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|
MIRA INFORM REPORT
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Report No. : |
488763 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
IRB INFRASTRUCTURE AND DEVELOPERS LIMITED |
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Formerly Known
As : |
IRB INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED DVJ LEASING AND FINANCE PRIVATE LIMITED |
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Registered
Office : |
Wing – A, 2nd Floor, Office No. 201, Universal Business Park, Chandivali Farm Road, Off Saki Vihar Road, Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-67336400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.07.1998 |
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Com. Reg. No.: |
11-115967 |
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Capital
Investment / Paid-up Capital : |
INR 3514.500 Million |
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CIN No.: [Company Identification
No.] |
L65910MH1998PLC115967 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCD1071G |
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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 activity.
[Registered Activity] |
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No. of Employees
: |
48 (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 71580000 |
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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 1998 and is a part of IRB Group.
It is headquarters in Mumbai, Maharashtra. The company is engaged in construction and maintenance of roads. For the financial year 2017, the company has achieved revenue growth
of 23.31% as compared to the previous year along with an average profit
margin of 5.96%. The sound financial risk profile of the company is marked by adequate
net worth base along with strong debt coverage metrics due to low debt
balance sheet profile. The company has its shares trading at the market value of INR 247.45
against the Face Value of INR 10 as on January 29, 2018. Payments seems to be slow but correct. In view of aforesaid, the company can be considered good 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 borrowing = AA- (SO) |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
14.10.2016 |
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 31.01.2018.
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 DENIED
Management Non-Cooperative (Tel. No.:91-22-66404220 / 67335990)
LOCATIONS
|
Registered Office : |
Wing – A, 2nd Floor, Office No. 201, Universal Business Park, Chandivali Farm Road, Off Saki Vihar Road, Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-67336400 |
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Fax No.: |
91-22-67336440 |
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E-Mail : |
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Website : |
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Corporate Office : |
3rd Floor, IRB Complex, Chandivali Farm, Chandivali Village,
Andheri (East), Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-66404220 |
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Fax No.: |
91-22-66751024 |
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Operational
Projects : |
Located at: MAHARASHTRA
GUJARAT
KARNATAKA
RAJASTHAN
TAMIL NADU
PUNJAB
|
|
|
|
|
Projects under implementation : |
Located at: MAHARASHTRA
GUJARAT
KARNATAKA
HARYANA
UTTAR PRADESH
RAJASTHAN/GUJARAT
RAJASTHAN
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Virendra Dattatraya Mhaiskar |
|
Designation : |
Chairman and Managing Director |
|
Address : |
IRB Complex, Chandivali Farm, Saki Vihar,
Road, Andheri (East), Mumbai - 400072, Maharashtra, India |
|
Date of Appointment : |
27.07.1998 |
|
DIN No.: |
00183554 |
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Name : |
Mr. Sudhir Rao Hoshing |
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Designation : |
Joint Managing Director |
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Address : |
Flat No.604, Tower II, Challenger Tower,
Thakur Village, Kandivli (East), Mumbai - 400101, Maharashtra, India |
|
Date of Appointment : |
23.09.2015 |
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DIN No.: |
02460530 |
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Name : |
Mr. Mukeshlal P. Gupta |
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Designation : |
Joint Managing Director |
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Address : |
Flat No 3-F/93, 9th Floor, Kalpataru
Aura, Opposite R-City Mall, L B S
Marg, Ghatkopar (West), Mumbai - 400086, Maharashtra, India |
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Date of Appointment : |
01.02.2012 |
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DIN No.: |
02121698 |
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Name : |
Mr. Sunil H. Tandon |
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Designation : |
Independent Director |
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Address : |
901, Gabbana House, 15th Road, Khar (West),
Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
29.05.2015 |
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DIN No.: |
00874257 |
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Name : |
Mr. Sandeep Jasvantlal Shah |
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Designation : |
Independent Director |
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Address : |
E/12, Dinathwadi, Opposite City Light
Cinema, L.J. Road, Mahim, Mumbai - 400016, Maharashtra, India |
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Date of Appointment : |
05.02.2015 |
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DIN No.: |
00917728 |
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Name : |
Mrs. Deepali Virendra Mhaiskar |
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Designation : |
Director |
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Address : |
IRB Complex, Chandivali Farm,, Saki Vihar
Road, Mumbai - 400072, Maharashtra, India |
|
Date of Appointment : |
27.07.1998 |
|
DIN No.: |
00309884 |
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|
