MIRA INFORM REPORT
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Report No. : |
333462 |
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Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
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Name : |
PATEL ENGINEERING LIMITED (w.e.f 09.12.1999) |
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Formerly Known
As : |
PATEL ENGINEERING COMPANY LIMITED |
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Registered
Office : |
Patel Estates V Road, Jogeshwari (West), Mumbai – 400102, Maharashtra |
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Tel No.: |
91-22-26767500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
02.04.1949 |
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Com. Reg. No.: |
11-007039 |
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Capital
Investment / Paid-up Capital : |
Rs. 76.800 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1949PLC007039 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP02050G MUMP00205C |
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PAN No.: [Permanent Account No.] |
AAACP2567L |
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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
: |
Construction of tunnels, dams, bridges, buildings, power stations,
marine works etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is established company incorporated on 2nd April, 1949 and it is having satisfactory track record. During FY-2015, the company have reported minimal decline in its sales turnover and profit margin. However, the rating take consideration on company healthy financials risk profile, long track record of it business operation, moderate capital structure an comfortable debt servicing parameters. Rating further gain strength on experienced promoters and established business profile backed by its wide market presence. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition. |
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
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED BY
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Name : |
Mr. Prakash Patel |
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Designation : |
Senior Manager Accounts |
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Contact No.: |
91-22-26782916 |
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Date : |
23.07.2015 |
LOCATIONS
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Registered Office : |
Pate |
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Tel. No.: |
91-22-26767500 / 501 |
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Fax No.: |
91-91-22-26782455/26781505 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 31.03.2014
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Name : |
Mr. Pravin Arjunbhai Patel |
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Designation : |
Whole-Time Director |
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Address : |
A.K. Abdul Razzak Patel Bungalow 5-D Dadabhai Road, Santacruz (West), Mumbai 400054, Maharashtra, India |
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Date of Birth/Age : |
03.01.1937 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
00029453 |
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Name : |
Mr. Rupen Pravin Patel |
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Designation : |
Managing Director |
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Address : |
A.K.Patel Bungalow 5-D Dadabhai Road, Santacruz (West), Mumbai 400054, Maharashtra, India |
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Date of Birth/Age : |
24.08.1966 |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
00029583 |
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Name : |
Mr. Krishnamoorthy Kannan |
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Designation : |
Director |
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Address : |
576-B, Mahesh, Jame Jamshedji Road, Matunga, Mumbai -400019, Maharashtra, India |
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Date of Birth/Age : |
17.11.1939 |
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Date of Appointment : |
04.08.2005 |
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Name : |
Mr. Khizer Abdul Razzak Ahmed |
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Designation : |
Director |
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Address : |
C-34, 1st Floor, Malviya Nagar, New Delhi 100 017, India |
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Date of Birth/Age : |
15.01.1940 |
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Date of Appointment : |
04.08.2005 |
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Name : |
Mr. Srinivasa Jambunathan |
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Designation : |
Director |
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Address : |
9, Prakash Co-op. Hsg. Society, Relief Road, Daulat Nagar, Santacruz (West), Mumbai – 400 054, Maharashtra, India |
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Date of Birth/Age : |
01.05.1938 |
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Date of Appointment : |
30.03.2009 |
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Name : |
Ms. Silloo Patel, |
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Designation : |
Whole Time Director and Chief Finance Officer |
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Address : |
5A, Monisha, St.Andrews Road, Bandra, Mumbai 400 050, Maharashtra, India |
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Date of Birth/Age : |
14.05.1947 |
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Date of Appointment : |
01.09.2011 |
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DIN No.: |
00029656 |
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Name : |
Mr. Nimish Patel |
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Designation : |
Whole Time Director |
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Address : |
`Sharda’ 51, Hatkesh Society, 7th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
01.02.1999 |
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Name : |
Mr. Sharad Zalawadia |
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Designation : |
Director |
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Name : |
Mr. Ashwin Parmar |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Ms. Shetty
Ranjit Shobha |
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Designation : |
Company
Secretary |
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Address : |
404, |
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Date of Birth/Age : |
26.03.1976 |
