MIRA INFORM REPORT
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Report No. : |
328035 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MADHUCON
PROJECTS LIMITED |
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|
|
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Registered
Office : |
Madhu Complex, H.
No.1-7-70, Jublipura, Khammam – 507 003, Telangana |
|
Tel. No.: |
91-8742-225141 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
15.03.1990 |
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Com. Reg. No.: |
36-011114 |
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Capital
Investment / Paid-up Capital : |
Rs.74.032
million |
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CIN No.: [Company Identification
No.] |
L74210TG1990PLC011114 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in execution of Infrastructure Projects, such as construction of National Highways, Fly-Overs, Dams, Tunnels, Aqueducts, Bridges, Coal Handling Plants, Workshops Property Development Projects including High Rise structures, Hospitality and retail industry structures etc. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21278000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company incorporated during the year 1990. It has a satisfactory track
record. For the financial
year ended 2015, the company has reported good functioning in its operations
and has achieved fine top line growth across with profitability margin of
4.4%. Further, rating
reflects company’s established track record of business backed by sound
networth along with low borrowings. Trade relations
are fair. Business is active. Payment terms are usually correct. In view of
aforesaid, company can be considered healthy 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr.
Seethaih Nama |
|
Designation : |
Managing
Director |
|
Contact No.: |
91-9440909904 |
|
Date : |
19.06.2015 |
LOCATIONS
|
Registered Office : |
Madhu Complex, H. No.1-7-70,
Jublipura, Khammam – 507 003, Telangana, India |
|
Tel. No.: |
91-8742-225141/ 233108 |
|
Mobile No.: |
91-9440909904 (Mr. Seethaih Nama)
|
|
Fax No.: |
91-8742-224408 |
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E-Mail : |
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Website : |
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Corporate Office : |
Madhucon
House, Plot No.1129/A, Road No.36, Jubilee Hills, Hyderabad – 500 033, Telangana, India |
|
Tel. No.: |
91-40-23556001/ 04 |
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Fax No.: |
91-40-23556005 |
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E-Mail : |
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Administrative
Office : |
E-14/23, Vasant Vihar, New Delhi – 110 057, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr.
Seethaih Nama |
|
Designation : |
Managing
Director |
|
Address : |
11-4-65/C,
Nehru Nagar, Khammam – 507 003, Telangana, India |
|
Date of Appointment : |
15.03.1990 |
|
DIN No.: |
00784491 |
|
|
|
|
Name : |
Mr.
Srinivasa Rao Kamma |
|
Designation : |
Whole-time
Director |
|
Address : |
1-7-70,
Madhu Complex, Jubileepura, Khammam – 507 002, , Telangana, India |
|
Date of Appointment : |
21.11.2005 |
|
DIN No.: |
00022855 |
|
|
|
|
Name : |
Mohammad
Shafi |
|
Designation : |
Whole-time
Director |
|
Address : |
Village-Dighul,
PO-Bagharoo, PS-Dudhi, Dudhi, Sonbhadra – 231 208, Uttar Pradesh, India |
|
Date of Appointment : |
30.05.2015 |
|
DIN No.: |
07178265 |
|
|
|
|
Name : |
Kumar
Venkata Naga Prasad Kandimalla |
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Designation : |
Director |
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Address : |
H
No.8-2-293/82/HE/16/A/1, P No.16, Unit-9, Valley View Enclave, Jubilee Hills,
Hyderabad – 500 034, , Telangana, India |
|
Date of Appointment : |
09.08.2014 |
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DIN No.: |
00084398 |
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|
|
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Name : |
Mr.
Madhava Rao Potla |
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Designation : |
Director |
|
Address : |
9-2-115/2,
Srikrishna Nilayam, Old Club Road, Khammam – 507 003, , Telangana, India |
|
Date of Appointment : |
24.12.2005 |
|
DIN No.: |
00385838 |
|
|
|
|
Name : |
Ms.
