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|
MIRA
INFORM REPORT
|
Report No. : |
492959 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KEC INTERNATIONAL LIMITED |
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|
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Registered
Office : |
RPG House, 463, Dr. Annie Besant Road, Worli, Mumbai – 400030,
Maharashtra |
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Tel. No.: |
91-22- 66670200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 514.177 Million |
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CIN No.: [Company Identification
No.] |
L45200MH2005PLC152061 |
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IEC No.: [Import-Export Code No.] |
0388020709 |
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TIN No.: |
27310530416 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
24AACCK5599H1Z2 |
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PAN No.: [Permanent Account No.] |
AACCK5599H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is primarily engaged in Engineering
Procurement and Construction business (EPC) relating to infrastructure
interalia products, projects and systems for power transmission,
distribution, and related activities. (Registered
activity) |
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|
|
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No. of Employees
: |
4207 (Approximately) |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “RPG Group” and is majority involved in
engineering procurement and construction of power transmission and power
systems in India and abroad. The company was incorporated in the year 2005. As per the financial record of 2017, the company has reported dip in
its revenue by 1.84% as compared to the previous year but has managed to
maintain an average profit margin of 3.64%. Rating takes into consideration the strong financial risk profile of
the reflected by its healthy networth base along with negligible debt level. The rating also factor in KEC’s strong project execution capabilities
in the power transmission segment. The raring strengths are, however, tempered by high working capital
intensity associated with nature of the business. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating |
|
Rating |
Commercial Paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
23.03.2017 |
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 22.02.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE: Tel No.: 91-22-66670200
Mobile No.: 91-9953547448 – Continuously ringing
LOCATIONS
|
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.: |
91-22-66670200/ 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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|
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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: Hebbal Industrial Area, Hootagalli Belavadi Post, Mysore - 571186, Karnataka, India |
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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 31.03.2017
|
Name : |
Mr. Vimal Kejriwal |
|
Designation : |
Managing Director |
|
Address : |
41, Landmark, 175, Carter Road, Bandra West, Mumbai - 400050, Maharashtra, India |
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Qualification : |
Chartered Accountant, ICAI; Company Secretary, ICSI; Alumnus of the Kellogg School of Management, USA and Narsee Monjee Institute of Management Studies (NMIMS), India |
|
Date of Appointment : |
01.01.2015 |
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PAN No.: |
AABPK0188N |
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DIN No.: |
00026981 |
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|
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Name : |
Mr. Harsh Vardhan Goenka |
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Designation : |
Director |
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Address : |
Unit No. 208, 2nd Floor, Bezzola Complex, B Wing, Sion Trombay Road, Opposite Suman Nagar, Chembur, Mumbai – 400071, Maharashtra, India |
|
Qualification : |
Arts Graduate and BA, MBA (Geneva) |
|
Date of Appointment : |
12.01.2006 |
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DIN No.: |
00026726 |
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Address : |
161/A, Twin Towers, V.S. Road, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Qualification : |
Bachelor Of Engineering : Fie (India) Finstitute of Directors (UK) Fellow-Institute of Management (UK) |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00003640 |
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Name : |
Mr. Vinayak Chatterjee |
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Designation : |
Director |
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Address : |
E-2278, Palam Vihar, Gurugram - 122017, Haryana, India |
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Qualification: |
