MIRA INFORM REPORT
|
Report No. : |
335664 |
|
Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENGINEERS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Engineers India Bhawan, 1, Bhikaji Cama Place, New Delhi - 110066 |
|
Tel. No.: |
91-11-26102121 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
15.03.1965 |
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|
|
|
Com. Reg. No.: |
55-004352 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1684.684 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1965GOI004352 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE00048G |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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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|
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Line of Business
: |
Providing engineering and related technical services for petroleum refineries,
oil and gas pipelines, petrochemical industries, chemical process plants and
other industrial projects. |
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|
|
|
No. of Employees
: |
3192 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 73370000 |
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|
|
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Navratna public – sector undertaking of the Government of
India under the Ministry of Petroleum and Natural Gas. It is well – established and reputed company having excellent track
record. Financial position of the company seems to be strong and healthy. The ratings also take into consideration, an acceptable share price of
Rs. 241.60/- recorded by the company as against a face value of Rs. 5.00 as
on August 6, 2015. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and condition. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 = AAA |
|
Rating Explanation |
Having highest degree of carry lowest credit
risk. |
|
Date |
14.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Have very Strong Degree of Safety and Carry
Lowest Credit Risk. |
|
Date |
14.10.2014 |
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
31-03-2013.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(TEL. NO.: 91-11-26102121)
LOCATIONS
|
Registered/ Head
Office : |
Engineers India Bhawan 1, Bhikaiji Cama Place, New Delhi – 110066, India |
|
Tel. No.: |
91-11-26102121 |
|
Fax No.: |
91-11-26178210/ 26194715 |
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E-Mail : |
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|
Website : |
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Regional Office 1 : |
A.G. Towers (5th Floor), 125/1, Park
Street, Kolkata – 700017, West Bengal, India |
|
Tel. No.: |
91-33-22298995/ 22276304 |
|
Fax No.: |
91-33-22277692 |
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|
|
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Regional Office 2 : |
4th and 5th Floor, Meghdhanuh Complex, Race Course, Near Transpek Circle Course, Vadodara – 390015, Gujarat, India |
|
Tel. No.: |
91-265-2340326/ 2340368-69 |
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Fax No.: |
91-265-2340328 |
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E-Mail : |
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Regional Office 3 : |
Plot No. F-9, SIPCOT IT Park, Siruseri, Chennai – 603103, Tamilnaddu, India |
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Tel. No.: |
91-44-27469401/ 27469402 |
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E-Mail : |
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Branch Office : |
Great
Eastern Chambers, 5th Floor, Plot No. 28, Sector 11, Belapur C.B.D, Navi
Mumbai – 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27560072/
27560032 |
|
Fax No.: |
91-22-27572011/ 27563066 |
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E-Mail : |
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|
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|
Gurgaon Office : |
Sector-16 (on NH-8), Gurgaon -122001, Haryana, India |
|
Tel. No. : |
91-124-3802000 |
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|
|
Overseas Offices : |
Located at: ·
Abu Dhabi, UAE · London · Italy · China · Malaysia · Venezuela |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sanjay Gupta (w.e.f. 01.06.2015) |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
29.101957 |
|
Qualification : |
B.E. from IIT, Roorkee |
|
Experience : |
He has about 34 years of experience in implementation of mega grassroots and brown field projects in Refineries and Petrochemicals. He was also entrusted with the task of leading the implementation of the first ever OBE Project and pioneered the same in the Hydrocarbon sector in India. Several projects on this mode have been implemented by the Company, thereafter. He has hither to also been additionally responsible for all the commercial functions of the Company including Estimation, Contracting, Inspection and Business Development. He has been engaged in consolidation, internationalization and strategy building for the Company. The improvement of Governance function of the Company while providing emphasis on project delivery to the owners is the cardinal principle around which all the efforts are being expanded. |
|
|
|
|
Name : |
Mr. Ram Singh |
|
Designation : |
Director |
|
Qualification : |
He has a Bachelor’s Degree in Commerce from Delhi University and is an associate member of the Institute of Cost Accountants of India |
|
|
|
|
Name : |
Mrs. Veena Swarup |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.06.1956 |
|
Qualification : |
MBA, Lucknow University |
|
Experience : |
