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I|TTIS DJSCLOSI,RE TACUMTIfi IS NE|N]EI I PROSPECruS NOR 1 'ITTEMENT
N LEU OF PROSPECiiu') ruS DISC)ISURE DOCWEI{| PREIAED IN CONFORMITT PITH SECL'RII'IES/ND EXQUXAE DO,trDOF rtttDu qlsuE lND US|NG OF DEAT SECUNI1Eq REAULlnOltt )@t IfiJED vIDE CRCUUR hO. Lltrr,NRo/GN/2frlll3/l278 D,tlED JWE 01, zUrA. $tItE IDED FRON IlMD fOflNE /tND SEcflollll2 OF lllE COllPANlE aCT, 2013 AllD l|lE d)llP,/,JES (PROSPECrUS tU\|D, -OfNENf OF SECVnnTFt RLIIJ Nl4.
FOR PzuVATE CIRCI'LATION ONLY
OFFER T,ETTER / DOCT,IMENT CONTAJNINC / INFORMATION MEMORANDI'M
DILIP BIJTLDCON LIMITEDr\tRAsTRl cT(iiE r a EYo\t)
DILIP BUILDCON LIMITEI)(A liEi.ed comFny r%ist!rcd und€r lhc Coryani6 Act, 2013)
(DaE of Incorporation: ,uDc 12, 2006CIN: L45201MP2(}05PL0 l t689
R.gtutered Omc.: Plot No. 5, Insidc Govind Narayan Singh Gal€, Chtma BhrEi, Kolar Ror4 Bhopal462 016, M.dhya Pnd6h, IndiaWebile: wsa,.diliphildcotr-coE ;T.Lphon.: +91 ?J5 ,1O29999;Fu: +91 755 402999E;Co rcl P€rrol: [Abhi6hek Stuiver al.{];
Eln.ll:
BACKGROT,INI)This IE-fornation Mcmo.dndum is r€latcd Lo th€ D€b.niur€s to be issued by Dlip Buildc.n Limited (thc "Issuer" or'toEproy') on a priva!.placqrcnt b6sis ed co{tafu3 rElsvmt infomrtiotr and disclcsurEs EquirEd for Lhc purposc ofissing of thc Debenorres. The issre ofthe Debenolesc,otrpris.d in thc icE c ofDeS.nU[Es and dacrib€d undcr ltis Infonninm MeftorErfum has be.a a norised by tlre Cor{lmy th${gh r€solutionsp:ss.d by ee sh.rdol'C6E ofthc Cocrpary on S€ptesrbs 17, 2019, the Bosd of Drcctors oflhe ComFoy 6 Augud 5,2019 en Mry 25,2$20,th€ Deb€ftur. Committce on May 25,2020 snd ihe Mcmordrrdum 6nd Anicles of Association ofrhe Compatry. Pu6uanr to the resolution psss€dby lfic ComFny's shaftrloldcIs d.&d S(Dt mber 28, 2018 in a.cord&ce f,,idr provisions of the Coqlalics Act, 2013, rhe Corpatry bas b.snauGoris.rl to hormw, upotr 6uch Erms ard cedirions as rh€ Board Eay lbiBl 6t for rEolflts up !o Rs 13,m0 crDrEs.
GENERAL RISKShvesElent i, d€bt alld d€trt r€lir€d Gecurilr.s involve a degE€ of risk dd hveslors should not invest any fimals in the debt inltflmcnls, unless thcycaD afiord to take the ri.sks atts.hed ro su.h lavestmcnls. Invesors arc advis€d to rcid &e ri6l frElors c?refuUy bcfore tahng str invedrnent dr.isioDi! rclation tD this I!3r.. For t liry sn iovcsftLrt d€cisroD, the ifl.{lors musi rcly d ltcir owtr sraminaoon ofrhc Corryatry, 6is InfornarioEMemor3ndum issued h punlrtrcr bqEof rtrd the Issrie ircluding the rists involv€d Sp.cIlc rttcntio! ol bvedor. b hvlt d to rtrtEoeDt ofR.L& FrctoE cortrhed und.r Sa.tior 3 of thl. ItrforErdo! M.Do trdum. Th€s€ risls arE nor, aad arc not int dcd to be, a complete liet ofall risks a coElids"tioo! rclewnt to the Debenhles or i.uv$!or's d.cision to purEhase the t)€b€nturEs.
ISST'ER'S ABSOLTJTE RESPONSIBILTYIhc Compmy, hsviDg E dc sI rEasoD.blc iDquiics, a.ccpts n+oDsibfiry for, and c,odirDs [hat dlis Informarion Mcmomndrar cmraim atlbforsution wi6 Egrrd to thc CoqaDy od the lssuc, which is Inatlri.l in the cookxr ofrhe Issue, rhar 6e inforEation conhined in rhis InformariooM.morandum is Eue .nd corlt l itr aI E !6ial reD€cls snd is Dot misl€adiq in ,Dy malErial req€€l, lbct the opinioos and itrt€ntion! expr€$€dhereio are hodc6dy bc.ld and Srt th€rE arE ro oth€r fid5, the omiGsion ofwhicb roslcs tlis lnforEntiotr McmonndoE ss a ciholc or ary of 6uchinfoourioa or the ergrrssion ofany ercb opiDiotrs or i cntioG nisle.ding in any Daterial rcspect
Neilber the issucr [m ary ofdc currmr dirocrols ofthe i3suer bas h€rd declaEd &s wilful dcfiul(€r.
CREDIT RATINCCARE RAtirgs Lirdt€d ("CARE") has by wsy of lhe ler.ef d,d?dMry 22,2020 &rsigll€d r.rir8 of "CARE A./ S.able" to the Dd.otrcs Flroposdto bc issucd by th. Coqatry pusumt to this hformation McrDor.rdlE. Thc abov€ nting i! no{ a rctomEEndation to buy, scll or hold s€curiticsand laves0ors should t[ke th.ir own decisioD. The rating may be subjcct !o revision or wihdrawal ar my riEe by CARE and should be waluaredindesdendy of aay oti(r radrys. Plelse lefer ro the Ar,I].exwe lY (Rdting lzner a Rationale, @ ifiis hfofiurioo Mcmorandim for radmalefor drc above rning by CARE Rrtings.
LISTINGTtc D.beDturEs ofrcrcd thmuAh this Infomltion Memoraldun arc initialy propccd to b. tistcd or the Wholesate IXbr Market ('WDM") ScgEcntof lbe BSE Limit€d ("BSE '). Tle CooparX with prior nodc€ to the Debenorre Trustae, may get the D€bentues li6r.d of, 06€r rDrte.irl srockerch&ges rs rt d€€rls 6t. Tbc bsuE shal cmply wilh tbe rcquiftmeDa ofihe listing agrEeEat io th€ €xtedt applicablc ro it €n a co inuous basis.The bsuer interds to u!€ eledmdic book tncduisn as available on thc w€bsrk ofrhc BSE.
ISSUE SCHEDULEParticulalf NCDIiqlE OpeoiaB Dar. 2t-Ma,J-2O2O
hsrc Closils Darc 2t-M3y-2lJ2OPay-iE Dat€ 29-MEy-20201T+l ScEl€mentlD€€m€d Dat€ of Allotnent 29-Ma:r -2O2O
\LD
INF1ORMATION MEMORANDUM FOR PRTVATE PI,/ICEMENT OF I]PTO IOOO SENIOR RATED LTIITED SECI'REDREI'EEMABLE NON{OITI'ERTIBLE DEBENTURES AT FACE VALUE OF Rs' IO.OO,OOOA (INDI X RTTPEES TEN I-AI(HONLY) AGGREGATING TJPTO RS IM,M,OO,O{M gNDIAN RUPEES ONE HI'NDRED CRORES ONLY) CDEBENTURES" OR"NCI'S"} THIS ISSUANCE WOI]LD BE IINDER TEE ELECTR.ONIC B(X)K MECEANISM FOR ISSUANCE OE DEBISECT'RITIES ON PRIVATE PLICEMENT BASIS AS PER SEBI CIR,CI'LAR SEBVIIO/DDIi9CIR./P2OIE/05 DATTD JANUARV5,2l)IE TSSUED BY SEBT I'II{DER SEBI OSSI,,T AND LBTING OF DEBT SECURITTE$ REGIJLATIONS,2,IIO8. THE COMPANYINTENIXI TO USf, ESE'S ELECTROMC BIDDING PLATFORM FI)R TEIS ISSIJE.
RESTRICTED
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Page 49 of 575
Th! Conpany Es€rvcs h€ right to c[aog. lhe Issue Sch.dulc hcluding the Deeoed ]{tr ofAllotm.rt (es rk6Ded hcEirafrE) ar its sole discretiorfwihout giving any re3sotrs or lrior notice-
FOR PRIVATE CIRCULATION ONLY
OTIIf,R KEY PARTIES TEf,
The is.sue of th€ D.t(durcs ("I!soC) sh.ll be $bjert 10 thc povisioos of tbe Coqade6 Act, 2013, (the "Comprtri.! Act), the ml€s sotid€dpursua !o the Cotrlpadcs Act, tb! Mcmorddum and Aniclcs of AlsocirdoE of rhc Issucr, thc l6Es and conditions of dris InformationMerrcrandum filed $,ith the BSE atrd any other mrErial stock nchrngcs, ar applic{blq lhc Applicrtioa Fosr\ and othcr tenns and conditions as
rEay be fucorporatcd in the D€b.ohrE Tnrsi D€€d and olher dcudmts ir rElati@ to srch l$ue.
PNB InvcshcDt Scrvic.s Limit6d.PNB Pngrti Towcri2Dd Fl@r, Plot No. C-9, G-Bloc&Ba Ia Kurta ComDl€x- B8Dd. (E). Ml[nbdi - 400 051
LlNt< lntirneLink Intitue Privat! Limit dC l0l, 247 Parlq L.B.S M.r&Viltuoli (We6t), MuDb.i,Mlb,I htsa 40m83
RESTNCTED
..nl .fr.r'. il
Page 50 of 575
ITABLE OF CONTENTS
PAGESECTION
SECTION l: NOTICE TO INVESTORS AND DISCLAIMERSSECTION 2: DEFINITIONS AND ABBREVIATIONSSECTION 3: RISK FACTORSSECTION 4: ADDITIONAL ASSUMPTIONSSECTION 5: DISCLOSURES AS PER SEBI REGULATIONSSECTION 6: TRANSACTION DOCUMENTS AND KEY TERMSSECTION 7: OTHER INFORMATION AND APPLICATION PROCESSSECTION 8: DECLARATIONANNEXURE I: CONSENT LETTER FROM TIIE DEBENTI,RE TRUSTEEANNEXURE II: A}PLICATION FORMANNEXURE III: AUDITED FINANCIAL STATMENTSANNEXURE TV: RATING LETTER AND RATIONAIEANNEXURE vI: BOARD AND DEBENTURE COMMITTEE RESOLUTIONS COPYANNEXURE \III: SHAREHOLDER RESOLUTIONS COPYANNEXT]RE VItr: RELATED PARTY TRANSACTIONANNEXURE IX; TERM SIIEETANNEXURE X: STATUTORY AND REGULATORY DISCLOSURES
2
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Page 51 of 575
ISECTION 1: NOTICE TO INVESTORS AND DISCI,AIMERS
This Informatiotr Memorardum (the'Disclosure Documena'or "Informltion MeBorrndum") is neither rproqrectus nor a st-atemetrt in lieu of prospcctus utrder thc Act. This Disclosure Documenl has trot beefl submittedto or approved by the Securities and Exchange Board of lndia ("SEBI") and has been prepared by the Company inconformity with tle extant SEBI Regulations and the Act. This Issuc ofDebeirtures is beirg made strictly on a privateplacement basis. This Disclosure Document does not colstitute and shall not be deemed to constitute an offer or aninvitation to the public to subscrib€ to the Debentues. Neither this Disctosure Documsnt nor any othor hformationsupplied in coDnection with the Debentures is intended to provide the basis of any credit or other evaluation and arecipient ofthis Disclosuo Documcnt should not consider such receipt a recommendation io purchase any Debenhues.Each potential investor contemplating the purchase of any Debcntures should make its own indopendent investigationof the frnancial condition and affairs of the Company and its owo appraisal of the creditworthiness of the Companyas well as the shucture of the Issue- Pot€ntial investors should consult their own fioancial, legal, tax and otherprofessional advisors as to the risks and inveshnelt considerations arising fiom an investnent itr the Deb€nhres andshould possess the appropris& rEsources !o analyze such investnent and drc suitability of an investment to theinyestot's particular ctcumstances. No p€rson has been authoriz€d to give any information or to mak€ anyrepresentatioD not contained in or incorporated by reference in this Disclosue Documcnt or in any material madeavailable by the Company to ary potetrtial invcstor pusuafi her€to aod, if givel or made, such information orrepresentatioD must Dot be rclied upon 8s having been authorized by the Company.
This Disclosure Documetrt aod the conteots hereof are addresscd only to the htended recipients who have bo€D
addressed direcdy and specifically through a communication by the Compatry. All potential itrvestors arc required tocomply with the rclevsnt regulstions/guidelines applicable to them for investing in this Issue. The clntenls of thisDisclosue Documeut are intsnded to be used only by (hose potential invcstors to x,hom it is dishibuoed It is nothtended fol distribution to any other person and should not be repioduced by the recipient or made public or itsco[tents disclosed to a third person. No invitation is being madc to aDy persoo other thao the investor to whom thisDiscl6ure Documcut has becn ssnt Any applicatioo by a pelsotr to whom this Disclosurc Document has not been
sent by the Compaoy may be rejected without assigning any reason,
You shall not and are not authorised to: (l) deliver this Disclosure Document to any other person; or (2) reproducethis Disclosure Documen! in atry matrncr whatso€vcr. Any distibution or rcproduction or copying ofthis DisclosureDocument in whole or in part or any public annormccment or any allnormcement to third parties regarding the contentsof this Disclosurc Document is unauthorised. Failure to comply with this insbuction may result in a violation ofapplicable laws of lndia a.nd,/or other jurisdictions. This Disclosure Document has been prepared by dre Company forproviding information in connection wi0r dre proposcd Issue. The Company does not undertake to upda0e thisDisclosure Document to refloct subsequent events after the date of this Disclosure Doc'ument and thus i( should notbe relied upon with respect to such subsequent events wilhout frst confirmhg its accuracy with the Company.
Neittrer the delivery of this Disclosure Document oor the issuc of any Debeotures made hcreunder shall, under anycircumstanc€s, constitute a representation or create any implication drat there has been no change in the affairs oftheCompany since the date thereof
This Issue is a domcstic issue resticted o India and no steps have betn taken or will be taken to facilitate ttre Issue tnany jurisdictions other than India. Hence, this Disclosure Document does not constitute, nor may it be used for or incoonection with, an offer or solicitatioo by atryoqe in any jurisdiction in which such offer or solicitatioo is notauttrorDed or to any p€rson to whom it is unlawful io make such an offer or solicitatiotr. No action is being taken top€rmit ao offeriry of the Debcntures or the disfibution of fis Disclosure Document in any jurisdiction where suchaction is re4uired. This Disclosure Documeut is not i.ntetrded for distribution to, or use by, any person or entity in anyjurisdiction or courty where distibution or use of such informatiotr would be c!trtrary to law or regulation. Persons
into wbose possesion this Disclosure Document comes are required to inform themselv€s about and to observe any
sucb restrictions. This Disclosure Documcnt is madc ar-ailable to poteEtial investors in the Issue on the strictrmderstaoding that it is confidential ard may not be t'ansmitted to others, whethor in olecronic form or otherwise.
It is the rcsponsibility of allottees ofthese DebeEtures to also ensurc that they/it witl transfer these Debentures in skict
-',,:-
accordance with this Disclosu€ Document and other applicable laws.
RESTI/CT:ED - Pat 2
Page 52 of 575
IDISCLAIMER CLAUSE OF SEBI
As per the provisions of the SEBI Debt Listitrg Regulations, it is not stipulated that a copy of this InformationMemorandum has m be filed with or submitt€d to the SEBI for its review/approval. Il is to be distinctly undeNtoodthat this InformatioD Memorandum should not in any way b€ deemed or construed to have b€€o approved or vettedby SEBI and that this lssue is trot rccorrmqrded or approved by SEBI. SEBI does not take any responsibility eitherfor the financial soundness ofany proposal for which the Debenhres issued thereof is propos€d to be made or for 6ecorrechess of the statements made or opinions expressed in this IDformation Memorandum.
DISCLAIMER CLAUSE OF THE STOCK EXCHANGE
As requLe4 a copy of this Disclosure Document has been frled with BSE in terms ofSEBI (Issue and Listing ofDebtSecurities) Regulations, 2008, as amended from time to time. It is to be distinctly uoderstood that submission of frisDisclosure Document 0o BSE should trot in any way be deerned or constued to mean that this Disclosue Documenthas been reviewed, cleared or approved by BSE, nor does BSE in any manner warant, certifr or endorse thecorrectness or completeness of any of the contents of this Disclosure Document. BSE does not warrant that theDebentures u.iI be listed or will continue to be listed on BSE nor does BSE take any responsibility for lhe sourdnessofthe financial and othcr conditions ofthe Company, is prcmoters, its managomclt or any scheme or project oftheCompany.
DISCLAIMER IN RFSPECT OF JTruSDICTION
Issue of these Debentures have been/will be msde in I-odia to irvestors as specificd under clause "Eligible investors"itr this Disclosue Document, who have been/shall be specificalty approached by the Company. This DisclosureDocnEeEt is not to be constued or constituted as atr offq io s€ll oi ao iDvitation to subscrib€ to Debeotrres offerEdhereby !o any pcrson to whom it is Eot specffically atldressed. Any disputes arising out ofthis lssue will be subject totle non - cxclusivc jurisdiction of the courts and tribunals at Bhopal / Dethi. This Disclosure Docuaent does notconstitute an offer io sell or an invitation to subscribe to the Debsntures herein, in any oth€rjurisdiction to any personto wtom it is unlawful to make atr offer or invitation in such jurisdiction.
FORCE MAJEURE
The Company reserves the right to withdraw the lssue at any time prior to the closing date thereof in the event of anyuoforeseen dwelopment adversely affecting the economic and/or regulatory environment or otherwise. [n such anevent the Company will refirnd the application money, if any, cotlccted from the potential investors / applicatrts inrespect of the Issue without assigning any reason.
DISCLAIMER IN R.ESPECT OF RATING AGENCIES
Ratings are opinions on credit quality and are not recommendations to sanctioo, renew, disburse or recall the concemedbank facilities or to buy, sell or hold any security. The Rating Agency has based its ratings on information obtainedfrom sources believed by it to be accurate atrd retiable. The Rating Agency do€s not, ho},ever, guarantee the accuacy,adequacy or compl€teEess of atry information atrd i6 trot responsible for any errors or omissions or for the resultsobtained from thc use of such infonnation. Most eDtities whose bank facilities/instruments are rated by the RatiDgAgency havc paid a credit rathg fee, bas€d on the amount a.nd q.pe ofbank facilitievinstuments.
DISCLAIMER OF TIIE TRUSTEE
The Debsnture Trustee or their agenls or advisers associated with the Issue does not undertake to review the financialcoodition or affairs of the Compauy duriug the life of the arrangcrlsnts co emplated by this InforrnatiooMemorandun/ or shall Dot have any rcspoGibility to advise atry investor or prospective inveslor io the Debetrtures ofatry infomatioD available with or subsequently comfug to the attention ofthe Debenture Trustee, is agent/advisors.
The Debmtule Trustoc aDd their agents or advison associated with the Issue have not separatcly verified theinformation contained berein. Accordingly, no representation, waranty or undertaking, express or implied, is made
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Page 53 of 575
Iand no responsibility is accepted by Debenture Trustee as to th€ accuracy or any other information provided by theCompany- Accordingly, Deb€ntue Trustee associated with the lssue shall have no tiability in relation to theinformatioo contsined in this Information Memorandum or any other Information providcd by the Company inconnection with the Issue.
The Debenture Trust€€, ipso facto does troahave the obligations of a borrowq or a principal dcblor or a guaranlor as
to the monies paid/invested by the Debenture Holders for the Debentures.
ISSUE OF DEBENTURES IN DEMATERIALISED FORM
The Dobenhues will be issued in dematerialised fom. The Compatry has made arang€ments with National SecuritiesDepositoried Limitod and/or C€nEal Depository Services (lndia) Limited for the issue of the Debennrres indematerialised form. The investor witl have to hold the Debentures in dematerialised form as per the provisions ofDepositories AcL The Company shall take oecessa4/ Etsps to credit thc Debentur€s atlotted to the beneficiary ac.ountmaintafued by the investor with its depositary participant The Company will make the Allotment to Investo6 otr theDecmed Date ofAllotrretrt aftEr verification ofthe Application Form, the ac€ompatrying documenB and on realisationof the application money-
RESTNCIED - Pdse 1
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Page 54 of 575
ISECTION 2: DEFIMTIONS AND ABBREVIATIONS
Unless the context otherwise indicaaes or requires, the following terms shall have the meaaings given below in thisDisctosure Document Any capitalized term not defined herein sball have the meaning given to such term in theDebeflture Trust Deed.
General terms
Company relaaed term6
lssue rehted terms
The Company/ Issuer/ We/Us/ DBL
Dilip Buildcon Limited
Offer Leuer/ DisclosureDocumenu InformatiotrMemorandum
This documeng as amended ftom time to time
Auditor lWs. Mukund M. Chitale & Co., Chartcred Accountants, Mumbai
IWs MSG & Associates., Chartered Accountants, Bhopal
Board of Dtectors,/Board Th€ Board of Direciors of the Company or any committee thereof
Directo{s) Directo(s) of the Company, as may change from time to time, urlcss othsrwises?ccified
Memorandum aod Afiicles The Memorandum & Articles ofAssociatioo of the Company, as amended fromtime to timc
Registercd Office The registered office of the Company located at Plot No. 5, lnside GovindNarayan Singh Gate, Chuoa Bhatti, Kolar Road Bhopal 462 016, MadhyaPradcsh, India
Act Companies Act, 2013 and applicable provisions ofthe Coqanies Act, 1956
Afiliate With rcspect to any Persoa, means any othcr Person who directly or indirccdycontols, is controlled by or is under cornmoo control with such Person. Forpupos€s of this dehnition, "conuol" (including, with correlative meaning, thet€rms "controlled by" a.nd 'tnder common contol with') of a Person means (a)ownership of more than 50plo (Fifty PerceDt) of fte voting rights or otherownership ioterests ofsuch Penon; or (b) the power to dLe€t the managcmcd orpolicies of a Person, whether tbrough the owuenhip of more than 50% (FinyPercent) of the voting power of such Persog though the powei to appoirt morethan halfofthe members of the Board ofDirectors or similar governing body ofsuch Person, or tkough cont'actual or other arrangemeEts. If the sharchotder /such PsrsoE is a a&tual person then the tcm Alfiliatc would include his rclativesas d€fined under the Act
Allotrnent/Altol The issue and alloBnent ofNCD to the successful applicants in the Issue
Applicatioo Form The form in which an investor can apply for subscription to the Debeorures,format of which is set out in Annexure II (lpp licatioa Form\ hercin
Applicabte Law Includes all applicable statutes, enactmeBts or acts of ary legislative body inIpdi4 laws, ordinaDces, rules, bye-laws, regulations, notifications, guidetitres,
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OPPage 55 of 575
Iqrhnq t@tB;EI
policies, directiotrs, directivos and orders of any Govemmenlal Authority,statutory authority, tibunal, board, coun or recognized stock exchatrge govemilgthe opqatioos and business of the Company and any modifications or re-eaactEents thereof
Beneficial Owne(s) Holdc(s) ofthe Debeutures in dematerialized form as defined in clause (a) ofsub -section of Section 2 of the Depositories Act, 1996.
Busincss Day Mcans all days on which the money market is fimctioning in the city of Mumbai,Maha'ashtra, tldia
BSE BSE Limited
BSE Bond-EBP Platform EBP platfonn ofBSE for issuancc ofdebt securities
CDSL C€ntral Depository Services (India) Limited
Company Ditip Buildcon Limited incorpomted as Dilip Buildcon Private Limited oo June12,2006, Further our Crrrpany was convsrted itrto I public limited company atrdconsequently, lhe name of our Company was changed to Dilip Buildcon Limitedand a fresh crrtificate ofiscorporation was issued by the RoC on August 26,2010and having its registerod ollice at Plot No. 5, Inside Govind Narayaq Singh Gate,Ctuna Bhatti, Kolar Road, Bhopal (M.P.)- 462016 and and bearing CINL/45 201MP2006PLC0 I 86 t9
Coupon The intercst payable on ttre Deb€ntues at the Coupon Rat€, in accordance withAwrcxwe lX (Term Sheet)
Debenhre(s) / NCDs Senior, Secure4 listed, Rat€d, Redeernablc Non-Convcrtible DobenturesaggrEgating up to Rs. I 00,00,00,000 (Indian Rupees One Hundred Crores only) tobe issued by Dilip Buildcon Limited
Debenture Holder Initially, the p€rsoBs to whom the IBformatiotr Memorandum has bcen issued toand wto have subscribed !o dre Debentures in the primary market and thereaftershall meatr and include any Persoo to whom the Debont[es are tsansferred to,each who fulilts the following requireme s: (a) Persons who are registercd as
such as the Beneficial Owrcrs; aDd (b) Persons who are registered as debentureholder(s) Hotders in the Register of Debennre Holder(s)(in the evont of anyincousiskncy b€twe€n sub psragraph (a) and (b) above, sub paragraph (a) sballprevail).
D€beotue Truste€ PNB Itrvestment Services Limited such oth€r Deb€nture Trustee appoinM by tIrccompany fiom time to time
Debeoture Trustce Agltemelt Debentwe Trus{€e Agreemeot executed or to be executed by and between theDebenture Trustee and the C,ompany for the purpos€s of appointnent of theDebeBturo Trustco to art as debetrture trustee for thc benefit of thc Debentur€Holdsrs iD colnectioo with the issuance ofthe Debeotures.
D€benture Trust Deed Deb€trturo Trust Dced to b€ execded by aDd between the Company and PNBIovestment Services Limit€d.
Depository(ies) A depository regist€rEd with the SEBI rmder the Securities and Exchange Boadoflndia @epositories and Participant) Regulations, 1996, as amended from timeto time, in this case b€ing NSDL and CDSL
Depositories Act The Depositories Ac! 1996, as ameoded fiom time to time
Depository Participant/DP A depository participant as defined urlder section 2 (g) ofthe Depositories Act.
Coupotr Paym€ntDates
The dstes on which the CoupoD/ interest oo the NCDs is due for payment to theholders ofNCDs as per Atrtrexure fX (rel Sreer), until the dae ofRedemptionas s?ecified in Annexwe lX (Term Sheet\ of this Private Placemeut Offer LcttEr
RESTNCTED - Po* 6
Page 56 of 575
INffiffie{!{r&Deemed Date ofAl.[otnent
The cut-off date declared by the Company from which all benefits under th€NCDs including interest sha[[ bc available to thc hotders of NCDs. The actualallohnent of NCDS (i.e. approval from the Board of Dtectors or I Commifteethereo0 oay take place oo a dat€ other dran the Deemed Date of Allotment
Material Adverse Effect Any event or circumstaDce, occurrcnce, or condition which has caused or is likelyto cause I material and adverse effect in respect ofone or more ofthe followiog:(r) adversely &ffect the ability of lhe Issuer to perform or comply witb its
obligarions under the Transaction Documents; or(ii) validity or enforceabiliry o{ or the effectiveness of any Tramaction
Documents.Operational Guidelines BSE's Operational Guidelines for issuance of Securities on Private Placomcnt
basis through an Electronic Book MechadsoPrivate Placement The pr€seDt offer ofNCDs or invitation to subscribe NCDS by 6e lssuer (other
than by way ofpublic offer) through issue of this Private Placerncqt Offer Letter,in pursuance of Section 42 of the Compauies Act, 2013 without prejudice to theprovisions of Section 26 ofthe Companics Ac! 201 3, 0o a selcct group ofpersouson such conditioos including the form and manner of private placement asprescribed rmder the Companies Act, 20 I 3
Due Date Ary date on which the Deboature Holder(s) are Entitled to any pa)rments inrelation to the Debenttues, whether for repal,rnent of the Prhcipal Amount ortowards paymest of Coupou.
DP-ID Depository Participant ldentification Number.
DRR/ Deb€rture RedernptionReservc
Debennue Redemption Reserve in accordance with the provisions of the Actincluding the investments madE which are coutrtEd towards maintetrance of DRR
ECS Electronic Clearing System
Encumbranc€ Creation ofany charge, security, quasi security, oon- disposal arrangement, claim,option, negative lieD, hypothc€ation, power of sale in favor of a third party,rctention oftitle, right ofpre-emption, right offirst refirsal, lock-in ofany Eatureincluding as may be stipulated by SEBI, or other thtd party right or securityiaterest or an agreement, afiangemeDt or obligation to create a,ly of thc foregoing,whether presently or in the future
Financial Indebtedness Any indebtedness of the Coryany for or in respect of:(D moneys borrowed;(ii) any amount availed ofby acc<pance ofany credit facility;(iii) any amoutrt raised pursuaot to the issuance of any trotes, bonds, sbares
(whether redeemable or otherwise), debenn[es, loan stock or any othersimilar serurities or instsuments'
(r9 the amouot ofatry liability io r"*pecr of-y lease or hire purchase contactwhich would, iE accordance v/ith GAAP in India, be teated as a financeor capital lease;
(") receivables sold or discounted (other thao any receivables to the extentthat they are sold on a non-rccoursc basis);
(ri) any derivative bansactiotr outered inoo in cotrtrection witb protectiotragains or beuefit from fluctuation in price (m( when calculathg tbevalue of any derivative transaction, only the marked to markot value shallbc taken into account);
(vii) eny counter-indemnity obligation in respect of a guarartee, i.ndemnity,bond, standby or documentary lelter of credit or any oth6 irstrumenlissuei by a bank or financial institution;
(viii) the amount of any liability undcr an advance or deferred purchaseagreement if one of the prima4r reasons behind the enEy itrto suchagreement is to raise hnance; or
Page 57 of 575
I(ir,) (without double countirg) t}te amount of any liability in respect of any
guanote€ or itrdeEufty for aDy ofth€ itenrs ref€rred to in paragrapbs (i) to(viii) above.
Final Setdement Date The last darc on which Debentures have been redeemed by rhe Company in futlon the relcvant Maturity Date and atl the Secured Obligations has been dischargedby the Company in accordance with the Traosaction Documetrt.
Finaacial Year/ FY Twelve months period commencing from April 1 ofa particular calendar year andending on March 3 I of the subs€quelt calendar year
Force Majeue Indtect Political Force Majeure Event, Political Force Majeurc Event atrd/or NonPolitical Force Majeure Event.
GAA? Getrerally Acaept€d Accountitrg Principles
Govemmcnt Aulhority Shall itrclude the President oflndia, tic Govemment of lndia, the Governor andth€ Govemment of any Slate in Indi4 any Minisky or D€padment of the sam€,
any municipal or local govcmment any authority or private body exercisingpowen conferred by Applicabte Law and any court, tribural or other judicial orquasi-judicial body, and shall include, without limitation a stock exchange andany regulatory body
Privat€ Placement Offer Letter Privaie Placeme Offer Letter dsted May 28, 2020 for private placemeot ofuptoRs t00,00,00,000 (Indian Rupecs one hundrcd crorcs only) Secured RedeemableNon-Convertible Debentures.
Issue Private placemeot of the Debentur€s
Invcstors The penons who shall subscribe to the Debstrhres to be issued by the Company
Maturity Dete Means the date falling at the ord of3 ycars ftom the Deerned Date of Allounetrt
Majority Dobetrhtre Holdors Such number of Debenirrc Holdem collectivety hotding not less tha[ 5l% (fifty-orc per c€nt) of the nominal value of the Deb€trtures then oulstanding
National Electsonic Fund Tra.osfer SersiceNEFINSDL National Securities Depository Limited
PAN PerEanent Account Numbq as allotted under the Income Tax Act 1962
Principal Amount At any poiot of time shall mean the face value of the Debentures oubtanditrg atpoiDt of time
Subscription Proc€€d.s Monies paid by applicants for subscription to the Debentures
RTGS Real Time Gross Settlemetrt
RBI The Res€rve Bank of India Act, I 934, as amended &om time to time
Rating Agency CRISIL Limitd C'CRISIL") & CARE Ratings
Record Dat€ The datc which will be laed for d€termining ttre Debenture Holdcrs who shall beertitled to receive the amounts due od any Due Date, as the case may be, whichshall be the dat€ lot less than 15 (frftecn) Days prior to such Due Date
The Securities and Exchange Board oflndia constituted under Se.ction 3 ofSecurities and Exchanee Board of IEdia Act, 1992
SEBI
SEBI Debt Regulations The Securities and Exchange Board oflndia (Issue and Listing ofDebt Sccurities)Regutations, 200E issue.d by SEBI, as amended by the SEBI (Issue and Listing ofDebt Securities) (Am€ndment) Regulations , 2Ol2 vide totifrcation dated October12, 2012 atrd from time to tim€
Companies Act, 1956 The Companies Act, 1956, as amended and in force
Companies Act 2013 The Companies Act, 2013, to the extent notilied by the Ministry of CoryorateAffairs, Govemoent ofl-ndia, as applicable
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ISecured Obligatiotrs All obligations at any time due, owing or incurred by the Compsny to the
Debenture Trustee and the Debentwe Holders in respect of the Debentures (orany part of them which is outstarding) and shall include (i) the obligation toredeem the Deb€trtures in terms thereof including paymcnt of Coupoo, Defaultlnterest accrued thereoo (if any); (ii) any outstanding remuneration of $eDebetrture TrustEe ard all fees, costs, charges aad expenses payable to tbeDebetrtuc Truste€ in accordance with the terms of rtre Debeoture TrusteeAgeemeny'offer left€r accepted by the Debenture Trustee and other moniespayable by the Compauy itr resp€ct of the Debotrtures under the TraNectionDocuments itrcluditrg but oot limited to arranger fees, ifany; (iii) ia the event ofany proceedings for the collection atrd,/or eDforceEeut of the obligations of tbcCompatry in respect of the Debentrues, after an Evcnt of Defaula shall haveoccurrd the experses of retaking, holding, preparing for sale, s€lling orotherwise disposing of or realizing the Security or any pad tiereof, created / tobe qeated by the Company, or of any exercise of the Debe ure Trustee of itsright under the relevant Transaction Documerts, together x,ith legal fees andcourt costs
Registrar / R&T Agent Lhk Intime Private Ltd. thc Regist-ar & Transfer Agent for the Issuer
Stock Exchaoge BSE LiEitsd
Terms and Conditiotrs Terms and cotrditiotrs of the Deb€nh[es provided ir Annexure D( (Tern Sheet)to this loformatioq Memorandum and the Debetrture Trust D€€d.
RESTR/ct_en -a.
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ISECTION 3: RISK FACTORS
The foltowing are the risks envisaged by the management of the Company relating to the Company, the Debenturesand the market in geoeral. Potential investorc should carefully comider all the risk factors in this Disclosure Documentfor evaluating the Company and its business and the Debentures before making any investnent decision relating tothe Debentures. The Company believes that the factors described below rspresent the principal risks hherent ininvesting in the Debentures, but do€s trot rspresent that the statements below regarding the risks of holding theDebetrtures ar€ exhaustive. Thc order of the risk factors is intended to facilihte ease of reading and reference and doesnot in any manner hdicate tIrc importance of one risk factor over aoother. Investors should also read {he detailedinformation set out elsewhere in this Disclosure Docum€nt and reach their own views prior to making any investrnentdecision.
