MIRA INFORM REPORT
|
Report No. : |
351613 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SREI
INFRASTRUCTURE FINANCE LIMITED |
|
|
|
|
Registered
Office : |
‘Vishwakarma’ 86C, Topsia Road (South), Kolkata – 700046,
West Bengal |
|
Tel. No.: |
91-33-61607734 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
|
|
|
|
Com. Reg. No.: |
21-055352 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5032.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29219WB1985PLC055352 |
|
|
|
|
IEC No.: |
0288028805 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS11905F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS1425L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in project financing, infrastructure project
advisory, infrastructure project development, equipment financing business. (From Indirect Sources) |
|
|
|
|
No. of Employees
: |
2088 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1985, it
has satisfactory track. It is a leading infrastructure financing conglomerate
in India. The rating takes into consideration sound financial risk profile of
the company marked by decent increase in its revenue base along with decent
profit margin in FY15. However, debt level of the company is reported to be high in the same
consecutive year, may effect to the liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of aforesaid, the company can be considered for business
dealings with usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank
facilities = A+ |
|
Rating Explanation |
Adequate degree of
safety and low credit risk. |
|
Date |
September 22, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities = A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
September 22, 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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Kishor Kumar Lodha |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-22857542 |
|
Date : |
24.11.2015 |
LOCATIONS
|
Registered Office : |
‘Vishwakarma’ 86C, Topsia Road (South), Kolkata – 700046,
West Bengal, India |
|
Tel. No.: |
91-33-61607734 |
|
Fax No.: |
91-33-22857542/ 8501 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Y-10, Block EP Sector - V, Salt Lake City, Kolkata – 700091, West Bengal, India |
|
Tel. No.: |
91-33-66022236 |
|
Fax No.: |
91-33-66022200 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 1
: |
6A, Kiran Shankar Roy Road, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-64990230 |
|
|
|
|
Corporate Office 2 : |
Olisa House , 4, Govt. Place (north) , 7th Floor , Kolkata – 700001, West Bengal, India |
|
|
|
|
Branch Offices : |
Located At :
|
|
|
|
|
Overseas Offices : |
Located At :
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Salil K. Gupta |
|
Designation : |
Chief Mentor |
|
Address : |
538, Jodhpur Park, Kolkata – 700068, West Bengal, India |
|
Date of Birth/Age : |
14.08.1928 |
|
PAN No.: |
ADQPG8287N |
|
|
|
|
Name : |
Mr. Hemant Kanoria |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Kanoria House, 3 Middle Road, Hastings, Kolkata – 700022,
