MIRA
INFORM REPORT
|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ITD CEMENTATION INDIA LIMITED ITD-ITDCEM JOINT VENTURE WITH ITD CEMENTATION INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
24.06.1978 |
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Com. Reg. No.: |
11-020435 |
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Capital
Investment / Paid-up Capital : |
Rs.115.158 Millions |
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CIN No.: [Company Identification
No.] |
L61000MH1978PLC020435 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS00123E |
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PAN No.: [Permanent Account No.] |
AAACT1426A |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is
engaged in construction of a wide variety of structures like maritime
structures, mass rapid transport systems (MRTS), dams & tunnels,
airports, highways, bridges and flyovers and other foundations and specialist
engineering work. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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. There seems sharp dip in the profit of the company during 2013 however
networth of the company is satisfactory. General financial position of the
company is good. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal 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.
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 |
ICRA |
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Rating |
Long term = BBB+ |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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Date |
June 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based Limits = A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
June 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 – CORPORATIVE (91-22-66931600)
LOCATIONS
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Registered Office : |
National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile
Parle (East), Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-66931600 |
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Fax No.: |
91-22-66931627/28 |
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E-Mail : |
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Website : |
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Area Office : |
Located At: ·
Mumbai ·
Kolkata ·
New Delhi ·
Chennai |
DIRECTORS
AS ON: 31.12.2013
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Name : |
Mr. Premchai Karnasuta |
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Designation : |
Chairman |
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Qualification : |
B.SC Mining Engineering |
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Name : |
Mr. Per Hofvander |
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Designation : |
Director |
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Name : |
Mr. Darius Erach Udwadia |
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Designation : |
Director |
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Qualification : |
M.A. and LL.B |
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Name : |
Mr. Pathai Chakornbundit |
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Designation : |
Vice Chairman |
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Name : |
Mr. Deba Prasad Roy |
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Designation : |
Director |
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Name : |
Adun Saraban |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. Bijoy K. Saha |
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Designation : |
Sr. Executive Vice President |
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Name : |
Mr. K. Rajan |
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Designation : |
Executive Vice President |
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Name : |
Mr. S. Ramnath |
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Designation : |
Executive Vice President and CFO |
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Name : |
Mr. Gautam Basuroy |
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Designation : |
Sr. Vice President |
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Name : |
Mr. Rameshwardas C. Daga |
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Designation : |
Sr. Vice President and Company Secretary |
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Name : |
Mr. RupakSarkar |
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Designation : |
Vice President |
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Name : |
Mr. S.N. Patil |
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Designation : |
Vice President |
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Name : |
Mr. Manish Kumar |
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Designation : |
Vice President |
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Name : |
Mr. Jayanta Basu |
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Designation : |
Vice President |
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Name : |
Mr. Manas Ranjan Bhattacharya |
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Designation : |
Vice President |
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Name : |
Mr. Bellary Ramachar Vijaykumar |
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Designation : |
Vice President - Corporate Affairs |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 04.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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|
8011318 |
51.63 |
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|
8011318 |
51.63 |
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Total
shareholding of Promoter and Promoter Group (A) |
8011318 |
51.63 |
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(B)
Public Shareholding |
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|
3259044 |
21.00 |
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|
330 |
0.00 |
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|
410000 |
2.64 |
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460000 |
2.96 |
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0 |
0.00 |
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|
4129374 |
26.61 |
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|
571448 |
3.68 |
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1905967 |
12.28 |
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|
787524 |
5.08 |
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110159 |
0.71 |
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58680 |
0.38 |
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51429 |
0.33 |
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50 |
0.00 |
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3375098 |
21.75 |
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Total
Public shareholding (B) |
7504472 |
48.37 |
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Total
(A)+(B) |