Ifany one of the following stated risks actually occurs, the Company's business, financial conditions and resuls ofoperations could suffer and therefore, the value of the Company's Debentures cluld dccline aod./or the Company'sability to meet iB obligations in respect of the Debentures could be atrected. More than ooe risk factor may havesimultaneous effect with regards to tbe Debeotures such that the effeat ofa particular risk faclor may not be prEdictable.Io additioD, more thao oDe risk factor may have a compounding effect which may not be predictable- No predictioncar b€ made as to tho effect that ally combioatioD ofrisk faclon may have on the value ofthe Debentures and/or lieCompany's ability to meet its obligatiou in rospcct of thc Dobentures. Pot€ntial investors should perform their ownindependent hvestigation of the finaocial condition and affairs of the Compauy, and their own appraisal of thecreditwo(hiDess of the Company. Poteatial investors should coosult theft owu inancial legal, tax and otherprofessional advisors as to the risks and investsnent considcratiotrs with respect to thc D€bentures. Poteotial investorsshould theresfter reech thet oun views prior to makitrg any investrnent decision.
These risks atrd uncertainties are trot the otrly issues that fie Conpaoy faces. Additiooal risks aod uncertainties notpreseotly krcwn to the Company or that thc Company cu[ently believes to be immatcrial may also have a MaterialAdverse Effect on its financial condition or busiuess. Unless sp€cificd or quantificd in the relevant risk factors, tieCompany is dot in a position to quartiry the financial or other implications ofany risk mentioned herein below.
The Company believes that the factors descdbed below represent the principal risks inherent in investing in theDebenhrres, but thc inability ofthe Cornpany, as the case mey be, to pay principal or other amounts ou or in connectionwith any Deb€ntures may occur for other reasons and the Company does not represent that the statements belowregarding the risks of holding any Debentures are exhaustive.
Plezse note that rmless specified or quantified io ahe relevaot risk factors, the Company is Dot in a positiod to quandrythe imancial or other implications of any risk mentioned herein below:
t. Repay[ent of principrl i5 rrbject ao the cr€dlt rlsk of the Comprtry
Potential investon should b€ aware that receipt ofthe Prhcipal Amount, fte yield / Coupotr payabl€ thereonand any other amounts thar may be due in respect of ttre Deb€nnrres is subject to the credit risk of theC.ompatry and the pot€ntial investors assurne the risk that the Compatry may not be able to satisry thcirobligations under the Debenn[es. ln the eyent that ba*ruptcy proceedings or composition, scheme ofarrangemetrt or similar proceedings to avert bankruptcy are institutEd by or against the Company, the payment
ofsums due on the Deb€ntur€s may be substantially r€duced or delayed.
b. Debentures m8y b€ illiquid itr the s€condsry Earket
The Company cannot provide any guarantee that the Debe[tues will be frequently traded and that therewould be any martet for the Debentures. lt is not possible to predict ifand !o what exteni a secondary marketmay develop for the DebeDtures or at what price the Debetrhrres will hade in tbe sc{ondary rnarket or whethersuch marka will be liquid or itliquid. Further, the Compatry may Dot be able to issue aoy further DebeDtures,
in case ofany disruptions iD the seaurities markel
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Ic Rsdng Downgrsde Risk
The Rating Agency has assigned the credit rating of CARE A; Slabte to the Debenhfes- In the eveDt ofdeterioration in the financial health of the Company, therc is a possibility that the rating agency may
downgradc the rating of dle D€beohrres. In such cases, potential investors may incur losses on re-valuationof their investmcot or make provisions towards sub-standard/ non-performing investrnent as per their usualtrorms. Tho rating is not a reconmendatior to purchase, hold or sell the Debentures in as much as the ratilgsdo aot comment on the marr(et price ofthe Debenhrres or its suitabitity to a particular investor. There is ooassuraf,ce either that the rating will remain at the same level for any given period of time or that the ratingwill not be lowered or withdrawn cntirely by the Rating Agcncy- In the ovent of deterioration the rating ofthe Debentures, the hvestors may have !o incur loss on rwaluatioo of 6eir inveshnenL
d. Tar Consid€r.donr atrd Legrl Considerrtions
Special tax consideratioos atrd legal considerations may apply to cerah typos ofpotential investors. Polentialinvestors are uged to consult with their own fi-nanciat, legal, tax and other professional advisors to delEImineany financial, legal, tax aad other implicatioos of fiis invesueot.
Accounting Cotrsidemtiotrg
Special accounthg considerarious Eay apply to ceflain typ€s of taxpayers. Potential investors are urged toconsult with thcir own accoutrtirg advisors to determiae implicatioos ofthis hveshoot.
f. Security Ery be ilsufiicietrt to redeem the Debetraurcs
In the event that the Compatry is ullsble to meet its palanent alrd other obligations towards potential iovestorsusder the tclms of the Debeotures, the DebeDturc Trustee may enforce the security crcated in respect ofassets over which a security iDterest has been created. The potential hveslors' recovery in relation to theDebenturcs will be i,trer ar,a subject to (i) the market value of such ass€ts; atrd (ii) findhg a willing buyerfor such assets at a price sruffici€nt to repay the amounts due and payable to the poteotial investors' amountsoutstanding undcr the Deb€ntures. The value realised ftom thc cnforcement of thc Security may beinsufficient to redeem the Debentures.
Materiel cbenges in regulrtioos to which tbe Company is subject could imprir the Compeny's abitityto mc4t prymctrtr or otter obligstions
The Compaay is subject generally to changes in Indian law, as well as to changes in govemm€nt regulationsand policies and accounting principles. Any changes in the regulatory framework could adversely affect theprofitabitity of the Company or its future financial performance, by re4uiring a restucturing of its activities,increasing cosB or otherwise.
h. Industry Risk: Gencrel Ecolomic Cotrditioos
The Company operates only within India and, accordiogly, all of i6 revenues are derived from the domesticmarkel As a result, it is highly dependent on prevaiting cconomic conditions in [ndia and its rcsults ofoperations are signific{ntly affected by facmrs influencing tlre Indian economy. An uncertain economicsituatiotr, itr lndia and globally, cluld result in a slowdown in economic growth, hvestsnent andcomumptior. A slowdown in the rate of growth in the Indian economy could result in lower demand forcredit and other lurancial producs and serviccs and higher defaults. Any slowdown in the growth ornegative growth ofsectois where the Company has a relatively higher exposure could adversely impact itsperformance. Any such slowdowtr could adversely affect its business, prospects, results of operations andfinancial condition.
fxgelity of PurchrsePotential investors of the Debenflrres will be responsible for the lawfulness of thc acquisition of theD€bertures, whether rmder the laws of the jurisdiction of its incorporation or the jurisdiction in which ir
e.
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IJ.
op€rates or for compliance by thst potetrtial investor with any law, regulation or regulatory policy applicableto it-
Debentures beitrg ulrsecured tenrporrrily
The documents pertaining to creation of Security for thc Debentures shall be executed within a period of 60(sixty) days from tho Deemed Date ofAlloEnent. The Debetrh[es will be unsecured till the time the Securityis created. In cas€ of any Evcnt of Default within the period of 60 (sixty) days from the Deemed Date ofAllotment, the Debenture Hotders shatl rank as unsecured creditors.
k. Risks rclated to the businesD of the issuer
India's inftastucture sector reDains the backboDe of the country's socio-economic development. However,new risks a[d concems have emerged in receot years. Operating in a dynamic environment, the Companyhas oyolved E robust framcwork for identification, management and mitigation of pot€ntial risks. Some ofthese risks are discussed below:
Competition rfuk
The Company competes wittr a number of Indian htrastructure operarors in acquirfug concessioB for bothnew a.od existitrg road projects. After two deaades ofconsistent competitiou, it has now essed out relativelyin the last two years. Ma*€t players have become more cautious, leading to more ratiooal bids. For NHAIBOT bids, FY20l5-17 saw thrce to four bidders vyiog for BOT highway Eojects, compared to ovsr 30biddors in 2012. However, the hybrid annuity projects wihess€d a lot more competition, givetr its attractivestucture.
Crpitsl-intensive businers riik
Infi-astucture busincss is cspital-intsosive by naturc. Availability of firnds is critical for bidding ofprojecs,particularly fiud based proje{ts such BOT-toll, hybrid annuity model.
Itrpu1 cost rlfk
Thc availability of dte right quality and quantity of resources is critical for the timely completion ofinfi'astructure prcjocts. Any urcxpected increase irl the input cosG will have direct impact on margins
Inbour rfuk
People represent lhe most valuable asset io the constuctio busincss. Undue attrition could lead to loss ofcompetitive e-dg€. Re{ruihnent and rebention of trained and talented professiomls is an industry-wideproblem.
Tioely completion of the project
Itr iDfrastucture space especially in BOT pojects, timely completion can v€ry often & the only factor thatcontributes to the Eojects financial viability and ary stess on the project timeLines will severely afTect theproject's financial model. tn addition to the land acquisition and clearanc€ relat€d is$es plaguing the projects,tbe ye€r also witDess€d stressed cash flow due to the rEluctance ald iocre€sed diligence ftom the baokingsec!o!, resultitrg i! delaying the project-
covD-r9
ln Dec€mb€r 2019, the COVID- 19 disease, comlnoDly ktrown as "coronavirus", was first reported in wuhan,China. In January 2020, the World Health Organization declared the COVID.I9 outbresk a "Public HealthEmergency of Internatiooal Concern" and on March I l, 2020 it was declared a pandemic. Between January2020 and the date of tbis Information Mernorandum, lhe COVID-19 disease has spread &om China to many
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Iother coutrios, with the number ofreport€d cases and rclated deaths increasing daily and, in many counnies,exponentially- Several countdes' governmenLs and numcrous companies have imposed increasingly stringentresaictions to help avoid, or slow down, tie spreading ofCOVID-I9, reskictions on intemational aod localt-avet, pubtic gatherings and participation in meetings, as well as closures ofuniversities, schools, stores and
restaruants, witb some counties imposing srrict curfews. [n India, the Govemmelt had announced a country-wide Iockdown and there can be no assurance that this lockdown will not be extetrded further otr one or moreoccasioos either locatioos specific or counby-wide.
The Compary continues to monitor developments closely as the COVID 19 pandemic develops. The impactof 0re COVID-I9 pandemic on dre Company's business witl depend on a range of factors which theCompany's is llot ablo to accurately predict, including ure duration and scope of the pandemic, thegeogrdphies impacted, tle impact of the pandemic on economic activity in India and globally, atrd the mtureatrd severity of measures adopted by govemments. These factors include, but are not limited to sigDificantvolatiliry in financiat markets (including exchange rat€ volatility) and measures adopted by govemments andcental banks that fr[ther rcstict liquidity, which may limit lhe Company's access to fuods, lead to shortagesofcash. As of he dale of this documetrt, there is significant uncenainty retating to the severity oflhe near-and long-tenn adverse impact ofthe COVID 19 paodemic on the global economy, global financial marketsand the lodian ccoqomy, and the Company's is uoablc to accuratety prEdict the ne3r-tcrm or long-term impactof the COVID- I 9 pandemic on its business.
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ISECTION 4: ADDITIONAL ASSUMPTIONS
The initial subscriber by subscribing to and aDy subsequent purchaser by purchasing the Debentures shall be deemed
to have agreed that and accordingly tbe Company shall be eotitled to presume that each ofthe initial zubscribers and
any subsequent purchasers (Debentures Holders, as referred to hereinabove and hereinafter):
has reviewed the terms and cooditions appticable to the Deb€otures as contained in the Loformation Memorandumand has utrde$tood the same, and, on ao independent ass€ssment thereof, found the same acceptable for the
hvestmEnt made aqd has also reviewed the risk disclosures cotrtahed herein and has undcrstood the risks, and
detsrmined the debentures are a suitable iqveshlent and that the Dobetrtues Holders can bear the ecooomic riskof that investmetrt;
has received all the hformation b€lieved by it to be [ecessary atrd epropriat€ or material in connection with, and
for investment in the D€bentu€s;
ul has sufficient koowledge, cxperience and expertise as an invcstor, to make the hveshnent in the Deb€nbres;
has oot rolied on cither the Compatry or aBy of its Affiliate, associate, holditrg, sribsidiary or group e[tities or atry
person acting in ie or their behalf for any informatioq advice or recommetrdatio$ of any sort expect as regards
the accuracy of the specific factual information about the t€mts of the Debenhues set out in this InformationMemoraodum;
has understood that information contained iD this Information Memo.andum is not to be construct€d as business
or investmeut advicc;
has made an independeot evalMtion andjudgEe ofall risks atrd merits before investitrg in dre Debenn[es;
has legal ability to invest iD the Debentures and the inveshnent does rot conEaveno any provision of any law,
regulation or cotrhactual restriction or obligation or undertakhg binding on or affecting the Debenture Holder or
its assets;
vlll where lhe Debenture Holder is a mubral fuod/provident fu[d,/supera.omration fund./gratuity fund (e3ch a "FuEd'),
that:
G) investiag in the Debentures on the tsrms atrd conditions stated herein is within the scope of the Fund's
iovestment policy atrd does not conflict with the provisions of the trust deed/ bye laws/regulations
currently in forco,
o) the irvestneot itr Debenhfes is behg made by alld oo behalf of the Fund and that the Ftmd is in force
and existi.og and the investrnent has been ratified by appropriate resolutioos, and
(c) the investnmt itr Debeotures hrs been duly authorised and does not contravene any provisions of fte trust
deedlbye laws/regulations as cuEently in force or any law, regulation or conh?ctual restriction or
obligatiotr or undcrtaking binding on or affecting the Futrd or irs assets;
where the De$enbrre Holder is a company, that
(a) the Debenture Holder is not precluded under any law, mles, regulations and / or circulars(s) issued by any
sratutory authority(ies) including under the Act ftom investing in the Debetrturcs;
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I(b)
(c)
all Decessary corporate or other necessary action has been taken and that the Debeohrre Holder bas
corporate ability and authority, to invest itr the Debctrbres; and
investuent in thc Debenrurcs does oot contravcne any provisions of thc Memorandum and Anictes ofAssociation or any Applicable Law, regulation or cooFactual restrictiotr or obligation or undertakingbinding oo or affecting the Debeoture Holder or the Debenhle Holder's assets.
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I
B.
c.
D.
SECTION 5: DISCLOSITR"ES AS PER SEBI REGULATIONS
This Disclosure Document is prepared in accordance with the provisions ofSEBI Regulations and the Act and in thissection, the Company has set out the details required as per Schedule t ofthe SEBI Regutations
5. t DocuEc[ts Submitted to Debcoture T]lstce
The following documents have been / shall be submitted !o thc Debenture Trustee
Memorandum utd Articles of Association of the Company and necessary resolution(s) for the allotrnent ofthe Debontures;
Copy of last 3 (Thre€) years auditcd Aonual Reporb;
Statement containitrg particulars of, dates of, ald parties to all material cooFacts and agrecments;
t atest audited / limited review half yearly coDsolidated (wherever available) and standalone financialinformation (plofit & toss statemcnt, balance sheet and cash flow statement) and auditor qualifications, ifmy;
An undertaking to tho effect that the Company woul( until the redemption of the debt secudties, subutit thedetails mentioned in point (D) above to the Trustee within the timelitres as mention€d in Simplified ListingAgreemeEt issued by SEBI vide cLcular No. SEBI/IMD/BONDlll2o0gllllOs dated May ll, 2009, as
ameoded from time to time, for firmishing / publishitrg its hatf yearlyl annuat r€6ult. Further, the Companyshall n ithin 180 (One Hundred and Eighty) days ftom the end of the frnancial year, submit a copy of thclatest annual report to the Trustee and the Trustee shall be obtiged to share the details submitted under thissectiotr with all Deb€nhfe Holders within 2 (Two) Business Days oftheir specific request.
5.2 Name end Address ofR€gistcred Omce ofthc Compary
Name:Registercd OfEce and Coryorate omc€ofCompany:
Dilip Buildcon Limited
E.
Compliance Officfi of Company:Email:CFO ofthe Company:Corporat€ Identificatiotr Number:Phone No.:Fax No.:Crntact Person:Websit€ of Company:Audiors of the Company:
Ptot No. 5, Insidc Govind Narayan Singh Gate, Chuna Bhatti,Kolar Road, Bhopal 462 016, Madhya Pradesh, IndiaAbhishek [email protected] Shyam CargL45201 MP2006PLC0 l t6E919r-7551029999+9r-7554029998Abhishek Shrivastavawww. dilipbuildcon-comMukund M. Chitale & Co.,Chartsrcd Accounta s, Mumbai&MSG& Associates, ChartEred Accorurtana, Bhopal .
PNB Investment S€rvices Limited.Ms Rrbina Mue"-,rm, ManagerI 0 Ratesh Deep Building, Yusuf Sarai Cotrmercial Complex,Gulrnohar Enclave, New Dclhi I I 0 049
+91-11- 4103 5054+9 t-l l- 4t03 [email protected]_corporate(a)pnbisl. com
Truste€ to tho Issue
Contact Persoo:Address:
Phone NoFax No.Email:
::
Registrar to the Issue: LiDk Intime Private Limited
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IContact Person
Address:
Phone NoFax No.:Email:
Credit Rating Agency of thc IssueAddress:
Contact Persoo
Tclephonc No:Fax:Email:
Mr. Amit DabhadcC l0l, 247 Parh L.B.S Marg, Viklroli (West), Mumbai,Maharashh4 400083+9t 2249tE6270+9t [email protected]@linklntime. co.in
CARE32, Tihnium, Prahaladnagar Corporate RoadSatellite, Ahmedabad- 3 t0015Mr Maulcsh Desai
+91-794026 5605tgt-194026 565'7
A, Brl€fp.rtic[hrs ofthe mrmgement ofthe Comprtry:
The compaoy is managed by the Board of Directors coEprising ofthe following:
B. BACKGROUND OF PROMOTER DIRECTORS
Dilip Suryavanshi is the Chairmao and Managing Diector of our Coupany. He holds a bachelor'sdegee io Civil Engineering from the Uuiversity ofJabalpur. He has over 36 years ofexperience in ore
business of conslructiotr. Prior 10 the formation of our Company, he was a sole proprietor of DilipBuildeE. He is the Promoter and Director of our Company since incorporation. As the ManagingDirector of our Company, he liaises with various d€partments of the govenunent and also overlooksprocesses including teodering, bidding ad plaming the projects.
2. Seema Suryavanshi is Whole-time Director ofour Company. She holds a bachelor's dogree in Arts(honours) from Ranchi Women's College, Ranchi. She has over 2l yean ofexperience in the businessof construction- She is the ProEoter and director of ou Company since incorporatioo. She activelypafiicipates in fina[ce, iavestnent and various Company affairs as a co-ordinator betwcen executionaod adminisEative wing of our Company. She actively participates h the CSR activities and handlesthe busiless administration ofthe Company.
3. Mr. Devendra Jain is Whole-time Director ard Chief Exerutive Officq ofour Company. He holds a
bachelor's degree in civil engineering from Vikram University, Ujjain. He has over 20 years of
Nrmes of Borrd of Directors D6ign.dotr DlrectorIdendncrtlo! Number
Mr- Dilip Suryavanshi Chairman and ManagingDirector
00039944
Mr. Devendn Jain Whole-Time Director & CEO 0237461OMls. Seerla Suyavarshi Whole-Time Director 00039946Mr. Aditya Viiay Sinsh lndepsndent Dircctor 03585519Mr. Amogh Kumar GuDta Indspeddent Director 05941839Mr- Ashwini Verma hdependent Director 069397s6Mr. Satish Chandra Pandey Ludependeot Director 07072768Mr. Viiay Chhibber I-trdcp€ndeot Director 00396838Mr- Malay Mukherjee lndepetrdeot Director 022't2425Ms. Raha Dharaskee Vishwaaathan Independent Direcmr (Woman) 0727t291
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Iexperience in the business ofcoustluction. Prior to joining our Compaly he was an assistrnt professorat Mahafira Gatrdhi College, Bhopat ud Swami Vivekananda Mahavidyala. He joioed ou Compaoyon April 1,2009. He looks after project implementation along with fte quality of work and ensures
timely complaion of the projects undedaken by our Company. He actively participated in monitoringthe usage of SAP and is implementation for the opcrational excclleoce of the Coopany. Hc is fairlyconversant with overall aflairs of the Company and various other aspects of thc matragement of the
Compa-oy including frnance, accounthg, costing and budgeting. He tooks after projeclimplemcntatioDalong with the quality of work atrd ensures timely completion of the projects undertaken by ourCompany.
C BAC KGROT]I'D OF OTHER DIRECTORS
l. Mr. Aditya Vrjay Singh (R€tiren IAS) is a Non-Executive and lrdependent Dtector of our Company-He holds e bachelo/s degree in scicnce (in physics) honours. He has over 40 years of experience ingovemment services and state and public aector undertakings- He retired as the Chief Secretary, MadhyaPradesh. He was also the Chairman of Narmada Valley Development Authority and as the State ElectionCommissioner of Madhya Pradesh.
2. Mr. Ashwini Verma is a Non-Executive and lndependent DLector on the Board of our Compatry. Heholds a Bachclor's dcgree in civil engineering from the Rajiv Gandhi Praudyogiki Vishwavidyalay4Bhopal. He has over 29 years ofexperience in architectural and site enghe€ring services. He is a parmerofAV & Associates. He has previously worked in various capacities h Gawali & AssociateE Architectsand Engineen, Waseem & Associates, Pradeep K. Saxetra & Associates and Hare Krishna ColonisersPrivate Limited.
Dr. Amogh Kumar Gupta is a Non-Executive atrd lndepend€nt Director on the Board of our Company.He holds a masteds degree in public health engineering from Maulana Azad College of Technology(Regiooal Engiaeering College), Bhopal. Hc has over 34 years ofcxpericnce in thc ficld of architectureand interior designing. Hc is a parher ofAmogh Kumsr Gupta and Associates. He has previously workedwith the Environmantal Plsnning & Coordiration Organization, Bhopat and thc Town Planning Cell ofNarmada Valley Developmcnt Authority, Bhopal. He has also been on the board of examination of theIndian lnstitute of Architects and a council member ofthe Council ofArchitechrc. ReceDtly he has boeflappointed as Chairperson of the Board of Govemors of School of Planaing & Architecture, New Delhiby Departnent ofHigher Education, Ministry ofHuman Resource Development, Govemment of India.
4. Mr. Satish Chan&a Pandey is a Non-Executive and lndependelt Director on the Board of our Company.Itr addition to this, he is acting as Chairman of the Audit Committee, Nomination & RemunerationComminee, csR Committee and Stakeholders' Relationship Committee of the Board. He holds a
bachelo/s d€gree in civil engineering Aom GoverDmetrt College ofEngineering & Technotogy, Raipur-He has previously worked with the Public Works D€partneot, Covemmsnt of Madhya Pradesh for 38yea$.
5. Mr. Vrjay Chhibber is a Notr-Executive and tndependent Director on the Board of our Company. He isa formsr IAS officer of the l97E batch of Manipur-Tripura Cadre & has worked on sweral keyassigrunents in the Govt. of lndia. He is a rctired Civil Sewant with over 37 years of Public Sewice intbe Indian Administ"ative Services and has s€rved as Secretary of Ministy of Road Transport atrd
Highways with additional cbarge of Chairman, National Highways Authority of India and wasi$kumental in many path breaking initiatives of the Ministr-y.
6. Mr. Malay Mukherjee is a Noo-Executive and Indepeodeat Director on the Board of our Company. Heholds rn ster's degree in scicnce (physics) from Baaaras Hindu University and has also receivedcertificate ofHotrorary Fellowship ftom Indian Institute ofBankisg & Finance. He has ovsr 42 ycars ofvaried experience and skills in 0re helds of Baokhg, NBFC including Venure Frmdhg, Factoring and
Brokitrg. He has worked on various key assignmeuts tike Chaiman of the Board of IFCI Factors Ltd,tFCl InFastrucnue Development Ltd, Tourism Finance CorpoEtion of India Ltd, IFCI Financial
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3
Page 68 of 575
IServices Limited & Executive Direclor in Central Bank of lrdia and a member of the Goveming Bodyof Entsepreneurship Development Institute of India (EDIIJ), Ahmedabad. He is also in the board ofNABIL Bank, N€pal and other NBFCs/ Companies in India.
7. Ms. Raha Dharashree Vishwanatharis a Non-Executive and lodependent DLector on the Board ofourCompany. She holds Master's Degree in English Literdture from Luckrow Uoiversity, Diploma inEnvironment and Third World Developmetrt ftom tpndoo School of Economics. She has nearly 32 years
ofexperience in a wide range ofseclors hcluding strakgy building, project management, microfuance,cha-oge management, Human Resource and Financial managemenl Hailing from the Indian Audit and
Accounb S€rvice (IA & AS), Batch of 1987, she has sewed many deparuncns of Government of Indialik€ Audi! D€f€nse, and Prasar Bharti from l9E7 to 2008. She has served as a Board Member of MudraBaak during 2015- I t, the Chai+erson of the South Asiau Microfinaoce Network, and is the Member ofthe RBI's Firancial laclusion Advisory Committee. She has be€a the CEO of MFIN (Micro FinanceInsritutions Network) from ran-2014 !o Jan-201E, and the CRO ofthe Sustainable l.odia Finance Facility.Her expenise has also been utitized at very senior levels in popular NGOs like Oxfam hdia and VSOlndia during200t-2013.
D BACKGROTJND OF KEY MANAGERIAI PERSONS
l. Devendra Jair: Ctief Executive Ofricer
2. Radhey Shyam Garg: - ChiefFinancial Officer & President
3. Abhishek Shrivastava: - Cornpany Secretary & Compliance oflicer
E. Remuneration ofdircctors (durhg the curretrt ye{r rnd hst three fnancial yerrs)In Cr.
Commission payable to ie directors is yet to be decided.Directors remuneration (excluding commission) payable for the FY 2020-21. Actual sitting fee for FY2020-21 shall deperd upon thc number of board meetings to bc hcld during the year, no palancnt hasbeen made till May 25, 2020.
F. K€y Operrtiotrrl atrd FimEci.l PrraEeters for the l.it 3 rudiacd ye.rs
Finncial highlights fo. the last three Comolidated audited financiat years are provided below. TheUtrauditEd financial statements for the year ended March 3 l, 2020 have not been prepared yet.
S:L Po
Nsmc of Direcaor3 2017-rt 201&19 20lF20r 2020-2lra
Mr. Dilip Suryavanshi t 6.00 16.00 12.00 12.00
Mr. Devendra lain 18.00 18.00 I r.00 l 1.00
Mrs. Seema Suryavanshi 2.00 2.00 2.00 2.00
SITTINC FEES PAID TO NON.EXECUTIVE DIRECTORS
Mr. Aditya Viiay Sinsh 0.005 0.024 0.006 Nit
Mr. Amosh Kumar Gupta 0.013 0.040 0.025 Nil
Mr. Ashwini Verma 0.013 0.040 0.058 Nit
Mr. Satish Chaodra Pandey 0.012 0.036 0.055 Nit
Mr. Vijay Chhibber 0.002 0.020 0.040 NilMr. Malay Mukherjec 0.001 0.025 0.053 Nit
Ms. Ratra Dharashrce Vishwanathatr 0.003 0.0s3 Nit
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Page 69 of 575
IPlrrmeters 3l-Dec-19 2018-19 2017-18 20rGl7
(In Cr.) (In Cr.) fln Cr.) fln Cr.)hd AS Ind AS Itrd AS Itrd AS
Not-worth 3,179.'12 2,834.80 2.290.46 1,719.01Total Debt 8,521_24 7,406.09 4962.21 4,229.72of which,- Not-Cunent Matuities ofLong Term Borowin{
5,461_20 4,820.19 2,938.56 2,2',71.98
-Shorl Term Boftowins 2,443.52 2,130.13 |;19't .t5 1,508.00-Cuneat Matuiti* of LotgTerm Ronowing
6t4.52 455.77 225.80 449.73
Net Fixed Assets 2,024.2t 2,061.39 1,842.41 I,6'19.39Non-Curcot Ass€ts 8,740.93 7,624.78 5,353.10 4,2s0.2tCash and Cash Equivalents 532.M 521.@ 294.55 163.03
Current Investuenls 54.10Current Assets 7,2t9.4t 6,t02.28 5,801.84 3,769.O2
Current Liabilities 6,359.14 5,620.22 4,990.05 3,714,83lncomeNet Sales
7 022.086995.22
7,954.69'7937.48
5 31.405319. t6
EBITDA l5t 5.51 rE 10.71 1489.09 1172.20
EBIT I161.26 1,148.5t l 197.13 927.O1
Iotercst E5t.47 87r.86 s89.70 554.8E
PAT 214.36 543.70 5',17.64 357.6E
Dividend Amornts (includingDDT)
16.49 t6.49 t6.46 0.35
Current Ratio t.l5 l.2t l.l6 l.0lInterest coverage ratio' 1.78 2.08 2.53 2.1|Cross dcbt/Equity ratio 2.68 2.61 2.t1 2.46
Debt Service CrvcragcRatio*r
1.09 1.36 1.83 t.l7
^DDT- Dividedd Dishibutiot Tax
'Intercst coveroge rono= (EBIDTA)/ I etest
'*Debt Semice Coverage Ratio= (EBIDTA)/ (httere.it + Debl Repayment Cuftenl Matuiay)
2. Financial highlighs for the last tbre€ Staodaloue audited financial years are as provided below. The
Uqaudited ffflcial statements for the yeaI ended March 3 I , 2020 have not b€an prEpared yet.
FTNCTED - Pas 20
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Page 70 of 575
IPrrrmeaers 3l-Dec-19 201&19 2017-1t 20tGt7
(Iu Cr.) (In Cr.) (In Cr.) On Cr.)Ind AS Ind AS Itrd AS Iod AS
Net-woflh 3389.E4 32U.42 2,457.06 1,E52.E9
Total D€bt 3,389.16 35',76.35 2954.85 2563.41
ofwhich,-Non- Curren t Mo tuities ofLoiE Term Bonovring
853.50 ll45.9'l 1042.69 632.50
-Short Tenn Bonov/inp 2,021.t0 2,055.25 I,72't .95 t,573.14- Cufien I Mottities of In n gTerm Bortowing 507.85 375.13 184.2t 157.77
Net Fixed Assets 2,O10.73 2,M8.16 1,829.00 t,6'18.49
Non-Current Assets 3,922.t9 3,655.1 I 2,9t6.6t 2,659.20Cash and Cash Equivalents 341.05 r8t.80 r61.30 l t3.70Current I-nvesfletrtsCurrsnt Ass€ts 7,15t.t5 l 6,97 5.15 6,t34.99 3,990.1 I
Current Liabilities 5,578.42 5,298.26 4,401.67 3,612.24locomeNet Sales
5505.82 i 9,164.6 t6484.t I I 9l r8.22
7,7 6t.405097.627745.88
EBITDA l lu.07 1650.77 141t.32 1003.70EBIT EA.U t330.58 r 143.36 7'16.30
Irtorest 465.22 529.88 464.44 4t6.24PAT 309.87 764.94 620.30 360.94Dividend Amounts(includine DDT)
r6_49 t6.49 t6.46 0.35
Current Ratio l18 1.32 1.39 1.09
Interest coverage ratio* 2.54 1.t2 3.05 2.41
Gross debt/Eouity ratio 0.9? l.t2 1.20 r.38Debt Servicc CoverageRatio** t.2t 1.82 2.t9 1.30
^DDT- Dividehd Distribution Tat+Ittetest coeerage mtio= (EBIDTA)/ Interesl
'rDebt Semice Coveroge Ratio= (EBIDTA)/ Qnteres, + Debl Repayme,tt Cufte Matuity)
Gross Debe Eq ty Ratio ofthc Comp.ny (cotrddering Decenber 31, 2019 figur$):
G
Before issuing the DebeBhfes' o.9'7
After issuing the Debent[es t.00
Project cost rnd merns offirttrcitrg, ir cese of futrdirg trew projects:
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Brief history ofCompetry si[ce i.3 incorporrtlon givitrg detrils of its followitrg rctivities:
Dilip Buildcoo Limited (DBL) is th€ largest road construction compaly in India. Over the years, since itsincorporation in 2006, tbrough outstanding track performance of constructi.trg tandmark in&astmctureprojects in record time, DBL has moved to a differetrt league altogether- DBL'S sEeogth lie in irs ability toexecute projecB on time, withitr cost and of the highest quality. Its cLientEte in the road segment includesNational Highway Authority of India (NHAI), state goverDments ard private coEpanies. The company is anestabl.ished ptayer in road constructiotr companies with capabilities in bridges, mining excavatiog dams,canals, and iodustrial, commercial aud residential buildings, with a presence io l7 states itr India.
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Page 71 of 575
IA. Busincss carri.d on by thc Cotspony and it subsidiaries wirh ,hc dcltik of bruaches or units:
The company is ooe ofthe leading private sector road-focused EPC contractors in India, During the last fivehnancial years ended March 31, 2020, the company has completed the construction of 122 road projects inthe statEs of Madhya Pradesh" Gujarat, Himachal Prades[ Rajasthan, Maharashtm, Punjab, KamatakaAndhra Pradcsh, Uttar Pradesh, Tamil Nadu, Tclangana and Haryana with an aggregate length ofapproximately t5,834 lane kms, achieving a CAGR of 32 7o of revenue growth on standalone basis for tbefive Financial Years ended March 3 I, 2020.
The company is the owner of one of the largest fle€ts of cooskuction equipment in India utd maintaine4 as
of March 31, 2020, a modem equipment fleet of 12,833 vehicles aod other consauction e{uipm€nts ftomsome of the world's leading supplicrs, such as Schwing Stettar, Metso, Wirtgeo and Vogelc. The company isone of the largest employers i.o the consauction industy in India and employed 3t,569 employees as ofMarch 3t, 2020. Is core business is undertaking construction projects across lndia in the roads s€ctor. Tb€company specializes in coostucting state aad national highways, city roads, culv€f,ts and bridges. As a resultof the nab.ual glEth of our road coDstsuction bushess and rising opportunities in new business areas, weexpanded into rhe irrigatioo, urban developmeltt, mining excavation altd meto rail viaduct business€s. Ourbusiness comprises: (i) our coostructiotr busiaesq under which we undcrtake road, irrigation, urb8n
developmeu! metso rail viaduct atrd mining €xcavation projects o! an EPC basis; and (ii) our iofrastucturemaintenance and operatioos businoss, undgr which we undertake maintenancc and operation of our BOT roadprojects.
CorDorste Structurc Cbrrt:
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Page 72 of 575
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IB- Business ccdrzry of lha Compaay
DBL's business comprises: (l ) coostruction business, under which it undeiakes roads, bridges, irrigation,urban development aod mining projects on an EPC basis; and (2) infastructure development business, underwhich it undertakes buildirg, operation and development of road projects on a BOT basis with a focus onannuity projecb.
l. ConstructionBusiness
Roads & Bridgesl.
ll.
We are primarily engaged in codstucting roads and specialize in conshrcting state atrd nationalhighways, ciry roads, culvers and bridges- We also undertake desig4 maintenance and operationofsuch roads. We have a team ofspecialists involved in inregrated engincering and design worksfor implementing road ard bridg€ constuction projects- Our construction teem undertakes thefollowing types of projects: coostmctioo of new highways, rcpair and maintenance of existi.trg
highways and coostructioo of oew bypasses, widening and sketrgthcoing of existingcarriageways, rehabilitation and upgrading ofexistiDg roads, coostruction ofbridges and routinemaintEnatrce of highways.
