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MIRA INFORM REPORT
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Report No. : |
500170 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
L AND T INFRA DEBT FUND LIMITED |
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Registered
Office : |
Plot No. 177, CTS No. 6970, 6971, Vidyanagari Marg, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra |
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Tel. No.: |
91-22-40605300/66217300 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.03.2013 |
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Com. Reg. No.: |
11-241104 |
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Capital
Investment / Paid-up Capital : |
INR 5759.667 Million |
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CIN No.: [Company Identification
No.] |
L67100MH2013PLC241104 |
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IEC No.: [Import-Export Code No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCL4493R |
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GSTN : [Goods & Service Tax
Registration No.] |
27AACCL4493R1ZP |
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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 an Infrastructure Debt Fund- Non- Banking Financial Company (IDF- NBFC). (Registered Activity) |
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No. of Employees
: |
11 (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
L and T Infra Debt Fund Limited, is an Infrastructure Debt Fund- Non- Banking Financial Company (IDF- NBFC). Incorporated on March 19, 2013 and is based in Mumbai.
L and T is India's largest engineering and construction company
Rating takes into consideration the company’s healthy net worth base along with experienced management team and comfortable capitalization. Rating also takes into account the extensive experience and knowledgeable of its promoters.
As per unaudited financials of September 2017, the company has achieved a revenue of INR 2,445.73 million and has reported good profit margin of 31.06%.
|
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 |
CRISIL |
|
Rating |
Non-Convertible Debentures = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
10.11.2017 |
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|
|
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Rating Agency Name |
CRISIL |
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Rating |
Commercial Paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
10.11.2017 |
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 27.03.2018
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 CO-OPERATIVE (91-22-62125300 / 66217300)
91-22-40605300 DOES NOT EXIST
LOCATIONS
|
Registered Office and Corporate Office : |
Plot No. 177, CTS No. 6970, 6971, Vidyanagari Marg, CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India |
|
Tel. No.: |
91-22-40605300 / 66217300 |
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Fax No.: |
91-22-62125398 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Thomas Mathew Thumpeparambil |
|
Designation : |
Director |
|
Address : |
19A011, Kohinoor City Phase II, Kirol Road, Off LBS Road, Kurla - West, Mumbai - 400070, Maharashtra, India |
|
Date of Appointment : |
16.10.2014 |
|
DIN No.: |
00130282 |
|
|
|
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Name : |
Mr. Arun Ramanathan |
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Designation : |
Director |
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Address : |
6A, 6th West Cross Street, Shenoy Nagar, Chennai-600030, Tamilnadu,
India |
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Date of Birth/Age : |
25.04.1949 |
|
Date of Appointment : |
21.01.2014 |
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DIN No.: |
00308848 |
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|
|
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Name : |
Mr. Dinanath Mohandas Dubhashi |
|
Designation : |
Director |
|
Address : |
1703, 1704, 17th Floor, Tower T3, Emerald Isle, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India |
|
Date of Appointment : |
29.04.2016 |
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DIN No.: |
03545900 |
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|
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Name : |
Mrs. Rupa Nitsure Rege |
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Designation : |
Director |
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Address : |
304, Meghnad, Tifr HSG Colony Homi Bhabha Road, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
27.04.2016 |
|
DIN No.: |
07503719 |
KEY EXECUTIVES
|
Name : |
Mr. Mehul Harshad Somaiya |
|
Designation : |
Company Secretary |
|
Address : |
102, Krishna Kunj, L T Road, Vithal Mandira Javal, Dahisar (West), Mumbai - 400068, Maharashtra, India |
|
Date of Appointment : |
24.01.2018 |
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PAN No.: |