She has more than 3 decades of experience in the fields of human resource in the Petroleum and Natural Gas sector. Prior to joining EIL, Ms. Swarup was with ONGC since 1983, where she held several assignments including Head of Performance Management and Benchmarking Group, which steered Performance Contracts and Service Level Agreements between board level and unit chiefs. Her other assignment included setting up the ONGC Energy Center, Head HR at various Units of ONGC, Policy making and Negotiations with Collectives. She also headed the SAP-HR Project for ONGC, which was the largest Project in Asia at that time. She was deputed to MRPL as a change agent to initiate aligning the Company to Public Sector requirements. She also had a short stint in Directorate General of Hydrocarbons as the Head of Corporate Affairs and Human Resources. She has been associated with several prestigious Committees of DPE and SCOPE to review various policies with reference to Public Sectors. As Director (HR), EIL she is credited for bringing a transformational change in the functioning of HR in EIL and has taken several pathbreaking initiatives towards Talent Management, Training & Development, Employee Communication, CSR & Brand Building with a view to take EIL to greater heights. She has also been recognized in the field of Management by various agencies. Some of the Awards recently conferred to her include Legend Director of the Year 2014 by News Ink Media, Indian Achievers’ Award for Corporate Leadership in Human Resources for outstanding achievements in Business and Social Service by Indian Achievers Forum. |
|
|
|
|
Name : |
Mr. Ajay Narayan Deshpande |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.01.1958 |
|
Qualification : |
· Chemical Engineering – Nagpur University · Post Graduate in Systems and Management, IIT, Delhi · Advance Management Programme at ASCI-Hyderabad |
|
Experience : |
He has worked in various capacities of our Company over the past 35 years, including oil and gas, refinery and petrochemicals sector, covering the functions of process design/development, research and development, plant operations and safety, heat and mass transfer, environmental engineering, specialist materials and maintenance services and information technology in the Technology Division. He has exposure to working in Projects Division also. He has been responsible for the business growth and technology initiatives of the Company and was also responsible for meeting the company’s targets on R&D and sustainable development. He has co-authored seven patent applications on behalf of the Company. He has served as Director on the Board of Certification Engineers International Limited, a wholly owned subsidiary of Engineers India Limited fortwo years and is currently on the Board of Ramagundam Fertilizers and Chemicals Limited, EIL’s JV with NFL and FCIL to undertake a brownfield project for Ammonia/ Urea production at Ramagundam. As Director (Technical), he is now responsible for all Technology and Engineering Divisions within the Company. |
|
|
|
|
Name : |
Dr. Archana S. Mathur |
|
Designation : |
Director |
|
Qualification : |
She has a Master’s Degree in Economics from the Delhi School of Economics, Delhi University and Ph.D. in the field of International Trade from the Jawaharlal Nehru University, New Delhi |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Kapur |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
233718911 |
69.37 |
|
|
233718911 |
69.37 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A) |
233718911 |
69.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6443841 |
1.91 |
|
|
7838945 |
2.33 |
|
|
27691076 |
8.22 |
|
|
24652803 |
7.32 |
|
|
66626665 |
19.77 |
|
|
|
|
|
|
8942176 |
2.65 |
|
|
|
|
|
|
23344369 |
6.93 |
|
|
2366329 |
0.70 |
|
|
1938150 |
0.58 |
|
|
1559534 |
0.46 |
|
|
325510 |
0.10 |
|
|
53106 |
0.02 |
|
|
36591024 |
10.86 |
|
Total Public Shareholding (B) |
103217689 |
30.63 |
|
Total (A)+(B) |
336936600 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
336936600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing engineering and related technical services for petroleum refineries,
oil and gas pipelines, petrochemical industries, chemical process plants and
other industrial projects. |
|
|
|
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Brand Names : |
-- |
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|
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|
Agencies Held : |
-- |
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|
|
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
|
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3192 (Approximately) |
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Bankers : |
· Indian Overseas Bank, F-47, Malhotra Building, Janpath, New Delhi – 110001 · Corporation Bank, 3, Ansal Chamber - I, Bhikaiji Cama Place, New Delhi – 110066 · State Bank of Travancore, 3, Ansal Chamber - I, Bhikaiji Cama Place, New Delhi – 110066 · HDFC Bank Limited, B-6/3, Safdarjung Enclave, DDA Complex, New Delhi - 110 029 |
|
Statutory Auditors: |
|
|
Name : |
M. Verma and Associates Chartered Accountants |
|
Address: |
1209, Hemkunt Chambers, 89, Nehru Place, New Delhi - 110019, India |
|
Tel. No.: |
91-11-41078098 |
|
Fax No.: |
91-11-26211211 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
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Associates : |
Petroleum India International |
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|
|
|
Wholly Owned
Subsidiary: |
· Certification Engineers International Limited · EIL Asia Pacific SDN BHD |
|
|
|
|
Joint Venture
Company : |
· Teil Projects Limited · Jabal Eiliot Co. Limited. · Ramagundam Fertilizers And Chemicals Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs. 5/- each |
Rs. 3000.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
337017600 |
Equity Shares |
Rs. 5/- each |
Rs. 1685.088
Million |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
336936600 |
Equity Shares |
Rs. 5/- each |
Rs.1684.683
Million |
|
|
Add: Forfeited Shares (Amount originally paid up on 2600 Equity
Shares) |
|
Rs. 0.001
Million |
|
|
TOTAL |
|
Rs. 1684.684 Million |
Reconciliation of
number of shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
As on 31.03.2015 |
|
No. of shares outstanding at the beginning of the period |
336936600 |
|
No. of shares outstanding at the close of the period |
336936600 |
Rights, Preferences
and Restrictions attaching to Equity Shares
The Company is having one Class of Equity Shares having a Par Value of `5 each. Each Shareholder is eligible for one vote per Share held.
The Dividend proposed by Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting except in case of Interim Dividend. In the event of Liquidation, Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all Preferential amount in proportion to their Shareholding.