15515790 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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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) |
15515790 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER
GROUP"
|
No. |
Name of the Shareholder |
Details of Shares held |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Italian Thai Development
Public Company Limited |
80,11,318 |
51.63 |
51.63 |
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Total |
80,11,318 |
51.63 |
51.63 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL
NO. OF SHARES
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
HDFC Trustee Company Limited
HDFC Infrastructure |
552000 |
3.56 |
3.56 |
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2 |
SBI Infrastructure Fund |
422000 |
2.72 |
2.72 |
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3 |
Hitesh Ramji Javeri |
415000 |
2.67 |
2.67 |
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4 |
Birla Sun Life Insurance
Company Limited |
410000 |
2.64 |
2.64 |
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5 |
ICICI Prudential
Infrastructure Fund |
310000 |
2.00 |
2.00 |
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6 |
Eastspring Investments India
Infrastructure Equity |
310000 |
2.00 |
2.00 |
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7 |
Sundaram Mutual Fund A/c
Sundaram Mutual Smile Fund |
235000 |
1.51 |
1.51 |
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8 |
HDFC Trustee Company Limited
A/c HDFC Growth Fund |
228000 |
1.47 |
1.47 |
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9 |
UTI Leadership Equity Fund |
220500 |
1.42 |
1.42 |
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10 |
UTI MNC Fund |
220500 |
1.42 |
1.42 |
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11 |
Kotak Mahindra Investments
Limited |
164978 |
1.06 |
1.06 |
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Total |
3487978 |
22.48 |
22.48 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in construction of a wide variety of structures like maritime
structures, mass rapid transport systems (MRTS), dams & tunnels, airports,
highways, bridges and flyovers and other foundations and specialist
engineering work. |
|
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Products : |
·
Civil Mining Marine and Specialist engineering
Construction ·
Foundation engineering and construction ·
Roads and Bridges Construction |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Allahabad Bank ·
Punjab National Bank ·
Axis Bank Limited ·
Standard Chartered Bank ·
Bank of Baroda ·
State Bank of India ·
Central Bank of India ·
The Federal Bank Limited ·
IDBI Bank Limited ·
Union Bank of India |
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Facilities : |
NOTE: LONG TERM
BORROWING Plant loan from fi nancial institution (Secured) : Loan obtained from
Tata Capital Limited for purchase of vehicles and construction equipment
which carries interest rate ranging between 12.75 to 13.75 percent per annum
and are repayable in 36 to 60 monthly installments. These loans are secured
by first and exclusive charge on vehicles and specific equipment financed by
the Institution. Vehicle loan
from bank (Secured) : Loan obtained
from HDFC Bank for purchase of vehicles which carries interest rate 12
percent approx per annum and are repayable in 60 monthly installments. These
loans are secured by hypothecation of the vehicle purchased out of this loan. Term loan from
financial institution (Secured) : Loan obtained
from Indiabulls Housing Finance Limited for purchase of office premise
carries interest rate of 13.50 percent per annum and are repayable in 84
monthly installments commencing from April 2013. This loans are secured by
hypothecation of office purchased out of this loan. SHORT TERM
BORROWINGS Working capital
loan from banks (Secured) : Working capital
loans availed from consortium bankers carries various interest rates are
secured by first paripassu charge on the current assets and movable plant and
machinery other than those charged in favour of Tata Capital Limited. These
facilities are payable on demand. External
commercial borrowings (Buyer's credit) : Buyer credit
loan obtained from bankers carries interest of LIBOR plus 1.5 to 3.5 percent
per annum (quarterly rests). This are secured by fi rst pari passu charge on
the current assets and movable plant and machinery other than those charged
in favour of Tata Capital Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountant |
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Address : |
Mumbai, Maharashtra, India |
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Joint Venture : |
·
ITD Cemindia JV ·
ITD –ITD Cem JV ·
ITD-ITD Cem JV (Consortium of ITD ITD
Cementation) ·
ITD – Cem Maytas Consortium |
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Holding Company : |
Italian Thai Development Public Company Limited |
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Subsidiaries : |
ITD Cementation Projects India Limited (Wholly Owned Subsidiary) |
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Fellow Subsidiaries : |
Aquathai Company Limited |
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Associates |
AVR Infra Private Limited |
CAPITAL STRUCTURE
AS ON: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
60000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
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Total |
|
Rs.750.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11518316 |
Equity Shares |
Rs.10/- each |
Rs.115.183 Millions |
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Subscribed &
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11515790 |
Equity Shares |
Rs.10/- each |
Rs.115.158 Millions |
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Reconciliation of equity shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
No. of Shares |
Amount In Millions |
|
Balance at the beginning of the year |
11,515,790 |
115.158 |
|
Add : Issued during the year |
-- |
-- |
|
Balance at the end
of the year |
11,515,790 |
115.158 |
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.
During the year, Rs. 1.00 (31st December 2012 : Rs. 2.00) per share dividend recognised as distributions to equity share holders.
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, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares held by holding Company
|
Particulars |
No. of Shares |
Amount In Millions |
|
Equity shares of ` 10 each |
|
|
|
Italian-Thai Development Public Company Limited, Thailand |
8,011,318 |
80.113 |
|
Shareholders holding more than 5% of the equity shares in the Company as at 31st December 2013 |
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|
No. of Shares |
% holding |
|
Equity shares of ` 10 each |
|
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|
Italian-Thai Development Public Company Limited, Thailand |
8,011,318 |
69.57% |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceeding 31st December 2013
The Company has not issued any bonus shares nor has there been any buy back of shares during five years immediately preceeding 31st December 2013.
