MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR PROJECTS (INDIA) LIMITED (w.e.f.23.09.2009) |
|
|
|
|
Formerly Known
As : |
ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f.11.01.2007) ESSAR CONSTRUCTIONS LIMITED
(w.e.f.18.10.2000) ESSAR STENA LIMITED |
|
|
|
|
Registered
Office : |
Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.09.1989 |
|
|
|
|
Com. Reg. No.: |
11-053280 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1240.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1989PLC053280 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME03801A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2358J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of undertaking and executing
projects involving Industrial plants, civil and irrigation projects, laying
of pipelines (both onshore and offshore), marine constructions and highways
and expressways. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 64070000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly-owned subsidiary of Essar Projects Limited. It is a well-established company having fine track record. There is a
dip in sales and profit of the company in 2013. However, general financial position of the company appears to be sound
and healthy. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitments. In view of strong holdings, the company can be considered normal for
business dealings 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February 11, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
February 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.
LOCATIONS
|
Registered / Corporate Office : |
Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034,
Maharashtra, India |
|
Tel. No.: |
91-22-66601100/ 24950606/ 50011100 |
|
Fax No.: |
91-22-66601809/ 24954324 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Essar Technopark, Old Swan Mill Compound Mark, Kurla (West), Mumbai
-400070, Maharashtra, India |
|
|
|
|
Other Branch Offices : |
Located at: ·
Ahmedabad ·
Mumbai ·
Chennai ·
Hazira ·
New Delhi ·
Vadinar ·
Visakhapatnam |
|
|
|
|
Overseas Offices : |
Located at: ·
Africa ·
Canada ·
Czech Republic ·
China ·
Indonesia ·
Kenya ·
Korea ·
Madagascar ·
Mauritius · United Kingdom · Qatar ·
UAE ·
USA · Vietnam |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Alwyn Keith Bowden |
|
Designation : |
Managing director |
|
Address : |
Casa Grande, Tower No.1, Flat No.1803, 18th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1957 |
|
Qualification : |
BE - Civil (Swansea University (UK)) |
|
Experience : |
34 Years |
|
Date of Appointment : |
18.07.2011 |
|
PAN No.: |
AUEPB7254M |
|
DIN No.: |
01349295 |
|
|
|
|
Name : |
Mr. Venkatesan Venkataramansinganallur |
|
Designation : |
Director |
|
Address : |
F-401, The Atrium, Old No.49, New No.22, Kalakshetra Road, Thiruvanmiyur, Chennai- 600041, Tamilnadu, India |
|
Date of Birth/Age : |
01.10.1939 |
|
Date of Appointment : |
01.03.2001 |
|
DIN No.: |
00004010 |
|
|
|
|
Name : |
Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur |
|
Designation : |
Director |
|
Address : |
#32, Plot No.50, temple View, Bull Temple Road, Basavangudi, Bangalore-560004, Karnataka, India |
|
Date of Birth/Age : |
21.07.1934 |
|
Date of Appointment : |
01.03.2001 |
|
DIN No.: |
00048680 |
|
|
|
|
Name : |
Mr. Vishnoo Narayan Paradkar |
|
Designation : |
Director |
|
Address : |
#1302, Rose Regency Garden, Sector-6, Kharghar, Navi Mumbai-410210, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1948 |
|
Date of Appointment : |
02.04.2001 |
|
DIN No.: |
00078728 |
|
|
|
|
Name : |
Mr. Tapash Bhattacharya |
|
Designation : |
Whole-time director |
|
Address : |
Planet Godrej, Tower-3, 21st Floor, 030, K.K. Marg, Sant Gadge Maharaj Chowk, Mumbai-400011, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1959 |
|
Qualification : |
PG Diploma in Management |
|
Experience : |
33 Years |
|
Date of Appointment : |
26.12.2008 |
|
PAN No.: |
AAPPB6093B |
|
DIN No.: |
