MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NCC LIMITED (w.e.f.25.02.2011) |
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Formerly Known
As : |
NAGARJUNA CONSTRUCTION COMPANY LIMITED |
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Registered
Office : |
NCC House, Madhapur, Hyderabad – 500081, Andhra Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.03.1990 |
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Com. Reg. No.: |
01-011146 |
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Capital Investment
/ Paid-up Capital : |
Rs. 513.170 Millions |
|
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CIN No.: [Company Identification
No.] |
L72200AP1990PLC011146 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDN00212C |
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|
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PAN No.: [Permanent Account No.] |
AAACN7335C |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Construction and Project Activities. |
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|
No. of Employees
: |
4621 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 98000000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating takes in to consideration NCC’S below-average financial risk
profile and its exposure to relatively risky infrastructure development and
real estate projects. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some
caution. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BB+” |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
05.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
05.03.2014 |
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 (Tel. No.: 91-40-23268888)
LOCATIONS
|
Registered Office : |
NCC House, Madhapur, Hyderabad – 500081, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23268888 |
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Fax No.: |
91-40-23125555 |
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E-Mail : |
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Website : |
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Regional Offices : |
Located at v Ahmedabad v Bengaluru v Bhopal v Bhubaneswar v Chennai v Delhi v Kolkata v Kochi v Lucknow v Mumbai v Ranchi |
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Overseas Offices : |
Located at v Dubai v Muscat v Doha v Riyadh |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. P. Abraham |
|
Designation : |
Director |
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|
Name : |
Mr. P. C. Laha |
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Designation : |
Director |
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|
Name : |
Mr. R. V. Shastri |
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Designation : |
Director |
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|
Name : |
Mr. T. N. Manoharan |
|
Designation : |
Director |
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|
Name : |
*Mr. Anil P. Gupta |
|
Designation : |
Director |
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|
Name : |
Mr. Akhil Gupta |
|
Designation : |
Nominee Director |
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|
Name : |
Dr. Rakesh R. Jhunjhunwala |
|
Designation : |
Director |
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|
Name : |
Mr. Amit Dixit |
|
Designation : |
Alternate Director |
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|
Name : |
Mr. Utpal Sheth |
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Designation : |
Alternate Director |
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|
Name : |
Mr. N. R. Alluri |
|
Designation : |
Director |
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|
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|
Name : |
Mr. A. A. V. Ranga Raju |
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Designation : |
Managing Director |
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|
Name : |
Mr. A. G. K. Raju |
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Designation : |
Executive Director |
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Name : |
Mr. A. S. N. Raju |
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Designation : |
Whole time Director |
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|
Name : |
Mr. J. V. Ranga Raju |
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Designation : |
Whole time Director |
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|
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|
Name : |
Mr. A. V. N. Raju |
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Designation : |
Whole time Director |
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|
Name : |
