MIRA INFORM REPORT
|
Report No. : |
329499 |
|
Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRAJ INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
“Praj Tower”, Survey No. 274 and 275/ 2, Bhumkar Chowk – Hinjewadi
Road, Hinjewadi, Pune – 411057, Maharashtra |
|
Tel. No.: |
91-2137-252328 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.11.1985 |
|
|
|
|
Com. Reg. No.: |
11-038031 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 354.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101PN1985PLC038031 |
|
|
|
|
IEC No.: |
3192001330 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6090Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of
Business : |
Subject
is Engaged in the Business of Process and Project Engineering. |
|
|
|
|
No. of Employees
: |
975 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company incorporated during your 1985 having
a good track record. Available financial indicates company strong financial risk profile marked
by healthy net worth position with low borrowings and favorable gap between
trade payable and trade receivable. Further the rating also takes into consideration, company good
profitability. Trade relations are reported as fair. Business is active.
Payments terms are reported to be regular and as per commitment. In view of long track record and extensive experience of its
promoters, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and carry low credit
risk |
|
Date |
08.07.2014 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Strongest degree of safety and carry lowest
credit risk |
|
Date |
08.07.2014 |
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
MANAGEMENT NON – COOPERATIVE
(TEL. NO.: 91-2137-252328/ 120-423534/ 42143/ 80-25251680/ 25251484/
20-22951511/ 20-71802000)
LOCATIONS
|
Registered/ Head Office : |
“Praj Tower”, Survey No. 274 and 275/ 2, Bhumkar Chowk – Hinjewadi
Road, Hinjewadi, Pune – 411057, Maharashtra, India |
|
Tel. No.: |
91-20-71802000/ 22941000 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-20-22941299 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Survey
No. 748, Sanaswadi, Pune - 412307, Maharashtra, India |
|
Tel. No.: |
91-2134-252328/
252913 |
|
Fax No.: |
91-2137-252911 |
|
|
|
|
Factory 2 : |
Plot
No. E-20 and E-21 Additional MIDC Area, Jejuri Taluka Purandar, District Pune
– 412203, Maharashtra, India |
|
|
|
|
Factory 3 : |
EOU
at Kandla SEZ Unit - I Plot No 307 to 314 and Unit - II at Plot No. 282 to
286 and 294 to 298, Sector IV Gandhidham, Kutch - 370230, Gujrat, India. |
|
Tel. No.: |
91-2836-253460/
253461 |
|
Fax No.: |
91-2836-253462 |
|
|
|
|
Factory 4 : |
Kandla SEZ Unit II, Plot
No Plot No 282 to 286 and 294 to 298, Sector IV, Gandhidham, Kutch - 370230,
Gujarat, India |
|
|
|
|
Overseas Office
: |
Located at : ·
India ·
Thailand ·
The Netherlands ·
USA, ·
South Africa ·
Tanzania ·
Sierra Leone ·
Philippines ·
Argentina ·
Namibia ·
UAE |
DIRECTORS
AS ON 28.07.2014
|
Name : |
Ms.
Pramod Chaudhari, Executive Chairman |
|
Designation : |
Executive Directors |
|
Date of Birth/Age : |
01.08.1956 |
|
Qualification : |
Post Graduate degree in
Jyourirnaslism and Communications from Pune University and MS in
Television-Radio-Film (TRF) from Syracuse University, USA. |
|
Expertise in Specific Functional Area : |
She brings rich
experience in communication and human resource development. As Managing
Trustee of Praj Foundation, she steers the CSR activities. |
|
Date of Appointment : |
21.07.2006 |
|
|
|
|
Name : |
Mr.
Berjis Desai |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
02.08.1956 |
|
Qualification : |
LLB,
Master degree in law from Cambridge University. |
|
Experience : |
His expertise lies in
laws relating to mergers and acquisitions, securities, international
commercial arbitration and in financial and international business law. |
|
Date of Appointment : |
27.08.1993 |
|
Other Directorship : |
·
The Great Eastern Shipping Company Limited ·
Edeltheyiss Financial Services Limited ·
Man Infraconstruction Limited ·
Adani Enterprises Limited ·
Himatsingka Seide Limited ·
Greatship (India) Limited · Emcure Pharmaceuticals Limited |
|
|
|
|
Name : |
Mr.
