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|
|
MIRA INFORM REPORT
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Report No. : |
508497 |
|
Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PRAJ INDUSTRIES LIMITED |
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|
|
|
Registered
Office : |
“Praj Tower”, Survey No. 274 and 275/ 2, Bhumkar Chowk – Hinjewadi Road,
Hinjewadi, Pune – 411057, Maharashtra |
|
Tel. No.: |
91-20-71802000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.11.1985 |
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Com. Reg. No.: |
11-038031 |
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Capital Investment
/ Paid-up Capital : |
INR 358.888 Million |
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|
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CIN No.: [Company Identification
No.] |
L27101PN1985PLC038031 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3192001330 |
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TIN No: |
27880000531 |
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GSTN : [Goods & Service Tax Registration
No.] |
27AAACP6090Q1ZS |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACP6090Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of process and project engineering. The Company is engaged in the manufacture of other special-purpose machinery not elsewhere classified (n.e.c). The Company also provides design and engineering services. (Registered Activity) |
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|
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No. of Employees
: |
901 (Approximately) |
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 2000000000 |
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|
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company was incorporated in November 1985. It was promoted by a technocraft
team comprising Mr. Promod Chaudhari and associates in 2007, Praj
commissioned its manufacturing facility in the special economic zone in
Kandla (Gujarat). Praj is in the business of process design, engineering, fabrication,
and commissioning of bio-fuels plants, brewery plants, waste water treatment
plants, bio-consumables and process equipment and systems. The rating reflect praj’s established marked position in the project
and process engineering business catering mainly to the ethanol process
technology, plants and equipment and brewery plant and equipment. The rating also factor in the company’s strong financial risk profile
marked by comfortable capital structure and healthy liquidity. Further the company is listed on BSE and NSE. Price quoted at BSE is
held at 94.60 against its face value of INR 2. As per the 3rd quarterly results of December 2017, the
company has achieved revenue of 1911 million and has clocked net profit of
INR 67.400 million. These rating strength is partially offset by company’s exposure to
cyclicality in the capital goods industry, and to project related risks. Trade relations are fair. Payment terms are regular and as per
commitments. In view of aforesaid, 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
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2017.
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 10.05.2018
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 BY
|
Name : |
Mr. Prabal |
|
Designation : |
Manager |
|
Contact No.: |
91-9890310987 |
|
Date : |
09.05.2017 |
(91-20-71802000/ 22941000) Management non Cooperative
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 |
|
Mob. No.: |
91-9890310987 (Mr. Prabal Chatterjee) |
|
Fax No.: |
91-20-22941299 |
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E-Mail : |
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Website : |
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R & D Center: |
Praj Matrix – The Innovation Center Gat No. 402, 403, 1098, Village Urwade, Mulshi, Pune- 412108, Maharashtra, India |
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Factory 1 : |
Survey No. 748, Sanaswadi, Opposite Metacolour, Sanaswadi, Taluka Shirur,District Pune - 412307, Maharashtra, India |
|
Tel. No.: |
91-2134-252328/
252913 |
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Fax No.: |
91-2137-252911 |
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Factory 2 : |
Shreenathnagar, Patethan, P.O. Rahu, Taluka Daund, District Pune-412 207, Maharashtra, India |
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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, Gujarat, India. |
|
Tel. No.: |
91-2836-253460/
253461 |
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Fax No.: |
91-2836-253462 |
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Factory 4 : |
Kandla SEZ Unit II, Plot No
Plot No 282 to 286 and 294 to 298, Sector IV, Gandhidham, Kutch - 370230,
Gujarat, India |
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Branch Offices
1: |
No.1330, First Floor,
13th Cross, Indira Nagar, 2nd Stage, Bangalore-560 038, Karnataka, India |
|
Tel. No.: |
91-80-2515 1680 / 2525 1484 |
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Fax No.: |
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Branch Offices
