MIRA INFORM REPORT
|
Report No. : |
344478 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
“Mithona Towers-1, 1-7-80 to 87, Prenderghast Road, Secunderabad -
500003, Telangana |
|
Tel. No.: |
91-22-4949112 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.02.1979 |
|
|
|
|
Com. Reg. No.: |
01-057431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.202.500
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203AP1979PLC057431 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
HYDT01767D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4119L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service provider of Civil Engineering / Execution of Projects involve
Procurement and Supply of Materials along with the Rendering of Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “TATA Group”. It is a well-established company
having excellent track. The company has healthy financial profile marked by decent net worth
base and comfortable liquidity characterized by conservative financial
strategy, reflected in its low debt position. Management has reported a decent sales volume and net profitability during
financial year 2014. The ratings also take into consideration the comfortable working
capital intensive operations of the company. Trade relations are trustworthy. Business is active. Payment terms are
reported as regular and as per commitments. In view of potential to factor in support from the TATA Group based on
its linkages with the subject, it can be considered 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 |
Short Term Debt = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
02.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Amirisetty Raja Mogili |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-40-66238801 |
|
Date : |
07.10.2015 |
LOCATIONS
|
Registered Office : |
“Mithona Towers-1, 1-7-80 to 87, Prenderghast Road, Secunderabad -
500003, Telangana, India |
|
Tel. No.: |
91-40-66238801 |
|
Fax No.: |
91-40-66172353 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Tower Manufacturing Unit : |
Located at Umred, Nagpur, Maharashtra, India |
|
|
|
|
Corporate Office: |
Bombay House, 24 Homi Mody Street, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-4949112 |
|
|
|
|
Branch Office : |
Located At:
|
DIRECTORS
AS ON: 31.07.2014
|
Name : |
Mr. Vinayak Kashinath Deshpande |
|
Designation : |
Managing Director |
|
Address : |
Samudra Mahal, 209, 9th Floor, Dr. A. B. Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1957 |
|
Qualification: |
B. E. Chemical |
|
Date of Appointment : |
01.07.2014 |
|
PAN No: |
AAUPD5917B |
|
Din No.: |
00036827 |
|
|
|
|
Name : |
Mr. Sowmyan Ramakrishanan |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officer Colony, Pedddar Road, Mumbai – 400026,
Maharashtra India |
|
Date of Birth/Age : |
19.02.1949 |
|
Date of Appointment : |
28.09.2012 |
|
Din No.: |
00005090 |
|
|
|
|
Name : |
Mr. Prasad Raghava Menon |
|
Designation : |
Director |
|
Address : |
50-F, Lovedale, Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1946 |
|
Date of Appointment : |
18.12.2002 |
|
Din No.: |
00005078 |
|
|
|
|
Name : |
Mr. Pradeep Nilkant Dhume |
|
Designation : |
Director |
|
Address : |
12, Ashwamedh, 107, Shivaji Park Road No.3, Dadar (West), Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1948 |
|
Date of Appointment : |
03.04.2002 |
|
Din No.: |
00916804 |
|
|
|
|
Name : |
Ms. Neera Saggi |
|
Designation : |
Director |
|
Address : |
Flat No.1002, Atlantis Building, Raheja Acropolis-I CHSL, Deonarpada Road, Deonar Village, Chembur, Mumbai-400088, Maharashtra, India |
|
Date of Appointment : |
03.08.2015 |
|
Din No.: |
00501029 |
|
|
|
|
Name : |
Mr. Samirkumar Barua |
|
Designation : |
Director |
|
Address : |
House No. 421, IIM Campus, Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
03.08.2015 |
|
Din No.: |
00211077 |
|
|
|
|
Name : |
Mr. Parashuram Ganesh Date |
|
Designation : |
Director |
|
Address : |
Flat No.7 Sankul High Rise, 58+13/1/1 Near Dinanath Hospital Erandwana, Pune-411004, Maharashtra, India |
|
Date of Appointment : |
