MIRA INFORM REPORT
|
Report No. : |
352684 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARTSON ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
11th Floor, Hiranandani Knowledge Park, Technology Street, Powai,
Mumbai – 400076, Maharashtra |
|
Tel. No.: |
91-22-66255600 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
18.09.1978 |
|
|
|
|
Com. Reg. No.: |
11-020644 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 36.920 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27290MH1978PLC020644 |
|
|
|
|
IEC No.: |
0388202807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5921H |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is in the business of Engineering, Procurement and Construction
contract in Oil, Gas and Hydrocarbon (OG and H) sector and ancillary
services, including manufacturing acitivity. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Tata Projects Limited”. It is an established company incorporated in the year 1978 having
moderate track. The company has incurred huge accumulated losses which has fully eroded
its entire net worth. Further, the company was also under BIFR However,
rehabilitation scheme of the company has been sanctioned. The rating also derives strength from its holding company and its
experienced management. Trade relations are reported as fair. Business is active. Payments
terms are reported as slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Issuer Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk |
|
Date |
5th October 2015 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Fund Based Working Capital = A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk |
|
Date |
5th October 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
31-03-2015.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-22-66255600)
LOCATIONS
|
Registered Office : |
11th Floor, Hiranandani Knowledge Park, Technology Street,
Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-66255600 |
|
Fax No.: |
91-22-66255614 |
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E-Mail : |
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|
Website : |
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|
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Manufacturing Unit 1: |
D–5, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
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Manufacturing Unit 2: |
Plot No. D–1, Umred Industrial Area, MIDC Umred, Dist –
Nagpur – 441 203, Mahrashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Vinayak Deshpande |
|
Designation : |
Chairman |
|
Address : |
Samudra Mahal, 209, 9th Floor, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
01.02.2012 |
|
DIN No.: |
00036827 |
|
|
|
|
Name : |
Michael Bastian |
|
Designation : |
Directors |
|
Address : |
'Cecilia', 1186, 22nd Cross, 14th Main, H.S.R. Layout, Sector-3, Bangalore - 560034, Karnataka, INDIA |
|
Date of Appointment : |
21.09.2009 |
|
DIN No.: |
00458062 |
|
|
|
|
Name : |
Nalin Mansukhlal Shah |
|
Designation : |
Director |
|
Address : |
18a, Floor-18, Plot-333, A, Great Eastern Royal, Jahangir Boman Behram Marg, Bellasis Bridge Tardeo, Mumbai - 400034, Maharashtra, India |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
00882723 |
|
|
|
|
Name : |
Pralhad Anant Pawar |
|
Designation : |
Director |
|
Address : |
A 701, Raheja Solitaire, Off S V Road, Goregaon (West), Mumbai - 400062, Maharashtra, India |
|
Date of Birth : |
19.02.1959 |
|
Date of Appointment : |
19.04.2013 |
|
DIN No.: |
06557071 |
|
|
|
|
Name : |
Mukesh Mohan |
|
Designation : |
Director |
|
Address : |
115, Manu Appartments, Mayur Vihar, Phase-I, Delhi - 110091, India |
|
Date of Appointment : |
20.10.2015 |
|
DIN No.: |
00794129 |
|
|
|
|
Name : |
Leja Satish Hattiangadi |
|
Designation : |
Director |
|
Address : |
1202, Solitaire Buildings, Hiranandani Gardens, Orchard Avenue Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth : |
18.03.1949 |
|
Date of Appointment : |
12.03.2015 |
|
DIN No.: |
00198720 |
KEY EXECUTIVES
|
Name : |
Rajeshree Rohidas Gaikwad |
|
Designation : |
Secretary |
|
Address : |
15th Vaishali Apt, 7 Bungalows, Andheri West, Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
21.10.2015 |
|
PAN No: |
AICPG2135J |
|
|
|
|
Name : |
