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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510709

Report Date :

29.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SREI INFRASTRUCTURE FINANCE LIMITED

 

 

Registered Office :

‘Vishwakarma’ 86C, Topsia Road (South), Kolkata – 700046, West Bengal

Tel. No.:

91-33-61607734

 

 

Country :

India

 

 

Financials (as on) :

31.03.2018

 

 

Date of Incorporation :

29.03.1985

 

 

Com. Reg. No.:

21-055352

 

 

Capital Investment / Paid-up Capital :

INR 5032.400 Million

 

 

CIN No.:

[Company Identification No.]

L29219WB1985PLC055352

 

 

IEC No.:

[Import-Export Code No.]

0288028805

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACS1425L

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is Non-banking financial institution (NBFI), Providing Financial Services. (Registered activity)

 

 

No. of Employees :

(As on 31.03.2017)

189 (Approximately) 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 85000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Exists

 

 

Comments :

Subject is a part of SREI group. It was incorporated in the year 1985 and is engaged in project financing, infrastructure project advisory, infrastructure project development, equipment financing business.

 

As per financials of March 2018, the company has registered decline in revenue and has reported decent profit margin.

 

Rating takes into consideration the company’s established track record of business operations along with healthy net worth base and good liquidity position.

 

Rating also takes into account the established experience of the promoter group with prominent position in infrastructure financing space.

 

Share are quoted high on Stock Exchanges. (Shares are traded at a price of INR 71.65 against its face value of INR 10.)

 

However, rating strength is partially offset by high exposure in group companies and strategic investments majority of which are in the infrastructure space.

 

Payments seems to be regular.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Rating = A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

05.01.2018

 

 

Rating Agency Name

CARE

Rating

Short Term Rating = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

05.01.2018

 

 

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 31-03-2018.

 

 

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 29.05.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Kishor Kumar Lodha

Designation :

Finance Controller

Contact No.:

91-33-61607734

Date :

21.05.2018

 

 

LOCATIONS

 

Registered Office :

‘Vishwakarma’ 86C, Topsia Road (South), Kolkata – 700046, West Bengal, India

Tel. No.:

91-33-22850112-15 / 61607734

Fax No.:

91-33-22857542/ 8501

E-Mail :

corporate@srei.com

connect@sreibonds.com

Website :

www.srei.com

 

 

Head Office :

Y-10, Block EP Sector - V, Salt Lake City, Kolkata – 700091, West Bengal, India

Tel. No.:

91-33-66022236

Fax No.:

91-33-66022200

E-Mail :

kro@srei.com

 

 

Corporate Office 1 :

6A, Kiran Shankar Roy Road, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-64990230

 

 

Corporate Office 2 :

Olisa House, 4, Govt. Place (north), 7th Floor, Kolkata – 700001, West Bengal, India

 

 

Branch Offices :

Located At :

 

  • Ahmedabad
  • Bangalore
  • Bhubaneshwar
  • Chennai
  • Hyderabad
  • Kolkata
  •  Mumbai
  • Nagpur
  • New Delhi
  • Chandigarh
  • Jaipur
  • Pune
  • Jamnagar
  • Hosur
  • Nashik
  • Indore
  • Koderma

 

 

Overseas Offices :

Located At :

 

  • Moscow
  • Krasnodar

 

 

DIRECTORS

 

As on 2018

 

Name :

Mr. Srinivasachari Rajagopal

Designation :

Director

Address :

Varenya' 1043, 10th Main Road Judicial Officers Layout, GKVK Post, Bangalore – 560065, Karnataka, India

Date of Birth/Age :

10.03.1940

Qualification :

B. Com., M.A. LLB, CAIIB, Diploma in Industrial Finance

Experience.:

42 Years

Date of Appointment :

25.01.2003

PAN No.:

ABLPR5509F

DIN No.:

00022609

 

 

Name :

Mr. Shyamalendu Chatterjee

Designation :

Director

Address :

17K, Tower - 1, SVC - 2, South City Apartments 375, Prince Anwar Shah Road, Jodhpur Park, Kolkata – 700068, West Bengal, India

