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MIRA INFORM REPORT
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Report No. : |
498547 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE INFRASTRUCTURE LIMITED |
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Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai – 400710, Maharashtra |
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Tel. No.: |
91-22-30386290 / 33031000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.10.1929 |
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Com. Reg. No.: |
11-001530 |
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Capital Investment
/ Paid-up Capital : |
INR 2630.300 Million |
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CIN No.: [Company Identification
No.] |
L75100MH1929PLC001530 (New) L99999MH1929PLC001530 (Old) |
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IEC No.: |
0388064641 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCR7446Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is in the business of generation, transmission and distribution of electricity. The Company is the leading player in the country in the Engineering, Procurement and Construction (EPC) segment of the power and infrastructure sectors. The Company is also engaged in implementation, operation and maintenance of several projects in defence sector and infrastructural areas through its special purpose vehicles. v(Registered Activity) |
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No. of Employees
: |
6037 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is the flagship company of the Reliance Group (Anil Ambani) and was incorporated on 01st October 1929. It is in the business of generation, transmission and distributor of electricity. The Company is the leading player in the country in the Engineering, Procurement and Construction (EPC) segment of the power and infrastructure sectors. The Company is also engaged in implementation, operation and maintenance of several projects through special purpose vehicles in various infrastructural areas. For the financial year 2017, the company has marginal decreased in its revenue from operations as compared to previous year but maintained decent profitability margin of 14.68%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its dominant market position in the power distribution business in Mumbai that is supported by its own generation capacity as well as transmission network ensuring stable regulated returns and financial support provided by the promoters, However, rating strength is partially offset by high exposure to group companies, company exposure in the form of loans and advances, investments and receivables of EPC business resulting in weakening of financial risk profile. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
02.01.2018 |
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Rating Agency Name |
CARE |
|
Rating |
Short term rating : A2 |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
25.10.2016 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 20.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-22-30386286)
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386290/ 30098181/ 30386286 |
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Fax No.: |
91-22-30376633/ 30098128 |
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E-Mail : |
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Website : |
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Power Plant : |
Dahanu Power
Plant BSES Nagar, Dahanu Road, Thane – 401602, Maharashtra, India Goa Power Plant Opposite Sancoale, Industrial Estate, Zuarinagar- 403726, Sancoale
Mormugao Goa, India Samalkot Power
Plant Industrial Development Area, Peddapuram Mandal, Samalkot- 533440,
Andhra Pradesh, India Wind Farm Near Almangala, Chitradurga – 577558, Karnataka, India |
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Corporate Office : |
3rd Floor, North Wing, Reliance Energy Center, Santacruz (East),
Mumbai – 400055, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Anil Dhirajlal Ambani |
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Designation : |
Director |
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Address : |
39, 'Sea Wind' Cuffe Parade, Colaba Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
04.06.1959 |
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Date of Appointment : |
18.01.2003 |
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DIN No. : |
00004878 |
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Name : |
Mr. Sateesh Seth |
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Designation : |
Director |
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Address : |
4th Floor, Summer Villa, 7th Road, Santacruz (East), Mumbai-400055, Maharshtra, India |
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Date of Birth/Age : |
13.08.1955 |
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Date of Appointment : |
24.11.2000 |
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DIN No. : |
00004631 |
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Name : |
Mr. Vijay Kumar Chaturvedi |
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Designation : |
Director |
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Address : |
901, Tower 10, Sea Breeze CHS Limited Palm Beach Road, Nerul - 16 Navi Mumbai-400706, Maharashtra, India |
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Date of Birth/Age : |
01.01.1943 |
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Date of Appointment : |
21.04.2012 |
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DIN No. : |
01802454 |
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Name : |
Mr. Surinder Singh Kohli |
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Designation : |
Director |
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Address : |
J-170, Rajouri Garden, New Delhi-110027, India |
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Date of Birth/Age : |
10.04.1945 |
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Date of Appointment : |
14.02.2012 |
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DIN No. : |
00169907 |
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Name : |
Mr. Krishnaswamy Ravi Kumar |
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Designation : |
Director |
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Address : |
277, Asian Games Village, New Delhi-110049, India |
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Date of Birth/Age : |
15.06.1949 |
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Date of Appointment : |
14.08.2012 |
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DIN No. : |
00119753 |
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Name : |
Mr.
Vasudeo Rajaram Galkar |
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Designation : |
Director |
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Address : |
5/T-1, Models Exotica, St. Inez, Tiswadi, Panaji-403001, Goa, India |
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Date of Appointment : |
20.09.2014 |
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DIN No. : |
00009177 |
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Name : |
Ms.
Ryna Zaiwalla Karani |
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Designation : |
Director |
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Address : |
T/37, Godrej Baug, Off Napean Sea Road, Mumbai-400026, Maharashtra, India |
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Date of Appointment : |
20.09.2014 |
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DIN No. : |
00116930 |
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Name : |
Mr. Shiv Prabhat |
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Designation : |
Director |
