MIRA
INFORM REPORT
|
Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
|
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) : |
31.12.2010 |
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Date of Incorporation : |
24.06.1978 |
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Com. Reg. No.: |
11-20435 |
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Capital
Investment / Paid-up Capital : |
Rs.115.158 Millions |
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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 : |
A Public limited liability company. Company’s Shares are listed on the
Stock Exchange. |
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Line of Business : |
Providing of construction services. |
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No. of Employees
: |
2000 + [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY [General Details]
|
Name : |
Mr. Bhagesh Joshi |
|
Designation : |
Finance Manager |
|
Contact No. : |
91-22-66931600 |
LOCATIONS
|
Registered / Corporate Office : |
1st Floor, Dani Wooltex Compound, 158, Vidyanagari Marg,
Kalina, Santacruz (East) Mumbai - 400 098, |
|
Tel. No.: |
91-22-66931600-7/8 |
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Fax No.: |
91-22-66931627-28 |
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E-Mail : |
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|
Website : |
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Regional Offices : |
Plot # 14,301 and 302, Sagar Towers, District Centre,
Janakpuri, New Delhi - 110 058, India Tel : 91-11-25590541 – 43 Fax: 91-11-25614986 Kolkata
Office: Anar Chambers,5, Chowringhee Approach, Kolkata 700 072,
West Tel : 91-33-2212 6034/7384/6893/5214/5136 Fax: 91-33-2212 8148/6035/6619/6050 Chennai
Office: 1 - B, Tel : 91-44-2431 0498 /0996-7 Fax: 91-44-2431 0934 |
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Branch Office |
7, Andheri Industrial Estate, Off Tel : 91-22-2673 0153 / 2673 0799 Fax: 91-22-2673 0152 Email : mumbaiandheri@karvy.com
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Research and Development Location : |
Located at Kolkata |
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|
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Site Office :
|
Jaypee
Associates, Sector 178, Near Village Baktawrpur, Greater Noida, Expressway,
Noida, |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Premchai Karnasuta |
|
Designation : |
Chairman |
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Name : |
Mr. Per Hofvander |
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Designation : |
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. Deba Prasad 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 : |
Adun Saraban |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Patwardhan |
|
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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|
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Remuneration Committee |
Mr. D. E.
Udwadia |
|
|
Mr. P. Karnasuta |
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|
Mr. P
Chakornbundit |
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|
Mr. P. Hofvander |
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|
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Shareholders/Investors' Grievance Committee : |
Mr. P.
Chakornbundit |
|
|
Adun Saraban |
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|
Name : |
Mr. Bhagesh Joshi |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
8,011,318 |
69.57 |
|
|
8,011,318 |
69.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
8,011,318 |
69.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
299,446 |
2.60 |
|
|
330 |
- |
|
|
50 |
- |
|
|
50 |
- |
|
|
299,826 |
2.60 |
|
|
|
|
|
|
242,120 |
2.10 |
|
|
|
|
|
|
1,850,032 |
16.07 |
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|
1,049,760 |
9.12 |
|
|
62,734 |
0.54 |
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|
59,319 |
0.52 |
|
|
3,415 |
0.03 |
|
|
3,204,646 |
27.83 |
|
Total Public shareholding (B) |
3,504,472 |
30.43 |
|
Total (A)+(B) |
11,515,790 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
11,515,790 |
- |
(1) Indian
Bodies Corporate
Foreign BankBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing of construction services. |
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Products : |
·
Civil Mining Marine and Specialist engineering
Construction ·
Foundation engineering and construction ·
Roads and Bridges Construction |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Mahalaxmi Engineering works ·
