orissa for Indian Oil Corporation Limited, Paradip.
e)
Erection of Boiler Island, Boiler BOP for SEPCO
Electric Power Construction Corporation in 3 x 600MW Power Plant at Nariyara,
Champa, Chattisgarh.
f)
Mechanical Erection and Electrical Installation at
Chittaurgarh Cement Plant Project, Rajasthan of Laf arge India Private Limited,
Chittaurgarh, Rajasthan.
g)
Erection, testing, Commissioning, trial operations
and handing over 2 x 600 MW Boilers for DVC Raghunathpur Power Project as
Sub-contractors to Utility Energytech and Engineers Private Limited.
h)
Composite works for Gas Processing Unit for
Petrochemical Complex - II of Gail (India) Limited at Pata. Uttar Pradesh.
i)
Composite works for Gas Cracker Unit for Petrochemical
Complex -II of Gail (India) Limited at Pata, Uttar Pradesh.
j)
Cracker Furnace Package for Petrochemical Complex
-II of Gail (India) Limited, at Pata, Uttar Pradesh
k)
Erection, Testing, Commissioning and performance Guarantee
(PG) Tests of Boiler and its Auxiliaries along with Critical Piping for Unit 1
and 2 of 1320 MW (Phase-I, 2 x 660MW) Kawai Thermal Power Project, for Adani
Infra (India) Limited, at Kawai, Rajasthan.
The Work on the following recently awarded projects have commenced:
a)
Mechanical, Electrical and Instrumentation,
Fabrication and Erection works for the proposed cement Grinding Unit at
Anakapalli. Visakhapatnam of Madras Cements Limited, Chennai.
b)
Erection, Testing, Commissioning, Performance and Guarantee
testing for Boiler and Auxiliaries Packages for NCC Power Project ( 2x 660MW)
Unit I and Unit II at Nellore, Andhra Pradesh for NCC limited
PETRON MECHANICAL
INDUSTRIES
During the year, the Division has successfully executed the following
contracts:
a)
Design, Engineering, Manufacturing, Supply,
Erection and Commissioning of 6 numbers of EOT Cranes of 10 T, 15 T and 20 T
Capacities for Inox India Ltd, Kalol, Gujarat.
b)
Design, Manufacturing and Supply of 10 T Capacity,
Double Girder Gantry Crane for Hydac (India) Private Limited, Bhiwandi,
Maharashtra.
c)
Manufacture and Supply of Skid Mounted Modules to
Sterling and Wilson Co-Gen Solutions Private Ltd, Mumbai for their Alusa Power
Project at Nigeria.
Erection of various capacities of EOT Cranes at Bharat Aluminium Company
Limited, Korba, Chhattisgarh.
ELECTRICAL AND
INSTRUMENTATION
During the year following contract has been completed:
Erection, Testing and Commissioning of Electrical and Lighting equipment
and instrumentation equipment at AriyalurLine-2 Project of Madras Cements
Limited, Tamilnadu.
Presently, the following Orders of the Division are under execution:
a)
Contract for Supply of Electrical Equipment,
Installation, Testing, Commissioning and conducting Guarantee Tests for Vindyachal
Super Thermal Power Project, Stage IV (2x500) MW for National Thermal Power
Corporation Limited, Madhya Pradesh.
b)
Contract for Supply of Electrical Equipment,
Installation, Testing, Commissioning and conducting Guarantee tests for Rih and
Super Thermal Power Project, Stage III (2x500 MW) for National Thermal Power
Corporation Limited, Uttar Pradesh.
c)
Supply of Electrical Equipment Package (Part -1 -
Cabling, Earthing and Lightning Protection, Part- II - Electrical Equipment and
Part - III - Illumination system) for 2 x 371 MW combined cycle power plant -
Stage III at Lanco Infratech Limited, Kondapalli, IDA, Dist. Krishna, Andhra
Pradesh.
d)
Erection, testing and commissioning of Electrical
Erection Package (Part-1 - Cabling, Earthing and Lightning Protection, Part -
II - Electrical Equipment and Part - III - Illumination System) for 2 x 371 MW
Combined Cycle Power Plant - Stage III at Lanco Infratech Limited, Kondapalli
IDA, Dist Krishna, Andhra Pradesh.
e)
Electrical works for INDMAX(FCC) and PRU of Paradip
Refinery Project, for Indian Oil Corporation Limited, Paradip, Orissa
f)
Electrical works for off-sites and utilities at
Indian Oil Corporation Limited, Paradip Refineries for Kaz Story Service
Infrastructure India Private Ltd, Gurgaon, Haryana.
g)
Supply and Erection of Electrical Equipment Package
for CCR Projects for Bharat Petroleum Corporation Limited at Mahul, Chembur,
Mumbai, Maharashtra.
h)
Electrical Installation Work for Purified
Terepthalic Acid (PTA) 5 at Reliance Industries Limited, Dahej Manufacturing
Complex, Gujarat.
I Design, Engineering, Procurement, Manufacture, Supply, Inspection and
P. T. 0. Testing of Electrical Installation work package for Prayagraj Thermal
Power Project (3 x 660 MW) at Tehsil - Bara, Allahabad, Uttar Pradesh.
