MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
IL&FS
TRANSPORTATION NETWORKS LIMITED (w.e.f. 29.09.2005) |
|
|
|
|
Formerly Known
As : |
CONSOLIDATED TRANSPORTATION NETWORKS LIMITED (w.e.f. 05.07.2004) CONSOLIDATED TOLL NETWORK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The
IL&FS Financial Centre, Plot No.C-22, G-Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.11.2000 |
|
|
|
|
Com. Reg. No.: |
11-129790 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1942.680
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45203MH2000PLC129790 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the development, operation, and maintenance of
national and state highways, roads (including state roads), flyovers and
bridges. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
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 77752000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of ‘Infrastructure Leasing and Financial
Services Limited’. It is a well-established company having a fine track
record. The financial position of the company is sound and healthy. Directors
are reported as well-experienced and knowledgeable businessmen. It has achieved better growth in its revenue from operations during
2012. Trade relations are decent. Business is active. Payment terms are
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non Convertible Debenture Programme: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
December, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
December, 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.
INFORMATION DECLINED
Management non-cooperative
(Contact No.: 91-22-26593814)
LOCATIONS
|
Registered Office : |
The
IL&FS Financial Centre, Plot No.C-22, G-Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-26533333/ 26593814 |
|
Fax No.: |
91-22-26523979/ 26533295 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Branch Office : |
Located at: ·
Delhi ·
Beawar ·
Rajkot ·
Ahmedabad ·
Ranchi ·
Vadodara ·
Raipur ·
Mumbai ·
Hyderabad ·
Belgaum ·
Kurnool ·
Thiruvananthapuram |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Deepak Dasgupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K. Ramchand |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mukund Sapre |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. R.C. Sinha |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Deepak Satwalekar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. H.P. Jamdar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ravi Parthasarathy |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Hari Sankaran |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Arun K. Saha |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Vibhav Kapoor |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Pradeep Puri |
|
Designation : |
Non-Executive Director |
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|
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|
Audit Committee : |
|
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|
Shareholders’ /
Investors’ Grievance Committee : |
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|
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Remuneration Committee : |
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Committee of Directors : |
|
KEY EXECUTIVES
|
Name : |
Mr. Harish Mathur |
|
Designation : |
Chief Executive |
|
|
|
|
Name : |
V. K. Raina (Dr.) |
|
Designation : |
Technical Director |
|
|
|
|
Name : |
Mr. George Cherian |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Krishna Ghag |
|
Designation : |
Associate Vice President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
137440534 |
70.75 |
|
|
3322469 |
1.71 |
|
|
3322469 |
1.71 |
|
|
140763003 |
72.46 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
140763003 |
72.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5670340 |
2.92 |
|
|
1208674 |
0.62 |
|
|
7328277 |
3.77 |
|
|
442044 |
0.23 |
|
|
14649335 |
7.54 |
|
|
|
|
|
|
11477173 |
5.91 |
|
|
|
|
|
|
6005757 |
3.09 |
|
|
4754255 |
2.45 |
|
|
16618209 |
8.55 |
|
|
109136 |
0.06 |
|
|
379 |
0.00 |
|
|
495788 |
0.26 |
|
|
13841028 |
7.12 |
|
|
2171878 |
1.12 |
|
|
38855394 |
20.00 |
|
Total Public shareholding (B) |
53504729 |
27.54 |
|
Total (A)+(B) |
194267732 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
194267732 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
No. of Shares held |
As a % of grand total |
|
Infrastructure Leasing and Financial Services Limited |
135000000 |
69.49 |
|
Vaibhav Ramprakash Kapoor, Karunakaran Ramchand Ramesh Chander Bawa -
Trustees of IL&FS Employees Welfare Trust |
3322469 |
1.71 |
|
IL & FS Financial Services Limited |
24,40534 |
1.26 |
|
Total |
140763003 |
72.46 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
GS Strategic Investments Limited |
3581356 |
1.84 |
|
Standard Chartered IL&FS Asia Infrastructure Growth Fund Company
Pte Limited |
6127441 |
3.15 |
|
Bessemer India Capital Holdings II Limited |
4132231 |
2.13 |
|
Bajaj Holdings And Investment Limited |
2292548 |
1.18 |
|
Total |
16133576 |
8.30 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the development, operation, and maintenance of national
and state highways, roads (including state roads), flyovers and bridges. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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|
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Holding Company
: |
Infrastructure Leasing and Financial Services Limited |
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|
Subsidiaries –
Direct : |
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|
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|
Subsidiaries –
Indirect : |
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|
Fellow Subsidiaries (Only with whom there have
been transaction during the year / there was balance outstanding at the year
end) |
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Associates : |
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|
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|
Jointly Controlled Entities : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
194267732 |
Equity Shares |
Rs.10/- each |
Rs.1942.680
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
194267732 |
Equity Shares (Note No. i, ii and iii) |
Rs.10/- each |
Rs.1942.680 millions
|
|
|
|
|
|
Notes:
i) Reconciliation of the number of equity shares outstanding at the
beginning and at the end of the reporting period :
|
Particulars |
As at 31st
March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares
outstanding at the beginning of the year |
194267732 |
1942.680 |
|
Shares
Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the
end of the year |
194267732 |
1942.680 |
ii) Shareholding more than 5% of issued, subscribed and paid up equity
share capital
|
Shareholder |
As at 31st
March, 2012 |
|
|
No. of Shares |
% of total holding |
|
|
IL&FS |
135000000 |
69.49% |
|
IL&FS Employees Welfare Trust |
Not applicable* |
Not applicable* |
|
Total
|
135000000 |
69.49% |
* The number of
shares held by IL&FS Employees Welfare Trust as at March 31, 2012 do not
represent 5% or more of the total holding and hence, the disclosure of number of
shares and percentage of total holding as at March 31, 2012 have not been given
thereof
iii) Of the above
135000000 shares are held by the holding Company viz. Infrastructure Leasing
and Financial Services Limited (“IL&FS”) and 2440534 shares are held by a
fellow subsidiary viz. IL&FS Financial Services Limited
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 |
1942.680 |
1942.680 |
1942.680 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17495.410 |
15904.970 |
13814.850 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19438.090 |
17847.650 |
15757.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
410.600 |
90.860 |
0.000 |
|
|
2] Unsecured Loans |
26850.000 |
18850.000 |
15250.000 |
|
|
TOTAL BORROWING |
27260.600 |
18940.860 |
15250.000 |
|
|
DEFERRED TAX LIABILITIES |
21.220 |
26.640 |
1.900 |
|
|
|
|
|
|
|
|
TOTAL |
46719.910 |
36815.150 |
31009.430 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
301.590 |
367.970 |
379.220 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
7.380 |
|
|
|
|
|
|
|
|
INVESTMENT |
25145.900 |
21083.960 |
13953.810 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
9939.560
|
8386.840 |
4756.110 |
|
|
Cash & Bank Balances |
40.780
|
75.580 |
1429.150 |
|
|
Other Current Assets |
2180.360
|
1127.420 |
712.420 |
|
|
Loans & Advances |
22795.640
|
17487.780 |
14431.120 |
|
Total
Current Assets |
34956.340
|
27077.620 |
21328.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4468.100
|
2885.720 |
543.690 |
|
|
Other Current Liabilities |
8071.410
|
7784.260 |
3416.930 |
|
|
Provisions |
1144.410
|
1044.420 |
699.160 |
|
Total
Current Liabilities |
13683.920
|
11714.400 |
4659.780 |
|
|
Net Current Assets |
21272.420
|
15363.220 |
16669.020 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46719.910 |
36815.150 |
31009.430 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
27725.820 |
16158.030 |
8454.650 |
|
|
|
Other Income |
1376.640 |
851.770 |
960.710 |
|
|
|
TOTAL (A) |
29102.460 |
17009.800 |
9415.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating expenses |
20471.910 |
9532.340 |
2226.920 |
|
|
|
Employee benefits expense |
631.310 |
512.010 |
325.430 |
|
|
|
Administrative and general expenses |
1100.730 |
794.900 |
423.480 |
|
|
|
TOTAL (B) |
22203.950 |
10839.250 |
2975.830 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6898.510 |
6170.550 |
6439.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2656.340 |
1555.030 |
1425.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4242.170 |
4615.520 |
5014.450 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
105.690 |
98.130 |
43.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4136.480 |
4517.390 |
4971.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1613.500 |
1637.030 |
1723.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2522.980 |
2880.360 |
3247.290 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4816.350 |
3014.270 |
771.310 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
252.300 |
288.040 |
324.730 |
|
|
|
Proposed Dividend |
777.070 |
679.940 |
582.800 |
|
|
|
Tax on Dividend |
126.060 |
110.300 |
96.800 |
|
|
BALANCE CARRIED
TO THE B/S |
6183.900 |
4816.350 |
3014.270 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
64.510 |
38.470 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.99 |
14.83 |
18.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
31.12.2012 (3rd
Quarter) |
31.03.2013 (4th
Quarter) |
|
Net Sales |
7692.900 |
6163.900 |
9513.300 |
10321.800 |
|
Total Expenditure |
5750.000 |
4229.100 |
8172.300 |
9076.800 |
|
PBIDT (Excl OI) |
1942.900 |
1934.800 |
1341.000 |
1245.000 |
|
Other Income |
481.900 |
524.600 |
502.300 |
461.400 |
|
Operating Profit |
2424.800 |
2459.400 |
1843.300 |
1706.400 |
|
Interest |
860.300 |
947.800 |
1008.200 |
1115.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1564.500 |
1511.600 |
835.100 |
591.300 |
|
Depreciation |
25.300 |
26.400 |
29.000 |
29.500 |
|
Profit Before Tax |
1539.200 |
1485.200 |
806.100 |
561.800 |
|
Tax |
576.900 |
543.900 |
343.600 |
216.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
962.300 |
941.300 |
462.500 |
345.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
962.300 |
941.300 |
462.500 |
345.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.67
|
16.93 |
34.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.92
|
27.96 |
58.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.73
|
16.46 |
22.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.25 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.40
|
1.06 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.31 |
4.58 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
4468.100
|
2885.720 |
543.690 |
|
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 |
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 |
Yes |
|
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 |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term loans from Banks |
4000.000 |
3750.000 |
|
SHORT TERM BORROWINGS |
|
|
|
(i) Short term loans |
|
|
|
From Banks |
12650.000 |
7300.000 |
|
From Other parties |
1000.000 |
0.000 |
|
(ii) Loans and advances from related parties |
700.000 |
1700.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBT |
|
|
|
Unsecured from Banks |
8500.000 |
6100.000 |
|
Total
|
26850.000 |
18850.000 |
PERFORMANCE REVIEW
The Company
continues to maintain its leading position in the Surface Transport Sector with
28 projects in its portfolio in various stages aggregating to around 11,859
lane kms (including around 2,621 lane kms in respect of which the Company is
the lowest/preferred bidder). During the year gone by, the Company
operationalised 460 lane kms under RIDCOR Phase II projects, received
provisional completion certificate for 173 lane kms of the EHEL project and
added 235 lane kms to its portfolio by acquisition of 49% stake in Yuhe
Expressway Company through ITNL International Pte Limited, a wholly owned
subsidiary in Singapore. As at March 31, 2012, 14 projects have been
operational with an aggregate length of approximately 5,453 lane kms.
