MIRA INFORM REPORT
|
Report No. : |
355399 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
|
|
|
|
Registered
Office : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
30.06.1980 |
|
|
|
|
Com. Reg. No.: |
11-022787 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.238.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
|
|
|
|
IEC No.: |
0388013508 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACT3910D |
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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
manufactures equipment and machinery used to both produce and to conserve energy.
The company operates through a number of divisions, including boilers, heat
recovery steam generators, water treatment plants and air pollution control
equipment. In addition, subject produces steam and gas turbines and diesel
gensets through a number of strategic alliances. (From Indirect Sources) |
|
|
|
|
No. of Employees
: |
4027 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “RDA Holdings Private Limited”. Subject manufactures equipment and
machinery used to both produce and to conserve energy. The company operates
through a number of divisions, including boilers, heat recovery steam
generators, water treatment plants and air pollution control equipment. In
addition, subject produces steam and gas turbines and diesel gensets through
a number of strategic alliances. For the financial year ended 2015, company has reported 10.12% revenue
as compared to previous year revenue and it has maintain satisfactory
profitability margin at 6.96% during the year under review. The ratings continue to reflect strong market position of the company in
the energy equipment business as one of the leading players in providing
turnkey solutions for boilers, heaters, chillers and captive power plants in
the domestic business supported by its well established track record of
business operations and well experience management team. Rating also drawn comfort from the company’s comfortable financial
risk profile arising from a conservative capital structure, healthy return
indicators, sizeable cash balances and liquid investments. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
ICRA |
|
Rating |
Long term fund based (Cash Credit) = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
October, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non-fund based = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
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-cooperative (91-20-27475941)
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
|
E-Mail : |
|
|
Website : |
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Corporate Office : |
Thermax House,
14, Mumbai – Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-66051200 /
25542122 |
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Fax No.: |
91-20-25542242 |
|
E-Mail : |
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Eastern Regional
Office: |
Gaiahat Mall, 5th Floor, 13 Jamir Lane, Kolkata – 700019, West Bengal,
India |
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|
Factory 2 : |
D-1 Block, MIDC
Industrial Area, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
At Paudh, Post
Mazgaon Taluka Khalapur, District Raigad – 410206, Maharashtra, India |
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Factory 4 : |
Gat No. 125, Crusher Road, At Post Rohakal, Taluka Khed, District Pune
– 410501, Maharashtra, India |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, District - Vadodara –
391775, Gujarat, India |
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Factory 6 : |
Survey No-169,
Village Dhrub, Taluka Mundra, Mundra – 370201, District Kutch, |
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Factory 7 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia, District
Bharuch – 393110, Gujarat,
India |
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Factory 8 : |
Plot No. T-1, MIDC, Chincholi, Taluka Mohol, District Solapur –
413255, Maharashtra, India |
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Branch Office : |
409-411, Mahakant, Opposite V.S. Hospital, Ashram Road, Ahmedabad –
380006, Gujarat, India |
|
Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
As on 31.03.2015
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
|
Address : |
5, Naylor Road, Pune – 411001, Maharashtra, India |
|
|
|
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
L-201/202, Lyra Satellite Towers, Near Army Sports Institute, Koregaon Park Annex, Pune - 411036, Maharashtra, India |
|
|
|
|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
|
Address : |
12 Boat Club Road, Pune – 411001, Maharashtra, India |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
Address : |
D-4, Varsha Park, Raghunath Bunglow, Baner Road, Baner, Pune - 411045, Maharashtra, India |
|
|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
|
Address : |
7,Kidderpore Avenue London Nw3 7sx, Great Britain – 111111, United Kindom |
|
|
|
|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
|
Address : |
5, Naylor Road, Pune – 411001, Maharashtra, India |
|
|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
|
Address : |
Maya, P. O. Box No.8, Palghat Road, Madukkarai P.O. Coimbatore – 641105, Tamilnadu, India |
KEY EXECUTIVES
|
Name : |
Mr. Gajanan P. Kulkarni |
|
Designation : |
Vice President – Legal and Company Secretary |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
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|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Chief Executive Officer |
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|
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Executive Council: |
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|
|
|
|
Name : |
Mr. Ravinder
Advani |
|
Designation : |
Key Executive |
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|
Name : |
Mr. K. Chakravarthy |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
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|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. R V Ramani |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. B.C.