Chinthapalli Lakshimikumari |
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Designation : |
Director |
|
Address : |
6-3-259/1,
Plot No.402, Srujana Apartments, Bank Colony, Khammam – 507 002, Telangana,
India |
|
Date of Appointment : |
09.08.2014 |
|
DIN No.: |
06942473 |
KEY EXECUTIVES
|
Name : |
Mrs. C. Bharathi |
|
Designation : |
Company
Secretary |
|
Address : |
505, Primark's Pride, Plot No.47-49,
Jagruthi Colony, Kondapur,, Hyderabad, 500084, Andhra Pradesh, INDIA |
|
Date of Appointment : |
06.09.2013 |
|
PAN No.: |
AKYPB9023G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
31028595 |
42.06 |
|
|
12416943 |
16.83 |
|
|
43445538 |
58.89 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
43445538 |
58.89 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3438221 |
4.66 |
|
|
7505 |
0.01 |
|
|
354780 |
0.48 |
|
|
3800506 |
5.15 |
|
|
|
|
|
|
6776296 |
9.19 |
|
|
|
|
|
|
12403717 |
16.81 |
|
|
6778864 |
9.19 |
|
|
566019 |
0.77 |
|
|
6000 |
0.01 |
|
|
100039 |
0.14 |
|
|
105336 |
0.14 |
|
|
354644 |
0.48 |
|
|
26524896 |
35.96 |
|
Total
Public shareholding (B) |
30325402 |
41.11 |
|
Total
(A)+(B) |
73770940 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
24000 |
0.00 |
|
|
24000 |
0.00 |
|
Total
(A)+(B)+(C) |
73794940 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in execution of Infrastructure Projects, such as construction of National Highways, Fly-Overs, Dams, Tunnels, Aqueducts, Bridges, Coal Handling Plants, Workshops Property Development Projects including High Rise structures, Hospitality and retail industry structures etc. |
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Products/ Services : |
Engineering,
Procurement and Construction Activities
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
·
Canara Bank ·
ICICI Bank Limited ·
IDBI Bank Limited ·
IndusInd Bank Limited ·
State Bank of India ·
Oriental Bank of Commerce ·
Yes Bank Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
United Bank of India ·
Bank of India ·
Bank of Bahrain and Kuwait BSC |
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Facilities : |
Notes: LONG
TERM BORROWINGS Notes for Long Term
Borrowings from Bank and Financial Institutions (1) i) Term Loan from
Bank (ICICI): Secured
by the first Pari-passu charge on the current assets and second Pari-passu
charge on movable fixed assets of the company with irrevocable and
unconditional personal guarantee of Sri. N. Seethaiah, Managing Director of
the company. The loan is repayable in 20 equal quarterly instalments, first
instalment will fall due after 3 months from first drawdown date and loan is
executed on 17.03.2011. The rate of interest is 10.5% plus spread is 3.50%
p.a. and interest is payable monthly at the end of each month. The period of
maturity w.r.t. Balance Sheet date is 8 Installments and payable in quarterly
Instalments. Instalment amount is Rs.50.000 million. (ii) External Commercial
Borrowing from Bank (SCB): Secured by the exclusive charge on machinery procured out of the
limits sanctioned by Standard Chartered Bank and personal guarantee of Sri N.
Seethaiah, Managing Director. The loan is repayable in 5 years and rate of
Interest is fixed up to 3 years at 8.5% for 4 and 5th year is 9.50%. The
Period of maturity w.r.t. Balance Sheet date is 3 months and installment
amount is US $ 2,00,000 (iii) Term Loan from Bank
(Axis): Secured
by Subservient charge on the movable fixed assets and current assets of the
company along with personal guarantee of Sri N. Seethaiah, Managing Director.
