MIRA INFORM REPORT

 

 

Report No. :

315917

Report Date :

03.04.2015

 

IDENTIFICATION DETAILS

 

Name :

IDFC LIMITED

 

 

Formerly Known As :

INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED

 

 

Registered Office :

KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.01.1997

 

 

Com. Reg. No.:

18-037415

 

 

Capital Investment / Paid-up Capital :

Rs.15162.900 Million

 

 

CIN No.:

[Company Identification No.]

L65191TN1997PLC037415

 

 

TIN No.:

Not Available

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company.  The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The company is engaged in financing infrastructure projects in sectors like energy, telecommunication, transportation, commercial and industrial projects including hospital, education, tourism and hotels.

 

 

No. of Employees :

Information denied by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (80)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track record.

 

The rating reflects company’s healthy financial risk profile marked by strong liquidity position and decent profitability margins of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered good 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Non-Convertible Debenture = AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

February 2015

 

 

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 (Tel No.: 91-22-42222000)

 

 

LOCATIONS

 

Registered Office :

KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India

Tel. No.:

91-44-45644000

Fax No.:

91-44-45644022

E-Mail :

mahendra.shah@idfc.com

Website :

http://www.idfc.com

 

 

Corporate Office :

Naman Chambers, C-32, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-42222000 

Fax No.:

91-22-26540354

 

 

New Delhi Office :

The Capital Court, 2nd Floor, OLOF Palme Marg, Munirka, New Delhi – 110067, India

Tel. No.:

91-11-43311000

Fax No.:

91-11-26713359

 

 

Bangalore Office :

No.9/7, 2nd Floor, K.C.N. Bhavan,  Yamunabai Road, Madhav Nagar Extn., Off : Race Course Road, Bangalore – 560001, Karnataka, India

Tel. No.:

91-80-43448000

Fax No.:

91-80-43448001

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Vikram Limaye

Designation :

Managing Director and Chief Executive Officer

 

 

Name :

Dr. Rajiv B. Lall

Designation :

Executive Chairman

 

 

Name :

Ms. Snehlata Shrivastava

Designation :

Directors

 

 

Name :

Mr. Joseph Dominic Silva

Designation :

Director

Date of Birth/Age :

11.12.1964

Date of Appointment :

26.10.2012

 

 

Name :

Mr. S. H. Khan

Designation :

Directors

Date of Birth/Age :

01.07.1983

Date of Appointment :

11.02.1998

 

 

Name :

Mr. S. S. Kohli

Designation :

Directors

 

 

Name :

Mr. Gautam Kaji

Designation :

Director

Date of Birth/Age :

15.06.1941

Date of Appointment :

22.07.1998

 

 

Name :

Mr. Donald Peck

Designation :

Director

Date of Birth/Age :

28.05.1952

Date of Appointment :

21.07.2009

 

 

Name :

Mr. Shardul Shroff (Till June 3, 2014)

Designation :

Director

 

 

Name :

Dr. Omkar Goswami

Designation :

Director

 

 

Name :

Ms. Marianne Økland

Designation :

Director

 

 

 

SHAREHOLDING PATTERN

 

As on 31.12.2014

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

126399559

7.94

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

11977694

0.75

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

261400000

16.43

http://www.bseindia.com/include/images/clear.gifInsurance Companies

85813942

5.39

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

758245020

47.66

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

9301271

0.58

http://www.bseindia.com/include/images/clear.gifFDI

9301271

0.58

http://www.bseindia.com/include/images/clear.gifSub Total

1253137486

78.76

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

147961749

9.30

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 million

119670796

7.52

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 million

54772111

3.44

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

15462027

0.97

http://www.bseindia.com/include/images/clear.gifTrusts

5872631

0.37

http://www.bseindia.com/include/images/clear.gifClearing Members

891935

0.06

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

8697461

0.55

http://www.bseindia.com/include/images/clear.gifSub Total

337866683

21.24

Total Public shareholding (B)

1591004169

100.00

Total (A)+(B)

1591004169

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

1591004169

100.00

 

 

 

 

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 Shareholders

No. of Shares

Percentage of Holding

President of India

261400000

16.43

Sipadan Investments (Mauritius) Limited

151145989

9.50

National Westminster Bank Plc As Depositary Of First State Asia Pacific Leaders Fund A Sub Fund of First State Investments Icvc

