|
|
|
MIRA INFORM REPORT
|
Report No. : |
497310 |
|
Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM EPC LIMITED |
|
|
|
|
Registered
Office : |
Sigappi Achi Building, 4th Floor, 18/3 Rukmini Lakshmipathi
Road, Egmore, Chennai – 600008, Tamilnadu |
|
Tel. No.: |
91-44-49015678 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
12.06.2000 |
|
|
|
|
Com. Reg. No.: |
18-045167 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 9369.679 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74210TN2000PLC045167 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
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|
|
|
GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company provides end-to-end
solutions to engineering challenges, offering multi-disciplinary design,
engineering, procurement, construction and project management services.
Subject is focused on providing turnkey solutions for ferrous and non
ferrous, cement, aluminum, copper and thermal power plants, water treatment
& transmission, renewable energy, cooling towers & material handling. (Registered Activity) |
|
|
|
|
No. of Employees
: |
388 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
D |
|
Credit Rating |
Explanation |
Rating Comments |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject was incorporated in the year 2000. It is engaged in providing integrated
solution encompassing design, engineering, procurement, construction and
project management services. For the financial year 2017, the revenue of the company has decreased
by 5.09% and has incurred optional loss. The moderate financial profile of the company is marked by low reserve
base as compared to its capital. Rating is constrained on account of delays in servicing debt
obligation. The national company law tribunal, Chennai bench has ordered the
commencement of a corporate insolvency resolution process against the Shriram
EPC limited as on August 14, 2017. Payment seems to be slow and delayed. In view of aforesaid, we do not recommended any business dealings with
he subject. |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
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 13.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date. The details of the listing are as under :
|
Date of Listing / Announcement : |
10.08.2017 |
|
Name of Company : |
SHIRIAM EPC LIMITED |
|
Name of Applicant : |
C. Ramasubramaniam |
|
Name of Insolvency Professional : |
C. Ramasubramaniam |
|
Address of Insolvency Professional : |
“Srinidhi”, G4 RMC Flats No.1 Venkatesapuram
Colony, Vadapalani, Chennai-600026, Tamilnadu, India |
|
Reason for Listing : |
Corporate Insolvency Resolution Process |
LOCATIONS
|
Registered Office : |
Sigappi Achi Building, 4th Floor, 18/3 Rukmini Lakshmipathi
Road, Egmore, Chennai – 600008, Tamilnadu |
|
Tel. No.: |
91-44-49015678 |
|
Fax No.: |
91-44-49015655 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
1st Floor (Northern Wing), Rajah Annamalai
Building, 18/3, Rukmani Lakshmipathy Salai (Marshall's Road), Egmore,
Chennai-600008, Tamil Nadu, India |
|
Tel. No.: |
91-44-49005555 |
|
Fax No.: |
91-44-49005599 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Vishnu Chambers, Plot No. J-4, 4th Floor, Block EP and GP, Sector
V, Salt Lake, Kolkata-700091, West Bengal, India |
|
Tel. No.: |
91-33-40196700/6719 |
|
Fax No.: |
91-33-40196800 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mohammed Amjat Shariff |
|
Designation : |
Managing Director |
|
Address : |
8/38, I Block, 10th Street, Anna Nagar (East), Chennai-600102, Tamil Nadu, India |
|
Date of Birth : |
04.04.1955 |
|
Qualification : |
M Tech (Chem) from IIT |
|
Date of Appointment : |
10.09.2007 |
|
DIN No.: |
00009562 |
|
|
|
|
Name : |
Mr. Subramaniam Krishnamurthy |
|
Designation : |
Director |
|
Address : |
C/39, Ashtalakshmi Apartment, 59, Arundale Beach Road, Besant Nagar, Chennai-600090, Tamil Nadu, India |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
00140414 |
|
|
|
|
Name : |
Rangaswamy Sundara Rajan |
|
Designation : |
Director |
|
Address : |
30/A, Davis Road, Cooke Town, Bangalore-560084, Karnataka, India |
|
Date of Appointment : |
22.10.2005 |
|
DIN No.: |
00498404 |
|
|
|
|
Name : |
Mr. Srirangam Rangaswamy Ramakrishnan |
|
Designation : |
Chairman and Director |
|
Address : |
1005, Nanda Block, Kaushambi Apartments, Sahibabad, Ghaziabad-201010, Uttar Pradesh, India |
|
Date of Appointment : |
14.05.2005 |
|
DIN No.: |
00015839 |
|
|
|
|
Name : |
Mr. Chandra Ramesh |
|
Designation : |
Director |
|
Address : |
1802, Oceanic Hiranandani Upscale, Old Mahabalipuram Road, Egattur Village, Chennai-603103, Tamil Nadu, India |