FY 2012 witnessed
a spurt in the award of Projects by the Government with emphasis on the PPP
route. The Government, through its various instrumentalities awarded 7,957 kms
in 62 Projects, which is an improvement of 54% over the previous year. This
comprises of 6,491 km by NHAI (49 projects) and 1,466 kms (13 projects) by
Ministry of Road Transport and Highways. The Company was awarded 2 projects by
NHAI, namely, Kiratpur Ner Chowk project in the State of Himachal Pradesh and
Baleshwar Kharagpur Road Project in the states of West Bengal and Orrisa. In
addition to these, the Company was also awarded the development and operation
of Sikar – Bikaner stretch of NH 11, a project of 237.57 kms with a Project
cost of Rs.6.51 billion by NH Division, PWD, Rajasthan. Also, Government of Rajasthan
awarded 2 projects to RIDCOR, aggregating to 303.50 kms with a total project
cost of Rs.22.89 billion.
NHAI, the key
highway implementation arm of the Government of India has implemented the
e-tendering process for price proposals and have continued with the annual
pre-qualification of bidders. This has led to a substantial reduction in the
effort required for bid submission. In the annual pre-qualification process
undertaken by NHAI, the Company has been qualified to bid for projects having
an estimated cost of upto Rs.53,592.9 million, which enables the Company to
participate in virtually all projects on its own.
The Company
through ITNL International Pte Limited, Singapore (IIPL), a wholly owned
subsidiary acquired 49% equity stake in Chongqing YuHe Expressway Company
Limited, which owns a 58 km expressway connecting downtown Chongqing with
Hechuan County in Chongqing, in the People’s Republic of China with toll
concession rights till June 2032.
The Company also
acquired a 61.22% equity stake in Futureage Infrastructure India Limited (FIIL)
for developing an Automated Car Parking facility for about 440 cars, at
Hyderabad in the vicinity of Charminar. Amongst the other sectors of transport
in the ambit of the Company, construction on the Rail project in Gurgaon
continued during the financial year. The Urban Bus Transport system in the city
of Nagpur continued its slow progress.
Elsamex is
following up for Contracts in Abu Dhabi and Mexico and continues to have orders
in Operations Rs. Maintenance of Roads Rs. Buildings in Spain that are at
levels similar to that in the previous year. A number of other leads are being
pursued and efforts are being made to stabilise the operations. Elsamex has
signed a contract for Road Rehabilitation Works in Haiti for Euro 40.72 million
in January 2012. This project is being funded by the European Union. The profit
after tax for FY2012 stands at Euro 1.97 million.
The Company has
adopted two of Elsamex’s technologies viz “Micro surfacing” and “Warm Mix
Asphalt Technology” which are environmental friendly and specifically designed
to reduce energy consumption.
The Company
closely monitors investments made in the BOT projects and continuously reviews
and strengthens its systems and procedures and has obtained ISO 9001:2008
certification. During the year, the Company was also awarded ISO 14001:2004 and
OHSAS 18001:2007 certifications for its Environmental, Health and Safety
Management System.
MANAGEMENT
DISCUSSION AND ANALYSIS
India’s
Infrastructure Industry
The importance of
infrastructural growth in India and its contribution, as a catalyst, in
transforming the economy has been continuously emphasized upon in the recent
past. The Indian Government has undertaken a slew of measures to provide ample
opportunities for developing and improving infrastructure. The infrastructure
deficit in the Indian economy presents a substantial need for infrastructure
creation. The Government has well understood that the lack of Infrastructure is
a stumbling block for an unhindered double-digit growth and has instituted
several measures conducive for the growth of this sector. Given the capacity
(financial and technical) constraints, the Government has put in place a model
for infrastructure creation which forecasts financing for project
implementation to be met not only through budgetary allocations, but also from
private sector participation. This clearly indicates how seriously
infrastructure creation is perceived by the Government.