West Bengal |
|
Date of Birth/Age : |
05.08.1962 |
|
Qualification : |
B. Com |
|
PAN No.: |
AKSPK3708R |
|
|
|
|
Name : |
Mr. Sunil Kanoria |
|
Designation : |
Vice Chairman |
|
Address : |
Kanoria House, 3 Middle Road, Hastings, Kolkata – 700022, West Bengal |
|
Date of
Birth/Age : |
04.05.1965 |
|
Qualification
: |
B. Com., FCA |
|
PAN No.: |
AFTPK7014E |
|
|
|
|
Name : |
Mr. Srinivasachari Rajagopal |
|
Designation : |
Director |
|
Address : |
71/1, Margosa Road, 3rd Main, Malleshwaram, Bangalore –
560055, West Bengal, India |
|
Date of
Birth/Age : |
10.03.1940 |
|
Qualification
: |
B. Com., M.A.
LLB, CAIIB, Diploma in Industrial Finance |
|
PAN No.: |
ABLPR5509F |
|
|
|
|
Name : |
Mr. Shyamalendu Chatterjee |
|
Designation : |
Director |
|
Address : |
South City
Apartments, 17K, Tower 1, SVC – 2, 375 Prince Anwar Shah Road, Kolkata –
700068, West Bengal, India |
|
Date of Birth/Age : |
24.12.1946 |
|
Qualification : |
BA |
|
PAN No.: |
AAIPC6471F |
|
|
|
|
Name : |
Dr. Punita Kumar Sinha |
|
Designation : |
Director |
|
Address : |
51 Gate House Road, Newton Ma, Massachusetts, 024671320, United States of America |
|
|
|
|
Name : |
Dr. Tamali Sengupta |
|
Designation : |
Director |
|
Address : |
J-1957, Chittaranjan Park, New Delhi - 110019, India |
|
|
|
|
Name : |
Mr. T. C. A. Ranganathan |
|
Designation : |
Director |
|
Address : |
236, Munirka Vihar (SFS Flat, SFS Flats, Munirka, New Delhi - 110067, India |
KEY EXECUTIVES
|
Name : |
Mr. John Moses Harding |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Bajrang Choudhary |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Bijoy Daga |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Sandeep Lakhotia |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Kishore Kumar Lodha |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Audit Committee : |
|
|
|
|
|
Committee of
Directors : |
|
|
|
|
|
Stakeholders Relationship
Committee : |
|
|
|
|
|
Asset Liability
Management Committee : |
|
|
|
|
|
Credit Committee : |
|
|
|
|
|
Investment
Committee : |
|
|
|
|
|
Risk Committee : |
|
|
|
|
|
Nomination and
Remuneration Committee : |
|
|
|
|
|
Corporate Social
Responsibility Committee : |
|
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
2182714 |
0.43 |
|
|
293211250 |
58.28 |
|
|
295393964 |
58.72 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
295393964 |
58.72 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
18862 |
0.00 |
|
|
93413 |
0.02 |
|
|
64705670 |
12.86 |
|
|
64817945 |
12.88 |
|
|
|
|
|
|
25954587 |
5.16 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
26160220 |
5.20 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
76492340 |
15.21 |
|
|
14245677 |
2.83 |
|
|
295399 |
0.06 |
|
|
1735717 |
0.35 |
|
|
1733486 |
0.34 |
|
|
10481075 |
2.08 |
|
|
142852824 |
28.40 |
|
Total Public
shareholding (B) |
207670769 |
41.28 |
|
Total (A)+(B) |
503064733 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
21600 |
0.00 |
|
|
21600 |
0.00 |
|
Total (A)+(B)+(C) |
503086333 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in project financing, infrastructure project
advisory, infrastructure project development, equipment financing business. (From Indirect Sources) |
|
|
|
|
Products / Services : |
Financial Services |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2088 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Adisri Commercial Private Limited, India (w.e.f.
26.02.2015) |
|
|
|
|
Subsidiaries and
Step-down Subsidiaries : |
|
|
|
|
|
Joint Venture: |
Srei Equipment Finance Limited, India |
|
|
|
|
Associates: |
|
|
|
|
|
Trusts: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Million |
|
50000000 |
Preferences Shares |
Rs.100/- each |
Rs.5000.000 Million |
|
|
Total |
|
Rs.15000.000
Million |
Issued and Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503559160 |
Equity Shares |
Rs.10/- each |
Rs.5035.600
Million |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503086333* |
Equity Shares |
Rs.10/- each |
Rs.5030.900
Million |
|
472827 |
Forfeited Shares |
|
Rs.1.500
Million |
|
|
Total |
|
Rs.5032.400 Million |
* Includes 21600 shares represented by 5400 Global Depository Receipts (GDRs) issued vide Prospectus dated 18.04.2005.
Reconciliation of the
Number of Equity Shares outstanding
The reconciliation of the number of equity shares outstanding and the corresponding amount thereof, as at the Balance Sheet date is set out below:
|
Equity Shares |
31st March, 2015 |
|
|
No. of Shares |
Rs. In Million |
|
|
At the beginning of the year |
503086333 |
5030.900 |
|
Add: Issued during the year |
--- |
--- |
|
At the end of the year |
503086333 |
5030.900 |
Rights, preferences
and restrictions in respect of each class of shares
The Company’s authorised capital consists of two classes of shares, referred to as Equity Shares and Preference Shares having par value of Rs. 10/- and Rs. 100/- each respectively. Each holder of equity shares is entitled to one vote per share. Preference Shareholder has a preferential right over equity shareholders, in respect of repayment of capital and payment of dividend. However, no such preference shares have been issued by the Company during the year ended 31st March, 2015 and 31st March, 2014.
