MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MADHUCON PROJECTS LIMITED |
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Registered Office : |
1-7-70, Madhu Complex, Jubilipura, Khammam – 507 003, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.03.1990 |
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Com. Reg. No.: |
01-11114 |
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CIN No.: [Company
Identification No.] |
L74210AP1990PLC011114 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12391B |
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PAN No.: [Permanent
Account No.] |
AABCM4757A |
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Legal Form : |
A Public Limited
Liability Company. The Company's Shares are listed on the Stock Exchanges. |
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Line of Business : |
The company is engaged
in civil construction of various project i.e. dam and flyovers. |
RATING & COMMENTS
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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 16400000 |
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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 Madhucon
Group. The company is progressing well. Directors are reported as experienced
and respectable businessmen. Trade relations are 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
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Registered Office : |
1-7-70, Madhu Complex, Jubilipura, Khammam – 507 003, |
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Tel. No.: |
91-8742-225141 / 233108 |
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Fax No.: |
91-8742-224408 |
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E-Mail : |
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Website : |
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Administrative Office : |
D-27, East of
Kailash, |
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Tel. No.: |
91-11-6425507/6425820 |
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Fax No.: |
91-11-6476713 |
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E-Mail : |
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Corporate Office : |
“Madhucon House”, Plot No. 1129/A, Road No. 36, |
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Tel. No.: |
91-40-23556001 – 04 |
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Fax No.: |
91-40-23556005 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. N Nageshwara
Rao |
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Designation : |
Chairman |
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Profile : |
Mr. N. Nageswara Rao aged 47 years, is one of the founder promoters of the Company and has been associated with the Company since it's inception. He has over 25 years of experience in the field of construction business. Mr. N. Nageswar Rao is on the Board of the following Companies: n Madhucon Granites Limited n Madhucon Finance Limited n Madhucon Infotech Limited n Madhucon Industries Limited n Nama Properties Limited n Madhucon Agra-Jaipur Expressways Limited n TN(DK) Expressways Limited n Madhucon Infra Limited n Trichy Thanjavur Expressways Limited n
Madurai-Tuticorin Expressways Limited |
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Name : |
Mr. S V Patwardhan |
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Designation : |
Managing Director |
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Profile : |
Mr. K. Srinivasa Rao, aged 32 years, is a qualified Civil Engineer with vast experience in construction and project management. Mr. K. Srinivasa Rao is on the Board of the following Companies: n Madhucon Granites Limited n Madhucon Sugar and Power Industries Limited n Madhucon Land Developers Limited n Madhucon Properties Limited n Madhucon Agra-Jaipur Expressways Limited n TN(DK) Expressways Limited n Madhucon Infra Limited n Trichy Thanjavur Expressways Limited n Madurai-Tuticorin Expressways Limited n Varalakshmi Granites Private Limited n BIMA Quarrying Private Limited n
Madhucon Stone Crushers Private Limited |
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Name : |
Mr. N Seethaiah |
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Designation : |
Joint Managing Director |
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Name : |
Mr. S
Vaikuntanathan |
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Designation : |
Director (Finance) |
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Name : |
Mr. K Srinivasa
Rao |
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Designation : |
Director |
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Name : |
Mr. C
Venkateshwara Rao |
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Designation : |
Independent
Director |
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Profile : |
Mr. C. Venkateswara Rao, aged 54 years, is an Industrialist and presently Managing Director of Image Healthcare Limited having wide experience in business. He is being proposed for appointment as an Independent Director. Mr. C. Venkateswara Rao is on the Board of the following Companies: n Image Healthcare Limited n Image Housing Limited n Image Fun Times Private Limited n Image Developers Private Limited n Image Agrofarm Private "Limited n Image Chit Funds Private Limited n Usha Tours and Travels Private Limited n
Image Finance Private Limited |
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Name : |
Mr. P Madhava Rao
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Designation : |
Independent
Director |
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Profile : |
Mr. P. Madhava Rao,
aged 47 years, is an eminent Advocate with two decades as practicing lawyer.
