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|
MIRA INFORM REPORT
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Report No. : |
487104 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ITD CEMENTATION INDIA LIMITED (w.e.f.26.05.2005) |
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Formerly known
as: |
SKANSKA CEMENTATION INDIA LIMITED (w.e.f.11.07.2001) KVAERNER CEMENTATION INDIA LIMITED (w.e.f.01.09.1998)
TRAFALGAR HOUSE CONSTRUCTION INDIA LIMITED [w.e.f.07.09.1994] CEMINDIA COMPANY LIMITED |
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Registered
Office : |
National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile
Parle (East), Mumbai – 400057, Maharashtra |
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Tel. No.: |
91-22-66931600 |
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Country : |
India |
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Financials (as
on) : |
31.12.2016 |
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Date of
Incorporation : |
24.06.1978 |
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Com. Reg. No.: |
11-020435 |
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Capital
Investment / Paid-up Capital : |
INR 155.158 Million |
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CIN No.: [Company Identification
No.] |
L61000MH1978PLC020435 |
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IEC No.: |
0388068876 |
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GST No: |
27AAACT1426A1ZZ |
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TIN No.: |
27170004850 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT1426A |
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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
: |
Subject is engaged in Construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work. (Registered Activity) |
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No. of Employees
: |
4579 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 15735000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
ITD Cementation India Limited is engaged in construction of a wide variety
of structures like maritime, structures, mass rapid transport systems (MRTS),
dams and tunnels, airports, highways, bridges and flyovers and other
foundations and specialist engineering work. ITD Cementation India Limited operates as a subsidiary of
“Italian-Thai development Public Company Limited”, Thailand. The company was
incorporated in the year 1978 and is based in Mumbai, Maharashtra. It is an
established company having good track record. For the financial year ended December 2016, the company has witnessed
a growth in its revenue and has achieved profit margin at 1.64% (approx.) The company possesses sound financial profile marked by healthy net
worth base along with low debt level of the company The company further derives strength from its holding entity and its
experienced management team. Share price are quoted high on stock exchange (Share price of INR 210
with face value INR 1). Further, as per available quarterly financials of 2017, the company
has shown growth in its revenue and has reported fair profit. Trade relations are reported as fair. Business is active. Payments
terms are reported as regular and as per commitment. In view of the aforesaid, the company can be considered normal 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
INDIA RATING |
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Rating |
Long Term Rating=A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
31.05.2017 |
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Rating Agency Name |
INDIA RATING |
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Rating |
Short Term Rating=A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
31.05.2017 |
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 20.01.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Ms. Girija |
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Designation : |
Manager |
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Contact No.: |
91-22-66931600 |
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Date : |
18.01.2018 |
LOCATIONS
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Registered/ Corporate Office : |
National Plastic Building, A – Subhash Road, Paranjape B Scheme, Vile
Parle (East), Mumbai – 400057, Maharashtra, India
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Tel. No.: |
91-22-66931600 |
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Fax No.: |
91-22-66931627/ 28 |
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E-Mail : |
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Website : |
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Site Office: |
1st Floor, Dani Wooltex Compound, 158, Vidyanagari Marg, Kalina, Satacruz
(East), Mumbai-400098, Maharashtra, India
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Project Office: |
Road No. 51, Shah Alam Bandhu Road, Adjoining Azadpur Flyover, Outer Ring Road, Delhi – 110042, India |
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Regional/ Area
Offices: |
· “Godrej Waterside”, Tower No. 1, Office # 803, 8th floor, Plot No. 5, Block-DP, Sector-V, Salt Lake City, Kolkata-700091, West Bengal, India
· 301 & 302, Sagar Towers, District Centre, Janakpuri, New Delhi-110058, India
· Pearl Glow Building, First Floor, No. 3 Vijayaragava Road, T. Nagar, Chennai-600017, Tamilnadu, India
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R & D Location: |
Located at: ·
Kolkata |
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Project Offices : |
Located at: · Medak · Vizag · Jorabat · Delhi · Dahej · Hazira · Kandla · Gurgaon · Jammu · Bangalore · Gulbarga · Kolkata · Sasan · Kymore · Gondia · JNPT, Maharashtra · Mumbai · Nashik · Pune-Satara · Ratnagiri · Umtru · Cuttack · Mansa · Jaipur · Sikkim · Chennai · Tuticorin · Agartala · Lucknow |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Darius Erachshaw Udwadia |
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Designation : |
Director |
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Address : |
Empress Court, 142, M-Karve Road, Mumbai - 400020,
Maharashtra, India |
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Qualification : |
Hons. Degree in
M.A. and LL.B [Bombay]. |
