MIRA INFORM REPORT

 

 

Report No. :

357247

Report Date :

29.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JAYPEE INFRATECH LIMITED

 

 

Registered Office :

Sector – 128, District Gautam Budh Nagar, Noida – 201304, Uttar Pradesh

Tel. No.:

91-120-4963100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

05.04.2007

 

 

Com. Reg. No.:

20-033119

 

 

Capital Investment / Paid-up Capital :

Rs.13889.335 Million

 

 

CIN No.:

[Company Identification No.]

L45203UP2007PLC033119

 

 

IEC No.:

Not Divulged

 

 

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 :

Subject is an infrastructure development company. It develops, operates and maintain the yamuna expressway project. (From Indirect Sources)

 

 

No. of Employees :

255 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (20)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and delayed

 

 

Litigation :

Clear

 

 

Comments :

Jaypee Infratech Limited is a special purpose vehicle promoted by Jaiprakash Associates Limited holding 71.64% stake.

 

On account of slowdown in real estate sales and high debt levels, the company’s financial performance in FY15 (refers to the period April 01 to March 31) and was lower than forest, resulting in weak liquidity position and ongoing delays in debt servicing.

 

Company reported PAT of Rs.3550.022 million on total operating income of Rs.32577.789 million during FY15 as against PAT of Rs.2991.660 million on total operating income of Rs.33321.310 million in FY14.

 

The ratings are constrained on company’s delay in servicing of debt obligations by the company due to its weak liquidity position.

 

However, business is active. Payments are reported to be slow and delayed.

 

In view of aforesaid, the company can be considered for business dealing with great caution.

 

Note:-

 

As per our source and investigation we found that, the debt of Jaiprakash Associates Limited, which is led by Manoj Gaur-led Jaypee Group, was recently downgraded to default status by as company failed to repay investors in a bond issue. Another unit, Jaypee Infrastructure Limited, was looking to refinance Rs.103000.000 Million of debt for its Yamuna Expressway project under the 5:25 scheme, but the company has defaulted on repayment of its loan. The group has had interest coverage ratio less than 1 for nine consecutive quarters.

 

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 = D

Rating Explanation

Lowest credit quality and very low prospects of recovery.

Date

September, 2015

 

Rating Agency Name

CARE

Rating

Long term non-convertible debenture-I = D

Rating Explanation

Lowest credit quality and very low prospects of recovery.

Date

September, 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.

 

LOCATIONS

 

Registered / Corporate Office :

Sector – 128, District Gautam Budh Nagar, Noida – 201304, Uttar Pradesh, India

Tel. No.:

91-120-4963100

Fax No.:

91-120-4972160

E-Mail :

jpinfratech.investor@jalindia.co.in

Website :

www.jaypeeinfratech.com

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Manoj Gaur

Designation :

Chairman-cum-Managing Director

Date of Birth/Age :

51 Years

Qualification :

BE in Civil Engineering

Experience :

27 years of rich experience in all spheres of Corporate Management.

 

 

Name :

Mr. Sunil Kumar Sharma

Designation :

Vice-Chairman

 

 

Name :

B.K. Goswami

Designation :

Director

 

 

Name :

Dr. R.C. Vaish

Designation :

Director

 

 

Name :

S. Balasubramanian

Designation :

Director

 

 

Name :

S.C. Gupta

Designation :

Director

 

 

Name :

Mr. Arun Balakrishnan

Designation :

Director

 

 

Name :

B.B. Tandon

Designation :

Director

 

 

Name :

Mr. Anand Bordia

Designation :

Director

 

 

Name :

Mr. Lalit Bhasin

Designation :

Director

Date of Birth/Age :

46 Years

Qualification :

Graduate

 

 

Name :

P. Uma Shankar

Designation :

Director

Date of Birth/Age :

62 Years

Qualification :

Master in Mathematics from IIT, Madras

 

 

Name :

G.A Tadas (IDBI Nominee)