Date of Birth/Age :

24.12.1946

Qualification :

BA

Experience.:

46 Years

Date of Appointment :

29.04.2009

PAN No.:

AAIPC6471F

DIN No.:

00048249

 

 

Name :

Mr. Hemant Kanoria

Designation :

Managing Director

Address :

Kanoria House, 3 Middle Road, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

05.08.1962

Qualification :

B. Com

Experience.:

37 Years

Date of Appointment :

30.10.1990

PAN No.:

AKSPK3708R

DIN No.:

00193015

 

 

Name :

Mr. Ram Krishna Agarwal

Designation :

Director

Address :

FD-226, Salt Lake, Sector- III, Kolkata – 700091, West Bengal, India

Experience :

41 Years

Date of Appointment :

12.05.2016

DIN No.:

00416964

 

 

Name :

Mr. Sunil Kanoria

Designation :

Director

Address :

Kanoria House, 3 Middle Road, Hastings, Kolkata – 700022, West Bengal

Date of Birth/Age :

04.05.1965

Qualification :

B. Com., FCA

Experience :

29 Years

Date of Appointment :

05.07.1989

PAN No.:

AFTPK7014E

DIN No.:

00421564

 

 

Name :

Mr. Malay Mukherjee

Designation :

Additional Director

Address :

E-135 First Floor, Kalkaji, Delhi – 110019, India

Date of Appointment :

26.10.2017

DIN No.:

02272425

 

 

Name :

Dr. Punita Kumar Sinha

Designation :

Director

Address :

51 Gate House Road, Newton Ma Massachusetts 024671320 United states

Date of Birth/Age :

Ph.D. and a Masters in Finance, undergraduate degree in chemical engineering with Distinction, MBA, CFA charter holder.

Experience :

27 Years

Date of Appointment :

20.05.2013

DIN No.:

05229262

 

 

KEY EXECUTIVES

 

Name :

Mr. Sandeep Kumar Lakhotia

Designation :

Company Secretary

Address :

Sunflower Garden, Flat-8-C, Tower III, 74 Topsia Road, (South) Kolkata – 700046, West Bengal, India

Date of Appointment :

01.02.2005

PAN No.:

AAXPL4123C

 

 

Name :

Mr. Sameer Sawhney (w.e.f. November 05, 2016)

Designation :

Chief Executive Officer

Date of Appointment :

05.11.2016

PAN No.:

AARPS1573M

 

 

Name :

Mr. Kishore Lodha

Designation :

Chief Financial Officer

 

 

Audit Committee.:
  • Mr. Shyamalendu Chatterjee
  • Chairman
  • Mr. Sunil Kanoria
  • Mr. S. Rajagopal
  • Mr. Salil K. Gupta
  • Mr. Sandeep Lakhotia

 

 

Committee of Directors.:
  • Mr. Hemant Kanoria (Chairman)
  • Mr. Sunil Kanoria
  • Mr. Salil K. Gupta
  • Mr. Sandeep Lakhotia (Secretary)

 

 

Stakeholders Relationship Committee :
  • Mr. Salil K. Gupta (Chairman)
  • Mr. Hemant Kanoria
  • Mr. Sunil Kanoria
  • Mr. Sandeep Lakhotia (Secretary)

 

 

Asset Liability Management Committee :
  • Mr. Sunil Kanoria (Chairman)
  • Mr. Shyamalendu Chatterjee
  • Mr. Sanjeev Sancheti
  • Mr. P. C. Patni
  • Mr. Sandeep Lakhotia
  • Mr. Moses Harding John
  • Mr. S. B. Tiwari Secretary

 

 

Credit Committee :
  • Mr. Hemant Kanoria (Chairman)
  • Mr. Sunil Kanoria
  • Mr. Shyamalendu Chatterjee
  • Mr. S. B. Tiwari (Secretary)

 

 

Investment Committee :
  • Mr. Hemant Kanoria (Chairman)
  • Mr. Sunil Kanoria
  • Dr. Punita Kumar Sinha
  • Mr. Sanjeev Sancheti (Secretary)