Details of each
Shareholder holding more than 5 percent shares
|
Name of the
Shareholder |
Number of
shares held as at 31.03.2015 |
|
President of India |
233727299 |
|
No. of shares outstanding at the close of the period |
69.37% |
Other Disclosures
|
Name of the
Shareholder |
As on 31.03.2015 |
|
Aggregate number of equity shares having par value of `5/- each allotted as fully paid up by way of bonus share during the period of five years immediately preceding the Balance sheet date |
224624400 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1684.684 |
1684.684 |
1684.684 |
|
(b) Reserves & Surplus |
23994.325 |
22932.920 |
20690.780 |
|
(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) |
25679.009 |
24617.604 |
22375.464 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
22.179 |
18.331 |
38.082 |
|
(d)
long-term provisions |
174.682 |
200.924 |
209.913 |
|
Total
Non-current Liabilities (3) |
196.861 |
219.255 |
247.995 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
2465.580 |
2821.046 |
3463.896 |
|
(c)
Other current liabilities |
5806.936 |
5431.954 |
7617.998 |
|
(d)
Short-term provisions |
5011.081 |
4414.305 |
4741.334 |
|
Total
Current Liabilities (4) |
13283.597 |
12667.305 |
15823.228 |
|
|
|
|
|
|
TOTAL |
39159.467 |
37504.164 |
38446.687 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2675.927 |
1146.044 |
474.185 |
|
(ii)
Intangible Assets |
21.090 |
32.968 |
30.390 |
|
(iii)
Capital work-in-progress |
191.120 |
1317.615 |
1355.170 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
163.896 |
175.931 |
1081.385 |
|
(c) Deferred tax assets
(net) |
2319.476 |
2308.667 |
2363.673 |
|
(d) Long-term Loan
and Advances |
462.109 |
514.707 |
468.216 |
|
(e)
Other Non-current assets |
5.814 |
4.831 |
3.747 |
|
Total
Non-Current Assets |
5839.432 |
5500.763 |
5776.766 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1240.000 |
7190.000 |
5450.000 |
|
(b)
Inventories |
8.109 |
10.048 |
8.210 |
|
(c)
Trade receivables |
4260.618 |
3430.930 |
3321.703 |
|
(d)
Cash and cash equivalents |
23729.229 |
17680.308 |
18480.199 |
|
(e)
Short-term loans and advances |
853.026 |
481.121 |
633.515 |
|
(f)
Other current assets |
3229.053 |
3210.994 |
4776.294 |
|
Total
Current Assets |
33320.035 |
32003.401 |
32669.921 |
|
|
|
|
|
|
TOTAL |
39159.467 |
37504.164 |
38446.687 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
17130.042 |
18235.917 |
25059.670 |
|
|
|
Other Income |
2731.080 |
2320.851 |
3164.217 |
|
|
|
TOTAL |
19861.122 |
20556.768 |
28223.887 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Technical Assistance/ Sub-Contracts |
3297.669 |
4322.069 |
5026.188 |
|
|
|
Construction Materials and Equipment’s |
2537.143 |
1924.440 |
6137.196 |
|
|
|
Employees benefits expense |
5919.489 |
5978.146 |
5765.590 |
|
|
|
Prior Period Adjustment (Net) |
81.815 |
27.707 |
42.775 |
|
|
|
Other expenses |
3153.169 |
1178.658 |
2234.068 |
|
|
|
TOTAL |
14989.285 |
13431.020 |
19205.817 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
4871.837 |
7125.748 |
9018.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
196.274 |
145.467 |
108.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
4675.563 |
6980.281 |
8909.370 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1595.799 |
2182.646 |
2623.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
3079.764 |
4797.635 |
6285.755 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earning in foreign exchange towards professional fees. |
4.297 |
5.021 |
16.475 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.14 |
14.24 |
18.66 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
2251.974 |
2949.812 |
6254.730 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
595.882 |
830.841 |
3440.592 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
17.98 |
26.31 |
25.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
28.44 |
39.08 |
35.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.82 |
20.71 |
26.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.28 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51 |
2.53 |
2.06 |
STOCK
PRICES
|
Face Value |
Rs. 5/- |
|
|
|
|
Market Value |
Rs. 241.60/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1684.684 |
1684.684 |
1684.684 |
|
Reserves & Surplus |
20690.780 |
22932.920 |
23994.325 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
22375.464 |
24617.604 |
25679.009 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
25059.670 |
18235.917 |
17130.042 |
|
|
|
(27.230) |
(6.064) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
25059.670 |
18235.917 |
17130.042 |
|
Profit |
6285.755 |
4797.635 |
3079.764 |
|
|
25.08% |
26.31% |
17.98% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
CS (OS) 1525/2014
M/S SUVIDHA ENGINEERS
INDIA PVT LTD
..... Plaintiff
Through (appearance
not given)
Versus
M/S ENGINEERS INDIA
LTD
.....
Defendant
Through (appearance
not given)
CORAM:
BHUPESH KUMAR (DHJS),
JOINT REGISTRAR (JUDICIAL)
O R D E R
%
09.03.2015
Replication not
filed.
Learned counsel for the plaintiff seeks two weeks time to file replication. Be filed within two weeks from today with advance copy to the defendant. Last opportunity granted.
Let parties of both the sides file their respective original/certified copies of the documents within four weeks with copies to be exchanged.
Re-notify the matter for completion of pleadings and for admission/denial of the documents, on 27.07.2015.
BHUPESH KUMAR (DHJS)
JOINT REGISTRAR
(JUDICIAL)
MARCH 09, 2015/jk
$ 11
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10495700 |
01/04/2014 |
4,000,000,000.00 |
INDUSIND
BANK LTD. |
DR. GOPAL
DAS BHAWAN, 28 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C04766622 |
|
2 |
90044328 |
18/08/2004 |
2,500,000,000.00 |
CORPORATION
BANK |
BHIKAJI
CAMA PLACE, NEW DELHI, INDIA |
- |
|
3 |
90050360 |
18/03/2013
* |
1,500,000,000.00 |
VIJAYA
BANK |
ANSAL
CHAMBER-II,6,AFRICA AVENUE, BHIKAJI CAMA PLACE, NEW DELHI - 110066, INDIA |
B73000481 |
|
4 |
80054346 |
08/08/2011
* |
4,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI - 110001, |
B19817931 |
|
5 |
90042936 |
10/08/2008
* |
4,800,000,000.00 |
INDIAN
OVERSEAS BANK |
F-47,MALHOTRA
BUILDING, JANPATH, NEW DELHI - 110001, INDIA |
A46360731 |
* Date of charge modification
CONSULTANCY
ASSIGNMENTS (DOMESTIC)
OFFSHORE OIL AND GAS
During the year, EIL continued to make considerable progress in Offshore Oil and Gas and LNG sectors in India and overseas.
