MIRA INFORM REPORT
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Report No. : |
314429 |
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Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
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Name : |
KEC INTERNATIONAL LIMITED |
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Registered
Office : |
RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai – 400 030,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.03.2005 |
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Com. Reg. No.: |
11-152061 |
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Capital Investment
/ Paid-up Capital : |
Rs.514.177
million |
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CIN No.: [Company Identification
No.] |
L45200MH2005PLC152061 |
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IEC No.: |
Not Available |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11457F |
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PAN No.: [Permanent
Account No.] |
AAACK4279J |
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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 primarily engaged in engineering, procurement
and construction (EPC) business. Subject designs, manufactures, tests,
supplies, and erects transmission lines on turnkey basis; it also
manufactures power cables, jelly filled telecom cables, and optical fiber
cables; provides end to end solutions in the design, manufacturing, and
erection of telecom towers to operators, and tower management companies and
utilities. |
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No. of Employees
: |
Approximately 5283
permanent employees (the KEC Group - including subsidiaries and joint
ventures) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having a fine track record. Financial
position of the company seems to be decent. Trade relations are
reported to be fair. Business is active. Payment terms are reported to be
regular and as per commitment. The company can
be considered 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Proposed commercial paper (CP) issue : A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
13.05.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-66972777)
LOCATIONS
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Registered Office/ Power Transmission - International/ Power Systems/
Water Plant : |
1st Floor, RPG House, 463, Dr. Annie Besant Road, Worli,
Mumbai – 400 030, Maharashtra, India |
|
Tel. No.: |
91-22-66972777/ 28204045/ 66670200/ 66670297 |
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Fax No.: |
91-22-66972799/ 28204052/ 66670299/ 66670287/ 66670260 |
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E-Mail : |
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Website : |
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Transmission – South Asia/ Power Systems – South Asia /Railways
/Telecom Plant : |
8th Floor, Building No 9A, DLF Cyber City Phase III,
Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-6757555 |
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Cables Plant : |
6th Floor, RPG House, 463, Dr. Annie Besant Road, Worli,
Mumbai – 400 025, Maharashtra, India |
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Tel. No.: |
91-22-66670300/ 305 |
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Tower Manufacturing Facilities (Plant 1) : |
Nagpur: B-190, M.I.D.C. Industrial Estate, Butibori, Nagpur – 441 108,
Maharashtra, India |
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Tel. No.: |
91-7104-662209 |
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Tower Manufacturing Facilities (Plant 2) : |
Jaipur: Plot No.14-15, Jhotwara Industrial Area, Jhotwara,
Jaipur – 302 012, Rajasthan, India |
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Tel. No.: |
91-141-2340214/ 6700201 |
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Tower Manufacturing Facilities (Plant 3) : |
Jabalpur: Deori Village, PO: Panagar, Jabalpur – 483
220, Madhya Pradesh, India |
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Tel. No.: |
91-761-2350024/ 25/ 40 |
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Cable Manufacturing Facilities (Plant 1) : |
Thane: 2nd Pokhran Road, Thane – 400 601, Maharashtra, India |
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Tel. No.: |
91-22-21731743 |
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Cable Manufacturing Facilities (Plant 2) : |
Mysore: 349, Hebbal Industrial Area, Hootagalli,
Belavadi Post, Mysore – 570 018, Karnataka, India |
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Tel. No.: |
91-821-2402401/ 6553375 |
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Cable Manufacturing Facilities (Plant 3) : |
Silvassa: Plot No.273/4, Demni Road, Dadra, Silvassa
– 396 193, Dadra
and Nagar Haveli, India |
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Tel. No.: |
91-260-2668518/ 6618500 |
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Cable Manufacturing Facilities (Plant 4) : |
Vadodara: Village Godampura (Samalya), Taluka –
Savli, Vadodara – 391 520, Gujarat, India |
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Overseas Plant 1 – Transmission : |
Mexico Arco Vial Saltillo-Nuevo
Laredo Km. 24.1, C.P. 66050-79 Escobedo, N. L. Mexico |
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Overseas Plant 2 – Transmission : |
Brazil R. Moacyr G. Costa, 15 -
Jd. Piemont Sul 32669-722 - Betim / MG, Brazil |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. H. V. Goenka |
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Designation : |
Chairman |
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Address : |
14-16, Patazzo B.G. Khar Marg, Mumbai – 400 008, Maharashtra, India |
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Qualification : |
Arts Graduate and BA, MBA ( |
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Name : |
Mr. R. D. Chandak |
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Designation : |
Managing Director and Chief Executive Officer |
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Address : |
B/44, Ruia Park, 47, J.R. Mahatro Road, Juhu, Mumbai – 400 049,
Maharashtra, India |
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Qualification : |
M. Com., FCA |
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Name: |
Mrs. Sobha Singh Thakur |
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Designation: |
Director |
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Address: |
1161, Abdul Court, Flat No.20, Suryavanshi Marg, Dadar, Mumbai – 400
028, Maharashtra, India |
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Qualification: |
M. Com., CAIIB |
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Name: |
Mr. Gulu Lalchand Mirchandani |
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Designation: |
Director |
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Address: |
22, Paras, Little Gibs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
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Qualification: |
B. Mechanical |
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Director |
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Qualification : |
Bachelor of Engineering : FIE ( |
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Name: |
Mr. Ajit Teckchand Vaswani |
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Designation: |
Director |
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Address: |
502, Solitalre Hirandani Gardens, Powai, Mumbai – 400 076,
Maharashtra, India |
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Qualification: |
CA, CS |
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|
Name : |
Mr. S. M. Trehan |
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Designation : |
Director |
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Name : |
Mr. V.
R. Chatterjee |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ch. V. Jagannadha Rao |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Vimal Kejriwal |
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Designation : |
President
- Transmission and Distribution Business |
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Name : |
Mr.
Rakesh Amol |
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Designation : |
President
- Infrastructure Business |
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Name : |
S.
Venkatesh |
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Designation : |
Executive
Director - Human Resource |
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Name : |
Mr.
Nikhil Gupta |
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Designation : |
Executive
Director - Cables |
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Name : |
Mr.