The Company declares and pays dividend in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares allotted as
fully paid-up without payment being received in cash / by way of bonus shares
(during 5 years preceding 31st March, 2015)
Pursuant to amalgamation of Quippo Infrastructure Equipment Limited (Transferor Company) into and with the Company, approved by the Equity Shareholders of the Company and sanctioned by the Hon’ble High Court of Calcutta on 18th January, 2011, the Company issued and allotted 92915839 equity shares of Rs. 10/- par value, as fully paid-up bonus shares, to the pre-amalgamation equity shareholders of the Company on 5th March, 2011.
Further, the Company issued and allotted 294025696 equity shares of Rs. 10/- par value, as fully paid-up, towards consideration for the aforesaid amalgamation, to the shareholders of the Transferor Company on 5th March, 2011. This includes 48600000 equity shares allotted to Srei Growth Trust, a Trust settled by the Company on 4th March, 2011, to receive equity shares of the Company in exchange of the Company’s shareholding in the Transferor Company. The benefi cial interest in the Trust amounting to Rs. 185.150 Million, representing the cost of shares of the Transferor Company, is shown under ‘Non-Current Investments’ in the Balance Sheet.
Details of
Shareholders holding more than 5% of the equity shares each, are set out below:
|
Name of the
Shareholders |
31st March, 2015 |
|
|
No. of Shares |
% of holding |
|
|
Adisri Commercial Private Limited (Holding Company) |
268191250 |
53.31 |
|
Srei Growth Trust* |
48600000 |
9.66 |
|
Fidelity Investment Trust Fidelity Series Emerging Markets
Fund |
47462511 |
9.43 |
|
Opulent Venture Capital Trust |
35474595 |
7.05 |
|
Bharat Connect Private Limited |
NA |
NA |
|
Adisri Investment Private Limited |
NA |
NA |
|
Adhyatma Commercial Private Limited |
NA |
NA |
*Held in the name of Trustees
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5032.400 |
5032.400 |
5032.400 |
|
(b) Reserves &
Surplus |
22347.800 |
21741.900 |
21443.000 |
|
(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) |
27380.200 |
26774.300 |
26475.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
51417.800 |
49273.100 |
44123.200 |
|
(b) Deferred tax
liabilities (Net) |
1118.200 |
1014.400 |
948.400 |
|
(c) Other long term
liabilities |
400.600 |
62.300 |
36.000 |
|
(d) long-term provisions |
241.700 |
212.300 |
533.300 |
|
Total Non-current
Liabilities (3) |
53178.300 |
50562.100 |
45640.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
72987.200 |
69145.800 |
57522.700 |
|
(b) Trade payables |
317.100 |
189.600 |
156.400 |
|
(c) Other current
liabilities |
14896.200 |
13479.600 |
12072.100 |
|
(d) Short-term provisions |
384.900 |
386.300 |
390.400 |
|
Total Current Liabilities
(4) |
88585.400 |
83201.300 |
70141.600 |
|
|
|
|
|
|
TOTAL |
169143.900 |
160537.700 |
142257.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6417.100 |
5368.800 |
4981.200 |
|
(ii) Intangible Assets |
29.200 |
31.100 |
6.100 |
|
(iii) Capital
work-in-progress |
572.300 |
312.000 |
562.700 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28218.600 |
26977.200 |
27368.700 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
88569.500 |
77384.900 |
61808.800 |
|
(e) Other Non-current
assets |
1538.600 |
668.700 |
2900.500 |
|
Total Non-Current Assets |
125345.300 |
110742.700 |
97628.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
166.500 |
3285.100 |
3505.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
2020.200 |
1459.100 |
1237.500 |
|
(d) Cash and cash
equivalents |
3868.000 |
2279.000 |
221.400 |
|
(e) Short-term loans and
advances |
2662.400 |
1006.200 |
6848.100 |
|
(f) Other current assets |
35081.500 |
41765.600 |
32817.900 |
|
Total Current Assets |
43798.600 |
49795.000 |
44629.900 |
|
|
|
|
|
|
TOTAL |
169143.900 |
160537.700 |
142257.900 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
18942.000 |
17989.700 |
16612.800 |
|
|
Other Income |
58.300 |
68.800 |
51.900 |
|
|
TOTAL |
19000.300 |
18058.500 |
16664.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
