MIRA
INFORM REPORT
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Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
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Name : |
IL AND FS WATER LIMITED |
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Registered
Office : |
A4-A6, Navin Presidium, 103, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.06.2007 |
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Com. Reg. No.: |
18-071125 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U45400TN2007PLC071125 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI06479E |
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PAN No.: [Permanent Account No.] |
AABCI8059B |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Providing end to
end solutions in developing and implementing projects in the water and waste
water sectors. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
IL and FS Water Limited is a wholly owned subsidiary of Infrastructure
Leasing and Financial Services Limited It is an established company having moderate track. There appears some
accumulated losses being recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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
|
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 |
LOCATIONS
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Registered Office : |
A4-A6, Navin Presidium, 103, |
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Tel. No.: |
91-44-43443333 |
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Fax No.: |
91-44-43443399 |
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E-Mail : |
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Regional Office 1: |
Flat No. 306, Alokik Suryodaya Subhash Marg, C-Scheme, Jaipur-302006, |
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Tel. No.: |
91-141-4033194 |
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Fax No.: |
91-141-4033193 |
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Regional Office 2: |
1255, First Floor, Mahanadi Vihar, Above Reliance Fresh Outlet,
Cuttack-754003, |
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Tel. No.: |
91-671-2446828 |
DIRECTORS
As on 23.08.2010
|
Name : |
Mr. Sameer Vyas |
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Designation : |
Managing Director |
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Date of Appointment : |
07.12.2007 |
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Din No.: |
00010988 |
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Name : |
Mr. Hari Sankaran |
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Designation : |
Director |
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Date of Appointment : |
07.12.2007 |
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Din No.: |
00002386 |
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Date of Ceasing: |
31.08.2009 |
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Name : |
Mr. L Krishnan |
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Designation : |
Director |
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Date of Appointment : |
07.12.2007 |
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Din No.: |
00049525 |
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Name : |
Mr. R C Bawa |
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Designation : |
Director |
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Date of Appointment : |
07.12.2007 |
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Din No.: |
00040523 |
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Name : |
Mr. Prasad Modak |
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Designation : |
Director |
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Date of Appointment : |
20.03.2008 |
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Din No.: |
02188122 |
KEY EXECUTIVES
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Name : |
Mr. G Bhooma |
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Designation : |
Secretary |
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Date of Appointment : |
18.06.2008 |
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Pan No.: |
AFMPB1936P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Infrastructure Leasing and Financial Services Limited, |
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9999930 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Infrastructure Leasing and Financial Services Limited, Indiaand Manu
Kochhar |
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10 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Infrastructure Leasing and Financial Services Limited, |
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10 |
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Total
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10000000 |
As on 23.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
99.99 |
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Other
top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing end
to end solutions in developing and implementing projects in the water and waste
water sectors. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
Infrastructure Leasing and Financial Services Limited, The IL and FS
Financial Centre, Plot No. C-22, G Block, Bandra-Kurla Complex,
Mumbai-400051, |
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Auditors : |
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Name : |
Delloitte Haskins and Sells Chartered Accountant |
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Address : |
ASV N Ramana Tower, 8th Floor, 52, |
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Holding Company: |
Infrastructure Leasing and Financial
Services Limited, |
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Fellow Subsidiaries: |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 23.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
20.500 |
|
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2] Share Application Money |
5.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
1.304 |
|
|
4] (Accumulated Losses) |
(54.604) |
(57.929) |
0.000 |
|
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NETWORTH |
50.396 |
42.071 |
21.804 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
60.415 |
0.520 |
0.606 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
60.415 |
0.520 |