BPYPS5377E |
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|
|
|
Name : |
Mr. Rajaraman Shiva |
|
Designation : |
Manager |
|
Address : |
C 202, Atrium 22, Kalakshetra Road,
Thiruvanmiyur, Chennai, 600041, Tamil Nadu, India |
|
Date of Birth/Age : |
24.03.1973 |
|
Date of Appointment : |
25.03.2013 |
|
PAN No.: |
AMOPS4303E |
|
Name : |
Rajaraman Shiva |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
SHAREHOLDER’S DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an Infrastructure Debt Fund- Non- Banking Financial Company (IDF- NBFC). (Registered Activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
11 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : Secured redeemable,
Non convertible Debentures (Privately placed)
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Financial Institution: |
|
|
Name : |
Catalyst Trusteeship Limited |
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Address : |
GDA House, First Floor, Plot No. 85, S. No. 94 & 95, Bhusari
Colony (Right), Kothrud, Pune - 411038, Maharashtra, India |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
India bulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat
Marg, Elphinstone Mill Compound, Elphinstone (West), Mumbai – 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/ 4601 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding : |
L and T Finance Holdings Limited L67120MH2008PLC181833 |
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Ultimate holding company: |
Larsen and Toubro Limited |
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Fellow subsidiary company : |
(U67190TN2006PLC059527)
U65910WB1993FLC060810
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CAPITAL STRUCTURE
After 14.08.2017
Authorised Capital : INR 14000.000 Million
Issued, Subscribed & Paid-up Capital : INR 5954.802
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
4000 |
Preference Shares |
INR 1000000/- each |
INR 4000.000 Million |
|
|
Total |
|
INR 14000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
470666666 |
Equity Shares |
INR 10/- each |
INR 4706.667 Million |
|
1053 |
Preference Shares |
INR 1000000/- each |
INR 1053.000 Million |
|
|
Total |
|
INR 5759.667
Million |
Reconciliation of the
shares and amount outstanding at the beginning and at the end of the reporting
year
|
|
As at March 31, 2017 |
|
|
Equity Shares of INR 10 each |
Number |
INR in Million |
|
Shares outstanding at the beginning of the year |
470666666 |
4706.667 |
|
Shares issued during the year |
-- |
-- |
|
Shares outstanding
at the end of the year |
470666666 |
4706.667 |
|
Preference Shares of INR 1000000 each |
As at March 31, 2017 |
|
|
Cumulative Non Convertible Redeemable
Preference Shares (“CRPS”) |
Number |
INR in Million |
|
Shares outstanding at the beginning of the year |
1003 |
1003.000 |
|
Shares issued during the year |
50 |
50.000 |
|
Shares bought back during the year |
-- |
|
|
Shares outstanding
at the end of the year |
1053 |
1053.000 |
Terms/rights attached
to shares
Equity Shares
The Company has equity shares having a par value of INR 10 per share. Members of the Company holding equity shares capital therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid up equity capital of the Company held by the shareholders. The Company declares dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Cumulative Non
Convertible Redeemable Preference Shares (“CRPS”)
a. Details relating
to ISIN INE235P04024 :
The CRPS do not have voting rights other than in respect of
matters directly affecting the rights attached to the CRPS. In the event of any due and payable dividends remain
unpaid for an aggregate period of at least
2 years prior to the start of any general meeting of the equity shareholders,
CRPS holders shall have voting
rights in line with the voting rights of the equity shareholders. The CRPS are
redeemable in three annual tranches
beginning from 01-Oct-2020 and the payment of dividend would be in accordance
with the terms agreed at the time of issuance of Preference Shares. The CRPS
will be repaid in annual tranches of
` 3309.09 lakh each commencing from 01-Oct-2020. The holders of CRPS will be
entitled to an annual dividend of 5%
subject to the provisions of the applicable laws and regulations.
On winding up or repayment of capital, CRPS holders enjoy
preferential rights vis-à-vis equity shareholders, for repayment of capital paid up and shall include any unpaid
Dividends and any fixed premium (if applicable).
b. Details relating
to ISIN INE235P04040
The CRPS are redeemable in three annual tranches beginning from 29-Aug-2022 and the payment of dividend would be in accordance with the terms agreed at the time of issuance of Preference Shares. The CRPS will be repaid in two tranches of INR 16.500 Million each commencing from 29-Aug-2022 and third tranche of INR 17.000 Million on 29-Aug-2024. The holders of CRPS will be entitled to an annual dividend of 5% subject to the provisions of the applicable laws and regulations.
