MIRA
INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ITD CEMENTATION INDIA LIMITED |
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Registered Office : |
1st Floor, Dani Wooltex Compound, 158,
Vidyanagari Marg, Kalina, Santacruz (East) Mumbai 400 098, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.06.1978 |
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Com. Reg. No.: |
1-020435 |
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CIN No.: [Company
Identification No.] |
L61000MH1978PLC020435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS00123E |
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PAN No.: [Permanent
Account No.] |
AAACT1426A |
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Legal Form : |
Public limited liability company. Company’s Shares are listed on the
Stock Exchange. |
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Line of Business : |
Providing of construction services. |
RATING & COMMENTS
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MIRA’s Rating : |
A (59) |
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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 14000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Not able to contact the company
LOCATIONS
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Registered Office : |
1st Floor, Dani Wooltex Compound, 158,
Vidyanagari Marg, Kalina, Santacruz (East) Mumbai 400 098, |
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Tel. No.: |
91 - 22 - 6693 1600-7/8 |
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Fax No.: |
91 - 22 - 6693 1627-28 |
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E-Mail : |
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Website : |
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Branches : |
Plot #14,301 & 302, Sagar Towers,
District Centre, Janakpuri, New Delhi 110 058. Kolkata Office: Anar Chambers,5, Chowringhee Approach, Kolkata 700 072. Chennai Office:
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Research Laboratories : |
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DIRECTORS
AS ON 31.12.2009
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Name : |
Mr.
Premchai Karnasuta |
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Designation : |
Chairman |
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Name : |
Mr. Per
Hofvander |
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Designation : |
Director |
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Name : |
Mr. Sunil
Shah Singh |
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Designation : |
Managing Director |
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Name : |
Mr.
Srinivasan Mukundan |
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Designation : |
Deputy Managing Director |
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Name : |
Mr. Darius
Erach Udwadia |
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Designation : |
Director |
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Name : |
Mr. Pathai
Chakornbundit |
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Designation : |
Director |
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Name : |
Mr. Nasser
M. Munjee |
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Designation : |
Director |
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Name : |
Mr. Anup
Kumar Chatterjee |
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Designation : |
Director-General Manager |
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Name : |
Mr. D P Roy |
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Designation : |
Director |
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Name : |
Mr. P Jehangir |
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Designation : |
Director |
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Name : |
A Saraban |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. Prasad Patwardhan |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. R.C Daga |
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Designation : |
Company Secretary |
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Audit Committee |
Mr. P. Hofvander |
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Mr. D.E. Udwadia |
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Mr. P.
Chakornbundit |
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Remuneration Committee |
Mr. D. E.
Udwadia |
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Mr. P. Karnasuta |
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Mr. D
Chakornbundit |
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Mr. N. M. Munjee |
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Shareholders/Investors' Grievance Committee : |
Mr. P.
Chakornbundit |
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Mr. S.S. Singh |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No.
of Shares |
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As a % of
(A+B+C) |
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(A) Shareholding of Promoter and Promoter Group |
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8,011,318 |
69.57 |
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8,011,318 |
69.57 |
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Total shareholding of Promoter and Promoter Group (A) |
8,011,318 |
69.57 |
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(B) Public Shareholding |
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369,143 |
3.21 |
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330 |
- |
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50 |
- |
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Foreign Bank |
50 |
- |
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369,523 |
3.21 |
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313,899 |
2.73 |
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1,754,709 |
15.24 |
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994,040 |
8.63 |
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72,301 |
0.63 |
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54,173 |
0.44 |
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22,128 |
0.19 |
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3,134,949 |
27.22 |
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Total Public shareholding (B) |
3,504,472 |
30.43 |
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Total (A)+(B) |
11,515,790 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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Total (A)+(B)+(C) |
11,515,790 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Subject is engaged in providing of construction services. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2634 |
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Bankers : |
v
Allahabad Bank v
Axis Bank Limited v
Bank of v
ICICI Bank Limited v
IDBI Bank Limited v
Punjab National Bank v
Standard Chartered Bank v
State Bank of v
The Federal Bank Limited v
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
Jalan Mill Compound, 95, Ganpatro Kadam Marg, Lower Parel, Mumbai 400013,
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Joint Venture : |
v
ITD Cemindia JV v
ITD –ITD Cem JV v
ITD-ITD Cem JV (Consortium of ITD ITD Cementation) |
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Holding Company : |
Italian Thai Development Public Company Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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60000000 |
Redeemable Preference Shares of |
Rs.10/- each |
Rs.600.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11518316 |
Equity Shares |
Rs.10/- each |
Rs.115.183
Millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11515790 |
Equity Shares |
Rs.10/- each |
Rs.115.158
Millions |
Of these shares:
8011318 equity shares of Rs.10/- each are held by Italian-Thai Development Public Company Limited Thailand (ITD) the holding company.
