MIRA
INFORM REPORT
|
Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNIL HITECH ENGINEERS LIMITED |
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Registered
Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.05.1998 |
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Com. Reg. No.: |
11-115155 |
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Capital Investment
/ Paid-up Capital : |
Rs.136.252 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1998PLC115155 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS03119E |
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PAN No.: [Permanent Account No.] |
AAFCS7498N |
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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
: |
The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
decent position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
14.04.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
14.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Mahesh Darji |
|
Designation : |
Deputy General Manager |
|
Contact No.: |
91-22-61872421 |
|
Date : |
24.09.2014 |
LOCATIONS
|
Registered Office : |
Ratnadeep, Jaynagar Parli, Vaijnath, Beed – 431520, Maharashtra,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010,
Maharashtra, India |
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Tel. No.: |
91-712-6685200 (400 Lines) / 2562087 / 88 / 3045200 |
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Fax No.: |
91-712-2562091 |
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E-Mail : |
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Corporate Office : |
602, Trade Center, Bandra Kurla Complex Opposite Bandra Kurla
Telephone Exchange, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-61872400 |
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Fax No.: |
91-22-61872455 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ratnakar Manikrao Gutte |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
Under Graduate |
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Experience: |
32 Years |
|
Date of Appointment : |
08.06.1998 |
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|
|
Name : |
Mr. Sunil Ratnakar Gutte |
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Designation : |
Joint Managing Director |
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|
Name : |
Mrs. Sudhamati Ratnakar Gutte |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
28.03.1957 |
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Qualification : |
B.E. (Electrical), from Indian Institute of Science, Bangalore |
|
Date of Appointment : |
14.08.2012 |
|
|
|
|
Name : |
Mr. Mattathil Narayanan Mohanan |
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Designation : |
Whole Time Director (Operations) |
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Date of Birth/Age : |
23.05.1958 |
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Qualification : |
Diploma in Mechanical Engineering |
|
Experience: |
31 Years |
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Date of Appointment : |
01.06.2003 |
|
|
|
|
Name : |
Mr. Vijay Ratnakar Gutte |
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Designation : |
Whole Time Director (Finance) |
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Date of Birth/Age : |
19.03.1983 |
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Qualification : |
M. B. A. in Marketing and Finance |
|
Date of Appointment : |
29.05.2007 |
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|
|
Name : |
Mr. Sonyabapu Shankar Waghmare |
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Designation : |
Independent Director |
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Qualification : |
M.Sc. (Agriculture), LL.B. and D.B.M. |
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|
|
Name : |
Mr. Dilip Y. Ghanekar |
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Designation : |
Independent Director |
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Date of Birth/Age : |
19.09.1956 |
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Qualification : |
B. E. Mech and Diploma in Industrial Management from V. R. C. E. Nagpur |
|
Date of Appointment : |
30.01.2007 |
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|
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|
Name : |
Mr. Sajid Ali |
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Designation : |
Independent Director |
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Qualification : |
Engineering |
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|
Name : |
Mr. Parag Sakalikar |
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Designation : |
Independent Director |
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Qualification : |
B.E. degree in Mechanical Engineering |
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Address : |
Mr. Siddharth Ratilal Mehta |
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Date of Birth/Age : |
Independent Director |
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Qualification : |
