MIRA INFORM REPORT
|
Report No. : |
322607 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
|
|
|
|
Registered Office
: |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.06.1980 |
|
|
|
|
Com. Reg. No.: |
11-022787 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.238.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNET00953B PNET00081E PNET03854E PNET00017D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6284E AAACT3910D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air
Pollution Control System. |
|
|
|
|
No. of Employees
: |
Not divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
|
Maximum Credit Limit : |
USD 58000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2014. However, the rating reflects company’s strong market position in the
energy segment business supported by sound financial risk profile and
adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
December, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits = A1+ |
|
Rating Explanation |
Very strong
degree of safety and carry lowest credit risk. |
|
Date |
December, 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Mohan |
|
Designation : |
Manager |
|
Tel. No.: |
91-20-27475941 |
|
Date : |
14.05.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC Industrial
Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Thermax House,
14, Mumbai – Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-66051200 /
25542122 |
|
Fax No.: |
91-20-25542242 |
|
E-Mail : |
|
|
|
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|
Factory 2 : |
D-1 Block, MIDC Industrial
Area, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
At Paudh, Post
Mazgaon Taluka Khalapur, District Raigad – 410206, Maharashtra, India |
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Factory 4 : |
Gat No. 125, |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, District - Vadodara –
391775, Gujarat, India |
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|
|
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Factory 6 : |
Survey No-169, Village
Dhrub, Taluka Mundra, Mundra – 370201, District Kutch, |
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Factory 7 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia, District
Bharuch – 393110, Gujarat,
India |
|
|
|
|
Factory 8 : |
Plot No. T-1, MIDC, Chincholi, Taluka Mohol, District Solapur –
413255, Maharashtra, India |
|
|
|
|
Factory 9 : |
Gat No. 125, Crusher Road, At Post Rohakal, Taluka Khed, District Pune
– 410501, Maharashtra, India |
|
|
|
|
Factory 10 : |
4th Floor, Energy
House, D-II Block, Plot No. 38 and 39, MIDC, Chinchwad, Pune – 411019, Maharashtra,
India |
|
|
|
|
Factory 11 : |
Dhanrajmahal 2nd floor, Chhatrapati Shivaji Maharaj Marg, Near Gateway of India, Colaba, Mumbai - 400039, Maharashtra, India |
|
Tel No.: |
91-22-22045391/ 2 |
|
Fax No.: |
91-22-22040859 |
|
|
|
|
Branch Office : |
409-411, Mahakant, Opposite V.S. Hospital, Ashram Road, Ahmedabad –
380006, Gujarat, India |
|
Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gajanan P. Kulkarni |
|
Designation : |
Vice President – Legal and Company Secretary |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
|
|
|
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Executive Council: |
|
|
|
|
|
Name : |
Mr. Ravinder
Advani |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. K. Chakravarthy |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. R V Ramani |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Mohan |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and
Promoter Group |
||
|
|
|
|
|
|
73849305 |
61.98 |
|
|
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
73855305 |
61.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
7165502 |
6.01 |
|
|
1957750 |
1.64 |
|
|
18649324 |
15.65 |
|
|
27772576 |
23.31 |
|
|
|
|
|
|
3539914 |
2.97 |
|
|
|
|
|
|
6505447 |
5.46 |
|
|
7013955 |
5.89 |
|
|
469103 |
0.39 |
|
|
328944 |
0.28 |
|
|
30 |
0.00 |
|
|
18440 |
0.02 |
|
|
121689 |
0.10 |
|
|
17528419 |
14.71 |
|
Total Public shareholding (B) |
45300995 |
38.02 |
|
Total (A)+(B) |
119156300 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
119156300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air
Pollution Control System. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
B.K. Khare and
Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda Chambers,
New Marine Lines, Mumbai – 400020, |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
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Holding Company : |
|
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Wholly Owned Subsidiaries Domestic : |
|
|
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Wholly Owned Subsidiaries Overseas : |
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|
|
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|
Joint Ventures : |
|
|
|
|
|
Enterprise, over which control is
exercised : |
|
CAPITAL STRUCTURE
After As on:
22.07.2014
Authorised Capital : Rs. 750.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 238.313
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs. 238.313
Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs.238.300
Million |
a)
Reconciliation of the number of shares
|
Equity Shares |
No. of Shares |
Rs. in Million |
|
Shares outstanding at the beginning of period |
119156300 |
238.300 |
|
Shares outstanding at the end of period |
119156300 |
238.300 |
b) Rights,
preferences and restrictions attached to shares
Equity Shares: The Company has one class of equity shares having a par
value of Rs. 2 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c) Equity
Shares held by holding company
64328500 shares are held by holding company, RDA Holdings Private
Limited
d)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
RDA Holding and Trading Private Limited |
64328500 |
53.99 |
|
Anu Aga |
6888305 |
5.78 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
238.300 |
238.300 |
238.300 |
|
(b) Reserves & Surplus |
20,011.600 |
18,454.400 |
15,773.500 |
|
(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) |
20,249.900 |
18,692.700 |
16,011.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.000 |
4.300 |
0.800 |
|
(b) Deferred tax liabilities (Net) |
136.400 |
247.200 |
229.800 |
|
(c) Other long term
liabilities |
1,593.200 |
418.900 |
219.600 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1,735.600 |
670.400 |
450.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,887.100 |
119.100 |
1,663.600 |
|
(b) Trade
payables |
8,412.200 |
8,880.500 |
8,954.400 |
|
(c) Other
current liabilities |
13,874.000 |
10,346.200 |
10,160.000 |
|
(d) Short-term
provisions |
2,379.700 |
2,557.400 |
2,457.300 |
|
Total Current
Liabilities (4) |
26,553.000 |
21,903.200 |
23,235.300 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,098.500 |
5,275.500 |
4,988.000 |
|
(ii)
Intangible Assets |
305.700 |
270.600 |
328.200 |
|
(iii)
Capital work-in-progress |
235.000 |
909.000 |
419.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4,620.800 |
3,936.900 |
3,509.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
208.700 |
261.700 |
301.500 |
|
(e) Other
Non-current assets |
1,731.500 |
1,983.000 |
1,020.000 |
|
Total Non-Current
Assets |
13,200.200 |
12,636.700 |
10,567.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6,334.400 |
4,102.900 |
2,017.200 |
|
(b) Inventories |
2,528.500 |
2,103.300 |
2,792.200 |
|
(c) Trade
receivables |
13,523.600 |
14,238.900 |
12,456.300 |
|
(d) Cash
and cash equivalents |
3,201.400 |
2,226.200 |
5,697.500 |
|
(e)
Short-term loans and advances |
1,879.000 |
1,250.500 |
1,581.200 |
|
(f) Other
current assets |
7,871.400 |
4,707.800 |
4,585.800 |
|
Total
Current Assets |
35,338.300 |
28,629.600 |
29,130.200 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43,021.600 |
46,908.700 |
53,040.600 |
|
|
|
Other Income |
643.000 |
730.100 |
704.900 |
|
|
|
TOTAL (A) |
43,664.600 |
47,638.800 |
53,745.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26,590.200 |
30,584.600 |
35,283.600 |
|
|
|
Purchases of Stock-in-Trade |
1,098.100 |
1,178.900 |
1,558.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(40.800) |
(26.300) |
(33.800) |
|
|
|
Employees benefits expense |
4,226.400 |
4,015.700 |
3,874.300 |
|
|
|
Other expenses |
7,055.600 |
6,084.500 |
6,518.600 |
|
|
|
TOTAL (B) |
38,929.500 |
41,837.400 |
47,201.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4,735.100 |
5,801.400 |
6,544.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.500 |
96.500 |
65.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,646.600 |
5,704.900 |
6,478.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
577.700 |
