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|
MIRA INFORM REPORT
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Report No. : |
506432 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN POWER SYSTEMS INDIA PRIVATE LIMITED (w.e.f.16.10.2012) |
|
|
|
|
Formerly Known
As : |
DOOSAN CHENNAI WORKS PRIVATE LIMITED
(w.e.f.21.02.2011) AE AND E CHENNAI WORKS PRIVATE LIMITED (w.e.f.30.09.2009) AE AND E CHENNAI WORKS LIMITED (w.e.f. 17.06.2005) BABCOCK BORGIS POWER CHENNAI WORKS LIMITED |
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Registered
Office : |
Unit No. FF-35, Vasant Square, Plot No. A, Commuinity Centre,
Pocket-V, Sector-B, Vasant Kunj, New Delhi – 110070 |
|
Tel. No.: |
91-11-40000255 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.07.2000 |
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Com. Reg. No.: |
55-258626 |
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Capital
Investment / Paid-up Capital : |
INR 3409.630 Million |
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CIN No.: [Company Identification
No.] |
U31101DL2000PTC258626 |
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IEC No.: [Import-Export Code No.] |
0408022752 |
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GSTN : [Goods & Service Tax
Registration No.] |
07AABCB5946J1ZI |
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TIN No: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCB5946J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing/ job work of
boiler pressure parts viz. panels, headers and coils and designing, building,
installation and maintaining engineering plants relating to thermal and coal
power plants. (Registered
Activity) |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of “Doosan Heavy Industries and
Construction Co. Limited, Korea”. It
was incorporated in the year 2000. It is engaged in EPC for power projects, manufacturing of boilers,
boilers parts and repair and maintenance services for thermal power projects. For the financial year 2017, the company has witnessed growth in its
revenue from operations as compared to previous year but reported losses. However, the company has strong financial base, healthy capital
structure along with reserves position and average debt balance sheet. Further, rating takes into consideration unconditional and irrevocable
corporate guarantee received to the company along with strong managerial
support from its holding entity. Rating also takes into account of well-established track record of
business operations, leading player in power equipment as EPC business
worldwide and DPSI’s established presence in India. Trade relations are reported as fair. Business is active. Payments are
regular. In view of the aforesaid, the company 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
01.03.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
01.03.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 30.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
91-9818459450 (Continuously Ringing)
Management non-cooperative (Tel No.: 91-11-40000255/ 91-124-4398200)
LOCATIONS
|
Registered Office : |
Unit No. FF-35, Vasant Square, Plot No. A, Commuinity Centre, Pocket-V,
Sector-B, Vasant Kunj, New Delhi – 110070, India |
|
Tel. No.: |
91-11-40000255 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office : |
16th Floor, DLF Square Building, Jacaranda Marg, DLF Phase I,
Gurugram – 122002, Haryana, India |
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Tel. No.: |
91-124-4398200 |
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Fax No.: |
91-124-4247006 |
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Location : |
Owned |
|
Locality : |
Commercial |
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|
|
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Factory : |
18/2A, Sennerkuppam-By-Pass Road, Poonamallee Road, Poonammallee, Chennai
– 600056, Tamilnadu, India |
|
Tel. No.: |
91-44-66455566/ 33035000 |
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Fax No.: |
91-44-66455501 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Chang Seob Son |
|
Designation : |
Managing Director |
|
Address : |
Flat No. Building 252 Tower D The Belaire, DLF Phase- V, Gurugram –
122002, Haryana, India |
|
Date of Birth/Age : |
28.03.1955 |
|
Qualification |
Graduate Engineer |
|
Date of Appointment : |
25.06.2015 |
|
DIN No.: |
07218781 |
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|
|
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Name : |
Mr. Jong Seok Park |
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Designation : |
Wholetime Director |
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Address : |
Flat No. 141, Block-C, DLF Pinnacle, DLF Phase-V, Gurugram
