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MIRA INFORM REPORT
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Report No. : |
489036 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
JMC PROJECTS (INDIA) LIMITED (w.e.f. 04.02.1994) |
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Formerly Known
As : |
JMC PROJECTS (INDIA) PRIVATE LIMITED (w.e.f. 21.01.1994) JOSHI AND MODI CONSTRUCTION PRIVATE LIMITED (w.e.f. 10.12.1987) CIVEN CONSTRUCTION PRIVATE LIMITED |
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Registered
Office : |
A-104, Shapath-4, Opposite Karnavati Club, S. G. Road, Ahmedabad -
380051, Gujarat |
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Tel. No.: |
91-79-30011500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
05.06.1986 |
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Com. Reg. No.: |
04-008717 |
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Capital
Investment / Paid-up Capital : |
INR 335.810 Million |
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CIN No.: [Company Identification
No.] |
L45200GJ1986PLC008717 |
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IEC No.: |
Not Divulged |
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GSTIN No. : |
Not Divulged |
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TIN No.: |
24073602135/ 29710327239/ 27880000919/ 22431205601/07392011601 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ3814E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
The
company is primarily engaged in Engineering, Procurement and Construction
(EPC) relating to infrastructure sector comprising of Buildings and
Factories, Roads, Bridges, Water pipe lines, Metro, Power, Railways, etc. [Registered Activity] |
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No. of Employees
: |
3279 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 19707000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
JMC Projects India Limited operates as a subsidiary of “Kalpataru Power Transmission Limited” incorporated in the year 1986 and it is based in Ahmedabad, Gujarat it is an established company having good track record. It has presence in diverse areas of construction including industrial, commercial, institutional and residential buildings, roads and bridges, power plant and railway projects. For the financial year 2017, the company has reported marginal decline in its revenue compared to its previous year but has maintained stable profitability margin during the year. Rating takes into consideration the healthy financial risk profile marked by strong net worth base along with comfortable debt protection metrics. Rating continue to derive strength from its long and established track record of its business operations backed by strong parentage and financial flexibility support from its holding entity and presence in diversified segments of construction activity. Further, as per quarterly results till September 2017, the company has registered steady operating margins. The company is listed on BSE and NSE. Price quoted at BSE is at INR 565.00 against its face value of INR 10. However, these rating strengths is partially offset by the working capital intensive nature of operations and the company’s presence in highly competitive construction industry. Payments seems to be regular and as per commitments. 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 30.01.2018.
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 BY
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Name : |
Mr. Mangal Singh |
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Designation : |
Not Divulged |
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Contact No.: |
91-79-30011500 |
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Date : |
29.01.2018 |
MANAGEMENT NON-COOPERATIVE (Tel No.: 91-22-30051500)
LOCATIONS
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Registered Office : |
A-104, Shapath-4, Opposite Karnavati Club, S. G. Road, Ahmedabad -
380051, Gujarat, India |
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Tel. No.: |
91-79-30011500 |
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Mobile No.: |
91-9328864272 (Mr. Ketan) |
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Fax No.: |
91-79-30011700/30011600 |
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E-Mail : |
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Website : |
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Corporate Office/ Business Unit (Infrastructure BU) : |
6th Floor, Kalpatru Synergy, Opposite Grand Hyatt,
Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel. No. : |
91-22-30051500 |
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Fax No. : |
91-22-30051555 |
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Site Address 1 : |
C/o; Main (BKTB), Village Paddhar, 20 KM From Bhuj to Bhachau Road,
Near Suzion Factory, Opposite Ecopac, Bhuj – 370015, Gujarat, India |
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Site Address 2 : |
C/o; Sikka Thermal Power 1 (STP1), C/9; 2x250 MW Expansion Project,
Unit 3 and 4, Sikka Thermal Power, Jamnagar – 361001, Gujarat, India |
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Site Address 3 : |
VMRF Project, Vedanta Medical Research Foundation, sector-36, Naya
Rai, Raipur – 493661, Chhattisgarh, India |
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Site Address 4 : |
Plot No. 215/1, Zuarnagar, Sancoale, Mormugao, Goa, India |
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Branch Office 1 : |
No. 37/25, Kanakpura Main Road, Banashankari, Bangalore – 560070,
Karnataka, India |
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Branch Office 2 : |
Mysore Chemical Compound, Road No.2, Scheme No.5, Near Ghasitaram
Halwai Shop, Near Cine Planet Cinema (Roopam), Sion (East), Mumbai – 400022,
Maharashtra, India |
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Tel. No. : |
91-22-32541625/24014064 |
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Fax No. : |
91-22-24014030 |
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E-Mail : |
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Branch Office 3 : |
4th Floor, Celina Plaza, Plot No. 140, Prendergast Road, Secunderabad – 500003, Telangana, India |
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Tel. No. : |
91-40-32955629 |
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Fax No. : |
91-40-39187118 |
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E-Mail : |
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Branch Office 4 : |
No.7, 2nd Floor, Matha Complex, Old No.13, New No.25, Whites Road, Chennai – 600014, Tamilnadu, India |
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Tel. No. : |
91-44-28584507 |
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Fax No. : |
91-44-28584506 |
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E-Mail : |
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Branch Office 5 : |
Delhi Branch Office and Power Plant Division: Plot No.