 

 

Risk Committee :
  • Mr. Shyamalendu Chatterjee (Chairman)
  • Mr. Hemant Kanoria
  • Mr. Sunil Kanoria
  • Mr. S. B. Tiwari (Secretary)

 

 

Nomination and Remuneration Committee :
  • Mr. Salil K. Gupta (Chairman)
  • Mr. Sunil Kanoria
  • Mr. Shyamalendu Chatterjee
  • Mr. Sandeep Lakhotia (Secretary)

 

 

Corporate Social Responsibility Committee :
  • Mr. Hemant Kanoria (Chairman)
  • Mr. Sunil Kanoria
  • Mr. Shyamalendu Chatterjee
  • Mr. Madhusudan Dutta (Secretary)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on March, 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

Promoter and Promoter Group

305868559

60.80

Public

197217774

39.20

Grand Total

503086333

100.00

 

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

A1) Indian

0.00

Individuals/Hindu undivided Family

2182714

0.43

SUNIL KANORIA

1802714

0.36

HEMANT KANORIA

380000

0.08

Any Other (specify)

303685845

60.36

BHAVAH ENTERPRISE PRIVATE LIMITED

10000

0.00

ADISRI COMMERCIAL PRIVATE LIMITED

303675845

60.36

Sub Total A1

305868559

60.80

A2) Foreign

0.00

A=A1+A2

305868559

60.80

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares

B1) Institutions

0

0.00

Mutual Funds/

32278647

6.42

SBI MAGNUM TAXGAIN SCHEME

15967584

3.17

Foreign Portfolio Investors

63825559

12.69

FIDELITY INVESTMENT TRUST FIDELITY SERIES EMERGINGMARKETS FUND

34355610

6.83

Financial Institutions/ Banks

347223

0.07

Any Other (specify)

20508877

4.08

Overseas Corporate Bodies

20508877

4.08

BNP PARIBAS LEASE GROUP

18773160

3.73

Sub Total B1

116960306

23.25

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

29111206

5.79

Individual share capital in excess of INR 0.200 Million

22175680

4.41

NBFCs registered with RBI

71922

0.01

Any Other (specify)

28898660

5.74

Trusts

9180

0.00

Non-Resident Indian (NRI)

6872470

1.37

Clearing Members

618533

0.12

Bodies Corporate

21246870

4.22

IEPF

151607

0.03

Sub Total B3

80257468

15.95

B=B1+B2+B3

197217774

39.20

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is Non-banking financial institution (NBFI), Providing Financial Services. (Registered activity)

 

 

Products / Services :

Item Code No.

Product / Services Description

649

Other financial service activities, except in insurance and pension funding activities

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

(As on 31.03.2017)

189 (Approximately) 

 

 

Bankers :

Bank Name

Union Bank of India

Branch

Industrial Finance Branch 1/1, Camac Street (1st Floor), Kolkata – 700016, West Bengal, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

  • Axis Bank limited

 

 

Facilities :

Secured Loan

31.03.2018

(INR in Million)

31.03.2017

(INR in Million)

Long-term Borrowings

 

 

Bonds / Debentures

 

 

Long–Term Infrastructure Bonds

NA

204.000

Non–Convertible Debentures

NA

15914.200

Term Loans

 

 

From Banks

 

 

Rupee Loans

NA

14461.900

Foreign Currency Loans

NA

1612.200

From Financial Institutions

 

 

Foreign Currency Loans

NA

432.300

 

 

 

 

 

 

Short-term Borrowings

 

 

Loans repayable on demand

 

 

Working Capital Facilities from Banks

NA

57380.000

Other Loans

 

 

Working Capital Facilities from Banks

NA

9059.100

Buyer’s credit from Banks – Foreign

NA

49.000

 

 

 

Total

NA

99112.700

 

Financial Institutions.:
  • Axis Trustee Services Limited

Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India

 

 

Auditors :

 

Name :

Haribhakti and Company LLP

Chartered Accountants

Address :