Out of the total issued capital, 2,526 (31st December 2012 : 2,526) equity shares of ` 10 each have been kept in abeyance pending final settlement of rights issues.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
115.158 |
115.158 |
115.158 |
|
(b) Reserves & Surplus |
3969.013 |
3889.570 |
3696.560 |
|
(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) |
4084.171 |
4004.728 |
3811.718 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
114.091 |
260.208 |
579.364 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
41.737 |
51.898 |
43.582 |
|
Total Non-current Liabilities (3) |
155.828 |
312.106 |
622.946 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6597.114 |
5950.964 |
5662.256 |
|
(b) Trade payables |
2316.107 |
2444.791 |
2770.963 |
|
(c) Other current
liabilities |
2933.558 |
3319.115 |
2285.489 |
|
(d) Short-term provisions |
90.836 |
97.652 |
83.490 |
|
Total Current Liabilities (4) |
11937.615 |
11812.522 |
10802.198 |
|
|
|
|
|
|
TOTAL |
16177.614 |
16129.356 |
15236.862 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1916.986 |
1931.121 |
1979.656 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
67.287 |
135.971 |
30.839 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
599.714 |
473.172 |
408.291 |
|
(c) Deferred tax assets (net) |
142.220 |
110.400 |
75.800 |
|
(d) Long-term Loan and Advances |
1141.088 |
1026.986 |
933.465 |
|
(e) Other Non-current assets |
2.200 |
2.200 |
1.000 |
|
Total Non-Current Assets |
3869.495 |
3679.850 |
3429.051 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.026 |
0.026 |
0.026 |
|
(b) Inventories |
7717.236 |
7910.785 |
6797.228 |
|
(c) Trade receivables |
3347.708 |
3146.506 |
3174.632 |
|
(d) Cash and cash
equivalents |
111.246 |
121.730 |
229.541 |
|
(e) Short-term loans and
advances |
1130.316 |
1269.262 |
1606.384 |
|
(f) Other current assets |
1.587 |
1.197 |
0.000 |
|
Total Current Assets |
12308.119 |
12449.506 |
11807.811 |
|
|
|
|
|
|
TOTAL |
16177.614 |
16129.356 |
15236.862 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Revenue |
12247.567 |
12879.311 |
12905.269 |
|
|
|
Other operating income |
354.777 |
179.349 |
123.435 |
|
|
|
Other Income |
187.030 |
86.485 |
74.818 |
|
|
|
TOTAL (A) |
12789.374 |
13145.145 |
13103.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3969.255 |
4560.509 |
4631.104 |
|
|
|
Sub-contract expense |
2255.892 |
2058.441 |
1898.969 |
|
|
|
Employees benefits expense |
1552.001 |
1431.740 |
1244.708 |
|
|
|
Other expenses |
3428.257 |
3395.564 |
3838.296 |
|
|
|
TOTAL (B) |
11205.405 |
11446.254 |
11613.077 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1583.969 |
1698.891 |
1490.445 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1155.617 |
1071.163 |
927.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
428.352 |
627.728 |
562.549 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
334.891 |
360.491 |
342.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.461 |
267.237 |
220.266 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.367 |
47.460 |
(5.492) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
93.094 |
219.777 |
225.758 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
628.511 |
451.986 |
269.860 |
|
|
|
|
|
|
|
|
|
|
CORPORATE DIVIDEND TAX
WRITTEN BACK |
|
0.000 |
0.066 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.327 |
16.483 |
16.932 |
|
|
|
Dividend |
11.516 |
23.032 |
23.032 |
|
|
|
Tax on Dividend |
2.135 |
3.736 |
3.736 |
|
|
BALANCE CARRIED
TO THE B/S |
705.627 |
628.511 |
451.984 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare parts |
0.000 |
1.124 |
5.787 |
|
|
|
Tools and equipments |
7.655 |
3.987 |
10.893 |
|
|
|
Construction materials |
0.000 |
2.512 |
10.851 |
|
|
|
Capital goods (including capital work-in-progress) |
43.982 |
115.137 |
447.164 |
|
|
TOTAL IMPORTS |
51.637 |
122.76 |
474.695 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.08 |
19.08 |
19.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
0.73 |
1.67 |
1.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.76 |
2.07 |
1.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.61 |
1.73 |
1.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.64 |
1.55 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.05 |
1.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
115.158 |
115.158 |
115.158 |
|
Reserves & Surplus |
3696.560 |
3889.570 |
3969.013 |
|
Net
worth |
3811.718 |
4004.728 |
4084.171 |
|
|
|
|
|
|
long-term borrowings |
579.364 |
260.208 |
114.091 |
|
Short term borrowings |
5662.256 |
5950.964 |
6597.114 |
|
Total
borrowings |
6241.620 |
6211.172 |
6711.205 |
|
Debt/Equity
ratio |
1.637 |
1.551 |
1.643 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
12905.269 |
12879.311 |
12247.567 |
|
|
|
(0.201) |
(4.905) |
c
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
12905.269 |
12879.311 |
12247.567 |
|
Profit/(Loss) After Tax |
225.758 |
219.777 |
93.094 |
|
|
1.75% |
1.71% |
0.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWING:
|
Particulars |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturity of long term
borrowing |
728.799 |
762.334 |
84.125 |
|
|
|
|
|
|
Total |
728.799 |
762.334 |
84.125 |
|
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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
|
Case Details Bench:- Bombay |
|||||||
|
PRESENTATION DATE : 21.10.2013 |
|||||||
|
Lodging No:- |
ITXAL/1786/2013 |
Filing Date:- |
21.10.2013 |
Reg. No.:- |
ITXA/234/2014 |
Reg. Date:- |
04.01.2014 |
|
|
|||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX |
Respondent:- |
ITD CEMENTATION INDIA LIMITED |
||||
|
Petn. Adv.: |
ARVIND PINTO (I583) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Transfer Date: |
03.11.2014 |
Remark: |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Coram :- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section |
260A |
||||
UNSECURED LOAN:
|
Particulars |
31.12.2013 [Rs.
