MIRA INFORM REPORT
|
Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIMPLEX
INFRASTRUCTURES LIMITED (w.e.f. 23.12.2005) |
|
|
|
|
Formerly Known As : |
SIMLPEX CONCRETE
PILES ( |
|
|
|
|
Registered Office : |
‘Simplex House’,
27, Shakespeare Sarani, Kolkata – 700 017, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
19.12.1924 |
|
|
|
|
Com. Reg. No.: |
21-004969 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 99.300
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L45209WB1924PLC004969 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALS00978F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECS0765R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares Are Listed On The Stock Exchange. |
|
|
|
|
Line of Business : |
Total solution
provider in construction and infrastructure ambit. |
|
|
|
|
No. of Employees
: |
8115 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 39000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by decent
liquidity position and long track record of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per
commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
03.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
03.09.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (Tel No. 91-33-23011600)
LOCATIONS
|
Registered Office : |
‘Simplex House’, 27, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India |
|
Tel. No.: |
91-33-23011600, 2289-1476-81, 71002216 |
|
Fax No.: |
91-33-2283 5964 |
|
E-Mail : |
simplexkolkata@simplexinfrastructures.com banwari.bajoria@simplexinfrastructures.com
simplexcal@simplexindia.com calpersonnel@simplexindia.com calpurchase@simplexindia.com |
|
|
|
|
Website : |
|
|
Area : |
10,000
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
12/1,
Nellie Sengupta, Sarani, Kolkata, West Bengal, India |
|
|
|
|
Branches : |
‘Vaikunth’, 2nd floor, 82-83, Nehru Place, New Delhi – 110 019, India Fax: 91-11-2646 5869 / 91-22-24912735 Email: scpl.del@smj.sril.in delpersonnel@simplexindia.com delpurchase@simplexindia.com delaccts@simplexindia.com Mumbai Office 502-A, Poonam
Chambers, Shiv Sagar Estate A wing, Dr. A.B. Road, Worli, Mumbai – 400 018, Maharashtra, India Tel: 91-22-24913481 / 8397, 2492 9034 / 2756/ 2064 / 24922064 /
24929034 / 24913481 / 8397 / 1849 / 3537 bompersonnel@simplexindia.com bompurchase@simplexindia.com bomaccts@simplexindia.com Chennai Office: Doha office: Home centre building, HBK Tower, Room no 1, 1st floor, Post Box No 22472, Doha, Qatar. Tel: 974-4435408 / 4421545 / 4328843 Bahrain office: Simplex Infrastructures Limited C/o Almoyyed Contracting, P O Box – 32571 and 32471, Manama, Kingdom of Bahrain Email: SimplexBahrain@simplexinfra.net Baroda office 3rd Floor, ' Tel.: 91-265-2354566, 2330639. Fax: 91-265-2342416 E-mail: simplexbaroda@simplexinfra.net Bangalore Office Brigade Plaza, Unit – C, # 71/1, Near Anandrao Circle,
S.C. Road, Bangalore – 560009, Karnataka, India |
|
|
|
|
Overseas Branch Office : |
Located at
|
DIRECTORS
As on 31.03.2014
|
CHAIRMAN
EMERITUS |
|
|
|
|
|
Name : |
Mr. Dr. B. D. Mundhra |
|
|
|
|
BOARD OF
DIRECTORS |
|
|
|
|
|
Name : |
Mr. A.D. Mundhra |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Rajiv Mundhra |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. S. Dutta |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. A.K. Chatterjee |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. R. Natarajan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. B. Sengupta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N.N. Bhattacharyya |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sheo Kishan Damani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Asutosh Sen |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. B.L. Bajoria |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No.
of Shares |
Percentage Holding
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9643855 |
19.49 |
|
|
18264500 |
36.92 |
|
|
27908355 |
56.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
27908355 |
56.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8347241 |
16.87 |
|
|
686998 |
1.39 |
|
|
42712 |
0.09 |
|
|
6041553 |
12.21 |
|
|
15118504 |
30.56 |
|
|
|
|
|
|
2893693 |
5.85 |
|
|
|
|
|
|
2518376 |
5.09 |
|
|
509389 |
1.03 |
|
|
524013 |
1.06 |
|
|
406754 |
0.82 |
|
|
105027 |
0.21 |
|
|
12232 |
0.02 |
|
|
6445471 |
13.03 |
|
Total Public shareholding (B) |
21563975 |
43.59 |
|
Total (A)+(B) |
49472330 |
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) |
49472330 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
A Public Limited Liability Company. The Company’s Shares Are Listed On The Stock Exchange. |
|
|
|
|
Products : |
·
Piling ·
Concrete Works ·
Structural Steel ·
Road Work ·
Miscellaneous Works |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
8115 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
SECURED
LOAN (Rs.