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Date of Appointment : |
01.10.2003 |
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Pan No.: |
AAQPS3031B |
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Name : |
Mr. Prakash Patel |
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Designation : |
Senior Manager Accounts |
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Audit Committee : |
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Stakeholder’s
Relationship Committee: |
Mr. Krishnamoorthy Kannan Mr. Khizer Ahmed. Mr. Srinivasa Jambunathan |
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Remuneration
Committee : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2015
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Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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3473750 |
4.52 |
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35409681 |
46.10 |
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38883431 |
50.63 |
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Total shareholding of Promoter and Promoter Group (A) |
38883431 |
50.63 |
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(B) Public Shareholding |
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475 |
0.00 |
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1356483 |
1.77 |
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2266764 |
2.95 |
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628791 |
0.82 |
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4252513 |
5.54 |
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4674043 |
6.09 |
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16114787 |
20.98 |
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|
4258733 |
5.54 |
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|
8622775 |
11.23 |
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|
492665 |
0.64 |
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|
754761 |
0.98 |
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6047107 |
7.87 |
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955523 |
1.24 |
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372719 |
0.49 |
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33670338 |
43.84 |
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Total Public shareholding (B) |
37922851 |
49.37 |
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Total (A)+(B) |
76806282 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
76806282 |
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 |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
1 |
Patel Corporation LLP |
1,86,65,257 |
24.30 |
13345749 |
71.50 |
17.38 |
|
2 |
Praham India LLP |
1,67,44,424 |
21.80 |
0 |
0.00 |
0.00 |
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3 |
Patel Rupen Pravin |
13,52,600 |
1.76 |
0 |
0.00 |
0.00 |
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4 |
Patel Pravin Arjunbhai |
40,800 |
0.05 |
0 |
0.00 |
0.00 |
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5 |
Sonal Patel |
3,50,500 |
0.46 |
0 |
0.00 |
0.00 |
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6 |
Riana Batra |
1,99,950 |
0.26 |
0 |
0.00 |
0.00 |
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7 |
Patel Chandrika Pravin |
1,49,900 |
0.20 |
0 |
0.00 |
0.00 |
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8 |
Alina Rupen Patel |
12,90,000 |
1.68 |
0 |
0.00 |
0.00 |
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9 |
Ryan Rupen Patel |
90,000 |
0.12 |
0 |
0.00 |
0.00 |
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Total |
3,88,83,431 |
50.63 |
13345749 |
34.32 |
17.38 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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
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Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
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1 |
Patel Engineering Employees Welfare Trust |
6045000 |
7.87 |
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2 |
Life Insurance Corporation of India |
2394881 |
3.12 |
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3 |
Dinesh Govind Patel |
1363806 |
1.78 |
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4 |
Sanjiv K Chainani |
950000 |
1.24 |
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Total |
10753687 |
14.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
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Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
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1 |
Patel Engineering Employees Welfare Trust |
6045000 |
7.87 |
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Total |
6045000 |
7.87 |
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Details of Locked-in Shares
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Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
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1 |
Praham India LLP |
26,17,174 |
3.41 |
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2 |
Patel Corporation LLP |
43,61,957 |
5.68 |
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Total |
69,79,131 |
9.09 |
BUSINESS DETAILS
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Line of Business : |
Construction of tunnels, dams, bridges, buildings, power stations,
marine works etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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 : |
(Rs
in Million)
NOTE: (AS ON
31.03.2014)
a)
9.8% Secured Redeemable Non-convertible Debentures
was allotted on July 20, 2009 for a period of 7 years. These debentures have
a face value of Rs.1.000 Million each
aggregating to Rs. 900.000 Million (P.Y. Rs. 900.000 Million) and are to be
redeemed on July 20, 2016 in a single instalment, with a put / call option
available and exercisable at par at the end of 5th year from the date of
allotment i.e. July 20, 2014. The same is secured against immovable property
of the Company. b)
9.55% Secured Redeemable Nonconvertible
Debentures was allotted on April 26, 2010 for a period of 5 years. These
debentures have a face value of Rs. 1.000 Million each aggregating Corporate
Overview Board and Management Reports Financial Statements Annual Report
2013-14 41to Rs. 700.000 Million (P.Y. Rs. 1,000.00 Million). These
Debentures will be redeemed as follows - April 26, 2014- Rs. 300.000 Million,
and April 26, 2015- Rs. 400.000 Million. The same is secured against
immovable property and subservient charge on all the Fixed Assets of the
Company. c)
10.75% Secured Redeemable Non-convertible
Debentures was allotted on March 3, 2011 for a period of 5 years. These
debentures have a face value of Rs. 0.100 Million each aggregating to Rs.