He is not a Director of any other companies. He is being proposed for
appointment as an Independent Director. |
KEY EXECUTIVES
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Name : |
Mr. A Mohan Rami reddy |
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Designation : |
General Manager (Legal) and Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter’s Holding n
Indian Promoters n
Foreign Promoters n
Persons acting in Concert |
15043800 0.000 0.000 |
40.77 0.00 0.00 |
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Sub Total |
15043800 |
40.77 |
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Non Promoters n
Mutual Funds and UTI n
Banks, Financial Institutions, Insurance Company (Central/
State Government Institutions/ Non Government Institutions) n
Fll’s n
GDR’s |
152445 0.000 2644489 9765670 |
0.41 0.00 7.17 26.46 |
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Sub Total |
12562604 |
34.05 |
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Others n
Private Corporate Bodies n
Indian Public n
NRI’s and OCB’s n
Any Other |
6313526 2731408 246132 0.000 |
17.11 7.40 0.67 0.00 |
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Sub Total |
9291066 |
25.18 |
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GRAND TOTAL |
36897470 |
100.00 |
Top Shareholders
as on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter’s
Holdings |
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Indian Promoters n
Mr. Nama Nageswar Rao n
Mr. Nama Seethaiah n
Mr. Nama Chinnamma n
Mr. Nama Krishnaiah n
Mr. Kamma Srinivasa Rao n
Mr. Nama Varamma n
Mr. Thottempudi Venugopala Rao |
5073500 3000900 2593500 1300900 495500 400500 390000 |
13.75 8.13 7.03 3.53 1.34 1.09 1.06 |
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Total |
13254800 |
35.93 |
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Non Promoters |
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Institutional Investors n
Deutsche Bank Trust Company n
Sandstone Capital |
9765670 449000 |
26.46 1.22 |
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Total |
10214670 |
27.69 |
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Others |
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Private Corporate Bodies n
Sonata Investment Limited n
Madhucon Granites Limited |
1430000 4022000 |
3.88 10.90 |
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Total |
5452000 |
14.78 |
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GRAND TOTAL |
28921470 |
78.40 |
BUSINESS DETAILS
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Line of Business : |
The company is
engaged in civil construction of various project i.e. dam and flyovers. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Secured Loan (Rs. in millions)
Unsecured Loan (Rs. in
millions)
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
K Siva Rama
Krishna Prasad and Company Chartered
Accountants |
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Address : |
H. No. 331, (Plot No. 13), Road No. 3, Arora Colony – 2, Banjara
Hills, |
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Joint Ventures : |
1. Madhucon ABCI JV 2. Madhucon Bina Puri JV 3. Madhucon Sino-Hydro JV 4. Madhucon Sree Rama JV 5. Sinohydro
Corporation, in Water Resources Projects
(Madhucon-Sinohydro JV) (Madhucon-Binapuri JV) (Madhucon-Kanchanjunga JV) (Glomac-Madhucon JV) |
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Associates : |
n M.B.N. Anchored Earth Limited n Madhucon Finance Limited n Madhucon Granites Limited n Madhucon Infra Limited n Madhucon Info Tech Limited n
Madhucon Industries Limited n Madhucon International Pte. n Madhucon Land Developers Limited n Madhucon Properties Limited n Madhucon Sugars Limited n Madhucon Bina Puri JV n Madhucon Sino - Hydro JV n Madhucon Agra Jaipur Expressways Limited n
TN ( DK) Expressways Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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55000000 |
Equity Shares |
Rs. 2/- each |
Rs. 110.000
millions |
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500000 |
14% Redeemable Preference Shares
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Rs. 100/- each |
Rs. 50.000
millions |
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Total |
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Rs.