The following consultancy assignments were successfully completed in Offshore Oil and Gas during the year:
• Project Management Consultancy (PMC) services for Well-head, Process-cum-Living Quarters Platform and Submarine Pipelines of Deen Dayal Field Development Project of Gujarat State Petroleum Corporation Limited (GSPC) at Mallavaram, Andhra Pradesh.
• Re-qualification and Re-certification of 50 offshore jackets for ONGC.
•
Front End Engineering Design (FEED) for Marine Works, Storage Tanks and
Re-gasification Terminal for Pertonet LNG Limited’s 5 MMTPA Gangavaram LNG
Terminal.
During
the year, EIL secured the following orders against stiff competition and
implementation has taken off in right earnest:
• Remedial measures for ONGC’s 42” SBHT Pipeline at Umharat sea beach.
• FEED for Marine Works, Storage Tanks and Re-gasification Terminal for LNG Terminal at Chhara of HPCL Shapoorji Energy Limited (joint venture project of HPCL and Shapoorji Energy Limited).
Additionally,
the following Offshore Oil and Gas projects are currently under execution:
• Pre-award activities for ONGC’s Water Injection South (WIS) platform.
• PMC for Dahej Expansion Ph-III A Project of Petronet LNG Limited.
• Revamping of Unmanned platforms (50 nos.) Phase-II of ONGC.
•
Consultancy services for post award activities for ONGC’s BPABPB revamp
project.
ONSHORE OIL AND GAS
EIL is providing PMC services for Cairn’s Associated Facilities Project at Mangala Processing Terminal (MPT) comprising Storage Tanks and Export System, Power Generation and Distribution system and integrated balance works.
PIPELINES
EIL
has a significant track record in design and execution of crosscountry
pipelines for transportation of crude oil, refined petroleum products, natural
gas and LPG. The following assignments have been successfully completed during
the year:
• Detailed Feasibility Report (DFR) for 1400 km Dhamra-Numaligarh Crude Oil Pipeline for Numaligarh Refinery Limited (NRL).
• DFR for 672 km Capacity Augmentation of Vijaipur-Auriya- Phulpur Gas Pipeline for GAIL (India) Limited.
• DFR for 1850 km Phulpur-Haldia Gas Pipeline including spurlines for GAIL.
• Supply of gas through spurlines to Hubbali/ Dharwar twin cities for GAIL.
• 10” x 26 km LPG Onshore/Offshore Pipeline from Mumbai Refineries of Bharat Petroleum Corporation Limited (BPCL)/ Hindustan Petroleum Corporation Limited (HPCL) to Uran for BPCL.
• 24” HDD Ganga River crossing for GAIL.
The following major pipeline projects are in progress:
• 12”/ 8” x 450 km Kochi-Coimbatore –Erode-Salem LPG Pipeline for BPCL.
• 18” x 45 km Re-routing of Mumbai-Manmad Pipeline for BPCL.
• 24”/ 18”/ 8”/ 4” x 243 km Replacement of KG Basin Pipeline.
• 36” x 860 km Mehsana-Bathinda Pipeline along with 24”/ 18”/ 16”/ 8” x 726 km spurlines for GSPL India Gasnet Limited (GIGL).
• 36”/30”/24” x 1428 km Mallavaram-Bhopal-Bhilwara-Vijaipur Pipeline along with 30”/ 24”/ 18” x 477 km spurlines for GSPL India Transco Limited (GITL).
• 12” x 100 km Hazira-Dahej Naphtha Pipeline for ONGC.
• 18”/ 16” x 275 km Natural Gas Pipeline from Vijaipur to Kota and Spurline to Chittorgarh for GAIL
.
• 36” HDD Satluj river crossing and 18” HDD Yamuna river crossing for GAIL.
• 8” HDD Narmada river crossing for ONGC.
• 16” HDD Saloni river crossing for GAIL.
• Upgradation
of pumping stations for Naharkatiya-Barauni Crude Oil Pipeline of Oil India
Limited (OIL).
PETROLEUM REFINING
During the year, the Company achieved significant progress on the following major petroleum refinery projects:
• The Integrated Refinery Expansion Project of BPCL Kochi Refinery aims to increase refining capacity from the current 9.5 MMTPA to 15.5 MMTPA and comprises process units viz., CDU/VDU, DHDT, VGO-HDT, Petro FCC, DCU, associated utilities including CPP, Offsite facilities and revamping of existing Naphtha Hydro- Desulphurization and Semi-Regenerative Reformer units. Engineering activities for the project have been completed while the construction activities are progressing in full swing.
• EIL is providing EPCM services for the CDU-4 project of BPCL Mumbai Refinery. Designed for a capacity of 6 MMTPA, the new grass root facilities will replace the ageing CDU-1 and CDU-2 Units. The project is in advanced stage of implementation and the pre-commissioning activities have commenced.
