MIRA INFORM REPORT
|
Report No. : |
316062 |
|
Report Date : |
06.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ITD CEMENTATION INDIA LIMITED |
|
|
|
|
Registered
Office : |
National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile
Parle (East), Mumbai – 400057, Maharashtra |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.12.2014 |
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|
|
|
Date of
Incorporation : |
24.06.1978 |
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|
|
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Com. Reg. No.: |
11-020435 |
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Capital
Investment / Paid-up Capital : |
Rs. 155.158 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61000MH1978PLC020435 |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS00123E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1426A |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged 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. |
|
|
|
|
No. of Employees
: |
3715 [1869 Regular
Employment and 1846 Project based
Engagement]
[Approximately] (As on 31.12.2013) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. The company has progressed well during FY2014. General financial
position of the company is sound. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = A- |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
January 13, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
January 13, 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-COOPERATIVE [CONTACT NO.: 91-22-66931900]
LOCATIONS
|
Registered Office : |
National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile Parle
(East), Mumbai – 400057, Maharashtra, India
|
|
Tel. No.: |
91-22-66931600 |
|
Fax No.: |
91-22-66931627/ 28 |
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E-Mail : |
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|
Website : |
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Regional Offices : |
Located at: · Kolkata · New Delhi · Chennai |
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Project Offices : |
Located at: · Medak · Vizag · Jorabat · Delhi · Dahej · Hazira · Kandla · Gurgaon · Jammu · Bangalore · Gulbarga · Kolkata · Sasan · Kymore · Gondia · JNPT, Maharashtra · Mumbai · Nashik · Pune-Satara · Ratnagiri · Umtru · Cuttack · Mansa · Jaipur · Sikkim · Chennai · Tuticorin · Agartala · Lucknow |
DIRECTORS
AS ON 31.12.2013
|
Name : |
Mr.
Premchai Karnasuta |
|
Designation : |
Chairman |
|
Qualification : |
Graduate in B.
Sc Mining Engineering and also holds MBA degree. |
|
|
|
|
Name : |
Mr.
Pathai Chakornbundit |
|
Designation : |
Vice Chairman |
|
Qualification : |
Graduate in B.
Engineering. |
|
|
|
|
Name : |
Mr. Adun Saraban |
|
Designation : |
Managing
Director |
|
Qualification : |
Bachelor degree
in Civil Engineering from King Mongkut’s University of Technology Thonburi Thailand. |
|
|
|
|
Name : |
Mr.
Per Ebbe Hofvander |
|
Designation : |
Independent Director |
|
Qualification : |
Degree in M. Sc.
Civil Engineering. |
|
|
|
|
Name : |
Mr.
Darius Erach Udwadia |
|
Designation : |
Independent Director |
|
Qualification : |
Hons. Degree in
M.A. and LL.B [Bombay]. |
|
|
|
|
Name : |
Mr. Deba Prasad
Roy |
|
Designation : |
Independent
Director |
|
Qualification : |
Degree in M. Sc.
