MIRA INFORM REPORT
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Report No. : |
304930 |
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Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PATEL ENGINEERING LIMITED (w.e.f 09.12.1999) |
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Formerly Known
As : |
PATEL ENGINEERING COMPANY LIMITED |
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Registered
Office : |
Patel Estates V Road, Jogeshwari (West), Mumbai – 400102, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.04.1949 |
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Com. Reg. No.: |
11-007039 |
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Capital
Investment / Paid-up Capital : |
Rs. 76.810 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1949PLC007039 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP02050G MUMP00205C |
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PAN No.: [Permanent Account No.] |
AAACP2567L |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Construction of tunnels, dams, bridges, buildings, power stations,
marine works etc. |
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No. of Employees
: |
1310 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating is constrained on account of continuous dip in the company
and also borrowings of the company has increased. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Term Loan (BB) (Revised from=BBB) |
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Rating Explanation |
Moderate risk of default |
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Date |
September 19, 2014 |
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Rating Agency Name |
CARE |
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Rating |
(Short Term Bank Facilities = A4) (Revised from =A3) |
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Rating Explanation |
Minimal degree of safety. It carry very high credit risk |
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Date |
September 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-26782916/26767660)
LOCATIONS
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Registered Office : |
Pate |
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Tel. No.: |
91-22-26767500 / 501 |
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Fax No.: |
91-91-22-26782455/26781505 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 31.03.2014
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Name : |
Mr. Pravin Arjunbhai Patel |
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Designation : |
Whole-Time Director |
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Address : |
A.K. Abdul Razzak Patel Bungalow 5-D Dadabhai Road, Santacruz (West), Mumbai 400054, Maharashtra, India |
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Date of Birth/Age : |
03.01.1937 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
00029453 |
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Name : |
Mr. Rupen Pravin Patel |
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Designation : |
Managing Director |
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Address : |
A.K.Patel Bungalow 5-D Dadabhai Road, Santacruz (West), Mumbai 400054, Maharashtra, India |
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Date of Birth/Age : |
24.08.1966 |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
00029583 |
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Name : |
Mr. Krishnamoorthy Kannan |
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Designation : |
Director |
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Address : |
576-B, Mahesh, Jame Jamshedji Road, Matunga, Mumbai -400019, Maharashtra, India |
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Date of Birth/Age : |
17.11.1939 |
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Date of Appointment : |
04.08.2005 |
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Name : |
Mr. Khizer Abdul Razzak Ahmed |
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Designation : |
Director |
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Address : |
C-34, 1st Floor, Malviya Nagar, New Delhi 100 017, India |
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Date of Birth/Age : |
15.01.1940 |
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Date of Appointment : |
04.08.2005 |
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Name : |
Mr. Srinivasa Jambunathan |
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Designation : |
Director |
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Address : |
9, Prakash Co-op. Hsg. Society, Relief Road, Daulat Nagar, Santacruz (West), Mumbai – 400 054, Maharashtra, India |
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Date of Birth/Age : |
01.05.1938 |
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Date of Appointment : |
30.03.2009 |
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Name : |
Ms. Silloo Patel, |
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Designation : |
Whole Time Director and Chief Finance Officer |
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Address : |
5A, Monisha, St.Andrews Road, Bandra, Mumbai 400 050, Maharashtra, India |
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Date of Birth/Age : |
14.05.1947 |
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Date of Appointment : |
01.09.2011 |
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DIN No.: |
00029656 |
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Name : |
Mr. Nimish Patel |
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Designation : |
Whole Time Director |
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Address : |
`Sharda’ 51, Hatkesh Society, 7th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
28.02.1970 |
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Date of Appointment : |
01.02.1999 |
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Name : |
Mr. Sharad Zalawadia |
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Designation : |
Director |
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Name : |
Mr. ashwin Parmar |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Ms. Shetty
Ranjit Shobha |
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Designation : |
Company
Secretary |
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Address : |
404, |
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Date of Birth/Age : |
26.03.1976 |
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Date of Appointment : |
01.10.2003 |
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Pan No.: |
AAQPS3031B |
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Name : |
Mr. Prakash Patel |
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Designation : |
Accounts Manager |
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Audit Committee : |
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Stakeholder’s
Relationship Committee: |
Mr. Krishnamoorthy Kannan Mr. Khizer Ahmed. Mr. Srinivasa Jambunathan |
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Remuneration
Committee : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2014
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Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and
Promoter Group |