Mr. A. K. H. S. Rama Raju |
|
Designation : |
Whole time Director |
KEY EXECUTIVES
|
Name : |
Mr. R. S. Raju |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. M. V. Srinivasa Murthy |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
33694808 |
13.13 |
|
|
18666942 |
7.28 |
|
|
52361750 |
20.41 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
52361750 |
20.41 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
23886069 |
9.31 |
|
|
680666 |
0.27 |
|
|
89211374 |
34.77 |
|
|
113778109 |
44.35 |
|
|
|
|
|
|
16204173 |
6.32 |
|
|
|
|
|
|
33797438 |
13.17 |
|
|
37831521 |
14.75 |
|
|
2571119 |
1.00 |
|
|
20600 |
0.01 |
|
|
747726 |
0.29 |
|
|
761 |
0.00 |
|
|
1802032 |
0.70 |
|
|
90404251 |
35.24 |
|
Total Public
shareholding (B) |
204182360 |
79.59 |
|
Total (A)+(B) |
256544110 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
39700 |
0.00 |
|
|
39700 |
0.00 |
|
Total (A)+(B)+(C) |
256583810 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction and Project Activities. |
GENERAL INFORMATION
|
No. of Employees : |
4621 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Joint Statutory Auditors 1 : |
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|
Name : |
M. Bhaskara Rao and Company Chartered Accountants |
|
Address : |
6-3-652 5-D, Fifth Floor, ‘KAUTILYA’, Amrutha Estates, Somajiguda,
Hyderabad – 500082, Andhra Pradesh, India |
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|
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|
Joint Statutory Auditors 2 : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, Sardar Patel Road,
Secunderabad – 500003, Andhra Pradesh, India |
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Joint Ventures : |
v Brindavan
Infrastructure Company Limited [U45203AP2003PLC042006] v Bangalore
Elevated Tollway Limited v Pondicherry
Tindivanam Tollway Limited v Varapradha Real
Estates Private Limited v Himachal JV v NCC - NEC –
Maytas v NCC – VEE v Premco-NCC v SDB-NCC-NEC v NCC-PNC v NCC-SJRIPL v NCC-MSKEL |
|
|
|
|
Associates : |
v Paschal Form Work
(India) Private Limited [U74900AP2008FTC058963] v Nagarjuna
Facilities Management Services LLC v Himalayan Green
Energy Private Limited [U40101DL2005PTC137235] v Jubilee Hills
Landmark Projects Private Limited [U45201KA2006PTC038699] v Tellapur
Technocity (Mauritius) v Tellapur
Technocity Private Limited [U45400AP2007PTC053720] v Apollonius Coal
and Energy Pte. Limited v NCC Power Projects Limited |
|
|
|
|
Subsidiaries : |
v NCC
Infrastructure Holdings Limited [U67110AP2005PLC046367] v NCC Urban Infrastructure
Limited [U45200AP2005PLC048375] v NCC Vizag Urban
Infrastructure Limited [U45200AP2006PLC048891] v Nagarjuna
Construction Company Limited and Partners LLC v OB
Infrastructure Limited [U45200AP2006PLC049067] v NCC
Infrastructure Holdings Mauritius Pte. Limited v Nagarjuna
Construction Company International LLC v Nagarjuna
Contracting Company LLC v Patnitop Ropeway
and Resorts Limited [U45200AP2007PLC052759] v Western UP
Tollway Limited v Vaidehi Avenues
Limited v NCC
International Convention Centre Limited v NCC Oil and Gas
Limited [U40107HR2010PLC041349] v Nagarjuna
Construction Company (Kenya) Limited v Naftagaz
Engineering Private Limited |
|
|
|
|
Step-Down Subsidiaries : |
v Liquidity
Limited v Dhatri
Developers and Projects Private Limited v Sushanti Avenues
Private Limited v Sushruta Real
Estates Private Limited v PRG Estates
Private Limited v Thrilekya Real
Estates Private Limited v Varma
Infrastructure Private Limited v Nandyala Real
Estates Private Limited v Kedarnath Real
Estates Private Limited v AKHS Homes
Private Limited v JIC Homes
Private Limited v Sushanthi
Housing Private Limited v CSVS Property
Developers Private Limited v Vera Avenues
Private Limited v Sri Raga Nivas
Property Developers Private Limited v VSN Property
Developers Private Limited v M A Property
Developers Private Limited v Vara
Infrastructure Private Limited v Sri Raga Nivas
Ventures Private Limited v Mallelavanam
Property Developers Private Limited v Sradha Real
Estates Private Limited v Siripada Homes
Private Limited v NJC Avenues
Private Limited v NCC Urban Lanka
(Private) Limited. v NCC Power
Projects Limited [U40102AP2008PLC059628] v Himachal Sorang
Power Limited v Al Mubarakia
Contracting Company LLC v NCC
International Kuwait LLC v Samashti Gas
Energy Limited v NCC Infra
Limited v NCC Urban Homes Private Limited v NCC Urban Ventures Private Limited v NCC Urban Meadows Private Limited v NCC Urban Villas Private Limited v Nagarjuna
Suites Private
Limited |
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives : |
v NCC Blue Water
Products Limited v Swetha Estates v NCC Finance
Limited v Sirisha Memorial
Charitable Trust v Shyamala Agro