Randeep Narang |
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Designation : |
Executive
Director - South Asia (Transmission and Distribution) |
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Name : |
Stanley
Breitweiser |
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Designation : |
Chief Executive Officer - SAE Towers |
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Name : |
Mr. Dilip
Shukla |
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Designation : |
Chief
Executive - Water |
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Name : |
Mr. Rajeev
Dalela |
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Designation : |
Chief
Executive - Railways |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
7863191 |
3.06 |
|
|
120707169 |
46.95 |
|
|
128570360 |
50.01 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
128570360 |
50.01 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
63680539 |
24.77 |
|
|
138110 |
0.05 |
|
|
8121001 |
3.16 |
|
|
14967303 |
5.82 |
|
|
264702 |
0.10 |
|
|
5480 |
0.00 |
|
|
259222 |
0.10 |
|
|
87171655 |
33.91 |
|
|
|
|
|
|
11802152 |
4.59 |
|
|
|
|
|
|
25104315 |
9.76 |
|
|
1869200 |
0.73 |
|
|
2570688 |
1.00 |
|
|
1043565 |
0.41 |
|
|
806041 |
0.31 |
|
|
721077 |
0.28 |
|
|
5 |
0.00 |
|
|
41346355 |
16.08 |
|
Total
Public shareholding (B) |
128518010 |
49.99 |
|
Total
(A)+(B) |
257088370 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
257088370 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|||
|
1 |
Swallow
Associates LLP |
6,95,46,616 |
27.05 |
27.05 |
|
2 |
Summit
Securities Limited |
2,69,74,152 |
10.49 |
10.49 |
|
3 |
Instant
Holdings Limited |
1,62,92,755 |
6.34 |
6.34 |
|
4 |
STEL
Holdings Limited |
46,85,880 |
1.82 |
1.82 |
|
5 |
Carniwal
Investments Limited |
29,70,981 |
1.16 |
1.16 |
|
6 |
Chattarpati
Investments Limited |
2,11,785 |
0.08 |
0.08 |
|
7 |
Atlantic
Holdings Limited |
25,000 |
0.01 |
0.01 |
|
8 |
Harsh
Vardhan Goenka Mrs. Mala Goeka, Mr Anant Vardhan Goenka |
39,14,482 |
1.52 |
1.52 |
|
9 |
Harsh
Vardhan Goenka, Mrs Mala Goenka |
28,05,216 |
1.09 |
1.09 |
|
10 |
Harsh
Vardhan Ramprasad Goenka Mala Goeka Anant Vardhan Goenka |
9,33,913 |
0.36 |
0.36 |
|
11 |
Harsh
Vardhan Goenka |
1,69,500 |
0.07 |
0.07 |
|
12 |
Anant
Vardhan Goenka |
40,000 |
0.02 |
0.02 |
|
13 |
Mala
Goenka, Harshvardhan Ram Prasad Goenka Anand Vardhan Govenka |
50 |
0.00 |
0.00 |
|
14 |
Harsh
Vardhan Goenka |
30 |
0.00 |
0.00 |
|
|
Total |
12,85,70,360 |
50.01 |
50.01 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
HDFC
Trustee Company Limited |
23090249 |
8.98 |
8.98 |
|
|
2 |
Reliance
Capital Trustee Company Limited |
12749580 |
4.96 |
4.96 |
|
|
3 |
Unit
Trust of India |
8736752 |
3.40 |
3.40 |
|
|
4 |
Life
Insurance Corporation of India |
8145889 |
3.17 |
3.17 |
|
|
5 |
SBI
Mangnum Taxgain Scheme |
7973630 |
3.10 |
3.10 |
|
|
6 |
Birla
Sun Life Trustee Company Private Limited |
4324646 |
1.68 |
1.68 |
|
|
7 |
FIL
Investments (Mauritius) Limited |
6630715 |
2.58 |
2.58 |
|
|
8 |
Tata
AIA Life Insurance Co Limited |
3726009 |
1.45 |
1.45 |
|
|
|
Total |
75377470 |
29.32 |
29.32 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
HDFC
Trustee Company Limited |
23090249 |
8.98 |
8.98 |
|
|
|
Total |
23090249 |
8.98 |
8.98 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in engineering,
procurement and construction (EPC) business. Subject designs, manufactures, tests,
supplies, and erects transmission lines on turnkey basis; it also
manufactures power cables, jelly filled telecom cables, and optical fiber
cables; provides end to end solutions in the design, manufacturing, and
erection of telecom towers to operators, and tower management companies and
utilities. |
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Products/ Services : |
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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 : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Approximately 5283
permanent employees (the KEC Group - including subsidiaries and joint
ventures) |
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Bankers : |
India
US
Mexico
Brazil
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Facilities : |
Notes: LONG-TERM
BORROWINGS Term loans from banks : (a) Rs.559.700 million (Previous Year
Rs.839.550 million) secured by
first charge on movable assets of Telecom Division including Telecom Towers,
both present and future. The term loan is repayable in remaining 8 equal
quarterly installments by January 25, 2016 and carries interest rate of 7.25%
p.a. (b) Rs.249.956 million (Previous Year
Rs.583.156 million) secured by
way of first charge on fixed assets situated at Mysore (Previous Year: at
Thane and Mysore). The term loan is repayable in remaining 3 equal quarterly
installments by December 9, 2014 and the present interest rate is 11.75 %
p.a. (c) Rs. NIL (Previous Year Rs.126.000 million) secured by way of first
charge on land, building and plant and machinery situated at Jaipur. (d) Rs.170.776 million (Previous Year
Rs.285.492 million) secured by
first charge on movable fixed assets i.e. construction equipment pertaining
to the Transmission, Distribution and Railway business situated at various
project sites in India, both present and future. The term loan is repayable
in remaining 6 equal quarterly installments by September 27, 2015 and the
present interest rate is 10.50% p.a. (e) Rs. NIL (Previous Year Rs.370.000 million) collaterally secured by
first charge to be created on land, building and plant and machinery situated
at Thane and Mysore. (f) Rs.726.500 million (Previous Year
Rs.470.000 million) secured by
first charge created / to be created on land, building and plant and
machinery situated at Jabalpur and Nagpur factories. The term loan is
repayable in remaining 18 quarterly structured installments by September 28,
2018 and the present interest rate is 11.10% p.a. (g) Rs.500.000 million (Previous Year Rs.