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Name : |
Mr. Sunil Himatlal Talati |
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Designation : |
Independent Director |
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Address : |
4, Rushil Bunglows, Judges Bunglow Road,
Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Appointment : |
13.12.2010 |
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DIN No.: |
00621947 |
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Name : |
Mr. Chandrashekhar Shankarrao Kaptan |
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Designation : |
Independent Director |
|
Address : |
Kaptan Wada, Zenda Chowk, Mahal, Nagpur -
440002, Maharashtra, India |
|
Date of Appointment : |
03.08.2007 |
|
DIN No.: |
01643564 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Pralhadrao Deshmukh |
|
Designation : |
Chief Executive Officer – Infrastructure |
|
Address : |
1302 Bloomingdale, Hiranandani Estate,
Ghodbunder Road, Thane (West), Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
05.11.2014 |
|
PAN No.: |
AGOPD2284R |
|
|
|
|
Name : |
Mr. Dhananjay Krishnaji Joshi |
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Designation : |
Chief Executive Officer – Corporate Affairs, Realty and Airport |
|
Address : |
A-301 3rd Floor, Runwal Pride, Behind R Mall,
L B S Marg Mulund West, Mumbai - 400080, Maharashtra, India |
|
Date of Appointment : |
22.05.2014 |
|
PAN No.: |
AGHPJ8773E |
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|
|
|
Name : |
Mr. Anil Dayashankar Yadav |
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Designation : |
Group Chief Financial Officer |
|
Address : |
B-1203, Rivera Siddheshwar Garden, Kolshet
Road, Dhokali, Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ABIPY2804K |
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|
|
|
Name : |
Mr. Mehul Natwarbhai Patel |
|
Designation : |
President – Corporate Affairs and Group Company
Secretary |
|
Address : |
A/203, Crown, Hiranandani Estate,
Patlipada, Mumbai - 400072, Maharashtra, India |
|
Date of Appointment : |
21.05.2007 |
|
PAN No.: |
AIKPP0951B |
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|
Name : |
Mr. Rajpaul S. Sharma |
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Designation : |
Head – Contract Management |
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Name : |
Mr. Madhav H. Kale |
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Designation : |
Head – Corporate Strategy and Planning |
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|
Name : |
Mr. N. M. P. Nair |
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Designation : |
Director – Operations |
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Name : |
Wg. Cdr. Naresh Taneja |
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Designation : |
President – Human Resource and
Administration |
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|
Name : |
Mr. Rajesh Thamman |
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Designation : |
Head Procurement |
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Name : |
Mr. Nitin V. Bansode |
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Designation : |
Head – Toll Operations |
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Name : |
Mr. Mandar Ravindra Jadhav |
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Designation : |
Head -IT |
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Name : |
Mr. Rajendra K. Agarwal |
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Designation : |
Head – Project Construction |
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Name : |
Mr. Prabhu Dayal Arora |
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Designation : |
Head – O and M (NHAI Projects) |
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|
Name : |
Ms. Poonam Nishal |
|
Designation : |
Head – Corporate Strategy and Investor Relations |
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|
Name : |
Mr. Vivek V. Devasthali |
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Designation : |
Head – Corporate Communications |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
201630613 |
57.37 |
|
|
(B) Public |
149819387 |
42.63 |
|
|
Grand Total |
351450000 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. 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 |
||
|
Individuals/Hindu undivided Family |
2213308 |
0.63 |
|
|
Virendra D Mhaiskar |
2000 |
0.00 |
|
|
Virendra D Mhaiskar HUF |
1000 |
0.00 |
|
|
Deepali Virendra Mhaiskar Jointly With Virendra Dattatraya Mhaiskar |
1614400 |
0.46 |
|
|
Dattatray Pandurang Mhaiskar |
595908 |
0.17 |
|
|
Any Other (specify) |
199417305 |
56.74 |
|
|
Ideal Toll and Infrastructure Private Limited |
2290 |
0.00 |
|
|
Mhaiskar Ventures Private Limited |
199415015 |
56.74 |
|
|
Sub Total A1 |
201630613 |
57.37 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
201630613 |
57.37 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
29119756 |
8.29 |
|
|
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Enhanced Arbitrage Fund |
9773200 |
2.78 |
|
|
Sbi Arbitrage Opportunities Fund |
11935819 |
3.40 |
|
|
Foreign Portfolio Investors |
82753375 |
23.55 |
|
|
Government of Singapore |
19110017 |
5.44 |
|
|
Platinum Asia Fund |
11829629 |
3.37 |
|
|
Monetary Authority of Singapore |
6994364 |
1.99 |
|
|
Financial Institutions/ Banks |
12883971 |
3.67 |
|
|
Life Insurance Corporation of India |
12383263 |
3.52 |
|
|
Sub Total B1 |
124757102 |
35.50 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 million |
16272444 |
4.63 |
|
|
Individual share capital in excess of INR 0.200 million |
2077230 |
0.59 |
|
|
NBFCs registered with RBI |
274660 |
0.08 |
|
|
Any Other (specify) |
6437951 |
1.83 |
|
|
Trusts |
505 |
0.00 |
|
|
NRI |
907974 |
0.26 |
|
|
Clearing Members |
424237 |
0.12 |
|
|
NRI – Non- Repat |
164980 |
0.05 |
|
|
Bodies Corporate |
4240678 |
1.21 |
|
|
External Portfolio Investor |
695486 |
0.20 |
|
|
I E P F |
4091 |
0.00 |
|
|
Sub Total B3 |
25062285 |
7.13 |
|
|
B=B1+B2+B3 |
149819387 |
42.63 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in construction activity.
