MIRA INFORM REPORT

 

 

Report No. :

308992

Report Date :

20.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ITD CEMENTATION INDIA LIMITED

 

 

Registered Office :

National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile Parle (East), Mumbai – 400057, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.06.1978

 

 

Com. Reg. No.:

11-020435

 

 

Capital Investment / Paid-up Capital :

Rs. 115.158 Millions

 

 

CIN No.:

[Company Identification No.]

L61000MH1978PLC020435

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS00123E

 

 

PAN No.:

[Permanent Account No.]

AAACT1426A

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work.

 

 

No. of Employees :

3715 [1869 Regular Employment  and 1846 Project based Engagement] [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 11669000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track.

 

There seems sharp dip in the profit of the company during December 2013. However networth of the company is satisfactory. General financial position of the company is good.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered normal for business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 carry low credit risk.

Date

January 13, 2015

 

 

Rating Agency Name

CARE

Rating

Short term Bank facilities = A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

January 13, 2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

 

INFORMATION DECLINED BY

 

MANAGEMENT NON-COOPERATIVE

 

[CONTACT NO.: 91-22-66931600]

 

 

LOCATIONS

 

Registered Office :

National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile Parle (East), Mumbai – 400057, Maharashtra, India 

Tel. No.:

91-22-66931600

Fax No.:

91-22-66931627/ 28

E-Mail :

admin@itdcem.co.in

rc.daga@itdcem.co.in

investors.relation@itdcem.co.in

Website :

http://www.itdcem.co.in

 

 

Regional Offices :

Located at:

 

·         Kolkata

New Delhi

Chennai

 

 

Project Offices :

Located at:

 

·         Medak

Vizag

Jorabat

Delhi

Dahej

Hazira

Kandla

Gurgaon

Jammu

Bangalore

Gulbarga

Kolkata

Sasan

Kymore

Gondia

JNPT, Maharashtra

Mumbai

Nashik

Pune-Satara

Ratnagiri

Umtru

Cuttack

Mansa

Jaipur

Sikkim

Chennai

Tuticorin

Agartala

Lucknow

 

 

DIRECTORS

 

AS ON 31.12.2013

 

Name :

Mr. Premchai Karnasuta

Designation :

Chairman

Qualification :

Graduate in B. Sc Mining Engineering and also holds MBA degree.

 

 

Name :

Mr. Pathai Chakornbundit

Designation :

Vice Chairman

Qualification :

Graduate in B. Engineering.

 

 

Name :

Mr. Adun  Saraban

Designation :

Managing Director

Qualification :

Bachelor degree in Civil Engineering from King Mongkut’s University of Technology Thonburi Thailand.

 

 

Name :

Mr. Per Ebbe Hofvander

Designation :

Independent Director

Qualification :

Degree in M. Sc. Civil Engineering.

 

 

Name :

Mr. Darius Erach Udwadia

Designation :

Independent Director

Qualification :

Hons. Degree in M.A. and LL.B [Bombay].

 

 

Name :

Mr. Deba Prasad Roy

Designation :

Independent Director

Qualification :

Degree in M. Sc. Chemistry from Jadavpur University, Calcutta.

 

 

KEY EXECUTIVES

 

Name :

Mr. Rameshwardas C. Daga

Designation :

Sr. Vice President and Company Secretary

 

 

Name :

Mr. Bijoy K. Saha

Designation :

Sr. Executive Vice President

 

 

Name :

Mr. K. Rajan

Designation :

Executive Vice President

 

 

Name :

Mr. S. Ramnath

Designation :

Executive Vice President and CFO

 

 

Name :

Mr. Gautam Basuroy

Designation :

Sr. Vice President

 

 

Name :

Mr. Rupak Sarkar

Designation :

Vice President

 

 

Name :

Mr. S.N. Patil

Designation :

Vice President

 

 

Name :

Mr. Manish Kumar

Designation :

Vice President

 

 

Name :

Mr. Jayanta Basu

Designation :

Vice President

 

 

Name :

Mr. Manas Ranjan Bhattacharya

Designation :

Vice President

 

 

Name :

Mr. Bellary Ramachar Vijaykumar

Designation :

Vice President - Corporate Affairs

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

(2) Foreign

 

 

Bodies Corporate

8011318

51.63

Sub Total

8011318

51.63

Total shareholding of Promoter and Promoter Group (A)

8011318

51.63

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

3573554

23.03

Financial Institutions / Banks

330

0.00

Foreign Institutional Investors

534387

3.44

Any Others (Specify)

0

0.00

Sub Total

4108271

26.48

(2) Non-Institutions

 

 

Bodies Corporate

699777

4.51

Individuals

 

 

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

1830767

11.80

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

801327

5.16

Any Others (Specify)

64330

0.41

Non Resident Indians

55522

0.36

Clearing Members

8758

0.06

Foreign Banks

50

0.00

Sub Total

3396201

21.89

Total Public shareholding (B)

7504472

48.37

Total (A)+(B)

15515790

100.00

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

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

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

15515790

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

3715 [1869 Regular Employment  and 1846 Project based Engagement] [Approximately]

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks: Not Divulged

 