The XIIth Five
Year Plan (2012-2017) reinforces the Government’s focus on infrastructure
creation and upgradation. It envisages a total investment of Rs.41 trillion in
the infrastructure segment in order to attain a 10% economic growth. The gap in
existing infrastructure in India vis-à-vis the averages across the developed
world provide a significant opportunity to support India’s growth story and
also fuel it. Owing to the global financial and sovereign turmoil across
developed nations and the huge potential that the Indian market offers, the world
is looking at the Indian market differently. This will not only intensify
competition, but also ensure infrastructure creation in India is at par with
the best in the world.
Sector-wise Performance
The Company has a
significant presence in different business verticals in the surface
transportation segment, such as Roads, Urban Transport, Railways and
Development of Border Check Posts. The Company has a large and diversified BOT
Road Asset portfolio and is well poised to reap the benefits of economic growth.
The Company has ventured into new business areas like Border Check Posts and
new geographies in the last year. Its capabilities in providing an end-to-end
solution for infrastructure creation make it an integrated player in the
infrastructure development arena.
Roads
The Financial Year
ended March 31, 2012 augured well for the Company and it was a year of several
firsts. The year saw the Company venturing into new locations, both in India
and abroad. The Company was awarded two new projects by NHAI and one project by
PWD Rajasthan. The Company acquired a 49% stake in Chongqing YuHe Expressway
Company Limited, an Expressway Project located in Chongqing in South Western
China through its subsidiary, ITNL International Pte Limited, Singapore.
Besides, there were also additions to its portfolio under Mega Highways Project
in Rajasthan and Jharkhand Road Development Programme. The Company holds
beneficial interest in these Projects. The Company was able to financially
close one of its Projects and also raise funds for the acquisition of equity
stake in Chongqing YuHe Expressway Company Limited.
Additionally:
i. The Company was
awarded a project for Four Laning of Kiratpur to Ner-Chowk Section of NH- 21
from Km 73.200 to Km 186.500 in the State of Himachal Pradesh to be executed as
BOT (Toll) on DBFOT pattern under NHDP Phase-III. The Project is on toll basis
with a concession period of 28 years, including construction period of 3 years
and its estimated cost is Rs.22,910 million. The Project achieved Financial
Closure on March 29, 2012.
ii. The Company
was awarded the project for construction of New Bridges/Structures, Repair of
existing Four Lane Highway from Kharagpur to Baleshwar section of NH-60 from Km
0.000 to Km 119.300 in the State of Orissa and West Bengal, including Operation
and Maintenance to be executed as BOT (Toll) on DBFOT Pattern under NHDP
Phase-I. The Project is on Toll basis with a concession period of 24 years,
including construction period of 2.5 years. As per NHAI, the estimated project
cost will be Rs.4710.500 millions.
iii. The Company
was awarded the Project for Development and Operation of Sikar-Bikaner Section
of NH-11 (Km 340.188 to Km 557.775 via Sikar By-pass) and Bikaner By-pass from
Km 553.869 of NH-11 to Km 267.325 of NH-89 in the State of Rajasthan through
Public Private Partnership on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The Project is on Toll basis with a concession period of 25
years, including construction period of 2 years. As per the Public Works Department,
Rajasthan (the “Authority”), the estimated cost of the Project is Rs.6508.400
millions.
iv. On December
28, 2011, ITNL International Pte. Limited, Singapore acquired 49% equity stake
in Chongqing YuHe Expressway Company Limited, based in China. The Project
comprises 58.72 Kms of 4-lane carriageway constructed at a cost of RMB 3.5
billion and has bridges and tunnels as a part of its carriageway. The
Concession Period for the Project is 30 years of which the residual Concession
Period is 20.5 years. The revenues accrue to the Project SPV from subsidy and
Toll Collection.
v. The Company had
signed a Concession Agreement on April 1, 2009 with Ministry of Road Transport
and Highways (MORTH), Government of India for Development and Operation of the
existing two-lane road from Km
58.245 to Km
177.050 (approximately 116.433 km) on the Beawar Gomti section of National
Highway No. 8 in the State of Rajasthan on DBFOT (Toll) basis. The Provisional
Completion certificate for the Project was issued on August 24, 2010 and the
toll collection commenced from August 25, 2010. The Concession Agreement also
provided for undertaking construction of the four-laning of the Project by the
Concessionaire, ITNL Road Infrastructure Development Company Limited, a
wholly-owned subsidiary of the Company. MORTH has decided to entrust the work
for construction of four-laning of the Project by ITNL Road Infrastructure
Development Company Limited. The estimated cost of the Project is Rs.12000.000
millions. The Concession period for the Project will stand extended from the
present 11 years to 30 years from the Appointed Date i.e. from October 28,
2009.