1760220 equity shares of Rs.10/- each have been allotted as fully paid-up bonus shares by way of capitalisation of the general reserve.
Note: 2526 equity shares of Rs.10/- each have been kept in
abeyance pending final settlement of rights issue.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
115.158 |
115.158 |
115.158 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3423.750 |
3383.170 |
3348.164 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3538.908 |
3498.328 |
3463.322 |
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LOAN FUNDS |
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1] Secured Loans |
4789.095 |
3998.972 |
712.658 |
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2] Unsecured Loans |
177.261 |
150.886 |
106.733 |
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TOTAL BORROWING |
4966.356 |
4149.858 |
819.391 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8505.264 |
7648.186 |
4282.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1585.982 |
1228.266 |
872.785 |
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Capital work-in-progress |
15.879 |
398.178 |
64.957 |
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INVESTMENT |
230.627 |
127.796 |
42.948 |
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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 |
1215.006
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1637.485
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1171.576
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Sundry Debtors |
4131.392
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2145.399
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1985.736
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Cash & Bank Balances |
106.342
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3869.835
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2699.266
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Other Current Assets |
2308.322
|
108.002
|
517.388
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Loans & Advances |
1803.804
|
1800.826
|
832.948
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Total
Current Assets |
9564.866
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9561.547
|
7206.914 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
774.338
|
1192.250
|
0.000
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Current Liabilities |
2043.462
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2388.986
|
3827.215
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Provisions |
74.290
|
86.365
|
77.676
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Total
Current Liabilities |
2892.090
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3667.601
|
3904.891 |
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Net Current Assets |
6672.776
|
5893.946
|
3302.023 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8505.264 |
7648.186 |
4282.713 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
9898.160 |
9740.830 |
7866.914 |
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Other Income |
72.965 |
55.311 |
108.407 |
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TOTAL (A) |
9971.125 |
9796.141 |
7975.321 |
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Less |
EXPENSES |
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Site and Administrative Expenses |
8792.886 |
9016.460 |
7285.753 |
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Bad debts provided for and written off |
81.024 |
47.799 |
39.300 |
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TOTAL (B) |
8873.910 |
9064.259 |
7325.053 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1097.215 |
731.882 |
650.268 |
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Less |
FINANCIAL EXPENSES (D) |
714.582 |
470.228 |
374.336 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
382.633 |
261.654 |
275.932 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
306.001 |
197.253 |
146.532 |
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PROFIT BEFORE
TAX (E-F) (G) |
76.632 |
64.401 |
129.400 |
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Less |
TAX (H) |
22.579 |
9.408 |
38.926 |
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PROFIT AFTER TAX
(G-H) (I) |
54.053 |
54.993 |
90.474 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
161.570 |
121.425 |
NA |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.351 |
1.375 |
NA |
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Dividend |
11.516 |
11.516 |
NA |
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Tax on Dividend |
1.957 |
1.957 |
NA |
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BALANCE CARRIED
TO THE B/S |
200.799 |
161.570 |
NA |
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IMPORTS |
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Spare Parts |
NA |
9.889 |
2.103 |
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Tools
|
NA |
1.720 |
0.000 |
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Construction Materials |
NA |
115.226 |
0.000 |
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Capital Goods (including Capital Work in
Progress) |
NA |
550.039 |
168.056 |
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TOTAL IMPORTS |
NA |
676.874 |
170.159 |
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Earnings Per
Share (Rs.) |
4.69 |
4.78 |
NA |
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QUARTERLY RESULTS
|
PARTICULARS (Rs. In
Millions) |
31.03.2010 |
30.06.2010 |
30.09.2010 |