B-21, Sector-58, Noida – 201301, Uttar Pradesh, India |
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Tel. No. : |
91-120- 3370500 |
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Fax No. : |
91-120- 3372510 |
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E-Mail : |
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Branch Office 6 : |
Suite No. A-10, 5th Floor, Chatterjee International
Centre, 33-A, J. L. Nehru Road, Kolkata – 700071, West Bengal, India |
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Tel. No. : |
91-33- 30271500 |
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Fax No. : |
91-33- 40062752 |
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E-Mail : |
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Regional Office 1 : |
Gold Tower, # 50, 2nd Floor, Residency Road, Near Konark Hotel,
Bangalore - 560025, Karnataka, India |
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Tel. No. : |
91-80–30771500 |
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Fax No. : |
91-80-30771600 |
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E-Mail : |
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Regional Office
2 : |
Old Bayer India Building, Ram Maruti Nagar Road, Kolshet
Industrial Area, Thane (West), Mumbai – 400607, Maharashtra, India |
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Tel. No. : |
91-22-39251500 |
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E-Mail : |
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Regional Office 3 : |
2nd Floor, Plot No.B-21, Sector-58, Noida - 201 301
(National Capital Region), Uttar Pradesh, India |
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Tel. No. : |
91-120-3372500 |
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Fax No. : |
91-120-3372510 |
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E-Mail : |
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Regional Office
4/Business Unit (Industrial and Power BU) : |
Kariwala Tower , 6th Floor , Plot - J/1-5, Block – EP ,
Sector- V, Salt Lake City, Kolkata – 700091, West Bengal India |
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Tel. No. : |
91-33-30251500 |
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Fax No. : |
91-33-40062752 |
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E-Mail : |
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Divisional Office : |
Kalpataru Synergy, 8th Floor, Opposite Grand Hyatt Hotel, Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel. No. : |
91-22-30645000 |
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Fax No. : |
91-22-30643888 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Hemant Ishwarlal Modi |
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Designation : |
Director |
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Address : |
363/A, Lane 18, Satyagrah Chhavni Society, Satelite Road, Ahmedabad -380015, Gujarat, India |
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Date of Birth/Age : |
23.06.1955 |
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Date of Appointment : |
05.06.1986 |
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DIN No.: |
00171161 |
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Name : |
Mr. Kamal Kishore Jain |
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Designation : |
Director |
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Address : |
"Madhupark" Plot No. 110, Near Shopping Centre,
Sector – 8, Gandhinagar – 382008, Gujarat, India |
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Date of Birth/Age : |
05.06.1957 |
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Date of Appointment : |
05.02.2005 |
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DIN No.: |
00269810 |
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Name : |
Mr. Devendra Raj Mehta |
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Designation : |
Director |
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Address : |
B – 5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302015,
Rajasthan, India |
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Date of Appointment : |
11.12.2008 |
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DIN No.: |
01067895 |
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Name : |
Mr. Manish Dashrathmal Mohnot |
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Designation : |
Director |
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Address : |
C/4/11, Sunder Nagar, S V Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
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Date of Birth/Age : |
15.05.1972 |
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Date of Appointment : |
29.05.2009 |
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DIN No.: |
01229696 |
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Name : |
Mr. Shailendra Raj Mehta |
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Designation : |
Director |
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Address : |
T-24 Faculty Block, Iim – Ahmedabad, Vastrapur, Ahmedabad – 380015, Gujarat, India |
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Date of Appointment : |
08.02.2012 |
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DIN No.: |
02132246 |
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Name : |
Mr. Shailendra Kumar Tripathi |
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Designation : |
Managing Director |
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Address : |
Flat No.21, Building No. 4A, Kalpataru Estate Poonam Nagar, Near Majas Depot, Andheri (East), Mumbai - 400093, Maharashtra, India |
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Date of Appointment : |
22.10.2011 |
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DIN No.: |
03156123 |
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Name : |
Mr. Manoj Tulsian |
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Designation : |
Whole-time Director |
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Address : |
A/2304, 23rd Floor, Oberoi Splendor J V Link Road, Andheri East, Mumbai – 400060, Maharashtra, India |
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Date of Birth/Age : |
14.12.1971 |
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Qualification : |
CA, CS, CWA |
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Expertise in functional field and brief resume : |
Mr. Tulsian has more than 23 years of experience in the field of Finance, Taxation, Legal, Corporate Affairs, Merger and Acquisition and Secretarial matters. He has served organization such as VIP Industries Limited, Gabriel India Limited and Bansal Group. |
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Date of Appointment : |
27.05.2016 |
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PAN No.: |
ABUPT6595L |
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DIN No.: |
05117060 |
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Name : |
Ms. Anjali Karamnarayan Seth |
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Designation : |
Director |
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Address : |