|
Date of Appointment : |
23.03.2015 |
|
DIN No.: |
00938694 |
|
|
|
|
Name : |
Mr. Thyagarajan Shivaraman |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Address : |
12, Besant Road, (Off Lloyds Road) Royapettah, Chennai-600014, Tamil Nadu, India |
|
Date of Appointment : |
10.09.2007 |
|
DIN No.: |
01312018 |
|
|
|
|
Name : |
Mr. Prabhakar Dattatraya Karandikar |
|
Designation : |
Director |
|
Address : |
705, Saptagiri Apartments, Near Dhanakude Vasti Baner, Pune-411045, Maharashtra, India |
|
Date of Appointment : |
29.06.2010 |
|
DIN No.: |
02142050 |
|
|
|
|
Name : |
Bapu Srinivasan |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Mahadev Apartments, New No.8, Baskarapuram, Maylapore, Chennai-600004, Tamil Nadu, India |
|
Date of Appointment : |
30.03.2011 |
|
DIN No.: |
02541697 |
|
|
|
|
Name : |
Mr. Surender Singh |
|
Designation : |
Nominee Director |
|
Date of Appointment : |
15.05.2017 |
|
DIN No : |
07821680 |
|
|
|
KEY EXECUTIVES
|
Name : |
Krishnan Suresh |
|
Designation : |
Company Secretary |
|
Address : |
C-7, Shanthi Apartments, 21, TTK Road, 01st Cross Street, Alwarpet, Chennai-600018, Tamil Nadu, India |
|
Date of Appointment : |
10.09.2007 |
|
PAN No: |
AAMPS5523L |
|
|
|
|
Name : |
Mr. R. S. Chandrasekharan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
27,93,91,356 |
28.76 |
|
|
(B) Public |
69,21,37,662 |
71.24 |
|
|
Grand Total |
97,15,29,018 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
27,93,91,356 |
28.76 |
|
|
SVL LIMITED |
27,93,91,356 |
28.76 |
|
|
Sub Total A1 |
27,93,91,356 |
28.76 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
27,93,91,356 |
28.76 |
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 |
|
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio Investors |
11,95,089 |
0.12 |
|
|
Financial Institutions/ Banks |
65,35,65,703 |
67.27 |
|
|
BANK OF INDIA |
2,78,57,738 |
2.87 |
|
|
CENTRAL BANK OF INDIA |
9,35,70,276 |
9.63 |
|
|
CORPORATION BANK |
1,87,52,812 |
1.93 |
|
|
DENA BANK |
1,61,43,057 |
1.66 |
|
|
INDUSIND BANK LTD. |
2,28,70,446 |
2.35 |
|
|
ORIENTAL BANK OF COMMERCE |
6,91,09,490 |
7.11 |
|
|
PUNJAB NATIONAL BANK |
5,52,82,938 |
5.69 |
|
|
STATE BANK OF INDIA |
10,87,65,464 |
11.20 |
|
|
THE LAKSHMI VILAS BANK LIMITED |
2,25,71,978 |
2.32 |
|
|
AXIS BANK LIMITED |
3,56,77,022 |
3.67 |
|
|
IDBI BANK LTD. |
5,96,31,183 |
6.14 |
|
|
THE FEDERAL BANK LIMITED |
1,48,93,128 |
1.53 |
|
|
THE SOUTH INDIAN BANK LTD |
3,98,05,326 |
4.10 |
|
|
ALLAHABAD BANK |
2,28,60,043 |
2.35 |
|
|
BANK OF MAHARASHTRA |
2,43,98,370 |
2.51 |
|
|
STATE BANK OF MYSORE |
1,68,69,379 |
1.74 |
|
|
Sub Total B1 |
65,47,60,792 |
67.39 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
1,08,92,924 |
1.12 |
|
|
Individual share capital in excess of INR 0.200 Million |
53,60,592 |
0.55 |
|
|
Any Other (specify) |
2,11,23,354 |
2.17 |
|
|
Bodies Corporate |
1,87,89,330 |
1.93 |
|
|
KPR INVESTMENTS PRIVATE LTD |
1,29,19,896 |
1.33 |
|
|
Clearing Members |
5,64,513 |
0.06 |
|
|
Director or Director's Relatives |
14,120 |
0.00 |
|
|
Employees |
2,20,606 |
0.02 |
|
|
Overseas corporate bodies |
6,08,000 |
0.06 |
|
|
HUF |
6,43,835 |
0.07 |
|
|
NRI – Non- Repat |
93,777 |
0.01 |
|
|
NRI – Repat |
1,89,173 |
0.02 |
|
|
Sub Total B3 |
3,73,76,870 |
3.85 |
|
|
B=B1+B2+B3 |
69,21,37,662 |
71.24 |
BUSINESS DETAILS
|
Line of Business : |
The company provides end-to-end
solutions to engineering challenges, offering multi-disciplinary design, engineering,
procurement, construction and project management services. Subject is focused
on providing turnkey solutions for ferrous and non ferrous, cement, aluminum,
copper and thermal power plants, water treatment & transmission,
renewable energy, cooling towers & material handling. (Registered Activity) |
||||
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|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
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|
||||
|
Agencies Held : |
Not Available |
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Exports : |
Not Available |
||||
|
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|
||||
|
Imports : |
Not Available |
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|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
388 (Approximately) |
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|
Bankers : |
· Axis Bank Limited · Punjab National Bank · Central Bank of India · IDBI Bank Limited · Allahabad Bank · The South Indian Bank Limited · State Bank of Patiala · State Bank of Mysore · State Bank of Travancore · Bank of Maharashtra · Bank of India · The Federal Bank Limited · The Lakshmi Vilas Bank Limited · Corporation Bank · Dena Bank · ICICI Bank Limited · DBS Bank Limited · IndusInd Bank Limited ·