2: |
D-26, 1st Floor, Sector 3, Noida
- 201 301, Uttar Pradesh, India |
|
Tel. No.: |
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Fax No.: |
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Overseas Offices
: |
Located at : ·
Thailand ·
United States of America ·
South Africa |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Shishir Joshipura |
|
Designation : |
Managing Director |
|
Address : |
B-802, Balmoral Estate, Baner Road, Pune-411045, Maharashtra, India |
|
Date of Appointment : |
02.04.2018 |
|
DIN No.: |
00574970 |
|
|
|
|
Name : |
Mr. Pramod Madhukar Chaudhari |
|
Designation : |
Executive Chairman |
|
Address : |
'Kinnari', 6, Vee Nimbkar Co-Operative Housing Society, 80/4, Off Baner Road, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
01.08.1956 |
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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 : |
Brings rich experience in communication and human resource development. As Managing Trustee of Praj Foundation, she steers the CSR activities. |
|
Date of Appointment : |
01.08.2007 |
|
DIN No.: |
00196415 |
|
|
|
|
Name : |
Mr. Sachin Vinayak Raole |
|
Designation : |
Wholetime Director |
|
Address : |
201, New Gilmohar CHS, Sundervan Park, Samata Nagar, Thane (West) 400604, Maharashtra, India |
|
Date of Appointment : |
16.01.2017 |
|
DIN No.: |
00431438 |
|
|
|
|
Name : |
Mr. Berjis Minoo Desai |
|
Designation : |
Non-Executive Director |
|
Address : |
Yezerina-II, Road No 5, 740/741 Dadar Parsi Colony, Dadar, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1956 |
|
Date of Appointment : |
27.08.1993 |
|
DIN No.: |
00153675 |
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|
|
|
Name : |
Mr. Daljit Lilaram Mirchandani |
|
Designation : |
Non-Executive Director |
|
Address : |
101, Sindh Housing Society, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Appointment : |
06.08.2015 |
|
DIN No.: |
00022951 |
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|
|
|
Name : |
Mrs. Mrunalini Harish Joshi |
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Designation : |
Additional Director |
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Address : |
857, Bhandarkar Road, Shivajinagar, Deccan Gymkhana, Pune 411004, Maharashtra, India |
|
Date of Appointment : |
11.08.2017 |
|
DIN No.: |
00957617 |
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|
|
|
Name : |
Mr. Rajiv Maliwal |
|
Designation : |
Non-Executive Director |
|
Address : |
10 Shree Apartments, 15th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1960 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
00869035 |
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|
|
Name : |
Mr. Parimal Pramod Chaudhari |
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Designation : |
Non-Executive Director |
|
Address : |
Kinnari 6 Veenimbkar, Co-Operative Housing Society, 80/4, Baner Road, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Appointment : |
05.06.2007 |
|
DIN No.: |
00724911 |
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|
Name : |
Mr. Sivaramakrishnan S. Iyer |
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Designation : |
Non-Executive Director |
|
Address : |
B-1901, Runwal Pride, Behind R-Mall, L.B.S. Marg, Mulund (West), Mumbai 400080, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1967 |
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Date of Appointment : |
17.04.2003 |
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DIN No.: |
00503487 |
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|
Name : |
Mr. Shridhar Bhalchandra Shukla |
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Designation : |
Additional Director |
|
Address : |
Plot No. 19, Sindh Co-Operative Hosuing, Aundh, Pune-411007, Maharashtra, India |
|
Date of Appointment : |
12.04.2018 |
|
DIN No.: |
00007607 |
KEY EXECUTIVES
|
Name : |
Mr. Dattatraya Nimbolkar |
|
Designation : |
Chief Finance Officer And Company Secretary |
|
Address : |
A /101, Meghdoot , Near Happy Colony, Kothrud, Pune – 411038, Maharashtra, India |
|
Date of Appointment : |
27.05.2014 |
|
PAN No.: |
AAKPN1534A |
|
|
|
|
Name : |
Mr. Prabal |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS
AS ON MARCH 2018
|
Category of shareholder |
Total Nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957) As a % |
|
|
(A) Promoter and Promoter
Group |
60300000 |
33.33 |
|
|
(B) Public |
120632415 |
66.67 |
|
|
Grand
Total |
120632415 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
Total Nos. shares
held |
Shareholding as a %
of total No. of shares (calculated as per SCRR, 1957) As a % |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
60300000 |
33.33 |
|
|
Pramod Madhukar Chaudhari |
38700000 |
21.39 |
|
|
Parimal Pramod Chaudhari |
14400000 |
7.96 |
|
|
Parimal Pramod Chaudhari (Trustee -Moriyaset Trust) |
7200000 |
3.98 |
|
|
Sub Total A1 |
60300000 |
33.33 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
60300000 |
33.33 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
28770961 |
15.90 |
|
|
HDFC Trustee Company
Limited-HDFC Equity Fund |
15971366 |
8.83 |
|
|
Sunderam Mutual Fund A/c
Sunderam Smile Fund |
10773840 |
5.95 |