Mining Project
DBL over a period of time has developed core strengths lik€ fleet/equipmcot managemcnt, bulkmaterial handLing, high volume excavation and eanh work, supply chain management etc. in itsinFastucnrre and coDstruction business. All this expenise ofDBL enjoys close synergy with theminhg business. As a part of divemihcation strategy ard to exploit the existitrg strengths of theorgaoization, DBL venhued into mining business, bagged cotra'acts of Overturden/WasteRemoval ftom Northem Coallietd Limited (NCL) and Singareni Collieries Compatry Limited(SCCL). ln a very short spa! of 12 months DBL has achieved a remarkablc excavatioo capacityof2.50 Lakhs BCM per day in the most cost-eIficient maDner aDd established new benchmarksfor rhe lndusty.
iii. Metro Rail
We diversified hto the meto business in Financial Year 2019. In our meto business, weundertake design aod construction of olevated viaducts for meto rail projocts. We commencedwort on the meuo rail viaduct projects in Bhopal and Indorc in Decernber 2018. Thc Bhopalmeko rail projert iDvolves the design and cotrstruction of elevated viaduct of 6.23 bn betweenAIMS aod Subhash Nagar (excluding the statiotrs) including entry and exit ramp in Bhopal,
Madhya Pradesh, as part of Phase I of the Bhopal Metro Rail ttoject. The Indore metro railproject involves design and construction of elevated viaduct of5.29 km between ISBT/lvlR l0Flyover and Mumtaj Bag Colooy (excluding thc stations) in lDdore, Madhya Piadesh as part ofPhase I of the hdore Meho Rait Prcject.
Urbatr Development
In our urban development business, where wc undertake the rcdevelopment and re-detrsificationof govemment housrng projects, build residential units under affordable housing schemes andconstsuct parallel taxi u-acks. we entered this busitress in the Financial Yeir 2013 atrd have
complet€d two urban developmcnt projects as of March 31, 2019. We recognized revenue of {66.26 C1.,7 3l.46 Cr. and t 90.10 Cr. from the uban development business for the FinancialYears 2019,2018 and 2017, respectively
RESTArcTED Pag.2.
Page 74 of 575
Ikrigation
In our irrigation business, we undertake the dcsign atrd constmction ofcanals, tuonels and damsfor agricultural irrigation puposes. we diversified into this business in the Financial Year 2014to explorc the opporu[ities in this area created by the increased focus of the Central and the
Stato Govemmetrts on agriculture. In the Fimncial Year 201 t, wc completed the Kundatia MajorMultipurpose Project, which was a dam projecl We recognized revenue of{ 37.55 Cr., { 160.96Cr. and t 278.27 Cr. ftom the inigation business for the Financial Years 2019,2018 and 2017,respectively.
2. hfr8structureD€velopmentBusinesg
We focus on undenaking road projccts on a BOT basis, wherE we buitd, op€rate and taDsfsr roads pursu.aot tocoocession agreernents ryith our couterparties. BOT road projcc6 can be broadly divided hto four typcs by thesource ofincome: (i) hybrid aonuity - where the GoI shares a portion ofthe iotal cost ofthe project and the sourceof revenue is the lxed amou that the rclevant govemmetrt agency pays for building and maiutaining the roadsoo an aonuel basis, (ii) toll - wbere the only source of revenue is the toll charged m vehicles for using fie road,(iii) annuity - wherc the only source ofreveuue is the lucd amount that the relevant govemEent agency pays forbuitding and maintaining the roads on an annual basis, and (iv) alnuity plus toll - whcre the sourpe of revenueincludes the toll chargeable oo vehicles using the road and the fxed amount tbat the relevant govem.ment agotrcypays for building and maintaidng the roads on an aorual basis.
During the earty years of our business atrd until receotly, most of our completed BOT pmjects were urdertakeoon an annuity plus totl basis, annuity basis aad toll basis. Sitrce the inaoduction by the Gol ofBOT projecls on ahybrid annuity basis, we have endeavoured o shift our focus from constructitrg !oll, atrnuity and a.otruity plus tollmodels to constructing the hybrid annuity modet ('HAIttr'). Under the HAM, the GoI shares a portion of the totalproject cost. This portion of the project cost is reloased by the GoI in hanches based on satisfaction by theconccssionaire of c€nain mi.lestones linked to fte project. The rest of fte project cost is funded by theconcessionaire lhmugh either equity or debt or a combhation ofboth. The revenue for hybrid aruruity projecs islimited to aDDuity by the GoI. As a mix of EPC and BOT models, the HAM reduces the hnancial burden of aconcessioaairc durirg the project implementation phase and increas€s its teverage in obtaining baak fioanciag.Our ongoing BOT projects ar€ all b€ing undertaka on a hybrid alltruity basis.
Our Business Strateg.
Conaittue lo be a lesdin9 road locLsed EPC coapsn!
We intend to focus on further enhancing our EPC capabilities in road projects. Our business growth is panly anributedto undertakirg la4or and morc complex projec6. With our experience ir executing road projects and improved pre-qualification cr€dentials for larger projects, we are morc focused on bidding for projec!9 directly awarded bygovemment clients iNtead ofprivate clients, as in the past. With more bids tendered for, we aim to seize opportuaitiesto undertake large, complex and specialized EPC projects that match oUI project experience, execution capabilitiesaod anticipated profit margins, forge stonger relatiooships with our clicnts and enable us to gain a better undcntandingofthe market derund for Erc services.
Co inue to diversw bssines$ oppottur,isticolly in co plernenlary segirents
While keeping road EPC projccts &s our primary focus of business, we have diversified our op€r-dtions to includemining excavation projects, urban development, motro iail viaduct and irrigation projects. We intend to continueexploring opporunities in ncw business segmenb particularly when the poEntial projects coitrcide with our stratcgyof clustcring projccts to achieve higher productivity atrd margins. By expanding into these new s€gments ofhtastruchIIe busincss, we aim to operate projects rMith the benefit of geographical proximity and higher utilizatiotrof our manpower, equipment and materials. To avoid the poteltial adverse impact of over-diversihcation, however,we intend to limit our expatrsion to businesses that are coEplemetrtary to our existing capabilities and experience-
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Page 75 of 575
IExpond our geographical Iootpint
We plan to contitrue our strategy of diversirying across states snd increase orders for th€ growth of our business.Through an increasingly divetsified portfotio, we hope to hedgc against risks in specific arcts orprojects and protecrus ftom fluctuations resulting ftom business concetrEation- With our increased experieace aad success, our rate ofexpansion may incrcase in terms of the projects we undcrtate.
Mohtai t Jiaancb| disciplhc
Maintaining hnanciat discipline has conkibuted to our skong hnancial performance. We inteod to cotrtinue ourpnctice of strict cost contol through (i) geographicalty clust€riDg projects, ownership and maintenance of modernequipment and centralizing procurement of major equipment 8nd raw materials; (ii) careful selection of projects; and(iii) cautious exparuion into new businesses and new geographical areas. White aimhg for higher profihbility, weintend to avoid over-lcveraging our financial position or undertaking projects that would require significant invostsnentin equipment or mangnwer. We may also prepay some ofour high interesa-rale term loa,ls or equipmeot loans !o lowerour interest costs. According to Carc Ratings our credit ratitrg for lotrg-term borrowings was "CARE A Stable" andfor our short telm borrowings was "Care Al" and accorditrg to CRISIL Ratings our credit rating for loog-termborrowings was "CRISIL A Stable" aod for ou{ shon term borrou/ings was 'CRISIL Al" in the Fimncial Year 2020.
Oppottuainicolly divest BOf prujecb
W€ htetrd to continuc to evaluat€ opportrdties to diyest our BOT proj€{ts, efther wholly or partially, and use theproceeds for investonent in our other constructioo and infrsstsucture developmeot projects or to enable us to raise morefunds for funher growth. In the Financia.l Year 20 I t, Or Company had eotered into 24 (tweoty four) separate tripartiteshare acquisition curD shaEiolders ageemms with ShrcE Roadways Privarc Limited and Shrem lD.&avc ure PrivateLimited (individually the "Shrem Entity" and collectively, the "Shrem Eatities'), as applicable, each dated March 26,20 I 8 pursuEtrt to which our Compauy agrced to Eamfer its eotirc equity sbarcholding in I 8 (eighteen) of the completedBOT project SPVs and 6 (six) under-coosEuction BOT (HAM) project SPVS to the rEl€vant Shrem Etrtity (the"Divestnent"). Out of the I 8 (eight€ar) completed Project SPVs, as of March 3 I , 2020, our Company tmsferred100.00% of its equity shareholding ia l0(ten) BOT project SPVS, 74.00% of iLs equity sharehotdhg ir I (one)
completed BOT project SPV and , 49 % of its equity shareholding in 2 (two) completed BOT projcct SPV !o thcrelevant Shrem Entity pusuant to thcse agreements. Further, in the remainder 6 (six) under construction BOT (HAM)projects, as of March 3t,2020,5 (five) projecs are completed aud achieved COD as per concession agreemetrt and
out ofwhich under 2(two) BOT projects 49.00% equity sharehotding has been transferred.
Further, our Company's entire shareholdiog in the remaining completed BOT project SPVS and BOT (HAM) SPVS
will be t-ansferred upon the complction ofcerlair conditions contained in the agreements with Skem Etrtities, whichioclude, among other things, certain ofour Compaoy's r€prqs€ntarions and warranties remaining tue and receipt ofapprovals from the conccssiou aurhority in accordance with the provisions ofthe coucession agreement, the lender(s)and other govemmeotal authorities-
Further, during the Financial Year 2018 & 2019 company has won bid in l2 New Hybrid Annuity Model projects inthe states ofodisha, A-odbra Pradesh, Kamataka, Jharkhan4 Telanganq Maharashts'a & Madhya Pradesh
Io cotrtinuatiotr of our etrdeavour to evaluate opponunities to divest our BOT(IIAM) projects, our Company has
eotered into Agreemen(s) dated August lt,20l9 with Cube Eighweys rnd hfr.itructure III Fte Limited("Cube"), a compsly set up in Singrpore for sale of 5 (five) uoder construction Hybrid Annuity Model ("UAM")projects. Pursuant !o this. the Company has ageed to sell to Cube its entire shareholding i! five projects in phased
manner, in accordance with shareholding ts.nsfer rcstrictions set out in the Concession Agreement(s) executed
between National Highways Authority of India (NHAI) and th€ project SPVs, and aproval of respective projectlenders atrd NIIAI.
Io addition, both the parties may muirally agrce for hveshe up to 49% of the required Equity ofthe projects byCube, in the form of Optionally Convertible DebentureE (OCDS), during dre construction period, subject to certain
conditions. The b,-ansaction will be completfd in two stages, with the first stage !o be coEplet€d by tratrsferrng 49Yo
equity stake of our Company in respective SPVs to Cube immediatety after the Commercial Operation Date (the
Page 76 of 575
I"COD") and the second stage to be completed with transfer ofbalancE 5l% equity stake of our Company in respective
SPVs to Cube after expiry of mandatory lock-in period as per the Concession Agreement. Total co.sideration mayundergo some changes otr account ofprevailing Bank Rate, rate of interest charged by lenders of respective Projcctinflation et€. on the date ofCOD.
Our Order Book
Our order book comprises the unbitted revenue from the uncompleted portions of our existing contracts, that is, therotal contract price of the existing conkacts s€cwed by us as reduced by the revenue recognized plus the value ofnew contsacts ofour new projects.
Our total order book was Rs. 21,205.25 cr, Rs. 21,171.79 cr, Rs. 2l,ttt.l2cr and Rs. 17,568.26crasofDec3t,2019, March 31, 2019, 20lt and 2017 respectivety.
The following table sets forth the brqkdown ofour order book as ofDec 31, 2019 by type ofclietrts:
The foltowing table ses forth thc breakdown ofour order book as of Dec 31, 2019 by business segment:
Governmelt clictrti ,14.00 32,721.n 21,205.25
NHAT 21.00 t6,07 t.29 9,719.97 45.84%4.4tyoMoRTH 6.00 2,7 58.31 935.82
State Govemments 7.OO 6, t 3 8.13 5,757.34 27.tsyoC e n tra I G o v e mm e n t Utd erl akh gs 2.00 462.32 I13.73 o.54yo
AirDod Authoriav of India 2.00 695.07 5'16.49 2.'.|2%tt.47yoN ort he m Coalfi elds Limited 3.00 4,tEg.95 2,413.2t
1.00973.55 246.30
t.t6%The Singoreni Collieies CompanyLinitedPunjab Stote Power CorpordtionLimited
r.005t4.66 584.66
2.'16y.
3.95yoMahanadi Coalfield Linited I.00 t47.t0 837.66Totrl ,14.00 32,721.W 21,205.25 1000/0
EPC Proicct!Road and bridse l8 I1,260.E2 7,467.63 35.22%Irrigation 2 1,403.04 t,370.43 6.46%
Airport 2 695.O't 576-49 2.72yoUrban development I 605.32 312.05 t.4't%Meto rail viaduct 2 425.02 406.35 1.92%Miuing excavation 6 6,595.95 4,101_90 19.34Yo
Subtotcl 3l 20,9t5.22 r4234.8s 67v.BOT Inftastructure DevelopmetrtProiects
l3 I1,735.85 6,970.40 32.810/0
Total u 32,721.07 2t,205.25 100v"
\l rl
l--1
cx
o
N
S**r+W'=-=g# , *.,, ;.i.,
-{ffi#
Page 77 of 575
ffiffiffi .
Andhra Pradesh I r,375.05 7? 1.40 3.U%Cbhanisgarh I 135.70 8.01 o.Mv.Goa 4 r,528. r l 592.86 2.80%Haryana I 570.06 570.0,6 2.69/.Jharkhand 3 2,056.7 5 1,E65.03 E.EO%
Kamataka 8 5,612.04 3,970. t0 t8.'t2%Mahanshtra 8 6,322.t8 3,196.15 t6.o2yoMadhya Pradesh 'l 5,872. r5 t,466.s4 t6.tsyoOdisha 2 r,843.50 t A6'7 .72 6.92%Rajasthan I 536.63 504.02 2.3E%Tclansana ) r,553.04 s96.0s 2.8to/rUttar Pradesb 5 4,502.79 3,9E1.52 tE.78%West Bengal I 613.08 15.60 0.0'70/0
Tot!l 44 32.72r.O7 21,205.2s 100.m%
IThe followiog tsble sets forih thc breakdown ofour order book as ofDec 31, 2019 by geographical areas
5-4 Detailr ofShrre Capit{l rs on last qurrter end ie. M{rch 31s1, 2020:
Authoriscd Sbare Cepitel:16,00,00,000 Equity Shares of Rs. l0/- each 180.00
Isruc{ Subscribed crd Fully Peid- up:13,67,69J6E Equity Shares ofRs. l0/- each
136.77
5.5 Changes in lts cepitel structure:
Particulers 31n March2020 (Incr.)
3l{ Mrrch2Ol9 (Incr)
3li Msrch20lt (ItrcrJ
3lnMerch2017 (Itrcr.)
3lnMercb2016 (Iocr.)
31"March2015 OnCr.)
Authorise.d Shares *180.00 r60.00 160.00 160.00 160.00 r60.00I t,00,00,000 Equity Shares ofRs. l0 each
'otr September 17,2019 theauthorised share capitalincreased from Rs. 160.00 Crto Rs. 180.00 Cr.
Totrl 180.00 160.00 r60.00 1600.00 r600.00 1600.00
I3su€4 iubscrlbed rtrd fu|lypald-up shares 13,67,69J6EEquity Shares of Rs. l0 esch.rr Paid up capital was increasedfrom Rs I 17. t4 cr to Rs 136.77cr on Aug 09, 2016.
136.7't 136.7'l 136.77 t36;l'1.. tt'l.14 I 17.14
Totsl 136.n 136,17 t36.77 136.77 117.14 tt7.t4
RESTNCTED
Page 78 of 575
IDste ofResolution
Shsreholders Prrticulars ofapprovd during lest S(flve) yerrs
January 30, 2015 Clause V of the Mcmorandum of Association was amended to reflect theincrease of authorised capital from Rs 36 crore divided irto 36,000,000 EquitySharcs and Rs 24 crore divided hto 2,40 0.01% Compulsory ConveniblePreference shares to Rs 1,60 crore divided into 136,000,000 Equity Shares and2.400 0.01% Comoulsorv Convertible Preferencc Shares
March 2, 2015 Clause V of fie Memorandum of Association was amended to reflect thereclassification of 2,400 0.01% Computsory Convertible Preference Shares ofRs 100,000 each into 24,000,000 Equity Shares, resulting in[o ao authorisedcapital of Rs 160 clore divided into 160,000,000 Equity Shares.
Septembci 30,2019 Clause V of the Memorandum of Associatiotr was amended !o reflect theincrease io authorised capital from Rs [60 crore divided into 160,000,000Equity Equity Shares !o Rs 180 qore divided hro 180,000,000 Equity EquiryShares
5.6 Equity Shrre Cspit l Eistory ofthe Comproy:-
Drte ofAllotEeDt
Reasoo ofalloaEctrt
No. ofequityshrres
FaccVelue
ksuePrice
Nrture ofconrideretion
CuEulrtive No. ofequitysbrres
Cumulatlvep8id-upEqdtyshrrcC.pitrl
CumulstiveSecuritiecPremium
June 15,2006
Subscription toMOA fl)
50,000 r0 t0 Cash 50,000 500,000
August16,2007
Prefere iaIAllotment(2\
9,253,688 l0 l0 Other thancash
9,303,688 93,036,880
March31,2008
Prefere iaIAllotuient(3)
E,000,000 l0 l0 Cash 17,303,6tt 173,036,880
March3 t,2009
PreferentiaIAllotment(4)
50,ofi) l0 310 Other thancash
17,353,6t8 173,535,8t0 r5,000,000
September30,2009
BotrusIssue (5)
E,676,844 l0 NA 26,030,532 260,305,320
March15,2010
Prefere iaIAllohcnt(6)
10,000 l0 370 Cash 26,040,532 260,405,320 3,6m,000
MarchI E,2010
PreferentiaIAllotment(7'l
t,r97,500 l0 20 Other thanCash
34,238,O32 342,3t0,320 E5,575,00O
MarchlE,20l0
PreferentiaIAllotment(8)
1,000,000 r0 20 Cash 35,238,032 352,3E0,320 95,575,000
I;RYf'Jo
OP
Page 79 of 575
IFebruaryt4,20t2
PrefcrentiaI
Allotment(e)
100 l0 50 Cash 35,238,132 352,38r,320 95,579,000
January3 I,2015
BonusIssue (10)
'10,416,26
4t0 NA 105,'7 t4,39
6t,051,t43,960
February20,2015
PreferetrtiaI
Allohretrt(l r)
tt,420,669
t0 21.0I
Cash I 17,115,065
t,171,350,650
125,'193,310
August09,20r6
PublicIssue (12)
19,634,70l
l0 2t9 Cash tt,6't,69,768
t36,76,97,680
422,94,46,2l'1
I2
3
Subscription by Dilip Suryavaruhi (40,000 Equity Shares) and Scema Suryavanshi (10,@0 Equity sharcs)Preferential allotnent io Dilip Suryavanshi (9,253,6tE Equity Shares).Prelerential allohrent to Dilip Suryavanshi (5,500,000 Equity Shares) and Seerna Suryavanshi (2,500,000Equity Shares).Prefor€ntial allounent to Kadamb Constructious Limit€d (50,000 Equity SharEs).
Bonus issu€ in the ratio l:2 authorised by our Shareholders through a r€solution dated September 30, 2009 toDi-tipSuryavarshi ('1,396,U4 fuuiry Shares), Seema Suyava$hi (1,255,000 Equity Shares) and Kada-mbConstuctioos LimiEd (25,000 Equity Shares). Boous issue was undertakcn rhrough capihlisation of thesecudties premium and the res€rves of our Crmpany. Ao amount of ' 1.50 Cr. sta[ding to the credit of sharepremium account and aD amoutrt of ' 7.17 Cr. fiom resewes was utilised for the bonus issuc.Preferential allotrnent to Guneet Anand (10,000 Equity Shares).Prefcrential allotmcnt to Dilip Suryavanshi (6,212,500 Equity Shar€s) and Seema Suryavanshi (1,965,000Equity Shares).Prefereotial allohrent to Dilip Suryava$hi (1,000,000 Equity Shares).Preferential allohnent to the Baqyan Tree Growth Capital LLC (100 Equity Share.s).
Bonus issue in the ratio 2:l authoriscd by our Sharcholders through a resolution dated January 30, 2015 toDilip Suryavanshi (31,703,234 Equity Shares), Seerna Suryavanshi (7,936,200 Equity Shar€s), Karansuryava$hi (20,002 Equity Shares), Deverdralaifl.(24,666,624 Equity Shares), Suryavanshi Minerals PrivateLimited (2 Fauity Shalrs), Dilip Mass Communication Private Limited (150,000 Equity Sharcs), DilipSuryavanshi HUF (2 Equity Shar€s) atrd Banyan Tree Growth Capital LLC{200 Equity Shares). Bonus issucwas undertaken through capitalisation ofthe securities prernium and the reserves ofour Company. An amountof60.56 Cr. standirg to the crEdit ofshare premium account and an amoutrt ofRs. 9.92 Cr. ftom reserves wasutilised for the bonus issue.
Our Company had alloned (i) l,6m 0.01% compulsorily convertible prefereoce shares of face value Rs.
100,000 each at a premium ofRs. 212,50O each C'Tranche I CCPS") on February 14, 2012 for a consideratiooof ' 50.00 Cr.; and (iii)800 0.01% compulsorily convertible preference shares of face value Rs. 100,000 each
at a premium ofRs. 212,500 each C'Tranche 2 CCPS", and collectively with Tranche I CCPS, the "BTGCCCPS") on March 31, 2012 for a consideration ofRs. 25.00 Cr. The BTGC CCPS with an aggregate face valueofRs. 24.00 Cr were convertrd into 11,420,69Equity Shares which were allotted io th€ Banyan Tree Gro*.lh Capital LLCon February 20, 2015. Out of th€aggregate ConsideEtion ofRs. 75.00 Cr. (comprising ofan aggegate face value of' 24.00 Cr.on and premiumof Rs. 51.00 Cr.) for the BTCG CCPS, Rs. 5l.00 Cr. has been futty utitized towards a bonus issue of EquityShares on January3l, 2015.On 09th Augusq 2016 our CoBpany has allotted 19634703 equity shares at Rs. 219 per Equity Shares ,including a share premiuo ofRs. 209 per Equity Shares.
(4)(5)
(6)(7)
(r)(e)( l0)
(t l)
(t2)
(13)
RESTRICTED - Pdge 10
Page 80 of 575
Ie. Issue of Equlty Shrres for consideratlon other thsn cash
Drtc ofAllotm€nt
Neme of theAllottees
Number ofEquityShrresAllotted
FaceVrlue (O
Issue priceper EquityShere (l)
Rersotr forallotment
Bcn€fits rccruedto our Compaoy
August 16,2007
DilipSuryavanshi
9253,688 l0 l0 Transfer ofbusiness ofDihpBuilders ioourCompauy
Businessacquisition
September30, 2009
DilipSuryavanshi
7,396,8M l0 Bonus issuein the ratiot:2authorisedby ourShareholderstfuough aresolutiondatedS€ptember30,2009.Boous issuewasundertakenthrcughcapitalisationof tbesecuritiespremium aodthe resewesofourCompany.
SeemaSuryavanshi
1,255,000 t0
IWs KadambCoostluctionsLimited
25,000 t0
March 18,2010
DilipSuryavanshi
6,232,500 l0 Acquisitionof property
Acquisition ofproperties
SeemaSuryavanshi
1,965,000 l0
January 31,2015
DitipSuryavanshi
3',1,'103,234 l0 Bonus issueitr the ratio2:tauthorisedby ourShareholdersthrough aresolution
rI.J
Po
o
Page 81 of 575
IdatedJanuary 30,2015. Bonusissue wasuodertakentbroughcapitalisationof thesecuritiespremium andthc re sewesof ourCompany.
Deveudra Jaio 24,666,624 t0Seema
Suryavanshi7,9r6,2N l0
Dilip MassCommuicationPrivate Limitcd
t50,000 l0
KaranSurvavanshi
20,N2 l0
BanyanTre€Growth Capital,LLC
2N 10
SuryavanshiMineralsPrivate Limited
2 l0
DilipSuryavanshiHTJF
2 l0
b. Compuliorily Cotrvertible Prcferetrc€ Shsr6 Crpitd Hiltory our CoEprtry
DateAllotment of thePreference
shares
Nrmeofallottee
Rcrsotrofrllot8etrt
No. ofPrefercnce$hrrc
FrceValuc
IssucPrice
Nature ofConsiderction
Cumulaaivc no ofPreference shrres
Cumulative paidupPreference sh&recrpital(R!. inCr)
CumulaaivcPreference ShsrepreBium(R& ioCr.
February14,2012
Bany4.tr
TreeCrowthCapital,LLC
Prefer€trtialAlloturcnt (l)
l,600 100,000
312,500
Cash 1,600 16.00 34.00
February14,2012
BanyanTreeGrowthCapit
PreferetrtialAllotment (l)
800 100,000
3t2,500
Cash 2,40O 24.m 5 r.00
RESI-NCTE)D .
Page 82 of 575
Ial,LLC
February20,2015
BanyanTreeGrowthCapital,LLC
Conversion ofPr€ference sharesto equityshares(2)
Q,4m) r00,000
0 0
2
PursuaDt to the BTCG Agreemenl, our Crmpatry had allotted (i) 1,600 0.01% compulsorily convertibleprefereucc shares of face value Rs. 100,000 each at a prEmium of Rs. 212,500 each ("Tranche I CCPS") onFebruary 14, 20 t2 for consideration of Rs. 50.00 Cr.; and (in) 800 0.01% compulsorily convertiblc preferencesharesoffacevalue'l00,000eachatapremiumofRs.212,500each("Tranche2CCPS",andcollectivetywith Tranche I CCPS, th€ *BTGC CCPS') oo March 3t, 2012 for a consideration ofRs. 25.00 Cr.
The BTGC CCPS with an aggregate face value ofRs. 24.00 Cr. were converted into I t,420,669 Equity Shareswhich were allottEd to the Banyan Tree Gro*th Capital LLC on February 20, 2015.
5.'l Details of rtry Acquisitiotr or AEslgrmraioo io the hst I yerr:
Yes, The Company and its oomine€ has acquired ftom the existing shareholders of Deevin Se.smic SystemsPrivat€ Limited i.e Mr. Deepak Balwani and Mrs. Chaya Balwani and has completed the acquisitiooformalities on Jatruary 03, 2020. The details ofacquisition are as uoder:
Pursurnt to the srid trrtrs{ctiotr, w.e.f Jlrusry 03, 2020, De€vh Sesmic SysteEs Privrte Limited hrsbecoEc wholly owoed subsidirry ofthe Compeny rnd same hts bcen intiBated to the saock erchrngesor htrusry (X,2020.
5.8 Delails ofany Reorganization or Recomtruction fur the last I yesr:
NA
5.9 Detalls ofsny srle ofassets itr the lsst I yerr:
The company has sigaed share purchese agreements wilh Cube Highways aod tofrastructure tll Pte Limited,Siagapore for divestnedt by way of sale, transfer or disposat of is entire equity stake in 5 subsidiades of 6eCompatry having a total project cost of of Rs. 4677Crore (Approx,).
r\ L l,)
l'..,j
o
sNo.
Drtercquisitior
of No. of Sheres Treosferor Acquirer
I 03.0r.2020 6370 Deepak Balwani Ditip Buildcon Limited
2 03.01.2020 9560 Chhaya Balwani Dilip Buildcoo Limited
3 03.01.2020 l0 Deepak Balwani Dilip Suryavanshi (act as
oominee on behalf of DBL)4 03_01.2020 l0 Chhaya Balweni Devendra Jain (act as nominee on
behalf of DBLTotrl l s9s0
5.10 Detrib of the shsreholding of the Comp{ny as on ah€ latect quart€r etrd, l.e. Mar 31, 2020:
Page 83 of 575
IA. Shrrcholding psatern oftbe Comprtry as on hst qurrter cnd, Le. Mrr 31, 2020
B. List of top t0 holders of cquity shsr€s of ttc Comproy rs on the haest qurrter end, Le. Mrr 31, 2020:
5.t I Followlng detrils regrrdltrg the dir€ctors oftbe ComprDy:
Dctalls of curreDt directors ofahe Comproy:
This table sets out the details rcgarding the Compaay's Board of Directora as on dole of rhis Dbclosl//eDoc1,menl:
A
I Promoter and PromoterGroup
10,25,7t,368 102s,71J68 2,93,7 t ,34',1 75.00%
7 Public 3,4 t,98,400 3,41,98,300 25.Ooyo
Total (t,67,69,7fi 13,67,6956E 2p3,71J47 r00.00%
40.29t. Dilip Suryavanshi 551079t7 55107987
2 Devcndra Jain 15559072 355590't2 26_00
3 Seema Suryavanshi r 19u200 I1904200 8.?0
3.84314 Hdfc Trustee Company Ltd -A/C Hdfc Mid Capopportunities Fund
5256240 5256240
2606064 1.90545 Esst Bridge Capital MasterFund Limited
2606p64
222933t2229331
1.63
6Abu Dhabi tnvesunentAudprity - Behave
7TempletonFraflktin
InvesEn€nt Funds 19t8392 19t8392 t.4026
t223051 t22305t 0.89428 Aadi Financiat Advisors LLP
9HDFC Trustee Company Ltd.A/C HDFC Capital BuilderValue Fund
769553 169553 o_5627
l0rusree co Ltd A/c HDFCHousiag Opporonities Fund-I l,l0d November 2017 (l) 720500 720500 0.526E
RESTNCTED -
I l'l
':.,.1. j I l
Page 84 of 575
NrEC,Iradglaici, i.:-Addrrls, Occrp.6rr, DBq1''Term iid Nrdtretiti," ' .. -
'.+g"(l!'yerI!)
- Inrecbr oflLe CorprDy- : _dili.,
Dilip Suryrvenshi
Address: E-5/90, AreraColony, Bhopal ,162 016,Madhya Pradesh
occupetioo: Business
DIN: 000399,14
Term : Rerppoitrtmcot rsMD for 3 yeers -w.cf26.0&2018, PuEurnt to theresolutiotr prssed onrnnurl g€lerrl Meetingdsted 28.09.2016
Nstionrlity: Itrdiaa
ManagirgDe!lgtratiotr:Director
63 June t2, 2006 i ) Kymore Iron Ore Pvt Ltd.ii) Suryavanshi MineralsPrivate LimitediiD DNN MediaCommunication PrivateLimitediv) Makson Health CarePrivate Limitedv) DBL Nadiad ModasaTotlways Limitedvi) DBL Hassan PeriyapatoaToltways Limitedvii) DBL Kalmath ZarapHighways Limitedviii) DBL MahagaonYavatrnal Highways PrivateLimitedix) DBL Chandikhole BhadrakHi ghways Private Limitedx) DBL Mangloor HighwaysPrivate Limiiedxi) DBL Gorhar KhairahrndaHighways Private Limitedxii) DBL Tuljapur AusaHighways Limitedxiii) High Fly AAliaes PrivateLimited
S€emr Surysvatrshi
DeslgEatiotr: Whole timeDirector
Address: E-515, AremColony, Bhopal462 016, MadhyaPradesh
Occupatioo: Bushess
DIN:00039946
Term: RerppoilaEetrt rsWhole -time Direcaor for 3years -w.c.[ 26.08.2018,Pursuart to ahc rerolutioD
58 June t2, 2006 i) Kymore lron Ore Plt Lrd.ii) Suryavanshi MineralsPrivat€ Limitediii) DNN MediaCommunicacion PrivateLimitediv) DBL Ashok Nagsr- VidishaTollways Limitedv) DBL Behl-Sami TollwaysLimitcdvi) DBL Tikamgarh-NowgaonToltways Limitedvii) DBL Borgaon WatambareHighways Private Limitedviii) DBL Sangli BorgaonHighways Private limitedix) DBL Wardha ButiboriHighways Private Limitedx) DBL AnandapuramAnakapalli Highways privat€Limitedxi) DBL MangalwedhaSolapur Highways PrivateLimitedxii) High Fly Airlines PriyateLimited
I
('-Jc
,^\
Page 85 of 575
nrrdICfirrm, r'didrtd ocdprd.tr DII{Tcriir eiftteffn?'iurfr .. ;
Agc''(in..,'y6ii)
Diietor ofitc Criinnyr; '
t j,'shce ,j .,:
.:'OtUtOIrdoq&ir-- ,r:'' .'.' ,", :Li
passed orr anoual generelMeeting drtad 28.09.2018.
Natiomlity: Lodian
Devendra Jain
Designatiotr: Whole timeDirector & Chief ExcqrtiveOfficer
Addre$: EUlol,Colony, Bhoprl462016
Aren(i,r.P>
Occupetioo; Business
DII{:02374610
TerE : Reappoidtn€nt as
Vhole -time Direcmr for 3
years -w.e.f 26.0E.2018,Pursuatrt 1o the resolutionpassed on annual generalMeering &ted 2t.09.2018
Nrtiotr.lity: I-ndian
46 April0l,2009 i. DBL Pachhwara CoalMine Private Lidited
ii- DBL Hassan PeriyapahaTollways Limited
iii. DBL Bangalorc NidagattaHighways Private Limited
iv- DBL Nidagatra MysoreHighways Private Limited
v. DBL Byrapura ChaltakereHighways Private Limited
vi. DBL Bellary ByrapuraHighways Private Limited
I
WSTRICTED.
NrqgiiEdg4$, m4nfoccqroan,onftcrn rdt urorifu . ,,,?r
,,JAlc (i!" Ye.!!I'ir ,',Sf Tffhr%*@r""_
Aditys Vij8y SitrghDcligmtioE: Independent and Non -Executive DirectorAddress: 59-60, Amrapali Enclave, ChunaBhatti, Bhopal 462016, Madhya Pradesh
Occupatioo : Service
DIN:03585519Term : Re-appoitrted as an IndepeodentDfueclor of the Company, for a secoudconsecutive tclm of5 (Iive) years, w.e.f Aprill, 2019 to March 31, 2024 -AGM datrn28.09.2018
Nrtionrlity: Irdiar
i. Wild Berries Resorts Private Limit€d
Page 86 of 575
I,l!lEc, Elllg!, li4.d.'r.!.q Occry ioq ':DIl{. TerE eid Nrdonrfifv '.1.
,,!_c:-gvcrrtl
O,th€r Dir.i@lfpt ":::. '.
Ashwini Verm.