02339966 |
|
|
|
|
Name : |
Mr. Mahesh Sitaram Ambegaonkar |
|
Designation : |
Whole-time director |
|
Address : |
B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1946 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
26.12.2008 |
|
PAN No.: |
AACPA4652N |
|
DIN No.: |
02341599 |
|
|
|
|
Name : |
Mr. Gautam Thakor Bhai Shroff |
|
Designation : |
Director |
|
Address : |
# 13, Windsor House, Maharshi Karve Road, Chruchgate, Mumbai – 400020,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1935 |
|
Date of Appointment : |
26.09.2013 |
|
DIN No.: |
00850082 |
|
|
|
|
Name : |
Mr. Mukesh Rambihari Rohatgi |
|
Designation : |
Director |
|
Address : |
D 190, Sector 41, G B Nagar, Noida – 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.09.1949 |
|
Date of Appointment : |
26.09.2013 |
|
DIN No.: |
00136067 |
KEY EXECUTIVES
|
Name : |
Mr. Brijesh Manmohan Shah |
|
Designation : |
Secretary |
|
Address : |
Plot No.328, Swastik Park, Flat No. 202, ‘A’ Wing, 12th
Road, Jawahar Nagar, Goregaon (West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1978 |
|
Date of Appointment : |
31.10.2008 |
|
PAN No.: |
AUDPS8448M |
|
|
|
|
Name : |
Mr. Anand Sonthalia |
|
Designation : |
Chief Executive Officer - EHES |
|
|
|
|
Name : |
Mr. Vinay Joshi |
|
Designation : |
Sr. Vice President |
|
|
|
|
Name : |
Mr. Asis Gupta |
|
Designation : |
Sr. Vice President |
|
|
|
|
Name : |
Mr. Adluru Amarnath |
|
Designation : |
Chief Executive Officer-Minerals and Metals SBU |
|
|
|
|
Name : |
Mr. Shyam Bagrodia |
|
Designation : |
Chief Executive Officer – Global Sourcing |
|
|
|
|
Name : |
Mr. Ravindran Kayarat |
|
Designation : |
Sr.Vice President – Hydrocarbon |
|
|
|
|
Name : |
Mr. Mike Barton |
|
Designation : |
Sr. Vice President-Civil & Building SBU |
|
|
|
|
Name : |
Mr. Robin Scowcroft |
|
Designation : |
Sr.Vice President-Commercial |
|
|
|
|
Name : |
Mr. Ghanshyam Mehta |
|
Designation : |
Sr.Vice President - Construction Head |
|
|
|
|
Name : |
Mr. Chandrajit Pati |
|
Designation : |
Senior Vice President - HR |
|
|
|
|
Name : |
Mr. Vishwesha Bhat |
|
Designation : |
Chief Executive Officer-Infrastructure SBU |
|
|
|
|
Name : |
Mr. S. N. Eachampati |
|
Designation : |
Chief Executive Officer-Power SBU |
|
|
|
|
Name : |
Mr. Pradeep Kathuria |
|
Designation : |
Head and Chief Exceutive Officer-Construction Equipment Bank |
|
|
|
|
Name : |
Jasbir Singh |
|
Designation : |
Vice President-Engineering |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Essar Projects Limited, UAE |
|
123998000 |
|
Mohan Singh Manral Nominee Essar Projects Limited, UAE |
|
4 |
|
Brijesh Manmohan Shah Nominee Essar Projects Limited, UAE |
|
8 |
|
Prasad V. Devata Nominee Essar Projects Limited, UAE |
|
4 |
|
Savla Mavji Vasant Nominee Essar Projects Limited, UAE |
|
4 |
|
Ghosh P. K. Amitabh Nominee Essar Projects Limited, UAE |
|
4 |
|
Gulabchand R. Parek Nominee Essar Projects Limited, UAE |
|
4 |
|
|
|
|
|
Total |
|
123998028 |
AS ON 26.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
%20LIMITED%20-%20257570%2011-Mar-2014_files/image001.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of undertaking and executing
projects involving Industrial plants, civil and irrigation projects, laying of
pipelines (both onshore and offshore), marine constructions and highways and
expressways. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Central Bank of India, Corporate Finance Branch, 1st
Floor, MMO Building, Fort, Mumbai - 400023, Maharashtra, India ·
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe
Parade, Mumbai - 400005, Maharashtra, India · Yes Bank Limited, Nehru Centre, 9th Floor, Discovery Of India, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · UCO Bank · HDFC Bank · Union Bank of India · Corporation Bank Limited · Dena Bank · ING Vysya Bank · Export Import Bank of India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700046, West Bengal, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate,
