MIRA
INFORM REPORT
|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRAJ INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
"Praj House", Bavdhan, Pune – 411021, Maharashtra |
|
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.11.1985 |
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Com. Reg. No.: |
11-038031 |
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Capital
Investment / Paid-up Capital : |
Rs.354.930 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101PN1985PLC038031 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Process and Project Engineering. |
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|
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|
No. of Employees
: |
960 (Approximately) |
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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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitments. The company can be considered good for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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 |
CRISIL |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
April 16, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
April 16, 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 Co-Operative (91-20-22951511)
LOCATIONS
|
Registered/ Head Office : |
"Praj House", Bavdhan, Pune - 411021, Maharashtra, India
|
|
Tel. No.: |
91-20-22951511/ 22952214/ 39806666/ 22905000/ 39806314 |
|
Fax No.: |
91-20-22951718/ 22951515 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Gat No.748, Opposite Metacolour, Sanaswadi, Taluka Shirur, District Pune - 412 207, Maharashtra, India |
|
Tel. No.: |
91-2137-252328/ 252913 |
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Fax No.: |
91-2137-252911 |
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Factory 2 : |
Gat No.745, Opposite Metacolour, Sanaswadi, Taluka Shirur, District Pune - 412 207, Maharashtra, India |
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Factory 3 : |
Plot No. E-20 and E-21 Additional MIDC Area, Jejuri Taluka Purandar, District Pune – 412303, Maharashtra, India |
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Export Oriented
Unit 1 : |
Kandla SEZ Unit I, Plot No 307 to 314, Sector IV, Gandhidham, Kutch - 370230, Gujarat, India |
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Export Oriented
Unit 2 : |
Kandla SEZ Unit II, Plot No 282 to 286 and 294 to 298, Sector IV, Gandhidham, Kutch - 370230, Gujarat, India |
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|
North Office : |
D-26, 1st Floor, Sector 3, Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4235341 / 42 / 43 |
|
Fax No.: |
91-120-4235344 |
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|
|
|
South Office : |
No.173, 10th Cross, 10th 'A' Main, Indiranagar,
IInd Stage, Bangalore – 560038, Karnataka, India |
|
Tel. No.: |
91-80-25251680/ 25251484 |
|
Fax No.: |
91-80-25202432 |
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|
R and D Centre |
Matrix - The |
|
Tel. No.: |
91-20-66754000/ 22922001 |
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Fax No.: |
91-20-22922004 |
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|
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International
Office : |
Located at: · North America, Latin America and Caribbeans South Africa · Thailand · United Arab Emirates ·
Brazil |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Pramod Chaudhari |
|
Designation : |
Executive
Chairman |
|
|
|
|
Name : |
Mr. Gajanan Nabar |
|
Designation : |
Chief Executive Officer and Managing Director |
|
Date of Birth/Age : |
16.11.1963 |
|
Date of Appointment : |
15.11.2010 |
|
Qualification : |
Master’s degree
in Organic Chemistry and in Management from |
|
|
|
|
Name : |
Mr. Berjis Desai |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.08.1956 |
|
Date of Appointment : |
27.08.1993 |
|
Qualification : |
LLB. Masters
degree in law from Cambridge University |
|
|
|
|
Name : |
Mr. Kishor Chaukar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Parimal Chaudhari
|
|
Designation : |
Director |
|
Date of Birth/Age : |
01.08.1956 |
|
Date of Appointment : |
21.07.2006 |
|
Qualification : |
Post Graduate
degree in Journalism and Communications from |
|
|
|
|
Name : |
Mr. Prakash Kulkarni
|
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
09.06.1947 |
|
Date of Appointment : |
11.10.2010 |
|
Qualification : |
Graduate
Engineer from VJTI and an alumni of |
|
|
|
|
Name : |
Mr. Rajiv Maliwal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Sivaramakrishnan
Iyer |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.07.1967 |
|
Date of Appointment : |
17.04.2003 |
|
Qualification : |
Bachelor’s degree in Commerce and Chartered Accountant. |
|
|
|
|
Name : |
Mr. Utpal Sheth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dattatraya Nimbolkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
58500000 |
32.96 |
|
|
58500000 |
32.96 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
58500000 |
32.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4407692 |
2.48 |
|
|
7923705 |
4.46 |
|
|
12374081 |
6.97 |
|
|
24705478 |
13.92 |
|
|
|
|
|
|
22957527 |
12.94 |
|
|
|
|
|
|
36733572 |
20.70 |
|
|
27203411 |
15.33 |
|
|
7365091 |
4.15 |
|
|
1325008 |
0.75 |
|
|
4414433 |
2.49 |
|
|
3400 |
0.00 |
|
|
1622250 |
0.91 |
|
|
94259601 |
53.11 |
|
Total Public
shareholding (B) |
118965079 |
67.04 |
|
Total (A)+(B) |
177465079 |
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) |
177465079 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Process and Project Engineering. |
GENERAL INFORMATION
|
No. of Employees : |
960 (Approximately) |
|
|
|
|
Bankers : |
· Bank of Maharashtra · The Royal Bank of Scotland ·
HSBC Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. K.