421.200 |
429.800 |
437.700 |
|
|
Other expenses |
735.800 |
743.400 |
681.800 |
|
|
TOTAL |
1157.000 |
1173.200 |
1119.500 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
17843.300 |
16885.300 |
15545.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
15208.400 |
15357.800 |
13574.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION / BAD DEBTS AND PROVISION |
2634.900 |
1527.500 |
1971.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
391.900 |
261.200 |
309.600 |
|
|
|
|
|
|
|
Less/ Add |
BAD DEBTS AND PROVISION |
|
|
|
|
|
Bad Debts / Advances
Written off (net) |
63.400 |
148.400 |
12.000 |
|
|
Provision for bad debts /
Advances |
888.100 |
160.500 |
39.000 |
|
|
Contingent provisions against
standard assets |
3.600 |
31.400 |
240.300 |
|
|
Provision for diminution
in value of stock for trade and investment |
92.700 |
49.700 |
16.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1195.200 |
876.300 |
1354.100 |
|
|
|
|
|
|
|
Less |
TAX |
285.900 |
281.700 |
404.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
909.300 |
594.600 |
949.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2624.400 |
2595.500 |
2248.600 |
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General
Reserve |
636.500 |
270.000 |
308.400 |
|
|
Balance Carried to the
B/S |
2897.200 |
2624.400 |
2595.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Fee Based Income |
0.000 |
0.200 |
2.200 |
|
|
Income from Loan Assets |
1.400 |
1.400 |
20.600 |
|
|
TOTAL EARNINGS |
1.400 |
1.600 |
22.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Operating Lease Assets |
3.400 |
183.900 |
304.300 |
|
|
Own Use Assets |
17.700 |
7.900 |
0.000 |
|
|
TOTAL IMPORTS |
21.100 |
191.800 |
304.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.81 |
1.18 |
1.89 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(4636.300) |
(15527.500) |
(11782.300) |
|
Net Cash (Used in) / Generated from Operating Activities |
(4954.700) |
(16121.800) |
(12008.200) |
QUARTERLY RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
4761.600 |
5014.200 |
|
Total Expenditure |
489.200 |
722.800 |
|
PBIDT (Excl OI) |
4272.400 |
4291.400 |
|
Other Income |
1.200 |
45.400 |
|
Operating Profit |
4273.600 |
4336.800 |
|
Interest |
3813.300 |
4086.600 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
460.300 |
250.200 |
|
Depreciation |
129.100 |
132.300 |
|
Profit Before Tax |
331.200 |
117.900 |
|
Tax |
102.100 |
36.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
229.100 |
81.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
229.100 |
81.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.80 |
3.31 |
5.72 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
94.20 |
93.86 |
93.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.85 |
0.66 |
1.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.54 |
4.42 |
3.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.49 |
0.60 |
0.64 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.43.95 (BSE) |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
5032.400 |
5032.400 |
5032.400 |
|
Reserves & Surplus |
21443.000 |
21741.900 |
22347.800 |
|
Net worth |
26475.400 |
26774.300 |
27380.200 |
|
|
|
|
|
|
long-term borrowings |
44123.200 |
49273.100 |
51417.800 |
|
Short term borrowings |
57522.700 |
69145.800 |
72987.200 |
|
Total borrowings |
101645.900 |
118418.900 |
124405.000 |
|
Debt/Equity ratio |
3.839 |
4.423 |
4.544 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16612.800 |
17989.700 |
18942.000 |
|
|
|
8.288 |
5.294 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16612.800 |
17989.700 |
18942.000 |
|
Profit |
949.600 |
594.600 |
909.300 |
|
|
5.72% |
3.31% |
4.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
CALCUTTA |
|
|
Case Status |
Pending |
|
Status Of : |
ARBITRATION PETITION (AP) 1599 OF AMRIT JAL VENTURES PRIVATE LIMITED
VS. SREI INFRASTRUCTURE FINANCE LIMITED |
|
Pet’s Adv : |
Abhijit Sarkar |
|
Res’s Adv : |
--- |
|
Last Date of
Hearing : |
Friday, October 09, 2015 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Bonds / Debentures |