D€ilgnrtiotr: lndependent aod NotrExecutive Director
Address: B-57, New Krishi Nagar, Ja*iNagar, Chtma Bhatti, Bhopal 462 0 t 6, MadhyaPradesh
Occupation: Service
DL\:06939756
TerE :Re.appoitrted rs ro ltrdependenaDirecaor of thc Comp8ny for secondcoos€cutive term of 5 (frvc) yerrs, w.c.f.August 5,2019 to August 4,2024." AGM2t.09.20rt
Nrtioodity: Indian
49 i) DBL Nadiad Modasa TollwaysLimitedii) DBL Sardarpur Badnawar TollwaysLimitediii) DBL Silwani-SullangaDj TollwaysLimitediv) DBL Baokhtafata-Dogawa TollwaysLimitedv) DBL Betul-Sami Tollways Limitedvi) DBL Patan Reh.ti Tollways Limitedvii) Jatpa Devi Tollways LiEitedviii) DBL Tuljapur Ausa HighwaysLimited
AEogh Kumar GlptrDellgn.tiotr: IndepeodentExecutive Director
audNon
Address : Plot no. t5, Amaltas Phase - I,Chuua Bhatti, Bhopal 462 016, MadhyaPradesh
Occupatioo: Sewice
DIN:06941839
Term :.Re-appointed as an IndependentDirector of tbe Company for secondconsecutive term of 5 (five) years, w.e.f.August 5, 2019 to August 4,2024 . AGM -28.09.2018
Natiotr.lity: India[
58i. DBL Uchcra - Nagod Tollways
Limit&dii. DBL Jaora-Sailatra Tollways Limitediii. DBL Ashoknagar-Vidisha Tollways
Limittdiv. DBL Tikamgaft-Nowgaoo Tollways
Limitedv. DBL Mundi-Sanawad Tollways Limitedvi. DBL Lucknow Sultanpur Highways
Limitedvii. DBL Yavatsnal Wardha Highways
Private Limitedviii. Saha Smart City Developmeot Limited
TARY
CP
t'
Page 87 of 575
eN,rmc lhdirdd| Addrrl( Occu[ffi!,DIN, TerE tld N.driility ... . ,
jAgc (hy..ii)
Othcr.ffuectorilhs ! r
Satish Chandre Pandey
Dellgortiotr: Independert and Non -Executive DircctorAddress: B - 270, OppositE Lake Shahpur4Huzur, Trilanga, Bhopal 462 039, MadhyaPradesh
Occuprtiotr: Rctircd civil servaot
DIN:0707276t
Term: Re-appointed h 13th AGM for thesecond consecutive tenn of 5 years as
lodependent Director w.e.f 23.01.2020 to22.0t.2025- AGM datEd -17.09.20 19.
Netioorlity: Indian
79 Nit
Vijry ChhibberDesiga ior: Indepeodent aod NonExccutive DirectorAddress: Flat No. 504, Tower No. 25,Commoowealth Oames Village, NearAlshardham Temple, New Delhi I l0 092
Occupation: Retired Civil Servant
DIN:00396t38
Term : For a term oflle yean from February28, 2017 until February 21,2O22
Natiotrality: hdian
64 i) Cenhuy Plyboards (ndia)Ltd.ii) Plrites Phosphates &Chemicals Limited (Under
L iquidation)
iii) Scania Commercial Vebicles IndiaPrivate Limitediv) Sagar mala Coastal Limitedv)Intemationat Cargo Tenninal sand
infrastructure Privare Limitedvi) Ev Motors India Private Limitedvii) Unibrain Consultancy Service PrivatrLimiied
Mahy Mukherjee
Desigtrrtion: Indep€ndenl and NonExecutive Director
Address: E - 135, First Floor, IGlkaji, NewDelhi t t0 019
Occuprtion: Indcpendent Consultant,/Advisor
DIN: : 02272425
64 i) Srei Irtsaskucfue Finance Limitedii) Engmr in Energy Private Limitediii) Chartered Finance Maoagemetrt Limit€d
I
RESTRICTED
Page 88 of 575
I
Note: None oJ the directors of lhe Compaiy are oppearing ia the RE I defaulter lbt and/or ECGC defauh list,if aty.
B. Details ofchange ln directors since last 3 yerrs:
Nqe nqSrrdo4? Addrq!, -@uprth!,Dl!(Icnir'indNetlrutltir* ...- "'
-Ase (h,.'iarl.)?
Gher Dke.(orrhlD.,t lr' '.,}tt. .li't .r,._,,.
Term For a term of five years from February13,2018 until February 12, 2023
Nationality: Indian
Rrtna Dh.r{.shree Vishwaurthrn
AddrcstE 402, Cencal Park I, GolfCou$e Roa4 Sector 42, Gurgaon, Haryana122 002
Occupalioa: Dev elopment and FinancialServicesNqtio,,olity: lndioJj^Ierrr. For a term of hve years from March30, 2019 untit March 29, 2024
DIN:01278291
i) Moneyboxx Finance Limitedii) Fusion Micro Finance Private Limited
NameDir€ctors
of Dcsignrtion 8ndDIN
DrteAppointmcnur€siqlrtiotr
of Direcaor of the Compatrysince (Itr case of resigrotion)
Mr. DitipSuryrvaoshi
Managing Director Reappoiotrnent as MD for 3years -w.e.f 26.08.2018,Pursuaot to the resolutioopassed on annual generalMeeting dated 2E.09.2018
June t2, 2006
Mrs. SeemeSuryrvrmhi
Whole timeDirector
Reappointment as Whole -timeDirector for 3 years -w.e-f26.08.2018, Pursuaqt to fteresolution passed on annualgeneral Meeting dated28.09.20t8
,une 12, 2006
Mr. DevendraJsir
Whole timeDitector & ChiefExecutive Officer
Reappoinhe nt as Whole -timeDirector for 3 years -w.e.f26-Ot.2Ol8, Pursuant !o theresolution passed on annualgeneral Mceting dated28.09.2018
April 01,20@
Mr. AlhwitriVermr
Non ExecutiveIndepetrdentDirector
Re-appoint€d as anIodependent Direcior of fteCompany for secondconsecutive t€rm of 5 (five)years, w.e.i August 5, 2019 toAugust 4, 2024." ACM28.09.2018
August 05, 20 t4
\t.D
o(-Jo
6
Page 89 of 575
IMr. AmoghKumrr Guptr
Non ExecutivelndependentDirertor
Re-appointed iui an
Iodepetrdent Director of theCompany for secondco[secutive term of 5 (five)yea$, w.e.f- August 5, 2019 toAugust 4, 2024." AGM28.09.2018
August 05, 2014
Mr. SetishChaodrrPandey
Noo Executivelndepend€ntDLec0or
Re-appoint€d itr l Sth ACM forthe second coNecutive term of5 years as Indep€trdentDirector w.e .f 21 .01 .2020 to22.01.2925- AGM dated -17.09.20t9.
January 23,2105
Mr, VijryChhibber
Noo ExecutiveIndependentDirector
Term For a term of five yearsfrom February 2E, 2017 untilFebruary 27,2022
February 2t, 2017
Mr. MrlayMukberjee
Non ExecutiveIndep€oderltDircctor
Term For a term of five years
from February 13,2018 uotilFebruary 12, 2023
February 13,2018
Ms. RrttrrDhrrashrceVishwrntthatr
Non Erecutive.WomroIndependentDirector
For a terE of five years ftomMarch 30, 2019 until March29,2024
March 30, 2019
5.t2
A
Fo[owing det8ilr regardltrg the auditorr of ahe Comprny:
Dctails of ahc Auditor ofthc Company:
B. Detail6 ofchange in audltorr since hst 3 yesrs: Yes
Pursuant to the povision section I 39 of Companies Act, 20 I 3, the Compatry at its AEual Gereral Mectinghetd on 11.09-2017 has passed a shareholder resolutioq where the company had appointed tvl/s, MSG &Associates, Chafiered Accormtants, MIG-I/5, lr Floor, Amber Complex Zone-II, M.P. Nagar, Bhopal-46201I(ICAI Firm Regisaation No.010254C), as thc Joint Statutory Auditors ofth€ Company, in place oflvt/s. Naresh Rajad & Co, MIG-I/S, ld Floor, Amber Complex Zone-II, M.P. Nagar, BhoPat-46201IChartered Accountanq Bhopal (ICAI Finn Regisuation No. 008422C). The new statutory auditor hold oflicefor a term offive years Aom fte conclusion ofthis Aonual General Meethg till the cooclusion of SixteenthAnnual General Moeting of the Compaly to be hcld in the year 2022.
Further lvvs Mukund M. Chitale & Co., Chartered Accountants, 2d Floor, Kapur House, Pardnjape B SchemeRoad No. l, Vile Parlc (E), Mumbai-400057 (ICAI Fimt RegistationNo.106655W) who was appointed as
Joint Statutory Auditor of d|e Company for a lerm of fivc years and hold such oflice Eom thc Conclusion of
Appointe d as JointStatutory Auditor ont7 .49.2019
+Mukund M. Chitale & Co 2d Floor, Kapul House, Para[jape B SchemeRoad No, l, Vile Parle (E), Mumbai-400057
MSG & Associates MIG- l/5, l* Ftoor, Amber Complex Zone-ll,M.P. Nagar, Bhopal-46201 I
Appointcd as JointStatutory Auditor otrI 1.09_20t7
. ?rt< 10
Page 90 of 575
Ithe 8th Amual General Meeting tilt the Cooclusion of the l3th Annual General. The Company at itsl3thArnuat General Meeting held on 17.09.2019 has passed a sharebolder resolutioo and re-appointed lt/Vs
Mukund M. Chrtale & Co., Chartered Accountants, Mumbai as Statutory Auditor of the Company and tohold the offrce for a second @nsecutive term of tfuee years (3)from the conclusion ofthis Annual GeneralMeeting till the mnclusion of t6th Annual Geoerdl Meding of lhe Compatry to be held in the calendar year2022.
5.13 Dctaik of borrowings of the Compatry, rs otr March 31, 2020:
A. Detalls ofSecured Lortr Frcllities:Amount ir Rs Cr.
IState BaDk ofIndia
TermLoatr
r00.00 t00.00t9.94
As perb€low tabte
Hypothecationof
EncumberedMachi.qery
., Axis Ba*TcrmLoan
26.t3 26.33t2.95
As perbelow table
Hypothecatiooof
EncumberedMachiqery
3IIDFC BankLrd
TermLoan
47.92 47.9228.33
As perbelow table
Hypothecationof
EncumberedMachinery
4ICICI BatrkLtd.
TermLoan 3l.t't 3t.t't
28.05
As perbelow table
Hypothecationof
EncumberedMachinery
5Indusind BankLtd
TermLoatr
48.37 48.372',t.90
As perbelow tabte
Hypothecationof
EncumberedMachinery
6
KotakMahindraFilance
TermLoan 2l.l E 21.r8
10.t I
As perbelow table
Hypoftecationof
EncumberedMachhery
7 Yes Ba.ok Ltd
TermLoatr
26.24 26.24t4.'t2
As per
below tableH,?orhecado
nofEncumberedMachinery
t Au FinanciersIndia Limited
TermLoan
0.75 0.750.39
As perbelow table
H).pothecationof
EncumbEredMachinery
9
Cho lamandalam Invest &Finance Co.Ltd.
TermLoan
3t.12 38-7223.68
As perbelow table
Hypothecationof
EncumberedMachincry
l0 HDB FinancialServiccs Lt<L
TermLoao 9.95 9.95
6.24
As perbelow table
Hypothecationof
:tijl:... -i-r.
Page 91 of 575
IEncumberedMachinery
ItHindujaLeytandFinanceLimited
TermLoan 't 1.92 71.92
49.58
As pcrbelow table
Hypothecationof
EncumberedMachinery
t2
Mahindra &MahindraFinancialServices Ltd
TermLoan
31.9E 3t.982t.45
As perbelow table
H)?othecationof
EncumberedMachinery
t3 Srei InftastureFinance Ltd
TermLoan
231.'.|2 231.'12144.13
As perbelow table
Hypothecatiooof
EacumberedMachinery
t4 SundaramFinance Ltd
TermLoan
38.57 38.5726.O3
As perbetow table
Hypothecatioaof
EncumberedMachinery
l5Tata CapitalFinancialSerrrices Ltd.
TermLoan
32.99 32.9917.66
As p€rb€low table
Hypo6ecationof
EncumberedMachinery
t6 Tata MotorsFiDatrce Ltd.
TcnnLoan
28. r5 2t. t513.98
As pcrb€low table
Hypothecationof
EncumberedMachinery
I'tTata MotorsFimnceSolution Ltd
Term[.oaIr 28.fi 28.60
t6.62
As pcrbelow table
Hypothecationof
EncumberedMachinery
l8
ToyotaFinatrcialServicesLimited
TermLoan
0.3r 0.310.02
As perbetow table
Hypothe€atiooof
EncumberedMachi.oery
l9 VolYo AssetFimtrce h^ Ltd
TcrELoan
47.54 4't.5432.48
As per
below tableHypothccatio
nofEncumbercdMachinery
20Aditya BirlaFinance Ltd.
TermLoan
13.30 13.3013.43
As pobelow table
Hypothecationof
EncumberedMachinery
2t DalmlerFinance Ltd.
TermLoan
t2.53 12.519.32
As perbelow table
H),pothecationof
EscumberedMachinery
22Rahakar BatrkLinited
TermLoan
48.09 48.0926.t6
As perbelow lable
H)?othecationof
EncumberedMachinery
23Tata CapitalFinancialSewices Ltd
TermLoan 76.t0 76.10
33.55
As pcrbelow table
Hypothecationof
EncumberedMachinery
12
"i>Page 92 of 575
I24
Ba* OfBaroda
TermLoan
77.4't 't't -4161.57
As perbelow table
Hypothecatiotrof
EncumberedMachinery
25VolkswagonFinanceLimicd
TeImLoan
32.82 32.8222.13
As perbelow table
Hypothecationof
EncumberedMachinery
26CNH IndustialCapital (I) PLrd
TermLoan
2.19 2.19r.56
As per
below tableHypothecatio
oofEncumberedMachinery
27 IDFC Bank Ltd
TelmLoan
15.9'1 t5.9'tt3.'77
As perbetow table
Hypothecatiooof
EncumberedMachinery
28Kamataka BaokLtd
TemLoan
25.00 25.Nt8.63
As p€rbetow table
HypothecatioDof
EncumberedMachinery
29Suryoday SmallFinance BankLtd
TeIrDLoan
2t.59 2t.59t'1.03
As pcrbelow tabte
Hypothecatiouof
EncumberedMachinery
30The CatholicSyrian Ba*Ltd
TermLoan
49.35 49_3542-78
As perbelow uble
Hypothecatioqof
EncumberedMachinery
31John DcereFinanciat Ltd.
TermLoan
10.21 10.239.5'l
As per
below tablcHypothecatio
nofEncumberedMachinery
12 Caterpitlar
TermLoan
10.82 10.8210.54
As perbelow table
Hypothccationof
EncumberedMachinery
TOTAL1257.47 1257.t7 177.|t
Yearly Reprymcnt Schcdule ofTerm [,oans rvsiled from Baaks end NBFCsAmount in Rs Cr.
eSE'Ro
('-lo
listr#il ,:litttt31.03.202
0Apr 20 -Mrr 2l
Apr 21 -Mar 22
Apr 22 -Mrr 23
Apr 23 -M8r 24
Apr 24 -M8r 25
A. From Bank!
Axis Bank 26.13 12.95 7.tt s.83
HDFC Bank Ltd 47.92 28.33 t2.o2 '1.t2 4.53 4.59 0.07
Page 93 of 575
IICICI Bank LklFinance
3t.t'l 28.O5 8.03 E.93 8.12 2.97
I-ndusind Bank Ltd 48.37 27.90 12.74 10.99 3.05 1.13
Kotak MahindraFinaoce
2 r.18 l0.El s.59 4.09 t.t2
State Bank Of India 100.00 19.94 t9.94
Rabakar BankLimited
48.09 26.16 t2-o7 t2.o7 2.Ot
Bank OfBaroda '1't.47 63.57 14.86 16.35 t7.78 t4.58
Yes Bank Ltd 26.24 14.72 6.90 6.10 t.72
Kamataka Bank Ltd 25.00 18.63 't.14 7.14 4.3s
Suryoday SmallFinance Bank Ltd 2t.59 t'?.o3 5.84 6.29 3;71 o.62 0.56
IDFC Bank Ltd 15.97 13.17 3.70 4.13 3.97 r.98
AU Financiers lodiaLimitsd
0.75 0.39 o.27 0.t2
The Catotic SyrianBank Ltd
49.35 42;tE t4.29 t4.29 t4.21
To.8l - (A) 539.43 325.01 r30.49 r03.45 9.57 25.87 0.63
B. From I{BFC
CholamandatamIovesr & Finance CoLtd.
38.1223.68 9.U 9.O'.1 4.'16
Hdb FinatrcialServices Ltd.
9.956.24 2.51 2.7 5 0.9't
Hinduja LeylandFinance Limitcd
7 t.9249.58 20.28 2t.54 7.76
Mahindra &Mahindra FillanciatServices Ltd
3 r.9821.45 9.25 7.69 3.4',1 1.04
Dalmler Finance Ltd.12.5 3
9.32 3.00 3.35 2.96
Srei InfrastureFinaoce Ltd
23t.72144.t3 6r,56 57.8 r 24;16
Sundaram FinanceLtd.
3t.5726.03 I l.6l 7.4t 4.80 2.21
Tata capitalFinancial ServicesLtd.
32.9917.66 9.21 6.82 L64
Tata Motors FinaoceLrd.
28.1513.98 7 .51 5.64 0.84
Tata Motors FinatrceSolution Ltd
28.616.62 9.25 '1.16 0.21
Toyota FinancialServices Limited
0.31o.o2 0.o2
Volkswagon FinaBc€Limited
12.t222.33 8.t2 8.90 5.30
RESTNCTED -
Page 94 of 575
IVolvo Asset Finatrcehd Ltd
47.5432.48 t2.28 t3.69 6.52
Cnh IndustialCaDitat (I) P Ltd
2.19r.56 0.54 0.60 0.43
John Deere Fin10.23
9.5',1 2.29 2.50 2.73 2.O5
CatErpittart0.82
10.54 2.56 2.7 6 2.93 2.29
Aditya Birla FhatrceLtd.
13.3r3_43 t3.43
Tata CapitalFinancial ServicesLtd
'76.1
33.55 25.71 '1.t4
Toasl - (B) 71E.44 452.17 20t.96 165.54 70.o7 7.60
Totrl (A+B)1257.4
7777.18 339.45 26E.v) 134.il 31.47 0.53
WorkiDg crpitd lortrs ofDBL (both fuded rod oon-fuBded) rs of3l-Mrr-2020 (AEoutrt ir Rs Cr.)
RESTNCTED
c
r-a*&:,:Baak of Baroda 425.N 890.00 1,315.00 303.01 7 53.86 1,056.86
Bank of India 110.00 157.00 267.OO t09.37 r45.41 254.78
Bank of Maharashtra 45.00 205.00 250.00 44.23 t9'7.78 242.Ot
Canara Barft 225.OO 700.00 925.00 224.62 513.48 738.09
Canara Baok (e-Svdicate Ba*) 100.00 265.00 385.00 '79.70 301.74 3 8l .,14
Central Batrk oflndia 125.00 t6zl.m 289.00 30.44 t2'1.61 l5E.0E
E)(IMBa* 200.m 200.00
IDBI Bank 200.00 350.00 550.00 197.24 331.55 52t;t9Indian OverseasBant 78.30 2t t.75 290.05 77.25 205.91 283.t',t
Indian Bark 25.00 200.00 2L5.N 15.00 71.39 86.39
Indiao Bank (e-Attahabad Baok)
70.00 140.00 210.00 0.15 139.49 139.4
Jammu & Kashmir 25.00 25.00 50.00 24.81 20.58 45.39
Kamataka Bank Ltd 44.00 56.00 100.00 43.23 52.26 95.49
Lakshmi Vilas Bank 10.00 60.00 70.@ 9.94 52.95 62.t9
Punjab NationalBaDt
3 81.00 1,59E.50 t,979_50 359.99 1,47'1.57 1,E37.56
Pudjab NatiooalBallk (e-Unit€d Bankoflndia)
43.00 I t4.00 157.00 42.74 I I1.95 154.69
Punjab NatiooalBank (e-OrientalBank of Commorc€)
60.00 200.00 260.00 4t.a 199.80 24t.M
:':*.&
Page 95 of 575
Punjab and SindhBank
25.00 t5.00 I10.00 15.79 68.E5 84.&
State Bank oflndia t20.00 185.00 305.00 I14.58 I t4.99 299.57
UCO Baok t7.50 159.50 z47.OO 77.99 t 57.43 235.42
Union Bank of India 15.00 130.00 145.00 14.83 126.71 141.57
Uniotr Baok (e-
Andhra Bank)3 t.00 r 25.00 t57.00 27.U I10.33 t3't.54
Union Bank (c-Comoration Bank)
100.00 22't.00 327.N 9t.6s 213.80 312.45
Totrl 2344.t0 646t.75 tt13.55 1,952.42 5565.4E 7,717.90
I
S€curity: Firstpa/ip4$/ charge otr all the current assets of the compmy
Colhterd:
B Detailr of Ursecured t orn Frcilitie!:
Note: Lender is a related party cntity of the Company
C. Details of Non-Coavertlble (unlisaed) Dcbetraures:
in Rs crores
6000, 8.907. Notr-Cotrvertiblc DebeDtures (NCDS) trce vrlue of Rs"10,00,fi)0(Indi.tr Rupe€s TenL&khs only) erch et prr rggrcg.ting to R3 600,00,00,000 Crore (lndiro Rupccs Sir Hundred Croreronly)
Instumcnt Noo-CoDvenible MenturcsNo of Securitiss 6000Face Value ofeach security Rs 10,00,000Issue Size Rs 600 croresCoupon 8-90Y" g.a-
Dar€ of Allotuent December 2t,2017Outstatrding Credit Ratitrg CRISIL 'A" (Stable)
Equitable Mortgage of Immovable Properties Equitable Mortsasc 34.56
HvDothecatiotr ofPlant & Machinery Hypothecation 43.00
14.97Pledce ofRD / FDRs Pledge
500.00Ptedge of Equity shares of the Company Pledge
592.53Iotal
l, isslNo
I.elrders NaEc Type ofFacility
AmouotSstrctiotred
Amoutrtouht&nding .son Mrrch 31,
2020
ReprymentDate/ Schedule
I Highly Airlines hrtLtd
Demand Loan o.24 0.24 Oo Demand
RESTNCTED - Pot 16
1:
Page 96 of 575
ISecurifv Secured by hypottrecation of movable ptant and
machhery of the Company valuing l-25x of the
outstanding value of the Debeotr.[es.
Redeemed till March 31, 2020: Rt 90 crores in aggregrte oE followitrg dttes-
l. Sedes I: 450 NCDs ofRs. t0,00,000 each redeemabte on 28-Dec-2019, total amount - Rs- 45,00,00,000
2. Series II: 450 NCDs ofRs. t0,00,000 each redeemable on 28-Mar-2020, totat amount Rs.45,00,00,000
Outstrtrdirg es on Mrrch 31,2020: Rs 510 crores in aggregate, redeemable on followhg daaes -
l. Series III:450 NCDS ofRs. 10,00,000 each redeemable otr 28-Jun-2020, total amount- Rs. 45,00,00,000
2. Series IV:450 NCDs ofRs. 10,00,000 eacb redeemable on 28-Sep-2020, total amormt- Rs. 45,00,00,000
3. Series V:450NCDSofRs. l0,00,000eachredeemableon28-Dec-2020,totalamount-Rs.45,00,00,000
4. Series VI:450 NCDs ofRs- 10,00,000 each redeemable on 28-Mar-202 t, total amou-nt Rs. 45,00,00,000
5. Ssries VII:450 NCDS ofRs. 10,00,000eachredeemableoo28-Jun-202l,totalamountRs.45,00,00,000
6. Series VItl: 450 NCDS of Rs. 10,00,000 each redeemable on 28-Sep202l, total amount Rs.
45,00,00,000
7. Series XI: 450 NCDS ofRs. 10,00,000 each redeemable on 28-Dec-2021, total amount Rs. 45,00,00,000
8. Series X: 450 NCDs ofRs. 10,00,000 each redeemable oo 2E-Mar-2022, total amount P.s. 45,00,00,000
9. Series XI: 500 NCDS ofRs. 10,00,000 each redeerrlahle o[28-lutt-2o22, total amount Rs. 50,00,00,000
10. Series XI:500NCDs ofRs. 10,00,000 each redeemable on 28-Sep2022, total amouot Rs. 50,00,00,000
It. Series XIII:500 NCDs of Rs. 10,00,000 each redeemable or 28-Dec-2O22, total amount Rr.
50,00,00,000
D. List ofTop 10 Debenture Eolders (ss on Msr 31, 2020)
The Deb€ntures hrve been subscribed by only two subscribers &! und€r:
E. Thc anount ofcorporate gurrent4€ issu€d by th€ Compatry as on Merch 31, 2020 along with name ofthe counterprrty (like tremc of the subsidiary, JV entity, Group Comprny, etc.) on behalf of whom ithas been issued. (if aay)
o(-lo
I HDFC Truste€ Company Limited 4000 600 3400
2 UTI Credit Risk Futrd 2000 300 1700
Name of the Compary/qroup cotrcern Amoutrt (itr Rs. cr.)
DBL Ashoknagar Vidisha Toltways Ltd 20.00
DBL Tikrmgath Nowgaon Tollwals Limited 17.00
DBL Betul Sami Tollways Limited fi.92DBL Hata Dargawaon Tollways Limited 22.87
DBL Patan Rehli Tollways Limitcd 45.39
DBL Mundargi Harapanahalli Tollways Limited 5.84
Jalpa Devi Tollways Limited 64.33
DBL Mahagaon Yavahnal Hiehways hd Ltd 6t.67
;&$:A,x;:il't
Page 97 of 575
DBL Borgaoo Watambare Highways h/t Ltd. 8'1.84
DBL Mansloor Highways Ilvt Ltd. 73.t6
DBL Sangli-Borgaoo Highways P'r.t. Ltd l t 3.81
DBL Sangli-Borsaon Hishways Pv1. Ltd 6't.t'1
DBL Banslaore Nidasatta Hishways PvL Ltd t04.12TOTAL 848.20
I
F
G
DBL Chandikhole Bhadrak Hi Pw. Ltd. 103.89
Deteils of Commercirl P.per:
Nir
Dctrils of rcsa of ahe borrowirg (if rny includlng hybrid deba llke FCCB, Optlonally ConvcrtibleDebenttrres / Preference Shrres) l! on Mer 31, 2020:
Nil
D€tails of rll defrulUs and/or dehy in p&ymenB of intcrest rnd princip.l of rny klnd of aerm loatrs,debt securities rod other ftnrncirl itrdebtedtrers iocluding corporate gu.rrtrtcr issued by th€ compatry,in the prst 5 yearE:
Nil
Details of sny outlt.trding borrowings taken / deba s€curitics issued where tsketr / issued (i) forconsideratioo oaher thau c{sh, whether h whole or part, (ii) rt r premium or discount, or (iii) itrpursurnce ofrn option:
Nit
Any change ln accounting pollclB duritrg the hst three yerrs snd their ealect otr the profrh snd thereserves of the comprny:
The company has adopted IndAS accountitrg stasdards with effect from FYl7.
Details of Promoters of the Compsny:
Det&ils ofProDotcr Holdhg in Compa[y .s otr lstest qurrter end, i.e. Mrr 3l' 2020:
t.
H
5. t4
I
33-480/"40.29 1,84,53,156I Ditip Suryavanshi 5,51,07,987 5,51,07,987
l, r9,04,2@ t,t9,u,200 8.702 Seema Suryavanshi
1,09,18,191 30.10%3,5s,59,072 3,55,59 ,0'12 26.003 Devendra Jain
109 109 0.004 Others
&ESTRIC|ED - Pq. at
..::1.
Page 98 of 575
I5.15
5.t6
5.t'l
Abridged yerrlon of the Audlred Cotrsolidated rnd Stendrlone Fbrocial Informrtiol (llke Prolit 8trdIrss straement, Balance Sheet rnd Cesh Flow statcmeot) for rt lerst lrrt tbrce yerrs rnd ruditorqurlilicrtionE, if rny.
Atrtrexed at Antrerure lfl (Audited Fihancial Staternents).
Therc have been no auditor qualificatioos set out in the said audited information
Abridged versioo of Lrtest Limited Review Qusd€rly Consolidrt€d rtrd Standrlooe FinstrcialIoformrtion rtrd luditors qurlmcadons, if rny.
Annexed at Atrtrerure Ul (Audited Fino\cial Statements).There bave been no audior qualifications set out in the said limited review information
Any mrtcrial evenU devclopmctrt or change hivitrg implicrtio$ on the financiab/crcdlt qudity (e,9.rny m8terid regulatory proceeditrgs rgsinsa thc Company/promotcrs, trl litigrtioos resulting inm.terirl Uabilitl6, coq)orrae restructuritrg evcnt, etc.) .t the tine of Issue which may rltect the lssueor tbe inyestor'3 decisiotr to inv€6t / cootitrue lo llr,est itr thc debt securitie!.
The Compa-oy h€reby declares that there has been no material event, deyolopmeot or change at the time ofissue from the position as o! the dat€ of thc last auditEd fi-oancial stateEeots of the Compaoy, which mayaffect the issue or the investor's decisioo to invesucontitrue !o itrvest h the debt securities ofthe Compaoy.
5.18 N.Ees ofthe Debctrtures Trustees rtrd Cotrscotr tter€of
The d€beoture tsustee of the proposed Debenh[es is PNB lavestment Services Limirei. PNB ItrvesttrentServiccs Limited has given its written consent for its appointment as dcbenture hustee to the Issue andinclusion ofits uame iE the form and coDtext in which it appcars in this Disctosure Docrment. The comentleter from the Dcbsnh[e Trustee is proyided in Atrocrure I (Co nsenl lzttel ltom rhe Debeanre Tntstee) ofthis Disclosure Document.
5.19 Ratitrg rtrd Rathg Rationrle
The Rating Ratiomle and the Rating [ener issued by the Rating agency is provided in Annexure IV (RonzgLettet snd Rationale).
5.20 If the 3ecurity is brcked by r gurrrtrtcc or letter ofcomfort or atry other documena / letter witt simihrintetrt, r copy ofthe same 3hall be dfuclos€d. In cr$e such documetrt does troa cotrtsin detrlled psymentstructurc (proccd[re of invocrtion of gurrantee and r€ceipt of ptyment by the hvestor alotrg withtimelitrB), the sr[c sh.ll be dilclorcd ir the olfer documetrt.
No
5-21 Kird of S€curity OIIered
This is a private placement of serior secured redeemable rated tisted Non-Convenible DebeEturesaggregating up to Rs.100,00,ffi,000 (Indian Rupees One Huodred Crorcs only), which shall be secured by afirst exclusive cha.rge on the movable fixcd asses ofthe Company to the cxtent of L25 times ofoutst rdingbonowing through NCDS togetbe! with interest etc.
5-22 Price rt which thc security ls being olfered
Each NCD has a face value of Rs.10,00,000 (ndian Rupees Ten Lakh orly) atrd are being issued at par
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5.23 NaEe rtrd rddresr of the vrluer who performed vrlurtion of the reclrity ollered
Page 99 of 575
IThe security being in the oatue of debentures and being issued ar par, are not required io be valued by avaluer.
5.24 Atrthority for the Phcement
This private plac€Dent of Debetrtures is being madc pursuatrt to the resolution of the Board of Dircctorspassed st its me€tiog held on August 5, 2019 and May 25, 2020 and the resolutioos passed by the DebentueCommittEe on May 25, 2020 which has approved the issuance of Non-Corvertible Debentures upto Rs.1000,00,00,000 (Indian Rupees One Thousand crores) on pdvate placement basis.
Consent of shareholders is also obtained as required undcr Section 42 read with applicable nrles of theCompanies Act, 2013, through the Special resolution passed, result of which was declared on TuesdaySeptember 17, 2019 for Private Placemert issue of Non-Conveniblc Debenture up to Rs. 1000,00,00,000(Indian Rupees One Thousand crores) on pdvate placernent basis.
The Company can carry on its existing activities and futule activities planned by it in view of the existingapprovals, and no further approvals from any Govemment authority are required by the Company to carryon itr said actiYities.
5.25 Terms of reising of securiaics: Durrtiotr, if appliceblc, Rrtc of dividerd or rrte of hterest, mode ofprymelt snd repryEent
For detailed terms of the Debentrfes, pleese refer to Aflrexure D( (Term Sheel) to t]eis hfonnationMemorandu.E
s.26 Name! of rll the recogtris€d ttock erchrnges where the deba rccurides rre proposed to bc lkted clerrlyindicating thc dcsignrtcd stock crchsnge
BSE
5.27 Other deteils:
A. DRR Cr€stior:
As on the date of the this Information MemorandurD, a Dcbenturc Redcmption Resewe is not required to be
maintained by the Company as per the Companies (Share Capitat aad Debeohres) Rules, 2014.
The Company would create and maintain a 'Debenhrre Redenption Reserve' as per the provisions ofthe Actand othcr Applicable Lsw, and if during the currEncy of the Debeutues, any guidelines are formulated (or
modifiei or revised) by any governmcotal aubority under the Applicabte Law in respect of creation of the
Debenturo Redernptioo Rosewc, the Company will abide by such guidelines and oxccute all such
supplemetrtal letters, agtesrents atrd deeds of modificatiors as may be required by th€ Debenture Trustee
and will atso cause dte same to be registerd where necessa4r. Thc Company will submit to he Debenture
Trustee, within 180 (One Hutrdred and Eighty) days ftom the cnd ofthe Fiuancial Year, a certificate dulycetified by a practicing chartered accountatrt cenifying thet the provisions of the Ac't itr relstion to creation
ofDebenture Redenption Rescrve havc been complied with.
B. Issue / instrumcnt spccific regulatioBs:
The lssue of Debentures shall be in conformity with the applic.ble provisions of the Companies Act,2013and the SEBI Regulations-
5 .28 Issue Det.ails
RESTNCTED -
Page 100 of 575
I5.29
As set out in Atrnexule lX (Tenn Sheet) ro t,Jl.is loformation Memorandum
Dlsclosure Detrils
The Compatry has provided the statutory and regulatory disclosures as required uoder Compsnies (Prospectus
aod Allouuent of Securities) Rules, 2014 in Form PAS-4. These disclosures are set out in A-nnexure X(Stotutory ald Regulatory Disclosutes) to this Ioformation Memorandum.
5.30 Wilful Default
5.31 The chroge i[ cotrtrol, ifrny, ir thc comprtry thrt would occur consequent to the privrte placem€trt
There will be no change in control io the Issuer pusuaot to the private placement ofthe Debeutures.
5.32 Cotrlributiotr beirg msde by the promoters or directors eitherus p.rt oI the olIer or rprrrtely irfurtherroce oI such objects
No
5.33 The detril6 of sigtrilicatrt rod Eaaerirl orders passed by the Regulrtorq Courts rtrd TribqtralsiEprctirg thc goiog concern straus ofthc company end itr future operetions
As on the date of this Private Plac€Eetrt Offer Lefior, there are no significaft aod material orders passed bythe regulators, couns and eibunals impacting thc goiDg conc€m status ofthe issuer atrd ib future operation
!'q3&{t q Di!. 'iNIL NIL NIL ML NIL NIL ML
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Page 101 of 575
I6.r
B.
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D.
SECTION 6: TRANSACTION DOCUMENTS AND Kf,Y TERMS
TrrosrctioD Doc[Eents
The fottowing documcnts shall be cxecut€d in relation to the lssue ("Transrctioo Documcots'):
this lnfomation Memorandum;
the terms of the Debentures as provided in Antexure IX (Term Sheet);
fte Deb€onrre Truslee Agresnent, which will confirm the appointment of PNB Iovesheot Services Limitedas the Debentue Trustee ("Debenture Trustee Agreeme[t");
the Debenture Trust Deed, which will prescribe the oerms goveming the Debentures ("Deb€nture TrusaDeed");
Deed of Hypothecation in terms of which fie s€curity hterest in relatiotr to the Debetrtures shall be created("Deed of Eypothccrtiotr"); and
Such other documents as agr€ed betwoeo the Company aad thc Dcbenture Trustec.
