MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
IVRCL INFRASTRUCTURES AND PROJECTS LIMITED |
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Registered Office : |
M-22/3 RT, Vijayanagar Colony, Hyderabad – 500 057, Andhra Pradesh. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Com. Reg. No.: |
7959 |
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CIN No.: [Company Identification No.] |
L45201AP1987PLC007959 |
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TAN No.: [Tax Deduction & Collection Account No.] |
HYDI01786B |
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PAN No.: [Permanent Account No.] |
AAACI5139B |
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Legal Form : |
Public Limited Liability Company. The Company Shares are Listed on
Stock Exchange. |
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Line of Business : |
Subject is engaged in the development and execution of
engineering procurement, construction and commissioning, and lump sum turn
key facilities in various infrastructure projects |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 80278000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a major infrastructural development company, Listed on the
Stock Exchanges. Financial Position of the company is good. Payments are slow but correct. The company has being doing well. It can considered good for normal business dealings at usual trade
terms and conditions. |
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LOCATIONS
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Registered Office : |
M-22/3 RT, Vijayanagar Colony,Hyderabad – 500 057 , Andhra Pradesh. |
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Tel. No.: |
91-40-23495201 / 202206-210 / 23343550 / 3678 / 5130 / 8467 |
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Fax No.: |
91-40-23495215 / 23345004 |
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Email : |
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Website : |
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Head Office: |
8-2-596, 4th Floor, IVRCL Towers, Road No. 10, Banjara
Hills, Hyderabad-500 034, Andhra Pradesh |
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Tel. No.: |
91 -40-23352961 /62/63 |
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Work Sites : |
Ahmedabad : A – 11, Sahajanand Towers, Near Maharaja Agrajan Vidyalaya, Gurukul Road, Memnagar, Ahmedabad – 52, Gujarat Bangalore: ‘Prosperity’, No. 438, 1st Floor 18th Main, 6th Block, Koramangala, Bangalore – 560095, Karnataka Chennai : No. 30A, South Phase 6th Cross Road Thiru Vi.Ka. Industrial Estate Guindy, Chennai – 600032, Tamilnadu Delhi : C/o Vijaya Lakshmi Printers B-11 7, Sector – 5 Noida, Uttar Pradesh – 201301 Jaipur: Shefali, No.24, Gulmohar Lane Hanuman Nagar, Sirs! Road Jaipur-302 012, Rajasthan Kolkata: “Neelambar Building” 28 B, Shakespeare Sarani, Flat 4 F, 4th Floor Kolkata – 700 017, West Bengal Pune: “IVRCL” House”, 35 Suyojana CHS, Koregoan Park Pune – 411 001, Maharashtra Raipur: C – 1 70, Shailendra Nagar, Opp. Ratan Palace, Katera Talab, Raipur, Chattisgarh Bhopal: H. NoJ2, C.I. Vilas” Chuna Bhatti, Kolar Road, Bhopal -426 016, Madhya Pradesh Cochin: H.No.160-A, V.K.V.Lane Chembumukku, Kakkanada West Post, Cochin – 682 030 Lucknow: 2/310, Vishal Khand Gomti Nagar Lucknow – 226 010 |
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Regional Office: |
New Delhi: B-117, 1st Floor Sector – 5, Noida 201 301 Uttar Pradesh. Tel No: 91-120-4240976 / 42574 Tamilnadu: No. 30 A, South Phase 6th Cross Road Thiru Vi.Ka. Industrial Estate, Guindy Chennai – 600032 Karnataka: No.438, 18th Main, 1st floor 6th Block, Koramangala Bangalore – 560 095 Tel.: 91-80-25634966 /25500030/25630392 Maharashtra: IVRCL House. 35, Suyojana CHS Koregaon Park Pune-411 001 Tel.: 91-20-2613 7741 / 26111224/30520641 Gujarat: A-11, Sahajanand Towers Near Maharaja Agrasen Vidyalay Gurukul Road, Memnagar Ahmedabad – 380 052 Tel.: 91-79-2749 6520 West Bengal: Neelambar Building 28 B, Shakespeare Sarani Flat 4F, 4th Floor Kolkata-700017 Tel.: 91-33 – 2289 3208 Chhattisgarh: C 170, Shailendra Nagar Opp. Ratan Palace, Katora Talab Raipur – 492 001 Tel.: 91-771
-4053878/4072016 Uttar Pradesh: Tel.: 0120 – 4240976, 42574 Uttar Pradesh: 2/310, VishalKhand Gomti Nagar, Lucknow-226 010 Tel.: 91-0522-2301 312 Rajasthan: Shefali, No. 24, Gulmohar Lane Hanuman Nagar, Sirsi Road Jaipur-302 012 Tel.: 91-141 -5179181 H.No. 160-A, V.K.V. Lane Chembu Mukku, Kakkanada West (PO) Kochi – 682 030 Tel.: 91-484 – 5500 670 / 2422 723 |
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Divisional Office: |
8-2-348/2, Mirza Gaffar Baig, Road No.3, Banjara Hills, Hyderabad-500
034, Andhra Pradesh |
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Tel No: |
91-40-66412950/ 66412952 |
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HRD, Design & Secretarial Departments: |
8-2-608-1-6, Nairn Chambers, IVRCL Tower-ll, Besides Ofen Coffe
Shop/Bakery, Road No. 10, Banjara Hills, Hyderabad-500 034, Andhra Pradesh |
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Tel No: |
91-40-234232227 / 4 / 5 / 6 |
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Corporate
Office : |
8-2-350/5/A/24/1B, Road
No. 2, Banjara Hills, Hyderabad – 500 034. Andhra Pradesh, India. |
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Tel No.: |
91-40-23356613 / 15 /
18 / 21 / 51 to 55 |
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Fax No.: |
91(40) 23356693 / 23356695 |
DIRECTORS
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Name : |
Mr.Sudhir Reddy |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr.R.Balarami Reddy |
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Designation : |
Director |
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Experience : |
He is a Fellow Member of the Institute of Chartered Accountants of India, and Associate Member of the Institute of Cost and Works Accountants of India, and
Institute of Company Secretaries of India. He practised as a chartered accountant for a period of seven years
before joining the Company |
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Date of Birth : |
01.07.1954 |
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Qualification : |
B.com , F.C.A , A.I.C.W.A ,A.C.S |
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Date of Appointment : |
30.09.1998 |
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Name : |
Mr.Ashok Reddy |
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Designation : |
Director |
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Date of Birth/Age : |
09.12.1955 |
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Qualification : |
B.S.C , P.G.D.B.M |
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Experience : |
MBA in Marketing and Finance
from Xavier Institute of Social
Sciences, Ranch!. He worked for 11 years with the renowned TATA Motors (erstwhile TELCO) before joining
the Company. |
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Date of Appointment : |
30.09.1998 |
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Email : |
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Name : |
Mr.E.Sunil Reddy |
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Designation : |
Director |
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Name : |
Mr.T.N.Chaturvedi |
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Designation : |
Director |
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Name: |
Mr.T.R.C.Bose |
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Designation : |
Director |
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Date of Birth/Age : |
15.01.1941 |
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Qualification : |
B.E. Electrical,FIIE |
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Experience : |
40 years of wide experience
having held various senior positions
and finally as Director Projects with A. P. State Electricity Board presently
known as Transmission Corporation of Andhra Pradesh Limited |
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Date of Appointment : |
29.10.2004 |
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Name: |
Mr.S.K.Gupta |
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Designation : |
Director |
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Name: |
Mr.P.R.Tripathi |
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Designation : |
Director |
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Name: |
Mr.Mahesh Madduri |
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Designation : |
Director |
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Date of Birth/Age : |
16.09.1965 |
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Qualification : |