[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 : |
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 : |
48 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS a) Rate of interest
and security i) Indian rupee term loan from banks:
ii) Indian rupee term loan from financial institutions
b) Repayment
schedule i) Indian rupee term loan from banks:
ii) Indian rupee term loan from financial institutions
SHORT TERM BORROWINGS Bank overdraft The bank overdraft is secured against fixed deposits which are repayable on demand, interest rate varies from 7.50% p.a. to 8.10% p.a. (March 31, 2016: 9.00% p.a. to 9.40% p.a.). |
|
Financial Institution : |
IIFCL |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
|
|
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Internal Auditors : |
|
|
Name : |
Suresh Surana and Associates LLP Chartered Accountants |
|
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|
Advisor to the
board : |
Mr. Rajkamal R. Bajaj |
|
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Collaborators : |
Not Available |
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Membership : |
Not Available |
|
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Subsidiaries : |
|
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|
|
Enterprises Owned or significantly
influenced by key management personnel or their relatives (Only with whom there
have been transaction during the year / there was balance outstanding at the
year-end) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
615000000 |
Equity Shares |
INR 10/- each |
INR 6150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351450000 |
Equity Shares |
INR 10/- each |
INR 3514.500 Million |
|
|
|
|
|
a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period Equity
shares of INR 10 each issued, subscribed and fully paid
|
Particular |
No. of Share |
Amount |
|
At the beginning of the year |
351450000 |
3514.500 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
351450000 |
3514.500 |
b) Details of
shareholders holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Virendra D. Mhaiskar Jointly with Deepali V. Mhaiskar |
1000 |
0.00% |
|
Virendra D. Mhaiskar (Karta of V. D. Mhaiskar - HUF) |
1000 |
0.00% |
|
Ideal Soft Tech Park Private Limited |
199415015 |
56.74% |
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.
c. Terms / rights
attached to equity shares
The Company has only one class of equity shares having par value of INR 10/- per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend, if any.
During the year ended March 31, 2017, the amount of per share dividend recognised as distributions to equity shareholders was INR 2.00 (March 31, 2016: INR 6.00).
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. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3514.500 |
3514.500 |
3514.500 |
|
(b) Reserves &
Surplus |
21539.090 |
20209.070 |
17983.195 |
|
(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) |
25053.590 |
23723.570 |
21497.695 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
16205.530 |
11840.000 |
14049.838 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3195.130 |
6749.780 |
8572.183 |
|
(d) long-term provisions |
14.580 |
12.420 |
10.296 |
|
Total Non-current
Liabilities (3) |
19415.240 |
18602.200 |
22632.317 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
14585.990 |
13131.490 |
5924.685 |
|
(b) Trade payables |
9707.540 |
8183.360 |
4545.943 |
|
(c) Other current
liabilities |
21353.140 |
14900.840 |
16152.099 |
|
(d) Short-term provisions |
9.260 |
8.160 |
712.195 |
|
Total Current Liabilities
(4) |
45655.930 |
36223.850 |
27334.922 |
|
|
|
|
|
|
TOTAL |
90124.760 |
78549.620 |
71464.934 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
19209.740 |
24664.460 |
23087.268 |
|
(c) Deferred tax assets
(net) |
6.670 |
6.600 |
6.483 |
|
(d) Long-term Loan and Advances |
34373.830 |
27903.020 |
23120.956 |
|
(e) Other Non-current
assets |
531.250 |
705.960 |
254.946 |
|
Total Non-Current Assets |
54121.490 |
53280.040 |
46469.653 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
438.790 |
354.500 |
80.008 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
93.710 |
1005.580 |
924.000 |
|
(d) Cash and cash
equivalents |
9779.660 |
9601.920 |
8852.608 |
|
(e) Short-term loans and advances |
14634.650 |
13649.270 |
13438.099 |
|
(f) Other current assets |
11056.460 |
658.310 |
1700.566 |
|
Total Current Assets |
36003.270 |
25269.580 |
24995.281 |
|
|
|
|
|
|
TOTAL |
90124.760 |
78549.620 |
71464.934 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
34125.430 |
27675.360 |
19557.123 |
|
|
Other Income |
2234.060 |
3933.180 |
2436.013 |
|
|
TOTAL |
36359.490 |
31608.540 |
21993.136 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Contract and site
expenses |
29391.370 |
24772.810 |
17256.012 |
|
|
Employees benefits
expense |
585.120 |
285.290 |
153.309 |
|
|
Other expenses |
427.810 |
280.050 |
153.880 |
|
|
TOTAL |
30404.300 |
25338.150 |
17563.201 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5955.190 |
6270.390 |
4429.935 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3035.870 |
2781.990 |
2692.650 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2919.320 |
3488.400 |
1737.285 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2919.320 |
3488.400 |
1737.285 |
|
|
|
|
|
|
|
Less |
TAX |
886.930 |
568.010 |