Use of Procceds
As set out itr (Utilization ofProceeds) the Annexure IX (Ierrz Slreer) to this toformation Meurorandum
Evetrts ofDefrult
As set out itr (Event of Defaulc) Annexurc lX (Ter1n Sheet) la this Information Memorandum.
E
F
6.2
6.3
RE;TruCfED - Pagt 52
Page 102 of 575
ISECTION 7: OTmR INFORMATION Aj{D APPLICATION PROCESS
The Issuer proposes to Issue the DebenEres on the t€rms set out in fiis Information Memorandum. The
Debentures being offered pusuant to this hfomration Memorandum are smbject !o the provisions of the
Companies Act and the erstwhile Companies Act, 1956, the SEBI (Issue and Listing of Debt Securities)Regulations, 2008, SEBI Circutar dated Ianuary 5, 2018 on clectonic booking mechanism for issuance ofdcbt s€cuiti€s otr private plac€ment basis, the Mcmorandum and Anicles of Associatioa of the Issuer, theterms of this Information Memorandum, Application Form, and other terms and conditions as may beincorporated in the Deb€ntue Trust Deed This section applies to all applicatrts. Please note that all applicantsarc required to makc paymcnt ofthe full application amount along with thc Application Form.
'1 .l Mode of Trensfer/frrNmission of Debentures
The Debenuu(s) shall be ransferred and/or traDsmitted in accordarcc with the applicable provisions oftheAct ard other applicablo laws. The Deb€ntures held in demarerialized form shall be kamfefied subject to and
in accordance with the ruleJprocedures as prescribed by NSDUCDSL and the relevant DPs of the transferoror transferee and any other applicable laws and rules sotified in respect thereof The transferee(s) shouldeosule that the EaIlsfer foroalities are completed prior to the Record Date. Itr thc abseoce of the same,
aEou-ots due will be paid/redeoption will be made to the person, whose aame 8pp€a6 in the register ofdebenhEe holders mahtained by the R&T Agent as oo he Record Datc, undcr all circ,unrstances, In caseswhere the tansfer formalities have not beetr completed by the tra$feror, claims, if atry, by the traDsfereeswould Deed to be s€tded with the FaosferD.(s) a-od not with the Compaoy. The oormal procedure followedfor ransfer ofsccurities held in dematerialized fomr shall be followed for transfer of these Debentures heldin dematerialised form. The seller should give delivery instsuctions coutaining details of the buyer's DPaccluot to his DP-
7.2 Debentures held itr DeEsterialised Form
The Debennres shall be held in dematerialised form and.no action is required oo the part of the DebentureHolde(s) for redemption purposes and the redemption proceeds will be paid by cheques, demand dmfts,intcrest/ redcmptioD warrants, pay order, diect credit ECS, NEFT, RTGS, other online payment mechanismas are permitted by the Reserve BanI of hdia to those Debenture Holder(s) whose names app€ar on the listofbeneficiaries maintained by the R&T Agent. The names would be as per the R&T Agent's records otr theRecord Date 6xed for the pupose of redemption. All such Debenoues will be simultaueousty redeemedthrough appropriate dcbi[ corpordtc action.
Tbe list of baeficiaries as of fte Record Date s€sing out the relevaDt beoeficiaries' name and accountnumber, address, bank details and DP's identification number will be given by 6e R&T Ageot !o theCompany. lfpermined, the Company may kansfer payme s required to b€ made in any relation by cheques,demand drafu, iDt€res/ redemption warants, pay order, dtect cr€dit, ECS, NEFI, RTGS, oth€r onlinepayment mechanism as are pennined by the Reserve Bank oflndia.
7.3 Trustee for the Dcbcnturc llolder(s)
The Company has appointed PNB Inveshent Services Limited !o act as truste€ for the Debeohue Hotde(s),Tbe Company and the Debenture Trustce intends to eoter iuto 6e Debenrure Trust Dec d, iater alia, qecifyngthe powers, authorities and obligations ofrhe DcbeoturE Trustee and he Company. The Debcnnfe Ilolde(s)shall, urithout further act or dee4 be deemed o have irrevocably given their coEent to the Debenture Trusteeor any of its agerts or authorized officials to do all sucb acts, de€ds, matt€rs a.od thitgs in respect ofor relaring!o the Debentures as the Debedure Truste€ may in irs absolute discretion deeE necessaq/ or require to b€done io the interest of the Debeotwe Hold<s). Any paynent Inade by thc Company to the Debertue Trusbecon behalf of the Debenu[e Holde(s) shall discharge the Company pro ttlto to ahe D$errture Holde(s). TheDebenh[e Trustee will pmtect the interest of the Debenture Holdeds) itr regard to the repayment ofprhcipalaud yield thereon aad they will take necessary action, subjecr b aad in accordance wittr the Debenture TrustDce4 at the clst of the Compaoy. No Debetrtue Holder shall be entitlcd !o procecd directly agaitrst theCompany unless the Debenture Trustee, having become so bound to proceed" fails m do so. The Debentue
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Page 103 of 575
ITrust Deed shall more specificatly set out the rights and rqnedies ofthe Debenture Hotdeds) and the mannerofelforcement thereof
'7.4 Futute Borrowitrgs
The Company shall be entitl€d to incur fi[ther Financial Iodebtedness on such terms and conditioos as theCompany may think appropriate, subject to the Company maitrhining ttre adequate security cover as agreed.
'7 -5 lnterest otr NCIX
The Debentures shall car4r intErest at the rate as specified in tho fum exure V (Term Sheer) to this IDformationMemorandum (subject to deduction of tar at source at the rates prevailing ftom time to time under theprovisions of the Iocome Tax Act, 1961, or any other statutory modilicatiotr or re-enactsnent thereof forwhich a certificate wilt be issued by the Compatry) accrued to the holders ofDebentures (rhe "Holders" andeach, a "Holder") as ofthe relevant Record Date. The intErest payable otr any Ioterest Payment Date will bepaid to the Debetrh[e holder(s) whose names appear in the list ofbenelicial owners giver by the Depositoryto the Compaoy as oo the Record Date.
Interest shall be cmputed on the amount outstatrdirg on atr ActuaU Actual day couot basis, i,e. actual numberofdays elapsed divided by lhe aatual number ofdays in tte year.
Ifany intsrest paymcot date falls on a day which is not a Business Day, 6en paym€nt of interost will be madcon the next day th8t is a Business Day widrout int€rest for such additional days. It is clarified thatInterest/redemptiotr with rcspect to deb€Dtures, interesuredemptioo paymeots shall be made only on the dayswheo the money market is fiuctiotring in Mumbai, as per SEBI Circular No. CIR IMD IDF-I 112212016 d^EdI t Nov 2016.
ln casc the Deemed Date of Allotn€nt is revised (pre-poned/ postponed) thm the above interest paymentdate may also be revised pre-poned,/ poslponcd) accordingly by the Compaoy at its sole and absolutediscretion.
7-6 Sharlng of lnformrtlon
The Company may, at its option, but subject 0o applicable laws, use on its own, as well as exchangc, share orpart with any hrnncial or othcr informatiotr about the Dcbcntue Holde(s) available with the Company, withits subsidiaries and Affiliates aod other balts, [inancial iNtitutioDs, c.edit bueaus, agencies, stahrtorybodies, as may be required and neither the Company nor its snbsidiarie,s and Amtiates nor their agents shallbe liable for use ofthe aforesaid information.
'7.1 D€benture Holder not r Shrreholder
The DebsnturE Holde(s) shall trot be entitled to any right and privileges of shareholdcrs other than thoseavailable !o them under the Act. The Debentures shall not cotrfer upon the Debenture Holders tho right toreceive notice(s) or !o attend aDd to vote at any geleral meeting(s) ofth€ shsrehold€rs oftbe Company.
7 .8 Modilicetioo of Debentures
The Debeoture Trust€e and the Company will agree to Bake any modifications io the Disclosure Documentwhich in their opinion is ofa formal, minor or tech.oical oature or is to conect a msnifest eEor.
Any other change or modification to the terms of the Deb€trtucs shall rcqute approval by the MajorityDebenture Holders or any liBit as specified under Companies Act or alry other provision of [aw.
7.9 Right to rccept or r€Jcct Applicstlons
8.851'NCTED
Page 104 of 575
IThe Board of Directorvcommitte€ of Direclors rcs€rves its full, unqualified and absolute right to ac-cept otrejcct any application for subscription to the D€bontures, in part or in fult, without assigning any reason
thereol
7.10 Nodces:
Any notice, deman4 communication or other roquest (individually, a "Notice") to be given or made shall be
in writing. Sucb Notice shall be delivered by hand, registered maiUspeed post (postage prepaid) or recognized
ovemight courier servic€s to the party to which it is addrcss€d at such parry's address specified in this regard
or at such other address as such party shalt from time to time have designatcd by 5 (Five) days'prior wrineoNotice. All information exchanged./ to be exchatrged between the Parties may be exchanged in the manner
mentioned hereio below:
(a) Debeot[e Trustee !o the Company: The Debetrture Trustee may seod Notices to the Company andthe Promoter by any of the modes specitied above.
(b) Company to the Debenture Trust€€: The Company may send Notices to lhe Debenturc Trustee byany of the modes spccifred above.
(c) Debcnhrre Holders to the Trustee: Wriueo communicatioo by meaas ofcmail(s) received from theMajority Debeotule Holders.
If a lcceipt ofnotice or other communication occurs before 10:00 am oa a Busiless Day, the notice shall b€dccmed o have been rcaeived on that day and, if the reccipt occurs after 10:00 am oo a Business Day thenotice shall be deened io have been reccived on the oext Business Day.
ln the evelt that a parry refises delivery or acc€ptauce ofa notice, request or other communication, it shallbc deemed that the notice was given upoo proof of the refused delivery, provided the samc was sent i! thespecified manner. The address for serving notices can be changed by any party by properly serving noticeson the other parties informing them of the charges ofaddress. Any notice given under or in connection withthe Transaction Documeuts must be itr English.
7-ll Issue Procedure
Only Eligible Investo6 as given hereunder to whom this Disclosue Document is addressd may apply forthe Debennues by completing the Application Form in the prescribcd format in block le[ers in English asper the instuctions contained therein. Thc minimum number of Debeonues that can be applicd for and themultiples thereof shall be sot out in the Application ForE- No application can be made for a fi-action of aDebennue. Application forms shonld be duly completed in all resp€cLs and applications not completed in thesaid manner are liable to be r€jected. Tho trame ofthe applicant's bad<, type ofaccount and account numbermust be duly completed by the applica[L This is required for the applicant's own safety atrd these details wiltbe printed on the refund orders and /or redemptioN warrants.
Successful Investors should ensure to do the firnds pay-in from their same bank account which is updatEd bythem in the BSE Bond - EBP Ptatform while placing the bids. In casc of mismarch in the bank account detailsbetweeD BSE Bond - EBP Platform aod the baDk accoutrt from which paymant is doae by the successfuliavestor, the payment would be reormed back. PayBent should be made by the deadliae specifred by theBSE. Suc{essful bidders should do the ftrnds pay-ia to lhe bank accounts of thc clearing corporation of theBSE C'Delignrted Batrk Accoutrt").
7.12 ApplicatiotrProcedure
All eligible Iavestors should refer the operating guidelines for issuance ofdebt securities oo private plscementbasis tfuough an electonic book mechanism as available on the website of BSE. hvestors will also have tocornplete the mandaory know your customer v€rification process. Iovestors should refer to the BSE EBPGuidelines in this respect
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Page 105 of 575
IThe lssue deteils shall be ertsred on the BSE Bond - EPB Platform by the Issucr at least 2 (two) BusinessDays prior to the Issue opening date, in accordance with the Operational Guidelines.
The Issue will be open for bidding for the duration of the bidding window that would be communicatedthrough the Issuer's bidding announcement on thc BSE Bond EPB - Platform, at l€ast I (one) Business Daybefore the start of the Issue opening date.
Somc of the key guidelines in terms of the current Operational Guidelin€s on issuance ofsecurities on privateplacement basis through an EBP mechanism, are as follows:
(i) Modification of Bidloveslors may note that modificatioo of bid is allowed during the bidding period / window. How€ver,in the last 10 (teo) minutes of the bidding period / window, revision of bid is only allowed forimprovement of coupor or yield and upward revision of the bid amount placed by the lnvestor.
(ii) Canceltation of Bidlnvestors may trote that cancetlatioo of bid is allowed during ttre bidding period / window. However, inthe last t0 (tctr) mhutcs ofthe bidding period or window, no caocellation ofbids is pcrmittcd.
(iii) MultiPle Bidshvestors may note that multiple bids sre pemrittod-
(iv) Offer or lsue of executed Private Placement Offer Letter to successful eligible InvestorsThe signed copy ofthe PrivaG Placement Offer t €tter rlong with the Application Form will be issuedto the successful eligible Investors, who are be required to complete atrd submit the ApplicatioD Formto the Issuer itr ordcr to acccpt the offer of the DebetrhEes.
However, lnvestors should refer to the Operatioml Guidetines as prevailing on the date ofthe bid.
7.11 FictltiousApplicrtion
Alt fictitious applications will be rejected.
7.14 Brsb of Allohena
Allocatio[ shall be made as approvod by the Issuer in accordance with appticable SEBI regulations,Operational Guidelines, and applicable laws. Post completioo of biclding process, the Issuer will upload dreprovisional allocation on the BSE Boad EPB - Pladorm. Post rec€ipt of derails of the successful EligibleInvestors, the [ssuer will upload the final atlocation file od the BSE Bond EPB - Platform.
Notwithstanding anything stated elsewtere, Compaay resewes the righr to accept or reject any applicatiorLin part or in full, without assigning any reason. The investors will be required to remit the funds as well as
submit the duly compteted Application Form along with othq occossary documents to Company by the Issue
Closi.trg Dat€.
'7.15 Prymetrtlnstructions
OrigiEal Application Fomrs compl€te in all respects must be submittEd to the corporate office oflssuer beforethe tast date iodicated in dre Issue time table or such extended time as decided by the Issuer accompanied bydetails ofremittance of the Application money. The Application Form wi[[ constitute the acceptance requiredundcl Section 42 of thc Companies Act and thc PAS Rules. SuccessfrI lnvestors should ensure to do thefirnds pay-ia from their same bank account which is updated by them in Oe BSE Bond - EBP Platform whileplacing the bids. Itr case ofmismatch in the bank account dehils betweetr BSE Bond EBP Pla(orm and liebank account from which payment is done by the successfirl investor, 6e payment would be retumed back.Payment should be made by the deadline specified by the BSE, Succcsshrl bidders should do the fi.uds pay-in to the Designated Bank Account.
|ESIIICTED - Po*.)6
Page 106 of 575
IUpon hnal allocation by the Issuer, and confirmation by the [ssuer to go ahead with the allonnent of dre
Debentures, the Issuer or the Registrar od b€half of the lssuer shall hstruct the Depositories on the pay-indate, and the Depositories shall accordingty credit the altocatcd Debetrtures to the demat account of thesuccessfirl hvesto(s). Upotr itrstructiotrs ofthe Registar or the Issuer, the Depositories shall confirm to theclcaring corporation of the BSE that t}le Debentures have been haosferred to the demat accoun(s) of thesuccessful Investor(s). Upon confirmation from the Depository, the clearing corporatioo of the BSE shalltransfer funds to the bank account of the Issuer.
Successfirl bidders must do the frmds pay-h to the Dcsignated Bank Accoutrt up to t0:30 am on thc pay-indate ('?ay-in Time"). Successful bidders should eNure to do the fiInds pay-in from their same bank ac{ountwhich is updated by them in the BSE Bond - EBP Platform white placing the bids. [n case of mismatch iothe bant account details b€tween BSE Bond - EBP Platform and the bank account from which paynetrt is
done by fte successful bidder, the paynent would be rctumed back. Provided that, in case ofbids made bythe Aranger on behalf ofeligible Inveslors, funds pay-in shatl be made from the bank ac€ount ofsuch eligibleInvestors. Che{ue(s), demand drafr{s), money orders, postal orders will not be accrpted. The Issuer assumesno responsibility for atry applications tost in mail.
Note: ln case of failure of any successfirl lovcstor to complete the firnds pay-in by the Pay-in Timc or tbefunds are not rerceived in the Designated Ba!.k Account ofthe clearing corporation of the relevant Exchangesby the Pay-h Time for aoy reason whatsoever, the bid will liabte to be reject€d and the Issuer and/or theAflaog€r shall Dot be liable to the successful lnveslor.
7.16 Eligiblelovestors
Thc followiag Persons/ eotities to whom this Disclosure Document is being issued (including firnds managed/administered by the said person), are eligibtc to apply for this privaie placement of Deb€utures subject tofulfrlling their respective invesunent norms/ rules and compliance with laws applicable to them by submittingall the relevant documerts along with the Application Form ("Eltgible ltrvestor!'):l. Companies incorporated in India;2. Schcduled Commercial Banks;3. Pubtic Financial Institutiors specified in Sectioo 2(72) of the Companies Act 2013;4. Non-Bankiog Financial companies iocorpordted h India;5. Insurance Componies incorporated in Indiq6. Finaocial Companies incorporated in India in dte form ofcompanics;7. Mutuat Funds;8. Peruion Funds;9. Any other entity authorised by Applicable Law to invc.st in these Debenhres,
All Etgible Itrveston are required to comply with the relevatrt regulationyguideli[cs applicable m them forinvcsting in this issue of Debentures,
Note: Panicipatioo by potcntial investors in the issue may be subjeat !o strtutory and/or regulatoryrequiremen6 applicable to them in connection with subscriptioD to Indian securities by such categories ofpeEotrs or entities. Applicants are advised to enslr€ that they comply with all regulatory requireDentsapplicable to them, including exchange controls and other requirernents. Appticatrts ought to seekindependcnt legal and rcgulatory advice id relation to the laws applicable to theE.
7-17 Procedure for Applyhg for Demrteri ised Frcility
Thc applicant rnust have at least one b€neficiary account with any ofthe DP's ofNSDUCDSL priorto making the application.
The applicant must necessarily fill in ttre details (including the b€neficiary accoutrt number and DP -lD) appearing in lhe Application Form undcr the heading "Details for Issuo of Debcntures iD
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2
Elecbonic/Dematerialised Form"
Page 107 of 575
IDebsnturos allotted to an applicant will be crcdited to thc applicant's respoctive beneficiary account(s)with the DP.
For subscribing to thc Debentures, oarDes i[ the Application Form should be identica-l to thoseappearing in thc dctails in thc Depository. In case ofjoint holders, the names should necessarily be inthe same sequence as they appear in the account dctails mailtaioed with the DP.
Non-t-anEferable allotment advicdrefirnd orderc will be directty s€nt to tho agrlicaat by the R&TAgent to the Issue.
If incomplete/inconect details are given under the heading "Details for Issue of Debentur€s inElectsonic/Dematerialised Form" in the Application Form, it will be deemed to be an incompleteapplication and the same may be held liable for rejection at tre sole discretion ofthe Company.
For allotm€nt of Debentures, thc address, nominarion details and other details of the applicant as
registered with hidher DP shall be us€d for all correspondence with the appl-icant. The applicant Ls
therefore responsible for the coBcchess ofhis/her demographic details given in the Application Formvis-a-vis those with his/her DP. ln case the information is incorrect or insufficien! the Company wouldnot be liable for the losses, if any.
The rcdemption a.Eount or other beoefits would b€ paid to those Debeoture Holders whose namesappear on the list of Beneficial Ownerc maiotained by the R&T Ageot as oo the Record D8te. Io cas€
of those Debetrtures for which the Bcneficial Owner is not id€ntilied in the records of6e R&T Ageotas oo the Record Detc, the Company would kerp in abeyaoce the paymeDt ofthe rederlption amouator other benefits, until such time that the Beneficial Owner is ideqtified by thc R&T Agent aod
conveyed to the Company, whereupon the redemption amount aad bencfits will be paid io thebeneficiaries, as idortifi ed
7.tt DcpoiitoryArrrBgem€trts
The Company shall make necessary arrangornent with CDSL and NSDL for issue and hotding of Deb€nturein dematerialised form.
7.19 List of Bene{iciarie!
The Company shalt request the R&T Agent to provide a list of beneficiaries as at the end of each RecordDate. This shall be the list, which will be used for paymcnt of interest or repajrmetrt of redemplion moniesand all other amoutrts itr relation to the Debentures.
7.2O Appllcation under Powcr of Attorney
A cenified tue copy of the power of attomey or the relevant authority as tho csso may be along with thenames and specimen signatur{s) of all the authorized sigDatories of the lnvestor and the hr exeEptioncertificat€/documeot of the lovestor, if any, must b€ lodged aloog wirh the submission of the completedApplication Form. Funher modifications/additions in the power of attomey or authority $ould be notifiedto tlle Crmpany or to its agcnts or to such other person(s) at such other address(es) as may be sp€cified bythe Company from time !o time through I suitable communication.
In case ofan application made by companies under a power of attomey or resolutiotr or audlority, a certifiedtue copy thereof along with memoraudum and articles of association and/or bye-laws along with othercoNtirutional documetrts must be attached to the Application Form at he time of Eaking the application,faiting which, the Compatry reserves the full, uqualified and absolute right to accept or rejcat any applicationin whole or in part and in either case without assigning any re€son thersto. Names and specimen signaturcsofall the authorized signatories must also bc lodgcd along with the submission of thc completed ApplicationForm.
3
4
5
6
't
8
RESTa](.IED - P/g" tl
Page 108 of 575
I'7.2t Documeots to bc provided by ltrvestors
tn order to be able to bid under the BSE Bond - EPB Pladorm, eliSible lDvestors must have provided the
requisite documents (inctudhg but oot limited 0o know your customer) in accordance with the Operational
Guidelines or applicable law or as requcsted by the Issuer.
Investors nood to submit the following documonts, as applic.ble:
Memorandum a.od Articles ofAssociation or other constitutioMl documentsRcsolution aulhorising investDentCertified tlue copy of Powsr of Attomey to custodianSpecimetr signatures ofthe authorised signa0ories duly certihed by an appropriate authorityCopy ofPAN cardSEBI registration certificate (for mutual funds)Application Form (includitrg RTGS/ NEFT details)
7.22 Succersion
In the cvent of wi[dillg-up of the holder of the De!eoh[e(s), the Company will recognize the executor oradmiristrator of the concemed Doben[r€ Holder(s), or 6e other logal reprasentative as having titte to theDebcntue(s)- The Company shall not be bound !o rec4gnize such executor or administrator or other legalrqrresentative as haviag title to thc Debenture(s), uoless such executor or administrator obtai$ probate orletter of adEinistation or other [ega[ represent tion, as the c.ase may be, ftom a coud in lndia havingjurisdiction over the matter.
The Company may, in its absolute discretiotr, where it thhks fit, dispe$o with production ofprobatc or [otterof administration or other legal representatioD, in order !o recogDize such holder as being oEtitled to thcD€bentue(s) standing in the mme of 6e concerned Debeoh.ke Holder on production of sufficientdocumeatary proof and/or an indemnity.
7.23 Mode of Prvmena
All payments must be made through NEFT/RTGS as set out i! the Application Form
7.24 Elfect of Holidrys
If the ilterest payment date falls otr a holiday, the paFnent of interest up to origiDal scheduled dare,will be made on the following working day, however the dates ofthe fuu[e coupou payments wouldbe in accordance with the schedule originally stipulated at the timo ofissuing the security.
Ifthe Redernption Date (also b€ing the last Coupotr Payment Date) ofthe Deb€ntures falls on a day that isoot a Busincss Day, the redemption proceeds shall be paid by the Issuer on the immediately precedingBusiness Day along with interest accrued on the Debcnh[es uotil but excluding the &te ofsuch payment.
It is clarified that Iuteresttedemption with respect to the Debentues shall be made only on the days whenthe money market is frmctiouing in Mumbai.If the Record Date falls oa a day which is uot a Business Day, the immediately sucaeeding BusitrcssDay will be comidered as the Record Darc.
7.25 Tar Deduction at Source
Tax as applicable under the [acome Tax Act 196t, or any other statuiory modificrtion or re-etracheDtthereof will be deducted at source. For seeking TDS exemption/lower rate of TDS, relevantcertihcatty'document must be lodged bythe deben re holders ar the o{fice ofthe R&T Agent ofthe Companyat least l5 (Fifteetr) days bcfore the relevaot paymEnt becoming due. Tax excmption certificate / dcclaratioo
l.2.3.4.5.6.7.
f'-io
\LD
Page 109 of 575
Iof nondeduction of tax at source oD interest on application money, should be submittcd along with theapplication form.
Ifaoy paymens under this issuance is subject to any tax deductioo other thad such amounts as are rc{uiredas per cunent rcgulations aad laws existing as otr the date ofthe Debetrtures, including ifthe Company shallbe required lcgalty to make atry payment for Tax ftom the sums payable in relatiou to the Debenture ("TarDeduction"), the Company shall make such Tax Muction, atrd shall simultaneously pay to the DebenhrreHotders such additional amounts as may be necessary in order drat the net amounts received by the DebennreHolders after the Tax Deduction shall equal thc resp€ctive amounts which would have been receivable by theDebenture Holdcrs in the abscnce ofsuch Tax Deductioo.
7.26 Letters of Allotment
The letter ofallobren! indicating allotmflt ofthe Dcbeirh[es, wilt be issued in physical form on the DeemedDat€ of Alloutrent its€lf. The aforesaid letter of allotsned shatl be replaced with cr€dit of the letter ofallotment, in demaEriatised form, within 3 Clhre€) Business Days from the Deemed Date of Allotment. Thefinal credit ofthe Debetrulres in dematerialised form shall be made within l0 (ten) Business Days from theD€emcd Dalc of Allotuenl
7.2'l DeeE€d Date of Allotme nt
Al[ thc bonefits undcr thc Dcbcotures, will accrue to the lnvestor from the specified Deemed Datc ofAllohle . The Deemed Date of Allotment for the Issue is May 29, 2020 by which datc the hvestors wouldbe htimated of allohenl
'1.28 Retunds
7,29 PAN:
Every applicant should me ion its Permanent Acoouot Numb€r ("PAN") allo(ed under Income Tax Act,1961, on the Application Form and attach a s€[f-attested copy as evidence. Application forms without PANwill be coosidered incomptete md are liabte 0o be rejected
7.30 Payment on Redemption
Payment on redemption will b€ made by way of cheques, dematrd draffs, interesr/ redemption warrants, pay
order, direct credit, ECS, NEFT, RTGS atrd./or other otrline pa)rment mechanisn as are permined by theReservc Batrk of India in the name of the Debenuue Holder(s) whose names appear on the list of BereficialOwners given by thc Depository to the Company as on the Record Dat€.
The Debcntures shall be taken as discharged oD payrDent of the redemption a.orount aod any default interestby the Company on the Principal Repayment Date to the registered Debenture Holde(s) whose name appears
in the Registcr ofDebenture Holde(s) on the Record Datc. OE such payoeilt bcing Dade, the Company willinform NSDUCDSL aud accordingly the account of the Debsnture Holder(s) with NSDUCDSL will beadjusted.
On the CompaDy dispatching the amount as specified above in rcspect of the Debennues, the liability oftheCompany shall staDd extinguishe
For applicants whose applications have been rejacted or allotted in part, rehrnd orders will be dispatchedwithin 7 (SeveD) days &om the Deemed Date ofAllotnent ofthe Debeotures.
In casc the Company has received money from applicants for Debentures in excess ofthe aggregate of theapplication money relating to the Debsntures in re,spcat of which allouEents have been made, the Registrarshall upon receiving instuctions in relation to the same ftom the Company repay the mooeys to the extent ofsuch excess, ifany.
RESTN(]TED Pde'N
Page 110 of 575
IsECTloN l: !!!!!!{!(![
The Coflpary and eh oilhe dircqors of th. Company hcr6y conlirm and ddclar.lha!:
fic Company har complied uith thc prDuisioni oflhc Co.np6rics Acl and lhc rulas moda thecuntler;iL
e.
b- fie complirllce wilh rhc Corhpa €sAcland the rulcsdo.s no( imply lhrl pa],mcm of divid.rdor rnrcrcst
or repayment of Dfuuurcs, if applicablc. is guarant ed by 6c Ccnlra.l Govcnmcnt:
thc moni6 Ecaivcd under thc IssJe shall bc trscd only for the purposer and objccar indicat.d in theDirclosu. Docurncnt (offcr hoer);
I am aurhori2ltd by fic Boad o[ Dtdc1ors oft rc Conpsny vr'a& r6olution daEd AuBus J, 2019 and Ma] 25.
2m0 and thc Elolurion of6c Dcbcn$Ir Comlrliucc dal.-d May 25, 2Om to sitn lhb forrl and dcclarE dudall dr€ rqui.cm.i s ofcoopanics AcL l0ll and fir rulcs madc thereundcr in respecr of6c srbjcct maurrofdis Dirclos.rc D€umcnt and ftalters incidentll thcrao hsve b€.n conplied with. Whao'cr is satcd inthis Disclodurc Doq.mclrt ard in tha attaclsncnts lhcreto i5 truc, coftcct and compldr and m hfonnationBalr ial to thc subj6l mdrr of Discl6urE Document har bcrfl supprassad or c(xlceale{j a,ld is ss par lhaoriginal Ecoa& maiorain€d by thc pro ote6 rubscribint to dre NleInorn lJurn of Association ,rd Adclcs ofAssdiarion.
k is lunhcrdcclsrd and vcrifisJ tharalllhc rcquircd attachm.nts havc bceflcompletely, concctiy and lctiHyadachcd to ftis [oam.
k is furdr.r dcElscd fiat all Ge rel.vanl prcvisions in tic regularionvtuideline issu.d by SEBI and odtl'applicablc la*s hrvc bccn c@plicd uith and m slatcrncnt made in lhis Dilcloorc Documcnt i5 conlrary !othd FovisiorLs of llrc r.gul iocv8uiddines issu.d by sEBt afld odEr applicablc law!' as fE ca$ rnay bc-
Thc infffEtatim coolainel in this Dilclosrc Docul[lcnt is as applicablc ro priyaGly plsc.d dcbt sclriti.sand c$jecr o ilfonnarion available lrith thc Cooprny. TIE dtent of disdosurcr madc in thc DisclosureDocrmcnt is coBisant with disclosurcs pcrmittad by regularo.y aulEritics o thc issrc of *q[itics made
by thc conpanics in drc pal.
For Dilip Buildcon Limitcd
Authoris.d Sisnalorvwan.' QoJ'ri DFondfrqnt o-Tirlc: Cr e-:r zad f^o 04 ClDat : 2-B lo sl 2<,2suetaa: $\.o I o1
C$"--)
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Page 111 of 575
AIINEXURE I: CONSENT LETTER FROM TIIf, DEBENTURE TRUSTEf,
lAttsched sepsrotely]
I
rcSTRrCrao eoge 62 .
t..'
Page 112 of 575
IANNEXURE tr: APPLICATION FORM
Dilip Buildcon Limited(A timited company registcred under the Companies Act, 20t3)
(Date of Incorpordtior: June 12, 2006)CtN: L4520 I MP2006PLC018689
Reglstered Olfice: Plot No. 5, bside Govind Narayan Singh Gate, Chuna Bhahi, Kolar Road, Bhopal462 016,
Madhya Pradesh, India; Website: www.dilipbuildcon.co.in; Telephone: +91 '155 4O29999i Fu: +91 755 ir029998;
Cotrtrct Persoo: [Abhishek Shrivastava]; Email:[email protected]
ISSUE OF UPTO lol ([ol) SENIOR, SECIJRED, RATED, LISTED, REDEEMABLE! NON-COIT{VERTIBLE DEBENTIJRE OF A FACE VALUE OF RS. 1O,OO,OOO/. (INDIAN RUPEES TEN LAKHS
ONLY) EACII, AG'GREGATING UPTO RS TOO,OO,OO,OOO/- (INDIAN RI',PEES ONE HUNDRED CRORESONLY) COMPRISING OF NON CONVERTIBLE DEBENTIJR.ES ('NCDS")
Dste ofApplicrtioo:
The details ofthe applicatiotr are as follows
DEBENTURE SERIES [.] APPLIED FOR:
Number ofDebeDhles _ io words _
Amount Rs. /- in words Rupees Crore ooly
DETAIIJ OF PAYMENT:
Cheque / Demand Draft / RTGSNo. Drawn on
Funds tr-dnsfefl€d to Ditip Buildcon LimitedDated
Total Amount Enclosed(In Figures) Rs._____;! (In words) _!qly
APPLICANT'S NAI}TE IN FULL (CA}MAIS)SIGNATIJRE
SPECIMEN
DEBENTURE SERIES [.] APPLICATIoN FoRM SERIAL No. III
APPLICANT'S ADDRESS
ADDRESS
STREET
€
=,i,
\L i.-'r
Page 113 of 575
ICITY
PIN PIIONE FAXrr III
A}PLTCANT'S PAN/GIR NO IT C IRCLE/WARD/DISTRICT
wE ARE ( ) COMPAI,TY ( ) OTHERS ( ) SPECrfy _We have read and understood the Terms and Conditions of the issue of Debentures including the fusk Factorsdescribed in &e Disclosure Document and have considered drese in making our decisiotr to apply. We bind ourselvesto these Terms and Conditions and wish to apply for allounent of the,se Debenn[es. We request you to please placeour name(s) on the Register of Debenture Hotders-
Namc of thc AuthoriscdSimatory(ies)
Designation SigDature
ApplicaotsSigEature
We the undersigned are agreeable to hotding the Debentures of the Compatry in dematerialised form. Details ofmy/ourBeneficial Owner Account are given below:
DEPOSITORY NSIIL 0 CDSL ()DEPOSMORY PARTICIPANT NAMEDP.IDBENEFICIARY ACCOUNT NUMBERNAME OF TEE APPLICANT(S)
Applicut Batrk Accoutrt :
(SetttEmeDt by way ofCheque / Demard Draft / PayOrder / Direct Crcdit / ECS / NEFT/RTOVotherpermitted mechanisrns)
DATE OF RECEIPTFOR OFFICE USE ONLY
DATE OF CLEARANCE
(Note: Cheque and Dra/ts ate etbject lo realisation)
Wo undcrstand and confirm that the information provided in Se Disclo$re Documeot is provided by the Companyand rhe same has not beeD verified by any legat advisors to the Compauy, the Arrangsrs ad other intermediaries and
ttet agents and advisors associated E ith this Issue. We confirE that we have for the pupose of investing in these
Debentures carried out our own due diligence and made our owrt decisions with respect to investrnent in thos€
Debentures atrd have not relied otr any reprcsentatiols made by aoyone ottrcr than the Company, ifany.
RESTRTCTED .Pa$ 61
.rl
Page 114 of 575
IWe urdeBtand that: i) in cas€ of allotmeDt of Debentures to us, our Beneficiary Accouna as mentioned above wouldget credited !o the extetrt of allotted Deb€ntures, ii) the Applicant must ensue that thc sequence ofnames as mentioned
in the Apptication Form matches the sequence of name held wift our Depository Participant, iii) if the names of the
Appticant in this applicarion are not identical atrd also not in the same order as the Bencficiary Account details withthe abov€ mentioned Depository Participant or if ttre Debentures catrnot be creditd to our Beneficiary Account forany reason whatsoever, the Company shall be entided at its sole discrction to reject lhe applicatioo or issue the
Debentures in physical form.
