MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
B E BILLIMORIA AND COMPANY LIMITED |
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Registered Office : |
Shiv Sagar Estate, Block A, 2nd Floor, Dr. |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.02.1962 |
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Com. Reg. No.: |
11-12268 |
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CIN No.: [Company
Identification No.] |
L45200MH1962PLC012268 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11823A |
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PAN No.: [Permanent
Account No.] |
AAACB1542P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
The Company acts as Civil Engineers and Contractors. |
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 4550000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed construction company having
fine track records. Available information indicates high financial responsibility
of the company. Their trade relations are fair. Payments are usually correct
and as per commitments. The company can be considered good for any normal
business dealings at usual trade terms and conditions. Nothing adverse
reported. |
LOCATIONS
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Registered Office : |
Shiv Sagar Estate, Block A, 2nd Floor, |
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Tel. No.: |
91-22-66545000 |
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Fax No.: |
91-22-66545050 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Billimoria Edulji Beji |
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Designation : |
Director |
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Address : |
10-B, Sunita, |
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Date of Birth/Age : |
27.06.1927 |
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Date of Appointment : |
12.02.1962 |
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Name : |
Mr. Kapadia Kalyanji Laxmidas |
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Designation : |
Whole Time Director |
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Address : |
Ramanuj, 152, Road No. 9, Wadala, Mumbai – 400 031, |
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Date of Birth/Age : |
25.12.1926 |
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Date of Appointment : |
01.05.1976 |
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Name : |
Mr. Parameshwaram Chidambaram Nemmara |
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Designation : |
Director |
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Address : |
Flat No. 9/10, Ganadev Co-operative Society, Chembur, Mumbai – 400 071 |
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Date of Birth/Age : |
21.06.1938 |
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Date of Appointment : |
01.05.1976 |
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Name : |
Mr. Kapadia Laxmidas Digant |
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Designation : |
Director |
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Address : |
Ramanuj, 152, Road No. 9, Wadala, Mumbai – 400 031, |
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Date of Birth/Age : |
05.03.1957 |
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Date of Appointment : |
14.07.1994 |
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Name : |
Mr. Billimoria Beji Kaiyoze |
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Designation : |
Managing Director |
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Address : |
10-B, Sunita, |
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Date of Birth/Age : |
25.05.1955 |
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Date of Appointment : |
14.07.1994 |
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Name : |
Mr. Thothathri Ramakrishnan |
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Designation : |
Director |
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Address : |
4th Floor, Shruti Apartments, Plot No. 368, |
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Date of Birth/Age : |
29.09.1951 |
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Date of Appointment : |
01.06.2003 |
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Name : |
Mr. Indru Bhagwandas Hingorani |
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Designation : |
Director |
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Address : |
71, Le-Chateu, Plot No. 90, |
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Name : |
Ms. Kiran Indru Hingorani |
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Designation : |
Director |
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Address : |
71, Le-Chateu, Plot No. 90, |
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Name : |
Mr. Kanwal Narain Vaid |
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Designation : |
Director |
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Address : |
1001, Akruti Niharika Complex, Atria “B” Wing, N S Padhke Marg,
Saiwadi, Andheri (East), Mumbai – 400 069, |
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Name : |
Mr. Ramakrishna Reddy Madadi |
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Designation : |
Director |
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Address : |
312, Road No. 25, Jubilee Hills, |
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Name : |
Mr. M Subba Raju |
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Designation : |
Director |
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Address : |
44, |
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Name : |
Mr. Prakash Kundalia |
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Designation : |
Director |
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Address : |
Sorab House, Flat No. 1, |
KEY EXECUTIVES
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Name : |
Mr. Divakar V Kulkarni |
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Designation : |
Director (Engineering) |
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Qualification : |
Civil Engineer |
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Profile : |
Graduated as a Civil Engineeer in 1957 and is member of
many engineering professional institutes. He spent the early part of his
career acquiring considerable expertise in heavy engineering projects. Having
joined the company in 1977, he is presently managing the technical aspects of
specific projects, mainly bridges and special engineering works, including
assessment of requirement of resources, deployment of plant and machinery and
liasing with clients and consultants. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Billimoria Edulji Beji |
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249000 |
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Mr. Billimoria Beji Mehroo |
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140000 |
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Mr. Kapadia Kalyanji Laxmidas |
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67600 |
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Mr. Billimoria Beji Kaiyoze |
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450000 |
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Mr. Karanjia Yuzud Binaifer |
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225000 |
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Ms. Jasmine Jehangir Jehangir |
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225000 |
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Mr. Kapadia Laxmidas Digant |
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593400 |
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Mr. Kapadia Laxmidas Pushpa |
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150000 |
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Mr. Thakkar Anil Mukti |
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225000 |
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Mr. Kuvadia, Kishore Trupti |
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225000 |
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Mr. Parameshwaram Chidambaram Nemmara |
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150000 |
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Mr. Parameshwaran Sethulaxmi / Mr. Parameshwaram Chidambaram Nemmara |
|
100000 |
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Mr. Parameshwaran Vidya / Mr.