Equity shares in the
Company held by the holding company
|
Particulars |
As at March 31, 2017 |
|
|
|
Number |
INR in Million |
|
Equity Shares of INR 10 each fully paid held by L&T Finance Holdings Limited (Holding company) directly or through its beneficially nominees. |
470666666 |
4706.667 |
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As at March 31, 2017 |
|
|
|
Number |
%age Holdings |
|
Equity Shares of
INR 10 each fully paid held by |
|
|
|
L&T Infrastructure Finance Company Limited |
227600000 |
48.36 |
|
L&T Finance Limited (Erstwhile Family Credit Limited) |
133133329 |
28.28 |
|
L&T Finance Holdings Limited |
109933333 |
23.36 |
|
CRPS of INR 1000000
each fully paid held by |
|
|
|
Pioneer Independent Trust |
750 |
75.00 |
|
L&T Employees Welfare Foundation |
200 |
20.00 |
|
L&T Welfare Company Limited |
100 |
10.00 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5759.667 |
5709.667 |
4043.000 |
|
(b) Reserves & Surplus |
2329.489 |
1505.324 |
463.722 |
|
(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) |
8089.156 |
7214.991 |
4506.722 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
32500.000 |
18300.000 |
4500.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
41.085 |
19.347 |
0.000 |
|
(d) long-term provisions |
252.551 |
126.997 |
35.866 |
|
Total
Non-current Liabilities (3) |
32793.636 |
18446.344 |
4535.866 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.427 |
74.249 |
4.501 |
|
(c) Other current liabilities |
1239.667 |
480.800 |
230.771 |
|
(d) Short-term provisions |
8.237 |
2.436 |
0.657 |
|
Total
Current Liabilities (4) |
1248.331 |
557.485 |
235.929 |
|
|
|
|
|
|
TOTAL |
42131.123 |
26218.820 |
9278.517 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.300 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
38557.522 |
23091.149 |
3318.050 |
|
(e) Other Non-current assets |
19.466 |
325.096 |
11.657 |
|
Total
Non-Current Assets |
38577.288 |
23416.245 |
3329.707 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1817.500 |
2035.865 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
1669.093 |
212.594 |
3636.250 |
|
(e) Current maturities of long - term loans towards financing activities |
12.696 |
699.335 |
217.615 |
|
(f) Short-term loans and
advances |
1811.498 |
7.812 |
0.000 |
|
(g) Other current assets |
60.548 |
65.334 |
59.080 |
|
Total
Current Assets |
3553.835 |
2802.575 |
5948.810 |
|
|
|
|
|
|
TOTAL |
42131.123 |
26218.820 |
9278.517 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3029.940 |
1015.511 |
143.410 |
|
|
Other Income |
432.418 |
125.222 |
428.303 |
|
|
TOTAL
|
3462.358 |
1140.733 |
571.713 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
15.839 |
8.594 |
6.617 |
|
|
Provisions for contingencies |
89.065 |
60.587 |
10.520 |
|
|
Other expenses |
161.830 |
68.228 |
25.501 |
|
|
TOTAL |
266.734 |
137.409 |
42.638 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3195.624 |
1003.324 |
529.075 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2254.510 |
610.417 |
228.706 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
941.114 |
392.907 |
300.369 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
0.018 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
941.096 |
392.907 |
300.369 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
941.096 |
392.907 |
300.369 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
619.789 |
365.822 |
151.013 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to reserve u/s. 45-IC of Reserve Bank of India Act, 1934 |
188.219 |
78.581 |
25.460 |
|
|
Dividend paid on Preference shares including dividend distribution tax |
60.360 |
60.359 |
0.000 |
|
|
Redemption premium on CRPS |
0.000 |
0.000 |
60.100 |
|
|
Total
(M) |
248.579 |
138.940 |
85.560 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1312.306 |
619.789 |
365.822 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.87 |
0.99 |
0.80 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1811.498 |
699.335 |
655.781 |
|
Cash generated from operations |
(14646.691) |
(19852.614) |
(19852.614) |
|
Net cash flow from operating activity |
(14887.729) |
(19911.283) |
(19911.283) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
10652.08 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.84 |
0.75 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.24 |
2.63 |
1.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.15 |
0.08 |
0.05 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.42 |
1.64 |
2.31 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
31.06 |
38.69 |
209.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.23 |
1.50 |
3.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
11.63 |
5.45 |
6.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.85 |
5.03 |
25.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.85 |
5.03 |