BE degree in Electrical |
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|
Name : |
Mr. Venkataramana Condoor |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Darji |
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Designation : |
Deputy General Manager |
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|
Name : |
Mr. Sandeep Kumar Mishra |
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Designation : |
Company Secretary |
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Address : |
97, East High Court Road, Ramdaspeth, Nagpur – 440010, Maharashtra,
India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
6530990 |
47.93 |
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|
1350000 |
9.91 |
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|
1350000 |
9.91 |
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|
7880990 |
57.84 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7880990 |
57.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1665 |
0.01 |
|
|
871859 |
6.40 |
|
|
873524 |
6.41 |
|
|
|
|
|
|
736382 |
5.40 |
|
|
|
|
|
|
3061559 |
22.47 |
|
|
837157 |
6.14 |
|
|
235548 |
1.73 |
|
|
53 |
0.00 |
|
|
79115 |
0.58 |
|
|
1115 |
0.01 |
|
|
155265 |
1.14 |
|
|
4870646 |
35.75 |
|
Total Public shareholding (B) |
5744170 |
42.16 |
|
Total (A)+(B) |
13625160 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13625160 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· UCO Bank · Union Bank of India · Oriental Bank of Commerce · Punjab National Bank · Bank of India · IDBI Bank · ICICI Bank · HSBC Bank · Axis Bank · Kotak Mahindra Bank · Syndicate Bank · Karur Vysya Bank · State Bank of Travancore ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Kapoor and Parekh Associates Chartered Accountants |
|
Address : |
157, Princess Street,
Mumbai – 400002, Maharashtra, India |
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Subsidiaries: |
· SEAM Industries Limited · Sunilhitech India Infra Private Limited (Formerly Known as Ecological Road Construction Private Limited) · Sunilhitech Solar (Dhule) Private Limited · Sunil Hitech Energy Private Limited · SHEL Investments Consultancy Private Limited |
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Associates: |
· Gangakhed Sugar and Energy Limited · V. K. Realtors (Partnership Firm) |
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Joint Venture: |
· PBSPL - SHEL - JV |
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|
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|
Enterprise over which
persons covered under Category IV
above are able to exercise
significant control : |
· Gutte Infra Private Limited · VRG Digital Corporation Private Limited · RSV and Associates · Kolhapur Green Energy Private Limited |
CAPITAL STRUCTURE
AFTER 26.09.2013
Authorised Capital : Rs.250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 152.752
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13625160 |
Equity Shares |
Rs. 10/- each |
Rs. 136.252
Millions |
|
|
|
|
|
NOTE: Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
Rs. in million |
|
Equity shares at the beginning of the year |
12275160 |
122.752 |
|
Movement during the year |
1350000 |
13.500 |
|
Equity shares outstanding at the end of the year |
12275160 |
122.752 |
Terms/ Rights
attached to equity shares
The Company has only one class of equity shares with voting rights having a par value of H 10 per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting.
During the year ended 31 March 2014, the amount of per share dividend recommended as distributions to equity
shareholders is H 1.20 (Previous Years H 1.20). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Company is not a
Subsidiary Company.
The details of
shareholders holding more than 5% of Equity Shares in the Company.
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
% holding |
|
Ratnakar Manikrao Gutte |
22,02,500 |
16.16% |
|
Sudhamati Ratankar Gutte |
19,68,750 |
14.45% |
|
Sunil Ratnakar Gutte |
16,78,740 |
12.32% |
|
Bessemer Venture Partners Trust |
11,00,000 |
8.07% |
|
Vijay Ratnakar Gutte |
6,75,000 |
4.95% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Reserved Shares and Terms of Warrants
The convertible warrant holders have the option to convert their warrants into 16,50,000 (Previous Years 30,00,000) equity shares of H 10/- each at the terms and conditions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
136.252 |
122.752 |
122.752 |
|
(b) Reserves & Surplus |
2991.984 |
2676.334 |
2414.338 |
|
(c) Money received against
share warrants |
30.113 |
54.750 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3158.349 |
2853.836 |
2537.090 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
303.668 |
209.712 |
208.593 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
956.954 |
759.997 |
647.827 |
|
(d) long-term provisions |
21.294 |
21.389 |
20.480 |
|
Total
Non-current Liabilities (3) |
1281.916 |
991.098 |
876.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3508.364 |
3596.333 |
2886.137 |
|
(b) Trade payables |
4955.934 |
2525.461 |
1463.919 |
|
