MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

IVRCL LIMITED (w.e.f.18.03.2011)

 

 

Formerly Known as:

IVRCL INFRASTRUCTURES & PROJECTS LIMITED

 

 

Registered Office :

M-22, 3RT, Vijaya Nagar Colony, Hyderabad – 500057, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

16.11.1987

 

 

Com. Reg. No.:

01-007959

 

 

Capital Investment / Paid-up Capital :

Rs.534.020 Millions

 

 

CIN No.:

[Company Identification No.]

L45201AP1987PLC007959

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDI01786B

 

 

PAN No.:

[Permanent Account No.]

AAACI5139B

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

The company engaged in the business of development and execution of engineering, procurement, construction and commissioning (EPCC), and lump sum turn key (LSTK), facilities in various infrastructure projects like water supply, roads and bridges, townships, and industrial structural, power transmission etc.   

 

 

No. of Employees :

6271 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 79490000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a established company having good track record. 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 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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

Rating Agency Name

ICRA

Rating

Long Term Fund Based : BBB+

Rating Explanation

Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk  

Date

September 2012

 

Rating Agency Name

ICRA

Rating

Short Term Fund Based : A2

Rating Explanation

Having strong degree of safety regarding timely payment of financial obligation. It carry low credit risk.

Date

September 2012

 

 

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 :

M-22, 3RT, Vijaya Nagar Colony, Hyderabad – 500057, Andhra Pradesh

Tel. No.:

91-40-23343678 / 3550 / 5130 / 8467 / 30931999

Fax No.:

91-40-23345004

E-Mail :

bs_cs@ivrinfra.com

mishradp@ivrinfra.com

anjaneyulus@ivrinfra.com

info@ivrinfra.com

Website :

www.ivrcl.com

 

 

Corporate Office :

'MIHIR', H. No. 8-2-350/5/A/24/1B, Road No. 2, Banjara Hills, Hyderabad -500 034,  Andhra Pradesh, India

Tel. No.:

91-40-3093 1111/1444

Fax No.:

91-40-2335 6693

 

 

Regional Office :

 

 

Located at:

 

Delhi

'The Corenthum', Tower B, A 41, 1st Floor, Lobe: 4, Sector 62, Noida - 201 307, Uttar Pradesh, India

Tel.: 91-120-300 6000 / 6200

Fax: 91-120-300 6201

Email: ivrcldelhi@ivrinfra.com  

 

Tamilnadu

Door No. 30 A, South Phase, 6th Cross Road, Thiru Vika Industrial Estate
Guindy, Chennai - 600 032, Tamilnadu, India

Tel.: 91-44-222 566 12-15, 17-20

Fax: 91-44-222 573 48

Email: ivrclchennai@ivrinfra.com

 

Karnataka

No.438, 1st Floor, 18th Main, 6th Block, Koramangala, Bangalore - 560 095, Karnataka, India

Tel.: 91-80-2563 4966

Fax: 91-80-2550 1539

Email: ivrclbro@ivrinfra.com

 

Maharashtra

IVRCL House, 35, Suyojana, C.H.S., Koregaon Park, Pune - 411 001, Maharashtra, India

Tel.: 91-20- 3057 9100

Fax:91-20-3057 9299/2605 0104

Email: ivrclpune@ivrinfra.com

 

Gujarat

314 and 315, 3rd Floor, CAMPS Corner – II, Opposite Prahalad Nagar Garden
100 feet road, Prahalad Nagar, Ahmedabad - 380 015, Gujarat, India

Tel.: 91-79-4008 6902/03

Fax: 91-79-4008 6901

Email: ivrclahmedabad@ivrinfra.com

 

West Bengal

Aakash Towers, Unit 3A, 3rd Floor, 781, Anandapur, Kolkata - 700 107, West Bengal, India

Tel.: 91-33-3013 1600

Fax: 91-33-3013 1799

Email: ivrclkolkata@ivrinfra.com

 

Uttar Pradesh

2/310, Vishal Khand, Gomti Nagar, Lucknow - 226 010, Uttar Pradesh, India

Tel.: 91-522-409 7500

Fax: 91-522-409 5629

Email: ivrcllucknow@ivrinfra.com

 

Rajasthan

H. No. 708, Maruti Marg, Hanuman Nagar Extension, Jaipur – 302012, Rajasthan, India

Tel: 91-141-235 6797, 517 9870

Fax: 91-141-235 4910

Email: ivrcljaipur@ivrinfra.com

 

Kerala

No.VII/719D, Plot No.180, Mavelipuram Colony, Kakkanadu, Kochi - 682 030, Kerala, India

Tel.: 91-484-242 5486/272

Fax: 91-484-242 8260

Email: ivrclcochi@ivrinfra.com

 

Chattisgarh

C 170, Shailendar Nagar, Opposite Ratan Palace, Katora Talab, Raipur - 492 001, Chattisgarh, India

Tel.: 91-771-407 2016

Fax: 91-771-405 3878

Email: ivrclraipur@ivrinfra.com

 

 

Sub Regional Office :

Located at :

 

Andhra Pradesh

D.No. 50-1-41/B, 2nd Floor, ASR Nagar, Seetamma Dhara,  Visakhapatnam - 530 013, Andhra Pradesh, India

Telefax: 91-891-272 2317

Email: ivrclvsro@ivrinfra.com

 

Bihar

H.No. 14, Flat No. A1, Kamta Sadan Apartments, Kamta Singh Kam Lane, East Boring Canal Road, Patna - 800 001,Bihar, India

Tel: 91-612-645 1252

Tele fax: 91-612-252 0257

Email: ivrclpatna@ivrinfra.com

 

Chhattisgarh

 

S.S.Saini Complex, Plot No. 129, Opposite Ganesh Sweets, Bajranj Chowk, Rajiv Vihar, Rajkishore Nagar, Bilaspur- 495 006, Chattisgarh, India

Tele fax: 91-7752-404 628

Email: ntpbkre@ivrinfra.com

 

Karnataka

 

Water Business Unit, House No.9, Sreeshakthi, Shanthivana, 3rd cross, Opposite Lakeside Habitat Tower, Main Gate, Kodegahalli, Bangalore - 560 092

Tel: 91-80-2362 7288

Fax: 91-80-4209 0319

Email: browater@ivrinfra.com

 

Madhya Pradesh

 

House No. 02, Janki Bunglow, Opp. Suyash Hospital, Bhopal – 462016, Madhya Pradesh, India

Tele fax: 91-755-242 4654

Email: ivrclbhopal@ivrinfra.com

 

House No. WB 116, Scheme No. 94, Behind Bombay Hospital
Near HDFC Bank Limited Sector-B, Indore - 452 010

Tele fax: 91-731-423 7204

 

Jharkhand

 

Power Division: House No.185/C, Vidyalaya Marg, Road No.4
Ashok Nagar, Ranchi - 834 002, Jharkhand, India

Tel: 91-651-224 4315

Fax: 91-651-224 4314

Email: ranchi@ivrinfra.com

 

Water Division: Block No. 498/B, Road No.4, Mandir Marg, Ashoknagar, Ranchi - 834 002, Jharkhand, India

Tele fax: 91-651-224 5714

Email: ivrclrachi@ivrinfra.com

 

 

International Office  :

Flat No. 1601, 16th Floor, Al Niyadi Building, Delma Street, P.O. Box 105357, Airport Road, ABU DHABI

Tel. No.:

+971-2-643 9439

Fax No.:

+971-2-643 94383

E-Mail :

ivrclabudhabi@ivrinfra.com

 

 

International Office  :

P.O.Box 186848, Flat No-610, Al Barsha Business, Near Mall of Emirates, DUBAI

Tel. No.:

+971-4-399 0416

Fax No.:

+971-4-3990 417

E-Mail :

ivrcldubai@ivrinfra.com

 

 

DIRECTORS

 

AS ON 31.03.2011

 

Name :

Mr. E. Sudhir Reddy

Designation :

Chairman & Managing Director

 

 

Name :

Mr. E. Sunil Reddy

Designation :

Vice Chairman

 

 

Name :

Mr.  R. Balarami Reddy

Designation :

Executive Director - Finance & Group CFO

 

 

Name :

Mr. K. Ashok Reddy

Designation :

Executive Director

 

 

Name :

Mr. E. Ella Reddy

Designation :

Director

 

 

Name :

Mr. T.N. Chaturvedi

Designation :

Director

 

 

Name :

Mr. T.R.C.Bose

Designation :

Director

 

 

Name :

Mr. P.R. Tripathi

Designation :

Director

 

 

Name :

Dr. S.K.Gupta

Designation :

Director

 

 

Name :

Dr. L. SRINIVASA REDDY

Designation :

Director`

 

 

KEY EXECUTIVES

 

Name :

B.SUBRAHMANYAM

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.06.2012

 

Category of Shareholder

No. of Shares

Percentage of Shares Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/images/clear.gifIndividuals / Hindu Undivided Family

