MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GEI INDUSTRIAL SYSTEMS LIMITED |
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Registered
Office : |
26-A, Industrial Area, Govindpura, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
10-008029 |
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Capital
Investment / Paid-up Capital : |
Rs. 196.792 Millions |
|
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CIN No.: [Company Identification
No.] |
L28112MP1993PLC008029 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLG00553A |
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PAN No.: [Permanent Account No.] |
AABCG1403B |
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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
: |
Manufacturer, Exporter, Importer and Marketer of Industrial Machinery. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5800000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operation during 2013. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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 PARTED BY
|
Name : |
Mr. Priyesh Bajaj |
|
Designation : |
Executive |
|
Contact No.: |
91-755-2586691 |
|
Date : |
09.05.2014 |
LOCATIONS
|
Registered Office/ Factory : |
26-A, Industrial Area,
Govindpura, Bhopal – 462023, Madhya Pradesh, India |
|
|
Tel. No.: |
91-755-2586691 /
2586692 / 258669 / 2586695 |
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Fax No.: |
91-755-2587678 /
2586619 |
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E-Mail : |
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Website : |
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Corporate Office : |
G-3, Central Plaza,
Ground Floor, 166, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra,
India |
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Regional Office 1: |
Central Plaza, 5th Floor, 166, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India |
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Tel. No.: |
91-22-42566566 |
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Fax No.: |
91-22-42566568 |
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E-Mail : |
||
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Regional Office 2: |
402, Ansal Chambers-II, 4th floor, 6, Bhikaji Cama Place, New Delhi - 110066. India |
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Tel. No.: |
91-11-41084444 |
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Fax No.: |
91-11-41582344 |
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E-Mail : |
||
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Overseas Local
Representative Offices : |
Located at : · South East Asian Region Middle East Asia |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. C.E. Fernandes |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
Diploma in Business Management |
|
Date of Appointment : |
28.12.1993 |
|
|
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|
Name : |
Mr. Bernard John |
|
Designation : |
Joint Managing Director |
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Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
09.03.1994 |
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|
Name : |
Mr. Pannalal Mundhra |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. Robinson Fernandez |
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Designation : |
Additional Director |
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Date of Birth/Age : |
12.11.1960 |
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Qualification : |
Post Graduate in Thermal Engineering
and Business Administration |
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Name : |
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Designation : |
Independent - Non Executive Director |
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|
Name : |
Mr. Vijay Khanna |
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Designation : |
Independent - Non Executive Director |
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Date of Birth/Age : |
25.01.1946 |
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Qualification : |
B.Com. |
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|
Name : |
Dr. Sudarshan Synghal |
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Designation : |
Independent - Non Executive Director |
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Date of Birth/Age : |
24.12.1953 |
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Qualification : |
Doctrate in Economics |
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|
Name : |
Mr. K. Nandakumar |
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Designation : |
Independent- Non Executive Director |
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Name : |
Mr. Sanjiv Singhal |
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Designation : |
Non-Executive Director (Nominee of BTGC) |
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Name : |
Mr. Ajitha Kumar |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Priyesh Bajaj |
|
Designation : |
Executive |
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|
|
|
Name : |
Mr. D Laxminaryan |
|
Designation : |
Dy. Chief Executive Officer |
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|
Name : |
Mr. P K Ravi |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. N K Katare |
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Designation : |
Sr. Vice President (Corporate H.R.) |
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Name : |
Mr. Shankar Malani |
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Designation : |
Sr. Vice President (Project Management) |
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Name : |
Mr. Raghu Nair |
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Designation : |
Sr. Vice President (Systems Process Management) |
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Name : |
Mr. J C Sanghvi |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. G S Tiwari |
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Designation : |
Vice President (MM) |
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Name : |
Mr. T R Guliani |
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Designation : |
Vice President (Project Services) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5903525 |
30.00 |
|
|
5903525 |
30.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5903525 |
30.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2500 |
0.01 |
|
|
1000 |
0.01 |
|
|
2500000 |
12.70 |
|
|
2325682 |
11.82 |
|
|
4829182 |
24.54 |
|
|
|
|
|
|
2123796 |
10.79 |
|
|
|
|
|
|
2499764 |
12.70 |
|
|
2331101 |
11.85 |
|
|
1991880 |
10.12 |
|
|
54330 |
0.28 |
|
|
221020 |
1.12 |
|
|
500 |
0.00 |
|
|
1716030 |
8.72 |
|
|
8946541 |
45.46 |
|
Total Public shareholding (B) |
13775723 |
70.00 |
|
Total (A)+(B) |
19679248 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19679248 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Marketer of Industrial Machinery. |
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Exports : |
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Products : |
Heat Exchanger |
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Countries : |
· Dubai USA |
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Imports : |
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Products : |
Tubes |
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Countries : |
· Italy China |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production * |
|
1. Heat Exchangers |
MT |
40000 |
20095 |
|
2. Finned Tubes |
R.Mtrs |
7920000 |
3380303 |
|
a) For captive consumption |
|
|
3310850 |
|
b) For sales |
|
|
69453 |
* Installed
capacity and Production quantities have been certified by the management and
not verified by the auditors, being technical matters.
GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
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Bankers : |
· Axis Bank Limited ICICI Bank Limited IDBI Bank Limited Kotak Mahindra Bank Limited Standard Chartered Bank State Bank of India Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A. K. Khabya and
Company Chartered Accountants |
|
Address : |
Bhopal - 462011, Madhya Pradesh, India |
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Subsidiary Company
: |
GEI Power Limited |
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Enterprises Related
to Key Management Personnel : |
· Vemaa Industries Limited · JBL Engineering Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23125000 |
Equity Shares |
Rs.10/- each |
Rs. 231.250 Millions |
|
3000000 |
(9%)Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
2555000 |
(5%) Cumulative Convertible Preference Shares |
Rs.250/- each |
Rs. 638.750 Millions |
|
|
Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19679248 |
Equity Shares |
Rs.10/- each |
Rs. 196.792 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 |
196.792 |
814.913 |
186.246 |
|
(b) Reserves & Surplus |
1256.608 |
1012.116 |
1049.308 |
|
(c) Money
received against Share WARRANTS |
0.000 |
31.250 |
19.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
638.667 |
|
Total
Shareholders’ Funds (1) + (2) |
1453.400 |
1858.279 |
1893.221 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term Borrowings |
88.183 |
164.739 |
151.533 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
37.200 |
36.200 |
|
(c) Other Long Term Liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term Provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
88.183 |
201.939 |
187.733 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
1842.745 |
1570.246 |
1247.999 |
|
(b) Trade Payables |
387.441 |
883.021 |
660.558 |
|
(c) Other Current
Liabilities |
542.763 |
465.626 |
629.129 |
|
(d) Short-term Provisions |
0.000 |
18.369 |
102.809 |
|
Total Current Liabilities (4) |
2772.949 |
2937.262 |
2640.495 |
|
|
|
|
|
|
TOTAL |
4314.532 |
4997.480 |
4721.449 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible Assets |
700.006 |
451.493 |
464.194 |
|
(ii) Intangible Assets |
41.615 |
7.082 |
7.573 |
|
(iii) Capital
Work-in-Progress |
7.125 |
176.537 |
0.000 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
266.548 |
266.298 |
269.991 |
|
(c) Deferred Tax Assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1015.294 |
901.410 |
741.758 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
0.497 |
0.497 |
2.997 |
|
(b) Inventories |
1594.960 |
1955.683 |
1622.111 |
|
(c) Trade Receivables |
1354.219 |
1683.851 |
1407.281 |
|
(d) Cash and Cash
Equivalents |
127.699 |
150.677 |
716.357 |
|
(e) Short-term Loans and
Advances |
198.458 |
212.238 |
124.403 |
|
(f) Other Current Assets |
23.405 |
93.124 |
106.542 |
|
Total Current Assets |
3299.238 |
4096.070 |
3979.691 |
|
|
|
|
|
|
TOTAL |
4314.532 |
4997.480 |
4721.449 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1656.644 |
3615.048 |
3832.767 |
|
|
|
Other Income |
12.272 |
29.916 |
20.549 |
|
|
|
TOTAL (A) |
1668.916 |
3644.964 |
3853.316 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
979.750 |
2501.770 |
2544.358 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
235.902 |
(143.217) |
(94.365) |
|
|
|
Employees benefits expense |
211.188 |
281.669 |
255.342 |
|
|
|
Other expenses |
361.189 |
582.601 |
506.338 |
|
|
|
TOTAL (B) |
1788.029 |
3222.823 |
3211.673 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(119.113) |
422.141 |
641.643 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.889 |
376.043 |
236.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(488.002) |
