MIRA INFORM REPORT

 

 

Report Date :

14.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SIMPLEX INFRASTRUCTURES LIMITED

 

 

Formerly Known As :

SIMLPEX CONCRETE PILES (INDIA) LIMITED

 

 

Registered Office :

‘Simplex House’, 27, Shakespeare Sarani, Kolkata – 700 017, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.12.1924

 

 

Com. Reg. No.:

21-004969

 

 

Capital Investment / Paid-up Capital :

Rs. 99.331 Millions

 

 

CIN No.:

[Company Identification No.]

L45209WB1924PLC004969

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALS00978F

 

 

PAN No.:

[Permanent Account No.]

AAECS0765R

 

 

Legal Form :

A public limited liability company. The company’s shares are listed on the stock exchange. 

 

 

Line of Business :

Total solution provider n construction and infrastructure ambit.

 

 

No. of Employees :

7700 [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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 38700000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

 

Name :

Mr. Samiran Bhattacharya

Designation :

Accounts Head

Date :

28.12.2010

 

 

LOCATIONS

 

Registered Office :

‘Simplex House’, 27, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Tel. No.:

91-33-23011600 / 22839953/5967

Fax No.:

91-33-2283 5966 / 65 /64  / 22835964/65/66

E-Mail :

simplexkolkata@simplexinfrastructures.com

banwari.bajoria@simplexinfrastructures.com

simplexcal@simplexindia.com

calpersonnel@simplexindia.com

calpurchase@simplexindia.com

calaccts@simplexindia.com

Website :

http://www.simplexinfra.net

www.simplexinfrastructures.com

http://www.simplexconcrete.com

Area :

10,000 sq. ft. - Owned

 

 

Branches :

Delhi Office

Vaikunth’, 2nd floor, 82-83, Nehru Place, New Delhi – 110 019, India
Tel: 91-11-2643 2515 /6818, 2467-3330, 2621 9636

Fax: 91-11-2646 5869 / 91-22-24912735

Email: scpl.del@smj.sril.in

delpersonnel@simplexindia.com

delpurchase@simplexindia.com

delaccts@simplexindia.com

 

Mumbai Office

502-A, Poonam Chambers, Shiv Sagar Estate A wing, Dr. A.B. Road,  Worli, Mumbai – 400 018, Maharashtra, India

Tel: 91-22-24913481 / 8397, 2492 9034 / 2756/ 2064 / 24922064 / 24929034 / 24913481 / 8397 / 1849 / 3537
Fax: 91-22-24912735
Email: scpl.bom@smj.sril.in

bompersonnel@simplexindia.com

bompurchase@simplexindia.com

bomaccts@simplexindia.com

 

Chennai Office:
New No.57 (Old No.38), Pantheon Road, Egmore, Chennai – 600 008, Tamil Nadu , India
Tel: 91-44-2858-4802/4803/4804
Fax: 91-44-2858-4805
Email: scpl.chn@smj.sril.in

 

Doha office:
Home centre building, HBK Tower, Room no 1, 1st floor, Post box no 22472,

Doha, Qatar.

Tel: 974-4435408 / 4421545 / 4328843
Fax: 974-4435407
Email: SimplexDoha@simplexinfrastructures.com

 

Oman office:

2nd Floor, Bldg. No. 1915, Way No. 2137, Nizwa House, M. Q. , P. O. Box 1797, P. C. 114, Muscat, Sultanate of Oman.

 

Sri Lanka office:

No. 30 Dharmarama Road, Colombo - 06, Sri Lanka.

 

Dubai office:

Office No. 312, Pinnacle Building, Al Barsha 1st(above Caesars Restaurant), Sheikh Zayed Road Dubai (UAE)

P. O. Box : 124748,Tel: +971 4 3996724,

Fax: +971 4 3996785,

Email: simplexdubai@simplexinfra.net

 

Bahrain office:

 

Simplex Infrastructures Limited

C/o Almoyyed Contracting, P O Box – 32571 & 32471, Manama, Kingdom of Bahrain

Email: SimplexBahrain@simplexinfra.net

 

Baroda office

3rd Floor, 'Offtel Tower' No.II, R. C. Dutta Road,  Baroda - 390 005, Gujarat, India

Tel.: 91-265-2354566, 2330639.

Fax: 91-265-2342416

E-mail: simplexbaroda@simplexinfra.net

 

 

DIRECTORS

 

(AS ON 30.07.2010)

 

Name :

Mr. B. D. Mundhra

Designation :

Chairman and Managing Director

bdm@simplexindia.com

 

 

Name :

Mr. A. D. Mundhra

Designation :

Director

adm@simplexindia.com

 

 

Name :

Mr. A. Mukherjee

Designation :

Director

amukherjee@simplexindia.com

 

 

Name :

Mr. B. Sengupta

Designation :

Director

 

 

Name :

Dr. R. Natarajan

Designation :

Director

 

 

Name :

Mr. S. Dutta

Designation :

Director

 

 

Name :

Mr. Rajiv Mundhra

Designation :

Director

rajivmundhra@simplexindia.com

 

 

Name :

Mr. N. N. Bhattacharyya

Designation :

Director

 

 

Name :

Mr. Sheokishan Damani

Designation :

Director

Date of Appointment :

06.10.2005

 

 

Name :

Mr. Kunal Shroff

Designation :

Director

Date of Appointment :

19.05.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. B.L. Bajoria

Designation :

Company Secretary

 

 

Name :

Mr. S. Ray

Designation :

Chief Technical Manager

sray@simplexindia.com

 

 

Name :

Mr. D. N. Basu

Designation :

General Manager

dnbasu@simplexindia.com

 

 

Name :

Mr. S. Guha

Designation :

Technical Director

shankarguha@simplexindia.com

 

 

Name :

Mr. C. N. Raman

Designation :

Joint General Manager

cnraman@simplexindia.com

 

 

Name :

Mr. J. S. Raghavan

Designation :

Chief Commercial Manager

 jsraghavan@simplexindia.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 31.03.2011)

 

Names of Shareholders

No. of Shares

Percentage

Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

9645855

19.49

Bodies Corporate

17436968

35.25

Sub Total

27080823

54.74

(2) Foreign

--

--

Total shareholding of Promoter and Promoter Group (A)

27080823

54.74

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

9084568

18.36

Financial Institutions / Banks

1159965

2.34

Insurance Companies

42144

0.09

Foreign Institutional Investors

5932272

11.99

Sub Total

16218949

32.78

(2) Non-Institutions

 

 

Bodies Corporate

3202601

6.47

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

1668439

3.37

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

815000

1.65

Any Others (Specify)

486518

0.98

Trusts

1945

0.00

Non Resident Indians

400824

0.81

Any Other

83749

0.17

Sub Total

6172558

12.48

Total Public shareholding (B)

22391507

45.26

Total (A)+(B)

49,472,330

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

Total (A)+(B)+(C)

49,472,330

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Total solution provider n construction and infrastructure ambit.

