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|
MIRA INFORM REPORT
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Report No. : |
488715 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
G R INFRAPROJECTS LIMITED (w.e.f. 31.08.2007) |
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Formerly Known
As : |
G.R.AGARWAL BUILDERS AND DEVELOPERS LIMITED |
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Registered
Office : |
Revenue Block No 223, Old Survey No 384/1,384/2 Paiki and
384/3, Khata No. 464, Kochariya, Ahmedabad-382220, Gujarat |
|
Tel. No.: |
91-11-40111200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
22.12.1995 |
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Com. Reg. No.: |
04-098652 |
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Capital
Investment / Paid-up Capital : |
INR 484.812 Million |
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CIN No.: [Company Identification
No.] |
U45201GJ1995PLC098652 |
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IEC No.: |
Not Divulged |
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GST No.: |
24AAACG5306N1ZO |
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TIN No.: |
24220302118 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACG5306N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject engaged in the business of Road Construction and the Infrastructure Sector. [Registered Activity] |
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No. of Employees
: |
4889 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 32535677 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1995. It is engaged in Construction Activities. For the financial year 2017, the company has achieved 64.78% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 18.31% during the year under review. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration equity infused by its promoters. The rating also takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. The company has decent Earning Per Shares (EPS) of INR 120.27 against the face value (FV) of INR 10. However, rating strengths are partially offset by its inherent project execution risk and GRIL’s limited segmental revenue diversification as its prospects are heavily linked to the fortunes of the road sector which is also marked by an intensely competitive environment. GRIL’s ability to sustain and further grow its scale of operations. Business is active. Payments seems to be slow but correct. In view of 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
05.01.2018 |
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|
|
|
Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
05.01.2018 |
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 29.01.2018.
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
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-294-2487370/ 11-40111200]
LOCATIONS
|
Registered Office : |
Revenue Block No 223, Old Survey No 384/1,384/2 Paiki and
384/3, Khata No. 464, Kochariya, Ahmedabad-382220, Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
First Floor, Plot No. 11, Sector B -1, LSC Vasant Kunj, New Delhi – 110070, India |
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Tel. No.: |
91-11-40111200 |
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Fax No.: |
91-11-41815016 |
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E-Mail : |
delhi@grinfra.com |
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|
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Head Office : |
G R House, Hiran Magari, Sector No.-11, Udaipur-313002, Rajasthan, India |
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Tel. No.: |
91-294-2487370 |
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Fax No.: |
91-294-2487749 |
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E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Vinod Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
58, Gattani Square, Haridas Ji Ki Magri, Udaipur-313001,
Rajasthan, India |
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Brief Profile : |
Vinod Kumar Agarwal has been a Director on our Board since the incorporation of our Company. With his extensive experience spanning over two decades, he has been greatly instrumental in the growth of our Company. He looks after the strategy and policy formulation and liaises with various departments of the Government and also overlooks the important processes of bidding, tendering and planning. He is the Vice-President of the National Highways Builders Federation and was awarded the Excellence Award by the Hindustan Times for ‘demonstrating excellence and deploying exponential strategies in their field by creating exceptional value for society’ in 2016. |
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Date of Birth/Age : |
11.08.1959 |
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Qualification : |
Graduate |
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Date of Appointment : |
22.12.1995 |
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DIN No.: |
00182893 |
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|
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Name : |
Mr. Purshottam Agarwal |
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Designation : |
Director |
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Address : |
59, Chachan Bhawan, Haridas Ji Ki Magri, Agarwal Street,
Udaipur-313001, Rajasthan, India |
|
Brief Profile : |
Mr. Purshottam Agarwal has been associated with the road construction business for over two decades. He is responsible for the day-to-day functioning of our Company, with a special focus on the finance and human resources related matters. A graduate in Commerce, he has been part of the Company’s growth story since 2000 when he was appointed as a Director on our Board. |