in Millions] |
31.12.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Term loan - from Bank |
0.000 |
0.000 |
|
Term loan - from financial institution |
17.173 |
216.123 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Working capital loan from Bank |
0.000 |
421.283 |
|
|
|
|
|
Total |
17.173 |
637.406 |
|
NOTE: LONG TERM
BORROWING Term loan - from
bank (Unsecured) : Term loan
obtained from Vijaya Bank carried interest rate of base rate plus 2.50 percent
per annum. This loan has been repaid during the year. Term loan - from
financial institution (Unsecured) : Term loan
obtained from SREI Equipment Finance Private Limited carries interest rate of
12 percent per annum. These loans are
repayable in 29 monthly installments commencing from September 2012. |
||
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2013 [Rs.
in Millions] |
31.12.2012 [Rs.
in Millions] |
|
Guarantees given by banks in respect of contracting commitments in the normal course of business |
27,117.78 |
31,985.67 |
|
Corporate Guarantee given to bank on behalf of Joint Ventures |
51,00.000 |
44,80.000 |
|
The Company has a number of claims on customers for price escalation and / or variation in contract work. In certain cases which are currently under arbitration, the customers have raised counter-claims. The Company has received legal advice that none of the counter-claims are legally tenable. Accordingly no provision is considered necessary in respect of these counter claims. |
12,24.458 |
21,04.414 |
|
Sales Tax matters pending in appeals |
3,46.969 |
2,09.095 |
|
Income Tax matters pending in appeal |
97.068 |
1,15.239 |
|
Excise matter pending in appeal |
5.200 |
5.200 |
|
Subsequent to the year end, a Client of the Company has, pursuant to its contract with the Company for execution of work, invoked Bank Guarantees provided to the Client by the Company’s banks. Banks have made payments to the Client aggregating to ` 920.000 Millions. The Company is currently in dialogue with the Client to resolve the matter amicably and the Company has reasons to believe that the matter will be favourably resolved. |
||
REVIEW OF OPERATIONS
Revenue for the year at Rs. 12247.600 Millions has declined by Rs. 6,31.700 Millions from Rs. 128,79.300 Millions in the year 2012, a decline of about 5% over previous year. Consolidated revenue for the year was also lower at Rs. 157,83.700 Millions as compared to Rs. 164,47.200 Millions for the year 2012, a decline of about 4% over the previous year.
The Company’s profit before tax for the year was lower by 65% at Rs. 93.500 Millions compared to a profit before tax of Rs. 2,67.200 Millions for the year 2012.
The Consolidated profit before tax for the year was lower by 23% at Rs. 2,39.100 Millions compared to profit before tax of Rs. 3,10.700 Millions for the year 2012.
The profit after tax for the year at Rs. 93.100 Millions was lower by Rs. 1,26.700 Millions in comparison with 2012 because of lower revenues and reduction in margins because of change in the composition of revenues from different types of construction work.
On a review of the position of outstanding debts, there are no write off of bad debts during the year (2012 – Rs. 45.000 Millions).
Total value of new contracts secured during the year aggregated Rs. 267,62.000 Millions (2012 – Rs. 143,50.200 Millions). Major contracts include-
• Construction of six lane link road including Road over Bridge, Ghaziabad.
• Comprehensive Development of Corridor between Mangolpuri to Madhuban Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.
• Comprehensive Development of Corridor between Madhuban Chowk to Mukarba Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.
• Construction of New Haj Tower Complex at Rajarhat, West Bengal.
• Development of Marine facilities at Karanja Creek, Uran, Maharashtra.
• Part Design and Construction of Elevated viaduct and 2 elevated stations, Phase III of Delhi MRTS, Delhi.
• Design and build construction of 330 meter Wharf Structure at Nhava Sheva, Maharashtra.
• Construction of the Balance Works of the Ramps, Cut and Cover Tunnel of Chennai Metro Rail Project, Phase I, Chennai.
