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|
MIRA INFORM REPORT
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Report No. : |
510299 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
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Registered
Office : |
D-13, MIDC Industrial
Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra |
|
Tel. No.: |
91-20-66155000/
66122100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
30.06.1980 |
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Com. Reg. No.: |
11-022787 |
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Capital
Investment / Paid-up Capital : |
INR 238.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
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|
|
|
IEC No.: [Import-Export Code No.] |
0388013508 |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT3910D |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACT3910D1ZS |
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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
: |
Manufacturing of Boiler and Heaters, Absorption Chillers/ Heat Pumps, Power
Plants, Solar Equipment, Air Pollution Control Equipment/ System, Water and
Waste Recycle Plant, Ion Exchange Resins and Performance Chemicals and
Related Services. [Registered Activity] |
|
|
|
|
No. of Employees
: [As On: 31.03.2017] |
3488 (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject
was incorporated in the year 1980 and it manufactures equipment and machinery
used to both produce and to conserve energy. It
operates through a number of divisions including boilers, heat recovery,
steam generators, water treatment plants and air pollution control equipment.
It also produce steam and gas turbines and diesel gensets through a number of
strategic alliances. As per
financials of March 2018, the company has registered marginal growth in its
revenue and has reported good profit margin of 6.13% Rating takes
into consideration the company’s long established track record of business
operations marked by healthy net worth base along with low solvency
indicators and good liquidity position. Rating
also takes into account the strong market position of the company in the
energy equipment business as one of the leading players in providing turnkey
solutions for boilers, heaters, chillers and captive power plants in the
domestic business and well experienced management team. Shares
are quoted very high on stock exchanges. (Share are traded at a price of INR
1153.30 against its face value of INR 2/- on BSE.) However,
rating strength is partially offset by increasing competitive intensity from
domestic as well as global players putting pressure on margins and ability to
manage the cost of basic raw materials. Payments
are reported to be regular as per commitments. In view of aforesaid, the company can be considered good for business dealings at normal trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
22.03.2018 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
22.03.2018 |
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 23.05.2018
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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-20-66122100]
[91-20-27475941/ 27475942/ 9881749649] Numbers are continuously ringing
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC Industrial
Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-66155000/
66122100 |
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Fax No.: |
91-20-66122142 |
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E-Mail : |
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|
Website : |
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Regional Office : |
Dhanraj Mahal, 2nd Floor, C. S. Marg, Colaba, Mumbai-400001, Maharashtra,
India |
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|
Corporate Office : |
Thermax House, 14, Mumbai-Pune Road, Wakdewadi, Pune –
411003, Maharashtra, India |
|
Tel. No.: |
91-20-66051200/
25542122 |
|
Fax No.: |
91-20-25542242 |
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Factory 2 : |
98-99, Bhosari MIDC Industrial Area, Bhosari, Pune - 411
026, Maharashtra, India |
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Factory 3 : |
D-1 Block, MIDC Industrial Area, Chinchwad, Pune - 411
019, Maharashtra, India |
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Factory 4 : |
Plot No T-1 MIDC, Chincholi, Taluka Mohol, District
Solapur – 413 255, Maharashtra, India |
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Factory 5 : |