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Address : |
B5, Jeeva Jyot, Settlewad Lane Nepeansea Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
04.11.2015 |
|
DIN No. : |
07319520 |
KEY EXECUTIVES
|
Name : |
Ramesh Ganpati Shenoy |
|
Designation : |
Company Secretary |
|
Address : |
E 115, Bussa Apartments, B M Bhargava Marg, Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Date of Appointment : |
22.04.2012 |
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PAN No.: |
AHEPS6351D |
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|
Name : |
Mr. Lalit Jalan |
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Designation : |
Chief Executive Officer |
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Address : |
49, Usha Kiran 15, M L Dahanokar Marg, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
01.01.2016 |
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PAN No.: |
ACXPJ5133G |
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Name : |
Mr. Sridhar Narasimhan |
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Designation : |
Chief Financial Officer |
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Address : |
F-903, Orchid Suburbia, New Link Road, Kandivali (West), Mumbai-400067, Maharashtra, India |
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Date of Appointment : |
04.06.2016 |
|
PAN No.: |
ADMPN0903C |
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|
|
|
Name : |
Aashay Sanat Khandwala |
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Designation : |
Company Secretary |
|
Address : |
19, Sujata, 5th Floor, 27-C, Juhu Road, Santacruz West, Mumbai - 400054, Maharashtra, India |
|
Date of Appointment : |
11.11.2017 |
|
PAN No.: |
AACPK8749C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter Group |
127177036 |
49.60 |
|
|
(B) Public |
128791675 |
50.23 |
|
|
(C1) Shares underlying DRs |
6571289 |
0.00 |
|
|
(C2) Shares held by Employee Trust |
450000 |
0.17 |
|
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Grand Total |
262990000 |
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 % |
|
|
A1) Indian |
|
||
|
Individuals/Hindu undivided Family |
663424 |
0.26 |
|
|
Anil D. Ambani |
139437 |
0.05 |
|
|
Jai Anshul A Ambani |
7 |
0.00 |
|
|
Jaianmol A. Ambani |
125231 |
0.05 |
|
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Smt. Kokila D. Ambani |
274937 |
0.11 |
|
|
Tina A Ambani |
123812 |
0.05 |
|
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Any Other (specify) |
126513612 |
49.34 |
|
|
Reliance Big Private Limited |
19500000 |
7.60 |
|
|
Reliance Innoventures Private Limited |
864675 |
0.34 |
|
|
Reliance Project Ventures And Management
Private Limited |
106148937 |
41.40 |
|
|
Sub Total A1 |
127177036 |
49.60 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
127177036 |
49.60 |
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 % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
7492488 |
2.92 |
|
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Foreign Portfolio Investors |
63428881 |
24.74 |
|
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NORDEA 1 SICAV-MULTI-ASSET FUND |
12833230 |
5.00 |
|
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BRANDES EMERGING MARKETS VALUE FUND |
3879544 |
1.51 |
|
|
BRANDES INVESTMENT TRUST- BRANDES
INTERNATIONAL SMALL CAP EQUITY FUND |
4164040 |
1.62 |
|
|
BRANDES INSTITUTIONAL EQUITY TRUST |
3191088 |
1.24 |
|
|
GENERAL ORGANIZATION FOR SOCIAL INSURANCE |
2891033 |
1.13 |
|
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Financial Institutions/ Banks |
938670 |
0.37 |
|
|
Insurance Companies |
23365641 |
9.11 |
|
|
LIC OF INDIA PROFIT PLUS BALANCED FUND |
16637769 |
6.49 |
|
|
THE NEW INDIA ASSURANCE COMPANY LIMITED |
3312716 |
1.29 |
|
|
Any Other (specify) |
1161738 |
0.45 |
|
|
Sub Total B1 |
96387418 |
37.59 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
131212 |
0.05 |
|
|
Sub Total B2 |
131212 |
0.05 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
23730623 |
9.25 |
|
|
Individual share capital in excess of INR
0.200 million |
1158550 |
0.45 |
|
|
Any Other (specify) |
7383872 |
2.88 |
|
|
NRI |
1218542 |
0.48 |
|
|
Clearing Members |
2506093 |
0.98 |
|
|
Bodies Corporate |
2536091 |
0.99 |
|
|
Overseas corporate bodies |
8223 |
0.00 |
|
|
IEPF Account |
1114923 |
0.43 |
|
|
Sub Total B3 |
32273045 |
12.59 |
|
|
B=B1+B2+B3 |
128791675 |
50.23 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of generation, transmission and
distribution of electricity. The Company is the leading player in the country
in the Engineering, Procurement and Construction (EPC) segment of the power
and infrastructure sectors.
(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 : |
6037 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1 : |
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Name : |
Haribhakti and Company LLP Chartered Accountants |
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|
|
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Auditors 2 : |
|
|
Name : |
Pathak H D and Associates Chartered Accountants |
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
|
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Subsidiaries
(including step down subsidiaries) : |
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Associates : |
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Joint Ventures : |
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Investing Party : |
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Enterprises over
which person described in Persons having control over investing part has
significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450060000 |
Equity Shares |
INR 10/- each |
INR 4500.600 Million |
|
8000000 |
Equity Shares with differential rights |
INR 10/- each |
INR 80.000 Million |
|
1550000000 |
Redeemable Preference Shares |
INR 10/- each |
INR 15500.000 Million |
|
42000000 |
Unclassified Shares |
INR 10/- each |
INR 420.000 Million |
|
|
Total |
|
INR 20500.600
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
265392065 |
Equity Shares |
INR 10/- each |
INR 2654.000
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262990000 |
Equity Shares |
INR 10/- each |
INR 2629.900
Million |
|
|
Add: 354479 Forfeited Shares- Amounts originally paid up |
|
INR 0.400
Million |
|
|
Total |
|
INR 2630.300 Million |
Shares Pledged
Details:
|
Particulars |
As on 31.03.2017 |
|
No. of Shares |
|
|
No of Shares Pledged by Promoter Group Companies |
83364675 |
Reconciliation of the
Shares outstanding at the beginning and at the end of the year:
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares |
INR In Million |
|
|
Equity Shares: |
|
|
|
At the beginning of the year |
262990000 |
2629.900 |
|
Outstanding at the end of the year |
262990000 |
2629.900 |
(i) Voting The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share.
(ii) Dividend The Board of Directors in their meeting dated April 15, 2017 have approved a final dividend of INR 9 per equity share for the financial year ended March 31, 2017. The proposal is subject to the approval of shareholders at the ensuing annual general meeting and if approved would result in a cash outflow of approximately INR 2848.700 million including corporate dividend tax of INR 481.800 million.
(iii) Liquidation In the event of liquidation of the Company, the holders of equity shares will be entitled to receive all of the 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.
(d) Buy-back of Equity Shares:
Aggregate number of shares bought back during the period of five years immediately preceding the reporting date –44,30,262 (March 31, 2016 - 44,30,262 and April 01, 2015 – 44,30,262).
(e) Details of Shareholders holding more than 5% Shares of the Total Equity Shares of the Company:
|
Name of the
Shareholders |
As on 31.03.2017 |
|
|
No. of Shares |
% held |
|
|
Reliance Project Ventures and Management Private Limited |