 

 

Products :

·         Piling

·         Concrete Works

·         Structural Steel

·         Road Work

·         Miscellaneous Works

 

 

Terms :

 

Selling :

Cash and Credit [30-60-90 Days]

 

 

Purchasing :

Cash and Credit [30-60-90 Days]

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

Electricity

KW

--

820,000

134,388

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

·         Monsa Industries,

·         Sanjoy Engineering Co.,

·         Scaffs Engineering and Fabricators,

·         K.K. Engineering Works,

·         Gamzen Plast (Private)  Limited,

·         Steel Industries Corporation of Bombay,

·         Dossisen Fabrico,

·         Ashok Engineering and Construction Limited,

·         Air Bridge and

·         SAS Computers Private Limited.

 

 

Customers :

End Users  and OEM’s

 

       Private Sector

Ø       Alsthom Export

Ø       G.K.W. Limited

Ø       Piramal Group

Ø       Apeejay Group

Ø       General Electric Technical Services Company Inc.

Ø       RPG Group

Ø       Asea Brown Boveri Limited

Ø       Hindusthan Lever Limited

Ø       Siemens AGUB KWU

Ø       Backau Wolf India Limited

Ø       ICI Limited

Ø       Siemens Limited

Ø       Bajaj Auto Limited

Ø       Indian Aluminium Company Limited

Ø       Spic Capag - NKK - Toyo Consortium

Ø       Bata India Limited

Ø       ITC Limited

Ø       SPIC Fine Chemicals Limited

Ø       Bausch and Laumb (India) Private Limited

Ø       Jenson and Nicholson Limited

Ø       Tata Chemicals Limited

Ø       Bindal Agro Chem. Limited

Ø       Larsen and Toubro Limited

Ø       Tata Consultancy Engineering

Ø       Bira Jute

Ø       LML Limited

Ø       Tata EBASCO

Ø       Birla Bros Limited

Ø       Lupen Chemicals Limited

Ø       Tata Electric Company Limited

Ø       Birla Carbide factory

Ø       Mallya Group

Ø       Tata Iron and Steel Company

Ø       Birla Industrial and Technological Museum

Ø       Mcnally Bharat Engineering Limited

Ø       Tata Ore Bin

Ø       Birla Linoleum Factory

Ø       Mitsubishi Heavy Electrical Limited

Ø       Tata Power Company Limited

Ø       Birla Textile Machinery Corporation

Ø       Modi Group

Ø       Tata Projects Limited

Ø       Chhabria Group

Ø       MRF Limited

Ø       Tata Robins Fraser Limited

Ø       DCM Group

Ø       Nagarjuna Fertilisers and Chemicals Limited

Ø       The Associated Cement Company Limited

Ø       Dodsal Limited

Ø       Nippon Denro Ispat Limited

Ø       Toyo Engineering (India) Limited

Ø       EID Parry Limited.

Ø       Orient Cement

Ø       TVS Group

Ø       Elcon Engineering Company Limited

Ø       Orient Paper Mills

Ø       Walchand Group

Ø       Essar Construction

Ø       Peerless Group

 

      Public Sector

Ø       Bhaba Atomic Research Centre

Ø       India Tourism Development Corporation Limited

Ø       National Aluminium Corporation Limited

Ø       Bharat Electronics Limited

Ø       Indian Aluminium Company Limited

Ø       National Thermal Power Corporation Limited

Ø       Bharat Heavy Electricals Limited

Ø       Indian Farmers and Fertilizer Co-operative Limited

Ø       Nippon Denro Ispat Limited

Ø       Bharat Petroleum Limited

Ø       Indian Iron and Steel Company Limited

Ø       Oil and Natural Gas Commission Limited

Ø       Bindal Agro Chem. Limited

Ø       Indian Oil Corporation Limited

Ø       Port Trusts of Calcutta, Bombay, Madras Central and State PWDs

Ø       Director Gen. Naval Projects

Ø       Indian RailwaysIndian Railways

Ø       SPIC Fine Chemicals Limited

Ø       Fertilizers and Chemicals Travancore Limited

Ø       Jenson and Nicholson Limited

Ø       State Bank of India

Ø       Food Corporation of India Limited

Ø       Larsen and Toubro Limited

Ø       State Electricity Boards

Ø       Gujrat State Fertilizer Corporation Limited

Ø       Madras Refineries Limited

Ø       Steel Authority of India Limited

Ø       Hindustan Paper Corporation Limited

Ø       Military Engineering Services

Ø       Indian Aluminium Company Limited

Ø       Hindustan Steelworks Construction Company Limited

Ø       MRF Limited

Ø       Hindusthan Petroleum Limited

 

 

No. of Employees :

7700 [Approximately]

 

 

Bankers :
  • United Bank of India
  • Standard Chartered Bank
  • UCO Bank
  • ING Vysya Bank Limited
  • The Federal Bank Limited
  • ICICI Bank Limited
  • Axis Bank Limited
  • IndusInd Bank Limited
  • HDFC Bank Limited
  • Allahabad Bank
  • IDBI Bank Limited
  • Canara Bank
  • Punjab National Bank
  • Indian Bank
  • Central Bank of India
  • Oriental Bank of Commerce
  • Exim Bank
  • Karur Vysya Bank Limited
  • The Royal Bank of Scotland
  • State Bank of Travancore
  • HSBC Limited
  • State Bank of India
  • State Bank of Indore
  • Development Credit Bank Limited
  • Yes Bank Limited
  • Bank of Boroda

 

 

Facilities :

Rs in Millions

SECURED LOANS

31.03.2010

31.03.2009

 

 

 

Term Loans

 

 

Financial Companies - Rupee Loan [Note 1(a) below]

881.879

787.350

Banks

 

 

Rupee Loans [Notes 1 (a) and 2 below]

1015.229

1463.060

Foreign Currency Loans [Note 1(b) below]

1144.949

2403.672

Working Capital Loans from Banks

 

 

Rupee Loans [Note 3 (a) below]

5628.065

199.116

Foreign Currency Loans [Note 3 (b) below]

1244.064

1056.454

Vehicle Loans from Banks (Note 4 below)

 

 

Rupee Loans

17.169

16.196

Foreign Currency Loans

1.267

38.733

Interest Accrued and Due on Working Capital Loans

11.269

8.069

TOTAL

9943.891

7692.650

 

Notes :

1. a) Term Loans from banks and financial companies are secured / to be secured by an exclusive charge on specific assets, comprising Plant and Machinery, Construction Equipments and Vehicles purchased out of the said loans.

