MIRA INFORM REPORT
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Report No. : |
310987 |
|
Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPML INFRA LIMITED |
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Registered
Office : |
F-27/2, Okhla Industrial Area, Phase - II, New Delhi - 110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.08.1981 |
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Com. Reg. No.: |
55-012228 |
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Capital Investment
/ Paid-up Capital : |
Rs. 81.945 Millions |
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CIN No.: [Company Identification
No.] |
L40106DL1981PLC012228 |
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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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Construction Activities. |
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No. of Employees
: |
850 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems sharp dip in the profit of the company during FY 2014. However,
networth of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-124-3944555]
LOCATIONS
|
Registered Office : |
F-27/2, Okhla Industrial Area, Phase - II, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26387091 |
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Fax No.: |
91-11-26386003 |
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E-Mail : |
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Website : |
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Head Office : |
SPML House, Plot No. 65, Sector-32, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-3944555 |
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Fax No.: |
91-124-3983201 |
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Regional Offices : |
Located at: · Patna · Kolkata · Bangalore · Chennai · Thane · Guwahati ·
Jaipur |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Subhash Chand Sethi |
|
Designation : |
Chairman |
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Name : |
Mr. Sushil Kumar Sethi |
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Designation : |
Managing Director |
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Name : |
Mr. Deepak Sethi |
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Designation : |
Director |
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Name : |
Mr. Sarthak Behuria |
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Designation : |
Director |
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Name : |
Mr. Ajay Tandon |
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Designation : |
Director |
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Name : |
Mr. P. S. Rana |
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Designation : |
Director |
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Name : |
Mr. R.L. Gaggar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Swadesh Mathur |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Abhay Raj Singh |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a
% |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
10970740 |
29.93 |
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|
10845745 |
29.59 |
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|
21816485 |
59.53 |
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Total shareholding of Promoter and Promoter Group (A) |
21816485 |
59.53 |
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(B) Public Shareholding |
|
|
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|
|
|
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|
13000 |
0.04 |
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|
13000 |
0.04 |
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|
|
|
|
|
11951601 |
32.61 |
|
|
|
|
|
|
2281693 |
6.23 |
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|
543692 |
1.48 |
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|
43805 |
0.12 |
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|
20359 |
0.06 |
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|
23446 |
0.06 |
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|
14820791 |
40.44 |
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Total Public shareholding (B) |
14833791 |
40.47 |
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Total (A)+(B) |
36650276 |
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36650276 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
850 (Approximately) |
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Bankers : |
· Andhra Bank · State Bank of Travancore · Bank of Baroda · State Bank of Hyderabad · Canara Bank · State Bank of Mysore · ICICI Bank Limited · State Bank of Bikaner and Jaipur · Oriental Bank of Commerce · Syndicate Bank · Punjab National Bank · Union Bank of India · State Bank of India ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditor 1 : |
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Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
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Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata – 700016, West Bengal, India |
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Auditor 2 : |
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Name : |
Sunil Kumar Gupta and Company Chartered Accountants |