Khare and Company Chartered
Accountants |
|
Address : |
706/ 708, Sharda
Chambers, New Marine Lines, Mumbai - 400020, Maharashtra,
India |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360/ 66315835/ 36 |
|
Fax No.: |
91-22-22003476 |
|
E-Mail : |
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|
Internal
Auditors : |
Khare Deshmukh and
Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
Dhananjay V. Joshi and Associates Chartered Accountants |
|
|
|
|
Solicitors : |
J. Sagar Associates, Mumbai |
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|
|
|
Subsidiaries : |
· Pacecon Engineering Projects Limited · Praj Far East Comapny Limited · BioCnergy Europa B.V. · Praj Americas Inc. (from June 2009) · Praj Industries (Africa) Pty Limited ·
Neela Systems
Limited |
|
|
|
|
Fellow Subsidiaries
: |
· Praj Industries (Tanzania) Limited ·
Praj Industries
(Sierra Leone) Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177465000 |
Equity Shares |
Rs.2/- each |
Rs.354.930 Millions |
|
|
|
|
|
a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period:
|
|
No. Million |
Rs. In Millions |
|
At the beginning of the period |
179.548 |
359.096 |
|
Add: Allotted during the period pursuant to exercise of employees stock options |
-- |
-- |
|
Less: Shares bought back during the period pursuant to buy back scheme |
2.083 |
4.166 |
|
Outstanding at the
end of the period |
177.465 |
354.930 |
b) Terms/Rights
attached to equity shares:
The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2013, the amount of per share dividend recognised as distributed to equity shareholders was Rs. 1.62 (31st March, 2012 Rs. 1.62). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distributing all preferential amounts.
c) Shares held by
holding/ultimate holding company and/or their subsidiaries/associates:
The Company does not have any holding or ultimate holding company.
d) Details of
shareholders holding more than 5% shares in the company:
|
Equity shares of Rs. 2 each fully paid |
No. Million |
% of holding |
|
Pramod Chaudhari (Promoter) |
37.35 |
21.05% |
|
Parimal Chaudhari (Promoter) |
18.00 |
10.14% |
|
Tata Capital Financial Services Limited |
13.42 |
7.56% |
|
Rakesh Jhunjhunwala |
15.00 |
8.45% |
|
Government
Pension Fund Global |
2.26 |
1.27% |
e) Shares reserved
for issue under options:
Shares reserved for issue under the Employee Stock Option Plan (ESOP)
f) Aggregate number
of bonus shares issued, shares issued for consideration other than cash and
shares bought back during the period of five years immediately preceding the
reporting date:
|
|
No. Million |
|
Equity shares allotted as fully paid bonus shares by capitalisation of securities premium* |
91.373 |
|
Equity shares allotted as fully paid-up pursuant to contracts for consideration other than cash |
-- |
|
Equity shares bought back by the Company |
7.314 |
* The Company has declared Bonus in the ratio of 1:1 during the financial year 2007-08.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
354.930 |
359.096 |
|
(b) Reserves & Surplus |
|
5325.495 |
5148.677 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5680.425 |
5507.773 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.463 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
116.301 |
131.903 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
89.678 |
55.202 |
|
Total Non-current Liabilities (3) |
|
207.442 |
187.105 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
1210.730 |
1397.677 |
|
(c) Other current
liabilities |
|
1639.384 |
2094.800 |
|
(d) Short-term provisions |
|
1655.040 |
1577.709 |
|
Total Current Liabilities (4) |
|
4505.154 |
5070.186 |
|
|
|
|
|
|
TOTAL |
|
10393.021 |
10765.064 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1712.905 |
1618.935 |
|
(ii) Intangible Assets |
|
15.837 |
27.111 |
|
(iii) Capital
work-in-progress |
|
478.083 |
98.086 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1011.432 |
899.341 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
97.496 |
108.255 |
|
(e) Other Non-current assets |
|
100.020 |
100.020 |
|
Total Non-Current Assets |
|
3415.773 |
2851.748 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1479.330 |
1350.000 |
|
(b) Inventories |
|
755.669 |
740.835 |
|
(c) Contracts in
Progress |
|
331.025 |
689.020 |
|
(d) Trade receivables |
|
2180.111 |
2576.110 |
|
