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Company Information

Home » Market » Company Information

Brahmaputra Infrastructure Ltd.

Nov 26
31.90 +0.25 (+ 0.79 %)
 
VOLUME : 6354
Prev. Close 31.65
Open Price 31.65
TODAY'S LOW / HIGH
31.05
 
 
 
32.50
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
9.55
 
 
 
38.75
Brahmaputra Infrastructure Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 92.57 Cr. P/BV 0.69 Book Value ( ₹ ) 46.03
52 Week High/Low ( ₹ ) 39/10 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2019 TTM EPS ( ₹ ) 3.06 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

1. I) Company Overview

Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi 110 037

Explanations for reconciliation of Balance Sheet as previously reported under I GAAP to INDAS

1. Investment

Under previous GAAP, long term investments were measured at cost less diminution in value which is other than temporary. Under IndAS, non-current investments (other than investments in equity instruments of subsidiaries, associates and joint ventures) are measured at fair value through profit or loss. Consequently,, the differences, as at the transition date and as at the end of year 2015-16, respectively between carrying value as per previous GAAP and fair value, are reflected in total equity and profit or loss.

2. Preference Shares

Under previous GAAP .preference shares which was recognised as equity ,but as per IndAS 109, it is reclassified as liability and has been measured at amortised cost by discounting as effective interest rate method.

3. Borrowings

As per Ind AS 109 .borrowings which are Under Corporate Debt Restructuring are accounted at amortised cost at market interest rate.

4. Other Equity

a) Adjustments to retained earnings and other comprehensive income has been made in accordance with Ind AS, for the above mentioned line items.

b) In addition, as per Ind-AS 19, actuarial gains and losses are recognized in other comprehensive income as compared to being recognized in the statement of profit and loss under I GAAP.

Explanations for reconciliation of Statement of Profit and loss as previously reported under IGAAP to Ind AS

1. Reclassification

Under previous GAAP, actuarial gains and losses on employees defined benefit obligations were recognised in profit or loss. Under Ind AS, the actuarial gains and losses on re-measurement of net defined benefit obligations are recognised in other comprehensive income. This resulted in a reclassification between profit or loss and other comprehensive income.

Interest Cost on Plan Defined Plans shall be accounted under Finance Costs under IndAS

2. Equity Instrument through Other Comprehensive 121 Income

Investment in equity instruments are carried at fair value through OCI in ind AS compared to being carried at cost under I GAAP

3. Finance Cost

As per Ind AS 109 , Interest expense on long term borrowings and preference shares are measured at effective interest rate /market rate.

Note: 2 Fair Value Measurement

Financial Instruments by Category and hierarchy

The Company uses following hierarchy for determining and disclosing the fair value of financial instruments by Valuation technique

Level 1: Qouted (Unadjusted) Prices in active markets for identical assets or liabilities

Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable either directly or indirectly

Level 3: Techniques which use inputs have a significant effect on the recorded fair value that are not based on observable market data

FINANCIAL RISK MANAGEMENT-OBJECTIVES AND POLICIES

The Company’s financial liabilities comprise mainly of borrowings .trade payables and other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (‘Board’) oversee the management of these financial risks. They identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company’s financial performance.

1) Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market interest rates is minimal. The Company has not used any interest rate derivatives.

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. The Company does not enter into any derivative instruments for trading or speculative purposes.

Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Other price risk arises from financial assets such as investments in equity instruments and bonds. The Company is exposed to price risk arising mainly from investments in equity instruments recognised at FVTOCI. As at 31st March, 2018, the carrying value of such equity instruments recognised at FVTOCI amounts to Rs. 1.13 lakhs (Previous year Rs.1.87 lakhs and Rs.1.57 lakhs as at 1st April, 2016).

2) Credit Risk:

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, derivative financial instruments, other balances with banks, loans and other receivables .To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business.

ii) Actual or expected significant changes in the operating results of the counterparty.

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty’s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty.