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Address : |
B-2, Magnum House-I, Karampura Commercial Complex, New Delhi – 110015, India |
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Subsidiary
Companies : |
· Subhash Kabini Power Corporation Limited · SPML Industries Limited · SPML Energy Limited · SPML Infrastructure Limited · SPM Holding Pte. Limited · Binwa Power Corporation Private Limited · Awa Power Company Private Limited · IQU Power Company Private Limited · Neogal Power Company Private Limited · Luni Power Company Private Limited · Tons Valley Power Company Private Limited · Rupin Tons Power Company Private Limited · Uttarkashi Tons Hydro Power Private Limited · Delhi Waste Management Limited · Add Urban Enviro Limited · Add Energy Management Co. Private Limited (Formerly SPML Semitech India Private Limited) w.e.f March 31, 2014 · Madurai Municipal Waste Processing Co. Private Limited · SPML Utilities Limited · Allahabad Waste Processing Co. Limited · Mathura Nagar Waste Processing Co. Private Limited · Mizoram Power Development Corporation Limited · Bhilwara Jaipur Toll Road Private Limited · PT Sanmati Natural Resources · Aurangabad City Water Utility Co. Limited (became associate w.e.f December 31, 2013) · Mizoram Infrastructure Development Co. Limited (w.e.f 25th March, 2014) · SPML Infraprojects Limited (w.e.f 25th February, 2014) · SPML Infra Developers Limited (w.e.f 24th February, 2014) · Bhagalpur Electricity Distribution Com P Ltd (w.e.f 29th May, 2013) · SJA Developers Private Limited · Synergy Promoters Private Limited |
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Associates
Companies : |
· HHydro Comp Enterprises (India) Limited · Doon Valley Waste Management Private Limited · Jamshedpur Waste Processing Company Private Limited · Pondicherry Port Limited · Mizoram Mineral Development Corporation Limited · SPML Bhiwandi Water Supply Infra Limited · SPML Bhiwandi Water Supply Management Limited · Aurangabad Jal Supply Solution Private Limited · ADD Realty Limited · Aurangabad City Water Utility Co. Limited (w.e.f 31st December, 2013) · Central Zone Water Services Private Limited (w.e.f 23rd November, 2013) |
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Joint Ventures : |
· SPML-CISC JV · SPML - Simplex JV · SPML-HCIL JV · OM Metals Consortium JV · Siddharth- Mahaveer SPML –JV · KBL-SPML JV · Malviya Nagar Water Services Private Limited · “MVV Water Utility Private Limited · (Through a Subsidiary)” · Gurha Thermal Power Co. Limited · SUEZ -SPML JV |
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Enterprises
owned by KMP’s or their relatives or whether the KMP’s have significantly influence
: |
· Arihant Leasing and Holding Co. Limited · Rishabh Commercial Private Limited · Risabh Fire Management Private Limited · Abhinandan Enterprise Private Limited · Subhash Systems Private Limited · International Construction Limited · SPM Engineers Limited · Zoom Industrial Services Limited · Meena Homes Limited · 20Th Century Engineering Limited · Subhash Power Company Limited · SPML India Limited · Subhash International Private Limited · Sonal Agencies Private Limited · Add Eco Enviro Limited · Sanmati Power Company Private Limited · Meena Holdings Limited · Vidya Edutech Private Limited · Add Technologies (India) Limited · Pondicherry Special Economic Zone Company Limited · Sanmati Corporate Investments Private Limited · Bharat Hydro Power Corporation · Sanmati Infra Projects Private Limited · Om Metal-SPML Infra Project Private Limited · Acropolis Properties Private Limited · Oxive Environmental Management Private Limited · Dia Infarlog Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 400.000 Millions |
|
1,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
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Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,650,276 |
Equity Shares |
Rs. 2/- each |
Rs. 73.301 Millions |
|
|
Add: Forfeited Shares (Amount originally paid up) |
|
Rs. 8.644 Millions |
|
|
|
|
|
|
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Total |
|
Rs. 81.945
Millions |
a. Reconciliation
of the shares outstanding at the beginning and at the end of the year
|
PARTICULARS |
31st March, 2014 |
|
|
|
No. of shares |
Amount |
|
At the beginning of the year |
36,650,276 |
73.301 |
|
Movement during the year |
-- |
-- |
|
|
|
|
|
Outstanding at the end of the year |
36,650,276 |
73.301 |
b. Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.2
per share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pays dividends in Indian Rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
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 the shareholders.
c. Details of
shareholders holding more than 5% equity shares in the Company
|
Name of
Shareholders |
31st March, 2014 |
|
|
|
No. of shares |
% holding in |
|
Anil Kumar Sethi |
1903335 |
5.19 |
|
Zoom Industrial Services Limited |
3073510 |
8.39 |
|
SPML India Limited |
2335735 |
6.37 |
|
CVCIGP II Client Rosehill Limited |
3521575 |
9.61 |
|
Reliance Capital Trustee Company Limited |
-- |
-- |
|
CVCIGP II Employee Rosehill Limited |
1972301 |
5.38 |
|
Udgam Commercial Limited |
2080202 |
5.68 |
As per of the Company, including its register of shareholders/ members
and other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial ownerships
of shares.
