MIRA INFORM REPORT
|
Report No. : |
319631 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BGR ENERGY SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A5, Pannamgadu Industrial Estate, Ramapuram Post, Sullurpet (T),
Nellore – 524401, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.02.1985 |
|
|
|
|
Com. Reg. No.: |
01-005318 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 721.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40106AP1985PLC005318 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG01305D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG2202J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Capital Equipment’s for Power Plants, Petrochemical Industries, Refineries,
Process Industries and Undertakes Turnkey Balance of Plant (BOP) and Erection
Procurement and Construction (EPC) Contracts for Power Plants. |
|
|
|
|
No. of Employees
: |
1910 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 37250000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
The subject is a leading EPC (Engineering, Procurement and
Construction), Bop (Balance of Plant) and power equipment manufacturing
company with long – operational history and established position in market. It is an established company having a satisfactory tracks record. The company has reported decent profitability during FY2014. It possesses healthy financial position marked by strong net worth. Trade relation are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for normal business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
April 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = “A2” |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
April 2015 |
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 DECLIND
MANAGEMENT NON CO-OPERATIVE
(Tel. No.: 91-44-24301000)
LOCATIONS
|
Registered Office : |
Plot No. A5, pannamgaduindustrial estate, Ramapuram Post, Sullurpet
(T), Nellore – 524401, Andhra Pradesh, India |
|
Tel. No.: |
91-44-27948549/ 27900181 |
|
Fax No.: |
91-44-27948359/ 27948249 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
304 / 305 Anna Salai Teynampe, Chennai – 600018, |
|
|
|
|
Corporate/ Marketing/
Sales Office: |
443, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India |
|
Tel. No.: |
91-44-24335958/ 24334940/ 24326171/ 24301000 |
|
Fax No.: |
91-44-24338775/ 24360576/ 24364656/ 24315678 |
|
E-Mail : |
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|
|
|
|
Regional
Offices : |
Located at: · Noida ·
Mumbai ·
Hyderabad |
|
|
|
|
Overseas Office : |
BFR Energy Systems Limited 610036, Room 1, 4th Floor, Unit 1, 4th Building
in Ming Yuan, Jing Cheng Yuan Garden, No.289 Shuhan Road, Chengdu, China |
|
Tel. No.: |
+86-28-87583520 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mrs. Sasikala Raghupathy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. V. R. Mahadevan |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
A. Swaminathan |
|
Designation : |
Joint Managing Director and CEO |
|
|
|
|
Name : |
Ms. Swarnamugi Karthik |
|
Designation : |
Director - Corporate Strategy |
|
|
|
|
Name : |
M. Gopalakrishna |
|
Designation : |
Director |
|
|
|
|
Name : |
S. A. Bohra |
|
Designation : |
Director |
|
|
|
|
Name : |
S. R. Tagat |
|
Designation : |
Director |
|
|
|
|
Name : |
M. S. Sundara Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Gnana Rajasekaran |
|
Designation : |
Director |
|
|
|
|
Name : |
Heinrich Bohmer |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Ramesh Kumar |
|
Designation : |
Company Secretary |
|
Address : |
W – 3, |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
20.11.1992 |
|
|
|
|
Name : |
P. R. Easwar Kumar |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
26872770 |
37.24 |
|
|
27248400 |
37.76 |
|
|
54121170 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and
Promoter Group (A) |
54121170 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1781246 |
2.47 |
|
|
51095 |
0.07 |
|
|
277443 |
0.38 |
|
|
1367040 |
1.89 |
|
|
3476824 |
4.82 |
|
|
|
|
|
|
1619114 |
2.24 |
|
|
|
|
|
|
9389652 |
13.01 |
|
|
865679 |
1.20 |
|
|
2689121 |
3.73 |
|
|
430891 |
0.60 |
|
|
400768 |
0.56 |
|
|
98 |
0.00 |
|
|
1804057 |
2.50 |
|
|
18951 |
0.03 |
|
|
34356 |
0.05 |
|
|
14563566 |
20.18 |
|
Total Public shareholding (B) |
18040390 |
25.00 |
|
Total (A)+(B) |
72161560 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
72161560 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Capital Equipment’s for Power Plants, Petrochemical Industries,
Refineries, Process Industries and Undertakes Turnkey Balance of Plant (BOP)
and Erection Procurement and Construction (EPC) Contracts for Power Plants. |
|
|
|
|
Brand Names : |
-- |
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|
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Agencies Held : |