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Date of Appointment : |
09.02.1983 |
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DIN No.: |
00009755 |
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Name : |
Mr. Deba Prasad Roy |
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Designation : |
Director |
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Address : |
Appartment 505, Nestle I.B. Wing, Pandurang Budhkar Marg,
Mumbai - 400013, Maharashtra, India |
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Qualification : |
Degree in M. Sc. Chemistry from Jadavpur University, Calcutta. |
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Date of Appointment : |
31.07.2007 |
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DIN No.: |
00049269 |
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Name : |
Mr. Premchai Karnasuta |
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Designation : |
Director |
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Address : |
12/3 SOI Soonvijai, 3 New Petchburi Bangkapi Huaykwang,
Bangkok, 10320, ,Thailan |
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Qualification : |
Graduate in B. Sc Mining Engineering and also holds MBA degree. |
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Date of Appointment : |
04.11.2004 |
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DIN No.: |
00233779 |
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Name : |
Mr. Pathai Chakornbundit |
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Designation : |
Director |
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Address : |
342/48, SOI Ram Indra 14, Ram Indra Road, Tharang,
Bangkhan, Bangkok, 10230, Thailand |
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Qualification : |
Graduate in B. Engineering. |
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Date of Appointment : |
04.11.2004 |
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DIN No.: |
00254312 |
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Name : |
Mr. Per Ebbe Hofvander |
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Designation : |
Director |
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Address : |
Fyrvagen 11, 23940 Falsterbo, Sweden, 23940, Sweden |
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Qualification : |
Degree in M. Sc. Civil Engineering. |
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Date of Appointment : |
30.04.2005 |
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DIN No.: |
00254616 |
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|
Name : |
Mr. Ramola Shripad Mahajani |
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Designation : |
Director |
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Address : |
112 Satnam Apartments, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Date of Appointment : |
06.11.2014 |
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DIN No.: |
00613428 |
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Name : |
Mr. Adun Saraban |
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Designation : |
Managing Director |
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Address : |
Heritage, Flat No. 703, 7th Floor, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
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Qualification : |
Bachelor degree in Civil Engineering from King Mongkut’s University of Technology Thonburi Thailand. |
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Date of Appointment : |
12.08.2009 |
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DIN No.: |
01312769 |
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Name : |
Mr. Piyachai Karnasuta |
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Designation : |
Additional Director |
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Address : |
12 SOI Soonvijay 3,New Phetburi Road,, Bangkapi, Huaikwang, Bangkok, 10310, Thailand |
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Date of Appointment : |
05.08.2015 |
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DIN No.: |
07247974 |
KEY EXECUTIVES
|
Name : |
Mr. Ramnath Sundaresan |
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Designation : |
Executive Vice President and Chief Financial Officer |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AHEPS6516L |
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Name : |
Mr. Rahul Neogi |
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Designation : |
Company Secretary |
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Address : |
Greenhills 4A, 401,Lokhandwala Township, Kandivali, Mumbai-400101, Maharashtra, India |
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Date of Appointment : |
01.02.2017 |
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PAN No.: |
ABFPN1919B |
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|
Name : |
Ms. Girija |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category
of shareholder |
Total
nos. shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957) |
|
|
(A) Promoter and Promoter Group |
80113180 |
51.63 |
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(B) Public |
75044720 |
48.37 |
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Grand
Total |
155157900 |
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 (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
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|
A2) Foreign |
0.00 |
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Any Other
(specify) |
8,01,13,180 |
51.63 |
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ITALIAN THAI DEVELOPMENT PUBLIC COMPANY
LIMITED |
8,01,13,180 |
51.63 |
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Sub Total A2 |
8,01,13,180 |
51.63 |
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A=A1+A2 |
8,01,13,180 |
51.63 |
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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) |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
34182886 |
22.03 |
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RELIANCE CAPITAL TRUSTEE CO. LTD. - A/C
RELIANCE TAX SAVER (ELSS) FUND |
9376105 |
6.04 |
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SUNDARAM MUTUAL FUND A/C SUNDARAM SMILE
FUND |
2657499 |
1.71 |
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FRANKLIN TEMPLETON MUTUAL FUND A/C