Farms Private Limited [U51219AP2002PTC038993] v Ranga Agri Impex
Private Limited [U51229AP2002PTC038992] v NCC Foundation v Sirisha Projects
Private Limited [U45200AP2005PTC045884] v Ruthvik Estates
Private Limited v Narasimha
Developers Private Limited v Mihika Agro
Farms Private Limited v Lalit Agro Farms
Private Limited v Bhuvanesh
Realtors Private Limited v Arnesh Ventures
Private Limited v Suguna Estates
Private Limited v AVSR Holdings Private
Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,833,810 |
Equity Shares |
Rs. 2/- each |
Rs. 513.670
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,583,810 |
Equity Shares |
Rs. 2/- each |
Rs. 513.170 Millions |
|
|
|
|
|
Reconciliation of
the number of equity shares and amount outstanding at the beginning and at the
end of the year
|
Particulars |
Number
of shares |
Amount
in Millions |
|
Balance at beginning of the year |
256,583,810 |
513.170 |
|
Add: Allotted during the year |
-- |
-- |
|
Balance at end of the year |
256,583,810 |
513.170 |
Details of shares
held by each shareholder holding more than 5% shares (excluding shares
represented by underlying GDRs)
|
Particulars |
Number
of shares |
% holding
in that class of shares |
|
Blackstone GPV Capital Partners Mauritius V-A Ltd. |
25,399,699 |
9.90 |
|
Warhol Limited |
25,384,700 |
9.89 |
|
A V S R Holdings Private Limited |
17,967,167 |
7.00 |
|
Smt Rekha Jhunjhunwala |
16000000 |
6.24 |
|
Government Pension Fund Global |
14,321,067 |
7.00 |
Details of
unsubscribed preferential issue
|
Particulars |
Number
of shares |
Amount
in Millions |
|
Equity Shares of Rs. 2/- each |
250,000 |
0.500 |
Unclaimed equity shares of 97,265 (31.03.2012: 97,265) are held in “NCC Limited - Unclaimed suspense account “in trust. 3.5 Rights of the share holders
The equity shares of the company having par value of Rs. 2 per share, rank pari passu in all respects including voting rights (except GDRs) and entitlement to dividend. Repayment of the capital in the event of winding up of the Company will inter alia be subject to the provisions of Companies Act 1956, the Articles of Association of the Company and as may be determined by the Company in General Meeting prior to such winding up.
39,700 (31.03.2012: 75,750) equity shares represent the shares underlying outstanding GDRs. Each GDR represent one underlying equity share having par value of H 2. The GDRs, rank pari passu in all respects with the equity shares issued by the Company, except in respect of voting rights.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
513.170 |
513.170 |
513.170 |
|
(b) Reserves & Surplus |
24,167.170 |
23,597.450 |
23,273.640 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
24,680.340 |
24,110.620 |
23,786.810 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,716.180 |
3,226.890 |
4,644.010 |
|
(b) Deferred tax liabilities
(Net) |
231.210 |
254.720 |
307.600 |
|
(c) Other long term
liabilities |
543.370 |
393.400 |
767.610 |
|
(d) long-term provisions |
176.530 |
181.920 |
176.220 |
|
Total
Non-current Liabilities (3) |
2,667.290 |
4,056.930 |
5,895.440 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
18,842.600 |
17,330.550 |
19,223.210 |
|
(b) Trade payables |
13,989.990 |
12,424.170 |
9,035.030 |
|
(c) Other current liabilities |
20,696.670 |
22,306.770 |
10,201.440 |
|
(d) Short-term provisions |
396.810 |
174.820 |
536.170 |
|
Total
Current Liabilities (4) |
53,926.070 |
52,236.310 |
38,995.850 |
|
|
|
|
|
|
TOTAL |
81,273.700 |
80,403.860 |
68,678.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7,122.580 |
7,185.340 |
6,737.060 |
|
(ii) Intangible Assets |
62.810 |
73.330 |
8.290 |
|
(iii) Capital work-in-progress |
61.240 |
351.470 |
456.850 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12,536.230 |
12,401.900 |
12,007.980 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3,205.290 |
3,855.340 |
995.790 |
|
(e) Other Non-current assets |
1,502.790 |
1,338.870 |
2,552.710 |
|
Total
Non-Current Assets |
24,490.940 |
25,206.250 |
22,758.680 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.030 |
0.000 |
0.000 |
|
(b) Inventories |
14,263.530 |
12,335.250 |
8,960.280 |
|
(c) Trade receivables |
11,429.520 |
13,072.270 |
14,536.010 |
|
(d) Cash and cash equivalents |
800.040 |
646.310 |
1,214.040 |
|
(e) Short-term loans and
advances |
21,126.480 |
21,388.370 |
16,545.570 |
|
(f) Other current assets |
9,163.160 |
7,755.410 |
4,663.520 |
|
Total
Current Assets |
56,782.760 |
55,197.610 |
45,919.420 |
|
|
|
|
|
|
TOTAL |
81,273.700 |
80,403.860 |
68,678.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
57,249.180 |
52,504.700 |
50,737.320 |
|
|
Other Income |
1,258.890 |
1,205.720 |
1,056.390 |
|
|
TOTAL
(A) |
58,508.070 |