 

b) Foreign Currency Term Loans comprise of:

i) Loans provided by banks and secured by exclusive charge on specific assets as recited in Note 1 (a) above

ii) Loans at overseas branches are secured / to be secured by assignment of receivables and charge on Plant and Machinery etc. at respective branches.

2. Term loans of Rs.690,834 (2009 - Rs.1,223,182) are also covered by personal guarantee of Chairman and Managing Director and / or Whole-time Director of the Company.

3. a) Secured by first charge by way of hypothecation of stocks, stores, book debts, second charge on Plant and Machinery (other than those which are exclusively charged in favour of the respective lenders) ranking pari passu amongst the Banks on the point of security, as also by second charge on certain immovable properties by deposit of title deeds / documents in India subject to first charge created / to be created in favour of term lenders.

b) Foreign Currency Working Capital loans comprise of (i) packing credit provided by a bank which is secured by hypothecation of assets etc. as recited in Note 3 (a) above and (ii) loans at overseas branches which are secured / to be secured by assignment of receivables at such branches.

4. Vehicle loans from banks are secured / to be secured by way of hypothecation / charge of the vehicles financed.

Rs in Millions

 

 

 

UNSECURED LOANS

31.03.2010

31.03.2009

Term Loans From -

 

 

Financial Companies - Rupee Loan (Short Term) -

--

250.000

Banks

 

 

Rupee Loans (Short Term)

2300.000

3224.669

Foreign Currency Loans (Short Term)

[Such Loans from certain banks Rs.150,000 (2009 - Rs.3,224,669) covered by personal guarantee of Chairman and Managing Director and / or  holetime

Director of the Company.]

--

69.400

Commercial Papers [including from Banks Rs.400,000 (2009 - Rs.950,000)]

750.000

950.000

Intercorporate Deposit

0.500

0.500

Temporary Overdraft from banks

 

 

Rupee Account

28.500

15.597

Foreign Currency Account

0.758

1.519

Interest Accrued and Due on Inter Corporate Deposits

0.288

0.349

TOTAL

3080.046

4512.034

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

Plot No. Y – 14, Block - EP Sector - V Salt Lake Electronic, Complex Bidhan Nagar Kolkata 700 091

 

 

Joint Venture :
  • Simplex – Gayatri Consortium
  • HO-HUP Simplex Joint Venture
  • Simplex - Subhash Joint Venture
  • Somdatt Builders - Simplex Joint Venture
  • Simplex Almoayyed W.L.L.
  • Simplex - Somdatt Builders Joint Venture
  • Laing - Simplex Joint Venture
  • Simplex Meinhardt Joint Venture
  • Jaybee Simplex Consortium
  • Simplex Infrastructures (Thailand) Limited #

 

 

Parties where significant influence exists
  • Giriraj Apartments Private Limited
  • Mundhra Estate
  • Safe Builders
  • RBS Credit and Financial Development Private Limited
  • Anupriya Consultants Private Limited
  • Baba Basuki Distributors Private Limited
  • Asnew Finance and Investment Private Limited
  • Parop Finance and Investment Private Limited
  • Anjali Trade Links Private Limited
  • Universal Earth Engineering Consultancy Private Limited
  • Varuna Multifin Private Limited
  • East End Trading and Engineering Company Private Limited
  • Agashi Commercial Private Limited (up to 23 July, 2009)
  • Ajay Merchants Private Limited
  • Sandeepan Exports (P) Limited
  • Simplex Technologies Private Limited

 

 

Subsidiaries :
  • Simplex Infrastructures L.L.C.
  • Simplex (Middle-East) Limited *
  • Simplex Infrastructures Libya Joint Venture Co. **

 

* with effect from 08 May,2009

** with effect from 24 July,2009

# with effect from 24 November,2009

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

374,900,000

Equity Share

Rs.2/- each

Rs. 749.800 Millions

20,000

15% Cumulative Preference Shares

Rs.10/- each

Rs. 0.200 Millions

 

Total

 

Rs. 750.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

49,472,330

Equity Share

Rs.2/- each

Rs. 98.945 Millions

 

Equity Shares Forfeited in earlier years

 

 

Rs. 0.386 Million

 

Total

 

Rs. 99.331 Millions

 

Notes :

 

1. Pursuant to the approval of the Shareholders at the Annual General Meeting held on 18th August, 2006, the authorised share capital of the Company stands increased and reclassified as indicated above with denomination of shares being subdivided into Equity Shares of Rs.2/- each. Accordingly, the equity shares of the Company of face value of Rs.10/- each were subdivided into Equity Shares of Rs.2/- each, on 20th September, 2006.

 

2. Of the year-end paid-up shares

 

a) 13,925 shares of Rs.10/- each (equivalent of 69,625 shares of Rs 2/- each) allotted as fully paid up pursuant to a contract without payments being received in cash.

 

b) 1,844,321 shares of Rs.10/- each (equivalent of 9,221,605 shares of Rs 2/- each) allotted as fully paid Bonus Shares by capitalisation of Reserves, Undistributed Profit and Securities Premium Account.

 

c) 1,996,530 shares of Rs.10/- each (equivalent of 9,982,650 shares of Rs 2/- each) allotted at par on conversion of Partly Optionally Convertible Debentures on 1st January,1998 and on 1st January,1999.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

99.331

99.331

99.331

2] Equity Share Warrant

0.000

212.530

212.530

3] Reserves & Surplus

9597.270

8710.896

7219.247

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

9696.601

9022.757

7531.108

LOAN FUNDS

 

 

 

1] Secured Loans

9943.891

7692.650

3799.633

2] Unsecured Loans

3080.046

4512.034

3693.783

TOTAL BORROWING

13023.937

12204.684

7493.416

DEFERRED TAX LIABILITIES

883.274

578.772

371.454

 

 

 

 

TOTAL

23603.812

21806.213

15395.978

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

9676.598

10014.163

6294.684

Capital work-in-progress

186.941

138.583

242.648

 

 

 
 

INVESTMENT

277.082

200.732

98.744

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6592.548

6760.729

4741.412

 

Sundry Debtors
17928.086

16675.518

11496.721

 

Cash & Bank Balances
872.737

1002.093

1231.982

 