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|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2690.650 |
2545.360 |
2475.060 |
|
Total Expenditure |
2378.650 |
2299.340 |
2272.570 |
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PBIDT (Excl OI) |
312.000 |
246.020 |
202.490 |
|
Other Income |
6.530 |
52.470 |
81.900 |
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Operating Profit |
318.530 |
298.490 |
284.3900 |
|
Interest |
186.000 |
204.680 |
187.060 |
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Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
132.530 |
93.810 |
97.330 |
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Depreciation |
74.100 |
71.900 |
82.460 |
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Profit Before Tax |
58.430 |
21.910 |
14.870 |
|
Tax |
12.600 |
16.730 |
11.000 |
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Provisions and contingencies |
0.000 |
0.000 |
0.000 |
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Profit After Tax |
45.830 |
5.190 |
3.870 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total
Income |
(%) |
0.54
|
0.56 |
1.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.77
|
0.66 |
1.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
|
0.59 |
1.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.03 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.22
|
2.23 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
|
3.30
|
2.60 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
REPORTS
(Rs. In Millions)
|
Particulars |
31.12.2009
|
31.12.2008
|
31.12.2007
|
|
Sundry Creditors |
774.338
|
1192.250
|
0.000
|
NOTE:
The Registered Office of the company has been shifted from Apeejay House
Dinshaw Vachha Road Mumbai 400 020 to the present address w.e.f. 19th March 2007
REVIEW
OF OPERATIONS
Revenue
for the year was Rs. 9796.700 millions compared to Rs. 9656.000 millions for
the year 2008. As per Consolidated Accounts revenue for the year was Rs. 14746.400
millions, an increase of 10% over the previous year's Rs. 1 3366.500 millions. For
the year 2009, the Company has made a profit before tax of Rs. 76.632 millions
compared to a profit of Rs. 64.401 millions for the year 2008, showing an
increase of 19%. The profit before tax increased primarily due to reduction in
input cost and recovery of service income from joint venture projects. As per
Consolidated Accounts profit before tax for the year was Rs. 159.069 millions
compared to profit before tax of Rs. 146.356 millions for the year 2008.
During the year
the Company has obtained orders in new segments such as micro-tunneling and
track laying for MRTS on the back of technology support from Parent Company. As
a strategy, the Company will continue to explore all such available avenues of
growth. The Directors have reviewed the outstanding debts and have decided to
write-off Rs. 13.468 millions.
Total value of new
contracts secured during the year aggregated Rs. 16368.900 millions. Major contracts
include-
• Investigation,
design and execution of water conveyor system (Pranahita Chevalla Sujala
Sravanthi Package No. 17) for Government of Andhra Pradesh.
• Civil works,
service and allied works for Modernisation at GRSE - Main Unit at Kolkata for
Garden Reach Shipbuilders and Engineers Limited.
• Bored Cast-in-situ
Piling, Diaphragm Wall and Ground Improvement work for ABC Shipyard at Dahej,
• Piling work for
O.P. jindal Super Thermal Power Plant at Tamnar, Chattisgarh.
• Design and
Construction of Offshore civil super structure works for Coal Conveyor at
Tuticorin, Tamil Nadu.
New contracts
secured by joint Venture During the year, the Company in joint venture with
Italian-Thai Development Public Company Limited (ITD) has been awarded two
projects namely Supply, Installation, Testing and Commissioning of Track Work
and Installation of Third Rail System for Bangalore Metro Rail Corporation
Limited valued at Rs. 3318.400 millions and Laying of the Tallah-Palta
Dedicated Transmission Line for Kolkata Municipal Corporation valued at Rs. 1873.900
millions. During the year under report a number of contracts were completed
including-
• Construction of
Coal Berth at Chennai.
• Road Projects in
the States of Madhya Pradesh, Haryana and
• Construction of
Civil and allied work for Marine Liquid Jetty at
• Various Piling
and Civil Works in
With regard to
paragraphs 5 vi(a) to 5 vi(d) of the Auditor's report, the Directors state
that:
(a) The Company
has recognized variation claims as revenue of Rs. 504.200 millions till
December 31, 2009, which are also included in the balance of sundry debtors at
December 31, 2009. These claims are disputed by the customer. Out of this,
claims amounting to Rs. 280.100 millions are a subject matter of arbitration.
In respect of the balance variation claims of Rs. 224.100 millions the Company
has received arbitration awards in its favour which have been challenged by the
customer. Considering the legal advice from Company's counsel in the matter,
the management is reasonably confident of recovery of the amounts awarded.
(b) Sundry Debtors
as at December 31, 2009 include Rs. 338.400 millions representing interim work
bills for work done which have not been certified by customers beyond normal
periods of certification provided in the respective contracts. The Management
is reasonably confident of the certification and recovery of the same
progressively on these contracts based on past experience of the Company,
assessment of work done and the fact that these are not disputed by the customer.