Yes Bank Limited · IFCI Factors Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai-600017, Tamilnadu, India |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Companies over
which Key Management Personnel exercise Significant Influence : |
|
|
|
|
|
Subsidiary of
Investing Party : |
|
|
|
|
|
Jointly controlled entities
of Investing Party : |
|
CAPITAL STRUCTURE
After 24.08.2017
Authorised Capital : INR 10500.000 Million
Issued, Subscribed & Paid-up Capital : INR 9715.290 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
30,000,000 |
Convertible Preference shares |
INR 100/- each |
INR 3000.000 Million |
|
|
Total |
|
INR 1300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
936,967,942 |
Equity Shares |
INR 10/- each |
INR 9369.679 Million |
|
|
|
|
|
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2017 |
|
|
|
In Shares |
INR In million |
|
Equity Shares |
|
|
|
At the beginning of the year/ period |
33,06,26,422 |
3306.264 |
|
Issued during the year/ period |
60,63,41,520 |
6063.415 |
|
Outstanding at the end of the year/ period |
93,69,67,942 |
9369.679 |
Details of
shareholders holding more than 5% shares
|
Particulars |
31.03.2017 |
|
|
|
No of Shares |
% holding |
|
Equity Shares |
|
|
|
SVL Limited |
27,93,91,356 |
29.82 |
|
Central Bank of India |
9,19,73,534 |
9.82 |
|
Oriental Bank of Commerce |
6,89,93,466 |
7.36 |
|
State Bank of Patiala |
6,44,66,433 |
6.88 |
|
IDBI Bank Ltd |
5,86,44,408 |
6.26 |
|
Punjab National Bank |
5,41,90,436 |
5.78 |
Details of shares
held by Holding Company
|
Particulars |
31.03.2017 |
|
|
|
No of Shares |
% holding |
|
SVL Limited |
27,93,91,356 |
29.82 |
Preferential issue of
Equity during the year
|
Particulars |
No of Shares |
Face value of INR 10/- |
Premium |
Total |
|
Promoters - SVL Limited Holding Company |
11,39,78,495 |
1139.785 |
1510.215 |
2650.000 |
|
Lender Banks - Conversion of Funded Interest Term Loan (FITL) |
73,34,961 |
73.350 |
168.557 |
241.907 |
|
Lender Banks - Conversion of Interest Sacrifice |
4,06,991 |
4.070 |
12.230 |
16.300 |
|
Lender Banks - Conversion of Working Capital Term Loan( WCTL) |
48,46,21,073 |
4846.210 |
6412.230 |
11267.440 |
|
Total |
244268238 |
2442.682 |
8122.232 |
14175.647 |
Terms/rights attached to the shares
The Company has issued
equity shares having a par value of Rs. 10 per share. All these shares have the
same rights and preferences with respect to payment of dividend, repayment of
capital and voting rights. 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 |
9369.679 |
3306.264 |
3863.582 |
|
(b) Reserves & Surplus |
6408.090 |
613.216 |
-3243.777 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
649.300 |
0.000 |
|
Total
Shareholders’ Funds |
15777.769 |
4568.780 |
619.805 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3503.469 |
15092.269 |
17036.955 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1889.330 |
1731.209 |
1909.614 |
|
(d) long-term
provisions |
715.659 |
699.103 |
30.889 |
|
Total Non-current
Liabilities |
6108.458 |
17522.581 |
18977.458 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4919.805 |
4547.155 |
4177.269 |
|
(b) Trade
payables |
2563.700 |
2042.806 |
2295.398 |
|
(c) Other
current liabilities |
1189.177 |
792.871 |
498.513 |
|
(d) Short-term
provisions |
44.928 |
42.498 |
39.239 |
|
Total Current Liabilities
|
8717.610 |
7425.330 |
7010.419 |
|
|
|
|
|
|
TOTAL |
30603.837 |
29516.691 |
26607.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
604.444 |
547.574 |
397.108 |
|
(ii)
Intangible Assets |
2.801 |
4.555 |
13.582 |
|
(iii)
Capital work-in-progress |
1.859 |
101.440 |
293.365 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.461 |
54.217 |
454.939 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11723.731 |
12156.108 |
10367.622 |
|
(e) Other
Non-current assets |
3598.180 |
3631.588 |
3339.283 |
|
Total Non-Current
Assets |
15944.476 |
16495.482 |
14865.899 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
381.396 |
454.401 |
848.627 |
|
(c) Trade
receivables |
4652.902 |
2911.966 |
2586.161 |
|
(d) Cash
and cash equivalents |
614.498 |
510.160 |
1078.417 |
|
(e)
Short-term loans and advances |
1538.925 |
1616.519 |
1139.392 |
|
(f) Other
current assets |
7471.640 |
7528.163 |
6089.186 |
|
Total
Current Assets |
14659.361 |
13021.209 |
11741.783 |
|
|
|
|
|
|
TOTAL |
30603.837 |
29516.691 |
26607.682 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5196.859 |
5475.998 |
5476.589 |
|
|
Other Income |
103.141 |
1130.286 |
1213.492 |
|
|
TOTAL
|
5300.000 |
6606.284 |