Kishor Chaukar |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
01.08.1947 |
|
Qualification : |
Post-graduate in
Management from the Indian Institute of Management, Ahmedabad. |
|
Expertise in Specific Functional Area : |
He oversees your function
of the Department of Economics and Statistics (DES) at the Tata Group. He
chairs the Tata Council for Community Initiatives (TCCI) – the nodal agency
of the Tata Group on all matters related to social development, environmental
management, bio-diversity restoration and conservation of wild life. Apart
from that, he is also a member of the Board of several national and
international organizations in your Corporate Sustainability and Human Rights
space. Before joining TIL, he
was Managing Director of ICICI Securities and Finance Company Limited. He began his career
with Bharatiya Agro Industries Foundation, an NGO. |
|
Date of Appointment : |
17.06.2007 |
|
Other Directorship : |
·
Tata Teleservices Limited ·
Tata Autocomp Systems Limited ·
Tata Communications Limited ·
Tata Investment Corporation Limited ·
Tata Business Support Services Limited ·
Tata Petrodyne Limited ·
TSR Darashaw Limited ·
Advinus the rapeutics Limited ·
Tata Teleservices (Maharashtra) Limited ·
Tata AIA Life Insurance Company Limited ·
Tata Trustee Company Limited |
|
|
|
|
Name : |
Mr.
Parimal Chaudhari |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr.
Prakash Kulkarni |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
09.06.1947 |
|
Qualification : |
Graduate
Engineer from VJTI and an alumni of Harvard Business School. |
|
Expertise in Specific Functional Area : |
He has a vast experience
in capital goods industry. He has spearheaded turnaround and growth
strategies, proven by his track record with the max where he grew the
business from Rs. 500.000 Million to Rs. 2400.000 Million. He has extensive
experience in the energy and environment sector. He combines technical knowledge
with business acumen. He
provides guidance on various aspects of the Company’s operations and growth
strategies. |
|
Date of Appointment : |
11.10.2010 |
|
|
|
|
Name : |
Mr.
Rajiv Maliwal |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
26.11.1960 |
|
Qualification : |
Mechanical Engineer from
BITS and post graduate in Business Administration from IIM Bangalore. |
|
Expertise in Specific Functional Area : |
Mr. Rajiv Maliwal has vast
experience in investing and managing large businesses in financial service
industry. |
|
Date of Appointment : |
14.08.2009 |
|
|
|
|
Name : |
Mr.
Sivaramakrishnan S. Iyer |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
28.01.1967 |
|
Qualification : |
Bachelor’s
degree in Commerce and Chartered Accountant. |
|
Expertise in Specific Functional Area : |
Apart from being
associated with audit function of several they will know companies, he also
has experience in Funds Management. |
|
Date of Appointment : |
17.04.2003 |
|
Other Directorship : |
·
Edelyouryiss Trustee Services Limited ·
Man Infra Construction Limited ·
Phoenix Mills Limited ·
Praj Hi Purity Systems Limited · Cineline India Limited |
|
|
|
|
Name : |
Mr.