• PMC services for the installation of a new Diesel Hydrotreater unit (2.4 MMTPA) and Associated Facilities at BPCL Mumbai Refinery commenced during the year. Procurement of critical Long Lead Items (LLIs) has been initiated.
• EPCM services for conversion of CRU to ISOM and revamp of NHDS to NHT at BPCL Mumbai Refinery commenced during the year to maximize Isomerate yield and Octane Number and produce special products like Food Grade Hexane. Detailed engineering and procurement of LLIs are under progress.
• A Tail Gas Treating Unit using indigenous technology developed by EIL RandD is being installed in the existing Sulphur Recovery Unit of HPCL Vizag Refinery to achieve an overall sulphur recovery of 99.9%. Detailed engineering and all procurement activities for the project have been completed.
• The
CCU Reactor Replacement Project at BPCL Mumbai Refinery was successfully
commissioned during the year.
• Basic design services for Low Cost Debottlenecking of BORL, Bina have commenced. This will augment the refinery capacity from 6 MMTPA to 7.5 MMTPA. Finalization of Licensors is under progress.
• PMC services for implementation of 366 MW Captive Power Plant of IOCL’s 15 MMTPA Paradip Refinery Project. Commissioning activities are progressing in full swing.
• Under Phase-III Refinery Expansion Project, the capacity of Mangalore Refinery of MRPL has been increased to 15 MMTPA by adding a new CDU/VDU of 3 MMTPA and associated facilities. The Project has been implemented on hybrid mode of PMCLSTK, OBE and EPCM. All process units and associated utilities have been completed.
• Wax Project of Numaligarh Refinery Limited was successfully commissioned during the year achieving the design product quality. The project was based on inhouse Dewaxing/Deoiling technology developed jointly by EIL and IIP.
• Procurement and construction activities are in progress for EPCM Services of New Coke Chamber and Allied Modernization Facilities of IOCL, Barauni.
• Process, detailed engineering and procurement activities are in progress for the EPCM Services contract for INDAdeptG Unit of IOCL, Guwahati. Piling work is completed and Civil and structural works are in progress.
• Pre-award activities are in progress for PMC services for Distillate Yield Improvement Project at IOCL Haldia Refinery. The Project shall be executed in hybrid mode.
• Major engineering has been completed for the Engineering Services for Augmentation of Purge Treatment Unit in IOCL Haldia Refinery.
•
Major engineering has been completed for Engineering Services for Revamp of
INDMAX Unit of IOCL Guwahati Refinery.
PETROCHEMICALS
Significant
progress has been made on the following petrochemical projects:
• Dahej Petrochemical Complex of ONGC Petro additions Limited (OPAL) is being executed on PMC mode. The Project consists of 1100 KTA Dual Feed Ethylene Cracker, HDPE, LLDPE/ HDPE Swing Unit, PP units, Captive Power Plant and associated Utilities and Offsites. The Dual Feed Cracker, HDPE, PP and Butene units have been mechanically completed and LLDPE/HDPE Swing Unit is in advanced stage of completion. A number of utilities have been commissioned.
• Assam Gas Cracker Project, a grass-root petrochemical project of Brahmaputra Cracker and Polymer Limited, is being executed by
EIL on EPCM mode. The project comprises Gas Sweetening Unit, C2+ Separation Unit, Gas Dehydration Unit, Ethylene Cracker, LLDPE/ HDPE, PP and supporting Utilities, Offsites and Pipelines. Mechanical Completion has been achieved for the complex and pre-commissioning/commissioning activities are in progress. The availability of petrochemicals from the project will boost the development of plastic industry in the North-Eastern region of the country.
• Petrochemical Complex-II Project at Vijaipur, Madhya Pradesh and Pata, Uttar Pradesh of GAIL is being executed on EPCM route. The Petrochemical complex consisting of Gas Sweetening and Gas Processing units with associated Captive Power Plant and Utilities and Offsite at Vijaipur and Gas Cracker complex, GPU-II, LLDPE/HDPE (Swing unit) and Butene-1 Units at Pata have been successfully commissioned. The Plant is under stabilization.
• Engineering activities have commenced for Integrated Methanol and Acetic Acid Plant of Assam Petrochemical Limited at Namprup, Assam.
• Work
on the Propylene Derivative Petrochemical Plant of BPCL Kochi Refinery
comprising Acrylic Acid Unit, Oxo-Alcohol Unit and Acrylates Unit has
commenced.
Turnkey Projects
EIL
is executing a number of turnkey projects either on LSTK mode or on the ‘Open
Book Estimate (OBE)’ basis. Substantial progress was made in the following
LSTK/OBE jobs under implementation during the year:
• Detailed Engineering and ordering activities are in advanced stage of completion for Resid Upgradation Project of CPCL, Chennai. All major long lead items have been ordered. Civil/ structural, U/G Piping, Mechanical and A/G Piping works are in progress.
• PFCC Unit, Sulphur Recovery unit and Polypropylene units of Mangalore Refinery Expansion Phase-III project of MRPL have been successfully commissioned.
• South Jetty Pipeline project for loading/unloading of petroleum products and crude oil for IOCL Paradip Refinery, being executed on OBE mode, has progressed well during the year.
•
GSPC, as a part of Deen Dayal Field Development Project, has implemented an
Onshore Gas Terminal (OGT) facility at Mallavaram in Andhra Pradesh. The
project has been executed by EIL on OBE mode and consists of two trains of 100
MMSCFD each. Mechanical Completion of the plant was achieved during the year.