(e) Cash and cash
equivalents |
|
285.352 |
1087.887 |
|
(f) Short-term loans
and advances |
|
1945.761 |
1469.464 |
|
(g) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
6977.248 |
7913.316 |
|
|
|
|
|
|
TOTAL |
|
10393.021 |
10765.064 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
369.557 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5219.931 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5589.488 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
143.167 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5732.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1418.863 |
|
|
Capital work-in-progress |
|
|
139.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2640.419 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
Non- Current Assets |
|
|
100.015 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
628.542 |
|
|
Sundry Debtors |
|
|
1987.232 |
|
|
Cash & Bank Balances |
|
|
1275.185 |
|
|
Other Current Assets |
|
|
253.498 |
|
|
Loans & Advances |
|
|
1243.632 |
|
Total
Current Assets |
|
|
5388.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1282.650 |
|
|
Other Current Liabilities |
|
|
1655.417 |
|
|
Provisions |
|
|
1015.718 |
|
Total
Current Liabilities |
|
|
3953.785 |
|
|
Net Current Assets |
|
|
1434.304 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5732.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7264.678 |
8804.441 |
5529.310 |
|
|
|
Other Income |
291.763 |
432.295 |
247.739 |
|
|
|
TOTAL (A) |
7556.441 |
9236.736 |
5777.049 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4165.128 |
5487.553 |
3314.988 |
|
|
|
(Increase)/Decrease in inventories of Finished Goods, Work-in-Progress |
(58.295) |
(30.151) |
(106.089) |
|
|
|
Employee Benefit Expenses |
949.685 |
884.587 |
718.858 |
|
|
|
Other Expenses |
1560.543 |
1632.340 |
1138.457 |
|
|
|
TOTAL (B) |
6617.061 |
7974.329 |
5066.214 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
939.380 |
1262.407 |
710.835 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.275 |
1.448 |
0.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
936.105 |
1260.959 |
710.776 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
128.902 |
141.730 |
111.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
807.203 |
1119.229 |
599.420 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
145.388 |
460.984 |
64.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
661.815 |
658.245 |
534.725 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3720.784 |
3462.571 |
3251.936 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
66.500 |
65.900 |
53.500 |
|
|
|
Proposed Final |
287.493 |
287.493 |
232.821 |
|
|
|
Tax on Dividend |
48.860 |
46.639 |
37.769 |
|
|
BALANCE CARRIED
TO THE B/S |
3979.746 |
3720.784 |
3462.571 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3314.872 |
3513.562 |
1625.624 |
|
|
|
Design and engineering services, software and consultancy |
78.355 |
119.986 |
212.428 |
|
|
TOTAL EARNINGS |
3393.227 |
3633.548 |
1838.052 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
108.291 |
409.559 |
316.621 |
|
|
|
Capital Goods |
10.446 |
82.705 |
50.904 |
|
|
|
Components and spare parts |
334.467 |
754.056 |
284.035 |
|
|
TOTAL IMPORTS |
453.204 |
1246.320 |
651.560 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
3.73 |
3.58 |
2.89 |
|
|
|
Diluted
|
3.73 |
3.57 |
2.89 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1237.000 |
1480.100 |
2157.700 |
|
Total Expenditure |
1266.200 |
1383.000 |
1824.300 |
|
PBIDT (Excl OI) |
(29.200) |
97.100 |
333.400 |
|
Other Income |
99.100 |
51.300 |
73.200 |
|
Operating Profit |
69.900 |
148.400 |
406.600 |
|
Interest |
0.000 |
0.000 |
1.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
69.900 |
148.400 |
405.300 |
|
Depreciation |
32.600 |
34.200 |
38.600 |
|
Profit Before Tax |
37.300 |
114.200 |
366.700 |
|
Tax |
7.400 |
23.200 |
68.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
29.900 |
91.000 |
298.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
29.900 |
91.000 |
298.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.76 |
7.13 |
9.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.11 |
12.71 |
10.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.07 |
11.46 |
8.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.20 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.56 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
