MIRA INFORM REPORT
|
Report No. : |
343036 |
|
Report Date : |
29.09.2015 |
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. 354.930 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
: |
979 (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 |
|
Maximum Credit Limit : |
USD 17580000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company incorporated in the year 1985 having
fine track record. Available financial indicates company sound financial risk profile
marked by healthy net worth position with negligible debt and decent profit
margin of the company. Fundamentals of the company are strong and healthy. The rating also takes into consideration rich experience of its
promoters, long established track and strong operating efficiency of the
company. Trade relations are reported as fair. Business is active. Payments are
reported as regular and as per commitment. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
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
31-03-2015.
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 |
|
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 Offices
: |
Located at : ·
Thailand ·
The Netherlands ·
USA, ·
South Africa ·
Tanzania ·
Sierra Leone ·
Philippines ·
Argentina ·
Namibia ·
UAE |
DIRECTORS
AS ON 31.03.2015
|
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 : |
Mr.
sGajanan Nabar |
|
Designation : |
Managing
Director and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category 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 |
|
|
|
|
|
|
|
|
24507355 |
13.81 |
|
|
7822761 |
4.41 |
|
|
12624384 |
7.11 |
|
|
44954500 |
25.33 |
|
|
|
|
|
|
21652997 |
12.20 |
|
|
|
|
|
|
32910074 |
18.54 |
|
|
10528175 |
5.93 |
|
|
7119333 |
4.01 |
|
|
2516279 |
1.42 |
|
|
4549282 |
2.56 |
|
|
9788 |
0.01 |
|
|
43984 |
0.02 |
|
|
72210579 |
40.69 |
|
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 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of Process and Project Engineering. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
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Imports : |
Not Divulged |
|
|
|
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Terms : |
|
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
979 (Approximately) |
||||||||||||||||||||||
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|
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|
Bankers : |
·
The Royal Bank of Scotland HSBC Limited ·
Bank of Maharashtra |
|
Auditors : |
|
|
Name : |
B.
K. Khare and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
Dhananjay
V. Joshi and Associates Cost
Accountants |
|
|
|
|
Internal Auditors : |
Khare
Deshmukh and Company Chartered Accountants |
|
|
|
|
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
AFTER 28.07.2014
Authorised Capital : Rs. 900.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 355.790
Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs. 2/- each |
Rs. 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
177465 |
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:
|
Particulars |
31.03.2015 |
|
|
|
No.
million |
Amount |
|
At
the beginning of the period |
177.465 |
354.930 |
|
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 31st March, 2015, the amount of per share dividend recognised as distributed to equity shareholders was Rs. 1.62 (31st March, 2014 Rs. 2.22) 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 the Company:
|
Particulars |
31.03.2015 |
|
|
Equity
shares of Rs. 2 each fully paid |
No.
Million |
%
of Holding |
|
Pramod
Chaudhari (Promoter) |
38.70 |
21.81% |
|
Parimal
Chaudhari (Promoter) |
21.60 |
12.17% |
|
Tata
Capital Financial Services Limited |
13.42 |
7.56% |
|
HDFC Trustee Company Limited - HDFC Equity Fund |
15.97 |
9.00% |
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:
|
Particulars |
31.03.2015 |
|
|
No.