6690.081 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
19.500 |
60.390 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
129.600 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
51.005 |
374.726 |
265.892 |
|
|
Employees benefits expense |
409.471 |
454.425 |
547.692 |
|
|
Other expenses |
616.914 |
754.781 |
589.878 |
|
|
Erection,
Construction and Operation Expenses |
3973.016 |
3589.357 |
4553.869 |
|
|
Exceptional
Item |
40.756 |
1071.460 |
0.000 |
|
|
TOTAL |
5091.162 |
6264.249 |
6147.321 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
208.838 |
342.035 |
542.760 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2465.479 |
2717.281 |
3011.883 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2256.641) |
(2375.246) |
(2469.123) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
60.717 |
65.061 |
57.033 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(2317.358) |
(2440.307) |
(2526.156) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
2.361 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(2317.358) |
(2440.307) |
(2528.517) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(4.12) |
(10.7) |
(42.22) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
50.425 |
33.059 |
0.000 |
|
Cash generated from operations |
(350.714) |
(1472.792) |
(2895.929) |
|
Net cash flows from (used in) operations |
(188.337) |
(1508.137) |
(2984.486) |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
2003.980 |
1153.050 |
1779.480 |
|
Total Expenditure |
1970.200 |
1143.890 |
1516.770 |
|
PBIDT (Excl OI) |
33.780 |
9.160 |
262.710 |
|
Other Income |
218.060 |
306.300 |
173.810 |
|
Operating Profit |
251.830 |
315.460 |
436.520 |
|
Interest |
252.200 |
263.970 |
294.220 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(0.370) |
51.490 |
142.300 |
|
Depreciation |
14.050 |
14.090 |
14.050 |
|
Profit Before Tax |
(14.420) |
37.410 |
128.250 |
|
Tax |
(5.020) |
12.980 |
44.390 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(9.400) |
24.430 |
83.860 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(9.400) |
24.430 |
83.860 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
326.80 |
194.10 |
172.36 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.12 |
1.88 |
2.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
0.00 |
38237.14 |
4409.81 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.55 |
0.75 |
0.64 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.34 |
0.52 |
0.77 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.40 |
0.76 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.54 |
4.31 |
34.23 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.55 |
1.63 |
11.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.04 |
0.14 |
1.14 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.08 |
0.13 |
0.18 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(44.59) |
(44.56) |
(46.17) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(7.57) |
(8.27) |
(9.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(14.69) |
(53.41) |
(407.95) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.68 |
1.75 |
1.67 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.64 |
1.69 |
1.55 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.52 |
0.15 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.90 |
5.95 |
5.49 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.68 |
1.75 |
1.67 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 27.95/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3863.582 |
3306.264 |
9369.679 |
|
Reserves & Surplus |
(3243.777) |
613.216 |
6408.090 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
649.300 |
0.000 |
|
Net
worth |
619.805 |
4568.780 |
15777.769 |
|
|
|
|
|
|
long-term borrowings |
17036.955 |
15092.269 |
3503.469 |
|
Short term borrowings |
4177.269 |
4547.155 |
4919.805 |
|
Current maturities of
long-term debts |
0.000 |
33.059 |
50.425 |
|
Total
borrowings |
21214.224 |
19672.483 |
8473.699 |
|
Debt/Equity
ratio |
34.227 |
4.306 |
0.537 |
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 |
5476.589 |
5475.998 |
5196.859 |
|
|
|
(0.011) |
(5.098) |
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 |
5476.589 |
5475.998 |
5196.859 |
|
Profit/ Loss |
(2528.517) |
(2440.307) |
(2317.358) |
|
|
(46.17%) |
(44.56%) |
(44.59%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
9369.679 |
3306.264 |
|
(b) Share Application
Money |
|
6528.807 |
649.300 |
|
(b) Reserves &
Surplus |
|
0.000 |
603.549 |
|
(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) |
|
15898.486 |
4559.113 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3503.469 |