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Date of Birth/Age : |
17.09.1972 |
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Qualification : |
Graduate |
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Date of Appointment : |
26.12.2000 |
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DIN No.: |
00182907 |
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|
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Name : |
Mr. Desh Raj Dogra |
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Designation : |
Director |
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Address : |
Flat No.402, Somerset Bldg, Adishankara Charya RD, CTS No
15C, Nr Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India |
|
Brief Profile : |
Desh Raj Dogra is a certified associate of the Indian
Institute of Bankers and has over 37 years of experience in the financial
sector, mainly in the areas of banking and credit rating. He holds a Master’s
degree in Science and Master’s degree in Business Administration. |
|
Date of Appointment : |
01.09.2016 |
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DIN No.: |
00226775 |
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Name : |
Mr. Anand Bordia |
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Designation : |
Director |
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Address : |
B-4,Sector-27, Noida-201301, Uttar Pradesh, India |
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Brief Profile : |
Mr. Anand Bordia has over 35 years of experience working with the Government including Ministry of Finance (as a collector of customs and excise) and NHAI and international organizations including United Nations International Drug Control Programme, Asian Development Bank and the Harvard Institute of International Development. He has obtained a Master’s degree in Arts from the University of Delhi. |
|
Date of Appointment : |
14.06.2016 |
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DIN No.: |
00679165 |
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|
|
|
Name : |
Mr. Ajendra Agarwal |
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Designation : |
Director |
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Address : |
42, Ambavgarh, Udaipur 313002 Rajasthan, India |
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Brief Profile : |
Ajendra Agarwal has an experience of over two decades in the road construction industry. He is responsible for overseeing the overall functioning of our Company, especially the operational and technical aspects. He heads the in-house design team and is actively involved in continuous value engineering using the latest specifications and methodologies. He is also the head of budgeting, planning and monitoring process. A graduate in Civil Engineering, Mr. Ajendra Agarwal has been a Director on our Board since 2006. |
|
Date of Birth/Age : |
30.03.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2006 |
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DIN No.: |
01147897 |
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|
|
|
Name : |
Mr. Chander Khamesra |
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Designation : |
Director |
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Address : |
9, New Fatehpura, Udaipur 313001, Rajasthan, India |
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Brief Profile : |
Mr. Chander Khamesra has 21 years of experience in the field of manufacturing and selling of jewelry. He holds a Bachelor’s degree in Commerce and a Master’s degree in business administration. |
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Date of Appointment : |
24.09.2015 |
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DIN No.: |
01946373 |
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|
|
Name : |
Mr. Vishal Kumar Gupta |
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Designation : |
Nominee Director |
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Address : |
Apartment No C 303, Ashok Garden Tokersey Jivraj Road,
Sewai, Mumbai 400015, Maharashtra, India |
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Date of Birth/Age : |
02.05.1973 |
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Date of Appointment : |
29.09.2017 |
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DIN No.: |
02368313 |
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|
Name : |
Mrs. Maya Swaminathan Sinha |
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Designation : |
Director |
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Address : |
11, 3rd floor, Vipul 28, BG Kher Road, Malbar Hill,
Mumbai-400006, Maharashtra, India |
|
Brief Profile : |
Mrs. Maya Swaminathan Sinha has held the position of Deputy Chairperson, Jawaharlal Nehru Port Trust. She holds a Master’s degree in Arts, specializing in economics, from the University of Delhi. |
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Date of Appointment : |
01.09.2016 |
|
DIN No.: |
03056226 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Rathi |
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Designation : |
Chief Finance Officer (KMP) |
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Address : |
404, Neptune Apartment, Opposite St. Marry's Convent Sr.
Sec. School, Sukhadia Circle Udaipur 313001, Rajasthan, India |
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Date of Birth/Age : |
31.12.1975 |
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Qualification : |
CA |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
ACMPR0066R |
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Name : |
Mr. Sudhir Mutha |
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Designation : |
Company Secretary |
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Address : |
Jaanki-Pratap, Plot No.8, Gayatri Nagar, Pal Road, Pal B.O.
