MIRA
INFORM REPORT
|
Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
M. S. KHURANA ENGINEERING LIMITED |
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Registered Office : |
2/4, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.09.1998 |
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Com. Reg. No.: |
04-34638 |
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CIN No.: [Company
Identification No.] |
U45201GJ1998PLC034638 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM06846A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Subject is engaged in carrying on construction/infrastructure related
activities. |
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 1400000 |
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Status : |
Satisfactory |
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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 having
satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are 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
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Registered Office : |
2/4, |
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Tel. No.: |
91-79-27484349 / 7456975 |
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Fax No.: |
91-79-27485071 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Sudhir Madhavdas Khurana |
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Designation : |
Chairman |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
08.01.1936 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Mr. Ashish Sudhir Khurana |
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Designation : |
Managing Director |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
02.02.1966 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Mr. Vikram S. Khurana |
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Designation : |
Joint Managing Director |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
10.10.1969 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Ms. Miraben S. Khurana |
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Designation : |
Director |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
27.12.1936 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Ms. Nicole Ashish Khurana |
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Designation : |
Director |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
08.02.1971 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Ms. Geeta Vikram Khurana |
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Designation : |
Director |
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Address : |
60, Sanskarbharti Society, Near |
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Date of Birth/Age : |
28.05.1971 |
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Date of Appointment : |
09.09.1998 |
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Name : |
Mr. Ramesh Madhavdas Khurana |
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Designation : |
Whole Time Director |
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Address : |
178, |
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Date of Birth/Age : |
18.10.1947 |
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Date of Appointment : |
05.09.2003 |
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Name : |
Mr. Vishal Ramesh Khurana |
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Designation : |
Whole Time Director |
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Address : |
178, |
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Date of Birth/Age : |
05.05.1973 |
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Date of Appointment : |
05.09.2003 |
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Name : |
Mr. Mayur Rajendrabhai Parikh |
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Designation : |
Director |
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Address : |
H /62,Management Enclave, |
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Date of Birth/Age : |
13.11.1959 |
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Date of Appointment : |
28.03.2005 |
KEY EXECUTIVES
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Name : |
|
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Designation : |
Company Secretary |
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Address : |
A/12, |
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Date of Birth/Age : |
30.11.1978 |
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Date of Appointment : |
01.05.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Amritlal Nathalal Prajapati |
|
100000 |
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Bhupendra Mafatlal Patel |
|
100000 |
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Babulal Ranaram Chaudhary |
|
100000 |
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Kaushik Mohanlal Patel |
|
100000 |
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Kamlesh Vhintak |
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100000 |
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Kamlesh Shankarbhai Joshi |
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100000 |
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Modaram Veeraram Modi |
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100000 |
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Maheshbhai Nanalal Sompura |
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100000 |
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Prajapati Kalpesh Poonambhai |
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100000 |
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Somabhai Amballa Patel |
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150000 |
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Vasanaram Veeraram Ghanchy |
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100000 |
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Vishnubhai Gadabhai Prajapati |
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100000 |
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Geeta Khurana |
|
1147200 |
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Mira Khurana |
|
1393630 |
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Ashish |
|
903330 |
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Nicole A Khurana |
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689500 |
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Sudhir M Khurana |
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472580 |
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Vikram S Khurana |
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449190 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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37.00 |
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Directors of relatives of directors |
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63.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in carrying on construction/infrastructure related activities. |
GENERAL INFORMATION
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Customers : |
·
Central P.W.D. ·
Arvind Mills Limited ·
Airport Authority of ·
Ahmedabad Urban
Development Authority (AUDA) |
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Bankers : |
Not Available |
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Financial Institution : |
Srei Infrastructure Finance Limited Viswakarama – 86C, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dharmendra Shah and Company Chartered Accountants |
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Address : |
506, Mangalmurti Complex, |
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Associates/Subsidiaries : |
M. S. Khurana Infrastructure and Toll Road
Private Limited U45200GJ2005PTC046974 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,781,400 |
Equity Shares |
Rs. 10/- each |
Rs. 107.814 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 |
|
107.814 |
86.251 |
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2] Reserves & Surplus |
|
255.621 |
180.988 |
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NETWORTH |
|
363.435 |
267.239 |
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LOAN FUNDS |
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1] Secured Loans |
|
212.202 |
154.363 |
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2] Unsecured Loans |
|
0.000 |
9.288 |
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TOTAL BORROWING |
|