Economics (Hons), St. Stephen’s College and Delhi University; MBA, IIM-A |
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Date of Appointment : |
30.04.2014 |
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DIN No.: |
00008933 |
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Name : |
Mr. Ramesh Chandak |
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Designation : |
Director |
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Address : |
1202, Shrushti Towers, Old Prabhadevi Road, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Qualification : |
M. Com., Fca |
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Date of Appointment : |
26.12.2005 |
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DIN No.: |
00026581 |
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Name : |
Mr. Gulu Lalchand Mirchandani |
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Designation : |
Director |
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Address : |
D-131, Tahnee Heights,, Petit Hall, Napeansea Road, Mumbai - 400006, Maharashtra, India |
|
Qualification: |
B. Mechanical |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00026664 |
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Name : |
Mr. Dilip Gopikisan Piramal |
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Designation : |
Director |
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Address : |
Piramal House, 61, Pochkhanwala Road, Worli, Mumbai - 400030, Maharashtra, India |
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Qualification: |
Bachelor of Commerce, Kishinchand Chellaram College, Mumbai |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00032012 |
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Name : |
Mr. Ajit Tekchand Vaswani |
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Designation : |
Director |
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Address : |
502, Solitaire, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
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Qualification: |
Chartered Accountant, ICAI; Company Secretary, ICSI |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00057953 |
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Name : |
Mr. Sudhir Mohan Trehan |
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Designation : |
Director |
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Address : |
501-502, Loutus-Lal Kamal Building, Nutan Laxmi Cooperative Housing Society, 9th North South Road, JVPD Scheme Ville Parle West, Mumbai - 400056, Maharashtra, India |
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Qualification: |
Bachelor of Engineering, Birla Institute of Technology, Ranchi; Master of Science, State University of New York |
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Date of Appointment : |
30.10.2012 |
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DIN No.: |
00060106 |
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Name : |
Mr. Nirupama Rao |
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Designation : |
Director |
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Address : |
Apartment D Springleaf Apartments, No. 6 Brunton Cross Road, Bangalore - 560025, Karnataka, India |
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Qualification: |
Bachelor of Arts, Bangalore University; Master of Arts (English Literature), Marathwada University; Doctor of Letters (Honoris Causa), Pondicherry University |
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Date of Appointment : |
31.10.2014 |
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DIN No.: |
06954879 |
KEY EXECUTIVES
|
Name : |
Mr. Vimal Kejriwal |
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Designation : |
Chief Executive Officer |
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Address : |
41, Landmark, 175, Carter Road, Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
01.04.2015 |
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PAN No.: |
AABPK0188N |
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|
Name : |
Mr. Rajeev Girraj Aggarwal |
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Designation : |
Chief Finance Officer |
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Address : |
S-52, South Anarkali Krishna Nagar, Delhi – 110051, India |
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Date of Appointment : |
01.09.2014 |
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PAN No.: |
AACPA7811R |
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|
Name : |
Mr. Venkata Jagannadha Rao Chunduru |
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Designation : |
Vice President – Legal and Company Secretary |
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Address : |
8/302, Seawoods Estates, Palm Beach Marg, Nerul, Navi Mumbai., Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
12.01.2006 |
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PAN No.: |