Parameshwaram Chidambaram Nemmara |
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100000 |
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Mrs. Parameshwaran Swathi / Mr. Parameshwaram Chidambaram Nemmara |
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100000 |
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holdings (Foreign Institutional Investors, Foreign Companies, Foreign
Financial Institution, Non-Resident Indian or Overseas Corporate Bodies) |
|
4.00 |
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Bodies Corporate |
|
48.00 |
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Directors and Directors Relatives |
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48.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company acts as Civil Engineers and Contractors. |
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Products : |
+
Civil Engineers and Contractors +
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GENERAL INFORMATION
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No. of Employees : |
-- |
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Bankers : |
+ ICICI Bank Limited Zenith House, Keshavrao Khyade Marg, Mahalaxmi, Mumbai – 400 034, + BNP Paribas + Standard Chartered Bank + HDFC Bank Limited +
Central Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors 1 : |
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Name : |
R. N. Bhansali and Company Chartered Accountants |
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Address : |
7-10, |
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Auditors 2 : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
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Solicitors : |
+ Mulla & Mulla and Craigie +
Blunt and Caroe |
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Associates : |
* Billimoria
Properties Private Limited * Gammon and
Billimoria Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
As
On 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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11,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 millions |
As
On 31.03.2006
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
110.000 |
75.000 |
30.000 |
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2] Reserves & Surplus |
1027.007 |
349.087 |
241.906 |
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NETWORTH |
1137.007 |
424.087 |
271.906 |
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LOAN FUNDS |
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1] Secured Loans |
24.155 |
41.794 |
148.560 |
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2] Unsecured Loans |
0.000 |
30.000 |
222.833 |
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TOTAL BORROWING |
24.155 |
71.794 |
371.393 |
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DEFERRED TAX LIABILITIES |
14.778 |
18.517 |
0.000 |
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TOTAL |
1175.940 |
514.398 |
643.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
344.524 |
320.988 |
293.268 |
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Capital work-in-progress |
0.000 |
19.967 |
1.112 |
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INVESTMENT |
264.880 |
2.326 |
0.624 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
125.372
|
104.408 |
114.891 |
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Sundry Debtors |
345.830
|
255.583 |
471.793 |
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Cash & Bank Balances |
21.848
|
75.309 |
56.508 |
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Other Current Assets |
1.144
|
0.000 |
0.000 |
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Loans & Advances |
559.142
|
197.603 |
148.544 |
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Total
Current Assets |
1053.336
|
632.903 |
791.736 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
478.200
|
450.975 |
396.365 |
|
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Provisions |
8.600
|
10.811 |
47.076 |
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Total
Current Liabilities |
486.800
|
461.786 |
443.441 |
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Net Current Assets |
566.536
|
171.117 |
348.295 |
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TOTAL |
1175.940 |
514.398 |
643.299 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1716.328 |
1206.820 |
1328.162 |
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Other Income |
45.836 |
9.981 |
38.056 |
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Total Income |
1762.164 |
1216.801 |
1366.218 |
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Profit/(Loss) Before Tax |
175.018 |
142.204 |
125.586 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
175.018 |
142.204 |
125.586 |
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Expenditures : |
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Raw Material Consumed |
1463.099 |
967.841 |
0.000 |
|
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Salaries, Wages, Bonus, etc. |
15.993 |
12.544 |
10.749 |
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Managerial Remuneration |
13.194 |
12.000 |
12.000 |
|
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Payment to Auditors |
1.178 |
1.390 |
0.934 |
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Interest |
8.312 |
18.701 |
23.324 |
|
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Insurance Expenses |
1.020 |
0.333 |
0.278 |
|
|
Power & Fuel |
1.139 |
0.910 |
8.419 |
|
|
Depreciation & Amortization |
43.173 |
37.400 |
0.000 |
|
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Other Expenditure |
40.036 |
23.476 |
1184.928 |
|
Total Expenditure |
1587.144 |
1074.595 |
1240.632 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.93
|
11.68 |
9.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.93
|
11.68 |
9.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.52
|
14.56 |
11.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.33 |
0.46 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
2.30 |
3.99 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
1.37 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
Note :
Company address has been shifted from Wankhede Stadium, North Stand ‘D’
Road, Churchgate, Mumbai – 400 020,
Form 8 Particular for creation or modification of charges
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Name of the company
|
B E BILLIMORIA
AND COMPANY LIMITED |
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Presented By |
DIRECTOR
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1) Date and description of instrument creating the change |
Dated 07.03.2005 Mater Equipment Loan Cum Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.787 millions (Schedule 1) Rs. 6.587 millions (Schedule 2) Total Rs. 13.374 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 |
Hypothecation of all collaterals in favour of ICICI Bank Limited in and against all collateral along with 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. Schedule 1 : Schedule 2 : The borrower will not create any secutiry on the collateral without consent of ICICI. The borrower shall execute a demand promissory note in favour of ICICI. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1st charge: Schedule 1: Interest : 3.7% flat Repayable : 36 equal monthly installment of Rs. 0.210 millions each Schedule 2: Interest : 3.7% flat Repayable : 36 equal monthly installments of Rs. 0.204 millions each |
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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, |
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6) Date and brief description of instrument modifying the charge |
N A |
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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. |
N A |
Fixed Assets :
*
* Plant and Machinery
* Works Instruments
* Office Equipments
* Computers
* Furniture and Fixtures
* Motor Vehicle
* Heavy Vehicle
* Electrical Installations
* Cycles
As Per Web:
History and Activities :
The company has its origin in the partnership firm of B E Billimoria
& Company which was established in 1958 by Mr. Beji E Billimoria and Mr. Laxmidas K Kapadia.