vi. The Company
was entrusted with the following projects under the Mega Highway Development
Project in Rajasthan:
a) Development, Design,
Finance, Construction, Operation and Maintenance of Mathura (U.P. Border) to
Bhadoti in Rajasthan by RIDCOR on DBFOT (Toll) Basis. The estimated project
cost is Rs.3875.200 millions and Government of Rajasthan will provide a soft
loan of Rs.1162.600 millions.
b) Development,
Design, Finance, Construction, Operation and Maintenance of
Rawatsar-Nowar-Bhadra roads in
Rajasthan by
RIDCOR on DBFOT (Toll) basis. The estimated project cost is Rs.2237.400
millions. The Government of Rajasthan will provide a soft loan of Rs.447.500
millions.
vii. The Company
is carrying out the Operations and Maintenance activities of the following road
projects and maintaining them, as per norms prescribed under the Concession
Agreements:
·
The Kotakatta By-pass–Kurnool project in Andhra
Pradesh
·
The Jetpur–Gondal–Rajkot project in Gujarat
·
The Belgaum–Maharashtra Border project in Karnataka
·
The Thiruvananthapuram City Road Improvement
project in Kerala
·
The Ahmedabad–Mehsana project in Gujarat
·
The Vadodara–Halol project in Gujarat
·
Various road stretches under Mega Highways Road
Project Phase I in Rajasthan
viii. Under the
Jharkhand Accelerated Road Development Programme (JARDP), the Company has been
entrusted with two projects, in addition to the three it is already developing.
The two new projects are: Improvement Works of Chaibasa-Kandra-Chowk Road and
Adityapur – Kandra Road, aggregating 198 lane-kms with a concession period of
17.5 Rs. 15.75 years, respectively. The total project cost together is
Rs.7330.000 millions.
ix. The Company is
currently associated with 50 proposals with various project awarding
authorities aggregating 5,357 kms, which are under various stages of
development.
Urban Transport:
(i) Vansh Nimay
Infraprojects Limited (VNIL), a subsidiary, is operating a Bus Service in the
city of Nagpur, Maharashtra, under a concession from the Nagpur Municipal
Corporation (NMC) for a period of 10 years. Currently, the company is operating
470 buses in the city of Nagpur.
(ii) Rapid
MetroRail Gurgaon Limited, a subsidiary, commenced execution of the 5.1 Kms
elevated metro rail loop line, connecting Sikanderpur station of Delhi Metro to
the Central Business District of Gurgaon through DLF Cyber City at an estimated
cost of Rs.10800.000 millions. The project achieved financial closure in June,
2010 and construction activity commenced in December 2010. As of this month,
more than 50% of construction and fabrication work has been completed at the
site and at the manufacturing plants. The system is expected to commence commissioning
in October 2012, and will receive all permits and clearances from the
authorities by March 2013, to commence Commercial Operation.
The investment
commitment (net of advances) as on March 31, 2012, is Rs 11757.950 millions for
all the aforesaid projects. This amount will be infused in accordance with the
provisions of the financing arrangements to be entered into for each respective
project. Typically, lenders ask for infusion of around 40% to 50% of the equity
commitment upfront and the balance in accordance with construction progression
on reaching a certain specified debt equity level. This investment commitment
is, therefore, expected to be infused into respective projects in the next 2-3
years.
OUTLOOK:
Inclusive development
has been a key concern for the Indian Government, which can be achieved by
broad-based infrastructure creation, connecting various parts of the country.
This augurs well for the private sector to partner with the Government to
consistently develop infrastructure and reduce the infrastructure deficit. The
Company has a diverse asset portfolio which positions it uniquely for
leveraging the emerging opportunities.
The Company is
extremely optimistic that its portfolio of projects will significantly improve
its financial performance. It is also targeting large-sized highway projects in
India and in the international arena.
The Company is
also closely monitoring investments made in BOT projects and constantly
reviewing and strengthening its systems and procedures. It has also obtained
ISO 9001:2008 certification. During the year, the Company was also awarded ISO
14001:2004 and OHSAS 18001:2007 certifications for its Environmental, Health
and Safety Management System
The Company is
optimistic about the growth of India’s infrastructure industry and its ability
to achieve targets on account of:
·
number of projects in its order book;
·
robust pipeline arising from priority accorded to
infrastructure development;
·
strong, efficient and skilled workforce; and
·
continuing support from bankers
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE
Standalone
During the
Financial Year 2011-12, the Company’s turnover increased by 71% to Rs.29102.460
millions, up from Rs.17009.800 millions in Financial Year 2010-11. This is on
account of the increase in construction activity in existing projects. This is
also a result of the rise in number of projects in which construction activity
was undertaken, which rose from 6 in 2010-11 to 8 in 2011-12.
This has resulted
in a consequential increase in construction costs. There is an increase in the
Operation and Maintenance expenditure since expenditure was incurred during the
full year for all the projects, as against part of the year during 2010-11. Other
key operating data for the year comprises the following:
Earnings before
Interest, Tax, Depreciation and Amortization increased from Rs.6170.550
millions in 2010-11 to Rs.6898.510 millions in 2011-12, registering an increase
of 11.80%. However, EBITDA margin reduced from 36% to 24% mainly as a result of
the change in composition of revenues, with lower margin construction revenues
making up almost 77% of total revenues as against 62% in 2010-11.