22,045,664

8.26

http://www.bseindia.com/images/clear.gifBodies Corporate

7,882,274

2.95

http://www.bseindia.com/images/clear.gifSub Total

29,927,938

11.21

http://www.bseindia.com/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

29,927,938

11.21

(B) Public Shareholding

 

 

http://www.bseindia.com/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/images/clear.gifMutual Funds / UTI

8,625,630

3.23

http://www.bseindia.com/images/clear.gifFinancial Institutions / Banks

1,367,866

0.51

http://www.bseindia.com/images/clear.gifInsurance Companies

578,642

0.22

http://www.bseindia.com/images/clear.gifForeign Institutional Investors

76,832,426

28.78

http://www.bseindia.com/images/clear.gifSub Total

87,404,564

32.73

http://www.bseindia.com/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/images/clear.gifBodies Corporate

88,851,929

33.28

http://www.bseindia.com/images/clear.gifIndividuals

 

 

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 million

49,210,679

18.43

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 million

5,868,837

2.20

http://www.bseindia.com/images/clear.gifAny Others (Specify)

5,745,911

2.15

http://www.bseindia.com/images/clear.gifClearing Members

2,470,538

0.93

http://www.bseindia.com/images/clear.gifNon Resident Indians

3,269,395

1.22

http://www.bseindia.com/images/clear.gifForeign Corporate Bodies

3,428

-

http://www.bseindia.com/images/clear.gifTrusts

2,550

-

http://www.bseindia.com/images/clear.gifSub Total

149,677,356

56.06

Total Public shareholding (B)

237,081,920

88.79

Total (A)+(B)

267,009,858

100.00

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

-

-

http://www.bseindia.com/images/clear.gif(1) Promoter and Promoter Group

-

-

http://www.bseindia.com/images/clear.gif(2) Public

-

-

http://www.bseindia.com/images/clear.gifSub Total

-

-

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

267,009,858

-

 

 

BUSINESS DETAILS

 

Line of Business :

The company engaged in the business of development and execution of engineering, procurement, construction and commissioning (EPCC), and lump sum turn key (LSTK), facilities in various infrastructure projects like water supply, roads and bridges, townships, and industrial structural, power transmission etc.  

 

 

Products :

Galvanised Steel Structure

 

 

PRODUCTION STATUS AS ON 31.03.2011

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Galvanised Steel Structure

MT

24000

24000

16318.82

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :

Public Sector Client

  • Oil and Natural Gas Corporation Limited
  • Bharat Heavy Electrical Limited
  • National Thermal Power Corporation Limited
  • Nuclear Power Corporation of India Limited
  • Bharat Petroleum Corporation Limited
  • Indian Oil Corporation Limited
  • Power Grid Corporation of India

 

Private Sector Client

  • Birla Institute of Technology and Science
  • DLF Akruti Info Parks (Pune) Limited
  • Brandix India Apparel City (Private) Limited
  • Telco Construction Equipment Company Limited
  • TATA Projects Limited
  • Jindal Steel and Power Limited
  • Tata Docomo
  • Tata Cummins

 

Central and State Government Clients

·         Airports Authority of India

·         Indian Railways

·         Ministry of Defence

·         Central Public Works Department

·         National Highways Authority of India

·         Konkan Railway Corporation Limited

·         National Buildings Construction Corporation Limited

·         Chennai Metropolitan Water Supply and Sewerage Board

·         Gujarat Water Supply and Sewerage Board

·         Hyderabad Metro Water Supply and Sewerage Board

·         Karnataka Neevari Nigam Limited

·         Delhi Jal Board

·         Gujarat Water Infrastructure Limited

·         Kolkata Environment Project

·         Karnataka Urban Water Supply and Drainage Board

 

 

No. of Employees :

6271 (Approximately)

 

 

Bankers :
  • Allahabad Bank
  • Andhra Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Nova Scotia
  • Barclays Bank
  • Canara Bank
  • Central Bank of India
  • Corporation Bank
  • DBS Bank
  • Dena Bank
  • Deutsche Bank
  • Export Import Bank of India
  • Federal Bank Limited 
  • HDFC Bank Limited
  • ICICI Bank Limited
  • IDBI Bank
  • Indian Overseas Bank
  • Indusind Bank Limited
  • ING Vysya Bank Limited
  • Karur Vysya Bank Limited
  • Kotak Mahindra Bank Limited
  • Punjab and Sind Bank
  • Standard Chartered Bank
  • State Bank of India
  • Syndicate Bank
  • Tamilnadu Mercantile Bank
  • UCO Bank
  • Union Bank of India
  • Yes Bank Limited

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Debenture

3050.000

3050.000

Term Loan From Bank

1163.130

504.610

Earth Moving Equipment and Vehicle Loan

0.000

0.000

From Banks

6.200

19.150

From Others

84.210

11.610

Working Capital Loan

0.000

0.000

Working Capital Demand Loans from Consortium of Banks

8043.530

7449.020

Project Specific Working Capital Loans from Banks

3947.690

1653.660

Total

16294.760

12688.050

 

Note: 3.            Debentures (Privately Placed)

 

a)   Secured Non-Convertible Debentures

2,000, 12.15% Secured Noh-Convertible Redeemable Debentures d - 1,000,000 each issued to Life Insurance Corporation of India during the year 2008-09. IDBI Trusteeship Services Ltd, Mumbai are the trustees for the debenture holders. The debentures shall be redeemed at the end of five years from the date of allotment i.e. December 19, 2013. The debentures are secured with asset cover of 1.25 times by way of first pari passu charge over certain specific fixed assets including immovable properties of the Company.

1,050, 8.85% Secured Noh-Convertible Redeemable Debentures d - 1,000,000 each were issued to the following banks during the year 2009-10. IDBI Trusteeship Services Ltd, Mumbai were the trustees for the debenture holders. The debentures shall be redeemed at the end of Seventeen months from the date of allotment i.e. April 27, 2011. The debentures are secured with asset cover of 100% by way of first pari passu charge over certain specific fixed assets including immovable properties of the Company.

 

 

a)Term Loans

Term loans are secured by way of first charge and hypothecation of specific machinery and equipment purchased.

Term Loans include External Commercial Borrowings from Standard Chartered Bank London of UJSD 12.50 million (equivalent to - 571.63 million) availed during the year. The principal and interest components of the EGB are hedged and duly covered against foreign exchange fluctuations.

b)Equipment Loans from Banks and Non - Banking Financial Companies (NBFCs)

Equipments Loans are secured by first charge and hypothecation of specified machinery, equipment and vehicles.

 

 

c) Working Capital Demand Loan from Consortium Banks

 

i. Working Capital Demand Loans are secured by hypothecation of book debts, inventories and other current assets (excluding those charged to lenders of specific-funding projects) and certain Plant and Machinery and equipment valuing - 282.92 million and - 39.85 million hot charged to other lenders. Further these loans are secured by mortgage of property in Land and Buildings owned by the Company ranking pari passu among the consortium banks aggregating to - 101.53 million and lie of the Fixed Deposit of - 4.20 million.

ii. The amount of Commercial Papers outstanding as at March 31, 2011 is - 3,250 million (- 3,200 million). The maximum amount outstanding during the year was - 7,000 million (- 4,500 million).

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

8.75% Redeemable, Non Convertible Debenture

0.000

150.000

Short Term Loan

 

 

From Banks

4663.320

2953.970

Foreign Currency Convertible Bonds

0.000

341.210

Total

4663.320

3445.180

Note:

Foreign Currency Convertible Bonds\

During the year, the balance of umcomverted portiom of Foreigm gurremcy gomvertible Bomds aggregatimg to - 341.62 milliom (equivalemt to UJSD 7.60 milliom) was redeemed along with a redemption premium (including withholding tax) of - 162.46 million (equivalent to UJSD 3.61 million). The above mentioned premium amount has been charged to Securities Premium Account.