350.000 Million (P.Y. Rs. 500.000 Million). These Debentures will be redeemed
as follows- March 3, 2015 – Rs. 150.000 Million and March 3, 2016- Rs.
200.000 Million. The same is secured against immovable property and
subservient charge on all the Fixed Asset of the Company. Interest rate has
been revised to 13% (P.Y. 12%) w.e.f. October 18, 2013. d)
11.40% Secured Redeemable Non-convertible
Debentures was allotted on July 11, 2011 for a period of 5 years. These
debentures have a face value of Rs. 0.100 Million each aggregating to Rs.
1,500.000 Million. These Debentures will be redeemed as follows- July 11,
2014 – Rs.500.000 Million, July 11, 2015 Rs. 500.000 Million and July 11,
2016 Rs. 500.000 Million. The same is secured against immovable property of
the Company and its subsidiaries. Interest rates revised to 13% w.e.f.
October 2013. e)
11.30% Secured Redeemable Non-convertible
Debentures was allotted on September 17, 2012 for a period of 10 years. These
debentures have a face value of Rs. 1.000 Million each aggregating to Rs.
1,500.000 Million and are to be redeemed in September 17, 2022. The same is
secured against charge on immovable assets of the Company and of its
subsidiaries. f)
14.00% Secured Redeemable Non-convertible
Debentures was allotted on October 18, 2012 for a period of 4 years. These
debentures have a face value of Rs. 1.000 Million each aggregating to Rs.
1,200.000 Million and are to be redeemed in October 17, 2016. The same is
secured against charge on immovable asset of the company and third party
security. The above debentures are listed on The National Stock Exchange of
India Ltd. As per Section 117C of the Companies Act, 1956 the Company has
created adequate Debenture Redemption Reserve for both the above series of
Secured Redeemable Non-convertible Debenture issued during the year. Further,
in terms of clarification vide circular no. 04/2013 dated 11.2.2013 issued by
the Ministry of Corporate Affairs, Government of India, the Company had not
made the required deposit/ investment to secure the repayment of debentures
maturing during 2013-14. However, the Company has redeemed/paid all its
debentures maturing in 2013-14 in time.
A)
The Term loans are secured by first charge on the
specific assets acquired out of the term loan along with unencumbered assets
& guarantees. The rate of Interest for these loans vary between 10%- 14%
on an average, with agree payment period of 3-5 years respectively. Term Loan
include Working Capital Term Loan secured by a First Pari-passu charge on the
receivables and WIP, mortgage over certain Lands owned by Subsidiary
companies and pledge of 30% & 99.998% shareholding of subsidiaries owning
real estate Lands. The Promoters Mr. Pravin Patel and Mr. Rupen Patel has
provided personal guarantees for the above loan. Subsequently, the Company
has counter indemnified the guarantees provided by the Promoters. B)
Includes term loans of Rs.107.610 Million (P.Y.