|
|
Alternate Investment Funds |
2585000 |
1.43 |
|
|
Sunderam Alternative
Opportunities Fund-Nano Cap Series I |
1937000 |
1.07 |
|
|
Foreign Portfolio Investors |
23952180 |
13.24 |
|
|
GHI LTP Ltd. |
4984726 |
2.76 |
|
|
Atyanta Capital India Fund -I |
4021498 |
2.22 |
|
|
Matthews Emerging Asia Fund |
3594497 |
1.99 |
|
|
Vanderbilt University-Atyanta
Capital Management |
2013988 |
1.11 |
|
|
Financial Institutions/ Banks |
2339198 |
1.29 |
|
|
Sub Total B1 |
57647339 |
31.86 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
105596 |
0.06 |
|
|
Sub Total B2 |
105596 |
0.06 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
35047454 |
19.37 |
|
|
Individual share capital
in excess of INR 0.200 Million |
4344185 |
2.40 |
|
|
Any Other (specify) |
23487841 |
12.98 |
|
|
Trusts |
5100 |
0.00 |
|
|
HUF |
1411237 |
0.78 |
|
|
Non-Resident Indian (NRI) |
1559983 |
0.86 |
|
|
Clearing Members |
989745 |
0.55 |
|
|
Bodies Corporate |
18957941 |
10.48 |
|
|
TATA Capital Financial Services
Ltd. |
13422400 |
7.42 |
|
|
ESOP or ESOS or ESPS |
563835 |
0.31 |
|
|
Sub Total B3 |
62879480 |
34.75 |
|
|
B=B1+B2+B3 |
120632415 |
66.67 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the business of process and project engineering. The Company is engaged in the manufacture of other special-purpose machinery not elsewhere classified (n.e.c). The Company also provides design and engineering services. (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 : |
901 (Approximately) |
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Bankers : |
·
Bank of Maharashtra · Hongkong and Shanghai Banking Corporation · ICICI Bank limited · Citibank N.A. |
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Suites 101-102, Orchard, Dr. Pai Marg, Baner, Pune – 411045,
Maharashtra, India |
|
Tel. No.: |
91-20-27290771/ 27291772/ 27291773 |
|
E-Mail : |
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Website:
|
|
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|
|
Cost Auditors : |
Dhananjay
V. Joshi and Associates Cost
Accountants |
|
|
|
|
Internal Auditors : |
Khare
Deshmukh and Company Chartered Accountants |
|
|
|
|
Secretarial
Auditors: |
KANJ and Associates Chartered Accountants |
|
|
|
|
Solicitors : |
|
|
Name : |
J.
Sagar Associates |
|
Address : |
Mumbai,
Maharashtra, India |
|
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|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries |
|
|
|
|
|
Step down
subsidiaries |
|
|
|
|
|
Entity controlled
or jointly controlled by a person identified in b) |
|
CAPITAL STRUCTURE
After 11.08.2017
Authorised Capital : INR 900.000 Million
Issued, Subscribed & Paid-up Capital : INR 362.057
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
[No.
Million] |
|
|
|
|
450000000 |
Equity Shares |
INR 2/- each |
INR 900.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
[No.
Million] |
|
|
|
|
179444188 |
Equity Shares |
INR 2/- each |
INR 358.888
Million |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
31.03.2017 |
|
|
|
No.
Million |
Amount |
|
At the beginning of the period |
177972409 |
355.945 |
|
Add: Allotted during the period pursuant to exercise of employees stock options |
1471779 |
2.943 |
|
Outstanding at the end of the period |
179444188 |
358.888 |
Terms/Rights attached to equity shares:
The Company has only one class of equity shares having a par value of INR 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.
The Board of Directors proposed a final dividend of INR 1.62 per equity share for the financial year ended 31 March 2015 and the same was approved by the shareholders at the Annual General Meeting held on 6 August 2015. The amount was recognised as distributions to equity shareholders during the year ended 31 March 2016. This event is considered as non-adjusting event.
The Board of Directors declared an interim dividend of INR 1.62 per equity share during the financial year 2015-16. The amount was recognised as distributions to equity shareholders during the year ended 31 March 2016. The Board of Directors proposed a final dividend of INR 1.62 per equity share for the financial year ended 31 March 2017. The proposal is subject to the approval of shareholders at the Annual General Meeting to be held and if approved, will be recognised as distributions to equity shareholders during the year ended 31 March 2018.
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 preferential amounts.
Shares held by holding/ultimate holding Company
and/or their subsidiaries/associates:
The Company does not have any holding or ultimate holding Company.
Details of shareholders holding more than
5% shares in the Company:
|
Particulars |
31.03.2017 |
|
|
Equity
shares of INR 2 each fully paid |
No.
Million |
%
of Holding |
|
Pramod
Chaudhari (Promoter) |
38,700,000 |
21.57% |
|
Parimal
Chaudhari (Promoter) |
21,600,000 |
12.04% |
|
Tata
Capital Financial Services Limited |
13,422,400 |
7.48% |
|
HDFC Trustee Company Limited - HDFC Equity Fund |
15,971,366 |
8.90% |
Shares
reserved for issue under options:
Shares reserved for issue under the Employee Stock Option Plan (ESOP)
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 |
31.03.2017 |
|
|
No.