 

 

 

Banking Relations :

--

 

 

Internal Auditors :

 

Name :

T. Vijay Kumar

Charted Accountants

Address :

Plot #101, Jyothi Pride Apartments, P.S. Nagar, Masab Tank, Hyderabad – 500028, India

 

 

Name :

VCG and Company

Address :

203, Kushal Bazar, 32-33, Nehru Place, New Delhi – 110019, India

 

 

Statutory  Auditors :

 

Name :

Chaturvedi and Partners

Chartered Accountant

Address :

212A, Chiranjeev Towers 43, Nehru Place, New Delhi, India

 

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

1-8-384 and 385, 3rd Floor, Gowra Grand, Sardar Patel Road, Begumpet, Secundrabad – 500003, Hyderabad, India

 

 

Financial Institution:

·         Bajaj Auto Finance Limited

·         Reliance Capital Limited

·         TATA Capital Limited  

·         LIC of India

·         SREI Equipment Finance Private Limited

 

 

Joint Venture :

·         Bhanu - IVRCL Associates

·         IVRCI. — Tantia (IV)

·         IVRCL, SEW and Prasad Hyderabad J.V

·         IVRCL, Navayuga and SEW Joint Venture

·         Navayuga, IVRCL and SEW joint Venture

·         IVRCL — Harsha (IV)

·         SPCL - IVRCLJV

·         IVRCL - IL (IV)

·         DAN Raju IVRCL Construction JV

·         IVRCL KBL(IV) Hyderabad

·         IVRCL KIlL MEIL(IV) Hyderabad

·         IVRCL CR 28G (IV)

·         IVRCL.SEW and WPIL IV) Hyderabad

·         IVRCL — MIlL (IV) Hyderabad

·         IVRCL BATPASCO WPIL and MHI (IV) Hyderabad

·         IVRCL BATPASCO ABB and AAG (IV) Hyderabad

·         IVRCL-CRl8GConsortium)J.V)

·         MEIL IVRCL HCC and WPIL (JV)

·         IVRCL— KIPL (JV)

·         IVRCL — RA) (IV)

·         UNIT’I’ * IVRCL joint Venture

·         IVRCL SAl SUDHIR (IV)

·         CR1 8G - IVRCL (IV)

·         IVRCL - SUSHEE joint Venture

 

 

Subsidiaries :
  • IVRCL PSC Pipes Private Limited
  • IVR Environ Projects Private Limited
  • IVRCL Assets and Holdings Limited
  • Hindustan Dorr-Oliver Limited
  • Alkor Petroo Limited
  • IVRCL. Steel Constructions and Services
  • Jalandhar Amritsar Toll ways Limited
  • Salem Tollways Limited
  • Kumarapalyam Tollways Limited
  • Chennal Water Desalination Limited
  • First STP Private Limited
  • IVRCL Building Products Limited
  • HDO(UK) Limited

(formerly IMCO (22010) Limited)

  • Oavymarkham Limited
  • IVRCL Indore Gujarat Toll ways Limited
  • IVRCL Chengapalli Toll ways Limited
  • IVRCL Holdings Services Pte. Limited
  • SPB Developers Private Limited
  • Sion Panvel Totlways Private Limited
  • IVR Hotels and Resorts Limited
  • Geo IVRCL Engineering Limited
  • IVRCL Mega Malls Limited
  • HDO Technologies Limited
  • IVR Prime Developers (Palakkad) Private Limited
  • IVR Prime Developers I Guindy ) Private Limited
  • Gamas Developers Private Limited
  • Simhachalam Prime Developers Private Limited
  • Siripurarn Developers Private Limited
  • Kasibugga Developers Private limited
  • Vijayawada Developers Private Limited
  • Fluru Developers Private Limited
  • IVR Prime Developers (Nellore) Private Limited
  • IVR Prime Developers) Amalapuram) Private Limited
  • IVR Prime Developers (Erode) Private Limited
  • IVR Prime Developers ( Guntur) Private Limited
  • IVR Prime Developers I Kakinada) Private Limited
  • IVR Prime Developers (Araku I Private Limited
  • IVR Prime Developers I Pudukkuttai I Private Limited
  • Absorption Aircon Engineer Private Limited
  • IVR Prime Developers ( Vanaprastha) Private Limited
  • IVR PUDL Resorts and Clubs Private Limited
  • IVR Prime Developers (Thandiarpet) Private Limited
  • IVR Prime Developers (Gummidipundy) Private Ltd.,
  • IVR Prime Developers (Kodambakkarn) Private Limited
  • IVR Prime Developers (Arumbakkam Private Limited
  • IVR Prime Developers lAnna Nagar) Private Limited
  • IVRCL Patalaganga Truck Terminals Private Limited
  • IVRCL Goc Tollways Limited
  • IVRCI.-Cadagua Hogenakkal Water
  • Treatment Company Private Limited
  • IVRCL Chandrapur Tollways Limited
  • IVRCL International FZE
  • Davymarkham )India) Private Limited
  • Agaram Developers Private Limited
  • Papankuzhi Developers Private Limited
  • Mummidi Developers Private Limited
  • Samatteri Developers Private Limited
  • Duwda Developers Private Limited
  • Annupampattu Developers Private Limited
  • Kunriam Developers Private Limited
  • Tirumani Developers Private Limited
  • Ilavarnpedu Developers Private limited
  • Haripuram Developers Private Limited
  • Chodavaram Developers Private Limited
  • Vedurwada Developers Private Limited
  • Rudravaram Developers Private Limited
  • Gajuwaka Developers Private Limited
  • Ceo Prime Developers Private Limited
  • Theata Developers Private Limited
  • IVR Prime Developers (Mylapore) Private Limited
  • IVR Prime Developers (Pallavaram Private Limited
  • IVR Prime Developers (West Mambalam ) Private Limited
  • Bibinagar Developers Private Limited
  • IVR Prime Developers (Anakapalle) Private Limited
  • IVR Prime Developers (Rajampeta) Private Limited
  • VR Prime Developers (Tanuku) Private Limited
  • VR Prime Developers (Red Hills) Private Limited
  • IVR Prime Developers (Rajahmundry) Private Limited
  • IVR Prime Developers (Tuni) Private Limited
  • IVR Prime Developers )Bobbilli) Private Limited
  • IVR Prime Developers (Bhimavaram) Private Limited
  • GSVK Manpower Supply and Services Private Limited

(formerly IVR Prime Developers (Valasaravakkam)

  • Private Limited)
  • IVR Prime Developers (Adayar) Private Limited
  • IVR Prime Developers (Arranthapuram) Private Limited
  • IVR Prime Developers (Perumbadur) Private Limited
  • IVR Prime Developers (Egmore I Private Limited
  • IVR Prime Developers) Tambram) Private Limited
  • IVR Prime Developers (Ashram) Private Limited
  • IVR Prime Developers iRetiral Homes) Private Limited
  • IVR Prime Developers )Avadi) Private Limited
  • IVR Prime Developers (Alwarpet) Private Limited
  • VRCL Multilevel Car Parking Private Limited

 

 

Associates :

  • Viva Infrastructure Private Limited
  • Paresh Infrastructures Private Limited
  • IVR Prime IT SEZ Private Limited
  • IVRCI. International Infrastructures and Projects D.C

 

 

Enterprises owned or significantly influenced by key management personnel or their relatives:
  • S.V. Equities limited
  • Palladium Infrastructures and Projects Limited
  • Soma Hotels and Resorts limited
  • Eragam Holdings Limited
  • Eragam Finlease Limited
  • Indus Palms Hotels and Resorts limited
  • A.P. Enercom Engineers Private limited

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

275000000

Equity Shares

Rs.2/- each

Rs.550.000 Millions

25000000

Preferences Share

Rs.2/- each

Rs.50.000 Millions

 

TOTAL

 

Rs.600.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

267009858

Equity Shares

Rs.2/- each

Rs.534.020 Millions

 

 

 

 

 

Notes:

 

Of the above

a)       18660500 shares of Rs.2 Each represents after subdivision of 2732100 shares of the face value of Rs.10 each by utilization of Rs.37.320 millions from general reserve

b)       133504929 shares of Rs.2 each by utilizing Rs.267.010 millions from general reserve

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

534.020

534.020

267.010

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

19339.650

17998.570

17838.760

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

19873.670

18532.590

18105.770

LOAN FUNDS

 

 

 

1] Secured Loans

16294.760

12688.050

10184.820

2] Unsecured Loans

4663.320

3445.180

3795.430

TOTAL BORROWING

20958.080

16133.230

13980.250

DEFERRED TAX LIABILITIES

86.500

124.770

117.410

 

 

 

 

TOTAL

40918.250

34790.590

32203.430

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6918.070

5663.940

5206.970

Capital work-in-progress

259.840

353.210

195.510

 

 

 

 

INVESTMENT

6347.000

6137.960

3892.030

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2732.060

2446.760

2093.490

 

Sundry Debtors
19298.140

19463.680

13430.210

 

Cash & Bank Balances
1431.530

1643.620

1008.680

 

Other Current Assets
21529.500

16845.070

14292.510

 

Loans & Advances
9532.210

6605.800

9318.730

Total Current Assets
54523.440

47004.930

40143.620

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
17348.220

13966.390

10442.550

 

Other Current Liabilities
9378.430

9957.770

6352.590

 

Provisions
403.450

445.290

439.560

Total Current Liabilities
27130.100

24369.450

17234.700

Net Current Assets
27393.340

22635.480

22908.920

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

40918.250

34790.590

32203.430

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

56514.510

54928.600

49804.370

 

 

Other Income

119.670

148.780

299.130

 

 

TOTAL                                     (A)

56634.180

55077.380

50103.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Construction and Manufacturing Expenses

47274.300

46280.560

42757.640

 

 

Administration and Other Expenses

4094.330

3329.050

2828.910

 

 

TOTAL                                     (B)

51368.630

49609.610

45586.550

 

 

 

 

 

Less

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

5265.550

5467.770

4516.950

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

2181.550

1636.560

1306.140

 

 

 

 

 

 