During the year, the Company’s Joint Venture, ITDITD Cem Joint Venture, has received two contracts namely: Design and Construction of Tunnels by shield TBM, Palam and I.G.D. Airport Underground Stations by Cut & Cover Method between Palam (including) and Shankar Vihar (excluding) on Janakpuri West – Kalindi
Kunj Corridor under Delhi MRTS Project of Phase-III for Delhi Metro Rail Corporation of the value of Rs. 75,20.000 Millions and Procurement of Ground Water Treatment Plants, Design, Construction, Supply, Installation, Commissioning including Mechanical and Electrical Equipment and Operation for Government of Tripura (SIPMIU) of the value of Rs. 3,98.800 Millions.
During the year, a number of contracts were completed including-
• Civil works, service and allied works for Modernisation at GRSE – Main Unit for Garden Reach Shipbuilders and Engineers Limited, Kolkata.
• Bored Cast-in-situ Piling, Diaphragm Wall and Ground Improvement work at Dahej, Gujarat.
• Piling work for multi-storeyed residential complex at Jaypee Greens, Noida.
• Construction of Ship Repair facility at Lavgan, Maharashtra.
• Construction of Landside structure for Ship Repair facility at Jaigad, Maharashtra.
• Construction of Integrated Passenger Terminal Building at NSCBI Airport, Kolkata.
• Piling work for SEPCO, Cuddalore, Tamilnadu.
The Directors state that subsequent to the year end, a client of the Company has, pursuant to its contract with the
Company for execution of work, invoked bank guarantees provided to the client by the Company’s banks. Banks have made payments to the client aggregating to Rs. 9,20.000 Millions. The Company is currently in dialogue with the client to resolve the matter amicably and the Company has reasons to believe that the matter will be favourably resolved.
A disclosure in this regard has been made under Notes 29 (g) and 28(h) under the heading ‘Contingent Liabilities’ for the Standalone Financials and Consolidated Financials respectively.
ISO 9001:2008, ISO
14001:2004 AND OHSAS 18001:2007
The Company has an established Integrated Management System comprising of Quality Management System conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001:2004 and Occupational Health and Safety Management System conforming to OHSAS 18001:2007 at all offices, project sites and depots. During the year, the Company’s accreditation has been audited and compliance to the requirements of the International Standards has been confirmed by Det Norske Veritas AS (DNV).
The Company is amongst a few construction companies who have established an Integrated Management System and are maintaining the system with proper customer satisfaction along with continual improvements to the system.
OUTLOOK
The overall infra growth environment for the construction sector during the year gone by was very challenging. But the Company, with its strong execution capabilities and strong balance sheet has sailed steadily through these difficult times. Government has recently taken a number of measures to fast track infrastructure growth and a few encouraging signs are already visible. The inflation though sticky, with tight liquidity scenario, is expected to cool in the coming months. This may lead to a fall in interest rate in the system. The Company has already built a strong and diversified order book of Rs. 382,11.800 Millions for the year, which, gives it good revenue visibility for more than two years. It is expected that the years ahead would bring great opportunities in the key business areas that the Company is focused in.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY REVIEW
ITD Cementation Limited is a leading player in the Engineering, Procurement and Construction (EPC) area of construction industry. Its main activities are marine projects, urban transport, foundation specialist engineering, hydroelectric power and tunneling, dams and irrigation, industrial structures, highways and bridges, and airports.
ECONOMIC OVERVIEW
GLOBAL ECONOMY
The global economy continued to recover through the year 2013, ably supported by extraordinary monetary measures undertaken by central banks of some major economies including US, Japan and Euro Region. While advanced economies’ growth was in line with International Monetary Fund’s (IMF) 2013 initial projections, developing economies’ growth lost considerable momentum. As a result, the global GDP growth came down to 3.0% in 2013 from 3.1% recorded in 2012.
One of the key developments during the year was Fed’s indication to gradually taper the quantitative easing. This event sparked rapid depreciation in currencies of countries with high current account and fiscal deficit. Going forward, IMF has projected that the global economy is expected to strengthen its growth momentum recording a 3.7% growth in 2014 followed with 3.9% growth in 2015.
INDIAN ECONOMY
The Indian Economy is passing through one of its most challenging phases in recent times. The economy is confronted with some significant problems including, waning institutional as well as retail demand, alarming inflation, high cost of borrowing, weakened INR (Vs. USD), stagnant policy reforms and falling industrial output. Gross Domestic Product (GDP) growth rate has remained in the sub-5% range for the last 4 quarters (Exhibit 1: India Quarterly Y-o-Y GDP Growth rate). The industrial production has also been very tepid with an average year
2013 Index of Industrial Production (IIP) growth of mere 0.35% (Exhibit 2: Key economic indicators).
The Wholesale Price Index (WPI) in the initial months of 2013 did show signs of decelerating but after hitting a low of 4.58% in May 2013 (Exhibit 2: Key economic indicators) gradually inched higher and stood at 6.16% as of December 2013. The Consumer Price Index (CPI) inflation for most of the year remained in double-digit and after touching a high of 11.16% in November 2013, it has come down to 9.87% in December 2013.