-- |
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|
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
Not divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1910 (Approximately) |
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Bankers : |
· State Bank of India · State Bank of Hyderabad · State Bank of Travancore · State Bank of Patiala · State Bank of Bikaner and Jaipur · State Bank of Mysore · IDBI Bank Limited · Indian Bank · Corporation Bank · Punjab National Bank · Bank of India · Axis Bank Limited · The Karur Vysya Bank Limited · Vijaya Bank Limited · Indian Overseas Bank · Central Bank of India · Allahabad Bank · Syndicate Bank · Andhra Bank · ING Vysya Bank Limited · Export Import Bank of India · ICICI Bank Limited · Union Bank of India ·
Dena Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Satutory Auditors : |
|
|
Name : |
Manohar Chowdhry and Associates Chartered Accountants |
|
Address : |
No.27, Subramanian Street, Abhiramapuram, Chennai –
600018, Tamilnadu, India |
|
Tel. No.: |
91-44-42903333 |
|
Fax No.: |
91-44-42903350 |
|
Website : |
|
|
|
|
|
Internal Auditors : |
· J V Associates · V Krishnan and company · Ramachandran and Murali · Venkatesh and company |
|
|
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Subsidiary
companies : |
· Progen Systems and Technologies Limited · BGR Boilers Private Limited · BGR Turbines Company Private Limited · Sravanaa Properties Limited |
|
|
|
|
Other companies
(enterprises where significant influence exists and enterprises where key
management personnel have significant influence) : |
· GEA Cooling Tower Technologies (India) Private Limited · GEA BGR Energy System India Limited · Germanischer Lloyd Industrial Services (India) Private Limited · Mega Funds India Limited · Sasikala Estate Private Limited · Schmitz India Private Limited · Cuddalore Powergen Corporation Limited · ANI Constructions Private Limited · Nannilam Property Private Limited · Pragathi Computers Private Limited · BGR Odisha Powergen Limited · BGR Investment Holdings Company Limited · BGR Power Limited |
|
|
|
|
Joint ventures : |
Mecon – GEA Energy System (India) Limited (JV) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,21,61,560 |
Equity Shares |
Rs. 10/- each |
Rs. 721.600 Million |
|
|
|
|
|
a.
Reconciliation of the number of shares outstanding at the beginning and at the
end of the reporting year
|
Equity Shares |
As
at March 31, 2014 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Outstanding at the beginning of the year |
72161560 |
721.600 |
|
Outstanding at the end of the year |
72161560 |
721.600 |
b.
Terms/rights attached to equity shares
The company has one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per
Share.
c. Nil (54000000) shares out of the issued, subscribed and paid up share capital were alloted as bonus shares in the last five years by capitalization of
Profits.
d. Details of
shareholders holding more than 5% shares in the company
|
Name of
Shareholders |
As
at March 31, 2014 |
|
|
|
No. of Shares |
% held |
|
Mrs Sasikala Raghupathy |
26868450 |
37.23 |
|
BGR Investments Holdings Company Limited |
27248400 |
37.76 |
e. The company has reserved issuance of 271396(285858) Equity shares of Rs 10/- each for offering to eligible employees of the company and its subsidiary under the employee stock option scheme - 2007.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
721.600 |
721.600 |
721.600 |
|
(b) Reserves & Surplus |
12316.100 |
11473.800 |
10424.100 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13037.700 |
12195.400 |
11145.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
72.300 |
130.900 |
424.200 |
|
(b) Deferred tax liabilities (Net) |
5106.600 |
4242.700 |
4013.500 |
|
(c)
Other long term liabilities |
9850.500 |
8405.500 |
6512.100 |
|
(d)
long-term provisions |
2063.100 |
2219.500 |
2044.600 |
|
Total
Non-current Liabilities (3) |
17092.500 |
14998.600 |
12994.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
20060.700 |
21880.000 |
17025.700 |
|
(b)
Trade payables |
9796.100 |
10502.500 |
13084.400 |
|
(c)
Other current liabilities |
2748.200 |
4515.100 |
3619.400 |
|
(d)
Short-term provisions |
440.900 |
701.300 |
654.500 |
|
Total
Current Liabilities (4) |
33045.900 |
37598.900 |
34384.000 |
|
|
|
|
|
|
TOTAL |
63176.100 |
64792.900 |
58524.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1873.000 |
1916.800 |
1838.900 |
|
(ii)
Intangible Assets |
71.100 |
112.500 |
100.100 |
|
(iii)
Capital work-in-progress |
36.400 |
73.500 |
45.100 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3636.100 |
3637.100 |
2,358.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2933.000 |
2495.000 |
2586.000 |
|
(e)
Other Non-current assets |
4726.600 |
5955.500 |
6885.800 |
|
Total
