|
|
|
MIRA INFORM REPORT
|
Report No. : |
502386 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE POWER GRID VENTURES LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Godrej Millennium, 9 Koregaon Road, Pune-411001,
Maharashtra |
|
Tel. No.: |
91-11-49962200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
03.06.2014 |
|
|
|
|
Com. Reg. No.: |
11-172393 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 16980.840 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33120PN2014PLC172393 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
27AAUCS6619L1ZG |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAUCS6619L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Subject acts as a Developer on Build Own Operate and Maintain (“BOOM”) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods ranging from 25 to 35 years. The Company also undertakes the Engineering, Procurement and Construction Contracts for construction of power transmission systems. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Sterlite Technologies Limited, and a part of “Sterlite Group”. The company was incorporated in the year 2014. As per the financial record of 2016, the company has achieved decent revenue over previous year revenue but has incurred losses from its operational activity during the year under review. The company’s average financial profile is reflected by its strong solvency indicators due to low debt balance sheet profile along with sound capital base and moderate liquidity position. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
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 |
INDIA RATING |
|
Rating |
Fund-Based Working Capital Facilities=A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
25.08.2017 |
|
|
|
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Non-Fund-Based Working Capital
Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
25.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Ms. Shabana |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-30450450 |
|
Date : |
06.04.2018 |
|
|
|
|
Name : |
Mr. Raj |
|
Designation : |
Office Executive |
|
Contact No.: |
91-11-49962200 |
|
Date : |
06.04.2018 |
Given number [91-11-49962215] is continuously ringing
LOCATIONS
|
Registered Office : |
4th Floor, Godrej Millennium, 9 Koregaon Road,
Pune-411001, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office 1 : |
Godrej One, 9B & 9C, 9th Floor, South Tower, Pirojshanagar,
Vikhroli (East), |
|
Tel. No.: |
91-22-30450450 |
|
Fax No.: |
91-22-61140599 |
|
E-Mail : |
|
|
|
|
|
Mumbai Office 2 : |
5th Floor, 5 North Avenue, Maker Maxity, Bandra Kurla
Complex, Bandra (East), Mumbai – 400052, Maharashtra, India |
|
Tel. No.: |
91-22-30693069 |
|
|
|
|
Sales Office 1 : |
IFFCO Tower, 3rd Floor, Plot No. 3, Near IFFCO Chowk Metro
Station, Sector 29, Gurgaon - 122001, Haryana, India |
|
Tel. No.: |
91-124-6146000 |
|
E-Mail : |
|
|
|
|
|
Sales Office 2 : |
202, Pentagon Towers II, Magarpatta Township, Pune-411028,
Maharashtra, India |
|
Tel. No.: |
91-20-66235700 |
|
Fax No.: |
91-20-66235700 |
|
|
|
|
Grid Office |
F-1, Mira Corporate Suits, 1 and 2, Mathura Road, Ishwar
Nagar, New Delhi - 110065, India |
|
Tel. No.: |
91-11-49962200/ 49962215 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No 68/1, Rakholi Village, Madhuban Dam Road,
Silvassa - 396230, Dadar and Nagar Haveli (U.T), India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Pravin Agarwal |
|
Designation : |
Director |
|
Address : |
117, Koregaon Park, Pune, 411001, Maharashtra, India |
|
Date of Birth/Age : |
16.10.1954 |
|
Date of Appointment : |
03.06.2014 |
|
DIN No.: |
00022096 |
|
|
|
|
Name : |
Mr. Allam Pallam Ramakrishnan Narayanaswamy |
|
Designation : |
Director |
|
Address : |
A-12, Archana Chs, Juhu Versova Link Road, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
22.12.1951 |
|
Qualification : |
Chartered Accountant from ICAI |
|
Date of Appointment : |
23.04.2015 |
|
DIN No.: |
00818169 |
|
|
|
|
Name : |
Mr. Pratik Pravin Agarwal |
|
Designation : |
Director |
|
Address : |
403-A, 3rd Floor, Samudra Mahal, A-Wing, Opp Lotus, Dr A.B.