(c) Other current liabilities |
978.704 |
921.186 |
1307.143 |
|
(d) Short-term provisions |
22.612 |
21.746 |
22.328 |
|
Total
Current Liabilities (4) |
9465.614 |
7064.726 |
5679.527 |
|
|
|
|
|
|
TOTAL |
13905.879 |
10909.660 |
9093.517 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1092.990 |
1087.989 |
1304.070 |
|
(ii) Intangible Assets |
33.001 |
41.728 |
53.432 |
|
(iii) Capital work-in-progress |
73.340 |
53.945 |
54.244 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
356.844 |
322.694 |
296.890 |
|
(c) Deferred tax assets (net) |
75.192 |
80.866 |
45.002 |
|
(d) Long-term Loan and Advances |
284.272 |
203.316 |
263.089 |
|
(e) Other Non-current assets |
428.469 |
389.745 |
361.264 |
|
Total
Non-Current Assets |
2344.108 |
2180.283 |
2377.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.500 |
0.000 |
0.000 |
|
(b) Inventories |
1395.093 |
951.142 |
1133.467 |
|
(c) Trade receivables |
4734.253 |
3752.920 |
3506.629 |
|
(d) Cash and cash equivalents |
832.024 |
779.404 |
381.841 |
|
(e) Short-term loans and
advances |
1518.549 |
845.557 |
668.052 |
|
(f) Other current assets |
3079.352 |
2400.354 |
1025.537 |
|
Total
Current Assets |
11561.771 |
8729.377 |
6715.526 |
|
|
|
|
|
|
TOTAL |
13905.879 |
10909.660 |
9093.517 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
14322.405 |
10960.155 |
8555.927 |
|
|
Other Income |
99.364 |
89.849 |
197.644 |
|
|
TOTAL
(A) |
14421.769 |
11050.004 |
8753.571 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Project Material Consumed and
Cost of Goods Sold |
8618.862 |
6012.911 |
|
|
|
Changes in Inventories of
Work-in-Process |
0.000 |
0.000 |
|
|
|
Contract and Site Expenses |
3244.574 |
2643.088 |
|
|
|
Employee Benefits Expense |
659.225 |
643.173 |
|
|
|
Other Expenses |
480.371 |
435.023 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
|
|
|
TOTAL
(B) |
13003.032 |
9734.195 |
7530.379 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1418.737 |
1315.809 |
1223.192 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
769.756 |
583.234 |
470.807 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
648.981 |
732.575 |
752.385 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
243.777 |
295.909 |
308.418 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
405.204 |
436.666 |
443.967 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
155.388 |
157.345 |
204.294 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
249.816 |
279.321 |
239.673 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1327.140 |
1086.002 |
882.066 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend on Equity
Shares |
16.350 |
14.730 |
14.730 |
|
|
Tax on proposed dividend |
2.779 |
2.503 |
2.390 |
|
|
Amount transferred to general
reserve |
18.736 |
20.950 |
18.616 |
|
|
Balance
Carried to the B/s |
1539.091 |
1327.140 |
1086.003 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
377.612 |
0.000 |
|
|
TOTAL
EARNINGS |
0.000 |
377.612 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Stock in Trade |
0.000 |
964.732 |
105.478 |
|
|
Capital Goods |
0.000 |
10.676 |
164.205 |
|
|
TOTAL
IMPORTS |
0.000 |
975.408 |
269.683 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
20.28 |
22.76 |
19.53 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.73 |
2.53 |
2.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.83 |
3.98 |
5.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02 |
4.18 |
5.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.21 |
1.33 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.24 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
122.752 |
122.752 |
136.252 |
|
Reserves & Surplus |
2414.338 |
2676.334 |
2991.984 |
|
Money received against share
warrants |
0.000 |
54.750 |
30.113 |
|
Net
worth |
2537.090 |
2853.836 |
3158.349 |
|
|
|
|
|
|
long-term borrowings |
208.593 |
209.712 |
303.668 |
|
Short term borrowings |
2886.137 |
3596.333 |
3508.364 |
|
Total
borrowings |
3094.730 |
3806.045 |
3812.032 |
|
Debt/Equity
ratio |
1.220 |
1.334 |
1.207 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8555.927 |
10960.155 |
14322.405 |
|
|
|
28.100 |
30.677 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8555.927 |
10960.155 |
14322.405 |
|
Profit |
239.673 |
279.321 |
249.816 |
|
|
2.80% |
2.55% |
1.74% |
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 |
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONAL REVIEW
The Company has registered a net turnover of Rs.14322.405 Millions for the financial year 2013-14 as against Rs.10960.155 Millions in the previous year, thereby registering a growth of 30.68% over the last year’s turnover. The operating profit of the Company for the financial year ended 31st March 2014 stood at Rs.1319.373 Millions, compared to Rs.1225.029 Millions during the last financial year. Despite the 2013-14 fiscal being uncertain and challenging, the Company maintained its momentum and registered a growth of 30.68% in net turnover and 7.70% in EBITDA over the last year’s performance. However the net margins came under pressure due to slow growth in the sector the Company operates in.