The inflation volatility impacted domestic interest rates too. After near 8.0% repo rate in 2012, the year 2013 witnessed some rate cuts in H1 2013. With Reserve Bank of India’s (RBI) resolve to contain inflation the cycle has turned again in H2 2013. The high cost of funds coupled with overall economic slowdown has impacted profitability adversely for Infrastructure sector including Power. The growth in GDP during FY14 is estimated at 4.9% as compared to the growth rate of 4.5% in FY13.
CONSTRUCTION
INDUSTRY: OVERVIEW
Considered to be the lifeline of any economy, Infrastructure remains the pivotal link in India’s economic growth prospects. Often-referred-to as the growth-driver of emerging economies, India ranked 85th in terms of overall Infrastructure quality among 148 countries covered in “The Global Competitiveness Report 2013-14” by World Economic Forum. Much smaller countries like Nambia, Sri Lanka and Kenya ranked ahead of India. India needs significant enhancement in its infrastructure facilities. Taking cognizance of this fact the country has been significantly increasing its planned outlay in infrastructure sector over the last three Five Year Plan. The planned outlay has nearly doubled to Rs. 5,230,9000 Millions in 12th Five Year Plan from Rs. 2,056,1500 Millions in 11th Five Year Plan.
The construction industry plays an instrumental role in building infrastructure. It requires to significantly enhance its execution capabilities in near-to-medium term in order to serve the pent-up demand. Indian construction industry’s estimated current capacity of asset building of Rs. 415,0000 Millions annually would require to be doubled. The human, machinery and material inputs need considerable stepping up together with re-alignment of policies and priorities at governments’ and regulators’ level.
NATURE
OF OPERATIONS
The Company was incorporated in 1978 and is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work. The activities of the Company comprise only one business segment viz Construction.
STATEMENT OF
UNAUDITED RESULT FOR THE QUARTER YEAR ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
3 months
Ended |
Preceding 3 months
Ended |
Corresponding 3 months Ended |
Year to date current period |
Year to date figures for the previous year ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2013 |
30.06.2014 |
30.06.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Part - I |
|
|
|
|
|
|
1. Income from Operations |
|
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of Excise Duty) |
3288.458 |
3005.196 |
3262.085 |
6293.654 |
6761.275 |
|
Company’s share in
profit of Joint Venture |
70.945 |
24.760 |
83.170 |
95.705 |
89.725 |
|
(b) Other Operating Income |
10.042 |
9.663 |
15.590 |
19.705 |
61.666 |
|
Total Income from Operation |
3369.445 |
3039.619 |
3360.845 |
6409.064 |
6912.666 |
|
|
|
|
|
|
|
|
2. Expenses |
|
|
|
|
|
|
Cost of materials consumed |
1164.090 |
941.113 |
1056.157 |
2105.203 |
2333.172 |
|
Employee benefits expense |
421.330 |
402.910 |
400.251 |
824.240 |
812.612 |
|
Depreciation and amortization expense |
74.914 |
73.821 |
83.186 |
148.735 |
161.751 |
|
Sub Contract
Charges |
665.276 |
618.750 |
600.090 |
1284.026 |
1173.301 |
|
Other expenses |
837.292 |
871.608 |
898.996 |
1708.900 |
1826.736 |
|
Total Expenses |
3162.902 |
2908.202 |
3038.680 |
6071.104 |
6307.572 |
|
|
|
|
|
|
|
|
3. Profit/(Loss) from Operations
before Other Income, finance cost* and Exceptional Items (1-2) |
206.543 |
131.417 |
322.165 |
337.960 |
605.094 |
|
4. Other income |
14.457 |
26.752 |
6.233 |
41.209 |
71.400 |
|
6. Profit/(Loss) from ordinary
activities before finance costs and exceptional Items (3+4) |
221.000 |
158.169 |
328.398 |
379.169 |
676.494 |
|
6. Finance Costs |
316.167 |
278.332 |
281.931 |
594.499 |
552.402 |
|
7. Profit/(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
(95.167) |
(120.163) |
46.467 |
(215.330) |
124.092 |
|
8. Exceptional Hems |
-- |
--- |
-- |
-- |
--- |
|
9. Profit/(Loss) from
ordinary activities before tax (7-8) |
(95.167) |
(120.163) |
46.467 |
(215.330) |
124.092 |
|
10. Tax Expense |
(71.200) |
(17.600) |
0.400 |
(88.800) |
22.300 |
|
11. Net Profit/(Loss) for
the period (9-10) |
(23.967) |
(102.563) |
46.067 |
(126.530) |
101.792 |
|
12. Minority Interest |
-- |
--- |
-- |
-- |
--- |
|
13. Net Profit/(Loss)
after taxes, minority Interest
and Share of Profit/(Loss) |
(23.967) |
(102.563) |
46.067 |
(126.530) |
101.792 |
|
14. Paid-up Equity Share Capital (Pace
Value per share : Rs.1/- |
115.158 |
115.158 |
115.158 |
115.158 |
115.158 |
|
15. Reserves excluding Revolution Reserve
as per balance sheet of previous accounting year |
-- |
--- |
-- |
-- |
--- |
|
|
|
|
|
|
|
|
16. Earning* per share of
Rs.1/- each (Not Annualised): |
|
|
|
|
|
|
Basic and Diluted EPS before Extraordinary items |
(2.08) |
(8.91) |
4.00 |