A.C.A , Master Degree in Finance and Business |
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Experience : |
He is a Member of the Institute of
Chartered Accountants of India and a
Master degree in Finance and
Business from Carnegie Meelon
University U.S.A. He is an
investment banker and a corporate strategist by profession and has 18 years of Experience in the Asian and US markets. |
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Date of Appointment : |
30.09.2007 |
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Name: |
Mr. Arvind Pande |
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Designation : |
Chairman Cum Director |
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Name: |
Mr. R.K.Mandirutta |
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Designation : |
Whole-time Director |
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Name: |
Mr. Y.S.Choudhary |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. C. Ramakrishna Rao |
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Designation : |
Company Secretary |
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Name : |
Mr. M.N.Rao |
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Designation : |
Jt. General Manager (IT) |
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Email : |
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Name : |
Mr. K.Krishna Rao |
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Designation : |
General Manager (Finance) |
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Email : |
kkrishnarao@ivrinfra.com |
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Name : |
Mr. V.S.Murthy |
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Designation : |
Joint general Manager (Business Development) |
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Email : |
vsm@ivrinfra.com |
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Name : |
Mr. K. Panduranga Rao |
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Designation : |
Group Head – HRD and Administration |
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Email : |
pandu@ivrinfra.com |
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Name : |
Mr. R.V.R.Murty |
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Designation : |
Vice president (Commercial) |
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Email : |
murty@ivrinfra.com |
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Name : |
Mr. K.H.K.Prasad |
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Designation : |
COO-Water |
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Email : |
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Name : |
Mr. A.Vijay K.Reddy |
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Designation : |
Head – Buildings and Industrial Structures |
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Name : |
Mr. A. K. Reddy |
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Designation : |
COO-Irrigation |
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Name : |
Mr. R.K.Singh |
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Designation : |
COO-Transportation |
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Name : |
Mr. J.L.Vidya Sagar |
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Designation : |
COO-Power |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Individuals / Hindu Undivided Family |
8810975 |
6.80 |
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Bodies Corporate |
4143295 |
3.19 |
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Mutual Funds / UTI |
16334844 |
12.60 |
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Financial Institutions Bank |
805760 |
0.62 |
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Insurance Companies |
95000 |
0.07 |
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Foreign Institutional Investors |
75383198 |
58.14 |
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Bodies Corporate |
7479318 |
5.77 |
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Individual Shareholders holding nominal share capital in excess of
Rs.0.100 millions |
15223751 |
11074 |
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Individual Shareholders holding nominal share capital in excess of
Rs.0.100 millions |
612847 |
0.47 |
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Non Resident Indians |
533464 |
0.41 |
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Trusts |
33572 |
0.03 |
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Foreign Nationals |
4250 |
0.00 |
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Clearing Members |
202116 |
0.16 |
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Total |
129662390 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the development and execution of
engineering procurement, construction and commissioning, and lump sum turn
key facilities in various infrastructure projects |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
750 |
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Customers: |
Public
Sector Clients
Private
Sector Clients
Central
& State Government Clients
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Statutory Auditors M/s. Chaturvedi & Partners Chartered Accountants 203, Kushal Bazar 32-33, Nehru Place New Delhi – 100019 M/s. Deloitte Haskins & Sells Chartered Accountants Coromandal House 1-2-10, Sardar Patel Road Secunderabad - 500 003. Internal Auditors T. Vijay Kumar Chartered Accountant Plot #101, Jyothi Pride Apts. P.S. Nagar, Masab Tank Hyderabad - 500 028. |
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Subsidiaries : |
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CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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175000000 |
Equity Shares |
Rs.2/-each |
Rs.350.000 millions |
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25000000 |
Preference Shares |
Rs.2/-each |
Rs.50.000 millions |
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Total |
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Rs.400.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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129662390 |
Equity Shares |
Rs.2/-each |
Rs.259.320 millions |
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18,660,500 Shares of Rs.2 each represents after sub -division of 3,732,100 shares of the face value of Rs.10 each which were issued as fully paid bonus shares by utilisation of Rs. 37.32 Million from General Reserve |
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Total |
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Rs.259.320 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
267.000 |
259.320 |
213.880 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15788.600 |
12917.540 |
4554.990 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16055.600 |
13176.860 |
4768.870 |
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LOAN FUNDS |
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1] Secured Loans |
5787.900 |
3887.510 |
2640.560 |
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2] Unsecured Loans |
4890.500 |
1664.79 |
4145.71 |
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TOTAL BORROWING |
10678.400 |
5552.300 |
6786.270 |
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DEFERRED TAX LIABILITIES |
0.000 |
55.890 |
41.440 |
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Stock Options |
0.000 |
40.340 |
1.260 |
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TOTAL |
26734.000 |
18825.390 |
11597.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3191.900 |
1929.130 |
1107.350 |
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Capital work-in-progress |
540.900 |
505.920 |
266.100 |
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INVESTMENT |
3409.100 |
2828.940 |
2764.780 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1943.400
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825.370
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285.530 |
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Sundry Debtors |
6584.900
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6332.100
|
4753.550 |
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Cash & Bank Balances |
1771.700
|
2238.200 |
2443.480 |
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Other Current Assets |
0.000
|
6367.470 |
4613.270 |
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Loans & Advances |
19941.100
|
10919.470
|
1446.280 |
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Total
Current Assets |
30241.100
|
26682.610 |
13542.110 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9075.200
|
12894.590
|
5930.420 |
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Provisions |
1573.800
|
226.62.