Non-Current Assets |
13276.200 |
14190.400 |
13814.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
504.100 |
298.900 |
295.600 |
|
(c)
Trade receivables |
27558.400 |
28600.000 |
26155.900 |
|
(d)
Cash and cash equivalents |
6615.800 |
9151.600 |
7582.300 |
|
(e)
Short-term loans and advances |
3841.200 |
4557.200 |
5247.200 |
|
(f)
Other current assets |
11380.400 |
7994.800 |
5428.700 |
|
Total
Current Assets |
49899.900 |
50602.500 |
44709.700 |
|
|
|
|
|
|
TOTAL |
63176.100 |
64792.900 |
58524.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
32956.000 |
31071.700 |
34470.500 |
|
|
|
Other Income |
5.000 |
54.400 |
52.600 |
|
|
|
TOTAL (A) |
32961.000 |
31126.100 |
34523.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20970.800 |
16913.800 |
21727.900 |
|
|
|
Cost of Manufacturing and Construction |
4514.900 |
6023.100 |
4475.600 |
|
|
|
Other Direct Tax |
705.800 |
626.700 |
619.600 |
|
|
|
(Increase) / Decrease in Work in Progress |
(52.300) |
(64.700) |
1.700 |
|
|
|
Employees benefits expense |
1831.400 |
1963.100 |
1710.500 |
|
|
|
Other expenses |
1053.600 |
1276.300 |
1,204.200 |
|
|
|
TOTAL (B) |
29024.200 |
26738.300 |
29739.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3936.800 |
4387.800 |
4783.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1817.400 |
1747.100 |
1354.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2119.400 |
2640.700 |
3429.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
195.500 |
185.700 |
161.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1923.900 |
2455.000 |
3268.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
824.400 |
818.300 |
1033.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1099.500 |
1636.700 |
2235.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
7071.000 |
6185.000 |
4760.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
216.500 |
505.100 |
505.100 |
|
|
|
Tax on Proposed Dividend |
36.800 |
81.900 |
82.000 |
|
|
|
Tax on Proposed Dividend - Earlier Years |
3.900 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
109.900 |
163.700 |
223.500 |
|
|
BALANCE CARRIED
TO THE B/S |
7803.400 |
7071.000 |
6185.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
1777.100 |
848.200 |
4545.100 |
|
|
|
Services |
22.400 |
0.600 |
0.000 |
|
|
TOTAL EARNINGS |
1799.500 |
848.800 |
4545.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components,
Consumables and Spares Parts |
288.400 |
2188.100 |
6529.800 |
|
|
|
Capital Goods |
0.000 |
56.900 |
178.200 |
|
|
TOTAL IMPORTS |
288.400 |
2245.000 |
6708.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.24 |
22.68 |
30.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6345.400 |
6942.500 |
9885.700 |
|
Total Expenditure |
5641.800 |
6219.800 |
9113.200 |
|
PBIDT (Excl OI) |
703.600 |
722.700 |
772.500 |
|
Other Income |
14.800 |
00.200 |
0.000 |
|
Operating Profit |
718.400 |
722.900 |
772.500 |
|
Interest |
530.300 |
495.700 |
488.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
188.100 |
227.200 |
283.600 |
|
Depreciation |
63.700 |
75.600 |
63.800 |
|
Profit Before Tax |
124.400 |
151.600 |
219.800 |
|
Tax |
32.500 |
56.500 |
74.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
92.000 |
95.100 |
145.100 |
|
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 |
91.900 |
95.100 |
145.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.34 |
5.27 |
6.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.95 |
14.12 |
13.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.23 |
4.02 |
5.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.20 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.54 |
1.80 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.35 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
721.600 |
721.600 |
721.600 |
|
Reserves & Surplus |
10424.100 |
11473.800 |
12316.100 |
|
Net
worth |
11145.700 |
12195.400 |
13037.700 |
|
|
|
|
|
|
Long-term borrowings |
424.200 |
130.900 |
72.300 |
|
Short term borrowings |
17025.700 |
21880.000 |
20060.700 |
|
Total
borrowings |
17449.900 |
22010.900 |
20133.000 |
|
Debt/Equity
ratio |
1.566 |
1.805 |
1.544 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34470.500 |
31071.700 |
32956.000 |
|
|
|
(9.860) |
6.064 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34470.500 |
31071.700 |
32956.000 |
|
Profit |
2235.200 |
1636.700 |
1099.500 |
|
|
6.48% |
5.27% |
3.34% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10555404 |
16/03/2015 |
5,000,000,000.00 |
SYNDICATE
BANK |
CORPORATE
FINANCE BRANCH, 170, ELDAMS ROAD, CHENNAI, TAMILNADU - 600018, INDIA |
C46864393 |
|
2 |
10544237 |
02/01/2015 |
1,050,000,000.00 |
STATE
BANK OF MYSORE |
INDUSTRIAL
FINANCE BRANCH, II FLOOR, M O H BUILDING, NO. 576, ANNA SALAI, CHENNAI,
TAMILNADU - 600006, INDIA |
C40990889 |
|
3 |
10519211 |
30/07/2014 |