NIL) secured by first charge to be created on land, building and plant and
machinery situated at Jaipur factory. The term loan is repayable in 20
quarterly structured installments commencing from June 30, 2014 and the present
interest rate is 11.70% p.a. Term loans from other
parties includes : (a) Rs.188.462 million (Previous Year
Rs.296.154 million) secured by
first charge over the fixed assets pertaining to Tower Testing Station
situated at Nagpur both present and future. The term loan is repayable in
remaining 7 equal quarterly installments by December 09, 2015. The term loan
of Rs.107.692 million and
Rs.80.770 million carry
interest of 12.15% p.a. and 12.25% p.a. respectively. (b) Rs.0.102 million (Previous Year Rs.0.344 million) secured by hypothecation of
vehicles. The term loan is repayable in remaining 9 equal monthly
installments by December 11, 2014 and carries interest rate of 13.20% p.a. (c) Rs.824.782 million (Previous Year
Rs.1033.478 million) secured
by exclusive first charge on the project assets including immovable
properties at Cable factory, Vadodara both present and future. The term loan
is repayable in remaining 16 equal quarterly installments by March 20, 2018
and the present interest rate is 12.00% p.a. SHORT-TERM
BORROWINGS Loans repayable on demand
from banks : (a) Rs.7040.786 million (Previous Year
Rs.3773.919 million) secured
by first charge by hypothecation of all the present and future current assets
excluding those covered (a) above and first charge to be created on flat
situated at Juhu, Mumbai of the Company and second charge created on the
Company’s fixed assets situated at Jaipur, Jabalpur and Nagpur factories. The
present interest rates are in the range of 10.75% to 15.75% p.a. (b) Rs.1005.686 million (Previous Year
Rs.348.843 million) guaranteed
by banks, which in turn is secured by security (a) above. The present
interest rate is 3.21% to 3.32% p.a. (c) Rs.385.098 million (Previous Year Rs.239.545 million) secured by assignment of
certain overseas book debts. The present interest rates are in the range of
3.31% to 3.65% p.a. Other short-term
borrowings : (a) From Banks (i) Rs.1302.666 million (Previous Year
Rs.705.575 million) secured by security (a) above. The present interest rates
are in the range of 1.18% to 2.33% p.a. (ii) Rs. NIL (Previous Year Rs.250.000 million) being commercial paper
issued against stand by facility from a bank which in turn was secured by
security. Maximum balance outstanding any time during the year is Rs.250.000 million (Previous Year Rs.500.000 million) (iii) Rs.778.440 million (Previous Year
Rs.1139.423 million) secured
by security. The present interest rates are in the range of 3% to 3.50% p.a. (b) From other parties Rs.500.000 million (Previous Year
Rs.497.100 million) secured by
security. The present interest rate is 10.60% p.a. |
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Banking
Relations : |
-- |
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|
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Financial Institutions : |
IDBI
Trusteeship Services Limited, Asian Building, Ground Floor, 17 R. Kamani Marg,
Ballard Estate, Mumbai – 400 001, Maharashtra, India |
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Auditors : |
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|
Name : |
Deloitte Haskin
and Sells Chartered Accountants |
|
Address : |
Mumbai, |
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Tel No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/4601 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries-wholly owned: |
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Associate: |
RP
Goenka Group of Companies Employees Welfare Association (incorporated on May
21, 2012) |
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Subsidiaries: |
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Joint Ventures: |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000000 |
Equity Shares |
Rs.2/- each |
Rs.1100.000 million |
|
1500000 |
Redeemable Preference
Shares |
Rs.100/- each |
Rs.150.000 million |
|
|
Total |
|
Rs.1250.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
257088370 |
Equity Shares |
Rs.2/- each |
Rs.514.177
million |
|
|
|
|
|
Notes:
Reconciliation of number of equity Shares and amount outstanding at the
beginning and at the end of the year:
|
Particulars |
31.03.2014 |
|
|
Nos. |
Amount (Rs. in million) |
|
|
Equity Shares: |
|
|
|
Outstanding at
the beginning of the year |
257088370 |
514.177 |
|
Add : Shares
issued during the year |
-- |
-- |
|
Outstanding as at the end of the year |
257088370 |
514.177 |
Shareholders holding more than 5% equity Shares in the company as at the
end of the year:
|
Name of the
shareholder |
31.03.2014 |
|
|
Nos. of Shares
Held |
Percentage of
shares held |
|
|
Swallow Associates LLP *# |
69546616 |
27.05 |
|
Summit
Securities Limited * |
26974152 |
10.49 |
|
HDFC Trustee Company Limited A/c
(AAATH1809A) |
23282899 |
9.06 |
|
Instant Holdings Limited * |
16223856 |
6.31 |
|
Life
Insurance Corporation of India (AAACL0582H) |
15213235 |
5.92 |
|
Reliance Capital Trustee Co. Limited (AAATR0090B) |
13553280 |
5.27 |
# Swallow Associates Limited
has been converted into a Limited Liability Partnership w.e.f. October 31, 2012
and thereafter is known as Swallow Associates LLP.
*
Shares held in Multiple Folios have been combined.
|
Particulars |
31.03.2014 Nos. |
|
Equity Shares of
Rs.2 each allotted in 2010-11 to the shareholders of the erstwhile RPG Cables
Limited pursuant to the Scheme of Amalgamation. |
10365340 |
3750 fully paid-up Equity
Shares of Rs.2 each were allotted to a trustee against 1688 equity shares of
the erstwhile RPG Transmission Limited (RPGT), since merged in the Company in
2007-08, where rights were kept in abeyance under section 206A(b) of the
Companies Act, 1956 by RPGT. On settlement of the relevant court cases/issues,
the Equity Shares issued to the trustee will be transferred.
The Company has only one
class of Equity Shares having a face value of Rs.2 each. Every member shall be
entitled to be present, and to speak and vote and upon a poll the voting right of
every member present in person or by proxy shall be in proportion to his share
of the paid-up equity share capital of the Company. The Company in General
Meeting may declare dividends to be paid to members, but no dividends shall
exceed the amount recommended by the Board, but the Company in General Meeting
may declare a smaller dividend.