354.032 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2032.390 |
2920.390 |
1383.253 |
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
5405.820 |
4595.440 |
3164.323 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
First interim equity
dividend |
702.900 |
2108.700 |
0.000 |
|
|
Other comprehensive
income/(loss) for the year |
0.530 |
1.310 |
0.000 |
|
|
Interim Equity Dividend |
0.000 |
0.000 |
664.728 |
|
|
Proposed Interim Equity
Dividend |
0.000 |
0.000 |
702.900 |
|
|
Total |
703.430 |
2110.010 |
1367.628 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
6734.780 |
5405.820 |
3179.948 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.78 |
8.31 |
4.16 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
- Indian rupee loan from banks |
5524.000 |
4095.570 |
5322.143 |
|
- Indian rupee loan from financial institutions |
146.000 |
139.360 |
0.000 |
|
- Unamortised transaction cost |
(48.260) |
0.000 |
0.000 |
|
TOTAL |
5621.740 |
4234.930 |
5322.143 |
|
Cash generated from operations |
6895.450 |
5860.920 |
6877.674 |
|
Net cash flow from operating activities |
6198.340 |
5360.170 |
6479.261 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
|
6710.580 |
6909.410 |
|
Total Expenditure |
|
6244.440 |
6186.670 |
|
PBIDT (Excluding Other Income) |
|
466.140 |
722.740 |
|
Other Income |
|
1380.410 |
1228.190 |
|
Operating Profit |
|
1846.550 |
1950.930 |
|
Interest |
|
599.690 |
610.750 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
1246.860 |
1340.180 |
|
Depreciation |
|
NA |
NA |
|
Profit Before Tax |
|
1246.860 |
1340.180 |
|
Tax |
|
46.880 |
132.390 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
1199.980 |
1207.790 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
1199.980 |
1207.790 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
1.00 |
13.26 |
17.24 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
364.16 |
27.52 |
21.17 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.00 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.75 |
0.67 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.45 |
1.23 |
1.18 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.82 |
1.53 |
1.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.96 |
2.25 |
1.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
5.96 |
10.55 |
7.07 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.26 |
3.72 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.11 |
12.31 |
6.43 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.79 |
0.70 |
0.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.79 |
0.70 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.30 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.36 |
8.31 |
7.20 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.79 |
0.70 |
0.91 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 247.45/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
3514.500 |
3514.500 |
3514.500 |
|
Reserves & Surplus |
17983.195 |
20209.070 |
21539.090 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
21497.695 |
23723.570 |
25053.590 |
|
|
|
|
|
|
long-term borrowings |
14049.838 |
11840.000 |
16205.530 |
|
Short term borrowings |
5924.685 |
13131.490 |
14585.990 |
|
Current Maturities of
Long term debt |
5322.143 |
4234.930 |
5621.740 |
|
Total borrowings |
25296.666 |
29206.420 |
36413.260 |
|
Debt/Equity ratio |
1.177 |
1.231 |
1.453 |
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 |
19557.123 |
27675.360 |
34125.430 |
|
|
|
41.510 |
23.306 |
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 |
19557.123 |
27675.360 |
34125.430 |
|
Profit |
1383.253 |
2920.390 |
2032.390 |
|
|
7.07% |
10.55% |
5.96% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3514.500 |
3514.500 |
|
(b) Reserves &
Surplus |
|
49201.480 |
44848.420 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3)
Non-controlling interest |
|
0.000 |
355.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
52715.980 |
48717.920 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
120896.710 |
132839.690 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
42.170 |
|
(c) Other long term
liabilities |
|
158755.580 |
206115.690 |
|
(d) long-term provisions |
|
841.290 |
1278.190 |
|
Total Non-current
Liabilities (3) |
|
280493.580 |
340275.740 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9308.010 |
11887.130 |
|
(b) Trade payables |
|
4506.800 |
3087.920 |
|
(c) Other current
liabilities |
|
119297.620 |
17598.810 |
|
(d) Short-term provisions |
|
86.720 |
92.000 |
|
Total Current Liabilities
(4) |
|
133199.150 |
32665.860 |
|
|
|
|
|
|
TOTAL |
|
466408.710 |
421659.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2412.100 |
2698.200 |
|
(ii) Intangible Assets |
|
240350.050 |
347669.150 |
|
(iii) Capital
work-in-progress |
|
609.700 |
784.050 |
|
(iv) Intangible assets
under development |
|
68569.740 |
40535.240 |
|
(b) Non-current
Investments |
|
8.010 |
7.810 |
|
(c) Deferred tax assets
(net) |
|
3854.860 |
3377.400 |
|
(d) Long-term Loan and Advances |
|
56.730 |
50.030 |
|
(e) Other Non-current
assets |
|
1187.040 |
1126.490 |
|
Total Non-Current Assets |
|
317048.230 |
396248.370 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1450.870 |
354.650 |
|
(b) Inventories |
|
3527.090 |
3088.410 |
|
(c) Trade receivables |
|
704.730 |
86.630 |
|
(d) Cash and cash
equivalents |
|
13076.600 |
15007.790 |
|
(e) Short-term loans and
advances |
|