Rs. 85.320 Million) are secured by Hypothecation of machinery & vehicles.
Interest rate ranging between8.5% to 15%, and repayable in 2014 & 2015. C)
Includes term loans of Rs. 0.300 Million (P.Y.
Rs. 0.720 Million) which carries interest at BPLR + 4% p.a. It will be repaid
within 35 equated monthly Instalments. It is secured by way of Hypothecation
of Computer system and personal guarantee of Directors of Capacit’e Infra
Project Private Limited. D)
Includes Rs.17.870 Million (P.Y. Rs. 21.590
Million) which carries interest which ranging between 12% to 12.02% p.a. It
Consist of 10 separate loans that will be repaid in 58 equated instalments.
It is secured against hypothecation of equipment & exclusive charge on
inventory cum book debts/other current assets. E)
Includes Rs. 998.760 Million (USD 16,713,010)
(P.Y. Rs. 693.810 Million (USD 12,723,376)) which carries interest which
ranging between LIBOR rate plus 3% to Libor rate plus 4.75%.It is secured
against hypothecation of equipment & Receivables. F)
Loan From Development Bank of Singapore Rs.
597.580 Million (USD 10,000,000) (P.Y. Rs. 545.300 Million (USD 10,000,000))
is secured by a standby Letter of Credit issued by Industrial Development
Bank of India Limited. Interest is charged at 4.41% to 5.58% (P.Y. 4.41% to
5.58%) per annum.
a)
Includes funds from Financial Institutions on
Equipments, secured against the said Equipments. These loans carry an
interest rate of average between 10%- 13% on an average, with a repayment
period of 3-5 years respectively. a)
Includes Rs. 563.730 Million (P.Y. Rs. 359.720
Million) secured by hypothecation of vehicles & equipment acquired from
these loans. Interest rate ranging between 8.5% to13.5% (P.Y. 11% to 15%) and
repayable between 2014 and 2015. b)
Includes Rs. 4.360 Million (USD 73,054) (P.Y. `
Nil (USD Nil)) which carries interest which ranging between LIBOR rate plus
3% to Libor rate plus 4.75%. It is secured against hypothecation of
equipment.
Short Term Loan 1.
From Bank a)
Includes Loans against Equipments Financed and by
earmarking from bank Guarantee limits, at Interest rate of 12.25% -12.75%
(P.Y. 12.25%) payable within a year. b)
Includes ` Nil (P.Y. Rs. 50.000 Million ) secured
by UDC/PDC from the company for repayment of the facility amount. Interest
Rate 14.5% p.a. c)
Includes ` Nil (P.Y. 25.04) Loan from Indusind
Banks which carries interest rates BPLR+3.25% p.a. It is secured by value of
stock after excluding advance payment guarantees, sundry creditors &
stock acquired under usance LC, Buyer’s Credit and procured on Credit under
Stand by LC’s. d)
Loan against term Deposits from Corporation bank
secured by term Deposits amounting to ` Nil (P.Y.Rs. 53.710 Million) which
carries interest ranging between 8% to13.25% (P.Y. 8% to 10%). e)
Company has availed short term loan facility from
Axis bank which carries interest at Base rate +3 p.a. (presently 13.25%). The
Loan has been secured by hypothecation charge of all the current assets and
exclusive charge on certain parcel of land & flats of the Company. f)
Company has availed cash credit facility from
Bank of Maharashtra which carries interest at Base rate +3.5 p.a. (presently
13.75%). The Loan has been secured by hypothecation charge of all the present
& future current assets of the company and mortgage of certain parcel of
land situated at electronic city, south Bangalore. g)
Working Capital Demand loan Includes Rs.260.000
Million (P.Y. ` 210 Million) secured by first pari-passu charges on the
movable & immovable assets of the company excepts the assets specially
charged for project/lease based finance. Interest rate 14% to 16% p.a. h)
Includes cash credit Rs.350.780 Million (P.Y. Rs.