Mahesh |
|
Designation : |
Key Executive |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
73849305 |
61.98 |
|
|
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
73855305 |
61.98 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
6839538 |
5.74 |
|
|
2008241 |
1.69 |
|
|
18582592 |
15.60 |
|
|
27430371 |
23.02 |
|
|
|
|
|
|
3509686 |
2.95 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
6784656 |
5.69 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
7013255 |
5.89 |
|
|
563027 |
0.47 |
|
|
363651 |
0.31 |
|
|
1580 |
0.00 |
|
|
60004 |
0.05 |
|
|
137792 |
0.12 |
|
|
17870624 |
15.00 |
|
Total Public
shareholding (B) |
45300995 |
38.02 |
|
Total (A)+(B) |
119156300 |
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) |
119156300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
manufactures equipment and machinery used to both produce and to conserve energy.
The company operates through a number of divisions, including boilers, heat
recovery steam generators, water treatment plants and air pollution control
equipment. In addition, subject produces steam and gas turbines and diesel
gensets through a number of strategic alliances. (From Indirect Sources) |
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Products / Service : |
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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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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4027 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
B.K. Khare and
Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, |
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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Wholly Owned Subsidiaries Domestic : |
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Wholly Owned Subsidiaries Overseas : |
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Joint Ventures : |
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Enterprise, over which control is
exercised : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs. 238.300
Million |
Reconciliation of
the number of shares
|
Equity Shares |
As on 31.03.2015 |
|
|
No. of Shares |
Rs. in Million |
|
|
Shares outstanding at the beginning of period |
119156300 |
238.300 |
|
Shares outstanding at the end of period |
119156300 |
238.300 |
Rights, preferences and restrictions
attached to shares
Equity Shares: The Company
has one class of equity shares having a par value of Rs. 2 per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
Equity Shares held by holding company
64328500 shares are
held by holding company, RDA Holdings Private Limited (Previous Year 64328500
Shares)
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
As on 31.03.2015 |
|
|
Number of Shares |
% holding |
|
|
RDA Holding and Trading Private Limited |
64328500 |
53.99 |
|
ARA Trusteeship Company Private Limited |
9520805 |
7.99 |
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 |
238.300 |
238.300 |
238.300 |
|
(b) Reserves &
Surplus |
22429.900 |
20011.600 |
18454.400 |
|
(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) |
22668.200 |
20249.900 |
18692.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7.200 |
6.000 |
4.300 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
136.400 |
247.200 |
|
(c) Other long term
liabilities |
461.600 |
1593.200 |
418.900 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
468.800 |
1735.600 |
670.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
310.300 |
1887.100 |
119.100 |
|
(b) Trade payables |
8634.600 |
8412.200 |
8880.500 |
|
(c) Other current
liabilities |
13665.900 |
13874.000 |
10346.200 |
|
(d) Short-term provisions |
2778.600 |
2379.700 |
2557.400 |
|
Total Current Liabilities
(4) |
25389.400 |
26553.000 |
21903.200 |
|
|
|
|
|
|
TOTAL |
48526.400 |
48538.500 |
41266.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5838.000 |
6098.500 |
5275.500 |
|
(ii) Intangible Assets |
255.100 |
305.700 |
270.600 |
|
(iii) Capital
work-in-progress |
391.700 |
235.000 |
909.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4741.900 |
4620.800 |
3936.900 |
|
(c) Deferred tax assets
(net) |
177.600 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
157.800 |
208.700 |
261.700 |
|
(e) Other Non-current
assets |
2046.600 |
1731.500 |
1983.000 |
|
Total Non-Current Assets |
13608.700 |
13200.200 |
12636.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7830.700 |
6334.400 |
4102.900 |
|
(b) Inventories |
2262.300 |
2528.500 |
2103.300 |
|
(c) Trade receivables |
15267.700 |
13523.600 |
14238.900 |
|
(d) Cash and cash
equivalents |
2222.400 |
3201.400 |
2226.200 |
|
(e) Short-term loans and
advances |