160.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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36897470 |
Equity Shares |
Rs. 2/- each |
Rs. 73.795 millions |
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Add: |
Forfeitured Shares Amount (originally paid up) |
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Rs. 0.237 million |
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Total |
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Rs. 74.032 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
74.032 |
54.501 |
50.500 |
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2] Reserves & Surplus |
4021.291 |
975.612 |
672.800 |
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NETWORTH |
4095.323 |
1030.113 |
723.300 |
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LOAN FUNDS |
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1] Secured Loans |
1034.209 |
404.905 |
100.100 |
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2] Unsecured Loans |
0.000 |
15.664 |
292.300 |
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TOTAL BORROWING |
1034.209 |
420.569 |
392.400 |
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DEFERRED TAX LIABILITIES |
35.432 |
34.995 |
0.000 |
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TOTAL |
5164.964 |
1485.677 |
1115.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1133.881 |
925.853 |
1039.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.940 |
12.459 |
11.900 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
507.699
|
438.265 |
252.700 |
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Interest Accrued |
11.609
|
7.577 |
0.000 |
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Sundry Debtors |
1022.007
|
296.655 |
220.600 |
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Cash & Bank Balances |
2888.792
|
580.444 |
316.300 |
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Loans & Advances |
1858.724
|
981.555 |
672.200 |
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Total
Current Assets |
6288.831
|
2304.496 |
1461.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2208.670
|
1683.370 |
1320.700 |
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Provisions |
62.018
|
73.852 |
77.100 |
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Total
Current Liabilities |
2270.688
|
1757.222 |
1397.800 |
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Net Current Assets |
4018.143
|
547.274 |
64.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.091 |
0.600 |
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TOTAL |
5164.964 |
1485.677 |
1115.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
3420.902 |
3063.147 |
3014.300 |
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Other Income |
74.453 |
42.483 |
37.700 |
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Total Income |
3495.355 |
3105.630 |
2976.600 |
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Profit/(Loss) Before Tax |
375.858 |
260.583 |
263.200 |
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Provision for Taxation |
43.198 |
97.995 |
69.600 |
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Profit/(Loss) After Tax |
332.660 |
162.588 |
193.600 |
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Value of Imports |
43.138 |
NA |
NA |
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Value of Exports |
60.916 |
NA |
NA |
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Total Expenditure |
3119.497 |
2845.047 |
2572.700 |
SUMMARISED RESULTS
|
PARTICULARS |
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|
31.03.2007 |
|
Type |
|
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Full Year |
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Sales
Turnover |
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|
5100.500 |
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Other
Income |
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|
155.700 |
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Total
Income |
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|
5256.200 |
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Total
Expenditure |
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|
4330.300 |
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Operating
Profit |
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|
925.900 |
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Interest |
|
|
112.000 |
|
Gross
Profit |
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|
813.900 |
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Depreciation |
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|
238.600 |
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Tax |
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|
158.200 |
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Reported
PAT |
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|
417.100 |
KEY RATIOS
|
PARTICULAR |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.28 |
0.46 |
0.90 |
|
Long Term Debt-Equity Ratio |
0.02 |
0.18 |
0.62 |
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Current Ratio |
1.58 |
1.02 |
0.95 |
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TURNOVER RATIOS |
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Fixed Assets |
1.98 |
1.97 |
1.98 |
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Inventory |
7.23 |
8.87 |
18.31 |
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Debtors |
5.19 |
11.84 |
10.01 |
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Interest Cover Ratio |
3.81 |
7.09 |
13.19 |
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Operating Profit Margin (%) |
20.50 |
14.59 |
14.12 |
|
Profit Before Interest And Tax Margin (%) |
14.91 |
9.91 |
9.45 |
|
Cash Profit Margin (%) |
15.32 |
9.99 |
11.09 |
|
Adjusted Net Profit Margin (%) |
9.73 |
5.31 |
6.42 |
|
Return On Capital Employed (%) |
15.50 |
23.65 |
23.83 |
|
Return On Net Worth (%) |
12.98 |
18.55 |
30.73 |
STOCK PRICES
|
Face Value |
Rs. 2.00 |
|
High |
Rs. 247.70 |
|
Low |
Rs. 228.35 |
LOCAL AGENCY FURTHER INFORMATION
Biodata
Incorporated in Mar.'90 as Madhu Continental Constructions Private Limited it took over a going business concern named Madhu Construction, which undertakes turnkey projects in different parts of the country. The company was converted into a public limited company in Mar.'95, and its name was changed to the current one.