106148937 |
40.36 |
|
Life Insurance Corporation of India |
25844788 |
9.83 |
|
Reliance Big Private Limited |
19500000 |
7.41 |
FINANCIAL DATA
[all figures are
in 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 |
2630.300 |
2630.300 |
2630.300 |
|
(b) Reserves &
Surplus |
207321.100 |
190356.200 |
209243.700 |
|
(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) |
209951.400 |
192986.500 |
211874.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
73519.600 |
104486.100 |
85463.200 |
|
(b) Financial Lease
Obligations |
41647.500 |
42222.600 |
0.000 |
|
(c) Trade Payables |
49.800 |
2528.200 |
0.000 |
|
(d) Deferred tax
liabilities (Net) |
25224.000 |
26355.700 |
2973.900 |
|
(e) Other long term
liabilities |
21077.000 |
19503.300 |
26271.600 |
|
(f) long-term provisions |
3800.000 |
3800.000 |
3800.000 |
|
Total Non-current
Liabilities (3) |
165317.900 |
198895.900 |
118508.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
52485.400 |
72414.800 |
70580.200 |
|
(b) Financial Lease
Obligations |
526.600 |
472.500 |
|
|
(c) Trade payables |
56488.300 |
45623.200 |
38950.900 |
|
(d) Other current
liabilities |
87064.800 |
75402.800 |
50084.300 |
|
(e) Short-term provisions |
2519.900 |
1845.000 |
5707.700 |
|
Total Current Liabilities
(4) |
199085.000 |
195758.300 |
165323.100 |
|
|
|
|
|
|
TOTAL |
574354.300 |
587640.700 |
495705.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
158459.700 |
163005.000 |
67026.600 |
|
(ii) Intangible Assets |
5721.100 |
6015.500 |
151.800 |
|
(iii) Capital
work-in-progress |
1836.700 |
1686.100 |
9839.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
166397.100 |
153809.500 |
148753.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
4744.000 |
|
(e) Other Non-current
assets |
13671.300 |
22185.100 |
38075.100 |
|
(f) Trade Receivables |
0.000 |
2678.300 |
0.000 |
|
Total Non-Current Assets |
346085.900 |
349379.500 |
268590.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2522.300 |
2233.400 |
32313.300 |
|
(b) Inventories |
3072.400 |
4249.600 |
3866.200 |
|
(c) Trade receivables |
51000.400 |
49923.200 |
51906.100 |
|
(d) Cash and cash
equivalents |
2466.200 |
2561.000 |
1456.300 |
|
(e) Short-term loans and
advances |
114623.400 |
107294.800 |
107660.500 |
|
(f) Other current assets |
54583.700 |
71999.200 |
29913.100 |
|
Total Current Assets |
228268.400 |
238261.200 |
227115.500 |
|
|
|
|
|
|
TOTAL |
574354.300 |
587640.700 |
495705.800 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
87715.000 |
97730.300 |
104508.000 |
|
|
Other Income |
22601.800 |
20925.200 |
16799.000 |
|
|
Less : Transfer to
General Reserve |
(273.400) |
0.000 |
(1172.500) |
|
|
TOTAL
|
110043.400 |
118655.500 |
120134.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Power Purchased |
26233.800 |
29616.400 |
36851.800 |
|
|
Cost of Fuel Consumed |
10047.500 |
9775.000 |
10874.500 |
|
|
Construction Material Consumed and Sub-Contracting Charges |
10981.300 |
14537.500 |
20360.200 |
|
|
Employees benefits expense |
9818.900 |
9950.200 |
9701.300 |
|
|
Exceptional Items |
1533.300 |
409.700 |
0.000 |
|
|
Regulatory Income/(Expense) |
(7559.400) |
(4274.200) |
(847.600) |
|
|
Other expenses |
10537.400 |
15019.700 |
7963.700 |
|
|
TOTAL
|
61592.800 |
75034.300 |
84903.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
48450.600 |
43621.200 |
35230.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
27098.900 |
22625.300 |
15181.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
21351.700 |
20995.900 |
20049.200 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
9304.400 |
9028.800 |
4868.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
12047.300 |
11967.100 |
15180.600 |
|
|
|
|
|
|
|
Less |
TAX |
(836.800) |
2026.300 |
(153.300) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
12884.100 |
9940.800 |
15333.900 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4413.400) |
4869.300 |
6893.400 |
|
|
|
|
|
|
|
|
Tax on Dividend written
back on account of set off of Dividend Distribution Tax |
0.000 |
0.000 |
35.100 |
|
|
|
|
|
|
|
|
Items of other Comprehensive Income recognised directly in retained earnings |
(244.500) |
(266.700) |
0.000 |
|
|
|
|
|
|
|
|
As per Scheme of
amalgamation |
(56.800) |
0.000 |
58.400 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
14000.000 |
10000.000 |
|
|
Proposed Dividend |
0.000 |
0.000 |
2103.900 |
|
|
Tax on Dividend |
278.500 |
428.300 |
428.300 |
|
|
Dividend Paid |
2235.400 |
2103.900 |
0.000 |
|
|
Transfer to Contingency Reserve |
0.000 |
0.000 |
145.900 |
|
|
Transfer to Debenture Redemption Reserve |
2003.900 |
2424.600 |
2855.200 |
|
|
Balance
Carried to the B/S |
3765.200 |
(4413.400) |
6787.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
48.99 |
37.80 |
58.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
37208.900 |
26524.900 |
12094.000 |
|
Cash generated from operations |
47379.00 |
53477.300 |
NA |
|
Net Cash generated from/(used in) Operating Activities |
47348.900 |
54195.100 |
23327.300 |
QUARTERLY
RESULTS
|
Particulars (Unaudited) |
30.06.2017
(Unaudited)
|
30.09.2017
(Unaudited)
|
31.12.2017
(Unaudited)
|
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
26805.800 |
21811.000 |
20738.000 |
|
Total Expenditure |
17568.800 |
15907.100 |
15158.000 |
|
PBIDT (Excl OI) |
9237.000 |
5903.900 |
5580.000 |
|
Other Income |
5257.100 |
5810.400 |
5129.300 |
|
Operating Profit |
14494.100 |
11714.300 |
10709.300 |
|
Interest |
7556.500 |
7228.900 |
7595.200 |
|
Exceptional Items |
NA |
2841.900 |
1315.500 |
|
PBDT |
6937.600 |
7327.300 |
4429.600 |
|
Depreciation |
2255.000 |
2242.200 |
2223.600 |
|
Profit Before Tax |
4682.600 |
5085.100 |
2206.000 |
|
Tax |
510.000 |
(710.000) |
(922.000) |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
4172.600 |
5795.100 |
3128.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
4172.600 |
5795.100 |
3128.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
212.22 |
186.45 |
181.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.72 |
1.96 |
2.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
5.30 |
4.38 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
15.77 |
10.26 |
9.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.29 |
0.26 |
0.46 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.54 |
0.56 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.78 |
1.05 |
0.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.95 |
1.01 |
0.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.79 |
0.88 |
0.36 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.79 |
1.93 |
2.32 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
14.69 |
10.17 |
14.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.24 |
1.69 |
3.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.14 |
5.15 |
7.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.15 |
1.22 |
1.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.13 |
1.20 |
1.35 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.37 |
0.33 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
62.05 |
77.34 |
63.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.15 |
1.22 |
1.37 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 429/- |
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 |
2630.300 |
2630.300 |
2630.300 |
|
Reserves & Surplus |
209243.700 |
190356.200 |
207321.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
211874.000 |
192986.500 |
209951.400 |
|
|
|
|
|
|
long-term borrowings |
85463.200 |
104486.100 |
73519.600 |
|
Short term borrowings |
70580.200 |
72414.800 |
52485.400 |
|
Current maturities of
long-term debts |
12094.000 |
26524.900 |
37208.900 |
|
Total
borrowings |
168137.400 |
203425.800 |
163213.900 |
|
Debt/Equity
ratio |
0.794 |
1.054 |
0.777 |
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 |
104508.000 |
97730.300 |
87715.000 |
|
|
|
(6.485) |
(10.248) |
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 |