57060751

3.59

Actis Hawk Limited

37091569

2.33

Life Insurance Corporation of India

36839201

2.32

Orbis Sicav - Asia Ex Japan Equity Fund

32222151

2.03

Platinum Asia Fund

26917150

1.69

HSBC Global Investment Funds A/C HSBC GIF Mauritius Limited

15999900

1.01

Orbis Global Equity Fund Limited

17919198

1.13

ICICI Prudential Life Insurance Company Limited

16775544

1.05

Platium International Fund

17874713

1.12

Total

671246166

42.19

 

 

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 of Shareholders

No. of Shares

Percentage of Holding

President of India

261400000

16.43

Sipadan Investments (Mauritius) Limited

151145989

9.50

Total

412545989

25.93

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in financing infrastructure projects in sectors like energy, telecommunication, transportation, commercial and industrial projects including hospital, education, tourism and hotels.

 

 

Products :

Financing Infrastructure Projects

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

 

Selling :

Not Divulged 

 

 

Purchasing :

Not Divulged 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

No. of Employees :

Information denied by management

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

Not Divulged 

Person Name (With Designation)

Not Divulged 

Contact Number

Not Divulged 

Name of Account Holder

Not Divulged 

Account Number

Not Divulged 

Account Since (Date/Year of Account Opening)

Not Divulged 

Average Balance Maintained (If Possible)

Not Divulged 

Credit Facilities Enjoyed (If any)

Not Divulged 

Account Operation

Not Divulged 

Remarks (If any)

Not Divulged 

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Debentures and Bonds (Non-Convertible)

 

 

Face value

264624.100

276931.300

Less: Unexpired discount on zero percent debentures and bonds

2815.500

3662.400

Term Loans

 

 

From banks

43807.400

30057.400

From others

7588.400

0.000

External Commercial Borrowings

 

 

From banks

49039.500

33828.300

From others

24457.000

24378.700

SHORT TERM BORROWINGS

 

 

Term loan from bank

12000.000

12189.000

Collateralised Borrowings and Lending

Obligations (CBLO)

13354.400

0.000

Repurchase Agreement (Repo)

13619.600

0.000

Cash Credit / Bank Overdraft

3000.000

12250.000

Total

428674.900

385972.300

 

Notes:

 

Long Term Borrowings

 

(a)   Borrowings of Rs.480890.900 Million (Previous Year Rs.497079.200 Million) are secured by way of a first floating pari passu charge over investments, other assets, trade receivables, cash and bank balances and loans & advances excluding investments in and other receivables from subsidiaries and affiliates and lien marked assets.

 

(b)   In terms of the RBI circular (Ref. No. DNBS (PD) CC No. 333 / 03.02.001 / 2013-14 dated July 1, 2013) no borrowings remained overdue as on March 31, 2014 (Previous Year Rs.Nil).

 

(c)   Unexpired discount is net of Rs.2510.000 Million (Previous Year Rs.1544.600 Million) towards interest accrued but not due.

 

(d)   Interest and repayment terms of long-term borrowings - debentures (non-convertible) (secured):

 

Short Term Borrowings

 

(a)   Borrowings of Rs.15000.000 Million (Previous Year Rs.24439.0000 Million) are secured by way of a first floating pari passu charge over investments, other assets, trade receivables, cash and bank balances and loans and advances excluding investments in and other receivables from subsidiaries and affiliates and lien marked assets.

 

(b)   Borrowings under CBLO is secured against investments in government securities and treasury bills of Rs.21439.200 Million (Previous Year Rs.Nil).

 

(c)   Borrowings under REPO are secured by assignment of treasury bills of Rs.13644.500 Million (Previous Year Rs.Nil).

 

(d)   Unexpired discount on commercial papers is net of Rs.613.500 Million (Previous Year Rs.322.500 Million) towards interest accrued but not due.

 

(e)   In terms of the RBI circular (Ref. No. DNBS (PD) CC No. 333 / 03.02.001 / 2013-14 dated July 1, 2013) no borrowings remained overdue as on March 31, 2014 (Previous Year Rs.Nil)

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

 

 

Solicitors and Advocates

  • Amarchand and Mangaldas and Suresh A. Shroff and Co.
  • AZB and Partners
  • Wadia Gandhy and Co.

