MIRA INFORM REPORT
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Report Date : |
29.11.2014 |
IDENTIFICATION DETAILS
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Name : |
PRATIBHA INDUSTRIES LIMITED |
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Registered
Office : |
Shrikant Chambers, Phase II, 5th Floor, Sion-Trombay Road, Next
to R.K. Studio, Chembur, Mumbai – 400 071, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.07.1995 |
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Com. Reg. No.: |
11-090760 |
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Capital Investment
/ Paid-up Capital : |
Rs.202.111
Millions |
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CIN No.: [Company Identification
No.] |
L45200MH1995PLC090760 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP08929E |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged into infrastructure development and also engaged in manufacturing and coating. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during
2014. However, general financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for normal 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.
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
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Rating Agency Name |
CRISIL |
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Rating |
Bank facilities BBB+ |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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Date |
13th November, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Bank facilities A3+ |
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Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
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Date |
13th November, 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 CO-OPERATIVE (91-22-39559999)
LOCATIONS
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Registered Office : |
Shrikant Chambers, Phase II, 5th Floor, Sion-Trombay Road,
Next to R.K. Studio, Chembur, Mumbai – 400 071, Maharashtra, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9930458515 (Mr. Pankaj Chourasia) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office : |
14th
Floor, Universal Majestic, P.L Lokhande Marg, Off. Ghatkopar Mankhurd Link
Road, Govandi (West), Mumbai – 400 043, Maharashtra, India |
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Tel. No.: |
91- 22-39559999 |
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Fax No.: |
91- 22-39559900 |
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E-Mail : |
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Factory : |
Plot No.215,
Vljaypur, P.O. Kone, Bhiwandi-Wada Road, Tal Wada, District Thane-421303,
Maharashtra, India |
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Site Office : |
Magnum Developers,
Lalbaug Plant, Chewda Galli, Opposite Lalbaug Raja, Lok Satta Campus, Mumbai,
Maharashtra, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mrs. Usha B. Kulkarni |
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Designation : |
Chairperson |
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Date of Birth : |
05.05.1935 |
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Date of Appointment
: |
19.07.1995 |
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Qualifications
: |
Graduate in Arts from Pune University. |
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Name : |
Mr. Ajit B. Kulkarni |
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Designation : |
Managing Director |
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Name : |
Mr. Ravi A. Kulkarni |
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Designation : |
Whole Time Director |
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Name : |
Mr. Sharad P. Deshpande |
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Designation : |
Whole Time Director |
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Name : |
Mr. Awinash M. Arondekar |
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Designation : |
Director |
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Date of Birth : |
01.03.1942 |
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Date of
Appointment : |
12.09.2005 |
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Qualifications
: |
Graduate
in Arts and Law and Post Graduate in Financial Management from Bombay
University. |
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Name : |
Mr. Shrikant T. Gadre |
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Designation : |
Director |
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Date of Birth : |
24.07.1943 |
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Date of
Appointment : |
12.09.2005 |
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Qualifications
: |
Bachelors
Degree in Mechanical Engineering from University of Pune. He is also a
graduate in Economics, Politics, Commerce and Marathi Literature. He also has
to his credit a Post Graduate Diploma in Industrial Engineering. He is a M.E.
from Institute of Production Engineering, London and a Chartered Engineer
with Fellowship of Institute of Engineers (India). |
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Name : |
Dr. S. L. Dhingra |
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Designation : |
Director |
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Date of Birth : |
11.10.1942 |
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Date of
Appointment : |
24.09.2009 |
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Qualifications
: |
B.Sc.
Engg. (Civil) & M.Sc. Engg. (Highways & Traffic) from Punjab
Engineering College, Chandigarh, and Ph.D. from IIT Kanpur in Transportation
Systems Engineering. |
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Name : |
Mr. V. Sivakumaran |
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Designation : |
Director |
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Date of Birth : |
03.08.1939 |
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Date of Appointment : |
24.09.2009 |
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Qualifications : |
Master
of Arts in Statistics – First Class (2nd position in University) (1959) |
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Name : |
Mr. Vilas B. Parulekar |
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Designation : |
Director |
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Date of Birth : |
15.09.1949 |
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Date of Appointment : |
24.09.2009 |
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Qualifications : |
B.