Million |
|
Equity
shares bought back by the Company |
2083013 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
358.888 |
355.945 |
354.930 |
|
(b) Reserves & Surplus |
6789.936 |
6218.898 |
5799.227 |
|
(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) |
7148.824 |
6574.843 |
6154.157 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.819 |
1.229 |
2.049 |
|
(b) Deferred tax liabilities (Net) |
19.913 |
0.000 |
8.541 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
150.826 |
125.151 |
117.848 |
|
Total Non-current
Liabilities (3) |
171.558 |
126.380 |
128.438 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1600.946 |
1666.135 |
1451.811 |
|
(c) Other
current liabilities |
224.965 |
220.846 |
2091.165 |
|
(d) Short-term
provisions |
1803.468 |
2097.247 |
488.153 |
|
Total Current
Liabilities (4) |
3629.379 |
3984.228 |
4031.129 |
|
|
|
|
|
|
TOTAL |
10949.761 |
10685.451 |
10313.724 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1721.110 |
1857.166 |
2125.947 |
|
(ii) Intangible
Assets |
18.188 |
27.113 |
24.331 |
|
(iii)
Capital work-in-progress |
314.564 |
7.435 |
13.891 |
|
(iv)
Intangible assets under development |
136.928 |
136.928 |
0.000 |
|
(b) Non-current Investments |
1669.563 |
1769.596 |
1412.150 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.696 |
36.542 |
119.993 |
|
(e) Other
Non-current assets |
203.271 |
150.132 |
0.020 |
|
Total Non-Current
Assets |
4101.320 |
3984.912 |
3696.332 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1343.289 |
1216.520 |
1479.276 |
|
(b)
Inventories |
636.165 |
713.950 |
703.059 |
|
(c) Trade
receivables |
2181.597 |
2909.676 |
1266.736 |
|
(d) Cash
and cash equivalents |
612.742 |
595.322 |
2030.304 |
|
(e)
Short-term loans and advances |
45.430 |
29.619 |
728.554 |
|
(f) Other
current assets |
2029.218 |
1235.452 |
409.463 |
|
Total
Current Assets |
6848.441 |
6700.539 |
6617.392 |
|
|
|
|
|
|
TOTAL |
10949.761 |
10685.451 |
10313.724 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7592.191 |
8579.795 |
8014.855 |
|
|
Other Income |
194.481 |
169.912 |
319.439 |
|
|
TOTAL |
7786.672 |
8749.707 |
8334.294 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3879.351 |
3923.173 |
4184.504 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(36.945) |
(5.114) |
30.563 |
|
|
Employees benefits
expense |
1213.080 |
1303.344 |
1102.902 |
|
|
Excise Duty |
297.863 |
340.016 |
0.000 |
|
|
Other expenses |
1560.394 |
2191.715 |
2070.408 |
|
|
TOTAL |
6913.743 |
7753.134 |
7388.377 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
872.929 |
996.573 |
945.917 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
7.303 |
7.026 |
2.985 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
865.626 |
989.547 |
942.932 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
191.303 |
214.979 |
261.340 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
674.323 |
774.568 |
681.592 |
|
|
|
|
|
|
|
Less |
TAX |
204.192 |
120.094 |
-3.761 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
470.131 |
654.474 |
685.353 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic
|
2.63 |
3.68 |
3.86 |
|
|
Diluted
|
2.62 |
3.66 |
3.85 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
0.410 |
0.410 |
0.000 |
|
Cash Generated from Operations |
334.493 |
816.889 |
1251.951 |
|
Net Cash from Operating Activities |
178.235 |
544.979 |
1411.778 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
1430.500 |
1506.800 |
1911.600 |
|
Total Expenditure |
1413.500 |
1481.500 |
1786.000 |
|
PBIDT (Excl OI) |
17.000 |
25.300 |
125.600 |
|
Other Income |
28.500 |
56.000 |
13.700 |
|
Operating Profit |
45.500 |
81.300 |
139.300 |
|
Interest |
1.800 |
2.200 |
2.500 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
43.700 |
79.100 |
136.800 |
|
Depreciation |
50.900 |
54.300 |
54.200 |
|
Profit Before Tax |
(7.200) |
24.800 |
82.600 |
|
Tax |
(8.000) |
7.600 |
15.200 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
0.800 |
17.200 |
67.400 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
0.800 |
17.200 |
67.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
104.88 |
123.78 |
57.69 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.48 |
2.95 |
6.33 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
150.63 |
155.01 |
126.64 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.37 |
1.40 |
1.35 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.40 |
0.49 |
0.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.33 |
0.37 |
0.39 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.51 |
0.61 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.31 |
0.31 |
0.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
119.53 |
141.84 |
316.89 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
6.19 |
7.63 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.29 |
6.12 |
6.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.58 |
9.95 |
11.14 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.89 |
1.68 |
1.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.71 |
1.50 |
1.47 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.65 |
0.62 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.89 |
1.68 |
1.64 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 94.60/- |
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 |
354.930 |
355.945 |
358.888 |
|
Reserves & Surplus |
5799.227 |
6218.898 |
6789.936 |
|
Net
worth |
6154.157 |
6574.843 |
7148.824 |
|
|
|
|
|
|
long-term borrowings |
2.049 |
1.229 |
0.819 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.000 |