– 122001, Haryana, India |
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Date of Birth/Age : |
14.09.1968 |
|
Qualification |
Graduate Engineer |
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Date of Appointment : |
06.08.2014 |
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DIN No.: |
06926541 |
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|
|
|
Name : |
Mr. Sangju Jeong |
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Designation : |
Wholetime Director |
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Address : |
Flat No. D, 201, The Belaire DLF Phase-V, Gurugram –
122002, Haryana, India |
|
Date of Birth/Age : |
06.11.1967 |
|
Date of Appointment : |
19.08.2015 |
|
Qualification |
Graduate (Business Administration) |
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DIN No.: |
07265797 |
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|
|
|
Name : |
Mr. Yong Jin Song |
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Designation : |
Nominee Director |
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Address : |
Botteulmaeul 902-403 156 Dongpangyo-RO Bundang-GU Seongnam-SI
Gyeonggido NA Korea |
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Date of Birth/Age : |
05.04.1969 |
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Date of Appointment : |
04.11.2015 |
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Qualification |
MBA |
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DIN No.: |
07301865 |
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|
|
|
Name : |
Hyoung Hee Choi |
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Designation : |
Nominee Director |
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Address : |
#9-403, 110, Eonju-Ro, Gangnam-Gu (Gaepo-Dong, Gyeongnam Apartm Ent) Seoul 060061062 Korea |
|
Date of Appointment : |
22.02.2018 |
|
DIN No.: |
07438897 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Sinha |
|
Designation : |
Company Secretary |
|
Address : |
B-75A, Shiv Park, Khanpur, New Delhi – 110074, India |
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Date of Appointment : |
10.10.2012 |
|
PAN No.: |
AOHPS6406B |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
|
Doosan Heavy Industries and Construction Company Limited, Korea |
|
33908401 |
|
Doosan Power System Overseas Investments Limited, Uniited Kingdom |
|
187922 |
|
Total |
|
34096323 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturing/ job work of
boiler pressure parts viz. panels, headers and coils and designing, building,
installation and maintaining engineering plants relating to thermal and coal
power plants. (Registered
Activity) |
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Products / Services
: |
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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
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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 : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
7th Floor, Building 10, Tower- B, DLF Cyber City Complex.
DLF City Phase- II, Gurugram - 122002, Haryana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD2095B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Doosan Heavy Industries and Construction Company Limited, South Korea |
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Fellow Subsidiary
Company : |
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|
Ultimate Holding
Company |
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CAPITAL STRUCTURE
After 29.09.2017
Authorised Capital : INR 18655.150 million
Issued, Subscribed & Paid-up Capital : INR 6622.132
million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36551500 |
Equity Shares |
INR 100/- each |
INR 3655.150 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34096323 |
Equity Shares |
INR 100/- each |
INR 3409.632 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3409.630 |
3409.630 |
3409.632 |
|
(b) Reserves & Surplus |
1889.680 |
2536.180 |
3916.826 |
|
(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) |
5299.310 |
5945.810 |
7326.458 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1297.480 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
393.690 |
392.670 |
2848.290 |
|
(c) Other long term
liabilities |
9119.040 |
3739.360 |
0.000 |
|
(d) long-term
provisions |
525.560 |
419.220 |
490.320 |
|
Total Non-current
Liabilities (3) |
11335.770 |
4551.250 |
3338.610 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6246.770 |
5509.060 |
6039.391 |
|
(b) Trade
payables |
6150.950 |
1493.440 |
9556.786 |
|
(c) Other
current liabilities |
5983.480 |
6477.600 |
3095.625 |
|
(d) Short-term
provisions |
16.940 |
24.810 |
77.001 |
|
