MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIMPLEX
INFRASTRUCTURES LIMITED (w.e.f. 23.12.2005) |
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Formerly Known As : |
SIMLPEX CONCRETE
PILES ( |
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Registered Office : |
‘Simplex House’,
27, Shakespeare Sarani, Kolkata – 700 017, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
19.12.1924 |
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Com. Reg. No.: |
21-004969 |
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Capital
Investment / Paid-up Capital : |
Rs. 99.331
Millions |
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CIN No.: [Company
Identification No.] |
L45209WB1924PLC004969 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS00978F |
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PAN No.: [Permanent
Account No.] |
AAECS0765R |
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Legal Form : |
A public limited liability company. The company’s shares are listed on
the stock exchange. |
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Line of Business : |
Total solution
provider in construction and infrastructure ambit. |
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No. of Employees
: |
Over 8900 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 48000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Kolkata – based Engineering and Construction Company. It
is a part of Simplex Group. It is an old and well established and reputed
company having good track. Financial position of the company appears to be sound and healthy.
Management appears to be well experienced and knowledgeable people. It has recorded a healthy growth in its revenue from operations during
the 2012. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
COMMERCIAL PAPER : CARE A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk |
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Date |
25.07.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
‘Simplex House’,
27, Shakespeare Sarani, Kolkata – 700 017, West |
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Tel. No.: |
91-33-23011600 /
22839953/5967 |
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Fax No.: |
91-33-2283 5966 /
65 /64 / 22835964/65/66 |
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E-Mail : |
simplexkolkata@simplexinfrastructures.com banwari.bajoria@simplexinfrastructures.com
simplexcal@simplexindia.com calpersonnel@simplexindia.com calpurchase@simplexindia.com calaccts@simplexindia.com |
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Website : |
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Area : |
10,000
sq. ft. |
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Location : |
Owned |
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Administrative Office : |
12/1,
Nellie Sengupta, Sarani, Kolkata, West Bengal, India |
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Branches : |
‘Vaikunth’, 2nd floor, 82-83, Nehru Place, New Delhi – 110 019, India 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 bompersonnel@simplexindia.com bompurchase@simplexindia.com bomaccts@simplexindia.com Chennai Office: Doha
office: Home centre building, HBK Tower, Room no 1, 1st floor, Post Box No 22472, Doha, Qatar. Tel: 974-4435408 / 4421545 / 4328843 Bahrain office: Simplex Infrastructures Limited C/o Almoyyed Contracting, P O Box – 32571 and 32471, Manama, Kingdom of Bahrain Email: SimplexBahrain@simplexinfra.net Baroda office 3rd Floor, ' Tel.: 91-265-2354566, 2330639. Fax: 91-265-2342416 E-mail: simplexbaroda@simplexinfra.net Bangalore Office Brigade Plaza, Unit – C, # 71/1, Near Anandrao Circle, S.C.
Road, Bangalore – 560009, Karnataka, India |
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Overseas Branch Office : |
Located at · Qatar · Dubai · Oman · Abu Dhabi · Ethiopia · Bangladesh · Sri Lanka · Saudi Arabia |
DIRECTORS
AS ON 31.03.2012
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Name : |
Mr. B. D. Mundhra |
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Designation : |
Chairman and
Managing Director bdm@simplexindia.com |
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Name : |
Mr. A. D. Mundhra |
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Designation : |
Director adm@simplexindia.com |
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Name : |
Mr. A. Mukherjee |
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Designation : |
Director amukherjee@simplexindia.com |
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Name : |
Mr. B. Sengupta |
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Designation : |
Director |
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Name : |
Dr. R. Natarajan |
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Designation : |
Director |
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Name : |
Mr. S. Dutta |
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Designation : |
Director |
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Name : |
Mr. Rajiv Mundhra |
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Designation : |
Director |
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Name : |
Mr. N. N.
Bhattacharyya |
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Designation : |
Director |
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Name : |
Mr. Sheokishan
Damani |
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Designation : |
Director |
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Date of Appointment : |
06.10.2005 |
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Name : |
Mr. Kunal Shroff |
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Designation : |
Director |
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Date of Appointment : |
19.05.2006 |
KEY EXECUTIVES
|
Name : |
Mr. B.L. Bajoria |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No.