15092.269 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
5366.781 |
1731.209 |
|
(d) long-term provisions |
|
715.659 |
699.103 |
|
Total Non-current
Liabilities (3) |
|
9585.909 |
17522.581 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4919.805 |
4547.155 |
|
(b) Trade payables |
|
2563.961 |
2045.879 |
|
(c) Other current
liabilities |
|
1189.177 |
792.871 |
|
(d) Short-term provisions |
|
44.928 |
42.498 |
|
Total Current Liabilities
(4) |
|
8717.871 |
7428.403 |
|
|
|
|
|
|
TOTAL |
|
34202.266 |
29510.097 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
604.544 |
547.574 |
|
(ii) Intangible Assets |
|
2.802 |
4.555 |
|
(iii) Capital
work-in-progress |
|
1.551 |
101.440 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
11.035 |
51.791 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11718.439 |
12151.190 |
|
(e) Other Non-current
assets |
|
3598.180 |
3631.588 |
|
Total Non-Current Assets |
|
15936.551 |
16488.138 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
381.396 |
454.401 |
|
(c) Trade receivables |
|
4652.902 |
2911.966 |
|
(d) Cash and cash
equivalents |
|
1008.611 |
510.910 |
|
(e) Short-term loans and
advances |
|
2580.656 |
1616.519 |
|
(f) Other current assets |
|
9642.150 |
7528.163 |
|
Total Current Assets |
|
18265.715 |
13021.959 |
|
|
|
|
|
|
TOTAL |
|
34202.266 |
29510.097 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
|
7442.223 |
5475.998 |
|
|
Other Income |
|
103.141 |
1130.286 |
|
|
TOTAL |
|
7545.364 |
6606.284 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost
of Raw Materials and Components Consumed |
|
0.000 |
19.500 |
|
|
Erection,
Construction and Operation Expenses |
|
6078.358 |
3589.357 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
51.005 |
374.726 |
|
|
Employees benefits
expense |
|
411.235 |
454.425 |
|
|
Other expenses |
|
620.029 |
755.642 |
|
|
Exceptional
Item |
|
40.756 |
670.738 |
|
|
TOTAL |
|
7201.383 |
5864.388 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
343.981 |
741.896 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
2465.792 |
2717.281 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(2121.811) |
(1975.385) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
60.824 |
65.061 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(2182.635) |
(2040.446) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
(2182.635) |
(2040.446) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(3.88) |
(8.95) |
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 |
No |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company which is a part of the Shriram Group has diverse
interests across Financial Services, IT Services, Project Engineering & Construction,
Property Development, Life Insurance and General Insurance. The Company
provides end-to-end solutions to engineering challenges, offering multi
disciplinary design, engineering, procurement, construction and project
management services. SEPC is focused on providing turnkey solutions for ferrous
& non ferrous, cement, aluminum, copper and thermal power plants, water
treatment & transmission, renewable energy, cooling towers & material
handling.
OPERATING RESULTS
& PERFORMANCE
During the financial year ended March 31, 2017 the Company had recorded a total income at INR 5196.859 Million as against INR 5475.998 Million in the previous year on a standalone basis. Loss before tax and extraordinary items was at INR 2317.358 Million.
Loss after tax was at INR 2317.358 Million compared to a loss in the previous year of INR 2440.307 Million.
ECONOMIC SCENARIO AND
OUTLOOK
According to The World Bank, the Indian economy is likely to
grow at 7.6 % in 2017-18 and 7.8 % in 2018-19 and is expected to retain its tag
of being the fastest growing major economy shrugging off any concerns of
slowdown caused by government’s demonetization program. The economy is expected
to revert to its historical growth rate on the back of structural reforms being
undertaken supported by an anticipated rebound in consumption. Early signs of
revival are getting visible in the form of uptick in industrial output and
declining unemployment rate.
BUSINESS OVERVIEW
The Company operates in two main segments; turnkey contracts and wind turbines. A brief review of the business in these segments is given below.
The turnkey contracts segment represents the Company’s engineering, procurement and construction projects business, which include renewable energy projects like biomass-based power plants, metallurgical and process plant projects and municipal services projects like water and wastewater treatment plants, water and sewer infrastructure and pipe rehabilitation.