0.410 |
0.410 |
|
Total
borrowings |
2.049 |
1.639 |
1.229 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
8014.855 |
8579.795 |
7592.191 |
|
|
|
7.049 |
(11.511) |
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 |
8014.855 |
8579.795 |
7592.191 |
|
Profit |
685.353 |
654.474 |
470.131 |
|
|
8.55% |
7.63% |
6.19% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(a) Share Capital |
358.888 |
355.945 |
|
(b) Reserves & Surplus |
6737.453 |
6196.902 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application money pending allotment |
2.791 |
2.820 |
|
Total Shareholders’ Funds (1) + (2) |
7099.132 |
6555.667 |
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
0.819 |
1.229 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
157.767 |
130.209 |
|
Total Non-current Liabilities (3) |
158.586 |
131.438 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
42.592 |
159.089 |
|
(b) Trade payables |
2134.398 |
2071.536 |
|
(c) Other current liabilities |
2260.825 |
2487.477 |
|
(d) Short-term provisions |
178.554 |
162.397 |
|
Total Current Liabilities (4) |
4616.369 |
4880.499 |
|
|
|
|
|
TOTAL |
11874.087 |
11567.604 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
1915.277 |
2069.595 |
|
(ii) Intangible Assets |
20.209 |
27.575 |
|
(iii) Capital work-in-progress |
314.564 |
7.638 |
|
Investment Property |
136.928 |
136.928 |
|
Goodwill |
626.150 |
626.150 |
|
(iv) Intangible assets under development |
0.000 |
0.700 |
|
(b) Non-current Investments |
0.115 |
100.145 |
|
(c) Deferred tax assets (net) |
25.797 |
73.851 |
|
(d) Long-term Loan
and Advances |
61.493 |
61.143 |
|
(e) Other Non-current assets |
421.779 |
272.484 |
|
Total Non-Current Assets |
3522.312 |
3376.209 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
1343.287 |
1216.519 |
|
(b) Inventories |
1045.254 |
1008.135 |
|
(c) Trade receivables |
2948.786 |
2671.029 |
|
(d) Cash and cash equivalents |
735.660 |
818.479 |
|
(e) Short-term loans and advances |
0.179 |
10.564 |
|
(f) Other current assets |
2278.609 |
2466.669 |
|
Total Current Assets |
8351.775 |
8191.395 |
|
|
|
|
|
TOTAL |
11874.087 |
11567.604 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
9551.624 |
10638.168 |
|
|
Other Income |
222.781 |
183.562 |
|
|
TOTAL |
9774.405 |
10821.730 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
4770.073 |
4671.862 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(98.665) |
(2.158) |
|
|
Employees benefits
expense |
1480.358 |
1543.683 |
|
|
Excise Duty |
401.712 |
402.130 |
|
|
Other expenses |
2311.353 |
2881.616 |
|
|
TOTAL |
8864.831 |
9497.133 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
909.574 |
1324.597 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
13.078 |
20.252 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
896.496 |
1304.345 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
221.243 |
250.249 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
675.253 |
1054.096 |
|
|
|
|
|
|
Less |
TAX |
229.254 |
229.374 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
445.999 |
824.722 |
|
|
|
|
|
|
Add |
OTHER COMPREHENSIVE
INCOME |
(6.384) |
(6.843 |
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
439.615 |
831.565 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic
|
2.50 |
4.64 |
|
|
Diluted
|
2.49 |
4.61 |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: The registered address of the company has been shifted from “Praj House, Bavdhan, Pune – 411021, Maharashtra, India” to present address, w.e.f. 2014
THE CORPORATE
OVERVIEW
Subject the Company is a public company domiciled in India and incorporated under the provisions of Indian Companies Act. The company’s registered office is “Praj Tower”, S. No. 274 and 275/2, Bhumkar Chowk-Hinjewadi road, Hinjewadi, Pune – 411057, Maharashtra, India. The company’s ordinary shares are listed on the Bombay Stock Exchange and National Stock Exchange in India.
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.
MANAGEMENT DISCUSSION
AND ANALYSIS
Fiscal 2016-17 was an exciting year for The Company as it marked an inflection point in the journey of 2nd generation ethanol technology development. They unveiled India’s first integrated 2nd generation smart bio-refinery demonstration plant for biofuels and renewable chemicals, underscoring Praj’s technology leadership in the bio-energy space. They are confident that this will set us on the growth path, given that sustainable fuels is need of the hour.
From the standpoint of financial performance, they are glad that the year was steady despite the flux in external business environment. Revenues for the fiscal stood at INR 9552.000 Million, with PBT and PAT at INR 675.000 Million and INR 446.000 Million respectively. Domestic business constituted a larger share of 75%, as against 59% over the previous fiscal.
Order intake for the year stands at INR 9970.000 Million and with 62% share, ethanol business continues to be a major contributor. Also, domestic business forms a larger portion of this with 73% share.
Order backlog as of 31st March, 2017 is INR 9350.000 Million, with international orders constituting 44% and ethanol business forming 57%. As a prudent practice, they have removed non-moving orders worth INR 1100.000 Million from the pending order backlog.
As capital formation starts taking place, The Company is in good stead to leverage their preparedness and step up the performance. Following paragraphs cover performance in each business unit in details.