At Paudh, Post Mazgaon, Taluka Khalapur, District Raigad -
410206, Maharashtra, India |
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Factory 6 : |
Gat No.125, Crusher Road, At post Rohakal, Taluka - Khed,
District – Pune - 410501, Maharashtra, India |
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Factory 7 : |
Plot No. 21/1-2-3, GIDC Manjusar, Taluka - Savli,
District. Vadodara - 391775, Gujarat, India |
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Factory 8 : |
Survey No-169, Village Dhrub, Taluka Mundra, Mundra -
370421, District Kutch, Gujarat, India |
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Factory 9 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia,
District Bharuch- 393110, Gujarat, India |
|
Tel No.: |
91-79-26575408 |
|
|
|
|
Regional Office : |
Gariahat Mall, 5th floor, 13 Jamir Lane, Kolkata-700019, West Bengal,
India |
|
Tel No.: |
91-33-66070800 |
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Boiler Heater Division : |
B & H Group, Energy House, D-III, Plot No 38 and 39, MIDC,
Chinchwad, Pune, Maharashtra, India |
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Thermax Channel Management: |
Chemical
Division Environment House Plot No 90-92, BG Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mrs. Meher Pudumjee |
|
Designation : |
Chairperson |
|
Address : |
5, Naylor Road, Pune – 411001, Maharashtra, India |
|
Date of Appointment: |
15.01.2001 |
|
DIN No.: |
00019581 |
|
|
|
|
Name : |
Mr. Pheroz Naswanjee Pudumjee |
|
Designation : |
Director |
|
Address : |
5, Naylor Road, Pune – 411001, Maharashtra, India |
|
Date of
Appointment: |
15.01.2001 |
|
DIN No.: |
00019602 |
|
|
|
|
Name : |
Mrs. Arnavaz Rohinton Aga |
|
Designation : |
Director |
|
Address : |
12 Boat Club Road, Pune – 411001, Maharashtra, India |
|
Date of
Appointment: |
05.06.1982 |
|
DIN No.: |
00019622 |
|
|
|
|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
|
Address : |
6A, Somerset Place 61-D, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of
Appointment: |
03.05.2011 |
|
DIN No.: |
00044816 |
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|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
|
Address : |
No.6, East End, Kallimadai Main Road, Singanallur, Coimbatore-641005, Tamilnadu, India |
|
Date of
Appointment: |
31.03.2003 |
|
DIN No.: |
00058056 |
|
|
|
|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
|
Address : |
D-4, Varsha Park, Raghunath Bunglow, Baner Road, Baner, Pune - 411045, Maharashtra, India |
|
Date of
Appointment: |
29.01.2008 |
|
DIN No.: |
00074119 |
|
|
|
|
Name : |
Mr. Shashishekhar Balkrishna Pandit |
|
Designation : |
Director |
|
Address : |
Pracheeti, S-43/1, Behind Hotel Chaitraban, Paud Road, Bavdhan Kurd, Pune-411021, Maharashtra, India |
|
Date of
Appointment: |
30.05.2017 |
|
DIN No.: |
00075861 |
|
|
|
|
Name : |
Mr. Harsh Charandas Mariwala |
|
Designation : |
Additional Director |
|
Address : |
2nd Floor, 7th On The Hill, Auxilium Convent Road, Rajendra Kumar Chowk, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of
Appointment: |
10.11.2016 |
|
DIN No.: |
00210342 |
|
|
|
|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
|
Address : |
7,Kidderpore Avenue London Nw3 7sx, Great Britain – 111111, United Kingdom |
|
Date of
Appointment: |
31.01.2006 |
|
DIN No.: |
00239314 |
|
|
|
|
Name : |
Mr. Unnikrishnan Mangalath Sukumara Panicker |
|
Designation : |
Managing Director And Chief Executive Officer |
|
Address : |
L-201/202, Lyra Satellite Towers, Near Army Sports Institute, Koregaon Park Annex, Pune - 411036, Maharashtra, India |
|
Date of
Appointment: |
01.07.2007 |
|
DIN No.: |
01460245 |
KEY EXECUTIVES
|
Name : |
Mr. Kedar Purushottam Phadke |
|
Designation : |
Company Secretary |
|
Address : |
D-4, Arvind Complex, Hingne Khurd, Sinhagad Road, Pune-411051, Maharashtra, India |
|
Date of Appointment : |
08.08.2017 |
|
PAN No.: |
ABQPP3732P |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
|
Address : |
F 104, Maestros Salunkhe Vihar Road, Pune – 411048, Maharashtra, India |
|
Date of Appointment: |
27.05.2014 |
|
PAN No.: |
ADBPM6491R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
73855305 |
61.98 |
|
|
(B) Public |
38759555 |
32.53 |
|
|
(C1) Shares
underlying DRs |
0.00 |
||
|
(C) Non
Promoter-Non Public |
6541440 |
5.49 |
|
|
Grand Total |
119156300 |
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 % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
6000 |
0.01 |
|
|
Pheroz Pudumjee |
6000 |
0.01 |
|
|
Any Other
(specify) |
73849305 |
61.98 |
|
|
RDA Holdings Pvt.