1557.600 |
1879.000 |
1250.500 |
|
(f) Other current assets |
5777.000 |
7871.400 |
4707.800 |
|
Total Current Assets |
34917.700 |
35338.300 |
28629.600 |
|
|
|
|
|
|
TOTAL |
48526.400 |
48538.500 |
41266.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
46974.100 |
43021.600 |
46908.700 |
|
|
Other Income |
1108.100 |
643.000 |
730.100 |
|
|
TOTAL |
48082.200 |
43664.600 |
47638.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
28818.900 |
26590.200 |
30584.600 |
|
|
Purchases of
Stock-in-Trade |
1516.700 |
1098.100 |
1178.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
85.000 |
-40.800 |
-26.300 |
|
|
Employees benefits
expense |
4502.800 |
4226.400 |
4015.700 |
|
|
Other expenses |
7350.300 |
7055.600 |
6084.500 |
|
|
TOTAL |
42273.700 |
38929.500 |
41837.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5808.500 |
4735.100 |
5801.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
196.900 |
88.500 |
96.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5611.600 |
4646.600 |
5704.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
641.200 |
577.700 |
548.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
4970.400 |
4068.900 |
5156.300 |
|
|
|
|
|
|
|
Less |
TAX |
1611.000 |
1539.200 |
1656.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
3359.400 |
2529.700 |
3499.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
14521.600 |
13088.300 |
10914.600 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
260.000 |
350.000 |
|
|
Proposed
Equity Dividend |
834.100 |
714.900 |
834.100 |
|
|
Tax on Dividend |
169.800 |
121.500 |
141.800 |
|
|
Total |
1003.900 |
1096.400 |
1325.900 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
16877.100 |
14521.600 |
13088.300 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
9930.900 |
10145.500 |
6567.200 |
|
|
Other
Earnings |
330.000 |
238.400 |
140.000 |
|
|
TOTAL EARNINGS |
10260.900 |
10383.900 |
6707.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1670.800 |
1753.700 |
1311.900 |
|
|
Components and Stores
parts |
1091.800 |
932.300 |
708.000 |
|
|
Consumables |
59.100 |
69.800 |
51.200 |
|
|
Capital Goods |
28.700 |
111.200 |
146.200 |
|
|
TOTAL IMPORTS |
2850.400 |
2867.000 |
2217.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
28.19 |
21.23 |
29.37 |
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 |
3995.700 |
5165.600 |
4097.100 |
|
Net cash from operating activities |
2804.300 |
3308.400 |
2071.300 |
QUARTERLY RESULTS
|
Particulars (Unaudited) |
|
30.06.2015 |
30.09.2015 |
|
|
1st Quarter |
2nd
Quarter |
|
|
Net Sales |
|
10011.900 |
10565.400 |
|
Total Expenditure |
|
9101.710 |
9569.410 |
|
PBIDT (Excl OI) |
|
910.190 |
995.990 |
|
Other Income |
|
168.300 |
130.880 |
|
Operating Profit |
|
1078.490 |
1126.870 |
|
Interest |
|
1.460 |
1.910 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1077.030 |
1124.960 |
|
Depreciation |
|
157.610 |
156.570 |
|
Profit Before Tax |
|
919.420 |
968.390 |
|
Tax |
|
302.640 |
320.080 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
616.770 |
648.320 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
616.770 |
648.320 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.15 |
5.88 |
7.46 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
12.37 |
11.01 |
12.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.50 |
9.31 |
14.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.09 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.33 |
1.31 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.896.55/- |
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 |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
18454.400 |
20011.600 |
22429.900 |
|
Net worth |
18692.700 |
20249.900 |
22668.200 |
|
|
|
|
|
|
long-term borrowings |
4.300 |
6.000 |
7.200 |
|
Short term borrowings |
119.100 |
1887.100 |
310.300 |
|
Total borrowings |
123.400 |
1893.100 |
317.500 |
|
Debt/Equity ratio |
0.007 |
0.093 |
0.014 |
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 |
46908.700 |
43021.600 |
46974.100 |
|
|
|
(8.287) |
9.187 |
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 |
46908.700 |
43021.600 |
46974.100 |
|
Profit |
3499.600 |
2529.700 |
3359.400 |
|
|
7.46% |
5.88% |
7.15% |
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 |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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:
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 25/06/2015 |
||||||
|
Lodging No. : |
ITXAL/849/2015 |
Failing Date:- |
25/06/2015 |
|
|
|
|
Petitioner:- |
THE PR. COMMSSIONER OF INCOME TAX |
Respondent:- |
THERMAX LIMITED |
|||
|
Petn.Adv:- |
N.N. SINGH (I8944) |
|
||||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