ABFPC5452Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares ( |
|
|
(A) Promoter & Promoter Group |
131083293 |
50.99 |
|
|
(B) Public |
126005077 |
49.01 |
|
|
Grand
Total |
257088370 |
100.00 |
|
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
7863196 |
3.06 |
|
|
Mr. Harshvardhan Goenka Mrs. Mala Goenka
Mr. Anant Vardhan Goenka |
4848425 |
1.89 |
|
|
Harsh Vardhan Goenka Mrs. Mala Goenka
(Held as a Trustee of Stellar Energy Trust) |
2805216 |
1.09 |
|
|
Harsh Vardhan Goenka (Held as Karta of
Harsh Anant Goenka HUF) |
169500 |
0.07 |
|
|
Anant Vardhan Goenka |
40000 |
0.02 |
|
|
Mala Goenka Harshvardhan Ramprasad Goenka
Anant Vardhan Goenka |
50 |
0.00 |
|
|
Harsh Vardhan Goenka Mala Goenka (Held as
a Trustee of Crystal India Tech Trust) |
1 |
0.00 |
|
|
Harsh Vardhan Goenka Mala Goenka (Held as
a Trustee of Nucleus Life Trust) |
1 |
0.00 |
|
|
Harsh Vardhan Goenka Mala Goenka (Held as
a Prism Estates Trust) |
1 |
0.00 |
|
|
Harsh Vardhan Goenka Mala Goenka (Held as
a Trustee of Monitor Portfolio Trust) |
1 |
0.00 |
|
|
Harsh Vardhan Goenka Mala Goenka (Held as
a Trustee of Secura India Trust) |
1 |
0.00 |
|
|
Any Other
(specify) |
123220097 |
47.93 |
|
|
Swallow Associates LLP |
69546616 |
27.05 |
|
|
Summit Securities Limited |
27753845 |
10.80 |
|
|
Instant Holdings Limited |
18025989 |
7.01 |
|
|
Stel Holdings Limited |
4685880 |
1.82 |
|
|
Carniwal Investments Limited |
2970981 |
1.16 |
|
|
Chattarpati Apartments LLP |
211785 |
0.08 |
|
|
Atlantus Dwellings and Infrastructure LLP |
25000 |
0.01 |
|
|
Sudarshan Electonics and TV Limited |
1 |
0.00 |
|
|
Sub Total A1 |
131083293 |
50.99 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
131083293 |
50.99 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
47511310 |
18.48 |
|
|
HDFC Trustee Company Limited & its
Affiliates |
20784573 |
8.08 |
|
|
Reliance Capital Trustee Co.Ltd and its
Affiliates |
6248573 |
2.43 |
|
|
Aditya Birla Sun Life Trustee Private
Limited and its Affiliates |
3774602 |
1.47 |
|
|
Kotak Select Focus Fund |
3700000 |
1.44 |
|
|
L & T Mutual Fund Trustee Ltd and its
Affiliates |
2823445 |
1.10 |
|
|
Foreign
Portfolio Investors |
26480123 |
10.30 |
|
|
FIL Investments (Mauritius) Ltd |
3408563 |
1.33 |
|
|
Financial
Institutions/ Banks |
493282 |
0.19 |
|
|
Insurance
Companies |
4360311 |
1.70 |
|
|
Life Insurane Corporation of India |
4360311 |
1.70 |
|
|
Any Other
(specify) |
6980 |
0.00 |
|
|
Foreign Bank |
5480 |
0.00 |
|
|
UTI |
1500 |
0.00 |
|
|
Sub Total B1 |
78852006 |
30.67 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
28009710 |
10.89 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4139150 |
1.61 |
|
|
Any Other
(specify) |
15004211 |
5.84 |
|
|
Trusts |
594237 |
0.23 |
|
|
Foreign Individuals |
43575 |
0.02 |
|
|
HUF |
1252542 |
0.49 |
|
|
Overseas corporate bodies |
46425 |
0.02 |
|
|
NRI – Non- Repat |
711615 |
0.28 |
|
|
Director or Director's Relatives |
5 |
0.00 |
|
|
NRI – Repat |
941884 |
0.37 |
|
|
Clearing Members |
832138 |
0.32 |
|
|
Bodies Corporate |
10024139 |
3.90 |
|
|
Investor Education and Protection Fund |
557651 |
0.22 |
|
|
Sub Total B3 |
47153071 |
18.34 |
|
|
B=B1+B2+B3 |
126005077 |
49.01 |
|
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in Engineering
Procurement and Construction business (EPC) relating to infrastructure
interalia products, projects and systems for power transmission,
distribution, and related activities. (Registered
activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
4207 (Approximately) |
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Bankers : |
Middle East
US
Mexico
Brazil
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskin
and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th
– 32nd Floor, Indianuils Finance Centre, Elphinstone Mill
Compound, Senapti Bapat Marg, Elphinstone (West), Mumbai - 400013,
Maharashtra, India |
|
Tel No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501/4601 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
|
Subsidiaries: |
|
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|
|
Post – Employment benefit plan : |
|
|
|
|
|
Entities where control / significant influence by KMPs and their
relatives exists and with whom transmission have taken place : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
570000000 |
Equity Shares |
INR 2/- each |
INR 1140.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
257088370 |
Equity Shares |
INR 2/- each |
INR 514.177
million |
|
|
|
|
|
Reconciliation of number of equity Shares and amount outstanding at the
beginning and at the end of the year:
|
Particulars |
31.03.2017 |
|
|
Nos. |
Amount (INR 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* |
31.03.2016 |
|
|
Nos. of Shares
Held |
Percentage of
shares held |
|
|
Swallow Associates LLP |
69546616 |
27.05 |
|
Summit
Securities Limited |
27602945 |
10.74 |
|
HDFC Trustee Company Limited |
23060249 |
8.97 |
|
Instant Holdings Limited |
17855651 |
6.45 |
*
Shares held in multiple folios have been combined.