The order backlog was INR 34226.700 Million as on March 31, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS FY - 2016-17
Company Overview
Headquartered in Chennai, Tamil Nadu,Shriram EPC Limited (SEPC), is one of the country’s leading service provider of integrated design, engineering, procurement, construction and project management services for process and metallurgy plants, thermal power plants, biomass based power plants, mines and mineral processing, water and waste-water treatment plants, water and sewer infrastructure and pipe rehabilitation.
SEPC has a proven track record,having executed some of the most complex and technically challenging projects across the country and in overseas market. During the current financial year it has also geared up its operations by sourcing projects from Africa and the Middle East.
ECONOMIC OVERVIEW
Global Economic
Scenario
The Global environment continued to remain challenging characterized by weak trade and subdued investments. Initial reports of Global growth in CY2016 have reported a post-crisis low of 2.3%. Further, heightened political uncertainties across key developed economies coupled with individual challenges in several regions have delayed the pace of the revival post the financial crisis of 2008.
Growth momentum of emerging and developing economies also slowed down to 3.4% during the year. Chinese economy grew by 6.7% in 2016 marking its slowest growth since 1990. The economy is expected to gradually improve through a re balancing amidst supportive government policies and fiscal stimulus.
Domestic Economic
Scenario
According to The World Bank, the Indian economy is likely to grow at 7.6 % in 2017-18 and 7.8 % in 2018-19 and is expected to retain its tag of being the fastest growing major economy shrugging off any concerns of slowdown caused by government’s demonetization program. The economy is expected to revert to its historical growth rate on the back of structural reforms being undertaken supported by an anticipated rebound in consumption. Early signs of revival are getting visible in the form of uptick in industrial output and declining unemployment rate. The Government is also targeting an inclusive growth through its various schemes such as Swacch Bharat, Digital India & Sagar Mala. Further, it is also working on addressing the concerns the banking sector has been facing by taking measures to deepen the debt markets, promote newer funding methods like Real Estate Investment Trusts and Infrastructure Investment Trusts to improve the availability and sources of capital while optimizing costs.
In addition, it is also undertaking measures towards improving the ease of doing business, reducing government intervention in the business and opening up new sectors.
SEPC OUTLOOK
The Company has been going through challenging time over the past few years, a consequence of slowing capex activities and higher interest environment in the country. Subdued economic activities resulted in clients canceling or delaying their expansion plans in turn affecting the revenue visibility and cash flows cycle of the Company. On the other hand, debt commitments in terms of interest expenses kept on mounting leading to tightening of liquidity position and profitability erosion of the business. However, in a bid to revive the business and restore its financials the Company has undertaken a series of measures directed towards improving its operational efficiencies, cutting down on expenses and negotiating with the bankers for securing better terms on existing debt. The promoters as well have shown their faith in the business and continued to offer support in monetary and non-monetary terms. The faith was equally replicated by our clients who despite the current situation had little hesitation in awarding contracts to the Company - a testament to our project execution capability.
The Company’s strategic initiatives are also ably supported by improving macro environment on the back of supportive policies of the government.
The Company is optimistic that the above factors will help
it emerge as a stronger and more focused EPC player.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
LONG TERM
BORROWING |
|
|
|
From Related Parties ( Holding Company) |
0.000 |
26.230 |
|
SHORT TERM
BORROWING |
|
|
|
From Others |
|
|
|
Cash Credit and Overdraft facilities |
43.894 |
45.643 |
|
Buyers Credit - from Banks |
239.465 |
228.342 |
|
Total |
283.359 |
300.215 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G19661958 |
100057775 |
Axis Bank Limited |
30/09/2016 |
- |
1070900000.0 |
Corporate Banking Branch,Karumuthu NilayamGround Floor, 192 Anna SalaiChennaiTN600002IN |
|
2 |
G08351306 |
100041274 |
IDBI Bank Limited |
28/07/2016 |
- |
775300000.0 |
115, Anna SalaiSaidapetChennaiTN600015IN |
