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MIRA INFORM REPORT
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Report No. : |
494005 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PATEL ENGINEERING LIMITED (w.e.f. 09.12.1999) |
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Formerly Known
As : |
PATEL ENGINEERING COMPANY LIMITED |
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Registered
Office : |
Pate Estate, S. V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra |
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Tel. No.: |
91-22-26767500 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
02.04.1949 |
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Com. Reg. No.: |
11-007039 |
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Capital
Investment / Paid-up Capital : |
INR 156.990 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1949PLC007039 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is engaged in construction of commercial and residential buildings; primarily know as real estate business. (Registered Activity) |
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No. of Employees
: |
1428 (Approximately) |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1949 and it is having good track. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and reported average profitability margin of 1.43%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, rating also reflects experience of the promoters along with established track record of business operations and improvement in the revenue as well as profitability profile. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 24.02.2018
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 BY
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Name : |
Mr. Rahul |
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Designation : |
General Manager of Finance |
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Contact No.: |
91-22-26767706 |
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Date : |
23.02.2018 |
LOCATIONS
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Registered Office : |
Pate Estate, S. V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India |
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Tel. No.: |
91-22-26767500 |
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Fax No.: |
91-22-26782455 |
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E-Mail : |
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Website : |
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Corporate Office: |
B-26/1, Aver House, Veera Desai Industrial Road, off New Link Road, Andheri (W), Mumbai - 400 053, Maharashtra, India |
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Branch Offices: |
Behind Kerosene Oil Depot, Station Road, Gopalganj, District Gopalganj Bihar-841428, India |
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Branch Offices 1: |
House No. 29, Rajendra Nagar, P.O. Sakchi, Jamshedpur, Tata Nagar, East Singhbhum, Jharkhand-831001, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Rupen Pravin Patel |
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Designation : |
Managing Director |
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Address : |
A. K. Abdul Razzak Patel, Bungalow 5 – D, Dadabhai Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
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Date of Birth/Age : |
24.08.1966 |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
00029583 |
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Name : |
Mr. Khizer Ahmed |
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Designation : |
Independent Director |
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Address : |
C - 34, 1st Floor, Malviya Nagar, New Delhi - 100017, India |
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Date of Birth/Age : |
15.01.1940 |
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Date of Appointment : |
04.08.2005 |
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DIN No.: |
00032567 |
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Name : |
Mr. Jambunathan Srinivasa Iyer |
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Designation : |
Director |
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Address : |
9, Prakash Co-operative Housing Society, Relief Road, Daulat Nagar, Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Appointment : |
30.03.2009 |
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DIN No.: |
00063729 |
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Name : |
Mr. Chittaranjan Kumar Singh |
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Designation : |
Director |
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Address : |
304, B Wing, Greenfields Society Lokhandwala Complex, Andheri (West) Mumbai – 400058, Maharashtra, India |
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Date of Appointment : |
30.05.2016 |
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DIN No.: |
00196978 |
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Name : |
Mr. Ramasubramanian Kuppusubramanian |
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Designation : |
Director |
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Address : |
Plot No. 679, Flat No. 301 Navjyotirling, Wing C, 3rd
Floor, Riddhi Garden, Film City Road Malad (West), Mumbai – 400097,
Maharashtra, India |
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Date of Appointment : |
10.11.2014 |
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DIN No.: |
01623890 |
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Name : |
Mr. Sunil Dhananjay Sapre |
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Designation : |
Director |
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Address : |
13, 13th Floor, Dharnidhar Vastu Vaibhav, Plot No.-138, Senapati Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra, India |
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Date of Appointment : |
01.04.2017 |
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DIN No.: |
05356483 |
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Name : |
Geetha Sitaraman |
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Designation : |
Director |
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Address : |
