MIRA INFORM REPORT
|
Report No. : |
344468 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
IL&FS
TRANSPORTATION NETWORKS LIMITED (w.e.f. 29.09.2005) |
|
|
|
|
Formerly Known
As : |
CONSOLIDATED TRANSPORTATION NETWORKS LIMITED (w.e.f. 05.07.2004) CONSOLIDATED TOLL NETWORK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The
IL&FS Financial Centre, Plot No.C-22, G-Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-26533333 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.11.2000 |
|
|
|
|
Com. Reg. No.: |
11-129790 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 6231.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45203MH2000PLC129790 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is involved in the development, operations and maintenance of
surface transportation infrastructure projects encompassing national and
state highways, roads, tunnels, flyovers and bridges with expertise in
development of build operate transfer (BOT) road projects, also renders
services in areas of project advisory and management, supervisory, operation
and maintenance (O&M) and toll collection service. |
|
|
|
|
No. of Employees
: |
265 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in 2000, ITNL is a developer, sponsor,
operator and facilitator of surface transportation infrastructure projects, on
its own as well as in partnerships. It is the largest player in road
development segment on build operate transfer (BOT) basis with a pan India
presence in 18 states. The company possesses a healthy financial profile marked by strong
networth base along with decent liquidity and profitability. The rating also takes into consideration strong parentage of
Infrastructure Leasing and Financial Services Limited, significant experience
and expertise of IL&FS Transportation Networks Limited in surface transportation
and road infrastructure development. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of dominant position in the domestic road sector, 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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities – Term Loan = A |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
28.08.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Loan = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
28.08.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. George Cherian |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-26533333 |
LOCATIONS
|
Registered Office : |
The
IL and FS Financial Centre, Plot No.C-22, G-Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26533333 |
|
Fax No.: |
91-22-26523979/ 26533295 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. Deepak Dasgupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ravi Parthasarathy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hari Sankaran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun K. Saha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.C. Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H.P. Jamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak Satwalekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Neeru Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vibhav Kapoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Ramchand |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mukund Sapre |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Krishna Ghag |
|
Designation : |
Company Secretary |
|
|
|
|
COMMITTEES OF THE
BOARD : |
|
|
Audit Committee : |
|
|
|
|
|
Stakeholders
Relationship Committee : |
|
|
|
|
|
Nomination and
Remuneration Committee : |
|
|
|
|
|
CSR Committee : |
|
|
|
|
|
Environment, Health
and Safety Committee : |
|
|
|
|
|
Committee of
Directors : |
|
|
|
|
|
SENIOR MANAGEMENT : |
|
|
Name : |
K Ramchand |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mukund Sapre |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Harish Mathur |
|
Designation : |
Technical Director |
|
|
|
|
Name : |
George Cherian |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
S. C. Mittal |
|
Designation : |
Chief Executive |
|
|
|
|
Name : |
Krishna Ghag |
|
Designation : |
Vice President and Company Secretary |
SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of
Shareholder |
No. of Shares |
% of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
174649776 |
70.79 |
|
|
174649776 |
70.79 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
174649776 |
70.79 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
4296193 |
1.74 |
|
|
1860345 |
0.75 |
|
|
18776253 |
7.61 |
|
|
119351 |
0.05 |
|
|
20920 |
0.01 |
|
|
20920 |
0.01 |
|
|
25073062 |
10.16 |
|
|
|
|