(c) Sundry Debtors
as at December 31, 2009 include an amount of Rs. 122.500 millions, recognized
as income in earlier years. Based on the payment schedule originally agreed
with the customer, the above mentioned claim was expected to be received by the
Company over a period of time commencing from financial year 2008/2009. No
amounts have been received by the Company till date and further rescheduling of
the payment which was is in progress at 31 st December, 2008 has not yet been
finalised. The management is in advanced stage of discussion with the client and
confident of recovering the amount due.
OUTLOOK
Last year the
Company consolidated its position in the construction market with its first
order from Airport Authority of India for the modernization of
The Directors are
pleased to inform that during the first quarter of 2010, the company, in joint
venture with its parent has emerged as the lowest bidder for a Rs. 9086.300 millions
project for the Kolkata Metro Rail Corporation Limited. In view of positive outlook
for the Indian economy, the company is reasonably optimistic for the years that
lie ahead.
PARENT COMPANY
Italian-Thai
Development Public Company Limited (ITD) is engaged in the business of civil
and infrastructure construction and development and has been a major builder of
MANAGEMENT
DISCUSSION AND ANALYSIS
Opportunities:
Projected
Investment in infrastructure is expected to increase to Rs. 20,561 billion
during the Eleventh Five Year Plan period from 2007-2008 - 2011-2012 as
compared to Rs. 8,714 billion estimated during Tenth Five Year Plan period.
Road and power continue to occupy a substantial share in infrastructure
construction investment. This coupled with higher construction intensity augurs
well for the construction industry in terms of larger opportunity size. Infrastructure
including roads, power, highways, airports, ports and railways, has emerged as
an asset class with long term growth.
Roads:
The Government
established the Cabinet Committee on Infrastructure (CCI) in July 2009. The CCI
was set up to fast track implementation of infrastructure including road projects
costing over Rs. 1.5 billion. This segment may see growth in 2010-2011, when
more projects will be awarded on BOT (annuity) or cash contract basis.
According to Mr. Kamal Nath, Minister for Road Transport and Highways, this
sector would require an investment of about US$ 12.36 billion in next three
years.
Irrigation:
Irrigation is
expected to drive infrastructure investments. Projected investment in
irrigation during the Eleventh Five Year Plan period 2007-2008 - 2011 -2012 is
Rs. 2,533 billion (i.e. 12.32% share in projected investment) which is more
than double of anticipated expenditure of the Tenth Five Year Plan.
Ports:
The Government has
identified 276 projects entailing an investment of US$ 12 billion. According to
the Planning Commission, there is an investment opportunity of US$ 25 billion
by 2011-2012 in
to be developed
through the public - private partnership (PPP) route. Another 19 projects
estimated to cost around US$ 3.87 billion are expected to be awarded on similar
PPP basis. The Eleventh Five Year Plan has earmarked nearly 64% of the proposed
investment in major ports from private players. The opportunities available for
private players in the ports sector include construction of berths, warehousing
facilities, installation of cargo handling equipment and construction of dry
docks.
MRTS/Urban Infrastructure:
With increasing
urbanization, MRTS is becoming increasingly important for construction players.
The work of Phase II of Delhi Metro and Phase I of Mumbai Metro would drive spending
in this segment in the near term. According to the Working Group of Urban
Transport for the Eleventh Five Year Plan, seven cities with population of over
4 million would need Mass Rapid Transport System with an estimated cost of Rs.
320 billion. Contractors also have scope in construction or development of
MRTS. Seven cities -
Airports:
Air passenger
growth in
Power:
FIXED ASSETS
- Building
- Plant and Machinery
- Earth Moving Machinery
- Office Equipment and Furniture
- Vehicles
- Leasehold Improvement
AS PER WEBSITE
Company Philosophy
Subject believes that good Corporate Governance is an important constituent in ensuring stakeholders value. Subject has in place processes and systems that comply with the requirements of Clause 49 on Corporate Governance in the listing agreement issued by the Stock Exchanges. Subject is committed in its responsibility towards the community and environment in which the Company operates towards employees and business partners and towards society in general.
Subject has adopted codes of Ethical Conduct for Directors and Senior Management personnel and Executive Directors and Employees of the Company.
Awards And Recognition
v
National Safety Council of
v
Gujarat Pipavav Port Ltd Trophy and
certificate for being the safety conscious
contractor in project work 2007
v
National Safety Council of
v
National Safety Council of
v
National Safety Council of
Joint Venture Company
Formed By ITDCEM
ITD-ITDCem JV has been awarded Kolkata airport modernization
project. The new integrated terminal will be built to handle 20 million
passengers a year which will be four times the current capacity and which is expected
to take care of the forecast load till 2015-16. After the modernization both
runways will be long enough to accept the world’s biggest aircraft the A380.
