MIRA INFORM REPORT
|
Report No. : |
328249 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISGEC HITACHI ZOSEN LIMITED |
|
|
|
|
Registered
Office : |
Radaur Road, Yamuna Nagar – 135001, Haryana |
|
Tel. No.: |
91-1732-307614/ 307296 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.03.2012 |
|
|
|
|
Com. Reg. No.: |
05-045430 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1000.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28123HR2012PLC045430 |
|
|
|
|
IEC No.: |
3312000645 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKI01650F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCI8892H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Heavy Engineering Items. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
ISGEC Hitachi Zosen Limited (IHZL) is a joint venture incorporated in
March 2012 with an equity share capital of Rs. 1000.000 Million. IHZL has a 51% shareholding of ISGEC Heavy Engineering Limited, India
and 49% shareholding of Hitachi Zosen Corporation, Japan. It is a subsidiary of ISGEC Heavy Engineering Limited. It is an established company having satisfactory track record. The company has incurred loss from its operations during 2014. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Fund based limits = BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
April 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund based limits = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
April 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh Kumar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-2641-305530 |
|
Date : |
20.05.2015 |
LOCATIONS
|
Registered Office : |
Radaur Road, Yamuna Nagar – 135001, Haryana, India |
|
Tel. No.: |
91-1732-307614/ 307296 |
|
Fax No.: |
91-1732-250991 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
A-4, Sector 24, Noida - 201301, Uttar Pradesh, India |
|
|
|
|
Factory : |
13-B, GIDC Industrial Estate, Dahej Bharuch, Ahmedabad – 392130,
Gujarat, India |
|
Tel. No.: |
91-2641-305507/ 305530 |
|
Fax No.: |
91-2641-305500 |
DIRECTORS
AS ON 21.07.2014
|
Name : |
Mr. Sanjay Gulati |
|
Designation : |
Managing director |
|
Address : |
114/1, Sugar Mills Colony, Yamunanagar – 135001, Haryana, India |
|
Date of Birth/Age : |
17.02.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
05201178 |
|
|
|
|
Name : |
Mr. Aditya Puri |
|
Designation : |
Director |
|
Address : |
D-860, New Friends Colony, New Delhi – 110065, India |
|
Date of Birth/Age : |
04.12.1967 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
00052534 |
|
|
|
|
Name : |
Mr. Ravi Jaidka |
|
Designation : |
Director |
|
Address : |
119/2, Sugar Mills Colony, Yamunanagar – 135001, Haryana, India |
|
Date of Birth/Age : |
15.08.1946 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
00322627 |
|
|
|
|
Name : |
Eiji Moriya |
|
Designation : |
Director |
|
Address : |
D-173, Westend Heights, DLF City, Phase V, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
25.09.1958 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
03536027 |
|
|
|
|
Name : |
Toshiya Takenaka |
|
Designation : |
Director |
|
Address : |
3-7-2, Higashiyakata, Kumamoto Pref. Arao City, Japan 8640042 |
|
Date of Birth/Age : |
20.01.1973 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
05200914 |
|
|
|
|
Name : |
Hisao Matsuwake |
|
Designation : |
Director |
|
Address : |
30-30-2302, Nanko Kita 1-Chome Suminoe-Ku Osaka, Japan 5590034 |
|
Date of Birth/Age : |
16.07.1949 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.03.2012 |
|
DIN No.: |
05200900 |
KEY EXECUTIVES
|
Name : |
Mr. Shailesh Kumar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Lokesh Taneja |
|
Designation : |
Secretary |
|
Address : |
P-2, Model Town, Rewari – 123401, Haryana, India |
|
Date of Birth/Age : |
22.04.1974 |
|
Date of Appointment : |
07.05.2014 |
|
PAN No.: |
ACAPT8493Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Isgec Heavy Engineering Limited, India |
|
50999997 |
|
Aditya Puri (Nominee of Isgec Heavy Engineering Limited, India) |
|
1 |
|
Ravi Jaidka (Nominee of Isgec Heavy Engineering Limited, India) |
|
1 |
|
Sanjay Gulati (Nominee of Isgec Heavy Engineering Limited, India) |
|
1 |
|
Hitachi Zosen Corporation, Japan |
|
48999997 |
|
Hisao Matsuwake (Nominee of Hitachi Zosen Corporation, Japan) |
|
1 |
|
Toshiya Takenaka (Nominee of Hitachi Zosen Corporation, Japan) |
|
1 |
|
Eiji Moriya (Nominee of Hitachi Zosen Corporation, Japan) |
|
1 |
|
|
|
|
|
Total |
|
100000000 |
AS ON 21.07.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
99.99 |
|
Directors
or relatives of directors |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Heavy Engineering Items. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Japan · Gulf Countries · Mexico · USA · Kazakhstan · Uzbekistan |
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Imports : |
|
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|
Products : |