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

3084.000

3831.210

3210.810

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

757.810

54.281

473.050

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

2326.190

3776.926

2737.760

 

 

 

 

 

Less

TAX                                                                  (H)

747.200

1663.796

478.070

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1578.990

2113.130

2259.690

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4129.960

3082.030

2086.880

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

160.210

213.610

186.910

 

 

Corporate Dividend Tax Current Year

25.990

36.300

31.760

 

 

Corporate Dividend Tax Current Year

(3.370)

0.000

(29.130)

 

 

Transfer to General Reserve

400.000

500.000

600.000

 

 

Transfer to Special Reserve

0.000

0.000

375.000

 

 

Transfer to Debenture Redemption Reserve

147.210

315.290

100.000

 

BALANCE CARRIED TO THE B/S

4978.910

4129.960

3082.030

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

55.480

71.180

173.820

 

 

Construction materials and Others

305.650

391.450

115.680

 

TOTAL IMPORTS

361.130

462.630

289.5

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.91

7.91

8.46

 

 

QUARTERLY

 

PARTICULARS

 

30.06.2011

1st Quarter

30.09.2011

2nd Quarter

31.12.2011

3rd Quarter

31.03.2012

4th Quarter

30.06.2012

5th Quarter

Net Sales

11242.590

10461.160

12025.380

15979.790

12070.650

Total Expenditure

10386.690

9523.520

11077.450

14950.230

10830.080

PBIDT (Excl OI)

855.900

937.640

947.930

1029.560

1240.570

Other Income

48.750

53.260

9.840

54.640

452.370

Operating Profit

904.650

990.900

957.770

1084.200

1692.940

Interest

628.180

652.410

660.630

661.080

1376.380

Exceptional Items

0.000

0.000

0.000

0.000

0.000

PBDT

276.470

338.490

297.140

423.120

316.560

Depreciation

227.690

249.700

228.630

268.970

214.420

Profit Before Tax

48.780

88.790

68.510

154.150

102.140

Tax

6.640

7.410

0.650

104.720

162.160

Provisions and contingencies

0.000

0.000

0.000

0.000

0.000

Profit After Tax

42.140

81.380

67.860

49.430

(60.020)

Extraordinary Items

0.000

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

0.000

Net Profit

42.140

81.380

67.860

49.430

(60.020)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.79

3.84

4.51

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.12

6.88

5.50

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.79

7.17

6.04

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.12

0.20

0.15

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.71

1.62

1.24

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.01

1.93

2.34

 

 

 

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

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

No

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

Yes

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

COMPANY OVERVIEW

 

The Company Subject is engaged in the business of development and execution of engineering, procurement, construction and commissioning (EPCC), and lump sum turn key (LSTK), facilities in various infrastructure projects like water supply, roads and bridges, townships, and industrial structural, power transmission etc. for central/ state government, other local bodies and private sector in the country.   

 

REVIEW OF PERFORMANCE

 

The financial year 2010-11 is a year of moderate growth.  The  company  achieved  a gross turnover of Rs.56592.400 million for the year ended  31*  March,  2011 as against  Rs.54950.500 million for the  previous  financial  year  registering  an  incremental turnover of  Rs.1641.90 million and recording a growth rate of 3% over the previous year.

 

The  Earnings  before  Interest,  [Depreciation,  Taxes  and   Amortization  (EBIDTA)  at  Rs. 5265.550 million are 9.3% of the Gross Turnover  for  the  year under review as against 9.95% for the previous financial year.

 

CHANGE IN THE NAME OF COMPANY

 

After securing the approval of  the  members  of  the  Company through Postal Ballot and  that  of  the  Central  Government,  the  name of the company has been changed to  "IVRCL  Limited"  with effect from 18th March, 2011.

 

FUTURE OUTLOOK

 

The negative effects of global recessionary conditions are being attenuated by various countries through huge investments in infrastructure and India is no exception in this regard. Hence, the directors are confident  that  the  present environment of investments in infrastructure by the State  and  Central Governments assures growth of operations of the Company

 

 

HINDUSTAN DORR-OLIVER LIMITED

 

For  the  financial  year ending 31st March 2011, the  company  achieved  a  turnover of  Rs.9551.90 million, an increase of 9.65% compared to previous  year.  The Profit after tax has come down from   Rs.555.17 million to   Rs.537.50 million.  The EPS is Rs. 7.47 on Rs.2/- share.  The company declared a dividend of Rs.0.80 as per share of Rs.2/- each.

 

IVRCL ASSETS AND HOLDINGS LIMITED (IVRCL A&H)

 

For  the  financial year ending 31s1 March 2011, the company  has  achieved  higher turnover of  Rs.6821 million as compared to  Rs.1431 million  in  the previous year.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

In the year 2010-11, the infrastructure industry registered a growth rate of over 8% in India.  This was largely on account of the thrust on infrastructure. GDP growth was higher for the year 2010-11 at 8.6% over the  previous  fiscal  year  which  was at 8% and the  government  of  India  is  committed to spend 4 to 5 percent of the GDP on infrastructure  development  during  this  fiscal  year. The Government did live up to its promise of prioritizing on the infrastructure industry, which the Prime Minister has referred to as the backbone of the economy`. A record 49% of the total plan allocation towards infrastructure development was proposed in the 11 Five Year Plan.

 

SEGMENT-WISE/PRODUCT-WISE PERFORMANCE

 

WATER

 

The largest sector within the industry is Water including Sewer and Utility Lines, which continues to grow in an ever expanding market.  Being major underground utility providers for water related projects, Their growth has largely   been possible because of Their   project-based   organizational structure.  The McKinsey report on world urbanization  forecasts  that  by 2025,  there would be 600 more cities in the world and two-thirds  of  them  would   be  in  India  and  China.  This indicates a great thrust   for infrastructure facilities as towns and `urban areas` turn into large cities in about 14 years from now. No doubt water-related projects will be at the forefront of this growth. The growth in the water sector continues  because of  developing pollution control facilities, conversion of  existing  power plants  from  oil/gas  to coal, and modernization  of  the  existing  power plants.  Orders are indeed flowing for water and waste water industry,  and the  Indian  Waste Water Industry alone is estimated to be  about   Rs.23 billion  The  total order book of The company encompasses  48%  of  water projects,  30%  of  roads and highways, 14%  of  buildings  and  industrial structures and 8% of power and other projects.

 

At subject water remains the central and foremost business vertical providing solutions for various water, desalination and sanitation needs.  With  a proven  history  and track record of competence and  credentials  in  water sector,  They  have embarked on reinforcing Their position and  increasing  Their lead.

 

Some of the remarkable projects completed in Water Sector during the year include:

 

* Narmada Canal water supply packages (Package KNC -18, 20, 22, 23)

 

*  Distribution  Network for Package SSW A-1, A-3, A-4 and  PM-4  (Hansalpur, Dabhasar  Dascroi  and Godhra Group) Sujlam - Suflam  Drinking  Water  Supply Scheme (SSDWS) on Design, Build and Operate Basis

 

*  Mumbai  Water Supply Project - Construction of India`s  largest  140  ML Master  Balancing  Reservoir and Associated works at  Bhandup  Complex  for Mumbai Municipal Corporation

 

* Construction, Supply and Installation of entire water distribution system, clear water reservoir and water towers for Brandix Apparel City Private Limited, SEZ Vizag

 

Some other significant on-going projects are:

 

*  Sripad Sagar, Stage-II, Phase-I - for development of about 2 lakh  acres of Ayacut in Karimnagar dist., A.P. for IandCAD

 

* Construction of Tunnel from Gundovali to Bhandup Complex in Mumbai (Joint Venture)

 

*  Replacement of Two 1800-mm dia riveted Tansa Mains from Tansa to  Tarali by  one  2750-mm dia M.S. welded Pipeline from Jamboli to  Chinchavali  for Municipal Corporation of Greater Mumbai (MCGM)

 

* Hogenakkal Water Supply and Flurosis Mitigation Project - Package I and  II for TWAD Board, Tamil Nadu

 

*  Survey, Investigation, Design, Construction, Testing and Commissioning  of Sewerage works in District of Allahabad for U.P. Jal Nigam

 

* Construction of Intake well-cum-raw water pump house, rising mains, WTP transmission mains to different UGRs and ESRs construction, UG reservoirs, distribution networks for Ranchi Water Supply Project under JNNURM Scheme

 

*  EPC  of  River  Water System comprising of  all  Civil,  Structural  and Mechanical works for 2x600 MW Coal Based Kali Sindh Thermal Power  Project, Jhalawar for Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL)

 

IRRIGATION

 

India remains basically an agrarian economy. Over 70% of her population dwells in villages with farming as their main source of livelihood. Despite the  great  dependence  on  agriculture as a means  of  sustenance,  it  is unfortunate  that  even  today farmers are at the  complete  mercy  of  the monsoons  to  provide  the much-needed water for  drinking,  livestock  and irrigation.  Eventually, in the past two decades, 20% of the rural agricultural population has migrated to the cities in search of livelihood.