E. (Electrical) from V.J.T.I. Mumbai and done a Management Education
Programme (IIM Ahmedabad). |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Chourasia |
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Designation : |
Company Secretary |
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Name : |
Mr. Yogen Lal |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
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|
47447512 |
46.95 |
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|
47447512 |
46.95 |
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Total shareholding of Promoter
and Promoter Group (A) |
47447512 |
46.95 |
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(B) Public Shareholding |
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|
6309374 |
6.24 |
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|
343432 |
0.34 |
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|
10231174 |
10.12 |
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|
16883980 |
16.71 |
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|
12854775 |
12.72 |
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|
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|
12806251 |
12.67 |
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|
4269338 |
4.22 |
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|
6793536 |
6.72 |
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|
707648 |
0.70 |
|
|
5000 |
0.00 |
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|
645605 |
0.64 |
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|
5434783 |
5.38 |
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|
500 |
0.00 |
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|
36723900 |
36.34 |
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Total Public shareholding (B) |
53607880 |
53.05 |
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Total (A)+(B) |
101055392 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
101055392 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Usha B Kulkarni |
1,40,44,750 |
13.90 |
|
Ajit B Kulkarni |
1,63,16,554 |
16.15 |
|
Ajit Bhagwan Kulkarni |
43,17,750 |
4.27 |
|
Ramdas Bhagwan Kulkarni |
17,52,500 |
1.73 |
|
Sunanda Datta Kulkarni |
1,00,00,000 |
9.90 |
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Ravi Ajit Kulkarni |
10,00,000 |
0.99 |
|
Radha Ramdas Kulkarni |
2,500 |
0.00 |
|
Samidha Ajit Kulkarni |
2,500 |
0.00 |
|
Anand A Kulkarni |
6,250 |
0.01 |
|
Manohar Dattatraya Kulkarni |
4,700 |
0.00 |
|
Shyam Ramdas Kulkarni |
8 |
0.00 |
|
Total |
4,74,47,512 |
46.95 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Warhol Limited |
6097561 |
6.03 |
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Reliance Capital Trustee
Company Limited A/c Reliance Regular Saving Fund - Equity Option |
6000000 |
5.94 |
|
|
Van Dyck |
5434783 |
5.38 |
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|
Citigroup Global Market
Mauritius Private Limited |
3677763 |
3.64 |
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|
Bajaj Allianz Life Insurance
Company Limited |
3093826 |
3.06 |
|
|
Jay-Vijay Resources Private
Limited |
1527371 |
1.51 |
|
|
Aadi Financial Advisors LLP |
1390780 |
1.38 |
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Vinayak Bhagwan Kulkarni |
1269631 |
1.26 |
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IIFL Asset Revival Fund |
1100000 |
1.09 |
|
|
Total |
29591715 |
29.28 |
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
|
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
% of Total No. of
Shares |
|
|
Warhol Ltd |
6097561 |
6.03 |
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|
Reliance Capital Trustee
Company Limited A/c Reliance Regular Saving Fund - Equity Option |
6000000 |
5.94 |
|
|
Van Dyck |
5434783 |
5.38 |
|
|
Total |
17532344 |
17.35 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into infrastructure development and also engaged in manufacturing and coating. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
Bank of Baroda ·
Axis Bank Limited ·
Bank of India ·
ICICI Bank Limited ·
Punjab National Bank ·
State Bank of India ·
Allahabad Bank ·
Canara Bank ·
Central Bank of India ·
Indian Overseas Bank ·
Union Bank of India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS 1. Foreign Currency Loans are repayable in 4 to 6 year from the date of loan at interest rates ranging from 1.25% p.a. to 5.15% p.a. Above loans are secured by first charges on specific assets financed by the lender. Further, loans are guaranteed by the personal guarantees of promoter directors of the Company. 2. Rupee Loans from banks are repayable in 3 to 5 years at interest rates ranging from 10.20% p.a. to 13.75% p.a. Above loans are secured by first charges on specific assets financed by the lender. Further, loans are guaranted by the personal guarantees of promoter directors of the Company. 3. Rupee Loans from Financial Institutions are repayable in 3 years to 4 year from the date of loan at interest rates ranging from 12.25% p.a. to 14.00% p.a. Above loans are secured by first charges on specific assets financed by the lender. Further, loans are guaranted by the personal guarantees of promoter directors of the Company. 4. Fixed Deposit from Public are repayable in 2 years to 3 years from the date of deposit at an interest rates ranging from 11.50% p.a. to 12.50% p.a. These deposits are unsecured in nature. SHORT TERM BORROWINGS 1. Rupee loan taken from various banks at interest rates ranging from 10.20% p.a. to 13.75% p.a. Above loans are secured against: i) first charge by hypothecation of current assets (other than those specifically charged to other banks), namely stock of raw materials, work-in-progress and receivables; ii) First charge on the gross block (other than those specifically charged to other banks); iii) Project specific current assets; and iv) Personal guarantees of Promoter-Directors of the Company. |
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Statutory
Auditors : |
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Name : |
Jayesh Sanghrajka and Company Chartered Accountants |