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 |
81.945 |
81.945 |
81.945 |
|
(b) Reserves & Surplus |
4450.133 |
4401.959 |
4284.429 |
|
(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) |
4532.078 |
4483.904 |
4366.374 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
440.517 |
986.088 |
640.867 |
|
(b) Deferred tax liabilities (Net) |
945.407 |
246.576 |
121.129 |
|
(c)
Other long term liabilities |
27.357 |
24.792 |
28.574 |
|
(d)
long-term provisions |
34.735 |
42.700 |
90.597 |
|
Total
Non-current Liabilities (3) |
1448.016 |
1300.156 |
881.167 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4341.968 |
3521.185 |
3770.078 |
|
(b)
Trade payables |
4204.928 |
3866.334 |
3402.095 |
|
(c)
Other current liabilities |
4340.887 |
2616.295 |
2656.829 |
|
(d)
Short-term provisions |
17.546 |
16.428 |
18.867 |
|
Total
Current Liabilities (4) |
12905.329 |
10020.242 |
9847.869 |
|
|
|
|
|
|
TOTAL |
18885.423 |
15804.302 |
15095.410 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
818.360 |
899.105 |
891.973 |
|
(ii)
Intangible Assets |
3.689 |
9.007 |
16.963 |
|
(iii)
Capital work-in-progress |
29.641 |
29.106 |
25.217 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2222.640 |
2025.888 |
1799.357 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loans
and Advances |
902.601 |
1160.321 |
839.040 |
|
(e) Trade receivables |
3134.864 |
955.891 |
1218.050 |
|
(f) Other Non-current assets |
1203.584 |
605.879 |
634.460 |
|
Total
Non-Current Assets |
8315.379 |
5685.197 |
5425.060 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.000 |
0.000 |
0.000 |
|
(b)
Inventories |
384.041 |
404.174 |
692.724 |
|
(c)
Trade receivables |
3526.620 |
4612.723 |
4540.233 |
|
(d)
Cash and cash equivalents |
794.074 |
606.920 |
449.760 |
|
(e)
Short-term loans and advances |
1371.119 |
906.835 |
878.074 |
|
(f)
Other current assets |
4493.190 |
3588.453 |
3109.559 |
|
Total
Current Assets |
10570.044 |
10119.105 |
9670.350 |
|
|
|
|
|
|
TOTAL |
18885.423 |
15804.302 |
15095.410 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11845.396 |
10943.614 |
9058.707 |
|
|
|
Other Income |
836.556 |
357.991 |
145.726 |
|
|
|
TOTAL (A) |
12681.952 |
11301.605 |
9204.433 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed and Direct Expenses |
9361.572 |
7895.795 |
6520.856 |
|
|
|
Cost of traded goods |
165.697 |
782.729 |
0.000 |
|
|
|
(Increase)/ Decrease in
work in progress |
21.265 |
-26.117 |
325.268 |
|
|
|
Employees benefits expense |
424.845 |
419.794 |
533.147 |
|
|
|
Other expenses |
1083.434 |
687.670 |
642.716 |
|
|
|
TOTAL (B) |
11056.813 |
9759.871 |
8021.987 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1625.139 |
1541.734 |
1182.446 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1472.723 |
1339.425 |
1030.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
152.416 |
202.309 |
151.640 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
101.590 |
105.544 |
105.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.826 |
96.765 |
46.557 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.652 |
(20.765) |
16.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.174 |
117.530 |
29.879 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
204.533 |
54.615 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.31 |
3.21 |
0.82 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2748.700 |
2429.700 |
3013.700 |
|
Total Expenditure |
2458.600 |
2032.700 |
2612.900 |
|
PBIDT (Excl OI) |
290.100 |
397.000 |
400.800 |
|
Other Income |
153.600 |
86.600 |
97.500 |
|
Operating Profit |
443.700 |
483.600 |
498.300 |
|
Interest |
405.300 |
434.400 |
380.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
38.400 |
49.200 |
118.000 |
|
Depreciation |
32.300 |
34.700 |
32.300 |
|
Profit Before Tax |
6.100 |
14.500 |
85.700 |
|
Tax |
(3.200) |
(4.800) |
10.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.300 |
19.300 |
75.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.300 |
19.300 |
75.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.41 |
1.07 |
0.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.72 |
14.09 |
13.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.38 |
0.76 |
0.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.06 |
1.01 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.01 |
0.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
81.945 |
81.945 |
81.945 |
|
Reserves & Surplus |
4284.429 |
4401.959 |
4450.133 |
|
Net
worth |
4366.374 |
4483.904 |
4532.078 |
|
|
|
|
|
|
Long-term borrowings |
640.867 |
986.088 |
440.517 |
|
Short term borrowings |
3770.078 |
3521.185 |
4341.968 |
|
Total
borrowings |
4410.945 |
4507.273 |
4782.485 |
|
Debt/Equity ratio |
1.010 |
1.005 |
1.055 |
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 |
9058.707 |
10943.614 |
11845.396 |
|
|
|
20.808 |
8.240 |
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 |
9058.707 |
10943.614 |
11845.396 |
|
Profit |
29.879 |
117.530 |
48.174 |
|
|
0.33% |
1.07% |
0.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS(OS) 2213/2012
STERLITE TECHNOLOGIES (INDIA)
LTD ..... Plaintiff
Through Mr. A.K. Thakur, Adv.