548.600 |
469.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4,068.900 |
5,156.300 |
6,009.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,539.200 |
1,656.700 |
1,940.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2,529.700 |
3,499.600 |
4,068.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13088.300 |
10914.600 |
8235.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
260.000 |
350.000 |
420.000 |
|
|
|
Proposed Equity Dividend |
714.900 |
834.100 |
834.100 |
|
|
|
Tax on Dividend |
121.500 |
141.800 |
135.300 |
|
|
BALANCE CARRIED
TO THE B/S |
14521.600 |
13088.300 |
10914.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB |
10145.500 |
6567.200 |
7257.300 |
|
|
|
Other Earnings |
238.400 |
140.000 |
61.400 |
|
|
TOTAL EARNINGS |
10383.900 |
6707.200 |
7318.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1753.700 |
1311.900 |
4649.700 |
|
|
|
Components & Spares |
932.300 |
708.000 |
1167.800 |
|
|
|
Consumables |
69.800 |
51.200 |
63.200 |
|
|
|
Capital Goods |
111.200 |
146.200 |
31.700 |
|
|
TOTAL IMPORTS |
2867.000 |
2217.300 |
5912.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.23 |
29.37 |
34.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.88 |
7.46 |
7.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
11.01 |
12.37 |
12.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
14.16 |
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.01 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.31 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
15773.500 |
18454.400 |
20011.600 |
|
Net
worth |
16011.800 |
18692.700 |
20249.900 |
|
|
|
|
|
|
long-term borrowings |
0.800 |
4.300 |
6.000 |
|
Short term borrowings |
1663.600 |
119.100 |
1887.100 |
|
Total
borrowings |
1664.400 |
123.400 |
1893.100 |
|
Debt/Equity
ratio |
0.104 |
0.007 |
0.093 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
53,040.600 |
46,908.700 |
43,021.600 |
|
|
|
(11.561) |
(8.287) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
53,040.600 |
46,908.700 |
43,021.600 |
|
Profit |
4,068.600 |
3,499.600 |
2,529.700 |
|
|
7.67% |
7.46% |
5.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
|
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
Case Details |
||
|
Case Type |
Sum case |
|
|
Filing No. |
2600320/2013 Filing date: 16.03.2013 |
|
|
Registration No. |
2600320/2013 Registration date: 16.03.2013 |
|
|
Case code |
203426003202013 |
|
|
|
||
|
CASE STATUS |
||
|
First Hearing Date |
16.03.2013 |
|
|
Next Hearing Date |
20.07.2015 |
|
|
Purpose of Hearing |
Unready Board |
|
|
Court No &
Judge |
1 – C.J.J.D. AND J.M.F.C. COURT VADAGAON MAVAL |
|
|
|
||
|
Petitioner(s) & Advocate(s) |
||
|
Petitioner – ALHAJAR YAKUB C/O. LAGUNA RESORT PRIVATE LIMITED Address – S. NO. 55, TUNGARLI, LONAVALA – 410403 Advocate – R.K. MEHTA |
||
|
Respondent(s) & Advocate(s) |
||
|
Respondent – THERMAX LIMITED Address – INVIARO DIVION ECO, D-13, MIDC, R.D. AGA ROAD, CHINCHWAD, PUNE - 19 Advocate –-- |
||
|
|
||
|
ACTS |
||
|
Under Act(s) |
NEGOTOABLE INSTRUMENT ACT |
|
|
Under Section(s) |
138 |
|
|
Subject |
||
|
LOWER COURT INFORMATION |
||
|
Court No & Name |
--- --- --- |
|
|
Case No & Year |
||
|
Case Decision Date |
||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
From Other than Banks |
5.000 |
3.000 |
|
Short Term
Borrowings |
|
|
|
From Banks |
960.000 |
0.000 |
|
Total |
965.000 |
3.000 |
ANNUAL PERFORMANCE
The
company posted a total revenue of Rs.43665.000 Million for the financial year
2013-14, against last year’s Rs.47639.000 Million, a reduction of 8.3%. During
the year, the manufacturing sector has had a continued decline in capacity utilisation.
Capacity additions, both in brown field and green field, remained subdued
barring a few sectors like food, food processing, pharma and textiles. The core
sectors such as power, steel, cement and infrastructure were virtually stagnant
in terms of investment and expansion. Moreover, orders onhand were executed at
a slower pace in comparison to the previous year owing to a lack of sense of
urgency within the user industry. The limited number of orders finalised in the
market were fiercely competed by all the players, reducing margins
substantially. The company has strived to navigate its business through these
challenging times by focusing on improving internal efficiencies.