|||
|
Next Date:- |
02/07/2015 |
Stage:- |
-- |
|||
|
Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|
||||
|
Act. : |
Income Tax Act, 1961 |
Under Section: |
260A |
|||
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
From Other than Banks |
5.400 |
5.000 |
|
Short Term
Borrowings |
|
|
|
From Banks |
0.000 |
960.000 |
|
From other than banks |
0.600 |
0.000 |
|
Total |
6.000 |
965.000 |
INDEX OF CHARGE:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10245831 |
13/03/2014 * |
2,868,580.00 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
MTNL BUILDING, 1ST FLOOR, 9 CGO COMPLEX, LODI ROAD, NEW DELHI - 110003, INDIA |
C33769167 |
|
2 |
90090872 |
26/03/2010 * |
27,850,000,000.00 |
UNION BANK OF INDIA LIMITED |
INDUSTRIAL FINANCE BRANCH, 619, SACHAPIR STREET, CAMP, PUNE - 411001, MAHARASHTRA, INDIA |
A82908773 |
ANNUAL PERFORMANCE
The company posted a total revenue of Rs. 48080.000 Million for the financial year 2014-15, against last year’s 43660.000 Million, an increase of 10%. The rise in revenues in subdued market conditions that have prevailed for over two years was largely due to the higher order book at the beginning of the year. The government has been taking various steps to promote the manufacturing sector. Though these measures have created a favourable market sentiment, it would take some more time for noticeable changes to happen at the ground level. In the capital goods industry we largely depend upon the revival of core sectors like power, steel, cement, oil & gas, etc. but there has been no significant investment in these sectors. Considering this scenario, the company is putting in more efforts in its international initiatives while focusing on improving the domestic market share.
Thermax’s Energy business contributed 82% of the Group's
operating revenue while the Environment business accounted for the remaining
18%.
Despite adverse market conditions, your company continued to invest in research and innovation initiatives.
During the year, the revenue from international markets including deemed exports were Rs.10920.000 Million against Rs.11010.000 Million last year.
Profit before tax at Rs.4970.000 Million was 10.3% of the total revenue, compared to Rs.4070.000 Million, at 9.3% in the previous year.
Profit after tax stood at Rs.3360.000 Million, compared to Rs.2530.000 Million in the previous year. Earnings per share (EPS) were at Rs. 28.19 (Rs. 21.23 in FY 2013-14).
Order booking for the year was Rs.39510.000 Million against Rs.53940.000 Million last year, registering a decrease of 27%. The company completed the year with an order backlog of Rs.43960.000 Million as against Rs. 53890.000 Million last year. Though your company made a modest improvement in its revenue and profit, 2014-15 continued to be tough in the absence of project orders getting finalised in the core sectors of the economy.
SUBSIDIARIES
Information on newly
incorporated / ceased subsidiaries during the year
In order to enhance its presence in South-East Asia, the company has incorporated a wholly-owned subsidiary, 'Thermax Engineering Singapore Pte. Limited’ on May 22, 2014.
The company has set up another step-down subsidiary company in Indonesia (through the Singapore based wholly-owned subsidiary), namely, 'PT Thermax International Indonesia' which was incorporated on October 22, 2014.
Thermax incorporated a subsidiary, 'Thermax Senegal S.A.R.L.' to tap business in power sector in Senegal.
During the year, Omnical Kessel, the company’s step down subsidiary in Germany has filed for insolvency, due to continued losses.
The company does not have any `material subsidiary’ whose net worth exceeds 20% of the consolidated net worth of the holding company in the immediately preceding accounting year or has generated 20% of the consolidated revenue during the previous financial year.
AWARDS AND
RECOGNITION
The company has received the following awards during the year:
- Best Concentrated Solar Thermal manufacturer award from Ministry of New and Renewable Energy for the largest number of solar installations in the last three years.
- Safety Innovation Award 2014 for Chinchwad factory from the Institution of Engineers, India (IEI) for safety management and disaster mitigation; and Safety Award 2014 for Chinchwad factory by the Greentech Foundation for its innovative health, safety and environment practices.
- ‘L&D Team of the Year’ award from the Tata Institute of Social Sciences for innovation and industry focused content in learning and development.
- BML Munjal Awards 2015 – Business Excellence through Learning and Development for recognising learning and development as an enabler to improve business performance.