11,750,000,000.00 |
PUNJAB
NATIONAL BANK |
RAJA
ANNAMALAI ROAD, PURASAWALKAM, CHENNAI, TAMILNADU - 600084, INDIA |
C20003315 |
|
4 |
10482565 |
07/03/2014 |
7,000,000,000.00 |
IDBI
BANK LIMITED |
115,
ANNA SALAI, P.B. NO.805, SAIDAPET, CHENNAI, TAMILNADU - 600015, INDIA |
B98477128 |
|
5 |
10439794 |
11/07/2013 |
3,850,000,000.00 |
PUNJAB
NATIONAL BANK |
RAJA
ANNAMALAI ROAD, PURASAWALKAM, CHENNAI, TAMILNADU - 600084, INDIA |
B80762883 |
|
6 |
10428385 |
30/04/2013 |
13,260,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, 40 & 41, MOUNT ROAD, CHENNAI, TAMILNADU - 600002,
INDIA |
B75973099 |
|
7 |
10397694 |
20/12/2012 |
13,300,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B66131970 |
|
8 |
10382324 |
21/06/2014
* |
14,200,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, NO.192, KARUMUTTU NILAYAM, ANNA SALAI,CHENNAI, CHENNAI,
TAMILNADU - 600002, INDIA |
C14372619 |
|
9 |
10314444 |
26/09/2011 |
1,600,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, "ANNA THEATRE BUILDING", NO.41, MOUNT ROAD,
CHENNAI, TAMILNADU - 600002 |
B24036287 |
|
10 |
10288679 |
16/04/2011 |
290,000,000.00 |
STATE
BANK OF TRAVANCORE |
CHENNAI
MAIN BRANCH, UNITED INDIA BUILDING, ESPLA |
B13656061 |
|
11 |
10274875 |
04/08/2014 * |
7,600,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 3RD FLOOR,, SIGAPI ACHI BUILDING, 18/3, RUKMANI LAKSHMIPATI RD, CHENNAI, TAMILNADU - 600008, INDIA |
C35616614 |
|
12 |
10201502 |
23/01/2010 |
6,500,000,000.00 |
PUNJAB NATIONAL BANK |
RAJA ANNAMALAI ROAD, PURASAWALKAM, CHENNAI, TAMILNADU - 600084, INDIA |
A79072492 |
|
13 |
10195057 |
23/12/2009 |
6,650,000,000.00 |
STATE BANK OF INDIA |
SETTIPALLE
BRANCH, RENIGUNTA ROAD, TIRUPATI, CHIT |
A76766559 |
|
14 |
10175982 |
17/08/2009 |
290,000,000.00 |
STATE BANK OF TRAVANCORE |
CHENNAI
MAIN BRANCH, UNITED INDIA BUILDING, ESPL |
A69936383 |
|
15 |
10138679 |
20/12/2008 |
63,500,000.00 |
AXIS BANK LIMITED |
SME CENTRE, GROUND FLOOR, KARUMUTHU NILAYAM, NO. 192, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
A55062707 |
|
16 |
10115997 |
12/11/2008 * |
21,050,000,000.00 |
STATE BANK OF INDIA |
SETTIPALLE BRANCH, RENIGUNTA ROAD, TIRUPATI, ANDHRA PRADESH - 517506, INDIA |
A52977766 |
|
17 |
10115398 |
29/09/2014 * |
800,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL
FINANCE BRANCH, SECOND FLOOR, MOH BUIL |
C34581876 |
|
18 |
10112321 |
21/03/2009 * |
38,500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI-400005, MAHARASHTRA INDIA |
A60225901 |
|
19 |
10081645 |
22/11/2007 |
105,000,000.00 |
STATE BANK OF INDORE |
ORIENTAL HOUSE, 115, BROADWAY, CHENNAI, TAMILNADU - 600108, INDIA |
A29609278 |
|
20 |
10025301 |
21/09/2006 |
163,800,000.00 |
STATE BANK OF INDORE |
OREINTAL HOUSE, 115, BROADWAY, CHENNAI - 600108, TAMILNADU INDIA |
A06006654 |
|
21 |
80030888 |
14/07/2011
* |
3,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 3RD FLOOR, SIGAPI, ACHI BUILDING, 18/3, RUKMINI
LAKSHMIPATHI ROAD, CHENNAI - 600008, TAMILNADU INDIA |
B19995117 |
|
22 |
80018763 |
30/07/2005 |
1,883,000.00 |
ABN
AMRO BANK |
19/1,
HADDOWS ROAD, CHENNAI, Tamil Nadu - 600006, |
- |
|
23 |
90116486 |
30/04/2005 |
9,797,370.00 |
ABN
AMRO BANK |
19/1
HADDOWS ROAD, CHENNAI 600006, TAMILNADU, INDIA |
- |
|
24 |
80018881 |
21/11/2005
* |
690,000,000.00 |
STATE
BANK OF TRAVENCORE |
UNITED INDIA
BUILDING, ESPLANADE, CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
25 |
80018764 |
13/10/2004 |
1,190,000.00 |
ICICI
BANK LTD |
93,
SANTHOME HIGH ROAD, CHENNAI, TAMILNADU - 600028, INDIA |
- |
|
26 |
90119327 |
13/10/2004 |
1,830,000.00 |
ABN
AMRO BANK |
19/1HADDOWS
ROAD, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
27 |
80019417 |
01/09/2004 |
865,000.00 |
ABN
AMRO BANK |
19/1,
HADDOWS ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
28 |
80019466 |
01/09/2004 |
865,000.00 |
ABN
AMRO Bank |
19/1, HADDOWS
ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
29 |
80019415 |
01/09/2004 |
1,010,000.00 |
ABN
AMRO BANK |
19/1,
HADDOWS ROAD,, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
30 |
80019474 |
01/09/2004 |
1,010,000.00 |
ABN
AMRO Bank |
19/1, HADDOWS
ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
* Date of charge modification
COMPANY OVERVIEW:
BGR Energy Systems Limited (‘the company’) is a public limited company incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed on Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’). The company is a manufacturer of capital equipments for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertakes turnkey Balance of Plant (‘BOP’) and Erection Procurement and Construction (‘EPC’) contracts for Power plants. The company has been achieving its objectives through its five business units: Power projects, Electrical projects, Oil and Gas equipment, Environmental engineering and Air Fin Coolers.