In Millions)
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot No Y – 14,
Block – EP, Sector – V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata
– 700 091, West Bengal, India |
|
|
|
|
Name : |
H.S. Bhattacharjee and Company Chartered Accountants |
|
Address : |
Kamalalaya Centre, 3rd Floor, Room No – 316, 156A, Lenin
Sarani, Kolkata – 700 013, West Bengal, India |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Joint
Venture : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Entities
over which KMP has significant influence : |
|
CAPITAL STRUCTURE
After 31.03.2014
Authorised Capital : Rs.750.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.98.945 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
374900000 |
Equity Shares |
Rs. 2/- each |
Rs. 749.800 Millions |
|
20000 |
15% Cumulative Preference Shares |
Rs. 10/- each |
Rs. 0.200 Million |
|
|
Total |
|
Rs. 750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49472330 |
Equity Shares |
Rs. 2/- each |
Rs. 98.900
Millions |
|
|
Add: 1,26,000 Equity Shares of Rs.10/- each (equivalent of 6,30,000 Equity Shares of Rs.2/- each) forfeited in earlier years |
|
Rs. 0.400
Millions |
|
|
Total |
|
Rs. 99.300 Millions |
NOTE:
(a) Rights, preferences and restrictions attached to shares
The Company has one class of equity shares
having a par value of Rs.2/- per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
(b) Details of Equity Shares held by
shareholders holding more than 5% of the aggregate shares in the Company
|
DETAILS OF SHAREHOLDER |
Aa at 31st March, 2014 |
|
(1) Anupriya Consultants Private Limited |
7,089,912 |
|
|
14.33% |
|
(2) RBS Credit And Financial Developments Private Limited |
4,756,849 |
|
|
9.62% |
|
(3) HDFC Trustee
Company Limited - HDFC Prudence, HDFC Equity Fund, HDFC Infrastructures, HDFC Monthly Income |
4,434,780 |
|
|
8.96% |
|
(4) Bithal Das Mundhra |
2,794,950 |
|
|
5.65% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
99.300 |
99.300 |
99.300 |
|
(b) Reserves & Surplus |
13878.600 |
12741.100 |
11904.200 |
|
(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) |
13977.900 |
12840.400 |
12003.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3769.700 |
2768.400 |
879.300 |
|
(b) Deferred tax liabilities (Net) |
2073.300 |
2049.100 |
1944.100 |
|
(c) Other long term
liabilities |
91.700 |
96.300 |
99.100 |
|
(d) long-term
provisions |
89.000 |
83.700 |
76.100 |
|
Total Non-current
Liabilities (3) |
6023.700 |
4997.500 |
2998.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
25304.700 |
23788.000 |
20059.600 |
|
(b) Trade
payables |
17441.900 |
16026.500 |
15795.100 |
|
(c) Other
current liabilities |
10014.300 |
12979.700 |
11294.200 |
|
(d) Short-term
provisions |
104.000 |
99.900 |
155.800 |
|
Total Current Liabilities
(4) |
52864.900 |
52894.100 |
47304.700 |
|
|
|
|
|
|
TOTAL |
72866.500 |
70732.000 |
62306.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11615.700 |
12175.000 |
12598.200 |
|
(ii)
Intangible Assets |
22.500 |
35.100 |
16.900 |
|
(iii)
Capital work-in-progress |
531.100 |
175.200 |
443.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1146.400 |
1085.700 |
601.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
363.000 |
303.600 |
233.500 |
|
(e) Other
Non-current assets |
1097.500 |
1447.500 |
1389.900 |
|
Total Non-Current
Assets |
14776.200 |
15222.100 |
15283.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
194.100 |
183.200 |
181.000 |
|
(b)
Inventories |
8618.900 |
7849.400 |
8681.600 |
|
(c) Trade
receivables |
20951.000 |
22743.400 |
16787.900 |
|
(d) Cash and
cash equivalents |
807.000 |
719.800 |
427.600 |
|
(e)
Short-term loans and advances |
7225.700 |
7415.600 |
5868.900 |
|
(f) Other
current assets |
20293.600 |
16598.500 |
15076.200 |
|
Total
Current Assets |
58090.300 |
55509.900 |
47023.200 |
|
|
|
|
|
|
TOTAL |
72866.500 |
70732.000 |
62306.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55129.800 |
58208.100 |
58975.900 |
|
|
|
Other Income |
394.000 |
419.600 |
192.100 |
|
|
|
TOTAL (A) |
55523.800 |
58627.700 |
59168.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19703.000 |
21954.400 |
23187.600 |
|
|
|