Worli, Mumbai - 400018, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Holding company
: |
Essar Projects Limited |
|
|
|
|
Ultimate Holding Company : |
Essar Global Funds Limited, Cayman Island |
|
|
|
|
Enterprises
which are owned, or have significant influence
of or are partners with
Key management personnel and their relatives : |
v Aegis Limited
[U99999MH1992PLC064767] v Bhander Power Limited
[U31101GJ1995PLC065146] v Essar Bulk
Terminal Limited [U13100GJ2004PLC043477] v Essar
Information Technology Limited [U72200MH1992PLC064816] v Essar
Infrastructure Services Limited [U64202MH1995PLC087774] v Essar
Investments Limited [U99999MH1976PLC034721] v Essar Logistics
Limited [U63000MH2004PLC149214] v Essar Oil
Limited [L11100GJ1989PLC032116] v Essar Oilfield
Services Limited v Essar Power
Hazira Limited [U40300GJ2006PLC063146] v Essar Ports
Limited [L85110GJ1975PLC054824] v Essar Power
Gujarat Limited [U74900GJ2007PLC066273] v Essar Power
(Jharkhand ) Limited [U31101DL2005PLC211274] v Essar Power
Limited [U40100GJ1991PLC064824] v Essar Power M P
Limited [U40100DL2005PLC201961] v Essar Power
Transmission Company Limited [U99999DL2005PLC208864] v Essar
Procurement Services Limited [U45203TN1990PLC026337] v Essar Properties
Limited [U93090TN1983PLC019552] v Essar Steel
India Limited [U27100GJ1976FLC013787] v Essar Steel
Minnesota LLC v Futura Travels
Limited [U63040MH1990PLC056592] v Global Supplies
(UAE) FZE v Imperial
Consultants and Securities Private Limited [U65993TN1993PTC024724] v Navabharat Power
Private Limited [U40109DL2005PTC231302] v The MobileStore
Limited [U51900MH2006PLC160647] v Vadinar Power
Company Limited [U40100GJ1997PLC033108] v Essar Power
(Orissa) Limited [U31101DL2005PLC208862] v Vadinar Ports
and Terminals Limited [U63023GJ2009FLC056684] v Equinox Business
Parks Private Limited [U70102MH2007PTC172950] v Essar Shipping
Limited [U61200GJ2010PLC060285] v Vadinar Oil
Terminal Limited v Essar Bulk
Terminal (Salaya) Limited v Essar Bulk Terminal
Paradeep Limited v Essar Power
Salaya Limited v Essar Windpower
Private Limited v Essar Oil
Vadinar Limited |
|
|
|
|
Subsidiary
company : |
v Essar Constructions Limited v Essar Constructions Overseas Limited v Essar Offshore Subsea Limited [U11101MH2008PLC179089] v Essar Projects (PNG) Limited v Essar Projects Singapore Pte Limited v Krios Holdings Pte. Limited v Lucknow Varanasi Tollways Private Limited [U45200DL2011PTC227573] v Essar Refinery Projects Limited [U45200GJ2010PLC062785] v Tirunelveli Wind Farms Limited [U01403MH2007PLC166813] v Essar Projects Saudi Company LLC |
|
|
|
|
Joint venture : |
Essar Projects (India) Limited-JSC Stroytransgaz Russia |
|
|
|
|
Fellow
Subsidiary Company : |
v Essar Projects
Middle East FZE, Dubai v Essar Projects
UK Limited, United Kingdom. v PT Essar
Projects Indonesia, Indonesia v Essar
Projects(USA) LLC, Delaware USA |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1300.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
123,998,028 |
Equity Shares |
Rs. 10/- each |
Rs. 1240.000
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 |
1240.000 |
1240.000 |
310.000 |
|
(b) Reserves and Surplus |
14778.500 |
11961.500 |
9473.900 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
16018.500 |
13201.500 |
9783.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17910.300 |
16104.300 |
9481.200 |
|
(b) Deferred tax liabilities (Net) |
420.100 |
342.700 |
325.300 |
|
(c)
Other long term liabilities |
17368.300 |
9639.200 |
11100.600 |
|
(d)
long-term provisions |
152.500 |
108.600 |
70.200 |
|
Total
Non-current Liabilities (3) |
35851.200 |
26194.800 |
20977.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
16363.400 |
12358.800 |
5407.300 |
|
(b)
Trade payables |
19679.400 |
17338.100 |
12535.900 |
|
(c)
Other current liabilities |
16648.800 |
25232.600 |
24759.400 |
|
(d)
Short-term provisions |
854.800 |
239.700 |
36.900 |
|
Total
Current Liabilities (4) |
53546.400 |
55169.200 |
42739.500 |
|
|
|
|