(10.99) |
8.84 |
|
Basic and Diluted EPS after Extraordinary items |
(2.08) |
(8.91) |
4.00 |
(10.99) |
8.84 |
|
|
|
|
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
|
Public shareholding |
|
|
|
|
|
|
Number of shares |
35,04,472 |
35,04,472 |
35,04,472 |
35,04,472 |
35,04,472 |
|
Percentage of Shareholding |
30.43 |
30.43 |
30.43 |
30.43 |
30.43 |
|
|
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
|
|
Pledged /encumbered |
|
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of the total
share capital of the company) |
Nil |
Nil |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
|
|
Number of shares |
80,11,318 |
80,11,318 |
80,11,318 |
80,11,318 |
80,11,318 |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group] |
100 |
100 |
100 |
100 |
100 |
|
Percentage of shares (as a % of the total
share capital of the company) |
69.57 |
69.57 |
69.57 |
69.57 |
69.57 |
|
B |
INVESTOR
COMPLAINTS : |
Quarter Ended 30.06.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
9 |
|
|
Disposed of during the quarter |
9 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Note :
1.The above statement of unaudited standalone results was
reviewed by the Audit Committee at its Meeting held on August 6, 2014 and on recommendation
of Audit Committee has been approved by the Board of Directors of the Company
at its meeting held on August 6, 2014.
2.The Company operates in one segment viz. Construction.
3. a) Trade receivables as at June 30, 2014
include variation claims recognised by the Company aggregating Rs. 2,769 lacs,
which are disputed by the customer. Out of this, claims amounting to Rs. 2,25.8
Millions are a subject matter of arbitration. The Company has received
arbitration award in its favour in respect of the balance amount of Rs. 51.100
Millions which have since been challenged by the customer. Based on the legal
opinion from Company's counsel in the matter, the management is reasonably
confident of recovery of these amounts.
b) Trade receivables as at June 30, 2014 include
Rs. 4,08.0 Millions representing interim work bills for work done which have
not been certified by customers beyond normal periods of certification. The
management is reasonably confident of the certification and recovery of the
same progressively on these contracts based on past experience of the Company,
assessment of work done and the fact that these amounts are not disputed by the
customer and based on the legal opinion received on this matter.
c) Trade receivables as at June 30, 2014 include
Rs. 1,14.0 Millions relating to price escalation claims which are disputed by
the customer. The Company had received an arbitration award in its favour which
has subsequently been upheld by the High Court. The customer has challenged
this High Court order. However, based on the above arbitration award, High
Court order and legal opinion, management is reasonably confident of recovery
of these amounts.
d) Trade receivables as at June 30, 2014 include
variation claims of Rs. 30.9 Millions for which the Company had received an
arbitration award in its favour which has subsequently been upheld by the
District Court. The customer has challenged this Court Order. However, based on
the above arbitration award. Court Order and legal opinion, management is
reasonably confident of recovery of these amounts.
e) Trade receivables and Unbilled
Work-in-progress as at June 30, 2014 includes Rs. 1,14.0 Millions and Rs.
2,75.6 Millions respectively, for a contract which has been rescinded by the
Company and trade receivables and unbilled work-in-progress as at June 30, 2014
includes Rs. 1,41.4 Millions and Rs. 5,92.2 Millions respectively, for another
contract where the Company has received a notice from the customer withdrawing
from the Company the balance works to be executed under the contract for which
the Company has also issued guarantees aggregating Rs. 1,49.7 Millions. The
Company has made claims against the customer to recover these amounts and has
initiated legal action. Based upon legal opinion received, the management is
reasonably confident of recovery of these amounts of trade receivable and
unbilled work-in-progress and consequently no changes have been made to the
values and classification of these amounts in the statements.
f) Trade receivables and unbilled
work-in-progress as at June 30, 2014 include Rs. 97.2 Millions and Rs. 16,78.9
Millions, respectively, in respect of certain road contracts which are
currently being executed by the Company. The customer has already granted two
extensions of time and the Company's request for further extension is under
consideration. The Company has made claims on the customer for recovery of
these amounts and has initiated legal action. Based on the contract terms and
legal opinion obtained, the management is reasonably confident of recovery of
these amounts.