Purchases of Stock-in-Trade |
85.100 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(175.900) |
261.000 |
(251.800) |
|
|
|
Employees benefits expense |
4616.600 |
4897.600 |
4529.300 |
|
|
|
Other expenses |
25741.700 |
26414.200 |
26923.800 |
|
|
|
TOTAL
(B) |
49970.500 |
53527.200 |
54388.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5553.300 |
5100.500 |
4779.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3341.700 |
2893.700 |
2303.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2211.600 |
2206.800 |
2476.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1355.600 |
1303.600 |
1143.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
856.000 |
903.200 |
1333.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
250.200 |
305.000 |
441.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
605.800 |
598.200 |
891.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5504.500 |
5024.200 |
4397.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.600 |
60.000 |
150.00 |
|
|
|
Transfer to Debenture Redemption Reserve |
115.500 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
24.700 |
49.500 |
98.900 |
|
|
|
Dividend Tax on above |
4.200 |
8.400 |
16.100 |
|
|
BALANCE CARRIED
TO THE B/S |
5905.300 |
5504.500 |
5024.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Contract Turnover |
7846.300 |
8756.800 |
5722.900 |
|
|
|
Proceeds from sale of
Fixed Assets, Tools etc. |
6.500 |
1.800 |
11.500 |
|
|
|
Interest Income |
0.000 |
0.100 |
0.000 |
|
|
|
Sale of Scrap, etc |
12.000 |
9.900 |
20.100 |
|
|
|
Hire Charges |
23.900 |
0.000 |
2.700 |
|
|
|
Guarantee Charges |
25.600 |
3.100 |
5.500 |
|
|
|
Oil Drilling Services |
263.800 |
251.100 |
1.100 |
|
|
|
Maintenance and Labour
Supply |
6.900 |
8.000 |
0.000 |
|
|
|
FOB value of Exports of
trading Goods |
0.000 |
0.700 |
0.000 |
|
|
TOTAL EARNINGS |
8185.000 |
9031.500 |
5763.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
615.000 |
301.000 |
493.800 |
|
|
|
Tools |
8.200 |
108.000 |
216.500 |
|
|
|
Components and Spare
Parts |
128.500 |
129.500 |
91.900 |
|
|
|
Construction Materials |
77.300 |
72.100 |
103.900 |
|
|
|
Traded goods |
17.800 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
846.800 |
610.600 |
906.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.25 |
12.09 |
18.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.10 |
1.03 |
1.51 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.07 |
8.76 |
8.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.20 |
1.30 |
2.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.07 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.08 |
2.07 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.05 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
99.300 |
99.300 |
99.300 |
|
Reserves & Surplus |
11904.200 |
12741.100 |
13878.600 |
|
Net
worth |
12003.500 |
12840.400 |
13977.900 |
|
|
|
|
|
|
long-term borrowings |
879.300 |
2768.400 |
3769.700 |
|
Short term borrowings |
20059.600 |
23788.000 |
25304.700 |
|
Total
borrowings |
20938.900 |
26556.400 |
29074.400 |
|
Debt/Equity
ratio |
1.744 |
2.068 |
2.080 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
58975.900 |
58208.100 |
55129.800 |
|
|
|
(1.302) |
(5.288) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
58975.900 |
58208.100 |
55129.800 |
|
Profit |
891.900 |
598.200 |
605.800 |
|
|
1.51% |
1.03% |
1.10% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
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 LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans from Banks |
|
|
|
Rupee Loans |
1.200 |
2.800 |
|
|
|
|
|
SHORT-TERM BORROWINGS |
|
|
|
Term Loans from Banks Rupee Loans |
1500.000 |
6402.900 |
|
Foreign Currency Loans |
0.000 |
434.200 |
|
Commercial Papers |
700.000 |
2600.000 |
|
Working Capital Loans repayable on demand from a Bank |
37.200 |
240.600 |
|
Interoperate Deposit (repayable on demand) |
5.000 |
5.000 |
|
Total |
2243.400 |
9685.500 |
LATIGATION DETAILS:
|
CALCUTTA HIGH COURT CASE STATUS INFORMATION SYSTEM |
|||
|
Case Status
: |
Pending |
||
|
Status
of ARBITRATION
PETITION (AP) 1259
of 2014 M/S. VENUS
CONTROL AND SWITCHGEAR PRIVATE
LIMITED VS. M/S.