03.08.2015 |
|
Din No.: |
07133661 |
|
|
|
|
Name : |
Mr. Padmanabh Sinha |
|
Designation : |
Director |
|
Address : |
1206, The Imperial, North Tower, M P Mills Compound, Tardeo, Mumbai-400034, Maharashtra, India |
|
Date of Appointment : |
03.08.2015 |
|
Din No.: |
00101379 |
KEY EXECUTIVES
|
Name : |
Mr. Amirisetty Raja Mogili |
|
Designation : |
Finance Controller/ Secretary |
|
Date of Appointment : |
22.11.2007 |
|
PAN No.: |
AAXPA5498B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
135000 |
|
Tata Steel Limited, India |
|
218250 |
|
The Indian Hotels Limited, India |
|
90000 |
|
Tata International Limited, India |
|
90000 |
|
The Tata Power Company Limited, India |
|
967500 |
|
Tata Chemicals Limited, India |
|
193500 |
|
Voltas Limited, India |
|
135000 |
|
Tata Industries Limited, India |
|
60750 |
|
Tata Motors Limited, India |
|
135000 |
|
|
|
|
|
Total |
|
2025000 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 31.07.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Civil Engineering / Execution of Projects involve Procurement
and Supply of Materials along with the Rendering of Services. |
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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 |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
Information declined by the management
|
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Bankers : |
|
|||||||||||||||
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|||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, S.P. Road,
Secunderabad - 500003, Telangana,
India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Entity holding more
than 20%: |
(CIN NO.: L28920MH1919PLC000567) |
|
|
|
|
Subsidiaries : |
(CIN NO. : U45200TG2013PLC088608) |
|
|
|
|
Jointly controlled
entities (JCE): |
|
|
|
|
|
Group Company: |
|
|
|
|
|
Associates : |
(CIN NO. : U18100MH1993PTC072992) |
CAPITAL STRUCTURE
AS ON: 31.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.100/- each |
Rs.250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2025000 |
Equity Shares |
Rs.100/- each |
Rs.202.500
Million |
|
|
|
|
|
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 |
202.500 |
202.500 |
202.500 |
|
(b) Reserves & Surplus |
7670.298 |
6792.138 |
6061.834 |
|
(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) |
7872.798 |
6994.638 |
6264.334 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.125 |
4.885 |
6.070 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
104.154 |
88.355 |
89.406 |
|
(d) long-term
provisions |
181.688 |
164.332 |
84.584 |
|
Total Non-current
Liabilities (3) |
289.967 |
257.572 |
180.060 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2902.173 |
382.935 |
11.734 |
|
(b) Trade
payables |
21840.143 |
22174.781 |
20300.067 |
|
(c) Other
current liabilities |
9992.114 |
9757.812 |
7356.549 |
|
(d) Short-term
provisions |
181.238 |
208.290 |
408.964 |
|
Total Current
Liabilities (4) |
34915.668 |
32523.818 |
28077.314 |
|
|
|
|
|
|
TOTAL |
43078.433 |
39776.028 |
34521.708 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2316.929 |
2074.006 |
1424.076 |
|
(ii)
Intangible Assets |
102.228 |
16.991 |
28.410 |
|
(iii)
Capital work-in-progress |
55.912 |
147.431 |
80.373 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
89.742 |
81.494 |
109.790 |
|
(c) Deferred tax assets (net) |
559.702 |
356.967 |
194.905 |
|
(d) Long-term Loan and Advances |
794.790 |
653.439 |
232.810 |
|
(e) Other
Non-current assets |
184.647 |
136.326 |
127.470 |
|
Total Non-Current
Assets |
4103.950 |
3466.654 |
2197.834 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
407.027 |
1344.309 |
|
(b)
Inventories |
4488.292 |
2392.356 |
1059.600 |
|
(c) Trade
receivables |
22671.415 |
22801.116 |
19026.221 |
|
(d) Cash
and cash equivalents |
1654.577 |
907.256 |
4925.390 |
|
(e)
Short-term loans and advances |
8759.655 |
9425.600 |
5059.528 |
|
(f) Other
current assets |
1400.544 |
376.019 |
908.826 |
|
Total
Current Assets |
38974.483 |
36309.374 |
32323.874 |
|
|
|
|
|
|
TOTAL |
43078.433 |
39776.028 |