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :

Direct

 

·         Galaxy Mercantiles Limited (w.e.f. December 6, 2013)

·         IDFC Alternatives Limited

·         IDFC Asset Management Company Limited

·         IDFC AMC Trustee Company Limited

·         IDFC Finance Limited

·         IDFC Foundation

·         IDFC Housing Finance Company Limited (incorporated on March 4, 2014)

·         IDFC Infra Debt Fund Limited (incorporated on March 7, 2014)

·         IDFC Primary Dealership Company Limited

·         IDFC Project Equity Company Limited (up to May 16, 2012)

·         IDFC Projects Limited

·         IDFC Securities Limited

·         IDFC Trustee Company Limited

·         Neopro Technologies Private Limited (w.e.f. March 30, 2013)

 

Through subsidiaries

 

·         Dheeru Powergen Limited (up to April 13, 2012)

·         IDFC Capital Limited (up to October 31, 2013)

·         IDFC Capital (USA) Inc.

·         IDFC Capital (Singapore) Pte. Limited

·         IDFC Distribution Company Limited (up to October 31, 2013)

·         IDFC Fund of Funds Limited

·         IDFC General Partners Limited (up to September 21, 2012)

·         IDFC Investment Advisors Limited

·         IDFC Investment Managers (Mauritius) Limited

·         IDFC Pension Fund Management Company Limited (up to October 31, 2013)

·         IDFC PPP Trusteeship Company Limited (dissolved on August 23, 2013)

·         IDFC Project Equity Company Limited (w.e.f. May 17, 2012)

·         IDFC Securities Singapore Pte. Limited (incorporated on November 21, 2012)

 

 

Jointly Controlled Entities :

Through subsidiaries

 

·         Delhi Integrated Multi-Modal Transit System Limited

·         Infrastructure Development Corporation (Karnataka) Limited

·         Uttarakhand Infrastructure Development Company Limited

 

 

Associates :

Direct

 

·         Galaxy Mercantiles Limited (up to December 5, 2013)

·         Feedback Infra Private Limited (formerly Feedback Infrastructure Services Private Limited)

 

Through subsidiaries

 

·         Jetpur Somnath Tollways Private Limited

·         Dheeru Powergen Limited (from April 14, 2012 to March 26, 2013)

 

 

Entities Over Which Control Is Exercised :

Through subsidiaries

 

·         India Infrastructure Initiative Trust (up to June 30, 2012)

·         India PPP Capacity Building Trust

 

 

CAPITAL STRUCTURE

 

After 31.03.2014

 

Authorised Capital : Rs.50000.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs.15919.544 Million  

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4000000000

Equity Shares

Rs.10/- each

Rs.40000.000 Million

100000000

Preference shares

Rs.10/- each

Rs.10000.000 Million

 

Total

 

Rs.50000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1516286251

Equity Shares

Rs.10/- each

Rs.15162.900 Million

 

  1. Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Rs. In Million

Outstanding as at the beginning of the year

1514727629

15147.300

Issued during the year - stock options exercised under the ESOS

1558622

15.600

Total

1516286251

15162.900

 

b.    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 and ranks pari passu. The dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting. During the year ended March 31 2014 dividend of Rs.2.60 per share (Previous Year Rs.2.60 per share) is recognised as amount distributable to equity shareholders.

 

In the event of liquidation of the Company the holders of equity shares will be entitled to receive any of the remaining assets of theCompany after distribution of all preferential amounts. However no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

  1. Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

President of India

261400000

17.24%

Sipadan Investments (Mauritius) Limited

151145989

9.97%

National Westminster Bank Plc

88666784

5.85%

 

d.    Movement in stock options granted under the ESOS is as under:

 

Name of Shareholder

 

Number of Shares

Outstanding as at beginning of the year

 

35568940

Add: Granted during the year

 

2246667

Less: Exercised during the year

 

1558622

Less: Lapsed / forfeited during the year

 

3367575

Outstanding as at the end of the year 32889410

 

35568940

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

15,162.900

15,147.300

15,123.600

(b) Reserves & Surplus

131,926.600

119,425.800

106,276.100

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

1.200

3.000

6.000

Total Shareholders’ Funds (1) + (2)

147,090.700

134,576.100

121,405.700

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

393,200.900

368,033.300

298,305.300

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

5,304.600

3,230.300

1,361.200

(d) long-term provisions

1,504.100

1,432.000

1,244.000

Total Non-current Liabilities (3)

400,009.600

372,695.600

300,910.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

69,325.300

32,721.400

73,510.100

(b) Trade payables

7,916.900

1,696.800

1,877.200

(c) Other current liabilities

108,630.800

152,842.700

105,186.200

(d) Short-term provisions

4,670.000

5,409.900

4,411.800

Total Current Liabilities (4)

