|
|
|
MIRA
INFORM REPORT
|
Report No. : |
499804 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX INSTRUMENTATION LIMITED (w.e.f.
11.04.200) |
|
|
|
|
Formerly known
as : |
THERMAX FUJI ELECTRIC LIMITED |
|
|
|
|
Registered
Office : |
Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune – 411003, Maharashtra |
|
Tel. No.: |
91-20-66051200 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
23.04.1996 |
|
|
|
|
Com. Reg. No.: |
11-099050 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 190.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH1996PTC099050 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT1032C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company is engaged in erection/commissioning, civil works and operation and maintenance of turnkey contracts for power plants. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Thermax Limited” and was
incorporated in the year 1996.
|
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 |
ICRA |
|
Rating |
Long Term Borrowing = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
20.12.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Borrowing = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
20.12.2017 |
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
31-03-2016.
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 23.03.2018.
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
MANAGEMENT NON-COOPERATIVE: Tel. No.:
91-20-66051200
LOCATIONS
|
Registered Office /
Corporate Office : |
Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-66051200 / 25542122 |
|
Fax No.: |
91-20-25541226 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Sai Chambers, 15, Mumbai Pune Road, Wakdewadi, Pune – 411003,
Maharashtra, India |
|
Tel. No.: |
91-20-25511010 / 25511141 |
|
Fax No.: |
91-20-25511042 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ajay Joshi |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
Flat No. 204, Building A-3, Oxford Village Classic
Wanwadi, Salunke Vihar, Pune – 411040, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
30.03.1957 |
||||||||||||||||||||||||
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Qualification : |
Cost Accountant |
||||||||||||||||||||||||
|
Date of Appointment : |
31.03.2015 |
||||||||||||||||||||||||
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DIN No.: |
00002301 |
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Other Directorship:
|
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|
||||||||||||||||||||||||
|
Name : |
Mr. Ravinder Advani |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
257, Sindh Co-Operative Housing Society, Aundh, Pune –
411007, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
06.03.1949 |
||||||||||||||||||||||||
|
Qualification : |
Bachelor of engineering (Mechanical) |
||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2008 |
||||||||||||||||||||||||
|
DIN No.: |
01677195 |
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Other Directorship:
|
|||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Name : |
Mr. Amitabha Mukhopadhyay |
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|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
F 104, Maestros Salunkhe Vihar Road, Pune – 411048,
Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
17.08.1964 |
||||||||||||||||||||||||
|
Qualification : |
Chartered Accountant |
||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2014 |
||||||||||||||||||||||||
|
DIN No.: |
01806781 |
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Other Directorship:
|
|||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Name : |
Mr. Ashok Keshav Joshi |
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|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
1004, Maximus, Lodha Paradise Complex, Near Majiwade
Flyover, Thane – 400601, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
06.02.1953 |
||||||||||||||||||||||||
|
Qualification : |
M Tech |
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|
Date of Appointment : |
31.03.2015 |
||||||||||||||||||||||||
|
DIN No.: |
02296952 |
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Other Directorship:
|
|||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Name : |
Mr. Mahesh Channakeshaviah Bukinkere |
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|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
Flat A2-301, Nirmiti Horizon New D. P. Road, Aundh, Pune –
411007, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
30.12.1966 |
||||||||||||||||||||||||
|
Qualification : |
Engineer |
||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2014 |
||||||||||||||||||||||||
|
DIN No.: |
06631816 |
||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Madan Lal Bindra |
|
Designation : |
Manager |
|
Address : |
Flat No. 109, Plot No. 129, Lunkad Green Land II, Viman
Nagar, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1950 |
|
Qualification : |
B.E (Civil Engineering) |
|
Date of Appointment : |
05.05.2017 |
|
PAN No.: |
ABCPB8080G |
|
|
|
|
Name : |
Mr. Sudhir Padmakar Lale |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 6, Hans-Mani, S No 528/5, Dandekar Bridge, Pune –
411030, Maharashtra, India |
|
Date of Birth/Age : |
19.05.1966 |
|
Qualification : |
C.S, LLB, Bcom |
|
Date of Appointment : |
19.01.2016 |
|
PAN No.: |
AAJPL0314M |
|
|
|
|
Name : |
Mr. Harish Tikotkar |
|
Designation : |
Chief Finance Officer |
|
Address : |
A-5 Saudamini Society, Bhusari Colony, Kothrud Pune –
411038, Maharashtra, India |
|
Date of Appointment : |
05.05.2017 |
|
PAN No.: |
AAIPT7638M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Thermax Limited, India |