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.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
514.177 |
514.177 |
514.177 |
|
(b) Reserves & Surplus |
9807.801 |
9252.078 |
9478.434 |
|
(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) |
10321.978 |
9766.255 |
9992.611 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2140.947 |
2810.708 |
2770.253 |
|
(b) Deferred tax liabilities (Net) |
730.832 |
804.220 |
666.120 |
|
(c)
Other long term liabilities |
100.000 |
100.000 |
100.000 |
|
(d)
Long-term provisions |
99.037 |
97.905 |
170.526 |
|
Total
Non-current Liabilities (3) |
3070.816 |
3812.833 |
3706.899 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
11012.676 |
6954.405 |
3246.358 |
|
(b)
Trade payables |
28601.507 |
22263.202 |
18813.323 |
|
(c)
Other current liabilities |
6205.883 |
8200.847 |
8936.325 |
|
(d)
Short-term provisions |
1096.940 |
773.543 |
780.500 |
|
Total
Current Liabilities (4) |
46917.006 |
38191.997 |
31776.506 |
|
|
|
|
|
|
TOTAL |
60309.800 |
51771.085 |
45476.016 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6775.481 |
7091.212 |
5394.742 |
|
(ii)
Intangible Assets |
1393.541 |
1515.482 |
1598.391 |
|
(iii)
Capital work-in-progress |
90.155 |
213.064 |
1076.861 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
63.796 |
63.747 |
62.113 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1934.039 |
1173.950 |
1177.696 |
|
(e)
Other Non-current assets |
1066.714 |
858.103 |
672.330 |
|
Total
Non-Current Assets |
11323.726 |
10915.558 |
9982.133 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3333.441 |
2855.015 |
3180.153 |
|
(c)
Trade receivables |
33357.202 |
26226.632 |
22142.418 |
|
(d)
Cash and cash equivalents |
902.397 |
618.986 |
941.285 |
|
(e)
Short-term loans and advances |
4497.743 |
4767.835 |
3672.670 |
|
(f)
Other current assets |
6895.291 |
6387.059 |
5557.357 |
|
Total
Current Assets |
48986.074 |
40855.527 |
35493.883 |
|
|
|
|
|
|
TOTAL |
60309.800 |
51771.085 |
45476.016 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
65587.669 |
55920.770 |
46043.338 |
|
|
|
Other Income |
829.739 |
206.414 |
851.330 |
|
|
|
TOTAL (A) |
66417.408 |
56127.184 |
46894.668 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
34662.256 |
30963.122 |
25099.319 |
|
|
|
Changes in inventories of finished goods, work-in-progress and scrap |
(530.884) |
(45.734) |
(183.003) |
|
|
|
Erection and Sub-contracting Expenses |
16654.591 |
13518.645 |
10826.098 |
|
|
|
Employee Benefit Expenses |
3215.148 |
2891.081 |
2417.922 |
|
|
|
Other Expenses |
7857.724 |
6282.725 |
4478.850 |
|
|
|
Exceptional Items - VRS Expenditure |
181.642 |
1.376 |
9.783 |
|
|
|
TOTAL (B) |
62040.477 |
53611.215 |
42648.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4376.931 |
2515.969 |
4245.699 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2314.201 |
1648.063 |
1337.066 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2062.730 |
867.906 |
2908.633 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
554.175 |
430.550 |
360.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1508.555 |
437.356 |
2548.148 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
652.702 |
391.772 |
729.761 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
855.853 |
45.584 |
1818.387 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
6361.525 |
6470.889 |
5192.894 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
85.585 |
4.558 |
181.839 |
|
|
|
Proposed Dividend on Equity Shares |
154.253 |
128.544 |
308.506 |
|
|
|
Tax on distributed profits |
26.215 |
21.846 |
50.047 |
|
|
BALANCE CARRIED
TO THE B/S |
6951.325 |
6361.525 |
6470.889 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
8809.619 |
7568.151 |
76113.23 |
|
|
|
Freight recovered on sales |
327.882 |
597.782 |
370.969 |
|
|
|
Tower testing charges and design charges |
170.342 |
70.264 |
250.667 |
|
|
|
Sales and Services: overseas projects |
19871.603 |
18029.026 |
11854.397 |
|
|
|
Interest income |
1.373 |
3.651 |
0.489 |
|
|
|
Dividend income from a wholly owned subsidiary |
702.332 |
40.425 |
272.189 |
|
|
|
Guarantee Charges received from a wholly owned subsidiary/joint
venture |
10.901 |
55.547 |
0.000 |
|
|
|
Others (Insurance claims, etc.) |
24.875 |
12.403 |
16.307 |
|
|
TOTAL EARNINGS |
29918.927 |
26377.249 |
88878.248 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
3020.539 |
3105.956 |
2567.117 |
|
|
|
Spares Parts / Dies and Tools |
49.508 |
35.059 |
47.292 |
|
|
|
Purchase of Capital Goods |
318.541 |
363.884 |
539.396 |
|
|
TOTAL IMPORTS |
3388.588 |
3504.899 |
3153.805 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
3.33 |
0.18 |
7.07 |
|
|
|
Diluted |
3.33 |
0.18 |
7.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
13942.900 |
16629.800 |
16442.700 |
|
Total
Expenditure |
13102.100 |
16304.400 |
15504.900 |
|
PBIDT
(Excl OI) |
840.800 |
325.400 |
937.800 |
|
Other
Income |
11.700 |
44.200 |
1354.100 |
|
Operating
Profit |
852.500 |
369.600 |
2291.900 |
|
Interest |
542.600 |
704.200 |
674.300 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
309.900 |
(334.600) |
1617.600 |
|
Depreciation |
166.100 |
179.300 |
181.100 |
|
Profit
Before Tax |
143.800 |
(513.900) |
1436.500 |
|
Tax |
48.900 |
(185.600) |
534.400 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
94.900 |
(328.300) |
902.100 |
|
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 |
94.900 |
(328.300) |
902.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.30 |
0.08 |
3.95 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
6.67 |
4.50 |
9.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51 |
0.85 |
5.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.04 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.27 |
1.00 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.07 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
514.177 |
514.177 |
514.177 |
|
Reserves & Surplus |
9478.434 |
9252.078 |
9807.801 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9992.611 |
9766.255 |
10321.978 |
|
|
|
|
|
|
Long-term borrowings |
2770.253 |
2810.708 |
2140.947 |
|
Short term borrowings |
3246.358 |
6954.405 |
11012.676 |
|
Total borrowings |
6016.611 |
9765.113 |
13153.623 |
|
Debt/Equity ratio |
0.602 |
1.000 |
1.274 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
46043.338 |
55920.770 |
65587.669 |
|
|
|
21.452 |
17.287 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
46043.338 |
55920.770 |
65587.669 |
|
Profit |
1818.387 |
45.584 |
855.853 |
|
|
3.95% |
0.08% |
1.30% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
31.03.2012 (Rs. in million) |
|
Current maturities of
long term debt |
1079.331 |
1193.466 |
770.743 |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
AWARDS
RECEIVED DURING THE YEAR
For FY 14 the Company was conferred
with the ‘Utkrishta Puraskar’ i.e. Best Transmission Line Company Award and
‘Sahbhagita Puraskar’ i.e. Support Outside Line of Duty Award from Power Grid
Corporation of India Limited. Further the Company also won the prestigious,
“Best Employer Award, 2013” by Aon Hewitt and the “Indo-American Corporate
Excellence Award” by the Indo- American Chambers of Commerce for best Indian
company operating in US.