|
152.080 |
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Total
Current Liabilities |
10649.000
|
13121.210
|
6082.500 |
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Net Current Assets |
19592.100
|
13561.400
|
7459.610 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26734.000 |
18825.390 |
11597.840 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
36981.100 |
23058.860 |
14956.980 |
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Other Income |
731.900 |
73.800 |
57.470 |
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Total Income |
38771.900 |
23132.660 |
15014.450 |
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Profit/(Loss) Before Tax |
2853.300 |
1850.960 |
1037.250 |
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Provision for Taxation |
748.500 |
436.330 |
107.700 |
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Profit/(Loss) After Tax |
2104.800 |
1414.630 |
929.550 |
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Expenditures : |
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Manufacturing Expenses |
31193.600 |
0.000 |
0.000 |
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Administrative Expenses |
1729.000 |
1260.140 |
650.300 |
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Raw Material Consumed |
112.400 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
1058.900 |
0.000 |
0.000 |
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Interest |
1164.800 |
308.400 |
253.130 |
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Power & Fuel |
59.400 |
0.000 |
0.000 |
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Depreciation & Amortization |
328.200 |
215.880 |
109.970 |
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Other Expenditure |
0.000 |
19497.280 |
12963.800 |
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Employee Cost |
1285.400 |
0.000 |
0.000 |
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Miscellaneous Expenses |
45.800 |
0.000 |
0.000 |
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Total Expenditure |
|
21281.700 |
13977.200 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1 Quarter |
2nd
Quarter |
|
Sales Turnover |
|
9483.400 |
11588.500 |
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Other Income |
|
26.100 |
171.700 |
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Total Income |
|
9509.500 |
11760.200 |
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Total Expediture |
|
8663.500 |
10675.700 |
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Operating Profit |
|
846.000 |
1084.500 |
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Interest |
|
193.900 |
304.200 |
|
Gross Profit |
|
652.100 |
780.300 |
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Depreciation |
|
102.100 |
113.200 |
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Tax |
|
126.100 |
86.500 |
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Reported Profit After Tax |
|
434.900 |
571.000 |
KEY RATIOS
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|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.56 |
0.69 |
1.27 |
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Long Term Debt-Equity Ratio |
0.10 |
0.34 |
0.67 |
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Current Ratio |
1.58 |
1.64 |
1.36 |
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TURNOVER
RATIOS |
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Fixed Assets |
11.02 |
11.40 |
s1.57 |
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Inventory |
26.71 |
42.24 |
65.62 |
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Debtors |
5.73 |
4.23 |
3.89 |
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Interest Cover Ratio |
3.45 |
4.21 |
3.85 |
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Operating Profit Margin(%) |
11.75 |
11.27 |
9.93 |
|
Profit Before Interest And Tax
Margin(%) |
10.87 |
10.35 |
9.21 |
|
Cash Profit Margin(%) |
6.58 |
6.95 |
6.83 |
|
Adjusted Net Profit Margin(%) |
5.69 |
6.03 |
6.11 |
|
Return On Capital Employed(%) |
17.70 |
16.06 |
16.93 |
|
Return On Net Worth(%) |
14.43 |
15.81 |
25.50 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject Company began its journey in the year 1987. Strongly entrenched with proven domain knowledge, experience and credentials, IVRCL operates infrastructure sectors includes Water & Environment, Trasporation, Buildings and Power. Since inception, IVRCL has put in place stringent policies to create a safe and healthy environment at the project sites. The company's landmarks in quality consist of ISO: 9001 - 2000 for Quality Management System, ISO: 14001 - 2004 for Environmental Management System and ISO: 18001 - 1999 for Occupational Health and Safety Assessment Series.
The commercial operations of the company were started in the year 1990. In the
same year, IVRCL established itself as a premier EPC and LSTK Service Provider
with front-end engineering capabilities. During the year 1995, with the Initial
Public Offering, IVRCL became a Listed Company and has been maintaining a
consistent dividend payment record. The Company foray into Build-Operate-
Transfer BOT/BOOT/DBOOT projects since 2001. In the year 2003, the contract for
execution of the work of Water Supply Scheme to Achampet was came to the
company. The Company made joint venture with SPCL during the period of 2003-04
for executing the road widening of AP2 package in NH5 of the Prime Minister's
Golden Quadrilateral Project of the National Highways Authority of India (NHAI)
in Andhra Pradesh and also the company has entered into joint venture with M/s.
UAN Raju Construction Company for execution of the Tunnels work for laying BG
line for Konkan Railway in the state of Jammu and Kashmir.
IVRCL awarded contract for the value of 787.900 millions during the year 2004
and bagged a project in Jammu and Kashmir. IVRCL has entered into joint venture
with SEW Constructions Ltd and Prasad and Company (Project Works) Limited
during the period of 2004-05 to bid for and execute large-scale projects of the
Irrigation and CAD Dept., of Government of Andhra Pradesh. The contract has
been allotted to the consortium and the company's share is 50% of the total
works and also in the same year the joint venture has been formed between IVRCL
and Sri Harsha Constructions to bid for and execute the work of construction of
MGR Link Line and earth works in the formation of railway, road and bridgework
and permanent way work for National Thermal Power Corporation Ltd, SIPAT -
Package - 3. In the year 2005, the company has entered into a joint venture
with Spain-based Befesa, a holding company of Ina Bensa, to bid for the Rs
8000.000 millions water desalination plant projects in Chennai on
Build-Operate- Transfer (BOT) basis. IVRCL secures a contract worth Rs 17.37
billions from Government of Andhra Pradesh and signed pact for desalination
plant in Chennai.
During the year 2006, IVRCL Infrastructures secured the order worth Rs 5578
million from the Irrigation and CAD Department, Government of Andhra Pradesh
for execution of 'Handri Niva Sujala Shravanthi (HNSS) Phase-I project and also
bagged orders worth Rs 3881.600 millions relating to Telugu Ganga Project,
Nandyal Circle. IVRCL is the owner of the National Safety Council of India
Safety Awards - 2006. In December 2007, IVRCL Infrastructure and Projects has forayed
into a share purchase agreement to buy 100% shares of Alkor Petroo, unlisted
oil and gas exploration and Production Company, by the consideration of Rs
150.000 millions. The Company received BAI Award 2007 - Builders' Association
of India Pune Centre.
During the year 2008, IVRCL bagged irrigation works of the value of Rs 4784.800
millions from Narmada Valley Development Authority, Bhopal for execution of
'Canal system of Indira Sagar Project Phase-III, Sanawad District, Madhya
Pradesh and in May of the same year 2008, bagged Rs.4680.000 millions AP Order
and in June 2008, the company has entered into the Oil and Gas sector services.
The company has bagged a contract worth of Rs 8376.000 millions from ONGC Petro
additions. Subject has been selected as the winner of the 'Golden Peacock Award
for Occupational Health and Safety - 2008' by the award Jury.
IVRCL is dedicated to improving the overall quality of life in the country. It
believes in making a holistic contribution to all sectors including water,
roads, industrial structures, residential complexes, power projects etc. For
IVRCL, quality is the overpowering virtue around which the whole system
functions. Engineering and design capabilities are IVRCL's proven strengths.
Its turnkey projects in various sectors are characterised by pioneering ideas
and impressive execution capabilities.