BIOENERGY BUSINESS -
ETHANOL PLANTS AND EQUIPMENT
They have to take into account Sugar Year 2015-16 (September 2015 - October 2016) while discussing FY 2016-17 for two reasons – (a) owing to an overlap of 7 months between the two and (b) 70% ethanol produced in India is derived from molasses feedstock, a by-product of sugar mill.
Sugar year 2015-16 was a cornerstone year for the Indian ethanol program. For the first time, India achieved 4.15% blend ratio against the targeted 5%. Indian sugar mills supplied 1.1 bn liter ethanol, a commendable 85% fulfilment of the mandate.
Owing to the drought situation in 2015-16, it is observed that some major sugar producing states like Maharashtra and Karnataka have lower cane production for the crushing season of 2016-17, resulting in early closure of the season for sugar mills.
On the other hand, cane crop is estimated to go up in Uttar Pradesh by 10% and in Tamilnadu by 12%, as compared to the previous sugar year. Thus, reduction in ethanol production caused by Maharashtra and Karnataka will be partly compensated by Uttar Pradesh and Tamilnadu. For the year 2016-17, approximately 60 mn liter ethanol from Bihar will also be available for the blending program.
Oil marketing companies have floated tenders to procure 2.8 bn liter fuel ethanol for the period April-November 2017. Looking at the latest estimates of cane production in the country, approximately 800 mn ethanol will be available for the blending program. This translates to 2.6% blend ratio at petrol consumption of 30 bn liter. To achieve the aspired 10% and eventually 20% blend ratio, India has to look at alternate feedstock for ethanol production, in the form of abundantly available agri-residue.
The year gone by saw several important developments concerning 2nd generation ethanol in India, starting with The World Biofuel Day celebration held on 10th August, 2016. Ministry of Oil, Petroleum & Natural Gas (MOPNG) is undertaking various initiatives to promote clean energy, including ethanol, with the intent to curtail oil imports by 10% by 2022. Ethanol directly addresses the GHG emission caused by transport sector while helping India meet the GHG reduction as agreed in the Nationally Determined Contributions at climate change summit COP 21 held at Paris in 2015.
An eco-system for 2nd generation ethanol is in the making in the country. As a part of this drive, 10-12 numbers of 2nd generation ethanol projects are expected to get finalized, with average capex of INR 6000-6500 Million each. The Company is at the forefront of these developments. Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited have chosen Praj as technology partner for three plants. The MOUs have been signed to this effect and locations have been finalized. Each of these plants will have the capacity to produce 100,000 liter ethanol per day.
An important milestone achieved by The Company during the year is the start-up and completion of its and India’s first Integrated “Smart Bio-refinery” Demonstration plant in Maharashtra. The bio-refinery was inaugurated at the hands of Mr. Nitin Gadkari, Union Minister Road Transport, Highways & Shipping on 7th May 2017. This first of its kind 1 mn liter per annum capacity plant can process a variety of agri-residue like rice & wheat straw, cane trash, cotton stalk, corn cobs & stover, bagasse etc and is equipped with a zero liquid discharge system. With this, The Company is prepared to deliver an end-to-end solution for setting up 2nd generation ethanol plants.
In the 1st generation ethanol space, international markets remained sombre in the year gone by as a result of volatility in commodity prices. In such a scenario, important geographies like Argentina, Colombia, EU, Thailand, Philippines have maintained their blending mandates.
Greenfield projects remain the Company’s mainstay, with acceleration coming from modernization and retrofit segment. In addition to fuel ethanol plants, certain regions offer opportunities for beverage and industrial grade ethanol. South America, South East Asia, Africa continue to remain strongholds for The Company.
In the modernization and retro fit segment, The Company has commercialized several newer technologies that enhance the operational efficiency of existing ethanol plants.
PRAJ HIPURITY SYSTEMS
(PHS)
Stricter US FDA norms, Indian pharma companies gearing up for biosimilar opportunities are the major drivers for Praj HiPurity business. For this segment, baseline comes from conventional high purity water systems, whereas acceleration is provided by the value added services. With increased scope of work and value addition, this becomes an important piece of business in the overall growth plans.
The Company’s approach on stepping up internationalization and expertise in modular process systems is leading to significant improvement in the exports order book and revenues for the segment.
ENGINEERING
BUSINESSES
BREWERY PLANTS AND
EQUIPMENT
With annual sales of 300 million cases of beer, India continues to be the focus market for top global brewers. The segment is driven by younger population, increasing middle class and changing demographics of the drinking population. Brewers are responding to these factors by strengthening their portfolios, introducing newer brands and premium products. The segment is expected to expand 5-7% in the current fiscal, driven by premium products. States like Andhra Pradesh and Telangana continue to offer opportunities due to division of the excise board.
The industry faces challenges in the form of imposed liquor ban in some states and increase in excise duty. With the merger of SAB Miller and AB Inbev, Indian beer industry is going through another round of consolidation. These events have reduced immediate prospects of capacity addition. Some expansion projects got stalled as brewers are taking a guarded posture before making capital commitments as a result of sluggish market demand.