Currently the Company is operating under three segments; namely project execution, overhauling and maintenance and supply or trading. The project execution segment is engaged in the business of fabrication, erection of boilers (power plants), erection testing, commissioning of ESP, transmission and distribution and EPC contract work. This is the Company’s primary source of income and contributes a major portion of its total revenues. The following are some of the projects running presently under this segment:
1. Construction of Central Sudhaar Ghar at Goindwal Sahib, District Tarn Taran and Bhatinda in the state of Punjab.
2. CW system and make up water system civil works package for NTPC Lara Super Thermal Power Project, Stage-I 2x800 MW at Lara District Raigarh, Chhattisgarh.
3. Construction of approaches to rail-cum-road bridge across the Ganga at Munger Ghat near Munger from 0.00 km (74.7 kms along the NH-80) to 9.934 km, (Start point of rail-cum-road viaduct) and 0.075 km (end point of railcum- road viaduct) to km 5.198 (km 262.8 of NH-31) in the state of Bihar.
4. Complete material handling, erection, testing and commissioning of boiler and their auxiliaries for 2X660 MW Bhavanapadu Thermal Power Project at East Coast Energy Private Limited. (ECEPL), Bhavanapadu, near Kakarapalli village of Srikakulam district in the state of Andhra Pradesh (62,937 metric tonnes).
5. General civil, structural and architectural works for BTG area/BOP area/BOP part 1and 2 (road and pipe rack) (all inclusive) of 2X600 MW DB power project at Baradarha- Champa District Jajgir -Champa in the state of Chhattisgarh.
6. Civil, structural and architectural works for main plant area of 3X660 MW BTG package of MAHAGENCO for a coalbased power project at MSPGCL, Koradi project.
7. Design, engineering, manufacture, assembly, testing at works, supply of the equipments, mandatory spares, cement, reinforcement steel, structural steel for civil works as well as structural works, architectural works, transportation and delivery to the site of all the equipments and mandatory spares including special tools and tackles, if any, for the balance of plant package for Parli TPS Project Unit-8(1X250 MW).
8. Civil, structural, architectural among others of civil superstructure work of 2X600 MW, Package-B, Unit#2 for Singareni Thermal Power Project, District Adilabad, in the state of Andhra Pradesh.
9. Erection, testing and commissioning of boiler unit-2, 2X800 MW for NTPC, Lara Super Thermal Power Project, at Lara District Raigarh, Chhattisgarh.
10. Erection, testing, commissioning and handing over of boiler and its auxiliaries among others at vertical package, Unit#3 at NTPC, Mouda STPP (2X660 MW).
11. Supply, test, transport, construction, erection, testing and commissioning of distribution lines, distribution transformers of various capacities and 33/22/11 KV sub stations, other allied works, including five years guarantee period for power transformers, distribution transformer with allied equipment and two years guarantee period for other works in Kolhapur zone for RAPDRP Part-B scheme.
12. Supply, test, transport, construction, erection, testing and commissioning of distribution lines, distribution transformers of various capacities and 33/11 KV sub stations, other allied works, including five years guarantee period for power transformers, distribution transformer with allied equipment and two years guarantee period for other works Nagpur (rural) and Nagpur (urban) zone for RAPDRP Part-B scheme.