REVIEW
OF PERFORMANCE
Financial
The financial year 2007-08 is yet another year of significant growth. The
company achieved a gross turnover of Rs. 36981.14 million for the year ended
31st March, 2008 as against Rs.23464.57 million for the previous financial year
registering an incremental turnover of Rs. 13516.57 million and recording a
growth rate of 57.60% over the previous year.
The Earnings before Interest, Depreciation, Taxes and Amortisation (EBIDTA) at
Rs. 3659.70 million are 9.90% of the Gross Turnover for the year as against
10.19% for the previous financial year and this rate of gross profit compares
well with similar other companies.
IVRCL continues to be called the Water related technology company with maximum
turnover from water related projects. The Irrigation Wing of Water Division has
substantially contributed to the improved turnover during the year
SUBSIDIARIES
The company firmly believes in partnering with the Government in
implementing and managing various infrastructure projects under the concept of
Public Private Partnership (PPP) and has decided to have a greater role in the
infrastructure development of the country in the Water, Roads and Power
sectors. To meet the challenges in this evolving scenario, separate companies
(Special Purpose Vehicles) have been incorporated into which investments have
been made for execution of the projects awarded on BOT, BOOT and DBOOT basis,
as
IVR PRIME URBAN
DEVELOPERS LIMITED., (PUDL)
IVR Prime Urban
Developers Limited is the Real Estate arm of The company having a land bank of
3393 acres. The company is engaged in construction of residential, retail and
commercial projects at Chennai, Vizag, Bangalore, Pune, Nagpur and New Delhi
besides Hyderabad. The Company made an initial public offering of its shares
during the year 2007-08. PUDL has undertaken execution of a well planned
township in a plot of land of about 700 acres, in Sriperambadur, near Chennai,
for development of Residential complex (300 Acres), Commercial (26.50 acres),
Hardware SEZ (50.00 acres), Convention Centre, Tourism and Recreation
Facilities (13.20 acres), School and Hospital (10.00 Acres) with Open and Green
space of 230 acres, jointly with Kotak Realty Group through a Special Purpose
Vehicle (SPV) viz., IVR Hotels and Resorts Limited with a stake of 67%
therein.
For the financial year ending 31st March 2008, the company has achieved a
turnover of Rs.5958.18 million with a gross profit (PBT) of Rs.2418.73 million
and net profit (PAT) of Rs.1757.94 million. The Company declared a maiden
dividend of 40% on its equity capital.
IVRCL ROAD TOLL HOLDINGS LIMITED
IVRCL Road Toll Holdings Limited (IRTHL) is an investment subsidiary through which all the investments into road related BOOT projects viz., Jalandhar-Amritsar road project, Salem Kumarapalayam road project and Kumarapalayam-Chengapalli road project have been routed. IRTHL has made investments in Salem Tollways Limited to the extent of Rs.710.67 million, Kumarapalayam Tollways Limited to the extent of Rs.650.50 million and Jalandhar Amritsar Tollways Limited to the extent of Rs.330.10 million which are the Special Purpose Vehicles conceived for implementation of the road projects as further detailed herein.
SALEM TOLLWAYS
LIMITED.
Salem Tollways Limited (a subsidiary of IRTHL) was incorporated to design, construct, develop, finance, operate and maintain 53 kilometers section of National Highways - 47 from Salem to Kumarapalayam in the state of Tamilnadu pursuant to the concession agreement dated 20.01.2006 between the Company and National Highways Authority of India (NHAI) at an estimated cost of Rs.5,011.30 million to be financed by way of equity of Rs.801.30 million, grant from NHAI of Rs.1290.00 million and term loans of Rs. 2920 million. 27.3% of the project has already been completed in financial terms and is expected to be completed as per schedule.
KUMARAPALAYAM TOLLWAYS LIMITED.
Kumarapalayam Tollways Limited (a subsidiary of IRTHL) has been incorporated to design, construct, develop, finance, operate and maintain 47 kilometers section of National Highway - 47 from Kumarapalayam to Chengapalli in the state of Tamilnadu pursuant to the concession agreement dated 20.01.2006 between the company and National Highways Authority of India (NHAI) at an estimated cost of Rs.4214.40 million to be financed by way of equity of Rs.650.50 million, grant from NHAI of Rs.175.00 million and term loan of Rs.3388.90 million. 33.1% of the project has already been completed in financial terms and is expected to be completed as per schedule.
JALANDHAR AMRITSAR TOLLWAYS
LIMITED.
Jalandhar Amritsar Tollways Limited (a subsidiary of IRTHL) has been incorporated for execution of widening and strengthening of Jalandhar-Amritsar road and the concession agreement signed with National Highways Authority of India (NHAI). The estimated cost of the project is Rs.2377.50 million financed by way of debt to the extent of Rs.1,570.00 million and equity of Rs.413.00 million and grant from NHAI to the extent of Rs.394.50 million. 48.8% of the project has already been completed in financial terms and is expected to be completed by December, 2008 barring unforeseen delays.
IVRCL BUILDING PRODUCTS LIMITED
IVRCL Building Products Limited (IBPL) (a subsidiary of IRTHL) was incorporated with a view to manufacture, produce mine and deal in various inputs connected with the construction industry with more thrust initially on metal aggregates. The company is in the process of acquiring mining leases at various places like Bangalore, Chennai, Pune etc. for production of metal aggregates. The operations of this company have been conceived to be complementary to those of The Company. The IBPL has been made a subsidiary of IVRCL Road Toll Holdings Limited with an investment of 60%
.
IVRCL WATER INFRASTRUCTURES
LIMITED
IVRCL Water Infrastructures Limited (IWIL) was incorporated
as a subsidiary of IVRCL to make investments into various water related BOOT
projects. IWIL holds 74.85% of shareholding of Chennai Water Desalination
Limited, the Special Purpose Vehicle for implementing desalination project
awarded by the Government of Tamilnadu, besides 95% of First STP Private.
Limited. which has set up the Sewerage Treatment Plant for Allandur
Municipality, Chennai.
CHENNAI WATER DESALINATION LIMITED
Chennai Water Desalination Limited (CWDL) is a Special Purpose Vehicle promoted by The company and M/s. BEFASA CTA of SPAIN who are leaders in Water Desalination technology. The company holds through IWIL 75% of shareholding while BEFASA holds 25%. CWDL has received all the clearances for implementation of the project at a cost of Rs.4900 million. The project execution has commenced and 66.9% has been completed in financial terms.
The project which was scheduled to be completed by August 2008, has been rescheduled to be completed by January 2009, due to delays in getting certain clearances, abnormal climatic conditions at the site and other unforeseen circumstances.
FIRST STP PRIVATE LIMITED
FIRST STP Private Limited is a subsidiary of IWIL which
holds 95% of shareholding. The company is engaged in the business of sewerage treatment
for Allandur Municipality, a suburb of Chennai. The total investment made is
Rs.28.50 million. The company achieved a turnover of Rs.16.02 million with a
Profit Before Tax (PBT) of Rs.0.82 million and Profit After Tax (PAT) of
Rs.0.73 million, during the period under review.