359.096 |
354.930 |
|
Reserves & Surplus |
5,148.677 |
5,325.945 |
|
Net
worth |
5,507.773 |
5,680.875 |
|
|
|
|
|
long-term borrowings |
1.463 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
1.463 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
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 |
5,529.310 |
8,804.441 |
7,264.678 |
|
|
|
59.232 |
-(17.488) |
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 |
5,529.310 |
8,804.441 |
7,264.678 |
|
Profit |
534.725 |
658.245 |
661.815 |
|
|
9.67% |
7.48% |
9.11% |
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 |
Yes |
|
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 |
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 |
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|
||||||
|
Lodging No:- |
ITXAL/894/2013 |
Failing Date:- |
27/06/2013 |
Reg. No.:- |
ITXA/1756/2013 |
Reg. Date:- |
16/09/2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
M/S PRAJ INDUSTRIES LTD. |
||||
|
Petn.Adv:- |
TEJVEER SINGH |
||||||
|
District:- |
PUNE |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|
||||
|
Next Date:- |
25.06.2014 |
|
|||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
||||||
|
Under Section : |
260A |
||||||
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from others |
1.463 |
0.000 |
|
|
|
|
|
Total |
1.463 |
0.000 |
Notes:
Loan received from Department of Biotechnology (DBT) carrying interest at the rate of 2%.
The Company has received disbursement of loan partly and full disbursement is not made. The loan is repayable after completion of the project as approved by ‘DBT’.
Completion date of project cannot be determined at present.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview
Even as the developed economies continue to go through financial troughs and crests, the emerging economies provide interesting opportunities for all business segments of Praj. The Company expects that these economies will continue to focus upon alternative energy sources as part of their energy basket. Investments in alternate energy seem to be on the rise in these regions.
Factors like environmental protection, water scarcity, pollution (air, land, water), global warming will converge to provide for opportunities for sustainable technology solutions. Throughout this past fiscal, the Company has shown how technology can be put to use for sustainable solutions.
Financial Review
While sales were down by 17.5% compared to previous fiscal, results of specific actions like cost reduction can be seen, with direct cost as percentage of sales down by 5%. For the fiscal 2012-13, EBIDTA level was stable. The Company is executing projects under the Local Execution Companies, termed as LEC. These Companies are subsidiaries/step down subsidiaries of the Company. While the profit margins for Praj and LECs combined receded by 26 % over the previous fiscal, the net margins for Praj and LECs combined improved by 1.35%. Order inflow for Emerging Business improved 83% over previous fiscal. Scale up of these businesses will see improvement in margins.
Industry Overview
Alcohol/Ethanol
Industry
The year 2012-13 has seen some new developments in the ethanol space. Almost every country in the world is concerned about energy security leading to implementation of ethanol blending program. This is evident from the fact that Thailand has moved to E20 whereas Colombia has achieved E8 and is moving to E10. Brazil has moved to E25 and Australia has begun blending in certain provinces. India too has mandated E5 blending starting June, 2013. The production of ethanol continues unabated because of the sheer benefits – environmental, social and economic.
Apart from India, pockets of growth in the beverage alcohol market are also observed. Especially in South East Asia and Africa.
Development in 2nd generation ethanol is also catching pace. As many as eleven demo plants are at various stages of implementation all around the world, including that of the company.
Similar to a petroleum refinery, the 2nd generation ethanol manufacturing plant has the potential to be a “Biorefinery” for production of high value products like specialty chemicals, medicines, food and of course energy in the form of transport fuel i.e. ethanol, heat and electricity and even bioplastics.