Moreover, the Company is executing various prestigious projects related to design supply, test, transport, construction, erection, testing and commissioning of distribution lines, power sub-stations among others and also overhauling and maintenance of various systems for power stations like Koradi, Khaperkheda, Chandrapur, Bhusawal, Sarni, Korba, Parli, among others.
Furthermore the Company is engaged in the prestigious civil construction projects like supply, design, engineering, marketing and civil construction work of residential complex at Plot No. 104, East High Court Road, Ramdaspeth Nagpur, Construction of classroom complex including internal electrification for VNIT, Nagpur, supply, design, engineering, marketing and civil construction work of residential complex at Green Project, Goa. The Company is now prequalified for projects belonging to the National Highways Authority of India having a TPC upto Rs.9223.600 Millions. Thus, the Company is eligible for applying for projects keeping in mind the specific RFQs. Moreover, the Company is planning to expand its business activities in Solar Energy Projects which are expected to gear up in near future. The Company has not gone through any operational discontinuation during the reporting period.
FUTURE PROSPECTS
POWER SECTOR
With the world population nearly doubling in the past three decades, the present surge in electricity demand, and the projected increase of the global population, the importance of available sources of energy cannot be underestimated. In India, coal generates substantial amount of electricity and nuclear energy hydro and other sources accounts for the balance. Globally, India is presently positioned as the fifth largest manufacturer of energy, representing roughly 2.4% of the overall energy output per annum.
Usually energy, especially electricity, plays a key role in the speeding up of the economic development of the country. The existing production of per capita electricity in India is pegged at around 600 KWh per annum. Ever since 1990s, India’s gross domestic product (GDP) has been increasing rapidly and it is estimated that it will maintain its pace over the next couple of decades. The rise in GDP should be followed by an increase in the expenditure of key energy other than electricity Power or electricity is one of the most critical components of infrastructure, affecting the overall economic growth and wellbeing of nation. The existence and development of an adequate power infrastructure is essential for sustaining the growth of the Indian economy. With a production of 1,006 terawatt hours (TWh), India is the fifth largest producer and consumer of electricity in the world after the US, China, Japan and Russia. The Indian power sector is one of the most diversified in the world. Sources for power generation range from commercial sources such as coal, lignite, natural gas, oil, hydro and nuclear power to other viable non-conventional sources such as wind, solar, and agricultural and domestic waste. The demand for electricity in the country has been growing rapidly and is expected to grow further in the years to come. In order to meet the increasing requirement of electricity, massive additions to the installed generating capacity in the country is required.
Indian solar installations are forecast to be approximately 1,000 megawatt (MW) in 2014, according to Mercom Capital Group, a global clean energy communications and consulting firm. The growth in energy demand in India would be the highest among all countries by 2030–35, beating even China, according to the 2014 energy outlook report by British oil giant BP. The investment climate is very positive in the power sector. Due to policy liberalization, the sector has witnessed higher investment flows than envisaged. The Power Ministry has set a target for adding 76,000 MW of electricity generation capacity in the 12th Five Year Plan (2012–17) and 93,000 MW in the 13th Five Year Plan (2017–2022).
The Power Sector Development Programme in India has now gained serious momentum. Policy-makers have realised that the country’s economic development will be jeopardized if due attention is not given to the power sector to ensure that sufficient and quality electrical energy is made available to consumers at affordable prices. With energy demand expected to grow a sizeable capacity addition has been envisaged, entailing major investments in power generation, transmission and distribution. The stateowned company has ambitious plans to establish 63 GW generation capacity by 2032, as a safe, environmentally and economically viable source of electrical energy to meet the increasing electricity needs of India. A growing Indian economy coupled with Indian Government’s goal of ‘Power for all’, opens up tremendous opportunities for electrical companies, both domestic and international, in India.
Some of the Company’s key projects currently under execution include NTPC’s 1,320 MW mega thermal power plant, 1,600 MW Lara power plant and two 660 MW each plants of Athena Energy Ventures.