104508.000 |
97730.300 |
87715.000 |
|
Profit |
15333.900 |
9940.800 |
12884.100 |
|
|
14.67% |
10.17% |
14.69% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2630.300 |
2630.300 |
|
(b) Reserves &
Surplus |
|
230844.900 |
213893.000 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling
interest |
|
15969.500 |
16277.100 |
|
Total Shareholders’ Funds
(1) + (2) |
|
249444.700 |
232800.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
156245.200 |
195650.100 |
|
(b) Financial Lease
Obligations |
|
41647.500 |
42222.600 |
|
(c) Trade Payables |
|
49.800 |
2528.200 |
|
(d) Deferred tax
liabilities (Net) |
|
31870.900 |
33676.600 |
|
(e) Other long term
liabilities |
|
61081.700 |
58477.600 |
|
(f) long-term provisions |
|
5333.800 |
4862.800 |
|
Total Non-current
Liabilities (3) |
|
296228.900 |
337417.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
59785.900 |
67940.600 |
|
(b) Financial Lease
Obligations |
|
526.600 |
472.500 |
|
(c) Trade payables |
|
211657.700 |
182891.000 |
|
(d) Other current
liabilities |
|
161732.100 |
183059.600 |
|
(e) Short-term provisions |
|
4100.800 |
3368.800 |
|
Total Current Liabilities
(4) |
|
437803.100 |
437732.500 |
|
|
|
|
|
|
TOTAL |
|
983476.700 |
1007950.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
240377.300 |
243275.900 |
|
(ii) Intangible Assets |
|
125294.700 |
91484.900 |
|
(iii) Capital
work-in-progress |
|
13048.100 |
11912.600 |
|
(iv) Intangible assets
under development |
|
10551.600 |
37799.700 |
|
(b) Non-current
Investments |
|
128951.800 |
123278.400 |
|
(c) Deferred tax assets
(net) |
|
670.100 |
260.200 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
15929.400 |
25713.400 |
|
(f) Trade Receivables |
|
0.000 |
2678.200 |
|
Total Non-Current Assets |
|
534823.000 |
536403.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2541.900 |
2823.900 |
|
(b) Inventories |
|
4119.300 |
5538.000 |
|
(c) Trade receivables |
|
56835.400 |
56160.600 |
|
(d) Cash and cash
equivalents |
|
6779.400 |
4809.200 |
|
(e) Short-term loans and
advances |
|
110616.900 |
106635.300 |
|
(f) Other current assets |
|
267760.800 |
295580.500 |
|
Total Current Assets |
|
448653.700 |
471547.500 |
|
|
|
|
|
|
TOTAL |
|
983476.700 |
1007950.800 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
246664.600 |
262166.100 |
|
|
Other
Income |
|
23973.500 |
20546.400 |
|
|
Less
: Transfer to General Reserve |
|
(273.400) |
0.000 |
|
|
TOTAL |
|
270364.700 |
282712.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost
of Power Purchased |
|
131460.600 |
132322.700 |
|
|
Cost
of Fuel Consumed |
|
10516.100 |
10160.500 |
|
|
Construction Material Consumed
and Sub-Contracting Charges |
|
19748.000 |
26242.000 |
|
|
Employees benefits expense |
|
17062.100 |
16880.600 |
|
|
Exceptional Items |
|
(855.800) |
409.400 |
|
|
Regulatory Income/(Expense) |
|
(11855.500) |
(1909.000) |
|
|
Other expenses |
|
20697.400 |
24665.700 |
|
|
TOTAL |
|
186772.900 |
208771.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
83591.800 |
73940.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
56499.000 |
50258.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
27092.800 |
23682.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
16883.300 |
15438.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
10209.500 |
8243.600 |
|
|
|
|
|
|
|
Less |
Tax Expenses |
|
(1421.800) |
2246.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
11631.300 |
5997.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
9.11 |
21.62 |
LEGAL CASES
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 10.05.2016 |
||||||
|
LODGING NO:- NMWL/383/2016 |
FILING DATE:- 10.05.2016 |
REG NO:- NMW/311/2016 |
REG DATE:- 16.07.2016 |
|||
|
MAIN MATTER Lodging No:- WPL/818/2015
Reg No:- WP/944/2015 |
||||||
|
PETITIONER:- |
MUMBAI ELECTRIC EMPLOYEES UNION |
RESPONDENT:- |
RELIANCE INFRASTRUCTURE LIMITED - Q |
|||
|
PETN.ADV:- |
RAJMOHAN A AMONKAR (I3214) |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|||||
|
STATUS:- |
Pre-Admission |
CATEGORY:- |
NOTICE OF MOTION (DIRECTION) |
|||
|
NEXT DATE:- |
29.07.2016 |
STAGE:- |
|
|||
|
LAST CORAM:- |
HON’BLE SHRI JUSTICE ANOOP V.MOHTA HON’BLE SHRI JUSTICE G.S. KULKARNI |
|||||
|
ACT:- |
Contract Labour (Reg. & Abolition) Act |
|||||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The Company is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors within the infrastructure space such as Power, Roads, Metro Rail, Cement and Defence. RInfra is also a leading utility having presence across the value chain of power business i.e. Generation, Transmission, Distribution and Power Trading. RInfra also provides Engineering, Procurement and Construction (EPC) services for various infrastructure projects.
The Company is a public limited Company which is listed on two recognised stock exchanges in India. The Company’s Global Depository Receipts, representing Equity Shares, is also listed on London Stock Exchange. The Company is incorporated and domiciled in India under the provisions of the Indian Companies Act, 1913. The registered office of the Company is located at H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400710. These financial statements of the Company for the year ended March 31, 2017 were authorised for issue by the board of directors on April 15, 2017. Pursuant to the provisions of section 130 of the Act, the Central Government, Income tax authorities, Securities and Exchange Board of India, other statutory regulatory body and under section 131 of the Act, the board of directors of the Company have powers to amend / re-open the financial statements approved by the board / adopted by the members of the Company.
BUSINESS OPERATIONS
The Company is in the business of generation, transmission and distribution of electricity. The Company is the leading player in the country in the Engineering, Procurement and Construction (EPC) segment of the power and infrastructure sectors. The Company is also engaged in implementation, operation and maintenance of several projects in defence sector and infrastructural areas through its special purpose vehicles.
Divestment of Business
i. Cement Business
During the year, the Company has successfully monetized its investments in cement business and has completed the sale of its cement business to Birla Corporation Limited.
ii Transmission
Business
The Company owns the country’s first 100% private sector transmission project – WRSSS B & C projects located in the State of Maharashtra, Gujarat, Madhya Pradesh and issue size and retention of oversubscription, if any, will be decided by the Investment Manager in consultation with the global coordinators and book running lead mangers to the Issue.
SCHEME OF
AMALGAMATION & ARRANGEMENT
Reliance Concrete Private Limited with the Company The Board of Directors at its meeting held on February
08, 2016 approved the Scheme of Amalgamation of the step down subsidiary i.e. Reliance Concrete Private Limited (‘RCPL’) with the Company (“the Scheme”), with effect from the Appointed Date, March 1, 2016. The Scheme had been approved by the Hon’ble High Court of Bombay on September 8, 2016. The Scheme has become effective pursuant to RCPL and the Company filing the Order with the Registrar of Companies, Maharashtra, Mumbai on October 20, 2016.
Reliance Electric
Generation and Supply Limited
The Board of Directors at its meeting held on March 16, 2016 had approved the Scheme of Arrangement (“the Scheme”) for transfer of the Company’s Mumbai Power Generation, Transmission and Distribution Division, Samalkot Power Station Division, Goa Power Station Division and Windmill Division on a going concern basis (“the Scheme”). The Scheme had been approved by the Hon’ble High Court of Bombay on January 19, 2017. In terms of the High Court Order, the Scheme shall not be effective until consents/approvals are received from the lenders and regulatory authorities.