Flat No. B 1301, Brichwood C-H-S Limited, Main Street Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
25.10.1958 |
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Qualification : |
Bachelor of Laws |
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Expertise in functional field and brief resume : |
Ms. Seth provides various advisory and consultancy services to banks, financial institutions and corporates as a legal consultant. She has a rich and diverse experience of over 25 years in the field of law. She is associated with various companies which includes International Finance Corporation, Swaadhar Fin serve and ANZ Grind lays Bank. She had the opportunity to work in UAE with real estate company, Emmar Properties. Ms. Seth served with Standard Chartered Bank as their Legal Head in India. |
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Date of Appointment : |
27.09.2014 |
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DIN No.: |
05234352 |
KEY EXECUTIVES
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Name : |
Mr. Samir Vinodray Raval |
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Designation : |
Company Secretary |
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Address : |
B-308, 3rd Floor, Progressive's Celebrity, Plot No.71, Sector
15, Belapur, Navi Mumbai – 400614, Maharashtra, India |
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Date of Appointment : |
27.05.2016 |
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PAN No.: |
ADUPR1896C |
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Name : |
Mr. Manoj Tulsian |
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Designation : |
Chief Financial Officer |
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Address : |
A/2304, 23rd Floor, Oberoi Splendor J V Link Road, Andheri East, Mumbai – 400060, Maharashtra, India |
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Date of Appointment : |
28.05.2014 |
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PAN No.: |
ABUPT6595L |
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Name : |
Mr. Tarak Shah |
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Designation : |
Senior Manager (Secretarial Department) |
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Audit Committee : |
· Mr. D. R. Mehta,Chairman · Mr. Anjali Seth (w.e.f. 17.05.2017) · Mr. Shailendra Raj Mehta · Mr. Kamal Jain |
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Stakeholders
Relationship Committee : |
· Mr. Kamal Jain, Chairman · Mr. S. K. Tripathi · Mr. Manish Mohnot |
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Nomination and
Remuneration Committee : |
· Mr. Shailendra Raj Mehta, Chairman · Mr. D. R. Mehta · Mr. Manish Mohnot |
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CSR Committee : |
· Mr. D. R. Mehta, Chairman · Mr. S. K. Tripathi · Mr. Kamal Jain |
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 % |
|
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(A) Promoter & Promoter Group |
22562881 |
67.19 |
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(B) Public |
11018153 |
32.81 |
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Grand Total |
33581034 |
100.00 |
%20LIMITED%20-%20489036%2030-Jan-2018_files/image019.gif)
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 % |
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A1) Indian |
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||
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Any Other (specify) |
22562881 |
67.19 |
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KALPATARU POWER TRANSMISSION LIMITED |
22562881 |
67.19 |
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Sub Total A1 |
22562881 |
67.19 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
22562881 |
67.19 |
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 % |
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|
B1) Institutions |
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||
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Mutual Funds/ |
4237831 |
12.62 |
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HDFC Trustee Co Limited
A/C HDFC Housing Opportunities Fund-1140d November 2017 (1) |
3018176 |
8.99 |
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SBI Equity Opportunities
Fund Series I |
515484 |
1.54 |
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Kotak Infrastructure
& Economic Reform Fund |
439078 |
1.31 |
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Alternate Investment
Funds |
45517 |
0.14 |
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Foreign Portfolio
Investors |
382424 |
1.14 |
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Financial Institutions/
Banks |
12070 |
0.04 |
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Sub Total B1 |
4677842 |
13.93 |
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B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
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Central Government/ State
Government(s)/ President of India |
18872 |
0.06 |
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Sub Total B2 |
18872 |
0.06 |
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B3) Non-Institutions |
0.00 |
||
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Individual share capital
upto INR 0.200 Million |
3430206 |
10.21 |
|
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Individual share capital
in excess of INR 0.200 Million |
970441 |
2.89 |
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Any Other (specify) |
1920792 |
5.72 |
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HUF |
200810 |
0.60 |
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NRI – Non- Repat |
50399 |
0.15 |
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NRI – Repat |
603881 |
1.80 |
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Dr. Sanjeev Arora |
467515 |
1.39 |
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Clearing Members |
114386 |
0.34 |
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Bodies Corporate |
951316 |
2.83 |
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Sub Total B3 |
6321439 |
18.82 |
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B=B1+B2+B3 |
11018153 |
32.81 |
BUSINESS DETAILS
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Line of Business : |
The
company is primarily engaged in Engineering, Procurement and Construction (EPC)
relating to infrastructure sector comprising of Buildings and Factories,
Roads, Bridges, Water pipe lines, Metro, Power, Railways, etc. [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 : |
3279 (Approximately) |
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Bankers : |
· State Bank of India, Ashram Road, Ahmedabad, Gujarat, India · Axis Bank Limited · IDBI Bank Limited · Indian Bank · Union Bank of India · Punjab National Bank ·
Karur Vysya Bank Limited ·
The South Indian Bank Limited, SIB House Mission,
Quarterst B Road,Thrissur – 680001, Kerala, India ·
ICICI Bank Limited, Landmark Race, Cource, Circle
Alkapuri, Vadodara – 390015, Gujarat, India ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