Jodhpur 342001, Rajasthan, India |
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Date of Birth/Age : |
04.12.1981 |
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Date of Appointment : |
04.02.2010 |
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PAN No.: |
AGJPM6914E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
5.63 |
|
Promoters – Body Corporate |
69.30 |
|
Public/Other than promoters – Individual/ Hindu Undivided Family
– Indian |
6.95 |
|
Public/Other than promoters – Foreign institutional investors |
6.63 |
|
Public/Other than promoters –Venture Capital |
3.27 |
|
Public/Other than promoters - Body Corporate |
5.72 |
|
Public/Other than promoters - - Others [G R Infraprojects
Employee] |
2.50 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of Road Construction and the Infrastructure Sector. [Registered Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4889 (Approximately) |
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Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, Indian · Kotak Mahindra Bank Limited · Standard Chartered Bank · Oriental Bank of Commerce |
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Facilities : |
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Financial Institutions: |
· Axis Trustee Services Limited Axis House, Ground Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India · IDBI Trusteeship Services Limited Asian Building, Ground Floor 17, R. Kamani Marg, Ballard
Estate, Mumbai-400001, Maharashtra, India |
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Auditors : |
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Name : |
B S R and Associates LLP Chartered Accountant |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mumbai-400 011, Maharashtra, India |
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PAN No.: |
AADFB6889R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies : |
· Shillong Expressway Limited (upto 30 March 2017) · Reengus Sikar Expressway Limited · Jodhpur Pali Expressway Limited (upto 30 March 2017) · Nagaur Mukundgarh Highways Private Limited (w.e.f 7 February 2017) · GR Phagwara Expressway Limited (w.e.f 21 September 2016) · G R Building and Construction Nigeria Limited, Nigeria · G R Infrastructure Limited, Nigeria |
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Enterprises over
which KMP and Relatives of such personnel exercise significant influence : |
· Grace Build home Private Limited · Rahul Infrastructure Private Limited · Udaipur Buildestate Private Limited |
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Enterprise having
significant influence over company : |
· G R Infratech Private Limited · Lokesh Builders Private Limited |
CAPITAL STRUCTURE
AS ON: 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 10/- each |
INR 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49724216 |
Equity Shares |
INR 10/- each |
INR 497.242
Million |
|
|
|
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|
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 10/- each |
INR 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48481110 |
Equity Shares |
INR 10/- each |
INR 484.812
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
484.812 |
242.406 |
242.406 |
|
(b) Reserves & Surplus |
10902.675 |
5213.619 |
4159.809 |
|
(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) |
11387.487 |
5456.025 |
4402.215 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2569.867 |
2107.574 |
490.122 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
10.438 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2569.867 |
2107.574 |
500.560 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
245.724 |
488.615 |
1436.431 |
|
(b)
Trade payables |
1574.513 |
1688.021 |
889.463 |
|
(c)
Other current liabilities |
2835.777 |
2008.681 |
1412.075 |
|
(d)
Short-term provisions |
4869.587 |
2487.697 |
1512.974 |
|
Total
Current Liabilities (4) |
9525.601 |
6673.014 |
5250.943 |
|
|
|
|
|
|
TOTAL |
23482.955 |
14236.613 |
10153.718 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3808.356 |
2825.420 |
1921.247 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
167.598 |
281.178 |
212.474 |
|
(iv) Intangible assets under development |
25.395 |
30.367 |
33.359 |
|
(b) Non-current
Investments |
670.416 |
2251.507 |
575.575 |
|
(c) Deferred tax assets
(net) |
103.541 |
393.236 |
330.618 |
|
(d) Long-term Loan
and Advances |
1042.919 |
104.791 |
113.897 |
|
(e)
Other Non-current assets |
468.758 |
177.291 |
131.109 |
|
Total
Non-Current Assets |
6286.983 |
6063.790 |
3318.279 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1347.329 |
0.000 |
0.000 |
|
(b)
Inventories |
2209.615 |
762.844 |
1270.535 |
|
(c)
Trade receivables |
3076.201 |
2549.809 |
1445.623 |
|
(d)
Cash and cash equivalents |
5391.367 |
1110.827 |
642.501 |
|
(e)
Short-term loans and advances |
162.493 |
177.781 |
1996.360 |
|
(f)
Other current assets |
5008.967 |
3571.562 |
1480.420 |
|
Total
Current Assets |
17195.972 |
8172.823 |
6835.439 |
|
|
|
|
|
|
TOTAL |
23482.955 |
14236.613 |
10153.718 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
31828.538 |
19315.145 |
8765.379 |
|
|
|
Other Income |
221.621 |
182.745 |
235.987 |
|
|
|
TOTAL |
32050.159 |
19497.890 |
9001.366 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
865.142 |
218.513 |
3849.795 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(145.747) |
(180.487) |
578.766 |
|
|
|
Employees benefits expense |
1277.488 |
826.710 |
537.995 |
|
|
|
Other expenses |
363.520 |
294.042 |
2913.767 |
|
|
|
Civil construction costs |
23321.942 |
16432.311 |
0.000 |
|
|
|
Changes in project work-in-progress |
606.937 |
(566.860) |
0.000 |
|
|
|
Excise duty |
121.932 |
35.154 |
0.000 |
|
|
|
Profit on sale of investment in subsidiaries |
(1356.835) |
0.000 |
0.000 |
|
|
|
CSR Expenditure |
0.000 |