Million |
|
Equity shares allotted as
fully paid bonus shares by capitalisation of securities premium* |
-- |
|
Equity shares allotted as
fully paid-up pursuant to contracts for consideration other than cash |
-- |
|
Equity
shares bought back by the
Company |
7.314 |
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 |
354.930 |
354.930 |
354.930 |
|
(b) Reserves & Surplus |
5799.227 |
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) |
6154.157 |
5843.561 |
5680.425 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2.049 |
1.463 |
1.463 |
|
(b) Deferred tax liabilities (Net) |
8.541 |
91.701 |
116.301 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
117.848 |
96.306 |
89.678 |
|
Total
Non-current Liabilities (3) |
128.438 |
189.470 |
207.442 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1451.811 |
1604.707 |
1210.73 |
|
(c)
Other current liabilities |
2091.165 |
1885.725 |
1639.384 |
|
(d)
Short-term provisions |
1003.500 |
1903.523 |
1655.04 |
|
Total
Current Liabilities (4) |
4546.476 |
5393.955 |
4505.154 |
|
|
|
|
|
|
TOTAL |
10829.071 |
11426.986 |
10393.021 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2125.947 |
2354.153 |
1712.905 |
|
(ii)
Intangible Assets |
24.331 |
37.886 |
15.837 |
|
(iii)
Capital work-in-progress |
13.891 |
15.640 |
478.083 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1412.150 |
1193.091 |
1011.432 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
119.993 |
123.492 |
97.496 |
|
(e)
Other Non-current assets |
0.020 |
100.020 |
100.02 |
|
Total
Non-Current Assets |
3696.332 |
3824.282 |
3415.773 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1479.276 |
860.227 |
1479.33 |
|
(b)
Inventories |
703.059 |
911.660 |
755.669 |
|
(c)
Trade receivables |
1266.736 |
904.726 |
331.025 |
|
(d)
Cash and cash equivalents |
2030.304 |
2505.337 |
2180.111 |
|
(e)
Short-term loans and advances |
728.554 |
285.034 |
285.352 |
|
(f)
Other current assets |
924.810 |
2135.720 |
1945.761 |
|
Total
Current Assets |
7132.739 |
7602.704 |
6977.248 |
|
|
|
|
|
|
TOTAL |
10829.071 |
11426.986 |
10393.021 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8011.281 |
7826.838 |
7264.678 |
|
|
|
Other Income |
323.013 |
221.081 |
291.763 |
|
|
|
TOTAL (A) |
8334.294 |
8047.919 |
7556.441 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4184.504 |
4000.920 |
4165.128 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
30.563 |
100.312 |
(58.295) |
|
|
|
Employees benefits expense |
1102.902 |
1049.346 |
949.685 |
|
|
|
Other expenses |
2070.408 |
1971.350 |
1560.543 |
|
|
|
TOTAL (B) |
7388.377 |
7121.928 |
6617.061 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
945.917 |
925.991 |
939.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.985 |
2.226 |
3.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
942.932 |
923.765 |
936.105 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
261.340 |
139.365 |
128.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
681.592 |
784.400 |
807.203 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.761) |
160.336 |
145.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
685.353 |
624.064 |
661.815 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4080.382 |
3979.746 |
3720.784 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Equity Dividend |
0.000 |
106.479 |
0.000 |
|
|
|
Tax on Interim Equity Dividend |
0.000 |
18.096 |
0.000 |
|
|
|
Proposed Final Equity Dividend |
287.493 |
287.493 |
287.493 |
|
|
|
Tax on Proposed Equity Dividend |
58.527 |
48.860 |
48.860 |
|
|
|
Transfer to General Reserve |
69.000 |
62.500 |
66.500 |
|
|
|
Adjustment for Fixed Assets and Deferred Tax |
28.737 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4321.978 |
4080.382 |
3979.746 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3363.844 |
3635.350 |
3314.872 |
|
|
|
Design and engineering Services, Software and Consultancy |
0.000 |
9.413 |
78.355 |
|
|
TOTAL EARNINGS |
3363.844 |
3644.763 |
3393.227 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
114.582 |
165.857 |
108.291 |
|
|
|
Components and Stores parts |
417.925 |
268.980 |
334.467 |
|
|
|
Capital Goods |