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Facilities : |
Long-term
borrowings (a)
Non-current borrowings (Continued) Rupee
loans from banks (i) Term loan from a
consortium bank amounting to INR 46.885 million (31 March 2016: INR 109.375
Million; 1 April 2015: INR 171.756 Million) is secured by first and exclusive
charge over the Property, plan and equipments financed by them. Term loan is
repayable in equal quarterly instalments of INR 15.625 Million each with 29
December 2017 as maturity date with varying interest rate linked to base rate
of bank from time to time. (ii) Term loan from a
bank amounting to INR Nil (31 March 2016: INR 284.375 Million 1 April 2015:
INR 446.875 Million). Term loan is repayable in balance equal quarterly
instalments of INR 40.625 Million each with 29 December 2017 as maturity date
with varying interest rate linked to base rate of bank from time to time. (iii) Term loan from a
bank amounting to INR 291.083 Million (31 March 2016: INR 390.000 Million; 1
April 2015: INR 400.000 Million) is secured exclusively by first charge on
movable Property, plan and equipments funded out of the said facility. Term
loan is repayable unequal quarterly instalments with 30 September 2021 as
maturity date with varying interest rate linked to base rate of bank from
time to time. (iv) Term loan from a
bank amounting to INR 64.352 Million (31 March 2016: INR 85.000 Million; 1
April 2015: INR (Nil) is secured exclusively by first charge on movable
Property, plan and equipments funded out of the said facility. Term loan is
repayable in equal quarterly instalments of INR 7.083 Million with 10 January
2019 as maturity date with varying interest rate linked to base rate of bank
from time to time. (v) Term loan from a bank
amounting to INR 27.870 million (31 March 2016: INR Nil ; 1 April 2015: INR
Nil) is secured exclusively by first charge on movable Property, plan and
equipments funded out of the said facility. Term loan is repayable in unequal
quarterly instalments ending in May 2021 with varying interest rate linked to
base rate of bank from time to time. 2
Rupee loans from NBFC (i) Term loan from NBFC
amounting to INR 250.000 million (31 March 2016: INR 875.000 million; 1 April
2015: INR 1000.000 million) is secured by subservient charge over the entire
movable tangible assets of the company and further guaranteed by the Holding
Company. Term loan is repayable in equal quarterly instalments of INR 125.000
million with 14 December 2017 as maturity date with interest payable monthly
at varying interest rate linked to base rate of bank from time to time and
further there is a Put Option at the end of 12 months from the date of first
disbursement and every year thereafter. (ii) Term loan from NBFC
amounting to INR 693.000 million (31 March 2016: INR 775.000 million ; 1
April 2015: INR Nil) is secured by first pari passu charge on entire movable
Property, plan and equipments excluding assets charged exclusively to the
Term Lenders in 12 (a) 1 (i), 12 (a) 1 (iii), 12 (a) 1 (iv), 12 (a) (v), 12
(a) 2 (i) and in pari passu with a lender in 12 (a) 1 (ii). Term loan is
repayable in 18 unequal quarterly
instalments to be paid at the end of each financial quarter, commencing from
29 September 2016 with 21 December 2020 as a date of maturity and interest
payable on monthly basis at varying interest rate linked to base rate of bank
from time to time. (iii) Term loan from NBFC
amounting to INR 350.000 Million (31 March 2016: INR Nil ; 1 April 2015: INR
(Nil) is secured by first pari passu charge on entire movable Property, plan
and equipments excluding assets charged exclusively to the Term Lenders in 12
(a) 1 (i), 12 (a) 1 (iii), 12 (a) 1 (iv), 12 (a) (v), 12 (a) 2 (i) and in
pari passu with a lender in 12 (a) (ii). Term loan is repayable in 16 equal
quarterly instalments, commencing from June 2018 and ending in March 2022 as
a date of maturity and interest payable on monthly basis at varying interest
rate linked to base rate of bank from time to time. (iv) Term loan from NBFC amounting
to INR 62.726 Million (31 March 2016: INR 105.695 Million ; 1 April 2015: INR
152.368 Million is secured by first and exclusive charge by way of
hypothecation for equipments financed by them. Term loans is repayable in 36
equal quarterly instalments with interest payable monthly at varying interest
rate linked to base rate of NBFC from time to time. Short-term
borrowings # Working Capital Loans are secured in favour of consortium bankers,
by way of : (a) First charge against hypothecation of stocks, work in progress,
stores and spares, bills receivables, book debts and other current assets. (b) Second charge on all movable Fixed assets of the Company. (c) First charge on the office premises of the Company. |
|
Auditors : |
|
|
Name : |
Kishan M Mehta and Company Chartered Accountants |
|
Address : |
6th Floor, Premchand House Annexe, Ashram Road,
Ahmedabad
– 380006, Gujarat, India |
|
Tel. No.: |
91-79-26581570/66055570/66311570 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Kalpataru Power Transmission Limited |
|
|
|
|
Subsidiary
Companies : |
· JMC Mining and Quarries Limited · Brij Bhoomi Expressway Private Limited · Wainganga Expressway Private Limited · Vindhyachal Expressway Private Limited |
|
|
|
|
Subsidiary of
Holding Companies : |
· Energylink (India) Limited · Shree Shubham Logistics Limited · Amber Real Estate Limited · Adeshwar Infrabuild Limited · Kalpataru Power Transmission Nigeria Limited · Kalpataru Power Transmission (Mauritius) Limited · Kalpataru SA (Proprietary) Limited · Kalpataru Power Transmission – USA, INC. · Alipurduar Transmission Limited · LLC Kalpataru Power Transmission Ukraine · Kalpataru Power DMCC, UAE · Saicharan Properties Limited · Kalpataru Metfab Private Limited · Kalpataru Satpura Transco Private Limited · Punarvasu Holding and Trading Company Private Limited · Kalpataru IBN Omairah Company Limited · Kohima Mariani Transmission Limited |
|
|
|
|
Joint Venture : |
· Kurukshetra Expressway Private Limited · JMC - KPTL - STS JV |
|
|
|
|
Enterprises over
which significant influence exercised with whom company has transactions
(EUSI) : |
· Kalpataru Limited · Kalpataru Properties Private Limited · Kiyana Ventures LLP · Neo Pharma Private Limited · Agile Real Estate Private Limited · Abacus Real Estate Real Private Limited · Kalpataru Retail Ventures Private Limited |
CAPITAL STRUCTURE
AS ON 10.08.2017
Authorised Capital :
|
No. of Shares (In lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (In lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
33581034 |
Equity Shares |
INR 10/- each |
INR 335.810 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares (In lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
350.00 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (In lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
335.81 |
Equity Shares |
INR 10/- each |
INR 335.810 Million |
|
|
|
|
|
11 Equity share capital
and other equity (Continued)
Terms and 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 dividend is declared and paid on being proposed by the Board of Directors after the approval of the Shareholders in the ensuing Annual General Meeting.