|
|
|
Subordinated bonds / debentures |
11569.900 |
11569.900 |
|
Term Loans |
|
|
|
- Other term loans from banks |
1124.900 |
0.000 |
|
Deposits |
|
|
|
Inter-Corporate Deposits |
0.000 |
8.900 |
|
SHORT TERM
BORROWING |
|
|
|
Deposits |
|
|
|
Inter Corporate Deposits |
|
|
|
- From Related Parties |
120.100 |
102.300 |
|
- From Others |
0.000 |
1512.600 |
|
Other Loans |
|
|
|
Commercial Papers |
|
|
|
- From Others |
792.300 |
0.000 |
|
Total |
13607.200 |
13193.700 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10602239 |
28/10/2015 |
2,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH, 32, J. N. ROAD, 6TH FLOOR, OM TOWER, KOLKATA - 700071, WEST BENGAL, INDIA |
C69960672 |
|
2 |
10598724 |
30/09/2015 |
1,000,000,000.00 |
BANK OF INDIA |
LARGE CORPORATE
BRANCH, 5, B.T.M SARANI, KOLKATA - 700001, |
C68205665 |
|
3 |
10592987 |
28/09/2015 |
3,000,000,000.00 |
SYNDICATE BANK |
6, N.S. ROAD BRANCH, KOLKATA - 700001, WEST BENGAL, INDIA |
C65203168 |
|
4 |
10596061 |
17/09/2015 |
1,000,000,000.00 |
UNITED BANK OF INDIA |
11,HEMANT BASU SARANI, KOLKATA - 700001, WEST BENGAL, INDIA |
C66796657 |
|
5 |
10595072 |
14/09/2015 |
250,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
FORT BRANCH, BHARAT
HOUSE, 104, B.S. MARG, FORT, |
C66252107 |
|
6 |
10590479 |
25/08/2015 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH,
83, TOPSIA ROAD, KOLKATA - 700046, WEST |
C63957427 |
|
7 |
10583932 |
31/07/2015 |
1,635,426,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
C60618121 |
|
8 |
10584783 |
17/07/2015 |
9,650,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA - 700071, WEST BENGAL , INDIA |
C61143988 |
|
9 |
10570436 |
05/05/2015 |
1,500,000,000.00 |
VIJAYA BANK |
A.G.TOWERS,, PARK STREET BRANCH, 125/1, PARK STREET, KOLKATA - 700017, WEST BENGAL, INDIA |
C54125372 |
|
10 |
10564660 |
30/03/2015 |
2,000,000,000.00 |
BANK OF INDIA |
LARGE CORPORATE BRANCH, 5, B.T.M SARANI, KOLKATA - 700001, WEST BENGAL, INDIA |
C51371045 |
* Date of charge modification
CORPORATE INFORMATION
Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is also a Public Financial Institution (PFI) notified under section 4A of the Companies Act, 1956. The Company received a Certificate of Registration from the Reserve Bank of India (‘RBI’) on 1st August, 1998 to commence / carry on the business of Non-Banking Financial Institution (‘NBFI’) and was subsequently classified as Infrastructure Finance Company vide Certificate of Registration dated 11th May, 2010.
OPERATIONAL REVIEW
The Company is one of the leading private sector infrastructure financing institutions in India. Some of the key highlights of your Company’s performance during the year are:
- The gross profit (before bad debts, provision and tax) is Rs. 2243.000 Million as against Rs. 1266.300 Million in the last year.
- Profit before taxation is Rs. 1195.200 Million as against Rs. 876.300 Million in the last year.
- Net profit after taxation is Rs. 909.300 Million as against Rs. 593.200 Million in the last year.
- The total assets under management of the Srei Group is Rs. 352407.300 Million as against Rs. 340699.900 Million in the last year.
The Capital to Risk Assets Ratio (CRAR) of the Company stood at 16.97 per cent as on March 31, 2015, well above the regulatory minimum level of 15 per cent prescribed by the Reserve Bank of India for systemically important nondeposit taking NBFCs (NBFCs-ND-SI) of this, the Tier I CRAR was 11.21 per cent.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC REVIEW
Global Outlook
According to the World Bank, global GDP actually grew at 2.6 per cent in 2014 after growing at 2.5 per cent in 2013. While the World Bank’s earlier projection for 2014 was 3.2 per cent, the growth momentum failed to pick up in several developed and developing nations during the second half of 2014. The World Bank expects the global growth rate for 2015 to be 3.0 percent. The estimates by International Monetary Fund (IMF) are slightly more optimistic than that of World Bank. IMF expects global economy to grow by 3.5 per cent in 2015 and by 3.8 per cent in 2016.