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3473750 |
4.52 |
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35409681 |
46.10 |
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38883431 |
50.63 |
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Total shareholding of Promoter and
Promoter Group (A) |
38883431 |
50.63 |
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(B) Public Shareholding |
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535 |
0.00 |
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1257202 |
1.64 |
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2266764 |
2.95 |
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705415 |
0.92 |
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4229916 |
5.51 |
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4184686 |
5.45 |
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15429128 |
20.09 |
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5179280 |
6.74 |
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8899841 |
11.59 |
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893705 |
1.16 |
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759168 |
0.99 |
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1199861 |
1.56 |
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6047107 |
7.87 |
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33692935 |
43.87 |
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Total Public shareholding (B) |
37922851 |
49.37 |
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Total (A)+(B) |
76806282 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
76806282 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group:
|
Name of the
Shareholder |
Details of Shares held |
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No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
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Patel Corporation LLP |
18665257 |
24.30 |
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Praham India LLP |
16744424 |
21.80 |
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Patel Rupen Pravin |
1352600 |
1.76 |
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Patel Pravin Arjunbhai |
40800 |
0.05 |
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Sonal Patel |
350500 |
0.46 |
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Riana Batra |
199950 |
0.26 |
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Patel Chandrika Pravin |
149900 |
0.20 |
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Alina Rupen Patel |
1290000 |
1.68 |
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Ryan Rupen Patel |
90000 |
0.12 |
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Total |
38883431 |
50.63 |
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The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011. |
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Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares:
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Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
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1 |
Patel Engineering Employees Welfare Trust |
6045000 |
7.87 |
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2 |
Life Insurance Corporation of India |
2394881 |
3.12 |
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3 |
Dinesh Govind Patel |
1363815 |
1.78 |
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4 |
Sanjiv K Chainani |
950000 |
1.24 |
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Total |
10753696 |
14.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company:
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Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
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1 |
Patel Engineering Employees Welfare Trust |
6045000 |
7.87 |
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Total |
6045000 |
7.87 |
Details of Locked-in Shares:
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Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
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1 |
Praham India LLP |
2617174 |
3.41 |
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2 |
Patel Corporation LLP |
4361957 |
5.68 |
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Total |
6979131 |
9.09 |
BUSINESS DETAILS
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Line of Business : |
Construction of tunnels, dams, bridges, buildings, power stations,
marine works etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1310 (Approximately) |
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Bankers : |
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Facilities : |
(Rs
in Millions)
a)
9.8% Secured Redeemable Non-convertible
Debentures was allotted on July 20, 2009 for a period of 7 years. These
debentures have a face value of
Rs.1.000 Million each aggregating to Rs. 900.000 Millions (P.Y. Rs.
900.000 Millions) and are to be redeemed on July 20, 2016 in a single
instalment, with a put / call option available and exercisable at par at the
end of 5th year from the date of allotment i.e. July 20, 2014. The same is
secured against immovable property of the Company. b)
9.55% Secured Redeemable Nonconvertible
Debentures was allotted on April 26, 2010 for a period of 5 years. These
debentures have a face value of Rs. 1.000 Million each aggregating Corporate
Overview Board and Management Reports Financial Statements Annual Report
2013-14 41to Rs. 700.000 Millions (P.Y. Rs. 1,000.00 Millions). These
Debentures will be redeemed as follows - April 26, 2014- Rs. 300.000
Millions, and April 26, 2015- Rs. 400.000 Millions. The same is secured
against immovable property and subservient charge on all the Fixed Assets of
the Company. c)
10.75% Secured Redeemable Non-convertible
Debentures was allotted on March 3, 2011 for a period of 5 years. These
debentures have a face value of Rs. 0.100 Million each aggregating to Rs.
350.000 Millions (P.Y. Rs. 500.000 Millions). These Debentures will be
redeemed as follows- March 3, 2015 – Rs. 150.000 Million and March 3, 2016-
Rs. 200.000 Millions. The same is secured against immovable property and
subservient charge on all the Fixed Asset of the Company. Interest rate has been
revised to 13% (P.Y. 12%) w.e.f. October 18, 2013. d)
11.40% Secured Redeemable Non-convertible
Debentures was allotted on July 11, 2011 for a period of 5 years. These
debentures have a face value of Rs. 0.100 Million each aggregating to Rs.
1,500.000 Millions. These Debentures will be redeemed as follows- July 11,
2014 – Rs.500.000 Millions, July 11, 2015 Rs. 500.000 Millions and July 11,
2016 Rs. 500.000 Millions. The same is secured against immovable property of
the Company and its subsidiaries. Interest rates revised to 13% w.e.f.
October 2013. e)
11.30% Secured Redeemable Non-convertible
Debentures was allotted on September 17, 2012 for a period of 10 years. These
debentures have a face value of Rs. 1.000 Million each aggregating to Rs.
1,500.000 Millions and are to be redeemed in September 17, 2022. The same is
secured against charge on immovable assets of the Company and of its
subsidiaries. f)
14.00% Secured Redeemable Non-convertible
Debentures was allotted on October 18, 2012 for a period of 4 years. These
debentures have a face value of Rs. 1.000 Million each aggregating to Rs.