Thermax’s
Energy business – Boiler and Heater, Power, Cooling and Heating divisions and
the Solar performance unit – contributed 76% of the total revenue while the
Environment business comprising Air Pollution Control, Water &Waste
Solutions and Chemical divisions accounted for the remaining 24% – almost the
same as last year.
During
the year, the revenue from international markets including deemed exports
increased by 11.9% to Rs.11011.000 Million against Rs.9839.000 Million last
year. In order to reverse a declining trend of revenues, the company is
focusing its energies in international markets to further consolidate its
position in the current year.
Profit
before tax at Rs.4069.000 Million was 9.3% of the total revenue, compared to
Rs.5156.000 Million, 10.8% in the previous year. During adverse market
conditions, The Company continued to invest in research and innovation
initiatives. Profit after tax stood at Rs.2530.000 Million compared to
Rs.3500.000 Million in the previous year. Earnings per share (EPS) declined to
Rs.21.23 from Rs.29.37 in FY 2012-13.
Order
booking for the year was Rs.53940.000 Million against Rs.48590.000 Million last
year, registering an increase of 11%.
The company completed the year with an order backlog of Rs.53890.000
Million as against Rs.43570.000 Million in FY 2012-13. As stated earlier, FY 2013-14
has been a challenging year for the capital goods sector. The improved order
intake was facilitated by two specific projects in the oil and gas sector and
an improvement in exports.
Profit
after tax on a consolidated basis is lower than the stand-alone results owing
to the losses incurred by Thermax (Zhejiang) Cooling & Heating Engineering
Co. Private Limited. (TZL) and the company’s share of losses in the joint
venture subsidiaries, Thermax Babcock and Wilcox Energy Solutions Private
Limited (TBWES) and Thermax SPX Energy Technologies Private Limited. (TSPX).
The
manufacturing facility of TBWES has been completed and the commercial
operations commenced in December 2013.
FUTURE PLAN OF ACTION
Renewable
energy technologies will continue to be focal areas. Solar thermal technologies
for power, heating, cooling will continue to be thrust areas for development of
technologies. The company will continue to focus on the development of
environmental technologies in the domain of air purification, air pollution
control and waste water treatment.
OVERVIEW OF COMPANY OPERATIONS
Tough
market conditions continued to affect the company’s performance. The project
businesses accounting for nearly two-thirds of the company’s turnover struggled
to maintain their growth momentum and provided returns below par. Owing to
negative sentiments prevailing in the market, pace of execution of projects has
slowed down.
This
has had a noticeable impact on accounts receivable in some of the businesses.
The company posted lower results for FY 2013-14, with a total revenue of
Rs.43665.000 Million and a net profit after tax of Rs.2530.000 Million.
However,
in a challenging year, the company was able to marginally improve its order
booking from Rs.48590.00 Million (2012-13) to Rs.53940.000 Million. The most
significant among orders received last year was the Rs.13500.000 Million order
received from an Indian petrochemical company for nine CFBC boilers to support
their expansion plans. The order booking during the year was mainly from
petrochemical, cement, food processing, textile, chemical, metal, pharma, sugar
and distillery. During the year, the product divisions introduced new offerings
for the customers. A separate section in this report provides information on
these new products.
The
service business of the company continued to grow. Plant improvements, fuel
shift retrofits and energy enhancement projects improved the performance of the
company’s service business by 30.6% over the previous year. Income from exports
including deemed exports at Rs.11011.000 Million (Rs.9839.000 Million, the
previous year) accounted for 26% of the total income. South East Asia and the
Middle East continued to contribute the major share of export earnings. Despite
the better order carry-forward position, in view of the time required for the
investment climate to improve, 2014-15 is not expected to be significantly
different for the company. However, it is cautiously optimistic about a likely
positive shift in the economic environment. Coupled with its rigorous
operational excellence and cost optimisation strategies, it is also putting in
place a programme to take its selective internationalization programme to its
next level for improved revenue and profits.
NEW PRODUCTS
The triple
effect absorption chiller launched earlier by the Cooling business unit for a
technology demonstration project has been commercialised in the Indian market.