561.520 Million) secured by first pari-passu charge on the movable &
immovable assets of the company except the assets specifically charged for
project/lase based finance and relevant term loan. Interest rate 14% to 16%
p.a.
Includes Cash Credit and Working Capital Demand Loan from various
Banks. These loans have been given against hypothecation of stocks, spare parts, book debts, work in progress & guarantees; Terms of
Repayment : ·
Cash Credit- Yearly Renewal, except for a Cash
Credit taken from IDBI Bank Short Term Loan - EARMARK CC” which is payable
within 90 days. Rate of Interest-Ranges between11% to 14%. (P.Y. 9.75% to
13.75%). Includes Overdraft from Bank of Baroda Rs. 93.780 Million (P.Y. Rs.
49.460 Million) is secured by Fixed deposit pledged with the bank.
- From Bank ·
Includes loans from Banks which are payable at
yearly rests with an average
Interest cost ranging between 12.60% to13.75%(P.Y.11% -12%). - From Others ·
Includes loans from related parties carrying nil
Interest rates, which are payable on demand. Such loan amount to be
appropriated upon exercise of the option of conversion of Optional
Convertible Preference Shares into Equity Shares. |
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Financial
Institution: |
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Auditors : |
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Name : |
Vatsaraj and Company Chartered Accountants |
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Address : |
First Floor, Fort Chambers, "C"Block,65, Tamarind Lane,
Fort, Mumbai-400 023, Maharashtra, India |
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Tel No: |
91-22-22653931 |
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Fax No.: |
91-22-22704515 |
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PAN No.: |
AACFV7282K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties (AS
ON 31.03.2014): |
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Subsidiaries of Patel Realty (India) Limited (AS ON 31.03.2014): |
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Subsidiaries of Patel Engineers Private Limited (AS ON 31.03.2014): |
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Subsidiaries of Patel Energy Resources Limited (AS ON 31.03.2014): |
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Subsidiaries of ASI Constructors Inc (AS ON 31.03.2014): |
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Subsidiaries of Patel Engineering (Singapore) private limited (AS ON 31.03.2014): |
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Subsidiaries of Patel Engineering (Mauritius) Limited (AS ON 31.03.2014): |
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Subsidiaries of Patel Engineering Inc: |
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Associates (AS ON 31.03.2014):: |
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Partnership (AS ON
31.03.2014):: |
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Others (AS ON
31.03.2014):: |
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CAPITAL STRUCTURE
AFTER 31.03.2015
Authorised Capital: Not
Available
Issued, Subscribed & Paid-up Capital : Rs. 768.000
Million
As on: 31.03.2014
(A) Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 230.000 Million |
|
20,000,000 |
Preference shares |
Rs.1/- each |
Rs. 20.000Million |
|
250,000,000 |
Total |
|
Rs.250.000
Million |
(B) Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,244,325 |
Equity Shares |
Rs.1/- each |
Rs. 76.240
Million |
|
561,957 |
Preference shares |
Rs.1/- each |
Rs. 0.570
Million |
|
76806282 |
Total |
|
Rs. 76.810 Million |
(C) (I) Reconciliation of Equity Shares outstanding at the Beginning and
at end of the year:
|
69,827,151 |
Outstanding at the beginning of the year |
Rs. 69.830
Million |
|
6,417,174 |
Add :- Issued during the year |
Rs. 6.410
Million |
|
76,244,325 |
Outstanding at
the end of the year |
Rs. 76.240 Million |