PERFORMANCE
REVIEW:
During the year, the Company has received Letter of Award from Odisha Power Generation Corporation for execution of Bop works for 2 × 660 MW Thermal Power Plant in the State of Odisha. The Company won its first Bop international contract to execute a 4 × 125 MW Gas based Power Plant at Nasiriyah, Iraq and the Ministry of Electricity, Government of Iraq issued the Letter of Award on October 13, 2013.
The Company has completed commissioning of unit 1 (1 × 600 MW EPC) of Kalisindh project and unit 2 (1 × 600 MW EPC) of the same project is under progress. In respect of Mettur Project (1 × 600 MW EPC) trial operations were completed and the plant is under commercial operation.
The Company has achieved good progress in the implementation of all ongoing EPC and Bop project contracts viz., Chandrapur (2 × 500 MW BoP), Marwa (2 × 500 MW Bop), Nawapara (2 × 300 MW EPC), Krishnapatnam (2 × 660 MW Bop), Mettur (1 × 600 MW EPC).
In respect of Super Critical technology space secured through NTPC’s bulk tender process, The Company is progressing in the execution of contracts viz. NTPC Solapur (2×660 MW Boiler and its auxiliary), DVC Raghunathpur (2×660 MW Boiler and its auxiliary), NTPC Lara (2x800 MW STG and its auxiliary) and NTPC Meja (2×660 MW Boiler and its auxiliary). The company is executing these Boiler contracts in collaboration with BGR Boilers Private Limited and Hitachi Power Europe. The contract for supply of Steam Turbine and Generator to Lara project is being executed in collaboration with BGR Turbines Company Private Limited and Hitachi Japan.
The Company is initiating execution of new contracts secured during the year Viz. OPGCLO disha (2X660 MW Bop), Nasiriyah GTPP-Iraq (4x125 MW EPC).
As part of emphasis on achieving high standards of Quality Management, Power Projects Division received ISO 9001:2008 Certification. Air Fin Cooler division has retained its dominant market leadership in Indian market and secured orders from Reliance and BPCL. Excellence in execution backed by senior level customer relationship and strategies has helped the Company to achieve highest order booking of ` 241 Crore. AFC has earned highest ever profit during the year by product mix and cost reduction strategies. The outlook for AFC business is quite promising in the international market, especially in Oman and Kuwait with major investments happening.
In the year 2013-14, Electrical Project Division saw one more year of achievement in establishing its core competency of the Division as a source of engineering excellence. During the year under review by active cooperation of selected manufacturers and suppliers, division carried out extensive type test and seismic test to verify and obtain approval for supplies of Major range of electrical equipment required for Nuclear Power Projects. During the year 400 KV GIS was installed and commissioned for TANGEDCO for their 1×600 MW Mettur Thermal Power Project (Stage III) at Mettur, Salem District and also achieved 6000 kms in terms of total live line installation of OPGW.
Environmental Engineering Division has bagged India’s largest Deaerator package from L and T for NPCIL for 2×700 MW RAPP and also bagged first export order to Raksaya, Indonesia for Deaerator. EED completed first CPU PG Test at BHEL (GSECL), Ukal -1×500 MW and the Second CPU PG Test in progress at North Chennai 2×500 MW Unit II. The Company has bagged first WTP order on EPC basis from Public Works Department, Government of Odisha - 42 MLD Water supply to Puri town. The overall financial performance of the division during the year has been generally in line with the market conditions which have not been very encouraging. Nevertheless, the division could register many operating achievements during the year.
Oil & Gas Equipment Division with a breakthrough order from Reliance, is ready for turn around. OGED is working for a major order for Gathering Centers. During the year under review, prime focus was on getting registration and establishing customer approvals.