Road, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
02.12.1982 |
|
Date of Appointment : |
03.06.2014 |
|
DIN No.: |
03040062 |
|
|
|
|
Name : |
Mr. Ved Mani Tiwari |
|
Designation : |
Wholetime Director |
|
Address : |
B-11, Metro Enclave 47, Press Enclave Road, Pushp Vihar, New Delhi-110017, India |
|
Date of Appointment : |
14.02.2018 |
|
PAN No.: |
ABLPT8011A |
|
DIN No.: |
06652919 |
|
|
|
|
Name : |
Mrs. Avaantika Rajesh Kakkar |
|
Designation : |
Director |
|
Address : |
D-501/502, 5th Floor, Ashok Gardens TJ Road, Swan Mill
Compund, Sewri, Mumbai-400015, Maharashtra, India |
|
Date of Birth/Age : |
22.02.1980 |
|
Qualification : |
B.S.L., LL.B., ILS, Law College, Pune |
|
Date of Appointment : |
23.04.2015 |
|
DIN No.: |
06966972 |
KEY EXECUTIVES
|
Name : |
Mrs. Kriti Narula |
|
Designation : |
Company Secretary |
|
Address : |
N-8/A IInd Floor Jangpura Extn., New Delhi-110014, India |
|
Date of Appointment : |
30.04.2016 |
|
PAN No.: |
ADXPN7973P |
|
|
|
|
Name : |
Mr. Ved Mani Tiwari |
|
Designation : |
Chief Executive Officer |
|
Address : |
B-11, Metro Enclave 47, Press Enclave Road, Pushp Vihar,
New Delhi-110017, India |
|
Date of Appointment : |
24.08.2016 |
|
PAN No.: |
ABLPT8011A |
|
|
|
|
Name : |
Mrs. Pooja Aggarwal |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
C-37, Sector-41, Noida 201303, Uttar Pradesh, India |
|
Date of Appointment : |
14.02.2018 |
|
PAN No.: |
ADTPA8604L |
|
|
|
|
Name : |
Ms. Shabana |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. Raj |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders [Equity Shares] |
|
No. of Shares |
|
Sterlite Power Transmission Limited (SPTL) |
|
49994 |
|
Ved Mani Tiwari (Nominee of SPTL) |
|
1 |
|
Harsh Shah (Nominee of SPTL) |
|
1 |
|
Amarendranath Reddy Tatimakula (Nominee of SPTL) |
|
1 |
|
Mohit Saxena (Nominee of SPTL) |
|
1 |
|
Rajendra Mishra (Nominee of SPTL) |
|
1 |
|
Sai Kiran Dhami (Nominee of SPTL) |
|
1 |
|
Standard Chartered Financial Holdings Limited |
|
365 |
|
Marina Hari(IV) PTE. Limited |
|
649 |
|
Standard Chartered Private Equity Korea III Holdings Limited |
|
986 |
|
|
|
|
|
Total |
|
52000 |
|
Names of
Shareholders [Compulsorily Convertible Preference Shares] |
|
No. of Shares |
|
Sterlite Power Transmission Limited |
|
1243479411 |
|
|
|
|
|
Total |
|
1243479411 |
|
Names of Shareholders [Optionally Convertible
Redeemable Preference Shares] |
|
No. of Shares |
|
Standard Chartered Financial Holdings Limited |
|
79382674 |
|
Standard Chartered Private Equity Korea III Holdings Limited |
|
234063875 |
|
Marina Hari(IV) Pte. Limited |
|
141106004 |
|
|
|
|
|
Total |
|
454552553 |
AS ON 27.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
96.14 |
|
Public/
Other than Promoters – Body Corporate |
3.85 |
|
Public/
Other than Promoters – Others [Nominees of Sterlite Power Transmission
Limited] |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as a Developer on Build Own Operate and Maintain (“BOOM”) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods ranging from 25 to 35 years. The Company also undertakes the Engineering, Procurement and Construction Contracts for construction of power transmission systems. [Registered Activity] |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
· Axis Bank Limited 2nd Floor, Parsvnath Capital Tower Bhai Veer Singh Marg, Golde Market, New Delhi-110001, India · HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
|
|
Financial Institutions : |
·
SBICAP
Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India ·
IL and FS Trust
Company Limited IL & FS Financial Centre, Plot NO C 22, G Block, Bandra Kurla Complex, Bandra [East], Mumbai-400051, Maharashtra, India ·
Axis Trustee Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
C 401, 4th Floor Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune- 411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Sterlite Technologies Limited, India [L31300MH2000PLC269261] |
|
|
|
|
Intermediate Holding
Company : |
Twin Star Overseas Limited, Mauritius |
|
|
|
|
Ultimate Holding
Company : |
Volcan Investments Limited, Bahamas |
|
|
|
|
Subsidiary
Companies : |
· Sterlite Grid 1 Limited, India [U40104PN2010PLC135953] · Sterlite Grid 2 Limited, India [U74999MH2005PLC153211] · Purulia and Kharagpur Transmission Company Limited, India [U40105DL2012GOI246263] · East-North Interconnection Company Limited, India [U40102DL2007PLC158625] · RAPP Transmission Company Limited, India [U40105DL2012GOI246546] · Sterlite Grid 3 Limited · Sterlite Grid 4 Limited, India [U29253DL2015PLC281690] · NRSS XXIX Transmission Limited, India [U40106DL2013GOI256050] · Maheshwaram Transmission Limited, India [U40102DL2014GOI2704] · Jabalpur Transmission Company Limited, India [U40108DL2009PLC194057] · Bhopal Dhule Transmission Company Limited |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Standard Chartered Financial Holdings · Standard Chartered Private Equity Korea II Holdings Limited |