In such scenario, brewery segment continues to report a steady performance. The Company maintains its market share in the Indian brewery market.
CRITICAL PROCESS
EQUIPMENT AND SYSTEMS
Orchestrated efforts of the Organization of Petroleum Exporting Countries and other producers to tackle over supply are gradually rebalancing crude prices, resulting in an upward trend in the past couple of quarters. The prices have averaged higher so far this year at around $55 a barrel. Resurgence in prices will bring the global exploration and refining sector back in investment range
Coming to the home front, in addition to implementation of ethanol blending mandate, India is also working on efficiency improvement in oil refining and automobile sectors.
The Critical Process Equipment & Systems business unit of The Company caters to the oil and gas sector by engineering, designing and manufacturing equipment and skids. In the financial year gone by, it has won orders from leading oil and gas companies, in India and also overseas.
In addition, The Company has identified and is pursuing exciting opportunities with the help of a special task force in various areas like bio-refinery products, chemicals and skids.
WATER AND WASTEWATER
TREATMENT SYSTEMS
The Company is following a selective approach in this segment. It has always maintained focus on challenging industrial waste water with high complexity and continues to do so. This allows significant value add to the operations of clients with reduce, recycle, reuse and zero liquid discharge systems.
AWARDS AND RECOGNITION
During the year the
Company and its leadership received several recognitions as listed below –
- Praj Sanaswadi manufacturing facility was awarded the prestigious National Safety Council Award, 2016. This annual award is institutionalized by NSC to acknowledge efforts in the area of health, safety & environment. NSC is a premier, apex body with the goal of creating a preventive and scientific approach to HSE issues. The assessment criteria for the award are comprehensive and rigorous.
- Praj Sanaswadi manufacturing facility is certified as pressure Equipment and Piping Manufacturer as per AD 2000- Merkblatter HP0 standards.
- U and U2 stamps for Praj Sanaswadi manufacturing facility were renewed by American Society of Mechanical Engineers. These stamps are required for manufacturing of pressure vessels.
- R stamp for Praj Sanaswadi manufacturing facility was renewed by American Society of Mechanical Engineers. This stamp is required for repair and alteration of pressure vessels.
- Praj Sanaswadi manufacturing facility received the certificate of management system as per BS OHSAS 18001:2007, ISO 14001:2004, ISO 14001:2017, ISO 9001-2008 and OHSAS 18001:2017.
- Praj HiPurity Systems Limited, a wholly owned subsidiary of The Company has been certified with management system as per BS OHSAS 18001:2007, ISO 9001:2008 and ISO 14001:2004.
- Praj Tower, the headquarter of The Company has been certified with management system as per ISO 14001:2004.
- The Company was conferred with The ‘Best Machinery Manufacturing (Distillery) Award 2016’ by Bharatiya Sugar and was declared the winner after a stringent evaluation of suppliers all over the country.
- Together for Sustainability (TfS) team audited Kandla manufacturing facility. TfS is a joint initiative of chemical companies for sustainable supply chains, founded in 2011. It has developed and implemented a global program to assess, audit and improve sustainability practices within the supply chains of the chemical industry.
- Kandla manufacturing facility was recertified with U and U2 ASME stamps and has also applied for the S stamp.
- Mr Pramod Chaudhari, Executive Chairman, Praj Industries Limited has been appointed as the president of Mahratta Chamber of Commerce Industries & Agriculture (MCCIA) for the period 2016 to 2018. MCCIA is one of the most active chambers of Commerce in India and has been instrumental in promoting number of institutions in Pune.
- Mr. Pramod Chaudhari, Executive Chairman, Praj Industries Limited is ranked 35th in the list of Top 100 People in Advanced Bioeconomy, published by the Biofuels Digest. This highlights the increasing acceptance of Mr Chaudhari as a thought leader and industry reformer in the biofuel space globally and is also a reflection of Praj’s expertise and dedication to development of clean energy.
FUTURE OUTLOOK
With a conducive ecosystem in place for biofuels, energy self-sufficiency and technology backed solutions for agri-processing, energy and environment, India is definitely one of the brightest spots in the global economy at this point.
The Company has prepared itself to address the opportunities and challenges equally. In India and emerging markets like Africa, South East Asia and South America continue to remain strongholds. In ethanol business, 2nd generation ethanol technology is in the delivery stage and 1st generation continues to be the mainstay, in addition to modernization and retrofit segment.
The Company maintains the leadership position in domestic brewery industry, in spite of the challenging situation caused by imposed liquor bans in some states.
Praj HiPurity Systems Limited, a wholly owned subsidiary of The Company is one of the growth areas with an established name and clientele in the pharmaceutical industry. Focus here remains on enhanced scope of work and internationalization.