Ltd. |
64328500 |
53.99 |
|
|
ARA Trusteeship
Pvt. Ltd. |
9520805 |
7.99 |
|
|
Sub Total A1 |
73855305 |
61.98 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
73855305 |
61.98 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
11740470 |
9.85 |
|
|
KOTAK MAHINDRA
BALANCE UNIT SCHEME 99 |
1529015 |
1.28 |
|
|
SUNDARAM MUTUAL FUND
A/C SUNDARAM SELECT MIDCAP |
1281858 |
1.08 |
|
|
UTI-MAHILA UNIT
SCHEME |
1566070 |
1.31 |
|
|
SBI MAGNUM
MULTIPLIER FUND |
3217135 |
2.70 |
|
|
Foreign Portfolio
Investors |
17626283 |
14.79 |
|
|
MATTHEWS PACIFIC
TIGER FUND |
5310034 |
4.46 |
|
|
GOLDMAN SACHS INDIA
LIMITED |
1608532 |
1.35 |
|
|
PINEBRIDGE
INVESTMENTS GF MAURITIUS LIMITED |
2472347 |
2.07 |
|
|
Financial
Institutions/ Banks |
157441 |
0.13 |
|
|
Insurance
Companies |
1793990 |
1.51 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
1768720 |
1.48 |
|
|
Sub Total B1 |
31318184 |
26.28 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 million |
5308945 |
4.46 |
|
|
Individual share
capital in excess of INR 0.200 million |
136723 |
0.11 |
|
|
NBFCs registered
with RBI |
2921 |
0.00 |
|
|
Any Other
(specify) |
1992782 |
1.67 |
|
|
Trusts |
120 |
0.00 |
|
|
Non-Resident
Indian (NRI) |
478935 |
0.40 |
|
|
Clearing Members |
75543 |
0.06 |
|
|
Bodies Corporate |
1377075 |
1.16 |
|
|
IEPF |
61109 |
0.05 |
|
|
Sub Total B3 |
7441371 |
6.25 |
|
|
B=B1+B2+B3 |
38759555 |
32.53 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Boiler and Heaters, Absorption Chillers/ Heat Pumps, Power
Plants, Solar Equipment, Air Pollution Control Equipment/ System, Water and
Waste Recycle Plant, Ion Exchange Resins and Performance Chemicals and
Related Services. [Registered
Activity] |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3488 (Approximately) |
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Bankers : |
· Union Bank of India · Bank of Baroda · Canara Bank · Citibank N.A · Corporation Bank · ICICI Bank Limited · State Bank of India ·
The HSBC Limited |
||||||||||||||||||||||||
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|
Facilities : |
|
|
Auditors 1 : [As On: 31.03.2017] |
|
|
Name : |
B.K. Khare and
Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India |
|
|
|
|
Auditors 2 : [As
On: 31.03.2017] |
|
|
Name : |
SRBC and Co LLP Chartered
Accountants |
|
Address : |
C-401, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries
Companies Domestic: [As On:
31.03.2017] |
· Thermax Engineering Construction Company Limited · Thermax Instrumentation Limited · Thermax Onsite Energy Solutions Limited · Thermax Sustainable Energy Solutions Limited ·
First Energy Private Limited |
|
|
|
|
Subsidiaries
Companies Overseas : [As On: 31.03.2017] |
· Thermax International Limited, Mauritius · Thermax Europe Limited, UK · Thermax Inc., USA. · Thermax do Brasil Energia e Equipamentos Ltda, Brazil · Thermax (Zhejiang) Cooling & Heating Engineering Co. Limited, China · Thermax Netherlands B.V 7. Thermax Denmark ApS · Danstoker A/S, Denmark · Ejendomsanpartsselskabet Industrivej Nord 13, Denmark · Rifox – Hans Richter GmbH Spezialarmaturen, Germany · Thermax Sdn. Bhd., Malaysia · Boilerworks A/S, Denmark · Boilerworks Properties ApS, Denmark · Thermax Engineering Singapore Pte. Limited · Thermax Senegal S.A.R.L, Senegal · PT Thermax International, Indonesia · Thermax Nigeria Limited, Nigeria · Thermax Energy & Environment Philippines Corporation · ESOP Trust and Employee Welfare Trusts · Thermax Hong Kong Limited · Thermax Denmark ApS |
|
|
|
|
Joint Ventures : [As On:
31.03.2017] |
· Thermax SPX Energy Technologies Limited · Thermax Babcock & Wilcox Energy Solutions Private Limited |
|
|
|
|
Parent Entity: [As On:
31.03.2017] |
RDA Holdings Private Limited |
|
|
|
|
Enterprises Over
which control is exercised by individuals listed in D above: [As On:
31.03.2017] |