The chiller reduces energy consumption by 25%. One such chiller has been
installed at Thermax’s own facility in Chinchwad, to demonstrate how energy
efficient air conditioning for multiple locations can be organised from a
central source.
The
Heating business group launched a versatile solid fuel fired steam boiler, ComBloc, that offers customers the
flexibility to switch between a wide variety of solid fuels depending on
availability and cost. A fully packaged boiler, it helps clients avoid the
hassles of civil work at site and longer installation time.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10245831 |
30/09/2010 |
2,868,580.00 |
Department of Biotechnology |
6-8th Floor, Block No. 2, CGO Complex, Lodhi
Road, Delhi - 110003, India |
A97082846 |
|
2 |
90090872 |
26/03/2010 * |
27,850,000,000.00
|
Union Bank of India Limited |
Industrial Finance Branch, 619, Sachapir
Street, Camp, Pune, Maharashtra - 411001, India |
A82908773 |
|
3 |
90084773 |
03/07/1998 * |
1,500,000.00 |
Union Bank of India |
Industrial Finance Branch, Camp, Pune,
Maharashtra - 411001, India |
- |
|
4 |
90084586 |
01/09/1998 * |
26,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Pune Mumbai Road
Wakde Wadi, Pune, Maharashtra - 411003, India |
- |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
(a) Net sates/income from operations (Net of excise duty) |
11355.041 |
11813.122 |
31475.239 |
|
(b) Other Operating Income |
110.599 |
94.533 |
292.141 |
|
Total income from operations (net) |
11465.640 |
11907.655 |
31767.380 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
7147.694 |
7282.913 |
19461.195 |
|
(b) Purchases of stock-in trade |
349.896 |
432.881 |
991.652 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
-95.484 |
33.956 |
-143.287 |
|
(d) Employee benefits expense |
1078.238 |
1137.496 |
3243.047 |
|
(e) Depreciation and Amortization Expenses |
156.485 |
182.141 |
488.134 |
|
(f) Other Expenses |
1671.528 |
1798.118 |
5086.847 |
|
(g)Foreign Exchange |
0.000 |
0.000 |
0.000 |
|
Total expenses |
10308.357 |
10867.505 |
29127.588 |
|
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
1157.283 |
1040.150 |
2639.792 |
|
Other Income |
70.887 |
231.969 |
479.245 |
|
Profit/ (Loss) from operations before other income,
finance costs and exceptional items (3+4) |
1228.170 |
1272.119 |
3119.037 |
|
Finance Costs |
19.006 |
24.099 |
72.796 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
1209.164 |
1248.020 |
3046.241 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
1209.164 |
1248.020 |
3046.241 |
|
Tax expenses |
447.079 |
387.910 |
1009.986 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
762.085 |
860.110 |
2036.255 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
762.085 |
860.110 |
2036.255 |
|
Paid-up equity share capital (Nominal value Rs.10
per share) |
238.313 |
238.313 |
238.313 |
|
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
- |
- |
- |
|
i) Earnings
per share (before extraordinary items) of Rs.10/- each) (not annualised): |
- |
- |
- |
|
(a) Basic and diluted |
6.40 |
7.22 |
17.09 |
|
|
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
45300995 |
45300995 |
45300995 |
|
- Percentage of shareholding |
38.02 |
38.02 |
38.02 |
|
2.
Promoters and Promoters group Shareholding |
- |
- |
- |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
73855305 |
73855305 |
73855305 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
61.98 |
61.98 |
61.98 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the Quarter |
16 |
|
|
Disposed of during the quarter |
16 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. in Million)
|
Particulars |
3
Months Ended |
9
Months Ended |
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
|
|
|
|
a. Information
about Primary Business Segments |
|
|
|
|
1.