with Mr. R.K. Mishra, Adv.
versus
SPML INFRA LIMITED .....
Defendant
Through Mr. Rakesh Sinha,
Adv. with Mr. Pradeep Gupta, Adv.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
SINGH
O R D E R
15.12.2014
I.A. No.6089/2014 (u/o VII
R.11 CPC, by defendant)
Learned counsel for the
defendant has mainly argued on two points and submitted that the plaint is
liable to be rejected for want of territorial jurisdiction of this Court and
the cause of action. He has referred the plaint, application and the documents
filed along with the plaint.
Learned counsel for the
plaintiff seeks some time to verify the position from his client in view of the
objections raised by the defendant in its application. List on 10th March,
2015.
MANMOHAN SINGH, J.
DECEMBER 15, 2014/ka
$ 27
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10443239 |
05/08/2013 |
300,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 1/1, CAMAC STREET, 1ST |
B82215385 |
|
2 |
10427239 |
11/06/2013 * |
1,015,000,000.00 |
UCO BANK |
SINGAPORE BRANCH,
3, RAFFLES PLACE, BHARAT BUILDING, SINGAPORE, - 048617, SINGAPORE |
B76913102 |
|
3 |
10269999 |
20/11/2012 * |
540,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B64176662 |
|
4 |
10236056 |
21/02/2014 * |
950,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B96795281 |
|
5 |
10208395 |
22/03/2010 |
3,959,772.00 |
SREI EQUIPMENT FINANCE
PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
A81629982 |
|
6 |
10204484 |
22/02/2010 |
13,203,179.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
A79862165 |
|
7 |
10149152 |
25/03/2009 * |
490,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
A60199114 |
|
8 |
10141706 |
21/01/2009 |
150,000,000.00 |
INDUSIND BANK
LTD. |
GOPAL DAS
BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
A56565195 |
|
9 |
10132471 |
25/03/2014 * |
24,500,500,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
BELLS HOUSE 21 CAMAC STREET GROUND FLOOR, KOLKATA, WEST BENGAL - 700016,
INDIA |
C03860996 |
|
10 |
10129924 |
03/11/2008 |
50,000,000.00 |
BANK OF BARODA |
CAMAC STREET
BRANCH, 3B CAMAC STRRET, KOLKATA, WEST BENGAL - 700016, INDIA |
A50821396 |
|
11 |
10127902 |
01/10/2008 |
3,717,877.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A49823560 |
|
12 |
10079333 |
13/09/2007 |
22,115,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A28769578 |
|
13 |
10045004 |
03/01/2007 |
615,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
INDUSTRIAL
ESTATE, KOTA, RAJASTHAN - 324007, INDIA |
A11064250 |
|
14 |
10025915 |
28/11/2006 |
770,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A06541130 |
|
15 |
80000651 |
29/04/2011 * |
1,375,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH,
3B CAMAC STRRET, KOLKATA, WEST BENGAL - 700016, INDIA |
B13986104 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from related parties repayable on demand |
119.740 |
110.923 |
|
From Bodies Corporate |
101.976 |
270.149 |
|
|
|
|
|
Total |
221.716 |
381.072 |
OPERATIONS
During the year, the operating revenue of the company increased by 8.24%
to Rs. 11845.400 Millions as against Rs. 10943.600 Millions achieved in the
previous year. Earnings Before interest, depreciation, tax and amortizations
(EBITA) amounted to Rs. 1625.100 Millions as against Rs. 1541.700 Millions in
the previous year. Net profit for the year was Rs. 48.200 Millions as against
Rs. 117.500 Millions in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
SPML Infra is a leading infrastructure development company of India.