(II) Reconciliation of Optionally
Convertible Preference Shares
Outstanding at the beginning and at end of the year:-
|
- |
Outstanding at the beginning of the year |
- |
|
6,979,131 |
Add :- Issued during the year |
Rs. 6.980
Million |
|
6,417,174 |
Less:- Converted during the year |
Rs. 6.410 Million |
|
561,957 |
Outstanding at
the end of the year |
Rs. 76.240 Million |
(D) Share held by each shareholder more than 5%
|
No. of Shares |
Name of the
shareholder |
% holding |
|
6,045,000 |
Patel Engineering Employees Welfare Trust |
7.930 |
|
16,744,424 |
Praham India LLP |
21.960 |
|
18,103,300 |
Patel Corporation LLP |
23.740 |
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 |
76.800 |
76.810 |
69.830 |
|
(b) Reserves & Surplus |
16916.300 |
16066.910 |
14512.510 |
|
(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) |
16993.100 |
16143.720 |
14582.340 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16756.800 |
12412.130 |
11401.230 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
9.510 |
|
(c) Other long term
liabilities |
6040.900 |
6907.690 |
3729.770 |
|
(d) long-term provisions |
34.100 |
32.440 |
41.830 |
|
Total
Non-current Liabilities (3) |
22831.800 |
19352.260 |
15182.340 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20562.300 |
20426.120 |
13449.600 |
|
(b) Trade payables |
5823.200 |
5116.780 |
6260.070 |
|
(c) Other current liabilities |
8001.800 |
6124.410 |
6121.760 |
|
(d) Short-term provisions |
12.600 |
15.360 |
22.750 |
|
Total
Current Liabilities (4) |
34399.900 |
31682.670 |
25854.180 |
|
|
|
|
|
|
TOTAL |
74224.800 |
67178.650 |
55618.860 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2142.100 |
2449.520 |
2938.220 |
|
(ii) Intangible Assets |
2.700 |
19.260 |
33.780 |
|
(iii) Capital work-in-progress |
42.300 |
207.020 |
183.570 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6057.000 |
5896.380 |
5711.640 |
|
(c) Deferred tax assets (net) |
103.300 |
31.040 |
0.000 |
|
(d) Long-term Loan and Advances |
15747.100 |
12050.960 |
8094.980 |
|
(e) Other Non-current assets |
8597.400 |
9007.810 |
699.510 |
|
Total
Non-Current Assets |
32691.900 |
29661.990 |
17661.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.050 |
0.050 |
|
(b) Inventories |
30964.000 |
23196.990 |
19145.150 |
|
(c) Trade receivables |
4351.300 |
3719.300 |
8008.610 |
|
(d) Cash and cash equivalents |
815.600 |
1072.430 |
1825.500 |
|
(e) Short-term loans and
advances |
5395.600 |
9520.910 |
8968.320 |
|
(f) Other current assets |
6.400 |
6.980 |
9.530 |
|
Total
Current Assets |
41532.900 |
37516.660 |
37957.160 |
|
|
|
|
|
|
TOTAL |
74224.800 |
67178.650 |
55618.860 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24728.100 |
27039.550 |
31032.110 |
|
|
|
Other Income |
1954.200 |
1479.120 |
1079.730 |
|
|
|
TOTAL (A) |
26682.300 |
28518.670 |
32111.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Construction |
17932.800 |
21151.250 |
24670.020 |
|
|
|
Employees benefits expense |
957.000 |
961.340 |
795.720 |
|
|
|
Other expenses |
1531.700 |
1215.060 |
1152.260 |
|
|
|
TOTAL
(B) |
20421.500 |
23327.650 |
26617.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6260.800 |
5191.020 |
5493.840 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5522.900 |
4286.290 |
4201.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
737.900 |
904.730 |
1292.730 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
519.200 |
542.290 |
525.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
218.700 |
362.440 |
767.250 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.800 |
112.460 |
275.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
118.900 |
249.980 |
492.180 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
NA |
4096.980 |
3601.040 |
|
|
|
|
|
|
|
|
|
Add |
Reversal of Prudent Provision for tax |
NA |
981.310 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to (from) Debenture Redemption
Reserve |
NA |