Popular engineering works ·
Veco Engineers and Fabricators ·
Vishwakarma Engineers Company ·
Ta-ta steel industries Limited ·
Asha Industrial Works ·
·
P. K. Shaw and Company ·
Chain link wirenetting industries |
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Customers : |
·
Airport Authority of · Bangalore Metro Rail Corporation Limited ·
CIDCO, · DMRC · Department of Irrigation and CAD, Andhra Pradesh · Gujarat Adani Port Limited · Gujarat Chemical Port Terminal Company Limited · Gujarat Pipavav Port Limited · Hindustan Zinc Limited · IFFCO, Phulpur · Indian Farmers Fertilizers Corporation · Indian Molasses Company Limited · Indian Railway · Jaiprakash Associates ·
· Maharashtra Krishna Valley Development Corporation ·
· Ministry of Defence, Department of Navy ·
Municipal Corporation of ·
National Highways Authority of · Nhava Sheva International Container Terminal Limited · Northern Railway · P and O Ports ·
·
PWD, · Sabarmati River Front Development Corporation Limited ·
Tata Power Company Limited |
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No. of Employees : |
2000 + [Approximately] |
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Bankers : |
·
Allahabad Bank ·
Axis Bank Limited ·
Bank of ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of ·
The Federal Bank Limited ·
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 |
|
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 : |
·
ITD Cemindia JV ·
ITD –ITD Cem JV ·
ITD-ITD Cem JV (Consortium of ITD ITD
Cementation) |
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|
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Holding Company : |
Italian Thai Development Public Company Limited |
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Associates/Subsidiaries : |
·
Skanska Cementation International Limited U.K ·
Skanska Construction UK Limited ·
Cementation Foundation Skanska Limited ·
ITD Cementation Projects India Limited (Wholly
Owned Subsidiary) ·
AVR Infra Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
60000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
Total |
|
Rs.750.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11518316 |
Equity Shares |
Rs.10/- each |
Rs.115.183
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11515790 |
Equity Shares |
Rs.10/- each |
Rs.115.158
Millions |
Of these shares:
8,011,318 equity shares of Rs.10/- each are held by Italian-Thai Development Public Company Limited Thailand (ITD) the holding company.
1,760,220 equity shares of Rs.10/- each have been allotted as fully paid-up bonus shares by way of capitalisation of the general reserve.
Note: 2,526 equity shares of Rs.10/- each have
been kept in abeyance pending final settlement in respect of share issued in
rights issue.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
115.158 |
115.158 |
115.158 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3497.503 |
3423.750 |
3383.170 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3612.661 |
3538.908 |
3498.328 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5049.999 |
4789.095 |
3995.599 |
|
|
2] Unsecured Loans |
196.772 |
177.261 |
150.886 |
|
|
TOTAL BORROWING |
5246.771 |
4966.356 |
4146.485 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8859.432 |
8505.264 |
7644.813 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1576.260 |
1585.982 |
1228.266 |
|
|
Capital work-in-progress |
119.282 |
15.879 |
398.178 |
|
|
|
|
|
|
|
|
INVESTMENT |
373.057 |
230.627 |
127.796 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1331.884
|
1215.006
|
1637.485
|
|
|
Sundry Debtors |
4911.278
|
4131.392
|
3888.131
|
|
|
Cash & Bank Balances |
347.779
|
106.342
|
108.002
|
|
|
Other Current Assets |
2238.233
|
2308.322
|
2065.927
|
|
|
Loans & Advances |
1313.416
|
1803.804
|
1749.100
|
|
Total
Current Assets |
10142.590
|
9564.866
|
9448.645
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
888.772
|
774.338
|
1192.250
|
|
|
Current Liabilities |
2378.844
|
2043.462
|
2279.457
|
|
|
Provisions |
84.141
|
74.290
|
86.365
|
|
Total
Current Liabilities |
3351.757
|
2892.090
|
3558.072
|
|
|
Net Current Assets |
6790.833
|
6672.776
|
5890.573
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8859.432 |
8505.264 |
7644.813 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue |
10719.342 |
9796.670 |
9655.982 |
|
|
|
Company’s Share profit [net of tax] of Unincorporated Joint Ventures |
142.404 |
101.490 |
84.848 |
|
|
|
Other Income |
95.629 |
72.965 |
55.311 |
|
|
|
TOTAL (A) |
10957.375 |
9971.125 |
9796.141 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Site and Administrative Expenses |