Utpal Sheth |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Gajanan
Nabar |
|
Designation : |
Managing
Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Dattatraya
Nimbolkar |
|
Designation : |
Chief
Finance Officer and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
60300000 |
33.98 |
|
|
60300000 |
33.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
60300000 |
33.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
19457029 |
10.96 |
|
|
8002078 |
4.51 |
|
|
13214080 |
7.45 |
|
|
40673187 |
22.92 |
|
|
|
|
|
|
22266498 |
12.55 |
|
|
|
|
|
|
38475423 |
21.68 |
|
|
8042700 |
4.53 |
|
|
7707271 |
4.34 |
|
|
1057372 |
0.60 |
|
|
4908915 |
2.77 |
|
|
4100 |
0.00 |
|
|
1622250 |
0.91 |
|
|
114634 |
0.06 |
|
|
76491892 |
43.10 |
|
Total Public shareholding (B) |
117165079 |
66.02 |
|
Total (A)+(B) |
177465079 |
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) |
177465079 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to your category Promoter and Promoter Group
|
Sl. No. |
Name of your
Shareholder |
No. of Shares |
AS a
% |
|
1 |
Pramod Chaudhari |
38700000 |
21.81 |
|
2 |
Parimal Chaudhari |
14400000 |
8.11 |
|
3 |
Parimal Chaudhari |
7200000 |
4.06 |
|
|
|
|
|
|
|
Total |
6,03,00,000 |
33.98 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of your
Shareholder |
No. of Shares |
AS a
% |
|
1 |
HDFC Trustee Company Limited HDFC Equity Fund |
15971366 |
9.00 |
|
2 |
Tata Capital Financial Services Limited |
13422400 |
7.56 |
|
3 |
LIC of India Market Plus 1 Growth Fund |
7108481 |
4.01 |
|
4 |
Government Pension Fund Global |
3715993 |
2.09 |
|
5 |
Vinod Khosla |
2865969 |
1.61 |
|
|
|
|
|
|
|
Total |
43084209 |
24.28 |
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
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
AS a
% |
|
1 |
HDFC Trustee Company Limited HDFC Equity Fund |
15971366 |
9.00 |
|
2 |
Tata Capital Financial Services Limited |
13422400 |
7.56 |
|
|
|
|
|
|
|
Total |
29393766 |
16.56 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is Engaged in the Business of Process and Project Engineering. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customer : |
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No. of Employees : |
975 (Approximately) |
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|
Bankers : |
·
The Royal Bank of Scotland HSBC Limited |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.
K. Khare and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
Dhananjay
V. Joshi and Associates Cost
Accountants |
|
|
|
|
Internal Auditors : |
Khare
Deshmukh and Company |
|
|
|
|
Solicitors : |
|
|
Name : |
J.
Sagar Associates |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
·
Pacecon Engineering Projects Limited ·
Praj Far East Co. Limited ·
Bio Energy Europa B.V. ·
Praj Americas Inc. ·
Praj Industries (Africa) Pty Limited ·
Praj Hi Purity Systems Limited (Formerly
Neela Systems Limited) ·
Praj Industries (Namibia) Limited · Praj Far East Philippines Limited Inc |
|
|
|
|
Fellow
Subsidiaries : |
·
Praj Industries (Tanzania) Limited ·
Praj Industries (Sierra Leone) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : (No. million)
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450.000 |
Equity Shares |
Rs. 2/- each |
Rs. 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : (No. million)
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177.465 |
Equity Shares |
Rs. 2/- each |
Rs. 354.930
Million |
|
|
|
|
|
Reconciliation
of the
shares outstanding at your beginning and at your end of your reporting period:
|
Particular |
31.03.2014 |
|
|
|
No.
million |
Amount |
|
At
the beginning of the period |
177.465 |
354.930 |
|
Less: Shares bought back
during the period pursuant to buy back scheme |
- |
- |
|
Outstanding
at the end of the period |
177.465 |
354.930 |
b.
Terms/ Rights attached to equity shares:
The Company has only one class of equity shares having a par value of Rs 2 per share. Each holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2014, the amount of per share dividend recognised as distributed to equity shareholders was Rs. 2.22 (March 31, 2013 Rs. 1.62). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distributing all preferetial amounts.
c. Shares held by holding/ultimate
holding Company and/or their subsidiaries/associates:
The Company does not have any holding or ultimate holding Company.
d.
Details of shareholders holding more than 5% shares in your Company:
|
Particular |
31.03.2014 |
|
|
Equity
shares of Rs. 2 each fully paid |
No.
million |
%
of holding |
|
Pramod
Chaudhari (Promoter) |
38.70 |
21.81% |
|
Parimal
Chaudhari (Promoter) |
19.80 |
11.16% |
|
Tata
Capital Financial Services Limited |
13.42 |
7.56% |
|
Rakesh
Jhunjhunwala |
15.00 |
8.45% |
e.