|
|
14793455 |
6.00 |
|
|
|
|
|
|
9205590 |
3.73 |
|
|
5918060 |
2.40 |
|
|
17080077 |
6.92 |
|
|
390601 |
0.16 |
|
|
1065357 |
0.43 |
|
|
3406784 |
1.38 |
|
|
10013426 |
4.06 |
|
|
2203909 |
0.89 |
|
|
46997182 |
19.05 |
|
Total Public
shareholding (B) |
72070244 |
29.21 |
|
Total (A)+(B) |
246720020 |
100.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name of The Shareholder |
Details Of
Shares Held |
|
|
No. of Shares
Held |
As A % of Grand
Total |
||
|
1 |
Infrastructure Leasing and Financial Services Limited |
17,14,50,000 |
69.49 |
|
2 |
IL & FS Financial Services Limited |
31,99,776 |
1.30 |
|
|
Total |
17,46,49,776 |
70.79 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. 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 |
Standard Chartered IL&FS Asia Infrastructure Growth
Fund Company Pte Limited |
8033671 |
3.26 |
3.26 |
|
|
2 |
Government Pension Fund Global |
7296163 |
2.96 |
2.96 |
|
|
3 |
Vibhav Ramprakash Kapoor Karunakaran Ramchand Ramesh
Chander Bawa Trustees of IL&FS Employees Welfare Trust |
3406784 |
1.38 |
1.38 |
|
|
4 |
Bajaj Allianz Life Insurance Company Limited |
3144823 |
1.27 |
1.27 |
|
|
|
Total |
21881441 |
8.87 |
8.87 |
BUSINESS DETAILS
|
Line of Business : |
Subject is involved in the development, operations and maintenance of
surface transportation infrastructure projects encompassing national and
state highways, roads, tunnels, flyovers and bridges with expertise in development
of build operate transfer (BOT) road projects, also renders services in areas
of project advisory and management, supervisory, operation and maintenance
(O&M) and toll collection service. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
265 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company
: |
|
|
|
|
|
Subsidiaries –
Direct : |
|
|
|
|
|
Subsidiaries -
Indirect |
|
|
|
|
|
Fellow Subsidiaries
(Only with whom there have been transaction during the period/ there was
balance outstanding at the year-end) : |
|
|
|
|
|
Associates – Direct
: |
|
|
|
|
|
Associates –
Indirect : |
|
|
|
|
|
Jointly Controlled
Entities - Direct : |
|
|
|
|
|
Jointly Controlled Entities - Indirect : |
|
|
|
|
|
Jointly Controlled
Operations : |
|
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
246720020 |
Equity Shares |
Rs.10/- each |
Rs. 2467.200
Million |
|
376450000 |
Cumulative Non-Convertible Compulsorily Redeemable Preference Shares |
Rs.10/- each |
Rs. 3764.500
Million |
|
|
TOTAL |
|
Rs. 6231.700 Million |
FOOTNOTES:
i. Of the above, 171450,000 equity shares are held by the Holding Company viz. Infrastructure Leasing and Financial Services Limited (“IL&FS”), 3199776 equity shares are held by a fellow subsidiary viz. IL&FS Financial Services Limited. 100000000 CRPS each are held by two fellow subsidiaries viz. IL&FS Maritime Infrastructure Company Limited (“IMICL”) and IL&FS Financial Services Limited (“IFIN”), respectively
ii. Reconciliation
of the number of equity shares and Cumulative Non-Convertible Compulsorily Redeemable
Preference Shares (“CNCRPS”) outstanding at the beginning and at the end of the
reporting period:
(Rs. in Million)
|
Particulars |
As at 31st
March, 2015 |
|
|
No. of Shares |
Amount |
|
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
194267732 |
1942.680 |
|
Shares Issued during the year |
52452288 |
-- |
|
Shares outstanding at the end of the year |
246720020 |
2467.200 |
|
|
|
|
|
Cumulative Non-Convertible
Compulsorily Redeemable Preference Shares |
|
|
|
Shares outstanding at the beginning of the year |
376450000 |
3764.500 |
|
Shares Issued during the year |
-- |
|
|
Shares outstanding at the end of the year |
376450000 |
3764.500 |
iii. Shareholders
holding more than 5% of issued, subscribed and paid up equity share capital and
Cumulative Non-Convertible Compulsorily Redeemable Preference Shares:
|
Equity Shareholder |
As at 31st
March, 2015 |
|
|
No. of Shares |
% of total holding |
|
|
IL&FS |
171450000 |
69.49% |
|
|
|
|
|
Cumulative
Non-Convertible Compulsorily Redeemable Preference Shares |
|
|
|
IL&FS Maritime Infrastructure Company Limited |
100000000 |
26.56% |
|
IL&FS Financial Services Limited |
100000000 |
26.56% |
|
Azim Hasham Premji |
25000000 |
6.64% |
|
L and T Infrastructure Finance Company Limited |
25000000 |
6.64% |
iv.) The Company has one class of equity shares with face value of Rs. 10 each fully paid-up. Each shareholder has a voting right in proportion to his holding in the paid-up equity share capital of the Company. Where final dividend is proposed by the Board of Directors, it is subject to the approval of the shareholders in the Annual General Meeting.
