MIRA
INFORM REPORT
|
Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOHAMS FOUNDATION ENGINEERING PRIVATE LIMITED |
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Registered Office : |
E-6, Shraddha Mata Society, Opposite IIT Main Gate, Powai, Mumbai – 400076,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
30.06.1995 |
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Com. Reg. No.: |
11-90106 |
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CIN No.: [Company
Identification No.] |
U45200MH1995PTC090106 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42751C / MUMS19648G |
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PAN No.: [Permanent
Account No.] |
AABCS1759C |
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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 : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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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 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
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Registered Office : |
E-6, Shraddha Mata Society, Opposite IIT Main Gate, Powai, Mumbai –
400076, Maharashtra, India |
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Tel. No.: |
91-22-25785906 |
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E-Mail : |
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Corporate Office : |
701, Casa Blanca, Sector – 11, CBD Belapur, Navi Mumbai – 400614,
Maharashtra, India |
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Tel. No.: |
91-22-27574038 |
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Fax No.: |
91-22-27564944 |
DIRECTORS
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Name : |
Mr. Vitthal Vasant Vaishampayan |
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Designation : |
Director |
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Address : |
E-6, Shraddha Mata Society, Opposite IIIT Main Gate, Powai, Mumbai –
400076, Maharashtra, India |
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Date of Birth/Age : |
24.08.1961 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Ms. Anjali Vitthal Vaishampayan |
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Designation : |
Director |
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Address : |
E-6, Shraddha Mata Society, Opposite IIIT Main Gate, Powai, Mumbai –
400076, Maharashtra, India |
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Date of Birth/Age : |
22.03.1963 |
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Date of Appointment : |
30.06.1995 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
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Mr. Vitthal Vasant Vaishampayan |
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7970 |
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Ms. Anjali Vitthal Vaishampayan |
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2000 |
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Mr. Shriram Vasant Vaishampayan |
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10 |
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Ms. Kunda Vasant Vaishampayan |
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10 |
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Mr. Sandeep Pandurang Bhosle |
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10 |
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Total |
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10000 |
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Preference
Shares |
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Mr. Vitthal Vasant Vaishampayan |
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4000 |
BUSINESS DETAILS
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Line of Business : |
Civil Engineers and Contractors |
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Products : |
Ø Soil
Investigation Ø Rock Anchors,
drilling and grouting Ø Ground
Improvement |
GENERAL
INFORMATION
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Suppliers : |
Creative Polymer Industries Pte Limited Sandrik Smith Asia Private Limited Mehdi Trading Company Private Limited Avanti Business Machines Limited Jindal Earthmovers Private Limited |
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Customers : |
Somdatt Builders Limited L and T Limited, Tarapur SMC Infrastructure Private Limited FCC – Kharagpur Golani Brothers |
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No. of Employees : |
About 35 |
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Bankers : |
Ø Bank of Baroda,
Mulund [West] Branch, Mumbai – 400080, Maharashtra, India Ø ICICI Bank Ø Centurion Bank |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
S. V. Mohile and Associates Chartered Accountants |
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Address : |
302, Mangal Murti, Ram Mandir Road [Extn.] Thane – 400602,
Maharashtra, India |
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Tel. No.: |
91-22-25413689 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
|
4000 |
6 % Preference Shares |
Rs. 100/- each |
Rs. 0.400 Millions |
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Total |
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Rs. 0.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
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4000 |
6 % Preference Shares |
Rs. 100/- each |
Rs. 0.400 Millions |
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Total |
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Rs. 0.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.896 |
5.611 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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9.396 |
6.111 |
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LOAN FUNDS |
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1] Secured Loans |
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9.131 |
4.510 |
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2] Unsecured Loans |
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1.010 |
1.896 |
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TOTAL BORROWING |
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10.141 |
6.406 |
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DEFERRED TAX LIABILITIES |
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0.795 |
0.161 |
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TOTAL |
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20.332 |
12.678 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.505 |
9.540 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.781 |
4.705 |
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Sundry Debtors |
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5.437 |
1.850 |