·         Allahabad Bank

Punjab National Bank

Axis Bank Limited

Standard Chartered Bank

Bank of Baroda

State Bank of India

Central Bank of India

The Federal Bank Limited

IDBI Bank Limited

Union Bank of India

Bank of India

Vijaya Bank

 

 

Facilities :

 

SECURED LOANS

31.12.2013

(Rs. In Millions)

31.12.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Plant loan from financial institution

43.361

43.828

Vehicle loan from bank

7.223

0.257

Term loan - from financial institution

46.334

0.000

SHORT TERM BORROWINGS

 

 

Working capital loan from Bank

6086.038

4985.537

External commercial borrowings (Buyer's credit)

511.076

544.144

 

 

 

Total

 

6694.032

5573.766

 

LONG TERM BORROWING

 

Plant loan from financial institution (Secured) :

Loan obtained from Tata Capital Limited for purchase of vehicles and construction equipment which carries interest rate ranging between 12.75 to 13.75 percent per annum and are repayable in 36 to 60 monthly installments. These loans are secured by first and exclusive charge on vehicles and specific equipment financed by the Institution.

               

Vehicle loan from bank (Secured) :

Loan obtained from HDFC Bank for purchase of vehicles which carries interest rate 12 percent approx per annum and are repayable in 60 monthly installments. These loans are secured by hypothecation of the vehicle purchased out of this loan.

 

Term loan from financial institution (Secured) :

Loan obtained from Indiabulls Housing Finance Limited for purchase of office premise carries interest rate of 13.50 percent per annum and are repayable in 84 monthly installments commencing from April 2013. This loans are secured by hypothecation of office purchased out of this loan.

 

 

SHORT TERM BORROWINGS

 

Working capital loan from banks (Secured) :

Working capital loans availed from consortium bankers carries various interest rates are secured by first paripassu charge on the current assets and movable plant and machinery other than those charged in favour of Tata Capital Limited. These facilities are payable on demand.

 

External commercial borrowings (Buyer's credit) :

Buyer credit loan obtained from bankers carries interest of LIBOR plus 1.5 to 3.5 percent per annum (quarterly rests). This are secured by first pari passu charge on the current assets and movable plant and machinery other than those charged in favour of Tata Capital Limited

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Tata Capital Financial Services Limited

 

 

Auditors :

 

Name :

Walker, Chandiok and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Legal Advisors :

Udwadia Udeshi and Argus Partners, Mumbai

 

 

Holding Company :

Italian-Thai Development Public Company Limited

 

 

Subsidiary Company :

ITD Cementation Projects India Limited

 

 

Associate :

AVR Infra Private Limited

 

 

Joint Ventures (unincorporated) :

·         ITD Cemindia JV

ITD - ITD Cem JV

ITD - ITDCem JV (Consortium of ITD - ITD Cementation)

ITD-Cem Maytas Consortium

 

 

Fellow subsidiary :

Aquathai Co., Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

15000000

Equity Shares

Rs.10/- each

Rs. 150.000 Millions

60000000

Redeemable Preference Shares 

Rs.10/- each

Rs. 600.000 Millions

 

 

 

 

 

Total

 

Rs. 750.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11518316

Equity Shares

Rs.10/- each

Rs. 115.183 Millions

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11515790

Equity Shares

Rs.10/- each

Rs. 115.158 Millions

 

 

 

 

 

Reconciliation of equity shares outstanding at the beginning and at the end of the reporting period

 

Particulars

No. of Shares

Amount In Millions

Balance at the beginning of the year

11,515,790

115.158

Add : Issued during the year

--

--

Balance at the end of the year

11,515,790

115.158

 

 

Terms/rights attached to equity shares

 

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.

 

During the year, Re. 1.00 (31st December 2012: Rs. 2.00) per share dividend recognised as distributions to equity share holders.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Particulars

No. of Shares

Amount In Millions

Equity shares of Rs. 10 each

 

 

Shares held by holding Company

 

 

Italian-Thai Development Public Company Limited,

Thailand

8,011,318

 

80.113

 

 

 

Shareholders holding more than 5% of the equity

shares in the Company as at 31st December 2013

No. of Shares

% holding

Equity shares of Rs. 10 each

 

 

Italian-Thai Development Public Company Limited,

Thailand

8,011,318

 

69.57%

 

 

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

 

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceeding 31st December 2013

 

The Company has not issued any bonus shares nor has there been any buy back of shares during five years immediately preceeding 31st December 2013.

