MIRA INFORM REPORT
|
Report No. : |
337506 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
L&T - MHPS TURBINE GENERATORS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
L&T – MHI TURBINE GENERATORS PRIVATE LIMITED L&T TURBO GENERATOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L&T House, Ballard Estate, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-67525656 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166541 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3806.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31101MH2006PTC166541 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2729F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Supercritical Steam Turbines and Generators. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Larsen and Toubro Limited, India” having a
satisfactory track record. The company has incurred some accumulated losses during FY 2014. However, the company receives strong financial and managerial support
from its holding company. Promoters are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. In view of strong holding companies and experienced promoters, the
company can be considered for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+/Negative |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
10.02.2015 |
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
31-03-2013.
INFORMATION DENIED
Management non co-operative
Contact no.:91-22-67525656
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525893 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing Office : |
LMTG Hazira Works, Larsen And Turbo, P. O. Bhatha, District – Surat –
394510, Gujarat, India |
|
Tel. No.: |
91-261-2805833 |
|
Fax No.: |
91-265-2452282 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Hazira Manufacturing Complex (West), Gate No.8, Surat Hazira Road, P.O. Bhatha, District Surat - 394510, Gujarat, India. |
DIRECTORS
As on 23.09.2014
|
Name : |
Mr. Yozaburo Mabuchi |
|
Designation : |
Director |
|
Address : |
2-33-13, Shiroyamadai Nagasaki-Shi, Nagasaki –Ken, Nagasaki, Japan |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
23.12.2008 |
|
DIN No.: |
01585780 |
|
|
|
|
Name : |
Mr. Masayuki Kubo |
|
Designation : |
Director |
|
Address : |
3-4-4-501 Kamioooka- Nishi, Konan-Ku, Yokohama-Shi, Kanagawa-Ken,
Japan |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
01585730 |
|
|
|
|
Name : |
Mr. Sravankumar Venkata Satya Yeleswarapu |
|
Designation : |
Director |
|
Address : |
Flat No 801 Verona, Hirananadani Gardens, Powai, Mumbai – 400076,
Maharshtra, India |
|
Date of Birth/Age : |
24.02.1960 |
|
Date of Appointment : |
26.01.2012 |
|
Date of Cessation : |
25.03.2014 |
|
DIN No.: |
01080060 |
|
|
|
|
Name : |
Mr. Subrat Kumar Das |
|
Designation : |
Whole Time Director |
|
Address : |
No. 52, Ashirwad Bungalows, Near Rajhans Cinema, Dumas Road, Surat – 395007,
Gujrat, India |
|
Date of Birth/Age : |
17.03.1952 |
|
Date of Appointment : |
02.07.2014 |
|
DIN No.: |
05283783 |
|
|
|
|
Name : |
Mitsuyoshi Tsuchiya |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
1-2-20-802, Rikyuunishimati, Suma-Ward, Kobe City |
|
Date of Birth/Age : |
26.03.1958 |
|
Date of Appointment : |
10.10.2013 |
|
DIN No.: |
06711159 |
|
|
|
|
Name : |
Mr. Shailendra Roy Narain |
|
Designation : |
Director and Chairman |
|
Address : |
Flat No 603/604, Kalpana Building, Opposite Ramkrishna Mission
Hospital, 11th Road, Khar West, Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1952 |
|
Date of Appointment : |
23.09.2014 |
|
DIN No.: |
02144836 |
|
|
|
|
Name : |
Mr. Sunil Rameshchandra Pande |
|
Designation : |
Director |
|
Address : |
703, Sovereign Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
13.08.1950 |
|
Date of Appointment : |
05.08.2013 |
|
DIN No.: |
03060968 |
|
|
|
|
Name : |
Ashok Kumar Sonthalia |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
C-704, Iscon Heights, Gotri Road, Powai, Vadoadara – 390021, Gujarat,
India |
|
Date of Birth/Age : |
01.07.1968 |
|
Date of Appointment : |
14.05.2014 |
|
DIN No.: |
03259683 |
|
|
|
|
Name : |
Vijaya Sampath |
|
Designation : |
Additional Director |
|
Address : |
Flat No - 403, Block -14, Heritage City, Mehrauli Gurgaon Road, Gurgaon - 122002, Haryana, India |
|
Date of Appointment : |
22.01.2015 |
|
DIN No.: |
00641110 |
|
|
|
|
Name : |
Shekar Viswanathan |
|
Designation : |
Additional Director |
|
Address : |
Shrothrabhiram, 110, 6th Cross, 2nd Main,, Rmv Ii Stage, (Sfhs), Bangalore - 560094, Karnataka, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01202587 |
|
|
|
|
Name : |
Yusuke Kurogi |
|
Designation : |
Director Appointed In Casual Vacancy |
|
Address : |
3-57, Bunkyo-Machi, Nagasaki City, Nagasaki, 8528131, Japan |
|
Date of Appointment : |
13.05.2015 |
|
DIN No.: |
07172890 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Gupta |