Designation :

Director

 

 

Name :

Mr. Sameer Gaur

Designation :

Joint Managing Director

 

 

Name :

Mr. Rakesh Sharma,

Designation :

Whole-time Director

Date of Birth/Age :

55 Years

 

 

Name :

Mr. Sachin Gaur

Designation :

Whole-time Director and Chief Financial Officer

 

 

Name :

Rekha Dixit

Designation :

Whole-time Director

 

 

Name :

Mr. Gaurav Jain

Designation :

Whole-time Director

 

 

Name :

Mr. Pramod Kumar Aggarwal

Designation :

Whole-time Director

 

 

KEY EXECUTIVES

 

Name :

Suman Lata

Designation :

Company Secretary

 

 

 

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

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

 

 

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

995000000

71.64

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

995000000

71.64

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

 

 

Total shareholding of Promoter and Promoter Group (A)

995000000

71.64

 

 

 

(B) Public Shareholding

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

 

 

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

5868

0.00

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

144565486

10.41

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

66171879

4.76

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

210743233

15.17

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

 

 

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

71990054

5.18

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

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

72360099

5.21

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

34294758

2.47

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

4545353

0.33

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

813144

0.06

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

3729259

0.27

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

2950

0.00

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

183190264

13.19

Total Public shareholding (B)

393933497

28.36

Total (A)+(B)

1388933497

100.00

 

 

 

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

 

 

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

0

0.00

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

0

0.00

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

0

0.00

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

1388933497

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is an infrastructure development company. It develops, operates and maintain the yamuna expressway project. (From Indirect Sources)

 

 

Products / Services :

Product / Services Description

 NIC Code

Real Estate Development

681

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

255 (Approximately)

 

 

Bankers :

Banker Name

Axis Bank Limited

Branch Address

Not Available

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

  • Bank of Maharashtra
  • Corporation Bank
  • Syndicate Bank Limited
  • ICICI Bank Limited
  • IDBI Bank Limited
  • State Bank of Patiala
  • LIC of India
  • State Bank of Hyderabad
  • The Jammu and Kashmir Bank Limited
  • Union Bank of India
  • IFCI Limited

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Redeemable Non-Convertible Debentures

9000.000

9000.000

Term Loans

 

 

from Banks/Financial Institutions

55040.000

66532.805

from NBFCs

414.075

0.000

Total

64454.075

75532.805

 

Statutory Auditors :

 

Name :

R. Nagpal Associates

Chartered Accountants

Address :

B-8/14, Vasant Vihar, New Delhi – 110057, India

 

 

Internal Auditors :

Dewan P. N. Chopra and Company

 

 

Cost Auditors :

Shri Sanjay Mehra

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Jaiprakash Associates Limited (JAL)

 

 

Subsidiary Company :

Jaypee Healthcare Limited (JHCL)

 

 

Fellow Subsidiary Companies :
  • Jaiprakash Power Ventures Limited (JPVL) (Subsidiary of JAL)
  • Jaypee Powergrid Limited (JV Subsidiary of JPVL)
  • Himalayan Expressway Limited (HEL) (Subsidiary of JAL)
  • Jaypee Agra Vikas Limited (Subsidiary of JAL)
  • Jaypee Sports International Limited (JPSI) (Subsidiary of JAL)
  • Jaypee Ganga Infrastructure Corporation Limited (Subsidiary of JAL)
  • Bhilai Jaypee Cement Limited (JV Subsidiary of JAL)
  • Gujarat Jaypee Cement and Infrastructure Limited (JV Subsidiary of JAL)
  • Jaypee Assam Cement Limited (Subsidiary of JAL)
  • Himalyaputra Aviation Limited (Subsidiary of JAL)
  • Jaypee Arunachal Power Limited (JV Subsidiary of JAL)
  • Sangam Power Generation Company Limited (Subsidiary of JPVL)
  • Prayagraj Power Generation Company Limited (Subsidiary of JPVL)
  • Jaypee Fertilizers and Industries Limited (Subsidiary of JAL)
  • Jaypee Meghalaya Power Limited (Subsidiary of JPVL)
  • Jaypee Cement Corporation Limited (JCCL) (Subsidiary of JAL)
  • Jaypee Cement Cricket (India) Limited (Subsidiary of JPSI)
  • Jaypee Cement Hockey (India) Limited (Subsidiary of JPSI)
  • Jaiprakash Agri Initiatives Company Limited (Subsidiary of JCCL)
  • Himachal Baspa Power Company Limited (Subsidiary of JPVL w.e.f. 14.03.2014)
  • Himachal Karcham Power Company Limited (Subsidiary of JPVL w.e.f. 14.03.2014)

