MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
IRB INFRASTRUCTURE DEVELOPERS LIMITED |
|
|
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Registered
Office : |
3rd Floor, IRB Complex, Chandivali Farm, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.07.1998 |
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Com. Reg. No.: |
11-115967 |
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Capital
Investment / Paid-up Capital : |
Rs.3323.641
Millions |
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|
CIN No.: [Company Identification
No.] |
L65910MH1998PLC115967 |
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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 Activity. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 62854000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial
position of the company appears to be strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered normal for business dealing 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA - SO [Long Term Rupee Term Loan] |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
03.09.2013 |
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 co-operative. [91-22-66404220]
LOCATIONS
|
Registered Office : |
3rd Floor, IRB Complex, Chandivali Farm, Chandivali
Village, Andheri (East), Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
91-22-66404220 |
|
Fax No.: |
91-22-66751024 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Virendra D. Mhaiskar |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mrs. Deepali V. Mhaiskar |
|
Designation : |
Director |
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|
Name : |
Mr. Dattatraya P. Mhaiskar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Suresh G. Kelkar |
|
Designation : |
Director |
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|
Name : |
Mr. Mukesh Gupta |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Bhalchandra K. Khare |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Govind G. Desai |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Chandrashekhar S. Kaptan |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Sunil H. Talati |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Vinod Sethi |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. M. P. Nityanand |
|
Designation : |
Director - Operations |
KEY EXECUTIVES
|
Name : |
Mr. Dhananjay K. Joshi |
|
Designation : |
Chief Executive Officer
– Corporate Affairs, Realty and Airport |
|
|
|
|
Name : |
Mr. Ajay P. Deshmukh |
|
Designation : |
Chief Executive Officer – Infrastructure |
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|
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|
Name : |
Mr. Madhav H. Kale |
|
Designation : |
Head – Corporate Strategy & Planning |
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|
Name : |
Mr. Anil D. Yadav |
|
Designation : |
Group Chief Finance Officer |
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|
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|
Name : |
Mr. Mehul N. Patel |
|
Designation : |
President -
Corporate Affairs & Group Company Secretary |
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|
|
|
Name : |
Mr. Vinodkumar Menon |
|
Designation : |
President –
Business Development and Tendering |
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|
|
Name : |
WG CDR Naresh Taneja |
|
Designation : |
President –
Human Resource and Administration |
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|
|
Name : |
Mr. Deepak D. Gadgil |
|
Designation : |
Head – Realty, Airport and Hospitality |
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|
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|
Name : |
Mr. Rajendra K. Agrawal |
|
Designation : |
Head – Project Construction |
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|
Name : |
Mr. Rajpaul S. Sharma |
|
Designation : |
Head – Contract Management |
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|
Name : |
Mr. Satish V. Patki |
|
Designation : |
Head – Project Maintenance |
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|
Name : |
Mr. Nitin V. Bansode |
|
Designation : |
Head – Toll Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
200697923 |
60.38 |
|
|
6206482 |
1.87 |
|
|
206904405 |
62.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
206904405 |
62.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7756293 |
2.33 |
|
|
4993038 |
1.50 |
|
|
77082565 |
23.19 |
|
|
89831896 |
27.03 |
|
|
|
|
|
|
10922811 |
3.29 |
|
|
|
|
|
|
19121588 |
5.75 |
|
|
3847629 |
1.16 |
|
|
1735781 |
0.52 |
|
|
1072495 |
0.32 |
|
|
3772 |
0.00 |
|
|
32123 |
0.01 |
|
|
627391 |
0.19 |
|
|
35627809 |
10.72 |
|
Total Public shareholding (B) |
125459705 |
37.75 |
|
Total (A)+(B) |
332364110 |
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) |