The global economic recovery has been slow, with very weak growth during last 3 years. While conditions have improved in USA and UK, growth in Eurozone and Japan are yet to pick up. The slowdown in China is policy induced. Chinese policymakers believe that in order to ensure financial stability of the country, a soft-landing of the economy is imperative.
Different nations are pursuing divergent policies. USA has completed its quantitative easing (QE) programme, but the Federal Reserve is unlikely to start raising interest rate before September, 2015. On the other hand, Japan and Eurozone have started their versions of QE. World’s three big currencies are likely to realign over the next few years – while the USD has been appreciating ever since the QE tapering started, Euro and Yen are gradually depreciating. Central banks are finding it increasingly difficult to exit accommodative monetary policies as they run the risk of affecting fledgling recovery processes in their respective economies. Slow growth in global demand has resulted in weak global trade too.
Both World Bank and IMF expect the emerging and developing economies (EDEs) to be the main drivers of global growth. The soft commodity prices, low oil prices and easy liquidity are actually expected to help the EDEs. The World Bank forecasts that after registering a 4.4 per cent growth rate in 2014, the EDEs will clock a growth rate of 4.8 per cent in 2015 and thereafter growth rate will further strengthen to 5.3 per cent and 5.4 per cent in 2016 and 2017 respectively.
Indian Scenario
In a bid to make India’s GDP data more accurate, relevant and globally comparable, a new series of GDP data has been released where the new base year is 2011-12 instead of 2004-05 used earlier. Previously, India’s GDP implied GDP at factor cost, but from now onwards the calculation will be on the basis of globally accepted GDP at market prices. India’s revised GDP growth rate now stands revised upwards at 5.1 per cent (from 4.7 per cent) for FY13 and 6.9 per cent (from 5.0 per cent) for FY14. This year’s Economic Survey suggests that GDP growth for FY15 is likely to be 7.4 per cent. In FY16, the growth rate is likely to go up further to anything between 8.1 - 8.5 per cent making India world’s fastest growing large economies. IMF also expects India to overtake China in terms of growth rate in 2016.
The Government of India has been successful in containing inflation and the low oil prices are unlikely to put any upward pressure on inflation. RBI has initiated the cutting of policy rate which is expected to stimulate investment. However, the central government believes in setting in motion the investment cycle by itself by channelizing investments in infrastructure projects. The government is working towards restarting the stalled projects and at the same time is trying to ensure that any new borrowing is only for capital expenditure. The government is also focusing on reducing leakages in subsidies and social expenditures. The government has initiated a number of measures towards easing the business climate and expects private investment to pick up soon.
Controlled inflation, a stable currency, the economy’s resilience, coupled with Indian government’s ability to adhere to fiscal targets and a willingness to implement economic reforms, have resulted in increased investor attention. In FY15, till January 2015, India has been able to attract foreign direct investment (FDI) to the tune of USD 26 billion. Also, India has received record investments to the tune of USD 43.5 billion from foreign institutional investors (FIIs) till mid-March 2015. Of this, USD 26.3 billion has been invested in debt, while equities absorbed USD 17.2 billion. Foreign investors preferred Indian bonds in order to take advantage of the yield differential between India and developed markets such as the US. FII limits for government securities have been exhausted and the limits for some corporate debt have also been utilized. Once US interest rates start rising, and as Indian rates fall further, the narrowing yield differentials are likely to adversely impact flows into the Indian debt markets.
While government is willing to add momentum to the investment cycle by investing on its own in infrastructure projects, going forward private capital would need to play an important role. Public-Private-Partnership (PPP) being the preferred mode of infrastructure creation in India, government has to work towards creation of an enabling environment whereby both domestic and foreign funds can be mobilized into infrastructure. Keeping in mind the constraints of the banking system, special efforts are to be made in attracting foreign capital.