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 liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
(ii) Shares of the company held by holding company
(INR in Million)
|
Particulars |
|
As at March 31,
2017 |
|
Kalpataru Power Transmission Limited |
|
|
|
|
|
225.629 |
Details of shareholders
holding more than 5% shares in the company:
|
|
As at March 31,
2017 |
|
|
Particulars |
Nos |
% of Holding |
|
Equity Shares of INR 10/- each fully paid Kalpataru Power Transmission Limited, the Holding Company |
22562881 |
67.19% |
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 |
335.810 |
335.810 |
261.183 |
|
(b) Reserves &
Surplus |
6561.519 |
6042.503 |
4501.778 |
|
(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) |
6897.329 |
6378.313 |
4762.961 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2312.759 |
2818.863 |
3108.018 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4877.911 |
3286.461 |
3192.576 |
|
(d) long-term provisions |
364.378 |
401.589 |
445.593 |
|
Total Non-current
Liabilities (3) |
7555.048 |
6506.913 |
6746.187 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3390.819 |
3361.985 |
2683.965 |
|
(b) Trade payables |
7439.061 |
6764.229 |
5934.296 |
|
(c) Other current
liabilities |
2918.566 |
4039.451 |
2388.321 |
|
(d) Short-term provisions |
134.440 |
20.593 |
47.891 |
|
Total Current Liabilities
(4) |
13882.886 |
14186.258 |
11054.473 |
|
|
|
|
|
|
TOTAL |
28335.263 |
27071.484 |
22563.621 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3629.067 |
3476.477 |
3176.894 |
|
(ii) Intangible Assets |
26.740 |
17.488 |
4.912 |
|
(iii) Capital
work-in-progress |
4.720 |
2.369 |
0.807 |
|
(iv) Intangible assets
under development |
53.852 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1788.815 |
1788.815 |
1891.216 |
|
(c) Deferred tax assets
(net) |
362.534 |
448.634 |
153.388 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
3497.293 |
|
(e) Other Non-current
assets |
681.937 |
565.838 |
541.986 |
|
Total Non-Current Assets |
6547.665 |
6299.621 |
9266.496 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1794.616 |
1585.790 |
2515.323 |
|
(c) Trade receivables |
6929.203 |
7149.399 |
4124.856 |
|
(d) Cash and cash
equivalents |
260.064 |
345.471 |
147.399 |
|
(e) Short-term loans and
advances |
2241.890 |
1595.270 |
2549.020 |
|
(f) Other current assets |
10561.825 |
10095.933 |
3960.527 |
|
Total Current Assets |
21787.598 |
20771.863 |
13297.125 |
|
|
|
|
|
|
TOTAL |
28335.263 |
27071.484 |
22563.621 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
23284.198 |
24007.088 |
23998.809 |
|
|
Other Income |
142.930 |
82.775 |
132.167 |
|
|
TOTAL |
23427.128 |
24089.863 |
24130.976 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8443.490 |
8587.729 |
8592.648 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
8921.742 |
9866.265 |
(241.152) |
|
|
Employees benefits
expense |
2357.422 |
2255.622 |
2002.881 |
|
|
Other expenses |
1450.234 |
1162.096 |
12010.516 |
|
|
TOTAL |
21172.888 |
21871.712 |
22364.893 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2254.240 |
2218.151 |
1766.083 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
842.566 |
1050.924 |
840.566 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1411.674 |
1167.227 |
925.517 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
573.653 |
516.701 |
489.198 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
838.021 |
650.526 |
436.319 |
|
|
|
|
|
|
|
Less |
TAX |
244.234 |
216.800 |
137.731 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
593.787 |
433.726 |
298.588 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Overseas Project Earnings |
428.000 |
410.000 |
147.591 |
|
|
TOTAL EARNINGS |
428.000 |
410.000 |
147.591 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
55.246 |
|
|
Construction Material |
0.000 |
0.000 |
15.027 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
70.273 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
17.68 |
16.00 |
11.06 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
2853.642 |
1420.527 |
997.037 |
|
Net cash flow from (used in) operations |
3105.151 |
1083.138 |
710.582 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
|
6667.400 |
6592.200 |
|
Total Expenditure |
|
6013.600 |
5935.500 |
|
PBIDT (Excl OI) |
|
653.800 |
656.700 |
|
Other Income |
|
39.200 |
66.900 |
|
Operating Profit |
|
693.000 |
723.600 |
|
Interest |
|
200.800 |
218.100 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
492.200 |
505.500 |
|
Depreciation |
|
159.800 |
169.900 |
|
Profit Before Tax |
|
332.400 |
335.600 |
|
Tax |
|
118.000 |
83.200 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
214.400 |
252.400 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
214.400 |
252.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days (Sundry Debtors /Income * 365 Days) |
108.62 |
108.70 |
62.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.36 |
3.36 |
5.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
321.58 |
287.50 |
252.08 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.26 |
1.40 |
0.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.61 |
0.63 |
0.55 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.57 |
0.63 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.83 |
0.97 |
1.22 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.01 |
2.22 |
2.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.54 |
0.55 |
0.67 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.68 |
2.11 |
2.10 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales [(PAT/Sales) * 100) |
% |
2.55 |
1.81 |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.10 |
1.60 |
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.61 |
6.80 |
6.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.57 |
1.46 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.44 |
1.35 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.24 |
0.24 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
16.98 |
18.41 |
22.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.57 |
1.46 |
1.20 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 565.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
261.183 |
335.810 |
335.810 |
|
Reserves & Surplus |
4501.778 |
6042.503 |
6561.519 |
|
Net
worth |
4762.961 |
6378.313 |
6897.329 |
|
|
|
|
|
|
Long Term borrowings |
3108.018 |
2818.863 |
2312.759 |
|
Short Term borrowings |
2683.965 |
3361.985 |
3390.819 |
|
Total
borrowings |
5791.983 |
6180.848 |
5703.578 |
|
Debt/Equity
ratio |
1.216 |
0.969 |
0.827 |
%20LIMITED%20-%20489036%2030-Jan-2018_files/image020.gif)
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
|
23998.809 |
24007.088 |
23284.198 |
|
|
|
0.034 |
(3.011) |
%20LIMITED%20-%20489036%2030-Jan-2018_files/image022.gif)
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
|
23998.809 |
24007.088 |
23284.198 |
|
Profit |
298.588 |
433.726 |
593.787 |
|
|
1.24% |
1.81% |
2.55% |
%20LIMITED%20-%20489036%2030-Jan-2018_files/image024.gif)
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
335.810 |
335.810 |
|
(b) Reserves &
Surplus |
|
4475.357 |
4968.506 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
4811.167 |
5304.316 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
11662.294 |