Raw Material |
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Countries : |
· Japan · Korea · Belgium · China · Italy |
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Terms : |
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|
Selling : |
Cash and Credit (30 Days, 60 Days and 90 Days) |
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|
Purchasing : |
Cash and Credit (30 Days, 60 Days and 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
700 (Approximately) |
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|
Bankers : |
·
State Bank of Patiala Commercial Branch,
Chandralok Building, 36, Janpath, New Delhi - 110001, Delhi, India · HDFC Bank Limited "A" Block, Vatika Atrium, Golf Course
Road, Sector-53, Gurgaon, Haryana - 122002, India · ING Vysya Bank Limited Narian Manzil, Ground Floor, Shop No. G1 to G5,
I Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi, Delhi -
110001, India · The Hongkong and Shanghai Banking Corporation Limited Birla Towers, 25, Barakhamba Road, New Delhi, Delhi - 110001, India |
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
146-148, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ASFKK4748K |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding company : |
Isgec Heavy Engineering Limited [L23423HR1933PLC000097] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Hitachi Zosen Corporation · Hitachi Zosen India Private Limited [U74900HR2011FTC042841] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1000.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1000.000 |
1000.000 |
|
(b) Reserves & Surplus |
|
(164.221) |
33.182 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
835.779 |
1033.182 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
185.340 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
1.137 |
18.053 |
|
(d)
long-term provisions |
|
10.068 |
13.382 |
|
Total
Non-current Liabilities (3) |
|
196.545 |
31.435 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
112.790 |
0.000 |
|
(b)
Trade payables |
|
322.150 |
42.835 |
|
(c)
Other current liabilities |
|
1138.967 |
258.141 |
|
(d)
Short-term provisions |
|
1.813 |
6.349 |
|
Total
Current Liabilities (4) |
|
1575.720 |
307.325 |
|
|
|
|
|
|
TOTAL |
|
2608.044 |
1371.942 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
29.017 |
6.834 |
|
(ii)
Intangible Assets |
|
1.926 |
1.150 |
|
(iii)
Capital work-in-progress |
|
103.125 |
2.598 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
91.407 |
3.107 |
|
(d) Long-term Loan
and Advances |
|
2.043 |
1.691 |
|
(e)
Other Non-current assets |
|
3.190 |
3.410 |
|
Total
Non-Current Assets |
|
230.708 |
18.790 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1728.408 |
293.676 |
|
(c)
Trade receivables |
|
72.269 |
74.076 |
|
(d)
Cash and cash equivalents |
|
224.476 |
873.686 |
|
(e)
Short-term loans and advances |
|
292.166 |
92.894 |
|
(f)
Other current assets |
|
60.017 |
18.820 |
|
Total
Current Assets |
|
2377.336 |
1353.152 |
|
|
|
|
|
|
TOTAL |
|
2608.044 |
1371.942 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
652.873 |
700.436 |
|
|
|
Other Income |
|
37.575 |
72.934 |
|
|
|
TOTAL (A) |
|
690.448 |
773.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
1081.246 |
244.886 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(961.264) |
(231.117) |
|
|
|
Employees benefits expense |
|
171.095 |
143.795 |
|
|
|
Other expenses |
|
676.951 |
565.298 |
|
|
|
TOTAL (B) |
|
968.028 |
722.862 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(277.580) |
50.508 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
3.324 |
0.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(280.904) |
50.463 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.800 |
1.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(285.704) |
49.118 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(88.300) |
15.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(197.404) |
33.182 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods & Services on F.O.B basis |
|
197.920 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1252.802 |
120.711 |
|
|
|
Components & Spare Parts |
|
191.429 |
13.428 |
|
|
|
Capital Goods |
|
22.779 |
0.000 |
|
|
TOTAL IMPORTS |
|
1467.010 |
134.139 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(1.97) |
0.33 |
|
Expected Sales (2014-2015): Rs. 700.000 Million
The above information has been parted by Mr. Shailesh Kumar (Chief
Financial Officer)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
(30.24) |
4.74 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
|
(42.52) |
7.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(11.84) |
3.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.34) |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.36 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.51 |
4.40 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1000.000 |
1000.000 |
|
Reserves & Surplus |