332364110 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Virendra Dattatraya Mhaiskar with Deepali Virendra Mhaiskar |
11,19,68,220 |
33.69 |
|
2 |
Virendra Dattatraya Mhaiskar HUF |
7,86,38,795 |
23.66 |
|
3 |
Dattatraya Pandurang Mhaiskar |
32,95,908 |
0.99 |
|
4 |
Virendra Dattatraya Mhaiskar HUF |
51,00,000 |
1.53 |
|
5 |
Ideal Soft Tech Park Private Limited |
37,10,000 |
1.12 |
|
6 |
Ideal Toll & Infrastructure Private Limited |
24,94,482 |
0.75 |
|
7 |
Deepali Virendra Mhaiskar Jointly Virendra Dattatraya Mhaiskar |
16,09,000 |
0.48 |
|
8 |
Ideal Toll & Infrastructure Private Limited |
2,000 |
0.00 |
|
9 |
Virendra Dattatraya Mhaiskar |
1,000 |
0.00 |
|
10 |
Jayant Dattatraya Mhaiskar |
85,000 |
0.03 |
|
|
TOTAL |
20,69,04,405 |
62.25 |
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
|
Sl. |
Name of the Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
HSBC Global Investment Funds A/C HSBC GIF Mauritius Limited |
16804256 |
5.06 |
|
2 |
Morgan Stanley Asia (Singapore) Pte |
3339179 |
1.00 |
|
3 |
Alliance Bernstein India Growth Fund (Mauritius) Limited |
4276648 |
1.29 |
|
4 |
The Master Trust Bank of Japan Limited. A/c. HSBC Indian Equity Mother
Fund |
4289300 |
1.29 |
|
5 |
Swiss Finance Corporation (Mauritius) Limited |
3383418 |
1.02 |
|
6 |
Life Insurance Corporation Of India |
4283053 |
1.29 |
|
|
Total |
36375854 |
10.94 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND
HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
HSBC Global Investment Funds A/c. HSBC GIF Mauritius Limited |
16804256 |
5.06 |
|
|
Total |
16804256 |
5.06 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Canara bank ·
Union bank of India ·
Indian Overseas Bank ·
Indian Bank ·
Bank of India ·
IDBI bank ·
Central Bank of India ·
Andhra Bank ·
Corporation Bank ·
Punjab National Bank ·
Bank of Baroda ·
Bank of Maharashtra ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
IDFC Limited ·
IIFCL |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Aryan Toll Road Private Limited ·
ATR Infrastructure Private Limited ·
IDAA Infrastructure Private Limited ·
Ideal Road Builders Private Limited ·
IRB Infrastructure Private Limited ·
Mhaiskar Infrastructure Private Limited ·
Modern Road Makers Private Limited ·
Thane Ghodbunder Toll Road Private Limited ·
Aryan Infrastructure Investments Private Limited ·
NKT Road and Toll Private Limited ·
IRB Surat Dahisar Tollway Private Limited ·
IRB Kolhapur Integrated Road Development ·
Company Private Limited ·
Aryan Hospitality Private Limited ·
IRB Sindhudurg Airport Private Limited ·
IRB Pathankot Amritsar Toll Road Private Limited ·
IRB Talegaon Amravati Tollway Private Limited ·
IRB Jaipur Deoli Tollway Private Limited ·
IRB Goa Tollway Private Limited ·
IRB Tumkur Chitradurga Tollway Private Limited ·
MRM Cement Private Limited ·
MMK Toll Road Private Limited ·
J. J. Patel Infrastructural and Engineering
Private Limited ·
IRB Ahmedabad Vadodara Super Express Tollway
Private Limited ·
IRB Westcoast Tollway Private Limited (w.e.f.
August 22, 2012) ·
MVR Infrastructure and Tollways Private Limited
(w.e.f. October 01, 2012) |
|
|
|
|
Other Related Parties : |
·
Ideal Soft Tech Park Private Limited ·
Ideal Toll and Infrastructure Private Limited ·
MEP Infrastructure Developers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
615000000 |
Equity Shares |
Rs.10/- each |
Rs.6150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
332364110 |
Equity Shares |
Rs.10/- each
|
Rs.3323.641
Millions |
NOTES:
TERMS / RIGHTS ATTACHED TO EQUITY SHARES
The Company has
only one class of equity shares having par value of Rs. 10/- per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividend in Indian rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. During the year ended March 31,
2013, the amount of per share dividend recognised as distributions to equity
shareholders was Rs. 4.00 (Previous year: Rs.1.80). In the event of liquidation
of the company, the holders of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULARS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% |
|
Virendra D. Mhaiskar Jointly with Deepali V. Mhaiskar |
111968220 |
33.69 |
|
Virendra D. Mhaiskar (Karta of V. D. Mhaiskar - HUF) |
83458957 |
25.11 |
|
HSBC Global Investment Funds A/c HSBC Global Investment Funds
Mauritius Limited |
18169112 |
5.47 |
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 |
3323.641 |
3323.641 |
3323.641 |
|
(b) Reserves & Surplus |
12390.016 |
11846.074 |
10784.992 |
|
(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) |
15713.657 |
15169.715 |
14108.633 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
3000.000 |
2500.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
5353.759 |
4930.611 |
3264.276 |
|
(d) long-term
provisions |
10.854 |
10.444 |
8.262 |
|
Total Non-current