201, Floor - 2, Plot - 35, Griselda Building, Matunga Road No. 5, Bmc F/N Ward, Matunga (East), Mumbai – 400019, Maharashtra, India |
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Date of Appointment : |
26.03.2015 |
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DIN No.: |
07138206 |
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Name : |
Ms. Kavita Sanjiv Shirvaikar |
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Designation : |
Director |
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Address : |
Flat No. 1212/B - 3, Lok Gaurav Complex LBS Marg, Near 247 Park Vikhroli West, Tagore Nagar, Mumbai – 400083, Mahrashtra, India |
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Date of Appointment : |
01.04.2017 |
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PAN No.: |
ABBPR1695J |
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DIN No.: |
07737376 |
KEY EXECUTIVES
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Name : |
Ms. Kavita Sanjiv Shirvaikar |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No. 1212/B - 3, Lok Gaurav Complex LBS Marg, Near 247 Park Vikhroli West, Tagore Nagar, Mumbai – 400083, Mahrashtra, India |
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Date of Appointment : |
13.02.2015 |
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PAN No.: |
ABBPR1695J |
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Name : |
Ms. Shobha Ranjit Shetty |
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Designation : |
Company Secretary |
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Address : |
Flat No - 1202/1203 - A Wing, Victory House Co-operative Housing Society, Pitamber Lane, Mahim (West), Mumbai - 400016, Maharashtra, India |
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Date of Appointment : |
01.10.2003 |
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PAN No.: |
AAQPS3031B |
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Name : |
Mr. Rahul |
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Designation : |
General Manager of Finance |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
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Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
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(A) Promoter & Promoter Group |
3,25,59,899 |
20.74 |
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(B) Public |
11,84,05,892 |
75.42 |
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(C2) Shares held by Employee Trust |
60,28,900 |
3.84 |
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(C) Non Promoter-Non Public |
60,28,900 |
3.84 |
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Grand Total |
15,69,94,691 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
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Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
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A1) Indian |
0.00 |
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Individuals/Hindu
undivided Family |
29,23,300 |
1.86 |
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Rupen Pravin Patel |
13,52,600 |
0.86 |
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Alina Rupen Patel |
12,90,000 |
0.82 |
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Chandrika Pravin Patel |
1,49,900 |
0.10 |
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Ryan Rupen Patel |
90,000 |
0.06 |
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Pravin Arjunbhai Patel |
40,800 |
0.03 |
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Any Other (specify) |
2,90,86,149 |
18.53 |
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Patel Corporation LLP |
1,86,65,257 |
11.89 |
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Praham India LLP |
1,04,20,892 |
6.64 |
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Sub Total A1 |
3,20,09,449 |
20.39 |
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A2) Foreign |
0.00 |
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Individuals (NonResident Individuals/ Foreign Individuals) |
5,50,450 |
0.35 |
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sonal Patel |
3,50,500 |
0.22 |
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Riaana Batra |
1,99,950 |
0.13 |
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Sub Total A2 |
5,50,450 |
0.35 |
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A=A1+A2 |
3,25,59,899 |
20.74 |
STATEMENT SHOWING SHAREHOLDING
PATTERN OF THE PUBLIC SHAREHOLDER
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Category & Name
of the Shareholders |
No. of shareholder |
Shareholding %
calculated as per SCRR, 1957 As a % |
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B1) Institutions |
0 |
0 |
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Foreign Portfolio
Investors |
925827 |
0.00 |
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Financial Institutions/ Banks |
86014175 |
0.59 |
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Dena Bank |
13605869 |
54.79 |
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Icici Bank Limited |
7616896 |
8.67 |
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idbi Bank |
7420998 |
4.85 |
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Bank Of India |
7033633 |
4.73 |
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Bank Of Baroda |
6966499 |
4.48 |
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Bank Of Maharashra |
6471204 |
4.44 |
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Canara Bank Mumbai |
6035905 |
4.12 |
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Axis Bank Limited |
5254680 |
3.84 |
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State Bank Of India |
4636277 |
3.35 |
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Corporation Bank |
4515043 |
2.95 |
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Dbs Bank Limited |
3944491 |
2.88 |
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Standard chartered Bank |
3087554 |
2.51 |
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Yes Bank Limited |
2378080 |
1.97 |
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Export-Import Bank Of India |
1749443 |
1.51 |
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Insurance Companies |
2266764 |
1.11 |
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Life Insurance Corporation Of India |
2266764 |
1.44 |