Rajesh Mandale |
|
Designation : |
CFO |
|
Address : |
C-504, Lake Prim Rose, Phase - IV, Off Lake Homes, Near Gopal Sharma High School, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
02.02.2015 |
|
PAN No: |
ACPPM4942G |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
27690000 |
75.00 |
|
|
27690000 |
75.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27690000 |
75.00 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2875 |
0.01 |
|
|
1400 |
0.00 |
|
|
770 |
0.00 |
|
|
5045 |
0.01 |
|
|
|
|
|
|
979190 |
2.65 |
|
|
|
|
|
|
6351674 |
17.20 |
|
|
1647785 |
4.46 |
|
|
246306 |
0.67 |
|
|
246306 |
0.67 |
|
|
9224955 |
24.99 |
|
Total Public
shareholding (B) |
9230000 |
25.00 |
|
Total (A)+(B) |
36920000 |
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) |
36920000 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Tata Projects Limited |
2,76,90,000 |
75.00 |
|
|
Total |
2,76,90,000 |
75.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Sarnam Trading and Mercantile Private Limited |
400000 |
1.08 |
|
|
|
Total |
400000 |
1.08 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of Engineering, Procurement and
Construction contract in Oil, Gas and Hydrocarbon (OG and H) sector and
ancillary services, including manufacturing acitivity. (Registered Activity) |
|
|
|
|
Products : |
Not Divulged |
|
|
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Brand Names : |
Not Available |
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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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 : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Statutory Auditors
: |
|
|
Name : |
Chokshi and Chokshi LLP Chartered Accountant |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Patel and Deodhar Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Tata Projects Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 150.000 Million |
|
200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Million |
|
|
Total |
|
Rs. 170.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,920,000 |
Equity Shares |
Rs.1/- each |
Rs. 36.920
Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
Equity Shares |
31.03.2015 |
|
|
No. of Shares |
Rs. In Million |
|
|
At the beginning of the year |
36,920,000 |
36.920 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end
of the year |
36920000 |
36.920 |
Terms/rights attached
to equity shares
The Company’s issued, subscribed and paid–up capital
comprises of equity shares only and no preference share have been issued. The Company’s
paid–up capital comprises only one class, i.e. equity shares having par value
of Rs. 1 per share. Each holder of equity share is entitled to one vote per
share.
The liability of the
members is limited.
The Company’s shares are listed on the Bombay Stock Exchange Limited (BSE).
Restriction on
distribution of Dividend
Pursuant to the Provisions of the Sanctioned Scheme, the Company is not permitted to declare any dividend to the equity shareholders without the prior approval of the BIFR/Monitoring Agency (MA) during the period of rehabilitation.
No bonus shares have
been issued, no shares have been issued for consideration other than cash and
no shares have been bought back during the last five years
Details of shareholders
holding more than 5% shares in the Company
|
Particulars |
No. of shares |
% of Holdings |
|
Equity shares of Rs. 1/– each fully paid |
27,690,000 |
75.00% |
|
Tata Projects Limited (Holding Company) |
|
|
Reduction in paid–up value
of equity shares
Pursuant to the provisions of the Sanctioned Scheme,
effective 26th December 2007 the paid-up value of the equity shares
has been reduced from Rs. 10 per share to Rs. 1 per share fully paid-up. On
reduction, the paid-up capital of the Company was reduced to Rs. 92,30,000
comprising of 92,30,000 equity shares of Rs. 1 each. On 4th January 2008, the
Company allotted 2,76,90,000 equity shares of Rs. 1 each to Tata Projects
Limited. Consequent to the allotment of these shares, the Company has become a
subsidiary of Tata Projects Limited (shareholding of 75% in the Company’s
paid-up capital). The Company’s paid-up capital has thus been increased to Rs.
3,69,20,000 comprising of 3,69,20,000 equity shares of Rs. 1 each.
