MIRA INFORM
REPORT
|
Report
Date : |
16.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ASSOCIATED TRANSRAIL STRUCTURE LIMITED |
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Registered
Office : |
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Country
: |
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Financial
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
29th March, 1993 |
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|
Com.
Reg. No.: |
04-19213 |
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CIN
No.; |
U63090GJ1993PLV019213 |
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|
TAN
No.: [Tax
Deduction & Collection Account No.] |
BRDA01652A |
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PAN
No.: [Permanent
Account No.] |
AACCA4715D |
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Legal
Form : |
Subject is a public limited liability company.
The company’s shares are listed on the stock exchanges. |
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Line
of Business : |
Execution of Extra High Voltage Transmission Lines on Turnkey
Basis. |
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
1185000 |
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|
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|
Status
: |
Satisfactory |
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Payment
Behaviour : |
Slow but Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a leading company in The company’s trade relations are reported as fair. The company
is managed by highly qualified and well experienced professional. Payments
are currently slows but correct. It can be considered normal for business
dealings at usual trade terms and conditions, with slight caution. |
LOCATIONS
|
Registered
Office : |
|
|
Tel.
No.: |
91-265-2334937/ 8472 / 4603 |
|
Fax
No.: |
91-265-2340887 |
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E-Mail
: |
transrail@satyam.net.in / contact@transrailltd.com |
|
Website
: |
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Factory
1 : |
VAdadla, Jarod-Samlaya Raod, Post: GArdhiya, Taluka : Savli,
Dist : Vadodara, |
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Tel.
No.: |
91-2667-251310 / 318 / 320 |
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Factory
2 : |
Plot No. G – 55, MIDC, Butibori Industrial Area, Dist : |
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Tel.
No.: |
91-7104-265271 / 265272 |
DIRECTORS
|
Name : |
Mr. U. K. Bardhan |
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Designation
: |
Chairman and Managing Director |
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Name : |
Mr. D. C. Bagde |
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Designation
: |
Director |
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Name : |
Mr. Biplab Kumar Ganguly |
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Designation
: |
Director |
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Name : |
Mr. A. H. Shah |
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Designation
: |
Director |
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|
Name : |
Mr. V. K. Patel |
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Designation
: |
Director |
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Name : |
Mr. V. S. Dalwadi |
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Designation
: |
Director |
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|
Name : |
Mr. G. V. Katkoria |
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Designation
: |
Director |
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|
Name : |
Mr. Manoj Chatterjee |
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Designation
: |
Director |
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Name : |
Mr. C. D. Kadam |
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Designation
: |
Company Secretary |
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Name : |
Mr. Himanshu Parikh |
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Designation
: |
Director |
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Address
: |
2A, Rituraj, Juhu Military Road, Opp. Mittal Park, Juhu, Mumbai
– 400049, Maharashtra |
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Date
of Birth/Age : |
21.11.1959 |
|
Date
of Appointment : |
20.09.2004 |
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|
|
|
Name : |
Mr. Parvez Umrigar |
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Designation
: |
Diarector |
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Address
: |
164, |
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Date