During the year ended March 31, 2015 the Company issued 52452288 equity shares on rights basis in the ratio of 27:100 at a price of Rs. 100 per share having a face value of Rs. 10 each aggregating Rs. 524.520 Million and premium of Rs. 90 each aggregating to Rs. 4720.710 Million. The Earnings per share has been accordingly adjusted for the effect of Rights Issue for the current year and previous year.
The details of
utilization of proceeds of above issue is given below :
(Rs. IN Million)
|
Particulars |
|
Amount |
|
Amount received from the issue |
|
5245.230 |
|
Utilisation : |
|
5100.000 |
|
For working capital payments (including issue expenses) |
|
145.230 |
|
Total utilisation |
|
5,245.23 |
|
Balance amount
unutilised as on March 31, 2015 |
|
Nil |
v. During the previous
year, the Company issued following series of Cumulative Non-Convertible
Compulsorily Redeemable Preference Shares:
|
Series Name |
Number of shares |
Face value per share |
Premium received per share |
Maturity date |
Dividend payout |
Redemption terms |
|
20.50% CRPS |
200,000,000 |
10 |
10 |
Refer footnote v.(a) below |
20.50% per annum |
Refer footnote v.(a) below |
|
10.40% ITNL CNCRPS 2017 |
107,250,000 |
10 |
10 |
June 23, 2017 |
21.06% per annum |
Redemption at face value plus premium of ` 10 per share |
|
10.50% ITNL CNCRPS 2018 |
19,200,000 |
10 |
10 |
December 23, 2018 |
21.44% per annum |
|
|
11% ITNL CNCRPS 2021 |
50,000,000 |
10 |
10 |
January 17, 2021 |
22.32% per annum |
Footnote v.(a) : The 20.50% CRPS will be redeemed starting from May 31, 2017 to May 31, 2025 at a premium of Rs. 10 per share and an additional redemption premium of 2.50% p.a. on the face value from the date of issue. See below table for details:
|
Date of redemption |
No of shares to be redeemed (in Million) |
Redemption Amount Rs. In Million |
|
31-May-17 |
20.00 |
418.400 |
|
31-May-18 |
20.00 |
423.400 |
|
31-May-19 |
30.00 |
642.600 |
|
31-May-20 |
30.00 |
650.120 |
|
31-May-21 |
30.00 |
657.620 |
|
31-May-22 |
30.00 |
665.120 |
|
31-May-23 |
30.00 |
672.620 |
|
31-May-24 |
5.00 |
113.360 |
|
31-May-25 |
5.00 |
114.780 |
|
|
|
|
|
Total |
200.00 |
4,358.020 |
Rights of CNCRPS
holders are as follows:
The holder(s) of CNCRPS shall have no voting rights other than in respect of matters directly affecting the rights attached to the CNCRPS. In the event of any due and payable dividends on the CNCRPS remaining unpaid for a period of two years prior to the start of any General Meeting of the Equity Shareholders, the holder(s) of CNCRPS shall gain voting rights in respect of all matters placed by the Company at a General Meeting of its Equity Shareholders in accordance with the provisions of the Companies Act and the Articles of Association of the Company. In the event of winding up or repayment of capital, the holder(s) of the CNCRPS shall carry a preferential right vis-à-vis equity shareholders to be repaid the amount of paid up capital, unpaid dividends and fixed premium, in accordance with the provisions of the Companies Act and the Articles of Association of the Company. The claims of holder(s) of CNCRPS shall be subordinated to the claims of all secured and unsecured creditors of the Company but senior to equity shareholders and pari passu amongst other preference shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
6231.700 |
5707.180 |
1942.680 |
|
(b) Reserves & Surplus |
29563.740 |
24114.450 |
19306.000 |
|
(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) |
35795.440 |
29821.630 |
21248.680 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41154.200 |
26907.850 |
18600.000 |
|
(b) Deferred tax liabilities
(Net) |
354.010 |
207.560 |
5.740 |
|
(c) Other long term
liabilities |
5218.240 |
4032.300 |
3322.420 |
|
(d) long-term provisions |
94.170 |
39.130 |
8.810 |
|
Total
Non-current Liabilities (3) |
46820.620 |
31186.840 |
21936.970 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Current maturities of long-term debt |
13724.920 |
11067.500 |
9850.000 |
|
(b) Short
term borrowings |
19511.650 |
8265.170 |
8933.700 |
|
(c) Trade
payables |
7461.460 |
10294.950 |
6225.430 |
|
(d) Other
current liabilities |
5907.030 |
4943.590 |