Baroda Niket, 1st Floor, 19C, Sarat Bosr Road, Kolkata – 700020, West Bengal, India

Tel. No.:

91-33-65006016

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

(As on 31.03.2017)

Adisri Commercial Private Limited, India (w.e.f. 26.02.2015)

 

 

Subsidiaries and Step–down Subsidiaries:

(As on 31.03.2017)
  • Srei Capital Markets Limited
  • Srei Alternative Investment Managers Limited
  • Srei Infrastructure Advisors Limited
  • Controlla Electrotech Private Limited
  • Srei Mutual Fund Asset Management Private Limited
  • Srei Mutual Fund Trust Private Limited
  • Srei International Infrastructure Services GmbH, (ceased to be
  • Subsidiary and has become Associate w.e.f. 21.06.2016)
  • Srei Forex Limited (ceased to be Subsidiary w.e.f 17.05.2016)
  • Srei Insurance Broking Private Limited
  • Bengal Srei Infrastructure Development Limited (Subsidiary of Srei Infrastructure Advisors Limited)
  • Hyderabad Information Technology Venture Enterprises Limited (Subsidiary of Srei Alternative Investment Managers Limited)
  • Cyberabad Trustee Company Private Limited (Subsidiary of Srei Alternative Investment Managers Limited)
  • AO Srei Leasing, Russia (Formerly ZAO Srei Leasing, Russia) (ceased to be Step–down Subsidiary w.e.f. 21.06.2016)# Russia
  • Srei Advisors Pte Limited, (ceased to be Step–down Subsidiary w.e.f. 21.06.2016)
  • Quippo Oil and Gas Infrastructure Limited
  • Quippo Drilling International Private Ltd (Formerly Performance Drilling International Private Ltd.) (Subsidiary of Quippo Oil & Gas Infrastructure Limited)
  • Quippo Energy Limited (Formerly Quippo Energy Private Limited)
  • Srei Asset Reconstruction Private Limited
  • Srei Equipment Finance Limited (ceased to be Joint Venture and has become Subsidiary w.e.f. 17.06.2016)

 

 

Joint Venture:

(As on 31.03.2017)
  • Srei Equipment Finance Limited (ceased to be Joint Venture and has become Subsidiary w.e.f. 17.06.2016)

 

 

Associates:

(As on 31.03.2017)
  • Sahaj e–Village Limited
  • Attivo Economic Zone (Mumbai) Private Limited
  • Srei International Infrastructure Services GmbH, Germany (ceased to be Subsidiary and has become Associate w.e.f. 21.06.2016)

 

 

Trusts:

(As on 31.03.2017)
  • Srei Mutual Fund Trust
  • Srei Growth Trust (The Trust having completed its Objective and dissolved w.e.f. 31.03.2017)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2018

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : INR 5032.400 Million

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000000

Equity Shares

INR 10/- each

INR 10000.000 Million

50000000

Preference Shares

INR 100/- each

INR 5000.000 Million

 

Total

 

INR 15000.000 Million

 

Issued, Subscribed Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

503559160

Equity Shares

INR 10/- each

INR 5035.600 Million

 

 

 

 

 

Fully Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

503086333

Equity Shares

INR 10/- each

INR 5030.900 Million

472827

Forfeited Shares 

 

INR 1.500 Million

 

Total

 

INR 5032.400 Million

Includes 21600 shares represented by 5,400 Global Depository Receipts (GDRs) issued vide Prospectus dated 18.04.2005.