0.000 |
2.711 |
|
|
|
TOTAL |
25054.379 |
17059.383 |
7883.034 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6995.780 |
2438.507 |
1118.332 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
533.263 |
382.121 |
244.885 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
6462.517 |
2056.386 |
873.447 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
636.219 |
437.275 |
428.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
5826.298 |
1619.111 |
444.706 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.460) |
558.368 |
139.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5830.758 |
1060.743 |
304.885 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
779.429 |
224.217 |
|
|
|
Capital Goods |
NA |
198.422 |
97.121 |
|
|
TOTAL IMPORTS |
|
977.851 |
321.338 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
120.27 |
21.88 |
12.26 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1242.930 |
1343.768 |
1235.165 |
|
|
|
|
|
|
Cash generated from operating activities |
4932.935 |
3432.971 |
NA |
|
|
|
|
|
|
Net cash generated from operating activities |
3782.686 |
2947.362 |
1662.391 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
35.28 |
48.18 |
60.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.35 |
7.58 |
6.06 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
664.28 |
2819.64 |
84.33 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.17 |
3.20 |
0.88 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.75 |
0.78 |
0.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.71 |
0.69 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.36 |
0.72 |
0.72 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.84 |
1.22 |
1.19 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.35 |
0.57 |
0.49 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
13.12 |
6.38 |
4.57 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
18.32 |
5.49 |
3.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
24.83 |
7.45 |
3.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
51.20 |
19.44 |
6.93 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.81 |
1.22 |
1.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.57 |
1.11 |
1.06 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.38 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
8.37 |
16.25 |
13.04 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.81 |
1.22 |
1.30 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
242.406 |
242.406 |
484.812 |
|
Reserves & Surplus |
4159.809 |
5213.619 |
10902.675 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4402.215 |
5456.025 |
11387.487 |
|
|
|
|
|
|
long-term borrowings |
490.122 |
2107.574 |
2569.867 |
|
Short term borrowings |
1436.431 |
488.615 |
245.724 |
|
Current Maturities of Long
term debt |
1235.165 |
1343.768 |
1242.930 |
|
Total
borrowings |
3161.718 |
3939.957 |
4058.521 |
|
Debt/Equity
ratio |
0.718 |
0.722 |
0.356 |
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 |
8765.379 |
19315.145 |
31828.538 |
|
|
|
120.357 |
64.785 |
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 |
8765.379 |
19315.145 |
31828.538 |
|
Profit/ (Loss) |
304.885 |
1060.743 |
5830.758 |
|
|
3.48% |
5.49% |
18.32% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G74102864 |
100148163 |
AXIS TRUSTEE SERVICES LIMITED |
21/12/2017 |
- |
- |
7520000000.0 |
AXIS HOUSE,GROUND FLOOR,BOMBAY DYEING MILLSCOMPOUND,PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400025IN |
|
2 |
G71978316 |
100142923 |
HDFC BANK LIMITED |
12/12/2017 |
- |
- |
400000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
3 |
G60715414 |
100132178 |
SREI EQUIPMENT FINANCE LIMITED |
05/11/2017 |
- |
- |
250000000.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
4 |
G62561188 |
100134243 |
HDFC BANK LIMITED |
02/11/2017 |
- |
- |
102000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
5 |
G50734375 |
100116476 |
BEACON TRUSTEESHIP LIMITED |
20/07/2017 |
- |
- |
2961000000.0 |
3, PRABHAT KUNJ, PRABHAT COLONYSANTACRUZ (EAST)MUMBAIMH400055IN |
|
6 |
G47690466 |
100107673 |
AXIS TRUSTEE SERVICES LIMITED |
21/06/2017 |
- |
- |
11143500000.0 |
AXIS HOUSE,GROUND FLOOR,BOMBAY DYEING MILLSCOMPOUND,PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400025IN |
|
7 |
G43730852 |
100097040 |
RBL BANK LIMITED |
18/04/2017 |
- |
- |
750000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
8 |
G35638527 |
100077126 |
BEACON TRUSTEESHIP LIMITED |
19/01/2017 |
- |
- |
5400000000.0 |
3, PRABHAT KUNJ, PRABHAT COLONYSANTACRUZ (EAST)MUMBAIMH400055IN |
|
9 |
G33148172 |
100071488 |
STANDARD CHARTERED BANK |
13/01/2017 |
- |
- |
250000000.0 |
CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROADNEW DELHIDL110001IN |
|
10 |
G27872878 |
100063997 |
IDBI TRUSTEESHIP SERVICES LIMITED |
18/11/2016 |
- |
- |
1500000000.0 |
ASIAN BUILDING, GROUND FLOOR17, R. KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
from others |
50.563 |
52.093 |
|
|
|
|
|
Total |
50.563 |
52.093 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Sales tax matters |
43.023 |
73.985 |
|
Income tax matters |
1.328 |
4.518 |
|
Guarantees
excluding financial guarantees : |
|
|
|
Guarantees given to third parties |
7052.468 |
6051.621 |
|
Corporate guarantee given on behalf of Jodhpur Pali Expressway Limited |
250.695 |
255.251 |
|
|
|
|
|
Total |
7347.514 |
6385.375 |
PERFORMANCE REVIEW
The total revenue of the Company on standalone basis has increased by 64.37% from INR 1,94,97.890 Million in FY 2016 to INR 3,20,50.159 Million in the FY 2017. The Net Profit before Interest, Tax, Depreciation and Amortization (EBITDA) is reported at INR 69,95.780 Million in FY 2017 as against INR 24,38.507 Million in FY 2016 with an increase of 186.88%. The Net Profit after Tax (PAT) is INR 58,30.758 Million in FY 2017 as against INR 10,60.743 Million in FY 2016 with an increase of 449.68%.