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Sub Total B1 |
89206766 |
1.44 |
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B2) Central Government/ State Government(s)/ President of India |
0 |
56.82 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share
capital upto INR 0.200 Million |
19706901 |
0.00 |
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Individual share
capital in excess of 0.200 Million |
2062409 |
12.55 |
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Any Other (specify) |
7429816 |
1.31 |
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Trusts |
99607 |
4.73 |
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HUF |
1485308 |
0.06 |
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NRI – Non- Repat |
259931 |
0.95 |
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NRI – Repat |
616465 |
0.17 |
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Clearing Members |
1195643 |
0.39 |
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Bodies Corporate |
3768962 |
0.76 |
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Sub Total B3 |
29199126 |
2.40 |
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B=B1+B2+B3 |
118405892 |
18.60 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in construction of commercial and residential buildings; primarily know as real estate business. (Registered Activity) |
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Products / Services
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
1428 (Approximately) |
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Bankers : |
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Facilities : |
LONG TERM BORROWINGS Debentures 11.30% secured redeemable non convertible debentures was allotted on September 17, 2012 for a period of 10 years. These debentures have a face value of INR1.0 million each aggregating to INR1,500.000 million (P.Y. INR1,500.000 million) and are to be redeemed in Septmeber 17, 2022. The same is secured against charge on land held on stock in trade of the Company and its subsidiaries. 9.80% secured redeemable non convertible debentures was allotted on July 20, 2009 for a period of 7 years. These debentures have a face value of INR1.0 million each aggregating to INR 550.000 million (P.Y. INR 550.000 million) repayable in a single installment, with a put / call option available and exercisable at par at the end of 5th year from the date of allotment. The same is secured against charge on land held on stock in trade of the Company and its subsidiaries. Interest rate has been revised to 9.80% p.a. (P.Y. 13.16% p.a.) for Syndicate bank w.e.f April 16, interest rate for IDBI bank has been changed at 13.32% p.a.(P.Y.13.32% p.a.) and in case of others it is 13.16% p.a. (P.Y. 13.16% p.a.). The same is disclosed under the head ”Other financial liabiltiies” in note no 19. The company has requested its lenders to reduce the rate of interest to 9.80% p.a. as per minutes of meeting held on August 29, 2016. NCD holders have approved strategic debt restructuring (SDR) invocation by lenders with reference date as May 26, 2016. 11.40% secured redeemable non convertible debentures was allotted on July 11, 2011 for a period of 5 years. These debentures have a face value of INR 0.100 million each aggregating to INR500 million (P.Y. INR1000.000 million). These debentures were to be redeemed on July 11, 2016 - INR500 million. The same is secured against charge on land held on stock in trade of the Company and its subsidiaries. Interest rates has reamined uncahnged at 13% p.a.(P.Y. 13% p.a.).The same is disclosed under the head ”Other financial liabiltiies” in note no 19. NCD holders have approved strategic debt Restructuring (SDR) invocation by lenders with reference date as May 26, 2016, which allows lenders to keep account under ”Stand-Still Clause” for 18 months from the reference date. 10.75% secured redeemable non convertible debentures was allotted on March 3, 2011 for a period of 5 years. These debentures have a face value of INR0.100 million each aggregating to INR 100.000 million (P.Y. INR 250.000 million). These debentures were to be redeemed on March 3, 2016 - INR100 million. Interest rate on the same has remained unchanged at 10.75% p.a.(P.Y. 10.75 % p.a.).The same is secured against charge on land held on stock in trade of the Company and subservient charge on all the property, plant and equipment of the Company. The same is disclosed under the head “Other financial liabiltiies” in note no 19. NCD holders have approved strategic debt restructuring (SDR) invocation by lenders with reference date as May 26, 2016, which allows lenders to keep account under “Stand-Still Clause” for 18 months from the reference date. The above debentures are listed on The National Stock Exchange of India. As per Section 71 of the Companies Act, 2013 the Company has created adequate debenture redemption reserve for the above series of secured redeemable non convertible debenture. Further, in terms section 71 read with Rule 18(7)(c) of Companies Share Capital and Debentures Rules, 2014, the Company has failed to deposit/invest funds a sum of INR 157.500 million Before April 30, 2016 to secure the repayments of debentures maturing during the year 2016-17. the debenture due to mature during the financial year 2016-17 amounted to INR 1050.000 million including debenture stated at point no 1(b) and 1(c) and said were not repaid. The interest on NCD due and outstanding with in 0-30 days INR 62.740 million, 61-90 days 15.36 million & >90 days is INR 271.100 million. Term Loan Banks Term loans also includes the loans taken from Standard Chartered Bank in form of FCNR Loan outstanding amount out of the same is INR 93.040 million (P.Y. INR 95.010 million) which was due in January 2016 and rate of interest on the same has been LIBOR + 400 i.e. 4.23% p.a.ECB loan has matured (and remains unpaid) The Term loans are secured by first charge on the specific assets acquired out of the term loan alongwith specifically identified unencumbered assets and guarantees. The rates of interest for these loans vary between 10%- 13% (floating) linked to monitoring institution’s base rate, with a repayment period of 5-7 years respectively. Term loan includes working capital term loan (WCTL) secured by a first pari passu charge on the receivables more than 180 days, retention deposit, stock of