3121.760 |
|
(e) Short-term
provisions |
2377.700 |
1690.360 |
1166.700 |
|
|
|
|
|
|
Total
Current Liabilities (4) |
48982.760 |
36261.570 |
29297.590 |
|
|
|
|
|
|
TOTAL |
131598.820 |
97270.040 |
72483.240 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
327.150 |
179.260 |
146.540 |
|
(ii) Intangible Assets |
1060.550 |
108.090 |
104.590 |
|
(iii) Capital work-in-progress |
0.000 |
24.120 |
25.670 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
47900.810 |
39991.690 |
31462.110 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21219.340 |
13235.770 |
12946.860 |
|
(e) Other Non-current assets |
4566.480 |
3617.040 |
2181.580 |
|
Total
Non-Current Assets |
75074.330 |
57155.970 |
46867.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
27394.610 |
24953.260 |
15977.520 |
|
(d) Cash and cash equivalents |
203.220 |
111.420 |
54.860 |
|
(e) Short-term loans and
advances |
23303.690 |
12060.440 |
7120.070 |
|
(f) Other current assets |
5622.970 |
2988.950 |
2463.440 |
|
Total
Current Assets |
56524.490 |
40114.070 |
25615.890 |
|
|
|
|
|
|
TOTAL |
131598.820 |
97270.040 |
72483.240 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
35229.330 |
34045.830 |
33691.910 |
|
|
Other Income |
3588.930 |
2673.840 |
1970.220 |
|
|
TOTAL
(A) |
38818.260 |
36719.670 |
35662.130 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Operating expenses |
25146.430 |
26221.200 |
25410.260 |
|
|
Employees benefits expense |
670.210 |
617.770 |
632.920 |
|
|
Administrative and general
expenses |
1680.350 |
1345.880 |
1185.050 |
|
|
TOTAL
(B) |
27496.990 |
28184.850 |
27228.230 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
11321.270 |
8534.820 |
8433.900 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
7381.240 |
5196.510 |
3931.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3940.030 |
3338.310 |
4502.500 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
98.780 |
109.250 |
110.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
3841.250 |
3229.060 |
4392.270 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
654.630 |
568.790 |
1680.630 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
3186.620 |
2660.270 |
2711.640 |
|
|
|
|
|
|
|
Add: |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
7624.570 |
7253.880 |
6183.900 |
|
|
|
|
|
|
|
Less: |
APPROPRIATIONS |
|
|
|
|
|
Dividend Proposed/Paid – Equity Shares |
(986.880) |
(986.880) |
(777.070) |
|
|
Tax on Dividend – Equity Shares |
(200.910) |
(167.720) |
(132.060) |
|
|
Dividend Proposed – Preference Shares |
(788.630) |
(305.110) |
(0.000) |
|
|
Tax on Dividend – Preference Shares |
(160.550) |
(51.850) |
(0.000) |
|
|
Transfer to General Reserve |
(318.660) |
(266.030) |
(271.160) |
|
|
Debenture Redemption Reserve |
(989.500) |
(486.370) |
(461.370) |
|
|
Redemption premium on Cumulative Redeemable Preference Shares |
0.000 |
(25.620) |
(0.000) |
|
|
Adjustment relating to fixed assets |
(6.300) |
0.000 |
0.000 |
|
|
Total
(K) |
(3451.430) |
(2289.580) |
(1641.660) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (I+J-K) |
7359.760 |
7624.570 |
7253.880 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
0.180 |
5141.500 |
182.850 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
9.21 |
11.02 |
13.96 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
13724.920 |
11067.500 |
1166.700 |
|
Cash (used in) / generated from Operations |
(1745.390) |
2848.160 |
996.490 |
|
Net Cash (used in) / generated from Operating Activities |
(2598.540) |
983.600 |
(323.680) |
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2015 |
|
(Unaudited) |
|
|
1st
Quarter |
|
Net Sales |
|
|
9470.800 |
|
Total Expenditure |
|
|
7835.200 |
|
PBIDT (Excl OI) |
|
|
1635.600 |
|
Other Income |
|
|
1245.900 |
|
Operating Profit |
|
|
2881.500 |
|
Interest |
|
|
2459.100 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
422.400 |
|
Depreciation |
|
|
36.800 |
|
Profit Before Tax |
|
|
385.600 |
|
Tax |
|
|
28.000 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
357.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.05 |
7.81 |
8.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
32.14 |
25.07 |