SIMPLEX INFRASTRUCTURE LIMITED |
|||
|
Pet's Adv.
: AJAY GAGGAR
|
|
||
|
Res's
Adv.
: |
|
||
|
Court No.
: 23 |
Last Listed On
: |
||
|
|
Monday, November
03, 2014 |
||
|
Category : |
NO CATEGORY
MENTIONED |
||
|
|
||
|
Case Updated
on: |
Friday, October 31,
2014 |
||
REVIEW OF OPERATIONS
During
the year, on standalone basis, the Company reported revenue from operations at
Rs. 55130.000 Millions as compared to Rs. 58208.000 Millions in the previous
year. Profit before tax decreased to Rs. 856 Millions from Rs. 903.000 Millions
last year mainly due to high finance cost. Profit after tax increased to Rs.
606 Millions from Rs. 598.000 Millions in previous financial year owing to MAT
credit adjustment and write back of previous years' tax provisions.
On a
consolidated basis, the revenue from operations stood at Rs. 56154.000 Millions
during the financial year under review as compared to Rs. 58975.000 Millions in
the previous year. Profit before tax increased to Rs. 856.000 Millions as
compared to Rs. 829.000 Millions in the previous year and profit after tax
increased to Rs. 587.000 Millions as against Rs. 520.000 Millions in the
previous financial year.
During
the year, the Company bagged a number of high value projects amounting to Rs.
78760.000 Millions in various vertical it operates, which includes among others
construction of 1620 Apartments including Sports Complex, Community Centre
& Sports facility at Mohali, Punjab, execution of infrastructure facilities
for Jamnagar Petrochemical J3 project at Jamnagar, Gujarat, modernization of
marine structures at Vasco-da-gama, Goa, in India and overseas projects
includes construction of an expressway class road for Batinah Expressway
Package-3, Sultanate of Oman and a bridge at Jeddah, Saudi Arabia
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
On
almost all parameters, FY 2013-14 proved to be a difficult year. Slowing
growth, rising inflation and a
depreciating rupee marked its progress, setting in motion diverse
challenges for economic and business
anagers. The Indian Economy experienced its worst slowdown in nearly a
decade on the back of global headwinds, domestic macro-economic imbalances,
policy paralysis and burgeoning deficits. The situation was worsened by
implementation bottlenecks such as regulatory delay, judicial activism and
extreme risk aversion among bankers and financial markets. The much awaited
economic reforms moved slowly, in fits and starts.
As a
result, economic activity continued to slide despite attempts by the government
to stem the tide. The Gross Domestic Product, usually taken as a barometer of
growth, slipped below 4.5% in the first quarter and stayed elow 5% throughout the financial year.
Through most of 2013, an air of pessimism prevailed in business circles.
Fortunately,
the first signs of an uptick in the economy began to emerge with the dawn of
2014. Apart from some positive steps by the government backed by an improving
global economy, the General Elections culminating in May 2014 turned the
national sentiment to one of hope. Today with a new and stable government in
place, the worst seems over for the Indian economy. In the current year, India
has already displaced Japan to emerge as the world’s third largest economy in
purchasing power parity. While the heady days of 8%+ growth may still be some
distance away, there is genuine expectations that India will once again resume
its journey as one of the fastest growing major economies in the world.
Certainly investors have turned bullish on India and the country is back on the
global radar as an attractive destination
INDUSTRY OVERVIEW
As
the Construction Industry has strong direct and indirect linkages with overall
economic development – its multiplier effect on the economy is one of the
highest at 1.85 times the assets being created – it is regarded as a primary
driver of growth. In India, it contributes about 8% of the GDP and the second
largest employer after
agriculture,
providing a livelihood to over 35 million people or 14% of the workforce.
Indirectly it also creates investment and employment opportunities across
various related sectors. It also accounts for nearly half of the fixed capital
formation.
The
industry is fragmented, with a handful of major companies involved in the
construction activities across all segments; medium sized companies
specializing in niche activities; and small and medium contractors who work on
the subcontractor basis and carry out the work in the field. While smaller
organizations are dependent
mainly
on local conditions for growth, the larger construction companies have
struggled for the last few years
due
to the slowing economy and issues such as land availability and environmental
clearances. The slow pace of
construction
growth in turn has been cited as a significant cause for the economy failing to
take off.