Chemistry from Jadavpur University, Calcutta. |
KEY EXECUTIVES
|
Name : |
Mr. Rameshwardas C. Daga |
|
Designation : |
Senior Vice President and Company Secretary |
|
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|
|
Name : |
Mr. Bijoy K. Saha |
|
Designation : |
Senior Executive Vice President |
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|
Name : |
Mr. K. Rajan |
|
Designation : |
Executive Vice President |
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|
Name : |
Mr. S. Ramnath |
|
Designation : |
Executive Vice President and Chief Financial Officer |
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|
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|
Name : |
Mr. Gautam Basuroy |
|
Designation : |
Senior Vice President |
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|
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|
Name : |
Mr. Rupak Sarkar |
|
Designation : |
Vice President |
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|
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|
Name : |
Mr. S.N. Patil |
|
Designation : |
Vice President |
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|
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|
Name : |
Mr. Manish Kumar |
|
Designation : |
Vice President |
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|
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|
Name : |
Mr. Jayanta Basu |
|
Designation : |
Vice President |
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|
Name : |
Mr. Manas Ranjan Bhattacharya |
|
Designation : |
Vice President |
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|
|
|
Name : |
Mr. Bellary Ramachar Vijaykumar |
|
Designation : |
Vice President - Corporate Affairs |
SHAREHOLDING PATTERN
As On 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
8011318 |
51.63 |
|
|
8011318 |
51.63 |
|
Total
shareholding of Promoter and Promoter Group (A) |
8011318 |
51.63 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
3573554 |
23.03 |
|
|
330 |
0.00 |
|
|
534387 |
3.44 |
|
|
0 |
0.00 |
|
|
4108271 |
26.48 |
|
|
|
|
|
|
699777 |
4.51 |
|
|
|
|
|
|
1830767 |
11.80 |
|
|
801327 |
5.16 |
|
|
64330 |
0.41 |
|
|
55522 |
0.36 |
|
|
8758 |
0.06 |
|
|
50 |
0.00 |
|
|
3396201 |
21.89 |
|
Total Public
shareholding (B) |
7504472 |
48.37 |
|
Total (A)+(B) |
15515790 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
15515790 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Italian Thai Development Public Company Limited |
8011318 |
51.63 |
|
|
Total |
8011318 |
51.63 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited HDFC Infrastructure Fund |
800361 |
5.16 |
|
|
2 |
SBI Infrastructure Fund |
543344 |
3.50 |
|
|
3 |
Birla Sun Life Insurance Company Limited |
189774 |
1.22 |
|
|
4 |
Param Capital Research Private Limited |
324182 |
2.09 |
|
|
5 |
UTI MNC Fund |
275400 |
1.77 |
|
|
6 |
Hitesh Ramji Javeri |
415000 |
2.67 |
|
|
7 |
Eastspring Investments India Infrastructure Equity Open Limited |
370879 |
2.39 |
|
|
8 |
Sundaram Mutual Fund A/c Sundaram Smile Fund |
235000 |
1.51 |
|
|
9 |
HDFC Trustee Company Limited A/c HDFC Growth Fund |
228000 |
1.47 |
|
|
10 |
UTI Leadership Equity Fund |
220500 |
1.42 |
|
|
11 |
Param Capital Research Private Limited |
200000 |
1.29 |
|
|
12 |
Param Capital Research Private Limited |
164771 |
1.06 |
|
|
|
Total |
3967211 |
25.57 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited HDFC Infrastructure Fund |
800361 |
5.16 |
|
|
|
Total |
800361 |
5.16 |
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 and tunnels, airports, highways, bridges and flyovers
and other foundations and specialist engineering work. |
|
|
|
|
Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3715 [1869 Regular
Employment and 1846 Project based
Engagement]
[Approximately] (As on 31.12.2013) |
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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 · Bank of India · Vijaya Bank |
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Facilities : |
|
|
|
|
|
Financial Institution : |
Tata Capital Financial Services Limited, One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Legal Advisors : |
Udwadia Udeshi and Argus Partners, Mumbai |
|
|
|
|
Holding Company (As on
31.12.2013) : |
Italian-Thai Development Public Company Limited |
|
|
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|
Subsidiary Company (As on
31.12.2013) : |
ITD Cementation Projects India Limited |
|
|
|
|
Associate (As on
31.12.2013) : |
AVR Infra Private Limited |
|
|
|
|
Joint Ventures (unincorporated) (As
on 31.12.2013) : |
· ITD Cemindia JV · ITD - ITD Cem JV · ITD - ITDCem JV (Consortium of ITD - ITD Cementation) · ITD-Cem Maytas Consortium |
|
|
|
|
Fellow subsidiary (As on
31.12.2013) : |
Aquathai Company Limited |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital: Not Available
Subscribed &
Paid-up Capital: Rs. 155.158 Million
As On 31.12.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
60000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs. 600.000 Million |
|
|
Total |
|
Rs. 750.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11518316 |
Equity Shares |
Rs.10/- each |
Rs. 115.183 Million |
Subscribed &
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11515790 |
Equity Shares |
Rs.10/- each |
Rs. 115.158 Million |
Reconciliation of equity
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
No. of Shares |
Amount In Million |
|
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, Re. 1.00 (31st December 2012: Rs. 2.00) per share dividend recognized 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.