The loan is repayable in (Quarterly Installments) 3 years out of which 15
Months are moratorium period and the rate of Interest is 3.00% above the
Bank's Base Rate payable and Quarterly installment amount is Rs.75.000
million. Period of maturity w.r.t Balance sheet date is 3 Months(i.e. one
Installment) (iv) Vehicle Loan From
Bank (Axis): Five
loans secured by the exclusive charge on the vehicles procured out of this
funds and repayable in 35 equated monthly installments at the rate of
interest 10.39% p.a. on monthly reducing basis. Installment amount is
Rs.0.098 million per Month and period of maturity w.r.t Balance Sheet date is
8 Months. (2) (i) Term loan from
financial institution (SREI) : Nine loans outstanding in the previous year were restructured and
converted into three new loans of Rs.830.000 million secured by Subservient
charge on movable fixed assets of the company worth Rs.1080.000 million. The
loans are executed on 03.02.2014. Loan is repayable in 44 installments, each
installment amounting to Rs.25.456 million (Out of 48 months total tenure 4
months are Moratorium period) and interest is charged at the rate of 14.78%
with monthly rests. In addition to the fixed assets hypothecation, we have
extended a collateral security of 7acres and 79 cents by Madhucon Projects
Limited and personal guarantee of Sri N. Seethaiah, Managing Director. (ii) Term loan from
Financial Instution (Magma Fin Corp): Loan is secured against Plant and
Machinery, loan commencement date is 1.04.2012 and repayable in 35 equated
monthly installments amounting to Rs.0.994 million. The rate of Interest is
12.05% to 10.60% p.a. and the last installment due date is 1st February 2015
Period of maturity w.r.t Balance sheet date is 11 Months (iii) Term Loan from
Financial institution (Bajaj Auto Finance): Secured by the Movable fixed asset of the
Company and the loan executed on 31.07.2010. The loan is repayable in 35
Monthly Equated Instalments of each Rs.5.834 million the Effective Rate of
Interest is 9.74% p.a. As on reporting date no installments are due. SHORT
TERM BORROWINGS (i) Axis Bank Limited: Secured by Paripassu
charge on the current assets and unencumbered fixed assets of the Company.
The loan is repayable on demand with interest at the rate of 13.25% p.a. payable
at monthly intervals (ii): Bank of India: Secured by pari passu
charge on stock and Book Debts of the Company by way of hypothecation and
paripassu second charge on movable assets of the Company and loan was
executed on 08.09.2011. The rate of interest is 13.2% p.a. with monthly rests
and loan is repayable on demand. (iii) IDBI Bank Limited :
Secured by first
paripassu charge on the entire Current Assets on paripassu basis with other
multiple Banking arrangement and collateral Security and second charge on the
movable assets of the Company on paripassu basis with other multiple Banking
arrangement and repayable on demand limit up to Rs.750.000 million. (iv)State Bank of India :
The Loan is Secured
by ranking pari passu first charge on current assets and paripassu second
charge on all movable fixed assets of the Company to the extent of fund based
Cash credit limit Rs.500.000 million. The Cash Credit is repayable on demand
and renewable every 12 months from the date of sanction. The rate of interest
is 16.75% p.a. (5% above on the base rate of11.75%). (v) Oriental Bank of
Commerce:
Secured by the first charge by way of hypothecation of the entire current
assets both present and future of the company ranking pari pasu with other
participating Banks. Second charge on all the unencumbered movable fixed
assets of the company, both present and future, ranking paripassu with other
participating Banks along with personal unconditional and irrevocable
guarantee of Sri. N. Seethaiah, Managing Director. The
rate of interest is 12.5% payable on monthly rests. Principal amount of each
tranche is to be repaid as bullet payment on maturity date or in installments
as agreed upon, but within the validity period. (vi) ING Vysya Bank
Limited: Secured
by first Paripassu charge on Current Assets and second PariPassu charge on
unencumbered Movable Fixed Assets of the Company. The loan is executed on
10.10.2011. The rate of Interest is at present 14.55% p.a. and loan is
repayable on demand. (vii) Yes Bank Limited: Secured by the Exclusive
charge on the current and future book debts, receivables of Chhapra-Hajipur
EPC Contract and personal guarantee N.N. Rao and Smt. Chinnamma. The loan is
sanctioned on 09-07-2013 and effective rate of interest is 14% p.a. and with
tenor of 15 months (subject to renewal at the end of 12 months). (viii) ICICI Bank Limited
: Three CC Accounts
Secured by pari passu charge on Stock and Book Debts of the Company by way of
hypothecation and paripassu second charge on movable assets of the Company
and Secured by unconditional and irrevocable personal guarantee of Sri N.