FRANKLIN INDIA HIGH GROWTH COMPANIES FUND |
4000000 |
2.58 |
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UTI-MNC FUND |
5649430 |
3.64 |
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SBI MAGNUM MONTHLY INCOME PLAN |
5401284 |
3.48 |
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IDFC PREMIER EQUITY FUND |
3563055 |
2.30 |
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Foreign
Portfolio Investors |
4345180 |
2.80 |
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EASTSPRING INVESTMENTS INDIA
INFRASTRUCTURE EQUITYOPEN LIMITED |
2584178 |
1.67 |
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Financial
Institutions/ Banks |
161930 |
0.10 |
|
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Sub Total B1 |
38689996 |
24.94 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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|
B3)
Non-Institutions |
0 |
0.00 |
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|
Individual share
capital upto INR 0.200 Million |
23146929 |
14.92 |
|
|
Individual share
capital in excess of INR 0.200 Million |
6255083 |
4.03 |
|
|
HITESH RAMJI JAVERI |
4000020 |
2.58 |
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|
NBFCs registered
with RBI |
3150 |
0.00 |
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Any Other
(specify) |
6949562 |
4.48 |
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|
Trusts |
3951 |
0.00 |
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ALTERNATIVE INVESTMENT FUND |
250000 |
0.16 |
|
|
NRI – Repat |
744117 |
0.48 |
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|
Clearing Members |
102268 |
0.07 |
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|
NRI – Non- Repat |
218704 |
0.14 |
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Bodies Corporate |
5336962 |
3.44 |
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|
PARAM CAPITAL RESEARCH PRIVATE LIMITED |
2000000 |
1.29 |
|
|
IEPF |
293560 |
0.19 |
|
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Sub Total B3 |
36354724 |
23.43 |
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|
B=B1+B2+B3 |
75044720 |
48.37 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams and tunnels, airports, highways, bridges and flyovers and other foundations and specialist engineering work. (Registered Activity) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
PSA group ·
Adani ·
Mundra Port ·
National
Highways Authority of India (NHAI) ·
Ghaziabad
Development Authority ·
CIDCO ·
Tata Projects
Limited ·
Punj Lloyd
Limited ·
NTPC Limited |
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No. of Employees
: |
4579 (Approximately) |
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Bankers : |
·
Allahabad Bank ·
Axis Bank Limited ·
Bank of Baroda ·
Bank of India ·
Bank of Maharashtra ·
Central Bank of India ·
Export-Import Bank of India ·
IDBI Bank Limited ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of India ·
Syndicate Bank ·
The Federal Bank Limited ·
Union Bank of India |
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Facilities : |
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Auditors : |
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|
Name : |
Walker, Chandiok and Company Chartered Accountants |
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Address : |
16th Floor, Tower II, Indiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-66262600 |
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Fax No.: |
91-22-66262601 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Legal Advisors : |
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|
Name : |
Udwadia and Company |
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Address : |
Mumbai, Maharashtra, India |
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Holding Company : |
Italian-Thai Development Public Company Limited |
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Subsidiary Company : |
ITD Cementation Projects India Limited |
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Fellow
subsidiary : |
First Dhaka Elevated Expressway (FDEE) Company Limited |
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Joint Ventures (unincorporated): |
·
ITD Cemindia JV ·
ITD - ITD Cem JV ·
ITD - ITDCem JV (Consortium of ITD - ITD
Cementation) ·
ITD - Cem Maytas Consortium · CEC - ITD Cem-TPL JV |
CAPITAL STRUCTURE
AS ON 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
INR 1/- each |
INR 300.000 Million |
|
45000000 |
Redeemable Preference Shares |
INR 10/- each |
INR 450.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 750.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
155183160 |
Equity Shares |
INR 1/- each |
INR 155.183 Million |
|
|
|
|
|
Subscribed &
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
155157900 |
Equity Shares |
INR 1/- each |
INR 155.158 Million |
|
|
|
|
|
a) Reconciliation of equity shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.12.2016 |
|
|
|
Number |
Amount |
|
At
the beginning of the year |
155157900 |
155.158 |
|
Add:
Conversion on account of share split |
--- |
--- |
|
Balance at the end of the year |
155157900 |
155.158 |
Pursuant to the approval of
the members at the 37th Annual General Meeting of the Company held on 13 May
2015 to the sub-division of the Equity Shares of the Company, each Equity Share
of nominal face value of INR 10 each was sub-divided to 10 (ten) Equity Share of INR 1 each. The effective date
for the said sub-division was 24 August 2015.
b) Terms/rights attached to equity shares
The Company has only one
class of equity shares having a par value of INR 1 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian Rupees. The dividend proposed if any by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except interim 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, if any. The distribution will be in proportion to the number of equity
shares held by the shareholders.
c) Shares held by holding Company
|
Particulars |
31.12.2016 |
|
|
|
Number |
Amount |
|
Equity
shares of INR 1each |
|
|
|
Italian-Thai
Development Public Company Limited, Thailand |
80113180 |
80.113 |
d) Shareholders holding more than 5% of the equity
shares in the Company as at 31 December 2016
|
Particulars |
31.12.2016 |
|
|
|
Number |
% Holding |
|
Equity
shares of INR 1each |
|
|
|
Italian-Thai