3,750 fully paid up Equity Shares of INR 2 each were allotted to a trustee against 1,688 equity shares of the erstwhile RPG Transmission Limited (RPGT), since merged in the Company in 2007-08, where rights were kept in abeyance 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 INR 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 INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
514.177 |
514.177 |
514.177 |
|
(b) Reserves & Surplus |
16043.208 |
13308.408 |
10594.704 |
|
(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) |
16557.385 |
13822.585 |
11108.881 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2508.269 |
1674.487 |
2083.891 |
|
(b) Deferred tax liabilities
(Net) |
1321.256 |
1104.960 |
703.615 |
|
(c) Other long term
liabilities |
100.652 |
0.000 |
100.000 |
|
(d) long-term provisions |
291.942 |
216.726 |
108.702 |
|
Total
Non-current Liabilities (3) |
4222.119 |
2996.173 |
2996.208 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12007.021 |
23423.570 |
12524.433 |
|
(b) Trade payables |
20046.263 |
18554.352 |
28615.318 |
|
(c) Other current liabilities |
23421.568 |
20366.939 |
5104.157 |
|
(d) Short-term provisions |
641.823 |
729.930 |
1105.253 |
|
Total
Current Liabilities (4) |
56116.675 |
63074.791 |
47349.161 |
|
|
|
|
|
|
TOTAL |
76896.179 |
79893.549 |
61454.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5657.694 |
6381.630 |
5960.374 |
|
(ii) Intangible Assets |
1053.696 |
1190.007 |
1283.501 |
|
(iii) Capital work-in-progress |
42.304 |
66.429 |
124.169 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1223.347 |
807.014 |
65.651 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
2922.291 |
|
(e) Other Non-current assets |
3448.540 |
4531.200 |
1688.283 |
|
Total
Non-Current Assets |
11425.581 |
12976.280 |
12044.269 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2697.608 |
2527.029 |
3719.871 |
|
(c) Trade receivables |
39752.419 |
44332.685 |
32265.682 |
|
(d) Cash and cash equivalents |
1554.671 |
688.946 |
1261.333 |
|
(e) Short-term loans and
advances |
1653.948 |
1728.487 |
5383.894 |
|
(f) Other current assets |
19811.952 |
17640.122 |
6779.201 |
|
Total
Current Assets |
65470.598 |
66917.269 |
49409.981 |
|
|
|
|
|
|
TOTAL |
76896.179 |
79893.549 |
61454.250 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
77370.855 |
78822.374 |
65920.901 |
|
|
Other Income |
370.840 |
155.753 |
1774.100 |
|
|
TOTAL
|
77741.695 |
78978.127 |
67695.001 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
35999.210 |
36490.320 |
35451.678 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
16.320 |
189.223 |
(27.912) |
|
|
Erection and Sub-contracting
Expenses |
17734.084 |
20277.566 |
16111.150 |
|
|
Excise Duty on Sale of goods |
1706.502 |
1918.201 |
0.000 |
|
|
Employees benefits expense |
5059.174 |
4496.957 |
3572.257 |
|
|
Other expenses |
9748.853 |
8659.035 |
7539.060 |
|
|
TOTAL |
70264.143 |
72031.302 |
62646.233 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
7477.552 |
6946.825 |
5048.768 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2088.314 |
2379.440 |
2521.326 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5389.238 |
4567.385 |
2527.442 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1153.891 |
1180.097 |
704.034 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
4235.347 |
3387.288 |
1823.408 |
|
|
|
|
|
|
|
Less |
TAX |
1417.099 |
1432.891 |
716.058 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2818.248 |
1954.397 |
1107.350 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
|
12535.458 |
11608.244 |
|
|
Freight recovered on sales |
|
281.338 |
162.846 |
|
|
Tower testing charges and design charges |
|
689.81 |
457.219 |
|
|
Sales and Services : overseas projects |
|
9305.906 |
12687.737 |
|
|
Interest income |
|
20.348 |
4.04 |
|
|
Dividend income from wholly owned subsidiaries/ jointly controlled entity |
|
992.89 |
351.095 |
|
|
Share of Profit from Joint Venture |
|
412.346 |
261.818 |
|
|
Guarantee Charges received from a wholly owned subsidiary/joint venture |
|
13.586 |
11.898 |
|
|
Others (Insurance claims, etc.) |
|
3.747 |
11.627 |
|
|
TOTAL
EARNINGS |
NA |
24255.429 |
25556.524 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
5262.782 |
2991.208 |
|
|
Components and Stores parts |
|
10.93 |
15.582 |
|
|
Capital Goods |
|
66.19 |
43.109 |
|
|
TOTAL
IMPORTS |
NA |
5339.902 |
3049.899 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
10.96 |
7.60 |
4.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
502.550 |
806.978 |
|
Cash generated from operations |
16321.346 |
843.267 |
1825.174 |
|
Net cash flow from operating activity |
15449.369 |
(373.047) |
626.528 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
17444.700 |
18836.600 |
20857.100 |