· Thermax Foundation, India [Formerly known as Thermax Social Initiative Foundation] · KRA Holdings Private Limited, India |
CAPITAL STRUCTURE
AS ON: 31.03.2018
Authorised Capital : NOT AVAILABLE
Issued, Subscribed & Paid-up Capital : INR 238.300
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
INR 2/- each |
INR 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
INR 2/- each |
INR 238.300
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
238.300 |
238.300 |
238.300 |
|
(b) Reserves & Surplus |
25417.300 |
23859.300 |
23183.200 |
|
(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) |
25655.600 |
24097.600 |
23421.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
5.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
604.200 |
594.700 |
620.800 |
|
(d)
long-term provisions |
98.400 |
97.400 |
50.500 |
|
Total
Non-current Liabilities (3) |
702.600 |
692.100 |
676.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1164.900 |
662.200 |
907.500 |
|
(b)
Trade payables |
9431.200 |
9245.100 |
8261.400 |
|
(c)
Other current liabilities |
15315.100 |
9956.900 |
12456.900 |
|
(d)
Short-term provisions |
1481.900 |
1302.100 |
1200.300 |
|
Total
Current Liabilities (4) |
27393.100 |
21166.300 |
22826.100 |
|
|
|
|
|
|
TOTAL |
53751.300 |
45956.000 |
46924.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6455.400 |
5205.900 |
5616.900 |
|
(ii)
Intangible Assets |
259.400 |
340.400 |
218.900 |
|
(iii)
Capital work-in-progress |
923.300 |
1262.800 |
267.100 |
|
(iv) Intangible assets under development |
0.000 |
28.300 |
322.100 |
|
(b) Non-current
Investments |
6392.900 |
6397.300 |
5392.100 |
|
(c) Deferred tax assets (net) |
1041.700 |
1037.300 |
1052.600 |
|
(d) Long-term Loan
and Advances |
135.900 |
1176.800 |
1145.200 |
|
(e)
Other Non-current assets |
2828.400 |
1904.900 |
1573.300 |
|
Total
Non-Current Assets |
18037.000 |
17353.700 |
15588.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
11565.100 |
7647.300 |
8390.400 |
|
(b)
Inventories |
2983.000 |
2286.500 |
2247.700 |
|
(c)
Trade receivables |
11393.000 |
9553.700 |
12254.300 |
|
(d)
Cash and cash equivalents |
1193.500 |
709.300 |
1783.600 |
|
(e)
Short-term loans and advances |
52.900 |
5878.400 |
4670.200 |
|
(f)
Other current assets |
8526.800 |
2527.100 |
1990.000 |
|
Total
Current Assets |
35714.300 |
28602.300 |
31336.200 |
|
|
|
|
|
|
TOTAL |
53751.300 |
45956.000 |
46924.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
38886.300 |
38702.900 |
44589.200 |
|
|
|
Other Income |
1039.800 |
1026.500 |
1140.200 |
|
|
|
TOTAL |
39926.100 |
39729.400 |
45729.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20958.300 |
19830.600 |
25081.300 |
|
|
|
Purchases of Stock-in-Trade |
680.200 |
710.500 |
651.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(215.900) |
62.000 |
(63.900) |
|
|
|
Employees benefits expense |
4591.200 |
4589.200 |
4502.100 |
|
|
|
Other expenses |
8951.200 |
8706.300 |
9469.900 |
|
|
|
Excise duty |
207.600 |
1066.400 |
1206.400 |
|
|
|
Exceptional items |
250.000 |
1328.400 |
0.000 |
|
|
|
TOTAL |
35422.600 |
36293.400 |
40847.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4503.500 |
3436.000 |
4881.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
80.400 |
35.9 |
46 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4423.100 |
3400.100 |
4835.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
642.000 |
654.3 |
608.9 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3781.100 |
2745.800 |
4226.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1398.600 |
654.3 |
608.9 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2382.500 |
2091.500 |
3618.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.O.B. Value of Exports |
|
|
14141.200 |
|
|
|
Other
Earnings |
|
|
232.600 |
|
|
TOTAL EARNINGS |
NA |
NA |