25.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.59 |
5.64 |
10.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.11 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.69 |
1.18 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.11 |
0.87 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.95.70/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1942.680 |
5707.180 |
6231.700 |
|
Reserves & Surplus |
19306.000 |
24114.450 |
29563.740 |
|
Net
worth |
21248.680 |
29821.630 |
35795.440 |
|
|
|
|
|
|
long-term borrowings |
18600.000 |
26907.850 |
41154.200 |
|
Short term borrowings |
9850.000 |
8265.170 |
19511.650 |
|
Current Maturities of Long-Term
Debts |
9850.000 |
11067.500 |
13724.920 |
|
Total
borrowings |
38300.000 |
46240.520 |
74390.770 |
|
Debt/Equity
ratio |
1.802 |
1.551 |
2.078 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
33691.910 |
34045.830 |
35229.330 |
|
|
|
1.050 |
3.476 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
33691.910 |
34045.830 |
35229.330 |
|
Profit |
2711.640 |
2660.270 |
3186.620 |
|
|
8.05% |
7.81% |
9.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY:
Economic growth has rebounded - capital inflows have increased, confidence has improved and equity prices have risen and the last fiscal year turned out to be a better than couple of previous fiscals. The momentum is likely to sustain due to a boost from the new government spending and higher business investment. The government’s initial estimates for 2014-15 reveal that economic growth accelerated to 7.4%. Agriculture growth slipped to 1.1%, mainly due to erratic monsoon. The production of food grains contracted by 3.2% from 2013-14. After growing by 4.5% in 2013-14, industry accelerated to 5.9% in 2014-15, helped by a 6.8% expansion in manufacturing. Monthly industrial production estimates indicate a more modest upturn. The production of capital goods expanded after three years in the red. However, consumer durables continued to decline. Improved coal production helped double the growth of electricity generation over the previous year’s rate. Service sector growth
rose to 10.6% during the financial year. Financial services received a boost from the government’s new financial inclusion scheme, under which new depositors have opened 125.000 Million accounts. An uptick in industrial activity enhanced the growth of trade and transport services. Private consumption growth touched 7.1%. Declining oil prices, weakening food inflation, improved job prospects and a stable currency helped lift consumer confidence
RBI’s strong anti-inflationary stance, coupled with a sharp drop in global oil prices helped moderate inflation. Consumer price inflation fell sharply over the course of the year to average below 7% in 2014-15. RBI reduced key interest rates by 50 basis points in the fourth quarter of 2014-15. The ratio of nonperforming assets (NPAs) to
total advances deteriorated from 3.4% in March 2013 to 4.5% in September 2014. A major part of the NPAs are with government owned banks, whose NPA ratio rose to 5.3% in September 2014. Much of the rise reflects a corporate sector stressed by high leverage and adverse business conditions. In addition, restructured loans have continued to proliferate, their ratio growing to 6.2% of all loans in the first half of 2014-15. More than half of these loans are concentrated in infrastructure, iron and steel, textiles, and power.
The central government’s budget deficit is estimated at 4.1% in 2014-15, below the 4.4%, recorded in 2013-14. The reduction in the deficit came largely from curtailed expenditure, as revenue growth remained sluggish. While most major tax revenue segments underperformed their original targets, growth in corporate and service taxes was especially subdued. A sharp drop in global oil prices provided an opportunity to garner additional revenue by raising excise duty on various petroleum products. Oil imports, which account for nearly one-third of all imports, declined by about 15% as global prices fell sharply. The relaxation of restrictions on gold imports imposed in 2013 spurred gold import growth over the previous year. Export growth moderated to 2.3% in 2013-14.