33.182 |
(164.221) |
|
Money received against share warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
1033.182 |
835.779 |
|
|
|
|
|
Long-term borrowings |
0.000 |
185.340 |
|
Short term borrowings |
0.000 |
112.790 |
|
Total
borrowings |
0.000 |
298.130 |
|
Debt/Equity ratio |
0.000 |
0.357 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
700.436 |
652.873 |
|
|
|
(6.790) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
700.436 |
652.873 |
|
Profit/ (Loss) |
33.182 |
(197.404) |
|
|
4.74% |
(30.24%) |
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) |
Yes |
|
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10560156 |
19/02/2015 |
25,000,000.00 |
STANDARD CHARTERED
BANK |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C49494263 |
|
2 |
10565884 |
09/02/2015 |
250,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
BIRLA TOWERS, 25, BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
C51873487 |
|
3 |
10539898 |
20/09/2014 |
600,000,000.00 |
HDFC BANK LIMITED |
"A"
BLOCK, VATIKA ATRIUM, GOLF COURSE ROAD, SECTOR-53, GURGAON, HARYANA - 122002,
INDIA |
C38798773 |
|
4 |
10508824 |
29/05/2014 |
500,000,000.00 |
ING VYSYA BANK
LIMITED |
NARIAN MANZIL,
GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C11139466 |
|
5 |
10476747 |
19/02/2015 * |
185,310,000.00 |
STANDARD CHARTERED
BANK |
(ACTING AS AN
SECURITY AGENT) CDU, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
C44571727 |
|
6 |
10471046 |
19/02/2015 * |
750,000,000.00 |
STANDARD CHARTERED
BANK |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23 BARAKHAMBA |
C44365575 |
|
7 |
10424828 |
30/04/2013 |
600,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B74812363 |
* Date of charge modification
OVERVIEW
ISGEC Hitachi Zosen Limited (the 'Company') is a heavy engineering
Company and is engaged in manufacturing of all types of Industrial Pressure
Vessels, Heat Exchanger, Reactors, Boilers and related Critical Equipment for
Customers in India and abroad having principal place of business at 13 B, Dahej
GIDC, Tal-Vagra, District Bharuch, Gujarat (India)
OPERATIONS:
This was the Company’s second year of operations.
The Company booked good orders during the year and has closed at a good
level of Orders in Hand. In order to execute the orders efficiently, the
company is going for expansion of its capacity by 60%. The new shop is likely
to be commissioned by End of June-2014 as planned.
The Company, however, booked most orders from the third quarter of the
previous year. Further one of the major orders booked last year for the
Uzbekhistan had been suspended and the decision to resume was given in
November-2013. Hence the billing for year 2013-2014 was substantially low and
the Company has shown a loss this year. However, the same will be made up in
the coming year when these jobs which are now under process of manufacture are
billed next year 2014-2015. Further a part of the loss is due to the increase
in the Foreign exchange rate when the Forward covers on export orders were
rolled forward. This will be recovered when they receive the payments from
their customers.
The Company received Repeat Orders from several customers such as Toyo
Engineering- Japan, KBR, USA and Reliance Industries, India.
Some of the orders booked by the Company include Ammonia Converter with
Basket, Urea Reactor, Urea Stripper and Secondary Reformer which are the most critical
equipment for the Fertilizer Industry. Also the company has booked order for
Heavy Wall Thickness Alloy Steel Hydro processing Reactors for the Petroleum
Refinery Sector.
During the year of its operations the Company has successfully delivered
the First EO Reactor to Reliance Industries and a 102 metres Tall Column
successfully.
Under the guidance of Isgec Heavy Engineering Limited and Hitachi Zosen
Corporation, Japan, the Company has implemented various improvement initiatives
in the Shops and also in Procurement and Project Management activities.
The business prospects for the current year ending March 31, 2015 are
good and the Company is expected to book good orders both from Indian and
Overseas customers.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Guarantees furnished by the Bankers on behalf of the Company and counter indemnity furnished by the Company to Bankers for the same amount. |
63.467 |
57.510 |
|
Bonds executed in favour of President of India against EPCG licence and advance authorization. |
1368.100 |
0.000 |
|
Other Contingent Liability (Form C -Outstanding) |
2.239 |
0.000 |
|
Letters of Credit outstanding at year end |
271.573 |
51.618 |
|
Estimated amount of contracts remaining to be executed on Capital Account and not provided for. |
38.182 |
0.000 |
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Books periodicals
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.82 |
|
|
1 |
Rs. 101.26 |
|
Euro |
1 |
Rs. 72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.