Development Public Company Limited, Thailand |
80113180 |
51.63 |
|
HDFC
Trustee Company Limited |
10576780 |
6.82 |
As per of the Company,
including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownership of shares.
e) Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceeding the
reporting date.
The Company has not issued
any bonus shares, shares for consideration other than cash and bought back any
shares during five years immediately preceeding the reporting date.
f ) Out of the total issued
capital, 25,260 (Previous year : 25,260) equity shares of INR 1 each have been
kept in abeyance pending final settlement of rights issues.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
155.158 |
155.158 |
155.158 |
|
(b) Reserves & Surplus |
5352.095 |
4927.023 |
5523.057 |
|
(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) |
5507.253 |
5082.181 |
5678.215 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
406.213 |
98.281 |
296.061 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
90.236 |
69.216 |
56.070 |
|
Total Non-current
Liabilities (3) |
496.449 |
167.497 |
352.131 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2934.843 |
4516.890 |
5974.246 |
|
(b) Trade
payables |
6042.320 |
7167.803 |
3628.859 |
|
(c) Other
current liabilities |
3110.282 |
4436.377 |
3458.465 |
|
(d) Short-term
provisions |
254.183 |
159.752 |
107.816 |
|
(e) Current maturity
of long-term-borrowing |
221.061 |
268.422 |
0.000 |
|
Total Current
Liabilities (4) |
12562.689 |
16549.244 |
13169.386 |
|
|
|
|
|
|
TOTAL |
18566.391 |
21798.922 |
19199.732 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3356.087 |
2931.293 |
2828.038 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
56.020 |
19.684 |
17.818 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
103.125 |
660.742 |
591.411 |
|
(c) Deferred tax assets (net) |
0.307 |
362.220 |
66.420 |
|
(d) Long-term Loan and Advances |
2145.649 |
1696.030 |
1168.439 |
|
(e) Loan term trade
receivables |
286.337 |
286.337 |
286.337 |
|
(f) Other Non-current assets |
0.000 |
1.889 |
2.754 |
|
Total Non-Current
Assets |
5947.525 |
5958.195 |
4961.217 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.026 |
0.026 |
0.026 |
|
(b)
Inventories |
6670.086 |
9973.047 |
9594.392 |
|
(c) Trade
receivables |
2274.476 |
2611.629 |
3345.781 |
|
(d) Cash
and cash equivalents |
1646.959 |
1408.797 |
167.654 |
|
(e)
Short-term loans and advances |
2023.646 |
1835.539 |
1129.104 |
|
(f) Other
current assets |
3.673 |
11.689 |
1.558 |
|
Total
Current Assets |
12618.866 |
15840.727 |
14238.515 |
|
|
|
|
|
|
TOTAL |
18566.391 |
21798.922 |
19199.732 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Revenue |
29252.678 |
27360.870 |
13524.084 |
|
|
|
Other Operating Income |
(537.049) |
74.436 |
169.981 |
|
|
|
Other Income |
197.578 |
168.394 |
73.105 |
|
|
|
TOTAL (A) |
28913.207 |
27603.700 |
13767.170 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6553.617 |
6623.495 |
4689.941 |
|
|
|
Sub-contract Expenses |
12861.276 |
12425.507 |
3463.910 |
|
|
|
Employees benefits expense |
2214.099 |
1843.225 |
1561.199 |
|
|
|
Other expenses |
5129.260 |
4960.097 |
3234.117 |
|
|
|
Exceptional Item |
0.000 |
1239.719 |
(955.325) |
|
|
|
TOTAL (B) |
26758.252 |
27092.043 |
11993.842 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
2154.955 |
511.657 |
1773.328 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
887.436 |
1150.677 |
1199.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
1267.519 |
(639.020) |
573.773 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
323.079 |
248.529 |
294.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
944.440 |
(887.549) |
279.504 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
463.345 |
(294.476) |
85.366 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
481.095 |
(593.073) |
194.138 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare parts |
12.827 |
4.550 |
4.166 |
|
|
|
Tools and equipment’s |
17.017 |
0.862 |
|
|
|
|
Construction materials |
50.675 |
128.704 |
10.692 |
|
|
|
Capital goods (including capital work-in-progress) |
312.851 |
77.825 |
14.403 |
|
|
TOTAL IMPORTS |
393.370 |
211.941 |
25.095 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR ) |
3.10 |
(3.82) |
15.14 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term borrowings |
NA |
NA |
437.452 |
|
|
|
|
|
|
Cash generated from operations |
3357.410 |
4706.661 |
202.463 |
|
|
|
|
|
|
Net cash generated from operating activities |
3033.568 |
4486.235 |
336.380 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
28.38 |
34.84 |
90.30 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
12.86 |
10.48 |
4.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
336.52 |
395.00 |
282.42 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.32 |
0.05 |
0.18 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.63 |
0.17 |
0.62 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.70 |
0.76 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.61 |
0.91 |
1.18 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.28 |
3.26 |
2.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.62 |
0.58 |
0.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.43 |
0.44 |
1.48 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.64 |
(2.17) |
1.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.59 |
(2.72) |
1.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.74 |
(11.67) |
3.42 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.00 |
0.96 |
1.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.47 |
0.35 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.30 |
0.23 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
21.53 |
29.74 |
43.23 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.00 |
0.96 |
1.08 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 210.00/- |
FINANCIAL DATA
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR In Million) |
(INR In Million) |
|
Share Capital |
155.158 |
155.158 |
155.158 |
|
Reserves & Surplus |
5523.057 |
4927.023 |
5352.095 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5678.215 |
5082.181 |
5507.253 |
|
|
|
|
|
|
Long-term borrowings |
296.061 |
0.000 |
406.213 |
|
Short term borrowings |
5974.246 |
4516.890 |
2934.843 |
|
Total
borrowings |
6270.307 |
4516.890 |
3341.056 |
|
Debt/Equity
ratio |
1.104 |
0.889 |