Shares reserved for issue under options:
Shares
reserved for issue under the Employee Stock Option Plan (ESOP) please refer
note 35.
f. Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
Particular |
31.03.2014 |
|
|
No.
million |
|
Equity shares alloted as
fully paid bonus shares by capitalisation of securities premium* |
91.373 |
|
Equity shares allotted as
fully paid-up pursuant to contracts for consideration other than cash |
- |
|
Equity
shares bought back by the
Company |
7.314 |
*
The Company has declared Bonus in your ratio of 1:1 during your financial year
2007-08.
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 |
354.900 |
354.930 |
354.930 |
|
(b) Reserves & Surplus |
5799.200 |
5488.631 |
5325.495 |
|
(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) |
6154.100 |
5843.561 |
5680.425 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2.000 |
1.463 |
1.463 |
|
(b) Deferred tax liabilities (Net) |
8.500 |
91.701 |
116.301 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
117.900 |
96.306 |
89.678 |
|
Total
Non-current Liabilities (3) |
128.400 |
189.470 |
207.442 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1451.800 |
1604.707 |
1210.730 |
|
(c)
Other current liabilities |
2091.200 |
1885.725 |
1639.384 |
|
(d)
Short-term provisions |
1003.600 |
1903.523 |
1655.040 |
|
Total
Current Liabilities (4) |
4546.600 |
5393.955 |
4505.154 |
|
|
|
|
|
|
TOTAL |
10829.100 |
11426.986 |
10393.021 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2164.200 |
2354.153 |
1712.905 |
|
(ii)
Intangible Assets |
1412.200 |
37.886 |
15.837 |
|
(iii)
Capital work-in-progress |
0.000 |
15.640 |
478.083 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
1193.091 |
1011.432 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
120.000 |
123.492 |
97.496 |
|
(e)
Other Non-current assets |
0.000 |
100.020 |
100.020 |
|
Total
Non-Current Assets |
3696.400 |
3824.282 |
3415.773 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1479.300 |
860.227 |
1479.330 |
|
(b)
Inventories |
703.100 |
911.660 |
755.669 |
|
(c)
Trade receivables |
1266.700 |
904.726 |
331.025 |
|
(d)
Cash and cash equivalents |
2030.300 |
2505.337 |
2180.111 |
|
(e)
Short-term loans and advances |
728.600 |
285.034 |
285.352 |
|
(f)
Other current assets |
924.700 |
2135.720 |
1945.761 |
|
Total
Current Assets |
7132.700 |
7602.704 |
6977.248 |
|
|
|
|
|
|
TOTAL |
10829.100 |
11426.986 |
10393.021 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8011.300 |
7826.838 |
7264.678 |
|
|
|
Other Income |
323.000 |
226.514 |
291.763 |
|
|
|
TOTAL (A) |
8334.300 |
8053.352 |
7556.441 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4184.500 |
4012.102 |
4165.128 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
30.600 |
100.312 |
(58.295) |
|
|
|
Employees benefits expense |
1102.900 |
1049.346 |
949.685 |
|
|
|
Exchange (Gain) / Loss |
(91.600) |
0.000 |
0.000 |
|
|
|
Other expenses |
2162.100 |
1965.601 |
1560.543 |
|
|
|
TOTAL (B) |
7388.500 |
7127.361 |
6617.061 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
945.800 |
925.991 |
939.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.000 |
2.226 |
3.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
942.800 |
923.765 |
936.105 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
261.300 |
139.365 |
128.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
681.500 |
784.400 |
807.203 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.380) |
160.336 |
145.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
685.300 |
624.064 |
661.815 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4080.382 |
3979.746 |
3720.784 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Equity Dividend |
NA |
106.479 |
0.000 |
|
|
|
Tax on Interim Equity Dividend |
NA |
18.096 |
0.000 |
|
|
|
Proposed Final Equity Dividend |
NA |
287.493 |
287.493 |
|
|
|
Tax on Proposed Equity Dividend |
NA |
48.860 |
48.860 |
|
|
|
Transfer to General Reserve |
NA |
62.500 |
66.500 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
4080.382 |
3979.746 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