4.204 |
2.044 |
10.446 |
|
|
TOTAL IMPORTS |
536.711 |
436.881 |
453.204 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
3.86 |
3.52 |
3.73 |
|
|
|
Diluted
|
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 |
1251.951 |
490.827 |
617.945 |
|
|
|
|
|
|
Net Cash from Operating Activities |
1411.778 |
272.230 |
202.698 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
1453.300 |
|
Total Expenditure |
1442.200 |
|
PBIDT (Excl OI) |
11.100 |
|
Other Income |
71.000 |
|
Operating Profit |
82.100 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
82.100 |
|
Depreciation |
55.600 |
|
Profit Before Tax |
26.500 |
|
Tax |
4.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
21.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
21.700 |
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} |
(%) |
7.25 |
7.68 |
9.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.13 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.41 |
1.55 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
|
|
|
Market Value |
Rs.84.65/- |
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 |
354.930 |
|
Reserves & Surplus |
5325.495 |
5488.631 |
5799.227 |
|
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 |
6154.157 |
|
|
|
|
|
|
Long-term borrowings |
1.463 |
1.463 |
2.049 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.463 |
1.463 |
2.049 |
|
Debt/Equity
ratio |
0.000 |
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 |
8011.281 |
|
|
|
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 |
8011.281 |
|
Profit |
661.815 |
624.064 |
685.353 |
|
|
9.11% |
7.97% |
8.55% |
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 |
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 COURT OF
BOMBAY |
|
PRESENTATION
DATE :05.12.2014 |
|
Stamp No: WPST/32007/2014
Filing Date: 05.12.2014
|
|
Petitioner: THE COMMISSIONER OF INCOME TAX (CENTRAL) Respondent: M/S. PRAJ INDUSTRIES
LTD., PUNE Resp. Adv: TEJVEER SIGH MASTAN SINGH (I3678) District: PUNE |
|
Bench: DIVISION Status: PRE-ADMISSION Category: CHAMBER SUMMONS IN
EXECUTION Last Date: 12.12.2014
Stage: -- 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 -
411005, MAHARASHTRA, INDIA |
C46203238 |
|
2 |
90088391 |
22/03/2001 |
9,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJI NAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
3 |
90084413 |
15/03/1996 |
312,550,000.00 |
BANK OF
INDIA |
INDUSTRIAL
FINANCIAL BRANCH, SHIVAJINAGAR, PUNE -411005, MAHARASHTRA, INDIA |
- |
|
4 |
90084326 |
29/09/1995
* |
460,000,000.00 |
BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
5 |
90084212 |
29/12/1994 |
9,000,000.00 |
THE
VYSYA BANK LIMITED |
MANTRI
HOUSE, FERGUSSSON COLLEGE ROAD, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
6 |
90239153 |
11/08/1987
* |
100,000.00 |
INDIAN
BANK |
DECCAN
GYMKHANA BR, PUNE - 411004, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loan form others |
2.049 |
1.463 |
|
|
|
|
|
Total |
2.049 |
1.463 |
|
NOTE: Loan received from Department of Biotechnology (DBT) carrying interest at the 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’. |
||
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. 8334.000 Million. (Previous year Rs. 8048.000 Million). While the total income increased by 3.6%, Profit before Tax decreased by 13.0% to Rs. 682.000 Million. (Previous year Rs. 784.000 Million). Despite turbulent global economy, your Company’s performance has been stable.
AWARDS, RECOGNITIONS AND CERTIFICATIONS
During the year the Company has been recertified by TUV for ISO 14000 and OHSAS.
Sanaswadi Manufacturing facility received recertification for U, U2, R stamp and IBR approval.
In its tradition of practising sustainability in its operations, Praj set out to be energy and environmentally efficient at Praj Tower, its Corporate and Registered Office. Praj Tower has received the Leed “Platinum” certification from Indian Green Building Council. It is the highest ranking certificate and Praj is the 3rd corporate office in Pune to receive it.
Mr. Pramod Chaudhari was nominated for the Platts Energy Lifetime Achievement Award, a worthy recognition for his contribution to the sector.