The plan has been designed by RMJM of the
Rehabilitation and Upgradation of Km.15.00 to Km.50.00 of NH-25 to 4- lane configuration including Ghat Section and Sindh Bridge in the State of Madhya Pradesh - Package MP2 (Value of the contract is Rs.1573 Million). This is a joint venture between ITD and ITD Cem.
Construction of 4 lane Bypass from km.381 to km 406 of NH76
at
BC-21 Part Design and Construction of via duct and structural work of five elevated stations on Qutub Minar-Gurgoan corridor of Delhi MRTS Project (Value or contract is Rs. 1886 Million). This is a joint venture between ITD and ITD Cem.
BC-24 Design and Construction of over five kilometres of underground metro construction is to be carried out with advanced tunnel boring machines and includes the Khan Market Jawaharlal Nehru stadium Jangpura stations and ancillary works on the Central Secretariat – Badarpur Corridor of Delhi MRTS (Value of Contract Rs 8930 Million). This is a joint venture between ITD and ITD Cem.
UNAUDITED
STANDALONE FINANCIAL RESULT FOR THE YEAR ENDED 31.12.2010
|
Particulars |
31.12.2010 (Rs.
In Millions) |
|
a) Total
Turnover / Income from Operations |
10719.342 |
|
b) Company's
share in profit of Joint Venture |
142.404 |
|
c) Other
Operating Income |
-- |
|
|
10861.746 |
|
Expenditure |
|
|
a) Consumption
of raw materials |
4181.311 |
|
b) Staff cost |
1024.948 |
|
C) Sub-contracts
charges |
1311.562 |
|
d) Depreciation |
307.515 |
|
e) Other
expenditure |
3232.127 |
|
Total |
10057.463 |
|
Profit from
Operations before Other Income, Interest and Exceptional Items |
804.283 |
|
Other Income , |
95.629 |
|
Profit before
Interest and Exceptional Items |
899.912 |
|
Interest &
Finance Charges |
777.563 |
|
Profit after
Interest but before Exceptional Items |
122.349 |
|
Exceptional
items |
-- |
|
Profit from
Ordinary Activities before Tax |
122.349 |
|
Tax Expense /
(Credit) |
28.498 |
|
Net Profit from
Ordinary Activities after Tax |
93.851 |
|
Extraordinary
ltems (Net of Tax Expense) |
-- |
|
Net Profit for
the period |
93.851 |
|
Paid-up Equity
Share Capital |
115.158 |
|
(Face Value: Rs.
101- per share) |
|
|
Reserves
excluding Revaluation Reserves as per Balance Sheet of previous Accounting
Year |
3497.504 |
|
Earnings per
share - (Rs.) |
|
|
a) Basic and
diluted EPS before extraordinary items for the period, for the year to date
and for the previous year |
8.15 |
|
b) Basic and
diluted EPS after extraordinary items for the period, for the year to date
and for the previous year |
8.15 |
|
Public
Shareholding |
|
|
Number of Shares |
3504472 |
|
Percentage of
Shareholding |
30.43% |
|
Promoters and
promoter group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of
shares |
Nil |
|
- Percentage of
shares (as a %of the total shareholding of promoter and promoter group) |
Nil |
|
- Percentage of
shares (as a %of the total share capital of the company) |
Nil |
|
b) Non-encumbered |
|
|
- Number of
shares |
8011318 |
|
Percentage of
shares (as a %of the total shareholding of promoter and promoter group) |
100 |
|
Percentage of
shares (as a %of the total share capital of the company) |
69.57% |
NOTES
- The above statement of audited
financial results was reviewed by the Audit Committee at its Meeting held
on February 24, 2011 and on recommendation of Audit Committee has been
approved by the Board of Directors of the Company at its meeting held on February
24,2011,
- The Company operates in one segment
viz. Construction.
- There were no investor complaints at
the beginning of the quarter. Five complaints were received and duly
attended during the quarter ended December 31.2010. No complaints remain
unresolved at the end of the quarter.
- The Board of Directors of the Company
have, at its meeting held on February 24,2011 recommended final dividend
of Rs.1.50/- per share for the year ended December 31,2010.
- In respect of qualifications(italicsj
in the auditors report, it is classified that
a) Sundry debtors at December 31, 2010 include variation claims of Rs. 391.000
millions (previous year Rs. 504.200 millions) recognized up to December 31,
2010, which ore disputed by the customer. Out of this, claims amounting to Rs.