Madhucon Projects (MPL) has been promoted by N Seethaiah and
MPL was awarded the quality construction award from Konkon Railway Corporation
in 1994 for its outstanding performance and super quality construction. During
1996-97, the company bidded for several prestigious infrastructural projects
for construction of National Highways, in collaboration with M/s Binapuri
Holdings, BHD, Koula Lumpur, Malaysia.
The company's other ventures promoted by its promoters are Mudhucon Granites,
Madhucon Finance and Prithvi Estates (Private) Limited.
During 1997-98, the company got a contract from National Highways Authority of
India, Ministry of Surface Transport, Goverment of India for strengthening of
NH-5 from Vijaywada to Eluru. The company has also been awarded tunnel work by
Maharashtra Krishna Valley Development Corporation at a cost of Rs. 500
millions. The company has promoted a new Joint Venture company with 40% equity
participation in collaboration, by name, MBN Anchored Earth Limited, jointly
with Binapuri Holding BHD, and Anchored Earth SBN BHD both of
Review of Operations:
During the year under review, the company achieved a Gross Income of
Rs.3495.355 millions as against Rs. 3105.631 millions of previous year. After
providing depreciation of Rs.191.262 millions (previous year Rs. 143.406
millions), the company earned a net profit of Rs.332.662 millions as against Rs.
161.603 millions of previous year.
Management Discussion and Analysis:
Industry Structure and Development:
Government of
Future Outlook:
Robust growth in the Indian economy has resulted in accelerated growth and
demand on the country's infrastructure. Road and Irrigation projects shall
continue to drive the growth on the infrastructure companies in the medium and
long term. Further, the investments in power, ports, airports, urban
infrastructure have started picking up. The company is expected to reap major
benefits out of the present growth in the infrastructure projects in the coming
years.
During the year the following 3 BOT projects have been awarded by NHAI to the
company and its Joint Ventures.
i. Karur -
ii. Trichy -
iii.
The total value of works on hand including that of company's Joint Ventures as
on 31.03.2006 is over Rs.50000 millions. The works on hand are to be executed
over a period of 36 to 48 months and the company's performance is expected to
improve substantially from 2006-07 on wards.
Opportunities:
The following seven business divisions are continuously on the look out of
various growth opportunities:
i) Property Division
ii) Road and Airports Division
iii) Hydel Power Division
iv) Irrigation Division
v) Water Resources Division
vi) BOT Projects Division
vii) Overseas Projects Division
In order to improve the execution schedule the company has added Fixed Assets
to the extent of Rs.400 millions during the financial year.
Operational Performance:
The company has incorporated the following SPVs:
i. Madhucon Agra-Jaipur Expressways Limited for Bharatpur - Mahua
project.
ii. TN (DK) Expressways Limited for Karur - Dindigul project.
iii. Trichy - Thanjavur Expressways Limited for Trichy - Thanjavur
project.
iv.
The financial closure of Bharatpur - Mahua project has already been completed
and the execution has already started. With regard to Karur- Dindigul, Trichy-
Thanjavur Expressways inprinciple sanctions has already been obtained and
executions are planned from second quarter of this financial year. In the
Irrigation sector, the executions have started on all 4 Andhra Pradesh
Irrigation projects.
Financial Performance:
a) The financial statements have been prepared in accordance with the
requirement of the Company's Act, 1956, as per the generally accepted
accounting principles and in accordance with the accounting system issued by
the Chartered Accountants of India.
b) The Company has continued its cost reduction measures in the following
areas:
i) Raw-material prices
ii) Effective and optimum utilization of machinery
Share Capital:
At the Extraordinary General Meeting of the Company held on 24th October 2005,
members had approved the issue and allotment of securities such as Global
Depository Receipts (GDR's) linked to equity shares of the company in
International Capital Market for an amount not exceeding US$80 Millions.