9600.253 |
8792.886 |
9016.460 |
|
|
|
Provision for Doubtful debts |
149.695 |
81.024 |
47.799 |
|
|
|
TOTAL (B) |
9749.948 |
8873.910 |
9064.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1207.427 |
1097.215 |
731.882 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
777.563 |
714.582 |
470.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
429.864 |
382.633 |
261.654 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
307.515 |
306.001 |
197.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
122.349 |
76.632 |
64.401 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.498 |
22.579 |
9.408 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
93.851 |
54.053 |
54.993 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
200.799 |
161.570 |
121.425 |
|
|
|
|
|
|
|
|
|
|
Corporate Dividend Tax Written Back |
0.045 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.693 |
1.351 |
1.375 |
|
|
|
Dividend |
17.274 |
11.516 |
11.516 |
|
|
|
Tax on Dividend |
2.869 |
1.957 |
1.957 |
|
|
BALANCE CARRIED
TO THE B/S |
269.859 |
200.799 |
161.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts |
6.500 |
40.879 |
9.889 |
|
|
|
Tools
and Equipments |
26.361 |
1.549 |
1.720 |
|
|
|
Construction Materials |
58.109 |
158.515 |
115.226 |
|
|
|
Capital Goods (including Capital Work in
Progress) |
220.138 |
129.773 |
550.039 |
|
|
TOTAL IMPORTS |
311.108 |
330.716 |
676.874 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.15 |
4.69 |
4.78 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3460.720 |
3397.110 |
2938.820 |
|
Total Expenditure |
3171.850 |
3029.370 |
2587.150 |
|
PBIDT (Excl OI) |
288.870 |
367.740 |
351.670 |
|
Other Income |
42.940 |
9.200 |
6.600 |
|
Operating Profit |
331.810 |
376.940 |
358.270 |
|
Interest |
202.680 |
228.160 |
236.290 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
129.130 |
148.780 |
121.980 |
|
Depreciation |
71.690 |
81.240 |
96.890 |
|
Profit Before Tax |
57.440 |
67.540 |
25.090 |
|
Tax |
18.100 |
21.080 |
8.930 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
39.340 |
46.470 |
16.160 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
39.340 |
46.470 |
16.160 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
0.86
|
0.54
|
0.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.14
|
0.78
|
0.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
0.69
|
0.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
2.22
|
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
3.31
|
2.65 |
LOCAL AGENCY FURTHER INFORMATION
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 10719.300 Millions compared to 9796.700
Millions for the year 2009 an increase of 9% over the previous year.
Consolidated revenue for the year was 14621.600 Millions as compared to
14746.400 Millions last year.
For the year 2010, the Company has made a profit before tax of 122.300
Millions compared to a profit of 76.600 Millions for the year 2009, showing an
increase of 60%.
The increase in profit before tax was primarily due to better
contribution especially from marine, foundation and specialist projects.
The Consolidated profit before tax for the year was 207.500 Millions
compared to profit before tax of 159.100 Millions for the year 2009, an increase
of 30%.
The Directors have reviewed the outstanding debts and have decided to
write-off 112.528 Millions (2009– 13.468 Millions).
Total value of new contracts secured during the year aggregated
19313.900 Millions (2009 – `6368.900 Millions). Major contracts include-
• Construction of
Integrated Cargo Terminal Facility at Jaigad,
• Design and Construction
of Container Terminal at
• Construction of Berth
no.3 at
• Construction of Tunnels
for Konkan Railway Corporation Limited,
• Construction of General
Civil Works for Ultra Mega Power Project at Sasan, Madhya Pradesh.
• Design and Construction
of Approach Tunnel and Station for Underground Works on East-West Corridor
of Stage-I of Phase I of Jaipur Metro
in Jaipur, Rajasthan.
• Piling Work for South
Side of Paradip Refinery Project at Paradip, Orissa.
New contracts secured in Joint Venture with ITD:
During the year, the Company in joint venture with Italian-Thai
Development Public Company Limited (ITD) has been awarded two projects namely
Construction of Elevated Road and Metro Viaduct for Stage I of Jaipur Metro for
Delhi Metro Rail Corporation in Jaipur valued at Rs.2286.900 Millions and
Design and Construction of Underground Section from Central Station to Subhas
Sarobar for Kolkata Metro Rail Corporation Limited valued at Rs.9086.300
Millions.