1,200.000 Millions and are to be redeemed in October 17, 2016. The same is
secured against charge on immovable asset of the company and third party
security. The above debentures are listed on The National Stock Exchange of
India Ltd. As per Section 117C of the Companies Act, 1956 the Company has
created adequate Debenture Redemption Reserve for both the above series of
Secured Redeemable Non-convertible Debenture issued during the year. Further,
in terms of clarification vide circular no. 04/2013 dated 11.2.2013 issued by
the Ministry of Corporate Affairs, Government of India, the Company had not
made the required deposit/ investment to secure the repayment of debentures
maturing during 2013-14. However, the Company has redeemed/paid all its
debentures maturing in 2013-14 in time.
A)
The Term loans are secured by first charge on the
specific assets acquired out of the term loan along with unencumbered assets
& guarantees. The rate of Interest for these loans vary between 10%- 14%
on an average, with agree payment period of 3-5 years respectively. Term Loan
include Working Capital Term Loan secured by a First Pari-passu charge on the
receivables and WIP, mortgage over certain Lands owned by Subsidiary
companies and pledge of 30% & 99.998% shareholding of subsidiaries owning
real estate Lands. The Promoters Mr. Pravin Patel and Mr. Rupen Patel has
provided personal guarantees for the above loan. Subsequently, the Company
has counter indemnified the guarantees provided by the Promoters. B)
Includes term loans of Rs.107.610 Millions (P.Y.
Rs. 85.320 Millions) are secured by Hypothecation of machinery &
vehicles. Interest rate ranging between8.5% to 15%, and repayable in 2014
& 2015. C)
Includes term loans of Rs. 0.300 Million (P.Y.
Rs. 0.720 Million) which carries interest at BPLR + 4% p.a. It will be repaid
within 35 equated monthly Instalments. It is secured by way of Hypothecation
of Computer system and personal guarantee of Directors of Capacit’e Infra
Project Private Limited. D)
Includes Rs.17.870 Millions (P.Y. Rs. 21.590
Millions) which carries interest which ranging between 12% to 12.02% p.a. It
Consist of 10 separate loans that will be repaid in 58 equated instalments.
It is secured against hypothecation of equipment & exclusive charge on
inventory cum book debts/other current assets. E)
Includes Rs. 998.760 Millions (USD 16,713,010)
(P.Y. Rs. 693.810 Millions (USD 12,723,376)) which carries interest which
ranging between LIBOR rate plus 3% to Libor rate plus 4.75%.It is secured
against hypothecation of equipment & Receivables. F)
Loan From Development Bank of Singapore Rs.
597.580 Millions (USD 10,000,000) (P.Y. Rs. 545.300 Millions (USD
10,000,000)) is secured by a standby Letter of Credit issued by Industrial
Development Bank of India Limited. Interest is charged at 4.41% to 5.58%
(P.Y. 4.41% to 5.58%) per annum.
a)
Includes funds from Financial Institutions on
Equipments, secured against the said Equipments. These loans carry an
interest rate of average between 10%- 13% on an average, with a repayment
period of 3-5 years respectively. a)
Includes Rs. 563.730 Millions (P.Y. Rs. 359.720
Millions) secured by hypothecation of vehicles & equipment acquired from
these loans. Interest rate ranging between 8.5% to13.5% (P.Y. 11% to 15%) and
repayable between 2014 and 2015. b)
Includes Rs. 4.360 Millions (USD 73,054) (P.Y. `
Nil (USD Nil)) which carries interest which ranging between LIBOR rate plus
3% to Libor rate plus 4.75%. It is secured against hypothecation of
equipment.
Short Term Loan 1.
From Bank a)
Includes Loans against Equipments Financed and by
earmarking from bank Guarantee limits, at Interest rate of 12.25% -12.75%
(P.Y. 12.25%) payable within a year. b)
Includes ` Nil (P.Y. Rs. 50.000 Millions )
secured by UDC/PDC from the company for repayment of the facility amount.
Interest Rate 14.5% p.a. c)
Includes ` Nil (P.Y. 25.04) Loan from Indusind
Banks which carries interest rates BPLR+3.25% p.a. It is secured by value of
stock after excluding advance payment guarantees, sundry creditors &
stock acquired under usance LC, Buyer’s Credit and procured on Credit under
Stand by LC’s. d)
Loan against term Deposits from Corporation bank
secured by term Deposits amounting to ` Nil (P.Y.Rs. 53.710 Millions) which
carries interest ranging between 8% to13.25% (P.Y. 8% to 10%). e)
Company has availed short term loan facility from
Axis bank which carries interest at Base rate +3 p.a. (presently 13.25%). The
Loan has been secured by hypothecation charge of all the current assets and
exclusive charge on certain parcel of land & flats of the Company. f)
Company has availed cash credit facility from
Bank of Maharashtra which carries interest at Base rate +3.5 p.a. (presently
13.75%). The Loan has been secured by hypothecation charge of all the present
& future current assets of the company and mortgage of certain parcel of
land situated at electronic city, south Bangalore. g)
Working Capital Demand loan Includes Rs.260.000
Million (P.Y. ` 210 Million) secured by first pari-passu charges on the
movable & immovable assets of the company excepts the assets specially
charged for project/lease based finance. Interest rate 14% to 16% p.a. h)
Includes cash credit Rs.350.780 Millions (P.Y.