Further the members passed a resolution for sub dividing each Equity Share of
Rs.10/- each in the capital of the Company in to five Equity Shares of Rs.2/-
each.
In terms of these resolutions, the company made an international offering of
US$62 Millions to foreign investors. The GDR's and the equity shares underlying
the GDR's were allotted by the Company on 21st February 2006.
As a consequence Company's paid-up capital stands increased from Rs.54.500
millions to Rs.74.000 millions. The share premium account of the company stands
increased from Rs.197.500 millions to Rs.2931.300 millions.
Utilization of GDR Money
The proceeds of GDR issue is intended to be used for financing and acquisition
of Capital Assets, Investment in SPVs and for meeting working capital
requirements.
An amount of Rs.320 millions has been utilized for purchase of Capital Assets,
Investments in SPVs and for meeting Working Capital requirement. The balance
money of GDR is lying in Fixed Deposit accounts.
Dividend
Directors are pleased to recommend an Equity Dividend of 30 % on paid up
Capital for the year ended 31.03.2006 subject to approval of the Members at the
Annual General Meeting.
Subsidiary Companies
The Company presently has only one subsidiary company namely Madhucon
Industries Limited, wherein the extent of investment by the parent company is
99.95% of the total capital.
Since this subsidiary is yet to commence business, the figures of the
subsidiary are not consolidated with the parent company as required under the
relevant accounting standards.
Corporate Governance
A separate section titled 'Corporate Governance' including a certificate from
the Auditors of the Company confirming compliance of the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing Agreement is
annexed hereto and forms part of the Report.
Company Philosophy
Madhucon Projects Limited aims to maximize its contribution towards enrichment of quality of life and societal
welfare by nurturing an excellent organization for nation building. To be in the league of top ten construction
companies of the nation and to become the most respected global construction company.
Madhucon Projects Limited believes that good Corporate Governance is essential to achieve long term Corporate
Goals and to enhance shareholders' value. The Company's philosophy on Corporate Governance envisages
attainment of high level transparency, accountability and integrity in the functioning of the company and
Shareholders, Collaborators, Joint Venture Partners, Creditors, Bankers, Financial Institutions, Clients and
Customers. The Company believes that its systems and actions must be integrated for enhancement of Corporate
Performance resulting in the maximization of shareholders value in the long run.
The Company’s Fixed Assets of an important value includes:
n Land
n Building
n Staff Quarters
n Excavators
n Compressors
n Vibratory Compactors
n DGTH Crawler Tractor with Dozer Blades
n Miller Batching Plant
n Industrial Process Chiller
n Dozer
n Drilling Equipment
n Hot Mix Plant
n Crushing Plant
n Motor Graders
n Pavers
n Wet Mix Plant
n Loaders
n Kerb Making Machines
n Transit Mixtures
n Vehicles
n Tippers and Trucks
n Centering Materials
n Other Machineries
n Generators
n Lab Equipment
n Survey Equipment
n Weigh Bridges
n Temporary Structures
n Furniture and Office Equipment
Contingent Liabilities
|
|
As at 31.03.2006 (Rs. Millions) |
As at 31.03.2005 (Rs. Millions) |
|
Counter indemnities given to Banks in respect of contracts/ sales tax liability. |
4504.700 |
2455.700 |
|
Works contract tax liability that may arise in respect of matters in appeal. |
96.800 |
101.500 |
As Per Web
History
Madhucon Projects Limited,
Madhucon Group
Madhucon
group has interests in Construction,Granites and Sugars. The Group is based in
Madhucon Projects Limited
Madhucon
Projects Limited (MPL) is a profit making listed Public Limited Company engaged
in execution of Infrastructure Projects, such as construction of National
Highways, Fly-Overs, Dams, Tunnels, Aquaducts, Bridges, Coal Handling Plants,
Workshops etc. & enjoying substantial non-fund based limits in the form of
Bank Guarantees with Banks under Multiple Banking arrangements.