46.098 |
404.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.076 |
25.507 |
23.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(518.078) |
20.591 |
380.731 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(33.805) |
19.750 |
136.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(484.273) |
0.841 |
243.960 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
470.315 |
549.871 |
327.325 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
0.899 |
29.750 |
1.800 |
|
|
|
Dividend on Equity Shares |
0.000 |
0.000 |
16.625 |
|
|
|
Tax on Dividend |
0.146 |
4.972 |
2.989 |
|
|
|
Transferred to General Reserve |
0.000 |
25.675 |
0.000 |
|
|
|
Transferred to Capital Redemption Reserve
Account |
0.000 |
20.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(15.003) |
470.315 |
549.871 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
NA |
18.030 |
32.889 |
|
|
TOTAL EARNINGS |
NA |
18.030 |
32.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
60.034 |
209.162 |
|
|
TOTAL IMPORTS |
NA |
60.034 |
209.162 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(27.31) |
(0.24) |
14.39 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
163.700 |
126.200 |
143.900 |
|
Total Expenditure |
187.000 |
138.000 |
191.600 |
|
PBIDT (Excl OI) |
(23.300) |
(11.800) |
(47.700) |
|
Other Income |
2.000 |
01.300 |
17.300 |
|
Operating Profit |
(21.300) |
(10.500) |
(30.400) |
|
Interest |
84.100 |
86.700 |
105.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(105.400) |
(97.200) |
(135.600) |
|
Depreciation |
11.700 |
11.700 |
11.600 |
|
Profit Before Tax |
(117.200) |
(109.000) |
(147.200) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(117.200) |
(109.000) |
(147.200) |
|
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 |
(117.200) |
(109.000) |
(147.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(29.02) |
0.02 |
6.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(31.27) |
0.57 |
9.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.82) |
0.45 |
8.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.36) |
0.01 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.33 |
0.93 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.39 |
1.51 |
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 |
186.246 |
814.913 |
196.792 |
|
Reserves & Surplus |
1049.308 |
1012.116 |
1256.608 |
|
Share Application money
pending allotment |
638.667 |
0.000 |
0.000 |
|
Net
worth |
1874.221 |
1827.029 |
1453.400 |
|
|
|
|
|
|
long-term borrowings |
151.533 |
164.739 |
88.183 |
|
Short term borrowings |
1247.999 |
1570.246 |
1842.745 |
|
Total
borrowings |
1399.532 |
1734.985 |
1930.928 |
|
Debt/Equity
ratio |
0.747 |
0.950 |
1.329 |
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 |
3832.767 |
3615.048 |
1656.644 |
|
|
|
-5.680 |
-54.174 |
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 |
3832.767 |
3615.048 |
1656.644 |
|
Profit |
243.960 |
0.841 |
-484.273 |
|
|
6.37% |
0.02% |
-29.23% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10411505 |
18/03/2013 |
6,042,393.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B70674155 |
|
2 |
10300139 |
29/06/2011 |
50,000,000.00 |
STATE BANK OF INDIA |
(COMMERCIAL BRANCH), L.H.O COMPLEX, HOSANGABAD ROAD, BHOPAL, MADHYA PRADESH - 462011, INDIA |
B18056309 |
|
3 |
10289814 |
01/06/2011 |
750,000,000.00 |
AXIS BANK LIMITED |
165A-166 STAR ARCADE, M.P. NAGAR ZONE-I, BHOPAL, MADHYA PRADESH - 462011, INDIA |
B14138325 |
|
4 |
10291095 |
26/04/2011 |
1,300,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B14579684 |
|
5 |
10200514 |
15/01/2011 * |
1,025,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B03677903 |
|
6 |
10156077 |
24/03/2009 |
110,000,000.00 |
STATE BANK OF INDIA |
