MIRA
INFORM REPORT
|
Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RELIANCE
ENGINEERING ASSOCIATES PRIVATE LIMITED |
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Formerly Known As : |
RELIANCE INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED |
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Registered Office : |
342, Kharadpada,
Naroli, Near Silvasa, Dadra and Nagar Haveli, Union Territory, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1991 |
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Com. Reg. No.: |
54-149 |
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CIN No.: [Company
Identification No.] |
U99999DN1991PTC000149 |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
To carry on the
business to construct, acquire, establish, provide, maintain and administer industrial
estates, housing constructions, buildings, roads & bridges, shopping
complexes and centres, recreational facilities such as theatres, clubs,
sports centres, gardens, parks, resorts, medical centres like hospitals &
dispensaries, educational centres like schools & colleges, other
constructions such as parking spaces and
warehousing / storage facilities of all kinds. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 4500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company and part of Reliance Group. The company is progressing
well. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. Fundamentals are
strong and healthy. The company can
be considered normal for business dealings at usual trade terms and
conditions. The company can
be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
342, Kharadpada, Naroli,
Near Silvasa, Dadra and Nagar Haveli, Union Territory, India |
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Tel. No.: |
91-22-24960418 /
5263 / 61 / 24916000 |
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Mobile No.: |
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Fax No.: |
91-22-24981179 |
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E-Mail : |
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Website : |
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Administrative
office |
5th Floor, NKM International House, 178, Backbay
Reclamation, Babubhai Chinai Road, Mumbai - 400 020, Maharashtra, India. |
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Corporate
Office : |
Brindavan, 3rd
Floor, Sr. Premises, Ganpatrao Kadam Marg, Worli, Mumbai - 400 013,
Maharashtra, India Tel. No.
91-22-24916000 Fax No.
91-22-24981179 Dhirubhai Ambani
Knowledge City, Navi Mumbai – 400709, India Tel. No.
91-22-33333333 Fax No.
91-22-27624213 Tel. No.
91-22-22840117 E-mail : customercare@relianceinfo.com Website : http://www.relianceinfocomm.com |
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Branches : |
Located at : 2nd Floor,
NTC House, Narottam Morarjee Road, Ballard Estate, Mumbai - 400 038,
Maharashtra |
DIRECTORS
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Name : |
Mr. Girdhardas Arunkant Dawda |
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Designation : |
Director |
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Address : |
TMC Bunglow No.11, Sector –V, Reliance Greens, Moti Kavadi, Jamnagar –
361140, Gujarat, India |
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Date of Birth/Age : |
02.08.1934 |
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Date of Appointment : |
24.12.1999 |
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Name : |
Mr. Vasant Kumar Betkekar |
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Designation : |
Director |
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Address : |
A/7, Green Acres Bunglows Society, Din-Quary Road, Panjarapol, Deonar,
Chembur, Mumbai – 400088, Maharashtra, India |
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Date of Birth/Age : |
23.05.1958 |
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Date of Appointment : |
27.01.1998 to
28.11.2001 and again w.e.f. 06.04.2002 |
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Name : |
Mr. Virendra Kumar Gandhi |
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Designation : |
Director |
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Address : |
203, Chaitanya Tower, C-Wing, Prabhadevi, Mumbai – 400025,
Maharashtra, India |
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Date of Birth/Age : |
12.10.1955 |
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Date of Appointment : |
27.08.1999 to 15.11.2001
and again w.e.f. 09.07.2002 |
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Name : |
Mr. Balakrishna Narayan Holla |
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Designation : |
Director |
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Address : |
31, Viraj Silverene, 321, Hill Road, Bandra (West), Mumbai – 400050 |
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Date of Birth/Age : |
18.07.1949 |
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Date of Appointment : |
24.12.1999 |
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Name : |
Mr. Madhusudana Shivaprasad Panda |
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Designation : |
Director |
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Address : |
43, Teneriffe, 2A Little Gibbs, Malabar Hills, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
11.12.1952 |
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Name : |
Mr. Mihir Kumar Dalal |
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Designation : |
Director |
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Address : |
253, Mandakini Enclave, Kalkaji, New Delhi – 110019 |
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Date of Birth/Age : |
20.09.1945 |
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Date of Appointment : |
30.09.2006 |
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Other Directorship : |
Becrel Engineering Private Limited CIN NO. : U45200MH2006PTC159144 |
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Name : |
Mr. Sandeep Vijay Agarwal |
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Designation : |
Director |
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Address : |
3, Malad Apartment Society, Amand Raod, Malad (West), Mumbai – 400064 |
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Date of Birth/Age : |
02.02.1967 |
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Date of Appointment : |
24.12.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Ashin
Vadhwana |
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Designation : |
Company Secretary
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Address : |
Room No. 16, Jitendra
Road, Makrani Pada, Anwar Shekh’s Chawl, Malad (East), Mumbai – 400097 |
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Date of Birth/Age : |
01.11.1981 |
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Qualification : |
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Experience : |
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Date of Appointment : |
27.03.2006 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Ports
& Terminals Limited |
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120000 |
|
Reliance
Utilities & Power Limited |
|
120000 |
|
Antariksh Commercials
Private Limited |
|
130000 |
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Bhagirath Traders
Private Limited |
|
120000 |
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Deep Mercantile
Private Limited |
|
120000 |
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Kinnari
Merchandise Private Limited |
|
120000 |
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Nirantar
Merchandise Private Limited |
|
140000 |
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Rachana Merchandise
Private Limited |
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130000 |