|
Particulars |
No. of Shares |
Amount In Million |
|
Equity shares of Rs. 10 each |
|
|
|
Shares held by holding
Company |
|
|
|
Italian-Thai Development Public Company Limited, Thailand |
8011318 |
80.113 |
|
|
|
|
|
Shareholders
holding more than 5% of the equity shares in the
Company as at 31st December 2013 |
No. of Shares |
% holding |
|
Equity shares of Rs. 10 each |
|
|
|
Italian-Thai Development Public Company Limited, Thailand |
8011318 |
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 Rs.10 each
have been kept in abeyance pending final settlement of rights issues.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
155.158 |
115.158 |
115.158 |
|
(b) Reserves &
Surplus |
5523.057 |
3969.013 |
3889.570 |
|
(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) |
5678.215 |
4084.171 |
4004.728 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
296.061 |
114.091 |
260.208 |
|
(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 |
56.070 |
41.737 |
51.898 |
|
Total Non-current Liabilities
(3) |
352.131 |
155.828 |
312.106 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5974.246 |
6597.114 |
5950.964 |
|
(b) Trade payables |
3628.859 |
2316.107 |
2444.791 |
|
(c) Other current
liabilities |
3458.465 |
2933.558 |
3319.115 |
|
(d) Short-term provisions |
107.816 |
90.836 |
97.652 |
|
Total Current Liabilities
(4) |
13169.386 |
11937.615 |
11812.522 |
|
|
|
|
|
|
TOTAL |
19199.732 |
16177.614 |
16129.356 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2828.038 |
1916.986 |
1931.121 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
17.818 |
67.287 |
135.971 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
591.411 |
599.714 |
473.172 |
|
(c) Deferred tax assets
(net) |
66.420 |
142.220 |
110.400 |
|
(d) Long-term Loan and Advances |
1168.439 |
1141.088 |
1026.986 |
|
(e) Loan term trade
receivables |
286.337 |
0.000 |
0.000 |
|
(f) Other Non-current assets |
2.754 |
2.200 |
2.200 |
|
Total Non-Current Assets |
4961.217 |
3869.495 |
3679.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.026 |
0.026 |
0.026 |
|
(b) Inventories |
9594.392 |
7717.236 |
7910.785 |
|
(c) Trade receivables |
3345.781 |
3347.708 |
3146.506 |
|
(d) Cash and cash
equivalents |
167.654 |
111.246 |
121.730 |
|
(e) Short-term loans and advances |
1129.104 |
1130.316 |
1269.262 |
|
(f) Other current assets |
1.558 |
1.587 |
1.197 |
|
Total Current Assets |
14238.515 |
12308.119 |
12449.506 |
|
|
|
|
|
|
TOTAL |
19199.732 |
16177.614 |
16129.356 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Revenue |
13524.084 |
12247.567 |
12879.311 |
|
|
|
Other Operating Income |
169.981 |
354.777 |
179.349 |
|
|
|
Other Income |
73.105 |
187.030 |
86.485 |
|
|
|
TOTAL |
13767.170 |
12789.374 |
13145.145 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4689.941 |
3969.255 |
4560.509 |
|
|
|
Sub-contract Expenses |
3463.910 |
2255.892 |
2058.441 |
|
|
|
Employees benefits expense |
1561.199 |
1552.001 |
1431.740 |
|
|
|
Other expenses |
3234.117 |
3428.257 |
3395.564 |
|
|
|
TOTAL |
12949.167 |
11205.405 |
11446.254 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
818.003 |
1583.969 |
1698.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1199.555 |
1155.617 |
1071.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(381.552) |
428.352 |
627.728 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
294.269 |
334.891 |
360.491 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
955.325 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
279.504 |
93.461 |
267.237 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
85.366 |
0.367 |
47.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
194.138 |
93.094 |
219.777 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
0.000 |
1.124 |
|
|
|
Tools and equipment’s |
|
7.655 |
3.987 |
|
|
|
Construction materials |
|
0.000 |
2.512 |
|
|
|
Capital goods (including capital work-in-progress) |
|
43.982 |
115.137 |
|
|
TOTAL IMPORTS |
NA |
51.637 |
122.760 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
8.08 |
19.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.44 |
0.76 |
1.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.05 |
12.93 |
13.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.61 |