of Shares |
Percentage Holding
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(A) Shareholding of Promoter and Promoter Group |
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9643855 |
19.49 |
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17542468 |
35.46 |
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27186323 |
54.95 |
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Total shareholding of Promoter and Promoter Group (A) |
27186323 |
54.95 |
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(B) Public Shareholding |
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9282575 |
18.76 |
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1044220 |
2.11 |
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42144 |
0.09 |
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5831637 |
11.79 |
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16200576 |
32.75 |
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3100648 |
6.27 |
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1677341 |
3.39 |
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|
815000 |
1.65 |
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|
492442 |
1.00 |
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402863 |
0.81 |
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|
85948 |
0.17 |
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|
3631 |
0.01 |
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6085431 |
12.30 |
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Total Public shareholding (B) |
22286007 |
45.05 |
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Total (A)+(B) |
49472330 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
49472330 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Total solution
provider in construction and infrastructure ambit. |
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Products : |
·
Piling ·
Concrete Works ·
Structural Steel ·
Road Work ·
Miscellaneous Works |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Electricity |
KW |
-- |
820000 |
51000 |
GENERAL INFORMATION
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No. of Employees : |
Over 8900 [Approximately] |
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Bankers : |
·
Allahabad Bank ·
Axis Bank Limited ·
Bank of Baroda ·
Canara Bank ·
Development Credit Bank Limited ·
Exim Bank ·
HDFC Bank Limited ·
HSBC Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
IndusInd Bank Limited ·
ING Vysya Bank Limited ·
Karur Vysya Bank Limited ·
Oriental Bank of Commerce ·
Punjab National Bank ·
Standard Chartered bank ·
State Bank of India ·
State Bank of Travancore ·
The Federal Bank Limited ·
The Royal Bank of Scotland ·
UCO Bank ·
United Bank of India ·
Yes Bank Limited ·
United Bank of India ·
Bank of India ·
Corporation Bank |
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Facilities : |
Notes: Rupee Term Loans from
Banks Term Loans from a Bank Rs.1.000 Millions (2011: Rs.Nil) are secured by way of hypothecation/charge of the assets financed. Repayable along with Interest of 10.53% p.a ( as on 31.03.2012) in 53 Monthly Instalments. Term Loans from a Bank Rs.18.400 Millions (2011: Rs.1.100 Millions) are secured by way of hypothecation/charge of the assets financed. Repayable along with Interest ranging from 8.50% to 11.00% p.a ( as on 31.03.2012) in Monthly Instalments ranging from 40 to 60 numbers. Term Loan from a Bank Rs.6.200 Millions (2011: Rs. Nil) are secured by way of hypothecation/charge of the assets financed. Repayable along with Interest ranging from 10.69% to 10.89% p.a ( as on 31.03.2012) in Monthly Instalments ranging from 58 to 60 numbers. Term Loan from a Bank Rs.Nil (2011: Rs.84.400 Millions) are secured by an exclusive charge on assets to be acquired out of the loan i.e. Construction Equipment/Assets Purchased out of said loans. Repayable along with Interest of Base Rate + 2.25% (as on 31.03.2012) in 3 Quarterly Instalments. Covered by personal guarantee of Chairman and Managing Director of the Company. Term Loan from a Bank Rs.111.200 Millions (2011: Rs. Nil) are secured by an exclusive charge on assets purchased with the loan fund. Repayable along with Interest of Base Rate (as on 31.03.2012) in 16 Quarterly Instalments. Term Loan from a Bank Rs.183.900 Millions (2011: Rs. 149.900 Millions) are secured by an exclusive charge on assets purchased out of said loans. Repayable along with Interest of Base Rate + 1.25% (as on 31.03.2012) in 16 Quarterly Instalments . Foreign Currency
Term Loans from Banks Foreign Currency Term Loan from a Bank Rs.483.400 Millions (2011: Rs. Nil) are secured by an exclusive charge over Moveable Fixed Assets purchased out of said loans. Repayable along with Interest of 6 month USD LIBOR+1.9% p.a. (as on 31.03.2012) in 12 Half Yearly Instalments. Foreign Currency Term Loan from a Bank Rs.37.900 Millions (2011: Rs. 124.600 Millions) are secured by an exclusive charge on specific assets . Repayable along with Interest of 6 month JPY LIBOR+1.35% p.a. (as on 31.03.2012) in 5 Quarterly Instalments. Term Loans from
Financial Companies Rupee Term Loan from a Financial Company Rs.Nil (2011: Rs.0.300 Million) are secured by an exclusive charge on specific assets purchased out of said loans. Repayable along with Interest of 11 % p.a. (as on 31.03.2012) in 4 Quarterly Instalments. Rupee Term Loan from a Financial Company Rs.Nil (2011: Rs.9.900 Millions) are secured by an exclusive charge on specific assets purchased out of said loans. Repayable along with Interest of 11.50 % p.a. (as on 31.03.2012) in 3 Quarterly Instalments. Rupee Term Loan from a Financial Company Rs.31.700 Millions (2011: Rs.40.900 Millions) are secured by an exclusive charge on specific assets purchased out of said loans. Repayable along with Interest of 10 % p.a. (as on 31.03.2012) in 46 Monthly Instalments. Rupee Term Loans