With over three decades of experience, SPML has executed almost 600 turnkey
projects and created significant value for their country that have touched the
lives of millions of people; be it provision of drinking water, improved sewerage
facilities, better municipal waste management, building roads and highways and
lighting up homes. An ISO–9001:2008 certified company, SPML’s project
management systems include design engineering and implementation with
SAP-Enterprise Resource Planning and Quality Management Systems to undertake
projects of any magnitude. SPML Infra Ltd has established its leadership in
urban infrastructure and become the only Indian company to be featured into
World’s Top 50 Private Water Management Companies as per the survey by Global
Water Intelligence. SPML offers sustainable solutions for water management,
water infrastructure development, treatment-transmission and distribution,
wastewater treatment, power generation, transmission and distribution, solid
waste management, roads and highways and other civil infrastructures.
OVERVIEW OF THE
ECONOMY
During the FY 2013-14, the global economy continued its struggle with
growth. However, the Indian economy showed some signs of recovery in FY
2013-14. India’s GDP growth rate slightly increased to 4.9%, as compared to
4.5% in the previous financial year. Further, high interest rates, higher
spending leading to larger fiscal deficit, a depreciated currency, tight
monetary conditions, weak external demand and uncertainty due to general
elections have led to deceleration in the recovery of Indian economy. However
on positive side, timely measures taken by the Reserve Bank of India helped in
arresting the further depreciation in the value of rupee and stabilize it after
a sharp fall.
The economy went through challenging times since the crisis in the
Eurozone in 2011-12 with a cyclical down turn with growth slowdown, elevated
current account deficit, persistent inflation and the need to restore fiscal
policy to a sustainable path.
While a lot will depend on the measures announced after formation of new
government; resurgence in exports, reduction in inflation and deficits (trade,
current and fiscal), along with global economic revival are likely to add
impetus to the economy.
In FY 2014-15, India is likely to accelerate GDP growth to 5.5% - 6%.
The increase in growth rate is expected to be contributed majorly by the
industrial sector, estimated to grow at 4% next year. Despite the modest
expectations in the short term, the prospects of long term growth in India
remain immensely strong. India’s growth model is led by domestic consumption.
Looking ahead, the growth momentum for FY 2014-15 appears optimistic. The
International Monetary Fund forecasts that world output will grow 3.6% in 2014,
compared to 2.9% during 2013.
URBAN
INFRASTRUCTURE
Infrastructure is the lifeblood of prosperity and economic development
in the 21st century. Well-planned and well executed investments offer
developing economies the hope of basic facilities for all and a chance to
compete in a global marketplace. India’s infrastructural facilities such as
transportation, water infrastructure, sanitation and power are still inadequate
for its existing population. The government considering the inappropriate
infrastructural facilities and its adverse impact on growth of the economy has
significantly increased its infrastructure spending over the last 10 years. The
government is also encouraging private sector investment to speed up
development, which will provide many possibilities to the SPML Infra Limited to
contribute in the development of urban infrastructure in India.
The newly elected central government has drawn an ambitious infrastructure
development program for next 10 years which includes development of railways,
national highways and also creation of 100 smart cities to form a vibrant
India. The infrastructure sector is now hoping for turnaround of the Indian
economy as it is expecting a time bound implementation of infrastructure
projects.
WATER AND SOLID
WASTE MANAGEMENT
As a rapidly urbanizing nation, India is facing major constraints in its
water and wastewater management sector. The country is home to 18% of the
world’s population, but contains only 4% of its water resources. Almost 90% of
the usable water in the country is utilized for irrigation purposes. Realizing
this, the government of India is providing a sustained impetus towards
improving water and wastewater management infrastructure in the country.
The solid waste management concept in developed economies has reached to
matured stage while it is way behind in India and still in the development
stage. Total waste water generated in India is about 90 thousand mld, of which
only about 21% is treated. Similarly, more than half of the solid waste
generated in municipalities in India remains untreated.
In India’s governing system, water and waste management is the
responsibility of state government. Almost all state government has given this
task to Urban Local Bodies for major cities. India’s Water Treatment Market is
worth more than US$ 1 billion, much of which consists of Industrial Water
Treatment and Municipal Water Treatment. The government of India is encouraging
private investment in this sector through various initiatives. They are
implementing stringent water quality standards and environmental regulations to
drive increased spending, and introduce technology implementation. The
government reforms are primarily guided by 3 policies/programs:
· Jawaharlal Nehru National Urban Renewal Mission.