Since being awarded the first contract for the construction of hostels for the
Demographic Research Centre, the company has continued to expand its activities
and has grown to be one of the most reputable firms of Civil Engineering
Construction Contractors in
The reputation of the company has been built on the quality of work which is
always of the highest standard and never sacrificed on any account. The
organization has prized itself on its ability to execute work speedily and
always well within the stipulated period. Work has often been carried out in
conjunction with reputed firms of Architects, Consulting Engineers and various
Government Departments to exacting standards and their testimonials have always
been complimentary.
The present wealth of experienced and qualified staff includes over 75 Civil
Engineers and more than twice as many other technical and supervisory site
staff. A considerable number of skilled craftsmen are under the regular employ
of the company. Moving from site to site as required, labour contractors
connected with the company for many years provide a reasonably constant supply
of unskilled and semi-skilled labour as and when required.
In October 2000, the Quality Management Systems of the company for "Design,
Construction, Erection, Commissioning & Servicing of Civil Structures"
was certified as being compliant to ISO 9001:1994.
The company is an active member of the Builders' Association of India. It is
also registered or prequalified to undertake works with numerous Government
Departments and Works Authorities including the Public Works and Health
Department of the Government of Maharashtra, the Mumbai Municipal Corporation,
the City and Industrial Development Corporation of
In the private sector, most of the company's clients are national or
international companies. The fact that clients repeatedly call upon the company
to meet their building construction requirements is a testimonial to the
company's reputation.
The company prides itself on having undertaken a large number of varied
projects which are beyond the ability of the average construction contractor
either because of its size or more often because of its special technical
features. Where expert and precise engineering requirements are called for and
where designs demand a thorough understanding and application, the company's
competent Engineers are motivated to reach their greatest level of expertise
and perfection.
The Indian Airlines Hangar was a job which called for engineering skills that
had never before been applied anywhere in the world. The Nehru Planetarium was
a unique structure in design and construction and was completed in a record
period.
The Wankhede Stadium, also completed at breakneck speed was finished to exacting
specifications and to the complete satisfaction of the clients.
Other prestigious projects completed include the Drama Opera Theatre at Nariman
Point for the National Centre for the Performing Arts, the Imax Dome Theatre,
the IDBI Tower at the World Trade Centre at Cuffe Parade, Port Buildings at the
Jawaharlal Nehru Port at Nhava Sheva and the Indira Gandhi Institute of
Development Research at Goregaon for the Reserve Bank of India.
The company has established its credentials as not just a reliable but a
pioneer contractor in undertaking low cost mass housing projects using a
light-weight aluminium formwork system which results in rapid construction to
exacting specifications at low cost. It has received numerous accolades for the
housing project carried out for the Nagari Niwara Parishad at Goregaon.
Industrial Structures and complexes often built to the specifications of the
clients' overseas collaborators and always completed with utmost success have
accounted for the majority of the projects undertaken by the company but an
excellent reputation has also been developed in the construction of luxury
multi-storeyed residential buildings. The use of only the highest quality
materials, the most precise structures and exquisite finishing work makes apartments
in residential buildings constructed by the company, highly sought after.
The company has carried out the construction of a number of rail bridges for
The Indian Railway Construction Company (on the Mankhurd Panvel line) and for
the Konkan Railway Corporation (on the Konkan Railway line). Flattering
testimonials have been received from the clients in respect of the work done.
The list of areas in which the company's experience extends is unlimited.
Projects have been concluded at the Naval Dockyard for the Military Engineering
Services. Work for the Mumbai Municipal Corporation include two major
hospitals, a multi-purpose sports complex and stadium at Mulund, a Reservoir at
Raoli Hill, a cricket stadium at Thane and a road bridge at Kings Circle, Mumbai.
Also completed are 5 star hotels, large hospitals, office complexes, villas,
bridges, roads and recreation centers, all adding constantly to the wealth of
experience already gained.
The Company has also undertaken overseas projects as technical advisors and
consultants to local construction companies in the
The company is reputed in respect of its ability to deploy its skills and
resources to complete whatever project it may undertake with the utmost of
efficiency. Under the supervision of a highly efficient and experienced
management, it is striving towards even greater achievement than has been
attained already.
Awards :
+
ACCE – SARVAMANGLA AWARD – 1992
+
QUALITY CONSTRUCTION AWARD – KOKAN RAILWAY
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.39.79 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.56.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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. |
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 |
|