MANAGEMENT DISCUSSION AND
ANALYSIS
About the Company
The Company is an
infrastructure EPC major with presence in Power Transmission and Distribution
(T&D), Cables, Railways and Water. The business is spread across 50
countries in South Asia, the Middle East, Africa, Central Asia, the Americas
and Southeast Asia.
Economy and Power Sector
Review
A. global economic scenario
Global economic recovery is
gradually strengthening. The feeble growth experienced by most of the economies
across the world during the period 2008–2013 is gradually fading. The developed
economies are gaining traction and emerging market economies are seeing revival
mainly on account of increased exports and stable domestic demand. Policy
measures combined with implementation of structural reforms are expected to
boost growth in the coming years. The global economy is projected to grow from
2.4% in 2013 to 3.1% in 2014 and 3.3% in 2015.
Indian economic scenario
The Indian economy
continued to grow at moderate levels of 4.9% in FY14 (E) and 4.5% in FY13. As
compared to the high growth levels of 8-10% during earlier years, the sub 5%
growth in last two years was primarily due to high inflationary pressures,
policy related issues and consequence of slow growth experienced by certain
advanced economies.
During FY14, the
agriculture sector witnessed growth backed by good monsoons. Overall exports
witnessed growth and imports declined due to which trade deficit narrowed.
Taking a macro perspective, the outlook is positive. The Government of India
has undertaken several reform measures, including the clearance of several
large infrastructure projects. The prospects of revival of global economy also
further point to a better outlook for the Indian economy.
Power Sector Review
A country’s economic growth
is directly correlated with the growth of power sector which in turn depends on
continuous availability and uninterrupted supply of electricity. The power
scarcity coupled with growing global demand is driving substantial investments
in Power Generation which necessitates investments in Transmission and
Distribution (T&D) infrastructure for efficient and reliable availability
of power. Total investment needs for T&D from 2010 to 2035 are envisaged at
USD 1.8 trillion and USD 5.2 trillion, respectively. Apart from
generation-linked T&D projects, old existing network replacements, grid strengthening
and grid interconnections are also likely to drive demand.
Around 22% of the world’s
population still does not have access to electricity of which about 29.3%
reside in South Asia (including India) and about 65.4% live in Sub-Saharan
Africa. The per capita power consumption in these regions is also very low as
compared to the world average. For the growth of these regions, development of
power infrastructure is a necessity. This translates into abundant development
opportunities for the Company. The Company is present in most countries of
these regions so that it can meet the huge requirement of power infrastructure
investments.
Industry outlook and
opportunities across businesses and related geographies
This section highlights the
industry outlook and opportunities in each of the Company’s Business - Power
Transmission and Distribution, Cables, Railways and Water.
Power Transmission and
Distribution Business – Outlook and Opportunities
This is the largest
business vertical of the Company. KEC has global leadership position in the
power transmission space and increasing presence in power distribution space.
This business is spread across various regions. Region-wise outlook and
opportunities in this business are as follows:
I. South Asia (India)
India’s rapidly growing
population combined with increasing urbanisation and industrialisation requires
uninterrupted and sufficient supply of power. The Indian Power sector, although
having grown substantially in last few decades, has always seen demand
significantly higher than its supply, rendering India a power deficit country.
The 12th (2012-17) and 13th (2017-2022) five year plans provide growth
opportunities for the Indian power sector and more specifically for the Indian
Transmission and Distribution sector.
The planned transmission
line capacity addition and distribution capacity addition during the 12th five
year plan envisages an investment of around Rs.1800000.000 million and
Rs.3062350.000 million respectively.
The growth in intra-state
networks, which falls under the State Electricity Boards (SEBs) and their
transmission utilities (STUs) has not been able to match the inter-state
capacity addition due to financial constraints. However, towards the end of
2012 the Government of India (GoI) cleared the restructuring program for SEBs.
Some of the SEBs are in the process of restructuring their debt, a move which
is likely to expedite progress of this sector and provide opportunities for
power and its ancillary industries.
The Government is also
encouraging private sector participation in the T&D sector. They are
incrementally seeing projects being awarded through competitive bidding
processes on BOO / BOOT / BOOM model.
Challenges:
The sector continues to face challenges like inadequate fuel linkages for
generation capacity additions, land acquisition (right of way), statutory
clearances and poor financial health of SEBs.
Telecom Business: The Company also provides installation of optical fibre networks and
telecom towers. The GoI had approved establishing of National Optical Fibre
Network (NOFN) in October 2011 to provide broadband connectivity to the
Country’s 250,000 Gram Panchayats. The Government plans to use existing
networks of Bharat Sanchar Nigam Limited (BSNL), Railtel and PGCIL for this
purpose. The total investment for this is estimated at Rs.200000.000 million.
II. South Asia Region (SAARC excluding India)
The region suffers from
energy deficiency. The Company’s presence in the region has been increasing.