land, immovable property and mortgage over certain lands owned by subsidiary companies, corporate guarantee and pledge of 30% shareholding of subsidiaries owning real estate lands. Negative lien on shareholding (up to 30% shares) of Patel Engineering Limited held by Promoters. The promoters - Mr. Pravin Patel and Mr. Rupen Patel in their personal capacity and Ms. Sonal Patel, Mr. Bhimsen Batra and Mr. Muthu Raj to the extent of the value of the property owned by them, has provided personal guarantees for WCTL. Also there is a charge on escrow accounts of Company, wherein cashflows will be deposited from real estate projects to be developed by respective companies. Term loan amounting to INR 2337.460 million were due and outstanding as on March 31, 2017 comprises of INR 381.840 million due within 0-30 days, INR 179.880 million due within 30-60 days,INR 792.500 million and due within more then 90 days is INR 983.240 million. Interest on the term loans outstanding of INR 884.190 million as on March 31, 2017 comprises of INR 207.440 million due within 0-30 days, INR 228.920 million due within 30-60 days, INR 126.330 million and due within more then 90 days is INR 321.500 million. Term lenders have approved strategic debt restructuring (SDR) invocation by lenders with reference date as May 26, 2016, which allows lenders to keep account under “Stand-Still Clause” for 18 months from the reference date. From Others Includes funds from financial institutions on equipments, secured against the said equipments. These loans carry an interest rate of average between 13%-14% on an average, with a repayment period of 3-5 years respectively. This term loan also includes inter corporate deposits with an average rate of interest of 14%-15% with maturity period of 1-3 yrs. Principal due and outstanding on equipment loan of INR 33.440 million as on March 31, 2017 comprises of INR 4.900 million due within 0-30 days, INR 4.860 million due within 30-60 days, INR 4.820 million and due within more then 90 days is INR 18.860 million and interest due and outstanding on equipment loan of INR 5.080 million as on March 31, 2017 comprises of INR0.96 million due within 0-30 days, INR 0.580 million due within 30-60 days, INR0.630 million and due within more then 90 days is INR 2.910 million. Interest due and outstanding on inter corporate deposits of INR 3.600 million as on March 31, 2017 which is due within 0-30 days category. SHORT TERM
BORROWINGS Short Term Loan Includes loans by earmarking from bank gurantee limits and short term loans from various banks against various immovable properties of company at interest rate of 12-13% (PY 12-13%) payable within a year. Principal amount due of INR 2794.320 million as on March 31, 2017 comprises of INR 1366.150 million due within 30-60 days, INR 60.390 million and due within more then 90 days is INR 1367.780 million and interest outstanding on short term loans of INR 1127.510 million as on March 31, 2017 comprises of INR211.890 million due within 0-30 days, INR 280.160 million due within 30 60 days, INR133.690 million due within 60-90 days and due within more then 90 days is INR501.760 million. Loans Repayable on
Demand Includes cash credit and working capital demand loan from various banks. These loans have been given against hypothecation of stocks, spare parts, book debts, work in progress and guarantees; Terms of Repayment: Cash credit- yearly renewal, rate of interest ranges between 11.50%-15% p.a. (PY 12.50%-15% p.a.) Unsecured Loan It includes short term loans from banks of INR1134.020 million as on March 31, 2017 comprises of INR424.950 million due within 61-90 days and due more then 90 days is INR709.060 million. Note on strategic debt restructuring (SDR) The lenders to the company have invoked SDR with May 26, 2016 as the reference date. Consequently, the lenders have been allotted equity shares of company aggregating to 51.08% of the total equity share capital of company, by converting certain part of outstanding debt to equity as per SDR Scheme. SDR was invoked so that a new investor can be sought who can bring in additional capital for the revival of the full/part business segment with a long term persepective and allows lenders to effect stand-still clause which may be applicable for 18 months from reference date. |
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Auditors : |
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Name : |
Vatsaraj and Company Chartered Accountants |
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Address : |
First Floor, Fort Chambers, “C” Block, 65, Tamarind Lane, Fort, Mumbai
- 400023, Maharashtra, India |
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Tel. No.: |
91-22-22653931 |
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Fax No.: |
91-22-22635488 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates: |
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Subsidiaries |
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Subsidiaries of
Waterfront Developers Ltd. |
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Subsidiaries of
Nirman Constructions Pvt. Ltd. |
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Subsidiaries of
Patel Engineers Private Limited |
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Subsidiaries of Patel
Energy Resources Limited:(As on 31.03.2016) |
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Subsidiaries of ASI
Constructors Inc :(As on 31.03.2016) |
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Subsidiaries of
Patel Engineering (Singapore) Pte. Limited :(As on 31.03.2016) |
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Subsidiaries of Patel
Engineering Inc : (As on 31.03.2016) |
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Subsidiaries of
Patel Engineering (Mauritius) Limited : (As on 31.03.2016) |
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Others: |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000,000 |
Equity Shares (INR
1 each) |
INR 1/- each |
INR 250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
156,994,691 |
Equity Shares (INR
1 each) |
INR 1/- each |
INR 156.990 Million |
|
|
|
|
|
Terms/rights attached
to equity shares
The Company has only one class of shares referred to as equity shares of INR 1/- each. Each holder of equity shares is entitled to the same rights in all respects
Reconciliation of