0.607 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13524.084 |
27360.870 |
29252.678 |
|
|
|
102.312 |
6.914 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Sales |
13524.084 |
27360.870 |
29252.678 |
|
Profit / Loss |
194.138 |
(593.073) |
481.095 |
|
|
1.44% |
(2.17%) |
1.64% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
155.158 |
155.158 |
155.158 |
|
(b) Reserves & Surplus |
5352.039 |
4926.985 |
5523.022 |
|
(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) |
5507.197 |
5082.143 |
5678.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
406.213 |
117.881 |
403.861 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
90.236 |
69.456 |
56.324 |
|
Total
Non-current Liabilities (3) |
496.449 |
187.337 |
460.185 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3710.585 |
5621.169 |
6811.953 |
|
(b)
Trade payables |
6396.693 |
7542.928 |
4171.951 |
|
(c)
Other current liabilities |
4699.670 |
5583.761 |
4715.032 |
|
(d)
Short-term provisions |
254.404 |
268.422 |
111.097 |
|
(e) Current maturity
of long-term-borrowing |
513.101 |
162.157 |
0.000 |
|
Total
Current Liabilities (4) |
15574.453 |
19178.437 |
15810.033 |
|
|
|
|
|
|
TOTAL |
21578.099 |
24447.917 |
21948.398 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3818.436 |
3489.852 |
3352.583 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
56.020 |
26.722 |
32.836 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
275.642 |
442.339 |
148.513 |
|
(d) Long-term Loan and
Advances |
2751.873 |
2216.751 |
1659.577 |
|
(e) Long term trade
receivable |
286.337 |
286.337 |
286.337 |
|
(f)
Other Non-current assets |
0.000 |
2.379 |
2.754 |
|
Total
Non-Current Assets |
7188.308 |
6464.380 |
5482.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.026 |
0.026 |
0.026 |
|
(b)
Inventories |
8456.721 |
11753.807 |
11312.522 |
|
(c)
Trade receivables |
2648.229 |
3091.717 |
4128.581 |
|
(d)
Cash and cash equivalents |
1850.982 |
1476.026 |
271.820 |
|
(e)
Short-term loans and advances |
1429.879 |
1650.051 |
751.274 |
|
(f)
Other current assets |
3.954 |
11.910 |
1.575 |
|
Total
Current Assets |
14389.791 |
17983.537 |
16465.798 |
|
|
|
|
|
|
TOTAL |
21578.099 |
24447.917 |
21948.398 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
30885.602 |
30687.003 |
17124.231 |
|
|
|
Other Operating Income |
10.398 |
22.487 |
65.229 |
|
|
|
Other Income |
252.216 |
221.741 |
184.947 |
|
|
|
TOTAL (A) |
31148.216 |
30931.231 |
17374.407 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7322.593 |
8094.583 |
6439.202 |
|
|
|
Employees benefits expense |
5636.855 |
2224.069 |
1936.389 |
|
|
|
Other expenses |
7322.593 |
5516.240 |
3877.092 |
|
|
|
Sub contract expense |
13299.985 |
12958.837 |
4026.028 |
|
|
|
Exceptional item |
2538.031 |
1239.719 |
(955.325) |
|
|
|
TOTAL (B) |
28797.464 |
30033.448 |
15323.386 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2350.752 |
897.783 |
2051.021 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1165.227 |
1377.136 |
1355.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1185.525 |
(479.353) |
695.984 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
449.445 |
366.505 |
427.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
736.080 |
(845.858) |
268.896 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
255.003 |
(252.782) |
74.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
481.077 |
(593.076) |
194.143 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
3.10 |
(3.82) |
15.14 |
|
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 08.08.2017 |
|
LODGING NO: ITXAL/2005/2017
FILING DATE: 08.08.2017 |
|
PETITIONER:
PR. COMMISSIONER OF INCOME-TAX-14 RESPONDENT: ITD CEMENTATION
INDIA LIMITED PETN. ADV.: SURESH KUMAR (I2100)
DISTRICT: MUMBAI |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY:
TAX APPEALS Last Date: 16.11.2017
Stage: For Rejection [Original Side Matters] Last Coram: REGISTRAR(OS)/ PROTHONOTARY & SR. MASTER |
|
ACT: Income Tax Act,
1961 Under Section:- 260A |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G13680186 |
100053082 |
DOHA BANK QSC |
04/10/2016 |
- |
- |
400000000.0 |
Nariman Point Branch, Sakhar Bhavan, Ground Floor,230,Block No.III,Backbay Reclamation,Nariman PointMumbaiMH400021IN |
|
2 |
G13985668 |
100036920 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
13/06/2016 |
21/09/2016 |
- |
200000000.0 |
One Forbes,Dr. V. B. Gandhi Marg, FortMumbaiMH400001IN |
|
3 |
G01819515 |
100020969 |
Axis Bank Limited |
23/03/2016 |
- |
- |
39047300.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
4 |
C81783839 |
10626169 |
Axis Bank Limited |
20/02/2016 |
- |
- |
18975600.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
5 |
C78565355 |
10619244 |
Axis Bank Limited |
20/01/2016 |
- |
- |
9645000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
6 |
C75691147 |
10612606 |
Axis Bank Limited |
16/12/2015 |
- |
- |
9680000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
7 |
C72779598 |
10607008 |
Axis Bank Limited |
20/11/2015 |
- |
- |
6101200.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
8 |
C69502987 |
10601330 |
Axis Bank Limited |
20/10/2015 |
- |
- |
16548023.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
9 |
C69257889 |
10600829 |
SYNDICATE BANK |
20/10/2015 |
- |
- |
2000000000.0 |
Mid Corporate Branch, 3rd Floor,10, Homji Street, Fort,MumbaiMH400023IN |
|
10 |
C62580477 |
10588020 |
BANK OF MAHARASHTRA |
13/08/2015 |
- |
- |
2000000000.0 |
Industrial Finance Branch, Apeejay House,130, B.S. Marg, Fort,MumbaiMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.12.2016 (INR
In Million) |
31.12.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial paper |
1750.000 |
1750.000 |
|
|
|
|
|
Total |
1750.000 |
1750.000 |
CORPORATE
INFORMATION
ITD Cementation India Limited (‘ITD Cem’ or ‘the Company’) was incorporated in 1978 and is engaged in construction of a wide variety of structures like maritime structures, mass rapid transport systems (MRTS), dams & tunnels, airports, highways, bridges & flyovers and other foundations and specialist engineering work. The activities of the Company comprise only one business segment viz Construction.
REVIEW OF OPERATIONS
Revenue from standalone
operations for the year at INR 29252.678 Million has increased by INR 1891.808
Million, from INR 27360.870 Million in the year 2015, an increase of about 6.9%
over the previous year.