|
3 |
G08950750 |
100043031 |
LAKSHMI VILAS BANK LIMITED |
18/03/2016 |
- |
351900000.0 |
CHENNAI MAIN BRANCH275, THAMBU CHETTY STREETChennaiTN600001IN |
|
4 |
C77191518 |
10616341 |
Central Bank of India |
22/12/2015 |
- |
30000000.0 |
Corporate Finance BranchCHENNAITN600002IN |
|
5 |
C66185059 |
10594929 |
DBS Bank Ltd |
06/10/2015 |
- |
3145000.0 |
806 Anna SalaiChennaiTN600002IN |
|
6 |
G01725563 |
100018986 |
SHASHVATHA RENEWABLE ENERGY PRIVATE LIMITED |
14/09/2015 |
21/04/2016 |
120000000.0 |
1st Floor, Shriram House, No 4, Burkit Road,T. Nagar,ChennaiTa600017IN |
|
7 |
B73379968 |
10420427 |
Indian Overseas Bank |
28/03/2013 |
- |
1775515000.0 |
Cathedral Branch, 763, Anna Salai,ChennaiTN600002IN |
|
8 |
B73015141 |
10419143 |
AXIS BANK LIMITED |
27/03/2013 |
- |
1500000000.0 |
CBB, NO.192, KARUMUTHU NILAYAM, GROUND FLOORANNA SALAICHENNAITN600002IN |
|
9 |
B68105014 |
10403038 |
Corporation Bank |
23/01/2013 |
- |
550000000.0 |
38-39, Whites RoadChennaiTN600014IN |
|
10 |
B69657872 |
10408125 |
CENTRAL BANK OF INDIA |
17/01/2013 |
- |
1700000000.0 |
Corporate Finance BranchAddison Buildings, Anna Salai,ChennaiTN600002IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Corporate Guarantees issued |
160.000 |
164.011 |
|
Claims against the Company not acknowledged as debts |
1565.268 |
1517.779 |
|
Central Excise, Service Tax and customs Duties demands contested in Appeals, not provided for |
80.881 |
42.882 |
|
Disputed VAT/ Central Sales tax demands contested in Appeals, not provided for |
1022.055 |
1017.902 |
|
Income tax demands contested in Appeals, not provided for |
21.156 |
103.999 |
|
Management is of the opinion that the Appeals preferred by
the Company will be decided in its favour. Future cash outflows in respect of
the above matters are determinable only on receipt of judgments / decisions
pending at various forums / authorities. |
||
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
|
Particulars
|
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation |
1779.481 |
1153.053 |
4936.513 |
|
b) Other operating income |
173.813 |
306.295 |
698.163 |
|
Total
income from Operations(net) |
1953.294 |
1459.348 |
5634.676 |
|
2.Expenditure |
|
|
|
|
a) Erection, Construction and Operation Expenses |
1321.197 |
885.251 |
4051.836 |
|
b) Purchase of stock-in-trade |
0.000 |
0.000 |
0.000 |
|
c) Change in inventories of finished goods, work-in-progress
and stock-in -trade |
(62.112) |
33.737 |
(86.402) |
|
d) Employee benefit expenses |
98.475 |
133.783 |
312.688 |
|
e) Finance costs |
294.218 |
263.966 |
810.381 |
|
f) Depreciation and amortization expense |
14.046 |
14.085 |
42.180 |
|
g) Other expenses |
159.222 |
91.115 |
352.753 |
|
Total expenses |
1825.046 |
1421.937 |
5483.436 |
|
3.
Profit/ (Loss) before other income, financial costs and Exceptional Items |
128.248 |
37.411 |
151.240 |
|
4. Exceptional Items |
-- |
-- |
-- |
|
5. Profit/ Loss before tax |
128.248 |
37.411 |
151.240 |
|
6.Tax expenses |
44.386 |
12.979 |
52.344 |
|
7. Profit/ Loss for the Year / period |
83.862 |
24.432 |
98.896 |
|
8. Other
comprehensive income |
2.558 |
0.467 |
3.024 |
|
9. Total comprehensive income for the period |
86.420 |
24.899 |
101.921 |
|
10. Paid-up equity
share capital (Face value Rs.10/- per share) |
9715.290 |
9715.290 |
9715.290 |
|
11. Earnings per share (not annualized) |
|
|
|
|
(a) Basic |
0.09 |
0.03 |
0.10 |
|
(b) Diluted |
0.09 |
0.03 |
0.10 |
- The Standalone results for the quarter and nine months ended 31
December 2017 were reviewed and recommended by the Audit Committee and
approved by the Board of Directors at their respective meetings held on February
14, 2018.
2. During Nine months ended 31 December 2017,
the Company allotted :
i) 19,227,563 equity shares at a price of INR
23.25 per equity share (including premium of INR 13.25 Per equity share) to CDR
lenders towards conversion of Working capital term loan.
ii) 12,919,896 Equity shares to KPR Investments
Private Limited on a preferential basis at a price of INR 27.09 per equity
share (Including a premium of INR 17.09 per equity share).
3. The Company has adopted the Indian Accounting
Standards (Ind AS) from April 01, 2017 and these financials have been prepared
in accordance with the recognition and measurement principles laid down in Ind
AS 34 Interim Financial Reporting prescribed under section 133 of the Companies
Act 2013 read with relevant rules Issued thereunder. The date of transition to
Ind AS is April 01, 2016. The Impact of transition has been accounted for in
opening reserves and the comparative period results has been restated
accordingly. The Opening balance sheet as at April 01, 2016 and the results for
the subsequent periods would be published along with the annual financial
statements for the year ending March 31, 2018.