During the year, it secured orders from Bhutan, Bangladesh, Afghanistan and
Nepal. It expects to benefit from encouraging investment opportunities, strong
local presence and execution experience in the region. Further, India’s cross
border electricity transmission interconnections with Bangladesh, Sri Lanka,
Nepal and Bhutan are also being expanded to facilitate power trade between the
countries.
III. The MENA Region
The MENA region is
experiencing a rise in power demand led by strong economic and demographic
growth associated with rapid urbanisation and strong industrial growth in the
region. The region is also diversifying fuel sources and investing in solar
power generation. International Energy Agency (IEA) expects the region’s power
generation contribution from renewable sources to increase from 3% currently to
7% by 2030.
Gulf Cooperation Council
(GCC) Countries – The GCC countries expect to invest USD 10.7 billion in
transmission networks during 2013 to 2017. Saudi Arabia, the region’s largest
market, has the highest power demand followed by UAE. They have planned several
large power generating projects, including nuclear power plants. Besides,
Kuwait and Oman have also announced their plans to expand transmission lines
network to meet the growing power demand.
North Africa – Although in
recent years, investment in this region was stagnant due to political turmoil,
the scenario is gradually improving. With restoration of stability, power
investment being the basic growth fundamental, is expected to be one of the key
focus areas in the region.
IV. Rest of Africa Region excluding North Africa
Africa faces energy deficit
and has significant growth potential. The region’s per capita electricity consumption
in the year 2011 (535 kWh v/s World average of 3,044 kWh) was one of the lowest
globally and over two-third of its population is still without access to
electricity. This makes the continent a region with under-exploited energy
resources and under-served demand, compared to the rest of the world.
Various multilateral
funding agencies are allocating funds for new projects in this region. Further,
various cross border transmission line interconnections are also being planned
to improve power transmission infrastructure and create an efficient energy
exchange among the countries.
V. Central Asia Region
Central Asia continues to
be a high potential market with increasing electricity demand due to its
growing industrial sector. Many of the countries in this region are facing
electricity supply issues due to weak financial situations. However several
initiatives supported and funded by multilateral institutions are being
undertaken to expand and upgrade the region’s soviet-era power infrastructure.
VI. North America and Latin America Region
North America - The North
America transmission system needs investment to build new lines as well as
upgrade and refurbish the existing
network as existing transmission grid
is ageing due to under-investment in transmission infrastructure.
About 21,800 circuit miles
of transmission lines are planned to be added between 2013 and 2023. In other
words, assuming USD 1 million investments per mile, an investment of USD 2.2
billion per year would be required for the next 10 years.
In the US, many states have
issued the Renewable Portfolio Standards regulation. This directive mandates
electricity suppliers to produce a specified portion of their electricity from
renewable energy sources. In Canada, new generation sources in Alberta and new
hydroelectric generation expansion continue to contribute for an increased
transmission lines demand.
Latin America – In this
region, majority of the Company’s business comes from Brazil and Mexico.
Brazil, the largest market in Latin America, covers nearly half of the
continent of South America. Brazil’s Government plans to build about 51,578
kilometers of transmission lines between 2013 and 2022. In Mexico, the
state-owned Comisión Federal de Electricidad (CFE) owns and operates transmission
lines. The Company plans to focus on transmission line projects to evacuate
power from wind power generation, mostly in the southeast and the northeast
regions. About 4,000 circuit miles are planned between 2014 and 2019 in the
Country.
VII. Southeast Asian Region
South East Asian countries
per-capita energy use is still low and 134 million people lack access to
electricity. The region is projected to need an additional 250,000 km of
transmission lines and 4,000,000 km of distribution lines to connect end-users
between 2011 and 2035. Many countries in this region have formulated plans to
increase their power generation capacity and grid expansion. KEC has
consolidated its position in the region with current presence in Indonesia,
Philippines, Malaysia, Laos and Cambodia.
Cables Business – Outlook
and Opportunities
The Company manufactures
power cables and telecom cables, with the former constituting a significant
part of its cable business.
After a lean period in
FY13, the power cables market experienced modest growth of 10-12% during FY14
(E). The growth was mainly driven by increasing investments in underground
distribution network and cable exports.
Power Cables:
The GoI’s aggressive investment targets during the 12th five year plan,
especially in the power distribution segment and investments by State
Electricity Boards (SEBs) post restructuring is likely to provide sizable
growth opportunities. The GoI’s technology upgradation initiative is also
resulting in higher demand for High Voltage (HV) and Extra High Voltage (EHV)
cables. The cable demand is further likely to experience a boost once the SEBs
are financially restructured.
Telecom Cables: The Government has initiated its broadband network expansion plans
through Bharat Broadband Network Limited (BBNL) which is likely to increase
demand for optic fibre cables. Further, optic fibre demand will also be
supported by higher investment in India’s telecom space.
Railways Business – Outlook
and Opportunities
The Company is an integrated
player and undertakes projects related to civil and track works,
electrification and signalling works. Presently, the Company’s business mainly
comes from conventional railway projects but it is also looking at relevant
opportunities in Dedicated Freight Corridors and Metro Railway projects.
Capacity expansion, network
expansion, upgradation and modernisation planned by the Indian Railways are
expected to provide impetus to this sector. The 12th five year plan envisages a
total investment of Rs.6433790.000 million (including Metro Rail). This amount
is 164% more than 11th Five Year Plan’s projected target and around 229% more
than 11th five year plan’s actual investments (latest estimate). The Company’s
addressable market is about 10% of the targeted investment.
Dedicated Freight Corridors
(DFC): Presently, two DFCs are being developed in India the Western DFC (1,483
kms.) and the Eastern DFC (1,839 kms.). Tenders for these projects are being
awarded in various phases. The Company is pre-qualified in certain packages of
these projects and plans to bid selectively in consortium with other partners.
Mass Rapid Transit System (MRTS): Increasing urbanisation, population density
and strain on existing transport infrastructure have necessitated investments
in the modern MRTS (metro and mono rails). The Delhi metro’s success has set
the stage for developing more metro networks across the country. There are many
projects on advance stage of planning and implementation in India especially in
‘B’ class cities. KEC plans to participate in this space in joint venture with
internationally recognized eligible partners.
Water Business – Outlook
and Opportunities
The Company focuses on
projects related to Water Resource Management (WRM) as well as Water and Waste
Water Treatment.