The Company made a profit
before tax of INR 944.440 Million compared to a loss before tax of INR 887.549
Million (after exceptional item of INR 1239.719 Million) for the year 2015.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMY
Global growth is projected
to slow to 3.1% in 2016 before recovering to 3.4% in 2017. The forecast was
revised down by 0.1 percentage point for 2017 compared to the April 2016
projections. This reflected a more subdued outlook following the Brexit
referendum and weaker-than-expected growth in the US. However, longterm
prospects of emerging market economies have improved on the back of a visible
lowering of interest rates in advanced economies and firming of commodity
prices. Asia in general and India in particular has demonstrated robust growth
while sub- Saharan Africa has experienced a sharp slowdown.
Emerging markets and developing economies (EMDEs):
Aggregate growth for EMDEs
was estimated at 3.5% for 2016, just above the post-crisis low reached in 2015.
However, the overall forecast masks a marked difference between countries with
strong commodity import-export ratios. After stagnating in 2015, growth in
commodity-exporting EMDEs for 2016 was pegged at 0.4% – substantially below the
forecasted 1.6% (January 2016). This reflects a significant downward revision
in terms of commodity prices spurred by weak global trade, volatile capital flows
and inherent domestic challenges.
Imation and commodity prices:
With China reorienting
itself into a consumption-centric economy and Saudi Arabia reducing its
dependence on oil, the case for base metals has been strengthened. This has in turn
propped up commodity prices. Consequently, inflation rates have recovered
across advanced economies and commodity prices bottomed out in recent months.
Financial markets: Long-term nominal and real interest rates have risen
substantially in the UK and in the US since the November 2016 Presidential
elections. As of early January 2017, nominal yields on 10-year US treasury
bonds have increased by ~1 percentage point since August 2016. Since, the US
fiscal policy is projected to become more expansionary, the greater demand will
catalyse inflationary pressure.
OUTLOOK:
The global economy has
entered its sixth year of stagnation with growth estimates for 2017 continuing
to trend the historical path. A projected stabilisation in energy and commodity
prices may provide some respite for resource rich economies in 2017, but the
medium-term outlook continues to be bleak with growth weakening in terms of
investment and labour supply. Businesses will need to prepare themselves
adequately in order to address the challenges arising from geopolitical
tensions, policy uncertainties, financial market volatilities and rapid changes
in technology. They can do so by leveraging qualitative sources of growth and
boosting their technological quotients and business productivity ratios.
INDUSTRY STRUCTURE AND DEVELOPMENT
INDIAN CONSTRUCTION SECTOR
A report, ‘Global
Construction 2030’, forecasts that the volume of construction output will grow
by 85% to $15.5 trillion worldwide by 2030, with three countries, China, US and
India, leading the way and accounting for 57% of all global growth. The report
also concludes that the Indian construction market will grow at an average rate
of 8.5% annually.
The prospects
notwithstanding, the performance of the construction sector has been a mixed
bag with some segments like roads and urban infrastructure registering
improvement in the pace of execution and awarding of fresh projects while
several other segments have remained tepid at best. The recovery in the sector
is likely to get delayed further with the sharp fall in prices of commodities,
which will defer the private sector investments in segments such as oil &
gas, steel, and mining etc. This comes at a time when corporates and banks have
stressed balance sheets, limiting the funding avenues for newer projects.
However, on the positive side, with the savings from lower crude oil prices and
the government’s emphasis on infrastructure projects, public sector investments
are expected to increase in medium term. Nevertheless, higher public sector
investments alone may not be sufficient for revival of the
construction/infrastructure sector as public sector spending is also
constrained by fiscal deficit targets and other increased expenditures on
account of pay revisions and subsidies.
OUTLOOK
During the last couple of
years, India has had the privilege of being among the most favoured investment
destinations of the world. Benign crude oil and commodity prices combined with
the increase in tax revenues of the government have helped improve public
finances and reduce some of its external vulnerabilities. Good monsoon in 2016
and its benevolent effect on food prices ensured that inflation remained in
control with WPI and CPI at 3.39 % and 3.41% respectively as of December 2016.
However, the demonetization action by the government is likely to lower GDP
growth in 2016-17 to about 6.8%, according to a survey carried out by FICCI in
December ‘16/ January ‘17. This is lower by a percent from the IMF forecast of
7.6% GDP growth for India in 2016-17.
The anticipated revival in
private capital investment has not come about and, going forward, the growth
prospects for the construction sector in 2017 will largely be led by government
expenditure on infrastructure. In the Budget for 2017-18, the government has
increased the outlay on infrastructure by about 25% over its previous year and
has chosen to adopt an integrated approach to improving the transportation
network by combining roads, railways, waterways and civil aviation.
The Economic Survey for
2016-17 estimates the Indian economy to grow between 6.75% and 7.5% in 2017-18.
But rising crude and commodity prices in global markets, increased
protectionist policies by many governments affecting exports and the weakening
of the rupee against the US dollar are factors that are likely to government’s
investment expenditure in infrastructure.