As a result of
business growth, there has been an increase in employee cost and general
administration arising from increased head count.
Financing cost
increased by Rs.1101.000 millions as a result of higher borrowings to fund
higher level of operations and also on account of continuous rise in interest
rates. The debt-equity ratio as at March 31, 2012 stood at 1.40 : 1
As a result of the
above, profit before tax reduced from Rs.4517.390 millions during 2010-11 to
Rs.4136.480 millions during 2011-12, a decline of 8.43%. The average rate of
tax applicable increased to 39% from 36% as a result of disallowance of
interest considered on borrowed funds invested in equity. Consequently, profit
after tax reduced from Rs.2880.360 millions to Rs.2522.980 millions during
2011-12, a decline of 12.41%.
Earnings per share
on basic and diluted basis stood at Rs.12.99 per share as at March 31, 2012 as
against Rs.14.83 per share as at March 31, 2011 translating into a price to
earnings ratio of 14.86 times as against 15.84 times as on March 31, 2011. The
price to book ratio was 1.93 times, compared with 2.56 times.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2012 (Rs. in
millions) |
31.03.2011 (Rs. in
millions) |
|
a) Claims
against the Company not acknowledged as debts Income tax demands contested by
the Company |
12.920 |
25.710 |
|
b) Guarantees Guarantees/counter
guarantees issued in respect of borrowing facilities of subsidiary companies |
12321.950 |
4888.630 |
PART I: STATEMENT OF
STANDALONE RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013
(Rs.
in millions)
|
|
Particulars |
Quarter Ended |
Year ended |
|
|
|
March 31, 2013 (Audited) (Note 6) |
December 31, 2012 (Unaudited) |
March 31, 2013 (Audited) |
|
|
1 |
Income
from operations |
|
|
|
|
|
(a)
Income from operations |
10321.800 |
9513.300 |
33691.900 |
|
|
(b)
Other operating income |
-- |
-- |
-- |
|
|
Total income from
operations |
10321.800 |
9513.300 |
33691.900 |
|
2 |
Expenses |
|
|
|
|
|
(a) Construction Contract Cost |
8333.100 |
7529.200 |
24457.100 |
|
|
(b) Employee benefits expense |
157.200 |
145.000 |
632.900 |
|
|
(c) Depreciation and amortisation expense |
29.500 |
29.000 |
110.200 |
|
|
(d) Other expenses |
586.500 |
498.100 |
2138.200 |
|
|
Total expenses |
9106.300 |
8201.300 |
27338.400 |
|
3 |
Profit
from operations before other income, finance costs and exceptional items
(1-2) |
1215.500 |
1312.000 |
6353.500 |
|
4 |
Other
income |
461.400 |
502.300 |
1970.200 |
|
5 |
Profit
from ordinary activities before finance costs and exceptional Items (3 + 4) |
1676.900 |
1814.300 |
8323.700 |
|
6 |
Finance
costs |
1115.100 |
1008.200 |
3931.400 |
|
7 |
Profit
from ordinary activities after finance costs but before exceptional Items (5
- 6) |
561.800 |
806.100 |
4392.300 |
|
8 |
Exceptional
items |
-- |
-- |
-- |
|
9 |
Profit
from ordinary activities before tax (7 - 8) |
561.800 |
806.100 |
4392.300 |
|
10 |
Tax
expense (net) |
216.400 |
343.600 |
1680.700 |
|
11 |
Net
Profit from ordinary activities after tax (9-10) |
345.400 |
462.500 |
2711.600 |
|
12 |
Extraordinary
Items (net of tax expense Rs. Nil) |
-- |
-- |
-- |
|
13 |
Net
Profit for the period/year (11 -12) |
345.400 |
462.500 |
2711.600 |
|
14.i |
Paid-up
equity share capital (face value - Rs 10 per share) |
1942.700 |
1942.700 |
1942.700 |
|
14.