CAPITAL STRUCTURE
AFTER 27.09.2017
Authorised Capital : INR
17500.000 Million
Issued, Subscribed & Paid-up Capital : INR 12435.314 Million
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
1270000000 |
Compulsorily Convertible Preference Share |
INR 10/- each |
INR 12700.000 Million |
|
470000000 |
Optionally Convertible Redeemable Preference Share |
INR 10/- each |
INR 4700.000 Million |
|
|
Total |
|
INR 17500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52000 |
Equity Shares |
INR 10/- each |
INR 0.520 Million |
|
1243479411 |
Compulsorily Convertible Preference Share |
INR 10/- each |
INR 12434.794 Million |
|
454552553 |
Optionally Convertible Redeemable Preference Share |
INR 10/- each |
INR 4545.526 Million |
|
|
Total |
|
INR 16980.840
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16980.840 |
16071.749 |
|
(b) Reserves and Surplus |
|
286.919 |
352.916 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
17267.759 |
16424.665 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
31.753 |
30.708 |
|
(d) long-term
provisions |
|
13.944 |
0.230 |
|
Total Non-current
Liabilities (3) |
|
45.697 |
30.938 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
3497.651 |
0.000 |
|
(b) Trade
payables |
|
2047.764 |
171.032 |
|
(c) Other
current liabilities |
|
4712.609 |
1452.644 |
|
(d) Short-term
provisions |
|
19.334 |
0.314 |
|
Total Current
Liabilities (4) |
|
10277.358 |
1623.990 |
|
|
|
|
|
|
TOTAL |
|
27590.814 |
18079.593 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
105.680 |
49.927 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.650 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
14763.673 |
15527.969 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
|
6180.802 |
1719.056 |
|
(e) Other Non-current
assets |
|
8.262 |
7.627 |
|
Total Non-Current
Assets |
|
21059.067 |
17304.579 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
270.000 |
0.000 |
|
(b)
Inventories |
|
17.705 |
0.000 |
|
(c) Trade
receivables |
|
4224.572 |
345.064 |
|
(d) Cash and bank
balances |
|
18.389 |
37.880 |
|
(e)
Short-term loans and advances |
|
1814.257 |
392.070 |
|
(f) Other
current assets |
|
186.824 |
0.000 |
|
Total
Current Assets |
|
6531.747 |
775.014 |
|
|
|
|
|
|
TOTAL |
|
27590.814 |
18079.593 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
7887.410 |
684.903 |
|
|
Other Income |
|
15.700 |
17.717 |
|
|
TOTAL |
|
7903.110 |
702.620 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
|
319.998 |
31.368 |
|
|
Other expenses |
|
7314.096 |
726.007 |
|
|
TOTAL |
|
7634.094 |
757.375 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
269.016 |
(54.755) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
408.541 |
0.339 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(139.525) |
(55.094) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
17.381 |
1.088 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(156.906) |
(56.182) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(156.906) |
(56.182) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
16.363 |
0.000 |
|
|
TOTAL IMPORTS |
|
16.363 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(3017.43) |
(1080.42) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
|
(79.787) |
825.699 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
|
(121.814) |
825.699 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
195.50 |
183.89 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
1.87 |
1.98 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
NA |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
15.19 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
2.53 |
(1.10) |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
0.37 |
0.09 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
0.20 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
0.60 |
0.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
0.01 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
0.66 |
(161.52) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
(1.99) |
(8.20) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
(0.57) |
(0.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
(0.91) |
(0.34) |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
0.64 |
0.48 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
0.63 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
0.63 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
0.21 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
0.64 |
0.48 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL DATA
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
16071.749 |
16980.840 |
|
Reserves & Surplus |
352.916 |
286.919 |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
|
Net
worth |
16424.665 |
17267.759 |
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
3497.651 |
|
Total
borrowings |
0.000 |
3497.651 |
|
Debt/Equity
ratio |
0.000 |
0.203 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Sales |
684.903 |