 

Seized with the urgency to alleviate this seemingly perennial water crisis, the  Government  is  investing substantially  in  flow  (canal)  irrigation methods  as surface water irrigation has proven to be more dependable  than ground water based systems (such as open wells or bore wells). Water flows to demand sites by gravity, lifting or through tunnels via ducts.

 

Any excess seepage percolates clown and serves to replenish the ground water and promote aquifer recharge. This recycling process not only makes innumerable dry wells productive but also helps save energy by lowering pump depths.  Thus,  canals are viewed as  generating  benefits  more  far reaching  and  wide  ranging  than  just  transportation  of  water.  Subject continues to actively pursue major irrigation projects across the country. Employing state-of-the-art technology, they strive to transform rural lives and landscapes.

 

Some of the remarkable projects completed in Irrigation Sector during the year include:

 

GRAVITY CANALS:

 

Telugu Ganga Project: The Project is envisaged for creating irrigation potential to 96,000 acres of land in Kadapa District for Govt, of AP.  and comprises  of Right and Left Canals in addition to Gundamrajupalli  and  Obulum Branch Canals.

 

Indira Sagar Project - Phase III: This project is under Narmada Valley Development Authority, Madhya Pradesh and aims at creating irrigation potential of 20,600 Ha. The alignment of the main canal of this project runs through most vulnerable terrain comprising of deep valleys and tall hills. Hence there are major aqueducts covering the valleys and tunnels for negotiating the hills. In the first reach, the canal alignment passes over the hills.

 

LIFT IRRIGATION SYSTEMS:

 

Hanclri  Neeva Sujala Sravanti (HNSS) Stage I and II: This is  a  2-stage Lift scheme meant for providing water in the draught prone areas of Kurnool and  Anantapur Districts of AP lifting 1090.20 cumecs of water in  9  stages. These projects are nearing completion and commissioning.

 

PA DA IS. II: PADA LI 01 and 02 packages to provide PILOT micro irrigation facilities  in the district of Kadapa, A.P. Stage-I comprises  lifting  8.3 TMC  of  water  in 45 days from Gandikota Reservoir and storing  in  a  new

storage reservoir No. 1 of 0.30 TMC capacity to serve the irrigation to the extent  of 3,500 acres of land. In stage-ll, the basic components  of  work are  lifting  8.1 TMC of water in 45 days from Storage Reservoir  No.1  and storing  in a new storage reservoir No.2 of 0.31 TMC capacity to serve  the irrigation  to  the  extent of 5,000 acres of land.  Apart  from  providing drinking  water  facilities  to 119 villages,  this  project  envisages  to provide  irrigation facilities to an extent of 36,500 hectares by  pipeline network  in  the distributaries system. The total length of  the  different pipeline  network under the distribution system is about 475 km. SUBJECT was awarded an incentive for the early completion of this milestone project  in February 2010.

 

Thotapally  Lift  Irrigation Project: This project is  a  crucial  lift project and will be instrumental in raising the irrigation potential in the area  to  an  extent  of 2,20,000 acres in the  district  of  Karimnagar  and Warangal  of A.P. The project envisages lifting of 32 cusecs for a static head of 97 m. To lift 20 TMC of water three 15-MW capacity pumps and motors are being installed. The other project components comprise an approach canal, a tunnel of 5-media. Running 11 km, surge pool and 100-m deep pump.

 

DAMS AND RESERVOIRS:

 

Lower Goi Dam Project: The Lower Goi Project is located in the tribal areas of District Barwani of Madhya Pradesh State.  The Project scope includes construction of a gravity dam with earthen bunds on both side and concrete NOF and OF sections, having maximum height of 42 m in the gorge portion and spanning to a total length of 2,260 m. The central portion will be sufficient enough to allow a smooth discharge of 12026 cusecs of flood water. This dam is designed with 9 noses of hydraulically operated gates of 12  m  x  12 m. The project also envisages the development of irrigation potential of 13,260 ha. of ayacut through its right canal.

 

TUNNELS

 

Subject took up the challenging project of constructing seven B.C.  Single-line tunnels running to 664 meters and involving tunneling in all kinds of terrain and strata, including benching, short-creting and lining as well as a 42-km approach road to the tunnels

 

This is Subject first foray into tunnel construction and also  its  first project in the state of Jammu and Kashmir.

 

The  award  of  Gandikota  lift Irrigation  Project,  one  of  the  biggest irrigation   projects  in  Andhra  Pradesh,  testifies  Subject exemplary expertise and reputation in irrigation works.

 

Undertaken on a turnkey basis, these projects situated in various districts of the state, bring relief and hope to thousands of farmers and their families by providing water to the thousands of hectares of thirsty land.

 

To fill-up Koilsagar, a lift irrigation scheme, about 3.9 TMC of water from the foreshore of Priyadarshini Jurala Project was lifted to a total height of 120 meters. The work involved 40 km of Canal excavation and tunnels of 4.0 meters  dia.  Stretching over 12.1 km. Four heavy duty pumps with a capacity of 7.5 MW were installed to irrigate the large tracks of ayacut.

 

Bhilangana Project, Their debut venture in Hydro-Power saw construction of an underground  tunnel  that  passed  through  almost  70%  of  the  difficult Himalayan  rock  strata and had to be supported by steel rids.  The entire tunnel was concrete lined to a thickness of 225 mm.

 

BUILDINGS and INDUSTRIAL STRUCTURES

 

A nation develops, so does its need for urban infrastructure. The story  in India is no different. At Subject They have taken path-breaking strides in Their Buildings and Industrial Structures Division. They continue to live up to Their exemplary stature of executing world-class buildings and   industrial structure projects across the country. Building activity is witnessing an unprecedented boom. And riding the crest of this wave is IVRCL.

 

The diversification in this sector comprises of residential, commercial and non-residential,  institutional healthcare, industrial  Infrastructure  and SEZ and IT parks.

 

Major works completed by the Company during the year are:

 

* Civil and Structural works offsite and utilities for Guru Gobind Singh Refinery Project at Bathinda (Punjab) for HPCL -Mittal Energy Limited

 

* Construction of Seawoods Estate Phase-II, Part-II Housing at Nerul,  Navi Mumbai for CIDCO

 

*  Construction  of  Research  Buildings Complex  for  IGCARL  (Part-I)  at Pulivendula,  Kadapa District for Andhra Pradesh Industrial  Infrastructure Corporation Limited (APIICL)

 

* Construction of Traffic and Transit Management Center (TTMC) under JNNURM Scheme - Package-4, Yeshwanthpur for Bangalore Metropolitan Transport Corporation (BMTC)

 

Among the major residential, institutional and technical building projects awarded to the company and currently under execution are:

 

* Complete External Coal Handling System (ECHS) for Gujarat for Coastal Gujarat Power Limited (CGPL) at Mundra Port, Gujarat

 

* Complete Coal Handling Plant package for Super Thermal Power Project, Stage - III (2x500 MW) at NTPC - Rihand

 

* Construction of CIDCO Exhibition Centre including Civil, Interior and Site Development works at Vashi, Navi Mumbai

 

* Civil and Structural for Coke Drum Area of Coker Unit of Paradip  Refinery Project in Orissa for IOCL

 

* Construction of fTheir elevated Metro Stations for Bangalore Metro Rail Corporation Limited (BMRCL)

 

*  Construction  of 285 towers housing 4513 flats with a built up  area  of about  4,00,000  sft  spread  in  67  acres  in  the  heart  of  Hyderabad, Chitrapuri,  for  A.P. Cine Workers Co-operative  Housing  Society  Limited (APCWCHSL)

 

POWER

 

Power has become vital for day-to-day activities as well as for industrial development. From everyday chores at home to driving complex mechanical and technological  systems  in  industrial operations,  from  small  houses  in villages  to posh residential complexes in metros, from agricultural  farms to  highly sophisticated and versatileindustries - the need for power  has been ever rising.

 

Unfortunately  in India, the benefits of electrification are yet  to  reach the  rural  areas  despite  substantial  planning  and  execution  by   the government.  There are villages that are still groping in the dark, searching for that elusive first step towards progress, where life comes to a standstill at dusk.

 

One of the Government`s foremost objectives for the 11"` five year plan (2007-12) is to provide power to all by 2012. The government has planned a capacity addition of 68,869 MW during the 11"` plan period. The estimated funds required for creating such an enormous infrastructure amounts to $500 billion. This challenge is undoubtedly daunting but rapid progress has been made. For a country expected to grow 8-10% in GDP for the next two decades, its power generation would have to increase to 7,80,000 MW from the current 1,20,000 MW.

 

To harness this immense opportunity in power transmission and distribution, Subject is geared to continue executing landmark projects in  cross  country transmission lines, substations, distribution systems and railway  traction works.  Subject is steadily emerging as a leading player in this sphere, undertaking ambitious projects that promise to brighten the lives of their people and empower the nation.