Reliance
Infrastructure InvIT Fund
The Company has set up an Infrastructure Investment Trust, Reliance Infrastructure InvIT Fund (the Trust) which is registered with Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 as amended (the InvIT Regulations). The Trust would hold assets of completed toll road projects of the Company. The Company is the Sponsor and Project Manager of the Trust and Reliance Nippon Life Asset Management Limited is the Investment Manager (the Investment Manager) to the Trust. The Investment Manager has filed the draft offer document with SEBI for initial public offer of the units representing an undivided beneficial interest in the Trust. The final
MANAGEMENT DISCUSSION
AND ANALYSIS
MACROECONOMIC
OVERVIEW
Indian Economic
Environment
As per the Central Statistics Organization (CSO) second advance estimates, the Indian economy grew by 7.1 per cent in 2016- 17. After two consecutive years of poor monsoon, 2016-17 was the first year when the country witnessed normal monsoon which provided much needed support to the rural economy. India’s macro fundamentals continued to improve in 2016- 17 led by strong pace of reforms such as passage of Goods and Service Tax (GST) Bill, corporate insolvency resolution via Bankruptcy Code, financial inclusion via Aadhaar card and various measures to curb black money. Inflation continued with its downtrend, with Consumer Price Index (CPI) averaging 4.5 per cent in 2016-17 versus 4.9 per cent in 2015-16. Central government fiscal deficit too improved from 3.9 per cent of – Gross Domestic Product (GDP) in 2015-16 to 3.5 per cent of GDP in 2016-17. The revenue deficit also declined from 2.5 per cent in 2015-16 to 2 per cent in 2016-17. Benign inflationary pressures meant that the Reserve Bank of India (RBI) was able to deliver another 25 basis points (bps) of repo rate cut in 2016-17 after a cumulative 125 bps rate cut in 2015-16. Further, in order to facilitate transmission of policy rate cuts, the RBI decided to progressively migrate the banking system liquidity target from a deficit of 1 per cent of NDTL to a position closer to neutrality. Government’s policy reforms continued to improve the business environment in the economy with India jumping 16 ranks to settle at the 39th spot (out of 138 countries) on the global competitiveness index prepared by the World Economic Forum in 2016. This was the second year in a row that India jumped 16 spots. In the year 2015-16, India was ranked at the 55th place.
GDP Growth
As per second advance estimates, India’s GDP growth slowed down slightly in 2016-17 to 7.1 per cent from 7.9 per cent in 2015-16. This slowdown was primarily due to the impact of demonetisation which led to temporary disruption in cash transactions. On the back of a normal monsoon, the agriculture sector registered a strong growth of 4.4 per cent in 2016-17 versus 0.8 per cent in 2015-16. Mining grew by 1.3 per cent, down from 12 per cent in the previous year while manufacturing grew by 7.7 per cent (down from 10.5 per cent in the previous year) and electricity grew by 6.6 per cent (up from 5.1 per cent in the previous year). The construction sector showed some improvement, growing by 3.1 per cent in 2016-17 versus 2.7 per cent in 2015-16. However, the biggest drag came from the service sector where growth rate fell to 7.9 per cent in 2016- 17 from 9.8 per cent in the previous year. The drag was primarily due to the demonetization as large sections of the service sector are unorganized and highly dependent on cash transactions. Going forward, a normal monsoon, normalization of short-term disruption caused from demonetisation as well as a pick-up in exports should be supportive of growth in 2017-18.
Industrial Production
During 2016-17, the Index of Industrial Production (IIP) registered a healthy growth rate of 5 per cent compared to 3.4 per cent in same period last year. Manufacturing index grew by 4.9 per cent, Mining rose by 5.3 per cent and Electricity rose by 5.8 per cent. The government has been focused on increasing public capital spending both through the budget and by offbudget means (state owned enterprises-led capex). However, the trend in private capex has been subdued and has been a key drag on the overall growth trajectory. On the positive side, Foriegn Direct Investment (FDI) has remained quite strong with India receiving US$35.8 billion of net FDI inflows in 2016-17.
Inflation and
Interest Rate
The Consumer Price Index (CPI) inflation averaged 4.5 per cent in 2016-17 from 4.9 per cent in 2015-16. Decline in food inflation on the back of a good monsoon helped to ease inflationary pressures in the economy. The Wholesale Price index (WPI) inflation came out of deflation territory to average 3.7 per cent in 2016-17 versus -2.5 per cent in 2015-16. The year 2016 marked an inflexion point in global commodities with prices of many commodities rebounding due to a combination of Chinese fiscal stimulus, supply cuts as well as some recovery in global growth. However, overall inflationary pressures in the economy continued to remain benign. As a result, the RBI was able to cut its policy rate by another 25bps in 2016-17 versus 125bps in 2015-16.
Overall Review
Reliance Infrastructure Limited is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector. Reliance Infrastructure is ranked amongst India’s leading private companies on all major financial parameters, including assets, sales, profits and market capitalization. The highlights of the performance of the Company during 2016-17 are furnished here :
• Total Income of INR 282220.000 million (US$ 4.4 billion)
• Net Profit of INR 14250.000 million (US$ 220 million)
• EBITDA of INR 82740.000 million (US$1.3 billion)
• Earnings per Share (EPS) of INR 541.800 million (US$ 0.83)
Cash profit of INR 31130.000 million (US$ 480 million)
The EPC and Contracts Division (the EPC Division) order book position stood at INR 30740.000 Million (US$ 464 million) as on March 31, 2016.
OUTLOOK
India has emerged as fastest growing economy in the world as per Central Statistics Organisations and International Monetary Fund. The country’s economic growth is currently facing challenges such as subdued manufacturing, lower exports of services and lower capital expenditure. However, the outlook for 2017-18 has been brightened considerably on account of several factors like cheap borrowing costs, fading effect of demonetisation which could increase private consumption, implementation of Goods and Services Tax (GST) to improve tax compliance and governance, favourable economic indicators such as moderate levels of inflation, reduced current account deficit, fiscal consolidation, etc. which will help in achieving and sustaining higher economic growth.
THE INFRASTRUCTURE
SECTOR
Infrastructure is a vital sector that propels overall development of the Indian economy which requires substantial influx of investment capital to initiate policies that ensure time bound creation of world class infrastructure and delivery of services. The Government of India has targeted INR 25 trillion investment in infrastructure over a period of 3 years and additional investment of INR 5 trillion for road, railways and port connectivity projects as development of infrastructure has consistently been a key focus for the Government in the economic development initiatives. To achieve this objective, Government has allocated INR 4.0 trillion including INR 2.4 trillion for transportation sector to ensure adequate development of infrastructure which is essential for sustained growth of Indian economy in FY18.
The Power Sector
The power sector will provide one of the biggest avenues to participate in the development of India infrastructure.
The evolution of the digital age brings a shift toward Smart Energy that will bring large-scale infrastructure opportunities across multiple industry segments i.e. transmission, distribution and consumption. At the same time, a changing power generation mix, largely as a result of the push toward more renewable energy resources, is putting pressure on power and utilities companies to upgrade and replace their aging infrastructure sooner rather than later. The installed generating capacity in the country in 1947 was 1.4 GW which has since grown manifold to 320 GW at the end of March 2017. India’s per capita consumption of electricity has increased from 672 KWh in 2007 to 1,075 KWh in 2016, significantly lower thanthe world average of 3,030 in 2014. To meet the soaring demand for power, Government has introduced some strategic and progressive measures like Ultra Megawatt Power Project (UMPP), Integrated Power Development Scheme (IPDS), Usval Discom Asurance Yogjana (UDAY) and Din Dayal Upadhyaa Gram Jyoti Yogjana (DDUGJY), etc. to unleash the potential of the power sector. The Government allocated ` 10,635 crore for IPDS and DDUGJY in 2017- 18. The Government is focused on the renewable energy as complementary source of power and has allocated INR 55000.000 million for FY18. The new paradigm of surplus power sets the stage for continuing these reforms so that India can become ‘one market’ in power. All the initiatives above aims at focus on system improvement, loss reduction, theft control, consumer service orientation, quality power supply, commercialization, decentralized distributed generation and supply for rural area.