from Banks Term Loans from a Bank Rs.5.600 Millions (2011: Rs. 7.200 Millions) repayable along with Interest ranging from 8.75% to 12% p.a.(as on 31.3.2012) in Monthly Instalments ranging from 4 to 56 numbers. Term Loan from
Financial Company Rupee Term Loan from a Financial Company Rs.Nil (2011: Rs.0.300 Million) repayable along with Interest of 11% p.a. (as on 31.3.2012) in 4 Quarterly Instalments. Outstanding balances of loans as indicated in (a) to (e) above are exclusive of current maturities Rupee Term Loans
from Banks Term Loans from Banks Rs. 442.700 Millions (2011 : Rs. 712.500 Millions ) are secured by an exclusive charge on assets acquired out of the said loans. Out of the above, Term Loan from a Bank Rs. 80.300 Millions (2011 : Rs.217.900 Millions) are also covered by personal guarantee of Chairman and Managing Director of the Company. Foreign Currency
Term Loans from Banks Foreign Currency Term Loan from a Bank Rs.383.100 Millions (2011: Rs.167.100 Millions) are secured by an exclusive charge on Specific assets. Foreign Currency Term Loan from a Bank Rs.263.300 Millions (2011: Rs.230.800 Millions) are secured by way of security as recited in (d)(i) below. Foreign Currency Term Loan from Banks Rs.Nil (2011: Rs.88.400 Millions) are secured by assignment of receivables at overseas branches. Rupee Term Loans
from Financial Companies Rupee Term Loans from Financial Companies Rs.351.400 Millions (2011: Rs.640.100 Millions) are secured/ to be secured by an exclusive hypothecation/charge on assets acquired out of the said loans. Working Capital
Loans repayable on demand from Banks Working Capital Rupee Loans from Banks Rs. 6727.200 Millions (2011: Rs.7732.900 Millions) and Working Capital Foreign Currency Loans from Banks Rs. 1271.300 Millions (2011: Rs.Nil) are secured by first charge by way of hypothecation of stocks, stores, trade receivables, second charge on Plant and Equipment (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. Working Capital Foreign Currency Loans from Banks Rs.924.900 Millions (2011: Rs.494.100 Millions) are secured by assignment of receivables at overseas branches. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Plot No. Y – 14, Block - EP Sector - V Salt Lake Electronic, Complex
Bidhan Nagar Kolkata 700 091, West Bengal, India |
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|
Name : |
H.S. Bhattacharjee and Company Chartered Accountants |
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Address : |
Kamalalaya Centre, 3rd Floor, Room No – 316, 156A, Lenin Sarani, Kolkata – 700 013, West Bengal, India |
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Joint Ventures : |
·
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 |
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Subsidiaries : |
·
Simplex Infrastructures L.L.C. ·
Simplex (Middle-East) Limited ·
Simplex Infrastructures Libya Joint Venture
Company ·
Simplex Infra Development Limited |
CAPITAL STRUCTURE
After 31.03.2012
Authorised Capital : Rs.750.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.98.945 Millions
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
374900000 |
Equity Shares |
Rs. 2/- each |
Rs. 749.800 Millions |
|
20000 |
15% Cumulative Preference Shares |
Rs. 10/- each |
Rs. 0.200 Million |
|
|
Total |
|
Rs. 750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49472330 |
Equity Shares |
Rs. 2/- each |
Rs. 98.945
Millions |
|
|
Add: 1,26,000 Equity Shares of Rs.10/- each (equivalent of 6,30,000 Equity Shares of Rs.2/- each) forfeited in earlier years |
|
Rs. 0.386
Millions |
|
|
Total |
|
Rs. 99.331 Millions |
NOTE:
(a) Rights, preferences and restrictions
attached to shares
The Company has one class of equity shares
having a par value of Rs.2/- per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
(b) Details of Equity Shares held by
shareholders holding more than 5% of the aggregate shares in the Company
|
DETAILS OF SHAREHOLDER |
AS AT 31ST MARCH, 2012 |
|
(1) ANUPRIYA CONSULTANTS PRIVATE LIMITED |
7,089,912 |
|
|
14.33% |
|
(2) RBS CREDIT AND FINANCIAL DEVELOPMENTS PRIVATE LIMITED |
4,497,396 |
|
|
9.09% |
|
(3) BITHAL DAS MUNDHRA |
2,794,950 |
|
|
5.65% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
99.300 |
99.331 |
99.331 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11916.100 |
10677.540 |
9597.270 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12015.400 |
10776.871 |
9696.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11237.600 |
10932.210 |
9943.891 |
|
|
2] Unsecured Loans |
9701.300 |
5674.492 |
3080.046 |
|
|
TOTAL BORROWING |
20938.900 |
16606.702 |
13023.937 |
|
|
DEFERRED TAX LIABILITIES |
1944.100 |
1380.505 |
883.274 |
|
|
|
|
|
|
|
|
TOTAL |
34898.400 |
28764.078 |
23603.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12615.100 |
11049.096 |
9676.598 |
|
|
Capital work-in-progress |
443.500 |
274.635 |
186.941 |
|
|
|
|
|
|
|
|
INVESTMENT |
782.600 |
491.938 |
277.082 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
1389.900 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8681.600
|
7977.887
|
6592.548
|
|
|
Sundry Debtors |
16787.900
|
22833.780
|
17928.086
|
|
|
Cash & Bank Balances |
427.600
|
794.659
|
872.737
|
|
|
Other Current Assets |
15088.100
|
1408.224
|
1336.695
|
|
|
Loans & Advances |
6102.400
|
3832.930
|
3868.425
|
|
Total
Current Assets |
47087.600
|
36847.480
|
30598.491 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15795.100
|
11559.528
|
10336.511
|
|
|
Other Current Liabilities |
11393.300
|
8210.824
|
6683.411
|
|
|
Provisions |
231.900
|
128.719
|
115.378
|
|
Total
Current Liabilities |
27420.300
|
19899.071
|
17135.300 |
|
|
Net Current Assets |
19667.300
|
16948.409
|
13463.191
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34898.400 |
28764.078 |
23603.812 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
58975.900 |
|
|
|
Other Income |
|
|
192.100 |
|
|
|
TOTAL (A) |
|
|