Other Current Assets
1336.695

1250.047

834.120

 

Loans & Advances
3868.425

3311.926

2838.560

Total Current Assets
30598.491

29000.313

21142.795

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
10336.511

8780.050

6056.743

 

Other Current Liabilities
6683.411

8651.767

6210.021

 

Provisions
115.378

115.761
116.129

Total Current Liabilities
17135.300

17547.578

12382.893

Net Current Assets
13463.191

11452.735

8759.902

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

23603.812

21806.213

15395.978

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Profit on Contract Work done

6210.529

5715.507

3763.098

 

 

Company’s Share in Profit / (Loss) of Joint Ventures

(7.346)

89.687

39.706

 

 

Other Income

226.154

447.102

275.560

 

 

TOTAL                                     (A)

6429.337

6252.296

4078.364

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Amortisation of Tools

643.489

527.438

270.689

 

 

Other Administrative Expenses

1873.210

1849.735

1128.015

 

 

TOTAL                                     (B)

2516.699

2377.173

1398.704

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

3912.638

3875.123

2679.660

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1112.088

1417.910

1037.199

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2800.550

2457.213

1642.461

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

890.075

771.865

371.960

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1910.475

1685.348

1270.501

 

 

 

 

 

Less

TAX                                                                  (I)

684.502

477.318

369.712

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

1225.973

1208.030

900.789

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2469.366

1877.097

1192.069

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

150.000

150.000

100.000

 

 

Transfer to Contingency reserve

0.000

350.000

0.000

 

 

Proposed Dividend

98.945

98.945

98.945

 

 

Tax on Dividend

16.433

16.816

16.816

 

BALANCE CARRIED TO THE B/S

3429.961

2469.366

1877.097

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Travelling

            69.933

46.631

35.442

 

 

Interest and Finance Charges

160.223

168.751

52.746

 

 

Contract Expenses (Overseas Branches)

5139.531

5514.836

2045.338

 

 

Consultation Fees

11.153

0.000

0.000

 

 

Other Administrative Expenses (Overseas Branches)

447.034

504.369

134.745

 

 

Miscellaneous

0.739

0.362

6.532

 

TOTAL EARNINGS

5828.613

6234.949

2274.803

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

169.582

2159.653

1737.947

 

 

Tools and Equipments

12.210

165.196

29.217

 

 

Components and Spare Parts

282.206

615.291

147.739

 

TOTAL IMPORTS

463.998

2940.140

1914.903

 

 

 

 

 

 

Earnings Per Share (Rs.)

24.78

24.42

20.15

 

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

Type

1st Quarter

2nd Quarter

3rd  Quarter

4th  Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

11767.700

10514.900

11666.600

13674.400

Total Expenditure

10567.200

9457.500

10590.900

12300.800

PBIDT (Excl OI)

1200.500

1057.400

1075.700

1373.600

Other Income

9.000

33.500

30.600

90.400

Operating Profit

1209.500

1090.900

1106.300

1464.000

Interest

281.100

295.400

362.100

369.100

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

928.400

795.500

744.200

1094.900

Depreciation

389.900

399.800

402.300

416.400

Profit Before Tax

538.500

395.700

341.900

678.500

Tax

176.500

127.000

110.000

308.700

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

362.000

268.700

231.900

369.800

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
19.07

19.32

22.09

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
30.76

29.49

33.76

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.74

4.32

4.63

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20

0.19

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.11

3.30

2.64

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.79

1.65

1.71

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Company Profile

 

Since 1924 when Simplex became the first company to introduce cast-in-situ-driven piles in India and South East Asia, it has been on the forefront of technical breakthroughs in the Indian construction industry

 

1935 Starts construction of steel plants, subsequently building India’s steel backbone with plants for SAIL, Tata, Jindal, Essar, etc.

 

1940s Constructs the prestigious King George Docks (Jawaharlal Nehru Port) in Mumbai to be recognised as one of the top construction engineers of India.

 

1958 (1) Builds the tallest RCC framed structure in Asia -- the 17- storey National Tower in Kolkata

(2) Begins construction of basement using top down construction technique for the first time in India.

 

1960s Makes maiden foray into the urban utilities segment, setting up sewage treatment plant in Howrah.

 

1968 Successfully embarks into marine construction, leading to an enduring association with all major ports in India.

 

1970 Begins civil and structural construction of Thermal Power plants.

 

1972-3 Installs India’s first 50 m deep cast-in-situ driven piles at Cochin

 

1977-78 Develops indigenous technique for soil densification through stone columns by driven piling technique

 

1982-83 Develops breakthrough technique for jointed pre-cast concrete piles.

 

1990 Constructs 2000 mm dia pile foundation for the first time in India.

 

1993-4 Becomes first to install fully computerized geo-technical laboratory in India

 

1997 (1) Enters the transport sector with road, bridge and railway construction.

(2) Constructs the first housing complex using Aarding ‘Tunnel Form’ technology in the country.

 

1999 Constructs Rail over-bridge with 50 m span P. S. C Girder over running electrified section of rail-track for the first time in India.

 

2002 Begins civil and structural construction of Nuclear Power Plants to establish comprehensive capabilities in the power sector.

 

2004 Begins civil and structural construction of hydro power plants.

 

2008 Over 70 Mtr. deep Pile in Kochi.

 

2010 Begins installation of steel piles using vibro technology at Dahej Port in one of the world’s most challenging marine conditions.

 

REVIEW OF OPERATIONS

 

Effect of the global economic recession continued to be felt across the world in 2009-10 and a poor monsoon further impacted India's economy. However, in spite of these adversities, the financial performance of the Company during the year  was more or less at par with the previous year. Profit before Tax (PBT) increased by 13.36% from Rs. 1,685.35 Millions to Rs 1,910.47 Millions while Profit after Tax (PAT) increased by 1.49% to Rs.1,225.97 Millions compared to Rs. 1,208.03.Millions in 2008-2009. However, the turnover showed a decline of 4.52%, being recorded at Rs.44,434.81 Millions as compared to Rs. 46,536.88 Millions in the previous year. The Company also recorded a higher EBITDA, which increased by 3.49% from Rs.4,402.56 Millions to Rs.4,556.13 Millions in the year . Cash or Gross Profit (EBDTA) was also higher by 15.39%, rising from Rs. 2,984.65 Millions to Rs. 3,444.04 Millions.

