MIRA
INFORM REPORT
|
Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
S N THAKKAR CONSTRUCTION PRIVATE LIMITED |
|
|
|
|
Registered Office : |
102, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
04.03.1992 |
|
|
|
|
Com. Reg. No.: |
065712 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45200MH1992PTC065712 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS17956B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Subject carries on the business of builders, building constructions, civil
constructions, land developers, constructional engineers and to carry on the
business of civil engineers and to carry on the business of and dealers in
construction materials of all kinds such as bricks, sand, lime, cement,
timber, glass, iron and steel products, concrete blocks, stones. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. 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. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
102, |
|
Tel. No.: |
91-22-25161946 |
|
Fax No.: |
91-22-25115921 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Praveen N Thakkar |
|
Designation : |
Director |
|
Address : |
B – 16 / 228, Aashirwad, Rajawadi Co-operative Housing Society,
Ghatkopar (West), Mumbai – 400 077, |
|
Date of Birth/Age : |
14.04.1949 |
|
Date of Appointment : |
04.03.1992 |
|
|
|
|
Name : |
Mr. Pradeep N Thakkar |
|
Designation : |
Director |
|
Address : |
403 / 404, |
|
Date of Birth/Age : |
09.09.1953 |
|
Date of Appointment : |
04.03.1992 |
|
|
|
|
Name : |
Mr. Jigar Praveen Thakkar |
|
Designation : |
Director |
|
Address : |
B – 16 / 228, Aashirwad, Rajawadi Co-operative Housing Society,
Ghatkopar (West), Mumbai – 400 077, |
|
Date of Birth/Age : |
02.10.1976 |
|
Date of Appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Praveen N Thakkar |
|
44690 |
|
Pradeep N Thakkar |
|
39240 |
|
Prateema P Thakkar |
|
47000 |
|
Anjali P Thakkar |
|
59100 |
|
Jigar P Thakkar |
|
58110 |
|
Vishal P Thakkar |
|
64000 |
|
Chintan P Thakkar |
|
63000 |
|
Bijal J Dattani |
|
40840 |
|
Mansvi P Thakkar |
|
38400 |
|
Manasi P Thakkar |
|
61100 |
|
Mangalaben N Thakkar |
|
19640 |
|
Pari C Thakkar |
|
60000 |
|
Praveen N Thakkar HUF |
|
14500 |
|
Pradeep N Thakkar HUF |
|
25070 |
|
Urmila S Thakkar |
|
14270 |
|
Asit S Thakkar |
|
100 |
|
Praveen M Bathia |
|
140 |
|
Jigar P Bathia |
|
140 |
|
Jigna Shah |
|
30 |
|
Champaklal D Shah |
|
10 |
|
Arunaben M Doshi |
|
10 |
|
Pravin M Dedhia |
|
10 |
|
Haresh Nagda |
|
10 |
|
Rina Ashok Bhatia |
|
140 |
|
Mansukhlal U Shah |
|
40 |
|
Kajal A Shah |
|
10 |
|
Gambhirdas Shah |
|
10 |
|
Kishorekumar Shah |
|
10 |
|
Hansaben Shah |
|
70 |
|
Bhavna S Satiya |
|
10 |
|
Aruna G Savla |
|
10 |
|
Chetan P Dharod |
|
20 |
|
Bhailal G Nagda HUF |
|
10 |
|
Shamji Vora |
|
10 |
|
Kailash M Vyas |
|
10 |
|
Kavita N Gosar |
|
10 |
|
Nanji Devshi Vikmani |
|
10 |
|
Lalita Prasad Sharma |
|
20 |
|
Manjulaben D Sharma |
|
60 |
|
Bipin A Gala |
|
10 |
|
Vasant M Varia |
|
10 |
|
K C Jain |
|
10 |
|
Jayantilal V Patel |
|
10 |
|
Meena Dhruva |
|
10 |
|
Jyoti N Gosar |
|
10 |
|
Nemchand D Shah |
|
30 |
|
Narubha J Jadeja HUF |
|
10 |
|
Rasik D Gor |
|
10 |
|
Hetal Chedda |
|
20 |
|
Kantilal C Gala HUF |
|
10 |
|
Total |
|
650000 |
|
Category |
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
99.88 |
|
Other top fifty (50) shareholders (other than listed above) |
|
0.12 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject carries on the business of builders, building constructions, civil
constructions, land developers, constructional engineers and to carry on the
business of civil engineers and to carry on the business of and dealers in
construction materials of all kinds such as bricks, sand, lime, cement,
timber, glass, iron and steel products, concrete blocks, stones. |
GENERAL INFORMATION
|
Bankers : |
v
Bank of Wadala (West)
Branch, 328, 400 031, v
ICICI Bank Limited Zenith House,
Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 400 034, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Chetan Doshi and Company Chartered Accountants |
|
Address : |
207, Sujata Chambers, |
|
|
|
|
Associates/Subsidiaries : |
Trust Capital Services ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs. 10.00 each |
Rs. 6.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
6.500 |
6.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