34521.708 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35983.766 |
34805.462 |
30179.665 |
|
|
|
Other Income |
449.406 |
610.976 |
522.529 |
|
|
|
TOTAL (A) |
36433.172 |
35416.438 |
30702.194 |
|
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
31180.180 |
30894.270 |
25011.998 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(2069.860) |
(1429.242) |
(177.427) |
|
|
|
Employee benefit expense |
2753.407 |
2420.045 |
2029.128 |
|
|
|
Other |
2281.487 |
1707.146 |
1100.320 |
|
|
|
TOTAL (B) |
34145.214 |
33592.219 |
27964.019 |
|
|
|
|
|
|
|
|
Less: |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2287.958 |
1824.219 |
2738.175 |
|
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
346.689 |
301.675 |
220.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1941.269 |
1522.544 |
2517.474 |
|
|
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
497.148 |
369.613 |
279.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1444.121 |
1152.931 |
2238.300 |
|
|
|
|
|
|
|
|
|
Less: |
TAX (H) |
464.711 |
304.170 |
691.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
979.410 |
848.761 |
1547.041 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5005.900 |
4276.000 |
3119.100 |
|
|
|
|
|
|
|
|
|
Less: |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
97.900 |
84.800 |
154.700 |
|
|
|
Proposed Dividend and tax thereon |
101.300 |
118.500 |
202.500 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
32.900 |
|
|
|
Transfer from debenture redemption reserve |
0.000 |
84.400 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5786.100 |
5005.900 |
4276.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
1567.200 |
591.200 |
2000.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
483.66 |
419.14 |
763.97 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1.098 |
1.098 |
113.128 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
(1254.158) |
(2440.648) |
4223.493 |
|
Net cash flow from (used in) operating activities |
(1951.740) |
(3035.694) |
3495.544 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.72 |
2.44 |
5.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.36 |
5.24 |
9.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
2.94 |
6.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.16 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37 |
0.06 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.12 |
1.15 |
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 |
202.500 |
202.500 |
202.500 |
|
Reserves & Surplus |
6061.834 |
6792.138 |
7670.298 |
|
Net
worth |
6264.334 |
6994.638 |
7872.798 |
|
|
|
|
|
|
long-term borrowings |
6.070 |
4.885 |
4.125 |
|
Short term borrowings |
11.734 |
382.935 |
2902.173 |
|
Current Maturities of
Long-Term Debts |
113.128 |
1.098 |
1.098 |
|
Total
borrowings |
130.932 |
388.918 |
2907.396 |
|
Debt/Equity
ratio |
0.021 |
0.056 |
0.369 |
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 |
30179.665 |
34805.462 |
35983.766 |
|
|
|
15.328 |
3.385 |
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 |
30179.665 |
34805.462 |
35983.766 |
|
Profit |
1547.041 |
848.761 |
979.410 |
|
|
5.13% |
2.44% |
2.72% |
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 |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
Tata Projects Limited (TPL) was established in 1979 as an Engineering, Procurement and Construction (EPC) Company
OPERATIONS:
The total income
for the year aggregated to Rs.36433.100 Million (PY: Rs.35416.400 Million). The
operating profit for the year was Rs.2287.900 Million (PY: Rs.1824.200 Million)
resulting in a Profit before Tax (PBT) of Rs. 1444.100 Million (PY: Rs.1152.900
Million).
BUSINESS OPERATIONS:
EPC and Industrial Infrastructure Business
This Industrial
infrastructure business consists of 7 (Seven) Business Units (BUs) viz., Power
Generation (PG); Transmission and Distribution (TandD); Railways; Metal and
Minerals (MandM); Oil, Gas and Hydrocarbon (OGH); Water and Waste water
(WandWW); and Construction Services (CS).
The total revenue during the year from the BUs was Rs 35972.500 Million
(PY: Rs 34996.000 Million).