234.600 millions (previous year Rs. 280.100 millions) are a subject matter of
arbitration. The Company has received arbitration award in its favour in
respect of the balance amount of Rs. 156.400 millions (previous year Rs. 224.100
millions) of which, on amount of Rs. 110.900 millions (previous year Rs. 224.100
millions) have since been challenged by the customer. Considering the legal
advice from Company's counsel in the matter the management is reasonably
confident of recovery of the amounts awarded.
b) Sundry Debtors as at December31,2010 include Rs.338.400 millions (previous
year Rs. 338.400 millions) representing interim work bills for work done which
hove not been certified by customers beyond normal periods of certification
provided in the respective contracts. The management is reasonably confident of
the certification and recovery of the same progressively on these contracts
based on past experience of the Company, assessment of work done and the fact
that these amounts are not disputed by the customer. The matters listed in 5 (a) and 5 (b) above
were also the subject matter of audit qualifications in the Audited Accounts of
the previous accounting year ended December 31,2009.
- Sundry debtors at December 31, 2010
includes Rs. 114.000 millions (previous year Rs. 114.000 millions)
relating to price escalation claims which are disputed by the customer.
The Company has received favourable verdicts from the Dispute Redressal
Board and also thereafter in Arbitration in respect of these claims. The
Customer has appealed against the Arbitration Award. Management is reasonably
confident of recovery of these amounts based on the above and independent
legal advice from eminent counsel in the matter.
- Debtors at December 31,2010 include
variation claims of Rs. 151.500 millions (previous year Rs. 151.500 millions)
for, which the Company had received an arbitration award in its favour
which has subsequently been upheld by the District Court. The customer has
challenged this Court Order. However, based on the above arbitration award
and Court Order, management is reasonably confident of recovery of these
amounts.
- Debtors at December 31,2010 include
variation claims of Rs. 30.900 millions (previous year Rs. 30.900 millions)
for which the Company had received an arbitration award in its favour
which has subsequently been upheld by the District Court. The customer has
challenged this Court Order. However, based on the above arbitration award
and Court Order, management is reasonably confident of recovery of these
amounts.
- Work-in-progress at December 31, 2010
include Rs. 181.200 millions, in respect of a contract which has been
rescinded by the Company and Rs. 217.400 millions in respect of another
contract where the Company has received a notice from the customer withdrawing
from the Company the balance works to be executed under the contract;
besides the Company has also issued guarantees aggregating Rs. 61.600 millions
and Rs. 222.700 millions. The Company intends to pursue these matters, if
necessary, through legal action. Based upon legal/expert advice received,
management is reasonably confident of recovery of these amounts of work in
progress.
- The audited standalone financial
results of the Company for the year ended December 31, 2010 are available
on the Company's website (http://www.itdcem.co.in) and on the websites of
BSE (www.bseindia.com) and NSE (www.nseindia.com)
- Previous period's figures have been rearranged
regrouped wherever necessary, to confirm to the figures of the current
year.
STATE OF ASSETS
AND LIABILITIES AS AT DECEMBER 31, 2010
|
4. STATEMENT OF ASSETS AND LIABILITIES |
31.12.2010
UNAUDITED |
|
SHAREHOLDERS
FUNDS |
|
|
1] Share Capital |
115.158 |
|
2] Reserves & Surplus |
3497.504 |
|
|
3612.662 |
|
|
|
|
LOAN FUNDS |
|
|
Secured Loans |
5049.999 |
|
Unsecured Loans |
196.772 |
|
|
5246.771 |
|
|
|
|
DEFERRED TAX
LIABILITIES |
-- |
|
|
|
|
TOTAL |
8859.433 |
|
|
|
|
FIXED ASSETS
[Including capital Working –in – progress Rs. 119.282 millions (Previous year
Rs. 15.879 millions)] |
1695.542 |
|
|
|
|
INVESTMENT |
373.057 |
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
Inventories |
1331.884 |
|
Sundry Debtors |
4911.278 |
|
Cash & Bank Balances |
347.779 |
|
Loans & Advances |
1313.416 |
|
Unbilled Work-in-progress |
2238.233 |
|
Total Current
Assets |
10142.590 |
|
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
3267.616 |
|
Provisions |
84.140 |
|
Total Current
Liabilities |
3351.756 |
|
|
|
|
TOTAL |
8859.433 |
CMT REPORT (Corruption Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized blocked frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners controlling shareholders
director officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management its Board of Directors Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws
regulations or policies that prohibit restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.