INDIAN POWER SECTOR SCENARIO:
With a production of 1,006 TWh (including captive generation), India is the fifth largest producer and consumer of electricity in the World. Although power generation has grown over 100-fold since independence, demand growth has been even higher due to accelerating economic activity.
The country’s installed power generation capacity has more than doubled to 237.74 GW during the past 10 years and the current thermal installed capacity in the country stands at 163.30 GW. For the 12th Five-Year Plan, a total of 88.5 GW of power capacity addition is targeted, of which 72.3 GW constitutes thermal power. Thus, the total capacity addition targeted was 18,432 MW, while the actual capacity addition achieved till Feb’14 was 12,539 MW.
FUTURE OUTLOOK, THE YEAR AHEAD:
The Company has been able to sustain the ongoing sluggish period in the Power Sector in terms of new order intake and implementation of existing projects. The recent positive economical and policy indicators in the form of fast track approval process for new projects adopted by Government; debt restructuring to rejuvenate the SEB’s, coal allocation for projects, have had favourable effect on the sector and the dividends of the same will be witnessed in the coming years. The Company is poised to further strengthen its position in domestic market.
The Company is currently in an active transition mode to gear up from a Domestic EPC Company to a Global EPC solution provider of International standards and repute. New methodology in project and civil work execution, new strategies for talent management, additional capital investment in Plant and Machinery for increased mechanization, strategies to ramp up the HSE policies, quality of workmanship are being actively pursued.
The Company will focus aggressively on products catering to the process industry in the oil and gas and petrochemical sectors. The equipment offering of the Company such as Air Fin Cooler, Deaerator and CPU were able to gain the significant market share and are now the most preferred product supplier for many of the
Large conglomerates in India and abroad. New methodology implemented for cost reduction in manufacturing, improvements in quality and service of these products have reaffirmed market prominence in these segments.
The first International EPC order for a Power Project in Iraq, has enabled the Company to ascertain the Company’s core Engineering and Project Management capabilities and instill confidence to international clients of the Company’s capability as a Global EPC company. The Company will strive to demonstrate significant presence in the South East Asian Markets and Middle East where number of coal and gas based power projects are planned. These markets would continue to attract big investment due to their low per capita consumption of electricity, high demand and vast energy resource availability. Hence, the Company would strive to further gain strength in International markets by targeting projects of high value.
MANAGEMENT DISCUSSION & ANALYSIS
OPERATING HIGHLIGHTS OF FY 2013-14:
Trial operations for 1 × 600 MW EPC Mettur Project was completed during the year and the plant is under commercial operation since October 2013. PG Test was successfully completed in January 2014.
During the year, the Company has received Letter of Award from OPGCL for execution of Bop works for 2 × 660 MW Thermal Power Plant in the state of Odisha for ` 1573 crores. The contract was signed on July 11, 2013.
The Company won its first international contract on International Commercial Bidding (ICB) terms to execute a 4 × 125 MW Gas based Power Plant at Nasiriyah, Iraq for USD 246 million (Rs.1.500 Million). The Ministry of Electricity,
Government of Iraq issued the Letter of Award on October 13, 2013.
INDUSTRY OUTLOOK:
India is the fifth largest producer and consumer of electricity in the world. Although power generation has grown over 100-fold since independence, demand growth has been even higher due to accelerating economic activity.
The country's installed power generation capacity has more than doubled to 237.74 GW during the past 10 years. As of February 28, 2014, total thermal installed capacity in the country stood at 163.30 GW, while hydro and renewable energy installed capacity totaled 40.20 GW and 29.46 GW, respectively. Nuclear energy capacity remained broadly constant from that in the previous year, at 4.78 GW.
For the 12th Five-Year Plan (2012-2017), a total of 88.5 GW of power capacity addition is targeted, of which 72.3 GW constitutes thermal power, 10.8 GW of hydro power and 5.3 GW of nuclear power. The capacity addition target for 2013–14 was 1,198 MW of hydro power, 15,234 MW of thermal power and 2,000 MW of nuclear power.
Thus, the total capacity addition targeted was 18,432 MW, while the actual capacity addition achieved till February 2014 was 12,539 MW. The share of energy from renewables is likely to increase from a level of 5% in March 2012 to 12% by the end of 12th Plan. However, considering the lower capacity factors of power plants based on renewable technologies, the conventional sources of energy (like thermal energy) will continue to play crucial role in meeting the energy needs of the country. The major challenge, however, will be making coal available in the required quantity to realize the targeted capacity addition in 12th Plan period.
During the last few years including the year under review, there has been a drastic slow-down in new project announcement and delays in award of contracts for large power projects by Central and State utilities and Independent power producers on account of variety of reasons including natural gas availability, coal linkage, abnormal increase in price of imported coal, land acquisition, environmental clearance and poor financial health of State Discoms. These factors adversely affected the power plant EPC contractors and equipment manufacturers in the past few years.