 

Out of the total issued capital, 2,526 (31st December 2012: 2,526) equity shares of Rs.10 each have been kept in abeyance pending final settlement of rights issues.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2013

31.12.2012

31.12.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

115.158

115.158

115.158

(b) Reserves & Surplus

3969.013

3889.570

3696.560

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

4084.171

4004.728

3811.718

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

114.091

260.208

579.364

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

41.737

51.898

43.582

Total Non-current Liabilities (3)

155.828

312.106

622.946

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6597.114

5950.964

5662.256

(b) Trade payables

2316.107

2444.791

2770.963

(c) Other current liabilities

2933.558

3319.115

2285.489

(d) Short-term provisions

90.836

97.652

83.490

Total Current Liabilities (4)

11937.615

11812.522

10802.198

 

 

 

 

TOTAL

16177.614

16129.356

15236.862

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1916.986

1931.121

1979.656

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

67.287

135.971

30.839

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

599.714

473.172

408.291

(c) Deferred tax assets (net)

142.220

110.400

75.800

(d)  Long-term Loan and Advances

1141.088

1026.986

933.465

(e) Other Non-current assets

2.200

2.200

1.000

Total Non-Current Assets

3869.495

3679.850

3429.051

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.026

0.026

0.026

(b) Inventories

7717.236

7910.785

6797.228

(c) Trade receivables

3347.708

3146.506

3174.632

(d) Cash and cash equivalents

111.246

121.730

229.541

(e) Short-term loans and advances

1130.316

1269.262

1606.384

(f) Other current assets

1.587

1.197

0.000

Total Current Assets

12308.119

12449.506

11807.811

 

 

 

 

TOTAL

16177.614

16129.356

15236.862

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2013

31.12.2012

31.12.2011

 

SALES

 

 

 

 

 

Contract Revenue

12247.567

12879.311

12905.269

 

 

Other Operating Income

354.777

179.349

123.435

 

 

Other Income

187.030

86.485

74.818

 

 

TOTAL                                     (A)

12789.374

13145.145

13103.522

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

3969.255

4560.509

4631.104

 

 

Sub-contract Expenses

2255.892

2058.441

1898.969

 

 

Employees benefits expense

1552.001

1431.740

1244.708

 

 

Other expenses

3428.257

3395.564

3838.296

 

 

TOTAL                                     (B)

11205.405

11446.254

11613.077

 

 

 

 

 

 

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

1583.969

1698.891

1490.445

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1155.617

1071.163

927.896

 

 

 

 

 

 

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

428.352

627.728

562.549

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

334.891

360.491

342.283

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

93.461

267.237

220.266

 

 

 

 

 

Less

TAX                                                                  (H)

0.367

47.460

-5.492

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

93.094

219.777

225.758

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Spare parts

0.000

1.124

5.787

 

 

Tools and equipment’s

7.655

3.987

10.893

 

 

Construction materials

0.000

2.512

10.851

 

 

Capital goods (including capital work-in-progress)

43.982

115.137

447.164

 

TOTAL IMPORTS

51.637

122.760

474.695

 

 

 

 

 

 

Earnings Per Share (Rs.)

8.08

19.08

19.60

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2013

31.12.2012

31.12.2011

Net Profit Margin

(PAT/Sales)

(%)

0.76

1.71

1.75

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

12.93

13.19

11.55

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.61

1.73

1.50

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.07

0.06

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.64

1.55

1.64

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.03

1.05

1.09

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.12.2011

31.12.2012

31.12.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

115.158

115.158

115.158

Reserves & Surplus

3696.560

3889.570

3969.013

Net worth

3811.718

4004.728

4084.171

 

 

 

 

Long-term borrowings

579.364

260.208

114.091

Short term borrowings

5662.256

5950.964

6597.114

Total borrowings

6241.620

6211.172

6711.205

Debt/Equity ratio

1.637

1.551

1.643

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

31.12.2012

31.12.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Contract Revenue

12905.269

12879.311

12247.567

 

 

(0.201)

(4.905)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.12.2012

31.12.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Contract Revenue

12905.269

12879.311

12247.567

Profit

225.758

219.777

93.094

 

1.75%

1.71%

0.76%

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report

(Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

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

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS

 

Case Details

Bench:- Bombay

Presentation Date : 21.10.2013

Lodging No:-

ITXAL/1786/2013

Filing Date:-

21.10.2013

Reg. No.:-

ITXA/234/2014

Reg. Date:-

04.01.2014

 

Petitioner:-

COMMISSIONER OF INCOME TAX

Respondent:-

ITD CEMENTATION INDIA LIMITED

Petn. Adv.:

ARVIND PINTO (I583)

 

 

District:-

MUMBAI

 

Bench:-

DIVISION

Status:-

Pre-Admission

Category:-

TAX APPEALS

Last Date:

17.02.2015

Remark:

FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Coram :-

ACCORDING TO SITTING LIST

 

ACCORDING TO SITTING LIST

 

Act:-

Income Tax Act, 1961

Under Section

260A

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10512489

10/07/2014

500,000,000.00

VIJAYA BANK

CORPORATE BANKING BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

C14785810

2

10483534

28/02/2014

160,000,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, 
MAHARASHTRA -400001, INDIA

B98882822

3

10423963

23/03/2013

1,000,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B74498700

4

10383642

09/09/2014 *

110,000,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C21806450

5

10360423

20/12/2012 *

48,300,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, 
MAHARASHTRA - 400001, INDIA

B65716177

6

10286335

29/04/2011

39,738,000.00

TATA CAPITAL LIMITED

ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B12527487

7

10112309

01/01/2014 *

253,983,570.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, 
MAHARASHTRA - 400001, INDIA