During the year under report a number of contracts were completed
including-
• Road Project, Purnea,
• Construction of Tunnel
for
• Various Piling and Civil
Works in Punjab, Orissa, Andhra Pradesh and
• Construction of Diaphragm
Wall at Uttaranchal and
(a) Sundry Debtors at December 31, 2010 include variation claims of
391.000 Millions recognized up to December 31, 2010, which are disputed by the
customer. Out of this, claims amounting to 234.600 Millions are a subject
matter of arbitration. The Company has received arbitration awards in its
favour in respect of the balance amount of 156.400 Millions of which, an amount
of 110.900 Millions have since been challenged by the customer. Based on the
legal advice from Company’s counsel in the matter, the management is reasonably
confident of recovery of the amounts awarded.
(b) Sundry Debtors at December 31, 2010 include 338.400 Millions
representing interim work bills for work done which have not been certified by
the 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.
ISO 9001 : 2008, ISO 14001 : 2004 AND OHSAS - 18001 : 2007
The Company has established at all offices, project sites and depots
Quality Management System (QMS) conforming to ISO 9001:2008, Environmental
Management System (EMS) conforming to ISO 14001:2004 and Occupational Health
and Safety Management System (OHSMS) conforming to OHSAS 18001:2007.
During the year the Company’s accreditation has been audited and
re-certified by Det Norske Veritas (DNV).
The Company is amongst a few construction companies who have established
an Integrated Management System comprising QMS,
Outlook
The Company has gained from the successful execution of the underground
and elevated sections for Delhi Metro. During the year, the Company has been
awarded a project for the execution of underground works for Kolkata Metro and
elevated sections for Jaipur Metro.
The Company’s presence in other segments such as Marine and Industrial projects
has resulted in award of further projects at Jaigad, Mundra and
The Company also received an order from Konkan Railway for the
construction of a major tunnel near
The latter part of the current year has witnessed pressure on interest
rates as well as a rise in inflation. These rates are likely to harden further
in the short to medium term. There is also an upward trend in the prices for
petroleum products.
In view of these challenges, they remain cautiously positive for the
year 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
Indian Economy:
The Centre for Monitoring Indian Economy (CMIE) has estimated that
According to Press Information Bureau (PIB), the Index of Six Core
Industries stood at 278.0 (provisional) in December 2010 showing a growth of
6.6% (provisional) compared to 6.2% in December 2009. During April to December
2010-2011, Six Core Industries registered a growth of 5.3% (provisional) as
against 4.7% during the corresponding period of the previous year. This
indicates an upturn in growth.
The investment in infrastructure is likely to rise from 5.15% of GDP
during the Tenth Plan to about 7.55% during the Eleventh Plan. This constitutes
a significant shift in favour of investment in infrastructure. Except in some
sectors, the overall performance of infrastructure during the Eleventh Plan
compares well with the initial targets after accounting for the impact of the
global financial crisis.
Industrial
Structure and Developments – Construction:
The Eleventh Plan emphasized the importance of investment in
infrastructure for achieving a sustainable and inclusive growth of 9 to 10% in
GDP over the next decade. In this context, it envisaged an increase in
investment in physical infrastructure from the level of about 5% of GDP
witnessed during the Tenth Plan to about 9% of GDP by 2011-12 (terminal year of
the Eleventh Plan). This was estimated to require an investment of 20561500
millions (US $ 514.04 billion) during the Eleventh Plan period as compared to
an estimated investment of 8714450 millions (US $ 217.86 billion) during the
Tenth Plan. Further, it was estimated that the contribution of the private
sector in this investment would rise from about 20% in the Tenth Plan to about
30% in the Eleventh Plan.
Against the backdrop of the financial crises, the performance of the
infrastructure sector has shown the resilience of the economy and its capacity
to shield itself from such external influences. Although the projections for
the Eleventh Plan have been downsized for some sectors keeping in mind the
targets achieved in the first two years of the Plan, however, it is expected
that with the revival of the economy and the upbeat investment sentiment
prevailing, the actual performance may turn out to be better than the revised
projections of the Eleventh Plan.