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 |
36.920 |
36.920 |
36.920 |
|
(b) Reserves & Surplus |
(695.642) |
(674.059) |
(590.725) |
|
(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) |
(658.722) |
(637.139) |
(553.805) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
403.039 |
403.039 |
373.039 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
14.816 |
17.732 |
21.322 |
|
(d) long-term
provisions |
2.684 |
2.664 |
3.091 |
|
Total Non-current
Liabilities (3) |
420.539 |
423.435 |
397.452 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
208.946 |
202.145 |
282.785 |
|
(b) Trade
payables |
262.801 |
286.921 |
185.178 |
|
(c) Other
current liabilities |
407.109 |
419.665 |
330.637 |
|
(d) Short-term
provisions |
2.158 |
2.359 |
1.211 |
|
Total Current
Liabilities (4) |
881.014 |
911.090 |
799.811 |
|
|
|
|
|
|
TOTAL |
642.831 |
697.386 |
643.458 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
67.436 |
91.435 |
102.253 |
|
(ii)
Intangible Assets |
0.264 |
0.118 |
0.197 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
134.316 |
144.536 |
144.057 |
|
(e) Other
Non-current assets |
29.625 |
14.701 |
37.105 |
|
Total Non-Current
Assets |
231.641 |
250.790 |
283.612 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
194.259 |
180.913 |
101.598 |
|
(c) Trade
receivables |
159.987 |
100.639 |
166.556 |
|
(d) Cash
and cash equivalents |
11.628 |
22.495 |
17.747 |
|
(e)
Short-term loans and advances |
38.873 |
50.693 |
17.067 |
|
(f) Other
current assets |
6.443 |
91.856 |
56.878 |
|
Total
Current Assets |
411.190 |
446.596 |
359.846 |
|
|
|
|
|
|
TOTAL |
642.831 |
697.386 |
643.458 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
647.225 |
790.381 |
589.990 |
|
|
Other Income |
3.695 |
5.750 |
2.487 |
|
|
TOTAL |
650.920 |
796.131 |
592.477 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
325.034 |
248.445 |
241.960 |
|
|
Project execution expenses |
194.938 |
454.795 |
491.230 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(31.927) |
(14.926) |
4.197 |
|
|
Employees benefits expense |
57.591 |
76.998 |
95.464 |
|
|
Other expenses |
71.123 |
49.187 |
56.595 |
|
|
Exceptional items |
0.000 |
1.314 |
5.806 |
|
|
TOTAL |
616.759 |
815.813 |
895.252 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
34.161 |
(19.682) |
(302.775) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
30.350 |
48.510 |
72.797 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.811 |
(68.192) |
(375.572) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
23.761 |
15.142 |
18.527 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(19.950) |
(83.334) |
(394.099) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(0.120) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(19.950) |
(83.334) |
(393.979) |
|
|
Earnings Per Share
(Rs.) |
(0.54) |
(2.26) |
(10.67) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.804 |
0.804 |
2.401 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
13.014 |
108.439 |
(24.080) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 Unaudited 1st
Quarter |
30.09.2015 Unaudited
2nd
Quarter |
|
Net Sales |
214.940 |
258.990 |
|
Total Expenditure |
199.790 |
547.550 |
|
PBIDT (Excl OI) |
15.150 |
11.440 |
|
Other Income |
0.080 |
0.860 |
|
Operating Profit |
15.230 |
12.300 |
|
Interest |
6.160 |
6.270 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
9.070 |
6.030 |
|
Depreciation |
3.820 |
3.900 |
|
Profit Before Tax |
5.250 |
2.130 |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
5.250 |
2.130 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
5.250 |
2.130 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(3.08) |
(10.54) |
(66.78) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.28 |
(2.49) |
(51.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.10) |
(11.95) |
(61.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.13 |
0.71 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.93) |
(0.95) |
(1.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.47 |