12387.311 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
8146.957 |
6403.387 |
|
(d) long-term provisions |
|
614.489 |
527.913 |
|
Total Non-current
Liabilities (3) |
|
20423.740 |
19318.611 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3390.818 |
3361.985 |
|
(b) Trade payables |
|
7478.456 |
6834.290 |
|
(c) Other current
liabilities |
|
3551.783 |
4337.645 |
|
(d) Short-term provisions |
|
267.212 |
21.036 |
|
Total Current Liabilities
(4) |
|
14688.269 |
14554.956 |
|
|
|
|
|
|
TOTAL |
|
39923.176 |
39177.883 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3637.842 |
3483.163 |
|
(ii) Intangible Assets |
|
16934.828 |
17241.503 |
|
(iii) Capital
work-in-progress |
|
6.052 |
2.369 |
|
(iv) Intangible assets
under development |
|
93.774 |
0.000 |
|
(b) Non-current
Investments |
|
8.213 |
231.005 |
|
(c) Deferred tax assets
(net) |
|
180.075 |
110.231 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
686.988 |
571.060 |
|
Total Non-Current Assets |
|
21547.772 |
21639.331 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1795.730 |
1586.954 |
|
(c) Trade receivables |
|
6991.115 |
7037.168 |
|
(d) Cash and cash
equivalents |
|
282.041 |
369.280 |
|
(e) Short-term loans and
advances |
|
1079.333 |
718.810 |
|
(f) Other current assets |
|
8227.185 |
7826.340 |
|
Total Current Assets |
|
18375.404 |
17538.552 |
|
|
|
|
|
|
TOTAL |
|
39923.176 |
39177.883 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
24721.384 |
25440.942 |
|
|
Other Income |
|
144.884 |
82.828 |
|
|
TOTAL |
|
24866.268 |
25523.770 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
8443.490 |
8587.729 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
9383.486 |
10439.838 |
|
|
Employees benefits
expense |
|
2386.334 |
2287.450 |
|
|
Other expenses |
|
1483.520 |
1177.888 |
|
|
Share of net loss of
joint venture accounted for using the
equity method |
|
354.946 |
390.373 |
|
|
TOTAL |
|
22051.776 |
22883.278 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2814.492 |
2640.492 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
2262.922 |
2315.279 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
551.570 |
325.213 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
871.247 |
887.096 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(319.677) |
(561.883) |
|
|
|
|
|
|
|
Less |
TAX |
|
98.878 |
101.352 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(418.555) |
(663.235) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
|
(12.46) |
(24.46) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
COMPANY’S
PERFORMANCE:
The Company has adopted Indian
Accounting Standards (Ind AS) with effect from 1st April, 2016, pursuant to the
notification of Companies (Indian Accounting Standard) Rules, 2015 issued by
the Ministry of Corporate Affairs. Previous years’ figures have been restated
and audited by the Statutory Auditors of the Company, namely, M/s. B S R &
Co. LLP, Chartered Accountants (Firm Registration No.101248W/W-100022).
During the year ended March
31, 2017, The Company has achieved Total Revenue (i.e. Revenue from Operations
and Other income) of INR 23427.000 Million as against INR 24090.000 Million for
the previous year ended March 31, 2016. The Company has achieved Profit before
tax of INR 838.000 Million for the current year as against INR 651.000 Million
for the previous year (an increase of 28.7% over the previous year).
REVIEW OF BUSINESS
OPERATIONS
During
the year, the Company has received new contracts of approximately INR 32000.000
Million. As on March 31, 2017, the aggregate value of orders on hand stands at
INR 70000.000 Million.
The
details of some of the major contracts received during the year
Factories
& Buildings
a. Construction of
Commercial property Mantri Cornerstone for Mantri Group at Bengaluru
b. Construction of
Residential apartments Rio De Goa for TATA Housing Dev. Co at Marmugao, Goa
c. Township package for
Khargone Super Thermal Power Project (2 x 660 MW) for NTPC
d. Civil &
Architectural works for residential project Prestige High Fields for Prestige
group at Bengaluru
e. Construction of
Residential Building Immensa for Kalpataru Group, Thane
f. Civil &
Architectural works for residential project Prestige Lake Ridge for Prestige
group at Bengaluru
g. Construction of
Commercial property Megasoft for Salarpuria Sattva at Bengaluru
h. Shipyard modernization
& construction for Goa Shipyard Ltd at Vasco, Goa
i. Construction of
Commercial Development Brookfield Garden for Brigade Group at Bengaluru
j. Construction of Civil
works of commercial project "Rajaangasana" for SJR Prime Corporation
(P) Limited at Bengaluru are as under.
Infrastructure
– International
Jaffna
Killinochchi Water Supply and Sanitation project for NWSDB at Jaffna, Sri Lanka
Infrastructure
– Domestic
Construction
of Mankhurd Ghatkopar Link Road Flyover for MCGM, Mumbai
YEARS AHEAD AND
PROSPECTS
The Company has been able
to built-up good order book both in domestic and international market. The
Company continues to work towards improving the international order book going
forward. The present order book and the opportunities in the Indian infrastructure
space as well as International market gives good visibility towards a
sustainable and profitable growth going forward. Continuous thrust on using
latest technologies and digital platform and better processes would ensure
further improvement of margins going forward.
FINANCE
During the year, the Company has invested INR 709.200 Million as loan in
Special Purpose Vehicles (SPVs) incorporated for its Road Projects which was
funded through internal accruals.
Total addition in the fixed assets was INR 804.800 Million during the
year which was funded through Rupee Term Loans and internal accruals. The
Company has sufficient fund based and non-fund based limits to cater to its
existing fund requirements.
MANAGEMENT
DISCUSSION AND ANALYSIS
The global macroeconomic landscape is going through an uncertain terrain
characterized by weak growth of world output. In FY 16-17, developed economies
strived to gain momentum and emerging economies were less dynamic than in the
past. Indian economy has witnessed few challenges due to demonetization drive
and elections in few states. Despite that, India stands confidently as a
forward-looking economically stable nation with multiple opportunities. After a
challenging year, economic activity is projected to pick up pace in forthcoming
financial year, especially in emerging markets and developing economies. While
world growth rate is just touching 3.1% during FY 16-17, Indian economy has
grown at 6.6% in the same financial year. Agriculture and allied activities
posted a strong pick-up, benefiting from the normal south-west monsoon. In
contrast, the industrial sector experienced a sharp deceleration, mainly due to
a slowdown in manufacturing, mining and quarrying sector. Service sector
activity has also shown modest figures. As a result, real Gross Value Added
(GVA) growth is (marked at basic prices) 6.6% during FY 16-17, down from about
7.3% in the last financial year.
ECONOMIC OUTLINE
Economic activities in both advanced and emerging economies are
accelerating in FY 17–18, with global growth projected at around 3.4% by IMF.