B93758498

8

90234459

03/08/1998

600,000,000.00

STANDARD CHARTERD BANK

23-25; M. G. ROAD, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

9

90234316

01/04/1997

12,000,000.00

ALLABAD BANK

INDL FINANCE BRANCH, APEEJAY HOUSE; 3 D. V. ROAD, 
BOMBAY, MAHARASHTRA - 400020, INDIA

-

10

90234270

10/10/1996

4,500,000.00

BANK OF BARODA

BACKBAY RECLAMATION BRANCH, RAM MAHAL; J. TATA ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

11

90234264

13/09/1996

85,000,000.00

THE HONG KONG AND SHANGHAI BANK CORP LIMITED

52/60; M. G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

-

12

90234262

05/09/1996

91,000,000.00

STANDARD CHARTERED BANK

M. G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA

-

13

90234226

10/04/1996

37,500,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60; M. G. R0AD, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

14

90234214

11/03/1996

6,800,000.00

UNION BANK OF INDIA

V. N. ROAD BRANCH; 84, RAJ MAHAL; V. N. ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

15

90234190

21/12/1995

7,000,000.00

ALLAHABAD BANK

INDL FINANCE BRANCH, APEEJAY HOUSE; 3 D. V. ROAD, 
BOMBAY, MAHARASHTRA - 400020, INDIA

-

16

90234126

12/05/1995

80,000,000.00

BANK OF BARODA

BACKBAY RECLAMATIN BRANCH, RAM MAHAL; J. TATA ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

17

90234113

27/03/1995

8,000,000.00

UNION BANK OF INDIA

V. N. ROAD BRANCH; 84, RAJ MAHAL. V. N. ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

18

90234110

15/03/1995

94,500,000.00

STANDARD CHARTERED BANK

M. G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA

-

19

90234104

06/03/1995

34,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORP. LIMITED

52/60. M. G. ROAD, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

20

90234099

28/02/1995

7,000,000.00

ALLAHABD BANK

INDL FINANCE BRANCH, APEEJAY HOUSE; 3 D. V. ROAD, 
BOMBAY, MAHARASHTRA - 400020, INDIA

-

21

90234073

28/12/1994

55,000,000.00

STANDARD CHARTERED BANK

M. G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA

-

22

90234062

14/11/1994

3,400,000.00

ALLAHABAD BANK

INDL FINANCE BRANCH, APEEJAY HOUSE; 3 D. V. ROAD, 
BOMBAY, MAHARASHTRA - 400020, INDIA

-

23

90234056

02/11/1994

22,500,000.00

BANK OF BARODA

BACKBAY RECLAMATION BRANCH, RAM MAHAL, BOMBAY, MAHARASHTRA - 400020, INDIA

-

24

90234042

05/09/1994

2,500,000.00

BANK OF BARODA

BACKBAY RECLAMATIN BRANCH, RAM MAHAL; J. TATA ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

25

90234035

24/08/1994

10,000,000.00

THE HONGKING AND SHANGHAI BANKING CORPO LIMITED

52/60; M. G. ROAD, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

26

90234033

16/08/1994

52,500,000.00

BANK OF BARODA

BACKBAY RECLAMATIN BRANCH, RAM MAHAL; J. TATA ROAD, BOMBAY, MAHARASHTRA - 400020, INDIA

-

27

90234024

14/07/1994

50,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

52/60; M. G. R0AD, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

28

90234021

05/07/1994

75,000,000.00

ABN AMRO BANK

14; V. N. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA

-

29

90233970

14/02/1994

30,000,000.00

UNION BANK OF INDIA

52/60; M. G. ROADV. N. ROAD BRANCH, 84; RAJ MAHAL, BOMBAY, MAHARASHTRA - 400001, INDIA

-

30

90233957

30/12/1993

20,000,000.00

STANDARD CHARTERED BANK

M. G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.12.2013

(Rs. In Millions)

31.12.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term loan - from financial institution

17.173

216.123

SHORT TERM BORROWINGS

 

 

Working capital loan from Bank

0.000

421.283

 

 

 

Total

 

17.173

637.406

 

LONG TERM BORROWING

 

Term loan - from bank (Unsecured) :

Term loan obtained from Vijaya Bank carried interest rate of base rate plus 2.50 percent per annum. This loan has been repaid during the year.

 

Term loan - from financial institution (Unsecured) :

Term loan obtained from SREI Equipment Finance Private Limited carries interest rate of 12 percent per annum.

These loans are repayable in 29 monthly installments commencing from September 2012.

 

 

 

NATURE OF OPERATIONS

 

Subject was incorporated in 1978 and is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work. The activities of the Company comprise only one business segment viz Construction.

 

 

REVIEW OF OPERATIONS

 

Revenue for the year at Rs.12247.600 Millions has declined by Rs. 631.700 Millions from Rs. 12879.300 Millions in the year 2012, a decline of about 5% over previous year. Consolidated revenue for the year was also lower at Rs. 15783.700 Millions as compared to Rs. 16447.200 Millions for the year 2012, a decline of about 4% over the previous year.

 

The Company’s profit before tax for the year was lower by 65% at Rs. 93.500 Millions compared to a profit before tax of Rs. 267.200 Millions for the year 2012.

 

The Consolidated profit before tax for the year was lower by 23% at Rs. 239.100 Millions compared to profit before tax of Rs. 310.700 Millions for the year 2012.