 

Transmission Line Tower (TLT) Factory

 

A fabrication and Galvanization Unit Butibori, Nagpur

 

Certified  by  International  Standards Certification  Limited,  (ISC)  for Integrated  Management Systems (IMS) the unit has a manufacturing  capacity of  24,000  MT  per annum. The product range includes Micro-Wave Towers, Structures for AC traction (OHE), Substation Structures (Lattice and Pipe), and Structures for Rural Electrification. An ISO 9001: 2000 -company,  the factory  has stringent norms in place for Quality Assurance  and  harnesses highly   versatile   test   equipments   to  carry   out   tests   as   per ISI/International standards. The product line is under expansion to include fasteners and cables.

 

The Company has completed the following remarkable projects in this sector:

 

*  Package-A  of Madurai - Trichy 400 KV D/C Line at  Karaikudi  associated with  System  Strengthening  -  VII  in  Southern  Region  for  Power  Grid

 

Corporation of India Ltd. (PGCIL)

 

* 25 KV AC, Single Phase, 50Hz in Trichur - Guruvayur section (Turnkey)  of Southern  Railway  for Central Organization  for  Railway  Electrification, Allahabad

 

* Supply, erection and commissioning of 132 KV D/C Sewa

 

- II, Hiranagar Transmission Line package in Jammu and Kashmir for PGCIL

 

Some of the on-going projects in the Power Division during the year are:

 

*   Detailed  Engineering,  Manufacturing,  Supply,  Erection,  Testing   and Commissioning of Pump - Turbine, Generator - Motor and Associated  Equipments for Koyna Left Bank Power Station (2x40 MW)

 

* Tower Package A2 - A3 under Transmission System Associated with Pallatana GBPP  and Bongaigaon TPS in North Eastern Region for i) 400 KV D/C Silchar  - Melhrihat  (New),  Silchar-Imphal  Transmission line and 132  KV  D/C  and  S/C Loktak-lmphal,  Melhrihat  (new) - Melhrihat, Silchar-Sirikona,  Silchar  - Hailkandi  (Mizoram)  Interconnecting Transmission Line,  including  river-crossing towers for PGCIL

 

* 400 KV D/C Quad Line for Northern Region Strengthening Scheme (NRSS) Bhiwandi (150 kms)

 

*  Tower  Package  (Package  - A1) for 765 KV  (2nd  Circut)  S/C  Seoni  - Nandanwadi  Transmission  Line,  associated  with  Western  Region   System Strengthening Scheme - II for PGCIL

 

DESIGN DEPARTMENT

 

Their in-house Design Division has always played a crucial role in enhancing their engineering capabilities and efficiencies. The growing division has in recent times expanded its activities and entered NPCIL through Plant Water System Package.

 

Regeneration of lakes, underground mining and geo-composite earthen bund are the new arenas that the design team is enthusiastically undertaking more recently.

 

MECHANICAL DEPARTMENT

 

The upkeep, maintenance, repairs, dismantling, shifting and erection are the main functions of Their Mechanical Division. They track the production of each  of  Their construction and engineering equipment like Hot  Mix  Plants, Crushing Plant, Batching Plant, Excavators, Loaders, Dozers, Graders,  Soil Compactors,  Backhoes,  Tippers,  Transit Mixers,  Concrete  Pumps,  Tandem Rollers and Pneumatic Rollers.

 

The Mechanical Division deploys 750 trained employees.

 

Two zonal workshops, one at Patancheru near Hyderabad and the other at Indore look after refurbishing activity. Also underway  are  two  mobile workshops  which  will  move to each zone to  carry  out  refurbishing and repairs.

 

OUTLOOK

 

The company has continued to display a remarkable acumen and success in bagging projects in a cross-section of segments. While The Company is making further inroads into emerging sectors it has maintained its good track record in executing water and irrigation projects. Excellent project execution and revenue generation have always been their key focus areas and they are glad that their strengths persist in these areas.

 

The company`s  continued foray into emerging lines of  business  such  as mining,  hydropower,  oil  and  gas/ tankages,  coal  handling  systems,  and railways hold the key to future growth.

 

ASSETS and HOLDINGS LIMITED (SUBJECT A and H)

 

SUBJECT  A and H,  promoted  by  Subject ,  is  one  of  India`s   largest infrastructure assets developers with diverse sectors like highways,  water and environment, urban infrastructure, oil and gas and housing. This amounts to a total of Rs.1, 10,000 million (economic share) of assets.

 

Subject A and H has an array of end-to-end capabilities in project management and service offerings across the value chain ranging from conceptualization to commissioning. These include:

 

* 5 operational projects:

 

* Salem Tollways (53.53 km)

 

* Kumarapalayam Tollways (48.51 km) Jalandhar Amritsar Tollways (49.00 km)

 

* CWDL-100 MLD Seawater desalination plant, Minjur, Chennai

 

* First STP Allandur Muncipality

 

* 7 ongoing projects:

 

* Baramati Phaltan (77.90 km)

 

* Indore Gujarat (155.15 km) and

 

* Chengapalli Walayar (54.76 km)

 

* Sion Panvel (25 km)

 

* Multi-level car parking 610 ECS, Chennai

 

* Mass Housing in Sri Lanka, 4100 houses

 

* Tankages 1.4 million liters FOCUS ON OVERSEAS

 

In  Sri  Lanka,  Subject is  proud  to be  a  part  of  their  new  progress initiatives. About 4400 dwellings are under construction for relocation of underserved settlements in the capital city of Colombo, in the first phase, through their subsidiary Subject A and H. This is initiated by the Sri Lankan Government through their Urban Development Authority (UDA). This is indeed a unique mass-housing project.

 

In Nepal, Subject is involved in the constructing the 32-MW Rahughat Hydroelectric Station.  The site is located along the Pokhara Baghlung highway, about 334 KM west of Katmandu.

 

Oil and Gas / Tankage Project, Paradeep, Orissa

 

Their  Tankage project involving installation, operation and  maintenance  of crude  and  finished product for Indian Oil Corporation  Limited,  Paradeep Refinery  Project,  Orissa, on BOOT basis, is a  landmark  project,  adding prequalification  to  Their portfolio. They have partnered with IOTL and OTG, Germany for this project.

 

Ratings agency Fitch has said that India`s surplus in refining capacity will continue with the commissioning of new facilities in 2011 and beyond.

 

Entailing an investment of USS 13.33-14.44 billion, India`s petroleum refining capacities are expected to rise to 240 MTPA by March 2012 from the current 188 MTPA.  The capacity addition would facilitate a boost in country`s exports of petroleum products.

 

Following are the major projects executed by Subject A and H that are likely to get commissioned within 2011-12:

 

* Guru Gobind Singh Refinery Project, which will be commissioned by HPCL-Mittal Energy by September 2011. HPCL-Mittal Energy is a company set up  in joint  venture between Hindustan Petroleum and Mittal  Energy  investments. The project on completion is expected to add a capacity of 90 million tonnes.

 

*  Paradip Refinery Project at Paradip (Orissa) for Indian Oil  Corporation Limited  (IOCL), on BOOT basis which is one amongst the milestone  projects of  Subject. IOCL is expected to commission its green field Paradip refinery by mid-2012. The project will add a refinery capacity of 150  lakh tonnes per annum.

 

Aavisa

 

Situated  an hour from Chennai, the project, which consists of  a  township and a 18-hole international standard golf-course in the first phase, has  a vast  700 acres to live, learn and play, in a surrounding of 740  acres  of natural ponds and lakes. It also has 80,000 trees of various species,  over two lakhs plants, 235 acres of green-space and 30kms of roads.

 

HINDUSTAN DORR-OLIVER

 

Hindustan Dorr-Oliver (HDO) is a leading LSTK (Lump Sum Turnkey) company in India   offering world-class engineering solutions,   technologies   and solutions to meet industrial requirements. It has exhibited impressive growth in mining, mineral processing, pulp and paper and environmental infrastructure projects.

 

India is now emerging as a global design and engineering hub for diverse industrial   sectors.   In   addition  to  EPC   projects   and   equipment manufacturing,   HDO  is  also  focusing  on  providing   detailed   design engineering   to   global  customers  through  its   Knowledge   Processing Outsourcing (KPO) vertical.

 

DAVYMARKHAM LIMITED, U.K.

 

Sheffield is a city and a metropolitan borough of South Yorkshire, England, United Kingdom. It is in this industrial city that the engineering design and manufacturing specialist, Davy Markham has its unit in a 20-acre site witli 1, 75,000 sft of manufacturing area.

 

Davy Markham is a subsidiary of Hindustan Dorr-Oliver, which in turn  is  a subsidiary of SUBJECT.

 

Davy Markham is a 180-year old company engaged in manufacturing, fabrication and machining of heavy and complex engineering components and assemblies. The company caters to mining and tunneling, civil construction, steel and metal processing, water control, storage and barrier solutions, power generation and renewable energy and nuclear storage and movement.

 

Davy Markham has a turnover of 20 million per annum and employs 200 full-time staff.