 

Consolidated results were in line with the above. The consolidated turnover stood at Rs. 45,524.66 Millions reflecting a marginal decrease of 3.06% as compared to Rs.46,960.66 Millions in the previous year. The Consolidated Profit before Tax increased by 15.81% from Rs. 1,731.82 Millions to Rs.2,005.61Millions and Consolidated Profit after Tax and Minority Interest increased by 3.02% to Rs.1,271.47Millions compared to Rs.1,234.24 Millions in 2008-09. Improved internal efficiencies and efficient resource management were the key factors for better profitability. The order book position stood at over Rs 110,000 Millions with the Company bagging several prestigious orders in various sectors of the construction business viz. Ground Engineering, Power, Urban Infrastructure, Building & Housing, Marine, Industrial and Transportation. The Company continues to have branch offices/ subsidiaries/ associate companies in the UAE, Qatar, Bahrain, Oman, Libya, Indonesia, Thailand and neighboring countries to explore and expand business activities. It remains committed to execute projects with consistent quality assurance and adherence to benchmarks as per customers’ requirements with the objective of customer-satisfaction. The Company has recently forayed into the businesses of Power Transmission & Distribution and Construction, Real Estate project on joint development basis and the road project on BOT/BOOT basis. The Directors are optimistic to make the presence of the Company felt in these fields.

 

A. CONSERVATION OF ENERGY

 

a) Energy Conservation measures taken: To conserve energy they have started using more sophisticated Machinery which can do more work in lesser time and there by reducing the requirement of equipments that programmes to maximize saving in two specific areas:

i) Electric Energy

ii) Fuel oil consumption

In this industry 99% equipments are powered by either electrical motor or by fuel oil powered engines. Since most of the work is carried out in remote locations and is subjected to harsh environmental conditions, the rate of depreciation is very high. The scope of energy efficiency in the industry will be energy conservation through well planned actions such as quality preventive maintenance, machinery up-gradation, modernization and introduction

of sophisticated control system. Fuel oil consumption has been reduced by implementing vigorous preventive maintenance measures and introducing new fuel efficient engines coupled with newer machinery and reducing idle running of equipments.

 

b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: Continuous additional investments are made in phases to replace old machinery with newer more sophisticated and more fuel efficient ones. The replacement theory is applied in repairs and renewals.

 

c) Impact of the measures (a) and (b) for reduction of energy consumption and consequent impact on the cost of production: The company has been able to reduce electrical energy and fuel oil consumption. Though it is not possible to quantify the impact, the measures are expected to result in considerable savings.

 

d) Total Energy Consumption and energy consumption as per unit of production as per prescribed Form A of the annexure in respect of industries specified in Schedule thereto: Not applicable as the Company is not covered under the list of specified industries.

 

B. Technology Absorption

 

Research and Development:

1. Specific areas in which R & D is carried out by the Company:

 

We are continually increasing the use of Fly Ash with concrete and minimizing use of cement without sacrificing the strength of concrete. The benefit derived as a result of above R & D.

i) Less use of cement i.e. saving of natural resources like lime stone etc.

ii) Saving of energy due to lesser need of production of cement.

iii) Recycling of harmful disposal of coal burnt

 

(Fly Ash) from Thermal Power Plant in larg volume, which otherwise is big problem for stack the disposal in large volume.

 

Continuous efforts are made to innovate new methods of construction. Methods are developed to make optimum utilisation of both manpower and machinery.

 

New techniques in foundation engineering have been developed specifically in the field of stone colu Millions by Simplex in house developed highly production system and also imported technology of Vibro flotation, sand piles,

Geopier system of piling, jointed piles, pre-cast piles and introduction of band drain and drilling piling technique.

 

Use of alternative materials such as neoprene, fiberglass and bakelite has been developed to replace wood.

 

Computer aided design techniques have been developed in the fields of soil analysis, structural analysis and machine design.

 

Micro piling technique and band drain have been developed through in-house research.

 

New shuttering methods have been developed to reduce use of wood and minimise waste of accessories.

 

New forms of sleepers have been introduced to replace wooden sleepers.

 

Hydraulic grab is manufactured for diaphragm wall.

 

For segmental bridge construction, a whole system of casting and erection has been improved to speed up the work more effectively.

 

By using latest technique and modern equipment - deepest bore pile ever installed in India with Hydraulic drilling rig.

 

New system of aluminium shuttering has been introduced to reduce timber consumption and save nature.

 

For precast long length Girder erection in bridges, the new Launching Girder system developed for erection, including bend section up to 400 MT self weight.

 

For lifting of heavy sections, a rod has been developed which replaces high strength prestress wire or imported rods.

 

Manufacturing of spares for imported machinery locally with further improvement.

 

2. Benefit derived as a result of the above R&D

 

New and modern methods of construction have made the process faster and safer. Wastage of materials reduced significantly. Pollution reduced to great extent. Downtime was cut considerably.

 

Use of valve system and grabs helped the Company achieve a faster pace in piling.

 

Cost effective machines enabled the Company to substitute expensive, imported and heavy machinery.

 

Both structural and soil analysis were upgraded to perform complicated work accurately.

 

Launching of Girder can be done at the bridge level, saving the cost of cranes and space as well as imported rods.

 

3. Future plan of action

 

Introduced prefabricated Hollow Piles in foundation in Oman and likely to be installed in India very soon.

 

To improve R&D activities specifically in developing new machinery, shuttering and stagging equipment, soil improvement techniques, pile driving and drilling technology.

 

To introduce new soil reinforcement and pile foundation system.

 

To introduce modern construction project management techniques, a thorough manpower analysis is done prior to start up.

 

To tighten quality control system and safety.

 

To carry on research in soil mechanics, foundation engineering and structural engineering.

 

To develop new and low-cost construction material for housing, industrial structure and foundations.

 

To develop improved techniques in solid waste disposal system.

 

To develop improved technology that is environment-friendly.

 

To implement quality assurance programme in accordance with modern management technique.

 

To introduce pre-fabricated concrete technology in mass scale.

 

To introduce new products to replace wooden products.