0.606 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.811 |
42.591 |
22.410 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.800 |
28.002 |
0.723 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
31.173
|
48.135 |
42.974 |
|
|
Cash & Bank Balances |
70.991
|
2.979 |
15.312 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
506.606
|
26.192 |
5.743 |
|
Total
Current Assets |
608.770
|
77.306 |
64.029 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
42.769
|
55.909 |
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|
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Other Current Liabilities |
478.324
|
6.064 |
42.342 |
|
|
Provisions |
2.666
|
0.744 |
0.000 |
|
Total
Current Liabilities |
523.759
|
62.717 |
42.342 |
|
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Net Current Assets |
85.011
|
14.589 |
21.687 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.811 |
42.591 |
22.410 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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Income |
131.516 |
19.847 |
54.083 |
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|
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Other Income |
0.314 |
0.028 |
0.000 |
|
|
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TOTAL (A) |
131.830 |
19.875 |
54.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Contract Expenses |
67.117 |
32.169 |
0.000 |
|
|
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Employee Cost |
40.335 |
23.186 |
0.000 |
|
|
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General and Administration Expenses |
9.009 |
19.705 |
51.663 |
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TOTAL (B) |
116.461 |
75.060 |
51.663 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.369 |
(55.185) |
2.420 |
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Less |
FINANCIAL
EXPENSES (D) |
5.198 |
0.135 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.171 |
(55.320) |
2.420 |
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|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.828 |
3.228 |
0.051 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.343 |
(58.548) |
2.369 |
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Less |
TAX (H) |
0.018 |
0.686 |
1.065 |
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PROFIT AFTER TAX
(G-H) (I) |
3.325 |
(59.234) |
1.304 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(57.930) |
1.304 |
0.000 |
|
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|
|
|
|
|
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BALANCE CARRIED
TO THE B/S |
(54.605) |
(57.930) |
1.304 |
|
|
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|
Earnings Per Share
(Rs.) Basic |
0.33 |
(10.72) |
2.61 |
|
|
|
Earnings Per
Share (Rs.) Diluted |
0.33 |
(7.63) |
2.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.52
|
(298.03) |
2.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.54
|
(295.00) |
4.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.53
|
(55.60) |
3.66 |
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(1.39) |
0.11 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.59
|
1.50 |
1.97 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.23 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: The
registered office of the company has been shifted from The IL and FS Financial Centre, Plot No.
C-22, G Block, Bandra-Kurla Complex, Mumbai-400051,
REVIEW OF OPERATIONS:
The Company was
incorporated on June 14,2007 with the primary objective to undertake in
During the period,
the Company has undertaken the following mandates for water supply and water
reuse projects as below:
IOCL Project at
Paradip - Project Development and Construction of a 100 MLD water supply
project for IOCL’s refinery at Paradip on behalf of IL and FS Paradip Refinery
Water Limited, the BOOT Contractor to IOCL for a total compensation of Rs.
5624.400 million with the physical construction of the project estimated to be
completed by November 2011.
Sanganeer -
Preparation
of DPR and
related project management services for Sanganer Kapada
Rangai Chapai
Association for effluent treatment of textile dyeing
units at Sanganeer, Rajasthan aggregating to approximately 12 MLD
FUTURE OUTLOOK:
The Company
seeks to own, manage
and/or operate and maintain water/waste
water assets in
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45400TN2007PLC071125 |
|
Name of the
company |
IL&FS WATER
LIMITED |
|
Address of the
registered office or of the principal place of business in |
A4-A6, Navin Presidium, 103, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Infrastructure Leasing and Financial Services Limited, The IL and FS
Financial Centre, Plot No. C-22, G Block, Bandra-Kurla Complex,
Mumbai-400051, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Term Loan and
Hypothecation Agreement for Rs. 6 cr. with hypothecation and charge on all
moveable assets and receivables of the company, as security |
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Date of instrument
Creating the charge |
16.07.2009 |
|
Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 17% p.a. Terms of
Repayment Repayable in full
within 36 months from the date of the first disbursement Extent and
Operation of the charge First Charge |
|
Short particulars
of the property charged |
Moveable assets
along with receivables |
Fixed Assets:
- Data Processing Equipment
- Improvements to Lease Hold
- Office Equipments
- Vehicles
- Software
AS PER WEBSITE DETAILS:
PROFILE:
Subject
is a Company specialized in providing end to end solutions in developing and implementing
projects in the water and waste water sectors.
Subject is a wholly owned subsidiary of Infrastructure Leasing and Financial
Services Limited (IL and FS) mandated to develop, finance, operate and maintain
water and waste water projects. IWL has a distinct mandate - catalyzing the
development of infrastructure in the country in the water and waste water
sectors. IWL has focused on the commercialization and development of
infrastructure projects in the water and waste water sector. From concept to
execution, IWL houses the expertise to provide the complete array of services
necessary for successful project completion i.e. Technology selection,
Technical and Commercial feasibility study, Project financing, Project
implementation and Project Operations and Maintenance (O and M).