Rs. 561.520 Millions) secured by first pari-passu charge on the movable &
immovable assets of the company except the assets specifically charged for
project/lase based finance and relevant term loan. Interest rate 14% to 16%
p.a.
Includes Cash Credit and Working Capital Demand Loan from various
Banks. These loans have been given against hypothecation of stocks, spare parts, book debts, work in progress & guarantees; Terms of
Repayment : ·
Cash Credit- Yearly Renewal, except for a Cash
Credit taken from IDBI Bank Short Term Loan - EARMARK CC” which is payable
within 90 days. Rate of Interest-Ranges between11% to 14%. (P.Y. 9.75% to
13.75%). Includes Overdraft from Bank of Baroda Rs. 93.780 Millions (P.Y. Rs.
49.460 Millions) is secured by Fixed deposit pledged with the bank.
- From Bank ·
Includes loans from Banks which are payable at
yearly rests with an average Interest cost ranging between 12.60%
to13.75%(P.Y.11% -12%). - From Others ·
Includes loans from related parties carrying nil
Interest rates, which are payable on demand. Such loan amount to be
appropriated upon exercise of the option of conversion of Optional
Convertible Preference Shares into Equity Shares. |
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Financial
Institution: |
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Auditors : |
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Name : |
Vatsaraj and Company Chartered Accountants |
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Address : |
First Floor, Fort Chambers, "C"Block,65, Tamarind Lane,
Fort, Mumbai-400 023, Maharashtra, India |
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PAN No.: |
AACFV7282K |
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Related Parties : |
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Subsidiaries of Patel Realty (India) Limited : |
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Subsidiaries of Patel Engineers Private Limited : |
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Subsidiaries of Patel Energy Resources Limited : |
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Subsidiaries of ASI Constructors Inc: |
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Subsidiaries of Patel Engineering (Singapore) private limited. |
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Subsidiaries of Patel Engineering (Mauritius) Limited |
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Subsidiaries of Patel Engineering Inc: |
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Associates: |
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Partnership: |
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Others: |
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CAPITAL STRUCTURE
As on: 31.03.2014
(A) Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 230.000 Millions |
|
20,000,000 |
Preference shares |
Rs.1/- each |
Rs. 20.000Millions |
|
250,000,000 |
Total |
|
Rs.250.000
Millions |
(B) Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,244,325 |
Equity Shares |
Rs.1/- each |
Rs. 76.240
Millions |
|
561,957 |
Preference shares |
Rs.1/- each |
Rs. 0.570
Millions |
|
76806282 |
Total |
|
Rs. 76.810 Millions |
(C) (I) Reconciliation of Equity Shares outstanding at the
Beginning and at end of the year:
|
69,827,151 |
Outstanding at the beginning of the year |
Rs. 69.830
Millions |
|
6,417,174 |
Add :- Issued during the year |
Rs. 6.410
Millions |
|
76,244,325 |
Outstanding at
the end of the year |
Rs. 76.240 Millions |
(II) Reconciliation of Optionally
Convertible Preference Shares
Outstanding at the beginning and at end of the year:-
|
- |
Outstanding at the beginning of the year |
- |
|
6,979,131 |
Add :- Issued during the year |
Rs. 6.980
Millions |
|
6,417,174 |
Less:- Converted during the year |
Rs. 6.410 Millions |
|
561,957 |
Outstanding at
the end of the year |
Rs. 76.240 Millions |
(D) Share held by each shareholder more than 5%
|
No. of Shares |
Name of the
shareholder |
% holding |
|
6,045,000 |
Patel Engineering Employees Welfare Trust |
7.930 |
|
16,744,424 |
Praham India LLP |
21.960 |
|
18,103,300 |
Patel Corporation LLP |
23.740 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
76.810 |
69.830 |
69.830 |
|
(b) Reserves & Surplus |
16066.910 |
14512.510 |
14073.230 |
|
(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) |
16143.720 |
14582.340 |
14143.060 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12412.130 |
11401.230 |
7517.920 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
9.510 |
66.090 |
|
(c) Other long term
liabilities |
6907.690 |
3729.770 |
4840.910 |
|
(d) long-term provisions |
32.440 |
41.830 |
14.560 |
|
Total
Non-current Liabilities (3) |
19352.260 |
15182.340 |
12439.480 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20426.120 |
13449.600 |
11341.500 |
|
(b) Trade payables |
5116.780 |
6260.070 |
6249.460 |
|
(c) Other current liabilities |
6124.410 |
6121.760 |
5252.050 |
|
(d) Short-term provisions |
15.360 |
22.750 |
31.530 |
|
Total
Current Liabilities (4) |
31682.670 |
25854.180 |
22874.540 |
|
|
|
|
|
|
TOTAL |
67178.650 |
55618.860 |
49457.080 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2449.520 |
2938.220 |
2517.840 |
|
(ii) Intangible Assets |