25.21 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.19 |
0.28 |
0.49 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5.96 |
3.33 |
1.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.85 |
5.03 |
25.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
4043.000 |
5709.667 |
5759.667 |
|
Reserves & Surplus |
463.722 |
1505.324 |
2329.489 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4506.722 |
7214.991 |
8089.156 |
|
|
|
|
|
|
Long Term borrowings |
4500.000 |
18300.000 |
32500.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long term debt |
655.781 |
699.335 |
1811.498 |
|
Total
borrowings |
5155.781 |
18999.335 |
34311.498 |
|
Debt/Equity
ratio |
1.144 |
2.633 |
4.242 |
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
|
143.410 |
1015.511 |
3029.940 |
|
|
|
608.117 |
198.366 |
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
|
143.410 |
1015.511 |
3029.940 |
|
Profit |
300.369 |
392.907 |
941.096 |
|
|
209.45% |
38.69% |
31.06% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
APPROPRIATIONS
The Company proposes to transfer INR 188.219 Million (Previous year: INR 78.581 Million) to Special Reserve created u/s 45 – IC of Reserve Bank of India Act, 1934 and retain INR 1312.306 Million (Previous year: INR 619.789 Million) in the Statement of Profit and Loss of the Company.
INFORMATION ON THE
STATE OF AFFAIRS OF THE COMPANY
The policy and regulatory framework for Infrastructure Debt Funds (“IDF”) announced by the Government of India (“GoI”) and the Reserve Bank of India (“RBI”) respectively, are targeted at providing an innovative solution to the asset-liability mismatch and group exposure issues faced by the banking system in India. It was also intended that IDFs would help channelize pension/ insurance funds to infrastructure as well as play a role in deepening the bond market in India.
In FY 2016-17, the third full year of operations, the Company has been able to make significant progress towards achieving all the objectives indicated by GoI, as well as improve the viability of projects by providing long-tenor and low-cost structured refinance solutions.
During the year, the Company has earned a profit of INR 9410.96 Million on an asset base of INR 40042.855 Million as on March 31, 2017, diversified across multiple sectors including transportation (roads), renewable energy (solar and wind power) and power transmission.
The Company has sourced funds through the issue of long term bonds of tenors ranging from 5 to 20 years from over 150 high quality institutional investors, principally insurers and pension/ provident funds. The net worth of the Company as on March 31, 2017 was INR 8066.914 Million as compared to INR 7136.655 Million on March 31, 2016.
Going forward, the Company expects to further diversify into new sectors, geographies and promoter groups, tap new sources of funding and optimise its leverage and returns.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Outlook For FY18
Major leading indicators suggest that the economic activity is gradually improving. This is driven by improving global demand and a remonetisationled pick-up in domestic activity. The International Monetary Fund (IMF) expects India to resume the 8% growth path in the medium term. This should happen as soon as the short-term dislocation to consumption from demonetisation passes. The nation is expected to remain the fastest growing economy on the back of high private consumption levels and gradually implemented domestic reforms.
The Company sees growth picking up significantly, supported by a normal monsoon, modest costs of borrowing, pay hikes for state government employees and stronger export demand. Other growth supportive factors will be Government’s continued thrust on physical infrastructure and the Real Estate (Regulation and Development) Act, 2016 (RERA), which will pave way for greater transparency and accountability in the real estate sector. The Goods and Services Tax, (GST) implemented in July 2017, will also have long term structural benefits, despite short-term execution and adjustment risks during the course of FY18.
Business Performance
The policy and regulatory framework for Infrastructure Debt Funds (“IDF”) announced by the Government of India (“GoI”) and the Reserve Bank of India (“RBI”) respectively, are targeted at providing an innovative solution to the asset-liability mismatch and group exposure issues faced by the banking system in India. It was also intended that IDFs would help channelize pension/ insurance funds to infrastructure as well as play a role in deepening the bond market in India.
In FY 2016-17, the third full year of operations, the Company has been able to make significant progress towards achieving all the objectives indicated by GoI, as well as improve the viability of projects by providing long-tenor and low-cost structured refinance solutions.