 

 

Associate Companies :
  • Jaypee Infra Ventures (A Private Company with Unlimited Liability (JIV)
  • Jaypee Development Corporation Limited (JDCL)(Subsidiary of JIV)
  • JIL Information Technology Limited (JILIT)(Subsidiary of JIV)
  • Andhra Cements Limited (Subsidiary of JDCL)
  • Gaur and Nagi Limited (Subsidiary of JILIT)
  • Indesign Enterprises Private Limited (IEPL)(Subsidiary of JIV)
  • Madhya Pradesh Jaypee Minerals Limited
  • Jaiprakash Kashmir Energy Limited
  • Sonebhadra Minerals Private Limited
  • RPJ Minerals Private Limited
  • Jaypee International Logistics Company Private Limited (Subsidiary of JIV) Tiger Hills Holiday Resort Private Limited (Subsidiary of JDCL)
  • Sarveshwari Stone Products Private Limited (Subsidiary of RPJ Minerals Private Limited)
  • Rock Solid Cement Limited (Subsidiary of RPJ Minerals Private Limited)
  • MP Jaypee Coal Limited (16) MP Jaypee Coal Fields Limited
  • Anvi Hotels Private Limited (Subsidiary of JIV)
  • Jaypee Uttar Bharat Vikas Private Limited
  • Kanpur Fertilizers and Cement Limited
  • Jaypee Hotels Limited (KMP based associate company)
  • Jaypee Mining Ventures Private Limited (KMP based associate company) Ceekay Estates Private Limited (KMP based associate company)
  • Jaiprakash Exports Private Limited (KMP based associate company)
  • Bhumi Estate Developers Private Limited (KMP based associate company)
  • Pac Pharma Drugs and Chemicals Private Limited (KMP based associate company)
  • Jaypee Technical Consultants Private Limited (KMP based associate company)
  • Jaypee Jan Sewa Sansthan (‘Not for Profit’ Private Limited Company) (KMP baseds associate company)
  • Think Different Enterprises Private Limited (KMP based associate company) OHM Products Private Limited (KMP based associate company)
  • Sparton Growth Fund Private Limited (KMP based associate company)
  • iValue Advisors Private Limited (KMP based associate company)
  • JC World Hospitality Private Limited (KMP based associate company)
  • Dixit Holdings Private Limited (KMP based associate company)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

2500000000

Equity Shares

Rs.10/- each

Rs.25000.000 Million

50000000

Redeemable Preference Shares

Rs.100/- each

Rs.5000.000 Million

 

Total

 

Rs.30000.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1388933497

Equity Shares

Rs.10/- each

Rs.13889.335 Million

 

 

Reconciliation of shares outstanding at the beginning and at the end of the Financial Year 2014-15

 

Particulars

As at 31 March 2015

No. of Shares

Amount

(Rs in Million)

Shares outstanding at the beginning of the year

1388933497

13889.335

Shares Issued during the year

---

---

Shares bought back during the year

---

---

Any other movement

---

---

Shares outstanding at the end of the year

1388933497

13889.335

 

 

Terms/rights/restrictions attached to equity shares:

 

The company has only one class of Equity Shares at par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share and entitled for pro-rata dividend.