19.260 |
33.780 |
50.040 |
|
(iii) Capital work-in-progress |
207.020 |
183.570 |
1035.560 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5896.380 |
5711.640 |
5538.640 |
|
(c) Deferred tax assets (net) |
31.040 |
0.000 |
7468.830 |
|
(d) Long-term Loan and Advances |
12050.960 |
8094.980 |
14.040 |
|
(e) Other Non-current assets |
9007.810 |
699.510 |
327.240 |
|
Total
Non-Current Assets |
29661.990 |
17661.700 |
16952.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.050 |
0.050 |
0.000 |
|
(b) Inventories |
23196.990 |
19145.150 |
14794.530 |
|
(c) Trade receivables |
3719.300 |
8008.610 |
8420.760 |
|
(d) Cash and cash equivalents |
1072.430 |
1825.500 |
1503.350 |
|
(e) Short-term loans and
advances |
9520.910 |
8968.320 |
7692.240 |
|
(f) Other current assets |
6.980 |
9.530 |
94.010 |
|
Total
Current Assets |
37516.660 |
37957.160 |
32504.890 |
|
|
|
|
|
|
TOTAL |
67178.650 |
55618.860 |
49457.080 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27039.550 |
31032.110 |
25496.420 |
|
|
|
Other Income |
1479.120 |
1079.730 |
938.330 |
|
|
|
TOTAL (A) |
28518.670 |
32111.840 |
26434.750 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Construction |
21151.250 |
24670.020 |
20609.91 |
|
|
|
Employees benefits expense |
961.340 |
795.720 |
681.000 |
|
|
|
Other expenses |
1215.060 |
1152.260 |
779.200 |
|
|
|
TOTAL
(B) |
23327.650 |
26617.000 |
22070.110 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5191.020 |
5493.840 |
4364.640 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4286.290 |
4201.110 |
2880.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
904.730 |
1292.730 |
1483.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
542.290 |
525.480 |
528.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
362.440 |
767.250 |
955.610 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
112.460 |
275.070 |
351.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
249.980 |
492.180 |
604.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
4096.980 |
3601.040 |
3381.090 |
|
|
|
|
|
|
|
|
|
Add |
Earlier year excess proposed dividend and dividend
distribution tax (K) |
981.310 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
75.000 |
|
|
|
Transfer to (from) Debenture
Redemption Reserve |
108.750 |
(3.750) |
285.000 |
|
|
|
Final Dividend |
0.000 |
0.000 |
20.950 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
3.400 |
|
|
|
Total
(L) |
108.750 |
(3.750) |
384.350 |
|
|
BALANCE CARRIED
TO THE B/S |
5219.520 |
4096.980 |
3601.040 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Receipts |
93.620 |
156.980 |
499.520 |
|
|
|
At USA Office |
0.000 |
0.010 |
0.010 |
|
|
TOTAL EARNINGS |
93.620 |
156.990 |
499.530 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9.290 |
62.220 |
21.190 |
|
|
|
Stores & Spares |
0.370 |
56.390 |
0.000 |
|
|
|
Capital Goods |
76.660 |
82.660 |
17.830 |
|
|
TOTAL IMPORTS |
86.320 |
201.270 |
39.020 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.28 |
7.05 |
8.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.92 |
1.59 |
2.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.20 |
17.70 |
17.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.59 |
1.54 |
2.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.05 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.03 |
1.70 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.47 |
1.42 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
69.830 |
69.830 |
76.810 |
|
Reserves & Surplus |
14073.230 |
14512.510 |
16066.910 |
|
Net
worth |
14143.060 |
14582.340 |
16143.720 |
|
|
|
|
|
|
long-term borrowings |
7517.920 |
11401.230 |
12412.130 |
|
Short term borrowings |
11341.500 |
13449.600 |
20426.120 |
|
Total
borrowings |
18859.420 |
24850.830 |
32838.250 |
|
Debt/Equity
ratio |
1.333 |
1.704 |
2.034 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
25496.420 |
31032.110 |
27039.550 |
|
|
|
21.712 |
(12.866) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
25496.420 |
31032.110 |
27039.550 |
|
Profit |
604.300 |
492.180 |
249.980 |
|
|
2.37% |
1.59% |
0.92% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
2325.080 |
2502.690 |
1938.570
|
|
|
|
|
|
|
Total |
2325.080 |
2502.690 |
1938.570
|
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
STANDALONE: -
On Standalone basis, the total income was lower at Rs. 28,518.670 Millions as against Rs. 32,111.840 Million for the previous year. The profit before depreciation was lower by 30.00 % at Rs. 904.73 Million as against Rs. 1,292.740 Million for the previous year. The net profit was lower by 49.21% at Rs. 249.980 Million as against Rs. 492.190 Million for the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS:-
The Company has been at the forefront of the Indian construction sector. Firmly committed to this ethos for over Six decades, the Company has anchored itself to India’s development efforts. It has always invested in cutting-edge technologies, adopted best work practices and stressed on global operational standards to promote responsible infrastructure development in the country. The Company’s business and financial performance continues to have a strong correlation with the progress of infrastructure development in the country.