The company has been paving the way to bioeconomy since 2006 and is the very first company in the tropics to take steps in this direction. It is in the process of installing a 2nd Generation commercial sized demo plant for cellulosic ethanol production, which will be set up in India and will be operational in mid CY 2014.
Brewery/Beer Projects
Recently, the company made breakthrough in the international market with an order from South East Asia as part of its efforts to internationalize the brewery segment. The beer markets in South East Asia, Africa and South America are expected to clock a volume CAGR of between 3.5-5% by 2017. Given the size of these markets, the opportunity for new capacity is encouraging. These are also markets where the Company has a good foothold and strong delivery mechanism.
Water and Wastewater
Systems
Industrial water demand in India could surge 57% by 2025. While industrial growth in many developed economies has stalled or slowed, there are many new pockets of growth in different geographies where prudent water management practices are being implemented. Challenges in manufacturing processes in various industries call for technologies that can Reduce, Recycle, Reuse and also achieve ‘Zero Liquid Discharge’. The Company possesses key technologies in this segment and is continually demonstrating its ability to address this demand. To mention a few achievements, the company has won a repeat order from the Tirupur textile belt for a critical wastewater treatment process which has helped re-start the textile operation in the belt. It has bagged several prestigious orders from clients in the chemical and pharmaceutical space.
Critical Process
Equipment and Systems
The Company’s ‘capability streams’ in the Critical Process Equipment and Systems are ‘built to print’, ‘design to build’ and ‘systems and skids’. This three year old business segment has now significantly moved from the first stream of ‘built to print’ to ‘design to build’ and ‘skids and systems’. The latter two streams involve high skill engineering and fabrication capability with better value addition. The company has been certified as the Preferred Lethal Equipment Supplier by a global health care and high tech materials company. The company has also received an order from a global engineering company for critical equipment.
Biotech Products
During the fiscal, the Company launched the Livestock Health and Nutrition product. While the Company’s entry into this field is led by its experience and expertise in microbiology related to its existing businesses of distillery and brewery co-products, this segment is a definite growth area with increasing focus on livestock nutrition. The Company’s LHN products are under testing which is a first step towards gaining business.
A GMP compliant manufacturing facility at Jejuri, near Pune is in operation.
Biochemicals and Biorefinery
Praj Matrix - the innovation center has been working on areas other than biofuels. This includes biochemicals, nutraceuticals, livestock health and nutrition. While LHN has already progressed to commercialization stage, we are now looking at a set of interesting biochemicals which are at a precommercial evaluation stage. These biochemicals production can be bolted on to the 2nd generation bioethanol facility converting it into a biorefinery. Praj Matrix is keenly building up skill set and expertise which will ensure that there is always a strong pipeline as also time-to-market is minimized leading to the lowest cost of discovery. A separate business group has been created to address this vertical.
Future Outlook
You Company is on the verge of transforming itself. Not only in terms of businesses, but also business models, geographies, client profiles and applications. The Company aims to diversify its business with 30% coming from emerging businesses in the FY 2013-14 and increasing share of the growth coming from newer businesses. The Company is also setting up a 2nd Gen Cellulosic Ethanol demo plant which will open up new opportunities in advance biofuels as well biochemicals. Sustainable Solutions will always be a part of the Company’s focus, as also Innovation. The Company is aggressively pursuing innovation in many different areas leading to higher competitiveness. Even as markets are slow to take off, the Company’s strong balance sheet as well as its highly skilled and experienced leadership will help overcome tough times.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against Company not acknowledged as debts (primarily relating to performance related claims filed by customers) |
46.579 |
35.679 |
|
Disputed demands in appeal towards income tax, Service tax and sales tax |
8.041 |
1.191 |
|
Guarantee issued in respect of obligations of a subsidiary |
136.613 |
181.773 |
|
Unfulfilled Export Obligations under EPCG scheme to be fulfilled over 8 years |
48.910 |
129.711 |
FIXED ASSETS
Tangible Assets
· Land (Freehold)
· Buildings
· Plant and Machinery
· Computers
· Office Equipment
· Vehicles
· Furniture and Fixtures
Intangible Assets
· Technical Knowhow
· Softwares
· Praj Brand
AS PER WEBSITE DETAILS
Press Release
PRAJ RENAMES
NEELASYSTEMS AS PRAJ HIPURITY SYSTEMS
March 25, 2014: Praj Industries, global process solutions Company, announced that it has changed the name of its subsidiary Neela Systems as Praj HiPurity Systems Limited. Praj Industries had acquired majority stake in Mumbai headquartered Neela Systems in 2012. The change of identity is in line with the growth plan of Praj HiPurity to go beyond pure water solutions for Pharma Industry to end-to-end, integrated solutions for pharma, biotech and cosmetics industries and the enhanced shareholding of Praj in the subsidiary. Commenting on the new identity, Mr. Pramod Chaudhari, Executive Chairman, Praj Industries and Chairman Praj HiPurity Systems said: “We realized that the new identity was imperative considering not only the increased participation of Praj but also the changed business direction. Praj HiPurity Systems, an ISO 9001:2008 certified company, offers US FDA and UK MHRA compliant systems for pharma and biotech industries.