|
|
TOTAL |
105416.100 |
94565.500 |
73500.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8826.600 |
9983.500 |
8344.600 |
|
(ii)
Intangible Assets |
454.300 |
492.200 |
1.700 |
|
(iii)
Capital work-in-progress |
2108.200 |
1841.100 |
2020.200 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
21029.400 |
9961.100 |
2674.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
742.100 |
341.200 |
292.800 |
|
(e)
Other Non-current assets |
6827.100 |
4424.100 |
1243.400 |
|
Total
Non-Current Assets |
39987.700 |
27043.200 |
14577.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
19929.400 |
20481.800 |
7877.000 |
|
(c)
Trade receivables |
18641.200 |
16890.500 |
8843.700 |
|
(d)
Cash and cash equivalents |
2199.000 |
2345.200 |
2751.700 |
|
(e)
Short-term loans and advances |
24430.500 |
27759.400 |
39407.000 |
|
(f)
Other current assets |
228.300 |
45.400 |
44.100 |
|
Total
Current Assets |
65428.400 |
67522.300 |
58923.500 |
|
|
|
|
|
|
TOTAL |
105416.100 |
94565.500 |
73500.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
66684.300 |
88198.000 |
69295.700 |
|
|
|
Other Income |
2513.500 |
1824.000 |
2098.200 |
|
|
|
TOTAL (A) |
69197.800 |
90022.000 |
71393.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7037.900 |
10045.900 |
3823.400 |
|
|
|
Purchases of stock-in-trade |
28050.000 |
39055.000 |
35074.300 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
182.700 |
51.600 |
(221.700) |
|
|
|
Employee benefit expense |
3312.000 |
3126.000 |
2279.600 |
|
|
|
Other expenses |
20584.100 |
28470.000 |
23568.200 |
|
|
|
TOTAL (B) |
59166.700 |
80748.500 |
64523.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10031.100 |
9273.500 |
6870.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4446.600 |
3406.800 |
1818.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5584.500 |
5866.700 |
5052.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1528.700 |
1458.100 |
1309.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4055.800 |
4408.600 |
3742.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1333.800 |
1497.700 |
1233.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2722.000 |
2910.900 |
2508.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
9387.600 |
6476.700 |
3968.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12109.600 |
9387.600 |
6476.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Income from Construction Contract |
3384.400 |
3427.400 |
359.400 |
|
|
|
Interest on advances and dividend on preference shares |
90.600 |
30.600 |
43.200 |
|
|
|
Other income (Reimbursement of expenses) |
543.700 |
194.600 |
23.700 |
|
|
|
Proceeds on sale of fixed assets |
73.100 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4091.800 |
3652.600 |
426.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
5777.100 |
7376.300 |
386.600 |
|
|
|
Capital Goods |
354.800 |
1960.200 |
175.600 |
|
|
TOTAL IMPORTS |
6131.900 |
9336.500 |
562.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.95 |
23.48 |
20.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.39
|
3.23 |
3.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.08
|
5.00 |
5.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.93
|
5.33 |
5.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.33 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.14
|
2.16 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.22 |
1.38 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
310.000 |
1240.000 |
1240.000 |
|
Reserves & Surplus |
9473.900 |
11961.500 |
14778.500 |
|
Net
worth |
9,783.900 |
13,201.500 |
16,018.500 |
|
|
|
|
|
|
long-term borrowings |
9481.200 |
16104.300 |
17910.300 |
|
Short term borrowings |
5407.300 |
12358.800 |
16363.400 |
|
Total
borrowings |
14,888.500 |
28,463.100 |
34,273.700 |
|
Debt/Equity
ratio |
1.522 |
2.156 |
2.140 |
%20LIMITED%20-%20257570%2011-Mar-2014_files/image002.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
69295.700 |
88198.000 |
66684.300 |
|
|
|
27.278 |