 

ECONOMIC OVERVIEW

 

The construction industry is largely influenced by economic growth and the last couple of years have seen remarkable upheavals in the global economic situation. Sentiment swung from the euphoria of 2007-08 to despair in 2008-09, and then to tentative optimism in the year under review. India too partly followed the world’s moods. The barometer of investment sentiment, the stock market Nifty stood at an abysmal 3020 on 31st March, 2009. One year later as on 31st March, 2010, it read a healthy 5250, a dramatic rise of nearly 75%. Economic indicators also mirrored the positive trend, if less spectacularly. Despite initial hiccups and a poor monsoon during the year 2009-10, the country’s GDP registered a robust growth of 7.4% with the manufacturing sector growing by 10.8% while finance, insurance and business services were only a shade lower at 9.7%. According to Finance Ministry estimates, the economy is all set to bounce back to its annual growth average of 9% by 2011-12, with a projected GDP growth of 8.5% during 2010-11. The Industrial Production in April’10 reveals a growth of 17.6% on the back of 13.9% growth achieved in March’10. The Capital goods sector which has a bearing on the construction demand has grown 72.8% & 28.4% in April & March respectively. Markets in the Middle East, except Dubai, appear to have bottomed out, with activities across sectors once again on the rise. According to the Global Economic Prospects 2010, the region’s economy is slated to grow at a steady 3.7% in 2010-11, reacquiring the 4.4% growth trajectory in 2011-12 from its lows of 2.9% in 2009-10. Given the oil wealth the region, implies a steady stream of construction projects that improve the quality of life. Besides, in order to gradually reduce the oil-dependence of the economy, this region will create infrastructure to cater to and promote other business activities like Tourism, Industrial, Financial, Commercial, Trading and Services.

 

INDUSTRY OVERVIEW

 

Closely linked to the economic condition, the construction industry went through tough times in 2008-09 when many projects went into the freeze or were slowed down in the face of prevailing uncertainties. Today it is back on the growth track, with activity spiralling up across markets. The sector is expected to grow at a rate of 9% in the current fiscal, a considerable leap from last year's 6.5%. This places it midway between the vigorous 12.4% growth of 2005-06 and the sluggish 5.9% growth of 2008-09. Infrastructure industries such as power, highways, civil aviation, ports and shipping were significantly affected by the global financial crisis, with less than half of the

$500 billion allocated to infrastructure in India's 11th 5-year Plan (2007-2012) being spent during the first half of the term. This implies that the bulk remains to be spent during 2010-11 and 2011-12 and a lot of construction activity can be expected over the next two years. What is more, the Planning Commission has estimated that over a trillion dollars will have to be spent on infrastructure during the 12th Plan (2012- 2017), which bodes well for the Industry. Apart from the infrastructure, the industrial, commercial and residential sectors are the chief constituents of construction activity. Domestic demand, coupled with Government measures, is likely to keep up the tempo of industrial activity. Capital expenditure, which is closely linked to construction, has revived strongly with gross fixed capital formation — a measure of investment activity - growing 34.6%, quarter-on-quarter, in the three months ending March 2010. The construction sector outlook for the coming fiscal therefore appears to be bright as domestic demand for construction services and products continues to pick up.

 

BUSINESS OVERVIEW

 

Simplex is among India’s top construction companies with a track record of having executed over 2300 projects over 8 decades. They have dominant presence in Ground Engineering , Thermal Power, Marine, Industrial structures. They also have considerable presence in Buildings, Bridges, Railways, Roads, Metro Rail and Urban infrastructure space. With over 7700 employees, 150 project management teams and owned construction equipments, large engineering resource base worth over Rs.12000  Millions, operating in India & abroad, Simplex has among the most comprehensive capabilities for project engineering and management. the diversified order book features nearly 200 contracts, a fourth of which is abroad. Simplex has consolidated its presence in international markets, namely Qatar, Oman, Bahrain, and has also entered Ethiopia, Thailand and other neighboring countries , through its subsidiaries, associates and joint ventures.

 

The diverse capabilities and markets give Simplex a stable business profile characterized by a consistent record of growth and profitability. In 2009-10, despite lower turnover due to recessionary pressures, the profitability improved. This was mainly due to efficient resource management and improvement in internal efficiencies. New Business Initiatives After evaluating opportunities and risk assessments, the Company has made a foray in more business areas leveraging upon its construction capabilities.

 

These are:

 

Added a new vertical – Power Transmission & Distribution and Construction. A specialized team has been set up, a few orders for construction already received and are under execution. The Company plans to scale it up gradually to move to EPC and development/ownership projects on BOOM basis.

 

Developing a Real Estate project for residential housing in Guwahati admeasuring 1 Millions sq.ft. of built-up area.

 

Awarded the first road project on BOOT basis. We are a part of the consortium of Srei- Simplex-Gulfar who has been awarded by NHAI, the 6-Laning of the existing 4-lane toll stretch of 67km from Bhubaneshwar to Chandikol on NH-5. The Company plans to build up gradually a portfolio of BOT and Annuity projects capitalizing on the unfolding opportunities in the road sector.

 

FINANCIAL PERFORMANCE

 

The turnover of the Company at Rs. 44,434.81 Millions has shown a marginal decrease of 4.52% as compared to Rs. 46,536.88 Millions in the previous year. However, Profit before Tax increased by 13.36% from Rs. 1685.35 Millions to Rs. 1,910.47 Millions and Profit after tax increased by 1.49% to Rs.1,225.97. Millions compared to Rs. 1,208.03 Millions in 2008-09. Similarly, the EBITDA of the Company has increased by 3.49% from Rs. 4,402.56 Millions in the previous year to Rs 4,556.13 Millions in the year  while Gross Profit (EBDTA) has shown a healthy rise of 15.39% at Rs. 3,444.04 Millions from Rs. 2,984.65 Millions. The Consolidated Turnover, at Rs. 45,524.66 Millions, has shown a marginal decrease as compared to Rs. 46,960.66 Millions in 2008-09. The Consolidated EBDTA, which was Rs.3,052.03 Millions in the previous year has increased 17.25% in comparison to Rs.3,578.45 Millions in the year . Consolidated Profit after Tax and Minority interest was Rs.1,271.47 Millions in the year  an increase of 3.02% in comparison to Rs.1,234.24 Millions in the 2008-09.

 

FUTURE OUTLOOK

 

Construction is as old as civilization. This construction industry is characterized by innumerable players ranging from entrepreneurs putting up an individual building to national giants, such as Simplex, who compete to win mega-projects, which may often be worth several hundred crores. In between there are also mid-size companies with powerful local presence or speciality in a particular field of construction. The level of engineering and professional skills and resources across the industry therefore varies widely. Simplex competes nationally as also internationally to win projects abroad against the best in the world. Infrastructure projects accounts for half of all

construction demand. Most of basic infrastructure building, such as transport and urban improvement projects, is determined by the government. In India, central and state Governments also have overwhelming ownership presence in core industries such as power plants, steel plants and mines. From the private sector industrial, commercial and residential sectors are the key drivers of construction activity. The Public Private Partnership projects are also seeing tremendous growth opportunities. While government projects are to an extent independent of mid-term economic fluctuations, private demand is primarily driven by economic growth and consequent capital formation. As demonstrated in the recent past, when the economic climate is weak, government stimulus can inject stability into the system. On the other hand, historically and internationally, periods of high economic growth have been accompanied by rapid infrastructure growth.