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

3) Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

The table below analysis derivative and non-derivative financial liabilities of the Company into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

The Management of the Company is reasonably certain that the Company would be having Future Taxable Income and deferred tax assets are only recognized to the extent that their utilization is probable, i.e. tax benefit is expected in future periods and the Same is further supported by the Technical & Economical Valuation conducted by Mecon Ltd. as a part of CDR Implementation.

Note: on 19-06-2018 .i.e. before approving of financial statements of 31-03-2018 we have received a letter from ICICI Bank for One Time Settlement of outstanding dues under cash credit, Bank Guarantee, Working Capital, Term Loan and Funded Interest Term Loan Facilities ("Credit Facilities") amounting to Rs.6,98,91,788/- out of which Rs.22,500,000/- Is paid by us as final settlement and Rs.1,36,794 is Cut Back by the Bank

- All Long Term and Short Term Borrowings from “ Banks” were restructured with cut off date as on 01st March 2014 under RBI “ Corporate Debt Restructuring Mechanism1’ vide letter of approval dt. 17th December 2014. The same has been implemented by the participating banks except “ HDFC Bank” and same have been duly accounted for in the books of accounts.

- Primary Security:

1st Pari-passu charge on all the current assets (present/future) except current assets of City centre shopping mall project which is exclusively charged to Allahabad bank for term loan of Rs.60.00 Crores.

1st pari-passu charge on fixed assets of company (except fixed assets exclusively charged with Allahabad Bank for shopping mall term loan and equipments exclusively charged with equipment lenders).

- Col lateral Security:

First pari-passu charge with all consortium banks on the following immovable properties:

- Land & Building at A-7, Mahipalpur, Delhi. (Jointly owned by Co. and one other Associate Company)

- Office premises at 401, 4th floor, Royal Plaza, GS Road, Guwahati in the name of the Associate Company

- Central Workshop, Parking Bay and Industrial Land situated at Brahmaputra Industrial Park, Village Sila, District Kamrup, Assam.

- Banarsai Devi Bhawan, Railway Road, Deedwana, District Nagour, Rajasthan in the name of relative of Promoter

- First pari-passu charge on furniture and fixtures at A-7, Mahipalpur, Delhi.

- Hypothecation of other plant and machinery on subservient charge basis for consortium.

- Common Securities (Excluding Equipment Lenders):

Personal Guarantee of Mr. Manoj Kumar Prithani, Mr. Sanjeev Kumar Prithani, Mr. Suresh Kumar Prithani, Mr. Sanjay Kumar Mozika and Mr. Suneet KumarTodi.

Corporate Guarantee of M/s Brahmaputra Promoters and Planners Pvt. Limited and M/s Brahmaputra Projects Pvt. Limited.

Promoters and promoter group to pledge their entire unencumbered shareholding in favour of lenders. In case the company wants to bring in strategic investor in future, the Lenders to permit release of the shares pledged to the extent that the total pledge of promoter shareholding is not less than 51% at all times.

In Terms of Sanction of CDR package 100% Shareholding of promoters have been pledged.

- Rate of Interest:

Rate of Interest as per CDR Sanction is 10.75%.p.a (floating) linked to base rate of convener (Indian Overseas Ban k), with a right to reset after every 2 years

* Rs.8,04,47,932/- (Previous Year - Rs.8,04,47,932/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

** Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable except Service Tax Liability of Rs. 2,14,60,728/- (Previous Year Rs.24,15,698/-) Related to DDA Project has not been included in Receipts from Civil Contracts / Projects instead only debited to Customer and credited to Service Tax Liability.

Note: 3 CAPITAL RISK MANAGEMENT

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders. The capital structure ofthe Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

1) Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

2) Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

3) In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Arbitrational Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

4) The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

Projected Unit Credit (PUC) actuarial method has been used to assess the Plan’s liabilities, including those death-in-service and in capacity benefits.

General Descriptions of defined benefit plans:

a) Gratuity Plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on Termination of service, or retirement, whichever is earlier. The benefit vests after five years of continuous service.

b) Provident Fund Plan:

The Company contributes 12% of salary for all eligible employees towards Provident Fund managed by the Regional Provident Fund Authority.