(24.393) |
%20LIMITED%20-%20257570%2011-Mar-2014_files/image003.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
69295.700 |
88198.000 |
66684.300 |
|
Profit |
2508.300 |
2910.900 |
2722.000 |
|
|
3.62% |
3.30% |
4.08% |
%20LIMITED%20-%20257570%2011-Mar-2014_files/image004.gif)
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10461523 |
31/10/2013 |
2,150,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI - 400023, MAHARASHTRA,
INDIA |
B90054701 |
|
2 |
10456171 |
28/09/2013 |
1,700,000,000.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B87991154 |
|
3 |
10442286 |
15/07/2013 |
23,921,199.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B81808198 |
|
4 |
10437435 |
25/06/2013 |
4,500,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B79864385 |
|
5 |
10438293 |
25/06/2013 |
2,500,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE,
9TH FLOOR, DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA,
INDIA |
B80229362 |
|
6 |
10440896 |
08/06/2013 |
790,460,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B81052953 |
|
7 |
10363638 |
01/06/2012 |
9,000,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH. MMO BUILDING, 1ST FLOOR, M G ROAD, FORT, MUMBAI - 400023,
MAHARASHTRA, INDIA |
B42871913 |
|
8 |
10358836 |
25/05/2012 |
1,150,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE FINANCE
BRANCH. MMO BUILDING, 1ST FLOOR, M G ROAD, FORT, MUMBAI - 400023,
MAHARASHTRA, INDIA |
B40844441 |
|
9 |
10338169 |
23/02/2012 |
280,000,000.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B33208828 |
|
10 |
10330965 |
09/01/2012 |
1,500,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B30305999 |
|
11 |
10323498 |
21/12/2011 |
750,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE,
FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA,
INDIA |
B28007656 |
|
12 |
10307870 |
08/06/2013 * |
954,905,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B81051955 |
|
13 |
10313077 |
15/09/2011 |
40,119,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B23511975 |
|
14 |
10303910 |
05/07/2011 |
13,336,700.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B19500602 |
|
15 |
10300438 |
15/06/2011 |
27,066,302.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B18152769 |
|
16 |
10300535 |
15/06/2011 |
27,066,302.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B18180133 |
|
17 |
10296302 |
05/06/2011 |
146,342,400.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B16575029 |
|
18 |
10295109 |
15/05/2011 |
32,193,750.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
B16165052 |
|
19 |
10274275 |
22/03/2011 * |
10,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B08972101 |
|
20 |
10238166 |
20/12/2011 * |
6,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTER ONE BUILING,
FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
B29592888 |
|
21 |
10217786 |
05/05/2010 |
1,800,000,000.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
A84451566 |
|
22 |
80020443 |
15/03/2013 * |
33,030,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER WTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B71698799 |
* Date of charge modification
GENERAL INFORMATION
Subject incorporated on 1st September 1989 is one of the leading
Engineering, Procurement and Construction Company in India and is engaged in
the business of undertaking and executing projects involving Industrial plants,
civil and irrigation projects, laying of pipelines (both onshore and offshore),
marine constructions and highways and expressways.
REVIEW OF
OPERATIONS
Total Revenue of the Company decreased by more than 23 % from Rs.
90022.100 Millions in FY 2011-12 to Rs. 69197.800 Millions in FY 2012-13.
Their Company continued to sustain EBITDA margin despite increase in
certain input costs by continuously focusing on optimum utilisation of
resources and enhancing its operational efficiencies. The EBITDA has increased
from Rs. 9273.500 Millions in FY 2011-12 to Rs. 10031.100 Millions in FY
2012-13.