The
reasons for the headwinds faced by the construction sector are several. In
infrastructure, major projects in power, road and industry have been
inordinately delayed as the government clearances, fuel and land proved hard to
obtain. Industrial infrastructure also took a back seat as most companies were
faced with problems of over capacity in the face of slack demand. Building of
residential and commercial space also slowed as high interest rates capped
buying interest. In addition t the elongated working capital cycle the
construction industry also faced the problems of idle equipment, project
delays, cost inflation, high debt and high interest cost.
There
is no doubt that India needs to expedite stalled projects to meet an capacity
addition in infrastructure. This is the surest way forward for stimulating
domestic demand, increasing productive capacity and
helping
the economy return to the high-growth trajectory in the immediate future. The
infrastructure fraternity is
eagerly
looking up to the government at the Centre to provide a supportive working
environment. It should be
recognized
that infrastructure building is the first step in fulfilling the collective
dream of inclusive growth.
BUSINESS OVERVIEW
Simplex
continues its journey of nearly 100 years during which it has consistently
delivered value to its clients by
executing
over 2700 projects in almost all verticals of construction industry. The
Company has a good quality
order
book diversified across 211 contracts and nearly 200 project sites. Of the
total order book of Rs. 15257 crores the Company has an exposure of 32% in
building & housing, followed by 30% in roads and bridges, 11% in urban infrastructure and 11%
in power sector. Its domestic business accounts for 84% and it has established
a reputation for strong customer support throughout India. Customer focus,
world-class engineering and state-of-art construction equipment worth Rs. 2007
crores, backed by over 8000 dedicated employees, have enabled it to sustain
leadership in all its major lines of business
Apart
from Indian operation, Simplex has an international presence, particularly in
Qatar, Oman, Saudi Arabia,
Bangladesh,
Sri Lanka and Ethiopia. Though international business accounts for just 16% of
Company's business, it is expected that its share will increase significantly
in near future as the share in order book is 20% and these geographies have low
infrastructure development while being rich in natural resources.
FUTURE OUTLOOK
India
requires quality infrastructure. This simple fact is the long term driver of
the construction sector as infrastructure investments are the most important
growth driver for construction companies. While short term actors may keep the
sentiments subdued, over the long term, demand will remain strong. The proposed
increase in allocation in the twelfth five-year plan (2012-2017) will translate
into a healthy business for construction companies. Demandsupply gap for
residential housing, favourable demographics, rising affordability levels,
availability of financing options as well as fiscal benefits available on
availing of home loan are the key drivers supporting the demand for residential
construction. According to a technical committee set up by the Ministry of Housing
and Poverty Alleviation, the total
housing shortage in the country alone stood at about 18.78 m at the start of
the twelfth five-year plan. This provides a big investment opportunity.
While
long-term factors are likely to work in favour of construction companies, the
outlook for the short term
remains
uncertain. High interest rates, longer working capital cycles and negative
consumer sentiments continue
to
impact business for the real estate players. Project delays continue to plague
the infrastructure industry with resultant cash flow problems. Also, the fact
that banks have been turning cautious towards rescheduling debt or issuing
fresh loans is a dampener for the sector. The overall long term risks also
include increased prices of the essential raw materials like cement, bricks and
steel coupled with the increasing in labour costs, which together make for
almost 75% of overall construction cost.
The
link between infrastructure and The link between infrastructure and economic
development is not a once and for all affair. It is a continuous process; and
progress in development has to be preceded, accompanied, and followed by
progress in infrastructure, if we are to fulfill our declared objectives of
generating a self-accelerating
process of economic development.
Indian
infrastructure and construction industry has grown exponentially, in part due
to massive government impetus and in part due to high market sentiments. The
country, which has initially targeted the low-hanging fruits, is now poised to take
up more complex and technologically intense projects. The focus has moved from
cost efficiency to time and competence. This has created excellent
opportunities for technologically sophisticated construction companies to
conduct business in India.
PRESS RELEASE
Simplex Infrastructures Limited announces FY14
results Kolkata, May 30, 2014 – Simplex Infra has announced its audited Results
for the Year ended March’14.
The Company has achieved during the FY14 a
Standalone Gross Sales of Rs.56150.000 a tad lower than
Rs.59210.000 Millions last year. On the lower sales, EBITDA rose by 9% to
Rs.6360.000 Millions (Rs.5860.000 Millions) and EBIT by 12% to Rs.4320.000
Millions (Rs.3860.000 Millions). However due to higher interest cost PBT is
lower at Rs.86 Millions. against Rs.900.000 Millions and PAT Rs.610.000
Millions. as against Rs.600.000 Millions.