The total revenue of the Company on consolidated basis has increased by 61.82% from INR 204,06.781 Million in FY 2016 to INR 330,23.703 Million in FY 2017 and the Net Profit after Tax (PAT) is INR 58,78.366 Million in FY 2017 as against INR 11,10.420 Million in FY 2016 with an increase of 429.38%
FUTURE OUTLOOK
Infrastructure sector is key driver for Indian economy which enjoys intense focus from the Government for initiating policies that would ensure time-bound creation of world-class infrastructure leading to speedy growth of the economy. In order to achieve this, the Government has set massive outlay for investment in infrastructure sector allocated towards roads and other infrastructure development. Looking at overall economic growth of the country we expect a sustainable growth of the company in coming years.
REPORTING ENTITY
Subject is a company domiciled in India, with its registered
office situated at G R House, Hiran Magri, Sector No 11, Udaipur, Rajasthan
313002. The Company has been incorporated under the provisions of the Indian
Companies Act. The Company is a closely held Public Limited Company having its
debentures listed on National Stock Exchange. The Company is engaged in road
construction and the infrastructure sector since 1996, with operations spread
across various states in India. In order to meet the growing demand of Emulsion
for their own construction projects and also to cater to the road construction
industry at large and to ensure superior quality of inputs being used, the
Company has set up Emulsion Manufacturing Plant in Udaipur and in Guwahati.
FIXED ASSETS:
·
Land
· Building
· Plant and equipment
· Vehicles
·
Fixtures and fittings
Press release:
GR INFRAPROJECTS
SELLS TWO ROAD ASSETS TO IDFC ALTERNATIVES
14.04.2018
GR Infraprojects sells 74% stake in the two road assets to IDFC Alternatives which will acquire the remainder upon completion of certain closing requirements
GR Infraprojects Ltd Thursday said it sold majority stakes in two of its build, operate and transfer (BOT) road assets to multi-asset manager IDFC Alternatives’ India Infrastructure Fund II for an undisclosed amount.
In a deal valued at about Rs800 crore (including debt), privately-held GR Infraprojects has sold 74% stake in each of the two road assets to the IDFC fund, said a person familiar with the transaction on condition of anonymity. The fund will acquire the remaining 26% in the assets upon completion of certain closing requirements as per the terms and conditions of the agreement, the person said.
Mint had reported on 16 January that an infrastructure fund of IDFC Alternatives signed an agreement to buy two annuity-based BOT road assets from GR Infraprojects, looking to expand its portfolio of operational assets in India.
The two annuity-based BOT assets under special purpose vehicles Jodhpur Pali Expressway Ltd in Rajasthan and Shillong Expressway Ltd in Meghalaya. The Jodhpur Pali project was awarded by the Rajasthan government with a concession period of 25 years, while the Shillong Expressway project was awarded by the National Highways Authority of India (NHAI).
Investment bank Equirus Capital Pvt. Ltd acted as the exclusive transaction adviser to GR Infraprojects.
“The transaction re-enforces the trend in road sector of divesting operational assets to institutions who are looking to build a portfolio of yield generating assets and thereby freeing up the capital for companies for reinvestment in new assets and strengthen focus on core EPC business,” said Ajay Garg, managing director, Equirus Capital.
Set up in 1995, Udaipur-based infrastructure and engineering, procurement and construction (EPC) firm GR Infraprojects has about 1,887 lane km of projects awarded by NHAI under development, according to the firm’s website. It had been looking to divest its three BOT assets to focus on its core EPC business.
In EPC, the government pays the contractor to build the project while in BOT projects, a private operator builds an infrastructure project from its own funds, operates it for the period of the concession and then transfers it to the government. GR Infraprojects had filed for an initial public offering in September 2016 and received the capital markets regulator Securities and Exchange Board of India’s approval in December.
IDFC Alternatives, whose parent firm IDFC Ltd is an infrastructure-focused lender, is an active investor in Indian infrastructure along with others such as US-based I Squared Capital and Australia’s Macquarie Group.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
UK Pound |
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.