|
Designation : |
Company Secretary |
|
Address : |
9, Navratan Baug, Indore – 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
01.03.2011 |
|
Date of Cessation : |
24.07.2014 |
|
PAN No.: |
ABAPM8233E |
|
Name : |
Raju Vishwanathan Iyer |
|
Designation : |
Secretary |
|
Address : |
16 Bhairavi, Borla Uttam CHS Limited, St. Anthony TRoad, Chembur,
Mumbai – 400071, Maharshtra, India |
|
Date of Birth/Age : |
19.03.1971 |
|
Date of Appointment : |
25.07.2014 |
|
PAN No.: |
AAAPI1454N |
|
Name : |
Akkihebbal Ramachandra Prasad |
|
Designation : |
CFO |
|
Address : |
Flat No. C-306, Shrenik Residency,, Near Someshwara Enclave, Vesu, Surat - 395007, Gujarat, India |
|
Date of Appointment : |
14.05.2014 |
|
PAN No.: |
AEZPP5568D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mitsubishi Hitachi Power Systems Limited, Japan |
|
148434000 |
|
Mitsubishi Electric Corporation, Tokyo |
|
38060000 |
|
Larsen And Turbo Limited, India |
|
194106000 |
|
Total
|
|
380600000 |
As on 22.01.2015
|
Names of Allottees |
|
No. of Shares |
|
Mitsubishi Hitachi Power Systems Limited, Japan |
|
161700000 |
|
Larsen And Turbo Limited |
|
168300000 |
|
Total
|
|
330000000 |
As on 23.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.00 |
|
Bodies corporate |
51.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Supercritical Steam Turbines and Generators. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai – 400020, Maharashtra, India |
|
PAN No.: |
AAAFS2967E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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Holding Company : |
Larsen and Turbo Limited, India CIN No.: L99999MH1946PLC004768 |
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Joint venture : |
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Fellow subsidiary : |
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Subsidiary of Joint Venture Partner : |
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CAPITAL STRUCTURE
As on: 23.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
720,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 7200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
710,600,000 |
Equity Shares |
Rs.10/- each |
Rs. 7106.000
Million |
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3900.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380,600,000 |
Equity Shares |
Rs.10/- each |
Rs. 3806.000
Million |
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 |
3806.000 |
3406.000 |
2501.000 |
|
(b) Reserves & Surplus |
(2819.366) |
(2218.840) |
(1172.005) |
|
(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) |
986.634 |
1187.160 |
1328.995 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10238.748 |
9577.334 |
8707.283 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
10238.748 |
9577.334 |
8707.283 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3181.159 |
3560.981 |
1652.756 |
|
(b) Trade
payables |
7768.368 |
11866.059 |
12591.570 |
|
(c) Other
current liabilities |
2690.290 |
3404.391 |
3787.701 |
|
(d) Short-term
provisions |
77.787 |
66.708 |
677.527 |
|
Total Current
Liabilities (4) |
13717.604 |
18898.139 |
18709.554 |
|
|
|
|
|
|
TOTAL |
24942.986 |
29662.633 |
28745.832 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11570.483 |
10126.201 |
6891.293 |
|
(ii)
Intangible Assets |
160.947 |
147.776 |
147.030 |
|
(iii)
Capital work-in-progress |
48.976 |
1694.421 |
2298.789 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
441.359 |
577.947 |
577.999 |
|
(d) Long-term Loan and Advances |
20.656 |
143.563 |
370.996 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
12242.421 |
12689.908 |
10286.107 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
267.088 |
1326.515 |
247.956 |
|
(c) Trade
receivables |
8390.463 |
9782.999 |
5910.980 |
|
(d) Cash
and cash equivalents |
1.378 |
0.367 |
0.303 |
|
(e) Short-term
loans and advances |
1856.858 |
1798.160 |
1375.651 |
|
(f) Other
current assets |
2184.778 |
4064.684 |
10924.835 |
|
Total
Current Assets |
12700.565 |
16972.725 |
18459.725 |
|
|
|
|
|
|
TOTAL |
24942.986 |
29662.633 |
28745.832 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8024.900 |
10350.400 |
12274.400 |
|
|
|
Other Income & Premia on FC |
(547.000) |
(427.100) |
49.400 |
|
|
|
TOTAL |
7477.900 |
9923.300 |
12323.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES
|
6636.300 |
9595.800 |
11928.100 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
841.600 |
327.500 |
395.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
768.000 |
619.000 |
732.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX,
DEPRECIATION AND AMORTISATION |
73.700 |
(291.500) |
(337.000) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
792.200 |
603.100 |
412.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(718.500) |
(894.600) |