During the Q4 the Company achieved a topline
of Rs.14630.000 Millions, EBITDA Rs.1670.000 Millions, EBIT Rs. 1150.000
Millions, PBT Rs. 220.000 Millions. and PAT Rs.20.000 Millions.
The Consolidated Gross Sales for FY14 stands
at Rs.57230.000 Millions as against Rs.59990.000 Millions last year. The
consolidated EBITDA for FY14 is Rs. 6430.000 Millions. EBIT Rs.433, PBT
Rs.860.000 and PAT Rs.580.000 Millions.
The order intake during the 4th Quarter is
Rs.9640.000 Millions and cumulative order inflow during FY14 is Rs.78760.000
Millions. The order book as of March’14 stands at Rs.152570.000 Millions. in
addition to the LI status of Rs.9360.000 Millions.
Board has recommended a dividend of 25%. About Simplex Infrastructures Ltd (BSE SCRIP
ID: SIMPLEXIN, NSE SCRIP ID: SIMPLEXINF,
Bloomberg; SINF IN, Reuters: SMCP.BO): Incorporated in 1924, Simplex
Infrastructures Limited is the largest pure play civil construction and engineering contractors in India, with more
than eight decades of successful operations and completion of over 2600
projects in India and abroad. Simplex Infrastructures has presence across
various construction verticals, which include piling, industrial plants, power
plants – thermal; nuclear; hydel; power transmission, urban infrastructures
and utilities -metro rails; airports;
urban sewerage and water systems, buildings
and housing,
marine ports, roads; railways; bridges
and elevated road and rail corridors.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
|
31st March, 2014 |
|
Claims
against the Company not acknowledged as debts |
|
|
Interest (others) |
60.000 |
|
Professional Tax |
40.000 |
|
Sales Tax / Value Added
Tax |
117710.000 |
|
Entry Tax |
3110.000 |
|
Excise Duty |
10930.000 |
|
Income Tax |
26380.000 |
|
Service Tax |
31440.000 |
Claims
against the Company not acknowledged as debts
h) Show-cause cum demand notices for Rs. 9.892
Millions (2013: Rs. 9,892) on certain matters up to 2008 - 09 relating to Service
Tax issued by the concerned Tax Authorities in Kolkata during previous years
have been challenged by the Company by writ petitions currently pending before
the Hon'ble Calcutta High Court. Department has also issued show-cause cum
demand notices for Rs. 2.122 Millions
(2013 Rs. Nil) on
similar matter for which the Company is in the process of filing writ petition
before the Hon'ble Calcutta High Court. Further, show-cause cum demand notices
aggregating Rs. 1.585 Millions (2013: Rs. 1.585 Millions ) on similar matter relating to
Service Tax issued by the concerned Tax authorities in Delhi during previous
years have also been challenged by the Company and currently the matter is
pending before the Hon'ble Supreme Court of India. According to a legal opinion
obtained in this regard, the contention of the Tax Authorities and consequent
demand of Service Tax is not valid in law. Based on the aforesaid legal pinion the management is of the view that the
disputed tax amount, though not admitted, in this regard should not exceed Rs. 1.206
Millions (2013: Rs. 1.057 Millions).
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10528408 |
27/10/2014 |
26,854,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C31760036 |
|
2 |
10518856 |
30/08/2014 |
335,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C19793298 |
|
3 |
10518857 |
30/08/2014 |
1,325,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C19793702 |
|
4 |
10514714 |
22/07/2014 |
9,995,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
C16309783 |
|
5 |
10511460 |
15/07/2014 |
590,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C13963657 |
|
6 |
10511457 |
15/07/2014 |
650,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C13963095 |
|
7 |
10511456 |
15/07/2014 |
685,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C13962584 |
|
8 |
10508270 |
28/06/2014 |
1,237,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C10733434 |
|
9 |
10508272 |
28/06/2014 |
1,237,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C10734515 |
|
10 |
10506188 |
27/06/2014 |
517,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
C09393745 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and
Machinery
- Furniture and
Fittings
- Motor Vehicles
- Computers
- Electrical
Equipment
- Motor Vehicles
- Plant and
Machinery
- Computer
- Software-Acquired
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 97.39 |
|
Euro |
1 |
Rs. 76.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
50 |
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.