Profit before Tax has decreased by more than 8 % from Rs. 4,408.600
Millions in FY 2011-12 to Rs. 4055.800 Millions in FY 2012-13.
The Company has provided Rs. 1528.700 Millions (Previous Year INR
1458.100 Millions) for depreciation and Rs. 1256.500 Millions (Previous Year
Rs. 1407.700 Millions) towards Current Income Tax.
CONTRACTS
The Company has secured the following major contracts during the year;
Minerals and
Metals SBU -
1)
Contract for supply, constructions, fabrication,
testing, commissioning and guarantee of 2X20000 MT DAP/ NP (DI Ammonium
Phosphate/ Nitrogen, Potassium) Products storage Sili and Screen House for
Indian Farmer Fertilizers Co-operative Limited (IFFCO) at a total price of Rs.
668.400 Millions
2)
Contract for 4.2 MTPA Capacity Expansion Contract
for Erection of Mechanical Equipment of New Plate Mill at Rourkela Steel Plant
from Steel Authority of India Limited (SAIL) at a total price of Rs. 795.400
Millions
3)
Contract for Erection of 42,550 MT Structural steel
with paint for various units of Kalinganagar Project in the state Odhisa for
Tata Steel Limited at a total price of Rs. 669.400 Millions.
4)
Contract for Dismantling and Erection (Revamping)
project of Blast Fruance at Raigarh in the state of Chhattisgarh for Jindal
Steel and Power Limited at a total consideration of Rs. 400.000 Millions
Pipelines and
Hydrocarbon SBU -
5)
Contract for Mainline Works including small HDD
Works, Civil Works, Mechanical Works, TCP and Electrical Works, OFC Laying Woks
and instrumental Works of De-bottlenecking of a section of the Salaya-Mathura
Crude Oil Pipeline (SMPL) (Group A) passing through the state of Rajasthan and
Haryana and will eventually be terminating at Mathura in the state of Uttar
Pradesh at a total consideration of Rs. 1869.200 Millions for Indian Oil
Corporation Limited (IOCL).
Infrastructure SBU
-
6)
Sub-Contract for Civil work of Dam and Spillway
under Turial Hydro Electric Power Station Project at Mizoram, India for Patel
Engineering Limited at a total consideration of Rs. 1879.600 Millions
7)
Contract for execution of Upgradation of the road
from Thalassery (km 1+200) to Valavupura (km 55+200) of SH-30 in the state of
Kerala for Kerala State Transport Project in joint Venture with M/s. Sacyr for
a total contract price of Rs. 2349.900 Millions
Concession SBU -
8)
Contract for
Design, Build, Operate and Transfer 70 MLD Capacity Sewage Treatment Plant for
the City of Jamnagar in the state of Gujarat for at a Total Contract value of
Rs. 780.000 Millions
INDUSTRY OUTLOOK
AND WAY FORWARD
Market demand for EPC services emanates from both public and private
players. Government or Public Sector Projects aimed at developing
infrastructure facilities and boosting energy supply (Power, Oil and Gas) to
meet with increasing pace of economic growth are the major growth demand
drivers for the Construction Industry.
The financial year saw a significant slowdown in the pace of Industrial
Growth which impacted fresh investments in new projects. This led to lower
level of new order intake and has also slowed pace of execution of current
projects. Statutory clearances for their clients were also delayed in some
cases leading to delay in project progress.
The year also saw lengthening of working capital cycle in the business
as recovery of receivables from customers was taking more time in the current
industrial and liquidity scenario.
In the last three years, the global economy slowdown has resulted in
uncertainty for many in the Engineering and Constructions Industry world over.
Dearth of funds and slackening market demand resulting in overall deferring of
expansion plans of major industry players, extension in tendering and award of
Projects and delayed completions and elongation of the working capital cycle
for construction players. Clearly this is the phase of pain and churn for
infrastructure sector in India.
