s eporting ate ecember unity … · 2018. 3. 15. · unity infraprojects ltd. unity infraprojects...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: CONSTRUCTION REPORTING DATE: 8TH DECEMBER, 2017

UNITY INFRAPROJECTS LTD. www.unityinfra.com

Unity Infraprojects Ltd. NSE Code - UNITY TABLE 1 - MARKET DATA (STANDALONE) (AS ON 30TH NOVEMBER, 2017)

Sector - Construction NSE Market Price (₹) 6.30 NSE Market Cap. (₹Cr.) 74.58

Face Value (₹) 2.00 Equity (₹ Cr.) 24.18

Business Group – N.A. 52 week High/Low (₹) 10.70/4.60 Net worth (₹Cr.)* -1,564.98

Year of Incorporation - 1997 TTM P/E (TTM) N.A. Traded Volume (Shares) 33,349

TTM P/BV N.A. Traded Volume (lacs) 2.10

Registered Office - Source – Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017

1252 Pushpanjali Old, COMPANY BACKGROUND

Prabhadevi Road Prabhadevi, Unity Infraprojects Limited is an India-based infrastructure construction company. The

Company is a civil engineering and engineering, procurement, construction (EPC)

contractor associated with various projects. The Company operates in four verticals:

buildings and housing, transportation, water supply and irrigation. The Company builds

dams, tunnels, bridges, flyovers, subways, roads and buildings. The Company's building and

factories projects include Mandoli Prison Complex, Delhi; Raja Sansi Airport, Amritsar;

Ashoka Garden, Swan Mills, Mumbai; Orchid Enclave, Mumbai, and Redevelopment of

Cooper Hospital, Mumbai. Its water projects consist of Replacement of Tansa Mains, Thane

District; Microtunneling Works, Mumbai; Storm Water Pumping Station at Haji Ali,

Mumbai, and Wasna Lift Irrigation Scheme, Satara District. Its transport projects include

HSRDC Road Project Package I, Haryana, and Gauge conversion of Meter Gauge to Broad

Gauge Railway Line.

Mumbai - 400 025, Maharashtra

Company Website:

www.unityinfra.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹58.36 crores to

₹44.48 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a loss of ₹180.24 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹109.39 crores in

quarter ending Sep’16.

Source: Money control

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

Unity Infraprojects Ltd -2.33% 13.49% -17.65% -29.21%

Nifty -2.05% 3.07% 5.94% 24.01%

Nifty Realty 4.23% 13.11% 28.19% 95.38%

Source – Capital line/NSE

44.48 83.14 58.36

-180.24

-740.88

-109.39

-800

-600

-400

-200

0

200

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

0.50

1.00

1.50

2.00

Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17

Unity Infraprojects Ltd NIFTY NIFTY REALTY

http://www.unityinfra.com/




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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth -1,564.98 -1,047.95 -145.11 N.A. N.A.

Current Assets 964.44 1,104.03 1,567.34 -12.64% -29.56%

Non-Current Assets 1,512.97 1,560.61 1,641.71 -3.05% -4.94%

Total Assets 2,477.41 2,664.64 3,209.04 -7.03% -16.96%

Investments 151.73 197.09 151.35 -23.01% 30.22%

Finance Cost 88.40 107.40 71.97 -17.69% 49.23%

Long Term Liabilities 1,982.95 1,872.16 2,066.05 5.92% -9.38%

Current Liabilities 2,059.44 1,840.43 1,288.11 11.90% 42.88%

Turnover 29.89 83.14 58.36 -64.05% 42.46%

Profit After Tax -180.24 -740.88 -109.39 N.A. N.A.

EPS (₹) -14.91 0.00 -9.05 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Auditors have provided Qualified Opinion in their Report for FY 2016-17, FY 2015-16 and

FY 2014-15.

Qualified Opinion for Standalone Financial statement FY 2016-17:

a. We invite attention to Note 14 relating to loans repayable on demand from other parties, under which loans & advances taken

from six parties as at 31st March, 2017 amounting to ₹1,490.98 Lakhs is deemed as public deposit in terms of Section 73 of the

Companies Act, 2013, which amounts to violation of the same under the Act.

b. We invite attention to Note 4 relating to loans & advances given to four related parties covered under section 185 of the

Companies Act, 2013, under which loans & advances given to four parties during the year after 1 April 2016 amounting to

₹100.98 Lakhs is in violation of the section 185 of the Companies Act, 2013.

c. We invite attention to Note 14 relating to non-current borrowings which includes borrowings from four banks having balance

as per books ₹53,149.80 Lakhs for which no statement or confirmation is available. Consequent to which we are unable to

determine the financial position of the said bank balances and financial impact on loss could not be ascertained as it has not

been quantified.

d. We invite attention to Note 8 relating to other bank balances under which fixed deposits held with 3 banks amounting to

₹230.05 Lakhs as on 31st March 2017 was not verified by us as it was not provided by the management of the company.

Consequent to which we are unable to determine the financial position of the said bank balances and financial impact on loss

could not be ascertained as it has not been quantified.