Opportunities:
Recognising the importance of infrastructure development, the Eleventh Plan
had estimated that the investment needed over the Plan period was about US$500
billion compared to projection of US $ 300 billion.
The Government of India has constituted a high level Committee on
financing the infrastructure. The Committee will review the existing policy
framework and make recommendations to enable the flow of larger amounts to
capital resources into infrastructure projects under the Twelfth Five Year
Plan.
A preliminary assessment suggests that investment in infrastructure
during the Twelfth Plan (2012-2017) would need to be of the order of about
40992400 millions (US $ 1025 billion) to achieve a share of 9.95% as
proportional of GDP. This would have to be kept priority area in the Twelve
Plan in order to sustain and support the targeted growth in manufacturing,
agricultural and services. Provision of world-class infrastructure would not
only be necessary for improving the competiveness of the Indian economy but
also for promoting inclusive growth and improving the quality of life of the
common.
Ports:
The major ports in
MRTS/Urban
Infrastructure:
Urbanisation in
This is expected to result in a growing demand from several states for
setting up a metro project which are highly capital intensive. The metro
projects sanctioned so far alone would need about 700000 millions. The
anticipated expenditure for the first three years of the Eleventh Plan is 83180
millions. The Government encouraged private sector participation in major urban
transport projects.
Airports:
Faster GDP growth in recent years has brought about a rapid growth in
air traffic. This was built into the Eleventh Plan projections of the
requirement of airport infrastructure.
The investment in the Eleventh Plan is now projected at 361380 millions
as against the original estimate of 309680 millions and both public and private
investments in airports are likely to increase compared to the investment
projected. Out of the projected investment of 361380 million, projected
investment for 2011-2012 is 74340 millions. The Indian Aviation Industry has
witnessed an impressive growth during the past few years.
Airport Authorities of India is planning city-side development of 24
airports including those at Ahmedabad and
Roads:
The Eleventh Plan envisaged an ambitious National Highway Development
Programme (NHDP) aimed at upgrading and expanding national highways in phases.
It has also envisaged accelerated development of rural roads through Pradhan
Mantri Gram Sadak Yojana (PMGSY). Implementation of the NHDP programme is
behind schedule, but it has improved since recently. The investment during
Eleventh Plan are now projected at 2786580 millions compared with 3141520
millions in the original projections. The investment by the private sector is
also expected to go down due to award of a lower number of BOT projects in the
first three years of the Eleventh Plan. Ministry of Roads, Transport and
Highways (MORTH) has decided to speed up the award and implementation of NHDP to
achieve a completion rate of 20 kms of highways per day. This is likely to
increase the investment during the last two years of the Eleventh Plan, but the
major build up in expenditure consequent to this acceleration will be in the
Twelfth Plan.
Irrigation:
Investment in irrigation and watershed management is a critical part of
rural infrastructure. It remains a public sector activity only because the
sector is nowhere near being commercially viable since water charges account for
only about 20% of operating costs. The total investment in this sector is
expected to be 2462340 millions in the Eleventh Plan which is 7.52% higher than
earlier anticipated and it will be more than double the investment of 1198940
millions realized in the Tenth Plan.
Power:
The Twelfth Five Year Plan (2012-2017) envisages capacity additions of
100,000 MW. Of this 20,000 MW is to be hydro, 76,600 MW thermal and 3,400 MW
nuclear. The Eleventh Plan has projected an investment of 6586300 millions in
the electricity sector which is slightly lower than the original projection of
6665250 millions. Out of the projected investment of 6586300 millions projected
investment for the year 2011-2012 is 1594710 millions.
Outlook:
The Company has gained from the successful execution of the underground
and elevated sections for Delhi Metro. During the year, the Company has been
awarded a project for the execution of underground works for Kolkata Metro and
elevated sections for Jaipur Metro.
The Company’s presence in other segments such as Marine and Industrial
projects has resulted in award of further projects at Jaigad, Mundra and
The Company also received an order from Konkan Railway for the
construction of a major tunnel near
The latter part of the current year has witnessed pressure on interest
rates as well as a rise in inflation. These rates are likely to harden further
in the short to medium term. There is also an upward trend in the prices for
petroleum products.