Growth prospects for emerging market economies are also expected to improve
reasonably by growing at 4.5% in 2017-18 against 4.1% in 2016-17, with
recessionary conditions thinning in Russia and Brazil, and China stabilizing on
policy stimulus. Inflation is edging up on the back of rising energy prices on
agreement of OPEC to curtail crude oil production and a mild firming up of
demand. However, global trade remains restrained due to an increasing tendency
towards protectionist policies and heightened geo-political tensions. Prices of
base metals have also increased on expectations of fiscal stimulus in the US,
strong infrastructure spending in China, and supply reductions. More recently, the
appetite for risk has returned in developed economies, lifting equity markets
and hardening bond yields as a response to the growing likelihood of further
increases in the Federal Funds rate during the year. Clearly, India’s
rock-solid domestic demand, accounting for about 60% of the GDP, makes India
strong enough to contest such global turbulences.
As per the Economic Survey
2016-17, the Indian economy should grow between 6.75% and 7.5% in FY 17-18, due
to bouncing back of discretionary consumer demand post demonetization,
especially in cash-intensive sectors such as retail trade, hotels and
restaurants and transportation, as well as the unorganized sector. Lower
interest rates and increase in credit growth especially to healthy borrowers
should spur capital expenditure by boosting infrastructure, rural economy and
affordable housing which will aid overall growth.
The improvement in India’s
economic fundamentals is accelerating since FY 14-15 with the combined impact
of strong government reforms and Reserve Bank of India’s (RBI) inflation focus
policy. Central Government is confident of achieving fiscal deficit target of
3.5% of GDP for FY 16-17. Average retail inflation, measured by Consumer Price
Index (CPI), in FY 16- 17 (April – December) seen at 4.9%. Average Wholesale
Price Index (WPI) inflation, in FY 16-17 (April – December) seen at 3.4% from
5.1% in August 2015. RBI has cut the repo rate by 25 basis points each in April
2016 and October 2016 to 6.25%.
Against the backdrop of
robust macro-economic stability, the year was marked by two major domestic
policy developments, the passage of the Constitutional amendment, paving the
way for implementing the transformational Goods and Services Tax (GST), and the
action to demonetize the two highest denomination notes. The GST will create a
common Indian market, improve tax compliance and governance, and boost
investment and growth; it is also a bold new experiment in the governance of
India’s co-operative federalism. Demonetization has had short-term costs but
holds the potential for long-term benefits.
CONSTRUCTION
INDUSTRY OVERVIEW
The
construction sector in India, which employs more than 35 million people, is the
second largest employer, next only to agriculture. Therefore, any improvements
in the construction sector affect a number of associated industries such as
cement, steel, technology, skill-enhancement etc. In India, over 50% of the
demand for construction activity comes from the infrastructure sector, the
balance comes from industrial activities, residential and commercial
development etc. As per the government reports, the sector is valued at over
USD 126 Billion. It also accounts for more than 60% in total infrastructure
investment. The NITI Aayog estimates total infrastructure spending to be about
of 9% of GDP during the 12th Five Year Plan (2012-17), up from 7.2% during the
previous plan (2007-12).
In India, Construction
sectors’ contribution to GDP has stayed steadily at around 7-8% for last few years.
It absorbs 40%-45% of the steel industry’s output, 85% of the paint industry’s
output, 65%-70% of glass industry and a significant share of the automotive,
mining and excavation equipment industries. These factors along with strong
backward and forward linkages of the sector with other manufacturing industries
make this sector a natural priority sector for the government through its ‘Make
in India’ initiative.
In the past few years,
activity in the construction sector appears to be relatively slow due to
funding constraints, slow policy reforms, weak currency and the prolonged real
estate market slowdown has resulted in a lot of unsold commercial & housing
inventory across India. Simultaneously, severe shortage of skilled workforce as
well as raw materials especially sand were acting as growth deterrents.
Going forward, India’s
construction industry is expected to pick up pace due to investments in
residential, infrastructure and energy projects, corporate capex improvement,
urbanization, a rise in disposable income and population growth. Also,
Government’s serious efforts to enhance infrastructure investments, increase
affordable housing and improve transport and logistics support systems will
support growth for construction sector.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Rupee loan - from banks |
1075.350 |
1200.200 |
|
Less: Current maturities of long-term debt |
(659.050) |
(1179.010) |
|
Less: Interest accrued |
(0.644) |
(4.706) |
|
|
|
|
|
SHORT TERM
BORROWIN |
|
|
|
Less:
Interest accrued |
(9.810) |
(13.450) |
|
Total |
405.846 |
3.034 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G55670194 |
100126551 |
ICICI BANK LIMITED |
28/09/2017 |
- |
- |
1500000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
2 |
G55872410 |
100126860 |
ICICI BANK LIMITED |
18/09/2017 |
- |
- |
724000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
3 |
G53299087 |
100122426 |
ICICI BANK LIMITED |
05/09/2017 |
- |
- |
665000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
4 |
G52100377 |
100119867 |
HDFC BANK LIMITED |
07/08/2017 |
- |
- |
1512462.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA |
|
5 |
G48322176 |
100109483 |
ICICI BANK LIMITED |
21/06/2017 |
- |
- |
829000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
6 |
G41103656 |
100089833 |
ICICI BANK LIMITED |
29/03/2017 |
- |
- |
479000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
7 |
G41104928 |
100089836 |
ICICI BANK LIMITED |
29/03/2017 |
- |
- |
851000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
8 |
G41104704 |
100089834 |