190,543.000

192,670.800

184,985.300

 

 

 

 

TOTAL

737,643.300

699,942.500

607,301.500

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2,758.700

2,892.500

3,099.300

(ii) Intangible Assets

18.000

24.100

42.600

(iii) Capital work-in-progress

9.000

0.000

1.600

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

51,778.100

46,309.900

34,747.500

(c) Deferred tax assets (net)

4,872.000

3,932.000

3,149.000

(d)  Long-term Loan and Advances

505,693.000

485,835.000

424,799.900

(e) Other Non-current assets

1,740.600

6,174.700

3,659.000

Total Non-Current Assets

566,869.400

545,168.200

469,498.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

60,210.700

66,414.100

50,109.600

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

6,431.000

507.600

3,714.600

(d) Cash and cash equivalents

2,174.600

1,275.200

5,898.200

(e) Short-term loans and advances

90,058.800

79,902.500

72,015.500

(f) Other current assets

11,898.800

6,674.900

6,064.700

Total Current Assets

170,773.900

154,774.300

137,802.600

 

 

 

 

TOTAL

737,643.300

699,942.500

607,301.500

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

82,142.100

77,653.000

60,999.800

 

 

Other Income

177.200

111.900

960.300

 

 

TOTAL                                     (A)

82,319.300

77,764.900

61,960.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employees benefits expense

1,290.000

1,369.900

1,523.900

 

 

Provisions and contingencies

6,288.300

3,941.100

2,838.500

 

 

Other expenses

846.600

847.700

719.000

 

 

TOTAL                                     (B)

8,424.900

6,158.700

5,081.400

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

73,894.400

71,606.200

56,878.700

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

50,069.600

46,651.900

34,552.300

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

23,824.800

24,954.300

22,326.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

242.900

274.500

312.800

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

23,581.900

24,679.800

22,013.600

 

 

 

 

 

Less

TAX                                                                  (H)

6,570.700

7,030.000

5,984.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

17,011.200

17,649.800

16,029.600

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

18,740.600

16,456.200

15,001.100

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Debenture redemption reserve

1,770.000

1,500.000

1,420.000

 

 

Special reserve u/s. 36(1)(viii) of the Income-tax Act, 1961

4,230.000

4,000.000

3,900.000

 

 

Special reserve u/s. 45-IC of the RBI Act, 1934

3,410.000

3,530.000

3,211.000

 

 

General reserve

1,701.100

1,765.000

1,603.000

 

 

Proposed dividend on equity shares

3,942.400

3,938.400

3,478.700

 

 

Dividend paid on preference shares

0.000

0.000

436.300

 

 

Dividend on equity shares pertaining to previous year

1.500

2.000

2.400

 

 

Tax on proposed equity dividend

670.000

630.400

464.900

 

 

Tax on equity dividend for previous year

(47.500)

(0.400)

0.400

 

 

Tax on preference dividend

0.000

0.000

57.800

 

BALANCE CARRIED TO THE B/S

15,677.500

15,365.400

14,574.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Fees from other financial services

0.000

0.000

1.500

 

 

Miscellaneous income

0.000

0.900

0.300

 

TOTAL EARNINGS

0.000

0.900

1.800

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

11.22

11.66

10.57

 

Diluted

11.21

11.59

10.57

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

19734.200

24248.400

23177.300

Total Expenditure

2621.500

4124.000

2478.400

PBIDT (Excl OI)

17112.700

20124.400

20698.900

Other Income

657.500

24.300

9.200

Operating Profit

17770.200

20148.700

20708.100

Interest

12869.000

13850.000

14840.100

Exceptional Items

0.000

0.000

0.000

PBDT

4901.200

6298.700

5868.000

Depreciation

(749.900)

49.100

45.000

Profit Before Tax

5651.100

6249.600

5823.000

Tax

1160.400

1548.100

1815.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

4490.700

4701.500

4008.000

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

4490.700

4701.500

4008.000

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

20.71

22.73

26.28

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

89.96

92.21

93.24

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.46

3.80

3.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.18

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.14

2.98

3.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.90

0.80

0.74

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

15123.600

15147.300

15162.900

Reserves & Surplus

106276.100

119425.800

131926.600

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

6.000

3.000

1.200

Net worth

121405.700

134576.100

147090.700

 

 

 