59168.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Materials Consumed |
|
|
23187.600 |
|
|
|
Changes in Inventories of Work-in-progress |
|
|
(251.800) |
|
|
|
Employee Benefits Expense |
|
|
4529.300 |
|
|
|
Other
Expenses |
|
|
26923.800 |
|
|
|
TOTAL (B) |
|
|
54388.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
4779.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
2303.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2476.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1143.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1333.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
441.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
891.900 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
4397.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
150.000 |
|
|
|
Dividend |
|
|
99.000 |
|
|
|
Tax on Dividend |
|
|
16.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
5024.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Contract
Turnover |
|
|
5722.900 |
|
|
|
Proceeds from sale
of Fixed Assets, Tools etc. |
|
|
11.500 |
|
|
|
Interest
Received |
|
|
0.000 |
|
|
|
Sale of Scrap |
|
|
20.100 |
|
|
|
Hire Charges |
|
|
2.700 |
|
|
|
Dividend |
|
|
5.500 |
|
|
|
Guarantee
Charges |
|
|
1.100 |
|
|
TOTAL EARNINGS |
|
|
5763.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
|
493.800 |
|
|
|
Tools |
|
|
216.500 |
|
|
|
Components and
Spare Parts |
|
|
91.900 |
|
|
|
Construction Materials |
|
|
103.900 |
|
|
TOTAL IMPORTS |
|
|
906.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
18.03 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Profit on Contract Work done |
|
6381.836 |
6210.529 |
|
|
|
Company’s Share in Profit / (Loss) of Joint Ventures |
|
13.174 |
(7.346) |
|
|
|
Other Income |
|
276.769 |
226.154 |
|
|
|
TOTAL (A) |
|
6671.779 |
6429.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Amortization of Tools |
|
696.423 |
643.489 |
|
|
|
Other Administrative Expenses |
|
1801.078 |
1873.210 |
|
|
|
TOTAL (B) |
|
2497.501 |
2516.699 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
4174.278 |
3912.638 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1307.744 |
1112.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2866.534 |
2800.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
911.963 |
890.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1954.571 |
1910.475 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
722.209 |
684.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
1232.362 |
1225.973 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
3429.961 |
2469.366 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
150.000 |
150.000 |
|
|
|
Transfer to Contingency reserve |
|
0.000 |
0.000 |
|
|
|
Proposed Dividend |
|
98.945 |
98.945 |
|
|
|
Tax on Dividend |
|
16.051 |
16.433 |
|
|
BALANCE CARRIED
TO THE B/S |
|
4397.327 |
3429.961 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Contract Work
(Gross billing) |
|
6093.289 |
10773.232 |
|
|
|
Proceeds from sale
of Fixed Assets, Tools etc. |
|
15.879 |
133.126 |
|
|
|
Interest
Received |
|
1.159 |
0.120 |
|
|
|
Sale of Scrap |
|
5.694 |
13.563 |
|
|
|
Hire Charges |
|
45.841 |
42.225 |
|
|
|
Dividend |
|
3.560 |
7.989 |
|
|
|
Miscellaneous
Receipts |
|
0.867 |
0.924 |
|
|
TOTAL EARNINGS |
|
6166.289 |
10971.179 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
888.176 |
169.582 |
|
|
|
Tools and
Equipments |
|
26.311 |
12.210 |
|
|
|
Components and
Spare Parts |
|
149.016 |
282.206 |
|
|
TOTAL IMPORTS |
|
1063.503 |
463.998 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
24.91 |
24.78 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
|
|
|
1st
Quarter |
|
Net Sales |
|
15853.900 |
|
Total Expenditure |
|
14584.300 |
|
PBIDT (Excl OI) |
|
1269.600 |
|
Other Income |
|
50.200 |
|
Operating Profit |
|
1319.800 |
|
Interest |
|
695.300 |
|
Exceptional Items |
|
0.000 |
|
PBDT |
|
624.50 |
|
Depreciation |
|
322.300 |
|
Profit Before Tax |
|
302.200 |
|
Tax |
|
101.500 |
|
Provisions and contingencies |
|
0.000 |
|
Profit After Tax |
|
200.700 |
|
Extraordinary Items |
|
0.000 |
|
Prior Period Expenses |
|
0.000 |
|
Other Adjustments |
|
0.000 |
|
Net Profit |
|
200.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51 |
18.47
|
19.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.26 |
30.63
|
30.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.23 |
4.08
|
4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.18
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.02 |
3.52
|
3.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.85
|
1.79 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Review of Operations
On standalone basis, the Company's revenue from operations stood at Rs. 58976.000 Millions for the financial year as compared to Rs. 46912.000 Millions in the previous year, registering a growth of 26%, despite a challenging market for construction industry. The EBITDA also increased by 11% to Rs.4779.000 Millions as against Rs. 4311.000 Millions. However the profit before tax was subdued at Rs.1333.000 Millions from Rs.1954.000 Millions and profit after tax also declined to Rs. 892.000 Millions from Rs. 1232.000 Millions. This was mainly attributable to high interest cost arising from the rate rise as well as higher working capital requirements.
On a consolidated basis, the revenue from operations grew by 25% to Rs. 60098.000 Millions during the financial year as compared to Rs. 48238.000 Millions in the previous year. The EBITDA also increased to Rs. 4775.000 Millions from Rs.4442.000 Millions. However profit before tax declined to Rs.1274.000 Millions from Rs. 2004.000 Millions and profit after tax also declined to Rs. 837.000 Millions from Rs.1246.000 Millions. The order book, on consolidated basis, at year end rose by 4% to Rs.152240.000 Millions from Rs.147070.000 Millions last year with order intake of Rs.64460.000 Millions during the year.