Madhucon Granites Limited
Madhucon
Granites Ltd(MGL) has an experience of over 16 years in the business of quarrying
dimensional granite blocks and production of polished slabs catering to the
needs of international markets, the world over. It has earned a name for
quality, dependability and competitiveness in the international market for its
products with a wide variety of colours and shades. MGL established its first
100% EOU in 1988, in the granite rich region of Khammam District in Andhra
Pradesh.
The factory at Khammam processes a wide variety of
intricately patterned monuments in various shades of Black, Black Galaxy, Vizag
Blue,
MGL has a reputation for excellence in terms of quality of products and timely delivery of shipments, catering to the varied needs of the customers, the world over.
MGL has a very sophisticated Processing Plant spread over 12.5 acres near Hosur
on
Madhucon Granites owns quarries spanning over 2250 acres of land having
abundant Granite deposits in the States of Andhra Pradesh, Tamil Nadu,
Karnataka, Orissa and Madhya Pradesh in
MGL has to its credit an exquisite variety of fine
Granite-earthy stones to soft corals and greens. The range displays rare
varieties of textural beauty and shades such as - Steel Grey, Absolute Black,
Vizag Blue, Ilkal Red, White Galaxy, Himalayan Blue, Kashmir White,
MGL has its presence felt in
Madhucon Sugars
Limited
Madhcon acquired a loss-making and sick sugar factory in the co-operative sector at Khammam and turned it to a profit making company. Madhucon Sugars Limited's (MSL) present crushing capacity is 1500 TPD, which is being augmented to 5000 TPD in stages. The sugar factory is adding an Ethanol Distillery also, apart from setting up a 20MW Cogen Plant for producing power, using bagasse as the main fuel.
Profile
As one of India's leading “Engineering, Procurement and Construction (EPC)” and “Build, Operate and Transfer (BOT)” Contractors, we have executed wide ranging projects in the areas of State & National Highways, Bridges, Flyovers, Irrigation Projects (Dams, Canals, Tunnels) Industrial Projects, Townships, Railway Projects etc. Madhucon has a rich and varied track record as a premier Construction Company.
We mobilize state-of-the-art equipment along with a team of technicians, qualified & experienced engineers to complete our projects, with uncompromising focus on speed, quality and safety. We set benchmarks for ourselves and achieved a long list of firsts.
Madhucon has a wide ranging experience in design & execution of huge Civil Engineering projects, both on item rate as well as EPC/BOT basis.
Madhucon is a leader in construction of Highways and
Expressways. Madhucon has built nearly 500 KM of Highways in the Golden
Quadrilateral Road Network in
The large fleet of state-of-the-art machinery and equipment, a majority of
which are procured from overseas are worth over INR 2 billions.
Division
To facilitate concentrated working and fast expansion, Madhucon has set up 7 Operating Divisions.
· BOT Projects
· Highways & Airports
· Irrigation
· Hydel Power
· Property Development
· Water Resources
· Overseas Projects
Special Strengths
They are well equipped for infrastructure construction, particularly in the areas of Expressways and Toll Roads; we have built hundreds of kilometres of roads, including national and state highways and expressways. Equally noteworthy are our projects in irrigation sector, property development and railways.
Future Outlook
Madhucon Projects Limited
is one of the top players in
With the impetus given by the Government of India in its budget for financial
year 2006-07 for infrastructure development, Madhucon aspires to bag several
prestigious projects.
Madhucon is also studying the overseas markets and keenly watching the developments with a view to make an entry into the world markets at an appropriate time.
Major Clients
n
National Highways Authority of
n State Highway Development Corporations
n R&B Departments of State Governments
n Irrigation & CAD Departments of State Governments
n Maharashtra Krishna Valley Development Corporation
n
n
Northern Coalfields Ltd, Coal
n Konkan Railway Corporation
n Indian Railway Construction Company
n Indian Oil Corporation
n
n Andhra Pradesh Housing Board
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.40.46 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|