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Internal
Auditors : |
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Name : |
Choksi and Choksi Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies : |
v Prime Infrapark Private Limited v Muktangan Developers Private Limited v Pratibha Holding (Singapore) Pte. Limited v Pratibha Infra Lanka (Private) Limited (Wholly owned subsidiary of Pratibha Holding (Singapore) Pte Limited) v Bhopal Sanchi Highways Private Limited |
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Associates & Enterprises over which
Key Managerial Personnel are able to exercise significant influence |
v Saudi Pratibha Industries Limited v Pratibha Industries (B) SDN BHD v Pratibha Shareholding Private Limited v Pratibha Heavy Engineering Limited v Pratisheel Infra Solutions Private Limited v Pratibha Membrane Filtering Systems Private Limited |
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Joint Ventures : |
v Petron Pratibha JV v Joint Ventures v Pratibha JV v Pratibha Ostu Stettin JV v Pratibha Rohit JV v Patel Pratibha JV v Pratibha Unity JV v MEIL Saisudhir Pratibha JV v Pratibha China State JV v Unity Pratibha Multimedia JV v Niraj Pratibha JV v Unity Pratibha Consortium v ITD Pratibha Consortium v Pratibha GIN KJI Consortium v Pratibha SMS JV v Pratibha Al Ambia JV v Pratibha Aparna JV v Pratibha Membrane Filters JV v Pratibha Mosinzhstroi Consortium v Pratibha CRFG JV v Pratibha GECPL JV v Pratibha Pipes & Structural Consortium v Gammon Pratibha JV v FEMC Pratibha JV v KBL PIL Consortium v Pratibha Jain Irrigation Navana JV v Pratibha Yogiraj JV v Pratibha Industries Limited Yogiraj JV |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Millions |
|
1631000 |
Compulsorily Convertible Participatory Preferences Shares |
Rs.92/- each |
Rs.150.052 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.400.052
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101055392 |
Equity Shares |
Rs.2/- each |
Rs.202.111
Millions |
|
|
|
|
|
NOTES:
Reconciliation
of shares outstanding at the beginning and at the end of the reporting period
|
PARTICULAR |
31.03.2014 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Number
of Shares at the beginning |
101055392 |
202.111 |
|
Add:- CCPPS Converted into Equity Share |
-- |
-- |
|
Number
of Shares at the end |
101055392 |
202.111 |
Compulsorily
Convertible Participatory Preference Shares
|
PARTICULAR |
31.03.2014 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Number
of Shares at the beginning |
-- |
-- |
|
(Less):-
CCPPS Converted into Equity Share |
-- |
-- |
|
Number
of Shares at the end |
-- |
-- |
Terms/Rights attached to equity shares
Equity shares are having a par value of Rs. 2 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 shareholders in the ensuing Annual General Meeting.
The Board of Directors in their meeting held on 27th May 2014, proposed final dividend of Rs. 0.20 per share. The proposal is subject to approval of shareholders at next Annual General Meeting to be held. The total appropriation for the year ended March 31, 2014 amounted to Rs. 23.646 millions including corporate dividend tax of Rs. 343.500 millions.
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
|
PARTICULAR |
31.03.2014 |
|
|
|
No. of Shares |
% |
|
Equity
shares of Rs.2
each fully paid |
|
|
|
Ajit
B. Kulkarni |
16316554 |
16.15% |
|
Usha
Bhagwan Kulkarni |
14044750 |
13.90% |
|
Sunanda
Datta Kulkarni |
10000000 |
9.90% |
|
Warhol
Limited |
6097561 |
6.03% |
|
Reliance
Capital Trustee Co Ltd A/c Reliance regular Saving Fund- Equity Option |
6000000 |
5.94% |
|
Van
Dyck |
5434783 |
5.38% |
As per the of the Company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
Company has neither issued any bonus shares nor any shares (apart from conversion of Compulsorily Convertible Participatory Preference Shares during previous year) pursuant to contract without payment being received in cash during preceding five years. It has also not bought back any shares during these years.
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 |
202.111 |
202.111 |
348.850 |
|
(b) Reserves & Surplus |
6616.805 |
6275.246 |
5247.778 |
|
(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) |
6818.916 |
6477.357 |
5596.628 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5316.057 |
5934.332 |
1795.609 |
|
(b) Deferred tax liabilities (Net) |
431.887 |
335.108 |
240.668 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
5747.944 |
6269.440 |
2036.277 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3388.609 |
3045.001 |
4606.161 |
|
(b) Trade payables |
4946.458 |
3148.226 |
3953.490 |
|
(c) Other current
liabilities |
12140.263 |
5810.506 |
3995.175 |
|
(d) Short-term provisions |
145.524 |
347.427 |
744.000 |
|
Total Current Liabilities (4) |
20620.854 |
12351.160 |
13298.826 |
|
|
|
|
|
|
TOTAL |
33187.714 |
25097.957 |
20931.731 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9147.018 |
6709.867 |
4660.793 |
|
(ii) Intangible Assets |
68.507 |
85.047 |
37.450 |
|
(iii) Capital
work-in-progress |
0.000 |
5.029 |
1165.920 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
52.314 |
|
(b) Non-current Investments |
47.561 |
51.370 |
33.102 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
713.711 |
1040.763 |
1133.103 |
|
(e) Other Non-current assets |
379.352 |
258.832 |
204.198 |
|
Total Non-Current Assets |
10356.149 |
8150.908 |
7286.880 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
20.000 |
|
(b) Inventories |
6792.348 |
6408.262 |
4575.758 |
|
(c) Trade receivables |
6474.291 |
2573.810 |
2718.279 |
|
(d) Cash and cash
equivalents |
1088.749 |
967.409 |
1265.695 |
|
(e) Short-term loans and advances |
7895.517 |
6346.561 |
4303.882 |
|
(f) Other current assets |
580.660 |
651.007 |
761.237 |
|
Total Current Assets |
22831.565 |
16947.049 |
13644.851 |
|
|
|
|
|
|
TOTAL |
33187.714 |
25097.957 |
20931.731 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
15511.971 |
16496.398 |
15034.353 |
|
|
|
Other Income |
177.234 |
115.254 |
185.169 |
|
|
|
TOTAL |
15689.205 |
16611.652 |