ii |
Paid-up
Debt Capital (face value - Rs.1.000 million per unit) |
10000.000 |
|
10000.000 |
|
15.i |
Reserve
excluding Revaluation Reserves as per last year balance sheet |
-- |
-- |
19306.000 |
|
15.ii |
Debenture
Redemption Reserve |
-- |
-- |
461.400 |
|
18.i |
Earnings
per share (before extraordinary items) (of Rs. 10/- each): |
|
|
|
|
|
(a) Basic |
*1.78 |
*2.38 |
13.96 |
|
|
(b) Diluted |
*1.78 |
*2.38 |
13.96 |
|
18. ii |
Earnings
per share (after extraordinary Items) (of Rs. 10/- each): |
|
|
|
|
|
(a) Basic |
*1.78 |
*2.38 |
13.96 |
|
|
(b) Diluted *
Not Annualised |
*1.78 |
*2.38 |
13.96 |
|
17 |
Ratios
(Note 9) |
|
|
|
|
|
(a) Debt Equity ratio (number of times) |
-- |
-- |
1.76 |
|
|
(b) Debt Service Coverage ratio (DSCR)
(number of |
-- |
-- |
0.23 |
|
|
(c) Interest Service Coverage ratio (ISCR)
(number of |
-- |
-- |
2.12 |
Part II: Select Information for the Quarter / Year Ended
March 31, 2013
|
|
Particulars |
Quarter Ended |
Year ended |
|
|
|
|
March 31,2013 |
December 31, 2012 |
March 31,2013 |
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
-
Number of shares |
53504729 |
53504729 |
53504729 |
|
|
-
Percentage of shareholding |
27.54% |
27.54% |
27.54% |
|
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 |
140763003 |
140763003 |
140763003 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
72.46% |
72.46% |
72.46% |
|
|
Particulars |
Quarter ended March 31, 2013 |
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
13 |
|
|
Disposed
off during the quarter |
12 |
|
|
Remaining
unresolved at the end of the quarter |
1 |
Standalone Statement of Assets and Liabilities
(Rs.
in millions)
|
|
Particulars |
As at March 31, 2013 |
|
|
(Audited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a)
Share capital |
1942.700 |
|
|
(b)
Reserves and surplus |
19306.000 |
|
|
Sub-total - Shareholders'
funds |
21248.700 |
|
2 |
Non-current liabilities |
|
|
|
(a)
Long-term borrowings |
18600.000 |
|
|
(b)
Deferred tax liabilities (net) |
5.700 |
|
|
(c)
Other long-term liabilities |
3319.100 |
|
|
(d)
Long-term provisions |
16.300 |
|
|
Sub-total - Non-current
liabilities |
21941.100 |
|
3 |
Current liabilities |
|
|
|
(a)
Current maturities of long-term debt |
9850.000 |
|
|
(b)
Short-term borrowings |
8933.700 |
|
|
(c)
Trade payables |
6225.400 |
|
|
(d)
Other current liabilities |
3125.000 |
|
|
(e)
Short-term provisions |
1159.300 |
|
|
Sub-total - Current
liabilities |
29293.400 |
|
|
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
72483.200 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a)
Fixed assets (net) |
276.800 |
|
|
(b)
Non-current investments (net) |
31462.100 |
|
|
(c)
Long-term loans and advances |
12951.500 |
|
|
(d)
Other non-current assets |
2181.600 |
|
|
Sub-total - Non-current
assets |
46872.000 |
|
2 |
Current assets |
|
|
|
(a)
Trade receivables (net) |
15977.500 |
|
|
(b)
Cash and cash equivalents |
54.900 |
|
|
(c)
Short-term loans and advances |
7115.400 |
|
|
(C)
Other current assets |
2463.400 |
|
|
Sub-total - Current assets |
25611.200 |
|
|
TOTAL - ASSETS |
72483.200 |
NOTES:
1.
The Company has only a single reportable primary (business) segment viz.
Surface Transportation Business. Therefore segment information is provided only
on a consolidated basis for the Company, its subsidiaries and jointly
controlled entities / jointly controlled operations.
2.
During the Quarter ended March 31, 2013, the Company has issued on a private
placement basis and subsequently listed 3 series of Rated, Unsecured
Redeemable, Non-Convertible Debentures ("NCDs") of the face value of
Rs.1,000,000 per unit as detailed below:
|
Particulars (Series) |
Number of NCDs |
Allotment Date |
Amount (Rs. in millions) |
|
ITNL,
12.00%, 2019 |
4000 |
January 23, 2013 |
4000.000 |
|
ITNL,
12.25%, 2015 |
700 |
March 18, 2013 |
700.000 |
|
ITNL,
12.25%, 2019 |
5300 |
March 18, 2013 |
5300.000 |
|
|
|
|
10000.000 |
3.
The details of utilisation of proceeds of above NCDs is given below:
(Rs. in millions)
|
Particulars |
Series of NCD |
||
|
|
ITNL, 12.00%, 2019 |
ITNL, 12.25%, 2015 |
ITNL, 12.25%, 2019 |
|
Amount
received from the issue |
4000.000 |
700.000 |
5300.000 |
|
Utilisation : |
|
|
|
|
For
repayment of loans |
4000.000 |
700.000 |
5300.000 |
|
Balance amount unutilised
as on March 31, 2013 |
Nil |
Nil |
Nil |
4.
During the Quarter ended March 31, 2013, the Company incorporated and invested
Rs.0.900 million in ITNL Africa Projects Limited, Nigeria, a wholly owned
subsidiary of the Company. There is no material impact on the financial results
of the Company as a consequence of the above.
5.
The figures for the year ended March 31, 2012, Quarter ended December 31, 2012
and Quarter ended March 31, 2012 have been regrouped and / or re-arranged
wherever necessary to conform to the classification adopted in the quarter and
year ended March 31, 2013.
6.