The demonetization action
led to a spurt in bank deposits and, with low demand for credit, has seen a
reduction in lending rates. However, this alone will not be sufficient for
improving credit metrics. Any significant improvement in liquidity profile and
credit metrics of construction companies will take time and will be contingent
on improvement in working capital cycle (by way of faster execution and release
of stuck receivables/retention money), improvement in pace of execution and
ability to raise long term funds. The Company has maintained its focus on
project selection for bidding after due evaluation of risks, profitability and
project cash flow and has been able to build a strong and diverse order book
worth INR 65834.600 Million as on 31st December, 2016. The Company is also in
the L1 status on a significant contract amounting to over INR 17000.000
Million, which it is hopeful of converting into an award. The Company is
confident of improving its performance in the coming year, although executional
challenges will continue to exert pressure on profit margins for the next
couple of quarters.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 30.09.2017
(INR. IN MILLION)
|
|
Particulars |
3 months
ended |
Preceding
three months ended |
Nine months
ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from operations |
4137.227 |
4734.396 |
14054.887 |
|
2. |
Other Income |
36.246 |
85.910 |
196.640 |
|
3. |
Total Income
(1+2) |
4173.473 |
4820.306 |
14251.527 |
|
|
|
|
|
|
|
4. |
Expenses |
|
|
|
|
|
a)
Cost materials consumed |
1037.716 |
1477.257 |
3991.255 |
|
|
b)
Subcontracting expense |
888.517 |
869.527 |
3151.881 |
|
|
c)
Employee benefits expense |
572.960 |
640.746 |
1813.414 |
|
|
d)
Depreciation and amortisation expense |
136.658 |
131.721 |
406.658 |
|
|
e)
Finance Costs |
218.835 |
217.993 |
644.712 |
|
|
f)
Other expenses |
1024.860 |
1186.572 |
3335.069 |
|
|
Total Expenses |
3879.546 |
4523.816 |
13342.989 |
|
|
|
|
|
|
|
5. |
Profit before tax (3-4) |
293.927 |
296.490 |
908.538 |
|
6. |
Tax expense/ (credit) |
|
|
|
|
|
(a) Current income tax |
139.490 |
171.196 |
563.590 |
|
|
(b) Deferred income tax) |
(36.827) |
(81.910) |
(205.194) |
|
|
Total tax expense (a+b) |
102.663 |
89.286 |
358.396 |
|
7. |
Profit for the
period (5-6) |
191.264 |
207.204 |
550.142 |
|
8. |
Other
comprehensive income (OCI) |
|
|
|
|
|
a)
Items not to be reclassified subsequently to
profit or loss |
|
|
|
|
|
- Profit/(Loss) on fair value of defined benefit plans as per actuarial valuation |
4.584 |
(37.986) |
(51.790) |
|
|
- Income tax effect on above |
(1.587) |
13.147 |
17.924 |
|
|
b) Income tax relating to items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
|
Other comprehensive income for the period, net of tax (a+b) |
2.997 |
(24.839) |
(33.866) |
|
9. |
Total Comprehensive income for the period,
net of tax (7+8) |
194.261 |
182.365 |
516.276 |
|
10. |
Paid-up equity share capital (Face value:
INR 1 per share) |
155.158 |
155.158 |
155.158 |
|
11. |
Earnings Per Share ( (Face value INR 1/- per share) |
|
|
|
|
|
Basic
(not annualised) |
1.23 |
1.34 |
3.55 |
|
|
Diluted (not annualised) |
1.23 |
1.34 |
3.55 |
Notes:
1. The above standalone results have been reviewed by the Audit Committee at its meeting held on November 8, 2017 and based on the recommendation of the Audit Committee, have been approved by the Board of Directors of the Company at its meeting held on November 8, 2017.
2. The Company is principally engaged in a single business segment viz
Construction.
3. The Company has adopted the Indian Accounting Standards (Ind AS) from
January 1,2017 and accordingly the above standalone financial results have been
prepared in accordance with the recognition and measurement principles laid
down in Ind AS 34 - Interim Financial Reporting prescribed under Section 133 of
the Companies Act, 2013 read with the relevant rules issued thereunder. The
date of transition to Ind AS is January 1, 2016. The impact of transition has
been accounted in the opening reserves and accordingly the comparative period result
for the quarter and nine months ended September 30, 2016 have been restated.
The opening balance sheet and results for the subsequent periods/previous year
would get finalized along with the annual financial statements for the year
ending December 31, 2017.
The Ind AS compliant results, pertaining to the relevant period of the previous
year as applicable, have not been subjected to limited review or audit.
However, the management has exercised necessary due diligence to ensure that
the standalone financial results provide a true and fair view of its affairs
for comparison purposes.
4. In view of the various clarifications issued and being issued by the Ind AS
transition facilitation group (ITFG) constituted by the Accounting Standards
Board of the Institute of Chartered Accountants of India, it may be possible
that the interim financials may undergo adjustments on finalisation of full
year Ind AS financial statements as at and for the year ending December 31,
2017; due to treatments/methods suggested by ITFG on applicability of various
Ind AS.