0.49 |
0.45 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
Market Value |
Rs. 47.70/- |
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 |
36.920 |
36.920 |
36.920 |
|
Reserves & Surplus |
(590.725) |
(674.059) |
(695.642) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(553.805) |
(637.139) |
(658.722) |
|
|
|
|
|
|
long-term borrowings |
373.039 |
403.039 |
403.039 |
|
Short term borrowings |
282.785 |
202.145 |
208.946 |
|
Current Maturities of Long
Term Debt |
2.401 |
0.804 |
0.804 |
|
Total
borrowings |
658.225 |
605.988 |
612.789 |
|
Debt/Equity
ratio |
(1.189) |
(0.951) |
(0.930) |
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 |
589.990 |
790.381 |
647.225 |
|
|
|
33.965 |
(18.112) |
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 |
589.990 |
790.381 |
647.225 |
|
Profit |
(393.979) |
(83.334) |
(19.950) |
|
|
(66.78%) |
(10.54%) |
(3.08%) |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 28/10/2014 |
|
|
|
Main
Matter Reg. No.:- CP/973/2014 Reg. Date :- 22/12/2014 |
|
Petitioner: UNION ROADWAYS LIMITED Respondent:
ARTSON ENGINEERING LIMITED
Petn. Adv : ASHOK M SARAOGI (I2035) Resp. Adv.:- SWAPNILA
RNE (I12526) District: MUMBAI |
|
Bench: SINGLE Status: PRE-ADMISSION
Category: COMPANY APPLN. U/SEC 433, 434,439 OF
COMPANIES ACT
Next Date: 27/10/2014 Stage:
FOR ADMISSION [ORIGINAL SIDE
MATTERS] Coram:- HON’BLE SHRI JUSTICE S.C. GUPTE Last Date:- 05/10/2015 Last Coram: HON'BLE SHRI JUSTICE S.C. GUPTE |
|
Act: Companies Act and Rules 1956 UNDER SECTION: 433 (E), 434, 439 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
210.000 |
210.000 |
|
SHORT TERM
BORROWING |
|
|
|
Loans repayable on demand |
210.000 |
0.000 |
|
Total |
420.000 |
210.000 |
|
|
|
|
|
NOTE: SHORT
TERM BORROWINGS Term Loan from Tata Capital Financial Services Limited Rs.
200.000 Million and Working Capital Demand Loan Rs. 10.000 Million guaranteed
Unconditionally and irrevocable corporate guarantee from Holding Company. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10234228 |
28/10/2009 |
253,948,000.00 |
TATA PROJECTS LIMITED |
"MITHONA
TOWERS-1", 1-7-80 TO 87 OPP. WESLEY COED, JR. COLLEGE, PRENDER GHAST
ROAD, SECUNDERABAD, |
A82499468 |
|
2 |
10154638 |
01/03/2012 * |
1,100,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE, GROUND FLOOR, 104 B S MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
B34957498 |
* Date of charge modification
CORPORATE INFORMATION
Subject is a company limited by shares incorporated under the Companies Act, 2013. The Company’s Registered Office is situated at Mumbai. The Company’s shares are listed on the Bombay Stock Exchange (BSE) and the Scrip Code is 522134.
The Company was incorporated in the year 1978 and since inception, the Company has commissioned, on turn-key basis, several fuel storage and handling facility systems. The Company is in the business of Engineering, Procurement and Construction contract in Oil, Gas and Hydrocarbon (OG and H) Sector and ancillary services, including manufacturing activity
The Company was referred to the BIFR as a sick company under the provisions of Section 3 (1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985. The Company’s reference as a sick company was registered under Case No. 152/ 2004 with the BIFR. At the hearing held on 27th November 2007, the BIFR sanctioned the Rehabilitation Scheme of the Company and the Order sanctioning the scheme of rehabilitation was received by the Company on 18th December 2007 (Sanctioned Scheme). The Company has made an application on 17th October 2013 for extension of the Rehabilitation Scheme as referred above and pending the final hearing, the Sanctioned Scheme is under implementation.
OPERATIONS
The Company’s Total Income for the year aggregated Rs. 650.900 Million (Previous year – Rs. 796.100 Million). The operations of the Company for the year resulted in a Loss after Tax of Rs. 19.900 Million (Previous year – Loss after Tax Rs. 83.300 Million).