Although around 70% of the
earth’s surface is covered with water, the distribution of water is uneven and
it is a scarce resource in many parts of the world. In India, water demand is
likely to go up from current 710 billion cubic meters (BCM) to 1,093 BCM by
2025 due to rise in population, higher industrial consumption and increase in
command area under irrigation. On the other hand, the availability of the
utilizable water is 1,123 BCM out of which large part of it is lost due to surface
evaporation and flowing to sea.
The GoI has allocated
highest investment (after power) in 12th five year plan for
developing infrastructure related to Irrigation and Water Supply and
Sanitation. It envisages investment of Rs.5043710.000 million for Irrigation
related projects and Rs.2553190.000 million for Water Supply and Sanitation
related projects.
OPERATIONAL PERFORMANCE
·
The
Company closed its Cable Manufacturing Facility at Thane and successfully
completed Voluntary Retirement Scheme (VRS) for the employees at the facility.
·
The
order book increased to Rs.102000.000 million, registering a growth of 7.71%.
The year’s total order intake has increased by 13.33% to Rs.84820.000 million.
The orders were spread across all business verticals and geographies.
·
The
Company continues to expand its geographical presence. During the year it
entered Tanzania.
·
Secured
orders from South Asia (India, Nepal, Sri Lanka, Bangladesh), Americas (United
States, Mexico, Canada, Brazil), MENA (Saudi Arabia, Oman, UAE), Africa
(Tanzania, Uganda, Kenya, Nigeria, Tunisia, South Africa), Central Asia
(Afghanistan, Kazakhstan, Turkmenistan) and Southeast Asia (the Philippines,
Malaysia, Indonesia).
·
Secured
large value orders in Tanzania (Rs.7720.000 million), Saudi Arabia (Rs.7080.000
million - KEC share) and Afghanistan (Rs.5900.000 million).
·
Power
T&D business increased its portfolio in substation space. It secured an
order worth Rs.1020.000 million for the establishment of 400 kV Gas Insulated Substations
(GIS) in Bihar. In addition to this, it also increased substation business
geographical presence by securing orders from Laos, Philippines, Malaysia,
Saudi Arabia and Afghanistan during the year.
·
SAE
Towers increased its pole manufacturing capacity from 5,000 MTs / per annum to
12,000 MTs / per annum. It also forayed into EPC business in Brazil and secured
two transmission line orders of Rs.940.000 million.
·
Railway
business secured a composite order from the Rail Vikas Nigam Limited, India for
electrification, civil works, signalling and telecommunication works in the
state of Uttar Pradesh. The order of Rs.2280.000 million.
·
Water
business secured two Sewage Treatment orders in Bangalore and Uttarakhand of
total Rs.2050.000 million. In addition to this, it also secured its first ever
Dam construction order in Madhya Pradesh of Rs.990.000 million. Further, it
secured Canal construction orders in Madhya Pradesh of Rs.750.000 million.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10522718 |
26/09/2014 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C23365109 |
|
2 |
10523248 |
17/11/2014 * |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C34348532 |
|
3 |
10484445 |
04/04/2014 * |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C03665882 |
|
4 |
10304824 |
07/04/2012 * |
1,200,000,000.00 |
EXPORT - IMPORT BANK OF
INDIA |
SAKAR II, NEAR ELLISBRIDGE
SHOPPING CENTRE, ASHRAM ROAD, ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
B38080842 |
|
5 |
10259513 |
22/12/2010 |
400,000,000.00 |
PUNJAB AND SIND BANK |
BANK HOUSE, 21, RAJANDER
PLACE, NEW DELHI, DELHI - 110001, INDIA |
B02638922 |
|
6 |
10257075 |
03/05/2011 * |
350,000,000.00 |
EXPORT-IMPORT BANK OF
INDIA |
FLOOR 21, CENTRE ONE
BUILDING, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
B13160270 |
|
7 |
10198804 |
16/04/2014 * |
106,500,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, 5
B.T.M SARANI, BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
C05476775 |
|
8 |
10160904 |
31/07/2014 * |
106,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C19061167 |
|
9 |
10108502 |
25/06/2008 |
220,815,331.43 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATION |
PICUP BHAWN, GOMTI NAGAR,
LUCKNOW, UTTAR PRADESH - 226010, INDIA |
A40843278 |
|
10 |
10090177 |
20/02/2008 |
84,613,115.00 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATION OF U. P. LIMITED (PICUP) |
PICUP BHAVAN, GOMTI
NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
A33585571 |
|
11 |
10068109 |
06/08/2007 |
811,130,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A23550973 |
|
12 |
80059040 |
28/09/1998 |
36,880,825.43 |
THE PRADESHIYA INUSTRIAL
AND INVESMENT CORPN OF U P |
PICUP BHAWAN, GONTI NAGAR
, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
13 |
80022976 |
15/07/1998 |
4,531,796.86 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATION OF U. P. LIMITED (PICUP) |
PICUP BHAVAN, LUCKNOW,
UTTAR PRADESH - 208001, INDIA |
- |
|
14 |
80022867 |
25/03/1998 |
32,349,028.51 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATION OF U. P. LIMITED (PICUP) |
PICUP BHAVAN, LUVKNOW,
UTTAR PRADESH - 226010, INDIA |
- |
|
15 |
90202564 |
19/12/1989 * |
1,000,000.00 |
INDUSTRIAL FINANCE CORPORATION
OF INDIA |
BANK OF BARODA BUILDING,
16; SANSAD MARG, NEW DEL |
- |
|
16 |
90202403 |
29/07/1987 |
650,000.00 |
STATE BANK OF INDIA |
ZONE-II; MAHARANA PRATAP
NAGAR, BHOPAL, MADHYA PRADESH - 462011, INDIA |
- |
|
17 |
80009742 |
20/08/2014 * |
106,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C19171669 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(a) Claims against the Company not
acknowledged as debts:
|
Nature
of Claims |
Relating to various years
comprise in the period |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
1.
Sales Tax / Value Added Tax* (Tax/Penalty/Interest) |
1993–2012 1993–2011 |
659.987 |
492.031 |
|
2.
Excise Duty * (Tax/Penalty/Interest) |
1994–2014 1994–2013 |
340.822 |
262.936 |
|
3.