As part of the integrated solutions, Praj HiPurity will also offer wastewater treatment systems and Zero Liquid Discharge Systems in association with Praj Industries Limited. Additionally, the Company is working towards increased international business. Recently the Company bagged big ticket order from an American Multinational Pharma company for supply of integrated systems for a state-of-the-art facility at Vizag, Andhra Pradesh and also another client in Central Asia. The efforts are underway to repeat the success overseas.
He added: “Under Praj HiPurity Systems we will be catering to manufacturers of steroids, DNA recombinants, Vaccines, Proteins, Anti Biotic Drugs, Enzymes, Bulk Drugs, Formulations, Nutraceuticals, Beverages, etc. We have nurtured highly skilled manpower including scientists, microbiologists, technologists, fermentation and implementation specialists to take Praj HiPurity Systems to the next level.”
Over the past three years, Praj has steadily increased its shareholding in Praj HiPurity Systems to the current70%. Praj HiPurity Systems has an impressive client profile with marquee customers from pharma, biotech and cosmetics industries. The parent brand “Praj” will help the company to grow its horizon further and increase its market reach. Praj Industries already has a global spread across 5 continents. Praj HiPurity will also benefit from the R and D efforts and the technology and process know-how. Praj HiPurity offers water treatment solutions and modular systems, and process engineering and design capability.
About Praj Industries Limited:
Praj is a global process solutions company driven by innovation and integration capabilities, offers solutions to add significant value to bio-ethanol facilities, brewery plants, water and wastewater treatment systems, critical process equipment and systems, hipurity solutions and bioproducts. Over the past 3 decades, Praj has focused onenvironment, energy and agri process led applications. Praj has been a trusted partner for process engineering, plant and critical equipment and systems with over 600 references across five continents. Solutions offered by Praj are backed by its state ofthe art RandD Center called Matrix. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen. Praj is listed on the Bombay and National Stock Exchanges of India.
Praj’s breakthrough technology helps to resolve
textile pollution issue at Tirupur
Praj receives repeat orders for Zero Liquid
Discharge Solutions for Textile Wastewater Treatment
PUNE, June 5th, 2013: Tirupur being a textile belt, faced the crisis of
severe pollution of water bodies due to discharge of coloured
effluent from the bleaching and dyeing units. More than 600 bleaching and
dyeing units remained closed for almost two years for want of a reliable
solution. Though various technologies were implemented, none could solve the
groundwater pollution problem effectively. This extended the closure of textile
dyeing clusters till the installation of the Zero Liquid Discharge (ZLD) unit
by Praj which has helped to build confidence for
reopening of the textile units in compliance with the pollution norms.
Praj, a global process engineering solutions provider, offers innovative
solutions to significantly add value in Water and Waste Water Treatment Plants,
Bio-ethanol and Brewery Plants, Critical Process Equipment and amp; Systems,
has received their 2nd repeat order for ZLD application from the Common
Effluent Treatment Plants (CETPs) based in Tirupur textile belt. The first two orders were from Veerapandi Textile CETP and the 3rd one from Sirupooluvapatti CETP, Tirupur, Tamilnadu
Successful operation of 1st ZLD system at Veerapandi
CETP, Tirupur leads to repeat order for Praj:
Praj successfully commissioned a 100 Kilo litre per
day ZLD system based on multi effect evaporation technology at Veerapandi, Tirupur. The entire
plant was designed, engineered, fabricated and erected by Praj
on turnkey basis. The final end products are process condensate and salts which
are reusable in the textile dyeing units. The solution treats effluent stream
rejects of Reverse Osmosis (RO) plant applying Prajandrsquo;s
innovative Evaporation andamp; Crystallization
technology. This unique technology is instrumental in solving the groundwater
pollution problems arising due to discharge of colorants.