NA |
3635.350 |
3314.872 |
|
|
|
Design and engineering Services, Software and Consultancy |
NA |
9.413 |
78.355 |
|
|
TOTAL EARNINGS |
NA |
3644.763 |
3393.227 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
165.857 |
108.291 |
|
|
|
Components and Stores parts |
NA |
268.980 |
334.467 |
|
|
|
Capital Goods |
NA |
2.044 |
10.446 |
|
|
TOTAL IMPORTS |
NA |
436.881 |
453.204 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
EPS |
3.86 |
3.52 |
3.73 |
|
|
|
Diluted
EPS |
3.85 |
3.52 |
3.73 |
|
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 |
241.400 |
|
|
|
|
|
|
Cash generated from operations |
NA |
490.827 |
617.945 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.55 |
7.97 |
9.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.81 |
11.83 |
12.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.29 |
7.68 |
9.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.13 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.41 |
1.55 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 2.00 |
|
|
|
|
Market Value |
Rs. 92.60 |
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 |
354.930 |
354.930 |
354.900 |
|
Reserves & Surplus |
5325.495 |
5488.631 |
5799.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5680.425 |
5843.561 |
6154.100 |
|
|
|
|
|
|
Long-term borrowings |
1.463 |
1.463 |
2.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
242.863 |
1.463 |
2.000 |
|
Debt/Equity
ratio |
0.043 |
0.000 |
0.000 |
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 |
7264.678 |
7826.838 |
8011.300 |
|
|
|
7.738 |
2.357 |
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 |
7264.678 |
7826.838 |
8011.300 |
|
Profit |
661.815 |
624.064 |
685.300 |
|
|
9.11% |
7.97% |
8.55% |
LOCAL AGENCY FURYOURR INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
LITIGATIONS
DETAILS
|
HIGH CTHEIRT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE : 05.12.2014 |
|
STAMP NO:
WPST/32007/2014
FILING DATE: 05.12.2014 |
|
PETITIONER: THE COMMISSIONER OF
INCOME TAX RESPONDENT: M/S. PRAJ
INDUSTRIES LIMITED PUNE PETN.ADV: TEJVEER SINGH MASTAN SINGH (I3678) DISTRICT: PUNE |
|
BENCH: DIVISION STATUS: PRE-ADMISSION
LAST DATE: 12.12.2014
LAST CORAM: REGISTRAR (JUDICIAL) |
|
ACT: Income tax Act, 1961 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90086539 |
16/02/2015
* |
3,650,000,000.00 |
BANK OF
MAHARASHTRA |
CORPORATE
FINANCE BRANCH, "YASHOMANGAL', F.C.ROAD, 1183/A, SHIVAJINAGAR, PUNE -
41100 |
C46203238 |
|
2 |
90085836 |
26/07/2001 |
44,750,000.00 |
CANARA
BANK |
11; M.G.
ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
3 |
90088391 |
22/03/2001 |
9,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJI NAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
4 |
90087970 |
22/05/1996 |
40,000,000.00 |
S.B.I. HOME
FINANCE LIMITED |
NAGALAND
HOUSE, 11 AND13; SHAKESPEARE SARANI, CALCUTTA - 700071, WEST BENGAL, INDIA |
- |
|
5 |
90084413 |
15/03/1996 |
312,550,000.00 |
BANK OF
INDIA |
INDUSTRIAL
FINANCIAL BRANCH, SHIVAJINAGAR, PUNE - 411005, |
- |
|
6 |
90084326 |
29/09/1995
* |
460,000,000.00 |
BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
7 |
90084212 |
29/12/1994 |
9,000,000.00 |
YOUR
VYSYA BANK LIMITED |
MANTRI HOUSE,
FERGUSSSON COLLEGE ROAD, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
8 |
90239153 |
11/08/1987
* |
100,000.00 |
INDIAN
BANK |
DECCAN
GYMKHANA BR, PUNE - 411004, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
Loan form Others |
1.463 |
|
|
|
|
Total |
1.463 |
|
NOTE: Loan received from Department of
Biotechnology (DBT) carrying interest at your rate of 2%. The Company has received disbursement of
loan partly and full disbursement is not made. The loan is repayable after
completion of the project as approved by ‘DBT’. Completion date
of project cannot be determined at present. |
|
NATURE
OF BUSINESS
The Company is a public
Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company is engaged in the business of Process and
Project Engineering. The Company caters to both domestic and international
markets. Further, the Company also provides design and engineering services.