ROCKWOOL
INSULATION AND REFRACTORY
a)
During the year, the division has successfully
executed the following contracts:
b)
Supply and Application of Wrapping and Coating
material UG Pipes for Reliance Industries Limited, Dahej, Gujarat.
c)
Installation of Refractories for 10000 TPD Cement
Plant for ABG Cement Limited, Thumdi, Kutch, Gujarat.
d)
Supply and application of Hot Insulation for
Turbines of 3 x 800 MW Ultra Mega Power Project of CGPL (TataPower), Mundra,
Gujarat.
e)
Refractory and Insulation Jobs at Reliance
Industries Limited at Jamnagar and Hazira Gujarat.
f)
Refractory and Insulation Jobs at Essar Oil
Limited, Jamnagar, Gujarat.
g)
Application of Refractories in Pallet Plant of BMM
Ispat Limited, Bella ry, Karnataka.
h)
Wrapping and Coating of UG Pipelines at Reliance
Industries Limited, Silvasa, Union Territory.
Presently, the following orders of the Division are under execution:
a)
Application of Refractory and Insulation work for
Lafarge Cement Plant - Chittorgarh. Rajasthan.
b)
VGO, AVU, NHT7 CCR Heaters and Insulation work for
Indian Oil Corporation Limited, Paradeep, Orissa.
c)
Design Engineering, Supply and Application of
Refractories for 3 Nos. Ethylene Gas Crackers at GAIL (India) Ltd, Pata, Uttar
Pradesh.
d)
Insulation for composite works - GCU and GPU for
GAIL (lndia) Limited, Pata, Uttar Pradesh.
e)
Insulation jobs (ARC) at Reliance Industries
Limited, Jamnagar, SEZ and Hazira, Gujarat.
f)
Insulation jobs (ARC) at Essar Oil Limited,
Jamnagar, Gujarat.
g)
Application of Hot Insulation job for
Piping/Equipment for PFY Project, at Reliance Industries Limited, Silvasa Union
Territory.
h)
Wrapping and Coating for UG Pipelines at IDC for
Reliance Industries Limited, Jamnagar, Gujarat.
i)
Supply and Application of Insulation and Refractory
material along with all ancillaries for BTG and its auxiliaries for 660 MW Unit
of Adani Infra Power Project, Kawai Thermal Power Project, Kawai, Rajasthan.
PETROFAB DIVISION
During the year, this Division has successfully completed the below
mentioned projects:
a)
Supply and Fabrication of Structures including
Copper Slag Blasting and Painting for Daniel Measurement Solutions (Private)
Limited, Vadodara, Gujarat.
b)
Fired Heater Steel Fabrication for Indian Oil
Corporation Limited, Paradip FCC RR/Fresh Feed Pre- heater for JNK India
Private Limited, Maharashtra for I0CL Paradip, Orissa.
c)
Fired Heaters Steel Fabrication for OMPL MRAC-LSTK1
for JNK India Private Limited, Maharashtra for OMPL, Mangalore, Karnataka.
d)
Supply and fabrication of Reformer Steel Structure
and Combustion Air Ducts for Uhde India Private Limited, for lOCL Paradip,
Orissa.
e)
Supply of convection Module for Modification of VBU
to CDU Heater for Revamp Project and Supply of convection modules through
Heurtey Petrochem India Private Ltd, for Essar Projects Limited, Gujarat.
f)
Design, Supply, Fabrication, Blasting, Painting and
Transportation of Convection Bundle for Jhaghadia Plant for Linde Limited,
Vadodara, Gujarat.
Presently, the following orders of the Division are under execution:
a)
Design, Fabrication Testing and Transportation of
Helium Gas Pressure Vessel Installation for Government of India, DAE, Kolkata,
West Bengal.
b)
Fabrication, Testing, Painting and Assembly of
Piping spools and Supply, Fabrication, Testing, Inspection of Structures
including Surface preparation and Painting for Daniel Measurement Solutions
(Private) Limited, Vadodara, Gujarat.
c)
Detailing and Supply of Air Grid Distributor for
Regenerator for Indian Oil Corporation Limited, Vadodara.
d)
Supply of Refractory Materials for Adani Infra
Power Project, Kawai-Rajasthan.
e)
Supply of 2 ton Capacity Overhead Crane of 19.5 M
Span for JSC "OGCC Kaz Story Service", Kazakhstan.
ACHIEVEMENTS
a)
The Company has achieved 33.2 Million Man hours, in
the FY 2012-13 and with ZERO fatality.
b)
The Company has been re-certified for the
Integrated Management System - combining both QMS ISO 9001:2008,OHSAS18001:2007
and ISO 14001:2004.
OUTLOOK
The Company has booked orders aggregating to Rs. 2040.000 millions
during the year 2012-2013 compared to order book of Rs. 5750.000 millions
during Financial Year 2011-12. The Company has accumulated orders of about Rs.
8720.000 millions of which EPC orders contributes apprx. 37%.
The sectors in which the Company is active are, oil and gas,
petrochemicals, power and cement industries.
Out of these, Petro-chemicals, Power and Cement seems to be promising
Sectors for the year 2013-14. Power Sector was expected to move faster but due
to inadequate supply of coal and gas, the Power Sector has not progressed in
the past. However, various Power Companies are tying up with foreign countries
for Coal. The Power Sector is expected to throw ample opportunities to the Company
for growth.
With Indian government focusing on bringing reforms in Coal mining
sector being opened to private participation coupled with government's
ambitious plan for independent Freight Corridor should be a boon to the Power
sector.
In the coming years, with the growth in Agriculture, Fertilizer Industry
is also expected to grow. The Company is expected to undertake EPC and
Construction jobs in the Fertilizer Industry.
FIXED ASSETS
œ
Land (Freehold)
œ
Land (Leasehold)
œ
Building
œ
Plant and Equipment
œ
Furniture and Fixture
œ
Vehicles
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.60.00 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.