15219.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4697.480 |
7337.854 |
6232.582 |
|
|
|
Purchases of Stock-in-Trade |
1443.339 |
0.000 |
0.000 |
|
|
|
Manufacturing, Construction & Operating Expenses |
4099.238 |
5349.814 |
5283.503 |
|
|
|
Changes in inventories |
90.847 |
(1840.251) |
(1125.263) |
|
|
|
Employees benefits expense |
874.784 |
1132.447 |
904.096 |
|
|
|
Other expenses |
1941.061 |
1871.150 |
1652.753 |
|
|
|
TOTAL |
13146.749 |
13851.014 |
12947.671 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2542.456 |
2760.638 |
2271.851 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1535.843 |
1161.424 |
971.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1006.613 |
1599.214 |
1299.947 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
418.038 |
291.223 |
188.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
588.575 |
1307.991 |
1111.494 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
223.371 |
356.324 |
279.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
365.204 |
951.667 |
832.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3479.608 |
2694.179 |
2015.566 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
36.600 |
95.300 |
83.300 |
|
|
|
Proposed Dividend on Equity Shares |
20.211 |
60.633 |
59.655 |
|
|
|
Proposed Dividend on CCPPS |
0.000 |
0.000 |
0.978 |
|
|
|
Annual Fixed Dividend |
0.000 |
0.000 |
0.015 |
|
|
|
Corporate Dividend Tax |
3.435 |
10.305 |
9.839 |
|
|
BALANCE CARRIED
TO THE B/S |
3784.566 |
3479.608 |
2694.179 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy Fees |
34.165 |
19.428 |
8.669 |
|
|
|
Overseas Contract Revenue
|
9.227 |
1650.867 |
2090.933 |
|
|
TOTAL EARNINGS |
43.392 |
1670.295 |
2099.602 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables Stores |
0.000 |
0.000 |
28.600 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
28.600 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.61 |
9.44 |
8.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.35 |
5.77 |
5.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
16.39 |
16.73 |
15.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.78 |
5.22 |
5.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.20 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.28 |
1.39 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.37 |
1.03 |
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 |
348.850 |
202.111 |
202.111 |
|
Reserves & Surplus |
5247.778 |
6275.246 |
6616.805 |
|
Net worth |
5596.628 |
6477.357 |
6818.916 |
|
|
|
|
|
|
long-term borrowings |
1795.609 |
5934.332 |
5316.057 |
|
Short term borrowings |
4606.161 |
3045.001 |
3388.609 |
|
Total borrowings |
6401.770 |
8979.333 |
8704.666 |
|
Debt/Equity ratio |
1.144 |
1.386 |
1.277 |
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) |
|
Revenue from operations |
15034.353 |
16496.398 |
15511.971 |
|
|
|
9.725 |
(5.968) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
15034.353 |
16496.398 |
15511.971 |
|
Profit |
832.400 |
951.667 |
365.204 |
|
|
5.54% |
5.77% |
2.35% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
6774.642 |
2121.589 |
658.243 |
|
|
|
|
|
|
Total |
6774.642 |
2121.589 |
658.243 |
|
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 18.06.2014 |
|
Lodging No.:- ITXAL/1188/2014 Filing
Date:- 18.06.2014
Reg. No.:-
ITXA/1474/2014 Reg. Date:- 24.09.2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX CENTR - Respondent: M/S. PRATIBHA INDUSTRIES
LIMITED Petn. Adv : PADMA DIVAKAR (I3287) District: PUNE |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 13.11.2014 Stage: FOR REJECTION (ORIGINAL SIDE MATTERS) Last Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10522642 |
06/09/2014 |
7,600,000,000.00 |
BANK OF BARODA |
CHEMBUR, MUMBAI, Maharashtra - 400071,
INDIA |
C23230477 |
|
2 |
10514428 |
22/07/2014 |
1,000,000,000.00 |
Bank Of Maharashtra |
Industrial Finance Branch, Apeejay House,
Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
C16104044 |
|
3 |
10506423 |
24/06/2014 |
2,156,800,000.00 |
UNION BANK OF INDIA LIMITED |
INDUSTRIAL FINANCE BRANCH, UNION BANK
BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
C09558768 |
|
4 |
10508225 |
18/06/2014 |
200,000,000.00 |
BHARATIYA MAHILA BANK |
GR. FLOOR, AIR INDIA BLDG, NARIMAN POINT,
MUMBAI, Maharashtra - 400021, INDIA |
C10687044 |
|
5 |
10486447 |
26/03/2014 |
700,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDERLOK BUILDING, 36,
JANPA |
C01016625 |
|
6 |
10479493 |
11/02/2014 |
200,000,000.00 |
State Bank of Travancore |
Corporate Finance Branch, 112-115 Tulsiani
Chambers Free Press Journal Marg, Mumbai, Maharashtra - 400021, INDIA |
B97160121 |
|
7 |
10470862 |
24/12/2013 |
1,950,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, Allahabad Bank
Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort, MUMBAI, Maharashtra -
400023, INDIA |
B93771400 |
|
8 |
10448842 |
19/11/2013 * |
600,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B90609363 |
|
9 |
10455706 |
31/08/2013 |
52,500,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, Dhirubhai Ambani
Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA |
B87775201 |
|
10 |
10441692 |
08/08/2013 |
2,000,000,000.00 |
BANK OF INDIA |
MDI Building, 1st Floor, 28, S. V. Road,
Andheri |
B81522831 |
|
11 |
10445818 |
05/08/2013 |
21,640,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B83462853 |
|
12 |
10445822 |
05/08/2013 |
25,858,700.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B83464099 |
|
13 |
10449513 |
31/07/2013 |
31,000,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, Dhirubhai
Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 4007 |
B85199214 |
|
14 |
10442338 |
23/07/2013 |
27,000,000.00 |
HDB FINANCIAL SERVICES LIMITED |
Radhika, 2nd Floor, Law Garden Road,
Navrangpura, Ahmedabad, Gujarat - 380009, INDIA |
B81832651 |
|
15 |
10436277 |
05/07/2013 |
500,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
117-118 shopping mall, Arjun Marg, DLF
phase - 1, Gurgaon, Haryana - 122002, INDIA |
B79372314 |
|
16 |
10437286 |
29/06/2013 |
1,000,000,000.00 |
Bank of Baroda |
Fair Lawn Co Op Hsq Society, Plot no 7, S.T.