 

The current order book position of the Company stands at Rs.110,000 Millions plus, recording a 14% jump over last year, which indicates continuous growth potential over the medium term. Considering the recent order inflow & the execution the management feels a 15 - 20% topline growth in FY10 - 11 is well within the possibilities.

 

COMPANY’S PHILOSOPHY

 

Simplex believes that good Corporate Governance is essential to achieve longterm corporate goals and to enhance stakeholders’ value. The Company’s business objective and that of its management and employees is to provide customer satisfaction through the Company’s quality services strictly adhering to time schedule in such a way so as to create value that can be sustained over a long term for all its stakeholders, including shareholders, employees, customers, Government and the lenders. In addition to compliance with regulatory requirements, Simplex endeavors to ensure that highest standards of ethical conduct are met throughout the organisation. The principles of good Corporate Governance through accountability and transparency have always been followed by the Company.

 

CONTINGENT LIABILITIES:

 

                                                      

As on 31.03.2010 [Rs in Millions ]

a) Claims not acknowledged as Debts

 

Interest (others)

0.600

Professional Tax

0.434

b) Uncalled liability on partly paid shares

0.100

c) Sales Tax / Value Added Tax

261.699

d) Entry Tax

1.387

e) Income Tax [Also refer item (g) below]

3.990

f) Service Tax [Also refer item (h) below]

46.012

 

 

 

g) The Company claimed certain deduction under the provision of the Income-tax Act, 1961 upto the Assessment year 2009-10. In respect of the Assessment Years 2005-06 to 2008-09 the deduction was disallowed by the Income Tax Authorities and for those Assessment Years, the Company's appeals are currently pending before the said appellate authorities. However, on the basis of legal opinion obtained, the Company being eligible to such benefit, has challenged the issue by a writ petition before the Hon'ble Calcutta High Court and obtained interim stay order from the said High Court restraining the Tax Authorities from enforcing any demand against the Company. In the mean time on the basis of direction of the Hon'ble Supreme Court, the case has been transferred to Hon'ble Bombay High Court for hearing with other similar cases where the matter is pending. The estimated tax impact in this regard is Rs.256.594 Millions (2009 - Rs.310.604 Millions).

 

h) Show-cause cum demand notices for Rs.591.571 Millions (2009 - Rs.591.571 Millions) and Rs.397.665 Millions (2009 - Rs.Nil) on certain matter relating to Service Tax issued by the concerned Tax Authorities in Kolkata during previous years and current year respectively have been challenged by the Company by writ petitions currently pending before the Hon'ble Calcutta High Court. Further, show-cause notices for Rs.66.943 Millions (2009 - Rs.66.943 Millions) and Rs.81.148 Millions (2009 - Rs.Nil) on similar matter relating to Service Tax issued by the concerned tax authorities in Delhi during previous year and current year respectively has also been challenged/is being challenged by the Company before the Hon'ble Delhi High Court. According to a legal opinion obtained in this regard, the contention of the Tax Authorities and consequent demand of Service Tax is not valid in law. Based on the aforesaid legal opinion the management is of the view that even in case of an adverse decision, tax impact in this regard should not exceed Rs.102.199 Millions (2009 - Rs.63.464 Millions).

 

 

TRADE REFERENCE

 

  • Dodsal Limited
  • SPIC Fine Chemicals Limited
  • Hindustan Paper Corporation limited

 

Fixed Assets

 

Ø       Freehold Land

Ø       Leasehold Land

Ø       Buildings

Ø       Plant and Machinery

Ø       Furniture and Fittings

Ø       Motor Vehicles

Ø       Computers

Ø       Electrical Equipment

Ø       Motor Vehicles

Ø       Plant and Machinery

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE THREE MONTHS AND THE SIX MONTHS ENDED 30TH SEPTEMBER, 2010

Rs in Millions

PARTICULARS

Three months ended 30.09.2010 (Unaudited)

Six months ended 30.09.2010

(Unaudited)

 

 

 

(a) Net Sales / Income from operations

10498.800

22244.200

(b) Other Operating Income

16.100

38.400

Total Income

10514.900

22282.600

 

 

 

Expenditure

 

 

Consumption of raw materials

4154.400

8598.900

Employees cost

3651.000

7952.400

Other expenditure

1652.100

3473.400

Total

9457.500

20024.700

 

 

 

Profit from operations before other income, interest, Depreciation  and exceptional Items

1057.400

2257.900

Depreciation

39.800

789.700

Profit from operations before other income, interest  and exceptional Items

657.600

1468.200

Other income

33.500

42.500

Profit before interest and exceptional Items

691.100

1510.700

Interest

239.900

464.700

Finance Charges 

55.500

111.800

Profit after Interest but before Exceptional Items

395.700

934.200

Exceptional Items

-

-

Profit (+)/Loss(-) from Oridinary Activities before tax

395.700

934.200

Tax expense

105.700

250.000

Net Profit (+)/Loss(-) from Ordinary Activities after

tax

290.700

684.200

Deferred Tax

22.000

53.500

Net Profit (+) / Loss (-) for the year period

268.700

630.700

Paid up equity share capital (Face value of Rs.2/- per share)

99.300

99.300

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

 

 

Earning per share (EPS)

 

 

 (a) Basic and diluted EPS after Extraordinary items

5.43

12.75

Public shareholding

 

 

          Number of shares

22391507

22391507

          Percentage of shareholding

45.26

45.26

 

 

 

Promoters and Promoters group Shareholding-

 

 

a) Pledged /Encumbered

 

 

Number of shares

1000

1000

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

00

00

Percentage of shares (as a % of total share capital of the company)

00

00

 

 

 

b) Non  Encumbered

 

 

Number of shares

27079823

27079823

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

54.74

54.74

 

Note

 

-          The above results have been reviewed by the audit committee and approved by the Board of Directors at their meeting held on 12th November 2010. the Statutory Auditors of the Company have carried out a limited review of the said results.

 

-          Period – end exchange fluctuation loss of RS. 88.700 Millions (Rs. 61 Millions on 31st March 2010) pertaining to the foreign currency loan, which is fully hedged by derivative contracts with a period end mark to market gain of Rs. 90.800 Millions (Rs. 81.100 Millions on 31st March, 2010), has not been provided for as the loan is fully hedged and the aforesaid loss / gain are notional in nature. The said reasons explain the Statutory Auditors qualification on the same issue in their Audit Report on the Company’s accounts for the year ended 31st March, 2010.