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2018

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

5032.400

5032.400

5032.400

(b) Reserves & Surplus

24587.700

23617.400

22619.000

(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)

29620.100

28649.800

27651.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

43459.100

46456.400

47313.600

(b) Deferred tax liabilities (Net)

874.200

1010.200

1034.300

(c) Other long term liabilities

669.600

791.200

588.500

(d) long-term provisions

350.800

310.400

303.300

Total Non-current Liabilities (3)

45353.700

48568.200

49239.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

83570.400

70361.200

82730.500

(b) Trade payables

44.000

54.300

58.400

(c) Other current liabilities

14980.200

17441.000

18448.000

(d) Short-term provisions

195.700

139.000

415.400

Total Current Liabilities (4)

98790.300

87995.500

101652.300

 

 

 

 

TOTAL

173764.100

165213.500

178543.400

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6067.400

6341.500

6382.700

(ii) Intangible Assets

10.100

16.600

22.800

(iii) Capital work-in-progress

53.700

105.200

642.500

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

16769.200

20264.600

27572.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

88033.400

85092.000

97569.900

(e) Other Non-current assets

4196.200

4525.100

1070.400

Total Non-Current Assets

115130.000

116345.000

133261.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

73.100

102.000

113.100

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

336.400

255.600

307.900

(d) Cash and cash equivalents

6545.000

5628.000

5495.500

(e) Short-term loans and advances

12532.800

4559.100

987.400

(f) Other current assets

39146.800

38323.800

38378.300

Total Current Assets

58634.100

48868.500

45282.200

 

 

 

 

TOTAL

173764.100

165213.500

178543.400

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2018

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

17683.100

22919.700

18911.000

 

Other Income

53.100

76.500

52.300

 

TOTAL

17736.200

22996.200

18963.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

320.800

393.100

456.000

 

Bad debts and advances written off (net)/ provisions, contingencies and diminutions

949.500

5475.600

584.200

 

Loss on Sale of Stock for Trade and Investment (net)

0.000

0.000

12.300

 

Administration and Other expenses

776.900

761.100

725.900

 

TOTAL

2047.200

6629.800

1778.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

15689.000

16366.400

17184.900

 

 

 

 

 

Less

FINANCIAL EXPENSES

13334.900

14367.100

15855.100

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2354.100

1999.300

1329.800

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

532.800

515.700

515.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1821.300

1483.600

814.200

 

 

 

 

 

Less

TAX

586.600

522.900

240.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1234.700

960.700

574.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Operating Lease Assets

 NA

77.300

50.200

 

Own Use Assets

 NA

0.000

0.900

 

TOTAL IMPORTS

 NA

77.300

51.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

2.45

1.91

1.14

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2018

31.03.2017

31.03.2016

Current Maturities of Long term debt

NA

26940.000

80.700

Cash generated from operations

NA

6319.100

(9197.000)

Net cash flow from operating activity

NA

5729.500

(9867.600)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Average Collection Days

(Sundry Debtors / Income * 365 Days)

6.94

4.07

5.94

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

52.57

89.67

61.42

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.00

0.00

0.00

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

2.56

2.53

2.44

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.82

0.81

0.83

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

4.29

4.08

4.70

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

3.34

3.07

3.68

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.21

0.23

0.25

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.18

1.14

1.08

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2018

31.03.2017

31.03.2016

Net Profit Margin

((PAT / Sales) * 100)

%

6.98

4.19

3.04

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

0.71

0.58

0.32

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

4.17

3.35

2.08

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Current Ratio

(Current Assets / Current Liabilities)

0.59

0.56

0.45

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.59

0.56

0.45

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.17

0.17

0.15

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

25.24

23.21

25.84

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.59

0.56

0.45

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/- each

Market Value

INR 71.65/- each

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Share Capital

5032.400

5032.400

5032.400

Reserves & Surplus

22619.000

23617.400

24587.700

Net worth

27651.400

28649.800

29620.100

 

 

 

 

Long Term borrowings

47313.600

46456.400

43459.100

Short Term borrowings

82730.500

70361.200

83570.400

Total borrowings

130044.100

116817.600

127029.500

Debt/Equity ratio

4.703

4.077

4.289

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

18911.000

22919.700

17683.100

 

 

21.198

(22.848)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

18911.000

22919.700

17683.100

Profit

574.000

960.700

1234.700

 

3.04%

4.19%

6.98%

 

 

 

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2018

31.03.2017

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

5032.400

5032.400

(b) Reserves & Surplus

 

47650.900

44155.000

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Minority interest

 

3.100

5.900

Total Shareholders’ Funds (1) + (2)

 