47.400 |
62.710 |
|
(f) Other current assets |
|
130553.790 |
6810.960 |
|
Total Current Assets |
|
149360.480 |
25411.150 |
|
|
|
|
|
|
TOTAL |
|
466408.710 |
421659.520 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
58459.360 |
51279.450 |
|
|
Other Income |
|
1231.720 |
1271.610 |
|
|
TOTAL |
|
59691.080 |
52551.060 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2682.900 |
3712.980 |
|
|
Road work and site
expenses |
|
20183.900 |
16825.330 |
|
|
Employees benefits
expense |
|
2726.190 |
2465.060 |
|
|
Other expenses |
|
2383.510 |
1673.470 |
|
|
TOTAL |
|
27976.500 |
24676.840 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
31714.580 |
27874.220 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
13327.250 |
10639.180 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
18387.330 |
17235.040 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
8547.900 |
8533.430 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
9839.430 |
8701.610 |
|
|
|
|
|
|
|
Less |
TAX |
|
2685.220 |
2306.250 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
7154.210 |
6395.360 |
|
|
|
|
|
|
|
RE-MEASUREMENT OF
GAINS/ (LOSSES) ON DEFINED BENEFIT PLANS (NET OF TAX) |
|
(9.820) |
3.730 |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME/ (LOSS) FOR THE YEAR, NET OF TAX |
|
(9.820) |
3.730 |
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE
INCOME/ (LOSS) FOR THE YEAR, NET OF TAX |
|
7144.390 |
6399.090 |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR |
|
7154.210 |
6395.360 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
20.36 |
18.18 |
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 |
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 |
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 |
CORPORATE INFORMATION
The Company is a public company domiciled in India and is incorporated under the provision of the Companies Act applicable in India. Its shares are listed on two recognised stock exchanges in India. The registered office is located at IRB Complex, Chandivli Farm, Chandivli Village, Andheri (E), Mumbai -72, Maharashtra. The Company is engaged in carrying out the construction works as per EPC contract entered between the Company and its subsidiaries.
MANAGEMENT DISCUSSION
AND ANALYSIS
INFRASTRUCTURE INDUSTRY
OVERVIEW AND OUTLOOK
In FY 2016-17, India’s infrastructure industry, including the road sector, continued on its path of recovery. The Government has been undertaking initiatives to revive entrepreneurs’ interests in the road sector through innovative models like Hybrid Annuity. As a result, around 4,337 kms ([approx. 422 km of Build-Operate- Transfer(BOT) projects, 2,434 km of Hyrbid Annuity projects, 1,481 km of Engineering-Procurement- Construction (EPC) projects]) of National Highways improvement work were awarded by the National Highways Authority of India (NHAI) in FY 2016-17. Most of the bids for the road projects saw good participation than the earlier years. NHAI has been focusing on addressing land acquisition and environmental clearances for its upcoming projects. The Cabinet Committee on Infrastructure has stipulated that financial bids shall be invited only after 80% of land has been acquired and environmental clearance has been obtained. This helps to reduce any delays in project implementation after award of work. The fiscal year also witnessed focussed approach of the Government towards policy improvement for bringing back equity into the system for investment into new Projects by the Developers. 75% of Arbitral Awards in disputes were decided to be paid to the Highway Developers against Bank Guarantee under the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of construction sector. Roadblocks for launch of InvITs were eased out resulting in successful completion of India’s first InvIT by the Company enabling it to recycle capital into future projects. As a result of these decisions, there has been a renewed interest among the Developers towards investment into the Road Sector.
SECTOR OVERVIEW: ROADS AND HIGHWAYS
The Government launched major initiatives to upgrade and strengthen National Highways through various phases of the National Highways Development Programe (NHDP). NHDP stands apart as one of the world’s largest road development programmes undertaken by a single authority. The programme focuses on the widening, upgradation and rehabilitation of about 48,789 kms of roads.
Though number of road projects awarded on BOT (Toll) mode remained lower during FY 2016-17, the Government’s efforts to evolve new, flexible policies to create investor-friendly highway development initiatives have already started the process of recouping the deficit of last few years. The next fiscal year is likely to show an
increase in BOT (Toll) bids with the Government aiming to build 41 kms per day of roads.
COMPANY AND BUSINESS
OVERVIEW
A. COMPANY OVERVIEW
IRB Infrastructure Developers Ltd. (IRB), incorporated in 1998, has strong in-house integrated project execution capabilities in both its business verticals viz. Construction and Operation & Maintenance of Highways. It is the first mover and pioneer in the road BOT business and is one of India’s largest road BOT operators with a rich portfolio of 22 Road BOT projects. It also has approximately 18.79% share of the Golden Quadrilateral Highway Network under various stages of development or under operations.