(COMMERCIAL BRANCH), L.H.O COMPLEX, HOSANGABAD ROAD, BHOPAL, MADHYA PRADESH - 462011, INDIA |
A61439501 |
|
7 |
10132747 |
03/12/2008 |
125,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A51931731 |
|
8 |
10122965 |
27/09/2008 |
25,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A46031969 |
|
9 |
10121272 |
30/05/2009 * |
47,500,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A62798012 |
|
10 |
10023486 |
10/11/2006 |
85,900,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A05940341 |
|
11 |
80054132 |
30/05/2009 * |
34,600,000.00 |
MADHYA PRADESH FINANCIAL CORPORATION |
FINANCE HOUSE, A B ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
A63244545 |
|
12 |
80054199 |
25/06/1999 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
13 |
80054198 |
01/12/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE COLABA, MUMBAI, MAHARASH TRA - 400005, INDIA |
- |
|
14 |
80027780 |
20/01/2012 * |
4,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B31081649 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans And
Advances |
|
|
|
Related Parties |
71.752 |
0.000 |
|
Inter Corporate Deposits |
129.465 |
189.947 |
|
From Bank |
|
|
|
Citi Bank Limited |
280.490 |
249.983 |
|
The HSBC Limited |
22.400 |
0.000 |
|
Others Adity Birla Finance Limited |
6.282 |
125.000 |
|
Total |
510.389 |
564.930 |
Financial Analysis / Review FY 2012-13
FY 12-13 had been a very difficult year for the engineering and
capital goods industry in India on account of adverse factors such as:
• Overall Economic slowdown
• Delay / deferment of projects, especially in the power sector.
• Lack of adequate bank credit.
• Continued problem in power sector.
The Company has initiated various measures to increase the order book as well as to reduce the overall cost of operations:
Measures to Increase the Order Book:
• Focus of Oil and Gas Sector in the Export market specially in the middle-east region where huge investment are coming up for refurbishing, revamp and modernisation project for oil and gas exploration these project also required air cooled steam condenser for combined cycle power plant
where GEI has past reference.
• Continued focus on EPC packages for nuclear power plant.
• Continued marketing efforts for ACSC packages for higher megawatt
(300/660 MW) projects.
Measures to reduce Cost of operations:
• Standardise design to reduce inventory / procurement lead-time.
• Buy or hedge maximum annual requirement when the prices are on the softer side (subject to cost/benefit analysis on inventory holding).
• Explore the possibilities of importing select raw materials and bought
outs from China / Korea.
• Reduction / Rationalisation of work force across locations.
• Reduction in Administration and selling expenses.
Air Cooled Heat Exchangers:
GEI Industrial Systems has been awarded contracts for supply of Air Cooled Heat Exchangers for Refinery Project being set up by Indian Oil Corporation at Paradip in Orissa. The contracts consist of three packages with carbon steel, duplex stainless steel and super duplex stainless steel metallurgy. These air coolers are offered CDU, AVU and SRU units of the Paradip Refinery.
Secured order from Mercator Offshore (o) Pte Limited and Gulf Piping Company W.L.L. for supply of Process Gas Coolers and Lube Oil Coolers for the Mobile Offshore Production Utilities from Sagar Samrat Conversion Project of ONGC, Mumbai.
GEI has bagged order for supply of high pressure shell and tube heat exchanger for compressed air application comprising of inter and after coolers from Siemens, Baroda for NMDC, Bhilai. Siemens considered GEI for this job based on technical approval from Siemens, Germany thereby paving way for business opportunity for global requirement of Siemens.