Key projects completed:
The major projects
completed by the Industrial infrastructure business units are listed below:
In Power Generation,
The company had completed and synchronized (i) 2x80 MW captive power plant at
Tuticorin and; (ii) the first unit of Balance of Plant (BoP) Project for
Telangana Power Development Corporation Limited (2x800 MW Supercritical Thermal
Power plant at Krishnapatnam), which is one of India’s largest BoP project. The
work on gas based (1x388 MW) combined cycle power plant at Raigarh, Maharashtra
is in advanced stage of completion.
In Transmission
and Distribution, The company had completed 11 lines/work components during the
year and received a special trophy formaximum capitalization during the year
from Power Grid Corporation of India Limited.
In Water and Waste
Water, The company completed the performance testing and handed over of Water
Systems of Thin Slab caster and Rolling (TSCR) for Tata Steel Limited,
Jamshedpur. Out of six projects, three projects namely Water System for SMS-2,
Chilled Water Plant (CWP) and Piping Project of Vizag Steel Plant (VSP) of
RashtriyaIspat Nigam Limited (RINL), Vishakhapattanam have received Preliminary
Acceptance Certificate (PAC) / Virtual Completion Certificate (VCC). Water
System for SMS-2 was first to receive PAC amongst all projects of VSP expansion
zone.
In Oil, Gas and
Hydrocarbons, The company had completed the execution of ONGC Uran (Fire Water
Network) and Cairn Energy-Aishwarya Field Development Project, while Cairn
Energy EPC-MPT is progressing as per schedule and is expected to be completed
by 1 st quarter of financial year 2014-15.
In
Railways, The company received PAC for 818 Track Kilometers (TKM) and also
commissioned 173 TKM of Railway Lines.
In
Metals and Minerals The company commissioned 2.5 MT per annum blast furnace at
Rourkela Steel Plant of Steel Authority of India Limited (SAIL), 1.2 MT per
annum pelletisation project of National Mineral Development Corporation Limited
(NMDC) has reached commissioning stage; while the blast furnace of NMDC and
interplant fuel gas and industrial gases piping project at Bhilai Steel Plant
of SAIL are steadily progressing towards completion.
In
Construction Services, The company had completed 5550 cum of blast
furnace foundation at Jindal Steel and Power Limited (JSPL), in just 61 hours
and also completed 173 M high Natural Draft Cooling Tower (NDCT) for Krishnapatnam
thermal power project through in- house resources. This achievement has
positioned the Company as one amongst a few construction companies in India,
with the experience of constructing NDCT for super critical thermal power
projects. Construction Services also had constructed an
over-head water tank at Nagarnar without any scaffolding from ground and
reduced the construction period by almost one year.
FUTURE OUTLOOK:
Indian Market: There has been
economic slowdown in the Country and nearly insignificant progress in
industrial infrastructure sector. However, the scenario is likely to improve in
financial year 2014-15. The company is poised to grab new opportunities of
growth in all areas of industrial infrastructure.
International
market: To derisk the business, The company is aggressively looking at
international markets. BU-Power Generation and Railways are contemplating to
spread its footprints in Middle east, South east Asia and Africa.
BU-Transmission and Distribution have secured two international projects from
new clients in Zambia and Nepal and plans to venture further in Africa and
Middle-East and North Africa region.
BU-Oil, Gas and
Hydrocarbons has secured an EPC contract for chemical storage terminal at
Sharjah by Hazel International, Free Zone Establishment and is also qualified
and invited for other storage tanks and export EPC projects from clients in
UAE.
Key Investment
(TMU and Capex):
Tower
Manufacturing Unit (TMU), Nagpur has proposed to enhance its manufacturing capacity
from present 36,000 MT per annum to 76,000 MT per annum. For this purpose, the
Company is in the process of acquiring more land adjacent to the present
location of the factory.