|
8999994 |
|
Arnavaz Rohinton Aga jointly with Thermax Limited |
|
1 |
|
Mcher Pheroz Pudumjee jointly with Thermax Limited |
|
1 |
|
Pheroz Nusly Pudumjee jointly with Thermax Limited |
|
1 |
|
M.S. Unnikrishnan jointly with Thermax Limited |
|
1 |
|
Ishrat Mirza jointly with Thermax Limited |
|
1 |
|
Abhay Shah jointly with Thermax Limited |
|
1 |
|
Total |
|
9000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Thermax Limited, India |
|
10000000 |
|
Total |
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.07.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in erection/commissioning, civil works and operation and maintenance of turnkey contracts for power plants. (Registered activity) |
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Products : |
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||||
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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||||
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Exports : |
Not Divulged |
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|
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|
||||
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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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|
||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
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|
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Bankers : |
|
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Facilities : |
|
|
Auditors 1: |
|
|
Name : |
B.K.K hare Chartered Accountants |
|
Address : |
Hotel Swaroop,4th Floor, Lane No.10,Prabhat Road, Pune 411004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB0265E |
|
|
|
|
Auditors 2: |
|
|
Name : |
SRBC & Co LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yeravda, Pune - 411006, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company: |
L29299PN1980PLC022787 |
|
|
|
|
Ultimate Holding
company: |
U74999PN2014PTC150809 |
|
|
|
|
Fellow Subsidiary
company |
U29246MH1991PLC062959
U29299PN2009PLC134761 |
CAPITAL STRUCTURE
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
INR 10/- each |
INR 90.000 Million |
|
15000000 |
Preference Shares |
INR 10/- each |
INR 150.000 Million |
|
|
Total |
|
INR 240.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
INR 10/- each |
INR 90.000 Million |
|
10000000 |
Preference Shares |
INR 10/- each |
INR 100.000 Million |
|
|
Total |
|
INR 190.000 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
190.000 |
190.000 |
190.000 |
|
(b) Reserves and Surplus |
(71.053) |
(153.545) |
(187.961) |
|
(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) |
118.947 |
36.455 |
2.039 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1.264 |
1.360 |
|
(c) Other long-term
liabilities |
57.401 |
129.839 |
173.424 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
57.401 |
131.103 |
174.784 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
24.316 |
20.885 |
89.360 |
|
(b) Trade
payables |
345.745 |
214.925 |
209.761 |
|
(c) Other
current liabilities |
508.280 |
730.525 |
896.226 |
|
(d) Short-term
provisions |
45.442 |
65.793 |
23.416 |
|
Total Current
Liabilities (4) |
923.783 |
1032.128 |
1218.763 |
|
|
|
|
|
|
TOTAL |
1100.131 |
1199.686 |
1395.586 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
23.049 |
24.525 |
28.430 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.163 |
0.726 |
0.000 |
|
(c) Deferred tax assets (net) |
2.903 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
283.256 |
340.790 |
1.076 |
|
(e) Other Non-current
assets |
34.133 |
33.930 |
159.855 |
|
Total Non-Current
Assets |
346.504 |
399.971 |
189.361 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
28.713 |
27.239 |
25.637 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
369.419 |
475.710 |
522.206 |
|
(d) Cash and
bank balances |
163.206 |
87.010 |
182.798 |
|
(e)
Short-term loans and advances |
52.610 |
67.517 |
44.233 |
|
(f) Other
current assets |
139.679 |
142.239 |
431.351 |
|
Total
Current Assets |
753.627 |
799.715 |
1206.225 |
|
|
|
|
|
|
TOTAL |
1100.131 |
1199.686 |
1395.586 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1315.842 |
1010.892 |
1448.035 |
|
|
Other Income |
66.938 |
36.307 |
36.985 |
|
|
TOTAL |
1382.780 |
1047.199 |
1485.020 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
61.297 |
86.928 |
82.303 |
|
|
Employee benefit expense |
285.297 |
175.619 |
148.167 |
|
|
CSR expenditure |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
856.995 |
699.661 |
1183.698 |
|
|
TOTAL |
1203.589 |
962.208 |
1414.168 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
179.191 |
84.991 |
70.852 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.667 |
7.857 |
6.759 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
174.524 |
77.134 |
64.093 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.760 |
3.346 |
4.349 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
169.764 |
73.788 |
59.744 |
|
|
|
|
|
|
|
Less |
TAX |
79.856 |
36.896 |
75.756 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
89.908 |
36.892 |
(16.012) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
9.99 |
4.10 |
(1.78) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
115.212 |
7.357 |
(55.350) |
|
Net cash flows from (used in) operating activities |
65.205 |
(32.181) |
(106.687) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
102.47 |
171.76 |
131.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.56 |
2.13 |
2.77 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
2058.78 |
902.44 |
930.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