 

long-term borrowings

298305.300

368033.300

393200.900

Short term borrowings

73510.100

32721.400

69325.300

Total borrowings

371815.400

400754.700

462526.200

Debt/Equity ratio

3.063

2.978

3.144

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

60,999.800

77,653.000

82,142.100

 

 

27.300

5.781

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

60,999.800

77,653.000

82,142.100

Profit

16,029.600

17,649.800

17,011.200

 

26.28%

22.73%

20.71%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Million

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

Current maturities of long term debt

94190.000

135545.900

92472.400

Total

94190.000

135545.900

92472.400

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

----------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Subordinated debt from the government of India

6500.000

6500.000

SHORT TERM BORROWINGS

 

 

Term Loans From Others

100.000

33.800

Commercial Papers

 

 

Face value

27710.000

8570.000

Less: Unexpired discount

458.700

321.400

Total

33851.300

14782.400

 

 

CORPORATE INFORMATION

 

The Company is a public company incorporated in India and regulated by the Reserve Bank of India ('RBI') as an Infrastructure Finance Company - Non-Banking Finance Company ('IFC-NBFC') engaged in financing infrastructure projects in sectors like energy, telecommunication, transportation, commercial and industrial projects including hospital, education, tourism and hotels. The Company had applied for banking license in response to the guidelines for licensing of new banks in the private sector issued by RBI in February 2013 and has received in-principle approval to set-up the bank.

 

 

OPERATIONS REVIEW

 

The Company is engaged inter alia in the business of financing infrastructure projects in sectors like energy, telecommunication, transportation, commercial and industrial projects including hospitals, education, tourism and hotels. Balance Sheet grew by 5.4% Year on Year (YoY) to reach Rs.737640.000 Million and Net Loans at Rs.585450.000 Million   witnessed an increase of 5% YoY. As on March 31, 2014, IDFC’s total exposure was Rs.776210.000 Million, of which Energy was highest at 37%, followed by Telecommunication 28%, Transportation 22% and others 13%.

 

 

SUBSIDIARY COMPANIES

 

IDFC Limited (“IDFC” or “the Company”) has thirteen direct subsidiary companies which are as follows:

 

·         IDFC Alternatives Limited

·         IDFC Trustee Company Limited

·         IDFC Projects Limited

·         IDFC Finance Limited

·         IDFC Securities Limited

·         IDFC Primary Dealership Company Limited

·         IDFC Asset Management Company Limited

·         IDFC AMC Trustee Company Limited

·         I DFC Foundation (Section 25 Company under Companies Act, 1956)

·         IDFC Housing Finance Company Limited

·         IDFC Infra Debt Fund Limited

·         Neopro Technologies Private Limited

·         Galaxy Mercantiles Limited

 

In addition,

 

a.     IDFC Alternatives Limited has a wholly owned subsidiary company namely, IDFC Project Equity Company Limited.

b.    IDFC Securities Limited has four wholly owned subsidiary companies namely, IDFC Fund of Funds Limited, IDFC Capital (Singapore) Pte. Limited, IDFC Securities Singapore Pte. Limited and IDFC Capital (USA) Inc.

c.     IDFC Asset Management Company Limited has two subsidiaries namely, IDFC Investment Advisors Limited and IDFC Investment Managers (Mauritius) Limited.

 

During the year, the following changes took place in the group corporate structure of the Company –

 

1.     On August 23, 2013, the name of IDFC PPP Trusteeship Company Limited (subsidiary company of IDFC Foundation) was struck off from the Register of Registrar of Companies and was dissolved pursuant to Section 560 of the Companies Act, 1956 through Fast Track Exit Mode.

 

2.     On October 18, 2013, the entire equity stake in IDFC Pension Fund Management Company Limited, which was held by IDFC and IDFC Asset Management Company Limited, was transferred to IDFC Securities Limited, thereby making IDFC Pension Fund Management Company Limited a wholly owned subsidiary of IDFC Securities Limited.

 

3.     On November 16, 2013, the Scheme of Amalgamation under Sections 391 to 394 of Companies Act, 1956 was filed with the Hon’ble High Court of Bombay to amalgamate IDFC Distribution Company Limited, IDFC Capital Limited and IDFC Pension Fund Management Company Limited (the wholly owned subsidiaries of IDFC Securities Limited) with IDFC Securities Limited and their respective shareholders. The Hon’ble High Court of Bombay approved the amalgamation of the above entities on March 28, 2014.