BUSINESS OUTLOOK AND
FUTURE PLANS
At this juncture India is fortunately at a ‘sweet spot’ due to a number of domestic and international factors. The government realizes how crucial it is now to improve the ease of doing business in India in order to take advantage of the situation. To this end, a number of steps have been taken through the Union Budget 2015-16. Basic corporate tax rate is being reduced from 30 per cent to 25 per cent over the next 4 years. The General Anti Avoidance Rules (GAAR) stand deferred by another two years which will address some of the concerns of the foreign investors. A focused effort is being made to cut down red-tapism by creating an expert committee which is to draft a legislation where need for multiple prior permissions will be replaced by a pre-existing regulatory mechanism is a huge plus for all businesses. Setting up of a Task Force to develop a sector neutral financial redressal agency has also been proposed which will address grievance against all financial service providers. A new comprehensive Bankruptcy Code will be put in place by FY16 that will meet global standards.
Keeping in mind the present subdued investment climate in India, the government has decided to step up investments in infrastructure on its own and for that it is even willing to slightly relax the fiscal discipline targets so that more funds can be channelized into infrastructure creation. This is a very pragmatic approach as without a robust infrastructure sector our quest for a double-digit economic growth will only remain a pipedream. Public sector units are also to step up investments in infrastructure. An additional Rs. 70,000 crore has been earmarked for infrastructure.
PPP is expected to be the mainstay for infrastructure creation in India. To this end, the government will revisit, revitalise and fine-tune the existing PPP modalities so that private sector can become more active in infrastructure creation. The budget also outlined that the sovereign has to bear part of the PPP project risks so that PPP projects can be successfully implemented.
Some of the specific steps pertaining to infrastructure announced in the budget include:
- Setting up of a National Investment and Infrastructure Fund with an annual outlay of Rs. 2000.000 Million from the Centre
- Tax-free infrastructure bonds to be floated for mobilising resources for projects in rail, road and irrigation
- Conversion of existing excise duty on petrol and diesel to the extent of Rs. 4 per litre into Road Cess to fund investment
- Ports in public sector to be encouraged to corporatize and leverage their idle assets
- 5 new Ultra Mega Power Projects, each of 4000 MW generation capacity, to be built in Plug-andPlay mode
- Increased outlays for building rural infrastructure like roads, housing, power supply, hygiene, water supply, cold storages.
The Rail Budget 2015-16 has aimed at modernization, capacity augmentation, better governance and laying out a roadmap for partnerships with both state governments and private sector. A capex plan of Rs. 0.110 Million for FY16 has been finalised with main focus on capacity augmentation of India’s rail infrastructure. Centre would be providing 41% of the planned investments, the remaining amount is targeted to be tapped from a mix of other sources – foreign Insurance and Pension Funds, other bilateral and multilateral funds, domestic private sector, monetization of existing idle assets of railways, etc. A number of steps towards improving customer experience have also been proposed some of which will entail extra costs. IT is expected to be embraced in a big way towards improving enterprise resource planning and safety in railways. Dedicated institutes for fundamental research towards advancement of coach design, rail tracks, improvement of rail technology, etc. and for upskilling rail personnel are also to be set up.
To mark the Amrut Mahotsava i.e. the 75th year of independence in 2022, the Government has set for itself certain targets:
- Housing for all – 2 crore houses in urban areas and 40.000 Million houses in rural areas to be built – each equipped with basic facilities like 24x7 power supply, access to clean drinking water, toilet and road connectivity
- Electrification of remaining 20,000 villages
- Renewable energy capacity to be increased to 175,000 MW
- Connectivity in terms of surface transport and telecom to the unconnected habitations
- Access to medical services in each village and city
- A senior secondary school within 5 km reach of every child
- Improvement of irrigation facilities
- Making India a manufacturing hub by focusing on skill development and encouraging entrepreneurism
- Development of the Eastern and North Eastern regions of India and bringing them at par with rest of the Country
All these initiatives and targets augur well for the future of the infrastructure sector. However, the future momentum of infrastructure growth will be greatly influenced by how government can restart the stalled projects and how effectively it is able to reach a consensus on the crucial land acquisition issue. The government must address these issues expeditiously because once these are taken care of private sector will become more active in infrastructure creation.