IRB’s construction business complements its BOT vertical by executing the Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M) aspects of BOT concessions. Over the years, IRB has developed rich in-house expertise in both EPC and O&M verticals.
Out of IRB’s 22 current road projects, 14* are operational, while 8 are under various phases of implementation. The Company’s major clients are government agencies, such as NHAI and State Road Development Authorities, which engage in the development of the country’s highways. In the last few years, IRB has been strategically expanding its footprint in states other than Maharashtra and Gujarat. Its road assets portfolio is across eight states. On a per lane kilometers basis, its geographic spread is 31% in Maharashtra, 22% in Rajasthan , 18% in Gujarat, 12% in Karnataka, 6% in Haryana, 6% in Uttar Pradesh, 3% in Punjab and 2% in Tamil Nadu.
* Includes 6 projects transferred to IRB InvIT Fund in May, 2017.
B. BUSINESS OVERVIEW
(I) CONSTRUCTION AND
DEVELOPMENT (EPC)
IRB has successfully constructed more than 6,525 lane kms of highways on BOT basis, while 3,321 lane kms is under construction and 1,972 lane kms where construction is yet to commence. This includes improvement of National Highway and sections of the Golden Quadrilateral Highway Network.
IRB’s integrated approach towards project execution involves in-house constructing as well as operating and maintaining activities with least outsourcing. Its large pool of equipment and skilled and experienced manpower help IRB to complete projects within budget and in time. This experienced manpower also helps the Company to manage the entire tolling an maintenance functions in-house during operations phase. An evolving IT infrastructure set up provides finesse to these integrated methods of conducting business.
The Company’s construction order book as on March 31, 2017 stands at approx. INR 92570.000 million to be executed over the next two to three years. Agra–Etawah Project has commenced commercial operations on the NH-2 in August, 2016. For projects under implementation, work is progressing largely as per schedule and the same are expected to be completed within their stipulated timelines.
(II) OPERATIONS AND
MAINTENANCE (O&M)
IRB has 14* projects under operations and maintenance. IRB has in-house expertise in handling the operation and maintenance of BOT road Projects. The Company routinely carries out maintenance of toll roads, including periodic and major maintenance. Its O&M work has won many accolades in the past. IRB has been awarded CNBCTV18 Essar Steel Infrastructure Excellence Award in the Highways and Flyovers category for its Mumbai – Pune section of National Highways (NH-4) in FY 2009-10 and Bharuch Surat Section of NH-8 in FY 2010-11.
* Includes 6 projects transferred to IRB InvIT Fund in May, 2017, in respect of which IRB is responsible for Operations and Maintenance.
FINANCIAL ANALYSIS
BOT ASSETS
Net block in BOT Assets, both operational as well as under construction, have grown significantly from INR 26740.000 million in FY 2007-08 to INR 219550.000 million in FY 2016-17, registering a Compound Annual Growth Rate (CAGR) of 26%.
As is the norm for financing Highway BOT projects, debt funds from project lenders have been the major source of funding these projects. The project lenders have reposed trust in the Company’s financial strength, demonstrated by healthy growth in internal accruals and net worth. Besides, they have also shown faith in the Company’s project execution capabilities. This trust of the project lenders has played a primary role in helping IRB to achieve required financial closures.
Since the initial public offering (IPO) in 2008, net worth grew at 14% CAGR from INR 16210.000 Million in FY 2007-08 to INR 52720.000 Million in FY 2016-17. This growth was driven by healthy earnings during this period.
Consequently, net Debt Equity Ratio (DER) touched2.87in March 2017. IRB invested in projects that were under construction and are now in operation. With this, it has augmented capacity to invest in new projects that may be secured on a diligent evaluation of their risks and commercial viability.
During the year, IRB has made project investments of INR 37010.000 Million in BOT Assets under Construction. This was funded by project debt of INR 16250.000 Million, Grant of INR 7440.000 Million and the balance out of Internal Accruals and Equity.
These projects require a further investment of approx. INR 93560.000 Million across the next two and half years, before they can commence commercial operations. The investments will be funded largely through Project Debt of INR 67930.000 Million, Grant of INR 7730.000 Million and the balance out of Internal Accruals and Equity.
Internal accruals are generated even after providing for debt repayments as well as dividend payouts in line with its dividend policy.
Total consolidated income increased by 14% from INR 52550.000 Million in FY 2015-16 to INR 59690.000 Million in FY 2016-17.
Revenue from operations increased by 14% from INR 51280.000 Million in FY 2015-16 to INR 58460.000 Million in FY 2016-17.
Consolidated construction revenue registered an increase of 15% from INR 30290.000 Million in FY 2015-16 to INR 34950.000 Million in FY 2016-17.
In line with economic growth in the country, the Company has seen healthy growth in toll revenues. The consolidated toll revenues (net of revenue share) increased by 12% from INR 20990.000 Million in FY 2015-16 to INR 23510.000 Million in FY 2016-17.