Total Current
Liabilities (4) |
18398.140 |
13504.910 |
18768.803 |
|
|
|
|
|
|
TOTAL |
35033.220 |
24001.970 |
29433.871 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4540.200 |
4801.190 |
4878.309 |
|
(ii)
Intangible Assets |
38.110 |
82.080 |
122.522 |
|
(iii)
Capital work-in-progress |
109.890 |
5.120 |
65.102 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
86.350 |
86.350 |
113.390 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
425.313 |
|
(e) Other
Non-current assets |
10389.790 |
7222.110 |
5045.750 |
|
Total Non-Current
Assets |
15164.340 |
12196.850 |
10650.386 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
41.520 |
46.700 |
227.543 |
|
(c) Trade
receivables |
6569.420 |
2405.770 |
5321.472 |
|
(d) Cash
and cash equivalents |
6162.760 |
613.200 |
899.907 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
2191.631 |
|
(f) Other
current assets |
7095.180 |
8739.450 |
10142.932 |
|
Total
Current Assets |
19868.880 |
11805.120 |
18783.485 |
|
|
|
|
|
|
TOTAL |
35033.220 |
24001.970 |
29433.871 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
16678.760 |
15065.380 |
33924.560 |
|
|
Other Income |
60.410 |
202.780 |
193.623 |
|
|
TOTAL |
16739.170 |
15268.160 |
34118.183 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7147.720 |
8474.270 |
23017.061 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
13.490 |
(12.010) |
(0.172) |
|
|
Employees benefits
expense |
2830.890 |
2301.890 |
2178.486 |
|
|
Other expenses |
5808.640 |
4176.060 |
7092.364 |
|
|
TOTAL |
15800.740 |
14940.210 |
32287.739 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
938.430 |
327.950 |
1830.444 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1231.300 |
1031.940 |
905.478 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(292.870) |
(703.990) |
924.966 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
412.050 |
443.310 |
424.045 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(704.920) |
(1147.300) |
500.921 |
|
|
|
|
|
|
|
Less |
TAX |
1.020 |
(3.210) |
176.704 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(705.940) |
(1144.090) |
324.217 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(19.31) |
(31.30) |
9.51 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
666.670 |
0.000 |
0.000 |
|
Cash generated from operations |
4031.010 |
1153.010 |
(3224.535) |
|
Net cash flows from (used in) operating activity |
3900.830 |
985.180 |
(3039.223) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
143.77 |
58.29 |
57.25 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.54 |
6.26 |
6.38 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
314.10 |
64.32 |
151.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
22.60 |
7.02 |
8.04 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.20 |
0.07 |
0.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.58 |
0.56 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.55 |
0.93 |
0.82 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.47 |
2.27 |
2.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.88 |
0.82 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.76 |
0.32 |
2.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(4.23) |
(7.59) |
0.96 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(2.02) |
(4.77) |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(13.32) |
(19.24) |
4.43 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.08 |
0.87 |
1.00 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.08 |
0.87 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.15 |
0.25 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.41 |
1.62 |
1.77 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.08 |
0.87 |
1.00 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3409.632 |
3409.630 |
3409.630 |
|
Reserves & Surplus |
3916.826 |
2536.180 |
1889.680 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7326.458 |
5945.810 |
5299.310 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
1297.480 |
|
Short term borrowings |
6039.391 |
5509.060 |
6246.770 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
666.670 |
|
Total
borrowings |
6039.391 |
5509.060 |
8210.920 |
|
Debt/Equity
ratio |
0.824 |
0.927 |
1.549 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
33924.560 |
15065.380 |
16678.760 |
|
|
|
(55.592) |
10.709 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
33924.560 |
15065.380 |
16678.760 |
|
Profit /(Loss) |
324.217 |
(1144.090) |
(705.940) |
|
|
0.96% |
(7.59%) |
(4.23%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Note: Registered office of
the company has been shifted from 18/2A, Sennerkuppam-By Pass -Road,
Poonamallee Road, Poonamallee, Chennai – 600056, Tamilnadu, India to the
present address w.e.f. 15.09.2013.