212.202 |
163.651 |
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DEFERRED TAX LIABILITIES |
|
11.355 |
9.027 |
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TOTAL |
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586.992 |
439.917 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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271.408 |
188.110 |
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INVESTMENT |
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13.824 |
3.924 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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105.048
|
73.350 |
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Sundry Debtors |
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113.711
|
82.963 |
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Cash & Bank Balances |
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73.106
|
49.708 |
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Other Current Assets |
|
101.581
|
77.956 |
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Loans & Advances |
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92.071
|
81.781 |
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Total Current Assets |
|
485.517 |
365.758 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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113.917
|
71.817 |
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Provisions |
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70.060
|
46.233 |
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Total Current Liabilities |
|
183.977 |
118.050 |
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Net Current Assets |
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301.540
|
247.708 |
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MISCELLANEOUS EXPENSES |
|
0.220 |
0.175 |
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TOTAL |
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586.992 |
439.917 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
1047.836 |
757.691 |
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Other Income |
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11.982 |
5.005 |
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Total Income |
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1059.818 |
762.696 |
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Profit/(Loss)
Before Tax |
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84.640 |
49.014 |
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Provision for
Taxation |
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17.737 |
5.856 |
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Profit/(Loss)
After Tax |
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66.903 |
43.158 |
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Expenditures : |
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Raw Material
Consumed |
|
975.178 |
713.681 |
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Total Expenditure |
|
975.178 |
713.681 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
6.31 |
5.64 |
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Net Profit
Margin (PBT/Sales) |
(%) |
|
8.08 |
6.47 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
|
11.18 |
8.85 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.23 |
0.18 |
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Debt Equity
Ratio (Total
Liability/Networth) |
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1.09 |
1.05 |
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Current Ratio (Current
Asset/Current Liability) |
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2.64 |
3.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporate identity number of the company |
U45201GJ1998PLC034638 |
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Name of the company |
M. S. KHURANA ENGINEERING LIMITED |
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Address of the registered office or of the principal place of business in |
2/4, |
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This form is for |
Creation of charge |
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Type of charge |
Hypothecation
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Particular of charge holder |
Srei Infrastructure Finance Limited Viswakarama – 86C, Kolkata – 700046, West |
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Nature of instrument creating charge |
Deed of hypothecation and loan agreement No. LOS944 |
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Date of instrument Creating the charge |
31.07.2006 |
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Amount secured by the charge |
Rs. 2.750 Millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Amount repayable in 35 No. Installment of 1st to 11th
Rs. 0.089 Million, 12th to 12th Rs. 0.101 Million, 13th
to 23rd Rs. 0.089 Million, 24th to 24th Rs.
0.101 Million, 25th to 35th Rs. 0.089 Million each p.a.
interest @ 8.82 % pa along with principal secured by way of 1st
charge on assets. |
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Particulars of the property charged |
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WEBSITE DETAILS :
ABOUT COMPANY
Company is in the business of carrying
on construction/infrastructure related activities. They have executed projects
In various states namely Gujarat,
Madhya Pradesh, Rajasthan and
Company was originally started as a Partnership firm in the year 1968 by the
name of M/s M. S. Khurana, Ahmedabad.
The firm was jointly formed by Late
Madhavdas S. Khurana along with his sons for carrying on business as
building contactor having place of business at Ahmedabad. Subsequently the
constitution of the firm was changed and in the year 1998 the partners as on
that date viz. Mr. Sudhir Khurana, Mr.
Ashish Khurana, Mr. Vikram Khurana, Mrs. Mira Khurana, Mrs. Geeta Khurana, Mrs.
Nicole Khurana and Ms. Vandana Khurana agreed to carry on business of
the firm in the form of a Private Limited Company under the name and style of M.S. Khurana Constructions Private Limited under
Section 566 of The Companies Act, 1956 vide certificate of incorporation dated
September 9, 1998. The name of the Company was later changed from M.S. Khurana Constructions Private Limited
to M.S. Khurana Engineering Private
Limited and fresh certificate of incorporation was issued on September
24, 1998. Subsequently on August 12, 2002 in terms of special resolution passed
dated July 15, 2002 under section 31 of The Companies Act, 1956 the Company was
converted in to a public limited company and the name was changed from M.S. Khurana Engineering Private Limited to M.S. Khurana Engineering Limited.
The initial activities of the Partnership firm were to carry out Civil Engineering
jobs comprising Residential Housing, Specialized Multi-storey Public Buildings,
and Industrial Plants and Factories etc mainly in an around Ahmedabad, Gujarat.
Business of the Company grew over a period of time and apart from Ahmedabad,
Gujarat the Company has started working in other states also i.e. Rajasthan,
Madhya Pradesh,
NEWS & EVENTS
MSKEL bags order worth Rs. 553.800 Millions.
Ahmedabad Muncipal Corporation has
awareded contract worth Rs. 553.800 Millions for the construction of houses for
urban poor at various location in Ahmedabad. Constrctuion of houses for
the urban poor at various locations in Ahmedabad (Package V), valued at Rs.
629.800 Millions for Ahmedabad Muncipal Corporation.
Residential Units for EWS in Nikol TP-113 & F.P. 223, 220 in AUDA (Job No.
52/2006-07) valued at Rs. 303.100 Millions for Ahmedabad Urban Development
Authority.
Construction of Retaining Wall, reinforced anchor, slab and special fill behind
retaining wall for 3960 M on West Bank from
MSKEL bags order worth Rs. 53.900 Millions.
MSKEL bags order worth Rs. 53.900
Millions for the work of streagthening to NH-8A (Extn) KM 154/200 to 174/625
section on
MSKEL's Tender found lowest.
M. S. Khurana Engineering Limited's tender for the following works were found to be the lowest and hence expected to be accepted.
Extension of existing apron for domestic terminal building at SVPI airport,
Ahmedabad valued at Rs. 103.900 Millions (Agrawal - Khurana JV 60:40).
Strengthening to N. H. 8 A (Extn) KM 133/700 to 154/200 section on Mandvi -
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.40.36 |
|
|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
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 |
|