53,710.420 |
51,793.710 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
22,794.360 |
22,007.370 |
18,701.530 |
|
|
Construction Expenses |
27,431.070 |
24,632.550 |
24,679.510 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1,997.060) |
(2,400.010) |
(1,137.290) |
|
|
Employees benefits expense |
2,426.980 |
2,401.870 |
2,438.430 |
|
|
Other expenses |
1,884.900 |
1,869.640 |
1,201.380 |
|
|
TOTAL
(B) |
52,540.250 |
48,511.420 |
45,883.560 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5,967.820 |
5,199.000 |
5,910.150 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4,070.380 |
3,839.990 |
2,569.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,897.440 |
1,359.010 |
3,341.150 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
920.220 |
829.830 |
685.310 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
977.220 |
529.180 |
2,655.840 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
350.560 |
169.360 |
1,021.340 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
626.660 |
359.820 |
1,634.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
2,749.560 |
2,719.200 |
2,552.910 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend at Rs. 0.30
per share (15%) |
76.970 |
76.970 |
256.580 |
|
|
Dividend tax on Proposed
dividend |
13.080 |
12.490 |
41.630 |
|
|
Transfer to General Reserve |
150.000 |
50.000 |
750.000 |
|
|
Transfer to Debenture
Redemption Reserve |
(265.000) |
190.000 |
400.000 |
|
|
Transfer to contingency reserve
|
0.000 |
0.000 |
20.000 |
|
|
Balance
Carried to the B/S |
3,401.170 |
2,749.560 |
2,719.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Material Purchases |
89.220 |
41.820 |
6.94 |
|
|
Capital Goods |
191.720 |
66.490 |
157.54 |
|
|
TOTAL
IMPORTS |
280.940 |
108.310 |
164.480 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.44 |
1.40 |
6.37 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.07 |
0.67 |
3.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.71 |
1.01 |
5.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.42 |
0.78 |
4.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.02 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.83 |
0.85 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.06 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
513.170 |
513.170 |
513.170 |
|
Reserves & Surplus |
23,273.640 |
23,597.450 |
24,167.170 |
|
Net
worth |
23,786.810 |
24,110.620 |
24,680.340 |
|
|
|
|
|
|
long-term borrowings |
4,644.010 |
3,226.890 |
1,716.180 |
|
Short term borrowings |
19,223.210 |
17,330.550 |
18,842.600 |
|
Total
borrowings |
23,867.220 |
20,557.440 |
20,558.780 |
|
Debt/Equity
ratio |
1.003 |
0.853 |
0.833 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
50,737.320 |
52,504.700 |
57,249.180 |
|
|
|
3.483 |
9.036 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
50,737.320 |
52,504.700 |
57,249.180 |
|
Profit |
1,634.500 |
359.820 |
626.660 |
|
|
3.22% |
0.69% |
1.09% |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
9.50% Redeemable, Non-convertible Debentures |
1000.000 |
1500.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Short Term Loans |
3868.070 |
8225.000 |
|
Commercial Paper |
0.000 |
500.000 |
|
Less: Unamortized Discount |
0.000 |
(2.920) |
|
|
|
|
|
Total |
4868.070 |
10222.080 |
|
Note: Unsecured - Short term loans from Banks: a) Includes an amount of Rs.1,128.007 millions availed from Standard Chartered Bank under retention money discounting facility. b) The company availed short term loans from various banks during the year having a maturity of less than one year and carry interest rate ranging between 12.50% to 13.05% per annum. 9.4 Commercial paper represents Rs. Nil (31.03.2012: Rs.
500.000 million) due within one year. The maximum amount of Commercial paper
outstanding at any time during the year was Rs. 1,750.000 million
(31.03.2012: Rs. 2,300.000 million). |
||
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY
Indian economy grew at 5% in FY2012-13, its lowest rate in a decade and in line with an official estimate, as per the government data.
Economic growth slowed down to 4.8% in January-March quarter of 2012-13 compared to 5.1% in the same period previous fiscal.
The manufacturing sector grew at an annual 2.6% during the quarter while farm output rose just 1.4%.
Construction sector expanded by 4.4% in Q4 of 2012-13, as against 5.1% in the year-ago period. The segment grew by 4.3% in 2012-13 as against 5.6% in the previous fiscal.
Mining and quarrying sector contracted by 3.1% during the fourth quarter of last fiscal, as against growth of 5.2% in output in the same period of 2011-12. The contraction in mining sector remained unchanged at 0.6% in 2012-13 over the previous fiscal.