 

 

Shares held by the holding company, ultimate holding company and their subsidiaries/associates:

 

Particulars

Nature of Relationship

As at 31 March 2015

Equity Shares

 

 

Jaiprakash Associates Limited

Holding Company

995000000

Jaypee Infra Ventures (A Private company with unlimited liability)

Associate of Holding Company

---

Jaypee Development Corporation Limited (Subsidiary of Jaypee Infra Ventures)

Associate of Holding Company

13112765

 

 

Details of Shareholders holding more than 5% shares:

 

Name of Shareholder

As at 31 March 2015

No. of Shares held

% of Holding

Jaiprakash Associates Limited

995000000

71.64

 

 

 

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

13889.335

13889.335

13889.335

(b) Reserves & Surplus

49634.218

46656.262

47912.325

(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)

63523.553

60545.597

61801.660

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

64454.075

77754.000

74824.563

(b) Deferred tax liabilities (Net)

4359.732

3621.278

0.000

(c) Other long term liabilities

60.519

49.122

35.260

(d) long-term provisions

47.666

204.486

1176.393

Total Non-current Liabilities (3)

68921.992

81628.886

76036.216

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

13229.281

11385.051

7768.619

(c) Other current liabilities

48970.398

38802.765

37746.388

(d) Short-term provisions

11097.881

11240.209

10394.361

Total Current Liabilities (4)

73297.560

61428.025

55909.368

 

 

 

 

TOTAL

205743.105

203602.508

193747.244

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

224.611

289.201

285.237

(ii) Intangible Assets

95759.458

95996.482

96186.429

(iii) Capital work-in-progress

0.000

4.305

0.000

(iv) Intangible assets under development

5577.639

5604.426

3307.650

(b) Non-current Investments

4275.000

2500.000

2000.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1308.907

3375.929

10390.271

(e) Other Non-current assets

68.874

4.795

61.528

Total Non-Current Assets

107214.489

107775.138

112231.115

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

63367.955

67258.163

57078.500

(c) Trade receivables

5251.546

1327.476

3634.400

(d) Cash and cash equivalents

916.374

3721.519

2543.288

(e) Short-term loans and advances

11042.473

10313.326

9025.824

(f) Other current assets

17950.268

13206.886

9234.117

Total Current Assets

98528.616

95827.370

81516.129

 

 

 

 

TOTAL

205743.105

203602.508

193747.244

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

32478.314

33186.914

32743.425

 

Other Income

99.475

134.396

178.590

 

TOTAL

32577.789

33321.310

32922.015

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

17629.810

18405.403

16729.103

 

Employees benefits expense

453.342

403.133

293.267

 

Other expenses

987.724

1353.768

953.815

 

TOTAL

19070.876

20162.304

17976.185

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

13506.913

13159.006

14945.830

 

 

 

 

 

Less

FINANCIAL EXPENSES

8935.613

8940.172

6115.043

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

4571.300

4218.834

8830.787

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

282.824

214.317

149.191

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4288.476

4004.517

8681.596

 

 

 

 

 

Less

TAX

738.454

1012.857

1737.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3550.022

2991.660

6944.596

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3524.400

32538.500

28006.900

 

 

 

 

 

Less

Transferred to Special Reserve u/s 80 IA(6) (FY 2008-09)

0.000

2553.600

0.000

 

 

 

 

 

Less

Transferred to Special Reserve u/s 80 IA(6) (FY 2009-10)

0.000

3624.900

0.000

 

 

 

 

 

Less

Transferred to Special Reserve u/s 80 IA(6) (FY 2010-11)

0.000

11681.300

0.000

 

 

 

 

 

Less

Transferred to Special Reserve u/s 80 IA(6) (FY 2011-12)

2628.700

10147.100

0.000

 

 

 

 

 