In view of these challenges, they remain cautiously positive for the
year ahead.
Financial
Performance:
Total Revenue for the year was `10719.300 millions as compared to
9796.700 millions last year, an increase of 9% over the previous year. Profit
before tax increased from 76.600 millions to 122.300 millions showing an
increase of 60% over the previous year. The increase in profit before tax was
primarily due to better contribution especially from marine, foundation and
specialist projects.
The work-in-hand as on 31st December, 2010 works out to approximately
Rs.35366.100 millions including share in joint venture projects.
CONTINGENT
LIABILITIES
|
Particulars |
31.12.2010
Rs. In millions |
31.12.2009
Rs. In millions |
|
a) Guarantees given by banks in respect of normal contracting
commitments given in the normal course of business. |
1776.728 |
1723.027 |
|
b) Corporate Guarantee given to bank on behalf of Joint Venture. |
0.000 |
150.000 |
|
c) The Company
has a number of claims on customers for price escalation and / or variation
in contract work. In certain cases which are currently under arbitration, the
customers have raised counter-claims. The Company has received legal advice
that none of the counter-claims are legally tenable. Accordingly no provision
is considered necessary in respect of these counter claims. |
2105.814 |
2107.414 |
|
d) Sales tax matters
pending in appeals |
50.505 |
31.074 |
|
e) Income tax
matters pending in appeals |
226.289 |
227.648 |
|
f ) Excise
matter pending in appeal |
5.200 |
5.200 |
UNAUDITED
STANDALONE FINANCIAL RESULT FOR THE THREE MONTHS ENDED 30.09.2011
(Rs.
In Millions)
|
Particulars |
Three
Months Ended 30.09.2011 (Unaudited) |
Nine
Months Ended 30.09.2011 (Unaudited) |
|
1. a) Total
Turnover / Income from Operations |
2920.512 |
9708.794 |
|
b) Company's
share in profit of Joint Venture |
18.307 |
87.855 |
|
c) Other
Operating Income |
-- |
-- |
|
Total |
2938.819 |
9796.649 |
|
|
|
|
|
2. Expenditure |
|
|
|
a) Consumption
of raw materials |
1067.087 |
3560.468 |
|
b) Staff cost |
319.333 |
913.159 |
|
C) Sub-contracts
charges |
400.892 |
1384.255 |
|
d) Depreciation |
96.891 |
249.820 |
|
e) Other
expenditure |
799.836 |
2930.488 |
|
Total |
2684.039 |
9038.190 |
|
3. Profit from
Operations before Other Income, Interest and Finance Charges and Exceptional
Items (1-2) |
254.780 |
758.459 |
|
4. Other Income |
6.597 |
58.738 |
|
5. Profit before
Interest and Finance Charges and Exceptional Items |
261.377 |
817.197 |
|
6. Interest
& Finance Charges |
236.285 |
667.125 |
|
7. Profit after Interest
and Finance Charges but before Exceptional Items |
25.092 |
150.072 |
|
8. Exceptional
items |
-- |
-- |
|
9. Profit from
Ordinary Activities before Tax (7+8) |
25.092 |
150.072 |
|
10. Tax Expense
/ (Credit) |
8.933 |
48.108 |
|
11. Net Profit from
Ordinary Activities after Tax (9-10) |
16.159 |
101.964 |
|
12.
Extraordinary ltems (Net of Tax Expense) |
-- |
-- |
|
13. Net Profit
for the period (11-12) |
16.159 |
101.964 |
|
14. Paid-up
Equity Share Capital (Face Value: Rs.10/- per share) |
115.158 |
115.158 |
|
15. Reserves
excluding Revaluation Reserves as per Balance Sheet |
|
|
|
16. Earnings per
share - (Rs.) |
|
|
|
a) Basic and
diluted EPS before extraordinary items for the year and for the previous year |
1.40 |
8.85 |
|
b) Basic and diluted
EPS after extraordinary items for the year and for the previous year |
1.40 |
8.85 |
|
17. Public
Shareholding |
|
|
|
Number of Shares |
3504472 |
3504472 |
|
Percentage of
Shareholding |
30.43% |
30.43% |
|
Promoters and
promoter group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of
shares |
NIL |
NIL |
|
- Percentage of
shares (as a %of the total shareholding of promoter and promoter group) |
NIL |
NIL |
|
- Percentage of
shares (as a %of the total share capital of the company) |
NIL |
NIL |
|
b) Non-encumbered |
|
|
|
- Number of
shares |
8011318 |
8011318 |
|
Percentage of
shares (as a %of the total shareholding of promoter and promoter group) |
100% |
100% |
|
Percentage of
shares (as a %of the total share capital of the company) |
69.57% |
69.57% |
NOTES
1) The
above statement of unaudited standalone financial results was reviewed by the
Audit Committee at its Meeting held on October 27, 2011 and on recommendation of Audit Committee has been approved by
the Board of Directors of the Company at its meeting held on October 27, 2011.