In order to arrive at the most appropriate
solution, Praj deployed the best resources and
efforts. This involved periodic collection and testing of effluent samples,
study of existing effluent treatment plants, developing customized process andamp; engineering solutions and demonstrating the
efficacy of the solution on the first plant at Veerapandi.
Based on the successful operation of the first
plant at Veerapandi CETP, Praj
contracted a second order for treatment of effluent from the textile dyeing
cluster. The CETP will treat 700 kilo liters of effluent per day.
Sirupooluvapatti CETP order
Praj bagged an order from Sirupooluvapatti CETP
Limited for treatment of 5000 Kilo litres per day of
effluent, making it the largest installation. It consists of 3 stage treatment
including the ZLD system based on multi effect evaporation.
And ldquo; The
repeat orders show the faith of client in Prajandrsquo;s
technology and its commitment to the industry and society. Our Zero Liquid
Discharge System is energy efficient with low maintenance cost and operates for
a longer period between cleaning cycles. The salts recovered from the CETP
plant are being re-used by the dyeing units, resulting into considerable
savings in operating cost, annually. and rdquo; said
Mr. Pramod Chaudhari,
Executive Chairman, Praj Industries.
While the first Veerapandi
order of 100 kilo litres per day was contracted in
fiscal 2011-12, the repeat orders were contracted in end-fiscal 2012-13.
Praj launched its water and amp; wastewater treatment solutions over 3 years
ago. Since then, Praj has supplied technology and
amp; systems for many a industrial applications including pharmaceuticals,
chemicals, agro chemicals, f and amp; b, textiles and other Industrial CETPs including orders from overseas.
About Praj Industries Limited:
Praj is a global Indian company that offers innovative solutions to add
significant value to bio-ethanol facilities, brewery plants, water and amp;
wastewater treatment systems as well as process engineering, plant and amp;
equipment for customers worldwide. With over 500 references across five
continents, Praj is a leading Ethanol Technology and
amp; Plant supplier with a strong focus on second-generation bioethanol process development. Praj
Matrix - the innovation center, is the R and amp; D Center of Praj Industries. Praj is a
knowledge-based company with expertise and experience in bioprocesses and
engineering. It delivers know-how, license, engineering design, plant and amp;
equipment, project management, commissioning and customer care, and turnkey
projects. Led by an accomplished and caring leadership, Praj
is a socially responsible corporate citizen. Praj is
listed on the Bombay and National Stock Exchanges of India.
PRAJ DECLARES Q4 RESULTS
13 May 2013
Praj Industries (Praj), the global process
engineering and solutions provider for biofuels,
alcohol and brewery, water and wastewater and process equipment globally,
announced its audited financial results for Q4 and FY2012-2013.
Praj Board recommends 81% dividend: Net Profit Up
Praj contracts alcohol plant order in South East
Asia for worth Rs. 1600.000 Millions
Repeat Orders for Textile CETP
May 13, 2013: Praj
Industries (Praj), the global process engineering and
solutions provider for biofuels, alcohol and brewery,
water and wastewater and process equipment globally, announced its audited
financial results for Q4 and FY2012-2013.
Performance Review for Q4 FY2013- Standalone:
·
Income from operations
stood at Rs 1877.700 Millions (Rs.
2680.100 Millions).
·
The EBITDA (excluding
other income) is at Rs. 185.900 Millions (9.9%) when
compared to Rs. 277.700 Millions (10.31%) in Q4
FY2012.
·
PBT is at Rs. 193.500 Millions (Rs. 419.700
Millions) for the period at a margin of 10.10%.
·
PAT is at Rs. 148.400 Millions (Rs. 101.600
Millions) for the period at a margin of 7.75%.
Performance Review for FY2013- Standalone:
·
Income from operations
stood at Rs. 7294.700 Millions (Rs.