We u[derstand that we iue assuming on our own ac{ount, all risk ofloss that may occur or be suffered by us includingas to the r€tums on and./or the sale value of the Debenhrres and shall not look directly or indirectly to the Arrangers(or !o any person actitrg on its or theL behalf) o indemnify or othenvise hold us harml€ss itr respect of any such loss
andlot d"nzge. we utrdertake that upou sale or transfer to subsequent investor or tansferee ("TrrNfere€"), we shall
cotrvey all dte terms and conditioas contained hcrein and in this Disclosure Document to such Transferee. In the event
of aly Transferee (including any htermediate or luul holder ofthe Debentures) suing the Coopany (or any persoo
acting on its or their behal0 we shatt indermi$ the Company (and all such persons acting on is or their behalf) and
also hold the Company and each of such p€rson harmless in respect of any claim by alry Tra$fEre€.
AppticaasSignature
DATE OF RECEIPTFOR OFFICE USE ONLY
DATE OF CLEARANCE(Note: Cheque and Drafts arc subject to realbation)
(TEAR rrERE) -----ACKNOWLEDGMENT SLIP
(Io be filled in bv Aoplicanl) SERIAL NO. II
2
Received fromAddress
Cheque/DTaMJTR # Drawn on for Rs ooacc,outrt of application of Debetrtures
Applicatiotr must be coopleted in full BLOCK LETTER IN ENGLISH exc€pt in case of sigaature
Applications which are not complete i! ovsry rcspeat are lisble !o be rejected.
Paymeot should be Eade by the deadline specified by the BSE. Successtul bidders should do the funds pay-
itr to the batrk account of the BSE ("Desigtratcd Brok Accouot"):
Successful bidders must do the firnds pay-in, in totatity, to the Desi$ated Bank Accoutrt up to 10:30 am oothe Pay-ln Date ("Pry-ir Tine"). Successful bidders should eDsure to do rhe filnds pay-in from their same
bank account which is updated by them in tbe BSE Bond- EBP Pladorm whilc placing tic bids. In casc ofmismatch in the bank accouot details berween BSE Bond EBP Ptatform aad the ba.ok account from whichpaymeot is dotre by th€ succ€ssful bidder, the payment would be retumed back_ Provided ftat, in case ofbids
t-)
'/
65
i:!l
Page 115 of 575
I
3.
4.
made by the Arraager on bchatf of Eligible lnvcstors, 6uds pay-in shall be made ftom thc bank account ofsuch Eligible Itrveslor.
Note: ln case offailure ofany successfirl biddcr to complete thc funds pay-in by the Pay-in Time or the fuqds
arE not iecoived in the BSE Clcaring Limited's DesiFatrd Bank Account by the Pay-ir Time for any reasoo
whatsoever, thc bid will liable to be rejected and the Issuer and/or the Arranger shall oot be liable to the
successful bidder. Funds pay-out on would be made by BSE Clearing Limited to ttre bank account of the
Issuer.
Cheque or bank draft should be drawn on a scheduted bank payable at Mumbai
The Applicetion Form rlo[g with relevant documents should be forwarded to thc Registered Office of Ditip
Buildcon Limit€d (the "Is!uer') to the attentioa of[ol, or the same day the application money is deposited
ill the Bank. A copy ofPAN Card must accomPany the application.
In the event of debentues offered being oversubscribed, the same wilt be atlotted in such manner and
proportion as may be derided by the Issuer.
The debentures shatl be issued in Demat form only and subscribers may carefully fill in the details ofClient
IDl DP ID.
5
6
SESTrJCTEO.
Page 116 of 575
IAT\NEXIJRE III: AUDTTED FINANCIAL STATMENTS
Sarndrlooc Iinrncirls
Standalone Balance Sheet(Rs. Io Cr.)
Particulars Note 3l March 2019 3l March 2018 3l March 2017
Assets
Non-current rssets
Property, plaot and equipmetrt
Othq Intangibte asseh
Financial asses
Itrvestments
Other fmtrcial assets
Other oon-currsnt ass€t
2
2
3
5
9
2,04t.1614.0't
523;16
29t.6'1
751.45
1,829.00
2.92
241.51
298.19
545.00
t,67E.49
3.98
469.54
t16.94
3'10.25
Total oon-curretrt risets 3,655.11 2,9L6.61 2,6s9.20
Current rss€ts
Inventories
Fir rcial assets
Trade rereivables
Cash and cash equivalents
Loans
Other financial assets
CurreDt t8x asset (Det)
Other current assets
6
7
8
4
5
9
2,503.76
t,409.26rtt.80771.79
u6;14t7.25
|,632.t6
2,026.23
r,384.43
t61.30
559.91
212.73
21.09
1,t22.62
r,563.86
1,016.52
I 13.70
2rt.27r r0.92
6E.70
805.13
Toaal current rsscts 6,975.76 5,508J0 3,990.1I
Non current Assets held -for-sale 2'7 5.7E 296.t1
Total Alsett 10p06.65 q72r.o2 6,6493r
Equlty rtrd Li.bilitic!EquityEquity share ceitalOther equity
l0(a)100)
116.77
3,067.65
t36.772,120.29
136.77
|,'t 16.t2
Tot.l Equity 3,2M,42 2,457.06 1,852.t9
LhbllltlcsNou-current lisbilitie!Financial liabilitics
BorrowingsProvisionsDeferred tax liabilities(ner)Other noo-curr€nt liabilities
llt4l6l5
t,145.9784.88
t7.t2tE0.22
t,M2_6963.21
106.71
398.66
612.50
22.05
75.89
393.74
\LD
Page 117 of 575
ITotsl non-curretra lirbilities 2,12E.19 t,5t1.26 1,124.18
Curretrt li8billaierFinanciat liabilities
BorrowingsTrade payable
(a) toral outstanding dues of microenterprises and small e erprises;
(b) lotal outstaoding dues ofcreditors other than micro enterprisesand small enterprises;
Other fi nancial liabilitiesOther current liabilitiesProvisions
Current tax liabitity
llt2
t3t5t4
2,055.25
15.t2
1,688.96
56'1 .41
939.35
12.18
t;127.95
1.34
1,506.,t4
!22.49810-02
9.96
t,57f.t4
0.52
888.06
686.06
5 r6.09
8.37
Total Curretrt Lirbilities 5,298.26 437E.2O 3,672.24
Liabilities in repsert of non crmenta.ssets classified as held for sale 2'15.78 274.50
Totrl Lirbilitics 7,702.23 6,26t.96 1,796.42
Total Equlty rnd Liebilities 10906.65 E,121.O2 6,549J1
Stat€metlt of Proflt rnd Loss
Standalone Statement of Prolit and Loss(Rs. In Cr.)
Prrticulars Notes Y€rr cnded31 M{rch,
20r9
Yerr etrded31 March,
201t
Yctr eoded31 March,
2017III
Revenue from operations
Othcr income (net)t1IE
9,118.22
46.39
't,745.88
15.52
5,097.61
t 1.45
III Totd hcome (I + II) 9,1il.61 7,761.40 5,109.07
w -@esCrst of colskuctiotrPurDhsses of Stock-io-Trade
Changes in itrventories
Employee benefits expense
FinaDce costs
Depreciation and amortization expens€
Other exptnses
l9
20
2t22
23
7,16s.91
-31.90
t'l't.36529.8E
320.t9202.48
5,892.@
t 15.36
$2.q464.U274.96
t82.72
3,859.84
47.t4102.50
416.24
227.r9190.r7
Toad erp€trses (IV) 8J63.91 7,082.17 4,149.0tProfit before exceptional iterns and tax
OII .Iv) 800.70 678.93 360.O7
VI Exceptional ircrns 4.2',1 - 15.21
vl Profit b€fore tar (v + VD 804.97 663.72 360.07
\rltr Tar erpense:
RESTRICTED - Pdg.
Page 118 of 575
I(t) Current tax
(2) D€fened tax t5t29.90
-89.88
t2.77
10.65
0.t I
-l.69x Prolit for the ye.r from cotrti-ouing
operationc (VII - VIID 164.94 620.30 360.94
x Pronucoss) for the yerr 74.94 620J0 360.94
XI
xtr
xm
Other compr€hetrsive locomeA (i) Items that will not be reclassified
m profit or loss(ii) Income tax relating to items tlat
will not b€ reclassified to profit or loss
24-0.81
-0.2t
0.50
-0.17
0.2E
-0.10
Toasl Comprehe$ive Income for theye&r (IX + )O
763.t5 620.63 361.r3
Esrnings per equity shr.c (forconaitrultrg opcrrtioE)(l) Basic
(2) Dituted21 0.56
0.56
0.45
0.45
0.28
0.28
Crsh Flow Ststcment
Standalone Cash Flow Statement(Rs. Cr )
PrrdcuhrsFor the
yerr etrded3r.03.20r9
For theyear e[ded31.03.2018
For theye{r ended31.03.2017
A. CASH FLOW FROM OPERATING ACTTVTIIES
Net Prolit before Tsr s3 per StaaemGot of Prolit snd Losg
ustments forDepreciationIntorest incomeFi.mnce lncoEe due to UEwindhg of security deposit
(Profityloss otr Sale of Fixed Ass€ts
Interest Expense
Provision for Doub6rl DebsRemeasurements gains /( losses) on post-employEeat benefitsExcrptional items - loss oo Sale ofSubsidiary companiesCreditors Vback
Operating Pront Before Worklng Crpitrl chatrg€s
Workins Caoital Chanees:(lncrease/Decrease in Current and Non- Curretrt A$se6Increase(Decrcase) in Currstrt and Nor Curre LiabititiesIncrqs€(Decrease) in Provisions
320.19
-21.5E
-0.43
-0.tI529.88
I 10.00
-0.81
4.27
804.97 663.72
274.96
-t2.47-o.24
-0.17
464.44
42.N0.50
-39.08
- l3.l I
360.07
227.39
-E.97
-0.33
-t.o'1
416.24
20.50
0.28
1,737.U
-1,716.91
I,073.3E
2f .90
-2,2',tO.24
|,455.673.67
rJ80.ss r,0t 4.10
-853.83
566.'15
t0. rtC&sh generatcd from operatioos I,118.21 569.6s 737.20IDcome tax paid - 160.36 -t50.43 -E3.49
,IY 5o(
Page 119 of 575
NET CASH GENERATED FROM OPERATING ACTIVITIESnroral, A) 957.t5 119.22 653.71
B. CASE FI,OW FROM IITVESTMENT ACTTVTIIES:Purchase of Fixed Assets
Sale of Fixed Assets
Purchase of Investmgnts
Interest Received
-57 t-t20.14
-266_19
2t.58
-444.24
20.01
-44. r8
12.4'1
493.t74.'17
-t79.72E.9',7
NET CASH USED IN INVESTING ACTTVITIES (TOTAL B) -814.99 -455.95 -659.15
C. CASH FLOW FROM FINANCINC ACTIWIES:Proceeds from Share Capital - includiug premium(Repayment) / Proceeds of/ ftom Iong Term BorrowingsProceeds ftom Shon Term Borrowingstnterest paidFinance Income due to Unwindilg of security deposit
Dividend Paid
103.28
32't.30-529.88
o.43
-16.49
410. t9r 54.81
461.440.24
-16.46
410.00
-E2.63
82.09
4t6.240.33
-0.35
NET CASE USED IN FINANCING ACTMTIES: (TOTAL C) - 5J6 t433 13.21
Net l[cress€{Decre$e) of Crrh & Crrh Equtvdents ( A+B+C)
Add: C.sh & Cesh Equivrletrt! rt th€ begirritrg of the yerr
27.50
1,6t2.9E
4'1.fi
1,136.97
7 .77
r,0593r
Cesh & Cesh Equivrlctrts rt ahc cnd of the yerr 1,640.4t I,r&t.57 1,067.08
I
Consolldrted linrncirl 3tatement$
Belance Sheet
ASSETS
Non-current .ssets(a) Property, plant atrd equipmcnt
@) Capital work in progress
(c) Other Intangible assets
(d) Intaogible assets uoder development(e) Financial assets
(i) Investments(ii) Trade rec€ivables
(iii) Others(0 Dcferred tax ass€ls
Consolidated Balance Sheet
(1)
Totrl Non-Currcnt Assets
Other non-current aaset 763.65
7,624.1t
575.80
sJs3.r0393.33
42sO.28
2,061.19
2,7t5.83969.53
I,842.41
848.28
201.7 s
114.36
t,679.39106.I t28'1.43
354.21
13.4E
7t9.21291.68
812.3 t298.t9
|,292.Ut16.97
(2) Current rsseti1,663.85(a) Inventories 2,5M.43 2,026.23
Particulrrs 3l Uarch 2019 3l Uarch 20t8 3l fl.rrch 2017
RESTNCIED.
(Rs. in Cr.)
Page 120 of 575
I(b) Finatrcial assets
(l)
(i) Investments
(i) Trade receivables
(ii) Cash and cash equivalent(iii) Loans
(iv) Others
(c) Curent Tax Asset (Net)(d) Other current assets
54.r0t, l6l.9 t
521.09
40.01
44't.to32.45
2,041.19
t, t 54.61
294.55
7t -6t232;t3
21.10
t,374.32
949.88
t63.03
I10.93
47.02
834.32
Totrl Curretrt Assets 6,802.28 5,175.15 3,769.02Assets held-for-sale / AsseB included itrdisposat group(s) held-for-sate I1.70 47.t0
TOTAL ASSETS 14,438.76 10,575.36 8,019.30
EQUTTY AND LIABILITIESEqulty(a) Equity share capital
O) Other equity(c) Non Controlling Interest
136.',l'.l
2,669.20
28.82
t36.77
2,139.34
t4.35
t36.1't
1,582.21
0.03
Tot{l Equity 2,E34.80 229O.46 1,719.01
LleblllticsNotr-curretrt li.bilities(a) Financiat liabilities(i) Bormwings(ii) Other finaacial liabilities(b) Provisions(c) Defered tax liabilities(d) Other non-current liabitities
4,820.19
0.29I13.6825.39
748.42
2,918.5'l
o.29
63.21
12t.90294.36
2,27t.98
0.29
25.18
83.',|2
203.69
(2')
Totrl Notr-Current Lisbilities 5,707.97 3,418.33 2,585.45
Crrre[t liabiliti€s(a) Financiatliabilities(i) Borrowings(ii) Trade payabte(a) Total ouastanding dues ofmicro
enterprises andsmall etrt€rprises
(b) Totat outstanding dues of croditorsother than
micro enterprises and small eoterprises(iii) Oher financial liabilities(b) Other current liabilities(c) Provisions
(d) Curent Tax Liability (Net)
2,130.13
35.12
t,706.00
676;7 6
1,056.8 r
12.18
3.23
t,79',1.E5
1.34
1,520.25
3U.'12
E96.ts9.96
l.t0
1,508.00
0.52
tt8.07
780.2t529.63
8.40
Totsl Curretrt Liebilities 5,620.22 4592.07 3,7r4.$Liabilities classified as hcld for sale /Liabilities inctuded in disposal group held-for-sale
2',15.7t 2',14.50
Totrl Lisbiliai€s 11,603.96 trt4.t9 6300.29TOTAL EQTIITY AND LIABILITIES 14438.76 1057s.36 8,019.30
tilo
.\:tiar
Page 121 of 575
IStrtemetrt of Profit rnd t-oss
Consolidated Statement of Profit and Lossin Cr.
III
Rgvenue from Operations
Othcr income
9,415.U4't.31
'1,93'1.48
t7.21
5,319. t6t2.25
Itr Totsl Income (I + II) 9,461.16 7,954.69 sJ3l.40Iv Expens€s
Cost of construction
Changes in invenioriesEmployee benelis expense
Financo costs
Deprcciatioo and amonization expense
Other expemes
1,232.62
-32.5E
17t.7't
871.86
362.20
272.06
5,9t5.09
I15.36154.s3
589.71
29t.962to.6t
3,t95.814',1.t3104.98
554.88
245.19
205.55
Totd erper3es (IY) t,884.92 7)47.26 4,959.28
VI
Profit before exceptional items and tax(trr-rv)Exceptioral items
5',18.23
-1.58
607.43
23.79
312.13
vII Profit beforc tsr (\r) + (VI) 576.66 63122 312.13
YIII Tax exp€ns€s
(1) CuEent lax(2) Deforrod trx
t29.15-96.79
12.77
48.42
0.98
tl.47
D( Prolll for the yerr from cotrtitr[lngoperstions (VfI - VIID 5.r3.70 570.03 357.6t
1;14x,fl
Share of Profit / (Loss) of Associates
Prolia for ahe ye.r (IX + X) 547.45
7.62
577.64 357.68
0.28
-0.10
)(II Other Comprehcnsive ltrcomeA (i) Items that will not be reclassifiedto profit or loss
(ii) Income tax reLating !o items thatwill not be reclassiEed to profit or lossB (D lteEs &at witl b€ reclassiticd toprofit or loss
(ii) Incomc tax relating to items thatwill be reclassified to profit or loss
-0.81
-0.28
0.50
-0.17
571.97 357.87XItr Iotd Comprehemivc ltrcoEe for theyelr (XI + XID 54636
2;t62.76
Earoing6 per equity shere (forcontitruing operrtiotrr)(l) Basic(2) Diluted
4.004.00
4.224.22
xrv
For thc yearendttl
3lst ll.rrch.2019
For thr -yearendcd
3l sr \Iarch.20lll
For lhe rear cnded3l st \larch.20l7
Pa rtic u lx rs
RESTNCIED - Pd* 72
Page 122 of 575
ICrsh Flow St.teBeDt
Consolidated Cash Flow Statement
576.66
362.20- t9.36
-0. nE7t.t6I 10.00
-0.8 t1.58
631.22
29t.96-13.39
-0.17
589.71
42.@
0.50
-23;t9-13.1I
372.13
245.t9-9.45
-r.07554.88
20.50
0_28
r,902.01
-t,556.47
1,146.86
52.69
r504.93
-1,04t.29949.90
38.99
tJa2.46
-840.08
364.99
I1.88
Nct Prolit before Tlr Is per SarteEetrt ofProfit aod Loss
Adiusunents for:
DcpreciatiooInterest income
(Profit)^-oss o! Sale ofFixed Assets
lnterest Expens€
Provision for Doubffrl DebsRemeasurgments gains ( losses) on post-employment benefits
Profit on salc of InveshentCreditors w/back
Opereting Proftt Before Workitrg Crpitd chaogc!
Working Capital Changes:
(Increase/Decrease in Current and Non- Current Assets
Iocreas€(Deciease) io Current and Non Curr@t Liabilitieslncr€s€(Decrease) in Provisions
Calh geoerated from operatioosIncome tax paid
A. CASII FLOW FROM OPERATING ACTNTTIES:
r545.09- t 32.04
1,452.52
-153.20
719.26
- 105.3E
NET CASH GENERATED FROM OPERATING ACTIV'ITIESCIOTAL A) lJ13.0s 1,299.32 613.87
B. CASII FLOW FROM INVESTMENT ACTIVTfIES:Purchase of Fixed Assets
Sde of Fixed Assets / AdjustDentInterest Received
Purchas€ of Invests[ents
-5,422.42
2,960. r619,36
-69.16
-1,733.2s
20r.8013.39
-1,021.2'1
4.77
9.45
NET CASH USED IN INVESTING ACTIVITIES (IOTAL B) -2,512.06 -1,5rt.07 -1,007.06
Proceeds froln Share Capital - iocluding premiumProceeds from Loog Term BorrowingsProceeG ftom Shor( Term BorrowingsInterest paid
Dividcod Paid
ANCING ACTTVITIES:C. CASII FLOW FROM
1,881.63
332.28
-871.t6-16.49
666_58
289.85
-589.71
-t6.46
429.99
5t2.23s 3.39
-554.88-0.35
vca rcndcd
31.03.2019
For thc
J elrendrd
31.0-1.2 0l8
For the
) ear€nded
31.03.2011
For the
Pxrticulars
eit)ra ia r ,,,
7J
(R& itr Cr)
Page 123 of 575
INET CASH USED IN FINANCINC ACTIVITIES (TOTAL C) rJ25.56 350.27 440.37
Net lrcrease/(Dec.ease) ofCrsh & Crsh Equivalents (A+B+C)
Add: Cash & Cesh Equivalents st the beginniDg of the year
226.s4
294.55
t31.52
163.03
4'.1.t8
r 15.85
Cllh & Ctsh Equivdeoas ra th€ etrd of thc ye.r 52t.09 294.ss 163.03
Utrrudited strodslone llnrnci{l rcsults for the qurrter ended D€c 31, 2019
Dilip Buldcou LiEtt d
Regitte.€d Ollice: Plot No. S lNidc Goviod N.r.y.tr Singh Grte, Chuu Bhrtti, Kohr Rord, Bhoprl-462016, Mrdhy.Pr.de'h
CIN: U5201 MEl006PLC0lt6t9
SartcEetrt of Utr.uditrd St nddoo. I'rnrndd R.'[lb for the qu.rbr .trd Nine motrtlr etrdd 3l ltcccEber 2019
(R!. itr Cr.)
Sttdrlotre
Sr.No PrrticuLr! Qu.rter coded Ninc Mooahi ctrdcd Ycar and€d
3l-D.c,l9 3GScpl9 31-Dcc-18 3l-Dec-19 3l-De.-lt 3l-Mr-r9
Utrrodla€d Utrrodited Utr.udlt d Utrruditad UEruditcd Auditcd
I
II
Revenue fromOperstioosOther lncome
2,381.04
8.03
I,t09.lt
7.40
2,488.91
,.71
6,484-t I
21.7 t
6,55 t.53
13.07
9,r40.21
24.14
m Totrl hmEcO+ID
2,389.07 r,816.70 2,492.9 6,505.t2 6,5?4.60 9,[email protected]
ry Erpeoras
(a) Cost ofMaterialsco.rsumed andOperaringExpenses
O) Chatrges itrinventori€s offinishcd goodsand Work-in-progrcss(c) Employeebenefits expensc(d) Finance Cost
(e)Depr€ciationand amortisationexpcnse(f)OtherexpsDlies
1,71t.37
t02.&
53.06
t52.91
t07.92
93.t9
t,433.43
-35.56
49.42
r5t.45
105.62
40.62
2,006.6r
-64.79
44.6'1
t41.15
E0.45
50.05
4,866.48
t47_71
145.83
465.22
3tE.24
r68.70
s,t28.6 r
-72.12
t24.s9
387.05
233. rt
17r.33
't,165.9t
-31.90
t11.36
529.88
720.t9
m2.4t
Tot l Erpelsaaflr') 2,221.85 1,146.9E 2,27 t.35 6,r08.20 6,012.65 8,363.9t
TESTNCTED PoE 71
Page 124 of 575
IPront / Grtr)bafor€etccptiomllaeEs rtrd tllflII-I\o
167.22 69_12 22t.29 191.62 561.95 8m.70
VI ExceptionalItcms
1.96 3.96 4.2'1
vtr Profit / (Ir!s)bcfore tat(v+vI)
t7t.t7 69.t2 22t.29 401.5t 56t.95 t04.97
vm Tax expens€:
(a) Cunent Tax
(b) Defercd Tax
52.s3
-8.3r
2t.23
-9.1E
76.40
-62.02
t2t.'t0
-29.99
I t6.49
-99.51
D9.m
-89.88
D( Profit / (Ir3r)for th. yerr /pcrlod (v[-vItr)
126.95 51.61 206.9t 309.87 545.02 764.94
x OtherCooprahcniiveIocomeItems that wil|not bereclsssified loprofit or loss(Net of raxes)
0.28 0.04 1.67 0.69 {.81 -l_09
XI Tot lCoopretrcarivehc{Ee aftartrt (IX+,O
121.23 57.11 208.58 3t0.56 544.21 161.85
xII P.id up lhrrc.rpitrl (Equityihare of Rr. 10e.ch)
t16.77 t36.17 116.71 t36.77 t35.71 136.7'1
xm Other Equity 3,M1.65
xw E.rnhgr PcrShrre (forcootiruirgoper.tlons)(a) Basic
(b) Diluled0.91
0.93
0.42
0.42
t.5l
L5l
2.27
2.27
3-99
3.99
5,59
5.59
r: I
:,/Page 125 of 575
IAIINEXURE ry: RATING LETTER AND RATIONAI,E
GGE Ratings'1!!.[..rt\!iil.-.
ar'tr I aaat,4.lrozt-2l I t t7 zk.OSs.ry.shlChalarhdn Id Man€r,r8 OrrGrtoiEA.J.o.LffiPlict t{o 5. lNlda Gofid tLrayan 9n8h 6arcChuni Bhatti, KoLr road,Chog.t - a62 Ot5l !Ary. k dcrh
M.y 2r, 2020
Canll.lCndal
Oaaa St,
6h rltrr ro. flloor.d iqt.€orrtrrlfrl. OcDrnhlir ltnrr!
Plc!!. rdar to to., r.qu.rr lo. r.t}E of Fopor.d lqq-tarm rEr-cooYe ttbL &nturc (tacDl 'rru.a8Ara8!tr'l8 to ft3,rm.(p ato.c ot your cqip.ny. Iha p.ogorad l{CDr x'ould h&a lanu,! o{ iva y!.rr rith.lpayltr+.nl
'r c6fu quartady inrtrl&rEntr cdnltEfl(ln8 altcr cpary of !2 montha ho.n d.tc of.lbrmcnt-
Ihc folloiLt rxi.!€r h.va baao .$lSrrcd by our Rdt' Co{imitt.G:
B.i.!hf --I
Pro,Fr.d lb.r-Cofr v..rtu. t6@(Rr nr.e hsi.E
C.Al€ A. tt bLa:l'tt .'r Ogrroor: $.Ll
2 Plaqa ..r.naa to !.t dE rrtlng rdrid.tcd, h cEa th. 9.opr.d Br.E '' not ma& $thio . pa.l'od ol rltn-.r6r frqn thc datc d our l,rhlrl cffnmunt.tig| o{ .rdn8 ro to., (th.t
'r May 20. 2O2O}-
!. h caaa thara b Iry <hanlE h thc rira or rermr ca llE p.oporad t$u.. ,{a.ta get tha rath8 rcv.ldrtcd.
a. Pl..r. Hlrm ur tha baloi.-rEntloflcd dctalk ol 6rua lwrrdiatalv, brn lrot Ltar than 7 dayr fyo.h ttE
daa o{ phdrq lha lnrtru,lEar :
atE-E I cq7='-rc;+;--: r;;r.
--r:..-r.LlL a& hFd r.a#.i o.t ' ,
4., lOl(ir.rl
.,
'Cod* d.fmi6r4.*.atngr 6*)ect d aaltb.. ot n .'rret.gtllarrd6 ot l(t Q o.r@<o?mt-CARE Rattngs Ltd.
COffqAlt O,rl(I:a_ tlo.. Gd,.r Cdr-i. !,o.!r-y. r(oia.r,lod. Ot f 5t6 tryicr Btrl*r, lb, lt) trrnbr r@ 0t2.L{: €l 21.6}5a taiS . r.a €l-l2.ol, 6Ea ,a57tN& c-.€<r6.ti1.r (o.h . m .rs.rr.!r..m
Ll" Iar@-. P?$r-q.}. (dedn. to.dh.{t,r. An.r.rho.d ' ito ol5
r.r..9t.79-1016 5i595 . r,. .91 7t-&25 5al7
RESfi]CTF-D
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Page 126 of 575
" ,.roa--x,..4a "?.aat W.tMana€aaPal* eendfoA<l [email protected]
I
r.._tlkt*,M.d.rh t .r.a
Asio<lrtc (Xre<iotMrulcrh.de!ail'c.r.ratrn{t.aom
5. Xmdly ar.ange to iubmfl to ur a cogy ol cadr ol tha doaurrlcnlJ E rl6lnlrrg to thc ]aCD rttua. ra<ludina
thc ot{ar do<uraot rrd tlra t.u3t daad .
6. tlE rarlooaL roi ra. ing rra b. coornurratad to you tagarataly. A writc-rrp (F6t.akaic, qr thc
abov. ,ating '5
paoDo1.d ro ba irruad to rha F"$ rho.tly. a d.aft o{ whlch l! an<loacd for vo{a paru5tl
ar Ar!.raE a I. wc ra$r6t yot lo paat !a tha altncred d€umant rnd offcr yoit cornnrantJ rf any, wcarc &irg thlg r, a m.ttal of (o.rit6y to o.ra clllnts and with a vraw to an3uc that no ra<tual
in <qr..ci.r lrava madt cllantly cragt ln ruadt rarert a! €arly ar po5ruc.
7. r|d pratt-raLata ,q rha ..tlrB rdl ba qn nuntatcd io Wrl laparalcly-
8. CARE .erarv?r ttE nght to undartaL a iurEaBan<c/zdrd ot tha ratnS from tlma to trnE. balcd o.r
draumrtan<E warrandng ruch .ayic*. rubtcd to at hatl ooc rrxh .evievrurvcrlLrx! ayary ycr.9. caRE rer.rv6 tha ri8ht to .evsa/rcaftrm^.ffrdraw ihc r.tro8 Bt€ncd c . ."9ldl d padodk
raice/rurr$brra. b6d on any d€'nt o. hioariatidr eh(h i^ tha og.nioo o, CARE rrrra^tr iuah gr
a<tion ln t lc a\rarrt o[ failura on th! pa.t o, tha ant rW to fum6h 9(rh rnto.mauon. ma(arial o.
clrritkatonr a! may ba raq.*ad by CAnE so .r to enabL il to <arry qrt aontrrJr(xr! rnooltdr.€ of tha
rartn8 oa l}E d.6! bElrurncntt, (lRE rhall c.rit o.r1 lh. rcl,rew dr tha barlr of b?rt a€iLbLinlo.rnatloa thaouohour thc Yc urna d r.r<h i'rttaurncntj,. ln trJrh caia3 tha crcdlt.ati.lg rymbol rhil ba
.<(omgsicd by'lSSfrER NOT C(X)P€RAIIIa6'. CAiE $.ll .lro b. ftrrtLd to gubl(ir"/dB5.ml.!.t. .llthc afore-.narEirncd 6lf'16 .<tlooi hr any rnaltnar con'.dcrad appro9rtate w n, wrthout 7clc.a.E? to
lO. Our r.trngr do .lot facto( I'r any ratl.l. adatcd t.ia!a. (Lut6 !i p.. tha ta,nE of tha ,a<rttyy'^$nrn nt.
whr<h mry rnvolvc rtekr.tloo d 9.ymGfit i.r (.s. ol r.tn6 dorirn8rrd6. tto..arl,, rf a.ry q,ch (l6ur6
..t htrodu<rd and trl8tarcd, tha r'tlrlr rn y raa yoLtrlhy rrd r,r..p dowi€radcr.
ll- Urerr d thrs rrri'rg ,nay kindty rr{cr ou: urctltc wwx.c.r.ratrnfi-co.yr fo, h6r ugd.tc o. thc
or.rtttaiding .!tin€.
lrl- CARE ralingr.re nd aaaornm6rdab.rt to brrv, a.ll, or hold .nV lcaurniar-
l, you ncrd tny (lanftltlg.r. vq, arc iGLo.ne to atr oa(h ui h th6 regdrd
Th.r*it yo..r,
Yourr tnthfirlly,
CARE Ratrngs Ltd
12, It,ri,rl, ftrulr^.a, Co.po,r. Bo.i,5:rc!(., rJE.(t.b.d t&Ol5l.t .91.t95,I6 5656 . fu: -91 79..aO25 !at'
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Page 127 of 575
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IANNEXURE V: SUMMARY FINANCIAL TION OF THE COMPANY
Finrncirl rnd Operrtiosal Performrtrce of DBL Coosolidated
Our Business Segmetrts
We divide our busirlcss litres inlo two busi.oess segmeflLs in accordance with segment reporthg under hd-AS 108,EPC projects, which comprises constsuction and dovelopment of in&astucture projects, ard toll operations, whichcomprises mahtenance ofroad ioAastsucture a[d !ol[ operatioBs govemed by the concession agreemetrts entered intowith our clients-
Thc table below ses forti a breakdown ofou total incomc by s€gmcnt for tie Financial Years 2019, 201E and 2017,including as a percentage oftotal segment revenue for the same periods:
The table below sets forth a bteakdown of our total exp€nses by segmeot for the Fhancial Years 20 19, 2018 and20t?, including as a percentage oftotal segment reveoue fot the same pcriods:
ln addition, we have firrther segegated our EPC project related business into the following business lines: roads,irtigation, urban developmeut, mining excavation rnd ottrers (which comprises miscellaoeous income from ourprojects such as rhe sale ofscrap at our coostructiotr sites).
The table below sets forth a breakdown of ou EPC project revenue by business lines for the Financial Years 2019,2018 and 2017, including as a p€rcentage of EPC project rwenue for ttr€ same periods:
')'/
Y.il20rt Yeer 7
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EPC proiects 9,t64.61 96_EO% 't,761.40 97.60yo 5,t09.07 95.80yo
3.20% 2.40% 222.33 4.200/0
Roadinfi-astructuremaiqtetratrceand tolloperations
298.55 193.29
100.00% 79s4.4 100.m% 5J31.40 100.00%Totals€gmctrtrevcnue
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Roads 8,002.72 8'1.30% 6,669.49 86.00% 4,56',7.tt 89.50%MiningexcaYation
939.64 10.30yo 841. t4 r0.80% 139.91 2.70%
Irrisation 37.558 o.40yo 160.96 2.10% 278.27 5.40%UrbandcveloDment
llt.24 1.20% 31.459 0.40% 90.1 r.t0%
Others '13.454 0.80% 58.345 0.80% 33.6E3 0.10%Totsl EPCproj€ctrcvenue
9,161.61 l0{1.00% 1,76t.40 r00.00% 5,r09.07 r00.00%
Delcription of ltrcoEe strd Erp€Bser ltems
IncomeRarnue lrom opratiorts :Revcnue &om operations compris€s conkact revenue, loll revenue and other operating revenue. Contract revenuccomprises revenue gcnerated Eom our EPC activities on the projects that have been awarded to us as well as revenueon account ofre4eipt ofbonus as a result ofcompleting cenain projects eirlier tha.o scheduled. Toll revenue comprisesrevenuc that we generated pursuant to collectiotr of tolls on our road projects in accordance wittr the terms of theconcession agreeinents that wg have etrtered into with our clients. Other opcrating revenue compriscs proceeds tomsale of scrap at our construction sites (which entails sales of unutilized material to local contractors aft€r thecompletioo ofour conEacts), interest itrcome due to unwiDding of aoluity amount (which comprises the discouot€dvaluc ofour annuity contracts) atrd other income (which comprised commissions received from ajoint venh.[e entityrelating to utilities shifting income).
Revenue Fom operarioos ac{aunte.d for 99 -5%, 99 3% aad 99 .t% of our total income for the Finarcial Yea$ 20 t 9,20 I 8 and 20 I 7, respectively.