FUTURE OUTLOOK
We expect our future growth to be driven by multiple vectors viz. Internationalization of Brewery and Emerging Businesses, particularly HiPurity Systems and Environment Business of Water and Wastewater Treatment Systems; Harnessing the existing base of Ethanol/Alcohol Plants through modernization and retrofit solutions; Enhancing the wallet share of HiPurity Systems business and adding value added services across businesses for recurring revenue. Effort is on-going to maximize value through intake of better quality orders; following more stringent commercial and financial discipline; incorporate excellence in all aspects of project/services delivery to enhance customer value.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR
THE QUARTER ENDED JUNE 30, 2015
PART I
(Rs.
in Million)
|
|
Particulars |
Unaudited 30.06.2015 |
|
1. |
|
|
|
|
a)
Net Sales/Income from operations |
1453.300 |
|
|
b)
Other Operating Income |
0.000 |
|
|
Total Income from Operations (net) |
1453.300 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Cost of Materials Consumed |
703.900 |
|
|
b)
Purchase of stock in trade |
0.000 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded |
(26.800) |
|
|
d)
Employee benefits expense |
330.000 |
|
|
e)
Depreciation and amortisation expense |
55.600 |
|
|
f)
Exchange (gain)/loss |
(47.800) |
|
|
g)
Other expenses |
435.100 |
|
|
Total Expenses |
1450.000 |
|
|
|
|
|
3. |
Profit/(Loss) from
Operations before other income, Interest, and exceptional Items (1-2) |
03.300 |
|
4. |
Other
Income |
23.200 |
|
5. |
Profit
from ordinary activities before Interest and exceptional Items (3+4) |
26.500 |
|
6. |
Finance
costs |
0.000 |
|
7. |
Profit
from ordinary activities after Interest but before exceptional Items (5-6) |
26.500 |
|
8. |
Exceptional
Items |
0.000 |
|
9. |
Profit
from ordinary activities before tax (7-8) |
26.500 |
|
10. |
Less:
Expenses (net) related to prior periods |
0.000 |
|
11. |
Profit
before tax from ordinary activities |
26.500 |
|
12. |
Less:
tax expense |
|
|
|
-Current
year |
04.800 |
|
|
-Prior
years |
0.000 |
|
13. |
Net
profit from ordinary activities after tax |
21.700 |
|
14. |
Extra ordinary activities after tax |
0.000 |
|
15. |
Net profit for the period |
21.700 |
|
16. |
Paid-up Eq. Share Capital (Face Value: Rs.2/- each) |
354.900 |
|
17. |
Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting year |
|
|
18. |
Basic EPS (Face value Rs. 2/- per share) (Before extra-ordinary item) |
0.12 |
|
|
Diluted
EPS (Face value Rs. 2/- per share) (Before extra-ordinary item) |
0.12 |
|
19. |
Basic EPS (Face value Rs. 2/- per share) (After extra-ordinary item) |
0.12 |
|
|
Diluted
EPS (Face value Rs. 2/- per share) (After extra-ordinary item) |
0.12 |
|
|
|
|
|
PART II SELECT
INFORMATION FOR THE QUARTER ENDED 30.06.2015 |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING (the details related only to share of the company) |
30.06.2015 |
|
1. |
Public Shareholding |
|
|
|
-
Number of Shares |
117165079 |
|
|
-
Percentage of Shareholding |
66.02% |
|
2. |
Promoter and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
0.000 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
0.000 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
0.000 |
|
|
b) Non-Encumbered |
|
|
|
-
Number of Shares |
60300000 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
10% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
33.98% |
|
|
||
|
|
Particulars |
For
the quarter ended on 30.06.2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
Nil |
|
|
Disposed
of during the quarter |
Nil |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 6th August, 2015.
2. Prior year comparatives are regrouped / reclassified wherever necessary to
conform to current period's presentation.
3. The Company operates only in one segment, i.e. "Process and
Project Engineering".
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against Company not acknowledged as debts (primarily relating to performance related claims filed by customers) |
35.679 |
64.329 |
|
Disputed demands in appeal towards income tax, Service tax & sales tax |
32.463 |
2.203 |
|
Guarantee issued in respect of obligations of a subsidiary |
186.100 |
291.565 |
|
Unfulfilled Export Obligations under EPCG scheme to be fulfilled over 8 years |
46.402 |
48.910 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Computers and Office Equipment
·
Vehicles
·
Furniture and fixtures
Intangible Assets
· Technical Know-How
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.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
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.