 

In  a  remarkable  recent development, Davy Markham has  secured  an  impact contract for the supply of two heavy-duty mining hoists to Vulcan  Campania

 

Mineral of Peru, which will be designed for an estimated production rate of 4000 tons per day from depths down to 970 meters The value of this work is $5.4 million.

 

ALKOR PETROO LIMITED

 

Alkor  Petroo Limited (Alkor) is a subsidiary of SUBJECT  engaged  in Oil  and Gas Exploration and Production. It works in association with Gujarat State Petroleum Corporation limited (GSPCL) and two other partners.

 

Alkor  has five exploration blocks along with GSPCL and others,  of  which, three  blocks  with participating interest of 25% each in the  Republic  of Yemen  and  two  blocks with participating interest of  20%  each  in  Arab Republic of Egypt.

 

CONTINGENT LIABILITY

Rs in Millions

Particulars

31.03.2011

31.03.2010

Bank Guarantee/ Letters of credit issued by the bank on behalf of the company

40459.230

32283.700

Corporate guarantee issued by the company on behalf of its subsidiaries

6587.500

5055.000

Claims against the company not acknowledge as debts

474.070

563.920

Income tax demand under appeal

28.220

28.220

Disputed value added tax services tax

3303.920

1738.940

 

 

Statement of Standalone Results for the Quarter and Fifteen months ended 30th June, 2012

 

SI.

Particulars

Quarter ended

Period ended

No.

 

30th June

31st  March

30th June

30th June

 

 

2012

2012

2011

2012

 

 

UNAUDITED

UNAUDITED

UNAUDITED

AUDITED

1

Income from operations

 

 

 

 

 

a) Net income from operations (net of excise duty)

11915.394

15960.264

11219.022

61510.427

 

b) Other operating income

155.257

19.531

23.572

269.163

 

Total Income from operations (net)

12070.651

15979.795

11242.594

61779.590

2

Expenses

 

 

 

 

 

a) Construction stores, spares and materials consumed

3505.271

4994.615

4133.950

20550.305

 

b) Purchases of stock-in-trade

 

19.275

19.210

205.657

 

c) Sub-contracting expense

5539.759

3642.927

1827.824

14283.309

 

d) Masonry, labour and other construction expense

779.419

4873.540

3462.287

16411.437

 

e) Employee benefits expense

634.206

647.391

680.912

3232.761

 

f) Depreciation and amortisation expense

214.419

268.968

227.687

1189.408

 

g) Other expense

371.423

772.479

262.516

2084.513

 

Total expenses

11044.497

15219.195

10614.386

57957.390

3

Profit from operations before other income, finance costs and

1026.154

760.600

628.208

3822.200

 

exceptional items

 

 

 

 

4

Other income (net of expenses)

452.365

366.955

244.913

1695.587

5

Profit before finance costs and exceptional Items

1478.519

1127.555

873.121

5517.787

6

Finance costs

1376.379

973.401

824.342

5055.420

7

Exceptional items

 

 

 

 

8

Profit from ordinary activities before tax

102.140

154.154

48.779

462.367

9

Tax Expenses / (Credits)

 

 

 

 

 

• Current Tax

479.654

219.869

23.846

756.668

 

- Deferred Tax

(317.496)

(115.148)

(17.207)

(475.090)

  10

Tax expense

1,62.158

104.721

6.639

281.578

11

Net profit for the period

        (60.018)

49.433

42.140

180.789

12

Paid up equity share capital (Face Value of ? 2)

613.773

534.020

534.020

613.773

13

Reserves excluding Revaluation Reserve as per balance sheet of previous

-

-

-

22062.671

 

accounting year

 

 

 

 

14

Earnings per share ( of ? 2 each ) (not annualised)

 

 

 

 

 

a) Basic EPS (in Rs.)

(0.31)

0.18

0.16

0.59

 

b) Diluted EPS (in Rs.)

(0.31)

0.18

0.16

0.59

15

a) Debt Equity Ratio

 

 

 

1.16

 

b) Debt Service Coverage Ratio"

 

 

 

0.23

 

c) Interest Service Coverage Ratio **

 

 

 

1.10

 

* Debt Service Coverage Ratio: Profit before Interest and tax / Interest and Principal Repayments on Long Term ** Debt “Interest Service Coverage Ratio: Profit before Interest and tax / Interest Expense

 

PART II

Select Information for the Quarter and Fifteen months ended 30th June, 2012

A.

PARTICULARS OF SHAREHOLDING

 

 

 

 

1

Public Shareholding

 

 

 

 

 

Number of shares

237,081,920

237,156,920

241,592,674

237,081,920

 

Percentage of shareholding

88.79*

88.82%

90.48%

88.79%

2

Promoters and Promoter Group Shareholding

 

 

 

 

 

(a) Pledged / Encumbered

 

 

 

 

 

Number of shares

 

•

 

 

 

Percentage of shares

 

 

 

 

 

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

 

 

 

 

 

Percentage of shares

 

 

-

 

 

(as a % of the total share capital of the Company)

 

 

 

 

 

(b) Non • encumbered

 

 

 

 

 

Number of shares

29,927,938

29,852,938

25,417,184

29,927,938

 

Percentage of shares

100.00

100.00

100.00

100.00

 

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

 

 

 

 

 

Percentage of shares

11.21*

11.18%

9.52%

11.21%

 

(as a % of the total share capital of the Company)

 

 

 

 

 

INVESTOR COMPLAINTS

 

 

 

Particulars

Quarter ended

 

 

 

30th June, 2012

 

 

Pending at the beginning of the quarter

Nil

 

 

Received during the quarter

12

 

 

Disposed off during the quarter

12

 

 

Remaining unresolved at the end of the quarter

NIL

 

 

Note

 

2. The Company is engaged In one business segment, namely Engineering h Construction' only. No separate geographical segment disclosure Is considered necessary as the Company is engaged primarily in the business within India where uniform business conditions of significant nature prevail.

3.The Hon"ble High Court of Andhra Pradesh has sanctioned on 2"" July, 2012 the Composite Scheme of Arrangement ("Scheme") to demerge the Real Estate Undertaking from IVRCL Assets a Holdings Limited, merge the remaining Undertaking pertaining to Infrastructure Business with the IVRCL Limited and demerge the Tower Manufacturing Undertaking of the Company with effect from 1" April, 2011, which has been given effect in the above results and hence are strictly not comparable with the corresponding period of the previous year. The figures for the quarter ended 30th June, 2012 include the figures in respect of the Infrastructure business of IVRCL Assets a Holdings Limited for the period of 15 months.

 

4. The financfals of the Company have been prepared for a period of 15 months from 1" April, 2011 to 30^ June, 2012. The figures for the quarter ended 30th June, 2012 are the balancing figures between the audited financial results for the 15 months period ended 30th June, 2012 and the published financial results for the 12 months period ended 31" March, 2012.

 

5. Search and Seizure operation under section 132 of the Income Tax Act, 1961 was carried out by the Income Tax Authorities at various locations of the Company including the Corporate Office on 21" July, 2011. The Income Tax Authorities have sought further clarifications and explanations from the verified by them.

 

6. Other income Includes Profit on sale of investment In a Subsidiary Company amounting to Rs. 1169.850 millions. However, the shares are not yet registered In the name of the transferee.

 

7.Trade receivables outstanding for a period exceeding 6 months from the date they are due for payment and considered good, include receivables amounting to (a) Rs. 1014.381 millions outstanding for a period of more than three years and (b) Rs.215.275 millions which are under arbitration and outstanding for more than three years. The Company Is in continuous engagement with the clients for realisations of the dues and the management 1s of the view that such receivables are good and fully recoverable.

 

8. Previous yean figures have been regrouped wherever necessary to facilitate comparison.

Place: Hyderabad Date: 29* August, 2012

 

 

                                              Statement of Assets and Liabilities

 

Particular!

As at 30th June 2012

Equity and Liabilities

 

Shareholders' Funds

 

a) Capital

534.020

b) Share Capital Suspense

79.754

c) Reserves and Surplus

22091.040

Sub total - Shareholder's Funds

22704.814

Non-Current Liabilities

 

a) Long Term Borrowings

3752.610

b) Deferred Tax Liability (Net)

 

c) Long Term Provisions

74.187

Sub total - Non-Current Liabilities

3826.797

Current Liabilities

 

a) Short Term Borrowings

20946.893

b) Trade Payables

15660.812

c) Other Current Liabilities

15484.401

d) Short Term Provisions

209.538

Sub total - Current Liabilities

52301.644

 

 

Total Equity and Liabilities

78833.255

Assets

 

Non-Current Assets

 

a) Fixed Assets

6914.229

b) Non Current Investments

15842.937

c) Deferred Tax Asset (Net)

388.600

d) Long Term Loans and Advances

7167.451

e) Other Non-current Assets

5380.073

Sub total - Non-Current Assets

35693.290

Current Assets

 

a) Inventories

2723.296

b) Trade Receivables

19259.435

c) Cash and Bank balances

884.726

d) Short Term Loans and Advances

7087.537

e) Other Current Assets

13184.971

Sub total Current Assets

43139.965

 

 

Total Assets

78833.255

 

 

WEBSITES DETAILS:

 

PRESS RELEASE:

 

May 15, 2012

 

IVRCL BAGS ORDERS VALUED Rs. 6526.500 Millions

 

IVRCL Limited (IVRCL) is glad to announce that the Irrigation, Buildings and Water Divisions of the company have bagged orders of the value of Rs. 6526.500 Millions as detailed hereunder:

 

Irrigation Division – Rs. 5128.300 millions "Construction of Balance work of Formation of Mid Manair Reservoir near Manwada (V), Boinpally (M), Karimnagar District" awarded to "SAPL and MBL-IVRCL(JV)" by Irrigation and CAD Department, Government of Andhra Pradesh. The scope of work includes Earth Work Excavation (EWE) - 794,815 Cum; Embankment (EMB) - 6,318,162 Cum; Cement Concrete (CC) - 450,757 Cum; Reinforcement Steel - 4,797 MT; Gates Steel - 2,300 MT. The estimated completion period of the project is 36 months.