(749.300) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(718.500) |
(894.600) |
(749.300) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2044.800) |
(1150.200) |
(978.837) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax on Dividend / Provision for Deferred Tax |
136.600 |
0.001 |
(577.917) |
|
|
BALANCE CARRIED
TO THE B/S |
(2899.900) |
(2044.800) |
(1150.220) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
115.000 |
111.700 |
4.819 |
|
|
TOTAL EARNINGS |
115.000 |
111.700 |
4.819 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.27) |
(2.95) |
(2.20) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
339.041 |
2386.652 |
(1263.106) |
|
Net cash flows from (used in) operating activities |
339.041 |
2386.652 |
(1263.106) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(8.95) |
(8.64) |
(6.10) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.49 |
3.16 |
3.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.94) |
(3.27) |
(2.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.73) |
(0.75) |
(0.56) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
13.60 |
11.07 |
7.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.90 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
2501.000 |
3406.000 |
3806.000 |
|
Reserves & Surplus |
(1172.005) |
(2218.840) |
(2819.366) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1328.995 |
1187.160 |
986.634 |
|
|
|
|
|
|
long-term borrowings |
8707.283 |
9577.334 |
10238.748 |
|
Short term borrowings |
1652.756 |
3560.981 |
3181.159 |
|
Total borrowings |
10360.039 |
13138.315 |
13419.907 |
|
Debt/Equity ratio |
7.795 |
11.067 |
13.602 |
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 |
12274.400 |
10350.400 |
8024.900 |
|
|
|
(15.675) |
(22.468) |
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 |
12274.400 |
10350.400 |
8024.900 |
|
Profit/Loss |
(749.300) |
(894.600) |
(718.500) |
|
|
(6.10%) |
(8.64%) |
(8.95%) |
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 |
No |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS: |
|
|
|
Other external commercial borrowings |
10238.748 |
9577.334 |
|
Total |
10238.748 |
9577.334 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10240270 |
23/09/2011 * |
12,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B22575625 |
* Date of charge modification
FINANCIAL AND
PERFORMANCE OF THE COMPANY
The financial year 2013-14 has been very challenging year for the Company. The Company was not able to get any major order from the domestic market due to general slowdown in the economy coupled with intense competition for few projects awarded during the year. Consequently the revenue has reduced by 22.47% compared to previous year. The Power industry continuous to face several challenges viz., lack of clarity on availability of critical resources land, water, coal linkages and environmental concerns have resulted in poor demand, which had a significant impact on the performance of the Company. However, the Company has completed the delivery commitments for all the 4 major projects. Due to sustained effort from the Management to remain competitive in the market has resulted in improvements in the manufacturing processes and the Supply chain initiative, the Company is able to achieve improvement in Operating Margin. However, high interest costs and forex losses has resulted in bringing down the margin significantly during the year.
The Company has fully completed the manufacturing facilities for Generator Rotor machine, Stator and Rotor Coil facility during the year. The Company has received Integrated Management Certification covering all the standards viz., Quality system ISO 9001:2008, ISO 14001:2004, OSHAS 18001:2007 and ISO 50001:2011 for Energy Management Systems. The Company has bagged the overall leader award-1st runners up in Green Manufacturing Excellence award organized by Frost and Sullivan, where 78 leading manufacturers of India were participated. During the year, the Company has also won the Gold award in site assessment by National Awards for Manufacturing Competitiveness, a body governed by International Research Institute for Manufacturing.
Further, the Company has trained the talent pool with latest manufacturing processes and able to achieve the targeted localization of Steam Turbine and Generator components. During the year, the Company has made substantial improvement in export business and is confident of receiving major orders in the coming months and is expected to achieve the targets in the coming years.
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and equipment
- Air Conditioners
- Electrical Equipments
- Tools, Jigs & Fixtures
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment
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.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.