A majority government with strong vision towards resolving structural bottlenecks buoyed investor sentiment and foreign capital inflows. Net portfolio investment inflow recovered strongly to over $35 Billion in 2014-15, after being unusually low in 2013-14. Foreign direct investment revived on improved growth prospects, while low interest rates in advanced economies aided external commercial borrowings. An improved current account deficit and boisterous capital flows helped reserves increase by $33 Billion in 2013 -14 to over $337 Billion. Despite the rise in reserves, import cover continues to be well short of historical norms. The healthy external position was reflected in exchange rate developments. The Indian rupee remained within a narrow range against the US dollar during 2014-15, compared with depreciation of 7.0% and 9.0% in the previous two years
Investor sentiment has improved with government measures to remove bottlenecks to investment in infrastructure by expediting environment and forest clearances, easing land acquisition norms for building infrastructure and industrial corridors, allowing the auction of coal mines to the private sector, and easing the burden of compliance with labor laws for small and medium-sized enterprises. The Project Monitoring Group set up by the cabinet in mid-2013 to facilitate clearances for large infrastructure projects has cleared projects worth $ 105 Billion, equal to 4.8% of GDP. This has helped to revive some stalled projects. According to the data from the Centre for Monitoring Indian Economy, announcements of new projects in the year ending in December 2014 reached their highest level since 2011. Industry is likely to record an uptick in growth. Manufacturing will receive a boost from the government’s flagship ‘Make in India’ program, which aims to induce businesses around the world to invest in manufacturing by providing infrastructure and streamlining regulations. Mining clearances and auctions of coal mines will provide a fillip to mining and electricity generation. A pickup in growth in the advanced economies would provide a boost to tradable services like finance, software design, and business services.
The general consensus is that the GDP growth is expected to accelerate to 7.8% in 2015-16 on improved performance in both industry and services. Growth is expected to edge up further to 8.2% in 2016-17, helped by a supportive monetary policy in 2015 as inflation continues to trend lower and by a pickup in capital expenditure.
PERFORMANCE
REVIEW:
The year saw the economy back on the growth track, which however failed to provide the much desired impetus to road infrastructure sector, largely owing to the bleak project award scenario. The Ministry of Road Transport and Highways (MoRT&H) alongwith the National Highways Authority of India (NHAI), had an internal target of awarding projects upto 5,500 kms for the Financial Year 2014-15, of which approximately 2,000 kms was expected through the Build Operate Transfer route. However, the Government was only able to award projects to the extent of 700 kms by March 2015. The Government has attempted to revive private sector participation by introducing measures such as rescheduling of upfront premium, easier exit norms, expediting dispute resolution and speedy clearances to enable commencement of work, amongst other initiatives. The sector continued to witness investor apathy due to liquidity constraints of the road developers, including lack of support from Lending Institutions for funding the projects. The Company had submitted bids for projects that are viable with strong strategic content. The Company had evaluated 73 bids tendered by the NHAI and other State Authorities on Build, Operate Transfer (BOT) / Output Performance based Road Contract (OPRC) basis. Out of the 73 projects, 10 failed to attract even a single bidder and some were offered for rebid. After careful evaluation of all the bids, the Company submitted 27 bids (12 – BOT and 15 - OPRC), but was unable to secure any projects. In February 2015, the Company’s subsidiary secured an Annuity project in Gujarat on Swiss Challenge Basis for development of 8 Rail over bridges, with a project cost of Rs. 2500.000 Million.
At the close of the financial year, the Company’s portfolio comprised of 28 projects at various stages of development and operation, aggregating 12,865 lane kms of which 8,924 lane kms are under operation, 2,978 lane kms are under implementation and 963 lane kms under development. The portfolio also includes other surface transportation projects such as the Metro Rail projects in Gurgaon, Haryana, the Border Check Post Project in Madhya Pradesh and a City Bus transport system in Nagpur, Maharashtra