of Birth/Age : |
02.06.1963 |
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Date
of Appointment : |
01.07.2002 |
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Name : |
Mr. A. B. Desai |
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Designation
: |
Director |
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MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters Indian
Promoters |
1341664 |
13.35% |
|
Person acting in Concept |
5677916 |
56.48 % |
|
Bodies
Corporate |
1402000 |
13.95% |
|
Indian
Public |
1622253 |
16.14% |
|
NRIs /
OCBs |
8000 |
0.08% |
|
TOTAL |
10051833 |
100% |
Equity
Share Breakup
|
Names
of Shareholders |
Percentage |
|
|
Bodies Corporate
|
83.88 % |
|
|
Directors
or Relatives of Directors |
9.10 % |
|
|
Others |
7.02 % |
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|
Total |
100 % |
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BUSINESS
DETAILS
|
Line
of Business : |
Execution of Extra High Voltage Transmission Lines on Turnkey
Basis. |
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Products
|
|
GENERAL
INFORMATION
|
Customers
: |
Ř
KEB Ř
GEB, Ř
EB, Ř
MSEB, Mumbai Ř
Steel/MSEB/ABB Ř
DVC, Kolkata Ř
Indian Rayon Industries/MSEB Ř
KEB, Karnataka Ř
MSEB, Mumbai Ř
KEC/Powergrid Ř
Inabensa/Powergrid Ř
Powergrid Ř MSEB/Hyundai |
||||
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||||
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Suppliers
: |
·
·
Lohar Enginnering ·
Sanvijay Rerolling |
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||||
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No. of
Employees : |
500 |
||||
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||||
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Bankers
: |
Ř
Citi Bank Ř
Canara Bank Ř Dena Bank Ř ICICI Bank Limited Ř Bank of Ř Development Credit
Bank Limited Ř |
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||||
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Facilities : |
--
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Banking Relations : |
Satisfactory |
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Auditors
: |
Chartered Accountant
Chartered Accountant, 410,
Chartered Accountant,
Mumbai 60, |
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Associates
: |
|
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Share |
Rs.10/- Each |
Rs.210.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10051833 |
Equity Shares |
Rs. 10/- each |
Rs. 100.518 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
30.06.2005 |
30.06.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
100.518 |
100.518 |
100.500 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
195.807 |
29.352 |
-25.100 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
296.325 |
129.870 |
75.400 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
162.764 |
107.202 |
3.400 |
|
|
2]
Unsecured Loans |
22.630 |
153.691 |
50.000 |
|
TOTAL
BORROWING
|
185.394 |
260.893 |
53.400 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
481.719 |
390.764 |
128.800 |
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|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
234.050 |
193.965 |
69.500 |
|
Capital work-in-progress
|
12.482 |
10.673 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
0.450 |
0.450 |
0.500 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
423.408
|
360.073
|
131.800
|
|
|
Sundry Debtors
|
885.477
|
517.818
|
251.200
|
|
|
Cash & Bank Balances
|
8.067
|
17.774
|
2.600
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
73.224
|
55.106
|
40.000
|
Total Current Assets
|
1390.176
|
950.771
|
425.600
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1132.199
|
753.433
|
358.500
|
|
|
Provisions
|
23.240
|
11.662
|
9.700
|
Total Current Liabilities
|
1155.439
|
765.095
|
368.200
|
|
Net
Current Assets
|
234.737 |
185.676 |
57.400 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
1.400 |
|
|
|
|
|
|
|
TOTAL
|
481.719 |
390.764 |
128.800 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
30.06.2005 |
30.06.2004 |
|
|
Sales
Turnover |
1861.970 |
1284.063 |
1016.800 |
|
|
Other Income |
39.983 |
103.421 |
1.100 |
|
|
Total
Income |
1901.953 |
1387.485 |
1017.900 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
265.610 |
96.500 |
66.500 |
|
|
Provision for Taxation |
0.000 |
0.000 |
28.200 |
|
|
Profit/(Loss) After Tax |
265.610 |
96.500 |
38.300 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
|
|
|
|
Commission Earnings |
1.242 |
0.925 |
N.A. |
|
|
Other Earnings |
|
|
|
|
Total
Earnings |
1.242 |
0.925 |
N.A. |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