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BUSINESS DETAILS
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Line of Business : |
To carry on the
business to construct, acquire, establish, provide, maintain and administer
industrial estates, housing constructions, buildings, roads & bridges,
shopping complexes and centres, recreational facilities such as theatres,
clubs, sports centres, gardens, parks, resorts, medical centres like
hospitals & dispensaries, educational centres like schools &
colleges, other constructions such as parking spaces and warehousing / storage facilities of all
kinds. |
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Imports : |
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Products : |
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Countries : |
U.S.A., Germany,
U.K., Israel and Japan |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
v
State Bank of
India v
HDFC Bank
Limited v Bank of Baroda |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Chaturvedi &
Shah Chartered
Accountants |
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Address : |
714-715, Tulsiani
Chamber, 212 Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22308500 |
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Fax No.: |
91-22-22872703/228456585 |
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Associates/Subsidiaries : |
v
Reliance
Ports & Terminals Limited v
Reliance
Utilities & Power Limited v
Reliance Petroleum
Limited v
Reliance
Telecom Limited v
Reliance
Leasures Private Limited v
Reliance
Worldtraders Private Limited v
Reliance
Strategic Investment Private Limited v
Reliance
Agrotech Private Limited v
Reliance
Entertainment Private Limited v
Reliance
Energy & Project Development Private Limited v
Reliance
Hydrocarbon & Investment Private Limited v
Reliance
Consolidated Enterprises Private Limited v
Reliance
Paging Private Limited v
Reliance
Global Management Services Private Limited v
Reliance
Detective & Security Consultancy Services Private Limited v
Reliance
Communications Maharashtra Private Limited v
Reliance
Communications Orissa Private Limited v
Reliance
Communications Punjab Private Limited v
Reliance
Communications Rajasthan Private Limited v
Reliance
Communications Tamil Nadu Private Limited v
Reliance
Communications Uttar Pradesh Private Limited v
Reliance
Communications West Bengal Private Limited v
Reliance
Communications Private Limited v
Reliance
Communications Andaman & Nicobar Private Limited v
Reliance
Communications Andhra Pradesh Private Limited v
Reliance
Communications Bihar Private Limited v
Reliance
Communications Delhi Private Limited v
Reliance
Communications Haryana Private Limited v
Reliance
Communications Himachal Pradesh Private Limited v
Reliance
Communications Jammu & Kashmir Private Limited v
Reliance
Communications Karnataka Private Limited v
Reliance
Communications Kerala Private Limited v Reliance Communications Madhya Pradesh
Private Limited |
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parent company / holding company |
v
Reliance Industries
Limited v
Reliance
Communication Infrastructure Limited |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10 each |
Rs. 10.000 millions |
|
4500000 |
10% Redeemable Non-Cumulative Preference Shares |
Rs.10 each |
Rs. 45.000 millions |
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Total |
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Rs. 55.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10 each |
Rs. 10.000 millions |
|
4500000 |
10% Redeemable Non-Cumulative Preference Shares |
Rs.10 each |
Rs. 45.000 millions |
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Total |
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Rs. 55.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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55.000 |
10.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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1082.189 |
670.915 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
1137.189 |
680.915 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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8000.789 |
680.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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104.369 |
119.165 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
5157.172 |
0.451 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
459.201 |
669.080 |
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Cash & Bank Balances |
|
7.103 |
26.041 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3846.334 |
2663.644 |
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Total
Current Assets |
|
4312.638 |
3358.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1197.064 |
2484.499 |
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Provisions |
|
376.326 |
312.987 |
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Total
Current Liabilities |
|
1573.390 |
2797.486 |
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Net Current Assets |
|
2739.248 |
561.279 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.020 |
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TOTAL |
|
8000.789 |
680.915 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
5969.396 |
4082.161 |
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Total Income |
|
5969.396 |
4082.161 |
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Profit/(Loss) After Tax |
|
67.943 |
109.539 |
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Expenditures : |
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Interest |
|
2.446 |
0.028 |
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Depreciation & Amortization |
|
37.481 |
49.992 |
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Other Expenditure |
|
5861.526 |
3922.602 |
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Total Expenditure |
|
5901.453 |
3972.622 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.13 |
2.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.38 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.74 |
1.20 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
incorporated on 19th November, 1991 at Mumbai in Maharashtra under
the name and style of Reliance Infrastructure Development Private Limited
having Company Registration Number 64083.
The name of the
company was changed to present with effect from 24th December, 1999.
The Registered
Office of the company has been shifted from Mumbai to Union Territory of Dadra
and Nagar Haveli with effect from 7th March, 2000 and obtained a New
Company Registration Number 149.
BUSINESS
Subject is engaged
in Development of Resources for Optic Fibre Cable Laying Project of ‘Reliance
Infocomm Limited’.
Subject is also
engaged in to carry on the business to construct, acquire, establish, provide,
maintain and administer industrial estates, housing constructions, buildings,
roads & bridges, shopping complexes and centres, recreational facilities
such as theatres, clubs, sports centres, gardens, parks, resorts, medical
centres like hospitals & dispensaries, educational centres like schools
& colleges, other constructions such as parking spaces and warehousing / storage facilities of all
kinds.
It is also engaged
in to construct, establish, fix and erect infrastructure like power plants,
cables, wires, line accelerators, lamps and work for power generation and/or
supply companies.
It also constructs
port and jetties, dry docks, cargo berths, marine terminals, forklifts,
navigational canals, etc.
Generic Names of
the Principal Products/Services of the Company are :
v
Services
It is in trade
terms with :
v
Reliance
Infocom Limited
v
Mars Dial Net
Private Limited
Flat No. 28, Sai Chamber,
Sector – II,
C.B.D. Belapur [East], Navi
Mumbai, India
v
Prumatech
Services Limited, Dubai, UAE
v
CPV
Construction
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|