7.77 |
3.47 |
2.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.84 |
0.86 |
0.87 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.20 |
0.57 |
43.83 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
7.77 |
28.31 |
597.73 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.19 |
0.67 |
13.94 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
38.40 |
10.82 |
10.48 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.83 |
3.65 |
(1.11) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.17 |
3.08 |
(1.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
75.59 |
101.20 |
(785.29) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.82 |
0.77 |
0.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.82 |
0.77 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.11 |
0.03 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.13 |
0.11 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.82 |
0.77 |
0.99 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
190.000 |
190.000 |
190.000 |
|
Reserves & Surplus |
(187.961) |
(153.545) |
(71.053) |
|
Net
worth |
2.039 |
36.455 |
118.947 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
89.360 |
20.885 |
24.316 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
89.360 |
20.885 |
24.316 |
|
Debt/Equity
ratio |
43.825 |
0.573 |
0.204 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1448.035 |
1010.892 |
1315.842 |
|
|
0.000 |
(30.189) |
30.166 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1448.035 |
1010.892 |
1315.842 |
|
Profit/ (Loss) |
(16.012) |
36.892 |
89.908 |
|
|
(1.11
%) |
3.65
% |
6.83
% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
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
Subject is a public company domiciled in India. The Company is engaged in erection/commissioning, civil works and operation and maintenance of turnkey contracts for power plants. The Company caters to both domestic and international markets.
STATE OF COMPANY’S
AFFAIRS
During the year, the company earned a total income of INR 1382.780 Million against INR 1047.199 Million in the previous year. Profit before tax stood at INR 169.764 Million (previous year INR 737.88 Million) and profit after tax was INR 89.908 Million (previous year loss after tax of INR 36.892 Million).
In Financial Year 2015-16 the company completed erection of six power plants. The performance of the company improved due to better turnaround of jobs on hand and exercise of better control on project execution. Increased revenue through international operations has also contributed to better profitability.
During the year company could commercially close 7 contracts including the 300 MW Independent Power Project.
The order booking in captive sector in current year was INR 750.100 Million as against INR 816.000 Million in the previous year as the expected recovery in power sector is yet to gather momentum.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B76929264 |
10430650 |
HDFC Bank |
29/05/2013 |
- |
- |
300000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI – 400013, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Bank guarantees advance payments, performance and security deposits |
172.907 |
431.49 |
|
Service tax |
8.641 |
242.240 |
|
Sales tax |
11.528 |
29.995 |
|
Income Tax demand |
31.272 |
7.999 |
|
Note: i. Disputed demands in respect of Service Tax INR 8.641 Million (Previous year INR 242.240 Million) for Service tax on customer advances and interest thereon. ii. Tamil Nadu VAT Rs. Nil (Previous Year: INR 0.126 Million)These liabilities are towards the Goods Detention / Compounding Notice received from Check Post Officer, Gumidipoondi, Tamilnadu due to wrong TIN mentioned on invoice. Hence office has issued demand notice West Bengal Sales Tax INR 6.742 Million (Previous Year: INR 6.742 Million), these liabilities are towards the disputed amount principally on a/c of disallowance of labour charges claimed as exemption by the Company. Andhra Pradesh VAT INR 4.303 Million including penalty of INR 2.152 Million (Previous Year: VAT INR 21.878 Million including penalty of INR 10.939 Million.) These liabilities are towards the disallowance against their claim for exemption towards labour and against free of cost material received from a customer. Chhattisgarh VAT INR 0.483 Million (Previous Year: INR 1.249 Million.) These liabilities are towards disputed amount principally on account of disallowance of labour charges claimed as exemption by the Company us and WCT TDS Certificate not considered. iii. Based on favourable decisions in similar cases and legal opinion taken by the Company, discussions with tax advisors, etc., the Company believes that there is fair chance of decisions in its favour in respect of above and hence no provision is considered necessary against the same. iii. Income tax demands comprise demand from the Indian tax authorities for payment of additional tax. The Company has also received a demand AY 2011-12 for which payment has already been made and rectification appeal has been filed with Tax Authorities. The Company is contesting the demands and the management, based on the opinion of its tax advisors, believes that its position will likely be upheld in the appeal process. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations. |
||
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Vehicles
- Motor vehicles
- Office 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 records 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 65.19 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
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.