ALKOR PETROO LIMITED
During the year under review, The company has forayed into oil and gas sector by acquiring the majority stake in Alkor Petroo Limited, a company which is having 25% participating interest in three oil exploration blocks i.e., Blocks 19, 28 and 57 in Yemen and 20% participating interest in two blocks viz., Block 6 {(N-Happy)(Off-shore)} and Block 8 {(South Diyar)(On-shore)} in Egypt as a member of consortia which were awarded the exploration rights by the respective Governments. The other members of the Consortium are Gujarat State Petroleum Corporation Limited (Operator-45%) jubilant (30%) in Blocks 19, 28 and 57 of Yemen; and Gujarat State Petroleum Corporation Limited (Operator-50%) Geo Global (30%) in Blocks 6 and 8 of Egypt.
Production Sharing Agreements have been ratified by the Parliaments of
respective countries for the relative blocks and the Consortia have entered
into necessary agreements with the respective governments.
The Company has also fulfilled its obligations in making payment of signature
bonus and provision of performance guarantees to the Government of Yemen to the
extent of its share in blocks located in Yemen and to the Gujarat State
Petroleum Corporation in respect of Egyptian Blocks. The actual exploration is
expected to commence from August 2008 in all the blocks.
INFRASTRUCTURE THE FIRST CHOICE
With the Indian economy moving at a 'breathtaking speed'
clocking growth at a rate between 8.5 to 9 percent India is experiencing
phenomenal growth in infrastructure development. The Approach Paper of the XI
Plan states that investment in infrastructure would have to rise from the
current 4.6% of India's GDP to an estimated 8.0% during the XI Plan period
(2007 -12) to meet India's target GDP growth rate of 9%. According to the
Consultation Paper on the projections of investment in infrastructure during
the 11 t' plan (2007-2012), the total requirement for the sector (at 2006-07
prices) is over Rs.20,187 billion ($ 500 billion). This implies a growth rate
of 162% over the X plan. Segments of infrastructure with the biggest growth
potential are - ports (almost 18 fold growth in investments envisaged),
airports (400% growth) and water supply (200% growth).
With the tremendous spending potential arising from the country's
improved fiscal position, an investment of US$ 1.5tn is expected to be injected
into infrastructure building by 2017. Opportunities abound for developers,
contractors, suppliers and financiers. The current momentum in infrastructure
spend is set to accelerate, because of a strong political will; setting up of
Independent Regulators in Infrastructure Sectors; Public Private Participation
and Negative Grants /Revenue Share reducing the funds outlay of the Central
Government; and greater Public Acceptance of User Access Charges.
With the catalysts now in place accelerating the pace of India's
infrastructure development, they have begun to see successful examples of
infrastructure projects in ports, roads, airports, power and railways with
private-sector majority ownership. They will perhaps continue to see strong
growth in power, railways, ports and airports enhanced by the aggressive
participation by private sector. Though some risk of delays is perceived in
roads due to land acquisition, dispute resolution etc, construction companies,
equipment suppliers, lenders, consultants as well as owners of infrastructure
assets are well positioned to benefit, given the increasing size and complexity
of projects. Increased mechanization will drive demand for construction
equipment.
IVRCL - SURGING AHEAD WITH ITS
PANINDIA PRESENCE
On the back of this huge infrastructure rollout and an improving external environment, at IVRCL, Their journey continues to be exiting and challenging and with each passing milestone, they are inspired to take the next bold step on the path ahead. Based on the robust outlook of the Indian economy and the inherent strengths and current financial performance of the Company, IVRCL is aware of the potential of multiple opportunities for growth and diversification across all lines of infrastructure business. The Company is well placed to continue as a one among the top players in infrastructure industry and as a front runner in the water sector in India.
To reach where they stand today and grow beyond from here, they have built a
complete infrastructure company to harness the four most critical sectors for
the development of the country, i.e., Water, Transportation, Buildings them
Industrial Structures and Power Transmission.
WATER
To IVRCL, Water continues to be the dominant business where they offer any
and every solution for all types of water and sanitation needs. With an enviable
track record and proven capabilities and credentials in the industry, IVRCL is
uniquely positioned to take advantage of the tremendous opportunities in the
water sector and they are capturing the potential in this vertical by investing
in building, owning and operating water projects across the country. With the
ever increasing water demand be it for irrigation, drinking or industrial
purposes, several states in India such as Andhra Pradesh, Kerala, West Bengal,
Madhya Pradesh and Rajasthan to name a few, have launched large irrigation
schemes, reservoir projects, treatment plants and pipeline systems to augment
their available water resources effectively. Hence irrigation systems,
infrastructure for drinking water and industrial water and recycling of waste
water are going to be long term demand drivers.
IVRCL is the undisputed leader in irrigation projects across the country and Irrigation projects continue to be a bulk of Their water sector portfolio. They have successfully completed Phase- III of the prestigious Sripada Sagar Project in Karimnagar District of Andhra Pradesh on EPC basis and currently executing the following major irrigation projects:
* Telugu Ganga Stage-3
* Kalwakurthi Lift Irrigation Scheme - Package 28
* Koil Sagar Stages 1 them 2 and the HNSS Phase - 1
In Maharashtra, while the first phase of Purandhar Lift Irrigation Project and
the Mukhtainagar Lift Irrigation Projects have been completed, work has
commenced on the Dehani Lift (Drip) Irrigation System for Bembla River Project
under Vidarbha Irrigation Development Project at Yavatmal.
The Company has bagged massive irrigation projects of Narmada Valley
Development Department in Madhya Pradesh comprising of execution of 51 km of
main canal and over 250 km of distribution network for a command area of over
20700 ha. The Company is targeting similar opportunities in other potential
states to set its foot print.
The Company has been forging ahead in other sub-sectors of water as well.
The sheer competence and capability of IVRCL as a leading player in the water infrastructure sector has set new standards in Rajasthan. The Company has achieved a path-breaking performance for Neyveli Lignite's Power Plant at Bikaner in Rajasthan by completing its Water Carrier System, a determined win under the most difficult conditions. The project is considered an engineering marvel and a great achievement considering the harsh desert conditions and difficult terrain demonstrate the magnitude of the project significance and IVRCL' s achievement.
Another major industrial water project that the Company is engaged in is
the water supply for Rayalaseema Thermal Power Plant in Kadapa District of
Andhra Pradesh. The project involves laying of pipeline of 1100 mm dia to
convey 50 cusecs of water over 72 km from Brahmam Sagar Reservoir to the power
plant. The work includes construction of pipeline carrying bridges across
Kunadu and Penna rivers, besides minor bridges and a ground level reservoir at
plant site.