Liabilities (3) |
8364.613 |
7441.055 |
3272.538 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8352.488 |
15509.915 |
12409.085 |
|
(b)
Trade payables |
7007.505 |
4082.664 |
831.306 |
|
(c)
Other current liabilities |
7455.622 |
2645.401 |
1711.199 |
|
(d) Short-term
provisions |
351.093 |
14.281 |
507.861 |
|
Total Current Liabilities
(4) |
23166.708 |
22252.261 |
15459.451 |
|
|
|
|
|
|
TOTAL |
47244.978 |
44863.031 |
32840.622 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15837.212 |
13744.448 |
9355.477 |
|
(c) Deferred tax
assets (net) |
6.316 |
4.300 |
3.677 |
|
(d) Long-term Loan and Advances |
12352.268 |
9411.836 |
2417.897 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
28195.796 |
23160.584 |
11777.051 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
571.943 |
85.530 |
467.181 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
1273.913 |
491.582 |
1169.473 |
|
(d) Cash
and cash equivalents |
8832.468 |
10228.282 |
8942.901 |
|
(e)
Short-term loans and advances |
8258.684 |
10784.879 |
9872.229 |
|
(f)
Other current assets |
112.174 |
112.174 |
611.787 |
|
Total
Current Assets |
19049.182 |
21702.447 |
21063.571 |
|
|
|
|
|
|
TOTAL |
47244.978 |
44863.031 |
32840.622 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20324.111 |
12498.104 |
2675.901 |
|
|
|
Other Income |
1859.451 |
1461.442 |
853.877 |
|
|
|
TOTAL |
22183.562 |
13959.546 |
3529.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Contract and site expenses |
17811.144 |
10723.142 |
1984.233 |
|
|
|
Employee benefits expense |
155.487 |
179.880 |
79.082 |
|
|
|
Other expenses |
226.831 |
225.763 |
180.087 |
|
|
|
TOTAL |
18193.462 |
11128.785 |
2243.402 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3990.100 |
2830.761 |
1286.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1685.318 |
748.644 |
263.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2304.782 |
2082.117 |
1022.996 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
431.384 |
422.772 |
121.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
1873.398 |
1659.345 |
901.604 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1543.302 |
648.155 |
290.181 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
187.340 |
165.935 |
45.080 |
|
|
|
Interim Equity Dividend |
997.092 |
598.263 |
0.000 |
|
|
|
Proposed Interim Equity Dividend |
332.364 |
0.000 |
498.550 |
|
|
BALANCE CARRIED
TO THE B/S |
1899.904 |
1543.302 |
648.155 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.64 |
4.99 |
2.71 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6286.000 |
4736.200 |
5500.500 |
|
Total Expenditure |
6154.700 |
3724.000 |
4916.200 |
|
PBIDT (Excl OI) |
131.300 |
1012.200 |
584.300 |
|
Other Income |
547.400 |
936.000 |
311.400 |
|
Operating Profit |
678.700 |
1948.300 |
895.700 |
|
Interest |
4128.00 |
514.900 |
522.100 |
|
PBDT |
265.900 |
1433.400 |
373.600 |
|
Depreciation |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
265.900 |
1433.400 |
373.600 |
|
Tax |
(0.300) |
230.500 |
118.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
266.200 |
1202.900 |
255.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
266.200 |
1202.900 |
255.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.44
|
11.89 |
25.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.34
|
16.65 |
38.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.34
|
6.69 |
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72
|
1.19 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.97 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. In millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
|
|
|
|
-
Indian rupee loan from banks |
3000.000 |
0.000 |
0.000 |
|
-
Indian rupee loan from financial institutions |
2500.000 |
0.000 |
0.000 |
|
TOTAL |
5500.000 |
0.000 |
0.000 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10446721 |
03/09/2013 |
2,000,000,000.00 |
BANK OF MAHARASHTRA |
L J ROAD, MAHIM,
MUMBAI - 400016, MAHARASHTRA, INDIA |
B83847889 |
|
2 |
10445029 |
28/08/2013 |
5,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B83055608 |
|
3 |
10423476 |
29/04/2013 |
1,000,000,000.00 |
INDIAN OVERSEAS
BANK |
GOPAL BHAVAN,
FIRST FLOOR, RAILWAY STATION ROAD, |
B74320748 |
|
4 |
10401119 |
30/01/2013 |
3,000,000,000.00 |
BANK OF INDIA |
ORIENTAL
BUILDING, GROUND FLOOR, 364, D. N. ROAD, |
B67287136 |
|
5 |
10397555 |
24/12/2012 |
3,000,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 66/80, MUMBAI SAMACHA |
B66089814 |
|
6 |
10171742 |
02/12/2010 * |
7,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH, 20TH FLOOR, MAKER TOWER " |
B01790518 |
|
* Date of charge modification |
||||||
MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMIC OVERVIEW:
The Global
economic growth largely remained subdued across major economies during FY 2012-13.