40.138 |
33.753 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
46.638 |
40.253 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
92.304 |
66.738 |
|
|
2] Unsecured Loans |
|
51.690 |
78.535 |
|
|
TOTAL BORROWING |
|
143.994 |
145.273 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
190.633 |
185.526 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
75.272 |
56.274 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
11.553 |
1.185 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
44.513 |
59.488 |
|
|
Sundry Debtors |
|
29.903 |
12.661 |
|
|
Cash & Bank Balances |
|
18.571 |
17.772 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
125.863 |
116.656 |
|
Total
Current Assets |
|
218.850 |
206.577 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
102.556 |
69.830 |
|
|
Provisions |
|
12.485 |
8.680 |
|
Total
Current Liabilities |
|
115.041 |
78.510 |
|
|
Net Current Assets |
|
103.808 |
128.067 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
190.633 |
185.526 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
|
Sales Turnover |
|
200.000 |
175.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.55 |
5.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.90 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
S N THAKKAR
CONSTRUCTIONS PRIVATE LIMITED |
|
Presented By |
Bank of Wadala (West) Branch,
Mumbai – 400 031, |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of Term Loan JCB (CBD – 14) and Agreement of Hypothecation of Movable
Machinery – Tata Backhou Excavator (CBD – 22) and General Counter Guarantee
by director (LG- 13) all date 10.07.1994
and all constituted as a single charge and as per your certificate No.
65712 dated: 13.09.1994 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Agreement of Term
Loan for Rs. 7.600 millions and agreement of Hypothecation of Machineries for
Rs. 14.344 millions and General Counter Guarantee of Rs. 12.500 millions –
all date constituting a single charge. |
|
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 |
All Tangible
Movable assets including in particular all items of machineries such as JCB
Excavator, Tata Backhou Excavator and other dumpers etc owned / possessed by
the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan of JCB
@6.25% OBR Min 18.25% DPG at commission @2% p.a. and Guarantee limit @0.15%
p.m. or such other rates as notified by the Bank to the company from time to
time. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Wadala (West) Branch, 328, |
|
6) Date and brief description of instrument modifying the charge |
1st
Supplemental deed of Hypothecation transfer dated: 24.09.1994 hypothecating
Five New Tata Diesel Vehicle |
|
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. |
Bank has Granted
to the Company new Term Loan Limit of Rs. 2.000 millions against
Hypothecation of five new Tata Diesel vehicle interest on Term Loan is
payable at 5.25% OBR Minimum 17.25% with quarterly rests or at such other
rates as may be notified to the company by Bank from time to time |
|
Name of the company |
S N THAKKAR
CONSTRUCTIONS PRIVATE LIMITED |
|
Presented By |
Director |
|
1) Date and description of instrument creating the change |
21.02.2005 Vehicle Loan cum Hypothecation
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.445 million |
|
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 |
Hypothecation of all collaterals (Crusher
Unit) in favour of ICICI Bank Limited in and against all collaterals
alongwith all and any additions, attachments, accessories and accessions and
substitution, replacement and exchange thereof and all insurance and other
proceeds thereof whether present or future. The Borrower will not create any security on
the collaterals without consent of ICICI. The borrower shall execute a demand
promissory note in favour of ICICI. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First Charge Interest: 2.9% flat Repayable: 35 Equal Monthly Installment of
Rs. 0.014 million |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited Zenith House, Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 400 034, |
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 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. 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 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|