Other significant projects completed during the year under review in the Water
Sector include the:
* Sujalam Sufalam Water Supply Pipeline project,
* RWS Project - CPWS Scheme in Andhra Pradesh
* Make up Water System for Super Thermal Power Project, Stage -I
(3X660MW) for NTPC
* Water Treatment System Package for NTPC, Vindhyachal Super Thermal
Power Project
* River water Intake and Piping System for O. P. Jindal Super Thermal
Power Plant (4x250MW) in Chattisgarh,
* Regional Water Supply Scheme for 38 villages on Single Responsibility
Turnkey Basis in Rajasthan
* Water Distribution System in Bikaner City
* Pumping stations for Modhera - dharoi Pipeline project in Gujarat on
EPC basis.
Some of the major works bagged by the company and under execution during the year are:
* HNSS Main Canal for Stage II of Phase I in Andhra Pradesh.
* Execution of Main canal system of Indira Sagar Project including
distribution net work for irrigation of culturable command area of about 20700
ha on turnkey basis under Narmada Valley Development Authority in Madhya
Pradesh.
* Investigation, Design, Excavation and lining of Gandikota Tunnel for
Feeding to Gandikota Reservoir including construction of Adit in Kadapa
District of Andhra Pradesh.
* Water supply from Narmada Canal (Jalore District) for Jalore Town and
281 villages through various off take viz. construction of RWR Water Treatment
Plant, 33/6.6 KV Switchyard. PHED RGLC, Rajasthan.
* Execution of Balance work of Transmission Main part of Chambal -
Dholpur Bharatpur Water Supply Project for PHED, Rajasthan.
* Investigation, Design, Supply and erection of components to Lift 8.10
them 8.30 TMC in 45 days from elevation +204 M to +221 M from foreshore of
Gandikota Reservoir Storage Reservoir -1 in Yallanur them Thimmapuram Villages
respectively in Andhra Pradesh.
* Bhadra Modernization Package No.11 (a) them Modernization of Bhadra
Right Bank Canal (0-60 Kms.) including Lining works and
Rehabilitation of Structure Package No.3 for Karnataka Neeravari
Nigam Limited.
* IV Mumbai Water Supply Project Construction of 140 ML Master Balancing
Reservoir and Associated works at Bhandup Complex - Contract No. MVP 10.
* Design, Construction, Commissioning, Operation and Maintenance of Clear
Water Sump and Pumping Station, Indore Municipal Corporation.
* CMWSSB - C them M - Construction and Commissioning Water Distribution
Station for Kilpauk Water Distribution Zone including Civil, Mechanical,
Electrical and Instrumentation works.
* Hyderabad Metro Water Supply and Sewerage Board - Providing Flow, Level
and Chlorine measurements and Supervisory Control and Data Acquisition System
(SCADA) for all reservoirs and bulk supply pipe lines in the entire system of
HMWSSB on EPC system. The operating philosophy includes facilities to measure
flow, level and residual chlorine parameters as well as control the chlorine
dosing accordingly and it will be transmitted to a central server from
different RTU Stations and indicate the real time parameters on the PC based
SCADA system at HMWSSB office. All data from the various sites shall be made
available for monitoring over water transmission network linked via a
communications through GSM link to the Master Control Centre (MCC) i.e. from
different RTU Stations. The MCC is where a PC based SCADA system shall be
provided. This is a very significant work adding value to the Company to
undertake similar projects in the Water Sector.
Chennai Desalination
The prestigious Chennai Sea Water Desalination Project of 100 MLD Capacity being executed in Joint Venture with BEFESA CTA of Spain for Chennai Metro is the first of its kind in the country and stands out as one of the most distinguished ventures of IVRCL. While work on this project is going on in full swing, the Company is targeting the second 100 MLD Desalination plant as well and working very closely with BEFESA towards bagging the order.
IVRCL recognizes the immense potential of desalination as a major water source for the country and will spearhead the desalination drive to bring water to people and industry, IVRCL views the emergence of Special Economic Zones (SEZ s) and industrial parks etc in the coastal states as a major contributor to the demand for desalinated water.
Niche Water Projects - As a pure play market leader in the water EPC space in
India, besides continuing its thrust on irrigation schemes and water
distribution projects, IVRCL, with an eye on the future, has carved out an
Advanced Water Technologies Division to specifically leverage business advantages
in niche water projects and will enhance its role and presence in more complex
water application projects, as:
* Industrial high purity Water solutions
* Multiple Urban related Water Schemes
* Waste Water Treatment them Recirculation Systems
* Industrial/Effluent/Sewage Treatment Solutions
* Non - revenue water
The strong emphasis on irrigation, finding solutions which alleviate 'Water
Stress' for rural and urban drinking water besides the current boom in
industrial construction; all point towards a future full of immense
possibilities and potential for a huge wave of opportunities in the water
sector in India. With its leadership in water segment, IVRCL is perceived to be
the natural beneficiary of India's mega water plans in the near future and will
continue to ride this wave to emerge as a winner in the water sector.
IVRCL' s significant milestones in
terms of Their cumulative achievements in the Water Sector are:
* Water Pipe Lines laid 17650 Kms
* Maximum diameter of Pipe laid 3100 mm
* Cumulative Storage Tank Capacity 4893 Million Liters
* Total Installed Discharge Capacity 600,000 cum/hr
* Total Installed Pumps Capacity 120,000 KW
* Total Installed Motor Capacity 160,000 HP
* Single Largest Pump Installed 7 cumecs with Head of 148 m them Motor
Rating of 15.80 MW
* Single largest Pumping head 192 m
* Maximum head delivered in a single project 584 m
* PLC/SCADA provided for 15 Projects
TRANSPORTATION
IVRCL has established itself as a key player in the transportation sector.
The focus of the Company during the year has been to complete the ongoing National highway projects and bid for turn key contracts of roads, bridges and tunnel projects. The three major National Highway projects on a BOT basis in Tamil Nadu and Punjab are currently under execution
The Company has successfully completed the Doubling of Mohol - Solapur BG
Railway line work on Chennai - Mumbai Trunk Route in a record time and working
towards bagging more such upcoming railway contracts. On the PSU front, the MGR
Link Line which includes roads, bridges and permanent way has been completed
for NTPC Sipat Super Thermal Power Project in Bilaspur District, Chhattisgarh.
Major bridges under construction for Southern Railways have been completed in
Tamil Nadu. Other major projects completed during the year are:
* Integrated Improvement cum Performance Based Maintenance on Pachpadra to Ram
Ji Ki Gol Road in Rajasthan (PR-2) for Road Infrastructure Development Company
of Rajasthan Limited, Jaipur
* Rehabilitation of Road from Ron to Kushtagi (via Gajendragarh), Gadag
and Koppal District, Contract Package No. M 34 for Karnataka State Highways
Improvement Project, Bangalore.
It may be noted that the recent ruling of NHAI to shortlist only the top
five or six qualifying bidders for BOT projects has led the Company to take a
strategic view of this development and enter into alliances with domestic and
overseas players to bid for selective packages.