|
Total Expenditure |
15841.200 |
16863.100 |
18634.400 |
|
PBIDT (Excl OI) |
1603.500 |
1973.500 |
2222.700 |
|
Other Income |
56.300 |
47.700 |
49.200 |
|
Operating Profit |
1659.800 |
2021.200 |
2271.900 |
|
Interest |
465.900 |
477.300 |
495.800 |
|
Exceptional Items |
0.000 |
NA |
NA |
|
PBDT |
1193.900 |
1543.900 |
1776.100 |
|
Depreciation |
236.300 |
242.200 |
236.200 |
|
Profit Before Tax |
957.600 |
1301.700 |
1539.900 |
|
Tax |
326.000 |
449.500 |
516.800 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
631.600 |
852.200 |
1023.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
631.600 |
852.200 |
1023.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
187.53 |
205.29 |
178.65 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.95 |
1.78 |
2.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
203.25 |
185.59 |
294.61 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.77 |
2.75 |
1.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.11 |
0.91 |
0.69 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.76 |
0.82 |
0.82 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.88 |
1.85 |
1.39 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.39 |
4.56 |
4.26 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.41 |
0.55 |
0.66 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.58 |
2.92 |
2.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.64 |
2.48 |
1.68 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.67 |
2.45 |
1.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.02 |
14.14 |
9.97 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.17 |
1.06 |
1.04 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.12 |
1.02 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.22 |
0.17 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
28.23 |
49.79 |
29.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.17 |
1.06 |
1.04 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 382.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
514.177 |
514.177 |
514.177 |
|
Reserves & Surplus |
10594.704 |
13308.408 |
16043.208 |
|
Net
worth |
11108.881 |
13822.585 |
16557.385 |
|
|
|
|
|
|
Long Term borrowings |
2083.891 |
1674.487 |
2508.269 |
|
Short Term borrowings |
12524.433 |
23423.570 |
12007.021 |
|
Current Maturities of Long term debt |
806.978 |
502.550 |
0.000 |
|
Total
borrowings |
15415.302 |
25600.607 |
14515.290 |
|
Debt/Equity
ratio |
1.388 |
1.852 |
0.877 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
65920.901 |
78822.374 |
77370.855 |
|
|
|
19.571 |
(1.842) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
65920.901 |
78822.374 |
77370.855 |
|
Profit |
1107.350 |
1954.397 |
2818.248 |
|
|
1.68% |
2.48% |
3.64% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
514.177 |
514.177 |
|
(b) Reserves & Surplus |
|
15349.362 |
12389.683 |
|
(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) |
|
15863.539 |
12903.860 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
7655.948 |
5928.842 |
|
(b) Deferred tax liabilities
(Net) |
|
1373.237 |
1203.819 |
|
(c) Other long term
liabilities |
|
100.652 |
0.000 |
|
(d) long-term provisions |
|
348.960 |
202.619 |
|
Total
Non-current Liabilities (3) |
|
9478.797 |
7335.280 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
12325.363 |
24300.091 |
|
(b) Trade payables |
|
21983.226 |
20265.083 |
|
(c) Other current liabilities |
|
26932.455 |
23272.262 |
|
(d) Short-term provisions |
|
697.891 |
833.337 |
|
Total
Current Liabilities (4) |
|
61938.935 |
68670.773 |
|
|
|
|
|
|
TOTAL |
|
87281.271 |
88909.913 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8103.382 |
8825.603 |
|
(ii) Intangible Assets |
|
1061.506 |
1199.670 |
|
(iii) Capital work-in-progress |
|
51.034 |
83.892 |
|
(iv) Goodwill |
|
1910.268 |
1951.659 |
|
(v) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.049 |
0.345 |
|
(c) Deferred tax assets (net) |
|
133.213 |
170.035 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
5207.972 |
4612.059 |
|
Total
Non-Current Assets |
|
16467.424 |
16843.263 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1303.916 |
253.478 |
|
(b) Inventories |
|
3946.688 |
3601.572 |
|
(c) Trade receivables |
|
42267.554 |
47066.027 |
|
(d) Cash and cash equivalents |
|
2079.710 |
853.084 |
|
(e) Short-term loans and
advances |
|
451.092 |
1179.180 |
|
(f) Other current assets |
|
20764.887 |
19113.309 |
|
Total
Current Assets |
|
70813.847 |
72066.650 |
|
|
|
|
|
|
TOTAL |
|
87281.271 |
88909.913 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
87550.452 |
87096.152 |
|
|
Other Income |
|
288.661 |
102.589 |
|
|
TOTAL
|
|
87839.113 |
87198.741 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
41736.973 |
41333.094 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(90.652) |