ICICI BANK LIMITED |
28/03/2017 |
- |
- |
723000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA – 390007, GUJARAT, INDIA |
|
9 |
G41514878 |
100091228 |
ALLBANK FINANCE LTD |
24/03/2017 |
- |
- |
1432000000.0 |
14, INDIA EXCHANGE PLACE, 1ST FLOOR, KOLKATA – 700001, WEST BENGAL, INDIA |
|
10 |
G41600073 |
100091628 |
ADITYA BIRLA FINANCE LIMITED |
24/03/2017 |
- |
- |
500000000.0 |
INDIAN RAYON COMPOUND, VERAVAL – 362266, GUJARTA, INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Bank Guarantees |
0.650 |
0.650 |
|
Guarantees given in respect of performance of contracts of Joint Ventures Entities and Associates in which company is one of the member / holder of substantial equity |
1714.692 |
2057.995 |
|
Guarantee given in favour of a subsidiary for Loan obtained by them |
365.500 |
218.500 |
|
Bill Discounted with Bank |
0.000 |
507.925 |
|
Claims against the Company not acknowledged as debts |
150.905 |
77.240 |
|
Show Cause Notice Issued by Service Tax Authorities |
806.215 |
676.159 |
|
Trichy Madurai Road Project Royalty Matter |
3.987 |
3.987 |
|
Disputed Income Tax Demand in appeal before Appellate Authorities |
89.972 |
86.580 |
|
Disputed Income Tax Demand of Joint Ventures in appeal before Appellate Authorities |
14.390 |
0.877 |
|
Disputed VAT Demand in appeal before Appellate Authorities |
355.684 |
407.651 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
Six months ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
6592.200 |
6667.400 |
13259.600 |
|
Other Operating Income |
66.900 |
39.200 |
106.100 |
|
Total
Income from Operations |
6659.100 |
6706.600 |
13365.700 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
2835.700 |
2724.600 |
5560.300 |
|
Employee benefits expense |
637.800 |
642.300 |
1280.100 |
|
Construction expenses |
2142.300 |
2229.200 |
4371.500 |
|
Finance costs |
218.100 |
200.800 |
418.900 |
|
Depreciation and Amortization expenses |
169.900 |
159.800 |
329.700 |
|
Other Expenditure |
319.700 |
417.500 |
737.200 |
|
Total
Expenses |
6323.500 |
6374.200 |
12697.700 |
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
335.600 |
332.400 |
668.000 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit
/ (Loss) before Tax |
335.600 |
332.400 |
668.000 |
|
Tax Expense |
83.200 |
118.000 |
201.200 |
|
Profit
/ (Loss) after Tax |
252.400 |
214.400 |
466.800 |
|
Other
comprehensive income |
(0.500) |
(0.500) |
(1.000) |
|
Items
not to be reclassified to profit or loss |
(0.800) |
(0.800) |
(1.600) |
|
Income
tax relating to items not to be reclassified to profit or loss |
0.300 |
0.300 |
0.600 |
|
Total
Comprehensive income for the period |
251.900 |
213.900 |
465.800 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
335.800 |
335.800 |
335.800 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
- |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
7.52 |
6.38 |
13.90 |
|
Diluted
|
7.52 |
6.38 |
13.90 |
Notes:
1. The above results were reviewed by the Audit Committee and approved by
the Board of Directors at their meeting held on November 13, 2017. The
Statutory Auditors have expressed an unmodified opinion. These results have
been subject to "limited review" by the Statutory Auditors. The
review report has been filed with stock exchanges and is available on Company's
website
2. The Company is primarily engaged in the business of Engineering, Procurement
& Construction (EPC) relating to infrastructure sector comprising of
Buildings and Factories, Roads, Bridges, Water pipe lines, Metro, Power,
Railways etc. Information reported to and evaluated regularly by the chief
operating decision maker (CODM) for the purposes of resource allocation and
assessing performance focuses on the business as a whole and accordingly, in
the context of operating segment as defined under Indian Accounting Standard
108 "Operating Segments" there is a single reportable segment
"Infrastructure EPC".
3. The Government of India introduced the Goods and Service Tax ('GST') with
effect from July 01, 2017 which replaces various indirect taxes. As per Ind AS
18, revenue for the quarter ended September 30, 2017 is reported net of GST.
Revenue from operations of periods upto June 30, 2017 are reported inclusive of
indirect taxes which now is subsumed in GST. The six months period upto
September 30, 2017 includes indirect taxes upto June 30, 2017.
STATEMENTS OF
ASSETS AND LIABILITIES
[INR In Million]
|
SOURCES OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
335.800 |
|
(b) Reserves &
Surplus |
|
|
6970.000 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
7305.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
3126.900 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
4949.700 |
|
(d) long-term provisions |
|
|
334.200 |
|
Total Non-current
Liabilities (3) |
|
|
8410.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
4056.200 |
|
(b) Trade payables |
|
|
7783.500 |
|
(c) Other current
liabilities |
|
|
2991.400 |
|
(d) Short-term provisions |
|
|
105.600 |
|
Total Current Liabilities
(4) |
|
|
14936.700 |
|
|
|
|
|
|
TOTAL |
|
|
30653.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
3919.100 |
|
(ii) Intangible Assets |
|
|
21.500 |
|
(iii) Capital
work-in-progress |
|
|
2.500 |
|
(iv) Intangible assets
under development |
|
|
96.300 |
|
(b) Non-current
Investments |
|
|
1801.500 |
|
(c) Deferred tax assets
(net) |
|
|
327.600 |
|
(d) Long-term Loan and Advances |
|
|
122.100 |
|
(e) Other Non-current
assets |
|
|
420.200 |
|
Total Non-Current Assets |
|
|
6710.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
1997.400 |
|
(c) Trade receivables |
|
|
5191.500 |
|
(d) Cash and cash
equivalents |
|
|
414.600 |
|
(e) Short-term loans and
advances |
|
|
3329.500 |
|
(f) Other current assets |
|
|
13009.500 |
|
Total Current Assets |
|
|
23942.500 |
|
|
|
|
|
|
TOTAL |
|
|
30653.300 |
FIXED ASSETS
·
Freehold Land
·
Office Building
·
Store Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
·
Electrical Installation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No 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 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 63.55 |
|
|
1 |
INR 78.87 |
|
Euro |
1 |
INR 89.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
GEET |
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.