Road, Chembur, Mumbai, Maharashtra - 400071, INDIA |
B79788089 |
|
17 |
10431199 |
11/06/2013 |
847,500,000.00 |
CENTRAL BANK OF INDIA |
1st floor, MMO Building, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B77124964 |
|
18 |
10431126 |
08/05/2013 |
30,336,999.10 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA,
West Bengal - 700046, INDIA |
B77103406 |
|
19 |
10433902 |
30/04/2013 |
28,500,000.00 |
SHRIRAM EQUIPMENT FINANCE COMPANY LIMITED |
MOOKAMBIKA COMPLEX, 3RD FLOOR, NO.4. LADY
DESIKA |
B78308202 |
|
20 |
10425274 |
29/03/2013 |
14,027,000.00 |
HDB FINANCIAL SERVICES LIMITED |
Radhika, 2nd Floor, Law Garden Road, Navrangpura,
Ahmedabad, Gujarat - 380009, INDIA |
B74948183 |
|
21 |
10419902 |
22/03/2013 |
11,857,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B73247744 |
|
22 |
10412349 |
11/02/2013 |
65,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
Maha |
B70968144 |
|
23 |
10413133 |
08/02/2013 |
33,343,000.00 |
SHRIRAM EQUIPMENT FINANCE COMPANY LIMITED |
MOOKAMBIKA COMPLEX, 3RD FLOOR, NO.4. LADY
DESIKA |
B71235097 |
|
24 |
10406215 |
07/02/2013 |
1,500,000,000.00 |
Export-Import Bank of India |
Centre One, Floor 21, World Trade Centre,
Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B68927920 |
|
25 |
10403480 |
11/01/2013 |
22,367,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B68313204 |
|
26 |
10400728 |
21/12/2012 |
1,997,598.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B67051391 |
|
27 |
10400493 |
21/12/2012 |
24,191,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B67069930 |
|
28 |
10395030 |
05/12/2012 |
8,466,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B65190027 |
|
29 |
10395027 |
04/12/2012 |
20,547,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B65189409 |
|
30 |
10395675 |
29/11/2012 |
5,800,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, WADIA INTERNATIONAL CENTRE,
P. B. M |
B65386914 |
|
31 |
10387694 |
09/11/2012 |
27,868,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B62444666 |
|
32 |
10387690 |
08/10/2012 |
11,106,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B62442868 |
|
33 |
10384563 |
11/09/2012 |
3,269,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B61411120 |
|
34 |
10384569 |
10/09/2012 |
23,900,000.00 |
MAGMA FINCORP LIMITED |
MAGMA HOUSE, 24 PARK STREET, KOLKATA, West
Bengal |
B61412268 |
|
35 |
10358969 |
12/04/2012 |
500,000,000.00 |
DBS BANK LIMITED |
221, Fort House, 3rd Floor, D.N.Road, Fort,
Mumbai, Maharashtra - 400001, INDIA |
B40913840 |
|
36 |
10338203 |
09/02/2012 |
2,500,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, WADIA INTERNATIONAL CENTRE, P.
B. MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA |
B33229451 |
|
37 |
10326191 |
29/12/2011 |
1,817,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B28993053 |
|
38 |
10324621 |
12/12/2011 |
2,992,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B28368850 |
|
39 |
10327360 |
29/06/2013 * |
1,176,100,000.00 |
BANK OF BARODA |
Fair Lawn Co Op Hsq Society, Plot no 7, S.T.