Air Cooled Vacuum Steam Condensers (ACSC):
· Successfully commissioned ACSC for 150 MW Unit-I of Ind Barath, Tuticorin, Tamilnadu.
Successfully
commissioned 10 ACSCs at different locations totaling 594 MW during the year.
Engineering, Procurement and Construction (EPC)
Secured an order from NPC for Heavy Water Upgrading and Waste Management
Plants (2x700MW RAPP-7&8)
Export House Status
The Company continues its “Export House” status as recognised by the Ministry of Commerce and Industry, Government of India.
GEI Power Limited (Wholly Owned Subsidiary Company)
Phase I of the capital expansion (Rs. 211.000 Millions) as well as majority work of Phase II of the capital expansion (Rs. 344.000 Millions) have been completed and are in operation. Due to the current economic
slowdown, further investment / expansion is kept on hold.
As on date, the total manufacturing capacity of GEI and GEI Power is approx. 3000-3500 MW of Air Cooled Vacuum Steam Condensers or equivalent equipments.
In view of the general exemption granted by the Ministry of Corporate Affairs, Government of India, under Section 212(8) of the Companies Act, 1956, the Audited Statements of Accounts, Directors‟ Report etc. of the wholly owned subsidiary company - GEI Power Limited, are not annexed to this report. However the same will be made available to members of the Company on request and can also be inspected at the Registered Office of the Company as well as the subsidiary. Pursuant to the condition of the general exemption, a statement of the summarised financials of the subsidiary is attached along with the Consolidated Financial Statements. Pursuant to Accounting Standard AS-21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the financial information of its subsidiary.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Economic Overview
The post-2009 recovery in the world economy was hampered by the Eurozone crisis. Growth rates were lower than anticipated across most regions - USA 1.7%, Eurozone 0.7%, Japan 0.2% and emerging/ developing economies 5.6%.
Indian economy was also impacted, exports were badly hit and domestic demand also declined. The country‟s growth rate slowed down (around 6.9%), but remained above the world average. The economy is expected to revive and grow in the coming years.
Industry Structure
and Developments
The industrial production is an important indication of GDP growth in a developing economy like India. The core sector comprising six major industries - crude oil, petroleum refinery products, coal, electricity, cement and steel and having 26.68 percentage weight in the Index of Industrial Production (IIP), represents the industries they cater to. In the year 2010-11, the core sector posted a growth of 2.8% as compared to 1% in the previous year 2012-13.The long term outlook for the engineering and capital goods industry in which the Company operates continues to remain positive.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(A) Claims against
the Company, not acknowledged as debts |
|
|
|
Income Tax |
15.724 |
143.245 |
|
Sales Tax |
6.889 |
6.722 |
|
(B) Guarantees |
|
|
|
(i) Guarantees to banks and financial institutions against credit facilities extended to third parties (Corporate Guarantee given to banks/financial institutions against loans to subsidiary company GEI Power Limited) |
1157.575 |
1157.575 |
|
(ii) Performance Guarantees |
|
|
|
(a) In respect of joint ventures |
-- |
-- |
|
(b) In respect of others |
1076.865 |
1081.455 |
|
(iii) Outstanding
guarantees furnished to Banks and financial institution including in respect of
letters of credits |
|
|
|
(a) In respect of joint ventures |
-- |
-- |
|
(b) In respect of others |
-- |
-- |
|
(C) Others Money
for which the Company is contingently liable |
|
|
|
(i) Liability in respect
of bills discounted with banks (Including third party bills discounting) |
|
|
|
(a) In respect of joint ventures |
-- |
-- |
|
(b) In respect of others (Against bills discounted from IFCI and SBI Global Factors Limited) |
334.405 |
455.514 |
FIXED ASSETS
Tangible Assets
· Land
Building
Machinery
Auxililary
Equipments
Electrical
Installations
Pattern
Furniture
Office
Equipments
Computers
Vehicles
Intangible Assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.