Nevertheless, the need for measures to make the infrastructure and
energy sector viable and capable of attracting capital has now been duly
acknowledged. The Government has taken up a number of initiatives to fast track
energy and infrastructure projects. Since, January 2013, through the Cabinet
Committee on Investment (CCI), the government has given nod to projects worth
Rs. 740000.000 Millions struck for years due to lack of clearances. The process
of granting environment and forest clearances for mega projects have also been
streamlined and made easier. The sheer demand for better infrastructure will
drive the sector out of its present turmoil.
Today, the Company is focused on optimizing its strategy and operations
to overcome the present economic and financial challenges to emerge as an even
stronger entity that can best leverage the opportunities once the business
environment regains its growth oriented trajectory. The emphasis has been on
reorienting its business strategy and enhancing its internal capabilities. The
Company is now approaching projects in a focused manner and concentrating on
improving bid success ratio rather than increasing the number of bids. The aim
is now to think about what the client is looking for and repackage their
experience and expertise and position ourselves as back integrated to the
supply chain and forward integrated into the operator’s mindset with world
class skills in support. The Company continues to focus on seeking general
pre-qualification with key customer and forge links with the PMCs and
technology providers.
Furthermore, the Company is aggressively venturing into EPC Sectors in
various emerging markets across the globe in the selected target sectors
particularly in South East Asia, Middle East Countries to offset the impact of
slowdown in India.
FINANCE
The Company’s working capital requirements have been funded by the
Consortium of Bankers. The current working capital requirements have been
assessed and approved at Rs. 41500.000 Millions by the Working Capital
Consortium Banks. This represents an increase of Rs. 11000.000 Millions over
previously assessed limits. With these, the Company is in a comfortable
position to meet with working capital requirements for business operations.
The Company has already approached certain Banks for the enhanced
working capital assessed limits with a request to join the IDBI Bank Consortium
and for extending credit facilities for the working capital requirements of the
Company.
Their Company continues to enjoy credit facilities from Srei
Infrastructure Limited and Srei Equipment Finance Private Limited for
procurement of Construction Machineries and Equipments.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
I) Disputed
income tax demand pertains to disallownace under section 80-IA and
non-allowance of T.D.S. credit. |
22.200 |
2.000 |
|
II) Short payment of disputed entry tax |
0.000 |
0.200 |
|
III) Disputed sales tax demand pertains to sale in transit under
Andhra Pradesh VAT regulation |
24.700 |
9.300 |
|
IV) Service tax
demand arising from dispute with respect to benefit claimed Vide notification
1/2006 under Service Tax , exemption claimed for construction of tailing dam
etc. |
144.300 |
89.400 |
|
V) Claims
against the Company not acknowledged as debts pertains to various case of
arbitration cases filed by the sub- contractors for claim against additional
work done, claim for liquidated damage contractee , cess levied by contractee
under Building and Other Construction Workers Welfare Cess Act, 1996 (Cess
Act) etc. |
1239.200 |
473.400 |
|
VI) Guarantees
given by the Company on behalf of subsidiaries for contractual obligations |
23263.000 |
26257.000 |
|
VII) Loans
availed by subsidiary out of the credit facilities of the Company |
3742.500 |
3461.700 |
|
VIII) Guarantees
and Buyer's credit facility availed by the subsidiary out of limits of the
Company During the year 2012-13
the Company has received the draft Assessment Order from Income Tax
Department Assessment Year 2009-10 wherein the price at which the allotment
of shares by the company to its holding company is challenged. The total
adjustment in income of Rs. 1,789 million is indicative. The company has not
accepted the proposed adjustment and has filed objections to the DRP. In view
of the management, this being the draft order does not constitute a claim
against the co and on evaluation on the merits of the case the management
doesn’t consider the possibility of any outflow. |
2635.900 |
1140.700 |
|
|
|
|
|
Total |
31071.800 |
31433.700 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Ships vessels
· Motor vehicles
· Office equipment
· Computer software
·
Licenses and franchise
PRESS RELEASE:
ESSAR PROJECTS
SECURES US$80 MILLION CONTRACT IN ABU DHABI
MAY 23, 2013
Mumbai: Essar Projects (EPL), a global Engineering, Procurement and Construction
(EPC) contractor has bagged three new orders totalling US$80m in Abu Dhabi
underpinning its presence in the Middle East market.