Management Response:

i) With reference to clause (a) of the “Basis of Qualified Opinion” in the Audit Reports on the Standalone Financial Statements

wherein the auditors have opined that the Company has during the year after 1st April 2016 taken loans/advances from ten

parties is deemed as public deposit in terms of Section 73 of the Companies Act, 2013 which amounts to violation of under the

Act. The Board would like to inform you that as explained in Note 14 of the Standalone Financial Statements the loan was taken

to meet the urgent working capital requirements from four associate companies amounting to ₹1490.98 lakhs which is

accumulated amount since financial year 2013-14. Being as associate companies, the management is in discussion with such

companies for reduction /waiver of interest in respect of such unsecured loan and arrange for repayment in phase manner.

ii) With reference to clause (b) of the “Basis of Qualified Opinion” in the Audit Reports on the Standalone Financia l Statements

wherein the auditors have opined that the Company has during the year after 1st April 2016 granted unsecured loans and given

advances aggregating to ₹100.98 lakhs to four related parties covered under Section 185 of the Companies Act, 2013. The Board

would like to inform you that as explained in Note 4 of the Standalone Financial Statements, the loan was given as a business

exigency and in the ordinary course of business. The said transaction amounted to giving of loan by the Company to the related




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parties in the ordinary course of business. Being subsidiary / associate companies, the management is in discussion with such

companies for recovery of such unsecured loan.

Qualified Opinion for Consolidated Financial statement FY 2016-17:

The Auditor made Qualified Opinion for Consolidated financial statement of FY 2016-17 which is available on Annual report

2016-17 on page no. 121 & 122.

Qualified Opinion for Standalone and Consolidated Financial Statements the FY 2015-16:

The Auditor made Qualified opinion for Standalone and Consolidated financial statements which is available on Annual Report

2015-16 on page no. 53 & 90 and Management Response available on page no. 11.

Qualified Opinion for Standalone and Consolidated Financial Statements the FY 2014-15:

The Auditor made Qualified opinion for Standalone and Consolidated financial statements which is available on Annual Report

2015-16 on page no. 49 & 73 and Management Response available on page no. 23.

Response Comment

Frequency of Qualifications Yes Similar Qualified Opinion for FY

2016-17, FY 2015-16 & FY 2014-15.

Have the auditors made any adverse remark in last 3 years? No -

Are the material accounts audited by the Principal Auditors? Yes -

Do the financial statements include material unaudited financial statements? No -

TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT - FY 2016-17)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - -

Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015 "Listing Regulations, 2015", the Company should have at least 50% Independent Directors as the Chairman of the Board is

a Promoter Executive Director. The Company has 50% of Independent Directors and hence, it meets the regulatory

requirements.

Board Diversity: The Company has 6 directors out of which 5 are male and 1 is female.




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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Turn

ove

r

Rat

ios

Inventory Turnover 0.29 0.64 0.28 -54.40% 132.22%

Debtors Turnover 0.07 0.17 0.11 -57.49% 52.08%

Fixed asset Turnover 0.02 0.05 0.04 -62.92% 49.86%

Current Asset Turnover 0.03 0.08 0.04 -58.85% 102.24%

Ret

urn

Rat

ios Operating Profit Margin -112.75% -762.71% -131.34% N.A. N.A.

Net Profit Margin -603.01% -891.12% -187.44% N.A. N.A.

Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.

Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.47 0.60 1.22 -21.93% -50.70%

Quick Ratio 0.42 0.53 1.05 -20.93% -49.71%

Cash Ratio 0.22 0.27 0.65 -17.46% -59.15%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 2.16 1.11 2.20 94.53% -49.34%

Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.

Source - Money Control/Stock exchange filing

TABLE 6 - TRADING VOLUME

Particulars Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Trading Volume (shares) (avg. of 1 qtr) 86,110 93,580 1,52,208 -7.98% -38.52%

Trading Volume (shares) (high in 1 qtr) 6,11,198 7,23,489 8,04,860 -15.52% -10.11%

Trading Volume (shares) (low in 1 qtr) 11,884 8,966 26,910 32.55% -66.68%

Ratio - High/low trading volume 51.43 80.69 29.91 -36.26% 169.79%

Ratio - High/average trading volume 7.10 7.73 5.29 -8.19% 46.21%

Source – Capital line

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Sep-17 Mar-17 Sep-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 60.30 60.30 60.30 • No new equity shares issued during the period

from 1st Oct, 2016 to 30th Sep, 2017.

• There was no change in the promoter shareholding

during the said period.

• No major change was observed in the shareholding

pattern during the said period.

• The promoters have pledged 99.97% of their

shareholding.

Public - Institutional

shareholding 18.16 18.16 19.48

Public - Others

shareholding 21.54 21.54 20.22

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source - NSE




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MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 Avarsekar And Sons Pvt. Ltd. 39.85% 1 United India Insurance Co. Ltd. 2.73%

2 Abhijit Kishore Avarsekar 10.13% 2 Allahabad Bank 1.63%

3 Kishore Krishnarao Avarsekar 6.75% 3 State Bank of India 1.47%

4 Ashish Kishore Avarsekar 2.82% 4 UCO Bank 1.15%

5 Bank of Maharashtra 1.01%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in FY 2016-17.

Preferential issue to promoters The Company has stated that during the year the Company has issued 2,64,20,784

equity shares to promoters and 2,03,68,638 equity shares to CDR Lenders on

preferential basis as per the Corporate Debt Restructuring (CDR) Scheme under the CDR

system which has been approved by the CDR Cell vide their letter dated 26th Dec, 2014.

Preferential issue to others

GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17.

Issue of ESOPs/ Issue of shares other

than Preferential allotment The Company does not have any ESOP Scheme in FY 2016-17.

Source - Annual Report FY 16-17

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1 Civil Engineering 100%

Source - Annual Report FY 16-17




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Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in

the future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced

over a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover




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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates

a Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is

calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-

share stock price by the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.


http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



8 | P A G E



𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year




9 | P A G E



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