· National Water Policy, 2002
· National Water Mission
As part of these reforms, priority is being given to private sector
participants to invest in water infrastructure in India. SPML Infra Ltd being
the leader in the sector sees immense opportunities in the water and solid
waste management field as this is still in developing stage.
RECENT
DEVELOPMENTS IN WATER PROJECT
In recent years, India’s water sector has developed rapidly with the
inflow of central government funds, the reform agenda of the government under
JNNURM (Jawaharlal Nehru National Urban Renewal Mission) and the programs of
the international donors, the World Bank, Asian Development Bank (ADB) and
Japan International Cooperation Agency (JICA). The most significant change in
the past five years has been the entry of the central government as a major
source of financing in the sector. Almost 42,000 crore rupees were allocated to
water, sewerage and drainage projects in major cities through the JNNURM’s
urban infrastructure fund. The JICA, allocated a further 21,000 crore rupees in
the past 7 years. JICA currently spend almost 21% of its budget in India to
water and sanitation projects and it’s on the rise. The World Bank approved
around 16,500 crore rupees for water supply and sanitation projects in India
over the same time period, including 6000 crore rupees for the National Ganga
River Basin project, the first donor project to focus on surface water quality.
Projects worth a further 6000 crore rupees are expected to be approved
before 2015, covering both urban and rural water by the World Bank. Two major
new projects are under consideration – a 1,200 crore loan for water supply in
Delhi and another 2,400 crore credit for water and wastewater infrastructure in
Kolkata by ADB.
With the influx of funds, more Public Private Partnership (PPP) projects
were awarded in the past five years. Since 2005, 13 new PPP projects in water
sector were awarded as compared to just 4 in the previous decade. Most of the
PPP water supply projects during the 1990s were aimed at augmentation of bulk
water supply systems. But after 2005, 80 percent of the projects awarded to
bring in the private sector expertise for operation and maintenance (O&M)
and improvement of distribution system. Today, approximately 60 percent of PPP
projects address O&M improvements, 30 percent focus on bulk water supply
augmentation, and the rest include both.
WATER SECTOR
SPML is executing a number of water supply projects in different states.
Some key projects are as under.
· Pokhran Water Supply Project: The project aims to provide sustainable source of clean drinking water supply to over 12 Lac residents of 580 villages together with 4 towns of Pokhran, Falsoond, Balotra and Siwana, industries and defence forces. The scope include 400 kms of water pipeline, 125 MLD water treatment plants, 16 pumping stations with combined capacity of 40,000 m3/hr with 9350 KW, 2 raw water and 3 clear water reservoirs, substations with PLC and SCADA systems and 10 years of operation and maintenance post commissioning. SPML also received the prestigious Commendation Certificate for Water Project of the Year in Global Water Awards 2014 for this project.
· Water Supply Scheme for Bangalore City: The project aims to provide sustainable source of drinking water supply to over two million populations to cater the growing demands of the Bangalore Metropolitan Area. The scope include 21 km of 3 meter diameter MS pipes with 18 mm shell thickness, 5 lakh litres capacity elevated one way RCC surge tank, 100 million litres capacity of Clear Water Reservoirs, 500 MLD water pumping station etc.
· Saurashtra Water Supply and Pipeline Project, Gujarat: The main objective of the project is to transfer the excess water from the southern region of Gujarat to the drought prone areas of Saurashtra particularly to 8215 villages and 135 towns and cities of Saurashtra and Kutch, North Gujarat and Panchamal Districts. The project involves raw water intake systems with pumping stations, 128 kms long MS Cross Country pipeline of 1250 mm to 2400 mm dia with PLC and SCADA systems having 5 years operations and maintenance.
· Water Supply Improvement Scheme in Delhi: SPML is working to improve the water supply and distribution network and provide drinking water to over 3 lac residents of Mehrauli and Vasant Vihar and 3.5 lac residents of Malviya Nagar area in Delhi. The combine scope of work includes rehabilitation and development of almost 300 kms water pipeline and distribution network trenchless works, construction of underground water reservoir to enhance storage capacity from 4.3 million litres to 18.3 million litres, rehabilitation and replacement of approximately 82,000 service connections with metering and billing and 24x7 consumer service centre among other related works including operation and maintenance for 12 years. SPML is started 24x7 water supply to West End Colony and reduced the leakage and non-revenue water from 67% to just 6% thus improving the service standard and revenue collection.