ROAD SECTOR
India’s population rise necessitates a steady growth in infrastructure. The government’s efforts regarding policies have ensured that the private sector is emerging as a key player in the development of road infrastructure in India. Perhaps seeing the necessity of growth in infrastructure, the Government of India has reserved US$ 1 trillion for infrastructure for the 12th Five Year Plan (2012–17). The Five Year Plans have so far been highly beneficial for the sector in the country – the length of the national highways which was 21,378 km during the late 1940s touched 71,772 km by the end of the 11th Five Year Plan (2007–2012). Furthermore, the Planning Commission of India aims to spend nearly 20 per cent of the total investment of US$ 1 trillion during the 12th Five Year Plan to develop roads. The value of total roads and bridges infrastructure in the country is projected to grow at a compound annual growth rate (CAGR) of 17.4 per cent over FY 2012-17. India’s roads and bridges infrastructure was valued at US$ 6.9 billion in 2009 and is expected to reach US$ 19.2 billion by 2017.
The Government is looking to develop a total of 66,117 kilometres of roads under several programmes such as National Highways Development Project (NHDP), Special Accelerated Road Development Programme in North East (SARDP-NE). A good portion of that work – 20,945 km – has already been completed, while the rest of the projects are expected to be complete by the end of the 12th Five Year Plan.
With road projects worth more than Rs.2000000.000 Millions stuck at various stages being revived and new projects being announced by the new government, the road sector would be at the core of government agenda. The Company is qualified for the NHAI annual qualification for the value of Rs.9220.000 Millions limit projects. Also, we bagged the NHAI item rate contract road job of Rs.2300.000 Millions at Munger in the state of Bihar and in the state of Hyderabad, which is under construction and planning to bid for annuity/ EPC projects of Rs.10000.00 Millions this fiscal and 1500.000 Millions qualified in one of the road projects in Karnataka.
SOLAR SECTOR
The Company is committed towards sustainable development for a greener tomorrow. In our quest to become one of India’s largest renewable energy companies, the Company is planning to expand and diversify its business activities in extending their valuable services in the solar sector also.
India is densely populated and has high solar isolation, an ideal combination for using solar power in India. In the solar energy sector, some large projects have been proposed, and a 35,000 km2 (14,000 square miles) area of the Thar Desert has been set aside for solar power projects, sufficient to generate 700 to 2,100 GW. Also India’s Ministry of New and Renewable Energy has released the JNNSM Phase Draft Policy by which the Government aims to install 10 GW of Solar Power and of this 10 GW target, 4 GW would fall under the central scheme and the remaining 6 GW under various state-specific schemes. In developing countries like India, Greenpeace has proposed a feed-in-tariff system which would provide the financing to enable massive renewable energy uptake. The scheme proposes a mechanism where the additional costs of renewable energies are financed by a combination of new sectoral emissions trading mechanisms and direct finance from technology funds to be developed in the Copenhagen Climate Deal. The government is likely to harness solar power and give a fillip to development of offshore wind energy so as to provide electricity to every household in the near future. The Company has won an EPC contract for setting up a 5 MW solar power plant under the JNNURM scheme and L1 for the 15 MW solar power project, which is being awaited for award. In MSW, we bagged an order of Rs.4000.000 Millions in the state of Bihar, Maharashtra and Karnataka where 20 MW renewable power will be generated
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
Indian economy more or less typified the ‘fragile’ EME basket for first half of FY14. However, timely policy esponses to contain twin deficits helped to restore a semblance of stability during the second half of FY14. The Indian economy grew at sub-5% rate for the second year in a row (4.7% in 2013-14), led mainly by deceleration in the pace of industrial growth and sluggish investment demand. Elevated interest rates, sticky retail inflation, policy uncertainty and falling productivity of capital constrained industrial output. Faced with compulsions to rein in the fiscal deficit, slackening pace of government spending had its detrimental impact on rural consumption growth. As such, both investment and consumption growth fell to 11-year lows.
In its endeavour to fight inflation and contain inflationary expectations, the year 2013-14 saw the central bank, the Reserve Bank of India (RBI), make a gradual transition from multiple indicator-based approach of monetary policy to a rule-based approach with nominal anchor defined as headline consumer price index (CPI). Faced with sticky retail inflation, RBI was compelled to hike policy repo rate by 75 bps amidst moderating growth, while gradually normalising exceptional policy measures effected post sharp depreciation in the Rupee during the May-August 2013 period.