During the year, the Company commissioned 5 road projects viz. (i) Patratu Dam to Ramgarh, (ii) Chaibasa - Kandra to Chowka both in Jharkhand, (iii) Warora Chandrapur Ballarpur in Maharashtra, (iv) Moradabad to Bareilly in Uttar Pradesh and (v) Thiruvanantapuram City Roads Phase III. The Company also commissioned four Border Check Posts in Madhya Pradesh viz. (i) Seoni - Nagpur, (ii) Chhindwara- Nagpur, (iii) Kabir Chabuthara and (iv) Sagar – Kanpur
On the international front, the Company emerged as the lowest bidder for 2 projects, one each in Kenya and Nepal. The Company also commenced physical operations of a project in Botswana and actively continues to pursue projects in other developed and developing markets
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Debentures |
|
|
|
Unsecured Redeemable Non-Convertible Debentures [NCDs] |
18300.000 |
10000.000 |
|
Unsecured Redeemable NCDs (issued at discount) |
3000.000 |
1000.000 |
|
Less : Unexpired Discount on issue |
0.000 |
(44.650) |
|
Term Loans from banks |
6226.450 |
8496.860 |
|
|
|
|
|
Short-term
Borrowings |
|
|
|
Loans repayable on
demand from Banks |
238.850 |
242.180 |
|
Commercial Paper |
9500.000 |
4000.000 |
|
Less : Unexpired discount |
(227.200) |
(101.050) |
|
Short term loans |
|
|
|
from banks |
4480.000 |
3400.000 |
|
from financial institutions |
3000.000 |
|
|
from related parties |
2250.000 |
700.000 |
|
Total |
46768.100 |
27693.340 |
LONG-TERM BORROWINGS
Note:
1 During the current year, the Company Listed following Unsecured Redeemable NCDs
i. 2,000 discounted NCDs of the face value of Rs.1000000 per unit issued on a private placement basis at discount of Rs.45,000 per debenture
ii. 7,750 undiscounted NCDs of the face value of Rs.1000000 per unit issued on a private placement basis. The Company also issued unlisted 1,250 Rated, Unsecured Redeemable, NCDs of the face value of Rs. 1000000 per unit on a private placement basis During the previous year, the Company had Listed 1,000 Rated, Unsecured Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of Rs. 1000000 per unit on a private placement basis issued at discount of Rs. 45,000 per debenture
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10586098 |
21/07/2015 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
C61756136 |
|
2 |
10515433 |
10/12/2014 * |
2,900,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C38015574 |
|
3 |
10511663 |
01/10/2014 * |
5,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C26826545 |
|
4 |
10457514 |
20/12/2013 * |
2,320,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B93849511 |
|
5 |
10399156 |
14/03/2013 * |
5,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B71390421 |
|
6 |
10289012 |
13/05/2011 |
2,000,000,000.00 |
State Bank of India |
CORPORATE ACCOUNT GROUP BRANCH-MUMBAI, NEVILLE, HOUSE, 3RD FLOOR, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B13784566 |
|
7 |
10253356 |
04/09/2014 * |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C23696677 |
|
8 |
10081287 |
22/10/2014 * |
1,750,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C33507294 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledged as debts (Income tax demands contested by the Company) |
81.200 |
538.900 |
|
Income tax demands contested
by the Company |
|
|
|
- Guarantees/counter guarantees issued to outsider in respect of group companies |
16,880.720 |
21,531.580 |
|
- Guarantees/counter guarantees issued to outsider in respect of other than group companies |
92.680 |
328.760 |
|
Put option on sale of investment |
Unascertainable |
Not applicable |
During the year ended March 31, 2015, the Company had assigned loans aggregating to ` Nil (March 31, 2014 ` 4,507 Million) at its book value, out of which in the case of loans aggregating ` Nil (March 31, 2014 ` 2,950 Million), the lender has a put option on the Company on specified future dates till the maturity of the loans assigned and having a recourse to the Company in case of default by the borrower on the due dates
Foot Note:
1 The Company does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.
2 Certain bankers have issued guarantees which have been shown under “Guarantees/counter guarantees issued in respect of group companies” aggregating Rs. 2011.090 Million against a first charge on the receivables (including loans and advances) of the Company.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2015 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Income from operation |
|
|
9470.800 |
|
b) Other operating income |
|
|
-- |
|
Total
income from Operations(net) |
|
|
9470.800 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
132.600 |
|
b) Construction of contract cost |
|
|
6525.000 |
|
d) Employee benefit expenses |
|
|
117.200 |
|
e) Depreciation and amortization expenses |
|
|
36.800 |
|
f) Other expenses |
|
|
1060.400 |
|
Total expenses |
|
|
7872.000 |
|
3.