SPML is also executing a number of regional water supply schemes in
Rajasthan and Bihar to provide drinking water facilities to millions of people
in rural and sub-urban areas.
POWER SECTOR
SPML Infra Limited provides engineering, procurement, construction,
project management and commissioning services on a Turnkey basis to the Power
Sector leveraging its proven project management and delivery experience of over
30 years, its construction capability, engineers and domain experts. Presently,
SPML is executing following projects:
· Power transmission and distribution projects in Patna with 7144 Kilometers of ACSR Conductors, 5310 kilometers of LT Lines and will provide 3,83,929 BPL connections in 23 Blocks.
· Power transmission and distribution projects in Gaya with 6058 kilometers of ACSR Conductors, 4918 kilometers of LT lines and will provide BPL service connections to almost 3 lac consumers in 24 Blocks.
· Distribution of electricity, through one of its subsidiary franchisee, in Bhagalpur district in 3 Urban Sub-divisions and 2 Rural Sub-divisions besides metering, meter-reading, billing, collection, operation and maintenance. Augmenting the transmission capacity matching with the growth in distribution network, metering of input points including calibration of meters and matters related to load dispatch and grid discipline and serving over 1,15,000 connections.
· Construction of Balance of Plant (BOP) System to meet potable, service and processed water needs of 160 MW Gas – Based Combined Cycle Power Plant at Ramgarh, Rajasthan. The scope of work includes two raw water reservoirs (total capacity of 6.87 lac m3), pre-treatment plant with two clarifiers of 320 m3/hr capacity each, clarified water storage tank, chlorination plant for raw water and cooling water systems, 35 m3/hr DM plant and 154 m3/hr effluent treatment plant among other works.
· Setting up of Lignite Based Thermal Power Plant (1x70 MW) at Gurha, Rajasthan.
· Working towards alternative energy sources and executing Hydro Power generation projects in Himachal Pradesh and Mizoram with a combined capacity of 80 MW.
SPML is credited to have undertaken the following projects:
· Over 70 projects (220/110/66/33 kV sub-stations) for ESCOMs across the country.
· Central Government aided biggest Accelerated Power Development and Reforms Program (APDRP) project ever in India till date (U.G. Package in terms of quantity of cable laid) for BESCOM (Bangalore Electricity Supply Company Limited).
OUTLOOK
The Indian Water Industry is on the crossroads today. The demand for
water is projected to overtake its availability in India. In some regions of
the country, this has already happened. In India, with huge requirements for
water treatment and purification of drinking water, there is a huge scope for
growth. The total Indian water market is estimated to be about USD 12 billion.
While the government sector contributes about 50% of this, the private sector
provides the remaining business. The overall market is growing at 18% every
year. With an order backlog of about Rs. 60000.000 Millions and estimated
projects of Rs. 20000.000 Millions in pipeline SPML Infra is looking forward to
its growth and contribution to the development of urban infrastructure.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2014
(RS.
IN MILLIONS)
|
PARTICULARS |
3 Months Ended |
Preceding 3 Months Ended |
9 Months Ended |
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
2959.900 |
2387.700 |
8060.300 |
|
Other Operating Income |
53.800 |
42.000 |
131.800 |
|
Total Income from
operations (net) |
3013.700 |
2429.700 |
8192.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Materials Consumed & Direct Expenses |
2374.100 |
1807.400 |
6420.800 |
|
(b) Purchase of traded goods |
-- |
-- |
-- |
|
(c) Change in Work in Progress & traded goods |
-- |
6.300 |
6.700 |
|
(d) Employee benefit expenses |
125.900 |
116.500 |
365.000 |
|
(e) Depreciation and amortization expenses |
32.300 |
34.700 |
99.300 |
|
(f) Other Expenses |
112.900 |
102.500 |
311.700 |
|
Total Expenses |
2645.200 |
2067.400 |
7203.500 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
368.500 |
362.300 |
988.600 |
|
Other Income |
97.500 |
86.600 |
337.700 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
466.000 |
448.900 |
1326.300 |
|
Finance costs |
380.300 |
434.400 |
1220.000 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
85.700 |
14.500 |
106.300 |
|
Exceptional
items |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
85.700 |
14.500 |
106.300 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
16.000 |
2.900 |
20.100 |
|
- Deferred
Tax Liability/ Assets |
(5.900) |
(7.700) |
(18.000) |
|
Net Profit for the period |
75.600 |
19.300 |
104.200 |
|
Paid- up Equity
Share Capital (Face value of the share – Rs. 2) |
73.300 |
73.300 |
73.300 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings Per Share (EPS) (Nominal value per equity share Rs. 2 each) Basic & diluted (in Rs.) not annualised |
2.06* |
0.53* |
2.84* |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
14833791 |
14833791 |
14833791 |
|
Percentage of Shareholding |
40.47 |
40.47 |
40.47 |
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
21816485 |
21816485 |
21816485 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
59.53 |
59.53 |
59.53 |
|
|
Particulars |
Quarter Ended
31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above
results of the Company were reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on 12 February, 2015. The
statutory auditors have conducted the limited review.