The outlook for the Indian economy in FY 2014-15 appears cautiously optimistic. On the global front, recovery in the advanced economies and evolving dynamics of global liquidity are likely to shape the growth trajectory. On the domestic front, infrastructure project approvals by the Cabinet Committee on Investments (CCI) and moderating trajectory of inflation on account of negative output gap would be supportive. As per the CSO, the Indian economy is expected to grow at a 5.5% rate in 2014-15. The RBI is also expected to maintain a prolonged pause in policy repo rate, encouraged by the expected moderation in inflation. However occurrence of the El Nino weather disruption pattern and its consequent sub-normal monsoon remains an event risk.
INDIAN POWER SECTOR
REVIEW
Power or electricity is one of the most critical components of infrastructure affecting economic growth and well-being of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy. The power sector provides one of the most important inputs for the development of a country and availability of reliable and inexpensive power is critical for its sustainable economic development. To sustain GDP growth rate of around 8% as envisaged by the close of the 12th Plan period, it is imperative that the power sector also grows at the same rate. The Government of India has taken several initiatives over the last few years to promote participation from private players in the power sector. With a total of 56 projects valued at USD 11.2 bn, the energy sector accounts for 18% of the overall value of PPP contracts awarded in various sectors Non-renewable energy scenario Power is one area of infrastructure where India lags far behind even in comparison to other developing countries. The per capita annual consumption of electricity in India is one of the lowest in the world at around 734 kWh with the Ministry of Power expecting to scale this up to 1,000 kWh over the medium range. With a generation of 1,006 terawatt-hours (two), India is the fifth largest producer and consumer of electricity in the world after the US, China, Japan and Russia. Demand is expected to surge in the coming years owing to growth in rising economic and industrial activity. Over FY 2007-13, electricity production expanded at a compound annual growth rate (CAGR) of 5.5%.
According to the Planning Commission’s 12th Plan paper, the total domestic energy production is expected to touch 669.6 mn tonnes of oil equivalent (MTOE) by 2016-17 and 844 MTOE by 2021-22. As on 2013 end, the cumulative thermal installed capacity stood at 151.7 gigawatt (GW), while hydro and renewable energy installed capacity totaled 39.6 GW and 27.5 GW, respectively. Nuclear energy capacity remained broadly constant from that in the previous year, at 4.8 GW.
The Central Electricity Authority (CEA) has estimated that the country is likely to witness an overall power supply shortfall of 6.2% during peak hours despite a capacity addition of 18,432 MW during 2013-14, with grid constraints in North India contributing to bulk of the shortfall. This is in contrast to 2012-13 where the peak supply shortfall was around 9% with demand touching 135,453 MW and supply of 123,294 MW. The CEA has also calculated that power demand during peak evenings for 2013-14 was to the extent of 144,225 MW and supplies were projected at 140,964 MW, leading to a deficit of 2.3%. pegged at 18,432 MW with majority contribution coming from coal-based (thermal) power.