The Defence Sector
Defence is still a nascent sector with respect to private sector participation. According to estimates, the defencen market in the country would be worth US$ 250 billion over the next ten years. India currently imports 70 per cent of its defence requirements.
In order to tap the enormous opportunities on offer, our company created Reliance Defence Limited; a wholly owned subsidiary of RInfra. This entity was created with the aim of targeting the local Defence and Aerospace Industry, both of which are showing high growth rates and dependencies. The purpose is to align with government initiatives such as “Make in India” and “Skill India”. To this end, Reliance Defence has made considerable progress. We now have 13 Special Purpose Vehicles (SPV’s) that together hold 35 industrial licenses issued by the Department of Industrial Policy & Promotion (DIPP)/Ministry of Commerce.
In a further bid to promote “Make in India” initiative, the Union Cabinet approved the proposal for introducing measures to encourage shipbuilding and ship repair industry in India. This includes a policy for grant of financial assistance to shipyards that will be in force for ten years. The implementation of this policy would have a budgetary support of ` 4,000 crore over ten years. The proposals also include grant of a Right of First Refusal for Indian shipyards for Government purchases, tax incentives and grant of infrastructure status for shipbuilding and ship repair industry. Currently, the Indian Navy has 137 ships and submarines and Coast guard has approximately 120 ships. Both the Indian Navy and the Coast guard have a projected force level plan of 200 ships each by year 2027. With a large number of ships in the current inventory needing replacement. The Indian Navy has the requirement of vessels worth more than ` 8,00,000 crore over the next 15 years. Defence Public Sector Unit (DPSU) shipyards need complementary support from the private sector shipyard to fulfill this requirement of the Indian Navy. Apart from requirements of the defence forces in India, the defence market in South-East Asia is likely to provide growth opportunities in the coming years.
In order to address this opportunity, Reliance Defence attained its first milestone - the acquisition of significant interest in the erstwhile Pipavav Defence and Offshore Corporation (PDOC); now Reliance Defence and Engineering Limited (RDEL). This strategic acquisition provided us access to an exclusive club of Indian companies with defence manufacturing capability.
The shipyard at Pipavav, Gujarat, is the largest in the country and boasts various state-of-the art machinery, equipment and manufacturing capabilities not possessed by any other yard in the country. This includes modular ship-building capability, capacity for manufacturing large pre-fabricated blocks and the largest dry-docking facility in India. RDEL offerings include (i) design and construction/ repair and refit of warships and submarines; (ii) design, construction, repair and conversion of commercial ship;
(iii) fabrication, construction, repair, conversion of hydrocarbon exploration and production assets (“E&P Assets”). Reliance Naval Systems Limited, a strategic business unit of Reliance Defence Limited, has been issued licenses for manufacturing of underwater systems, electro-optical systems, underwater weapons and C4I systems.
RDEL has shipbuilding and ship repair capabilities for a range of military and commercial vessels of different sizes and types, including vessels as large as 4,00,000 tons. As of March 31, 2017, RDEL had firm contracts to build one Panamax bulk carriers, one Coast Guard training ship, 14 Fast Patrol Vessels (“FPVs”), Five Naval Offshore Patrol Vessels (NOPVs), five Offshore Support Vehicles (OSVs) and to execute repairs of vessels, rigs and other offshore structures. The yard has successfully built and delivered 6 Panamax vessels and 7 offshore support vehicles to domestic and international customers.
RDEL received an industrial license from the Government of India for the manufacture of strategic defence vessels in October 2010. It is one of the first private sector companies in India, post-independence; to have received orders to build frontline warships for the Indian Navy. It is a qualified agency to the Indian Navy for combat management system (CMS) and to the Indian Coast Guard for integrated platform management systems (IPMS) and integrated bridge systems (IBS). It also has licenses for production of missiles, torpedoes, rockets and autonomous underwater vehicles. A long term strategic partnership is in place with SAAB AB (Sweden) to have access to state-of-the-art technology for specific defence vessels. RDEL entered into Memorandum of Undertaking with ALLRIG INC, USA that will enable RDEL’s shipyard at Pipavav to be developed as a one-stop shop solution for all the service needs of
upstream companies.
In the Aviation field, Reliance Defence has commenced multiple initiatives to meet the needs of both military and civil aviation. The proposed Dhirubhai Ambani Aerospace Park is one such initiative. Located at the SEZ at MIHAN(Multi Modal International Hub at Nagpur, Nagpur), the long term vision is to create a comprehensive Aerospace manufacturing complex, with capability to produce aircraft, helicopters and UAV’s. The aim is to address the Civil and Military markets.
To kick-off this project, our subsidiary, Reliance Aerostructures has formed a Joint Venture Company with Dassault Aviation. The Joint Venture shall facilitate the transfer of high end technology, while discharging offset obligations of INR 30,000 crore. This is part of the agreement for purchase of 36 Rafale fighter aircraft for the Indian Air-Force. The scope includes Performance Based Logistics for Rafale aircraft of the Indian Air-Force and other manufacturing activity.
Reliance Defence Limited has a strategic partnership
Agreement with ANTONOV of Ukraine for assembly, manufacture and MRO facilities for ANTONOV platforms
in India, for both the commercial and military markets. Reliance Defence, together with ANTONOV could jointly address various requirements including 50-80 seatpassenger aircraft program in its basic configuration. Specialised variants such as transport, maritime patrol and other military roles are also envisaged. Reliance Defence Limited has a Memorandum of Understanding with Abu Dhabi based Mubadala Aerospace owned Strata for expertise in the manufacture of Carbon Fibre Composite aerostructures, Prepegs, Design capabilities and 3D printing of airframe panels. Strata has an impressive product portfolio comprising multiple sub-assemblies for customers such as Airbus and ATR.
Reliance Defence Limited and Rafael Advanced Defence Systems Limited plan to collaborate in the highly specialized areas of Large Aerostats, Air to Air Missiles and Air Defence Systems. Reliance Rafael Joint Venture will have 51 per cent holding by Reliance Defence and 49 per cent by Rafael. Rafael has in the past provided large aerostat systems to the Indian Air Force for meeting its surveillance, reconnaissance, communication and intelligence requirements. Rafael is market leader in the Air to Air Missile segment and has world renowned products such as Python and Derby. Similarly, for Air Defence Systems, Rafael portfolio includes SPYDER short range and medium range and Barak missiles family of Surface to Air Missiles in the short and medium range.
Reliance Defence has a strategic partnership with Safran. Safran is an OEM in design, development and manufacturing of Avionics Systems for civil and military aircraft. Reliance and Safran plan to co-develop through Transfer of Technology, development of high technology sensors for Combat Aircraft and Naval Vessels.
Reliance Defence has partnership agreements that equip us to compete in various segments in Defence Land Systems. Competencies include design, development and production of heavy weapons, electronic warfare systems, ammunition, explosives, tanks, infantry combat vehicles, directed energy weapon systems, small arms laser systems for target destruction and C4I Systems for various land platforms. Partnerships with leading OEMs in the explosives manufacturing segment put Reliance Defence in the lead for the manufacture of missiles, explosives heavy weapons, tanks and ICVs.