Service Tax * (Tax/Penalty/
Interest) |
1998–2013 1998–2013 |
1698.340 |
1688.272 |
|
4.
Entry Tax * (Tax/Penalty/Interest) |
2001–2014 1995–2013 |
197.494 |
178.880 |
|
5. (i) Income Tax matters
mainly in respect of allowance of depreciation etc. relating to Power
Transmission Business acquired by the Company where during the year Department
has filed appeal in the Supreme Court |
A.Y. 2006-07 |
241.610 |
-- |
|
(ii) Income Tax matters
at overseas unit/s |
2002–2008 2000–2008 |
314.353 |
346.258 |
|
6. Customs Duty |
1995–1996 1995–1996 |
6.014 |
6.014 |
|
7. Civil Suits |
1993–2004 1993–2006 |
7.202 |
7.202 |
|
8. Demands of
employees/subcontractors |
Amount not determinable |
||
*These claims mainly relate
to the issues of applicability, issue of disallowance of cenvat / VAT credit and
in case of Sales Tax / Value added tax, also relate to the issue of submission
of relevant forms and the Company’s claim of exemption for MVAT on export sales
and services.
(b) Guarantees:
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
1. Guarantees given to
banks for credit facilities extended/loans given to the wholly owned
subsidiary companies / a joint venture Rs.11902.409 million (Previous Year Rs.10904.955 million) Facilities/loans
outstanding at the Year end |
5160.847 |
5235.285 |
|
2. Bank guarantees
provided by the Company to customers of the wholly owned subsidiary companies
in connection with the respective contracts awarded/bids made |
82.490 |
105.918 |
|
3. Performance guarantee provided
by the banks to the customer of the wholly owned subsidiary company by
utilising the Company’s credit facilities with the banks |
32.372 |
44.284 |
(c) Other money for which the Company is
contingently liable:
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
1.
Bills Discounted |
622.162 |
426.303 |
|
2. Contingent liability
of Income Tax taken over by the Company in terms of the Composite Scheme of Arrangement
under which the Power Transmission Business was acquired by the Company |
73.125 |
121.220 |
Future ultimate outflow of
resources embodying economic benefits in respect of the above matters are
uncertain as it depends on the final outcome of the matters involved.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31.12.2014
(Rs. in million)
|
Particulars |
Quarter Ended |
Nine
Months Ended |
|||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
(Unaudited) |
|||||
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
15867.900 |
16321.900 |
45866.500 |
|
|
|
b) Other Operating Income |
574.800 |
307.900 |
1148.900 |
|
|
|
Total Income from
Operations (Net) |
16442.700 |
16629.800 |
47015.400 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
8644.300 |
9859.300 |
25948.100 |
|
|
b) |
Purchase of stock in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(90.300) |
295.000 |
(195.100) |
|
|
d) |
Erection & subcontracting expenses |
4187.700 |
3360.100 |
11316.300 |
|
|
e) |
Employee benefit expenses |
887.800 |
927.700 |
2692.500 |
|
|
f) |
Depreciation and amortization expense |
181.100 |
179.300 |
526.500 |
|
|
g) |
Other
expenses |
1875.400 |
1862.300 |
5149.600 |
|
|
Total Expenses |
15686.000 |
16483.700 |
45437.900 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
756.700 |
146.100 |
1577.500 |
|
4 |
Other
Income |
1354.100 |
44.200 |
1410.000 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
2110.800 |
190.300 |
2987.500 |
|
6 |
Finance
Costs |
674.300 |
704.200 |
1921.100 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
1436.500 |
(513.900) |
1066.400 |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
1436.500 |
(513.900) |
1066.400 |
|
|
10 |
Tax
Expense |
534.000 |
(185.600) |
397.700 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
902.100 |
(328.300) |
668.700 |
|
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
902.100 |
(328.300) |
668.700 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.2/- each) |
514.200 |
514.200 |
514.200 |
|
|
15 |
Reserve
excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic
& Diluted |
3.51 |
(1.28) |
2.60 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
128518010 |
128517250 |
128518010 |
|
|
|
-
Percentage of Shareholding |
49.99% |
49.99% |
49.99% |
|
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 the promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
128570360 |
128571120 |
128570360 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
50.01% |
50.01% |
50.01% |
|
|
Particulars |
Quarter ended 31.12.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending
at the beginning of the quarter |
2 |
|
|
|
Received
during the quarter |
5 |
|
|
|
Disposed
during the quarter |
6 |
|
|
|
Remaining
unresolved at the end of the quarter |
1 |
Notes:
1. The above results of the Company were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 04, 2015.
2. The statutory auditors of the Company have
conducted a "Limited Review" of the above Standalone Unaudited
Financial Results.
3. The execution of the construction works under
contracts of the Company with General Electric Company, Libya (a Government of
Libya undertaking) is disrupted since February 2011 due to civil / political
unrest in that country. The net assets (including fixed assets, trade
receivables etc.) as at December 31, 2014 of the Company relating to these
contracts aggregate Rs.594.400 million. The Company is confident of completing
these projects.
4. The production of Cables at Thane factory has
been discontinued from February 11, 2013 and the Company has given voluntary
retirement scheme to all the workers at a cost of Rs.181.600 million. During
the quarter ended December 31, 2014 the Company has executed a Sale Deed with
Ardent Properties Private Limited (Ardent), a 100% subsidiary of Tata Housing
Development Company Limited for sale of land at Thane and has completed all the
formalities of said sale.
5. The Board of Directors approved a Scheme of
Amalgamation (the Scheme) for merger of Jay Railway Projects Private Limited, a
wholly owned subsidiary of the Company, with the Company subject to the
requisite approvals. The Appointed date for the said scheme is April 01, 2014.
6. The Company is primarily engaged in the
business of Engineering, Procurement and Construction (EPC). As such there is
no separate reportable segment as defined by the Accounting Standard (AS) 17 -
"Segment Reporting".
7. Previous periods' figures have been regrouped
/ reclassified wherever necessary.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
·
Buildings
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Electrical Installations
·
Vehicles
·
Computer Software
Intangible Assets
·
Brand
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
|
1 |
Rs.92.65 |
|
Euro |
1 |
Rs.68.12
|
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.