The US showed signs of slow recovery on account of improvements in
manufacturing and housing sectors and reducing unemployment. Recessionary
conditions in the Eurozone continued due to deteriorating industrial
production, weak exports and low domestic demand. Emerging economies grew
moderately in FY 2012- 13, as domestic demand rose and investments picked-up.
India’s economy faced sluggish growth during FY 2012-13. However, inflation has
moderated in recent months; but it still remains close to or above the
tolerance level of RBI. In this context, RBI faces the challenge to maintain a
balance between regulating inflation and promoting growth. RBI observes that
for FY 2013-14, real GDP growth will recover to around 6% with moderation of
WPI-based inflation to around 6.5%, which may be contingent upon resolving
structural bottlenecks especially in infrastructure sector. The recent
correction in commodity and oil prices and normal monsoon are likely to give a
fillip to the economy in the coming year. Infrastructure spending is recognized
to be one of the backbones for the economy. The huge infrastructure deficit in
the roads sector would definitely result in more focus on the sector. Of the
USD 120 Billion estimated to be spent on the sector in the next five years, the
private sector has to account for USD 70 Billion.
INFRASTRUCTURE
INDUSTRY OVERVIEW:
India’s
infrastructure industry, including the road sector, has gone through one of its
most difficult phases in FY 2012-13. The Government has been undertaking
initiatives to revive investors’ interests in the road sector. FY 2012-13 saw a
subsidence in the infrastructure industry’s growth, including that of the road
sector. Only 1,300 kms of National Highways was awarded by the NHAI compared to
6,500 Kms last year. The Eleventh Five-Year Plan (2007-2012) of the Planning
Commission of the Government of India identified high-quality infrastructure as
the most critical physical requirement for attaining faster growth in a
competitive global environment and also for ensuring investment in
less-developed regions.
OUTLOOK:
India is globally
the 10th largest economy by nominal GDP and the third-largest by purchasing
power parity (PPP). India is the world’s 19th largest exporter and 10th
largest importer. With a trillion rupee investment envisaged for the next Five
Year Plan (2012-17), India’s infrastructure investment is bound to grow
significantly. To maintain its growth momentum, the provision of adequate
infrastructural facilities is critical. Unreliable services or a disruption in
infrastructure facilities may restrict output or hinder investments in
productive capital. Moreover, infrastructural investment of about USD 1,025
Billion is necessary during the Twelfth Five Year Plan (2012-17) to achieve a
share of 9.95% as a proportion of GDP [Source: Preliminary assessment by the
Planning Commission]. Government of India is attempting to improve the
country’s infrastructure as a top policy priority.
COMPANY OVERVIEW:
Subject
incorporated in 1998, has strong in-house integrated project execution
capabilities. It is the pioneer in the road BOT business and is one of India’s
largest road BOT operators with a portfolio of 18 Road BOT projects. It also
has approximately 11.07% share of the golden quadrilateral. IRB’s construction
business complements its BOT vertical by executing the engineering, procurement
and construction (EPC) and operation and management (O&M) aspects of BOT
concessions. Over the years, IRB has developed rich, in-house expertise in both
EPC and O&M verticals. Out of IRB’s 18 road projects, 13 are operational
and 5 are under implementation. The Company’s major clients are government
agencies, such as National Highways Authority of India (NHAI) and State Road
Development Authorities, which engage in the development of the country’s
roads. In the last three years, IRB has strategically spread its reach in
states other than Maharashtra and Gujarat. Now, its road portfolio, as per lane
kilometres, is located 36% in Maharashtra, 28% in Gujarat, 19% in Karnataka, 8%
in Rajasthan, 5% in Punjab and 4% in Tamilnadu.