Seethaiah, Managing Director of the company. Loan was executed on 25.06.2013.
The rate of interest is 14.75% p.a. with monthly rests and is repayable on
demand. (ix) IndusInd Bank: Discounting of invoices
raised by MPL on its SPV Chhapra Hajipur Expressways Limited (CHEL) for EPC
works at an interest rate of 11% p.a. for a tenor of 45 days repayable on 12
April, 2014. (x) IDBI Short Term Loan:
Loan taken from
IDBI bank of an amount of Rs.60.000 million for the purpose of working
capital requirement. The loan commencement date is 180 days from the date of
disbursement. The rate of interest is Base rate plus 4.50% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SREI
Equipment Finance Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata – 700
046, West Bengal, India |
|
|
|
|
Auditors : |
|
|
Name : |
Kota and Company Chartered Accountants |
|
Address : |
H.No.331, Arora Colony-2,
Road No.3, Banjara Hills, Hyderabad – 500 034, Talangana, India |
|
|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies: |
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Step
down Subsidiaries: |
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Associates: |
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Enterprises
where significant Influence exists: |
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Joint
Ventures: |
Foreign Joint Venture: Madhucon
Sino-Hydro JV |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Paid-up Capital : Rs.74.032 million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Re.1/- each |
Rs.300.000 million |
|
2000000 |
Redeemable
Preference Shares |
Rs.100/- each |
Rs.200.000 million |
|
|
Total |
|
Rs.500.000
million |
|
|
|
|
|
Issued,
Subscribed & Called up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74268940 |
Equity Shares |
Re.1/- each |
Rs.74.269
million |
|
|
|
|
|
Fully
paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
73794940 |
Equity Shares |
Re.1/- each |
Rs.73.795
million |
|
|
Add:
forfeited shares Amount originally paid up |
|
Rs.0.237
million |
|
|
Total |
|
Rs.74.032 million |
|
|
|
|
|
Reconciliation
of the number of shares outstanding:
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in million) |
|
|
Shares
outstanding at the beginning of the year |
73794940 |
73.795 |
|
Shares
issued during the year |
-- |
-- |
|
Shares
bought back during the year |
-- |
-- |
|
Shares
outstanding at the year end |
73794940 |
73.795 |
Terms/Rights attached to
shares:
The Company has only one
class of paid-up equity shares having par value of Re.1/- per share. Each shareholder
of equity share is entitled to one vote per share. The Company declares and
pays Dividend in Indian Rupees only. The Dividend proposed by the Board of
Directors is subject to approval of the shareholders in the Annual General
Meeting. 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. The distribution will be in
proportion to the number of equity shares held by shareholders.
Shares
in the company held by each shareholder holding more than 5 percent shares:
|
Name
of the Shareholders |
As at 31st
March, 2014 |
|
|
No. of Shares Held |
% of share holding |
|
|
Equity Shares |
|
|
|
Nama
Nageswar Rao |
10732622 |
14.54 |
|
Madhucon
Granities Limited |
8044000 |
10.90 |
|
Nama
Chinnamma |
6158000 |
8.34 |
|
Nama
Seethaiah |
6001800 |
8.33 |
|
Total |
30936422 |
42.11 |
Bonus shares / Buy back shares
for Consideration other than cash being received during the past five years.
(1) Aggregate number and
class of shares allotted as fully paid up pursuant to contracts without payment
being received in cash - Nil.
(2) Aggregate Number and
class of shares allotted as fully paid up by way of Bonus shares - Nil.