GENERAL INFORMATION
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (as amended by the Companies Act, 2013). Its shares are listed on two stock exchanges in India. The Company is engaged in the business of Engineering, Procurement, Construction-(EPC), Fabrication, Erection, Overhauling, Maintenance, Trading and other related activities.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Foreign Currency Buyers Credit Arrangement from Banks |
244.328 |
770.447 |
|
Total |
244.328 |
770.447 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10512080 |
04/07/2014 |
7,200,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C14498265 |
|
2 |
10512077 |
30/06/2014 |
20,890,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C14496517 |
|
3 |
10514036 |
17/06/2014 |
71,674,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C15726813 |
|
4 |
10500458 |
11/04/2014 |
50,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266, INDIA |
C05774724 |
|
5 |
10453230 |
26/09/2013 |
7,246,018.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B86729332 |
|
6 |
10430061 |
22/05/2013 |
1,358,854.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B76684323 |
|
7 |
10423040 |
25/03/2013 |
65,000,000.00 |
IDBI BANK LIMITED |
SPECILAIZED CORPORATE BRANCH, 3RD FLOOR, GUPTA TOWER, CIVIL LINES, NAGPUR, MAHARASHTRA - 440001, INDIA |
B74164278 |
|
8 |
10427017 |
25/03/2013 |
250,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75586511 |
|
9 |
10410163 |
26/02/2013 |
100,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, IN |
B70212741 |
|
10 |
10410330 |
22/02/2013 |
3,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B70271135 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Service Tax demand disputed, contested in appeal |
158.012 |
159.824 |
|
b) Sales Tax demand disputed, contested in appeal |
3.984 |
3.984 |
|
c) Customs Duty disputed |
11.549 |
11.549 |
|
d) Guarantee given to Banks and Financial Institutions on behalf of - |
|
|
|
i) A subsidiary company |
927.900 |
524.200 |
|
- Loans/ LC/ BG outstanding at the year end |
750.741 |
353.925 |
|
ii) An Associate Company |
250.000 |
250.000 |
|
- Loans outstanding at the year end |
47.833 |
129.833 |
|
iii) Others |
3210.000 |
25.000 |
|
e) Claims against the Company not acknowledged as debts |
10.137 |
10.137 |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED
30.06.2014
(Rs. In Millions)
|
|
Quarter Ended |
|
30.06.2014 (unaudited) |
|
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3840.617 |
|
b) Other operating income |
3.874 |
|
Total
income from Operations(net) |
3844.491 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
210.130 |
|
b) Purchases of stock in trade |
1213.428 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
0.000 |
|
d) Employees benefit expenses |
155.352 |
|
e) Depreciation and amortization expenses |
61.463 |
|
f) Contract and Site Expenses |
1800.291 |
|
g) Other expenditure |
86.758 |
|
Total
Expenses |
3527.422 |
|
3. Profit from operations before other income and
financial costs |
317.069 |
|
4. Other income |
29.921 |
|
5. Profit from ordinary activities before finance costs |
346.990 |
|
6. Finance costs |
203.187 |
|
7. Profit before exceptional Items and Tax |
143.803 |
|
6. Exceptional Items |
0.000 |
|
9. Profit before tax |
143.803 |
|
10.Tax expenses |
53.469 |
|
11.Net Profit
for the Period |
90.334 |
|
14.Paid-up
equity share capital (Nominal value Re. 10/- per share) |
136.252 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic |
6.63 |
|
diluted |
6.57 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
5744170 |
|
- Percentage of shareholding |
42.16% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
7880990 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
57.84% |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
1 |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
3 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE:
The above results have been reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on August 14, 2014.
The Statutory Auditors have carried out limited review of the above results.
Depreciation for the Quarter ended 30 June 2014 has been aligned to meet the
requirements of Schedule II to the Companies Act, 2013 and accordingly an
amount of Rs. 2.988 Millions (net of Deferred tax Rs. 1.539 Millions) in
relation to assets where useful life has already expired has been charged to
General Reserves.
Figures for the quarter ended March 31, 2014 are the balancing figures between
audited figures for the financial year ended March 31, 2014 and year to date
limited review figures for nine months period ended December 31, 2013.
From the current year, considering integrated activities, the Company has
realigned its primary business segment and identified "project related
activity" as the only segment. Consequently, there is no reportable
segment as per AS-17 "Segment Reporting" and accordingly figures for
the previous periods/ year have been regrouped/ reclassified.
Previous period's figures have been regrouped/ rearranged wherever necessary.
FIXED ASSETS
v
TANGIBLE
ASSETS
Freehold
Land
Leasehold
Land
Buildings
Plant
and Machinery
Computer
and Printer
Furniture
and Fixtures
Office
Equipment
Vehicles
Temporary
Office Construction
v
INTANGIBLE ASSETS
Computer
Softwares
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.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
DEFAULTER |
|
|
|
--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.