- Bharat Asmita Lifetime achievement award 2015 for
Anu Aga, director, instituted by MAEER’s MIT Group of Institutions, Pune.
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview of the
business environment
As developed economies, especially the US, made a gradual recovery, the world economy registered a growth rate of 3.4% in 2014. Overall, global growth is projected to reach 3.5% and 3.8% respectively in 2015 and 2016, signalling slow but steady revival over the next few years.
Last year, the two major factors affecting economies the world over have been oil price and currency exchange rate movement. Lower oil price has improved the trade balances of oil importing countries like India and has given them the opportunity to deploy capital that earlier subsidised fuel to create more productive assets and to develop the renewable energy sector. The impact of reduced realisation is not yet visible in the oil exporting markets, but will be evident soon if the current rates hold for a longer duration.
The year also saw large currency movements with most major currencies weakening against the US dollar. The rupee, however, weakened only slightly against the US dollar, resulting in its appreciation against many other currencies.
While the Chinese economy is growing at a rate slower than what it is used to, its impact on Thermax has been small. On the other hand, the sanctions against Russia combined with the drop in oil prices affecting its economy have seriously hurt our manufacturing operations in Europe, for whom that country is a significant market. This was not alleviated by the European market because of the continuing challenges faced by its economies.
Indian economic growth strengthened as the GDP grew by 7.4% in FY 15. However, the benefit of this was marginal for the company. Lower inflation, mainly driven by lower oil prices, has led to a reduction in borrowing rates. Lower borrowing rates are critical for capex-heavy core industries and the infrastructure sector, which rely on significant debt to finance their projects. A revival in these sectors should generate demand for the capital goods industry, over time.
The appreciation of the rupee against most other currencies poses a risk to our export revenues which now are about a quarter of our aggregate turnover.
The capital goods industry continues to suffer as there are yet only a few large orders. The core sectors have significant idle capacity and are loath to add more in the current scenario. Fortunately, small orders from the consumer sector continue to grow at a moderate pace. Capacity utilisation continues to remain at low levels in the cement sector. The merger of two global cement majors is likely to optimise capacity utilisation, thereby postponing the requirement for new plants and equipment. The steel sector seems to be in a similar situation and we do not foresee any recovery in the near future.
The power sector is the backbone of our business and its growth is the single most important factor in our success. Unfortunately, this sector saw no traction in FY15 and the outlook does not look promising for next year either. While the coal-mine auctions have been a step in the right direction, they now seem to have resulted in new challenges for the winning bidders. The poor financial health of State Electricity Boards, overleveraged private sector generators and land acquisition issues are all contributing to a situation where there are no new private power projects on the horizon. We might see signs of recovery in this sector only after 12 to 18 months.
The government’s measures to bring clarity at policy levels and promote the manufacturing sector could take time to have an impact and, until then, demand for our major products would continue to be driven by consumer industries. We shall continue to focus on strengthening our position in international markets to counter the slowdown in the core sectors of the domestic market.
Review of company
operations
In a subdued domestic market where the ground reality continued to remain unchanged, the company posted higher revenues of Rs.48080.000 Million (Rs.43660.000 Million, last year). This was largely made possible by a higher order carry-forward from the previous year. Export revenue including deemed exports for the year remained flat at Rs.10920.000 Million (previous year Rs.11010.000 Million) and Rs.16240.000 Million on a consolidated basis (previous year Rs.17570.000 Million). The consolidated order balance decreased by 7.4% and stood at Rs.56710.000 Million as of March ’15.
The selective internationalization programme the company had seeded earlier held up in spite of a tough global market, compensating for the domestic shortfall with some significant orders garnered from the African and South East Asian markets.
Contrary to their strategy, the problems in Europe caused the share of their Indian revenues to grow from 65% last year to 69.6%. The main reason was that the company exited its investment in Omnical, a manufacturer of oil-gas fired boilers in Germany that had been acquired along with Danstoker. The management took the step after all attempts to turn it around failed. This hit revenues by Rs.1180.000 Million. However, Rs.490.000 Million was the additional cost of closing the business (exceptional item in profit & loss account) and this had its impact on net profits.