During the year, EIL was successful in securing the job for executing Hazira
Modification Job under Daman Development Project on OBE basis from ONGC.
PERFORMANCE OF DIVISIONS
PROCESS DESIGN AND DEVELOPMENT
The
Process Design and Development Division of EIL continued its efforts to secure
business from new clients besides serving various existing clients, both in
India and in overseas. Prominent assignments undertaken by the Division during
the year include the following:
• Detailed Feasibility Report (DFR) for a state-of-the–art Refinery cum Petrochemical Complex for HPCL for processing Rajasthan crude located at Barmer. The refinery capacity is 9MMTPA with maximization of Petrochemicals like Polypropylene and Polyethylene.
• Configuration Study and DFR for HPCL’s Mumbai Refinery for expansion of crude processing capacity from 7.5MMPTA to 9.5 MMPTA.
• Configuration Study and Capacity Expansion study for BPCL’s Mahul Refinery for enhancing crude processing from 12 MMTPA to 14MMTPA.
• Wax Production facilities of the Numaligarh Refinery have been successfully commissioned.
• Residual and Detailed Engineering of a grassroot Crude Distillation Unit (CDU-4) at BPCL’s Mumbai Refinery for 6 MMPTA crude processing capacity.
• Detailed Engineering for the Integrated Refinery Expansion Project of BPCL’s Kochi Refinery for enhancing crude processing capacity from 9.5 to 15.5 MMTPA.
• DFR for 6 MMTPA expansion of Numaligarh Refinery based on 100% Sour Crude Processing.
• DFR for Capacity Expansion of IOCL’s Gujarat Refinery from a crude processing capacity of 13.7 MMTPA to 18 MMTPA.
• Feasibility Study for Assessment of Land, Power and Water requirement for Coal to Liquids Project to produce 80000 BPD of liquid fuel for IPCOL, Odisha.
• Detailed Feasibility Study for Low Cost Expansion of Bharat Oman’s Refinery at Bina for enhancing the existing crude processing capacity from 6 MMTPA to 7.5 MMTPA.
• Detailed Engineering of 2.2 MMTPA DCU unit of CPCL’s Chennai Refinery as part of the EPC project activities.
• FEED preparation for Revamp of Unmanned Platform Phase-II for ONGC is under progress.
• PMC services for BPA/BPB offshore facilities for ONGC.
• Configuration study for setting up a Grassroot Refinery of 200,000 BPSD at Angola for Sonaref.
• Detailed Engineering for INDAdeptG unit of 35KTPA capacity being set up at IOCL’s Guwahati Refinery with indigenous technology developed in association with IOCL RandD.
• Feed Augmentation study with Ethane import facilities for GAIL’s Petrochemical Complex at Vijaipur and Pata.
•
Feasibility study for Utilization of Pet coke via the gasification route for
value addition for NFL at Nangal.
• Assessment and utilization of gas for the Western Offshore assets for ONGC to examine the potential for further optimization of gas usage.
• Pre-feasibility Report for Adani Enterprises Limited (AEL) for Coal gasification to polygeneration at their facilities located at Mundra.
• Licensor evaluation for a grassroot Diesel Hydrotreater Unit for BPCL’s Mumbai Refinery. Design of new and revamp of associated facilities i.e., SWS, ARU, Utilities and Offsites.
• Vetting of Prefeasibility Report carried out by AEL in Chhattisgarh for Polygeneration.
• DFR for expanding HPCL’s Vizag Refinery crude processing capacity to 15 MMTPA with inclusion of suitable bottom upgradation facilities for distillate yield and product quality improvement.
• Study Report for capacity debottlenecking of existing Crude Distillation Unit for Takreer Refinery, Abu Dhabi.
• Basic Engineering Design Package of Visbreaker Revamp with installation of Soaker internals at IOCL’s Haldia Refinery in collaboration with IIP.
•
Advance FEED package for Kuzey-Marmara DP-1 and DP-2 platform offshore
facilities for Turkish Petroleum Corporation (TPAO).
• FEED development for WIS Reconstruction Project to install a new water injection platform with a capacity of 3720 m3/hr at Mumbai High south field, ONGC.
• Study report for examining the impact of high H2S content in ONGC’s B193 platform.
• Coke Chamber replacement and Modernization of Coker-A of IOCL’s Barauni Refinery.
• Reviewed LSTK documents for 2200 TPD Ammonia, 4000 TPD Urea and Methanol complex of Indorama, Nigeria.
• Reviewed early work contractor documents for 5000 TPD Methanol and 3850 TPD Urea complex for Brass Fertilizers, Nigeria.
• Licensor selection for Ammonia, Urea technologies and Detailed Feasibility Report preparation for revival of Ramagundam Fertilizer Project.
• Prefeasibility study for 2200 TPD ammonia and 3850 TPD urea plant in Siberia, Russia for Global Steel.
•
Licensor selection and PMC services for a grassroot 890 KTPA Dual Feed Cracker unit
and associated polymer facilities of Liwa Plastics Project for Orpic, Oman.
• Basic and detailed design of the associated utility and offsites facilities as well as detailed engineering services for 460,000 BPSD Dangote Refinery and Petrochemicals Complex for Dangote Oil Refinery Company Limited, Lekki, Nigeria.
• RFCC Revamp Project at Sohar Refinery, Orpic: Preparation of Basic Design package for the RFCC Amine Absorber unit, preparation of FEED Package for the RFCC Revamp, CDU Modification, PRU Revamp and LPG Merox revamp.