During the year, the Company has earned a profit of INR 941.096 Million on an asset base of INR 40042.855 Million as on March 31, 2017, diversified across multiple sectors including transportation (roads), renewable energy (solar and wind power) and power transmission.
The Company has sourced funds through the issue of long term bonds of tenors ranging from 5 to 20 years from over 150 high quality institutional investors, principally insurers and pension/ provident funds. The net worth of the Company as on March 31, 2017 was INR 8066.914 Million as compared to INR 7136.655 Million on March 31, 2016.
Going forward, the Company expects to further diversify into new sectors, geographies and promoter groups, tap new sources of funding and optimise its leverage and returns.
BRIEF PROFILE :
The Company has been incorporated under the Companies Act, 1956 on 19th March, 2013 to carry out the business of a specialized financial institution classified as an Infrastructure Debt Fund – Non - Banking Financial Company (IDF-NBFC) under the Infrastructure Debt Fund – Non-Banking Financial Companies (Reserve Bank) Directions, 2011 of the Reserve Bank of India (“RBI”). The Company received Certificate of Registration (“CoR”) from RBI as an IDF -NBFC on 21st October, 2013.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G71503346 |
100143845 |
CATALYST TRUSTEESHIP LIMITED |
29/11/2017 |
- |
- |
2100000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
2 |
G49757487 |
100114399 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
1250000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
3 |
G49757354 |
100114400 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
550000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
4 |
G49756794 |
100114401 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
400000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
5 |
G49756695 |
100114402 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
250000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
6 |
G49756406 |
100114403 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
1400000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
7 |
G49756158 |
100114404 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
600000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
8 |
G49791742 |
100114494 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
1900000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
9 |
G49802549 |
100114872 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
1500000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
10 |
G49718703 |
100114133 |
CATALYST TRUSTEESHIP LIMITED |
07/07/2017 |
- |
- |
450000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30, 2017
(INR
in Million)
|
|
|
Particulars |
|
|
30.09.2017 (Half Year Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Income from Operations (Gross) |
|
|
2455.726 |
|
|
|
b) Other Operating Income |
|
|
111.100 |
|
|
Total Income from
Operations (Net) |
|
|
2566.826 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Employee benefit expenses |
|
|
13.805 |
|
|
b) |
Finance Costs |
|
|
1735.562 |
|
|
c) |
Depreciation and amortization expense |
|
|
0.053 |
|
|
d) |
Other expenses |
|
|
69.203 |
|
|
e) |
Provisions and contingencies |
|
|
48.086 |
|
|
Total Expenses |
|
|
1866.709 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
|
|
690.117 |
|
|
4 |
Tax Expense |
|
|
0.000 |
|
|
5 |
Net Profit for the
period after tax |
|
|
690.117 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
1.40 |
|
STATEMENT OF ASSETS AND LIABILITIES
(INR
in Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
(Unaudited) |
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
5759.667 |
|
(b) Reserves & Surplus |
|
|
2947.940 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
8707.607 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
43450.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
41.365 |
|
(d) long-term provisions |
|
|
296.080 |
|
Total
Non-current Liabilities (3) |
|
|
43787.445 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
0.081 |
|
(c) Other current liabilities |
|
|
2298.412 |
|
(d) Short-term provisions |
|
|
13.056 |
|
Total
Current Liabilities (4) |
|
|
2311.549 |
|
|
|
|
|
|
TOTAL |
|
|
54806.601 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.247 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
49096.873 |
|
(d) Long-term Loan and Advances |
|
|
420.194 |
|
(e) Other Non-current assets |
|
|
22.040 |
|
Total
Non-Current Assets |
|
|
49539.354 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
1650.700 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
20.130 |
|
(d) Cash and cash equivalents |
|
|
422.921 |
|
|
|
|
2967.553 |
|
(e) Short-term loans and
advances |
|
|
7.569 |
|
(f) Other current assets |
|
|
198.374 |
|
Total
Current Assets |
|
|
5267.247 |
|
|
|
|
|
|
TOTAL |
|
|
54806.601 |
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 65.13 |
|
|
1 |
INR 91.96 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KJL |
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.