The table below sets forth a breatdown ofour revenue from operations for the Fiaancial Years 2019, 2018 aud 2017,including as a percentage of total revenue for the saoe periods:
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F,trffiiniia:r -l allt:iqgT"P B-ffiRevesue fromop€rrtionsContrac, revenue 9,15t.27 96.',tO% 7,E19.63 98.30% 5,108.05 95.80%Toll otd otnuityreveDue
95.32t 1.00y, 16.4't't 0.20% 22.t41 0.4v/o
Othet operatin*feve4ue
0 0 0
(a) Miscellaneousreceipts - sale ofscrap
25.282 o.70yo 40.082 0.5v/" 2t.32 o.4v/o
@) interest income l4t.l6 t.soyo 49.903 0.6v/" t63.29 /3twi9i
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Page 137 of 575
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TI.:*G: EPT!{IT: F ti F""jlrI(c) other 2.805 o.00yo r 1.38E o.tv/o 4.351 o.ttr/oTotrl 9,415.t 1 99S0y. 7,937.4t 99.t0./o sJl9.t6 99.80"/"
Other irrcome:Other income comprises intcrest ircomc from our fixed deposits and interest &om loans to our associates (formersubsidiaries) aad other uon-operating income which primarily comprises interest on income ax refuod, unwinding ofsecurity deposit and profit on sale of our assets. Otler income acroun:€l fot O.syo, O.zyo and 0.270 ofour total revenuefor the Fiurcial Years 20 I 9, 20 t 8 and 20 t 7, respectively.
Expeascs
Cosl of conshrction
Cost of coNkuction is (he cost relating to our performancc of codstmction coobacts, including canage andt'ansportation costs, labour charges, power and fuel cos6, elecbical repairs and maintenance, insurance charges,machinery repairs and nxrintenaoce, security mahtenance, technica[ and consultancy charges, labour cess and tares,lease rent, vehicle and machine related charges, royalty charges, salaries to site staff,, site exp€nses, sub-conkactorcharges and operations and maintcnancc charges.
Cost of constructioo accourted for 81.4%,8l.5oA axid'lt.6o/o ofour mal expenses for the Financial Years 2019, 2018,aod 2017, respectively.
The table below seS forth a breakdown of our cost of constsuction for the Financial Years 2019, 2Ol8 Nrld 2017,including as a perceotage oftotal expeases for the same periodr:
ffiDlirI ffi':*Cosa ofcoostruction:IaveatoryOpening stock 1,8t9.40 2t.30yo l,4l1.65 t9.20yo 1,3'15.29 27.70yoAdd: Purchases 3,t56.52 35.s0o/o 2,sil.O't 34.90v. r,55?.30 3t_40%Less: Closing stock 2,335.O2 26.300/0 1,8t9.40 25.70yo 1,4 t t.66 28.500/.
2,1t0.9t 30.50yo 2,086.33 28.40% 1,520.93 30.70%ODeraling exDe sel:Cartagc andtrusportation 220.54 2_50yo 321_11 4.400/0 72.295 t.50yo
Labor charses |,612.44 18.10% r,283.24 t7.500/0 776.01 t5.60yo14.t0% 6t7.95 t3.900/,Power and fuel I,139.1I 12.800/" r,036.t0
Eleckical repairs aadEaintenance
0.701 o.oo"/. 0.781 0.ory/o t.001 0.oov.
o3e/o 9.'144 0.200/0lnsurance charges 43;t t5 0.50"/" t 8.513Machinery repairsand maintenance
46.026 o.50y, 35.211 0.su/o 44.459 0.90%
0.00yo 2.848 o.t0%Security maintenance 0.146 0.00% r.8t3
REST CTED - tu& 88
Page 138 of 575
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frl *-)!Technical andconsultancy charges
94.981 l.lo% 136.94 t.90% 79.783 t.60yo
Labor cess ard taxes 80.243 0.90% 6t.478 0.90% 41.865 t _ooyo
Lease rent 92.3 t.0@/. 59.538 0.80% 28.607 0.60v.Vehiclc and machinerelated charges
37.'139 0.40% 56. n 0.80% 27.848 0.60%
Royalty charses I 15.0? t.3v/" 148.34 2.Wo 7E. t78 t.60voSalary to site staff 695;t2 7.80% 543.61 7.40yo 420.94 t.s0%Site expenscs 140.61 t.6tr/o I10.16 1.50% 91.291 2.OOyo
Sub-contractorcharges
183.tt 2.t0v. 77.384 t.l0%
Operation aodmaintenance charges
18.425 0.zv/o
Toarl 7,232.62 tt.40y. 5,985.09 81.50% 3,895.81 7E.60vo
Change in invetlories:
Change in inventories comprised expendih[e incurred on our projects where we have not achieved the fust milestonecontained in thc concession agreement pursuant to which we a.re yet to issue our first invoice- Change in iavenlorieswas reve[ue recogoized of (32.58 Cr ofwork in progress for thc Finaacial Year 2019 and accounted for t.6% and[.0% ofour total expenses for the Fioancial Years 20lE add 2017, respectively.
Enployee benefit apenses
Employee benefit expenses comprises directors' remuneration; s&larieq wages and bonus; contributions to provideDtfund, ESIC atrd voluntary benefit fund; and employees' welfare and other amenities. Employee benefit expensesaccounted for 2.0%, 2.lyo aDd,2.lyo of ov total expenses for the Finaocial Yeals 2019, 201t and 2017, respectively.
Finonce cosls
Fiaance coss comprises ioterest oo bormwings, interest otr other financial liability, other bonowirg costs afldunwinding ofdiscount aud effect of changes in discount rate otr provisions. Finaoce costs accou.oted for 9.E%, 8.0%and I1.27o of our total expenses for the Finaucial Years 2019, 201 t and 2017, respectively.
Depteciation ond arnortization etpense :
Depreciation and amortization couprise (i) depreciation of tangible assets, including our equipmetrt, plants andfuminue, office equipmen! vehicles; and (ii) amortizatiotr ofintangible assets, itrcluding our software and BOT assets.Dcpreciation and amortization accounted fot A.lYo,4.O%o and 4,9% ofour total expenses for Financiat Yea$ 2019,20 I 8 and 20 I 7, respectively.
Other expenses:
Other exproses primarily comprises advertisement charges, audit fees for statulory audits perfoimed by our auditors,business promotion cxpedies, conveyancing costs, legal charges, repairs and maintenance performed at our offices,service tax, tglephooe charges, tendgr expenses, tavelling gxpens€s, value added tax ("VAT') expenditure, ofliccrent, provision for doubtful debts relating to receivables expected from private clicnts that have not beetr paid by thedue dates, debts written offrelating to claims made under the change in law provisions in the concessiooon account of implementation of goods and services tax that was disallowed by the concessi
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Icounterparties, defect liability exp€nse and te{hnical ard coNultancy charges. Other expcnses accormted for 3.17o,2.9Yo nd 4.lYo of ow total expflses for Financial Years 2019, 2018 and 2017, rcspectively.
Tsr erpenses:
Tax expenses comprise current tax and defened tax expenses off-s€t by mhimum al0erDatc tax ("MAT") credit. Taxexpetrses accounted fot 0.4Yo, O.\Yo and 0.302 of our total expenses for thc Financial Years 2019, 201t artd 2017,respectively.
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@lrE! tE C.pr c 1s3 tEourrroi t altD xf ,tt /itrlrl! 3Et[ IEIttG or TIt5[El! Ot trt o[! utDo rIlrD lE^o c fltlat ElEEr, z'. ltlt ir rtrutTsEIE At EravE rorD, torrD o;re gl!^rE' swu racfl, tro?Al' xr rr nrEldrttt rt r t-trOararlC llll x!6,Ilrrln IIfl- iliDtl?E OttXt OlLprtlYlrfir ai rlOCmll.
'IEOw@ ,ilt F.rd to tL r.dt- 6{ L.ioo lX(lxr) trr & .ma6tb !.olid d rbC@iE 44, 2tqtrfd!! ry aEdE ra ttain r G. €8. ttaE l 6d .ll otf.. NittE o,Trthtl.btrrt lb.Frunl6an d6, h -d b E$, tdd.d EtL ldrd.adrb ddr. CEFV0..ft4- qLd fu H, iE !d6 fuI h dr.6Ed b -ataa.rt €drllh..lErC. sbrbt rarEy lrrr. odhrJ or L.tbdtr .cfrlE o crta F loErr ir6dlt tlE Frq ldfurr{ by otltll&laosra..&.E .diraEit..!.4I..h,)dEqcorsrrdiE!rr*L-dr6ftE'lbFq.rti.r &d dr -Gr d tL C-p!l!l. r*rErr ,re4 rle f.r-r rts i&G, r o d &!a alfa|li r ec. or tta }ioL r d.rd{t C! ytda d 6. rd.rt lte ol tb C&Fr, a rt r. 6a6.npq('DE!&tcruSr&Aoarhrb6r|lt6lydrc :h.]drryrdrd.rt S{r)rdt qr-. &i!.i/ a !rd!.ar, or r.h t rr5.a dth6, - Edr tu(r) .d h sEi i.r d @tEriud rtt rd ndrta to Floltlc ltc Orrd ln E.LdE .Ittdd ddrr !&,ndE]talralrld G{,tbn drl: Cd0.d. t!y@ cEst dttlErd.rffiCr)dit @rnF t b - b fuq. ol r!, to{r}r & ilrndd bnldld. m+rruA hr.Ll dE rL+ hrGnn.i idtE'!6, trar lurll|d dr !.in aaf. t<..qob.f.dr(st qDos d-, o6ar FEh(r) (ti.'t rart') rguGohd L6d.rto,.rh.rrxt!raal,trErr.olraadbld.-rar !tst.aFlv4 f..E!ror Fldt llElx 0rq!6rL.,/.rFOrr lo-l badt @rd.l F. ! ds isrocr !0f!th." 116 inEE lkro tt rt IrEd tl4clr, drtar,4.c-.d I d.trlEB Fre l' t c6ra, b il! Ld.r or EE€ C6.lad.Eda-tdldt Etir. t-.6t.a tta LLrr.!dG ti.t rtiFcur'!.fltdd|E !o b. .aErd h, tb.niT.,-!r#dt ra5 aontrla. r0b.[ adrJ.dElt8rr r*. Dt.ldtdta xi.l3o.crus(fAG:tft.nItd Crllr cdr, *o, !4t d tbs h.ddtb ro OE {rEdq Fld rtr dEr alaElad ts rir...aah.drror66 dnr E lE..IUVD A,l'IfUf rf,lT dr t6rit€ b h dlal b, tb GGF.nr
'E, rr lEl..'/F
ill rrl ELa1 Lr'b@add idlE&rflrdrtd, ea.d o! tE t qrr.d !,&a Crlart 6a.tb.Ear!.dEtaratrdl.oefidprt rt{oBetndod.
'llloolD R ffllln lf,/tl $. W!r.l dErt6t i. rrd ir irdy lrrid.d to ltc eor{ hr dt. sg. d!d.rttF,e!t( ftDoi..{6.d ry otb t.dE t EbAr t d sdlrd/rt'r... dthlrlatt d lb 8.ad !. ia i. i.rllt ddara D [r& tni ti. ldEV nuraa! c,lb Ln&! .U 6.&qE b. crdra tta rtlt {d -.Ita{!a, dE!.r. hrpo&.&! rd./6 tlr, ds...tit d r.qt!Vrrc#ffi E orto D&..b.o. vrt L tsL lld o6rlhot o(da &t id rbEalE:nd iD ao.uaE d..d* @.rt ldr&at rt tL !.6.tdyatdllratg.di1ntd itd dt r*o8ltDCtatd arcdl rE dca! lt ! tryb Errb.tirtl.ahaD tt .bo! Ildrlfud.
dIErDr[roo?frqlIutuuDooruflla
&:^11:..-_.:-.\
fa(:,.;":Yli\i.-=17
I !nl|Irer lffi.""gu:rg,rr,,
I e.' OlgS+aCgg, rr :O55{il9ttI H;':-iEil l-'tjr wtbab:nld$busoroctt
o
t'r !
(rl tlo, L6jrr,r;zffit@lcl g' Or'-
Page 146 of 575
ANNEXUR.E VIII: RELATED PARTY TRANSACTION
The followitrg trrosactioo! were utrdertrketr durhg the reporting perlod:
l) EtpeNe
NrortofE.lrcdooY.rr.dcd 3l Mlrcn 1019 Y.lr .od.d Jr M.rch 2alt Ya.rt.d !l Mrftt 2017
IOIIP
low
Gr.!rIT.a.I
lcw
KMP
Grr[dIot l
KMP
KMP
Tord
R...id!g .l r.rvlccdRdDbuch.ra of f,rFud
Sei vbayrt ErtaFis & koecrll.. t.lz l.lt t.5r l5t l.E9 t.a,
Op€ntior ud Yrha.urc. Crirf6
Shrco R@dEy. ftival. LinirEd170
0t7.q)
shri Dilb su.yaEolhj t6.m lG00 16.@ J2.00 t0.50 10.5t)
SbL 5.{r Sury.Bhi 2_00 LE 2.00 a.a0 lE0 l.m
r&@ t&a) It.@ l..aa ro50 resa
'Shi V.iDh.v Rlwc (Oul toirg Clbi.f Fir,.!Ei.lOtrrcq tiU )
0_0E tt! 0.55 a-47 0.32 0.J2
"Shn Rar Gto.tr (Ill.riE cticf Fioeid Ofrq) 0.25 lIt5
fshri Rrdhcy Shy.E G-g (Chrcffurfti.l 066) 0_l E &rt
Sbri A$i$.t Strivrtnr (Cqtrpuy S.oa.ry) 02E ela 0.23 a.2l 0. t6 0.ta
Shn Btr.r Si!g! (Pcidar) 0_E5 c.t5 0.E4 o.tll 0-t4 0.}r
Sbri Rotd Suryav&shi t.22 1.22 122 lJ2 0.90 0.90
Shri Ktu Su.FvElhi 0.96 0.9e 0.98 or8 0.72 0.12
Pd-opkF.ra !...[t
Dic.r6 (shri Dilip Suryre&shl SEL S..!rSlryavi$[i .!d Shd Dcvadi IM) 0-o2 &0t 0.21 0.21 0.24 0.44
fshri Rrdhey Shy.o Cary (Chi.f tinlEid Ofq) 0.0r tro1
..Shi Rrjs Cholb (IlidiE Gi.f titreid 06@) 0.m 1aShi v.ibtN Rrw.l (Cti.f F @irl Offic<) 0.01 0.ar 0.0.. 0.rx
Sbri Abhishck Strivcri.E (Compuy Se€rry) 0.01 0.er 0.00 oae 0.01 0.01
shri Bhr siI8h (Prsidsr) 0.02 0.02 0.09 calt 0.09 0.4!,
Ski Robe SrFv!!.ti 0.04 0.aa 0.01 cal o05 0.45
Shri Kam Su.Fv@hi o-02 0.02 0.02 caz 0.10 0.la
20.12
t9.r7 6lL0!) t.5l (rlt 19.77 3.4' 26J7 t0.17
The followiog trensactions were undcrtrkcu duritrg the reportirg period:
2) Iucooe
ry:..
97
Page 147 of 575
N.hE .f b'.o..!do.Ys.nil.d ll Mrcl2019 Y... dd.d ll Mrch 1)ll Y..r cnd.d 3r M..ci r0l7
KMP
l(MP
C..!d KMP
KMP
KMP
l(vP
Gr.!d
()|ter Co!tr..t R.eiDt!Dilip Build@ LiEil.d & Rrjil Build.d
l.7E t.7t 111 2.71 4.15 aJ5
Dilio B{ildloo.VrEh Ilfr Lrd (JV) 2lo.a9 2J0.at 319-56 tlts tF.45
rr0.,L
DiIiD Buil.tco. LiEir€d -vahh hft. Ltd OVI 7l-4t 7l.al
Dilio [email protected] 142.26 {,224 232.59 232.9 5/t.94 y.94
OBLDECO ry 8t5.6E taa6t ?9{,I I ,a.lr '12.65 72.6
t,6t2.a2
t,a3L52 l$9,00
l,aall.0. 772|I 324/l0
The following balenccs wcre outrtrDdirg at th€ etrd ofthe rcportiog period:
1) Bahtrces receivsble from rehted psrties
N.6E.tt'.laiiorY..r .nrt d ll Mrrcn lort Y..r ad.{ !l Mrrcl 2alt Y.ir .[d.d fl Mr..t 2017
ori
KMP
orh
KMP GrrrdTonl
ort
KMP
Ileqhdi h St.c E{davDBL Ashoh.gr-VidislE
5.99 !-r9 5.99 5.r,
DBLB.*iLftt D@srH a.t0 ato
DBLJ&F S.illM ToU*aF6.00 4.00
DBL Mrdi S.owd Tolfny!5_31 a3l
DBL N.di.d Mod.E Tolluy61.15 7.45 8.60 !.50
DBL silw&i Sul!.rs&j Tolw.yi5.31 6.31
DBL Sitrdu Sut.ld Toltfly.2.31 233
DBL Uctan Nrsod Tolts.y! 960 9At
ShE Vioy.t Eltdpris &5_49 5.49 4_50 a5)
DBLDECO 'V
5t_21
ataT 10.19 ! t
Ililip &ild@-MBZ IV ]E EO Sata 12o9
7r.0, t5-2I
l5-21
DBLDECO ry 29.30 29Jt 61.90
q.t0 4.59 1.49
Drtip Buildle-VlrEh lrft Ld(rll 215t u.5l ll2
47ll2-a3 14.t
074.t 0
Dilip Buil&& LimitEd -v.r.hhtr ud (rV) 521 527
Dilip Buil&6 Lidir.d & Rrjn0.01 0.0r 0.73 0.23 0. t0 0.10
0.23 021 021 0.21
DBL Arhobrgu-vidbha 0.(x a..a
9E
Page 148 of 575
DBL Mundr Sma*td lou*tys0.07 6.m
DBL Nadiad ModEs Tollmys1,45 7.15
DBL SlrdarFr Bgdnaw0.04 0.04
DBL Sill8r Sllhgej TouwaysLimited
0.0? lIlnDBL Sita@! Suwtl@ TollwrF o.t7 0.17
DBL UcL@ Nasod 1o[M]s0.05 l.tl5
Utrecu.cd Idu Grv.rDilip Buildd-vuih htz Ld(rrl 0.01 G0r
DBL B&rrthfar, [email protected] 0.22 0.22 022
DBL SddrrpiE B!(h8aa l0.EI
t0-81 0.El 0.8r
DBL Mu(n S.rawld IoumysLiEit4d
t1.59 1J.59
DsL NEdi.d Modaa loumysLE,EO 1t"80
DBL Sih@u Suw'!@ TolPrysLiEit.d 0IX 0.rx
DBL A6holn ga-Yididha0.04 0.04
DBL I{@ S{ils@ Tolluys 0.M 0.0,1
DBL Silwdi SulBrgal Touwrys4.65 1.6
DBL Uch@ Nagod loumyd 0.0t 0.01
R.r. io. & withhdd MoE y
DiliD BuiltLd-MBz ry 35.16 15.lt 2.N am 0.81 0.at
Dilip Built'lo{ Lmitod-v&shI!tra Lld (Iv) 26.75 2G75
21.22
23.22 o.32 0J2
Dilip Build.6 Vulh Inta Ltd(rv) 22.22 2222
DBLDECO ry 2.50 25t Ll2 2.12
2.45 L15 2.15 2't5
2.64 2.64 2.64 Lg 2.63 2.63
DaL EEDloye YBF Fud Tul 5.23 5.23 4_12 4.72
Dilip Build@Va!.h hAr Id(r9 0.74 1.71
Shri Bhmt Sinrh (hcsidat) 00t 0.rl8 0_04 g.rx 0u tLr0
Tot .l13.,1,{
271.2a
0.oE 18tJ, 9{.13ll9J
60.rN 41553
lmx 0.20 101.17
Page 149 of 575
2) Brhtrccs pryrblc to rel.ted prrties
Yr.rd!d ll M&.4 2019 Y.rr .od.d !t Mrrth 20rl Yd dd.d 31 Mrr.t 2017KMP Crr!d JV KMP Grud JV K]IIP
Utrrco..d lr.Dr I.l.!
DBLMBZ ry 5.85 6.E5 t.69 3.69
DBL Dcco ,v r.t5 155 6.22 6.22
DiliD Buil.Lo.-V.nt h&! ld (JV) I5-EE 16.$ r9 28 t9JA
Hidfv Aittr.s PvL usii.d 024 o.21 o_24 a2tl 0.ll 0.!1
DBL &hobrA&-vi.tiiba ToIE),8LiDit d
022 e.u2
DBL B|oliltfll. Dofrw! Totw.ys0.62 0.4,
DBL 1.6 SriLE lotEy. U6it d 0.50 a.9DBL Sllrd,IDur B.dlrwr ToImFtioit d 2.91 LN
DBL Silrui Sult3rDtri lolw.Ys Linft.d 001 1G
DBL Sireu sr?!n Tollvay. [mit d 1.35 l3sDBL Bdhl.hn DogM ToUUFUoil.d 4.81 a.tl
DBL Ucba Nupd To[mlu Lioit d 22.t2 27.12
Strtln Rordw.w Priv.t Liait d 5E.tl 5EJI
Dilio Surylvulhi o09 0.09
Shrco Ro.dsw Privlr. LiEit d $.4 r{m
SbE Viuvat EntcDri6 & Frcoatid O(H 0.oa 0.u a.tx 0.10 0,10
Ahtn/i hA! & Swl.Di Priv.E LiEiEd
Str'i Dilb Su.y.@li 5.55 435 3.t9 3tt 0.01 0.01
Sdr S.tdr Srryrv@hi 0.99 1r, 0.41 a.a3 0.09 !1,10.71 ra.?! 6.05 ae5 l.14 l.l:l
Tor.lrtl.7
alt.l7 lat 16 2t.47 t0-!? !t.l5 c.al t.u lJ5
RESTNCTED
Page 150 of 575
ANNEXURE D(: !!!!{
DiscouIt ra which sccurityis issued and the elfectiyeyield as . result of suchdiEcount.
NA
Deb€ntnre Trustee PNB Itrvesrnent S€wices Limited
Put Option Dste NA
Put Opaion Prlce NA
CaU Optiotr Drte NA
Crll Optior Price NA
Put Notilication Time NA
Call Notilicetion Time NA
Face Vdue Rs.10,00,000 (Indian Rupecs ten lakhs) per Debenture
Minimum Applicetion rndin Eultiples of Debasecurities abererfter
I Debenture
Redemption Schedule50% (that is Rs.50,0o,ffi,@0 (Indian Rupees fifty crores)) at the end of 306month i.e. Novemb€r 29, 2022 50Y. (ttat is Rs. 50,00,00,000 (Indian Rupeesfifty crores)) at 6c end of 36d month May 29, 2023
Depo3ltoryNational Securities Depository Limited (NSDL) and Cental DepositoryServices (India) Limited (CDSL).
Coupotr R.te 8.75 % p.a. AnNalized
Step Up/StepCoupoB Rat€
Down NA
Coupoo PryEetrtFrequeacy
On an annual basis aod on each Redemption Date
Coupon p.ymetra d.tes rMay 29,2O21May 29,2O22November 29, 2022May 29,2023
Coupotr Type Fixed
Coupon Res€t Process(itrcluditrg r.aes, spresd,efiectlve drae, ltrterect rrtecap strd floor etc).
NA
Day Coutrt BrsisInt€rest shall be computed on an "actuayactual basis". where the interestp€riod (stad date io end date) inctudcs February 29, futerest shall be computed
on 366 days-a-year basis
Inter€rt on ApplicationMotrey
NA
Interert otr RefundedMoEey sgahst whichAllotmetrt i! not mrde
NA
Security
Following sccurity shall be crested in favour ofthe Debeou,re Trustee:
a) First exclusive charge on the movable fixed assets ofthe Compatry to the
exteot of 1.25 times of outstanding bonowing through NCDS togetherwith Interest etc. For the purpose of calculation of security cover, such
RESTNCI
Page 152 of 575
assets shall be considered tret of depreciation on WDV basis at the eDd
of every fimtrcial year. Any shortfall in security below the minimum-security cover specified in the "Security Cover" section below to betoppod up by the Issuer such that minimum-security cover is mahtained.Issuer to provide a CA certificatior on the valuation & accou.ntingmethodology followed as well as security cover maintained at the end ofevery financial year. 60 days to bc granted for upftont security creationand perfection.
b) Company to lien ma* sanctioned bank lines h favour of debeotureholdcrs at least 20 days before any scheduled redemption date for theamount equivaletrt which is due on the redemption dat€
The Borrower shall ensure that the Security Cover provided shall b€ ar least1.25 times at the time of initial security creatioo.
For any rcason thereafter during thc life of the NCDs, if the security cover isbelow t. t5 times and the company fails to identiry and create the additionals€curity within ? days and op-up the serurity within the stipulated timeperiod, then debenture holders shall be eligible to charge additiooal 0.5% p-a-
over and above the Coupon Rate till the time security cover is restored backto requircd [eve[.
Provisiotr for mutually ageeable alternative securiry (such as deposit, ctc) tobe incorporated.
Sccurity Cover
Errly RedeEpdon Eve[t
The Debenhres along with accrued interest shall become due and payablewithin 30 days upon receipt of wrin€n notice Aom Debenture Trustee onhappening ofany ofthe following evcnts ('Early Redemption Eveos"):l. Rating of the Debeotures is dowEgraded below "A-". In case the NCDS
are downgraded to credit rating lower than "AJ' by aDy rdting agency,
the debenture-holders can exercise the right to demand early redemptionofthe NCDs.
2. R titrg ofthe debentures is suspetrded or witbdrawn or moved to 'issuernot cooperating" category
The occunence of ev€rlts above will be deiermined by the Debetrture Holderssolely and at its discretion. The Deberture Holders shall have the option torequire the Company !o redeElo the D€b€trurres ("Earty RedEmptioo Option')on happening of any of the Early Redemptiotr Events. U!,otr the cxercise ofthe Early Redemption Option by thc Debetrture Holders, fte DebentureTrustee shall issue a notice to the Company for redemption of all amouDfsoutstanding in relation to the Debe[tures (including any unpaid principat,accmed but unpaid Coupon, Default lotErest (ifapplicable)) as on the datE ofexercise ofthe Early Rcdemption Option ("Early Redemption Date").
Financial Covenentr
During the curracy of the NCDs, the [ssuer shall maintain the belowmentioned ratio oo standalone audited financials:e Net Debt/Equig: l.5x for FY20 asd onwards. Net Debt/EBIDTA: 2.5x for FY20 and onwards. Int€rcst cost as 0Z to sales not erceed l0olo
It is clarihed that for calculation ofthe above ratios, oet debt shall include alllong-term borowings (including currsnt mahrities of long-teml debt),redeernable prefercnce shares/ debentures, short lerm borrowings itr anyform.All the Financial Coveoants shall be rcsted on a semi-annual basis (i.e. as on
Mafch 3 I ad September 30) every year, slartiDg from March 3 t, 2020 based
sa th6 5rqndqloag lalance sheet ofthe Company. The Company shall qlbnita certificat€ to the Debenbl€ Trustee cotrfirming the complianca'!$ili-.
Page 153 of 575
Financial Covenants within 30 days from the later of(i) end ofeach reportingyealhalfyear or (ii) from disclosure of finatrcial results io stock exchanges,
as applicable.
For any reason if there is a breach of any of lhe finatrcial c4venants on thehigher side by 25% of the above ratios then the debeotre holders cao declareEarty Rcdemption and call for repaymertt within 30 Business Days. However,the debenture holderc relain the right to charge additional 0-5% p.a- over andabove thc coupon rate immediately upon brvach of any of the hnancialcovenaots till the time breach is cured.
Negative Covctrrtrts
The Company hereby covenalts with the Debenture Trusree that theCompa[y shall not, for so long as any amount remairs outstandhg under theDcbstrhfcs" (exc€pt as may odErwise be previously agreed to itr writing bythc Debenture Trustee (acting upoD the receipt of the prior writt€n approvalof the Debenture Holder):(i) Ctange the gereral nature atrd conduct of its busitrcss &om that which
is psrrnitted(ii) Engage in or undertake any corporate restructuring, re-organisation End
/ or re-capiralisation of any sort hctudiDg but not limited to merger,spin-offs, demerger, consolidation, reorganisatioo, amalgamatio&r€constuctior" capital reduction atrd liquidatioD, except as permitt€durder the Tra6action DocumeDts.
(iii) Enter iDto any material compromise or arrangement or settlement withany of its creditors that would prejudicialty affect the interests of theDebenhue Hotde(s).
(iv) Make any amendments the constitutional documents an in a mannerwhich would prejudiciatly affect the interests of the DebentureHolde(s).
(v) Wind-up, liquidate or dissolvc its affairs.(vi) Dilute./ chaager' transfer the shareholding of the Company that rcsults in
Promoter Group's (o be defined) shareholding fatting betow 5l% orchange in Managemedt Control ofthe Compatry.
"Malagement Cotrtol" with relation to the Compaay shall
meatr -a) holding by any person directly or indirectly of mo.e thao 50% of the
voting share capital ofthe Company and ability of that person to director ciluse direction of the management and policies ofthe Company, whether by operation of law or by conts'act or otherwise;or
b) the ability of that person to appoint or cause the appointurctrt ofmorethan 50% of the directors oo the Board of the Compary and ability ofthat persotr to direct or causc direction of the management and policiesof the Company, whether by operation of law or by contract orotherwise;
(vii) Declare atry dividend on its share capital or pay interest on loaN/ quasiequity from Promoters, associate companies and/or strategic investors,if:a) if the Issuor fails to mect its obligations to pay interest aod/or
hstallments and/or other moni€s due to the Debenture Holderswhich shall have become due and as long as it is in such defaulq or
b) If an Eveot of Default has occured aod is continuing; orc) Issuer is not io compliance of the Fioancial Coveoants; or
RESTIICTED
(ll I l
Page 154 of 575
Other conditions
(i) The Issuer shall deliver to the Debenture Trustee/Dcbenture Holder inform and detail satisfactory to the Debenture Trust€e/Debe[ture Holderand in such number of copies as the Debenture Trustee/DebentureHolder may rcquest:a) unaudited serni-annual profit atrd loss sEtemeots and balatrce
sheets, within sixty days, or such other period as reasonablyrequircd by thc Debenhre Trustec/Dobenture Holder, ofthe closeof each semi-annual perio(
b) independently audited annual accounts within sixty days, or suchother pqiod as reasonably required by the DebeotureTrustee/Dcbentue Hotder, ofthe close ofeach financial year; and
c) such other stateEent or statemeots or i[formatioo pertaiaing to the
operations of the Borrower as the Debenture Trusteey'DebentureHolder may reasonably require, within such period as required bythe DebeDu[e Trustce/Dcbcnture Holder
(ii) The lssuer shall mahtsio insuraDces on and in relatioo to its businessaad assets with an insurance company(ies) against such risks and to suchextent as is usual atrd appropriately prudent for companies carrying onthe bushess such as that carried oo by the Company.
The Issuer hevocably utrdsrtakes and agrees with the DcbentueTrustee/DebeDture HoldeE, that the DebeDture Holders ir their solediscretion shall bave a right to revise the Applicabte Rate of loterest as theDebeahue Holders may decm fit and apgopriate, in case of any increase /vadation in the un-hedged foreign currency exposure ofthe Borrower.
D€frult lDterest Rrte
In case of default in paymetrt of hlerest atrd,/or principal repaymcDt oo thedue dates, additional interest of2% p.a. over the Corpoo Raae will be payableby the Borrower for the defaulting period on the default amount i.e. on theamoutrt falleB due for payment and remained unpaid froE the due dates untitthe detc of acnral payment.
EYents of D€fsult
Thc occurrence ofany otre ofthe followhg events shall cotrstitutE an "Eventof Dcfrult" by the Compauy:(a) Failue os the pan of the Company to pay all or atry pan of any
payment obligation (including principal, coupon, defaulr inrerestetc) in respect of thc NCDS a.nd tmder tbo Trdnsaction Docrrmenhon thet respective Due Dates with a cure period of 3 business days.
(b) Failure oll the psrr ofthe Company to pay e3rly rcdemption amouotsotr Early Redemption Date iu accordance with the notice issued bythe Debcnture Trustee as per the provisions of Earty RedemptionEveat
(c) Any of the Transactiotr Docuurcnts failing to provide the securityinterests, rights, title, remedies, powers or privileges intended !o b€created thErEby within the specified time pcriods (including thepriority intetrded to be created therEby), or such security inlercstsfailing to have the priority contemplated under rhe TransactionDocuments, or the secudty interests purported to be creatcd th€rebybcing jeopardizcd or endangercd in aay mannot whatsoever, or anyother obligations purported to be secured thereby or any part ther€ofbeing disaflirmed by or on behalf of the Company or any orher partythereto.
(d) All or any part ofthe proceeds ofthe lssue is not being utilized forthe intendod Purpose;
(e) Failure to credit the Deb€nhres to the dematerialized account of theDebennue Holders with the D4ositories within t0 (Ten) businessdays from the relevant allotmetrt daie oftho Debenhres
!,0t
Page 155 of 575
(0 Any failure of the Company m comply with any of the provisions ofthe Transaction Documents in relation to the S€curity and SecurityCover including but not limiied to breach by ti€ Company of therequirement to mahtain Security Cover and the failue of theCompany to identi$ aod crea0e additioDal security within 30 daysfrom date of such failure and provide any additional or alrematesecurity to the satisfaction of Deb€Db.re TrustEe (acriog oo theitrstructions of the Majority Debenture Holders) within a period of30 (Thirty days) from the datc ofsuch failue;The Sccured Properties or atry part thereof is sold, disposed of,cbarged or encumbercd ia breach of 6e temts of the TransactionDocumetrts or the Company creates or htends ro or attempts !ocreate any charge on thc assets which form part of tbe SecurityIDterest, without the prior express written approvavcoosent of theDebeoture Trustec;A! attacbment or restraint has been lcvied oo the MortgagedProperties and Hypothecated Property or atry paft thereof orcertificate proceedings have been taken or commenced for recoveryof any dues from thc Compauy in relation rc the MortgagcdProperties or Hypothecated Properties;If the Hypothecated Property and other assets offered as serurity othc Debcnture Truslee representing the itrteresls of the Deb€ntureHotdc(s)/Beneficial Owne(s) of thc Debennres arc not insured orkept under-insured by the Company or depr€ciate in value !o suchan extent that in the opinion of the Debenture Trustee/DebentureHolder(s/ Beneficial Owne(s) of the Debenures, additionalsecurity (to the satisfaction of the DebqlturE Trustee) should be
given and ifsucb secudty is oot ideotified and created withio 30 daysofwritteo notice or such security interest is oot perfected within 120(one hundred and twenty) days of wrinen notic€ by the MajorityDebenture Holders/Beocficial Owne(s) of ttre Debentures or theDebenhrre Trustee to the Company.The Company fails to compty with Applicable Law in relation to theDebeo0,ues, uoless the failure !o cooply is, in the opinion of theDebenh[e Trustec (acting or thc instructiors of the DebentureHolders), capable of remedy and is remedied within 15 (Fifteen)days of the notice issred by the Debeoture Trustee to the Company.Violation oi breach in the performance of any of covenants,cotrditions or agreemsnts under the Traosaction Documents,including but not limited to financial coveBants, other covenants,coDditiotrs or agreements relating to paymsot of aoy imtalmeot ofCoupon or the Principal Amount of the D€bentures, redemptionpremium and aay other monies hcluding costs, charges, expenses
iacuned by the Debenhrre Trustee otr behalfofthe Company underatry of tho Transaction Documents (other rhan those which ate
covered above).Any or all of thc representations and warranties or hfomatioEprovided by the Compatry as set out in any Tratrsaction Documentand/or any information provided by the Company being aod/ordeemed to be untnre, incomplete, incoEect or misleading in a
mat€rial res?€ct and/or any ma&rial information has been cooccaledfrom the Debonture Hold€rs by the CoBpany which may lead to an
event of default in the opinion of the Debenhrte Trustee (acting otrthe insEuctions of the Majority Debenture HoldeN).Aay Financial Indebtedness ofthe Company becomcs due prior loils steted rnaturity by reason of default of the terms thercof byl[q
(e)
(h)
(r)
(i)
(k)
0)
(m)
106
Page 156 of 575
(n)
Borrower or aDy such Indebtedness is not paid at its stated mah[ityand such default has, in the opinion of the Debenture Holders a
Material Adverso EffeaLA.ny corporate action, lrgal proceedings or other procedure or step
is taken in relation to the Company, whether voluntary orinvoluntary (inctuding the making ofan application, the presentation
of a petitiotr, the filing or service of a notice or the passilg of a
resotution), in relation to:(D the suspension of payments, a moratorium of any
indeble&ess, winding-up, insolvercy, dissolution,administration or reorganisation of the Company with anintetrtiotr of winding up or tiquidatiag or declaritrginsolvent the Crmpany (by way ofvoluntary arangement,scheme of arrangement or oth€rwise); or
(ir) a composition, compromise, assigomeDt or arrangementwith any creditor of the Company or any act of insolvencyoi any other act, the consequence ofwhich may lead to theinsolvency or winding up ofthe Company; or
(iii) the appoinhe of a liquidator, provisional liquidator,supervisor, receiver, admidshative receiver, admhistrator,compulsory manager, tslstee or otier similar officer iarespect ofthe Company or any oftheir assels or in case thesame is allowed to be appointed for alt or any part of theundertaking ofthe Co&pany; or
(iv) enforcEment of any security over any ansets of theCompany.