During the year, the Company obtained a number of large road projects which includes contracts from NHAI for four laning of Mahulia -Bahragora Section on NH-33 and Bahragora -Kharagpur section on NH-6 in the states of Jharkhand and West Bengal and also two laning of Jowai-Meghalaya/Assam Border section on NH-44 in the State of Meghalaya, both on Design-Build-Finance-Operate-Transfer (DBFOT) Toll basis. In the power sector, the Company has secured Civil, Structural and Architectural Works for 1320 MW (2x660) Thermal Power Projects at Banka , Bihar, for 3x660 MW (Unit 1, 2 and 3), Lalitpur Super Thermal Power Plant at UP, for 2x600 MW ITPCL Power Project. The Company was also awarded several prestigious contracts in different segments it operates like housing and building, urban infrastructure, etc.
Management Discussion and Analysis
Economic Overview
The Indian economy in the year 2011-12 found itself edged by managing growth on one side and price inflation on the other. This incompatible demand put the final growth figure of Indian economy to 6.9 percent, after having grown at the rate of 8.4 percent in each of the two preceding years. The world economy too was not so favourable-uprisings in the Middle East and North Africa, recession in Europe, the sovereign debt crisis in the Eurozone and rising prices of crude oil tested the global economy. India was also adversely affected, witnessed by IIP dropping to below 4% which hauled GDP growth below 7%. Overall global growth in 2012 is therefore likely to be muted for a second successive year, at around 0.5-1% compared with 1.5% in 2011. It is however expected that if inflation declines to an acceptable level and interest rates are reduced by the Reserve Bank of India, growth can rebound to over 8% in 2013-14.
Industry Overview
The construction industry is the biggest beneficiary of ongoing infrastructure need. Nearly 11% of country's Gross Domestic Product (GDP) is invested in construction sector. The Planning Commission of India has projected that investment in infrastructure is expected to double at $1025 billion in the 12th Plan (2012-17), compared to $514 billion in the 11th Plan (2007-12). This enormous investment towards developing power, roads, bridges, ports, airports and other basic infrastructure would provide a huge boost to the construction industry as a whole. The construction sector has been registering double digit growth during the last few years and its share as a percentage of GDP has increased considerably as compared to the last decade. Despite the slowing economy and low growth in the last fiscal, order inflows in the construction industry registered a healthy growth this year, although this was not reflected in the revenues and profitability due to execution delays and rising cost of construction inputs. Nevertheless, considering the strong order backlog, the next fiscal could be promising for the industry, provided execution remains on track.
Business Overview
Simplex enjoys a rich record of industry presence of over 85 years and experience of 2500 completed projects in almost all verticals of construction industry i.e. Ground Engineering, Industrial Structures, Buildings and Housing, Power (Thermal, Nuclear and Hydro), Marine, Roads, Railways, Bridges and Urban Infrastructure such as Airports, Metro Railways, Stadia, Capital City Complexes, Sewerage, Water Resource Management and Utilities Infrastructure.
Simplex has a pan-India presence and Indian operations account for 90% of its business. It is also present in international markets in Qatar, Oman, Saudi Arabia, Bangladesh, Sri Lanka and Ethiopia through subsidiaries and own branch offices. Although revenue from international market has not been substantial lately, the Company believes that there is a growth potential given the relatively low base of infrastructure development and the geography being rich in natural resources.
The Company's order book is well-diversified across 244 contracts and 214 project sites. Of the total order book of Rs. 152240.000 Millions, the Company has an exposure of close to 61% to construction activities related to infrastructure, followed by 28% in housing and buildings and 11% in industrial sectors. Backed by a well-diversified order book and assets in the form of owned state-of-the-art construction equipment worth Rs.18126.000 Millions, over 8900 dedicated employees and 200 independent project execution teams, Simplex has emerged as a leading service provider in the industry and is poised for an exciting future.
Snapshot of a few
salient projects during the year:
· Awarded contract for designing, engineering, financing, procurement, construction, operation and maintenance of 4-laning of Mahulia-Bahragora Section on NH-33 and Bahragora-Kharagpur section on NH-6 in the states of Jharkhand and West Bengal on DBFOT Toll basis
·
Awarded
a contract for 2-laning of Jowai-Meghalaya/Assam Border section on NH-44 in the
State of Meghalaya on DBFOT Toll basis
·
Awarded
a contract for civil, structural, architectural and external works for 1320 MW
(2x 660) Thermal Power Projects at Banka, Bihar
·
Awarded
civil and architectural works package of Triple-flue Chimney for main power
block for 3x660 MW (Unit 1, 2 and 3) Lalitpur Super Thermal Power Plant, UP.
·
Awarded
civil and structural work of Main Power House and BOP area of package B and D for 2 x 600 MW ITPCL Power Project at Cuddalore, Tamil Nadu.