0.723 |
0.363 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.327 |
0.032 |
|
|
|
Others |
0.000 |
0.000 |
|
|
Total
Imports |
1.050 |
0.395 |
N.A |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
|
|
|
|
|
|
Raw Material Consumed |
1020.050 |
798.813 |
656.000 |
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
38.400 |
|
|
Administrative Expenses |
0.000 |
0.000 |
27.100 |
|
|
Excise Duty |
0.000 |
0.00 |
42.200 |
|
|
Salaries, Wages, Bonus, etc. |
23.324 |
16.900 |
28.100 |
|
|
Managerial Remuneration |
1.165 |
1.576 |
0.000 |
|
|
Payment to Auditors |
0.505 |
0.275 |
0.000 |
|
|
Interest |
65.968 |
6.675 |
33.200 |
|
|
Insurance Expenses |
7.298 |
5.169 |
0.000 |
|
|
Power & Fuel |
2.932 |
0.209 |
3.100 |
|
|
Depreciation & Amortization |
0.000 |
0.000 |
3.500 |
|
|
Other Expenditure |
515.098 |
461.364 |
136.900 |
|
Total
Expenditure |
1636.340 |
1290.981 |
968.500 |
|
QUARTERLY / SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2006 1st Qtr |
|
Sales
Turnover |
|
769.800 |
|
Other
Income |
|
02.600 |
|
Total
Income |
|
772.400 |
|
Total
Expenditure |
|
623.400 |
|
Operating
Profit |
|
149.000 |
|
Interest |
|
27.800 |
|
Gross
Profit |
|
121.200 |
|
Depreciation |
|
03.600 |
|
Tax |
|
43.000 |
|
Reported
PAT |
|
74.600 |
|
|
|
|
200606 Quarter 1 --------------- Notes:
1.Corrosponding figures of the previous year have been regrouped/rearranged wherever
necessary. 2.The above unaudited results were reviewed by the Audit committee
and than approved by the Board of Directors at their Meeting held on 28th July
2006 and that the figures in respect of the quarter ended 30th June 2006 have
been reviewed by the statutory Auditors of the company. 3.No investor complaint
was pending at the beginning at the quarter and no complaint was received
during the quarter ended on 30th June 2006
Result has been calculated and not published by
the company. Extra Ordinary Items not calculated
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
30.06.2005 |
30.06.2004 |
|
PAT /
Total Income |
(%) |
13.65
|
7.51 |
3.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.26
|
7.51 |
6.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.35
|
8.42 |
13.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.89
|
0.74 |
0.88 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.52
|
7.90 |
5.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.24 |
1.15 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.3.92 |
|
Low |
Rs.3.92 |
LOCAL
AGENCY FURTHER INFORMATION
Fixed Assets
- Building
- Land
(Freehold) & Development
- Lad
(Leasehold)
- Construction
Equipment
- Vehicle
- Furniture
& Ficture
- Electrical
Installation
- Plant
& Machinery
- Other
Equipment
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U63090GJ1993PLC019213 |
|
Name of the
Company |
ASSOCIATED
TRANSRAIL STRUCTURE LIMITED |
|
Address |
|
|
This form
is for |
Modification
of Charges |
|
Type of
Charge |
Hypothecation
|
|
Particulars
of the charge holder |
CIN L65190GJ1994 PLC021012 Name :
ICICI Bank Address :
Email :
sharat.kumar@icicibank.com |
|
Amount
secured by the charge |
Rs.3020.000
millions |
|
Brief of
the principal terms and conditions |
|
|
Description
of the property charged indicating |
Immovable
Properties Plant
& Machinery Stock in
Trade Book
Debts Others b) The
Rest of the Current Assets c) The whole
of the current assets viz. stock book debts, bills receivable, stores &
spares not relating to P&M, movable properities including its movable
plant * machinery expect those lying Nagpur factory immovable property
situate at village Vadadla (Amalgmated Survey no. 114/2) of Savli Taluka,
Reg. Dist Vadodara and sub district Savli Equivalent to 34918 SQ. Mtrs and at
office No.7 – B on the 7th floor of Neptune Tower, Alkapuri, Dist
Vadodara |
|
Charge
identification |
90102349 |
|
Brif description
of the instrument modifying the charge under section |
First
Supplemental Joint Deed of hypothecation in favour of consortium of banks
with ICICI bank as lead bank of secure W.C. Facility tigether with all
Interest cost charges and other expenses |
|
Partuculars
of the present modifecation |
Exisiting
charge of Rs.745 million stands enhanced to Rs. 3020 millions by execution of
first supplemental jount deed of hypothecation in favour of constum of banks
with ICICi bank as lead bank. |
|
Date of
Instrument |
20.05.2006 |
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.40.64 |
|
|
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.74 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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
|
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 |