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Cash & Bank Balances |
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5.723 |
5.232 |
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Other Current Assets |
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2.420 |
2.104 |
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Loans & Advances |
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0.059 |
2.126 |
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Total
Current Assets |
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18.420 |
16.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.593 |
12.879 |
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Provisions |
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Total
Current Liabilities |
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14.593 |
12.879 |
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Net Current Assets |
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3.827 |
3.138 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.332 |
12.678 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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78.362 |
42.634 |
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Other Income |
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Total Income |
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78.362 |
42.634 |
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Profit/(Loss) Before Tax |
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5.157 |
2.115 |
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Provision for Taxation |
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1.872 |
0.786 |
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Profit/(Loss) After Tax |
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3.285 |
1.329 |
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Imports : |
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Others |
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15.270 |
NA |
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Total Imports |
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15.270 |
NA |
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Expenditures : |
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Interest |
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1.104 |
1.019 |
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Depreciation & Amortization |
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1.873 |
1.327 |
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Other Expenditure |
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73.205 |
19.902 |
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Total Expenditure |
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76.182 |
22.248 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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4.19 |
3.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.58 |
4.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.77 |
8.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.55 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.63 |
3.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø
Lab Equipments
Ø
Office Equipments
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
Computers
Ø
Plant and Machinery
Specialist Engineers for
Ø
Soil Investigation
Ø
Micro Piling
Ø
Ground Improvement
Ø
Rock Anchors
Ø
Drilling Grouting
Ø
Reinforced Earth Well
Bankers Charges
Report as per Registry
|
Name of the company |
SOHAMS
FOUNDATION ENGINEERING PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Mulund [West] Branch, Mumbai – 400080, Maharashtra, India |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 03.02.2003 [Registered on
20.02.2003 under document no 31] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
Millions |
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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 |
The whole of the
Borrowers stocks both present and future and including but without prejudice
to the generality of the foregoing words all stocks of raw materials, work in
process, semi finished goods and finished goods such as GEOGRIDS and
GEOTEXTILES, packing materials and stores etc. whatsoever and whether now
belonging to or that may at any time during the continuance of this security
belong to the borrower or that may be held by any party anywhere to the order
and disposition of the borrower. All the present
and future, book debts, outstanding, monies receivable, claims bills,
contracts, engagements and securities which are now due and owing or which
may at any time hereafter during the continuance of this security become due
and owing to the borrower in the course of its business by any person, firm,
company or body corporate or by the Government of India or any State
Government or Indian Railways or any Government Department or office or any
Municipal or Local or Public or Semi
– Government body or authority whatsoever including those relating to the
assets leased out and / or given on hire purchase basis. All the tangible
movable machinery and plant and cranes, boats and crafts an the vehicles of
the borrower together with spares, tools and accessories and other movable
both present and future, and the furniture fixture and fittings and office
equipment whether installed or not and whether lying loose or in cases which
are now lying or stored in or about or shall be brought into or be stored or
be in or upon or about the Borrower’s premises and godowns or wherever else
the same may be or be held by any party to the order or disposition of the
borrower relating to pertaining to the Borrower’s Office -701, Casa
Blanca, Sector – 11, CBD Belapur, Navi Mumbai – 400614 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure Cash Credit [Hypothecation of Stock and Book-Debts]
facility. Interest – 3 %
over PLR i.e. 14 % with monthly rests. Margin – 25 % on Hypothecation
of Stocks 30 % on Hypothecation of Book
Debts |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Mulund [West] Branch, Mumbai – 400080, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Composite
Hypothecation agreement dated 11.08.2005 |
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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. |
The charge is
modified as follows The charge is
increased by Rs. 4.500 Millions to cover foreign letter of credit facility
i.e. increased from Rs. 2.000 Millions to Rs. 6.500 Millions The particulars of
finished goods hypothecation to Bank are changed as Geo Grids Band Drains and
other materials used in business of the company at various project sites. Commission is as
per Service charge of the Bank from time to time. Margin is 50
% |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.63 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|