14373.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
1016.300 |
|
|
|
Components and Stores
parts |
|
|
1264.100 |
|
|
|
Consumables |
|
|
72.300 |
|
|
|
Capital Goods |
|
|
30.900 |
|
|
TOTAL IMPORTS |
NA |
NA |
2383.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
19.99 |
12.15 |
24.97 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
4792.600 |
4397.100 |
|
|
|
|
|
|
Net Cash flow from operating activities |
NA |
3453.000 |
2880.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
106.94 |
90.10 |
100.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.41 |
4.05 |
3.64 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
159.09 |
164.28 |
117.18 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.51 |
1.50 |
2.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.59 |
0.50 |
0.76 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.51 |
0.46 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.05 |
0.03 |
0.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.07 |
0.88 |
0.97 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.30 |
0.28 |
0.27 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
56.01 |
95.71 |
106.13 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.13 |
5.40 |
8.11 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.43 |
4.55 |
7.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.29 |
8.68 |
15.45 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.30 |
1.35 |
1.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.19 |
1.24 |
1.27 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.52 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.89 |
2.78 |
3.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.30 |
1.35 |
1.37 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
|
|
|
Market Value |
INR 1153.30/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
23183.200 |
23859.300 |
25417.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
23421.500 |
24097.600 |
25655.600 |
|
|
|
|
|
|
long-term borrowings |
5.500 |
0.000 |
0.000 |
|
Short term borrowings |
907.500 |
662.200 |
1164.900 |
|
Total
borrowings |
913.000 |
662.200 |
1164.900 |
|
Debt/Equity
ratio |
0.039 |
0.027 |
0.045 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44589.200 |
38702.900 |
38886.300 |
|
|
|
(13.201) |
0.474 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44589.200 |
38702.900 |
38886.300 |
|
Profit/ (Loss) |
3618.000 |
2091.500 |
2382.500 |
|
|
8.11% |
5.40% |
6.13% |
LEGAL CASES
NOTE: LITIGATION
DETAILS FILE ATTACHED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C33769167 |
10245831 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
30/09/2010 |
13/03/2014 |
- |
2868580.0 |
MTNL BUILDING, 1ST FLOOR,9 CGO COMPLEX, LODI ROADNEW DELHIDL110003IN |
|
2 |
A82908773 |
90090872 |
UNION BANK OF INDIA LIMITED |
05/02/1999 |
26/03/2010 |
- |
27850000000.0 |
INDUSTRIAL FINANCE BRANCH, 619, SACHAPIR STREETCAMPPUNEMH411001IN |
|
3 |
C28698728 |
90084773 |
UNION BANK OF INDIA |
27/01/1998 |
03/07/1998 |
18/09/2014 |
1500000.0 |
INDUSTRIAL FINANCE BRANCHCAMPPUNEMH411001IN |
|
4 |
C25512005 |
90084586 |
CORPORATION BANK |
25/02/1997 |
01/09/1998 |
12/09/2014 |
26000000.0 |
INDUSTRIAL FINANCE BRANCHPUNE MUMBAI ROAD WAKDEWADIPUNEMH411003IN |
|
5 |
A25602244 |
80035826 |
UNION BANK OF INDIA |
24/09/1990 |
- |
25/10/2007 |
1351800.0 |
189 RAVIAR PETHPUNEPUNEMH411002IN |
|
6 |
A17814641 |
90090236 |
UNION BANK OF INDIA |
14/12/1995 |
- |
12/06/2007 |
123000000.0 |
INDUSTRIAL FINANCE BRANCHPUNEMH411001IN |
|
7 |
A17813825 |
90083689 |
UNION BANK OF INDIA |
24/09/1990 |
- |
12/06/2007 |
665900.0 |
189; RAVIWAR PETHPUNEMH411002IN |
|
8 |
A16274086 |
90084346 |
CANARA BANK |
10/11/1995 |
- |
06/06/2007 |
49000000.0 |
11;MG ROADPUNEMH411002IN |
CORPORATE
INFORMATION [As on: 31.03.2017]
The company offers solutions to energy, environment and chemical sectors.