The Government of India, State and Central utilities continue to encourage the adoption of Supercritical technology in all fossil fuel based power plants to ensure high efficiencies and lower emission. In Supercritical technology based power projects, Engineering, Procurement and Construction (“EPC”) route is expected to be the preferred route over the multiple package route.
On the policy front, during the last 6 months of fiscal 2013-14, some positive steps have been taken by GOI including clearing few coal blocks for the power producers to speed up the power project award and execution.
OPERATIONAL PERFORMANCE:
The Bop, EPC and Construction segment has achieved turnover of Rs 3.111 Million, registering a modest growth of 9% over last year. The capital goods segment achieved turnover of Rs. 0.185 Million.
Handing over and commercial closure of the 1 × 600 MW EPC Mettur Project to TANGEDCO is in progress.
Projects with respect to Bop contracts of 2× 500 MW Marwa TPP (CSPGCL), 2 × 500 MW Chandrapur STPS (MAHAGENCO) and EPC contract of 2 × 600 MW Kalisindh STPS (RRVUNL) will be commissioned during the 1st half of FY15. The 2 × 660 MW Krishnapatnam TPP (TPCIL) and 2 × 300 MW TPP (TRN Energy) EPC contracts are progressing and are likely to be commissioned during the 2nd half of FY’15.
Work on 2 × 660 MW Boiler and its auxiliary – NTPC Solapur, Meja and Raghunathpur projects and 2 × 800 MW STG and its auxiliary – NTPC Lara Project are progressing satisfactorily.
Despite tough market conditions, Air Fin Cooler division delivered 19% higher PBT compared to last year. New orders booked during the year were Rs. 24.116 Million including overseas orders. Despite slowing growth in world markets, the division has drawn up aggressive plans to deliver higher turnover during FY 2014-15 with specific focus on export orders from Middle East and Europe.
The progress on the NPCIL contract being executed by Electrical Project Division is satisfactory.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the company not acknowledged as debt |
|
|
|
a) On account of sales tax |
422.200 |
422.800 |
|
b) On account of income tax* |
1084.800 |
2304.500 |
|
c) On account of service tax** |
3.700 |
3.700 |
|
d) On account of contractual obligations |
235.000 |
235.000 |
|
e) On account of royalty |
454.700 |
453.800 |
NOTE:
· * Income-tax demand includes a sum of Rs Nil (Rs. 1149.500 Million) which has been contested by the IT authorities before the Income-Tax Appellate Tribunal.
· ** Service tax demand represents a sum of Rs.3.700 Million (Rs. 3.700 Million) which has been contested by the service tax authorities before the Customs Excise and Service Tax Appellate Tribunal.
FIXED ASSETS:
Tangible assets
·
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Office
Fixtures
·
Office
Equipment’s
·
Electrical
Installations
·
Vehicles
Intangible assets
· Technical
· Software
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014
(RS. IN MILLION)
|
SR. NO. |
PARTICULARS |
QUARTER ENDED |
NINE MONTHS ENDED |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
PART I |
|
|
|
|
1 |
Income from Operations |
|
|
|
|
|
a)
Net Sales / Income from Operations |
9880.800 |
6921.200 |
23095.600 |
|
|
b) Other
Operating Income |
4.900 |
21.300 |
78.100 |
|
|
Total Income from Operations (net) |
9885.700 |
6942.500 |
23173.700 |
|
2 |
Expenses |
|
|
|
|
|
Cost of Materials Consumed |
8501.600 |
5673.00 |
19210.200 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
44.100 |
(15.300) |
47.500 |
|
|
Employees benefits expense |
424.700 |
389.400 |
1219.000 |
|
|
Depreciation And Amortisation Expense |
63.800 |
75.600 |
203.100 |
|
|
Other expenditure |
142.800 |
172.700 |
498.200 |
|
|
Total Expenses |
9177.000 |
6295.400 |
21178.00 |
|
3 |
Profit/(Loss) from Operations Before Other
Income, Finance Costs and Exceptional Items (1-2) |
708.700 |
647.100 |
1995.700 |
|
4 |
Other Income |
0.000 |
0.200 |
15.000 |
|
5 |
Profit/(Loss)from Ordinary Activities Before
Finance Costs and Exceptional Items (3 + 4) |
708.700 |
647.300 |
2010.700 |
|
6 |
Finance Costs |
488.900 |
495.700 |
1514.900 |
|
7 |
Profit/ (Loss) from Ordinary Activities After Finance
Costs and Before Exceptional Items (5-6) |
219.800 |
151.600 |
495.800 |
|
8 |
Exceptional Items 9Net0 |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/(Loss) from Ordinary Activities Before Tax
(7-8) |
219.800 |
151.600 |
495.800 |
|
10 |
a)
Tax Expense |
74.700 |
56.500 |
163.700 |
|
|
b) Deferred
Tax-earlier Years |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit/(Loss) from Ordinary Activities After
Tax |
145.100 |
95.100 |
332.100 |
|
12 |
Extraordinary Items (Net of Tax Expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the Period (11-12) |
145.100 |
95.100 |
332.100 |
|
14 |
Share of profit / (Loss) of Associates |
0.000 |
0.000 |
0.000 |
|
15 |
Minority interest |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit / (Loss) After Taxes, Minority Interest
and Share of Profit / 9Loss)of Associates (13-14-15) |
145.100 |
95.100 |
332.100 |
|
17 |
Paid up Equity Share Capital (Face Value of Rs.