Profit from operations before other income, finance costs and exceptional
items (1-2) |
|
|
1598.800 |
|
4. Other income |
|
|
1245.900 |
|
5. Profit
from ordinary activities before finance costs and exceptional items (3+4) |
|
|
2844.700 |
|
6. Finance costs |
|
|
2459.100 |
|
7. Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
|
|
385.600 |
|
8. Exceptional item |
|
|
-- |
|
9. Profit / (Loss) from
ordinary activities before tax Expense: (7-8) |
|
|
385.600 |
|
10.Tax expenses |
|
|
28.000 |
|
11. Net Profit / (Loss) from
ordinary activities after tax (9-10) |
|
|
357.600 |
|
12.Extraordinary Items (net
of tax expense Rs. Nil) |
|
|
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
357.600 |
|
14.Paid-up equity share capital (Face value Rs.10/- per share) |
|
|
2467.200 |
|
15. Reserve excluding Revaluation Reserves |
|
|
-- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised) |
|
|
|
|
(a) Basic |
|
|
*0.49 |
|
(b) Diluted |
|
|
*0.49 |
|
16.i) Earnings per share
(after extraordinary items) of Rs.10/- each) |
|
|
|
|
(a) Basic |
|
|
*0.49 |
|
(b) Diluted |
|
|
*0.49 |
*Not Annualised
|
Particulars
|
|
|
Quarter Ended |
|
|
|
|
30.06.2015 |
|
A.
Particulars of shareholding |
|
|
(Unaudited) |
|
1. Public
Shareholding |
|
|
|
|
- Number of shares |
|
|
72070244 |
|
- Percentage of shareholding |
|
|
29.21% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
171450000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
98.17% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
69.49% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
3199776 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
1.83% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
1.30% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
Nil |
|
Receiving during the quarter |
|
|
2 |
|
Disposed of during the quarter |
|
|
2 |
|
Remaining unreserved at the end of the quarter |
|
|
Nil |
Notes:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 10, 2015 and these results have been subjected to a limited review by the statutory auditors of the Company.
2. Other operating income for the quarter ended June 30,
2014 and for the year ended March 31, 2015 includes gain on sale (dilution of
interest in Service Concession SPV) of 41.80% amounting to Rs 2287.100 million
in one of the subsidiary companies. Other operating income for the quarter and
year ended March 31, 2015 includes gain on sale of 5% shareholding in another
subsidiary company amounting to Rs 393.000 million.
3. During the quarter ended June 30, 2015 the company has issued Rated, Unsecured Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of Rs. 1000000 per unit per NCD on a private placement basis and which have been subsequently listed as:
|
Particulars |
Number
of NCDs |
Amount |
|
ITNL 11.70% 2020 |
2250 |
2250.000 |
|
ITNL 10.50% 2021 |
1250 |
1250.000 |
|
|
|
|
|
Total |
|
3500.000 |
The details of utilization of the proceeds of the above
NCD is as under:
|
Particulars |
|
Amount |
|
Amount
received from the issues |
|
3600.000 |
|
Utilisation
: |
|
|
|
For repayment of loans |
|
1125.000 |
|
For working capital payments |
|
529.000 |
|
Loans to subsidiaries |
|
1542.000 |
|
Investment in subsidiaries |
|
304.000 |
|
Total
utilization |
|
3600.000 |
|
Balance
amount unutilized as on June 30, 2015 |
|
-- |
4. Income from Operations for the year ended March 31, 2015 includes an amount of Rs 2352.700 million on account of aggregate compensation claimed by the Company from two Special Purpose Vehicles ("SPVs") and by the two SPVs on the Concession Granting Authority ("CGA") for the incremental work and related claims arising from delays due to handing over of the land by CGA for project execution. The compensation is based on the provisions in the Service Concession Agreements and is supported by the Extension of Time granted by the Independent Engineers. The SPVs were legally advised that they are contractually entitled to such claims under the Service Concession Agreements. Accordingly, the respective SPVs had filed the claim with the CGA, however, the SPVs have not received any approval for the same from the CGA till date. Costs in connection with the foregoing were considered in recognizing the above income. Auditors report include an emphasis of matter paragraph in this regard.
5. The figures for the quarter ended March 31, 2015 are balancing figures
arrived at as the difference between the audited figures of the full financial
year and the published unaudited figures for nine months ended December 31,
2014 which were subjected to a limited review.
6. The Company has only a single reportable primary (business) segment viz.
Surface Transportation Business.
7. The figures for the year ended March 31, 2015, quarter ended March 31, 2015
and quarter ended June 30, 2014 have been regrouped and/or re-arranged wherever
necessary to confirm to the classification adopted in the current quarter ended
June 30, 2015.
FIXED ASSETS:
Tangible
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Data Processing Equipment
- Leasehold Improvements
Intangible
- Computer Software (Acquired)
- Commercial Rights (Acquired)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.25 |
|
UK Pound |
1 |
Rs. 99.53 |
|
Euro |
1 |
Rs. 73.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
58 |
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.