The Company’s Portfolio Includes Boilers and Heaters, Absorption Chillers. Heat
pumps, power plants, solar equipment, air pollution control equipment/system,
water and waste recycle plant, ion exchange resins and performance chemicals
and related services.
The company is a public limited company incorporated and domiciled in
India. It is listed on the BSE Limited (BSE) and National stock Exchange Stock
Exchange Limited (NSE) in India. The address of its registered offices is D-13,
MIDC Industrial area, R.D. Aga Road, Chinchwad, Pune-411019, India. The board
of directors have authorized to issue by these separate financial statements on
May 30, 2017. The CIN of the company is L29299PN1980PLC022787.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
Taxes |
|
|
|
Excises, customs duty and service tax |
NA |
61.100 |
|
Sales tax |
NA |
637.000 |
|
Income tax demands disputed in appellate proceedings |
NA |
284.700 |
|
References/appeals preferred by the income tax department in respect
of which, should the ultimate decision be unfavourable to the company |
NA |
437.100 |
|
Others |
NA |
2.300 |
|
Guarantees on
behalf of subsidiaries and joint ventures |
|
|
|
Counter corporate goatees issued to banks |
NA |
63.200 |
|
Indemnity bonds, letter of support/comfort and corporate guarantee |
NA |
1879.300 |
|
Others |
|
|
|
Liabilities for export obligations
|
NA |
224.200 |
|
Clams against the company not acknowledged as debt |
NA |
198.500 |
FIXED ASSETS: [As
on: 31.03.2017]
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipment’s
·
Vehicles
WEB SITE DETAILS
PRESS RELEASE
THERMAX WINS INR
2790.000 MILLION ORDER FOR A CAPTIVE COGENERATION POWER PLANT
26.04.2018
As a part of the customer’s drive to reduce energy consumption as well as dependence on grid power, Thermax plans to install two units of GTG with HRSG to generate power and steam simultaneously.
Thermax Group
has concluded a repeat order of INR 2790.000 million from a leading public
sector fertilizer company to set up their captive cogeneration plant at
Trombay. The project is for a GTG (Gas Turbine Generator)-cum- HRSG (Heat
Recovery Steam Generator)-based cogen plant of SOMW capacity on an EPC basis.
As a part of the customer’s drive to reduce energy consumption as well as
dependence on grid power, Thermax plans to install two units of GTG with HRSG
to generate power and steam simultaneously.
“Owing to the government’s thrust on making India self-sufficient, the
fertilizer sector has seen a tremendous growth and so has the demand for power.
The need for reliable power supply coupled with energy-efficient technologies
makes cogeneration a preferred choice for customers,” Unnikrishnan, MD &
CEO, Thermax Limited said.
Thermax has three business segments i.e. energy (boilers & heaters and
cooling & power projects), environment (water & waste solutions and
pollution control systems), and chemicals, which contributed 77%, 15%, and
8%, respectively, to Q3FY18 sales. Monetization of Thermax-Babcock & Wilcox
JV may help consolidate its business.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 68.02 |
|
UK Pound |
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHI |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.