7887.410 |
|
|
|
1051.610 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Sales |
684.903 |
7887.410 |
|
Profit/ (Loss) |
(56.182) |
(156.906) |
|
|
(8.20
%) |
(1.99
%) |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16980.840 |
16071.749 |
|
(b) Reserves and Surplus |
|
(652.817) |
120.504 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
16328.023 |
16192.253 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
41049.773 |
33008.568 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
940.406 |
|
(d) long-term
provisions |
|
13.945 |
9.698 |
|
Total Non-current
Liabilities (3) |
|
41063.718 |
33958.672 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
3497.651 |
128.728 |
|
(b) Trade payables |
|
29.918 |
6.020 |
|
(c) Other
current liabilities |
|
5333.847 |
3759.512 |
|
(d) Short-term
provisions |
|
19.334 |
9.306 |
|
Total Current
Liabilities (4) |
|
8880.750 |
3903.566 |
|
|
|
|
|
|
TOTAL |
|
66272.491 |
54054.491 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
52881.731 |
29029.317 |
|
(ii)
Intangible Assets |
|
719.608 |
721.110 |
|
(iii) Tangible assets
capital work-in-progress |
|
7830.121 |
21210.724 |
|
(iv)
Intangible assets under development |
|
1.780 |
0.570 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
262.232 |
118.916 |
|
(d)
Long-term
loans and advances |
|
1853.302 |
908.768 |
|
(e) Other Non-current
assets |
|
269.891 |
243.929 |
|
Total Non-Current
Assets |
|
63818.665 |
52233.334 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
336.000 |
36.700 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
822.368 |
322.177 |
|
(d) Cash and bank
balances |
|
279.301 |
1010.557 |
|
(e)
Short-term loans and advances |
|
245.295 |
78.059 |
|
(f) Other
current assets |
|
770.862 |
373.664 |
|
Total
Current Assets |
|
2453.826 |
1821.157 |
|
|
|
|
|
|
TOTAL |
|
66272.491 |
54054.491 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
4975.184 |
1337.224 |
|
|
Other Income |
|
81.813 |
43.248 |
|
|
TOTAL |
|
5056.997 |
1380.472 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
|
108.683 |
42.006 |
|
|
Other expenses |
|
481.112 |
215.399 |
|
|
TOTAL |
|
589.795 |
257.405 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
4467.202 |
1123.067 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
3830.531 |
987.159 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
636.671 |
135.908 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1644.217 |
499.259 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(1007.546) |
(363.351) |
|
|
|
|
|
|
|
Less |
TAX |
|
(143.315) |
(118.916) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(864.231) |
(244.435) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(16619.81) |
(4700.67) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last about two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last about two 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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G73871337 |
100148720 |
HDFC BANK LIMITED |
17/11/2017 |
- |
- |
1000000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
2 |
G40655300 |
100088942 |
SBICAP TRUSTEE COMPANY LIMITED |
10/04/2017 |
- |
- |
1000000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
3 |
G50330828 |
100116029 |
AXIS TRUSTEE SERVICES LIMITED |
28/03/2017 |
- |
- |
3000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
4 |
G29270550 |
100065167 |
IDBI TRUSTEESHIP SERVICES LIMITED |
28/11/2016 |
- |
- |
9250000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MumbaiMH400001IN |
|
5 |
G43127182 |
10615645 |
SBICAP TRUSTEE COMPANY LIMITED |
18/09/2015 |
02/05/2017 |
- |
6000000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
6 |
G64095292 |
10553045 |
Axis Bank Limited |
05/03/2015 |
24/10/2017 |
- |
1750000000.0 |
2nd Floor ,Parsvnath Capital Tower Bhai Veer SinghMarg,Golde Market-New Delhi 110001New DelhiDL110001IN |
|
7 |
G49737257 |
100054462 |
SBICAP TRUSTEE COMPANY LIMITED |
13/10/2016 |
- |
31/07/2017 |
22500000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
8 |
G37365855 |
10540958 |
IL & FS TRUST COMPANY LIMITED |
10/12/2014 |
- |
03/03/2017 |
2000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
9 |
C67020776 |
10570478 |
Axis Trustee Services Limited |
07/05/2015 |
- |
14/10/2015 |
1750000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from Survey No 68/1, Rakholi Village, Madhuban Dam Road, Silvassa - 396230, Dadar and Nagar Haveli (U.T), India to the present address
BUSINESS OVERVIEW
The Company is largest independent private developer of Extra High Voltage (EHV) transmission systems in Indian private sector. They build, own, operate and maintain power transmission assets awarded on tariff based competitive bids by the Ministry of Power. Their Portfolio of Assets consists of 31 Extra High Voltage (EHV) transmission lines and 7 substations with over 7,000 Circuit Km and 25,000 MVA of transformation capacity spanning across 15 states in the Country.