·
HI Awarded
foundation work for River Crossing and Anchor Towers for the 400 KV DC line
between Haldia TPP and
Subhasgram Substation, West Bengal
·
Completed
improvement of access to Golden Quadrilateral (GQ) corridor by construction of
free flow facilities along NH-4, 45 and 205 within Chennai City in the state of
Tamilnadu
·
Completed
project awarded by NHAI of 4-laningfor Gorakhpur-Gopalganj Section of NH 28 in
Uttar Pradesh
·
Completed
supply and services including transportation, site work, construction,
erection, testing and
commissioning for general civil works package for 2 x 525 MW Maithon Right Bank
Thermal Power Project, Jharkhand
·
Completed
construction of Ring Road Bypass from Salimgarh Fort to Velodrome, New Delhi
Opportunities
Opportunities in
India
The construction sector is a major employment driver, being the second largest employer in the country after agriculture. It also has extensive backward and forward linkages with other sectors of the economy. About 250 ancillary industries such as cement, steel, brick, timber and building materials are dependent on the construction industry. Infrastructure growth is necessary for the growth of the overall economy. Both are inter-dependent. Government policies and budgets have therefore been progressively geared to promote infrastructure development. The prospects in infrastructure development seems to be good with numerous opportunities opening up for the construction companies such as Simplex in construction of power, marine, roads, railways, airports, building and housing and industrial sectors. The Company's specialized strengths in complex structures and its versatility ensure a healthy order book.
Power
India's power market is the fifth largest in the world, possessing a vast opportunity for growth in the field of power generation, transmission and distribution. This has called for some strategic initiatives by the government like Ultra Mega Power Projects (UMPPs) initiative, development of hydro power ,national grid for power transmission, rural electrification. Simplex has presence in power sector since 1960 and is today associated with power projects in all roles - from civil and structural work for coal, gas, oil-based thermal plants as well as hydel and nuclear power plants. It contributed 16600 MW in capacity addition during the 11th Five Year Plan, which is nearly a third of the total capacity addition of 54000 MW in the period. Its innovative construction and erection methodologies, adoption of latest technology, strict adherence to quality and safety standards has also made it associated with about 80% of thermal power plants in India. For Simplex, the power sector contributed the largest share in terms of revenue (36%) during FY 12.
Roads
With an extensive road network of 3.3 million kilometers, India is the second largest in the world. National Highways Authority of India (NHAI) plans to build 3600 km road for financial year 2012-2013. It is granting BOT concessions to private entities to make it more conducive for private players to play a major role in the development of highways. Simplex has also bagged such contracts from NHAI viz, 4-laning of Mahulia-Bahragora Section on NH-33 and Bahragora -Kharagpur section on NH-6 in Jharkhand and West Bengal under NHDP Phase III through PPP and two laning of Jowai-Meghalaya/Assam Border section of NH-44 both on Design-Build-Finance-Operate-Transfer (DBFOT) Toll basis. Simplex is proud to be associated with prestigious Golden Quadrilateral and North South East West Corridor Projects and has also constructed flyovers in several cities of India, including Delhi, Jaipur, Kolkata, Bangalore, Chennai, Hyderabad, etc. The roads and bridges sector contributed 16% in terms of revenue during FY 12.
Railways
The world's fourth largest rail network and the second largest in Asia, Indian Railways' 63000 route kilometers is the backbone of the socio-economic growth of India. Simplex being pioneer in automatic track-laying and having successfully completed trial runs for hi-speed 200 km Gooty-Pullampet for RVNL , has today carved a niche for itself in this mode of transport too.
Ports
With 12 major ports and 187 minor ports, the 7517 km long Indian coastline plays a pivotal role in the maritime transport helping in the international trade, which offers tremendous scope for both passenger and cargo handling. The ten-year plan known as Maritime Agenda 2010-2020, intends to develop the Indian Ports Capacity to 3200 MMT by 2020. Simplex enjoys its presence in marine sector since 1940 and is associated with many major ports in India. Its area of operations includes under-sea piling including steel piling under adverse sea conditions apart from design and construction of onshore and off-shore structures like ports, wharfs, harbours, jetties, berths. Simplex is associated with assignments in almost all major Indian ports with significant orders from Mumbai JNPT Port, Cochin Port, Adani, Karaikal, Paradeep and Mundra Ports.
Urban Infrastructure
Migration, growing traffic and increasing demand for civic amenities has made it imperative to modernize India's urban infrastructure. A large demand for high rise residential buildings and mixed-use development is evident from the rising demand for space as average buyers get younger. As land grows scarce in cities, buildings are growing taller and more complex in design. This creates demand for more engineering skills in building construction. Simplex has been present in development of urban utilities right from 1965. The Company undertakes turnkey civil works in water, waste, water and sewerage treatment plants, water supply projects, metro rails, airports, stadia, hospitals and campuses, where it provides concept-to-commissioning services. It is also engaged in design and construction of multi-storied towers, housing projects and commercial complexes. Simplex is currently constructing viaducts on the Versova-Andheri-Ghatkopar Corridor in Mumbai and between Joka to Mominpur on the BBD Bag Corridor in Kolkata as well as elevated structures (viaduct) between Chainage 500 to 6350 M - Mysore Road terminal to Magadi Road, Bangalore. Moreover, the Company is also associated with almost all metro projects across major cities - Mumbai, Delhi, Kolkata, Bangalore and Dubai. The Company is also engaged in constructing sewerage pipelines at Bilaspur, Indore and Jabalpur. The development of an Airport in Durgapur and construction of New Assam Legislative Assembly Building at New Assam are other prestigious urban infrastructure projects. Siemens WLL, Brigade Enterprises, Tata Housing, West Bengal Housing Infra Dev. Corporation Ltd. are some of prestigious clients of Simplex. So is the project for construction of the tallest residential tower of 117 stories in Mumbai namely "World One" and also residential tower of 64 stories -"Avighna" at Mumbai is worth a mention. This sector contributed 13% in terms of revenue during FY 12.