2)
The
auditors have expressed their inability to comment upon the
recoverability/realisability of certain trade receivables, fixed assets(net),
inventories amounting to Rs. 398.807 Millions, Rs, 114.927 Millions and Rs.
57.590 Millions respectively, in respect of certain contracts with customers,
which are under litigation/arbitration proceedings. The management, based on
the facts of the cases is confident to recover / realize the above amounts.
3)
The
auditors have drawn attention to the recognition of income of Rs.1554.340
Millions in earlier years and interest of Rs. 458.377 Millions (including
Rs.14.455 Millions during the quarter) thereon arising out of arbitration
awards pronounced in favour of the Company. Against these awards, the customers
have preferred appeals in the jurisdictional courts and the legal proceedings
are going on. Pending the outcome of the said legal proceedings, the above
amounts are being carried forward as receivable as the management believes that
the final outcome of the appeals would be in favor of the Company based on the
facts of the respective cases and is confident to recover the aforesaid claims
in full.
4)
In
respect of a project, based on the representation made by the Company to the customer,
it has considered additional price increase impact of Rs 525.000 Millions in
the contract value till date considering Extension of Time (EOT) for the entire
contract. The management is confident that EOT for the entire contract will be
granted by the customer based on similar decisions taken in some other
contracts and also based on the merits of the case.
5)
Effective
from April, 2014, in terms of the requirements of Schedule-II of the Companies
Act, 2013, the Company has changed depreciation based on the revised remaining
useful life of the assets. Due to above, the depreciation charged for the
quarter ended 31 December 2014 is higher by Rs. 6.799 Millions (30 September
2014 is higher by Rs 7.635 Millions). Further, based on transitional provisions
provided in note 7(b) of Schedule-II, an amount of Rs. 20.807 Millions (net of
reversal of Deferred Tax Liability of Rs. 9.993 Millions) has been adjusted
with the retained earnings.
6)
The
Shareholders in their Extra Ordinary General Meeting held on 6 January 2015 had
approved the raising of fund to the extent of Rs. 750.000 Millions through QIP
route.
7)
The
Company has only one business segment i.e. "Construction".
8)
There
were no exceptional /extraordinary items.
9)
Previous
period’s figures have been regrouped / rearranged, wherever considered
necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debts |
107.072 |
170.454 |
|
Claims towards liquidated damages not acknowledged as
debts by the Company |
|
|
|
Against the above, debts of the like amounts are withheld
by the customers. |
704.947 |
624.242 |
|
However, the Company expects no liability to accrue on account
of these claims. |
|
|
|
Disputed demands |
|
|
|
(a) Income Tax # |
# |
# |
|
(b) Excise/Service Tax* |
7.577 |
7.577 |
|
(c) Sales Tax/VAT* |
1075.260 |
643.292 |
|
(d) Guarantees |
|
|
|
Performance Guarantees, given on behalf of Subsidiaries and
Joint Ventures |
557.912 |
313.060 |
|
Corporate Guarantees given to Banks for financial
assistance extended to Subsidiaries and other bodies corporate |
4242.000 |
3484.000 |
* In respect of above cases, based on favourable decisions in
similar cases/legal opinions taken by the Company /discussions with the
solicitors etc., the management is of the opinion that it is possible, but not
probable, that the action will succeed and accordingly no provision for
liability has been made in the financial statements.
FIXED ASSETS:
· Freehold Land
· Buildings
· Temporary site sheds and shuttering materials
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Site office/ Equipments
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.85 |
|
|
1 |
Rs. 94.96 |
|
Euro |
1 |
Rs. 69.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.