Road, Chembur, Mumbai, Maharashtra - 400071, INDIA |
B79821054 |
|
40 |
10303873 |
06/08/2011 |
452,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B19486646 |
|
41 |
10292929 |
14/09/2012 * |
450,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot no. C-38 & 39, G
Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA |
B57761801 |
|
42 |
10295269 |
15/06/2011 |
26,381,626.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA,
West Bengal - 700046, INDIA |
B16220998 |
|
43 |
10292488 |
13/06/2011 |
700,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA
(EAST), MUMBAI, Maharashtra - 400051, INDIA |
B15097173 |
|
44 |
10285066 |
06/05/2011 |
212,500,000.00 |
CORPORATION BANK |
IFB BRANCH, 104, BHARAT HOUSE, MUMBAI
SAMACHAR MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
B11999745 |
|
45 |
10285950 |
30/04/2011 |
28,878,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune, Maharashtra - 411035,
INDIA |
B12429205 |
|
46 |
10285942 |
30/04/2011 |
44,409,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune, Maharashtra - 411035,
INDIA |
B12429767 |
|
47 |
10278313 |
31/03/2011 |
9,076,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune, Maharashtra - 411035,
INDIA |
B09942301 |
|
48 |
10272935 |
22/02/2011 |
9,792,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune, Maharashtra - 411035,
INDIA |
B07184146 |
|
49 |
10265358 |
15/01/2011 |
14,626,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B04950846 |
|
50 |
10258150 |
16/12/2010 |
2,550,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, BANDRA KURLA COMPLEX,
BANDRA (EAST), MUMBAI, Maharashtra - 400051, INDIA |
B00938373 |
* Date of charge modification
COMPANY OVERVIEW
The
company is one of a fastest growing Infrastructure Company in India. The
Company undertakes infrastructure projects, which includes designing,
engineering and execution / construction of complex and integrated water
transmission and distribution projects, water treatment plants, elevated and
underground reservoirs, mass housing projects, commercial complexes, pre-cast
design and construction, road construction and urban infrastructure.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE – GENERAL
Total USD 55 to 60 trillion
in infrastructure investment is needed worldwide between 2013 and 2030 to keep
up with global growth momentum. Developed countries will have to invest to
maintain aging transport, power, water and telecom networks, while India need
to focus on just getting basic infrastructure in place. India could create
approx. 4 million new direct and indirect jobs with an increase in
infrastructure spending equivalent to 1% of gross domestic product.
India's Planning Commission
has projected an investment of US$ 1 trillion for the infrastructure sector
during the 12th Five-Year Plan (2012–17), with 40 per cent of the
funds coming from the country’s private sector. India's focus on infrastructure
make it the second fastest growing economy in the world. The country’s constant
growth gives investors, domestic and foreign, a tremendous opportunity for
investment in its infrastructure sector.
Government has announced
plans for various infrastructure developments across the country including two
major ports, three airports, nearly 6,000 miles of new road projects, 100 new
smart cities and an elevated rail-corridor and diamond corridor, bullet train
projects etc.
A strong infrastructure
sector is vital to the development of a country's economy. Here, the Indian
government has played an important role. Just recently, it allowed 100 per-
cent foreign direct investment (FDI) under the automatic route for port
development projects etc. The government has also, this year, decided to
convert roads into national highways.
OUTLOOK
– GENERAL
The outlook for the
infrastructure sector looking bright for the financial year 2014-15, largely
due to stable government in Center and its focus for overall infrastructure
development which will reduce project level stresses.
The growing economy will
have a positive impact on transportation assets. A sizeable proportion of
power, road and other mega infra projects will completed on time and new
projects will be announced very soon.
The Government's numerous
policy measures are positive for the sector but their impact on infrastructure
and credit quality will be reflected only over the medium term. The long-term
credit fundamentals for infrastructure projects remain positive due to India's
massive infrastructure deficit.
URBAN INFRASTRUCTURE
WATER SUPPLY
Inadequate coverage,
intermittent supplies, low pressure, and poor quality are some of the most
prominent features of water supply in the cities of India. With rapid increase
in urban population and continuing expansion of city limits, the challenge of
delivering potable water in Indian cities is growing rapidly.
Many large Indian cities
have to source water from long distances ranging from 50 to 200 km due to
exhaustion or pollution of nearby sources. This increases the cost of raw water
and enhances the possibility of leakage during transmission.
The Company is having a
expertise in execution of water supply project and established itself as a
leader in the water segment. During the year 2013-14, The Company was successful
to bag twelve water supply/sewerage projects amounting to Rs. 3451.61 crores.
SANITATION
The problem of sanitation
is much worse in urban areas than in rural due to increasing congestion and
density in cities. Indeed, the environmental and health implications of the
very poor sanitary conditions are a major cause for concern.
The Company is currently
executing a project for cleaning of Yamuna River for Engineers India Limited
and the Delhi Jal Board by laying of 33 kms of sewage network using trenchless
technology and construction of sewage pumping stations. With Government action
plan for purification of Ganga River will be an opportunity for the Company to
get more orders in this segment.
SOLID WASTE MANAGEMENT
In India, neither
households nor municipal authorities practice segregation of biodegradable
waste from the rest, and public awareness on the benefits of segregation is
low. The collection of the garbage from dumpsites is infrequent, processing is
not done in most cases and disposal rules are followed more in the breach.
Disposal practices at the open dumping sites are highly unsatisfactory. The
poor management of solid waste has led to contamination of groundwater and surface water through leachate
and pollution of air through unregulated burning of waste.