187.716 |
|
|
Erection and Sub-contracting
Expenses |
|
17842.901 |
20277.566 |
|
|
Excise Duty on Sale of goods |
|
1706.502 |
1918.201 |
|
|
Employees benefits expense |
|
7326.657 |
6392.091 |
|
|
Share in (Loss) profit of an associates
|
|
0.000 |
-0.237 |
|
|
Other expenses |
|
10849.301 |
10064.211 |
|
|
TOTAL |
|
79371.682 |
80172.642 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
8467.431 |
7026.099 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2536.117 |
2793.882 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5931.314 |
4232.217 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
1296.875 |
1317.814 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
4634.439 |
2914.403 |
|
|
|
|
|
|
|
Less |
TAX |
|
1586.655 |
1435.717 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
3047.784 |
1478.686 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
11.86 |
5.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
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 |
GENERAL INFORMATION
Subject is a public limited company incorporated and domiciled in India. The registered office of the company is located at RPG House. 463, Dr. Annie Besant, Worli, Mumbai – 400030.
The company is primarily engaged in Engineering Procurement and Construction business (EPC) relating to infrastructure interalia products, projects and systems for power transmission, distribution, and related activities.
PERFORMANCE
Financial Performance
The Company continued on its growth trajectory in financial year 2016-2017
On a consolidated basis, the Company achieved a turnover of INR 87550.000 Million, with a marginal growth over FY 2015-16. Revenue continued to be impacted due to the commodity prices remaining flat for a major part of the year, and slow down in the oil producing economies. However, the Company delivered significantly on the profitability front, with EBITDA margins on a consolidated level expanding by 126 bps for FY 2016-17 from INR 6920.000 Million in FY 2015-16 to INR 8180.000 Million in FY 2016-17. The margin improvement was primarily driven by internal efficiencies and improvements in margin profile of businesses like railways and the Company’s wholly owned subsidiary SAE Towers. The net profit for the year was INR 3050.000 Million in FY 2016-17 as against INR 1480.000 Million in FY 2015-16, a strong growth of 106 percent Year on Year. The Company could achieve substantial reduction in its interest costs through better working capital management, which resulted in a significant improvement in profitability. On a standalone basis, the Company achieved a turnover of INR 77370.000 Million and a net profit of INR 2820.000 Million.
During the year, the Company secured orders of INR 123610.00 Million; which is an impressive 42 percent increase over last year. The sharp increase in the order book was led by the international T&D business, which made substantial inroads into new geographies and the railways business, which could benefit from increased spending on railway infrastructure in the country. The closing order book of the Company was at INR 126310.000 Million, with a significant contribution from verticals like railways and solar. The order book profile gives good visibility on both the revenue and profitability front.
Power Transmission and Distribution - The power transmission and distribution business continues to be the largest business vertical which includes construction of power transmission lines on turnkey basis as well as construction of Gas Insulated Substations (GIS) and Air Insulated Substations (AIS) on turnkey basis. During the year, this vertical secured orders of INR 93450.000 Million across the domestic and international markets.
In the domestic markets, the Company has successfully broadened its customer base to include private players who are setting up power transmission projects in India, as well as State Electricity Boards. The Company continues to be a major contractor for Power Grid Corporation of India Limited.
On the international front, despite global uncertainties and subdued commodity prices for a larger part of the financial year, the Company was able to achieve a significant order intake in international markets.
As part of its diversification strategy, the Company was able to enter the East Asia Pacific region with tender wins in Malaysia and Thailand. Also, within the Middle East the Company successfully de-risked its exposure in certain key markets with tender wins in Jordan and Egypt. In Africa, the Company could win projects in countries like Tanzania, Zambia, Mozambique and Senegal.
The Company has increased its focus on executing turnkey contracts in Brazil through its wholly owned subsidiary, SAE Towers.