52686.400

49193.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

103299.800

89125.700

(b) Deferred tax liabilities (Net)

 

4027.200

3387.600

(c) Other long term liabilities

 

5477.400

2570.500

(d) long-term provisions

 

1085.800

819.900

Total Non-current Liabilities (3)

 

113890.200

95903.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

196376.500

145979.300

(b) Trade payables

 

17115.200

10319.400

(c) Other current liabilities

 

34453.700

32177.700

(d) Short-term provisions

 

557.700

345.300

Total Current Liabilities (4)

 

248503.100

188821.700

 

 

 

 

TOTAL

 

415079.700

333918.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

50714.900

29746.700

(ii) Intangible Assets

 

2961.700

3094.700

(iii) Capital work-in-progress

 

39.000

85.900

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

9060.600

12696.200

(c) Deferred tax assets (net)

 

163.600

185.500

(d)  Long-term Loan and Advances

 

208534.400

171712.200

(e) Other Non-current assets

 

6526.500

5090.700

Total Non-Current Assets

 

278000.700

222611.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

73.100

122.800

(b) Inventories

 

263.400

220.300

(c) Trade receivables

 

1772.900

1196.000

(d) Cash and cash equivalents

 

13045.800

9320.000

(e) Short-term loans and advances

 

39922.700

24140.000

(f) Other current assets

 

82001.100

76307.700

Total Current Assets

 

137079.000

111306.800

 

 

 

 

TOTAL

 

415079.700

333918.700

 

 

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2018

31.03.2017

 

SALES

 

 

 

 

Income

 

52399.900

46493.300

 

Other Income

 

218.800

164.300

 

TOTAL

 

52618.700

46657.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

 

2396.700

26279.700

 

Bad debts and advances written off (net)/ provisions, contingencies and diminutions

 

4419.000

7720.700

 

Loss on Sale of Stock for Trade and Investment (net)

 

2.100

0.000

 

Adjustment on disposal / cession of subsidiaries and step-down subsidiaries 

 

(3.300)

(156.100)

 

Administrative and Other expenses

 

4141.900

3395.500

 

TOTAL

 

10956.400

37239.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

41662.300

9417.800

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

29375.800

2015.600

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

12286.500

7402.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

6367.600

3801.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

5918.900

3600.900

 

 

 

 

 

Less

TAX

 

1921.600

1173.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

3997.300

2427.600

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

7.64

4.84

 

 

LEGAL CASE

 

CHIEF JUDGE, CITY SESSIONS COURT, CALCUTTA

 

Case Details

Case Type: Criminal Revision
Filing Number: 575/2017Filing Date: 08-06-2017
Registration Number: 154/2017Registration Date: 08-06-2017
CNR Number: WBCS01-000575-2017



Case Status

First Hearing Date: 08th June 2017
Next Hearing Date: 29th July 2017
Stage of Case: Hearing of Petition
Court Number and Judge: 1-Chief Judge

Petitioner and Advocate

1) SUBHAJIT RAY INFRASTRUCTURE P LTD
    Address - 24, Karbala Tank, road, Maniktala, Kol-6


Respondent and Advocate

1) SREI INFRASTRUCTURE FINANCE LIMITED
    Address - 6A Kiran Sankar Roy Road, 2nd Floor, Room No.12,13, Kol-01

2) STATE OF WEST BENGAL
    Kolkata
        

Acts

Under Act(s)

Under Section(s)

Code of Criminal Procedure, 1973

397,399

 

History of Case Hearing

 

Registration Number

Judge

Business On Date

Hearing Date

Purpose of hearing

154/2017

Chief Judge

08-06-2017

10-07-2017

Hearing of Petition

154/2017

Chief Judge

10-07-2017

29-07-2017

Hearing of Petition

 

 

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

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

CORPORATE INFORMATION (As on 31.03.2017)

 

The company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is also a Public Financial Institution (PFI) notified under section 4A of the Companies Act, 1956. The Company received a Certificate of Registration from the Reserve Bank of India (‘RBI’) on 1st August, 1998 to commence / carry on the business of Non–Banking Financial Institution (‘NBFI’) and was subsequently classified as Infrastructure Finance Company vide Certificate of Registration dated 11th May, 2010.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Bonds / Debentures