(3)
Aggregate number and class of shares bought - Nil.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
74.032 |
74.032 |
74.032 |
|
(b) Reserves & Surplus |
7373.141 |
6988.883 |
6680.292 |
|
(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) |
7447.173 |
7062.915 |
6754.324 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
490.482 |
903.198 |
865.558 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
9697.555 |
11384.988 |
7533.507 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
10188.037 |
12288.186 |
8399.065 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4541.500 |
4223.915 |
3919.284 |
|
(b) Trade payables |
1951.680 |
1538.207 |
2544.978 |
|
(c) Other current liabilities |
7855.182 |
5821.113 |
8006.500 |
|
(d) Short-term provisions |
1834.759 |
770.481 |
1203.063 |
|
Total Current Liabilities (4) |
16183.121 |
12353.716 |
15673.825 |
|
|
|
|
|
|
TOTAL |
33818.331 |
31704.817 |
30827.214 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
835.876 |
1282.066 |
1732.143 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15568.640 |
13772.140 |
13574.927 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
75.819 |
|
(d) Long-term
Loan and Advances |
3358.803 |
4824.069 |
1252.350 |
|
(e) Other Non-current assets |
3638.185 |
3566.177 |
4840.173 |
|
Total Non-Current Assets |
23401.504 |
23444.452 |
21475.412 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
91.109 |
515.806 |
573.325 |
|
(c) Trade receivables |
4031.125 |
1164.556 |
3819.605 |
|
(d) Cash and cash equivalents |
148.174 |
195.678 |
229.188 |
|
(e) Short-term loans and advances |
4784.617 |
2625.101 |
1791.316 |
|
(f) Other current assets |
1361.802 |
3759.224 |
2938.368 |
|
Total Current Assets |
10416.827 |
8260.365 |
9351.802 |
|
|
|
|
|
|
TOTAL |
33818.331 |
31704.817 |
30827.214 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations |
11373.938 |
8653.142 |
10449.717 |
|
|
|
Other Income |
275.669 |
324.822 |
188.707 |
|
|
|
TOTAL |
11649.607 |
8977.964 |
10638.424 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of material consumed |
7727.966 |
4688.762 |
7381.438 |
|
|
|
Changes
in Inventory |
424.697 |
57.519 |
-153.947 |
|
|
|
Employee
Benefit Expenses |
395.523 |
400.717 |
564.283 |
|
|
|
Other
Expenses |
820.864 |
1599.150 |
849.581 |
|
|
|
TOTAL |
9369.050 |
6746.148 |
8641.355 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2280.557 |
2231.816 |
1997.069 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1278.518 |
1264.426 |
1109.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1002.039 |
967.390 |
888.065 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
377.785 |
470.186 |
545.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
624.254 |
497.204 |
342.147 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
130.850 |
180.036 |
4.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
493.404 |
317.168 |
337.690 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3643.620 |
3366.745 |
3071.401 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
7.379 |
7.379 |
|
|
|
Dividend Distribution Tax |
NA |
1.197 |
1.197 |
|
|
|
Transfer to General Reserve |
NA |
31.717 |
33.770 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3643.620 |
3366.745 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
6.69 |
4.30 |
4.58 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
445.510 |
724.717 |
|
Cash generated from operations |
NA |
864.877 |
4133.334 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.34 |
3.67 |
3.23 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.05 |
25.79 |
19.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.42 |
2.77 |
1.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.68 |
0.73 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
0.67 |
0.60 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.60.00 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
74.032 |
74.032 |
74.032 |
|