The massive investments for the proposed Dedicated Freight Corridor comprising
2762 km of new railway lines along the western and eastern corridors being
envisaged by the Indian Railways to give a fillip to the economic buoyancy in
the country offer a tremendous opportunity for The Company to participate in
these works either on its own or by a joint venture route and thereby enhance
its credentials in the railways sector.
The Company is also focusing on the metro rail and high speed rail for airports connectivity being planned in the major cities across the country as highly potential projects in near future.
BUILDINGS AND INDUSTRIAL
STRUCTURES
In the Buildings and Industrial Structures Sector, IVRCL brand continues to command an impeccable reputation in regard to highest standards of project execution and deliverables for quality construction and the orders of some of the most prestigious projects bagged by the Company are a testimony to this. IVRCL has been awarded the second phase of Bidar Medical College and Bangalore Metro Bus Terminus at Yeshwantpur in Bangalore, besides bagging the following major orders:
* Chhattisgarh State Secretariat Building of Naya Raipur
Development Authority
* Rajiv Gandhi Infotech Park for DLF-Akruti Info Parks, Pune
* Research Building Complex for IGCARL Part - I at Pulivendula in Kadapa
District, Andhra Pradesh.
* Mass Housing - Construction of 5552 EWS Houses (Composite work)
with Cost Effective Technologies at Baprola, Delhi for Delhi State Industrial
them Infrastructure Development Corp. Limited.
* Construction of 1456 tenements in P + 7 Buildings at Milind Nagar and
Construction of 2320 tenements in G + 4 Buildings at Sector 22 E in Pune.
* Developing Integrated Township for M/s. Riverbank Developers Private
Limited., at New Bata Nagar in Kolkata
* Nest Towers at IT Techno Park Campus Construction of multi storied
building for the office of Network Systems them Technologies (P) Limited (NeSt)
at Technopark Campus, Thiruvananthapuram
* Multi Storied Residential Complex ' Upohar' at Chawkgaria, Kolkata for
Bengal Ambuja Housing Development Limited.
* Open Air Theatre and Signature Tower, ICFAI Club, Sports Complex and
Swimming Pool, Hotel Blocks - Phase III at Dontanapally Village, Shankarpally,
Hyderabad.
* Calcutta Riverside Project - Piling, Structural and Finishing works for
Civil Engineering Construction works for developing integrated Township for
Calcutta Riverside-Project at New Bata Road, Kolkata.
* Civil work, Structural Fabrication, Erection and Alignment for the WIRE
them BAR MILL Project at Jindal Steel them Power Limited in Patratu, Jharkhand.
* EPC Contract for TATA Cummins Limited (TCL) Plant at Phaltan,
District Satara, Maharashtra
* Civil them Structural work of Auxilliary Building for 2 X500 MW Mejia
BTPS for BHEL in West Bengal. Educational them Academics Infrastructure - The
Company is distinctly poised to emerge as a front runner in the construction of
infrastructure for some of the most prestigious educational and academic
institutions in the country. The Company is currently executing the
construction of the following education institutional projects:
* Construction of BITS Pilani, Hyderabad campus at Jawahar Nagar,
Shameerpet, Hyderabad spread over 200 acres comprising administration and
academic blocks and overall infrastructure close to 2 million sft of built up
area.
* Construction of ICFAI Office building in 65 acres including staff
quarters, shopping complex and MPD Centre and all civil works, electrification
and conduits for data and voice networking.
* Construction of 2nd phase Buildings of Bidar Institute of Medical
Sciences at Bidar
Foray into SEZ
Infrastructure - Sensing the vast potential opportunity unfolding with the
announcement of innumerable SEZs across the country, The Company proposes to
focus on the construction of infrastructure for SEZs. As a step in this
direction, the Company is constructing the infrastructure of the Apparel City
of Brandix India Apparel City (Private) Limited at Visakhapatnam. The project
is spread over 1000 acres and consists of construction, supply and installation
of water distribution system, clear water reservoir them water towers, domestic
waste water collection system them pump station, industrial waste water collection
system them pump station, roads and storm water drainage system and related
mechanical and electrical works.
Another major SEZ Project bagged by the Company is Petrochemical Complex
for ONGC in Dahej District, Bharuch, Gujarat comprising the entire
infrastructure development works for petrochemical complex. The scope of work
involves borrowed earth filling of around 2.0 m and infrastructure development
532 ha of land including water and sewage treatment facilities, storm water
drainage and flood protection system, water supply and sewer network, rain
water harvesting system, boundary wall, internal road network, administrative
office building and a world class guest house facility. the earthwork filling
quantity is 8.65 million cum and removal of existing earth is 3.72 million
cum.
Some of the significant projects successfully completed by the Company
during the year are as follows:
* Housing Project for Defense Personnel at Ambala, Haryana (Packages - I,
II them III).
* New Prasadalaya Building for Shri Saibaba Sansthan Trust
(Shirdi).
POWER
The government is planning to come with a revised Accelerated Power Development
and Reform Program (APDRP) to provide substantial support and financial incentives
for reduction in T them D losses in the country. This is crucial for a
sustainable power sector, as India is one amongst those with the highest T them
D losses in the world. The 11th plan investments under this scheme are targeted
at US $ 10bn and another US$10bn are targeted to be spent on rural
electrification to achieve governments target of 'Power for All' by 2012.
IVRCL has established its formidable presence in the power transmission,
particularly in rural electrification projects while simultaneously
strengthening its activities in cross country transmission lines, substations,
distribution systems and railway traction works. Having thus acquired a
leadership position in projects of accelerated power leadership generation
(APDRP), and the Accelerated Rural Electrification Program (APRP), by edging
out established players in this sector, IVRCL will aggressively pursue the
above opportunities in the revised APDRP and rural electrification sectors. The
Company continues to take up railway traction projects which, going further,
would qualify us for the upcoming major projects envisaged in the railway
sector.
The Division has taken the inevitable, but strategic backward integration
measure to implement its transmission business by setting up a state-of- the
art Transmission Line Tower manufacturing facility at Nagpur, Maharashtra. The
factory has commenced production and apart from manufacturing towers is
diversifying into related products and expanding its portfolio. Besides
supplying to the domestic market, the Division is well is on its way to bagging
some export orders.
Besides some new and the ongoing rural electrification works across the
country, some major orders bagged by the Company during the year are:
Transmission Lines
* Supply, erection, testing and commissioning of transmission lines, sub
transmission and distribution lines, Power transformers with commissioning of
Substations on Turnkey Basis for Yavatmal District under Amravati Zone in
Maharashtra.
* Providing, designing Constructing and erecting on turnkey basis 132 KV.