IL and FS is one of
Apart from subject, the IL and FS Water
Business Group consists of the following entities
- Tamilnadu
Water Investment Company (TWIC) – Joint venture of IL and FS and Government
of Tamilnadu (GoTN) to develop projects in the water sector in Tamilnadu
- New Tirupur
Area Development Corporation Limited (NTADCL) – A Special Purpose Vehicle
(SPV) formed to develop the Tirupur Water Supply and Sewerage Project
- IL and FS Paradip
Refinery Water Limited – A Special Purpose Vehicle (SPV) formed to develop
the Paradip Refinery Water Supply Project for Indian Oil Corporation
Limited
Sectors
Though the water sector is engulfed with challenges and issues, in the context
of the current water position in
Subject has a vast resource pool with a wide range of experience and
proficiency in the areas of design, engineering and finance relating to all
areas of water sector including water supply, sanitation. It has an in-house
team, from diverse backgrounds to provide a complete array of services
necessary for the successful completion of projects.
Subject has identified opportunities in various segments of the water and waste
water sector, which include the following
Bulk water supply: Opportunities exists for Augmentation of Drinking
Water Supply System, Refurbishment, and Operations and Maintenance
Industrial Water Reuse and Effluent Treatment: Environmental regulations
and scarcity of water are pushing industries to adopt water recycling
techniques. Hence opportunities exist for recycling the industrial waste water/
effluent for reuse or to comply with the discharge norms of the regulatory
authorities.
Urban Drinking Water Distribution: In order to improve operational
efficiency in distribution of water, opportunities exists in Billing and
Collection, Arresting distribution losses, Reduction in Non Revenue Water and
Operations and Maintenance of the water distribution systems.
Urban Sewage Management: Due to rapid urbanization and population
growth, management of sewage has become a critical obligation of the
Government. Off late, the Government has started partnering with the private
sector in the development and management of Sewage Treatment Plants (STPs).
Hence this sector provides immense opportunities for development and
maintenance of STPs to comply with the discharge norms of Pollution Control
Board and also for reuse of the treated sewage for industrial use.
Desalination: Due to scarcity of water, opportunities exists in the
coastal areas for treatment of sea water to fulfill domestic and industrial
requirements.
In each of the above segments subject has considerable expertise in providing
end to end solutions to projects. Projects in the above mentioned sectors can
be executed on Build – Own – Operate – Transfer Basis (BOOT) through Joint
Development on a Public Private Partnership (PPP) basis, or on the basis of
management contracts.
Management
Profile:
Sameer Vyas –
Managing Director
Mr. Sameer Vyas is the Managing Director of subject, and is spearheading the
company’s initiatives in the water and waste water sector. He was earlier the
Managing Director of New Tirupur Area Development Corporation Limited (NTADCL),
and Director of Tamilnadu Water Investment Company (TWIC). NTADCL is the joint
venture between IL and FS and Government of Tamilnadu which developed the
Tirupur Water Supply Project, the first water sector project in
Mr. Vyas joined the Indian Administrative Service in 1977, and was
assigned to various positions of office in the State of
Executive Director, World Bank –
Mr. Vyas first completed his Masters in English Literature from St Stephen’s
College,
Mr. L Krishnan – Director
Mr. L Krishnan was till recently a member of the Indian Administrative Service.
Apart from various executive assignments in districts, he had a long stint in
the State Finance department and till he took voluntary retirement in 2005, he
was Special Secretary in the finance department overseeing important functions
in public expenditure management, budgeting and planning, infrastructure
modeling and financing, treasury management and relations with Reserve Bank of
He is currently the Chief Executive Office (CEO) of IL and FS Urban
Infrastructure Managers Limited, an IL and FS group company acting as Asset
Manager for the Pooled Municipal Debt Obligations Facility. This Facility has
been floated with a corpus of Rs 27000.000 Millions (550 million US dollars) by
fifteen Public sector financial institutions in India with a specific mandate
to identify urban sector infrastructure projects and provide long tenor project
finance to the ULBs and operators rendering municipal services in PPP formats.
Mr. Ramesh C. Bawa – Director
Mr. Ramesh C. Bawa is the Managing Director and CEO, IL and FS Financial
Services Limited, with a tremendous and rich experience of 3 decades in the
Banking Sector. He holds degrees of Post Graduate in Personnel Management and
Industrial Relationships, M.A. (Political Science) from
Mr. Bawa has been instrumental for a number of initiatives of the IL and FS
group with the Banking Sector / Insurance Companies and Financial Institutions
at the domestic and international level.
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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.