Less

Transferred from Debenture Redemption Reserve

1000.000

500.000

0.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Deferred Tax for earlier year

0.000

3447.800

0.000

 

Debenture Redemption Reserve

921.300

1051.100

788.000

 

Proposed Final Dividend on Equity Shares

0.000

0.000

1388.900

 

Dividend Distribution Tax on Proposed Final Dividend

0.000

0.000

236.100

 

Total

921.300

4498.900

2413.000

 

 

 

 

 

Balance Carried to the B/S

4524.422

3524.360

32538.496

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Advances from Customers

19.097

22.357

56.142

 

Refund of Capital Advance

0.000

0.000

51.043

 

TOTAL EARNINGS

19.097

22.357

107.185

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.56

2.15

5.00

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

 

 

 

Secured Redeemable Non- Convertible Debentures

4000.000

4000.000

2000.000

Term Loan from Banks/Financial Institutions

16000.000

1192.631

2768.970

Term Loan from NBFCs

485.226

0.000

13.125

Fixed Deposit Scheme

2588.397

1410.671

1425.776

Total

23073.623

6603.302

6207.871

Cash generated from operations

21185.740

8220.723

12142.878

Net cash flows from operating activities

NA

NA

NA

 

 

QUARTERLY RESULTS

PARTICULARS

(Unaudited)

30.06.2015

1st Quarter

30.09.2015

2nd Quarter

Net Sales

5134.400

3377.700

Total Expenditure

2505.900

3365.200

PBIDT (Excl OI)

2628.500

12.500

Other Income

10.500

18.700

Operating Profit

2639.000

31.200

Interest

2306.600

2243.700

Exceptional Items

0.000

0.000

PBDT

332.400

(2212.500)

Depreciation

71.500

89.700

Profit Before Tax

260.900

(2302.200)

Tax

0.000

(706.500)

Provisions and contingencies

0.000

0.000

Profit After Tax

260.900

(1595.700)

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

260.900

(1595.700)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

10.93

9.01

21.21

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

41.59

39.65

45.65

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.19

2.05

4.61

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.07

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.38

1.39

1.31

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.34

1.56

1.46

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.17.10/-

 

 

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

13889.335

13889.335

13889.335

Reserves & Surplus

47912.325

46656.262

49634.218

Net worth

61801.660

60545.597

63523.553

 

 

 

 

long-term borrowings

74824.563

77754.000

64454.075

Short term borrowings

0.000

0.000

0.000

Current Maturities of Long Term Debt

6027.871

6603.302

23073.623

Total borrowings

80852.434

84357.302

87527.698

Debt/Equity ratio

1.308

1.393

1.378

 

 

 

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

32743.425

33186.914

32478.314

 

 

1.354

(2.135)

 

 

 

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

32743.425

33186.914

32478.314

Profit

6944.596

2991.660

3550.022

 

21.21%

9.01%

10.93%

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

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

----------------------

33

Market information

----------------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Fixed Deposit Scheme

0.000

2221.195

Total

0.000

2221.195

 

 

INDEX OF CHARGES

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10600969

04/11/2015

14,700,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

C69316016

2

10594286

15/09/2015

205,090,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

C65840522

3

10594289

15/09/2015

22,500,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

C65841868

4

10594336

15/09/2015

13,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

C65874729

5

10574016

25/05/2015 *

52,100,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

C61713848

6

10557955

30/03/2015

2,300,000,000.00

IFCI LIMITED

IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA

C48272967

7

10566731

30/03/2015

1,800,000,000.00

STATE BANK OF HYDERABAD

STATE BANK OF HYDERABAD, CORE-6, SCOPE COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA

C52308939

8

10585091

26/12/2014

2,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

C61117156

9

10536580

30/09/2014

2,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

C36889657

10

10502583

12/05/2014

15,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C06408892

 

* Date of charge modification

 

 

RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

 

The Company`s Yamuna Expressway was opened for public on 9th August, 2012 and commenced toll collection w.e.f. 16th August, 2012. Highlights of performance thereat is as under:

 

The Average Annual Daily Traffic (AADT) for the year ended on 31st March, 2015 was 16,490 PCUs as compared to 13,477 PCUs for the previous year ended on 31st March, 2014, higher by 22.36%. The revenue from Toll Collection for the year ended 31st March, 2015 aggregated to Rs.168.65 Crores as compared to Rs.135.17 Crores for the previous year ended 31st March, 2014, higher by 24.77%. The Average Annual Daily Traffic (AADT) and Toll revenue has registered a Compound Annual Growth Rate (CAGR) of 29.16% and 33.88% respectively since commencement of the commercial operation on 16th August, 2012.

 

The Company is developing five integrated Townships over 25 million square meters of land for commercial, amusement, industrial, institutional and residential purposes etc. across five different locations along the Yamuna Expressway- one in Noida, two locations in District Gautam Budh Nagar (part of NCR) and one location in each of District Aligarh & District Agra, Uttar Pradesh. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur, U.P and Land Parcel-5 at Agra. The Company has launched approx.113.06 million sq.ft area and has sold approx.107.10 million sq.feet area till 31st March, 2015 aggregating to sales value of Rs. 219430.000 Million.

 

The Financial Year has been a successful year for the Company since revenue from toll collection and real estate sale has shown an increasing trend.

 

During the year, Jaypee Healthcare Limited, the wholly owned subsidiary of the Company also commenced operations at its 504 bedded super speciality hospital namely "Jaypee Hospital" located at Wish Town, Sector-128, Noida, Uttar Pradesh, India.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Industry Structure and Development Relating to Company’s Lines of Business

 

Expressways

 

Expressways are the highest class of roads in the Indian road network. The efficient and extensive transport linkages are necessary to improve economic efficiency and expand the growth frontier. Given the heavy reliance on roads for both freight and passenger movements, investment in the road infrastructure in India can pave the way to growth and other economic objectives. Such an investment has a multiplier effect on crucial sectors of the economy; for example, cement and construction. India has an extensive road network of 4.86 Million kms which is the second largest in the world. More than 60% of freight and 90% of passenger traffic in the country is handled by road. The private sector has emerged as a key player in the development of road infrastructure. Real Estate The real estate

 

Real Estate

 

The real estate industry is considered a growth engine of the economy and plays a vital role in overall growth and development. The real estate sector is a major employment driver, being the second largest employer next only to agriculture. This is because of the chain of backward and forward linkages that the sector has with the other sectors of the economy, especially with the housing and construction sector. About 250 ancillary industries such as cement, steel, brick, timber, building materials etc. are dependent on the real estate industry.

 

Before the global financial crisis, the domestic real estate sector was booming. The global financial crisis and the ensuing slowdown led to businesses calling off/postponing expansion plans. Banks and foreign investors started withdrawing money from the market due to an uncertain economic situation. These factors led to drying up of credit, leading to a slowdown in the real estate sector. However, as the economy started to gain strength, the real estate sector also saw some improvement with property prices resuming upward movement and there has been improvement in credit and liquidity conditions and private final consumption expenditure as well.

 

India has huge potential to attract large foreign investments into real estate. With real estate reaching a point of saturation in developed countries and the demand and prices falling, global real estate players are looking at emerging economies such as India for tapping opportunities in real estate. Indian real estate will stay attractive due to its strong economic fundamentals and demographic factors.