The growth rate of electricity, gas and water supply also slowed to 2.8% in the fourth quarter from 3.5% witnessed in the same quarter of 2011-12. The segment grew by 4.2% in 2012-13 compared to 6.5% in previous fiscal.
The agriculture sector also grew at a slower rate of just 1.9% in 2012-13 compared to 3.6% in 2011-12.
Gross Domestic Product (GDP) at factor cost at constant prices (2004-05) in the year 2012-13 is likely to attain a level of Rs. 55,03,476.000 millions. GDP at factor cost at current prices in the year 2012-13 is likely to attain a level of Rs. 94,61,979.000 millions, showing a growth rate of 13.3% over the First Revised Estimate of GDP for the year 2011-12 of Rs. 83,53,495.000 millions.
The per capita income at current prices during 2012-13 is estimated to be Rs. 68,747 as compared to Rs. 61,564 during 2011-12, showing a rise of 11.7% (Source: GoI).
INDUSTRY OVERVIEW
ROADS
As of now about 24% of the total length of National Highways (NHs) is single lane/intermediate lane, about 51% is two-lane standard, and the balance 25% is four-lane standard or more.
National Highways Authority of India (NHAI) has managed to award only ~300 km of highways against an annual target of 6,500 km for FY13E (9500 km including EPC). What has hit the highways sector hard is that most of the tenders which were floated did not receive even a single bidder. For example, some projects over the last 3 months did not witness any participation. Only in a handful of cases, two bidders queued up.
But backed by strong pipeline of projects under execution, the completion rate for NHAI projects increased to 7.9 km/ day in FY13 from average of 6.2 km/ day in FY12. However, progress on the projects awarded in FY12 remained muted mostly in the absence of requisite right of way, clearances, and inability to achieve financial closure.
To tackle the issues plaguing the road sector, setting up of a regulator for the road sector has been proposed to address issues such as construction risks and contract management. Companies engaged in road construction could benefit from the stated intent of awarding 3,000 km of projects in H1FY14, development of rural roads under Pradhan Mantri Gram Sadak Yojana, and assistance from World Bank and ADB for road construction in North Eastern states. Further, in addition to national highway projects some states like Maharashtra, Madhya Pradesh, Gujarat and Rajasthan are also focusing on developing of state highways which could provide additional opportunities to construction companies.
IRRIGATION
Almost 50% of the arable land in the country is still rain fed. The Government (Central and State) provide 50% capital subsidy for promoting the use of Micro Irrigation by farmers. While targeting an agriculture growth of 4% per annum, the government had also placed higher targets for farm credit and agriculture investments at 2% plus of the GDP for the XII plan period.
Out of the total 69 million hectares of cultivated area in India, only 5 million hectares is under drip and sprinkler irrigation. This represents strong potential for the growth of micro irrigation systems. Sprinkler irrigation system is expected to remain the largest segment accounting for about 47% revenue share in 2018 of the overall micro irrigation systems market. Drip irrigation system, due to its better efficiency, will be the fastest growing segment at a CAGR of 19.3% from 2012 to 2018
The Twelfth Five Year Plan proposes the setting up of a National Irrigation Management Fund (NIMF) to catalyse and support demand for irrigation management and institutional reform.
There has been a massive increase in plan expenditure on irrigation and flood control over the last 60 years. Major and Medium Irrigation (MMI) outlays rose from Rs. 3760.000 millions in the First Plan to a projected outlay of more than Rs. 1,65,0000.000 millions in the Eleventh Plan, amounting to a total expenditure of around Rs. 3,51,0000.000 millions over this period.