 

"Modernization including CC lining of Distributory - No.28, D-37, D-40, D-41, D-42, D-46 Emergency repairs to Mangalpad Anieut land series of System tanks under D-46, D-50. D-76, D-79. D-80 and Improvements to Jannepally Anieut of Nizamsagar Project of Nizamabad District" awarded by Irrigation and CAD Department, Govt, of Andhra Pradesh. The scope of work includes Earth Work - 997,600 Cum; Embankment (CNS Soil) - 2,297,746 cum; Cement Concrete - 59,314 Cum; Lining ; 930,909 Sq. mt. The estimated completion period of the project is 36 months.

 

"Supplying. Laying, Jointing, Testing and Commissioning of Under Ground Pipe Line system to act as Distributaries, Minors and Sub Minors of Block No.14 of Dholka Branch Canal and Block No.17 of Rajpura Sub Branch Canal with ancillary works with Operation and Maintenance for period of five years (Package-11)" awarded by Sardar Sarovar Narmada Nigam Limited, Gujarat. The scope of work includes Earth Work Excavation - 220,627 Cum; Supplying, laying, jointing, testing and commissioning in standard length 1S1 mark GRP Pipes from 100 mm to 1400mm dia. including specials - 184,552 RMT. The estimated completion period of the project is 15 months.

 

Buildings Division – Rs.1038.200 millions

 

"Civil and other allied works associated with construction of buildings for National Transmission and Asset Management Centre (NTAMC) and National Power Training and Management Centre and Trainees Hostel at Manesar Substation, Haryana" awarded by POWER GRID CORPORATION OF INDIA LIMITED, Haryana.

 

"Construction of Library Building for Rajiv Gandhi National Institute of youth Development at Sriperumbudur (TN)"' awarded by NATIONAL BUILDINGS CONSTRUCTION CORPORATION LIMITED. Chennai. The estimated completion period of the project is 18 months.

 

"Providing Compound wall, Container Yard and Internal Roads to the Container Freight Station at Vallarpadam, Cochin , Kerala State" awarded by INKEL Limited, Cochin, an undertaking of Government of Kerala.

 

Water Division – Rs.360.000 millions

 

"Civil, Structural and Piling work at OPAL Project of ONGC, Dahej.

 

April 2, 2012

 

IVRCL GROUP BAGS 2 PRESTIGEOUS BOT ROAD PROJECTS AND CASH CONTRACTS OF TOTAL VALUE OF Rs. 40810.000 millions

 

LANING OF GUNDUGOLONU - RAJAHMUNDRY HIGHWAY PROJECT

 

IVRCL Assets and Holdings Limited, a subsidiary of IVRCL Limited was adjudged as lowest bidder, for "6 Laning of Gundugolonu to Rajahmundry Section of NH-5" on DBFOT (Toll) Basis for a Concession Period of 24 years from National Highway Authority of India [NHAI]. The said project corridor is part of upgrading of existing 4 lane divided carriageways into 6 lane divided carriageway under Phase-V of National Highway Development Project [NHDP]. The TPC of the Project is Rs. 16170.000 millions (as per NHAI). The Project is to be constructed within 30 months from the appointed date.

 

National Highway 5 (NH-5) that runs along the India's East Coast through the States of Tamil Nadu, Andhra Pradesh, Odessa, West Bengal, and, is a major highway in India. The present corridor is of 120.740 Km length, which starts at Gundugolanu (Km 80/Km 1021.746) and ends at Rajahmundry (Km 200/Km 901.753), which is a part of the Chennai-Kolkata Golden Quadrilateral Corridor.

 

The influence area of the project corridor is in the districts of Guntur, Krishna, East and West God3vari for passenger traffic, and for rest of Andhra Pradesh it is of Commercial traffic.

 

The Project includes, construction of (a) 1 Major Bridge of 105 M, (b) Minor Bridges of 38 Nos, (c) Railway Bridges of 2 Nos, (d) Grade Separators - 6 Nos, (e) Under passes of 29 Nos, (f) Service road of 146 Km. Concessionaire is allowed to collect the toll from two Toll Plazas from the Appointed date.

 

LANING OF PATIYALA - BATHINDA HIGHWAY PROJECT

 

IVRCL Assets and Holdings Limited, a subsidiary of IVRCL Limited was adjudged as lowest bidder, for "4 Laning of Patiyala to Bathinda Section of NH-64" by PWD (BSR) Department, Government of Punjab. The project is on DBFOT (Toll) basis with a Concession Period of 24 Years. This project corridor is part of upgrading of existing 2 lane divided highways into four-lane divided carriageway. The TPC of the Project is Rs. 15860.000 millions (as per PWD, Government of Punjab). The Project is to be constructed within 30 months from the appointed date.

 

The project corridor is strategically very important due to its nearness to international boundary with Pakistan. The present corridor is of 166.450 Km which starts from Km 50.700 to Km 209.500 (including bypass) of Patiala - Sangrur - Bhatinda Section of NH-64 and its influence area of the project corridor is the districts of Patiala, Sangrur, Barnala and Bathinda in the state of Punjab. The Project Road crosses Bhakra Main Canal and passes through important places like Bhawanigarh, Sangrur, Dhanoula, Rampura Phul and Bathinda.

 

The Scope of the Project includes,

 

Construction of 4 Lane divided carriageway having 18.4 Km of Patiyala Bypass, 12 Km of Sangrur Bypass, and Dhanoula Bypass. This also includes construction of (a) 1 Major Bridges of 60 M, (b) Minor Bridges of 29 Nos, (c) Railway Bridges of 2 Nos, (d) Grade Separators - 12 IMos, (e) Under passes of 10 Nos, (f) Service road of 105 Km. Concessionaire is allowed to collect the toll from three Toll Plazas.

With the receipt of the above mentioned BOT Highway projects, the cumulative value of the Assets stands at Rs.177890.000 millions [3.48 billion USD].

 

IVRCL Limited forays into Thermal Power Plant Sector bagging 3 Major Contracts from Public Sector giant NTPC, details as under:

 

A) URJA MIGAM Private Limited 1JV of NTPC and UPRVUNL), MEJA (UP) - 2x 660 MW

 

•Value:- Rs 2897.600 Millions

•Scope of Work: - Civil and Structural Works of Main Plant which includes TG Building, ESP, Boiler, Chimney, Bunkers, and Control rooms etc. Major quantities involved in this package are 31000 MT of Structural steel fabrication and erection, 2.6 Lac cum of Concrete, 21000 MT of Reinforcement Steel and around 11.20 Lac cum of earth work.

 

B) NTPC, Solapur (Maharashtra) - 2 x 660 MW

 

•Value: - Rs 2895.500 millions

•Scope of Work: - Civil and Structural Works of Main Plant which includes TG Building, ESP, Boiler, Chimney including chimney elevators, Bunkers, Control rooms etc. Major quantities involved in this package are 4000 MT of Structural steel fabrication and erection, 3.81 Lac cum of Concrete, 26500 MT of Reinforcement Steel and around 17.23 Lac cum of earth work.

 

C) NTPC, Mouda (Maharastra) - 2 x 660 MW

 

•Value: - Rs 2986.200 millions

•Scope of Work: - Civil and Structural Works of Main Plant which includes TG Building, ESP, Boiler, Chimney including chimney elevator, Bunkers, Control rooms, AHP etc. Major quantities involved in this package are 33400 MT of Structural steel fabrication and erection, 3.2 Lac cum of Concrete, 27000 MT of Reinforcement Steel and 13.74 Lac cum of earth work.

 

With above Orders, IVRCL Limited Order Book stands at Rs 254930.000 millions (5 billion USD).

 

 

FIXED ASSETS

 

  • Land Freehold
  • Land Leasehold
  • Building
  • Plant and Machinery
  • Motor Vehicle
  • Furniture
  • Office Equipment
  • Computer

 

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.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

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.