0.61 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.02 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.10 |
1.64 |
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.03 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
115.158 |
115.158 |
155.158 |
|
Reserves & Surplus |
3889.570 |
3969.013 |
5523.057 |
|
Net worth |
4004.728 |
4084.171 |
5678.215 |
|
|
|
|
|
|
long-term borrowings |
260.208 |
114.091 |
296.061 |
|
Short term borrowings |
5950.964 |
6597.114 |
5974.246 |
|
Total borrowings |
6211.172 |
6711.205 |
6270.307 |
|
Debt/Equity ratio |
1.551 |
1.643 |
1.104 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Contract Revenue |
12879.311 |
12247.567 |
13524.084 |
|
|
|
(4.905) |
10.423 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Contract Revenue |
12879.311 |
12247.567 |
13524.084 |
|
Profit |
219.777 |
93.094 |
194.138 |
|
|
1.71% |
0.76% |
1.44% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS = NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
--------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
--------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
--------------- |
|
26] |
Buyer visit details |
--------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
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 |
||||
|
Last Date: |
13.04.2015 |
Remark: |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Last Coram :- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section |
260A |
||||
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10512489 |
10/07/2014 |
500,000,000.00 |
VIJAYA BANK |
Corporate Banking Branch, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA |
C14785810 |
|
2 |
10483534 |
28/02/2014 |
160,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes,, Dr. V.
B. Gandhi Marg, Fort, Mumbai, |
B98882822 |
|
3 |
10423963 |
23/03/2013 |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B74498700 |
|
4 |
10383642 |
09/09/2014 * |
110,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes, Dr. V.
B. Gandhi Marg, Fort, Mumbai, |
C21806450 |
|
5 |
10360423 |
20/12/2012 * |
48,300,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes, Dr. V.
B. Gandhi Marg, Fort, Mumbai, |
B65716177 |
|
6 |
10286335 |
29/04/2011 |
39,738,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA |
B12527487 |
|
7 |
10112309 |
01/01/2014 * |
253,983,570.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes, Dr. V.
B. Gandhi Marg, Fort, Mumbai, |
B93758498 |
|
8 |
90234459 |
03/08/1998 |
600,000,000.00 |
STANDARD CHARTERD BANK |
23-25; M. G. ROAD, FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
9 |
90234316 |
01/04/1997 |
12,000,000.00 |
ALLABAD BANK |
INDL FINANCE BRANCH, APEEJAY HOUSE; 3 D. V. ROAD, BOMBAY, Maharashtra - 400020, INDIA |
- |
|
10 |
90234270 |
10/10/1996 |
4,500,000.00 |
BANK OF BARODA |
BACKBAY RECLAMATION BRANCH, RAM MAHAL; J. TATA ROAD, BOMBAY, Maharashtra - 400020, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.12.2014 (Rs.
In Million) |
31.12.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loan - from financial institution |
|
17.173 |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loan from Bank |
|
0.000 |
|
Total |
NA |
17.173 |
|
LONG TERM
BORROWING (As on 31.12.2013) 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. |
||
NATURE OF OPERATIONS (As on 31.12.2013)
Subject 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.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2014 [Rs.
in Million] |
31.12.2013 [Rs.
in Million] |
|
Guarantees given by banks in respect of contracting commitments in the normal course of business |
NA |
27,117.78 |
|
Corporate Guarantee given to bank on behalf of Joint Ventures |
NA |
51,00.000 |
|
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. |
NA |
12,24.458 |
|
Sales Tax matters pending in appeals |
NA |
3,46.969 |
|
Income Tax matters pending in appeal |
NA |
97.068 |
|
Excise matter pending in appeal |
NA |
5.200 |
FIXED ASSETS:
· Freehold Land
· Leasehold Improvements
· Buildings
· Plant and Machinery
· Earthmoving Machinery
· Office equipment and furniture
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.59 |
|
|
1 |
Rs. 92.45 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.