TAKREER has awarded a direct contract to EPL for EPC works,
commissioning and start-up for a spent caustic treatment plant of capacity 3.6
cubic meter per hour at Abu Dhabi refinery. Merichem Process Technologies,
Houston is the technology partner for the project.
Samsung Engineering, Korea has awarded a contract to EPL for civil works
for the Carbon Black and Delayed Coker (CBDC) project for the Ruwais refinery.
G. S. Engineering, Korea has awarded construction of twin Inter Refinery
Pipelines (IRP); one being a 28 inches x 94.6 km, Jet A1 pipeline and the other
being a 28 inches x 94.6 km, gas oil pipeline.
Mr Alwyn Bowden, President and CEO, Essar Projects, said, “The Middle
East is a key market for Essar Projects. These wins are strategically important
steps in reinforcing our global footprint, and build on our existing presence,
executing projects in South East Asia, India, Africa, and the USA.”
Commenting on the development, Mr Amit Gupta, CEO - Hydrocarbons, said,
“There is a huge potential in the hydrocarbons space in the Middle East. Essar
Projects is committed to growth in the region, and has already set up local
offices in United Arab Emirates, Sultanate of Oman, Kuwait, Qatar and Kingdom
of Saudi Arabia in order to actively win and execute mega projects in the
region."
Mobilization activities for all of these contracts are underway. The EPC
for the spent caustic plant is scheduled for completion in 27 months; the civil
contract for CBDC is to be completed in 22 months, and the time frame for the
IRP twin pipeline is eight months.
Takreer is considered to be a prominent oil refining company regionally
and internationally, contributing strongly to the rapid growth of UAE economy.
Since inception, Takreer has maintained its position as a leading refining
company, thanks to high standards and efficient refining operations, consistent
with sound health, safety and environment practices, as well as world standard
performance of both operations and employees.
About Essar Projects
Essar Projects is a global Engineering, Procurement and Construction (EPC) company
offering a unique collaborative end to end project development and delivery
model for major (mega) projects, back integrated into the supply chain and
forward integrated into the operator’s mind set through its sister company
links.
EPL offers its expertise to the following industries: oil and gas (upstream,
mid-stream and downstream) including cross country pipelines and terminals -
offshore and onshore, infrastructure (ports and marine, civil and building),
power (including hydroelectric) and minerals and metals and has presence in
over 20 countries spread across five continents. The company has over four
decades of experience in delivering mega projects and has recently added a
concessions business to its product offerings. EPL is headquartered in Dubai
and operates across regions through wholly owned subsidiaries.
EPL has ‘in house’ a large Engineering and Procurement division as well
as operating extensive fabrication facilities and a large construction
equipment bank operated from a low cost Indian base.
About Hydrocarbon Business
EPL
has proven capabilities in delivering world-class facilities to the hydrocarbon
industry. The company has successfully executed various contracts for 'Blue
Chip' clients such as Indian Oil Corporation Limited (IOCL), GAIL (India)
Limited (GAIL) and Gujarat State Petronet Limited (GSPL). EPL has delivered one
of the most advanced and mega-scale refineries of the world at a single
location in Gujarat, India by completing the 20 MMTPA integrated refinery for
Essar Energy Plc. with a Nelson Complexity Index of 11.8. It has been built
with state-of-the-art technology and gives our client Essar Energy the
capability to produce petrol and diesel suitable for use in India as well as
advanced international markets. The facility is capable of processing heavier
crudes, resulting in increased gross margin revenue for the client.
EPL is currently executing US$400 million OSBL works at Jurong Aromatics
Complex in Singapore for Jurong Aromatics Corporation (JAC). EPL is currently
executing nine process units on a LSTK basis for the 15 MMTPA refinery at
Paradeep in Odisha (India) for IOCL. EPL is also executing on an EPC basis a
fertiliser plant at Durgapur, West Bengal (India) for Matix Fertilizers and
Chemicals Limited of ammonia capacity 2,200 TPD and urea capacity 3,850 TPD,
which is the biggest urea fertilizer plant in India.
CMT REPORT (Corruption, Money Laundering and 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. 61.20 |
|
|
1 |
Rs. 102.35 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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 and 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.