5. Reconciliation of Net Profit reported under previous Indian GAAP and the
Total Comprehensive Income as per Ind AS for the quarter and nine months ended
September 30, 2016 is as per the table below:
|
PARTICULARS
|
Quarter
ended 30.09.2016 (Unaudited) |
|
Net Profit for the Period under previous Indian GAAP |
68.662 |
|
Interest income recognised on fair valuation of security deposits |
0.722 |
|
Impact of provision for expected credit loss |
3.717 |
|
Re-classification of actual gain on defined employee benefit obligation to OCI |
10.251 |
|
Rent expenses recognised on fair valuation of security deposits |
(0.741) |
|
Fair value measurement of financial liabilities |
0.954 |
|
Others |
0.027 |
|
Deferred tax on above adjustments (net) |
(5.116) |
|
Net
Profit for the period under Ind AS |
78.476 |
|
Other Comprehensive income (net of tax) |
(6.703) |
|
Total
Comprehensive income under Ind AS |
71.773 |
6. a. Non-current trade receivables as at September 30, 2017 include variation
claims of Rs. 309 lakhs for which the Company had received an arbitration award
in its favour which has subsequently been upheld by an order of the District
Court. The customer has challenged this Court Order. However, based on the
above arbitration award, Court Order and legal opinion, management is
reasonably confident of recovery of these amounts.
b. Non-current trade receivables and Unbilled work-in-progress (other non-current
financial assets)as at September 30, 2017 includes INR 113.996 Million and INR
275.580 Million respectively, for a contract which was rescinded by the Company
and Non-current trade receivables and Unbilled work-in-progress (other
non-current financial assets) as at September 30, 2017 includes INR 141.441
Million and INR 592.177 Million respectively, in respect of another contract
where the Company received a notice from the customer withdrawing from the
Company the balance works to be executed under the contract for which the
Company has also issued guarantees aggregating INR 149.713 Million. The Company
has made claims against the customers to recover these amounts and has
initiated legal action. Based upon legal opinions received, the management is
reasonably confident of recovery of these amounts of Non-current trade
receivables and Unbilled work-in-progress (other non-current financial assets)
and consequently no changes have been made to the values and classification of
these amounts in the results.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2016 (INR
In Million) |
31.12.2015 (INR
In Million) |
|
Guarantees
given by banks in respect of contracting commitments in the normal course of
business |
|
|
|
for the Company |
3924.131 |
2852.108 |
|
for Joint Ventures |
324.195 |
655.536 |
|
Letter of credit limit utilized by joint ventures |
61.077 |
6.381 |
|
Corporate Guarantee given to bank on behalf of Joint Ventures |
4865.100 |
48,65.100 |
|
The Company has a number of claims on customers for price escalation and / or variation in contract work. In certain cases which are currently under arbitration, the customers have raised counter-claims. The Company has received legal advice that none of the counter-claims are legally tenable. Accordingly no provision is considered necessary in respect of these counter claims |
1311.677 |
1201.677 |
|
Sales Tax matters pending in appeals |
400.627 |
200.688 |
|
Income Tax matters pending in appeal |
148.038 |
131.908 |
|
Excise matter pending in appeal |
5.170 |
5.170 |
* It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities other than stated therein above. Future cash outflows in respect of the above are determinable only on receipt of judgments/ decisions pending with various forums/ authorities. The Company does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Office equipment
·
furniture
·
Vehicles
PRESS RELEASES:
ITDC Q1 NET PROFIT
JUMPS TWO-FOLD AT INR 187.500 MILLION
Aug 14, 2017
The company had
posted a net profit of INR 94.100 Million during the same period of previous
fiscal, ITDC said in a Bse filing.
State-run India Tourism Development Corporation (ITDC)
today reported a two-fold jump in net profit at INR 187.500 Million for
the first quarter ended June 30, 2017.
The company had posted a net profit of INR
94.100 Million during the same period of previous fiscal, ITDC said in a BSE
filing.
Total income during the quarter under review
stood at INR 961.900 Million as against INR 914.100 Million in the year-ago
period, up 5.22 per cent.
The company's revenue from the hotel division
during the period was INR 637.700 Million as compared to INR 665.900 Million in
the corresponding quarter of last fiscal.
The state-run firm is looking to divest or
offload its stake in all hotels run by it except Ashok and Samrat hotels in the
national capital.
The company said the process of divestment is
going on.
The hotels in which the divestment is under
process include, Hotel Pondicherry Ashok, Hotel Jaipur Ashok, Hotel Kalinga
Ashok and Hotel Lalitha Mahal Palace, among others.
The government is looking at leasing ITDC
hotels with management right to private companies as part of its efforts to
monetise the properties owned by the state-run firm.
Shares of the company ended 8.82 per cent up at INR 482.85 on BSE.
ITD CEMENTATION
PLUNGES 10% AFTER Q3 PROFIT SHEDS 57%
Feb 22, 2017
The company
has reported 56.8 percent decline in its consolidated Q3 net profit at INR
130.000 mILLION against inr 301.000 million, in the same quarter last year
Shares of ITD
Cementation India plunged 10 percent intraday Wednesday on the back
of weak numbers declared by the company for the quarter ended December 2016
(Q3).
It has reported 56.8 percent decline in its consolidated Q3 net profit at INR
130.000 Million against INR 301.000 Million, in the same quarter last year.
Total income was down 31.3 percent at INR 7299.000 Million versus INR 10632.000
Million.
The company's operating profit (EBITDA) fell 15.2 percent at INR 556.000
Million, while EBITDA margin was up at 7.6 percent.
It has incurred tax expense of INR 126.000 Million versus INR 32.000 Million.
S
Ramnath, CFO of ITD Cementation in an interview with CNBC-TV18 said, “The
company expects 8-10 percent growth in topline and significant improvement in
bottomline this year. The margins & RoE of the company should improve
materially going forward.”
At 09:27 hrs ITD Cementation India was quoting at INR 1513.000 Million,
down INR 95.000 Million, or 5.91 percent on the BSE.
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.