 

4.     By virtue of the above amalgamation, the subsidiaries of IDFC Capital Limited i.e. IDFC Fund of Funds Limited, IDFC Capital (Singapore) Pte. Limited and IDFC Securities Singapore Pte. Limited, became direct subsidiaries of IDFC Securities Limited.

 

 

OUTLOOK

 

The economic situation remains difficult. Even if the new Government at the centre focuses on removing the various impediments to the growth of infrastructure in India, the fact is that most companies in the business of thermal or hydroelectric power plants, of building or operating roads, toll-ways and highways, of telecommunications, of land and property development and of airports are financially stretched with high leverage and inadequate cash flows to service their debts. Many need to have their debt and interest obligations restructured through corporate debt restructuring. And even those that do not will need some breathing space to strengthen their balance sheets and profit and loss accounts. Therefore, even with the best of Government intent and a focused commitment to reforms in the infrastructure sector, IDFC believes that FY15 will remain a challenging year. That is why the Company has opted for higher provisioning. And that is also why it is looking for ways to bring about even sharper operational efficiencies.

 

As was stated in the previous year’s Management Discussion and Analysis, while IDFC hopes to see reforms, it chooses to be cautious and restrained about the near future, especially the state of business in FY15.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER ENDED 31ST DECEMBER 2014

 

(Rs. In Million)

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Nine Month Ended

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

 

 

 

 

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

23161.700

24215.700

67068.500

b) Other operating income

15.600

32.700

91.400

Total income from Operations(net)

23177.300

24248.400

67159.900

2.Expenditure

 

 

 

a) Employees benefit expenses

551.700

593.500

1517.300

b) Other expenditure

395.400

637.700

1253.100

c) Provision and contingencies

1531.300

2892.800

6441.900

e) Depreciation and amortization expenses

45.000

49.100

(655.800)

Total expenses

2523.400

4173.100

8556.500

3. Profit from operations before other income and financial costs

20653.900

20075.300

58603.400

4. Other income

9.200

24.300

691.000

5. Profit from ordinary activities before finance costs

20663.100

20099.600

59294.400

6. Finance costs

14840.100

13850.000

41570.700

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

5823.000

6249.600

17723.700

8. Exceptional item

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

5823.000

6249.600

17723.700

10.Tax expenses

1815.000

1548.100

4523.500

11.Net Profit / (Loss) from ordinary activities after tax

4008.000

4701.500

13200.200

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period

4008.000

4701.500

13200.200

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

15910.000

15902.700

15910.000

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

(a) Basic

2.50

3.08

8.54

(b) Diluted

2.49

3.06

8.51

 

 

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Nine Month Ended

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

1591004169

1590267996

1591004169

- Percentage of shareholding

100%

100%

100%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

NA

NA

NA

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NA

NA

NA

Percentage of shares (as a % of total share capital of the company)

NA

NA

NA

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

NA

NA

NA

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NA

NA

NA

Percentage of shares (as a % of total share capital of the company)

NA

NA

NA

 

 

 

 

B. Investor Complaints

 

 

 

 

 

 

 

Shareholders' complaints :

 

 

 

Pending at the beginning of the quarter

 

Nil

 

Receiving during the quarter

 

151

 

Disposed of during the quarter

 

151

 

Remaining unreserved at the end of the quarter

 

Nil

 

 

 

 

 

Infrastructure retail bondholders' complaints :

 

 

 

Pending at the beginning of the quarter

 

Nil

 

Receiving during the quarter

 

1697

 

Disposed of during the quarter

 

1697

 

Remaining unreserved at the end of the quarter

 

Nil

 

 

 

The analytical ratios and key data relating to standalone results are as under:

 

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Nine Month Ended

( Unaudited)

 

31.12.2014

30.09.2014

31.12.2014

i) Capital adequacy ratio

24.93%

25.92%

24.93%

(ii) NPA Ratio

 

 

 

(a) Amount of gross NPA

3685.800

3423.800

3685.800

(b) Amount of net NPA

2520.100

2284.400

2520.100

(c) % of gross NPA to gross advances

0.68%

0.62%

0.68%

(d) % of net NPA to net advances

0.47%

0.42%

0.47%

(iii) Return on assets (annualised)

1.84%

2.33%

2.17%

 

Notes:

 

  1. Income from operations (standalone) for the nine months ended December 31, 2014 include dividend from subsidiary companies of Rs.872.300 Million (for the nine months ended December 31, 2013 Rs.280.700 Million and for the year ended March 31, 2014 Rs.280.700 Million).