2. Quality
Services (QS):
This SBU is a
leading Inspection and Certification agency with Pan India presence, offices in
China, Korea and UAE. It is providing services in about 40 countries. The
revenue during the year from this SBU was Rs 663. 000 Million (PY Rs 833.000
Million), the de-growth being mainly on account of slowdown in industrial
investments.
In inspection
segment, it received a prestigious order to provide project quality management
in Highway sector, which is a new line of business. It also received orders for
Quality Supervision for varius Government Infrastructure Projects.
In Certification
and Training segments it received several orders for Emergency Response and
Disaster Management Plan (ERDMP) Certification, Warehousing/Cold Storage
Accreditation and Energy/Safety Audits of various establishments.
OUTLOOK:
This SBU has
strong presence in Power Sector in India and OGH Sector in Middle East.
Expected revival in capital expenditure in these sectors and also with planned
geographic expansion overseas, SBU is optimistic to comeback to growth path in
financial year 2014-15. SBU proposes to diversify its services in Operation and
Maintenance sector, where it is negotiating contracts with RSP, SAIL. This SBU
is also planning to enter new geographies in countries like Kingdom of Saudi
Arabia, Oman and Vietnam for its traditional inspection services business.
CORPORATE
INFORMATION:
Subject was established in 1979 as an Engineering, Procurement and Construction (EPC) Company.
TPL operates through seven Strategic Business Units (SBUs) - Power Generation, Transmission and Distribution, Railways, Water and Waste Water, Metals and Minerals, Quality Services and Oil, Gas and Hydrocarbon. The Company has set up its a tower manufacturing unit near Nagpur. The SBU-Quality Services provides third party inspection services.
UNSECURED LOAN
|
Particulars |
31.03.2014 [Rs.
in Million] |
31.03.2013 [Rs.
in Million] |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan from Banks |
4.125 |
4.885 |
|
Total |
4.125 |
4.885 |
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10555693 |
21/02/2015 |
18,465,800,000.00 |
State Bank of Hyderabad |
INDUSTRIAL FINANCE
BRANCH "TOPAZ" BUILDING, AMRUT |
C47035324 |
|
2 |
10548428 |
02/01/2015 |
8,500,000,000.00 |
State Bank of India |
6-3-1109/1,
RAJBHAVAN ROAD, NAVABHARAT CHAMBERS, |
C42553180 |
|
3 |
10520609 |
21/07/2014 |
513,000,000.00 |
Indian Overseas Bank |
1-2-61 AND 62, PARK LANE, SECUNDERABAD, TELANGANA - 500003, INDIA |
C21169578 |
|
4 |
10507309 |
25/04/2014 |
2,000,000,000.00 |
Indusind Bank Limited |
100, LAXMI, SARADAR PATEL ROAD, BEGUMPET, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
C10055994 |
|
5 |
10476714 |
28/01/2014 |
1,090,000,000.00 |
Axis Bank Limited |
6-3-879/B
GREENLANDS, BEGUMPET, HYDERABAD, ANDHRA |
B95997292 |
|
6 |
10454727 |
23/09/2013 |
891,900,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL
SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 1ST FLOOR,
HIMAYATNA, |
B87427332 |
|
7 |
10246720 |
14/10/2010 |
1,073,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES HYDERABAD BRANCH, 3-6-262/6, TIRUMALA ESTATES, 3FLOOR, HIMAYATNAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
A97272660 |
|
8 |
80002233 |
24/06/2015 * |
76,379,000,000.00 |
State Bank of Hyderabad |
INDUSTRIAL FINANCE
BRANCH, PUNJAGUTTA, HYDERABAD, |
C58753872 |
|
9 |
90162307 |
12/09/1989 |
50,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
MAKER CHAMBES IV, 8TH FLOR; 222; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
10 |
90161682 |
24/04/1987 * |
1,500,000.00 |
GRINDLAYS BANK |
90 M G ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claims against company not acknowledged as debt |
1740.817 |
494.317 |
|
Guarantees |
36704.165 |
37266.418 |
|
Other money for which company is contingently liable |
0.000 |
46.048 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
- Leasehold improvements
Intangible assets
- Goodwill
- 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
73 |
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.