10/- per Share) |
721.600 |
721.600 |
721.600 |
|
18 |
Reserves Excluding Revaluation Reserves as per Balance
Sheet of previous Accounting Year |
0.000 |
0.000 |
0.000 |
|
19 |
Earnings per Share (EPS) Before Extraordinary
Items (in Rs.) (not Annualised) |
|
|
|
|
|
a)
Basic |
2.01 |
1.32 |
4.60 |
|
|
b) Diluted |
2.01 |
1.32 |
4.60 |
|
19 |
Earnings per Share (EPS) After Extraordinary
Items (in Rs.) (not Annualised) |
|
|
|
|
|
a)
Basic |
2.01 |
1.32 |
4.60 |
|
|
b) Diluted |
2.01 |
1.32 |
4.60 |
|
|
PART II |
|
|
|
|
|
SELECT INFORMATION
FOR THE QUARTER ENDED 31.0122014 |
|
|
|
|
A |
PARTICULARS OF SHARE HOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
18040390 |
18040390 |
18040390 |
|
|
Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
|
2 |
Promoters and Promoters
Group Shareholding: |
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
Number of Shares |
0.000 |
0.000 |
0.000 |
|
|
Percentage of Shares (as a % of the Total
Shareholding of Promoter Group) |
0.000 |
0.000 |
0.000 |
|
|
Percentage of Shares (as a % of the Total Share
Capital of the Company) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
Number of Shares |
54121170 |
54121170 |
54121170 |
|
|
Percentage of Shares (as a % of the Total Shareholding
of Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of Shares (as a % of the Total Share
Capital of the Company) |
75.00% |
75.00% |
75.00% |
|
SR. NO. |
PARTICULARS |
QUARTER ENDED 31.12.2014 |
|
B |
INVESTOR
COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
3 |
|
|
Received During the Quarter |
31 |
|
|
Resolved During the Quarter |
31 |
|
|
Remaining Unresolved at the end of the Quarter |
3 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
SR. NO. |
PARTICULARS |
QUARTER ENDED |
NINE MONTHS ENDED |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment revenue |
|
|
|
|
|
Capital Goods |
804.100 |
550.100 |
17251 |
|
|
Construction and EPS Contracts |
9081.600 |
6392.400 |
21448.600 |
|
|
Total |
9885.700 |
6942.500 |
23173.700 |
|
|
Less: Inter
Segment Revenue |
0.000 |
0.000 |
0.000 |
|
|
Net Sales/Income from Operations |
9885.700 |
6942.500 |
23173.700 |
|
2 |
Segment Result (Before tax and Interest) |
|
|
|
|
|
Capital Goods |
115.800 |
28.600 |
138.900 |
|
|
Construction and EPS Contracts |
592.900 |
618.500 |
1856.800 |
|
|
Unallocated Income Net of Expenditure |
0.000 |
0.200 |
15.000 |
|
|
Total |
708.700 |
647.300 |
2010.700 |
|
|
Less:
Inteerest (Net) |
488.900 |
495.700 |
1514.900 |
|
|
Total Profit Before Tax |
219.800 |
151.600 |
495.800 |
|
3 |
Capital Employee (Segment assests-Segment
Liabilities) |
|
|
|
|
|
Capital Goods |
1964.100 |
1854.300 |
1964.100 |
|
|
Construction and EPS Contracts |
11391.600 |
11356.300 |
11391.600 |
|
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
Total |
13355.700 |
13210.600 |
13355.700 |
NOTE:
· The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 13, 2015.
· The financial results for the quarter and nine months ended December 31, 2014 of the company on standalone basis have been subjected to a "Limited Review" by the Statutory Auditors of the Company.
· Cost of materials consumed is net of provision of cost of Rs. 444.100 Million and warranty of Rs. 51.900 Million, no longer required.
· The Company has received assessment orders for the financial years 2009-10 and 2010-11 from Tamil Nadu commercial taxes department demanding an amount of Rs. 24.800 Million and Rs. 79.100 Million respectively. Aggrieved by the order, the company has filed appeals before the Appellate Authority.
·
The figures for the previous period have been
regrouped/rearranged wherever necessary to conform to the current period of
presentation. For the quarter and nine months ended 31.12.2013, the deferred
tax liability of earlier years, has been allocated on time basis and disclosed
separately
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. 63.40 |
|
|
1 |
Rs. 95.42 |
|
Euro |
1 |
Rs. 68.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & 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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.