 

  1. Having regard to the Part C of Schedule II of the Companies Act, 2013, during the nine months ended December 31, 2014, the Group has reviewed its policy of providing for depreciation on its tangible fixed assets and also reassessed their useful lives. On and from April 1, 2014, the straight line method is being used to depreciate all classes of tangible fixed assets. Previously, straight line method was used for depreciating certain office equipment and leasehold improvements while other tangible fixed assets were depreciated using written down value method.

 

As a result of the change, the charge on account of depreciation in standalone accounts is lower for the nine months ended December 31, 2014 by Rs.826.900 Million (including writeback of Rs.788.700 Million upto March 31, 2014) and in consolidated accounts its lower by Rs.905.400 Million for the nine months ended December 31, 2014 (including writeback of Rs.847.100 Million up to March 31, 2014) as compared to the method used and useful lives estimated in earlier periods. Consequently, deferred tax liability in standalone accounts for the nine months ended December 31, 2014 of Rs.154.900 Million (including Rs.144.900 Million up to March 31, 2014) and in consolidated accounts Rs.181.600 Million for the nine months ended December 31, 2014 (including deferred tax liability of Rs.164.800 Million up to March 31, 2014) has been created on account of depreciation timing differences, resulting in a net increase in standalone profit after tax of Rs.672.000 Million for the nine months ended December 31, 2014 (including Rs.643.800 Million upto March 31, 2014) and in consolidated profit after tax of Rs.723.800 Million for the nine months ended December 31, 2014 (including Rs.682.300 Million up to March 31, 2014).

 

  1. Other income (standalone) for the nine months ended December 31, 2014 include profit Rs.100 Million on transfer of its stake in IDFC Primary Dealership Company Limited and IDFC Housing Finance Company Limited to IDFC Alternatives Limited, a subsidiary of the Company. Other income for the year ended March 31, 2014 include profit of Rs.6.800 Million on transfer of 49.99% stake in IDFC Pension Fund Management Company Limited to IDFC Securities Limited, a subsidiary of the Company.

 

  1. The Company has allotted 73000000 equity shares of Rs.10 each at a premium of Rs.127 per share on September 16, 2014 pursuant to a Qualified Institutions Placement under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. Share issue expenses amounting to Rs.1269 Million have been adjusted against the Securities Premium Account in terms of Section 52 of the Companies Act, 2013. The proceeds from the Qualified Institutions Placement is pending utilisation in accordance with the objects as set out in the offer document. The Company during the quarter and nine months ended December 31, 2014 has also issued 736173 and 1717918 equity shares respectively of face value of Rs.10 each pursuant to exercise of stock options by employees under the employee stock option scheme.

 

  1. During the nine months ended December 31, 2014, the Company has disposed its stake in two subsidiaries - Neopro Technologies Private Limited and Galaxy Mercantiles Limited which were held exclusively for disposal in near future. Consequently, these entities ceased to be subsidiaries of the Company.

 

  1. During the nine months ended December 31, 2014, IDFC Bank Limited and IDFC Financial Holding Company Limited were incorporated as wholly owned subsidiaries of the Company. Subsequently, the entire holding of IDFC Bank Limited was sold to IDFC Financial Holding Company Limited at cost.
  2. IDFC Alternatives Limited, a wholly owned subsidiary of the Company, has filed a Scheme of Amalgamation with the Hon'ble Bombay High Court on September 26, 2014 for merger of IDFC Project Equity Company Limited, IDFC Primary Dealership Company Limited and IDFC Housing Finance Company Limited with IDFC Alternatives Limited. The appointed date for the merger is October 1, 2014 and is subject to the approval of the Hon'ble Bombay High Court.

 

  1. IDFC Investment Advisors Limited, subsidiary of IDFC Asset Management Company Limited, has filed a petition with the Hon'ble Bombay High Court on December 26, 2014 to obtain its sanction to a Scheme of Amalgamation for merger of IDFC Investment Advisors Limited with IDFC Asset Management Company Limited.

 

  1. During the quarter ended December 31, 2014, the Board of Directors of the Company and IDFC Bank Limited have approved the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 (“the Scheme”) between IDFC Limited and IDFC Bank Limited and their respective shareholders and creditors to demerge its financial undertaking into its subsidiary, IDFC Bank Limited. The Scheme would be effective upon receipt of all requisite approvals including from shareholders, creditors, the Reserve Bank of India, Hon'ble Madras High Court and filing of the certified copies of the order with the Registrar of Companies.