Reliance Defence Limited (RDL) has a strategic partnership agreement with South Korean defence major LIG Nex1 for smart heavy weapons in category of Anti-ship Missiles, Anti Tank Guided Missiles (ATGM), and Guided Rockets.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loan from Banks |
80.000 |
1340.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term Loans from Banks |
3950.000 |
4700.000 |
|
Buyers' Credit - In Foreign Currency from Banks |
621.600 |
8283.400 |
|
Commercial Paper |
12300.000 |
5550.000 |
|
Inter Corporate Deposits |
|
|
|
from Related Parties |
3286.500 |
16036.300 |
|
Others |
700.000 |
800.000 |
|
Total |
20938.100 |
36709.700 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G79695755 |
100161141 |
YES BANK LIMITED |
18/01/2018 |
- |
- |
5000000000.0 |
NEHRU CENTER, 09TH FLOOR, DUSCOVERY OF INDIADR. A.B.ROAD MUMBAI-400018 MAHARASHTRA INDIA |
|
2 |
G57928194 |
100129140 |
Union Bank of India |
29/09/2017 |
- |
- |
5000000000.0 |
INDUSTRIAL FINANCE BRANCH, UNION BANK BHAWAN ,1ST FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT MUMBAI-400021 MAHARASHTRA INDIA |
|
3 |
G68786649 |
100137889 |
YES BANK LIMITED |
26/07/2017 |
- |
- |
4550000000.0 |
NEHRU CENTER, 09TH FLOOR, DISCOVERY OF INDIADR. A.B.ROAD MUMBAI-400018 MAHARASHTRA INDIA |
|
4 |
G48258545 |
100109254 |
IndusIund Bank |
15/06/2017 |
- |
- |
10000000000.0 |
1ST FLOOR,OPUS CENTRE, # 47, CENTRAL ROAD,OPP. TUNGA PARADISE MUMBAI-400093 MAHARASHTRA INDIA |
|
5 |
G39587092 |
100086559 |
Vijaya Bank |
29/03/2017 |
- |
- |
2500000000.0 |
IFB , MUMBAI, NEW EXCELSIOR BLDG,2ND FLOOR, WALLACE STREET, FORT MUMBAI-400001 MAHARASHTRA INDIA |
|
6 |
G41140625 |
100089941 |
Canara Bank |
18/03/2017 |
- |
- |
5000000000.0 |
SPECIALISED PRIME CORPORATE BRANCHMAKERS CHAMBERS III, 7TH FLOOR, NARIMAN POINT MUMBAI-400021 MAHARASHTRA INDIA |
|
7 |
G40778987 |
100089239 |
Axis Bank Limited |
16/03/2017 |
- |
- |
1500000000.0 |
CORPORATE BANKING BRANCH , 12- MITTAL TOWER1ST FLOOR , A WING , NARIMAN POINT MUMBAI-400021 MAHARASHTRA INDIA |
|
8 |
G30187074 |
100066581 |
Syndicate Bank |
19/11/2016 |
- |
- |
4000000000.0 |
SYNDICATE BANK PLOT NO.227 GROUND FLOORNARIMAN BHAVAN NARIMAN MUMBAI-400021 MAHARASHTRA INDIA |
|
9 |
G71985386 |
100065996 |
Canara Bank |
19/11/2016 |
14/12/2017 |
- |
5000000000.0 |
SPECIALISED PRIME CORPORATE BRANCHMAKERS CHAMBERS III, 7TH FLOOR, NARIMAN POINT MUMBAI-400021 MAHARASHTRA INDIA |
|
10 |
G32236697 |
100068213 |
IDBI TRUSTEESHIP SERVICES LIMITED |
14/10/2016 |
30/12/2016 |
- |
6450000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARGBALLARD ESTATE MUMBAI-400001 MAHARASHTRA INDIA |
CONTINGENT
LIABILITIES:
i) Claims against the Company not acknowledged as debts and under litigation aggregates to INR 16054.700 Million (March 31, 2016 - INR 17250.400 Million and April 01, 2015 INR 11607.400 million). These include claim from suppliers aggregating to INR 4389.900 Million (March 31, 2016 INR 4318.300 Million and April 01, 2015 INR 3718.700 million), income tax claims INR 7132.700 Million (March 31, 2016 INR 8383.500 Million and April 01, 2015 INR 1683.700 million), indirect tax claims aggregating to INR 4110.800 Million (March 31, 2016 INR 4070.200 Million and April 01, 2015 INR 5686.000 million) out of which claims of INR 3041.000 Million (March 31, 2016 INR 2875.800 Million and April 01, 2015 INR 2710.600 million), if materialised, will be recovered from the customers and other claims INR 421.200 Million (Net of provision made of INR 200.000 million) (March 31, 2016 INR 478.400 Million - Net of Provision made of INR 200.000 Million and April 01, 2015 INR 519.000 Million (Net of provision made of INR 80.000 million).
ii) The Company’s application for compounding in respect of its ECB of USD 360 million has been deemed by the Reserve Bank of India (RBI) as never to have been made subsequent to the withdrawal of the compounding application. Accordingly, there is no liability in respect of the compounding fee of INR 1246.800 Million earlier specified by RBI. Subsequent to the withdrawal of the compounding application, the matter has been referred to the Enforcement Directorate where the same is still pending.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED AND NINE MONTHS ENDED 31.12.2017
(INR In million)
|
Particulars |
Quarter Ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from Operations |
|
|
|
|
Net Sales I Income from Power Business |
18419.600 |
19088.500 |
58066.200 |
|
Income from EPC and Contracts Business |
1036.300 |
2423.900 |
6673.000 |
|
Other Operating Income |
1282.100 |
298.600 |
4615.600 |
|
Total Income from
operations (net) |
20738.000 |
21811.000 |
69354.800 |
|
Other income |
5129.300 |
5346.600 |
15404.100 |
|
Total Income |
25867.300 |
27157.600 |
84758.900 |
|
Expenses |
|
|
|
|
Cost of Power Purchased |
6981.900 |
7067.300 |
21517.700 |
|
Cost of Fuel |
2617.800 |
2675.400 |
8217.000 |
|
Construction Materials Consumed and Sub-contracting Charges |
(551.800) |
1416.500 |
2921.200 |
|
Employee Benefits Expense |
2524.600 |
2488.300 |
7474.400 |
|
Finance Expenses |
7595.200 |
7228.900 |
22220.500 |
|
Depreciation and amortization expenses |
2223.600 |
2242.200 |
6720.600 |
|
Other Expenses |
3585.500 |
2259.600 |
8476.600 |
|
Total Expenses |
24976.800 |
25378.200 |
77548.000 |
|
Profit/ (Loss) from Operations before Other Income and
Finance costs and exceptional items |
890.500 |
1779.400 |
7210.900 |
|
Regulatory Income |
1315.500 |
463.800 |
1809.000 |
|
Profit/ (Loss) from Ordinary
Activities before Exceptional Items |
2206.000 |
2243.200 |
9019.900 |
|
Exceptional
items |
0.000 |
2841.900 |
2841.900 |
|
Profit/ (Loss) from Ordinary Activities before tax |
2206.000 |
5085.100 |
11861.800 |
|
Tax Expenses |
|
|
|
|
Current Tax |
25.000 |
(520.000) |
35.000 |
|
Deferred Tax |
(947.000) |
(190.000) |
(1157.000) |
|
Net Profit/ (Loss) for the period from
continuing operations |
3128.000 |
5795.100 |
12983.800 |
|
Profit from discontinued operations |
70.500 |
155.200 |
337.700 |
|
Net Profit/ (Loss) for the period |
3198.500 |
5950.300 |
13321.500 |
|
Other comprehensives income |
|
|
|
|
Items that
will not be reclassified to profit and loss |
|
|
|
|
Remeasurement
of post-employment benefit obligation |
60.000 |
60.000 |
200.000 |
|
Income tax
relating to the above |