 

 

STATEMENT OF STANDALONE UNAUDITED 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)

3377.700

5134.400

8512.100

Other operating income

0.000

0.000

0.000

Total income from Operations(net)

3377.700

5134.400

8512.100

Expenditure

 

 

 

Cost of Sales

3024.900

2142.700

5167.600

Employee benefits expense

100.900

111.500

212.400

Depreciation and amortization expenses

89.700

71.500

161.200

Other expenditure

239.400

251.700

491.100

Total expenses

3454.900

2577.400

6032.300

Profit from operations before other income and financial costs

(77.200)

2557.000

2479.800

Other income

18.700

10.500

29.200

Profit from ordinary activities before finance costs

(58.500)

2567.500

2509.000

Finance costs

2243.700

2306.600

4550.300

Profit from ordinary activities after finance costs but before Exceptional Items

(2302.200)

260.900

(2041.300)

Exceptional Items

0.000

0.000

0.000

Profit from ordinary activities before tax Expense:

(2302.200)

260.900

(2041.300)

Tax expenses

706.500

0.000

706.500

Net Profit / (Loss) from ordinary activities after tax

(1595.700)

260.900

(1334.800)

Extraordinary Items

0.000

0.000

0.000

Net Profit / (Loss) for the period

(1595.700)

260.900

(1334.800)

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

13889.300

13889.300

13889.300

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

---

---

---

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

 

 

 

Basic and diluted

(1.15)

0.19

(0.96)

Earnings per share (after extraordinary items)

 

 

 

Basic and diluted

(1.15)

0.19

(0.96)

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

393933497

393933497

393933497

- Percentage of shareholding

28.36

28.36

28.36

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

928356087

928356087

928356087

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

93.30

93.30

93.30

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

66.84

66.84

66.84

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

66643913

66643913

66643913

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

6.70

6.70

6.70

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

4.80

4.80

4.80

B. Investor Complaints

 

 

 

Pending at the beginning of the quarter

 

NIL

 

Receiving during the quarter

 

7

 

Disposed of during the quarter

 

7

 

Remaining unreserved at the end of the quarter

 

NIL

 

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 

(Rs. In Million)

Particulars

30.09.2015

(Unaudited)

EQUITY AND LIABILITIES

 

Shareholders’ Funds

 

Share Capital

13889.300

Reserves and Surplus

48200.400

Sub-total Shareholder’s Fund

62089.700

Share Application Money Pending Allotment

0.000

 

 

Non-Current Liabilities

 

Long term borrowings

87685.400

Deferred tax liabilities

4733.800

Other long term liabilities

67.500

Long term provisions

22.300

Sub-total Non-Current Liabilities

92509.000

Current Liabilities

 

Short term borrowings

0.000

Trade Payables

12104.500

Other Current Liabilities

14181.800

Short term provisions

11068.100

Sub-total Current Liabilities

37354.400

 

 

TOTAL – EQUITY AND LIABILITIES

191953.100

 

 

ASSETS

 

Non-Current Assets

 

Fixed Assets

101710.700

Non-Current Investments

4275.000

Deferred tax assets (net)

1080.500

Long term loans and advances

1309.900

Other Non-Current Assets

24.400

Sub-total Non-Current Assets

108400.500

Current Assets

 

Current Investment

0.000

Inventories

65441.600

Trade Receivables

4168.600

Cash and Bank Balances

188.100

Short term Loans and advances

11380.100

Other Current Assets

2374.200

Sub-total Current Assets

83552.600

 

 

TOTAL - ASSETS

191953.100

 

Note:

 

1. The standalone result of the Company comprises of only one segment i.e. Yamuna Expressway Project, an integrated project which inter-alia includes construction, operation and maintenance of Yamuna Expressway and rights for land development of 25 million Sq. Mtr. along the expressway.


2. Previous quarters/half year figures have been reworked/regrouped/rearranged wherever necessary to conform to those of current quarter / half year.


3. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 02, 2015 and have been subjected to a Limited Review by the Statutory Auditors of the Company.

 

 

FIXED ASSETS

 

  • Land
  • Purely Temporary Erections
  • Plant and Machinery
  • Motor Vehicles
  • Office Equipments
  • Furniture and Fixture
  • Computers

 

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.66.13

UK Pound

1

Rs.98.69

Euro

1

Rs.72.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KYP

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY 

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

20

 

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.