BUSINESS OVERVIEW:
CONSTRUCTION AND
DEVELOPMENT (EPC):
IRB has
successfully constructed more than 6,500 lane kms of highways on BOT basis.
This includes improvement of National Highway and sections of the Golden
Quadrilateral. IRB’s integrated approach towards project execution involves
constructing as well as operating and maintaining activities in-house with
least outsourcing. Its large pool of equipments and skilled and experienced
manpower help IRB complete projects within budget and in time. This experienced
manpower also helps the Company to manage the entire tolling and maintenance
functions in-house during operations phase. An evolving IT infrastructure set
up provides finesse to these integrated methods of conducting business. The
Company’s total order book is Rs. 84000.000 Millions. It comprises Rs.
64000.000 Millions of construction to be executed over three years and Rs.
20000.000 Millions of operation and maintenance needed to be performed over the
concession period. Among the existing projects, toll operations on IRDP
Kolhapur Project is expected to commence shortly. More than 95% work has been
completed on Talegaon-Amravati and Jaipur-Deoli Projects. Commercial operations
on the Talegaon-Amravati Project has commenced from April 26, 2013. The Company
has also approached the Competent Authority for Provisional Certificate for the
Jaipur-Deoli Project and commencement of tolling on this Project is subject to
receiving such a Certificate. Toll collection is likely to begin soon. Works on
the Tumkur-Chitradurga as well as the Pathankot-Amritsar projects are
progressing satisfactorily. In January
2013, IRB received the Appointed Date for the country’s first mega road project
viz. Ahmedabad Vadodara BOT Project. Commercial operations have begun on the
Ahmedabad Vadodara Expressway from January 1, 2013, along with construction
work on NH8 section of the Ahmedabad Vadodara Project. IRB was awarded the Goa/
Karnataka border to Kundapur Highway Project on BOT by NHAI on July 31, 2012.
The Project involves four-laning of the Karwar to Kundapur section of NH-17 at
an estimated total project cost of Rs. 26000.000 Millions. The Project’s
concession period is 28 years, including a construction period of two and a
half years. The Concession Agreement has also been signed on March 25, 2013.
The Company has successfully culminated the acquisition of the Omallur- Salem-
Namakkal BOT project in Tamil Nadu, a good addition to its existing assets
portfolio. IRB will continue to look for such viable value-accretive road
assets in future.
OPERATIONS AND
MAINTENANCE (O AND M):
IRB currently has
4,097 lane kms under operations and maintenance. The average gross daily toll
collection has now reached to approximately Rs. 3.87 Crore based on gross toll
collection during financial year 2012-13. IRB has in-house expertise in
handling the operation and maintenance of BOT road Projects. The Company
routinely carries out maintenance of toll roads, including periodic major
maintenance. Our O&M work has won many accolades in the past. IRB has been
awarded CNBC TV18 Essar Steel Infrastructure Excellence Award in the Highways
and Flyovers category for its Mumbai – Pune section of National Highways (NH-4)
in FY 2009-10 and Bharuch Surat Section of NH8 in FY 2010-11.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Computer
·
Vehicles
·
Furniture and Fixtures
STATEMENT OF STANDALONE UNAUDITED
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nin Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
5500.455 |
4736.238 |
16522.693 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
5500.455 |
4736.238 |
16522.693 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Operating
expense |
4851.524 |
3580.159 |
14510.002 |
|
|
Employee
benefits expenses |
42.470 |
69.777 |
145.661 |
|
|
Other
expenses |
22.157 |
74.076 |
139.221 |
|
|
Total Expenses |
4916.151 |
3724.012 |
14794.884 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
584.304 |
1012.226 |
1727.809 |
|
|
|
|
|
|
|
4. |
Other
Income |
311.410 |
936.018 |
1872.754 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
895.714 |
1948.244 |
3600.563 |
|
|
|
|
|
|
|
6. |
Interest |
522.137 |
514.880 |
1527.748 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
373.577 |
1433.364 |
2072.815 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
373.577 |
1433.364 |
2072.815 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
118.421 |
230.505 |
348.597 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
255.156 |
1202.859 |
1724.218 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
255.156 |
1202.859 |
1724.218 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
3326.641 |
3326.641 |
3323.641 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.77 |
3.62 |
5.19 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.77 |
3.62 |
5.19 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
125459705 |
125769705 |
125459705 |
|
|
-
Percentage of Shareholding |
37.75 |
37.84 |
37.75 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
32649748 |
52649748 |
32649748 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
15.78 |
25.48 |
15.78 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
9.82 |
15.84 |
9.82 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
174254657 |
153944657 |
174254657 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
84.22 |
74.52 |
84.22 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
52.43 |
46.32 |
52.43 |
|
Particulars |
3 Months Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
66 |
|
Disposed of during the quarter |
66 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1.