The Company is actively tracking all these developments and the management is upbeat that the business scenario is poised to improve significantly during FY 2015-16.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.09.2015 |
Quarter ended 30.06.2015 |
Half Year ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
4944.100 |
4626.500 |
9570.600 |
|
Other operating income |
70.100 |
135.100 |
205.200 |
|
Total
income from Operations(net) |
5014.200 |
4761.600 |
9775.800 |
|
Expenditure |
|
|
|
|
Employees benefit expenses |
121.800 |
112.200 |
234.000 |
|
Legal and Professional Fees |
45.300 |
50.400 |
95.700 |
|
Operating and Other Expenses |
149.700 |
113.500 |
263.200 |
|
Bad Debts Written off (net)/Provision, Contingencies and
diminutions |
406.000 |
176.500 |
582.500 |
|
Depreciation and amortization expenses |
132.300 |
129.100 |
261.400 |
|
Total expenses |
855.100 |
581.700 |
1436.800 |
|
Profit
from operations before other income and financial costs |
4159.100 |
4179.900 |
8339.000 |
|
Other income |
45.400 |
1.200 |
46.600 |
|
Profit from
ordinary activities before finance costs |
4204.500 |
4181.100 |
8385.600 |
|
Finance costs |
4086.600 |
3849.900 |
7936.500 |
|
Profit from
ordinary activities before tax Expense: |
117.900 |
331.200 |
449.100 |
|
Tax expenses |
36.400 |
102.100 |
138.500 |
|
Net Profit / (Loss)
from ordinary activities after tax |
81.500 |
229.100 |
310.600 |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
5032.400 |
5032.400 |
5032.400 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share Basic and diluted (*not annualized): |
*0.16 |
*0.46 |
*0.62 |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
207692369 |
207692369 |
207692369 |
|
- Percentage of shareholding |
41.28 |
41.28 |
41.28 |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
295393964 |
295393964 |
295393964 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
58.72 |
58.72 |
58.72 |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
NIL |
|
|
Receiving during the quarter |
|
63 |
|
|
Disposed of during the quarter |
|
63 |
|
|
Remaining unreserved at the end of the quarter |
|
NIL |
|
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
5032.400 |
|
Reserves and Surplus |
22658.400 |
|
Sub-total Shareholders’ Funds |
27690.800 |
|
Non-Current
Liabilities |
|
|
Long term borrowings |
54503.500 |
|
Deferred tax liabilities (Net) |
1064.800 |
|
Other long term liabilities |
466.600 |
|
Long term provisions |
308.600 |
|
Sub-total Non-Current liabilities |
56343.500 |
|
Current Liabilities |
|
|
Short term borrowings |
71874.200 |
|
Trade payables |
71.800 |
|
Other current liabilities |
15304.500 |
|
Short term provisions |
87.300 |
|
Sub-total current liabilities |
87337.800 |
|
|
|
|
Total Equity and Liabilities |
171372.100 |
|
|
|
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed Assets |
7216.900 |
|
Non-Current Investments |
26340.400 |
|
Long term loans and advances |
97698.900 |
|
Other non-current assets |
1974.300 |
|
Sub-total non-current assets |
133230.500 |
|
Current Assets |
|
|
Current Investments |
158.700 |
|
Trade receivables |
847.800 |
|
Cash and Cash Equivalents |
4481.500 |
|
Short term loans and advances |
1129.800 |
|
Other current assets |
31523.800 |
|
Sub-total current assets |
38141.600 |
|
TOTAL - ASSETS |
171372.100 |
Note:
- The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 07th November, 2015. The Statutory Auditors of the Company have reviewed the said results.
- The business of the Company falls within a single primary segment viz., 'Financial Services' and hence, the disclosure requirement of Accounting Standard 17 - ‘Segment Reporting' is not applicable.
- Due to the fluctuation in foreign exchange rates, the applicable loss on foreign exchange transactions and translations is Rs. 66.500 Million for the quarter ended 30th September, 2015 as against loss of Rs. 57.300 Million for the quarter ended 30th September, 2014 and loss of Rs. 103.100 Million for the half year ended 30th September, 2015 as against loss of Rs. 66.500 Million for the half year ended 30th September, 2014, charged under "Finance Costs".
- Figures pertaining to the previous year / period have been rearranged / regrouped, wherever considered necessary, to make them comparable with those of the current period.
FIXED ASSETS
- Buildings
- Leasehold Improvements
- Furniture and Fixtures
- Computers
- Office Equipment
- Plant and Machinery
- Motor Vehicles
- Aircrafts
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.66.51 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
51 |
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.