As crude prices come back in the investment range, Critical Process Equipment & Systems business unit is poised to address the opportunities. The Company has maintained its focus on water and waste treatment business and is selectively pursuing opportunities in the industrial sector.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Government loan |
1.229 |
1.639 |
|
Less: Current maturities of non-current borrowings disclosed under the head ‘other financial liabilities - current’ |
0.410 |
0.410 |
|
Total |
0.819 |
1.229 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C46203238 |
90086539 |
BANK OF MAHARASHTRA |
01/10/2003 |
16/02/2015 |
- |
3650000000.0 |
CORPORATE FINANCE BRANCH"YASHOMANGAL', F.C.ROAD, 1183/A, SHIVAJINAGARPUNEMH411005IN |
|
2 |
Y10173412 |
90088391 |
BANK OF MAHARASHTRA |
22/03/2001 |
- |
- |
9000000.0 |
INDUSTRIAL FINANCE BRANCHSHIVAJI NAGARPUNEMH411005IN |
|
3 |
Y10169434 |
90084413 |
BANK OF INDIA |
15/03/1996 |
- |
- |
312550000.0 |
INDUSTRIAL FINANCIAL BRANCHSHIVAJINAGARPUNEMH411005IN |
|
4 |
Y10169347 |
90084326 |
BANK OF INDIA |
15/09/1995 |
29/09/1995 |
- |
460000000.0 |
INDUSTRIAL FINANCE BRANCHSHIVAJINAGARPUNEMH411005IN |
|
5 |
Y10169233 |
90084212 |
THE VYSYA BANK LIMITED |
29/12/1994 |
- |
- |
9000000.0 |
MANTRI HOUSEFERGUSSSON COLLEGE ROADPUNEMH411005IN |
|
6 |
G83000364 |
100106253 |
The Hongkong and Shanghai Banking Corporation Limited |
31/05/2017 |
- |
29/03/2018 |
30000000.0 |
Bund Garden BranchPuneMH411001IN |
|
7 |
Y10170857 |
90085836 |
CANARA BANK |
26/07/2001 |
- |
14/10/2003 |
44750000.0 |
11; M.G. ROADPUNEMH411001IN |
|
8 |
Y10172991 |
90087970 |
S.B.I. HOME FINANCE LIMITED |
22/05/1996 |
- |
03/07/2003 |
40000000.0 |
NAGALAND HOUSE11 & 13; SHAKESPEARE SARANICALCUTTAWB700071IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against Company not acknowledged as debts (primarily relating to performance related claims filed by customers) |
39.979 |
35.679 |
|
Disputed demands in appeal towards income tax, service tax & sales tax |
197.884 |
200.086 |
|
Guarantee issued in respect of obligations of a subsidiary |
703.650 |
571.537 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
1911.600 |
1506.800 |
4848.900 |
|
Other Operating Income |
13.700 |
23.100 |
65.300 |
|
Total income from operations (net) |
1925.300 |
1529.900 |
4914.200 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1126.500 |
742.500 |
2545.000 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(23.100) |
12.700 |
(2.100) |
|
Employee benefits expense |
288.300 |
312.900 |
904.000 |
|
Depreciation and Amortization Expenses |
54.200 |
54.300 |
159.400 |
|
Other Expenses |
393.300 |
413.400 |
1210.200 |
|
Finance Costs |
2.500 |
2.200 |
6.500 |
|
Excise Duty |
0.000 |
0.000 |
50.000 |
|
Exchange Gain |
1.000 |
(32.900) |
(59.000) |
|
Total expenses |
1842.700 |
1505.100 |
4814.000 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
82.600 |
24.800 |
100.200 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
82.600 |
24.800 |
100.200 |
|
Tax expenses |
15.200 |
7.600 |
14.800 |
|
Net Profit / (Loss) from ordinary activities after tax |
67.400 |
17.200 |
85.400 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
67.400 |
17.200 |
85.400 |
|
Comprehensive Income |
6.100 |
-0.900 |
4.800 |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
73.500 |
16.300 |
90.200 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 2/-each) |
|
|
|
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 2/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
0.38 |
0.10 |
0.48 |
|
(b) Diluted |
0.37 |
0.10 |
0.47 |
Note:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 6 February 2018.
2. The Company operates only in one segment, i.e. "Process and Project Engineering".
3. During the quarter ended 31 December 2017, Company allotted 536572 equity
shares to its employees under Employee Stock Option Plan.
4. In accordance with the requirements of Indian Accounting Standard 18,
revenue for the quarter ended 31 December 2017 is net of Goods and Services Tax
(GST). Revenue for the period upto 30 June 2017, however, is inclusive of
excise duty. The figures of revenue for the period upto 30 June 2017 are not
strictly comparable to those thereafter. The following additional information
is being provided to make it comparable:
5. During the quarter ended 31 December 2017, due to completion of the project
in Tanzania, the Company has closed its step down project specific subsidiary
'Praj Industries (Tanzania) Limited'.
6. Prior year comparatives are regrouped / reclassified wherever necessary to
conform to current period's presentation.
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
|
INR |
|
US Dollar |
1 |
INR 64.12 |
|
|
1 |
INR 85.79 |
|
Euro |
1 |
INR 75.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
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 |
YES |
|
--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.