4. The figures for the previous periods have
been regrouped wherever necessary to conform to the current period's
presentation.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
|
|
Current
Half Year 30.06.2014 |
|
|
|
|
Unaudited |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
115.158 |
|
(b) Reserves & Surplus |
|
|
3842.483 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3957.641 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
144.021 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
53.643 |
|
Total
Non-current Liabilities (3) |
|
|
197.664 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
6842.037 |
|
(b) Trade payables |
|
|
3192.952 |
|
(c) Other current liabilities |
|
|
2991.641 |
|
(d) Short-term provisions |
|
|
82.469 |
|
Total
Current Liabilities (4) |
|
|
13109.099 |
|
|
|
|
|
|
TOTAL |
|
|
17264.404 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1851.422 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
157.642 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
695.419 |
|
(c) Deferred tax assets (net) |
|
|
231.020 |
|
(d) Long-term Loan and Advances |
|
|
1222.003 |
|
(e) Other Non-current assets |
|
|
2.200 |
|
Total
Non-Current Assets |
|
|
4159.706 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.026 |
|
(b) Inventories |
|
|
8523.126 |
|
(c) Trade receivables |
|
|
3148.336 |
|
(d) Cash and cash equivalents |
|
|
132.273 |
|
(e) Short-term loans and
advances |
|
|
1300.491 |
|
(f) Other current assets |
|
|
0.446 |
|
Total
Current Assets |
|
|
13104.698 |
|
|
|
|
|
|
TOTAL |
|
|
17264.404 |
Press release
ITD CEMENTATION BAGS
ORDERS OF OVER RS 15000.000 MILLIONS IN THE FIRST QUARTER
Mumbai, ist April, 2013: ITD Cementation lndia Limited, one of the leading construction companies in the field of Civil Engineering, has announced the receipt of the following major orders during the first quarter of the current year, January to March 2013:
From Public Works Department (PWD), New Delhi for Comprehensive
Development of Corridor (Outer Ring Road) between Mangolpuri to Madhuban
Chowk, comprising of Elevated Road, FOB, RCC Drain, Footpath, Cycle Track,
Rain Water Harvesting Scheme and other works of an approximate value of Rs
2896.500 Millions;
From Public Works Department (PWD), New Delhi for Comprehensive Development of Corridor, (Outer Ring Road) between Madhuban Chowk and Mukarba Chawk, comprising of Elevated Road, RCC Drain, Footpath, Cycle Track, Rain Water Harvesting Scheme and other works of an approximate value of Rs
2799.000 Millions;
From Ghaziabad Vikas Pradhikaran ibr Construction of a 6 lane Link Road and Flyover connecting NH 24 with NH 58 for an approximate value of Rs 1150.700 Millions;
From IIC Limited, a group company of Indiabulls, a contract for complete civil and structural work for Raw Water Pump House at Eklahara Barrage for their 1350 MW power plant being set up at Sinnar, SEZ, Nasik for Rs 232.500 Millions;
Projects worth around Rs. 1000.000 Millions on specialist engineering works of piling, civil works for power plants, water treatment plants etc.
In addition to the above, its Joint Venture (JV) with its parent, Italian-Thai Development Public Company Limited, Thailand (ITD, Thailand) has received an order amounting to Rs. 7520.000 Millions from the Delhi Metro Rail Corporation (DMRC) for Design and Construction of Tunnel by Shield TBM, Palarn and IGD Underground Stations by Cut and Cover method between Palam (including) and Shankar Vihar (excluding) on Janakpuri
West- Kalindi Kunj Corridor under Delhi MRTS Project of Phase-Ill and to be completed in 39 months. i. e. by April 2016.
ABOUT ITD CEMENTATION
LNDIA LIMITED
ITD Cem's presence dates back to 1931 when he Cementation Company Limited, UK started its operations in lndia and was engaged in providing seepage control and stability related solutions to a few distressed dams in the country. The Company was mainly active in the field of specialised civil, mining and foundation engineering till the eighties and thereafter was a part of various Multinational, Transnational organisations like Trafalgar House - UK, Kvaerner – Norway and Skanska -Sweden. Today, it is a part of Italian- Thai Development Public Company Limited, Thailand.
Over a period of time, it has developed expertise in design and construction of large infrastructure projects. The strong international parentage which ITD Cem has continuously enjoyed over eight decades provides a distinct advantage in delivering key technical knowhow that are,in line with jt?ternational compa,n.!es in this field.
In India, it has contributed significantly in the growth of Infrastructure in the country over the last eight decades and continues to provide expertise in the field of Civil Engineering. It has been,closely involved in a number of major national-level projects of diverse nature including jetties.at Dahej, Shiplift facility at Karwar, 2nd Container Terminal at Chennai, Elevated viaduct , road vprojects for NHAl and underground tunnels and stations at Delhi Metro and the new Integrated Terminal at Kolkata Airport. The Company's past experience has been strengthened by the rich and diverse expertise of the parent company, ITD, Thailand one of the leading contracting organisations in South East Asia.
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 records 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.61.03 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.