The Company: (i) is unable or admits hability to pay its FinancialIndebtedncss as they fatl due; or (ii) suspetrds making palmrcats onady of its Finarcial lndebtedness, by reason of actual or anticipatedfinancial difficulties or proceedings for taking it into tiquidationhave been admitted by any competent court or a moratorium or otherprotection &om its credioors is declared or imposed in respect of anyindebtedness ofthe Company ;The Company/Promoter or Directors (except Indepetrdent Dkectors)or key managerial personnel of the Company are declared as a'wilful defaulter'.Ifooe or more legal or govemme al proceedings have been initiatedagaiGt the Compary or any claims are made against the Company,and the same has been decided,/decreed against the Compaoy by theCover!fieotal authority oI court of frst jurisdictior, which in theopinioo of the Debenture Trustee (acting on the instuctions of ttreMajority DebeDture Holders), may impair the Company's ability toperform its obligations undertaken in tenns of the TraosactionDocumetrts.Any receivership, insolvency or liquidetion proceedings fitedagai$t the Company inctuding but not limited to anybaDkuptcy/corporate debt restructurhg proceeding(s), a refereuceto the Nationat Company Iaw Tribunal or to the Joitrt l,endersForum and any steps taken towards such prcceedingV actionsagainst the Company.The occurrence of any evetrt or condition or any series of events orconditions which, in the opinion of the Debeoture TnEtee, actiDgsolely on the instructions of th€ Majority DebeBture Holderscotrstitutes or might constitute a Material Adverse Effect afTecringthe Company's ability to compty with their respective obligationsunder the Tralsaction DocumenLs unless the occurrence of such
(o)
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(q)
G)
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Page 157 of 575
(t)
Material Adverse EfTect is, in the discretion of the Deb€trtureTrusbee, capable of remedy and G not remedied within 30 (Thirty)days ofthe notice issued by the Debenhre Trustee 0o &e Company.The Company rescinds/ repudiates or purports to rescind/ repudiatea Tiansaction Document to which it is a party or evidences atrintention to reschd/repudiate any of the Transaction Documents towhich it is a party in whole or in pan.Any expropriation, attachment, restraht or act of sequestratioo,distress or execution affecLs the mortgaged properties or any otherassetr of the Compa.ny or any palt thereof and,/or certificateproceedings being taken or commenced for recovery of any duesfiom the Company which adversely offects their abitity to aomplywith thcir payment obtigatiotrs utrder the Traosaction DocumeDts.The Company suspending or ceasing to carry on its respectivebusiness or gives notice of its intentions to do so.If, in the reasonable opinion of &e Debenture Trustee, the SecudtyInterests of the Debentue Holde(syBeneficial O$!e(s) madeavailable in relation to the Debenn[es, is in jeopardy or under threator ceascs to have eEectIfit is certified by an accormtant or a firm ofaccountantl appointedby the Deb€nture Trustee, that the liabilities of the Compatry exceedits assets.
tf any report provided by the auditors of the Company contains anyqualificatioo which is prejudicial to the interest of the DebenhrreHotden.It is or becomes unlawful for the Company to p€rform atry of itsmat€riat obligations under the Transaction Documeds relathg toDebenhre Outstandhg and/or the Secwity Inoerests or if theTransaction Documents or any part thereof ceases, for any reasonwhatsoever, to be valid and binding or in full force and effect or isalleged by any party to it to be itreffective for ary reason and thecessation individually or cumulatively materially and adverselyaffects the interests of the Deb€nture Hotders under the T.ansactionDocuments.Any material act of taud, embezzlement, misstateme[t,miMppropriation or siphoning off of the funds or revenues of theCompatry/Promoters or any other act having a similar effect behgcommifted by the matragement or aoy ofhcer/ key managerialpersonnel / senior oIEcer / senior management of theCrmpany/Promoter.If the Crmpany is declared an insolvetrt undertaking under theapplicable Insolvetrcy a-nd Bankruptcy Code, 2016, as amend€d or ifa roforooco has been made to the relevatrt bench of the NationalCompany Law Tribunal, by a creditor under the said code and theCompaDy has not rcsolved lho complaint or is nationalized or isunder the management of the Central Govemment or the Compatrytakos advantage ofany law for the reliefofirsolvent debto6;All or a mate.ial part of tle undertaking assets, rights or revenuesof the Company are condemned seized nationalised expropriatedor compulsorily acquird or sha[[ have assumed custody or contolof the business or opetations of the Company, or shall have takenany action for the dissolution of the Company, or atry actio! thatwould prevent the Company, thet member, or their officers fiomcarrying on their business or operations or a substantial part thereof,by or under the authority of any Govemment or Covernmentauthodty:
(r)
(u)
(w)
(x)
(y)
(z\
(aa)
(bb)
(cc)
t08
//:
Page 158 of 575
(dd) Any ofthe clearances required in relation to theNCDs in accordance
witl the Transactiotr Docrmsnts is not procured/ obtained/ received
witlin reasonable time or is revoked or termi-oated. withdrawn,suspended, modihed witbheld or shatt cease to be in full force andeffect;
(ee) A petition for fte reorganization, arrangement adjustment, windingup or composition ofdebts of the Company is filed on the Company(voluntary or otherwise) or have been admitted or makes an
assignment for lhe bctrefit of its credito$ gererally(ff) Any Transaction Document once executed and delivere4 ceases to
be in full force and effect or becomes unlawful, invalid orunetrforceable or fails to provide the Debedhre Trustee ard theDebenn[e Hotderv Beneficial Owners with the interests in theSecued Property int€trded to be created ttrereby;
(gg) The Promoter/s or koy maaagerial personnel or the directors of tbeCompany are accused oi charged with. arrested or convicted in acrimiaal offence ard/or aay govertrmental prcceedings by anyregulatory bodies, iovolving moral turpitude, dishonesqr or whichotherwise impinges oo the integrity of the Promoter/s or keymanagerial persoonel or diroctor, including any accusations,cbarges and./or convictions ofany ofence relathg to bdbery etc.;
(bh) Change in Management Cotrhol of the Company without the priorwriBen approva[ or saaction of the Debenture Trustee;
Provisio!6 in relatiotr tocrosr default
Any Financial Indebtedness ofthe Company becomes due prior to its stat€d
maturity by reason of default of the terms thereofby the Borowel or any suchIndebtedness is trot paid at its stat€d maturity and such default has, in theopinion of the Debenture Holders a Material Adverse Effect.
Consequences of Event ofDefault
On and at any time after the occurrence ofan Event ofDefault, the DebenhrreTrustee shall ifso directed by the Majority Debenhrre Holde(s) atrd after l5bushess days' notice to curc the default to thc company:
i. declare that all or part of lhe obligatioDs be immediately due andpayable, whercupon they shall become immediately due andpayable;
ii. accelerate the redeuption ofthe NCDs;iii. enforce such se{urity in such a maoner as the Debenture Holders
may deem fiqiv. exercise any othsr right lhat the Debenture Trustee and / or
Debenture Holder(s) may have under the Transaction Documents orunder [ndian [aw.
Represenaations,Wsrrrtrties
The Issuer will make representations cusiomary for the facilities of fis natureatrd others appropriate in the judgment of the Debenture holders, includiagbut not limited io:
Issuer will give representatiotrs and warranties that, amongst otherthiogs, tbat it has firll tide on a[ the rights, property and undertakiogssubject !o the security (free fiom any eocumbrances, third party claimsand litigations)No Event of Default has occurred and is continuing and no such went orcircumstanc€ will result as a cons€quence of the Issuer/ Subsidiary/Promoters perfiormirg any obligatioo con0emplaled under the tsansactiondocumedts.No Material Adverse Change in business, condition or operations of theIssue/ SubsidiaryAbsence of any pending or threatened litigation, investigation orproceedings drat may have a material adverse effect on the business
ail
t: :R@Ix{srED - PoE toe
ill-..r rl
Page 159 of 575
condition (financial or otherwise), operations, performance or prospectsofthe Issuer/ Subsidiary or that purports to affect the Facility
. Compliatrce with all laws and .egulations (includiog aay disclosurerequfuements) and procuritrg alt relevant approvals in order to areationatrd perfectiotr of the serurity, as may be required h relation to theTrd$actiotr.
. lttegatity,r Cross default to other indebtedness, including without limitation
contingent liabilitics ofthe Issuer aod its Subsidiaries,r Transferability,Any other as agreed upon during the course ofdocumeotation
Conditiotrs Precedetra Customary to facilities of this nature, including but not limited to:
. Complianc€ with all the regutatory guidetines.
. A certified true copy of the coGtih,ltioual doq.lmenb of the Company(b€ing its Memorandum and Anicles of Association and Certificate ofIncorporatiou) shall havc been submittcd to the Dcbenrure Trustee
. Al[ corporat€ approvals from the Board ofDirectors and shareholders ofthe Compatry, ifapplicabte, shall have been received for the issuance ofthe NCDs, creation of the Security and the execution, d€livery andperformance by the Company of the Transactioo Doc,umetrts inaccordance with the Companies Act
r Execution of the Debenture Trustge Agreement in a form and maonersatisfactory to the Debenture Trustee shall have taken place;
. Rating ofthe Debenturcs being completed and the rating agency havingprovided a minimum rating of "A" for the Debenrures and the ratingletter issued by thc Rating Agency beirg in a form and marmersatisfactory to the Debenh[e Trustee;
. The Debenture Truste€ shall have rec€ived a tegal opinioo, to thc comfortof ttre Debenture Trustee on the validity and enforceability of ttreTrarsaction Documents, to the satisfaction of the Debenture Trustee;
. The Company shall have providcd to the Debetrhlre Trustoe a certificatEftom a dteclor/company secretary of the Company certifying that-a) the Company and its Dkectors have thc trec€ssary powers under ttre
Memorandum and Articles of Associetion of the Company toborrow moncys pursuant to the issuance ofthe Dcbenturcs;
b) the borrowing of moneys pursua to thc issua[ce of the Debentures
and the creation of Security will not caus€ any limit binding on the
Compuy to be exceede4
c) no Material Adverse EIfect has occurred in the Compary, and/or the
business of the Company;
d) the Company has obtained all necessary conscnts and approvals, ifapplicable, from including but not limited to its creditors, secured or
unsecured, for the issuance of the Dcbentures and creation ofSecurity; shatl have beED delivered itr a form and manner
satisfactory to the Debenture Truste€;
. The delivery by the Company to the Debentue Trustel, of certificatessigned by authorized sigmtories of the Issuer, in a form and substaDcesatisfactory to the Deben$re Trustee, witb resp€ct to:a) itrcumbency and siFatures;b) accuracy of representations atrd waraDties required by the
Debgnturc Trustee / Debennrre Holders;
RESTNC'TED -
Page 160 of 575
c) absetrce of defaults and any Material Adverse Effect;
d) all representations afld walanties cotrtahed in this Deed are true atrd
correct il] all mat€rial respects oir atrd as of the Deemed Date ofAllottre , before and after giving effect to the Issue and io the
application ofthe proceeds there &om;
e) non--occunence ofaoy force majeure event at the time ofallohnent;and
. Due exccution of the Depository Ageements by, inier-alia, theDepository and the Issuer;
. Due execution ofthe Tripartite Ageement by, inter-alia, the Registrarand Traosfer Agent, Depository and fte Issucr and should have obtainedthe ISIN for the NCDs;
. The Debenture Trustee shatl have received satisfactory reports fromCIBIL iD respect of the Compary;
e The Compaoy shall have subrritted to tb€ Debenhre Holders / DebeBh[eTrustee, all required documents for lhe pupose of satisfyitrg itsrespective KYC requtements; and
. No Event ofDefaulthas occurred and is continuing, or would result fromsuch advances.
Execution oftansaction documeEts in form and manner mutually acceptableto debenture hotders & Issuer
Conditions Subs€quedt toI$lralrce
The Isslrer shall ensule that the following documents are executed/ activitiesare completed:l. The letter of allotnent, indicating allotn€[t of the Debentures, will be
credited in demateriatised form within 3 (Three) Business Days ftom theDeemed Date of Allounent. The aforesaid letter of allotment shall bereplaced with the actual credit of Debentures, in dematerialised form,within a maximum of l0 CIen) days from the D€emed Date of Allotment-
2. Execution of Debenture Trust Decd of Deed of Hypothecation widl inrhe prescribed timelines.
3. Listing ofNCDs within 30 days from Deemed Date ofAlloEnent.4. All securities to be p€rfected within 60 days &om the Deemed Date of
Allohent.5. List ofhypothecat€d ass€ts to be shared within 60 dsys ofDeemed Date
of Allotmeot.6. End use cenificate to be provided within 60 days of Deemed Date of
AllohleEtReceipt by the Issuer of 8ll relevant coosents (corporatq shareholder,regulatory and coDsetrb of existing, letrd€rs and other govemment authorities,if atry) towards creation and perfection of the Seaudty to the satisfaction ofthe Deb€Dture Tru.6te€;
Deby ia erecution ofDebetrtur€ Truct Deed
In the eveDt the Debcnturc Trust Deed is oot executed with in the prescribedtime from the deemed date ofallotnent, thm the Issuer shall pay to the NCDholdex penal interest @ 2% p.a. over and above the Coupon Rate, from thedate of expiry of prescribed time tilt the dare ofexecution ofthe DebentureTrusa Deed.
Coverning LewJurlsdiction
rtrdThe Deb€nures atrd docunentation will be govcmed by and construcd ioaccordance with the laws oflndia and the parties submit io the non-exclusivejurisdiction of the cours in BhopaVDelhi and as more particularly providedfor in the Debelture Trust Deed.
Force MajeureThe Issuq underctands that this issue is cootiogent on lhe assumption thatfrom the date heroof to the Deemed Date of Allotsnent, there is no materialadverse change in the financial conditiors of th€ Issuer or in lhe conditioo of
' ,.as7IrcTED - Pag.III
Page 161 of 575
the [ndian credit and debt ma*et (including any policy action) which in thereasonable opinion of the lnvestor would make it inadvisable to proceed withthe lssue. [n the case of such material adverse change, the tgrms may berenegotiated io the mutual satisfaction.
Blddltrg Dste,Openitrg Drtc'Closlng Dete
IssucIssuc
2Ei May 2020
Pry-itr Drte, DeeEed Drtcof Allotment
29d May 2020 (T+l)
Issurnce mode of theInstrumetrt
Issuance modo of the Instrument
Demrt otrly (for privetephccEena)
Demat o[ly (for private placemetrt)
S€ttlemetrt Eode of theInsarume[t
made by way of cash using cheques, demand drafts, interest/ redemptionwarrants, pay order, direct qedit, ECS, NEFI, RTGS, other online paymentmechanism as are permift€d by the Res€rve Baok oflndia
Busln€ss Dry Convention If the Coupon Payment Date falls on a holiday, the payment of interest up tooriginal scheduled date, witl be madc on the foltowing working day, howeverthe dates of the fuulre coupon paym€nts would be in accordance with thescbedule originally stipulat€d at the time of issuing the security-
If thc Redemprion Date (also being the last Coupon Payment Date) of theDebenturcs falls on a day that is not a Busincss Day, the redemption proceedsshall bc paid by the Issuer on the immediately preceding Business Day aloogwith interest accrued on the Debentures until but excluding the date ofsuchpayme0t.
It is clarifiod that CoupodRedemption with respect to the Debonhlres shallbe made only or the days when the money market is nrnctiotring in Mumbai.
Ifthc Rccord Datc falls on a day which is not a Business Day, the immediatelysucceedmg Business Day will be considered as the Record Dat€.
Delry ln Listing In case ofdelay in tising ofNCDs beyond 20 days from the deemed d8te ofallotment, the Company strall pay penal intercst of [0/o p.a. over the CouponRate from the expiry of30 days from deemed date of allotnsut till the tistingofNCDs to the Investor.
Record Date 15 (fifteetr) days prior !o each C,oupon Payment Date and Rcdemption Date
TraBssction Documents o lufomrationMemorandum
. D€benture Truste€ AgreeEent
. Debetrture Trust Deed
o Deci of Hypothecetion
Such other documents 8s ageed between the Company and the DebentueTrustee
Role and Respo Nibiliti€s ofDcbeoturc Trurtee
As provided in the Debenture Trust Deed
SettleEetrt Mechrtrism Through Clearing Corpo6tioo of BSE
Allocrtion Optio! Uniform Yietd
RESIRICT:ED Pog. I 12
Page 162 of 575
Bidding Type Closed bidding
* Under ttre SEBI circular uo. CIR/IMD/DF-I/122/2016 dated November ll, 2016 as amended, if the CouponPayment Date falls on a hotiday or Sunday, the paym€trt may be made on the following working day without includingthe interest for holiday or Sunday and the dates of the future coupotr pa).rnents would be in accordance with theschedule originatly stipulated at the time ofissuing the security-+* Under the SEBI circular no. CIR/IMD/DF/18/201I dated Octobcr 29, 2013, as amended if the redemption datefalls oa a holiday or Sunday, then such payment shall be made on the previous working date along with interest isrequired m be paid till the redemption date.
Iltustrdtion of Debeuture Cash Flows
(Rs in qores)
Issuer Dilip Buitdcon Limited
Face Value (per security) Rs.10,00,000/-
No of Securitv lm0Date of Allotrnent 29 May 202O
Dates ofRedemption 29 Novembcr 2022 and29 May 2023
(50% at the end of30d month (Rs.50 crores) i.e. 29 Nov 2022 & 50% at the
end of36d month (Rs.50 crores) i.e. 29 May 2023
Tenure 3 years (36 months)
Coupon Rate 8.75% p.a annualized
Frequency of the InterestPalment with specified dates
May 29,2021May 29,2O22November 29, 2022May 29,2023
Day Count Convention Ac[ral / Actual
Originel Due Drte Actu.l Pryout Drte Crsh f,'low. No. ofd8ys itrCouponPerlod
Princip.lAmoutrt
Interest
Net CelhFlows
Friday, May 29, 2020 Fiday, MLy 29,2020 0 -rm.00 0.00 - 100.00
SaElrday, May 29,2021
Saturday, May 29,2t2t
[oterest 365 t.75 E_75
Sunday, May 29,2022
Monday, May 30,2022
fntercst 365 8.7s t.75
Tuesday, Nov 29,2022
Tuesday, Nov 29,2022
Interest+s0%redernption
184 50.00 4.32 54.32
Morday, May 29,2021
Monday, May 29,2023
tnterest+s0oloredemDtion
t8t 50.00 2.12 52.t2
Total 21-94 23.91
,41_ lutcrro
Page 163 of 575
L GENERAL INFORMATION
(0Name
Company
of thcDilip Buildcon Limited
(ii) CIN L45201 MP2006PLC0 I 8689
(iii)
Address
Regirtered Ofrce, Corpordte Oiice:Ptot No. 5, Irside Govind Narayan Singh Gat€, Chuna Bhatti, Kolar RoadBhopal 462 016, Madhya Pradesh, I-odia
Tetephone with STD o'7 554029999
Fax No o7 s54029998
E-mail id [email protected]. in
Website www.dilip buildcon.com
(i") Date of incorporatioo
of the CompaoyJuue 12, 2006
(v)
Business carried on
by thc Company and
its subsidiades with
details of branches or
units, if any.
As provided on Page 23 under Section 5 ofthe Informatioo Memomndum
Subsidiaries: I. DBL Nadiad Modasa Tottways Limited 2. DBL Betul-Sarni
Tollways Limited,3. DBL Hala Dargaon Totlways Limited,4- DBL Patan Rehli
Tollways Limitei, 5. Jalpa Devi Tollways Limited, 5. DBL Mundargi
Harapana-halti Tollways Limitc4 7. DBL Hassan Periyapaha Tollways
Limited, 8. DBL Hirekenu Ranibennur Totlways Limite4 9. DBL Lucknow
Suttanpur Highways Limited, 10. DBL Kalmath Zarap Highways Limite4 I l.Bhavya In&a & Systems Private Limited 12. Jalpa Devi Eogineerfurg Private
Limited 13. DBL Tuljapur Ausa Highways Private Limited, 14. DBLMahagaon Yavatnal Highways Private Limite4 15. DBL Yavatual Wadha
Highways Private Limit€4 16. DBL wardha Butibori Highways Private
Limite4 17. DBL VPR Mining F4- Ltd. 18. DBL Cbandikhole Bhadrak
Highways hrt- Ltd., 18. DBL Baagatore Nitlagatta Highways hd. Ltd., I9. DBLAaandapuram Anakapalli Highways Private Limited, 20. DBL Gorhar
Khatatunda Highways Pvt. Ltd., 21. DBL Nidagatta Mysore Highways hrtLtd.,22. DBL Rewa Sidhi Highways Pvt. Ltd.,23. DBL Byrdpura Challakere
Highways Prt. Ltd., 24. DBL Maogloor Higways Pvt. Ltd. ,25 DBL Sangli
Borgaon Highways P\.t. Ltd., 26. DBL Borgaon Wstambare Highways Ad. Ltd.,
27. DBL Borgaon watambare llighways Pvt. Ltd.,2E. DBL Maogalwedha
Solapur Highways Pr.t. Ltd., 29- DBL Bellary Byrapura Highways Pvt. Ltd., 30-
DBL Pacbhwara Coal Mine Private Limite4 31. Desvin Sesimic Systems
Private Limite4 32. Pathrapali-Ka-thghora Highways Private LimiEd.
Company has no branches
ANNEXURE X: STATT/TORY AITID REGULATORY DISCLOSURES
Thk sectioo sets out dllclosur$ required under Form No. PAS4 (Private Pbccmcnt Ollcr L.ter) puNurEt tothe PAS Rules.
RESTRICTED -
Page 164 of 575
(vi)Brief particulars ofthe management ofthe ComDany
As provided under Section 5 of the Information Memorandum
("ii)Names, Addresses,
DIN, and Occupations
of Dfuectors
As provided on Page 17 and Section 5 ofthe Ioformation Memorandum
As per the Risk Factors of the Informahon Memorandum under Section 3(viii)Matragement's
perception of risk
factors
(ix)
Details of default, ifany, including therein
ttre amount involve4
duration of default
aod present status, in
repayment of-i. Statutory Dues
ii. D€beotures and
loterest thereon
iii. Deposits and
ItrtErest thereon
iv. Loans ftom any
Bask or Financial
institution and any
interest thereon
NIL
(*)
Names, designation,
address and phone
no., email ID of the
oodaVcompliance
oflicer of the
Company, if any, for
the private placement
offer process
Compliance Oflicer of Company: Abhishek Shrivastava
Emait [email protected]
CFO ofthe Company: Radhey Shyam Garg
Corporate Idertiflcation Number: L45201MP2006PLC0186t9
Phone No-: 0755-4029999
Fax No.: 0755-4029998
Contact Person: Abhishek Shrivastava
(xi)
Aly defautt in annual
filing of the Company
under fte Companies
Act, 2013 or the rules
made thereunder
None
I PARTICUI.ARS OF THE OFFER
(,Fiuaqcial Position ofthe Compatry for rielast 3 financial years
Please refer m AnnexureY (Summary Financial Information oJ the Company)
(il) Date of passiDg ofboard resolutioE
Board resolutions: August 5, 2019 aod May 25, 2020
)): ) nEgr-[lCtED - PoEe tl5
Page 165 of 575
Debentnre Committee rosolution: tr,.ay 25 , 2020
(ii0
Date of passing ofresolurion in tbe
getreral me€ting,
authorizing the olIerof securities;
September 17,2019
(iv)
Kitrds of s€curities
offered (i.e. whether
sbare or debe[ture)
ard class of security;
the total numb€r ofshares or other
securities to be issued
Secure4 rated, listed, redeemable non-convertible debentures ("Dcbcntures")
ofa face value ofRs 10,00,000 (Indian Rupees Tur Lakh only) each aggregathg
upto Rs- 100,00,00,000 (ladiaa Rupees One Hundred Crores only) ("ksue").
(v)
Price at which th€
s€curity is being
offered includiog the
premium, if any,
along withjustification of tbe
price
Issue is at Par value of Rs. 10,00,000 (Indian Rupees Ten Lakhs only) p€r
Debenture.
("i)
Name and addrcss ofthe valuer who
performed valuation
of the secudty
offerd aod basis oo
which the price has
been arrived at
alotrgwith the r€port
of the registered
valuer
As [ris is an issuanc€ of Debentures at par value, there is no valuation for this
lssue
(vii)
Relcvatrt date with
rcference to which tbe
price has been arrived
d.
Relevant date medns a
date at least thirtydays prior to the date
otr which the geoelal
meethg of 6eCompany is
scheduted to be hcld
NA
(viii)The class or classes ofpersons to whom the
allotsnent is proposed
(a) Scheduled commcrcial banks itr India;
(b) NBFCs and RNBCS registered with the RBI;
(c) hdian companies and other bodies corporate;
.-'
Page 166 of 575
to be made (d) Rurat regional banks in India;
(e) Financial institutions, including All India Financial Institutions;
(f) Housing frnance compaaies registered witi the National Housing Board;
and
(g) Any oth€l investors who are permifted to invest in the Debentures under
Applicable Law.
(ix)
htetrtiotr ofpromotsrs, dfuectors
or key managerial
p€rsorulel to subscribe
to the offer(appticable in case
they irtend to
subscribe to the offer)
NA
G)
The proposed time
within which the
allotnent shall be
completed
Issue opening date: May 28, 2020
Issue closing date: May 28, 2020
Pay-in Datc: May 29,2020 {'l+l Settlementl
Deemed date of allotmefi: ll!'.ay 29 , 2O2O
(n)
The names ofproposed allottees and
the percentage ofpostpriYate placomoot
capital that may be
held by them
NA
(xii)
The change h control,
if any, in th€
Company, that would
occur consequent to
the Drivate Dlacement
NA
(*iii)
The number ofpersons !o whom
allotrnent on
preferential
basis/private
placemenUrights issue
has been made during
the year, in terms ofnunber of securities
as well as price
NIL
(xrv)
The justificatioo forthe allotment
proposed to be made
for corsideration
other than cash
Not applicable. The consideration for this issue will be cash
ifiElTyCtPD Pase 1t7
Page 167 of 575
together withvaluation report of the
regislercd valusr
(xu)
Amounts which the
Company inteqds to
raise by way of the
proposed offer ofsecurities
Rs. I00,00,00,000 (lndian Rr-pees One Hundred Crores only)
(xvi) Applicatioo Form
The form in which an investor can apply for subscriptioo to the Deb€ntures, the
format of which is set out in Annexur€ lI (/pp licatiol Forrn) of tle l-nformation
Memorandum.
(xvii)
Tenns of raising ofsecurities: Duration, ifapplicable, Rate ofdividend or rate ofitrterest, mode ofpayment and
repayment
Mode ofpaFrent and r€paymenr Pa)rmeot of interest and RedeEptioo Amount
will be made by way of cash using Che4ue/ DD/ RTGS/ NEFT .IACIy
Elcfonic mode atrd any other prevailing mode ofDayment from time to time.
Tenor 3 yeals
Issue Size Rs. 100,00,00,000 0ndian Rupees One Hundred Crores
only)
Coupon Ratc 8-75%o p-a- Atlulluzlized,
Coupon
Payment Dates
May 29,2O21May 29,2O22November 29, 2022
May 29,2023
(xviii)
Proposed dme
schedule for whichthe private placement
offer cum application
letter is valid
Issuc opening date: May 2E,2O2O
Issue closing date: May 2t,2O20
Pay-in Date: May 29,2o2o IT+l Settlementl
(xix)Deemed Dale
Allohtrentof
May 29,2020
(xx)Puposes and objecb
of the offer
The proceeds shall b€ used for meeting loog t€rm workhg capital rcquirEme
aod general corporate purpos€s of the company. Company undertakes that
proceeds ofthe present Issue shall not be used for any purpose which may be incortrav€ntion of the regulationV guidelines/ norms issued by the RBV SEBV
RoC/ Stock Exchaose.
(oi)
Contribution b"i"gmade by thepromoters or directors
eithcr as part of the
offer or separately in
furthcrance of such
obi€cts
NA
RESIAIC|ED - Pzt IIA
tI*!W:::,. ".::;Lris&&*'::,jX*
\-:i .',--Page 168 of 575
(xxii)Principal terms ofassets charged as
security, if applicable
Charge over all moveable fixed assets ofthe Company
(xxiiD
The detaits ofsignihcant and
material orde$ passed
by the Regulators,
Courts and Tribunals
impacting the goitrg
concem stah$ of the
Company and its
future opemtiotrs
NIL
(xxiv)
The pre-issue and
post-issue
shareholding panem
of rhe Companv
There will be no change in the shareholding pafiem of the Company as this is a
Debenhrre issue-
m Mode oIpayme[t forsubscription
As per Section 7.15 of the Information Memorrtrdum
IV DISCLOS{JRES WITH REGARD TO INTERF.ST OF DIRECTORS, LITIGATION ETC.
(D
Aay hna.ocial or other
material interest of the
directors, promoters
or key managerial
personnel in the offer
and the effect of such
interest in so far as itis different &om the
intorests of otherp€rsons.
NIL
Details of any
titigatiotr or legal
action pending or
taketr by any Ministry
or Department of the
Govemment or a
statutory authority
against any promoter
of the o{Ieree
Company during the
lasr three ye3rs
imm€diat€lyprecedhg the year ofthe cfuculation of the
private placement
offer cum application
letter and any
The company has litigations entered irl to durhg the normal course of the
busioess. The amount involved in various litigations aggregating io Rs 50.00
crores , as of March 31, 2019 was provided for as contingetrt tiability in the
Audited Balance Sheet of the Company. Similarty, the amount podaidng to
litigations as of March 3 I , 2020 stands at Rs 2 I .25 crores-
(ii)
Page 169 of 575
direction issued by
such Millisfy orDeparhnent orstatutory authority
upon conclusion ofsuch litigatiotr or legal
action shall be
disclosed.
(iiD
Remuneration ofDirectors (during the
curreDt and last three
financial years).
As per Section 5 E of this Information Memorandum
(,9
Relat€d party
transactiors etrtered
during the last tireehnancial years
immediately
preccding the year ofcirculation of private
placemeut offer cum
application letror
including with regard
to loans Dade or,guarantees given orsecurities provided.
Please refer to Annexure Ytll (Related Party Transaction)
(v)
Summary ofreservations orqualifications or
adverse remarks ofauditors in the last
live linrnciel yeors
immediately
preceding the year ofcirculation of private
placement offer cum
application letter and
of their impact on the
financial statements
and finaacial position
of the Company and
the corrective steps
taken and proposed to
be taken by the
Company for each ofthe said reservatiors
or qualihcations or
ML
RESTNCT:ED
Page 170 of 575
advers€ remark
("i)
Delails of any inquiry,
inspections or
investigations
initiated or conducted
under [te Companies
Act or atry previous
Compatry law in the
last three years
immediately
preceding the issue ofprivate placement
offer cum application
let&r in the case ofCompatry atrd all of ibsubsidiaries. AIso, ifthere were any
prosecutioN filod(whether pending or
not) fines iEposed,
compoundhg ofoffences in the last
threc y€ars
immediately
preceding the ycar ofthe private placemeot
offer cum application
letbr and if so,
section-wisc details
thereof for the
Company.
NIL
(vii)
Details of acts ofmaterial frauds
cornmitted against the
Company in the last
three years, ifany, and
if so, the actioo taken
by the Company.
ML
FINANCIAL POSITION OF THE COMPANY
IThe capital struchlre
of the Company - (inRs.)
Please refer to ParagBph 5.4 rmder Section 5 ofthis Information Memorandum
RESTRTCTED - Pds. t2t
Page 171 of 575
G.,,t o"o investni€nt servi(es ltd
As'ttur&*rcrsl.{.furd)
Regd. office:10 Rakesh Deep Buildin& YusufSarar CommerEiel Complex,Gulmohar Enclave, New Delhi 110 (X9 Tel: O11.41O32929FAX: 011-41035057 E-MAlt: delhi [email protected] NO _ OTAAECPgSOIFIZG
oate- 23.05.2020To,
The Chief Financial Officer
M/s Oilip Build.on Limited
lnside Govind Narayan Singh Gate,
Chuna Bhatti, Kolar Road,
Bhopal-462016 (M.P.)
Dea. Sir,
Sub: Consent to act as Oehenture Trustee fo. the listed. rated. sedr.ed NCDS esqreiadn{ to Rs- 10O
Crores to be lssued bv DiliD Buildcon Limited-
We PNB lnvestment S€rvices Ltd hereby give our consent to act as Debenture Trustee for the above mentioned
issuance of Debentures having the tenure of more than 1 year and agreeable to the inclusion of our name as
Debenture Trustee in the shelf prospectus/ Private placement offer lette./ lnformation Memorandum.
PNB lnvestment Seryices Ltd consenting to act as Debenture Trustee is puaely its busin$s decision and not an
indication on the issuer companies standing or on the debenture issue. By consentihg to act as Debenture Trustee
PNB lnvestment Services Ltd does not make nor deems to have made any representation on the issuer company,
its Operations, the details and proiections about the lssuer Company or the Debentu.es unde. Offer made in theShelf Prospectus/ Private Placement offer letter/ lnformation Memorandum/ offer document and make their own
enquiry, carry out due diligence and analysis about the lssuer company, its pedormance and profitability and
details in the Shelf Prospectus/ Private placement offer letter/ lnformation Memorandum/ offer document before
taking their investment decision. PNB lnvestment Se ices Ltd shall not be responsible fo. investment decision and
its consequence.
We also confirm that we are not disqualified to be appointed as Debenture Trustee within the meaning of Rule
18(2Xc) of the Comp3nies (Share Capital and Debentures) Rules, 2014.
Youc Truly,
For PNB lnvestmelt Services Limit€d,
Authorired Signatory
Corporate Office: PNB Pragati Tos/ers, 2od F1oor, Plot No. C-9, G-Block, Band-ra Kurla Complex,Bandra (E), Mumbai- 4OO O51.TeL: 022-26532745 Fax: 022-265326A7 Email: mumbai corporate@)Dnbisl.com Website:
'':-"
www.pnbisl.comCUt: U65191DL2m9(X)Ila7l.t5
---
/i
Page 172 of 575