Railways - The railway business saw a remarkable growth in FY 2016-17, both in terms of order intake as well as revenues. This vertical secured orders worth INR 14270.000 Million, which includes both overhead electrification works and composite turnkey contracts for various railway agencies in India. The Company has closed almost all the legacy projects in the railways business leading to a much improved profitability.
Renewables - The Company continued to consolidate its presence in the solar EPC space and this business vertical secured orders worth INR 6130.000 Million in FY 2016-17. The Company also bagged a large order for a 100 MW solar project in South India.
Cables - The Cables business secured orders worth INR 9760.000 Million in FY 2016-17. Soft commodity prices continued to affect the business in the first half of the year. However, the Company was able to turn this business around and this vertical was able to achieve profitability in FY 2016-17.
Civil - In view of the high growth potential, the Company has forayed into Civil EPC business. To start with, the Company has identified Industrial Plants, Residential and Non Residential buildings as attractive areas in Civil space.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
From banks |
1009.060 |
1449.276 |
|
|
|
|
|
Total |
1009.060 |
1449.276 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G37122405 |
100077223 |
IDBI TRUSTEESHIP SERVICES LIMITED |
13/01/2017 |
23/02/2017 |
- |
2500000000.0 |
Asian Building, Ground Floor,17 R Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
2 |
G21929740 |
100059934 |
IDBI TRUSTEESHIP SERVICES LIMITED |
07/11/2016 |
- |
- |
1710000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
3 |
A95209995 |
10240711 |
DENA BANK |
16/09/2010 |
- |
- |
62500000.0 |
Andheri (West) Branch, "Deepavali", Swami Vivekanand Road,Andheri (West), Mumbai 400058, Maharashtra, India |
|
4 |
C60104486 |
10198804 |
BANK OF INDIA |
10/02/2010 |
19/06/2015 |
- |
120000000000.0 |
MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING, 364, DR. D. N. ROAD, FORT, MUMBAI – 400001, Maharashtra, India |
|
5 |
C69456499 |
10160904 |
IDBI TRUSTEESHIP SERVICES LIMITED |
18/05/2009 |
14/10/2015 |
- |
120000000000.0 |
Asian Building, Ground Floor 17 R Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
6 |
A33585571 |
10090177 |
The Pradeshiya Industrial and Investment Corporation of U. P. Limited (PICUP) |
20/02/2008 |
- |
- |
84613115.0 |
PICUP Bhavan, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India |
|
7 |
Z01065897 |
80059040 |
THE PRADESHIYA INUSTRIAL & INVESMENT CORPN OF U P LD |
28/09/1998 |
- |
- |
36880825.43 |
PICUP BHAWAN GONTI NAGAR, LUCKNOW – 226010, Uttar Pradesh, India |
|
8 |
Z00105915 |
80022976 |
THEPRADESHIYAINDLANDINVESTMENTCORPORATIONOFUPLTD |
15/07/1998 |
- |
- |
4531796.86 |
PICUP BHAVAN, LUCKNOW – 208001, Uttar Pradesh, India |
|
9 |
Z00105674 |
80022867 |
THEPRADESHIYAINDUSTRIALANDINVESTMENTCORPORATIONOFUPLIMITED |
25/03/1998 |
- |
- |
32349028.51 |
PICUP BHAVAN, LUVKNOW – 226010, Uttar Pradesh, India |
|
10 |
Y10304463 |
90202564 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
19/12/1989 |
19/12/1989 |
- |
1000000.0 |
BANK OF BARODA BUILDING 16; SANSAD MARG, NEW DELHI – 110001, INDIA |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
|
|
|
Particulars |
quarter ended |
quarter ended |
Nine months ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
20857.100 |
18836.600 |
57138.400 |
|
|
|
b) Other Operating Income |
49.200 |
47.700 |
153.200 |
|
|
Total Income from
Operations (Net) |
20906.300 |
18884.300 |
57291.600 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
9761.400 |
9091.600 |
26872.400 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(41.500) |
(89.800) |
(314.800) |
|
|
c) |
Erection and Sub-contracting expenses |
5661.100 |
4471.400 |
14468.100 |
|
|
d) |
Excise Duty on Sale of Goods |
-- |
-- |
383.500 |
|
|
e) |
Employee benefit expenses |
1360.200 |
1345.000 |
4029.000 |
|
|
f) |
Finance Costs |
495.800 |
477.300 |
1439.000 |
|
|
g) |
Depreciation and amortization expense |
236.200 |
242.200 |
714.700 |
|
|
h) |
Other expenses |
1893.200 |
2044.900 |
5900.500 |
|
|
Total Expenses |
19366.400 |