equity shares outstanding at the beginning and at end of the year
|
Equity Shares |
Number
of Shares |
Amount
|
|
Outstanding at the beginning of the year |
76,806,282 |
76.810 |
|
Add :- Issued during the year (Refer note no. 34) |
80,188,409 |
80.190 |
|
Outstanding at the
end of the year |
156,994,691 |
156.990 |
Share held by each
shareholder more than 5% Equity share
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Patel Engineering Employees Welfare Trust |
6,028,900 |
3.840 |
|
Praham India LLP |
16,744,424 |
10.670 |
|
Patel Corporation LLP |
18,665,257 |
11.890 |
|
Dena bank |
12,102,989 |
7.700 |
|
Total |
53,541,570 |
34.100 |
FINANCIAL DATA
[all figures are
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 |
156.990 |
76.810 |
76.810 |
|
(b) Reserves &
Surplus |
21673.140 |
17327.760 |
16916.300 |
|
(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) |
21830.130 |
17404.570 |
16993.110 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
11957.630 |
17097.780 |
16756.820 |
|
(b) Deferred tax
liabilities (Net) |
2365.690 |
3299.620 |
0.000 |
|
(c) Other long term
liabilities |
6417.460 |
4669.650 |
6040.860 |
|
(d) long-term provisions |
56.820 |
52.640 |
34.100 |
|
Total Non-current
Liabilities (3) |
20797.600 |
25119.690 |
22831.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
26542.350 |
26924.200 |
20562.260 |
|
(b) Trade payables |
6392.760 |
5730.660 |
5823.200 |
|
(c) Other current
liabilities |
13879.690 |
10819.240 |
8001.840 |
|
(d) Short-term provisions |
12.560 |
12.250 |
12.620 |
|
Total Current Liabilities
(4) |
46827.360 |
43486.350 |
34399.920 |
|
|
|
|
|
|
TOTAL |
89455.090 |
86010.610 |
74224.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2932.400 |
1836.460 |
2142.090 |
|
(ii) Intangible Assets |
1.860 |
1.940 |
2.680 |
|
(iii) Capital
work-in-progress |
52.930 |
1007.600 |
42.250 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4950.410 |
5152.160 |
6056.970 |
|
trader recivables |
8101.510 |
7567.270 |
0.000 |
|
(c) Deferred tax assets
(net) |
474.380 |
164.490 |
103.280 |
|
(d) Long-term Loan and Advances |
10115.810 |
8793.490 |
15747.120 |
|
(e) Other Non-current
assets |
10627.860 |
8548.030 |
8597.470 |
|
Total Non-Current Assets |
37257.160 |
33071.440 |
32691.860 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
42587.080 |
40756.510 |
30963.940 |
|
(c) Trade receivables |
1898.810 |
2363.190 |
4351.320 |
|
(d) Cash and cash
equivalents |
524.600 |
433.540 |
815.630 |
|
(e) Short-term loans and advances |
1774.250 |
2828.160 |
5395.680 |
|
(f) Other current assets |
5413.190 |
6557.770 |
6.380 |
|
Total Current Assets |
52197.930 |
52939.170 |
41532.950 |
|
|
|
|
|
|
TOTAL |
89455.090 |
86010.610 |
74224.810 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
29255.520 |
27637.940 |
24728.080 |
|
|
Other Income |
3703.600 |
2858.320 |
1954.170 |
|
|
TOTAL |
32959.120 |
30496.260 |
26682.250 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
20123.300 |
19385.840 |
17932.750 |
|
|
Purchases of
Stock-in-Trade |
76.150 |
92.860 |
0.000 |
|
|
Employees benefits
expense |
1288.860 |
1202.380 |
957.020 |
|
|
exceptional item |
1079.770 |
472.580 |
0.000 |
|
|
Other expenses |
2478.720 |
2991.200 |
1531.680 |
|
|
TOTAL |
25046.800 |
24144.860 |
20421.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
7912.320 |
6351.400 |
6260.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
6379.100 |
6287.500 |
5522.930 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1533.220 |
63.900 |
737.870 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
460.100 |
455.160 |
519.180 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1073.120 |
(391.260) |
218.690 |
|
|
|
|
|
|
|
Less |
TAX |
654.890 |
(92.290) |
99.830 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
418.230 |
(298.970) |
118.860 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores
parts |
0.000 |
4.760 |
0.220 |
|
|
Capital Goods |
0.000 |
3.370 |
32.180 |
|
|
TOTAL IMPORTS |
0.000 |
8.130 |
32.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.99 |
(3.89) |
1.55 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
6,241.070 |
4,314.320 |
3,488.410 |
|
Cash generated from operations |
4680.050 |
1336.900 |
(228.210) |
|
Net cash flow from (used in) operations |
4046.980 |
909.410 |
(553.180) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2st Quarter |
3st Quarter |
|
Net sales |
5563.700 |
3778.900 |
6357.300 |
|
Total Expenditure |
4687.700 |
3262.700 |
3687.600 |
|
PBIDT (Excluding Other Income) |
876.000 |
516.200 |
2669.700 |
|
Other income |
759.200 |
985.600 |
1316.400 |
|
Operating Profit |
1635.200 |
1501.800 |
3986.100 |
|
Interest |
1563.100 |
1630.000 |
1095.200 |
|
Exceptional Items |
NA |
NA |
(2735.900) |
|
PBDT |
72.100 |
(128.200) |
155.000 |
|
Depreciation |
109.500 |
121.100 |
111.400 |
|
Profit Before Tax |
(37.400) |
(249.300) |
43.600 |
|
Tax |
9.800 |
11.200 |
(25.100) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
(47.200) |
(260.500) |
68.700 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(47.200) |
(260.500) |
68.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
23.69 |
31.21 |
64.23 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
15.41 |
11.70 |
5.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
115.52 |
107.38 |
118.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.19 |
0.16 |
0.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.65 |
2.23 |
2.86 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.73 |
0.75 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.05 |
2.78 |
2.40 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.15 |
2.50 |
2.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.14 |
0.16 |
0.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.24 |
1.01 |
1.13 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.43 |
(1.08) |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.47 |
(0.35) |
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.92 |
(1.72) |
0.70 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.11 |
1.22 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.21 |
0.28 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.24 |
0.20 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
284.99 |
629.30 |
531.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.11 |
1.22 |
1.21 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 01/- |
|
Market Value |