Reserves & Surplus |
6680.292 |
6988.883 |
7373.141 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6754.324 |
7062.915 |
7447.173 |
|
|
|
|
|
|
Long-term borrowings |
865.558 |
903.198 |
490.482 |
|
Short term borrowings |
3919.284 |
4223.915 |
4541.500 |
|
Total borrowings |
4784.842 |
5127.113 |
5031.982 |
|
Debt/Equity ratio |
0.708 |
0.726 |
0.676 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
10449.717 |
8653.142 |
11373.938 |
|
|
|
(17.193) |
31.443 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
10449.717 |
8653.142 |
11373.938 |
|
Profit |
337.690 |
317.168 |
493.404 |
|
|
3.23% |
3.67% |
4.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10571041 |
29/04/2015 |
1,100,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
G. PULLAREDDY BUILDING, GREEN LANDS, SOMAJIGUDA, HYDERABAD, TELANGANA -
500016, INDIA |
C54426523 |
|
2 |
10480094 |
03/02/2014 |
189,337,600.00 |
SREI EQUIPMENT FINANCE
LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B97397541 |
|
3 |
10480092 |
03/02/2014 |
292,573,200.00 |
SREI EQUIPMENT FINANCE
LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B97397285 |
|
4 |
10480093 |
03/02/2014 |
348,089,200.00 |
SREI EQUIPMENT FINANCE
LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B97397335 |
|
5 |
10468422 |
07/03/2014 * |
400,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
1ST FLOOR, G. PULLAREDDY BUILDING,BEGUMPET ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA
PRADESH - 500016, INDIA |
C00429167 |
|
6 |
10319123 |
16/03/2012 * |
750,000,000.00 |
ING VYSYA BANK LIMITED |
1-7-1, T. SUBBARAMI REDDY
COMPLEX, SARDAR PATEL ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B39122064 |
|
7 |
10277540 |
21/03/2011 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B09462953 |
|
8 |
10241656 |
13/08/2010 |
1,500,000,000.00 |
ICICI BANK LIMITED |
CORPORATE BANKING GROUP, NORTH
WING, TOWER II, 6TH FLOOR, ICICI BANK TOWER, PLOT NO:12, GACHIBOWLI, |
A95524435 |
|
9 |
10227193 |
10/06/2010 |
500,000,000.00 |
BANK OF INDIA |
10-1-1199/2, 1ST FLOOR, P.T.I.
BUILDING, AC GUARDS, HYDERABAD, ANDHRA PRADESH - 500004, INDIA |
A88706577 |
|
10 |
10208501 |
12/08/2014 * |
1,250,000,000.00 |
AXIS BANK LIMITED |
1ST FLOOR, G PULLA REDDY
BUILDING, BEGUMPET ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH -
500016, INDIA |
C19696244 |
|
11 |
10203413 |
22/02/2010 |
126,933,340.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A79600334 |
|
12 |
10184475 |
01/10/2009 |
2,600,000.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A72328982 |
|
13 |
10186411 |
01/10/2009 |
2,600,000.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA
ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A73129231 |
|
14 |
10178006 |
15/08/2009 |
54,654,600.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A70621990 |
|
15 |
10170021 |
22/07/2009 |
45,899,914.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A66974767 |
|
16 |
10163160 |
25/07/2009 * |
264,000,000.00 |
STANDARD CHARTERED BANK |
G5, GROUND FLOOR, ASHOKA BHOOPAL
CHAMBERS, S P ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A66715079 |
|
17 |
10111166 |
22/06/2008 |
42,424,955.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C,TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A41193111 |
|
18 |
10112009 |
08/06/2008 |
48,250,171.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A41454760 |
|
19 |
10106028 |
22/05/2008 |
34,133,400.00 |
SREI INFRASTRUCTURE FINANCE
LIMITED |
VISHWAKARMA, 86C, TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A39738216 |
|
20 |
10105938 |
22/05/2008 |
45,900,000.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA ROAD
(SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A39630702 |
|
21 |
10105954 |
22/05/2008 |
66,080,530.00 |
SREI INFRASTRUCTURE
FINANCE LIMITED |
VISHWAKARMA, 86C,TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A39631072 |
|
22 |
10059761 |
14/07/2007 |
405,000,000.00 |