FINANCIAL
RESULTS
In the year, the Company
has recorded total income of Rs. 8053.000 Million (previous year Rs. 7556.000
Million). While the total income increased by 7%, Profit before Tax decreased
by 3% to Rs. 784.000 Million (previous year Rs. 807.000 Million). Considering
very turbulent economic environment, the Company’s performance has been stable.
The performance summary is presented herewith:
AWARDS, CERTIFICATIONS AND
RECOGNITION
• The Company received the
AD 2000 Merkblatter HPO & DIN EN ISO 3834-3 (EN 729-3) certification for
supply of pressure equipment and piping. These certifications are essential
requirement for many German buyers and also well accepted in other countries.
• Sanaswadi manufacturing
facility was recertified OHSAS 18001 and ISO 14001 management system by TUV.
• The Kandla SEZ
manufacturing facility bagged the ‘Highest Export Award’ for the fifth
consecutive year.
• The Company received the
ABLE (Association of Biotechnology Led Enterprises) ‘Tenth Anniversary Award’
under the ‘BioIndustrial’ category for its efforts and contribution towards
Industrial Biotechnology.
• Mr. Pramod Chaudhari
received Maxell Lifetime Achievement Award for his momentous career as First
Gen Entrepreneur.
• Mr. Pramod Chaudhari was
conferred the prestigious BioSpectrum Leadership Award for his contribution to
the biofuels industry through technological innovation.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
|
Claims against Company not acknowledged as debts (primarily relating to performance related claims filed by customers) |
64.329 |
|
Disputed demands in appeal towards income tax, Service tax and sales tax |
2.203 |
|
Guarantee issued in respect of obligations of a subsidiary |
291.565 |
|
Unfulfilled Export Obligations under EPCG scheme to be fulfilled over 8 years |
48.910 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Computers and Office Equipment
·
Vehicles
·
Furniture and fixtures
Intangible Assets
· Techincal Know-How
· Software
PRESS RELEASE
GOVERNMENT MAY
HIKE ETHANOL BLENDING LIMIT TO 20% IN FUTURE: PRAJ
April 29, 2015
The government has decided to waive off 5 percent excise duty
on ethanol for blending with petrol. Applauding the move, Gajanan Nabar, CEO
and MD, Praj Industries, said it is a step in the right direction.
In an interview with CNBV-TV18, Nabar said
the government may further go up to 20 percent blending in future. He also
said the move is essential for producers, especially the cash-strapped sugar
mills by reduction in their cost.
The company will be benefited as the ethanol required for blending 20 percent
will be close to 400 crore litre, he added.
Below is the edited transcript of Gajanan Nabar’s interview with Reema
Tendulkar on CNBC-TV18.
Q: How will this waiving off of excise duty on ethanol for blending with petrol
improve the prospects for the industry and therefore for your company as well?
A: First of all, it is a step in the right direction and more it reconfirms
governments resolve to blend the 5 percent and then furthermore to go to 10
percent. That is a very good initiative. It reconfirms that government is
serious about this 5 percent blending.
Secondly, we need to get the details. We don’t have all the details in front of
us right now but this would help the producer especially the sugar mills which
are cash strapped. It will help them with reduction and overall the blending
should go up.
Q: For your company in particular, you manufacture equipment for ethanol. Do
you think now with the prospects of ethanol improving, there will be more
demand for the company’s products?
A: It is definitely a step in the right direction. Overall,
we believe that the government is very positive and committed to the blending
program as they want to go up to 20 percent blending. I think that would be
close to another 400 crore litre of ethanol. It is large amount of ethanol
which will be required to do 20 percent. However, at least the first step is to
go to 5 percent and with these kind of changes and fine tuning of policy would
certainly help.
Q: How much will this save, this waiving off of 5 percent excise duty at
current estimates?
A: I think it will be about Rs 1.5 but we will have to do the fine working on
it.
Q: So roughly maybe Rs 1.5 will be the benefit?
A: Yes.
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.63.92 |
|
|
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
MAN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND/ ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.