Segment Revenue |
|
|
|
|
Energy |
9208.194 |
9561.729 |
25216.064 |
|
Environment |
2641.012 |
2646.484 |
7435.280 |
|
Total |
11849.206 |
12208.213 |
32651.344 |
|
Less : Inter Segment Revenue |
383.566 |
300.558 |
883.964 |
|
Net
Sales |
11465.640 |
11907.655 |
31767.380 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Energy |
1056.131 |
1162.211 |
2639.835 |
|
Environment |
192.914 |
198.638 |
490.025 |
|
Total |
1249.045 |
1360.849 |
3129.860 |
|
Less : Interest |
19.006 |
24.099 |
72.795 |
|
Less : Other Unallowable Expenditure net of
unallowable income |
20.875 |
88.730 |
10.824 |
|
Total |
1209.164 |
1248.020 |
3046.241 |
|
|
|
|
|
|
3. Capital Employed (Segment
Assets-Segment Liabilities) |
|
|
|
|
Energy |
6066.660 |
6833.075 |
6066.660 |
|
Environment |
3438.642 |
3440.734 |
3438.642 |
|
Unallocated |
12659.992 |
11237.308 |
12659.992 |
|
Total |
22165.294 |
21511.117 |
22165.294 |
NOTES:
1. The above financial results, reviewed by the Audit Committee, were approved at the meeting of the Board of Directors held on January 30, 2015.
2. The results for the quarter ended December 31, 2014 have undergone
"Limited Review" by the statutory auditors of the company.
3. The useful lives of fixed assets have been revised in accordance with the
Schedule II to the Companies Act, 2013, effective from April 01, 2014.
Consequently, the depreciation expense for the quarter and for the nine months
ending December 31, 2014 is higher by Rs. 9.838 Million and Rs. 34.344 Million
respectively and impact on opening balance of General Reserve is Rs. 18.559
Million (net of Deferred Tax).
4. For the nine months ended December 31, 2013 and year ended March 31, 2014,
tax expense includes Rs. 290.000 Lakh (Rs. 347.500 Lakh for Thermax Group)
being provision made for estimated liability likely to arise upon its claim for
deduction of certain business expenses being held inadmissible consequent to a
survey u/s 133A of the Income Tax Act, conducted by the Income Tax Department
in October 2013. Consequential orders to the extent received have been
contested by the Company in appeal.
5. Previous periods' figures, including
those related to segments, have been regrouped wherever necessary to conform to
current periods' grouping.
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipments
·
Vehicles
PRESS RELEASE
THERMAXQ3 RESULTS: 13% INCREASE IN BOTH REVENUE AND NET PROFIT
Pune: December 06, 2014:
Thermax Limited registered an operating revenue of Rs.11470.000 Million for the third quarter of financial year 2014-15, higher by 13% compared to Rs.10140.000 Million for the corresponding period last year. Profit before tax for the quarter was Rs. 1210.000 Million (Rs. 970.000 Million) and profit after tax stood at Rs. 760.000 Million (Rs. 670.000 Million) up by 25% and 13% respectively, over the same period last year.
The company’s operating revenue for the nine- month period (April-December) was up by 9% at Rs. 31770.000 Million (Rs. 29200.000 Million, last year). Year-to-date, it posted a profit before tax of Rs.3050.000 Million (Rs. 2570.000 Million), and a profit after tax of Rs. 2040.000 Million (Rs.1470.000 Million).
Order intake for the quarter was Rs.12280.000 Million as against Rs.13650.000 Million for the same quarter in 2013-14. The drop in order booking is attributable to the domestic segment where enquiry inflow and finalization remained subdued.
The order backlog of the group is at Rs. 62180.000 Million, compared to Rs. 64450.000 Million last year, lower by 4%.
On a consolidated basis, Thermax Group’s total operating revenue for the nine months stood at Rs. 36900.000 Million (Rs. 35020.000 Million). Profit after tax was Rs. 1120.000 Million (Rs. 1510.000 Million). This profit has been arrived at after providing for an exceptional loss of Rs. 360.000 Million against investment in its German subsidiary.
Among the new contracts finalized during the quarter is a repeat order worth Rs. 3510.000 Million that Thermax received from a leading African industrial conglomerate to build and commission a captive power project for one of its cement plants.
About Thermax, the energy and environment major, is one of the few companies in the world that offers integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, chemicals and air pollution control. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water sources.
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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
66 |
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.