STANDARD CHARTERED BANK |
G-5, GROUND FLOOR, ASHOKA
BHOOPAL CHAMBERS, SARDAR PATEL ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003,
INDIA |
A18591685 |
|
23 |
80033451 |
26/07/2010 * |
500,000,000.00 |
INDUSIND BANK LIMITED |
2401, GEN THIMMAYYA ROAD,
CANTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A93680452 |
|
24 |
90136431 |
01/06/2005 |
1,000,000,000.00 |
UNITED BANK OF INDIA |
4--3-331; BANK STREET,
HYDERABAD, ANDHRA PRADESH - 500195, INDIA |
- |
|
25 |
90136388 |
24/04/2010 * |
2,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP
BRANCH - 13039, "OZONE", 2ND FLOOR, #6-3-669, PUNJAGUTTA MAIN
ROAD, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A85884500 |
|
26 |
90136334 |
27/07/2011 * |
2,000,000,000.00 |
IDBI BANK LIMITED |
5-9-89/1&2, CHAPEL
ROAD,, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
B18301473 |
|
27 |
90136071 |
11/03/2010 * |
2,500,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWER, LEVEL IV,
1-11-256, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA |
A84541234 |
|
28 |
90134126 |
30/01/2012 * |
1,500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
9-1-129/1, OXFORD PLAZA,
SAROJINI DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B37805918 |
|
29 |
90132171 |
14/07/2010 * |
3,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
TSR COMPLEX, SP ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A91010850 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
1. Bank Guarantees /
Letter of Credit issued by the bank on behalf of the company |
NA |
5797.633 |
|
2. Corporate Guarantees
issued by the company on behalf of its subsidiaries and others |
NA |
4229.300 |
|
3.
Disputed Sales Tax ( on appeal ) |
NA |
642.463 |
|
4.
Income Tax demand contested in appeal |
NA |
662.152 |
FIXED ASSETS:
·
Land
·
Buildings
·
Staff Quarters
·
Plant and Machinery
·
Tippers and Trucks
·
Vehicles
·
Centering Materials
·
Temporary Structures
·
Furniture and Office Equipment
·
Computer and Software
WEBSITE DETAILS:
PRESS RELEASES:
MADHUCON ROAD ASSET
TO BE ACQUIRED BY TATA
Madhucon Projects Limited a flagship Company of Madhucon Group has entered into a term sheet with TATA’s TRIL Roads Private Limited, to sell Madhucon Agra-Jaipur Expressways Limited (step down subsidiary of Madhucon Projects Limited), a National Highway Authority of India’s Road Project.
The Road Project commenced Toll collection from 08-05-2009.
Gross consideration of the deal is Rs.2500.000 million including NHAI grant of Rs.150.000 million.
The acquisition is scheduled to be completed in 60 days.
MADHUCON’S MD MR.
NAMA SEETHIAH SAID:
• This transaction is a strategic asset sale by Madhucon.
• “Madhucon Group is involved in Power, EPC, Granites, Sugar and Toll Roads businesses. The Group is commissioning Fourth Unit of 150MW of it’s SPV Simhapuri power adding up to a total capacity of 600 MW.
• Madhucon is one of the first Companies to execute NHAI Toll Road projects. The group has Four operating Toll/Annuity Road Projects, and three under construction. The Group strategy is to leverage its renowned EPC expertise to execute road projectsand flip the operating assets.
• The asset sale to the prestigious TATA group is a
significant mile stone in execution of our business strategy”. NHAI awarded the
Road Project of widening of existing 2 Lane Road to 4 Lane divided highways of
Bharatpur-Mahwa section existing chainage from 62.295 Kms to 119.60 Kms and
design chainage from K.63.00 to Km.120.00 on NH-11 in the State of Rajasthan on
Build Operate and Transfer (BPT) Toll basis with a project length 57.305 Kms to
Madhucon Agra Jaipur Expressways Limited (Road SPV) with a concession period of
25 years from the appointed Date 12th April 2006 (including
Construction of 2.5 years).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
UK Pound |
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
|
52 |
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.