Industrial Structures
Industrial growth is largely captured in the performance of 8 core industries: crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel. Simplex being a core construction player is also closely associated with industrial sector since the mid-1935, constructing industrial structures for large corporates and governments. It possesses the latest technical expertise in the construction of modern factories, high-rise RCC silos and tapered/ cylindrical chimneys, cooling towers, water and effluent treatment plants (cement, paper, fertilizer and power industries). Therefore Simplex offers the entire gamut of heavy industrial construction in civil and structural engineering for refineries and petrochemicals, metal plants, cement plants, chemical plants, automobile and paper plants. The Company earned 11% from this sector in terms of revenue for FY 12.
Opportunities
Overseas
Considering good prospects internationally, Simplex expanded its business to the Middle East, Qatar, UAE, Oman, Bahrain and Ethiopia. Despite the slowdown in the Middle East, Simplex continued to seek international opportunities and has made maiden steps in Africa and other neighbouring countries of Indian sub-continent to mitigate risks and ensure that the contribution in turnover of the Company from overseas business in maintained in coming years and eventually reaps profitable growth in the long term.
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Claims against the
company not acknowledged as debts |
|
|
|
a) Interest (others) |
0.600 |
0.600 |
|
b) Professional Tax |
0.400 |
0.400 |
|
c) Sales Tax / Value Added Tax |
504.600 |
260.600 |
|
d) Entry Tax |
44.600 |
16.100 |
|
e) Excise Duty |
15.000 |
0.000 |
|
f) Income Tax |
4.000 |
4.000 |
|
g) Service Tax |
51.400 |
75.900 |
STANDALONE UNAUDITED RESULTS FOR THE 30TH JUNE, 2012
(Rs. In Millions)
PART I
|
Sr. No. |
Particulars |
30.06.2012 |
|
|
|
3 Month Ended |
|
|
|
(Unaudited) |
|
1. |
Income from Operations |
|
|
a) |
Net Sales / Income from Operations |
15829.700 |
|
b) |
Other Operating Income |
24.200 |
|
|
Total Income from Operations (net) |
15853.900 |
|
2. |
Expenses |
|
|
a) |
Construction Materials Consumed |
6005.100 |
|
b) |
Changes in Inventories of Work-in-Progress |
218.500 |
|
c) |
Employee Benefits Expense |
1235.800 |
|
d) |
Sub-contractors' Charges |
3978.900 |
|
e) |
Toots Written Off |
185.200 |
|
f) |
Other expenses (Note 3 below) |
2960.800 |
|
|
Total expenses (Note 4 below) |
14584.300 |
|
|
Earning from operations before other income, finance costs, depreciation and amortisation, exceptional items & tax (EBITDA) |
1269.600 |
|
3. |
Depreciation and Amortisation |
322.300 |
|
4. |
Profit from operations before other income, finance costs, exceptional items & tax |
947.300 |
|
5. |
Other Income |
50.200 |
|
6. |
Profit before finance costs, exceptional items & tax (PBIT) |
997.500 |
|
7. |
Finance Costs |
695.300 |
|
8. |
Profit from ordinary activities after finance costs but before exceptional items |
302.200 |
|
9. |
Exceptional Items |
- |
|
10. |
Profit from ordinary activities before tax |
302.200 |
|
11. |
Tax Expense (Note 5 below) |
101.500 |
|
12. |
Net Profit from ordinary activities after tax |
200.700 |
|
13. |
Extraordinary Items |
|
|
14. |
Net Profit for the period |
200.700 |
|
15. |
Paid-up Equity Share Capital (Face value of Rs.2/- Per Share) |
99.300 |
|
16. |
Reserve Excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
|
|
17. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.2/- each) (not annualised) |
|
|
a) |
Basic (Rs.) |
4.06 |
|
b) |
Diluted (Rs.) |
4.06 |
PART II
|
Sr. No. |
Particulars |
30.06.2012 |
|
|
|
3 Month Ended |
|
|
|
(Unaudited) |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1. |
Public Shareholding |
|
|
|
-Number of Shares |
22.286.C07 |
|
|
- Percentage of shareholding |
45.05 |
|
2. |
Promoters and Promoter Group Shareholding |
|
|
a) |
Pledged / Encumbered |
|
|
|
- Number of Shares |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group) |
- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
|
b) |
Non-Encumbered |
|
|
|
-Number of Shares |
27,186,323 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
54.95 |
|
|
Particulars |
|
|
B |
INVESTOR COMPLAINTS |
3 months ended 30.06.2012 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of / Attended to during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1) The above Results were reviewed by the Audit Committee and taken on record by the Board of Directors at '.heir meeting held on 14th August,2012. The Statutory Auditors of the Company have carried out a limited review of the results for the three months ended 30th June,2012 in terms ofC!ause41 of the Listing Agreement with Stock Exchanges.