 

The profit after tax for the year at Rs. 93.100 Millions was lower by Rs. 126.700 Millions in comparison with 2012 because of lower revenues and reduction in margins because of change in the composition of revenues from different types of construction work.

 

On a review of the position of outstanding debts, there are no write off of bad debts during the year (2012 – Rs. 45.000 Millions).

 

Total value of new contracts secured during the year aggregated Rs. 26762.000 Millions (2012 – Rs. 14350.200 Millions). Major contracts include-

 

·         Construction of six lane link road including Road over Bridge, Ghaziabad.

Comprehensive Development of Corridor between Mangolpuri to Madhuban Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.

Comprehensive Development of Corridor between Madhuban Chowk to Mukarba Chowk including construction of Elevated Road, Foot over Bridge and allied works for PWD, Delhi.

Construction of New Haj Tower Complex at Rajarhat, West Bengal.

Development of Marine facilities at Karanja Creek, Uran, Maharashtra.

Part Design and Construction of Elevated viaduct and 2 elevated stations, Phase III of Delhi MRTS, Delhi.

Design and build construction of 330 meter Wharf Structure at Nhava Sheva, Maharashtra.

Construction of the Balance Works of the Ramps, Cut and Cover Tunnel of Chennai Metro Rail Project, Phase I, Chennai.

 

During the year, the Company’s Joint Venture, ITDITD Cem Joint Venture, has received two contracts namely: Design and Construction of Tunnels by shield TBM, Palam and I.G.D. Airport Underground Stations by Cut & Cover Method between Palam (including) and Shankar Vihar (excluding) on Janakpuri West – Kalindi Kunj Corridor under Delhi MRTS Project of Phase-III for Delhi Metro Rail Corporation of the value of Rs. 7520.000 Millions and Procurement of Ground Water Treatment Plants, Design, Construction, Supply, Installation, Commissioning including Mechanical and Electrical Equipment and Operation for Government of Tripura (SIPMIU) of the value of Rs. 398.800 Millions.

 

During the year, a number of contracts were completed including:

 

·         Civil works, service and allied works for Modernisation at GRSE – Main Unit for Garden Reach Shipbuilders and Engineers Limited, Kolkata.

Bored Cast-in-situ Piling, Diaphragm Wall and Ground Improvement work at Dahej, Gujarat.

Piling work for multi-storeyed residential complex at Jaypee Greens, Noida.

Construction of Ship Repair facility at Lavgan, Maharashtra.

Construction of Landside structure for Ship Repair facility at Jaigad, Maharashtra.

Construction of Integrated Passenger Terminal Building at NSCBI Airport, Kolkata.

Piling work for SEPCO, Cuddalore, Tamilnadu.

 

The Directors state that subsequent to the year end, a client of the Company has, pursuant to its contract with the

Company for execution of work, invoked bank guarantees provided to the client by the Company’s banks. Banks have made payments to the client aggregating to Rs. 920.000 Millions. The Company is currently in dialogue with the client to resolve the matter amicably and the Company has reasons to believe that the matter will be favourably resolved.

 

 

ISO 9001:2008, ISO 14001:2004 AND OHSAS 18001:2007

 

The Company has an established Integrated Management System comprising of Quality Management System conforming to ISO 9001:2008, Environmental Management System (EMS) conforming to ISO 14001:2004 and Occupational Health and Safety Management System conforming to OHSAS 18001:2007 at all offices, project sites and depots. During the year, the Company’s accreditation has been audited and compliance to the requirements of the International Standards has been confirmed by Det Norske Veritas AS (DNV).

 

The Company is amongst a few construction companies who have established an Integrated Management System and are maintaining the system with proper customer satisfaction along with continual improvements to the system.

 

 

OUTLOOK

 

The overall infra growth environment for the construction sector during the year gone by was very challenging. But the Company, with its strong execution capabilities and strong balance sheet has sailed steadily through these difficult times. Government has recently taken a number of measures to fast track infrastructure growth and a few encouraging signs are already visible. The inflation though sticky, with tight liquidity scenario, is expected to cool in the coming months. This may lead to a fall in interest rate in the system. The Company has already built a strong and diversified order book of Rs. 38211.800 Millions for the year, which, gives it good revenue visibility for more than two years. It is expected that the years ahead would bring great opportunities in the key business areas that the Company is focused in.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

COMPANY REVIEW

 

ITD Cementation Limited is a leading player in the Engineering, Procurement and Construction (EPC) area of construction industry. Its main activities are marine projects, urban transport, foundation specialist engineering, hydroelectric power and tunneling, dams and irrigation, industrial structures, highways and bridges, and airports.

 

 

ECONOMIC OVERVIEW

 

GLOBAL ECONOMY

 

The global economy continued to recover through the year 2013, ably supported by extraordinary monetary measures undertaken by central banks of some major economies including US, Japan and Euro Region. While advanced economies’ growth was in line with International Monetary Fund’s (IMF) 2013 initial projections, developing economies’ growth lost considerable momentum. As a result, the global GDP growth came down to 3.0% in 2013 from 3.1% recorded in 2012.