The Company commenced the financial year with an order backlog of about Rs. 560.000 Million. During the year under review, the Company received new orders with estimated value of about Rs. 600.000 Million and thus, the orders available for execution aggregated approx. Rs. 1160.000 Million
During the year, the Company successfully restarted its operations in United Arab Emirates (UAE) and commenced the execution of the works entailing fabrication, erection and painting of tanks and pipe rack along with exports of fabricated items and fabrication and storage of chemical tanks at Sharjah, UAE.
In respect of the tankage order being undertaken at Gujarat, the Company has nearly completed civil works and shortly, it will commence the execution of mechanical portion of the order
In addition to the execution of the order pertaining to manufacture of buffer vessels, Nashik factory was also occupied with the execution of crude tank pre-fabrication and piping spooling and it is presently under final stage of completion.
Majority of the orders which are being executed in Sharjah, UAE, were awarded only in the 3rd quarter of the Financial Year ended 31st March 2015. Although the Company could complete the order pertaining to design, engineering, manufacturing, supply, testing and commissioning of buffer vessels, it could not garner similar such orders due to lack of activity in the market. Demand at Gamharia (Jamshedpur) slowed after KPO related fabrication dispatches. During the year under review, the Company has also completed major portion of the order entailing fabrication and supply of structurals at the Company’s manufacturing facility at Nagpur. The Company intends to undertake Nagpur yard development activity.
Cumulative effect of the above has resulted in the Company’s Turnover for the Financial Year 2014-15 falling below expectations
The Company’s Nashik factory has started manufacturing
bottling plant and machinery for overseas and domestic markets. With renewal of
the existing certifications and new certifications of American Society of
Mechanical Engineers (ASME), the Company is hopeful of booking new orders for
manufacturing pressure vessels. As a matter of fact, the Company is the first
pressure vessel manufacturing unit in the Nashik industrial area. It has
obtained ISO 9001-2008 certification for manufacturing and supply of
Engineering, Procurement, Construction of Oil and Gas Process and Storage
System, structure for power and steel plant, including various types of process
industries.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Commercial Tax (Andhra Pradesh) |
1.221 |
|
Commercial Tax (West Bengal) |
0.208 |
|
Commercial Tax (Punjab) |
0.803 |
|
Sales Tax |
10.152 |
|
Income Tax |
13.672 |
|
Income Tax |
53.535 |
|
Third party claim from disputes relating to contracts |
114.300 |
|
|
|
|
Total |
193.891 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Net Sales / Income from Operations |
256.890 |
214.331 |
471.221 |
|
|
b)
Other Operating Income |
2.099 |
0.612 |
2.711 |
|
|
Total
Income from Operations (net) |
258.989 |
214.943 |
473.932 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
191.591 |
180.040 |
371.631 |
|
|
b)
Purchase of stock-in-trade |
-- |
-- |
-- |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
36.843 |
(0.787) |
(9.132) |
|
|
d)
Employee benefits expense |
15.633 |
13.086 |
28.719 |
|
|
e)
Depreciation and amortisation expense |
3.898 |
3.819 |
7.717 |
|
|
f) Provisional for doubtful debt |
(2.186) |
(0.412) |
(2.598) |
|
|
g)
Other expenses |
5.675 |
8.449 |
14.124 |
|
|
Total Expenses |
251.454 |
204.195 |
455.649 |
|
3. |
Profit/ (Loss) from
Operations before Other Income, Exchange gain/(loss), Finance costs and
Exceptional items (1-2) |
7.535 |
10.748 |
18.283 |
|
4. |
Other Income |
0.860 |
0.660 |
1.520 |
|
5. |
Profit /(Loss)