However, few cities have
set up modern plants for processing solid waste under PPP and converting it to
wealth through sale of bio fertilisers, green coal, an d eco bricks etc. This
segment offer great opportunity in long run with energy being generated from
waste.
The Company is exploring
various opportunities in this segment with or without joint venture.
TUNNELING
With the increase in
development work of hydroelectric projects in India, the amount of tunneling
work has increased manifold. Besides to achieve time bound programmes of
construction of mega projects in a period of four to five years modern methods
of tunnel driving are being considered as only solution to achieve a high rate
of progress. A tunnel is very widely used for underground transport or for
canal for water supply and sanitation. There are many other opportunities
abound for underground construction such as hydropower, irrigation and metros.
Over the last five years,
the Company has gain an expertise in tunneling business as Company has
successfully completed two tunnel projects of MCGM, Mumbai and currently
executing tunnel projects for DMRC, Delhi for Metro Rail and executing micro
tunneling project for purification of Yumuna River awarded by Delhi Jal Board.
ROAD / HIGHWAYS AND
RAILWAYS
Better Road infrastructure
is key and prerequisite for rapid and sustainable growth. Road infrastructure
has high importance for the growth of India’s economy, since around 60% of freight
and 85% of passenger traffic is
carried by road. India’s road network ranks
among the largest in the world. Although India has a large road network, it
stands at a low rank in terms of the quality of its roads. The National
Highways only constitute approx. 2 % of the road network, but carry approx. 45%
of the total road traffic. India needs extensive and effective highways and
expressways to support its growth.
To boost the construction
of National Highways/ roads, the present government has set an ambitious though
achievable target to build 25-30 km national highways a day to connect each
corner of country within 24 hours journey time, which seems an uphill task in
the face of the numerous challenges like financial, regulatory, execution,
project planning to policy challenges. Some of these needs to be resolved
immediately, while others require implementation of long-term action.
The Company is following
conservative approach in bidding of road projects and therefore the Company is
executing only one NHAI project under Joint Venture. The growth in rail infrastructure has not
matched with the demand, as many projects are running behind schedules, leading
to time and cost overruns of more than 100%
Some of the major issues affecting the sector include insufficient
funds, misplaced investment priorities, lack of timely reforms in organizations
and inability to attract private investments. Furthermore, the internal revenue
surplus is too small to fund investments and private investments only
constitute 4% of the total investment in the sector.
METRO
At present, eight metro
rail projects are currently underway in Delhi and NCR, Karnataka, West Bengal,
Rajasthan, Tamil Nadu, Kerala, Maharashtra and Andhra Pradesh. Gujarat, Uttar
Pradesh, Punjab and Chandigarh have approached the Central Government for
financial assistance to set up metro rail. Besides, Maharashtra is also keen to
develop metro projects in Nagpur and Pune.
Keeping in view the growing
popularity of and demand for Metro Rail services, government is considering
reducing the population norm for financing metro rail projects. Presently,
Central Government is financing Metro Projects in towns or cities with a
population of Rs.20 lakh and above, and the new government is proposed to
reduce it to Rs.10 lakh.
The Company is one of the
major players in Metro Tunneling and station projects and currently executing
various Metro Tunneling and Station Projects for DMRC, Delhi and Jaipur.
AIRPORTS AND PORTS
Investment in the airports
sector has exceeded expectations, with the private sector accounting for 64 per
cent of the investments. These investments received a significant boost due to
major airport such as the Bengaluru, Delhi, Mumbai and Hyderabad airport
projects. Additional initiatives for development are as follows:
·
Upgrade
35 city airports through PPP initiatives
·
Upgrade
airports in metro and non-metro cities in collaboration with Airports Authority
of India.
In case of the ports
sector, actual investment is 50 per cent less than the expected investment,
primarily because there were few PPP projects in the sector.
BUILDINGS
Past few years were not
good for Building and construction sector. Demand for new home in major ten cities
has fallen over the 6% years over the past couple of years due to higher
interest cost, increase in cost of raw materials results into higher price and
reduced affordability. The participation of Investors in house property has
dropped resulting into increase in inventory.
The Company is optimistic
about the future of real estate and construction industries in near future as
government has planned to set up 100 new smart cities which may create huge
opportunities for real estate sector and constriction segment. The Company is
currently executing various construction contracts for reputed builders across
India including green efficient building.