The Company is engaged in the business of road
infrastructure development. The Company secures contracts by submitting bids in
response to tenders, in terms of which it is required to form Special Purpose
Vehicle ("SPV") companies
to execute the awarded projects. These are its subsidiary companies. Presently
it has 16 operational Built Operate Transfer ("BOY) projects. In so
conducting its business, its revenues include income from road infrastructure
projects, dividends from its subsidiaries and current investments.
2.
As permitted by paragraph 4 of Accounting Standard-
17, 'Segment reporting', notified pursuant to the Companies (Accounting
Standards) Rules, 2006, if a single financial report contains both consolidated
financial statements and the separate financial statements of the parent,
segment information need to be presented only on the basis of the consolidated
financial statements. Thus, disclosure required by Clause 4 1 of Listing
Agreement on segment wise revenue results and capital employed are given in
consolidated financial results.
3.
The Board of Directors at its meeting held on
January 3 1, 20 14 has declared Second Interim Dividend of Rs. 21- per equity share of face value of
Rs. 101- each of current financial year.
4.
The unaudited results for the quarter nine months
ended December 31, 2013 have been reviewed by the Audit Committee at their
meeting held on January 3 1, 20 14 and thereafter approved by the Board of
Directors at their meeting held on January 3 1,20 14.
5.
The Statutory Auditors of the Company have carried
out Limited Review of the above results.
6.
Previous period /years' figures have been regrouped
and / or reclassified wherever necessary.
NEWS:
IRB HAS EMERGED AS
THE PREFERRED BIDDER FOR THE PROJECT OF “SIX LANING OF AHMEDABAD TO VADODARA
IRB has emerged as the Preferred Bidder for the project of “Six laning
of Ahmedabad to Vadodara section of NH-8 from km. 6.400 to km. 108.700 (Length
102.300 km) and improvement of existing Ahmedabad Vadodara Expressway from km. 0.000
to km 93.302 in the State of Gujarat (Length 93.302 km.) under Phase V on
Design Build Finance Operate Transfer (DBFOT) Toll basis (“the Project”)”.
Key highlights of
the project are as under:
- IRB bags the first ultra-mega project
of NHAI in highway sector.
- Project is on DBFOT pattern.
- The construction cost is approximately
Rs. 36000.000 Millions.
- Concession period of 25 years.
- Construction period 3 years.
- IRB to get tolling rights on Ahmedabad
Vadodara expressway from the appointed date
- Premium offered to NHAI in year one is
Rs. 3096.000 crores which will increase by 5% YoY.
Scope of
work involves up gradation of existing section of NH8 between Ahmedabad and
Vadodara from existing 2 lane highway to a 6 lane super expressway and value
addition to the existing Ahmedabad Vadodara Expressway.
CNBC TV 18 INDIA
BUSINESS LEADER AWARDS ACKNOWLEDGES SHRI VIRENDRA D. MHAISKAR AS THE “YOUNG
TURK OF THE YEAR”
Shri Virendra D.
Mhaiskar, Chairman and Managing Director of IRB, was chosen as the “Young Turk
of the Year” at the 6th Edition of CNBCTV18 India Business Leader Awards
presented by Honourable Finance Minister, Shri Pranab Mukherjee on 11th
December 2010 at Mumbai.
Winners of the
India Business Leader Awards were selected after an extensive 3-stage selection
process. The first stage involves short-listing of India’s best businesses
using quantitative techniques. The second stage involves a poll amongst
peer-group, senior management in Corporate India and CNBC-TV18 viewers in
India. In the third stage, an eminent jury chaired by Mr. N. R. Narayana Murthy
accompanied by Mr. K.V. Kamath, Ms. Naina Lal Kidwai, Mr. Mukesh Ambani, Mr.
Adi Godrej and Mr. Raghav Bahl, has selected the leaders in different award
categories.
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.