2) The Company operates in one segment
viz. Construction.
3) There were no investor complaints at
the beginning of the quarter. Three complaints were received and duly attended
during the quarter ended September 30, 2011. No complaints remain unresolved at
the end of the quarter.
4) In respect of qualifications (italics) in the auditors report, it is
clarified that:
a) Sundry debtors at September 30, 2011 include
variation claims of Rs.345.500 millions recognised upto September 30, 2011, which
are disputed by the customer. Out of this, claims amounting to Rs.234.600
millions are a subject matter of arbitration. The Company, has received arbitration
award in its favour in respect of the balance amount of Rs.110.900 millions
which have since bee challenged by the customer. Considering the legal advice from
Company's counsel in the matter, the management reasonably confident of
recovery of the amounts awarded.
b) Sundry
debtors as at September 30, 2011 include Rs.338.400 millions
representing interim work bills for work done which have not been certified by
customers beyond normal periods of certification. 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 4 (a) and 4 (b) above were also the subject matter of audit
qualifications in the Audited Accounts of the previous accounting year ended December 31, 2010.
5) Sundry
debtors at September 30, 2011 includes 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.
6) a)
During the quarter ended June 30, 2011 an amount of Rs.151.500 millions has
been received from a customer under the direction of the court against the bank
guarantee submitted by the company to the court for an equivalent amount. In
the event this matter is ultimately decided against the company, the amount may
have to be returned to the customer.
b) Sundry
debtors at September 30, 2011 include 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 the amounts.
7) At September 30, 2011, amount due to
the company 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 guarantee 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.
8) The
unaudited standalone financial results of the Company for the three months
ended September 30, 2011 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)
9)
Previous period's figures have been rearranged/regrouped wherever necessary, to
confirm to the figures of the current year.
FIXED ASSETS
·
·
Building
·
Plant and Machinery
·
Earth Moving Machinery
·
Office Equipment and
Furniture
·
Vehicles
·
Leasehold Improvement
AS PER WEBSITE
ITD CEMENTATION
INDIA LIMITED OVERVIEW
IITD Cementation India Limited (ITD Cem) has contributed significantly
in the growth of Infrastructure in the country over the last eight decades and
continues to provide solutions in the field of Civil Engineering. Searching for
new and innovative methods of solving present day construction challenges is an
integral part of the Company’s being. The Company is credited with pioneering
the art of integrating engineering and innovation with construction practices
to maximize benefits to society at large.
The Company’s presence dates back to 1931 when Cementation Piling and
Foundation Company Limited,
ITD Cem has optimum human resources commensurate with the required
expertise and major equipment required for successful execution of the projects
it undertakes. The Company is accredited with ISO 9001:2008; ISO 14001:2004 and
OHSAS 18001:2007 Certifications.
Over the years ITD Cem has built many iconic projects; notable amongst
these are the Birla Copper and the Gujarat Chemical Jetties at Dahej, Shiplift
Facility for Seabird, Karwar, 2nd Container Terminal at Chennai, Elevated
viaduct , road projects for NHAI and underground tunnels and stations at Delhi
Metro. A sampling of large projects awarded to ITD Cem are the Dry Dock and
Slipway for Garden Reach, Kolkata,
The Company’s past experience has been strengthened by the rich and diverse
expertise of the parent company, ITD,
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.52.89 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.