The Company’s core business focus is to offer complete Engineering, Procurement and Construction (EPC) services, a delivery model that the Company is looking to strengthen further.
MACRO -ECONOMIC
ENVIRONMENT:
After achieving unprecedented growth of over 9% for three successive years between 2005-06 and 2007-08 and recovering swiftly from the global financial crisis of 2008-09, the Indian economy has been going through challenging times that culminated in lower than 5% GDP growth for two consecutive years i.e. 2012-13 and 2013- 14. The economic growth rate was hit by a toxic mix of high inflation, costly loan rates, and poor growth in the Industrial and services sector. But the change of guard in leadership has now raised ray of hope for the economy and the infrastructure sector.
In 2014-15, the Indian economy is poised to grow for a better growth prospect in the range of 5.5 - 5.9% aided by the anticipated recovery in global economy, overcoming under 5% growth of GDP witnessed over the last two years. There was an improvement in the economic situation with the decline in Current Account Deficit (CAD) and fiscal deficit as a proportion of GDP.
INDUSTRY AND
INFRASTRUCTURE:
Growth in the industrial sector comprising manufacturing, mining, and electricity and construction sectors slowed to 0.4% in 2013-14 as against 1.0% in 2012-13. The key reason for poor performance was contraction in mining and Deceleration in manufacturing. Manufacturing and mining sector GDP declined by 0.7% and 1.4% respectively in 2013-14. Electricity generation increased by 6.1% in 2013-14 as compared to 4% in the previous year. Slowdown in construction resulted in capacity under-utilization in the steel and cement sectors. Steel and cement consumption increased by modest 0.6% and 3.0% respectively in 2013- 14. The capital goods manufacturing sector remained amongst the weakest with a decline of 3.6% in 2013-14. Industrial growth is expected to revive in the next financial year on the back of improved global cues, buoyant investor sentiment and renewed business confidence.
One hopes that the government will become bolder and feels the urgency to accelerate growth to come out with a fuller basket of policy initiatives in the Budget 2015 to boost growth and emerge out of the shadows of the past Economic policies.
PERFORMANCE OVERVIEW: -
In these severe economic conditions, the Company’s performance too was affected in the financial year ended March 31, 2014.
On consolidated basis:
• Revenue from Operations decreased by 10.05% to Rs. 37011.000 Million.
• Profit before tax stood at Rs. 459.970 Millions
• Net Profit is at Rs. 163.690 Millions as compared to the Rs. 650.03 Million for the previous year.
• The EPS (fully diluted) stood at Rs. 2.13 per share.
The order backlog from the engineering and construction business as on March 31, 2014 is about Rs. 119246.000 Million. The share in the order book stood at - power sector 41%, irrigation and water 32% and transportation, urban infrastructure and others at 27 %. Apart from the same we are also lowest bidders for ` 89900.000 million in state of J&K. There has been an unexpected delay in getting award letters for the said projects even after being declared as lowest bidders for the same. There has been an unexpected delay in getting award letters for the said projects even after being declared as lowest bidders for the same. The Company is confident that in the long term, there are vast opportunities in the industry and there will be a growth in new projects but some of the issues discussed earlier need to be resolved at an industry level to get back the growth momentum.
UNSECURED LOAN
Rs.
In Millions
|
|
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TE RM
BORROWINGS |
|
|
|
From Bank |
3786.710 |
1450.000 |
|
Commercial Papers - From Bank |
31.750 |
399.090 |
|
Total |
3818.460 |
1849.090 |
CONTINGENT
LIABILITIES:
- Commitment for capital expenditure is Rs. 204.210 Million
- Counter indemnities given to Banks and others in respect of secured guarantees, etc. on behalf of subsidiaries and others given by them in respect of contractual commitments in the ordinary course of business is Rs. 7203.700 million (including Customs Rs. 305.810 million) Entry Tax Rs. 37.570 Million) for the current year includes guarantees given in US$ 10 Million. Corporate guarantees on behalf of subsidiaries and others is Rs. 14,034.690 million (against which the Company has obtained counter indemnities for Rs.4802.690 million) and towards Custom Duty Rs.71.620 million).