• PMC services for FEED Packages, Design of Tankages and Mounded Storages for Lobito Refinery Project of Sonangol EP.
•
Distillate Yield Improvement Project (Aishwarya project) of IOCL’s Haldia
Refinery.
FINANCE
The
Company continued its strong cash generation driven by business performance.
The efficient financial and cost management system continued to facilitate cash
generations as well as creation of wealth. EIL optimized the returns on cash
reserves by deploying cash surplus in safe and liquid instruments as per the
approved investment policy of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OVERVIEW
For the year 2014-15, the Company secured business worth Rs.23050.000 Million with segment-wise breakup as follows:-
Domestic Consultancy: Rs.6100.000 Million
Domestic Turnkey: Rs. 4420.000 Million
Overseas: Rs. 12530.000 Million
Major contributions in their order inflows continue to be from Hydrocarbon and Petrochemical businesses.
In the upstream segments, major assignments secured during the year were Project Management Contractor (PMC) for Mangala Phase-2 EOR Project and FEED for Bhagyam Polymer EOR Project of Cairn India Limited.
In the refining and petrochemical sector, major consulting orders secured were DHDT Unit of BPCL Mumbai, Consultancy services for IOCL’s Delayed Coker Unit and allied facilities under Distillate Yield Improvement Project at Haldia, Conversion of Catalytic Reformer Unit into Isomerization Unit and Process Design and EPCM Consultancy Services for Tail Gas Treatment Units (TGTU) Project at Mumbai Refinery of BPCL.
The Company further augmented its foray into the LNG sector with the award of FEED for LNG Terminal in Gir Somnath, Gujarat, for HPCL Shapoorji Energy Limited (HSEL).
In
the infrastructure field, EIL was awarded Projects from Indian Rare Earths
Limited (IREL), Chatrapur, Ganjam, Odisha for Consultancy Services for Site
related Civil, Electrical and Mechanical Piping Works of 5 MLD Sea Water
Desalination Plant, Punjab Water Supply and Sewerage Board for DPR for
Abatement of pollution in Buddha Nala in Ludhiana City and Kamarajar Port
Limited for Development of Container Terminal through PPP mode on DBFOT basis.
The Company also secured business in newer areas such as Pre- Feasibility Study for Coal to Poly Generation Project at Mundra, Gujarat of Adani, Petcoke Gasification Feasibility Study report for NFL-Nangal, DFR of Solar Power Project at GAIL Pata.
In the pipeline sector, EIL secured Project Management Consultancy Services for KG Basin Pipelines Restoration Works including Health Assessment/Integrity Check of the Pipeline System for GAIL and EPCM Services for re-routing of Mumbai- Manmad Pipeline for BPCL.
In LSTK domain, EIL was successful in securing the job for executing Hazira Modification Job under Daman Development Project on OBE basis from ONGC.
In
the overseas markets, the Company achieved considerable success during the
year. EIL has made significant foray into Africa by securing a PMC assignment
for a Grassroot 460,000 BPSD Refinery and 690 KTPA Polypropylene plant for
Dangote Oil Refining Company in Nigeria. This is, till date, the largest value
consultancy order received by the Company. In addition to the above, EIL has
secured Consultancy Services assignment for Lobito Refinery Project of Sonangol
E.P. in Angola. EIL was also successful in securing a PMC assignment for a
Fertilizer Project comprising Ammonia, Urea and Methanol Plants of Brass
Fertilizer in Nigeria. The Company has also made a successful entry into South
Sudan by securing a Feasibility assignment for building the South
Sudan-Ethiopia-Djibouti Pipeline.
EIL has been very successful in Oman this financial year. The Company secured PMC Services for an Integrated Petrochemical Complex near Sohar Refinery for Oman Refineries and Petroleum Industries Company (Orpic). This is a very significant project for Orpic as well as Oman. Additionally, EIL also bagged a PMC assignment for RFCC Revamp and improvement works for various units at Sohar Refinery and Preparation of FEED for Pet Coke Handling Facility.
In
Bahrain, EIL was awarded its first Training Assignment, where the Company’s
specialists provided training to Bahrain Petroleum Company (BAPCO) employees on
Design and Engineering concepts. This has opened new avenues for EIL to
undertake training assignments for BAPCO and other clients in the Hydrocarbon
sector in the International market. EIL was successful in renewing its General
Services Agreement with BAPCO for further 2 years which is also likely to pave
the way for various engineering assignments for the Company.
UAE has been a very consistent market and provided success to EIL in its effort to expand its business prospects overseas. The Company has already strengthened its existing engineering office in Abu Dhabi. In UAE, EIL succeeded in securing assignments from Takreer involving Consultancy services for Crude Unit Tower Debottlenecking at Abu Dhabi Refinery, Mussafah Terminal Fire Fighting Facility Adequacy Study and SOR Development and Protection Relay Coordination Study for Abu Dhabi Refinery Division Electrical Power Network.
EIL has also made entry into Russia by securing an assignment for a Natural Gas Based Urea Ammonia Plant.
BUSINESS ENVIRONMENT AND FUTURE OUTLOOK
As per latest World Economic Outlook report, global growth still remains in low gear. For FY 2015, it is projected at 3.5%. In USA, growth is expected to rise from 2.7% in 2014 to around 3.6% in 2015. In Euro area, growth in the third quarter of 2014 was modestly weaker than expected and continues to decline. In Japan, the economy fell into technical recession in the third quarter of 2014 but it may strengthen in 2015–16. Russia’s sharp slowdown and depreciation of the Rouble have also severely weakened the outlook for other economies in the Commonwealth of Independent States (CIS) group. China’s economic growth is expected to reduce from 7.4% to 6.8% in 2015. Sizable uncertainty about oil prices in the future and the underlying drivers of the price decline have added a new risk dimension to the global growth outlook in Sub-Saharan Africa, Nigeria and South Africa.