from Ordinary activities before finance costs and Exceptional items (3+4a+4b) |
8.395 |
11.408 |
19.803 |
|
6. |
Finance Costs |
6.267 |
6.163 |
12.430 |
|
7. |
Profit / (Loss) from ordinary activities
after Finance costs but before Exceptional items (5-6) |
2.128 |
5.245 |
7.373 |
|
8. |
Exceptional items |
-- |
-- |
-- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
2.128 |
5.245 |
7.373 |
|
10. |
Tax expenses |
-- |
-- |
-- |
|
11. |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
2.128 |
5.245 |
7.373 |
|
12. |
Extraordinary
items |
-- |
-- |
-- |
|
13. |
Net Profit /
(Loss) for the period (11+12) |
2.128 |
5.245 |
7.373 |
|
14. |
Paid-up equity share capital (Face Value of Rs. 10 per share) |
36.920 |
36.920 |
36.920 |
|
15. |
Reserve excluding Revaluation reserve |
|
|
|
|
16. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
0.06 0.06 |
0.14 0.14 |
0.20 0.20 |
|
|
|
|
|
|
|
Part II |
|
|
|
|
|
A. |
PARTIULARS OF SHAREHOLDINGS |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
9230000 |
9230000 |
9230000 |
|
|
- Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
27690000 |
27690000 |
27690000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and 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% |
|
PARTICULARS |
Quarter Ended 30.09.2015 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE STATEMENT OF
ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
36.920 |
|
|
b) Reserves & Surplus |
(688.269) |
|
|
c) Money received against share warrants |
--- |
|
|
Sub Total- Shareholders funds |
(651.349) |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
403.039 |
|
|
(b) Deferred Tax Liabilities (net) |
-- |
|
|
(c) Other long term liabilities |
14.406 |
|
|
(d) Long term provisions |
2.684 |
|
|
Sub Total- Non Current Liabilities |
420.129 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
214.668 |
|
|
(b) Trade Payables |
237.055 |
|
|
(c) Other current liabilities |
546.759 |
|
|
(d) Short term provisions |
2.658 |
|
|
Sub Total- Current Liabilities |
1001.140 |
|
|
TOTAL-EQUITY AND LIABILITIES |
769.920 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
61.862 |
|
|
(b) Non-current Investment |
-- |
|
|
(c) Deferred tax assets (net) |
-- |
|
|
(b) Long term loans and advances |
127.446 |
|
|
(e) Other
non-current assets |
26.688 |
|
|
Sub-Total- Non-current assets |
215.996 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
-- |
|
|
b) Inventories |
176.612 |
|
|
c) Trade Receivables |
329.043 |
|
|
d) Cash and cash equivalents |
8.524 |
|
|
(e) Short term loans and advances |
38.578 |
|
|
(f) Other current assets |
1.167 |
|
|
Sub-Total- current assets |
553.924 |
|
|
TOTAL ASSETS |
769.920 |
FIXED ASSETS
- Leasehold Land
- Buildings
- Plant And Machinery
- Computers
- Furniture And Fixtures
- Office Equipment
- Electrical Installation
- Vehicles
WEBSITE DETAILS
ARTSON ENGINEERING ZOOMS 8% AFTER
WINNING ORDER
Artson Engineering Limited has informed BSE that the Company has received:
1. An Order for supply of fabricated steel structures for a mining project in Odisha. The Order Value is approx. Rs. 399.000 Million.
2. An amendment to the existing Order for similar fabricated structures for another project in Chhattisgarh. The Order value is increased by approx. Rs. 153.500 Million.
3. Small value multiple orders for supply of process equipment / skids aggregating approx. Rs. 10.000 Million.
At 3:14 PM, the stock of the company is trading at Rs. 32.75. The stock is trading up 8% from its previous close which was at Rs. 30.30. It hit a high at Rs. 34 and low at Rs. 30 on BSE today.
Meanwhile, the BSE Sensex is up 84 points at 27,814.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.81 |
|
UK Pound |
1 |
Rs. 100.37 |
|
Euro |
1 |
Rs. 70.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
28 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.