- The Company has received an amount of Rs. 12.740 Million in 1997 against arbitration award in its favor. The client has preferred an appeal against above award claiming an amount of Rs 213.320 Million before the Hon’ble appeal court. However the management feels that the likelihood of outflow of resources is remote.
- Service tax liability that may arise on matters in appeal Rs. 654.550 Million and advance paid Rs. 2.6800 Million. However, this amount is contractually recoverable from the Clients.
- Sales tax Rs. 88.000 Million (Advance paid Rs. 18.510 Million. Cess Rs. 53.700 Million.
- Income tax liability that may arise on matters in appeal Rs. 981.310 Million.
- Trade Receivables/ Client Retention to the extent of Nil have been discounted with Bank on Recourse Basis
- Allowances due to employees in remote areas (North East) may accrue in future maximum to the extent of Rs 4.560 Million.
The same will be paid to the employees who continue to be on the payrolls up to July 1, 2014 (previously October,
INDEX OF CHARGES:-
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10538262 |
28/11/2014 |
820,000,000.00 |
INDUSIND BANK
LIMITED. |
DR. GOPAL DAS BHAWAN,
28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C37835725 |
|
2 |
10536117 |
24/11/2014 |
511,000,000.00 |
SOCIETE
GENERALE |
UPPER GROUND
FLOOR, AMBA DEEP BUILDING, 14 KASTURBA GANDHI MARG, NEW DELHI, DELHI -110001,
INDIA |
C36686780 |
|
3 |
10536113 |
23/09/2014 |
500,000,000.00 |
SOCIETE
GENERALE |
UPPER GROUND
FLOOR, AMBA DEEP BUILDING, 14 KASTURBA GANDHI MARG, NEW DELHI, DELHI -
110001, INDIA |
C36686384 |
|
4 |
10529347 |
23/09/2014 |
1,300,000,000.00 |
AXIS BANK
LIMITED |
AXIS HOUSE,
GROUND FLOOR, P B MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C32412348 |
|
5 |
10515207 |
23/09/2014 * |
900,000,000.00 |
STANDARD
CHARTERED BANK |
NARAIN MANZIL,
23, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C24320236 |
|
6 |
10535401 |
31/07/2014 |
250,000,000.00 |
SREI EQUIPMENT
FINANCE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
C36248532 |
|
7 |
10535404 |
31/07/2014 |
250,000,000.00 |
SREI EQUIPMENT
FINANCE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
C36249126 |
|
8 |
10510432 |
30/06/2014 |
120,000,000.00 |
SREI EQUIPMENT
FINANCE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
C12222600 |
|
9 |
10518981 |
24/06/2014 |
13,000,000,000.00 |
GDA TRUSTEESHIP
LIMITED |
GDA HOUSE,
FIRST FLOOR, PLOT NO. 85, S. NO. 94 & 95, BHUSARI COLONY (RIGHT),
KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
C19867621 |
|
10 |
10510376 |
13/06/2014 |
950,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCE SERVICE FORT BRANCH, 4TH FLOOR,, 10/12 MUMBAI SAMACHAR MARG,
MUMBAI, MAHARASHTRA -400023, INDIA |
C12308961 |
Date of charge modification
FIXED ASSETS:
- Land
- Building
- Factory building
- Plant and Machinery
- Motor car
- Motor truck
- Motor Cycle
- Rails and Trolly
- Ship
- Furniture
- Office equipment
- Computer/Software
- Electric equipment
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
|
Particulars |
Three months
ended |
6 Months Ended Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
6769.900 |
5180.100 |
11950.000 |
|
|
(b) Other Operating Income |
32.300 |
52.100 |
84.400 |
|
|
Total income from operations (net) |
6802.200 |
5232.200 |
12034.400 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
5261.700 |
3877.800 |
9139.500 |
|
|
(b) Employee benefits expense |
241.800 |
209.600 |
451.400 |
|
|
(c) Depreciation and
Amortization Expenses |
118.900 |
135.000 |
253.900 |
|
|
(d) Other Expenses |
208.300 |
128.100 |
336.400 |
|
|
Total expenses |
5830.700 |
4350.500 |
10181.200 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
971.500 |
881.700 |
1853.200 |
|
4 |
Other Income |
433.200 |
337.700 |
770.900 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
1404.700 |
1219.400 |
2624.100 |
|
6 |
Finance Costs |
1373.900 |
1209.000 |
2582.900 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
30.800 |
10.400 |
41.200 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
30.800 |
10.400 |
41.200 |
|
10 |
Tax expenses |
10.100 |
3.300 |
13.400 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
20.700 |
7.100 |
27.800 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
20.700 |
7.100 |
27.800 |
|
14 |
Share of profit' (loss) of associates |
- |
- |
- |
|
15 |
Minority Interest |
- |
- |
- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
20.700 |
7.100 |
27.800 |
|
17 |
Paid up equity share capital (Face Value of Rs 1/-each) |
7.68 |
7.68 |
7.68 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
- |
- |
- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualized): |
- |
- |
- |
|
|
(a) Basic |
0.27 |
0.09 |
0.36 |
|