2) The Company has long term strategic investments in shares of Simplex Infrastructures Libya Joint Venture Co. (Simples Libya), located in Libya, the period-end book value of which is Rs.38.700 Millions and its period-end exposure in Other Current Assets (arising from sale of certain fixed assets) and Advance due from Simplex Libya amounts to Rs.132.000 Millions and Rs.40.300 Millions respectively. In view of current political crisis and unrest prevailing in Libya, and consequential stoppage of business activities, complete information relating to Simplex Libya are not available; though as per the unaudited management accounts of Simplex Libya for the year 2011-12, its year end net worth has been eroded. Upon restoration of normalcy in the political situation and resumption of business activities, the Company will be in a position to review the situation and assess recoverability of the total exposure as aforesaid.
Pending such review/assessment and considering the long term strategic business interest, in the opinion of the Company, no adjustment to the carrying amounts of investments in and receivables from Simplex Libya is considered necessary at this stage. The said reasons explain the Statutory Auditors' qualification on the same issue in their Audit Report on the Company's financial statements for the year ended 31st March,2012.
3) Other expenses [Sl.No.2(f)] include foreign currency exchange loss/(gain) of Rs.77.600 Millions, Rs.(32.100) Millions and Rs.6.500 Millions for three months ended 30th June,2012, 31st March.2012 and 30th June,2011 respectively and Rs.60.600 Millions for the year ended 31st March,2012.
4) Total expenses (Sl.No.2) after considering Depreciation and Amortisation (SI.No.3) amount to Rs.14906.6 00 Millions, Rs. 16842.000 Millions and Rs.11592.000 Millions for three months ended 30th June,2012, 31st March,20l2 and 30th June,2011 respectively and Rs.55532.000 Millions for the year ended 31st March,2012. Tax Expense comprises current tax and deferred tax.
5) On 14th May,2012 the Company acquired 100% equity shares of Joy Mining Services India Private Limited for entering into underground mining services business. Further during the current quarter, the Company has formed a wholly owned subsidiary with the objective of carrying out the Company's existing business.
6) The figures for the three months ended 31st March, 2012 are the balancing figures between the audited figures in respect of the full financial year ended 31st March, 2012 and the unaudited published year-to-date figures up to the third quarter ended 31st December, 2011.
7) The figures for the previous periods have been regrouped / rearranged wherever necessary in conformity with the revised format for disclosure of financial results as per the Listing Agreement with Stock Exchanges.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED (BY BUSINESS
SEGMENT)
(Rs. In Millions)
|
Sr. No. |
Particulars |
30.06.2012 |
|
|
|
3 Month Ended |
|
|
|
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
(Net Sales and
Income from Operations) |
|
|
|
a. Construction |
15781.300 |
|
|
b. Others |
72.600 |
|
|
Total Segment
Revenue |
15853.900 |
|
|
Less: Inter-Segment Revenue |
0.000 |
|
|
Net Sales and Income
from Operations |
15853.900 |
|
2. |
Segment Results |
|
|
|
a. Construction |
1195.900 |
|
|
b. Others |
30.300 |
|
|
Total |
1226.200 |
|
|
Less: |
|
|
|
Finance Costs |
695.300 |
|
|
Other Un-allocable Expenses |
228.700 |
|
|
(Net of Un-allocable Income) |
|
|
|
Total Profit Before
Tax |
302.200 |
|
3. |
Capital Employed |
|
|
|
(Segment Assets
less Segment Liabilities) |
|
|
|
a. Construction |
35919.700 |
|
|
b. Others |
1012.200 |
|
|
Total Segment
Capital Employed |
36931.900 |
FIXED
ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Motor Vehicles
·
Computers
·
Electrical Equipment
·
Motor Vehicles
·
Plant and Machinery
WEB SITE 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.12960.000 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 and large clientele
- Recognized by
World Confederation of Businesses as “Inspirational Company with all its Rights and 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 and Excellence in 2009
- Thrice
nominated as “Most Admired
Infrastructure Company” by NDTV Profit in 2006, 2008 and 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.114910.000 millions with over 150 Projects location in India
and Overseas
- The Company
reported a turnover of Rs.45550.000 millions and profit after tax of
Rs.1270.000 millions for FY, 10
- Its shares
are listed on the NSE, BSE and CSE enjoying Market Capitalization of
Rs.25000.000 millions
MILESTONE
|
1924 |
Pioneered Cast-in-situ driven piles in Asia |
|
1935 |
Foray into construction of Industrial Structures |
|
1940 |
Built King Geroge Docks in Mumbai |
|
1947 |
Mundhra's Take over |
|
1958 |
Designed and constructed the firs RCC framed structure in Asia, the 17th storied National Tower in Kolkata |
|
1960 |
Foray into construction of Thermal Power Plant ranging 10 to 4000MW |
|
1990 |
Piling jobs in UAE - Abu Dhabi. |
|
1992 |
Built international class hotel at Tashkent, Uzbekistan |
|
1993 |
Went Public |
|
1996 |
Follow on public issue of Equity Shares and Rights Issue of POCD |
|
2004 |
Began Overseas Expansion |
|
2005 |
Private Placement of 15% equity shares for Rs.930.000 Millions at Rs.726 Millions of Rs.10/-each |
|
2006 |
Spilt `10 Equity Share into 5 shares of Rs 2/-each |
|
2007 |
QIP 4000Mns, 13% dilution at 625 per share of Rs 2/- |
|
2010 |
Foray into Power T and D and Road BOT |
|
2011 |
Entry in Ethiopia, Bangladesh and Saudi Arabia |
|
2012 |
Foray in Underground Mining |
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 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.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.