 

10. The disclosures for NPA referred to point 2 (ii) above correspond to non performing advances.

 

  1. The above results were reviewed by the Audit Committee and approved by the Board of Directors and have been subjected to a "Limited Review" by the Statutory Auditors.

 

12. The figures for the previous periods / year have been regrouped wherever necessary, in order to make them comparable

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10549997

13/02/2015

9,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C44025153

2

10528958

03/11/2014

17,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C32163875

3

10512063

24/07/2014

9,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C14484232

4

10514191

21/07/2014

5,580,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C15873391

5

10490853

23/04/2014

39,759,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C03954997

6

10481357

05/03/2014

19,200,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B97964274

7

10480854

26/02/2014

4,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B97714158

8

10476178

05/02/2014 *

250,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B96080403

9

10461040

19/11/2013

3,672,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B89880173

10

10459628

12/11/2013

40,930,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B89281489

11

10446282

04/09/2013

10,350,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B83660944

12

10442026

06/08/2013

8,750,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B81680795

13

10443356

05/12/2014 *

36,150,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C37400926

14

10428643

23/05/2013

5,465,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B76070135

15

10422639

30/04/2013

1,086,800,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B73999690

16

10421722

16/04/2013

5,435,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B73743288

17

10421724

16/04/2013

18,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B73743627

18

10417713

19/03/2013

2,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B72593726

19

10410057

12/03/2013

13,573,325,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B70180138

20

10403241

07/02/2013

2,878,385,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B68215011

21

10404413

05/12/2014 *

67,604,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C37400322

22

10402178

18/01/2013

7,400,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B67772376

23

10388369

05/12/2014 *

41,850,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C37401668

24

10387829

08/10/2012

16,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B62499223

25

10366351

29/09/2012 *

30,966,900,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58878679

26

10374830

05/12/2014 *

1,290,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C37399755

27

10357213

29/09/2012 *

13,180,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58841347

28

10357342

12/08/2014 *

200,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17009754

29

10346842

10/04/2012

1,800,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B36616324

30

10342394

19/03/2012

6,900,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B34949727

31

10344373

29/09/2012 *

1,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58841800

32

10325276

29/12/2011

5,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B28530368

33

10322632

24/11/2011

4,800,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B27677095

34

10319858

08/11/2011

5,079,050,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B26164095

35

10319861

29/09/2012 *

6,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58842972

36

10316358

23/02/2015 *

1,200,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C45140316

37

10307374

29/09/2012 *

3,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58878380

38

10300450

12/08/2014 *

2,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17006560

41

10281292

29/03/2011

2,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B08964967

42

10276500

22/03/2011

9,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B09435132

43

10265250

17/02/2011

8,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B05850904

44

10264966

15/03/2013 *

11,130,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B70939855

45

10260053

21/01/2014 *

8,150,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B95360053

46

10254278

12/11/2010

4,710,360,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B01105188

47

10306822

26/11/2012 *

8,818,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B62498209

48

10307024

12/08/2014 *

17,150,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17005943

49

10241668

12/08/2014 *

9,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17007881

50

10249759

29/09/2012 *

2,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58861360

51

10230680

30/11/2012 *

16,804,463,780.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B63674378

52

10232509

17/06/2010

100,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A91394676

53

10232519

17/06/2010

2,266,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A91394882

54

10232482

17/06/2010

2,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A91394189

55

10232529

17/06/2010

2,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A91395061

56

10237198

26/11/2013 *

3,150,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B92222793

57

10237119

13/03/2014 *

4,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C00306902

58

10232423

13/03/2014 *

7,250,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C00307009

59

10227884

12/08/2014 *

25,450,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17011990

60

10214718

13/03/2014 *

4,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C00307918

61

10194054

17/09/2012 *

250,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58469032

62

10190441

17/06/2010 *

250,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A90252602

63

10190162

17/09/2012 *

1,750,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B58436106

64

10187490

15/03/2013 *

450,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B70939707

65

10185788

12/08/2014 *

3,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C17008640

66

10185783

13/02/2014 *

3,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

B97302152

67

10178887

13/03/2014 *

3,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

C00307702

68

10061713

17/06/2010 *

400,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A90248139

69

10050347

17/06/2010 *

5,000,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

A90269754

70

80060489

17/06/2010 *

2,500,000,000.00

IDBI Trusteeship Services Limited

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

--

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

80

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.