Indian GDP at Constant prices (2011-12) in Q3 has registered a growth of 7.5% (at factor cost it is 5.8%) during the year 2014- 15. The growth in the ‘construction’ and ‘manufacturing’ sector is estimated to be 4.5% and 6.8% respectively.
India’s position in the global economy is showing signs of stabilizing and is expected to improve in the coming years. With the drop in Crude Oil Price, the current account deficit is also under control.
India is the world’s fourth largest energy consumer. The total size of the Indian Oil and Gas sector is estimated to be around US$ 139.8 billion. In view of the rapid economic advance being made by the country, oil consumption is expected to grow at Compounded Annual Growth Rate of 3.2% between FY 2008 and FY 2016. By 2025, the Indian demand for oil will outstrip Japan to become the third-largest consumer of oil in the world.
With shortfall of domestic gas supplies, India increasingly relies on imported LNG. LNG imports account for almost 25% to the total gas demand in the country. In the next five years, the demand for gas is expected to more than double. India was the fourth-largest importer of LNG in 2013, accounting for more than 5.5% to total global imports. India’s LNG imports are forecasted to increase at a CAGR of 33% during 2012–17.
EIL is hopeful that with a stable government at the centre, there will be a renewed focus on revival of investment climate both in energy and infrastructure sectors which can provide growth opportunities for them. The diversified segments of Renewables, Water and Waste water management, Infrastructure and fertilizers have strong potential for future growth and will continue to be focus areas.
In Renewables space, the Company is planning to make inroads for setting up solar power projects in India. We also plan to capitalize on the current success from overseas markets and build on the credentials for PMC and FEED services for green field and brown field expansion projects in hydrocarbons.
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
a) Claims against the Company not acknowledged as debt.
Commercial
claims including employee’s claims pending in the Courts or lying with
Arbitrators amounting to Rs. 451.875 Million (Previous year: Rs. 413.028
Million).
b) Income Tax/Fringe Benefit Tax assessments have been completed upto the assessment year 2012-13. Income Tax liability, if any, in respect of pending assessments for the assessment years 2013-14 and 2014-15 cannot be ascertained although tax as per return/revised return has been paid in full.
Wealth Tax Assessments have been completed upto the Assessment Year 2012-13. Wealth Tax liability, if any, in respect of pending assessments for the Assessment Years 2013-14 and 2014-15 cannot be ascertained although tax on returned wealth has been paid in full.
Company has filed an application for rectification (u/s 154) of short credit given for Tax Deducted at Source (TDS) and other processing mistakes amounting to Rs. 34.886 Million for assessment years 2010-11 and 2011-12 (Previous Year : Rs. 38.752 Million for assessment years 2007-08, 2010-11 and 2011-12).
Income Tax Department is in appeal for an amount of Rs. 312.55 Million with Income Tax Appellate Tribunal against the Commissioner of Income Tax (Appeals) Orders in Company’s favour for the Assessment Years 2002-03 , 2004-05 and 2010-11 (Previous Year : Rs. 60.844 Million for assessment years 2002-03 and 2004-05).
Company has filed an appeal with Commissioner of Income Tax (Appeal) for an amount of Rs. 4.348 Million against the order of Assessing Officer u/s 143(3) for the Assessment Year 2012-13.
Company
has filed an appeal with Commissioner of Income Tax (Appeals) for an amount of
Rs. 0.032 Million (Previous year: Rs. 0.032 Million) against the order of
Assistant Commissioner of Income Tax (TDS) u/s 201(1) for the Assessment Year
2009-10.
Company has filed an appeal against demand of service tax (inclusive of penalty of Rs. 3.144 Million) for Rs. 6.287 Million (Previous Year: Rs. 6.287 Million) and interest thereon by Commissioner of Central Excise (Appeals) for the period 01.4.2002 to 17.4.2006 before Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
The Company has filed an appeal against the order of Additional Commissioner (Appeals), Mathura before Sales Tax Tribunal, Agra for an amount of Rs.13.253 Million (Previous Year : Rs. 13.253 Million) in respect of assessment year 1999-2000 and Rs.11.612 Million (Previous Year Rs. 11.612 Million) for assessment year 2000-01 on account of sales tax.
The Company has filed an appeal against the order of Additional Commissioner (Appeals), Mathura before Sales Tax Tribunal, Agra for an amount of Rs.1.871 Million (Previous Year : Rs. 18.71 lakhs ) on account of entry tax for the year 1999-2000 and against which an amount of Rs. 5.01 Million (Previous Year : Rs.0.501 Million) had been deposited.
c) Corporate Guarantee given on behalf of Joint Venture Rs. 20.000 Million (Previous year: Rs. 20.000 Million) In respect of above contingent liabilities, it is not probable to estimate the timing of cash flow, if any, pending the resolution of Arbitration/ Appellate/Court/ assessment proceedings.
FIXED ASSETS:
Tangible Assets
· Land Freehold
· Building
· Plant and Machinery
· Furniture, Fixtures and Office/ Constn. Equipment
· Computer Hardware
· Motor Vehicles
· Library Books
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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.