ChikaliDusarbid Line to proposed 132 KV Sub station 33 KV Single Circuit Line including isolator to Pump house 4 Nos(Stage I to IV of Kahdakpurna Project)
* Construction of 132 KV SC/DC/2- Phase Transmission Lines on Turnkey
Basis Uttar Pradesh.
Overhead Electrification Works
* Design, Supply, Erection, Testing and Commissioning of Traction
Overhead Equipment, Switching stations in connection with doubling of track
between Ernakulam and Kayankulam Section ( via Kottayam) for widening of
platform at Palghat Station via Alleppey of Shoranur junction.
* Design, Supply, Erection, Testing them Commissioning of 25 KV AC,
Single Phase, 50HZ, Traction Overhead Equipments, Switching Stations, Booster
Transformer stations including foundations, structures and all ancillary
equipments in Trichur Guruvayur section Gr.91 A (Turnkey) of Southern
Railway.
Other Works
* Electrification works for Gaothan Feeder Separation Scheme Phase II
Project: for Lot No.6 for works in Amravati Zone on Turnkey basis.
* Supply of material connected to the erection, testing them
commissioning of new 6.3/10/16/25 KVA distribution transformers and conversion
of LT line to 11 KV line on Turnkey basis under Bhikhiwind Division, City Tarn
Taran Division them Amloh Division of Punjab State Electricity Board under HVDS
Scheme.
The Company has completed the following major works during the
year:
Rural Electrification them APDRP works
* Rural Electrification works under Rajiv Gandhi Gramin
Vidyutikaran Yojana on Turnkey Basis in Bahraich / Srawasti, Jhansi them
Lalitpur, Banda them Chitrakoot Districts of Uttar Pradesh.
* Package - II of Rural Electrification works in Purulia District of West
Bengal.
* Construction of New 11/0.433 KV S/s. augmentation of capacities and
RthemM works of existing 11/0.433 KV S/s. in Mainpuri under ARDRP Scheme on
Turnkey basis
Transmission Lines
* APTRANSCO - Simhadri them Vizag Transmission System Project - Design,
Supply them Erection etc. of 400KV Vizag Khammam D/C Line, package - A, i.e
Reach-I : Vizag 400KV SS - Kathipadi DC Line.
* Turnkey Package for Transmission Lines associated with Unchahar III
Transmission System.
* Construction of New 11 KV them LT lines and renovation and revamping of
11 KV, LT works and lines in Saharanpur under APDRP scheme, Meerut.
* Construction of New them Reconductoring of existing 11 KV and LT lines
in Mainpuri under ARDRP Scheme on Turnkey Basis
* Construction (Erection Activity) for 80 Kms. of 400 KV D/C Palandur -
Chandrapur Transmission Lines.
* Construction of 33KV Line on 280Kg, 9.1 Mtr. Long PCC poles using ACSR
80 Sq.mm Aluminium Conductor from 33/11 KV S/s. Pandariya to 33/11 KV S/s.
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Over View:
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, and Generally Accepted Accounting Principles (GAAP) in India. The management of IVRCL accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present the state of affairs on the Balance Sheet date and profits of the Company for the year ended on that date.
The Company maintained its continual growth in terms of revenue and
profitability in Fiscal 2008 also. The Company's total revenue increased to
36,651 million i.e. increased by 58.4% over fiscal 2007 and Net Profit (PAT) to
2,105 million, increased by 48.8% over fiscal 2007.
The revenues have grown on average over 52% per year i n the last three
years. The growth of the Company has been funded through debt, equity and
reinvestment of retained profits.
Joint Ventures
Cadagua, S.A,Spain
Advance Water Solutions
Befesa, Spain
Sea Water Desalination
Dragados Group, Spain
Transmission Lines For Power Grid
Jsc Puprpetruboprovodstroy (Ptps),Russia
Oil And Gas Pipelines
Isolux Corsan Group, Spain
Roads And Highways
China Railway Shisiju Group, China
Railwaya , Road ,Bridges,Tunnels,Metro Rail Projects.
Group Sanjose ,Spain
Airports
Telcon,India –Hitachi-Green Arm, Japan
Hot-In-Place Recycling System
PRESS
RELEASE
Deccan Chronicle (11.11.2008)
IVRCL GETS Rs.8930.000 millions Contract
IVRCL INFRASTRUCTURES AND PROJECTS on Monday said it has
bagged a Rs. 8930.000 millions order from the Andhra Pradesh Government for
execution of irrigation project in that state.
The scope of work would include investigation, designs and
execution of lift irrigation scheme, IVRCL Infrastructures and Projects Limited
said in a filing to the Bombay Stock Exchange
The firm is working on a number of irrigation projects and
last month it had bagged on order worth Rs. 4990.000 millions from the Andhra
Pradesh for the implementation of the
Kaleswram lift irrigation scheme.
News
25/11/2008 - IVRCL Infra bags Rs 5300.000 millions orders
11/11/2008 - IVRCL gets Rs 8930.000 millions contract
02/11/2008 - IVRCL posts 63 percent increase in Net Profit
29/09/2008 - IVRCL bags
Rs.4185.000 millions M.P Project
29/09/2008 - IVRCL
Nominated for Emerging Company of the Year of 10 Years ET Awards – Corporate
Excellence 2007-08
19/08/2008 - IVRCL bags
Lift Irrigation Project
31/07/2008 - IVRCL Q1
profit rises 15%
22/07/2008 - IVRCL -
Bags Rs 3510.000 millions orders
10/07/2008 - IVRCL -
IVRCL gets deal for AP irrigation
05/06/2008 - IVRCL - In
Line with the Environmental Standard
03/06/2008 - IVRCL Bags
Rs8370.000 millions project from ONGC Petro
28/05/2008 - IVRCL group
joins $1-billion league
6/05/2008 - IVRCL Bags
Rs.4680.000 millions AP Order
28/04/2008 - IVRCL Lays
Plans for backward Integration
31/3/2008 - IVRCL
infrastructures & Projects Limited
'We want to be a tech-driven firm
31/3/2008 - BULL'SR eye
IVRCL infrastructures
26/3/2008 - IVRCL bags Rs
790.000 millions research centre project
4/3/2008 - IVRCLbags
Rs 4780.000 millions order
25/2/2008 - IVRCLinfra
plans $60-m buy of two oilfield services cos
21/2/2008 - IVRCLwins
orders worth Rs 5180.000 millions
17/2/2008 - Inveetment
Focus IVRCL Infrastructures:BUY
5/2/2008 - IVRCL INFRA
Net up 100%
1/2/2008 - IVRCL group
net Zooms to Rs 1850.000 millions
27/11/2007 - Quick Line IVRCL babs Chhattisgarh project
13/11/2007 - IVRCL infra
buys Alkor for Rs 150.000 millions
1/11/2007 - IVRCLnet
doubles in Q2
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 exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
UK Pound |
1 |
Rs.75.08 |
|
Euro |
1 |
Rs.63.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
|
|
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 |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|