(10.000) |
(10.000) |
(35.000) |
|
|
(50.000) |
(50.000) |
(165.000) |
|
Total comprehensives income |
3148.500 |
5900.300 |
13156.500 |
|
Paid- up
Equity Share Capital (share – INR 10) |
2630.300 |
2630.300 |
2630.300 |
|
Earnings per share (*not
annualised) |
|
|
|
|
Basic / Diluted Earning Per share (INR) (For
continuing operations) |
11.89 |
22.04 |
49.37 |
|
Basic / Diluted Earning Per share (INR) (For
Discontinued operations) |
0.27 |
0.59 |
1.28 |
|
Basic / Diluted Earning Per share (INR) |
12.16 |
22.63 |
50.65 |
|
Basic / Diluted Earning Per share (INR) (Before
rate regulated activities in INR) |
7.16 |
20.86 |
43.78 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In million)
|
Particulars |
Quarter Ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue |
|
|
|
|
Power Business |
20020.400 |
19793.100 |
62782.200 |
|
EPC and Contracts Business |
2033.100 |
2481.700 |
8381.600 |
|
Total |
22053.500 |
22274.800 |
71163.800 |
|
Less: Inter Segment Revenue |
- |
- |
- |
|
Net Sales/ Income from
Operations (Including Regulatory Income/(Expense)) |
22053.500 |
22274.800 |
71163.800 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit before Tax
and Interest from each segment: |
|
|
|
|
Power Business |
4058.400 |
4238.200 |
14991.800 |
|
EPC and Contracts Business |
2200.400 |
582.000 |
3995.500 |
|
Total |
6258.800 |
4820.200 |
18987.300 |
|
|
|
|
|
|
Finance Costs |
(7595.200) |
(7228.900) |
(22220.500) |
|
Interest Income |
4978.600 |
4992.400 |
14715.800 |
|
Exceptional Item - Unallocable segment |
- |
2841.900 |
2841.900 |
|
Other Un-allocable Income net of Expenditure |
(1436.200) |
(340.500) |
(2462.700) |
|
Profit before Tax |
2206.000 |
5085.100 |
11861.800 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
Segment Assets |
|
|
|
|
Power Business |
189191.600 |
190617.700 |
189191.600 |
|
EPG and Contracts Business |
49049.600 |
49680.100 |
49049.600 |
|
Unallocated |
337245.500 |
326022.500 |
337245.500 |
|
Total |
575486.700 |
566320.300 |
575486.700 |
|
Non current
assets held for sale and discontinued operations
|
6617.000 |
16554.700 |
6617.000 |
|
|
582103.700 |
582875.000 |
582103.700 |
|
Segment Liabilities |
|
|
|
|
Power Business |
105672.500 |
103421.500 |
105672.500 |
|
EPG and Contracts Business |
53651.000 |
55995.000 |
53651.000 |
|
Unallocated |
204858.000 |
201707.000 |
204858.000 |
|
Total |
364181.500 |
361123.500 |
364181.500 |
|
Liabilities of discontinued operations |
- |
6541.100 |
- |
|
|
364181.500 |
367664.600 |
364181.500 |
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Equipment
- Distribution Systems
- Railway Siding
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computers
- Electrical Installations
WEBSITE DETAILS
NEWS / PRESS
RELEASE
RINFRA WINS INR 50 BN
IN DMRC ARBITRATION AWARD, WILL USE FUNDS TO PARE DEBT
Date: 06.03.2018
Delhi HC asks Delhi Metro to deposit INR 35 bn in an escrow account in four weeks
Reliance Infrastructure won its case against the Delhi Metro Rail Corporation (DMRC) in the Delhi High Courton Tuesday.
Anil Ambani-promoted Reliance Infrastructure said the court has upheld its arbitration award of INR 29.50 billion as compensation along with interest to Delhi Airport Metro Express Private Limited (DAMEPL), a subsidiary of Reliance Infrastructure Limited (RInfra).
"Reliance Infrastructure stands to get INR 50.6 billion from the award, which it shall entirely utilize to reduce its consolidated debt.
This amount is arbitration award amount plus interest till March 31, 2018," the company said in its statement on Tuesday.
RInfra added the High Court has also directed DMRC to deposit INR 35.02 billion in an escrow account within four weeks.
The initial arbitration awarded was granted by a three-member Arbitration Tribunal unanimously on the basis of termination provisions of the Concession Agreement, which DAMEPL had utilized to terminate its agreement with Delhi Metro Rail Corporation (DMRC).
DMRC later challenged this award in the Delhi High Court. "The High Court upheld the validity of the award granted by the three-member Arbitration Tribunal,” the company said in its statement.
Rinfra looks to utilize the proceeds from the award to retire its debt. “Now that the Delhi High Court has upheld the award by the arbitration tribunal, we expect the compensation to be paid expeditiously, which we shall utilize to retire the outstanding debt of RInfra and DAMEPL,” a spokesperson for the company said in the statement.
MMRDA GIVE CONTRACTS
WORTH RS 250 BILLION FOR MUMBAI METRO LINES
DATE: 03.03.2018
MMRDA appoints contractors for Metro2B, Metro 4 works
Contracts for works of over INR 250 billion on upcoming metro lines in the Mumbai metropolitan region were awarded by the MMRDA on Saturday.
The Anil Ambani-led Reliance Infrastructure and Tata Project were among the firms that emerged winners.
The executive committee of the Mumbai Metropolitan Regional Development Authority (MMRDA) which met today appointed contractors to construct elevated viaduct and stations on two metro corridors, an official statement said.
The works awarded include INR 109 billion worth of contracts on the Metro 2B corridor that will connect D N Nagar in the north west suburb of Andheri with Mandale in the north east, and INR 145 billion for the north-south Metro-4 corridor which will run between Kasarwadavali in Thane and Wadala, the statement said.
"By appointing contractors for the entire corridors the committee has only underlined the need of metro corridors for the city and its metropolitan region," Metropolitan Commissioner U P S Madan was quoted as saying.
A consortium of Reliance Infrastructure and ASTALDI was awarded the INR 5.4 billion 'package-8' on the Metro-4 corridor which consists of Bhakti Park, Wadala TT, Anik Nagar Bus Depot, Suman Nagar, Siddharth Colony and Amar Mahal junction stations, it said.
The same consortium also won the INR 5.31-billion 'package 12', comprising Kapurbawdi, Manpada, Tikuji-ni-wadi, Dongripada, Vijay Garden and Kasarvadavali stations.A consortium of Tata Project and China Harbour Engineering won the INR 53.2 billion 'package 9' for seven stations on the same line, the statement said.
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 64.87 |
|
|
1 |
INR 90.48 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.