 

 

Subordinated bonds / debentures (Tier II Capital)

NA

10021.100

Term Loans

 

 

From Banks

 

 

Rupee Loans

 

 

Subordinated loans from banks

NA

1000.000

Foreign Currency Loans

 

 

Other term loans from banks

NA

1945.400

From Financial Institutions

 

 

Foreign Currency Loans

 

 

Other term loans from financial institution

NA

865.300

 

 

 

Short-term Borrowings

 

 

Deposits

 

 

Inter Corporate Deposits

NA

106.000

From Related Parties

NA

21.200

From Others

 

 

Other Loans

 

 

Commercial Papers

 

 

From Others [net of prepaid discount for INR 95.100 Million (Previous year INR 104.600 Million)]

NA

3745.900

 

 

 

Total

NA

17704.900

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G82700469

100169072

AXIS TRUSTEE SERVICES LIMITED

20/03/2018

-

-

3097608000.0

AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN

2

G73618746

100146819

UNION BANK OF INDIA

22/12/2017

-

-

2000000000.0

Industrial Finance Branch1/1, Camac Street (Ist Floor), KolkataKolkataWB700016IN

3

G71983274

100142934

IFCI LIMITED

21/12/2017

-

-

2250000000.0

IFCI Tower,61, Nehru PlaceNew DelhiDL110019IN

4

G57119406

100128350

ANDHRA BANK

20/09/2017

-

-

2000000000.0

Chowringhee Branch58, Chowringhee RoadKolkataWB700071IN

5

G50563790

100116082

DHANLAXMI BANK LIMITED

25/07/2017

-

-

250000000.0

Kolkata Minto Park BranchIdeal Plaza, 11/1, Sarat Bose RoadKolkataWB700020IN

6

G49017668

100111756

THE KARUR VYSYA BANK LIMITED

30/05/2017

-

-

235000000.0

SHAKESPEARE SARANI BRANCHS.B.TOWERS, 37,SHAKESPEARE SARANIKOLKATAWB700017IN

7

G57700981

100093042

Punjab & Sind Bank

30/03/2017

26/09/2017

-

3000000000.0

IBD Branch14/15, Old Court House StreetKolkataWB700046IN

8

G42019299

100092606

Canara Bank

28/03/2017

-

-

1500000000.0

Specialized Prime Corporate Branch, Maker TowerF Wing, 20th Floor, 85, Cuffe ParadeMumbaiMH400005IN

9

G38218996

100084804

AXIS TRUSTEE SERVICES LIMITED

28/02/2017

-

-

3351778000.0

AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN

10

G38271938

100082989

Lakshmi Vilas Bank Limited

22/02/2017

-

-

500000000.0

Fort Branch, Bharat House,104, B.S. Marg, FortMumbaiMH400001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2018

31.03.2017

Claims against the Company not acknowledged as debts

 

 

Income Tax

NA

625.100

Service Tax

NA

127.500

Central Sales Tax

NA

80.100

Entry Tax

NA

0.500

Guarantees:

 

 

Bank Guarantees

NA

508.300

Guarantees to Banks and Others against credit facilities extended by them to third parties

NA

2019.800

Guarantees for work contract performance

NA

1137.900

Guarantees to Banks and Others, in the form of Put Option against loan facilities

NA

752.600

 

 

FIXED ASSETS

 

  • Land– Freehold
  • Buildings
  • Leasehold Improvements
  • Furniture and Fixtures
  • Motor Vehicles
  • Machinery
  • Equipment
  • Computer
  • Office Equipment
  • Aircrafts
  • Earthmoving Equipments
  • Computer Softwares
  • Tenancy Rights

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 68.09

UK Pound

1

INR 91.41

Euro

1

INR 79.93

 

 

INFORMATION DETAILS

 

Information Gathered by :

RUB

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KJL

 

 

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)

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.