108.750 |
(3.750) |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5219.520 |
4096.980 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Receipts |
NA |
93.620 |
156.980 |
|
|
|
At USA Office |
NA |
0.000 |
0.010 |
|
|
TOTAL EARNINGS |
NA |
93.620 |
156.990 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
9.290 |
62.220 |
|
|
|
Stores & Spares |
NA |
0.370 |
56.390 |
|
|
|
Capital Goods |
NA |
76.660 |
82.660 |
|
|
TOTAL IMPORTS |
NA |
86.320 |
201.270 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.55 |
3.28 |
7.05 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
2325.080 |
2502.690 |
|
Cash generated from operations |
NA |
(2752480) |
1061.690 |
|
Net Cash From Operating Activities |
NA |
(3344.530) |
680.640 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.48 |
0.92 |
1.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
25.32 |
19.20 |
17.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32 |
0.59 |
1.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.02 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.20 |
2.18 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.18 |
1.47 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.82.60/- |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
69.830 |
76.810 |
76.800 |
|
Reserves & Surplus |
14512.510 |
16066.910 |
16916.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
14582.340 |
16143.720 |
16993.100 |
|
|
|
|
|
|
long-term borrowings |
11401.230 |
12412.130 |
16756.800 |
|
Short term borrowings |
13449.600 |
20426.120 |
20562.300 |
|
Total
borrowings |
24850.830 |
32838.250 |
37319.100 |
|
Debt/Equity
ratio |
1.704 |
2.034 |
2.196 |
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 |
31032.110 |
27039.550 |
24728.100 |
|
|
|
(12.866) |
(8.548) |
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 |
31032.110 |
27039.550 |
24728.100 |
|
Profit |
492.180 |
249.980 |
118.900 |
|
|
1.59% |
0.92% |
0.48% |
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 |
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
Rs.
In Million
|
|
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TE RM
BORROWINGS |
|
|
|
From Bank |
NA |
3786.710 |
|
Commercial Papers - From Bank |
NA |
31.750 |
|
Total |
NA |
3818.460 |
INDEX OF CHARGES:-
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10571027 |
03/03/2015 |
1,300,000,000.00 |
CANARA BANK |
SPECIALIZED PRIME
CORPORATE BRANCH, 7TH FLOOR, MA |
C54430269 |
|
2 |
10538262 |
28/11/2014 |
820,000,000.00 |
INDUSIND BANK LTD. |
DR. GOPAL DAS
BHAWAN, 28, BARAKHAMBA ROAD, NEW DE |
C37835725 |
|
3 |
10536117 |
24/11/2014 |
511,000,000.00 |
SOCIETE GENERALE |
UPPER GROUND FLOOR,
AMBA DEEP BUILDING, 14 KASTUR |
C36686780 |
|
4 |
10529347 |
23/09/2014 |
1,300,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, GROUND
FLOOR, P B MARG, WORLI, MUMBAI |
C32412348 |
|
5 |
10515207 |
23/09/2014 * |
900,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23,
BARAKHAMBA ROAD, NEW DELHI, DEL |
C24320236 |
|
6 |
10535401 |
31/07/2014 |
250,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD,, KOLKATA, WEST BE |
C36248532 |
|
7 |
10535404 |
31/07/2014 |
250,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD,, KOLKATA, WEST BE |
C36249126 |
|
8 |
10510432 |
30/06/2014 |
120,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD,, KOLKATA, WEST BE |
C12222600 |
|
9 |
10518981 |
29/05/2015 * |
17,000,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA HOUSE, FIRST
FLOOR, PLOT NO. 85, S. NO. 94 & |
C59329086 |
|
10 |
10510376 |
13/06/2014 |
950,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCE
SERVICE FORT BRANCH, 4TH FLOOR,, |
C12308961 |
Date of charge modification
FIXED ASSETS:
- Land
- Building
- Factory building
- Plant and Machinery
- Motor car
- Motor truck
- Motor Cycle
- Rails and Trolly
- Ship
- Furniture
- Office equipment
- Computer/Software
- Electric equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.