Outlook for the coming year continues to be challenging. Though some of the domestic sectors that the product divisions of the company cater to appear to be reviving, there is no noticeable shift in the fortunes of the core sectors that provide big-sized project orders. The group begins FY 16 with a lower order carry forward of Rs. 56710.000 Million (previous year Rs.61210.000 Million). During the year, its focus would be on retaining the topline through its capacity to execute short cycle orders, and if received in the early part of the year, medium-to-long term orders too. As there is surplus capacity available, the company is confident of executing orders at short notice.
As part of the efforts to internationalize its operations, Thermax inaugurated the office of a subsidiary company, PT Thermax International Indonesia in November 2014. A manufacturing facility is also being set up in Indonesia, which is expected to be ready by the end of FY 17.
The company has two business segments: Energy and Environment. Both these segments span a wide range of products and services which can be grouped into three categories –
- Products, both, standard and custom designed. Larger units are generally custom- designed and built.
- Projects and EPC contracts, especially for the larger non-standard products.
- Lifecycle and O&M services to operate plants and other services that we or others have provided to users.
The risks, economics and business organization are different for each. While most of the products business and service businesses are housed in the parent company (though there are joint ventures too), the construction portion of some of the EPC businesses are in the subsidiaries. China and Denmark subsidiaries also manufacture products for the overseas markets. Other subsidiaries abroad are predominantly sales/ service offices that trade in products made in India or in our international factories. There are several factories in India to manufacture products, which work in close collaboration with a large number of specialised vendors. The company outsources work that can be done more economically by its specialised vendors.
The EPC business includes designing, engineering and integrating other machines in order to deliver a composite plant to an EPC customer. For example, Thermax supplies complete power plants that integrate boilers, chillers and various utilities made by it such as water and wastewater treatment and air pollution control equipment with turbines, generators and such balance of-plant procured from other manufacturers.
The service business also includes retrofitting existing plants to improve efficiencies and operating life and also businesses like chemicals which predominantly impact the revenue side of the balance sheet of our customers.
New products
In FY 2014-15, the company launched several new products:
Thermeon, a multi-fuel steam boiler was introduced to meet the energy needs of small and medium scale industries. The skid mounted unit in the 300 to 1500 kg range has a small footprint and generates high quality dry steam.
Heat transformer enhances energy efficiency by stepping up medium grade heat to high grade levels and converting to steam. Successfully commissioned by a photovoltaic poly film unit in China, it is expected to gain more customers.
BioCask is a compact sewage treatment plant which can be fitted in basements. It is a viable option for small and medium industries and commercial complexes.
Solar boiler, a packaged non-IBR unit, can be seamlessly
integrated with other operating boilers so that it generates steam during the
day and uses conventional fuel during non-sunny hours.
Segment
Reporting
The company’s operations have been mainly classified between
two primary segments, ‘Energy’ and ‘Environment’. Composition of business
segments is as follows:
|
Segment |
Product
Covered |
|
Energy |
Boilers and Heaters, Absorption Chillers/ Heat Pumps, Power
Plants, Solar Equipment, Related Services. |
|
Environment |
Air Pollution control equipment/ Systems, water and waste
recycle plants, ion exchange resins and performance chemicals, related
services. |
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
SEPTEMBER 30, 2015
(Rs. In Million)
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
6 Months ended 30.09.2015 |
|
(Audited) |
(Audited) |
(Audited) |
|
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
10441.183 |
9834.384 |
20275.657 |
|
Other operating income |
124.220 |
101.022 |
225.242 |
|
Total
income from Operations(net) |
10565.403 |
9935.406 |
20500.899 |
|
Expenditure |
|
|
|
|
Cost of material consumed |
6643.650 |
6161.791 |
12805.441 |
|
Purchases of stock in trade |
106.691 |