 

-          Depreciation and Amortisation included Amortisation of Tools if Rs. 175.700 Millions for the three months ended 30th September, 2010 : Rs. 158.800 Millions for the three months ended 30th September, 2009 Rs. 342.900 Millions for the six months ended 30th September, 2009, Rs. 643.500 Millions for the year ended 31st March, 2010.

 

-          The quarter to quarter results are not comparable inter-se and not indicative of the annual results due to seasonality of the Construction Industry.

 

     

STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2010

 

 

 

Rs in Millions

Particulars

Quarter ended

As on 30.09.2010

(Unaudited)

 

 

SHAREHOLDERS FUNDS

 

Share Capital

99.300

Reserves & Surplus

10193.800

 

 

LOAN FUNDS

14385.000

DEFERRED TAX LIABILITIES

936.800

 

 

TOTAL

25614.900

 

 

FIXED ASSETS

10158.500

 

 

INVESTMENT

352.700

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

Inventories

6735.100

Sundry Debtors

19013.700

Cash & Bank Balances

536.600

Other Current Assets

1214.800

Loans & Advances

3672.800

 

31173.000

Less : CURRENT LIABILITIES & PROVISIONS

 

Other Current Liabilities

16059.000

Provisions

10.300

 

16069.300

Net Current Assets

15103.700

 

 

TOTAL

25614.90

 

-          During the three months ended 30th September 2010 one subsidiary company was acquired in India with the objective of carrying out the Company’s existing business.

 

-          During the quarter ended 30th September, 2010 three investors complaints were received and the same have been attended to No. complaints were pending either at the beginning or at the end of the quarter.

 

-          The figures of previous period / year have been regrouped / rearranged wherever considered necessary.

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED (BY BUSINESS SEGMENT)

 

   Rs in Millions

PARTICULARS

Three months ended 30.09.2010 (Unaudited)

Six months ended 30.09.2010

(Unaudited)

 Segment Revenue

(Net Sales and Income from Operations)

 

 

 Construction

10498.800

22244.200

 Others

16.100

38.400

 Total Segment Revenue

10514.900

22282.600

 

 

 

 Less : Inter- Segment Revenue

--

--

 Net Sales and Income from Operations 

10514.900

22282.600

 

 

 

 Segment Results

 

 

 Construction

838.100

1788.700

 Others

4.400

15.500

 Total

842.500

1804.200

 Less :

 

 

 Interest (Net)

239.900

464.700

 Finance Charges

55.500

111.800

 Other Un-allocable Expenses

151.400

293.500

 (Net of Un-allocable Income)

 

 

 Total Profit Before Tax

395.700

934.200

 

 

 

Capital

(Segment Assets and Segment Liabilities)

 

 

 Construction

24705.100

24705.100

 Others

398.200

398.200

Total segment capital employed

25103.300

25103.300

 

AS PER WEBSITE DETAILS

 

PROFILE

 

-          One of the pioneers and a total solution provider in construction and infrastructure ambit

-          Been in business since 1924 and present in almost all Indian States as well as Middle East.

-          Employs 8110 people and has Capital Equipments of Rs.12960 Millions as of FY, 10

-          Simplex combines financial robustness with technological competence. The Company enjoys an uninterrupted profit track record since inception.

-          Repeat orders from reputed & large clientele

-          Recognized by World Confederation of Businesses as “Inspirational Company with all its Rights & Privileges” in 2010

-          Ranked 7th among “India’s Top 10 Infrastructures Companies” by Construction Week

-          Awarded by International BID Quality Summit, New York the “International Quality Summit Award in Gold Category” for achievement in Quality & Excellence in 2009

-          Thrice nominated as “Most Admired Infrastructure Company” by NDTV Profit in 2006, 2008 & 2009

-          Ranked among “Top 5 India’s Fastest Growing Large Companies” by Business Today in 2008

-          Titled as “Overall Best Managed Company” by Asia Money in 2005

-          Present Order Book of Rs.114910 Millions with over 150 Projects location in India and Overseas

-          The Company reported a turnover of Rs.45550 Millions and profit after tax of Rs.1270 Millions for FY, 10

-          Its shares are listed on the NSE, BSE & CSE enjoying Market Capitalisation of Rs.25000 Millions

 

PRESS RELEASE

 

Simplex Infrastructures Limited forays into Independent Power Transmission

 

Simplex Infrastructures Limited forays into Independent Power Transmission. Bags the project to establish 765 KV Transmission System Associated with Krishnapattanam Ultra Mega Power Plant in Consortium with M/s Patel Engineering  Limited & B S Transcomm Limited

 

New Delhi, December 22, 2010: Simplex Infrastructure Limited, a leading Infrastructure company has announced today that it has successfully bid and bagged the project from REC Transmission Projects Company Limited through a Tariff based competitive bidding on Build-Operate-Own-Maintain (BOOM) basis for establishment of 765 KV Transmission system associated with Krishnapattanam Ultra Mega Power Plant.

 

This transmission system project is for the execution on of the synchronous interconnection between the southern region and western region spanning 210 kms from Raichur to Sholapur for a period of 38 years. The project is bagged by the consortium of Simplex Infrastructures Limited, BS TransComm Limited & Patel Engineering Limited. The estimated cost of the project is around Rs 3000 Millions and the completion of the project is by December 2013 and the operation period is for 35 years.

 

Simplex Infrastructures specializes in Infrastructural Projects, Power Plants, Transmission Lines, Electrical Distribution, Roads and Flyovers, Bridges & Highways , Multi storied Buildings and Housing Complexes, Cross country Pipe lines, Water Supply Schemes and Sewerage projects.

 

About Simplex Infrastructures Limited (BSE SCRIP ID: SIMPLEXIN, NSE SCRIP  ID: SIMPLEXINF, Bloomberg; SIMF IN, Reuters: SMCP:BO): Incorporated in 1924, Simplex Infrastructures Limited is the largest pure play civil construction & engineering contractors in India, with more than eight decades of successful operations and completion of about 2300 projects in India and abroad.  Simplex Infrastructures has presence across various construction verticals, which include piling, industrial plants, power plants – thermal; nuclear; hydel; Power Transmission & Electrical Distribution, Electrical BOP, urban infrastructures & utilities – metro rails; airports; urban sewerage & water systems, buildings and housing, marine ports, roads; railways; bridges & elevated road & rail corridors.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.87

UK Pound

1

Rs.72.82

Euro

1

Rs.64.37

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

63

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.