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31TH
DECEMBER, 2013
(Rs. In Millions)
|
Particular |
Quarter Ended |
Nine months |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
14885.930 |
13291.690 |
41969.830 |
|
Other Operating Income |
0.820 |
70.060 |
70.880 |
|
Total Income from
operations (net) |
14886.750 |
13361.750 |
42040.710 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
7691.800 |
6453.010 |
19437.120 |
|
(b) Increase/ (Decrease) in stock-in-trade and
work-in-progress |
(1307.520) |
(1029.450) |
(2654.190) |
|
(c) Construction expenses |
1850.380 |
1568.180 |
4976.960 |
|
(d) Job work charges |
1070.830 |
1092.060 |
3497.130 |
|
(e) Sub-contractor work hills |
3602.120 |
3246.460 |
10712.540 |
|
(f) Employee benefit expenses |
610.030 |
612.310 |
1802.320 |
|
(g) Depreciation and amortation expenses |
223.420 |
224.230 |
671.970 |
|
(h) Other Expenses |
453.020 |
417.470 |
1267.770 |
|
Total Expenses |
14194.080 |
12584.270 |
39711.620 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
692.670 |
777.480 |
2329.090 |
|
Other Income |
353.890 |
353.960 |
993.230 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
1046.560 |
1131.440 |
3322.320 |
|
Finance costs |
1179.210 |
1073.900 |
3224.850 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(132.650) |
57.540 |
97.430 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
(132.650) |
57.540 |
97.430 |
|
Tax Expenses |
(59.920) |
5.800 |
13.120 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(72.730) |
51.740 |
84.310 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
(72.730) |
51.740 |
84.310 |
|
Share of Profit/ (Loss) from Associate
Companies |
-- |
-- |
-- |
|
Minority Interest |
-- |
-- |
-- |
|
Net Profit after taxes, minority interest and
share of profit/ (loss) of associates |
(72.730) |
51.740 |
84.310 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
513.168 |
513.168 |
513.168 |
|
Paid- up Debt
Equity |
|
|
|
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Debenture
Redemption reserve |
|
|
|
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic and Diluted |
(0.28) |
0.20 |
0.33 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
204182360 |
204182360 |
204182360 |
|
Percentage of Shareholding |
79.58% |
79.58% |
79.58% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
33554429 |
38529867 |
33554429 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
64.08% |
73.58% |
64.08% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
13.08% |
15.02% |
13.08% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
1880732110 |
13831883 |
1880732110 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter
group) |
35.92% |
26.42% |
35.92% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
7.32% |
5.38% |
7.32% |
|
|
Particulars |
Quarter Ended 31.12.2013 |
|
B |
Investor complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
15 |
|
|
Disposed of during the quarter |
15 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Note:
The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on February 12, 2014.
The Statutory Auditors have carried out limited review of the results.
The Company's operations, consist of Construction /Project activities and there
are no other reportable segments under AS 17-"Segment Reporting".
NCC Infrastructure Holdings Limited, (Wholly Owned Subsidiary of the Company)
and Gayatri Energy Ventures Pvt Limited, who jointly own NCC Power Projects
Limited, (NCCPPL), which is implementing the 1320 MW Thermal Power Project near
Krishnapatnam, Nellore District, Andhra Pradesh have entered into definitive
agreements with Sembcrop Utilities Pte Limited, for sale of 45% stake held in
NCCPPL which is subject to compliance of the conditions precedent.
The Consolidated Financial Results include results of all the Subsidiaries,
Associates and Joint Ventures of NCC Limited have been prepared in accordance
with AS-21-"Consolidated Financial Statements", AS-23"
Accounting for investments in Associates in Consolidated Financial
Statements" and AS-27" Financial Reporting of Interests in Joint
Ventures".
Figures have been regrouped to facilitate comparison wherever necessary.
PRESS RELEASE
NCC Limited [NCCL] achieved a turnover of Rs.15240.600 Millions (including other income) for the 3rd quarter of the current year 2013‐14 as against Rs.12324.700 Millions resulting a growth of 24% over the corresponding quarter of the previous year. The Company has reported an EBIDTA of Rs.916.100 Millions and a net loss of Rs.72.700 Millions as against Rs.857.600 Millions and a net profit of Rs.108.200 Millions reported respectively in the corresponding quarter of previous year. The company has reported a negative EPS of Rs.0.28 for the 3rd quarter as against an EPS of Rs.0.42 in the corresponding quarter of the previous year.
The company has reported a Turnover of Rs.43033.900 Millions for the nine months period of the current year as against Rs.40807.100 Millions of corresponding 9 months period of the previous year. Reported an EBIDTA of Rs.3001.100 Millions and net profit of Rs. 84.300 Millions for the 9 months ended 31st December, 2013 as against Rs. 3140.000 Millions and Rs. 354.800 Millions reported respectively in the corresponding 9 months period of the previous year. The company has reported an EPS of Rs.0.33 in the 9 months period ended 31.12.2013 as against Rs.1.38 in the corresponding 9 months of previous year.
FIXED ASSETS
Tangible Assets
v Land – Freehold
v Buildings Own
v Given under
operating lease
v Plant and
Equipment
v Furniture and
Fixtures
v Construction
Vehicles
v Office Vehicles
v Office Equipment
v Lease Hold
Improvements
v Construction
Accessories
Intangible Assets
v Computer Software
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. 59.65 |
|
|
1 |
Rs. 99.21 |
|
Euro |
1 |
Rs. 82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
34 |
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.