MIRA
INFORM REPORT
|
Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CONWOOD CONSTRUCTION AND DEVELOPERS PRIVATE LIMITED |
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Formerly Known As : |
ADITYA CONSTRUCTION AND DEVELOPERS PRIVATE LIMITED |
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Registered Office : |
Conwood House, Yashodham, General A K Vaidya Marg, Goregaon [East],
Mumbai – 400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
19.01.1979 |
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Com. Reg. No.: |
11-20933 |
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CIN No.: [Company
Identification No.] |
U70100MH1979PTC020933 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19656A |
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PAN No.: [Permanent
Account No.] |
AAACA0981F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Civil Engineers and Contractors |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 98000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Conwood Group, a medium sized industrial house.
Directors are reported as experienced, respectable and resourceful industrialists
and businessmen. Their trade relations are fair. Payments are reported as
slow and delayed. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Conwood House, Yashodham, General A K Vaidya Marg, Goregaon [East],
Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-28402304 / 22824464 |
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Fax No.: |
91-22-28402322 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Gobind K. Daryanani |
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Designation : |
Director |
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Address : |
Flat No. 24, Chitrakut, Altamount Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
13.08.1936 |
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Date of Appointment : |
09.04.1990 |
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Name : |
Mr. Ram K. Daryanani |
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Designation : |
Director |
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Address : |
1A, Sterling Apartments, Pedder Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
02.11.1942 |
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Date of Appointment : |
09.04.1990 |
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Name : |
Mr. Vinod K. Goenka |
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Designation : |
Director |
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Address : |
‘Karmayog’, 6th Floor, Plot No. 11, Road No. 6, Hatkesh
Society, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
06.03.1995 |
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Name : |
Mr. Rajiv Agarwal |
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Designation : |
Director |
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Address : |
A 1/11, Flat No. 404, Bahar Co-operative Housing Society, Tashodham, Goregaon
[East], Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
18.03.1962 |
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Date of Appointment : |
29.03.2003 |
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Name : |
Mr. Krishna Murari Goenka |
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Designation : |
Director |
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Address : |
51 A, Shruti, Yashodham, Gen A. K. Vaidya Marg, Goregaon [West],
Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
06.12.1936 |
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Date of Appointment : |
09.11.2006 |
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Other Directorship : |
[CIN No.: U45200MH1982PTC026500]
[CIN No. U99999MH1975PTC018511]
[CIN No. U99999MH1992PLC066700]
[CIN No. U99999MH1995PTC091647] |
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Partnership Held in Partnership firm : |
K. G. Enterprises |
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Name : |
Mr. Aseela Vinod Goenka |
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Designation : |
Director |
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Address : |
Karmayog, 6th Floor, Plot No. 11, N. S. Road, No. 6, Hatkesh
Society, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
09.05.1961 |
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Date of Appointment : |
01.01.2006 |
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Name : |
Mr. Pramod Kumar Goenka |
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Designation : |
Director |
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Address : |
6, Vaibhav, Janki Kutir, Church Road, Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
31.12.1961 |
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Date of Appointment : |
14.08.2006 |
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Name : |
Ms. Sunita Bali |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Gobind K. Daryanani |
|
2500 |
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Ram K. Daryanani |
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2500 |
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Vinod K Gonka / Aseela Goenka |
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24000 |
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Aseela Goenka / Vinod K Gonka |
|
24000 |
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Vinod K Gonka – Karta – HUF |
|
24000 |
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Pramod K. Goenka / Bina Goenka |
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24000 |
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Bina Goenka / Pramod K. Goenka |
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24000 |
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Pramod K. Goenka– Karta – HUF |
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24000 |
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Chandrakala Agarwal |
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5 |
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Arunkumar Agarwal |
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5 |
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Neeraj Agarwal |
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5 |
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Rashmidevi Agarwal |
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1 |
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Vinod K. Goenka [F & NG of Jayvardhan Goenka] Aseela Goenka |
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18996 |
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Vinod K. Goenka [F & NG of Sanjana Goenka] Aseela Goenka |
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18996 |
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Pramod K. Goenka [F & NG of Yashvardhan Goenka] Bina Goenka |
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18996 |
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Pramod K. Goenka [F & NG of Avantee Goenka] Bina Goenka |
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18996 |
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Krishnamurli Goenka |
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24000 |
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Total |
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249000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
99.99 |
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Other top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Civil Engineers and Contractors |
GENERAL
INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
Andheri East Branch, ACME Plaza, Andheri Kurla Road, Andheri [East] Mumbai – 400059
Andheri Corporate Banking Branch, M. D. I.
Building, 58 S. V. Road, Mumbai – 400058, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. A. Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 2nd Floor, 43 Mahatma Gandhi Road, Fort,
Mumbai – 400023, Maharashtra, India |
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Tel No. : |
91-22-22041018 / 22043850 |
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Fax No.: |
91-22-22874524 |
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Email : |
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Associates/Subsidiaries : |
[CIN No.: U45200MH1982PTC026500]
[CIN No. U99999MH1975PTC018511]
[CIN No. U99999MH1992PLC066700]
[CIN No. U99999MH1995PTC091647]
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
249,000 |
Equity Shares |
Rs. 100/- each |
Rs. 24.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
The company’s last available financials are enclosed herewith.