INR 72/- |
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 |
76.810 |
76.810 |
156.990 |
|
Reserves & Surplus |
16916.300 |
17327.760 |
21673.140 |
|
Net worth |
16993.110 |
17404.570 |
21830.130 |
|
|
|
|
|
|
long-term borrowings |
16756.820 |
17097.780 |
11957.630 |
|
Short term borrowings |
20562.260 |
26924.200 |
26542.350 |
|
Current Maturities of
Long term debt |
3488.410 |
4314.320 |
6241.070 |
|
Total borrowings |
40807.490 |
48336.300 |
44741.050 |
|
Debt/Equity ratio |
2.401 |
2.777 |
2.050 |
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 |
24728.080 |
27637.940 |
29255.520 |
|
|
|
11.767 |
5.853 |
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 |
24728.080 |
27637.940 |
29255.520 |
|
Profit/(Loss) |
118.860 |
(298.970) |
418.230 |
|
|
0.48% |
(1.08)% |
1.43% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
156.990 |
76.810 |
|
(b) Reserves &
Surplus |
|
21231.460 |
17049.000 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
non controling interest |
|
696.190 |
1457.360 |
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
22084.640 |
18583.170 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
15987.720 |
21074.470 |
|
(b) Deferred tax
liabilities (Net) |
|
2406.860 |
3074.360 |
|
(c) Other long term
liabilities |
|
4590.216 |
3714.570 |
|
(d) long-term provisions |
|
66.110 |
61.790 |
|
Total Non-current
Liabilities (3) |
|
23050.906 |
27925.190 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
27397.000 |
28247.250 |
|
(b) Trade payables |
|
8613.590 |
7883.490 |
|
(c) Other current
liabilities |
|
15596.590 |
12469.280 |
|
(d) Short-term provisions |
|
17.050 |
16.200 |
|
Total Current Liabilities
(4) |
|
51624.230 |
48616.220 |
|
|
|
|
|
|
TOTAL |
|
96759.776 |
95124.580 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
6290.660 |
6218.430 |
|
(ii) Intangible Assets |
|
2.030 |
2.180 |
|
(iii) Capital
work-in-progress |
|
8684.420 |
8366.960 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1381.920 |
1643.690 |
|
trade recivables |
|
8084.110 |
7539.360 |
|
(c) Deferred tax assets
(net) |
|
937.980 |
301.480 |
|
(d) Long-term Loan and Advances |
|
452.710 |
250.810 |
|
(e) Other Non-current
assets |
|
10044.360 |
9593.280 |
|
Total Non-Current Assets |
|
35878.190 |
33916.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
48552.150 |
47007.790 |
|
(c) Trade receivables |
|
2539.250 |
5140.420 |
|
(d) Cash and cash
equivalents |
|
606.576 |
641.870 |
|
(e) Short-term loans and
advances |
|
642.460 |
528.240 |
|
(f) Other current assets |
|
8541.150 |
7890.070 |
|
Total Current Assets |
|
60881.586 |
61208.390 |
|
|
|
|
|
|
TOTAL |
|
96759.776 |
95124.580 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
38838.370 |
40408.660 |
|
|
Other Income |
|
2541.160 |
1528.390 |
|
|
TOTAL |
|
41379.530 |
41937.050 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
30066.270 |
31270.410 |
|
|
Purchases of
Stock-in-Trade |
|
98.330 |
92.860 |
|
|
exceptional item |
|
889.780 |
1375.490 |
|
|
Employees benefits
expense |
|
1497.350 |
1292.100 |
|
|
Other expenses |
|
2966.260 |
3504.440 |
|
|
TOTAL |
|
35517.990 |
37535.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
5861.540 |
4401.750 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
5792.140 |
6016.070 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
69.400 |
(1614.320) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
780.360 |
549.780 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(710.960) |
(2164.100) |
|
|
|
|
|
|
|
Less |
TAX |
|
317.930 |
(202.170) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(1028.890) |
(1961.930) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
|
(9.83) |
(25.54) |
LEGAL
CASE
CASE DETAILS
Bench: Bombay
Presentation Date:
28/04/2016
|
Lodging No: ARBPL/582/2016 Filling
Date: 28/04/2016 Reg. No: ARBL/813/2016
Reg No: 13/06/2016 |
|
Petitioner: ACRON DEVELOPMENT PRIVATE
LIMITED Respondent: PATEL
ENGINEERING LIMITED |
|
Petn. Adv: P VAS AND COMPANY
(I3709)
Resp. Adv: 0(0) |
|
Bench: Single Status: Pre- Admission
Category: ARBITRATION ACT. Last Date: 18/12/2017
Stage: ARBP FOR HEARING AND FINAL DISPOSAL Last Coram: Provisional Board |
CASE DETAILS
Bench: Bombay
Presentation Date:
16/02/2017
|
Lodging No: ITXAL/356/2017 Filling Date: 16/02/2017
Reg. No: ITXAL/735/2017 Reg No: 28/04/2017 |
|
Petitioner: COMMISSIONER OF INCOME
TAX Respondent: PATEL
ENGINEERING LIMITED |
|
Petn. Adv: PADMA DIVAKAR (I3287) Resp. Adv:
0(0) |
|
Bench: Division Status: Pre- Admission
Category: TAX APPEALS Last Date: 30/03/2018
Stage: FOR REJECTION [ORIGINAL MATTERS] Last Coram: ACCORDING TO SITTING LIST ACCORDING
TO SITTING LIST |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
Brief Introduction
Incorporated in 1949, our company viz. Patel Engineering Limited (‘PEL’ or ‘the Company’) has been engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport. It has established a strong presence in tunnels and underground works for hydroelectric and transport projects which are technology intensive and niche areas with the Company being one of the few key players present in the segment. It is the first Indian company with experience in Roller Compacted Concrete (RCC), Micro Tunneling and Double Lake Tap Work. The Company has a consistent track record in execution of projects in the domestic and international arena. PEL has completed over 84 dams, 40 hydroelectric projects, 33 micro-tunneling projects and 180 km of tunneling projects. PEL is an ISO 9002:2000 certified Company and has access to internationally renowned Licensors & Contractors making it the ideal engineering solutions partner for a wide spectrum of services covering a variety of industries. The last few years were tough for the sector with projects being stalled or delayed for want of approvals or funding by the government including various other local issues, with minimal order inflow and piling up of receivables, resulting in the financial position of all companies in the sector being over-leveraged and huge debt burden, including that of our company. Hence, the company was focusing on debt recast over the past couple of years without which it was impossible to grow the business and get fresh orders. With these credentials and debt recast now being successfully implemented, the Company is well placed to undertake various upcoming projects in the infrastructure space in the country.