REVIEW OF OPERATIONS
The Total revenue of the Company during the year under review was INR16739.170 million as against INR 15268.160 million in the previous year. The Loss after tax was INR 705.940 million as against the loss after tax INR 1144.090 million in the previous year. Figures of previous year have been re-grouped, wherever necessary to conform to the Current Years classification.
FUTURE OUTLOOK
India has been witnessing the moderate growth in the past few years. Infra sector is one of key sector for the overall growth of the nation.
Indian power sector is undergoing a significant change in the industry outlook. Sustained economic growth continues to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ has accelerated capacity addition in the country. The Government of India has identified power sector as a key sector of focus so as to promote sustained industrial growth.
The Government has been taking the various initiatives to boost the Indian power sector. The Government is giving priority to address the needs of Infrastructure sector. The Government of India has issued an ambitious plan of Electricity for all by 2019’ schemes to support power generation sector.
The Company was awarded two EPC Packages for OBRA - C, 2 X 660 MW Thermal Power Extension Project and Jawaharpur Super Thermal Power Station (2x660 MW) project owned by Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited with Contract value approx., INR 160000.000 million.
The Company has consistently consolidated its capabilities across the power value chain for New as well as Renovation & Modernization (R&M) projects in the capacity of EPC Contractor. The Company is taking all necessary steps for getting the new projects and reduction in cost wherever required. The Company is in the process to bid various upcoming tenders of NTPC & other Power generation Companies.
In view of the various initiatives and policy measures being taken by the Govt., the outlook for overall growth of Indian economy, construction & infrastructure in particular seems to be healthy and promising.
GENERAL INFORMATION
The Company was incorporated on 20th July, 2000 to carry on the business of manufacturing/ job work of boiler pressure parts viz. panels, headers and coils and designing, building, installation and maintaining engineering plants relating to thermal and coal power plants. The Company is also carrying out business of execution of turnkey projects of steam generating equipment, supply of spares and providing related services. The accompanying financial statements reflect the results of the activities undertaken by the company during the year ended March 31, 2017.
UNSECURED LOANS:
|
Particulars |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Current
Borrowings |
|
|
|
Rupee term loans from banks |
4982.350 |
4872.870 |
|
Foreign currency term loans from banks |
1264.420 |
636.190 |
|
Total |
6246.770 |
5509.060 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G73747479 |
100147146 |
VISTRA ITCL (INDIA) LIMITED |
08/12/2017 |
- |
- |
2000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
2 |
G36125243 |
100077636 |
AXIS BANK LTD. (AS GUARANTEE FACILITY PROVIDER) |
23/01/2017 |
- |
- |
15400000000.0 |
2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHIDL110001IN |
|
3 |
G36229268 |
100078062 |
AXIS BANK LTD. (AS GUARANTEE FACILITY PROVIDER) |
19/01/2017 |
- |
- |
16800000000.0 |
2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHIDL110001IN |
|
4 |
G32607459 |
100070406 |
ICICI BANK LIMITED |
14/12/2016 |
- |
- |
2000000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
5 |
G30240931 |
100066663 |
ICICI BANK LIMITED |
22/11/2016 |
- |
- |
2000000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
6 |
G62083399 |
100051764 |
YES BANK LIMITED |
19/08/2016 |
17/07/2017 |
- |
3400000000.0 |
48, Nyaya MargChanakyapuri,New DelhiDL110021IN |
|
7 |
C04551719 |
10244509 |
Axis Bank Limited |
06/10/2010 |
09/08/2011 |
30/04/2014 |
250000000.0 |
CORPORATE BANKING BRANCH, GROUND FLOORKARUMUTHU NILAYAM, 192, ANNA SALAICHENNAITN600002IN |
FIXED ASSETS:
- Land
- Building
- Factory
Equipment
- Plant and
Equipment
- Furniture and
Fixture
- Vehicle
- Motor Vehicle
- Computer
Equipment
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
|
INR |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.