 

One of the key developments during the year was Fed’s indication to gradually taper the quantitative easing. This event sparked rapid depreciation in currencies of countries with high current account and fiscal deficit. Going forward, IMF has projected that the global economy is expected to strengthen its growth momentum recording a 3.7% growth in 2014 followed with 3.9% growth in 2015.

 

INDIAN ECONOMY

 

The Indian Economy is passing through one of its most challenging phases in recent times. The economy is confronted with some significant problems including, waning institutional as well as retail demand, alarming inflation, high cost of borrowing, weakened INR (Vs. USD), stagnant policy reforms and falling industrial output. Gross Domestic Product (GDP) growth rate has remained in the sub-5% range for the last 4 quarters (Exhibit 1: India Quarterly Y-o-Y GDP Growth rate). The industrial production has also been very tepid with an average year

2013 Index of Industrial Production (IIP) growth of mere 0.35%.

 

The Wholesale Price Index (WPI) in the initial months of 2013 did show signs of decelerating but after hitting a low of 4.58% in May 2013 (Exhibit 2: Key economic indicators) gradually inched higher and stood at 6.16% as of December 2013. The Consumer Price Index (CPI) inflation for most of the year remained in double-digit and after touching a high of 11.16% in November 2013, it has come down to 9.87% in December 2013.

 

The inflation volatility impacted domestic interest rates too. After near 8.0% repo rate in 2012, the year 2013 witnessed some rate cuts in H1 2013. With Reserve Bank of India’s (RBI) resolve to contain inflation the cycle has turned again in H2 2013. The high cost of funds coupled with overall economic slowdown has impacted profitability adversely for Infrastructure sector including Power. The growth in GDP during FY14 is estimated at 4.9% as compared to the growth rate of 4.5% in FY13.

 

CONSTRUCTION INDUSTRY: OVERVIEW

 

Considered to be the lifeline of any economy, Infrastructure remains the pivotal link in India’s economic growth prospects. Often-referred-to as the growth-driver of emerging economies, India ranked 85th in terms of overall Infrastructure quality among 148 countries covered in “The Global Competitiveness Report 2013-14” by World Economic Forum. Much smaller countries like Nambia, Sri Lanka and Kenya ranked ahead of India. India needs significant enhancement in its infrastructure facilities. Taking cognizance of this fact the country has been significantly increasing its planned outlay in infrastructure sector over the last three Five Year Plan. The planned outlay has nearly doubled to Rs. 52309000.000 Millions in 12th Five Year Plan from Rs. 20561500.000 Millions in 11th Five Year Plan.

 

The construction industry plays an instrumental role in building infrastructure. It requires to significantly enhance its execution capabilities in near-to-medium term in order to serve the pent-up demand. Indian construction industry’s estimated current capacity of asset building of Rs. 4150000.000 Millions annually would require to be doubled. The human, machinery and material inputs need considerable stepping up together with re-alignment of policies and priorities at governments’ and regulators’ level.

 

CONTRIBUTION TO ECONOMY

 

In the backdrop of economic slowdown coupled with policy stagnation during the recent past, the share of construction industry in GDP (at constant prices) has marginally declined from 8.1% to 7.8% between FY08 and FY13 (Exhibit 3: Construction industry’s contribution in GDP and Y-o-Y growth). As per the 12th Five Year Plan the share of GDP from construction activities at factor cost (constant prices) has increased to Rs.4303000.000 Millions in FY13 from Rs.3155000.000 Millions in FY08. Over the last six years, the construction industry has posted an average growth of 7.1%, with a marked slowdown in the last two years. Responding to the growth slowdown, the government is fast removing addressable bottlenecks aimed at attaining fast track clearances for infrastructure projects.

 

FOREIGN DIRECT INVESTMENT (FDI) IN CONSTRUCTION INDUSTRY

 

Both domestic and foreign investment has aided India’s growth in construction industry. The cumulative FDI inflows in construction activities from April 2000 to September 2013 stood at around $22,765 Million (Rs.1052050.000 Millions) (Exhibit 4: Yearly FDI in Construction Industry). This was nearly 6% of the total cumulative FDI inflow into the country. The banking sector has been a key funding institution for the construction industry but alone it would not be able to support the funds required. Also the rising NPA’s in the Infra space has made banks more stringent. Hence to fulfill the humongous demand of required funds, there is a need to develop different lending norms and special funding instruments, capable to address the requirement of the construction industry and also address bank’s concerns.

 

 

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2014

 

[RS. IN MILLIONS]

 

PARTICULARS

3 months ended

Preceding 3 months ended

Year to date figures for current period ended

 

30.09.2014

(Unaudited)

30.06.2014

(Unaudited)

30.09.2014

(Unaudited)

Income from Operations

 

 

 

Net Sales/Income from Operations

3076.753

3288.458

9370.407

Company’s share in profit of Joint Venture [Net]

(35.917)

70.945

59.788

Other Operating Income

65.706

10.042

85.411

Total Income from operations (net)

3106.542

3369.445

9515.606

 

 

 

 

Expenses

 

 

 