Other Income registered a decrease of 3% from INR 1270.000 Million in FY 2015-16 to INR 1230.000 Million in FY 2016-17. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased from INR 27870.000 Million in FY 2015-16 to INR 31710.000 Million in FY 2016-17, up by 14%.
Interest costs increased by 25% from INR 10640.000 Million in FY 2015-16 to INR 13330.000 Million in FY 2016-17 mainly because of NH-8 section of Ahmedabad-Vadodara becoming operational during last quarter of FY 2015-16. This year interest for this project is charged to Profit and loss account for full year as against only part of interest charged last year.
Depreciation of INR 8530.000 Million in FY 2015-16 remains similar at INR 8550.000 Million in FY 2016-17.
As a result, Profit Before Tax (PBT) registered an increase of 13% from INR 8700.000 Million in FY 2015-16 to INR 9840.000 Million in FY 2016-17.
Post minority interest, Profit After Tax (PAT) also rose by 12%, from INR 6400.000 Million in FY 2015-16 to INR 7140.000 Million in FY 2016-17.
Earnings per share on basic and diluted basis, which stood at INR 20.36 in FY 2016-17 from INR 18.20 in FY 2015-16, registered a growth of 12% YoY.
The Company declared interim dividends aggregating to INR 5/- per equity share of INR 10 each for financial year 2016-17.
The Company’s various Special Purpose Vehicles (SPVs) have raised project-term loans to meet ongoing construction cost of BOT projects. IRB’s consolidated debt on net basis, as on March 31, 2017, is INR 151480.000 Million, compared to INR 134180.000 Million a year ago. This increase was primarily on account of drawing of loans for various under construction projects, such as Goa-Kundapur, Solapur- Yedeshi, Yedeshi-Aurangabad, Kaithal-Rajasthan and Agra-Etawah Projects.
INORGANIC GROWTH
In line with its strategy to grow inorganically, IRB has been evaluating various BOT projects in the secondary markets. However, since there is a substantial gap between the expectation of the seller and the potential buyer of the projects there were no acquisitions last year. Going forward, the Company would like to focus on new projects to be awarded by NHAI rather than the acquisition of road assets.
OPERATION AND
PERFORMANCE REVIEW
ON THE BASIS OF
STANDALONE FINANCIALS
During the year, the Company earned total income of INR 36359.500 Million for the year ended March 31, 2017. Net profit before tax stood at INR 2919.300 Million. The net profit after tax for the year ended March 31, 2017 stood at INR 2032.400 Million, as against INR 2920.400 Million for the previous year.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Short-term
borrowings |
|
|
|
Loans from subsidiary (interest free) |
11102.470 |
7842.680 |
|
Total |
11102.470 |
7842.680 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G56722580 |
100128009 |
SBICAP TRUSTEE COMPANY LIMITED |
12/10/2017 |
- |
14000000000.0 |
Apeejay House, 3, Dinshaw Wachha Road, Churchgate, Mumbai-400020, Maharashtra, India |
|
2 |
G48097489 |
100108745 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/07/2017 |
- |
14609000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
3 |
G54655675 |
100125214 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
23/06/2017 |
- |
5000000000.0 |
Ramon House 169, Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
|
4 |
G40299372 |
100088272 |
Union Bank of India |
30/03/2017 |
- |
3000000000.0 |
Industrial Finance Branch, Union Bank Bhavan,1st Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra, India |
|
5 |
G41613845 |
100091699 |
IDBI TRUSTEESHIP SERVICES LIMITED |
24/03/2017 |
- |
8123428437.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
6 |
G28077220 |
100063362 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/11/2016 |
- |
11000000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
7 |
G05937313 |
100033851 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/06/2016 |
- |
16500000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
8 |
C71948400 |
10605725 |
BANK OF MAHARASHTRA |
05/12/2015 |
- |
2000000000.0 |
Ground Floor, Mittal Court, Nariman Point, Mumbai-400021, Maharashtra, India |
|
9 |
C65178030 |
10595273 |
IDBI TRUSTEESHIP SERVICES LIMITED |
04/09/2015 |
- |
1200000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
10 |
C69214658 |
10582597 |
IDBI TRUSTEESHIP SERVICES LIMITED |
24/07/2015 |
01/10/2015 |
14000000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Amount outstanding in respect of guarantees given by the Company to banks for loans to subsidiaries |
51237.210 |
127590.080 |
|
Guarantees given to others for subsidiaries |
3666.320 |
2053.030 |
|
Guarantees and counter guarantees on behalf of subsidiaries given by the Company |
4982.900 |
5121.130 |
|
Total |
59886.430 |
134764.240 |
The Company does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.