|
(b) Diluted |
0.27 |
0.09 |
0.36 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
37922851 |
37922851 |
37922851 |
|
|
- Percentage of shareholding |
49.37 |
49.37 |
49.37 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
- |
- |
- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
38883431 |
38883431 |
38883431 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
50.63 |
50.63 |
50.63 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
|
Received during the quarter |
4 |
|
|
|
|
Disposed off during the quarter |
4 |
|
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
76.800 |
|
|
b) Reserves & Surplus |
16180.600 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
16257.400 |
|
2 |
Share application money pending allotment |
0.000 |
|
3 |
Minority Interest |
0.000 |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
14338.800 |
|
|
(b) Other long term liabilities |
7378.300 |
|
|
(c) Differed Tax |
0.000 |
|
|
(d) Long provision |
27.600 |
|
|
Sub Total- Non Current Liabilities |
21744.700 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
21685.00 |
|
|
(b) Trade Payables |
5385.900 |
|
|
(c) Other current liabilities |
4052.300 |
|
|
(d) Short term provisions |
14.200 |
|
|
Sub Total- Current Liabilities |
31137.400 |
|
|
TOTAL-EQUITY AND LIABILITIES |
69139.500 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
2426.000 |
|
|
(b) Long term loans and advances |
14926.900 |
|
|
(c)Non-Current Investment |
6059.200 |
|
|
(d)Other Non-current Assets |
9252.000 |
|
|
Sub-Total- Noncurrent assets |
32664.100 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
24771.900 |
|
|
c) Trade Receivables |
3909.000 |
|
|
d) Cash and cash equivalents |
541.700 |
|
|
(e) Short term loans and advances |
7244.000 |
|
|
(f) Other current assets |
8.800 |
|
|
Sub-Total- current assets |
36475.400 |
|
|
TOTAL ASSETS |
69139.500 |
Note:
- The above financial results were reviewed by the Audit Committee and approved and taken on record by the Board at their meeting held on November. 21, 2014. The statutory auditors have performed a limited review of the above unaudited financial statements.
- The Company has main reportable business segment namely "Civil Construction".
- Consequent to the introduction of schedule II of the Companies Act 2013, the useful life of certain assets has been revised. Accordingly depreciation for the quarter is higher by Rs.4.800 Millions and for the half year by Rs. 13.600 crores and adjustment to accumulated balance of retained earnings is Rs. 3.300 (net of deferred tax) Millions for the half year.
- The provision for tax is calculated in accordance with the tax laws applicable for the current financial year.
- The Company's Employees Stock Option Scheme 2007 administered by the Patel Engineering Employee Welfare Trust comprising of independent Trustees has on May 23, 2014 granted 22,400 options to eligible employees of the company. The said options shall be vested after completion of 1 year period from the date of grant and exercised within 2 months from the date of vesting at an exercise price of Rs. l/- per share. The ESOP compensation expenses representing the excess of market price on the date of grant of the option is amortized on straight line basis over die vesting period. During the quarter, ESOP compensation expenses debited to P&L account was Rs.0.06 and for the half year was Rs.0.800 Millions or.
- The Allotment Committee at its meeting on March 21, 2014 allotted 6979131 Optional Convertible Preference shares(OCPS) to the Promoters of the Company. On March 31, 2014, out of the said OCPS, 6417174 OCPS were converted into 6417174 Equity shares of Rs. l and allotted @ Rs. 57.5 (including premium of Rs. 56.5). On April 15, 2014, the balance 561957 OCPS were converted into 561957 Equity shares of Rs.1 and allotted @ Rs. 57.5 (including premium of Rs. 56.5) in terms of Chapter VII of SEBI (ICDR) Regulation 2009.
- Finance cost for the half year includes prior period derivatives & hedging cost of Rs. l57.700 Millions accounted on settlement of contracts as also Rs. 8.85 or pertaining to previous quarter on a notional basis for the purpose of mark to market.
- The company is engaged in the Engineering and construction industry which is seasonal in character. The company's margins in the quarterly results vary based on the accrual of cost and recognition of income in different quarters due to the nature of it’s or receipt of claims/awards. In view of this, financial results for the quarter are not comparable with quarterly/annual results.
- The previous year figures have been regrouped / rearranged wherever necessary for the purpose of comparisons.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.