SECTOR OUTLOOK :
Total power generation in India grew by a robust 11.8 per cent in March 2016 as compared to a year ago. For the whole year 2015-16, total power generation in India grew by 5.6 per cent to 1,107.8 billion units. To ensure the speedy execution of the transmission projects, the Government has introduced supportive mechanism for regulatory clearances and Right of Way among others. To encourage efficiency in the sector, the Ministry of Power has introduced policy to incentivise the developers commissioning the transmission projects ahead of the schedule.
Significant investments will be required to enhance capacity in the transmission sector that is largely dominated by public sector unit Power Grid Corporation of India Limited (PGCIL). The government has also recognized the potential of private sector participation in transmission business to be able to provide uninterrupted power for all.
There is conducive competitive environment in the industry with the significant growth potential being offered by the sector. Under the TBCB regime, while there have been a large number of bidders, projects have been awarded only to a few. Of the 12 projects, your Company through its subsidiaries has won three which it has commissioned/ is close to commissioning while most of its competitors are yet to commission any projects.
COMPANY PERFORMANCE :
Fiscal year 2015-16, being the second financial year of the Company closed with revenues of INR 7903.100 Million, EBIDTA of INR 269.000 Million and loss for the year of INR 156.900 Million.
CORPORATE INFORMATION :
The Company is a subsidiary of Sterlite Technologies Limited ('STL')* and is a public company domiciled in India. The Company was incorporated under the Companies Act, 2013 on 03 June 2014. The Company, directly or indirectly, through its subsidiaries, acts as a developer on Build Own Operate and Maintain (“BOOM”) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods ranging from 25 to 35 years. The Company also undertakes the Engineering, Procurement and Construction Contracts for construction of power transmission systems.
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASE :
INDIGRID COMPLETES
ACQUISITION OF THREE STERLITE POWER ASSETS
Feb 20, 2018
The infrastructure investment
Trust wants to build AUM of INR 300000.000 MILLION by 2022.
IndiGrid, an infrastructure investment Trust (InvIT), has completed the acquisition of three assets from its sponsor Sterlite Power Grid Venture Ltd.
The Trust has also acquired a 46 per cent stake in the transmission asset of Techno Eletric & Engineering Company. The asset, Patran Transmision Company Limited, has a sub-station in Patran, Punjab, and transmission lines that connect Kaithal-Patiala.
InvITs are investment vehicles that own operating infrastructure assets in India.
While the three assets from Sterlite Power will come with a price tag of INR 14100.000 Million, IndiGrid is acquiring the Patran-stake for INR 2300.000 Million. The Patran acquisition agreement was signed on Monday, and will be completed by March.
"These acquisitions are in line with the vision of reaching AUM of INR 300000.000 Million by 2022," Pratik Agarwal, CEO, IndiGrid told Moneycontrol. This is the company's first acquisition of a third party asset.
Post the acquisitions, IndiGrid’s total portfolio increases to 13 transmission lines and two substations operational across eight states in India. At present its assets stand at INR 53000.000 Million.
The three assets from Sterlite Power consists of five transmission lines, aggregating 1,425 km. "All these acquisitions are highly accretive and will increase portfolio IRR to 11 per cent," said Agrawal. He added that the deals will enable IndiGrid to deliver a DPU (distribution per unit) of INR 12 for the next five years.
Incorporated in 2016, IndiGrid was the second InvIt in the country to get listed on the bourses last year.
Pratik added that IndiGrid is always on the look out for acquisition targets. "Our strategy is to buy assets at right returns," Agrawal said. He pointed that the Trust continues to look at third party assets and may also buy more assets belonging to its sponsor.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.