The Company’s pending litigations comprise of claims against the Company primarily by the commuters and proceedings pending with tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed contingent liabilities where applicable, in its financial statements. The Company has not provided for or disclosed contingent liabilities for matters considered as remote for pending litigations/public litigations(PIL)/claims the commuters wherein the management is confident, based on the internal legal assessment and advice of its lawyers that these litigations would not result into any liabilities. The Company does not expect the outcome of these proceedings to have a material adverse effect on the financial statements.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR
ENDED SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
6909.408 |
6710.578 |
13619.986 |
|
Other Operating Income |
1228.188 |
1380.411 |
2608.599 |
|
Total
Income from Operations |
8137.596 |
8090.989 |
16228.585 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Contract and site expenses |
5986.976 |
5903.119 |
11890.095 |
|
Employee benefits expense |
143.577 |
87.880 |
231.457 |
|
Finance costs |
610.753 |
599.687 |
1210.44 |
|
Other Expenditure |
56.111 |
253.439 |
309.550 |
|
Total
Expenses |
6797.417 |
6844.125 |
13641.542 |
|
Profit
/ (Loss) before Tax |
1340.179 |
1246.864 |
2587.043 |
|
Tax Expense |
132.390 |
46.885 |
179.275 |
|
Profit
/ (Loss) after Tax |
1207.789 |
1199.979 |
2407.768 |
|
Other
comprehensive income not to be reclassified to profit or loss in subsequent
year: |
|
|
|
|
- Mark to market gains/(losses) on fair value measurement
of investment |
(123.653) |
(464.137) |
(587.790) |
|
- Re-measurement gains/(loss) on defined benefit plans |
0.152 |
0.152 |
0.304 |
|
Other
comprehensive income/ (loss) (net of tax) |
(123.501) |
(463.985) |
(587.486) |
|
Total
comprehensive income (after tax) |
1084.288 |
735.994 |
1820.282 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
3514.500 |
3514.500 |
3514.500 |
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
and Diluted EPS (in INR) |
3.44 |
3.41 |
6.85 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
(INR In Million)
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
3514.500 |
|
(b) Reserves & Surplus |
|
|
21426.387 |
|
(c) Pending Call Money |
|
|
24940.887 |
|
Sub-total Shareholders’ |
|
|
|
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
12858.057 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
13303.287 |
|
(d) long-term provisions |
|
|
15.293 |
|
Sub-total of
Non-Current liabilities |
|
|
26176.637 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
30526.639 |
|
(b) Trade
payables |
|
|
8638.990 |
|
(c) Other
current liabilities |
|
|
22807.608 |
|
(d) Short-term
provisions |
|
|
11.400 |
|
Sub-total of Current liabilities |
|
|
61984.637 |
|
|
|
|
|
|
TOTAL |
|
|
113102.161 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
0.000 |
|
(b)
Non-Current investments |
|
|
28372.225 |
|
(c) Deferred
tax assets (net) |
|
|
7.003 |
|
(d) Long
term loans and advances |
|
|
28903.956 |
|
(e) Other
non-current assets |
|
|
6847.406 |
|
Sub-total of
Non-Current Assets |
|
|
64130.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
5704.469 |
|
(b)
Inventories |
|
|
0.000 |
|
(c) Trade
receivables |
|
|
3973.003 |
|
(d) Cash and
cash equivalents |
|
|
9205.944 |
|
(e)
Short-term loans and advances |
|
|
26058.921 |
|
(f) Other
current assets |
|
|
4029.234 |
|
Sub-total of
Current Assets |
|
|
48971.571 |
|
|
|
|
|
|
TOTAL |
|
|
113102.161 |
NOTES:
1. The Company is engaged in the business of road infrastructure development. The Company secures contracts by submitting bids in response to tenders, in terms of which it is required to form Special Purpose Vehicle (“SPV”) companies to execute the awarded projects. These are its subsidiary companies. As at September 30, 2017, it has 7 operational Built Operate Transfer (“BOT”) projects. In so conducting its business, its revenues include income from road infrastructure projects, dividends from its subsidiaries/ mutual funds and other income.
2. As permitted by paragraph 4 of Ind AS 108, “Operating Segments”, notified
under section 133 of the Companies Act, 2013, read together with the relevant
rules issued thereunder, if a single financial report contains both
consolidated financial statements and the separate financial statements of the
parent, segment information need to be presented only on the basis of the
consolidated financial statements. Thus, disclosure required by Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
on segment wise revenue results and capital employed are given in consolidated
financial results.
3. The unaudited results for the quarter ended September 30, 2017 have been
reviewed by the Audit Committee at their meeting held on November 8, 2017 and
thereafter approved by the Board of Directors at their meeting held on November
8, 2017.
4. In accordance with Regulation 33 of the SEBI (Listing Obligation and
Disclosure Requirement) Regulations, 2015, the Statutory Auditors of the
Company have carried out Limited Review of the above results. The joint
statutory auditors have expressed an unqualified review opinion.
5. Consequent to the issuance of “Guidance Note on Division II – Ind AS Schedule
III to the Companies Act, 2013”, certain items of financial results have been
regrouped/ reclassified.
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 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 63.75 |
|
UK Pound |
1 |
INR 89.39 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.