FIXED ASSETS
œ
Land
œ
Building
œ
Plant
and Equipment
œ
Furniture
and Fixtures
œ
Vehicles
œ
Office
Equipment
œ
Computer
œ
Electrical
Installation
œ
Office
Premises
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH SEPTEMBER, 2014
(Rs. In Millions)
|
|
|
Particulars |
Quarter
ended |
Year
|
|
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
5193.086 |
5001.774 |
10194.860 |
|
|
|
b) Other Operating Income |
314.617 |
307.310 |
621.927 |
|
|
|
Total Income from Operations (Net) |
5507.703 |
5309.084 |
10816.787 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Consumption of raw material |
4433.373 |
2617.267 |
7050.640 |
|
|
b) |
Purchase of stock in-trade |
0.000 |
291.253 |
291.253 |
|
|
c) |
Manufacturing, Construction and Operating Expenses |
673.320 |
78.0.694 |
1454.014 |
|
|
d) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(1106.267) |
275.589 |
(830.678) |
|
|
e) |
Purchase of traded |
0.000 |
0.000 |
0.000 |
|
|
f) |
Employee benefit expenses |
199.758 |
202.311 |
402.070 |
|
|
g) |
Depreciation and amortization expense |
125.253 |
122.357 |
247.610 |
|
|
h) |
Other expenses |
523.987 |
433.626 |
957.613 |
|
|
Total Expenses |
4849.424 |
4723.098 |
9572.522 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
658.279 |
585.986 |
1244.265 |
|
4 |
Other Income |
36.420 |
38.023 |
74.443 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
694.699 |
624.099 |
1318.708 |
|
6 |
Finance Costs |
467.981 |
450.123 |
918.104 |
|
|
7 |
|
Profit /(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
226.718 |
173.886 |
400.604 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
226.718 |
173.886 |
400.604 |
|
|
10 |
Tax Expense |
70.031 |
61.393 |
131.427 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
156.684 |
112.493 |
269.177 |
|
|
12 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
202.111 |
202.111 |
202.111 |
|
|
13 |
Reserve excluding
revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
1.55 |
1.11 |
2.66 |
|
|
|
Diluted |
1.55 |
1.11 |
2.66 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
53607880 |
53607880 |
53607880 |
|
|
|
- Percentage of
Shareholding |
53.05 |
53.05 |
53.05 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
47447512 |
47447512 |
47447512 |
|
|
|
- Percentage of shares ( as
a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
46.95 |
46.95 |
46.95 |
|
|
Particulars |
Quarter
ended 30.09.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
1 |
|
|
|
Disposed during the
quarter |
1 |
|
|
|
Remaining unresolved at the
end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS'
PERIOD ENDED 30TH SEPTEMBER, 2014
|
|
|
Quarter
ended |
|
|
|
|
Segment Revenue (Sales and Other Operating
Income) |
30.09.2014 |
30.09.2014 |
30.06.2014 |
|
a) |
Infrastructure and construction |
5505.675 |
5016.494 |
10522.169 |
|
b) |
Manufacturing |
4.022 |
1.057 |
5.078 |
|
c) |
Unallocated |
34.427 |
329.556 |
363.983 |
|
|
TOTAL |
5544.124 |
5347.107 |
10891.230 |
|
|
Less: Inter-segment transfers |
-- |
-- |
-- |
|
|
Net Sales / Income from operation |
5544.124 |
5347.107 |
10891.230 |
|
|
Segment Results: [Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
a) |
Infrastructure and construction |
712.068 |
635.949 |
1348.017 |
|
b) |
Manufacturing |
(12.789) |
(15.287) |
(28.076) |
|
c) |
Unallocated |
34.427 |
38.304 |
72.731 |
|
|
TOTAL |
733.705 |
658.966 |
1392.672 |
|
|
Less: Financial Cost |
467.981 |
450.123 |
9181.104 |
|
|
Other
unallocable |
39.006 |
34.958 |
73.964 |
|
|
Un Allocable
Income |
-- |
-- |
-- |
|
|
Total Profit/
Loss –before tax |
226.718 |
173.886 |
400.604 |
|
|
Capital Employed: |
|
|
|
|
a) |
Infrastructure and construction |
5588.069 |
5206.454 |
5588.069 |
|
b) |
Manufacturing |
1272.097 |
1283.580 |
1272.097 |
|
c) |
Unallocated |
227.927 |
441.374 |
227.927 |
|
|
TOTAL |
7088.092 |
6931.408 |
7088.092 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
30.09.2014 (Rs. In Millions) |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
202.111 |
|
(b) Reserves and surplus |
6885.982 |
|
Sub-total
- Shareholders' funds |
7088.092 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
6524.796 |
|
(b) Deferred Tax Liabilities (Net) |
483.194 |
|
(c) Other Long Term Liability |
0.000 |
|
(d) Long Term Provision |
0.000 |
|
Sub-total
- Non-current liabilities |
7007.990 |
|
|
|
|
Current liabilities |
|
|
(a) Short -term borrowings |
3839.749 |
|
(b) Trade payables |
4861.788 |
|
(c) Other Current Liability |
13148.448 |
|
(d) Short-term provision |
225.673 |
|
Sub-total
- Current liabilities |
22075.658 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
26171.741 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
9225.597 |
|
(b) Non-current investment |
50.328 |
|
(c) Deferred tax assets (net) |
-- |
|
(d) Long-term loans and advances |
1058.620 |
|
(e) Other non-current assets |
297.273 |
|
Sub-total
- Non-current assets Current assets |
10631.818 |
|
Current assets |
|
|
(a) Current Investment |
0.000 |
|
(b) Inventories |
7659.922 |
|
(c) Trade receivables |
7578.627 |
|
(d) Cash and cash equivalents |
1394.337 |
|
(e) Short-term loans and advances |
8359.144 |
|
(f) Other current assets |
547.893 |
|
Sub-total
- Current assets |
25539.923 |
|
|
|
|
TOTAL
- ASSETS |
36171.741 |
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--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.