(a) Cost of material consumed 

1142.108

1164.090

3247.311

(b) Employee benefit expenses

320.942

421.330

1145.182

(c) Sub-Contract charges

805.740

665.276

2089.766

(d) Depreciation and amortization expenses

82.485

74.914

231.220

(e) Other Expenses

761.872

837.292

2470.772

Total Expenses

3113.147

3162.902

9184.251

Profit from Operations before Other Income, Finance costs and Exceptional item

(6.605)

206.543

331.355

Other Income

24.233

14.457

65.442

Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item

17.628

221.000

396.797

Finance costs

320.626

316.167

915.125

Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item

(302.998)

(95.167)

(518.328)

Exceptional item

--

--

--

Profit/ Loss from Ordinary Activities before tax

(302.998)

(95.167)

(518.328)

Tax Expenses

(83.500)

(71.200)

(172.300)

Net Profit/ Loss from Ordinary Activities after tax

(219.498)

(23.967)

(346.028)

Extraordinary Items

--

--

--

Net Profit for the period

(219.498)

(23.967)

(346.028)

Paid- up Equity Share Capital (Face value of the share – Rs. 10)

155.158

115.158

155.158

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

 

 

 

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

-          Basic

(17.30)

(2.08)

(29.05)

                   -  Diluted

(17.30)

(2.08)

(29.05)

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

 

 

 

- Basic

(17.30)

(2.08)

(29.05)

- Diluted

(17.30)

(2.08)

(29.05)

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

7504472

3504472

7504472

Percentage of Shareholding

48.37%

30.43%

48.37%

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

Nil

Nil

Nil

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

Nil

Nil

Nil

- Percentage of Shares (as a % of the Total Share Capital of the Company)

Nil

Nil

Nil

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

8011318

8011318

8011318

- Percentage of Shares

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

100%

100%

100%

- Percentage of Shares

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

51.63%

69.57%

51.63%

 

 

 

PARTICULARS

 

3 months ended 30.09.2014

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

4

 

Disposed of during the quarter

4

 

Remaining unresolved at the end of the quarter

Nil

 

NOTES:

 

1) The above statement of unaudited standalone results was reviewed by the Audit Committee at its Meeting held on November 6, 2014 and on recommendation of Audit Committee has been approved by the Board of Directors of the Company at its meeting held on November 6,2014.


2) The Company operates in one segment viz. Construction.


3) a) Trade receivables as at September 30, 2014 include variation claims recognised by the Company aggregating Rs. 276.900 Millions, which are disputed by the customer.

Out of this, claims amounting to Rs. 225.800 Millions are a subject matter of arbitration. The Company has received arbitration award in its favour In respect of the balance amount of Rs. 51.100 Millions which have since been challenged by the customer. Based on the legal opinion from Company's counsel in the matter, the management is reasonably confident of recovery of these amounts.


b) Trade receivables as at September 30, 2014 include Rs. 408.000 Millions representing interim work bills for work done which have not been certified by customers bevond normal periods of certification. The management is reasonably confident of the certification and recovery of the same progressively on these contracts based on past experience of the Company, assessment of work done and the fact that these amounts are not disputed by the customer and based on the legal opinion received on this matter.


c) Trade receivables as at September 30, 2014 include Rs. 69.600 Millions relating to price escalation claims which are disputed by the customer. The Company had received an arbitration award in its favour which was upheld by the High Court by its order. The customer has challenged this High Court order. However, based on the above arbitration award, High Court order and legal opinion, management is reasonably confident of recovery of these amounts.


d) Trade receivables as at September 30, 2014 include variation claims of Rs. 30.900 Millions for which the Company had received an arbitration award in its favour which has subsequently been upheld by the District Court. The customer has challenged this Court Order. However, based on the above arbitration award, Court Order and legal opinion, management is reasonably confident of recovery of these amounts.


e) Trade receivables and Unbilled Work-in-progress as at September 30, 2014 includes Rs. 114.000 Millions and Rs. 275.600 Millions respectively, for a contract which has been rescinded by the Company and trade receivables and unbilled work-in-progress as at September 30, 2014 includes Rs. 141.400 Millions and Rs. 592.200 Millions respectively, for another contract where the Company has received a notice from the customer withdrawing from the Company the balance works to be executed under the contract for which the Company has also issued guarantees aggregating Rs. 149.700 Millions. The Company has made claims against the customer to recover these amounts and has initiated legal action. Based upon legal opinion received, the management is reasonably confident of recovery of these amounts of trade receivable and unbilled work-in-progress and consequently no changes have been made to the values and classification of these amounts in the statements.

 
f) Trade receivables and unbilled work-in-progress as at September 30, 2014 include Rs. 97.200 Millions and Rs. 1678.900 Millions, respectively, in respect of certain road contracts which are currently being executed by the Company. The customer has already granted two extensions of time and the Company's request for further extension is under consideration. The Company has made claims on the customer for recovery of these amounts and has initiated legal action. Based on the contract terms and legal opinion obtained, the management is reasonably confident of recovery of these amounts.


4) During the quarter ended September 30, 2014, the Company has issued and allotted 4,000,000 equity shares of Rs. 10/- each fully paid for cash to Qualified Institution Buyers ("QIB") at Rs. 360 per share aggregating to Rs. 1440.000 Millions.