4. The Statement does not Include Ind AS
compliant results for the previous year ended March 31, 2017 as the same is not
mandatory as per SEBI's Circular dated July 05, 2016.
6. The Company was in the course of executing project
for Governorate of Basra, Government of Iraq ('the customer'). There were some
delays in commencement of the project due to regulatory compliances. However
the said contract has been cancelled by the Customer during February 2014. The
construction activities has been ceased, and the case filed against the
customer for the recovery of the amounts so far incurred in respect of the said
project, has been decided in favor of the Company by the court of
Cassation(Supreme Court). In view of this development, the Company has also
filed a revised claim with ECGC. The total amounts due to Company recorded
under Trade Receivables, Unbilled revenue (after excluding the margin which has
been written off) and Other Financial Assets (Non current), in respect of this project,
aggregate to INR 8,882.49 Lakhs (December 2016 ¡ INR 7,750.32 Lakhs).
Considering the steps taken by the Company, the management is confident of
realizing the monies and do not expect any shortfall in realization of the
dues.
7. Financial Assets Loans (Non Current) include
INR 3,557.20 Lakhs (December 2016 - INR 3,092.57 Lakhs)(including interest
accrued up to March 31, 2016), and Other Trade Receivables under "Other
Non Current Financial Assets" Include net amount of INR 297.18 Lakhs
(December 2016 - Nil), due from Leitwind Shriram Manufacturing Pvt Limited
(LSML)(a related party). As part of the Corporate Debt Restructuring (CDR)
package entered Into by LSML with its bankers, the dues to SEPC is subordinated
to the dues to Bankers and hence expected to be recovered before March 2030.
Considering the extended repayment period and future business potential for
Wind Energy Business, the management is confident of realizing the dues. The
auditors have qualified this matter in their report for the quarter and nine
months ended December 31, 2017.
8. The Company
entered into a contract to construct Ammonia plant for Bharath Coal and Chemicals
Limited (BCCL) (related party). The project is stalled due to delay in
statutory approvals. The total exposure in this project recorded under Unbilled
Revenue and Contract Work In Progress is INR 6,985.98 lakhs (December 2016 -
Rs 6,519.83 lakhs). Considering the positive development in BCCL's efforts in
Identifying alternate options to complete the project, the management is of the
view that BCCL will be in a position to complete the Ammonia Plant project and
thereby the Company will be able to realize these amounts in full.
9. Financial Assets Loans (Non Current) Include
Rs 27707.02 lakhs (December 2016 - Rs 24087.97 lakhs) due from an associate
Company and its subsidiary. In order to secure these dues the Company has
entered into an arrangement, with the said associate and another wholly owned
subsidiary of the associate which is engaged in coal mining operations in USA
by which the Company has acquired absolute and unconditional mining operation
rights to exploit the coking coal reserves in relation to the mines of the said
subsidiary, and the right to surplus cash flows, (after meeting subsidiary's
tenders and other commitments), to the efficient of the above mentioned dues.
Also the associate Company has given an undertaking that it wilt not divest its
holdings in the said subsidiary Company, without the prior consent of the
Company till the dues to the Company are settled.
Based on the projected operations of the mines
and consequential projected cash flows, the outstanding dues are expected to be
recoverable over a period of 16 yeaINR In view of a mining asset and its cash
flows being secured towards the outstanding due to the Company, no provision is
considered necessary for these dues at this stage.
10. Exceptional item for the quarter and nine
months ended Dec 31, 2016, represents provision for diminution in the value of
Investments made in Leitwind Shriram Manufacturing P Ltd(LSML).
11. The Government of India introduced the Goods
and Services tax (GST) with effect from July 01, 2017. Accordingly, in
compliance with Indian Accounting Standard (Ind AS)18 - 'Revenue', Revenue from
operations for the quarters ended September 30, 2017 and December 31, 2017 is
presented net of GST. Revenue from operations of quarter ended June 30, 2017
Includes Excise duty which now is subsumed in GST. Revenue from operations for
the period ended December 31, 2017 Includes Excise duty up to June 30, 2017.
12. The Company is engaged in the sole activity
of carrying on the business of "Engineering and Procurement Contract
(EPC)" and therefore, has only one reportable segment In accordance with
Ind AS 108 "Operating Segments". Hence, no separate segment
reporting is applicable to the Company.
13. Previous period figures have been regrouped
/ reclassified to be in conformity with current period s
classification/disclosure, wherever necessary.
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Buildings
- Leasehold Improvements
- Plant and Equipment’s
- Furniture and Fixtures
- Office Equipment
- Computers
- Vehicle
Intangible Assets
- Technical Knowhow
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 90.12 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TRUP |
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.