8808.600 Millions).
·
The EBITDA (excluding
other income) is at Rs. 677.200 Millions when
compared to Rs. 834.200 Millions in FY2012.
·
PBT is at Rs. 807.200 Millions (Rs.
1119.200 Millions) for the period at a margin of 10.68%.
·
PAT is at Rs. 661.800 Millions (Rs. 658.200
Millions) for the period at a margin of 9%.
On a consolidated basis for FY 2012-13, Praj registered an operating income of Rs.
9220.00 Millions (Rs. 10030.000 Millions) and a PBT
of Rs. 923.200 Millions (Rs.
1192.800 Millions) with PAT of Rs. 715.300 Millions (Rs. 703.300 Millions). EBIDTA was at Rs.
116.16 Millions (Rs. 136.96) with a margin of 13%.
On a standalone and consolidated basis the net
profit gained over the previous fiscal.
The Board of Praj
Industries has recommended a dividend of 81% at Rs.
1.62 per equity share of Rs. 2/- each.
Key Developments during the quarter:
·
During the quarter, Praj contracted a significant order for a 200,000 litres per day ethanol plant from a client in South East
Asia. The delivery is expected to be completed within 15 months. Beverage
Alcohol consumption in Philippines is on the rise and so is opportunity for new
plant construction for fuel ethanol. The order value is Rs.
1600.000 Millions.
·
Praj also made significant order gains in the emerging businesses. Praj contracted a repeat order for supply and installation
of Zero Liquid Discharge System for Textile CETP at Thirupur.
This follows the successful operation of the previous technology which ensured
that not only did the plant recycle the salts recovered from the process but it
also reduced energy and operating cost. Another key order from a major EPC
Company for their project in Russia which involves fabrication of high
thickness vessel.
·
As on date, the pending
order book stands at Rs. 8700.000 Millions.
·
Nearly half the quantity
required for the 5% ethanol blending program in India has been tendered for
with balance yet to be closed.
·
Praj’s 2nd Generation Cellulosic Ethanol Demo Plant
will break ground by end Q2 FY 2013- 14.
PRAJ ACQUIRES STAKE IN NEELA SYSTEMS
9 January, 2012
Praj Industries (Praj), global leaders in renewable
energy and environmental technologies, acquired majority stake (50.20%) in Neela Systems Limited for approximately Rs.640.000
Millions. Future arrangements provide for further increase in stakes by Praj.
Accelerates entry into High Purity Water in Pharma, Biotech and Life Sciences Sector
January 9, 2012: Praj
Industries (Praj), global leaders in renewable energy
and environmental technologies, acquired majority stake (50.20%) in Neela Systems Limited for approximately Rs.
640.000 Millions. Future arrangements provide for further increase in stakes by
Praj.
Neela is a Mumbai based Company having business interests in Water Treatment
and Modular Process Systems, focused on Biotech, Pharma,
Life Sciences and Cosmetics Industries. Although Neela
will now become a subsidiary of Praj, it will
continue to operate as an independent entity.
Established in 1989 by Mr.Himanshu
Shah, Neela has a turnover of approximately
Rs.900.000 Millions, including exports. It is a leader in high purity water
segment. Neela has a state-of-the-art manufacturing
facility at Wada, Thane to build US FDA, UKMCA and WHO compliant systems. The
Company has been growing and clocking profits over the years. The global reach
and involvement of Praj is expected to enable
accelerated growth for Neela.
“Praj was scouting
for acquisitions in the area of water and wastewater treatment (W and WWTP)
since it entered the space in early 2010. addresses areas wherein Praj wants to build a stronger presence, globally” said Pramod Chaudhari, Chairman, Praj Industries.
The Pharma and F and
B sectors have been showing strong growth in India and emerging economies.
Going forth, these sectors will see further expansion. As per the study
conducted by Praj on business opportunities in W and
WWTP applications, these sectors are major focus areas as it has very specific
requirement of high purity water and critical wastewater treatment. Neela is a niche player in the high purity water treatment
for the Biotech, Pharma, Life Sciences and Cosmetics.
This acquisition will provide Praj with a deeper and wider penetration into the
fast-growing, specialized Pharma and Life Sciences
segment.
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 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
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 |
|
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.