17582.600 |
53492.400 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
1539.900 |
1301.700 |
3799.200 |
|
|
10 |
Tax Expense |
516.800 |
449.500 |
1292.3000 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
1023.100 |
852.200 |
2506.900 |
|
|
|
Other Comprehensive
Income: |
|
|
|
|
|
|
A. Items that will not be reclassified to profit or loss |
(5.400) |
(5.700) |
(16.200) |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
1.900 |
1.900 |
5.600 |
|
|
|
B. Items that will be reclassified to profit or loss |
114.800 |
(110.900) |
(36.000) |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
(52.900) |
73.100 |
22.100 |
|
|
|
Other Comprehensive Income for the year, net of taxes |
58.400 |
(41.600) |
(24.500) |
|
|
|
Total Other
Comprehensive Income for the period |
1081.500 |
810.600 |
2482.400 |
|
|
|
|
|
|
|
|
|
12 |
Paid up equity share capital (Eq. shares of INR 10/- each) |
514.200 |
514.200 |
514.200 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of INR 10/- each |
|
|
|
|
|
|
Basic & Diluted |
3.98 |
3.31 |
9.75 |
Note:
1. The above results were reviewed by the Audit Committee at its meeting held on February 05, 2018 and approved by the Board of Directors at its meeting held on February 06,2018, The statutory auditors of the Company have conducted a "Limited Review" of the above Standalone Unaudited Financial Results.
2. The above financial results of the Company have been prepared in accordance
with Indian Accounting Standard ("Ind AS") as prescribed under
Section 133 of the Companies Act, 2013 read with the relevant rules issued
thereunder and the other accounting principles generally accepted in India.
3. Post the applicability of Goods and Services Tax (GST) with effect from July
1,2017, revenue is required to be disclosed net of GST. Accordingly, the gross
revenue figures for the quarter and nine months ended December 31,2017 are not
comparable with the previous period presented in the results.
4. The listed secured non-convertible debentures aggregating to Rs. 250 Crore
issued by the Company are secured by way of first charge on immovable and
movable properties of the Company situated at Vadodara and Mysore and the
Company maintains 100% asset cover.
5. The Company is primarily engaged in the business of Engineering, Procurement
and Construction (EPC) relating to products, projects and systems for power
transmission, distribution and related activities. As such there is no separate
reportable operating segment as defined by Ind AS 108 - "Operating Segments".
6. The Company has opted to publish Extract of Consolidated Unaudited Financial
Results for the quarter and nine months ended December 31, 2017. The
Consolidated and Standalone Financial Results for the quarter and nine months
ended December 31, 2017 of the Company prepared in accordance with Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 will be available on the website of the Company, Bombay Stock Exchange
Limited and National Stock Exchange of India Limited.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
1 Sales Tax /Value Added Tax* (Tax/Penalty/Interest) |
1138.967 |
992.941 |
|
2 Excise Duty * (Tax/Penalty/Interest) |
546.718 |
523.492 |
|
3 Service Tax * (Tax/Penalty/ Interest) |
2878.383 |
2868.471 |
|
4 Entry Tax * (Tax/Penalty/Interest) |
6.985 |
125.299 |
|
5(i) Income Tax matters mainly in respect of allowance of depreciation etc. relating to Power Transmission Business acquired by the Company where Department is in appeal in the Supreme Court. |
156.004 |
191.846 |
|
(ii) Income Tax matters at overseas unit/s and of joint venture |
297.006 |
313.661 |
|
(iii) Income Tax matters of a joint
operation (Company’s Share) |
36.886 |
37.669 |
|
6 Customs Duty |
6.014 |
6.014 |
|
7 Civil Suits |
6.702 |
6.702 |
|
8 (i) Claims including amounts withheld by the Customers of the Company |
722.562 |
1762.987 |
|
(ii) Claim by the sub-contractor of
a joint operation (Company’s Share) |
0.000 |
88.914 |
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computers
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.90 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
YES |
|
--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.