Management remained non-cooperative during current investigation.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
24.900 |
24.900 |
24.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
4.939 |
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4] (Accumulated Losses) |
[0.420] |
[1.117] |
0.000 |
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NETWORTH |
24.480 |
23.783 |
29.839 |
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LOAN FUNDS |
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1] Secured Loans |
273.656 |
191.646 |
171.419 |
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2] Unsecured Loans |
0.000 |
345.687 |
332.534 |
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TOTAL BORROWING |
273.656 |
537.333 |
503.953 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
298.136 |
561.116 |
533.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.440 |
1.394 |
1.675 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
61.138 |
59.759 |
63.192 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Project Work in Progress |
1020.998
|
774.606 |
679.624 |
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Cash & Bank Balances |
0.017
|
0.333 |
0.650 |
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Other Current Assets |
1.473
|
1.393 |
1.477 |
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Loans & Advances |
295.007
|
229.493 |
173.832 |
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Total
Current Assets |
1317.495
|
1005.825 |
855.583 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1076.203
|
501.432 |
382.521 |
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Provisions |
4.734
|
4.430 |
4.137 |
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Total
Current Liabilities |
1080.937
|
505.862 |
386.658 |
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Net Current Assets |
236.558
|
499.963 |
468.925 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
298.136 |
561.116 |
533.792 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
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Income from Project |
1020.998 |
774.606 |
680.187 |
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Other Income |
0.282 |
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Total Income |
1021.280 |
774.606 |
680.187 |
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Profit/(Loss) Before Tax |
0.182 |
[6.058] |
0.948 |
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Provision for Taxation |
0.205 |
-- |
0.148 |
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Profit/(Loss) After Tax |
[0.023] |
[6.058] |
0.800 |
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Expenditures : |
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Project Work-In-progress At 01.04.2003 |
0.000 |
679.624 |
558.820 |
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Donation |
0.000 |
0.130 |
0.000 |
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Depreciation |
0.231 |
0.395 |
0.540 |
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Loss on Sale of Fixed Assets [Net] |
0.000 |
0.000 |
0.015 |
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Share of Loss as a Partner of Partnership
Firm |
0.000 |
0.138 |
0.000 |
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Loss on Sale of Investments in shares |
0.000 |
5.790 |
0.000 |
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Other Expenses |
1020.867 |
94.588 |
119.864 |
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Total Expenditure |
1021.098 |
780.665 |
679.239 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
[0.00]
|
[0.78] |
0.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.02
|
[0.78] |
0.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
|
[0.60] |
0.11 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
[0.25] |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
55.33
|
43.86 |
29.85 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.99 |
2.21 |
LOCAL AGENCY
FURTHER INFORMATION
Conwood Investments Private Limited has amalgamated with Conwood
Construction Company Private Limited.
Fixed Assets
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Laboratory Equipments
- Material Handling Equipments
- Computer
- Vehicles
- Weighting an Measurements
Bankers Charges
Report as per Registry
|
Name of the company |
ADITYA CONSTRUCTION
AND DEVELOPERS PRIVATE LIMITED |
|
Presented By |
Mr. Rajiv
Agarwal – Director |
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1) Date and description of instrument creating the change |
25.04.2005 Memorandum
recording equitable mortgage by deposit of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 150.000
Millions Together with
interest, additional interest penal interest, commission, costs, charges and
expenses and other monies payable thereon. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Immovable
property being land bearing Survey No. 34 Hissa No. 2, Survey No. 35 Hissa
No. 402, 2 & 3 CTS No. 156 A / 11, 157/11, 157/7, 157/8 and 157/6 of
Village Dinodoshi in Taluka Borivali, Mumbai Suburban district adm. 6108.20
sq. mtrs. And having FSI/TDR potential of 480000 sq. ft. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The equitable mortgage
was created as security for due and payable by Conwood Construction Company
Private Limited to the bank in respect of the above facility granted by the
Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Indusind Bank
Limited Andheri East
Branch, ACME Plaza,
Andheri Kurla Road, Andheri [East] Mumbai – 400059 |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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Corporate
identity number of the company |
U70100MH1979PTC020933 |
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Name of the
company |
ADITYA CONSTRUCTION AND DEVELOPERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Goregaon [East], Mumbai – 400063, Maharashtra |
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This form is for |
Creation of Charge |
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Type of charge |
Simple Mortgage |
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Particular of
charge holder |
Bank of India Andheri Corporate Banking Branch, M. D. I. Building, 28 S. V. Road, Mumbai – 400058, Maharashtra, India |
|
Nature of
instrument creating charge |
Indenture of
Mortgage entered between Mortgagors in favour Allahabad Bank for itself an
acting as agent of State Bank of India and Bank of India |
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Date of
instrument Creating the charge |
30.06.2006 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Registered Mortgage
of development right in all that pieces and parcel fo land bearing
|
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.39.56 |
|
UK Pound |
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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. |
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 |
|