The figures (or the quarters ended March 31, 2013 and March 31, 2012 being
balancing figures between the audited figures arrived al based on audited
results of the full financial years and the published year to date unaudited
figures for nine months ended December 31, 2012 and 2011, respectively.
7.
The above results have been reviewed by the Audit Committee on May 6, 2013 and
approved by the Board of Directors at its meeting held on May 7, 2013 and the results
for the year ended March 31, 2013 have been subjected to an audit by the
statutory auditors of the Company.
8.
The Board of Directors have recommended dividend of Rs.4 per equity shares of
Rs.10 each (40 %) on the paid-up equity capital of the Company for the year
ended March 31, 2013.
9.
Formulas used for the computation of the Ratios:
a.
Debt/Equity Ratio = Debt / (Share Capital + Reserves Rs.
Surplus)
b.
Debt Service Coverage Ratio (DSCR) ~ Earnings before Finance
costs and Tax/ (Finance costs j- Principal Repayment
during the year)
c.
Interest Service Coverage Ratio (ISCR) = Earnings before
Finance costs and Tax/ Finance costs
d.
Debt
= Aggregate of Long-term borrowings, Current maturities of Long-term borrowings
and Short-term borrowings
FIXED ASSETS:
Tangible Assets
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Data Processing Equipments
·
Leasehold Improvements
Intangible Assets
·
Computer software (Acquired)
·
Commercial rights (Acquired)
WEBSITE DETAILS:
COMPANY PROFILE
Subject is one of the largest private sector BOT road operators in India. The company is an established ISO 9000:2001 surface transportation infrastructure company. The company is engaged in the development, operation, and maintenance of national and state highways, roads, flyovers and bridges primarily in India. The company operates as a subsidiary of Infrastructure Leasing and Financial Services Limited. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance. The company over the years acquired a position of leadership in the roads sector and has expanded its scope of activities to Ports, Railways and Urban Transport Sectors subject was incorporated on November 29, 2000 with the name Consolidated Toll Network India Private Limited. The company was established in order to consolidate their existing road infrastructure projects and to pursue various new project initiatives in the area of surface transportation infrastructure. In February 2001, the company started commercial operations of Noida Toll Bridge Project. In March 28, 2002, the company was converted into public limited company and the name was changed to Consolidated Toll Network India Limited. In July 5, 2004, the name of the company was further changed to Consolidated Transportation Networks Limited indicating the growing business profile of the company. In November 2004, the company completed phase I of Thiruvananthapuram city roads projects. In September 29, 2005, the name of the company was changed from Consolidated Transportation Networks Limited to IL&FS Transportation Networks Limited. In October 2006, the company commenced Andhra Pradesh Expressway (Kotakatta-Kurnool Road). In November 2007, they commenced Tukkuguda to Shamshabad section of Hyderabad Outer Ring Road. In March 2008, the company commenced international operations through the acquisition of Elsamex S.A. ('Elsamex'), a provider of maintenance services primarily for highways and roads in Spain and other countries. In December 2008, they acquired the equity share capital of Vansh Nimay Infraprojects Limited. The company, through their subsidiary, Elsamex S A, involves in the maintenance of roads, buildings, and petrol stations, primarily in Spain, with additional operations in Portugal, Europe; and Columbia and Mexico, South America. Elsamex S A also provides consulting services for roads and water supply projects in the areas of quality control, safety, health, and environment, as well as conducts research and development for road maintenance projects. In July 2009, the company received the Letter of Award for the project 'Development of Metro Link from Sikanderpur station to NH-8 in Gurgaon'. In August 2009, they received Letter of Award for project '4 laning of Hazaribagh Ranchi section of NH-33 in the State of Jharkhand'. Also, they received Letter of Award for the projects '4 laning of Pune Sholapur section of NH-9 in the State of Maharashtra' and '4 laning of Warora Chandrapur Bamni Road in the State of Maharashtra'.
NEWS:
IL&FS
TRANSPORTATION BAGS PROJECT WORTH RS.16650.000 MILLIONS
April 08, 2013
IL&FS Transportation Networks Limited has informed BSE that the Company had emerged as the Lowest Bidder for the Six-Laning of Barwa-Adda-Panagarh Section of NH-2 from km 398.240 to km 521.120 including Panagarh Bypass in the States of Jharkhand and West Bengal under NHDP Phase V to be executed on DBFOT Basis (the "Project") issued by NHAI. The Project is on Toll basis with a concession period of 20 years including construction period of 910 days. The estimated cost of the Project is Rs.16650.000 millions. The Company had quoted a premium of Rs.420.000 millions. Further, the Company has received a Letter of Award dated April 05, 2013 from the NHAI for the aforesaid Project.
IL&FS TRANSPORTATION RECOMMENDS DIVIDEND
May 07, 2013
IL&FS Transportation Networks Limited has informed BSE that the Board of Directors of the Company at its meeting held on May 07, 2013, has recommended a dividend of Rs. 4 per share on 194267732 Equity Shares of Rs.10 each for the financial year 2012-13 subject to approval of the Shareholders at the ensuing Annual General Meeting of the Company.
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 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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
|
- |
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.