5) The Company's equity shares are delisted from The Calcutta Stock Exchange Limited w.e.f 28th August, 2014.


6) The unaudited standalone results of the Company for the quarter ended September 30, 2014 are available on the Company's.


7) The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.12.2013

[Rs. in Millions]

31.12.2012

[Rs. in Millions]

Guarantees given by banks in respect of contracting commitments in the normal course of business

27,117.78

 

31,985.67

 

Corporate Guarantee given to bank on behalf of Joint Ventures

51,00.000

44,80.000

The Company has a number of claims on customers for price escalation and / or variation in contract work. In certain cases which are currently under arbitration, the customers have raised counter-claims. The Company has received legal advice that none of the counter-claims are legally tenable. Accordingly no provision is considered necessary in respect of these counter claims.

12,24.458

 

21,04.414

 

Sales Tax matters pending in appeals

3,46.969

2,09.095

Income Tax matters pending in appeal

97.068

1,15.239

Excise matter pending in appeal

5.200

5.200

 

Subsequent to the year end, a Client of the Company has, pursuant to its contract with the Company for execution of work, invoked Bank Guarantees provided to the Client by the Company’s banks. Banks have made payments to the Client aggregating to ` 920.000 Millions. The Company is currently in dialogue with the Client to resolve the matter amicably and the Company has reasons to believe that the matter will be favourably resolved.

 


FIXED ASSETS:

 

·         Freehold Land

Leasehold Improvements

Buildings

Plant and Machinery

Earthmoving Machinery           

Office equipment and furniture

Vehicles

 

 

PRESS RELEASE

 

ITD CEMENTATION BAGS ORDERS OF OVER RS 15000.000 MILLIONS IN THE FIRST QUARTER

 

Mumbai, 1st April, 2013: ITD Cementation lndia Limited, one of the leading construction companies in the field of Civil Engineering, has announced the receipt of the following major orders during the first quarter of the current year, January to March 2013:

 

From Public Works Department (PWD), New Delhi for Comprehensive Development of Corridor (Outer Ring Road) between Mangolpuri to Madhuban Chowk, comprising of Elevated Road, FOB, RCC Drain, Footpath, Cycle Track, Rain Water Harvesting Scheme and other works of an approximate value of Rs. 2896.500 Millions;

 

From Public Works Department (PWD), New Delhi for Comprehensive Development of Corridor, (Outer Ring Road) between Madhuban Chowk and Mukarba Chawk, comprising of Elevated Road, RCC Drain, Footpath, Cycle Track, Rain Water Harvesting Scheme and other works of an approximate value of Rs. 2799.000 Millions;

 

From Ghaziabad Vikas Pradhikaran ibr Construction of a 6 lane Link Road and Flyover connecting NH 24 with NH 58 for an approximate value of Rs 1150.700 Millions;

 

From IIC Limited, a group company of Indiabulls, a contract for complete civil and structural work for Raw Water Pump House at Eklahara Barrage for their 1350 MW power plant being set up at Sinnar, SEZ, Nasik for Rs 232.500 Millions;

 

Projects worth around Rs. 1000.000 Millions on specialist engineering works of piling, civil works for power plants, water treatment plants etc.

 

In addition to the above, its Joint Venture (JV) with its parent, Italian-Thai Development Public Company Limited, Thailand (ITD, Thailand) has received an order amounting to Rs. 7520.000 Millions from the Delhi Metro Rail Corporation (DMRC) for Design and Construction of Tunnel by Shield TBM, Palarn and IGD Underground Stations by Cut and Cover method between Palam (including) and Shankar Vihar (excluding) on Janakpuri West- Kalindi Kunj Corridor under Delhi MRTS Project of Phase-Ill and to be completed in 39 months. i. e. by April 2016.

 

ABOUT ITD CEMENTATION LNDIA LIMITED

 

ITD Cem's presence dates back to 1931 when he Cementation Company Limited, UK started its operations in India and was engaged in providing seepage control and stability related solutions to a few distressed dams in the country. The Company was mainly active in the field of specialised civil, mining and foundation engineering till the eighties and thereafter was a part of various Multinational, Transnational organisations like Trafalgar House - UK, Kvaerner – Norway and Skanska -Sweden. Today, it is a part of Italian- Thai Development Public Company Limited, Thailand.

 

Over a period of time, it has developed expertise in design and construction of large infrastructure projects. The strong international parentage which ITD Cem has continuously enjoyed over eight decades provides a distinct advantage in delivering key technical knowhow that are, in line with international companies in this field.

 

In India, it has contributed significantly in the growth of Infrastructure in the country over the last eight decades and continues to provide expertise in the field of Civil Engineering. It has been, closely involved in a number of major national-level projects of diverse nature including jetties.at Dahej, Shiplift facility at Karwar, 2nd Container Terminal at Chennai, Elevated viaduct , road projects for NHAl and underground tunnels and stations at Delhi Metro and the new Integrated Terminal at Kolkata Airport. The Company's past experience has been strengthened by the rich and diverse expertise of the parent company, ITD, Thailand one of the leading contracting organisations in South East Asia.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

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

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.25

UK Pound

1

Rs. 95.57

Euro

1

Rs. 71.01

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

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

 

50

 

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.