174.636 |
281.327 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
5.191 |
(66.880) |
(61.689) |
|
Employees benefit expenses |
1022.851 |
1110.779 |
2133.630 |
|
Depreciation and amortization expenses |
156.565 |
157.610 |
314.175 |
|
Other expenditure |
1791.028 |
1644.889 |
3435.917 |
|
Total expenses |
9725.976 |
9182.825 |
18908.801 |
|
Profit
from operations before other income and financial costs |
839.427 |
752.581 |
1592.008 |
|
Other income |
130.879 |
168.296 |
299.175 |
|
Profit from
ordinary activities before finance costs |
970.306 |
920.877 |
1891.183 |
|
Finance costs |
1.907 |
1.460 |
3.367 |
|
Profit from ordinary activities after finance costs but before Exceptional Items |
968.399 |
919.417 |
1887.816 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
968.399 |
919.417 |
1887.816 |
|
Tax expenses |
320.075 |
302.643 |
622.718 |
|
Net Profit / (Loss)
from ordinary activities after tax |
648.324 |
616.774 |
1265.098 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the period |
648.324 |
616.774 |
1265.098 |
|
Paid-up equity share capital (Nominal value Rs.2/- per share) |
238.313 |
238.313 |
238.313 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share (after
extraordinary items) (not annualized): |
|
|
|
|
Basic and diluted |
5.44 |
5.18 |
0.62 |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
45300995 |
45300995 |
45300995 |
|
- Percentage of shareholding |
38.02% |
38.02% |
38.02% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
73055305 |
73055305 |
73055305 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
61.99% |
61.99% |
61.99% |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
NIL |
|
|
Receiving during the quarter |
|
9 |
|
|
Disposed of during the quarter |
|
9 |
|
|
Remaining unreserved at the end of the quarter |
|
NIL |
|
SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
6 Months ended 30.09.2015 |
|
(Audited) |
(Audited) |
(Audited) |
|
|
Segment
Revenue |
|
|
|
|
Energy |
8223.922 |
7962.871 |
18189.893 |
|
Environment |
2578.345 |
2108.471 |
4688.818 |
|
Total
|
10902.267 |
10071.442 |
20873.709 |
|
Less:
Inter Segment Revenue |
238.864 |
136.036 |
372.900 |
|
Total
Segment Income |
10565.403 |
9935.406 |
20307.809 |
|
Segment
Results |
|
|
|
|
Profit
/ (Loss) before tax and interest |
|
|
|
|
Energy |
908.437 |
881.354 |
1789.791 |
|
Environment |
205.911 |
135.737 |
341.848 |
|
Total |
1114.340 |
1017.091 |
2131.439 |
|
Less: Interest |
1.907 |
1.460 |
3.367 |
|
Less: Other
Unallocable Expenditure net of Unallocable income |
144.042 |
96.214 |
240.256 |
|
Total Profit before
tax |
968.399 |
919.437 |
1887.816 |
|
Capital Employed |
|
|
|
|
Energy |
4995.955 |
4941.868 |
4995.955 |
|
Environment |
3413.985 |
3492.812 |
3413.985 |
|
Unallocated |
15440.044 |
14833.742 |
15440.044 |
|
Total Capital
Employed |
23839.884 |
23288.233 |
23839.884 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
238.313 |
|
Reserves and Surplus |
23601.571 |
|
Sub-total
Shareholder’s Fund |
23839.884 |
|
Non-Current Liabilities |
|
|
Long term borrowings |
6.836 |
|
Other Long term liabilities |
730.051 |
|
Sub-total Non-Current
Liabilities |
736.687 |
|
Current Liabilities |
|
|
Short term borrowings |
88.868 |
|
Trade Payables |
7309.452 |
|
Other Current Liabilities |
13588.361 |
|
Short term provisions |
1461.878 |
|
Sub-total
Current Liabilities |
22458.577 |
|
|
|
|
TOTAL – EQUITY
AND LIABILITIES |
47033.148 |
|
|
|
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed Assets |
6409.814 |
|
Non-Current Investments |
5402.258 |
|
Other Non-Current Assets |
320.988 |
|
Long term loans and advances |
2709.488 |
|
Deferred Tax Assets (net) |
225.677 |
|
Sub-total
Non-Current Assets |
15068.225 |
|
Current Assets |
|
|
Current Investment |
7076.699 |
|
Inventories |
2450.440 |
|
Trade Receivables |
13388.412 |
|
Cash and Bank Balances |
2124.025 |
|
Short term Loans and advances |
1242.155 |
|
Other Current Assets |
5681.198 |
|
Sub-total
Current Assets |
31964.923 |
|
|
|
|
TOTAL - ASSETS |
47033.148 |
Note:
- The above audited financial results, reviewed by the Audit Committee, were approved at the meeting of the Board of Directors held on October 27, 2015.
- The figures for the second quarter of FY 2015-16 and of FY 2014-15 are the balancing figures between audited figures for the half year and the figures for the respective first quarters.
- Previous periods' figures, including those related to segments, have been regrouped wherever necessary to conform to current periods' groupings /classification.
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipments
·
Vehicles
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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.