Macroeconomic
review and India
After a lackluster outturn in 2016, economic activity has started to pick up the pace in 2017 and is projected to continue in 2018 as well, especially in emerging market and developing economies. However, there is a wide dispersion of possible outcomes around the projections, given the uncertainty surrounding the policy stance of the incoming U.S. administration and its global ramifications. The outlook for advanced economies has improved for 2017–18, reflecting somewhat stronger activity in the second half of 2016. Growth prospects have marginally worsened for emerging market and developing economies, where financial conditions have generally tightened. Near-term growth prospects were revised up for China, due to expected policy stimulus, but were revised down for a number of other large economies—most notably India, Brazil, and Mexico. The IMF projected India to be at 7.4% in 2018, 0.3 percentage points less than the projections earlier this year. The IMF report said the
downward revisions for 2017 and 2018 reflect “still lingering disruptions associated with the currency exchange initiative introduced in November 2016, as well as transition costs related to the launch of the national Goods and Services Tax (GST) in July 2017. The report, however, strikes a positive note on the medium term impact of GST. It promises the unification of India’s vast domestic market, is among several key structural reforms under implementation that are expected to help push growth above 8% in the medium term. The Introduction of GST will create a unified mechanism to improve the efficiency of tax, boost business and investment environment
and better governance in the long run. It is one of the bold steps taken by the government for the betterment of the country getting recognition from various parts of the world. Further, the strengthening of bankruptcy laws, more powers to RBI for timely dealing with potential non-performing assets (NPA) of various banks, sustained increase in public spending, digitization and other measures for monetary policy etc. should ensure the growth projections target to be met.
Despite global headwinds and new measures, Indian economy expanded 6.3 percent year-on-year in the third quarter of 2017, above a 5.7 percent in the previous quarter which was the lowest in near three years. Investment and inventories growth rebounded, offsetting a slowdown in both private and public spending.
Performance
overview & Way forward
Patel Engineering Limited has the breadth of experience encompassing all sectors of the Infrastructure industry from dams, tunnels, micro-tunnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries to real estates and townships. Patel also specializes in hydro-electric projects, transportation projects, water treatment projects as well as real estate such as buildings, townships, malls and structures. Patel is finding solutions to the challenges of time and create the infrastructure for modern societies. Patel’s work for governments and commercial customers, projects have helped local economies and improve the quality of life for communities and people around the world. Each project is managed by highly experienced personnel, incorporating the services of various professionals in the geographical surveying and other related fields with whom they have established an excellent working relationship. Sub-contractors have worked with the company for a significant number of years and have thus developed considerable re With effect from April 1, 2016, the wholly owned subsidiary of the company, Patel Realty (India) Ltd. (PRIL) has been merged with the company. Further, the company has adopted IND AS accounting standards from the current financial year. As per Pooling of Interest method, the financial statements of previous year FY 15-16 has been restated with PRIL merged numbers as required by IND AS. The operations of the Company continued to be impacted with cost overruns in respect of stalled projects, delay in realization of receivables, major amounts piling up as claims and ending up in long drawn arbitrations followed by equally longer litigations in courts after awards received in our favour being challenged as per earlier years. Hence, as the debt burden and the interest costs of the company increased, the lenders to the company had invoked SDR on May 26 2016, as the reference date. Post the debt to equity conversion in Nov 2016, lenders hold an equity stake of 51.08% in PEL. SDR was invoked so that a new investor can be sought who can bring in additional capital for the revival of the business. Several financial and strategic investors were approached for an investment opportunity in PEL for divestment of lender’s stake and effect change in management. Investor interest has been seen in specific assets of PEL viz Claims, real estate. The company has undertaken various measures to sell various non-core assets, focusing only on core engineering & construction business, undertaking joint development of land bank with other developers, carve out of actionable claims viz. arbitration awards and claims etc. and reduced debt by more than INR 25,000 million. In addition to the above transactions, the Company has received approvals from majority of Lenders under JLF (as required under RBI guidelines) for its debt resolution plan under the S4A Scheme as mendated by the Overseeing Committee of RBI in November 2017.
Under the scheme, the total debt of the company is split into Sustainable PART A Debt INR 17,240 million (Fund Based) and unsustainable PART B debt INR 12,400 million. Further, all non-fund based limits, both current and additional limits approved under the scheme forms part of Sustainable Debt. The Part B debt is being converted into 0.01% OCDs with a 10 year repayment period, where coupon of 0.01% is payable annually and in total a 7% IRR, balance payable at the time of maturity. With this, the interest & debt repayment burden of the company and cash outflow towards the same shall be reduced substantially and more commensurate with the size of the company. The order backlog from the engineering and construction business as on March 31, 2017 is approximate INR 74154.600 million. The share in the order book stood at –irrigation 25%, Hydroelectric project 27% and Road, Urban infrastructure and others at 48%. Further, the company is L1 for orders worth INR 35,000 million.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
1233.260 |
2470.350 |
|
From related parties |
310.070 |
24.450 |
|
Total |
1543.330 |
2494.800 |
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER NINE MONTH ENDED 31ST DECEMBER
2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Month ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
PARTICULARS |
|
|
|
|
SALES |
|
|
|
|
Income |
6357.300 |
3778.900 |
15699.900 |
|
Other Income |
1316.400 |
985.600 |
3061.200 |
|
TOTAL |
7673.700 |
4764.500 |
18761.100 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
443.300 |
408.600 |
1489.600 |
|
Cost of construction |
2785.200 |
1657.100 |
7897.200 |
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Employees benefits
expense |
329.400 |
312.200 |
963.400 |
|
Financial
Expenses |
1095.200 |
1630.000 |
4288.300 |
|
Depreciation/
Amortisation |
111.400 |
121.100 |
342.000 |
|
Other Expenses |
129.700 |
884.800 |
1287.800 |
|
TOTAL |
4894.200 |
5013.800 |
16268.300 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2779.500 |
(2.493) |
(243.100) |
|
|
|
|
|
|
TAX |
559.300 |
192.600 |
777.800 |
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
687.00 |
(260.500) |
(239.100) |
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
Item
that will not be reclassified to profit or loss |
(10.800) |
(4.700) |
(18.600) |
|
- Remeasurements of
the defined benefit plan |
|
|
|
|
Income tax relating to
items that will not be reclassified to profit or loss |
3.700 |
1.600 |
6.400 |
|
|
|
|
|
|
Total
comprehensive income for the period |
61.600 |
(263.600) |
(251.300) |
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic (not annualised) |
0.44 |
(1.66) |
(1.52) |
|
Diluted (not annualised) |
0.44 |
(1.66) |
(1.52) |
NOTES:
1. The company has opted for publishing standalone results on quarterly basis.
2. The above audited financial results were reviewed by the Audit Committee and approved and taken on record by the Board at their meeting held on February 14, 2018.
3. The financial results of the Company have been prepared
in accordance with Indian Accounting Standards prescribed under section 133 of
the Companies Act, 2013 read with relevant rules thereunder and in terms with
regulation 33 of SEBI (LODR) Regulations, 2015 and SEBI Circular dated 5th
July, 2016.
4. The company has implemented the debt resolution plan under S4A (Scheme for
Sustainable Structuring of Stressed Assets) with majority of JLF lenders
approval and documentation after Overseeing Committee (OC) under the aegis of
RBI approved the scheme on Nov 10, 2017 effective from 8th August, 2017
including NCDs.
5. The company has completed transfer / assignment of certain actionable claims for various projects and certain rights to assets along with corresponding liabilities, debt and obligations valuing INR 21658.000 Million to one of it's wholly owned subsidiary, where 51% has been taken by new investor resulting in change in management.
6. The company has transferred 5 acres of property in Mumbai, alongwith its corresponding liability and debt to one of it's wholly owned subsidiary, which has subsequently been taken over by a real estate developer.
7. Pursuant to S4A (Scheme for Sustainable Structuring of Stressed Assets), the lenders had taken pledge of 10% of equity of the Company, held by the promoters and has invoked & taken over 63,23,532 shares out of the same with a credit of face value of Re. 1 per share to the Company. The compensation payable to the promoters for the loss incurred for such invocation, of INR 533.700 Million, has been disclosed under exceptional item.
Exceptional item also includes provision for impairment of INR 2202.300 relating to investment and loans and advances in a subsidairy.
8. The company is engaged in the Engineering and construction industry which is seasonal in character. The company's margins in the quarterly results vary based on the accrual of cost, recognition of income in different quarters etc. due to the nature of its receipt of claims/awards. In view of this, financial results for the quarter are not comparable with quarterly/annual results.
9. The previous year figures have been regrouped / rearranged/recasted wherever necessary.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G73374001 |
100146311 |
CATALYST TRUSTEESHIP LIMITED |
20/11/2017 |
- |
- |
20500000000.0 |
GDA HOUSE, FIRST FLOOR, PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUDPUNEMA411038IN |
|
2 |
G42835942 |
100105774 |
SREI EQUIPMENT FINANCE LIMITED |
15/02/2017 |
- |
- |
37000000.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
3 |
G33414699 |
100065211 |
CATALYST TRUSTEESHIP LIMITED |
24/10/2016 |
09/01/2017 |
- |
1000000000.0 |
GDA HOUSE, FIRST FLOOR, PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUDPUNEMA411038IN |
|
4 |
G13179916 |
100052298 |
IDBI BANK LIMITED |
18/06/2016 |
- |
- |
1170000000.0 |
IDBI TOWER WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
5 |
G01879543 |
100021159 |
DENA BANK |
28/03/2016 |
- |
- |
1000000000.0 |
C-10, G BLOCK, BANDRA KURLA COMPLEXBANDRA EASTMUMBAIMH400051IN |
|
6 |
C65506495 |
10593694 |
ICICI BANK LIMITED |
18/09/2015 |
- |
- |
8780000000.0 |
LANDMARK RACE COURCE CIRCLEALKAPURIVADODARAGJ390007IN |
|
7 |
C61741773 |
10586073 |
SREI EQUIPMENT FINANCE LIMITED |
01/04/2015 |
- |
- |
114091953.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWB700046IN |
|
8 |
C62778378 |
10588350 |
SREI EQUIPMENT FINANCE LIMITED |
01/04/2015 |
- |
- |
536608047.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWB700046IN |
|
9 |
C54430269 |
10571027 |
CANARA BANK |
03/03/2015 |
- |
- |
1300000000.0 |
SPECIALIZED PRIME CORPORATE BRANCH7TH FLOOR, MAKER CHAMBER-III, NARIMAN POINTMUMBAIMH400021IN |
|
10 |
C44852747 |
10551642 |
GDA TRUSTEESHIP LIMITED |
12/02/2015 |
- |
- |
17000000000.0 |
GDA HOUSE, FIRST FLOOR, PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUDPUNEMH411038IN |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Electrical Equipment
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 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
POO |
|
|
|
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NKTS |
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.