MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
MAN INFRACONSTRUCTION LIMITED |
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Formerly Known As : |
Man Construction Limited |
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Registered Office : |
12th Floor, Drushal
Commercial Complex, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.08.2002 |
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Com. Reg. No.: |
136849 |
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CIN No.: [Company
Identification No.] |
U70200MH2002PLC136849 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19213F |
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PAN No.: [Permanent
Account No.] |
AADCM1611P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
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Line of Business : |
Provider of
construction services for port infrastructure, residential, industrial and
other commercial projects. |
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 6000000 |
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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 well established and reputed company having fine track. Trade relations are fair. General financial position is good. Business is active. Payments are reported as usually correct and as per commitments.
The company can be considered good for business dealings at usual trade terms and conditions.
Mr. Rajiv Sheth of the Company declined to part with any
information. |
LOCATIONS
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Registered Office : |
12th Floor, Drushal
Commercial Complex, |
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Tel. No.: |
91-22-25260582-88 |
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Fax No. |
91-22-25260589 / 91 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Subhash Dalmia |
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Designation : |
Director |
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Address : |
204, Muktangan, Upper Govind Nagar, Malad [East], Mumbai
400097, |
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Date of Birth/Age : |
20.03.1948 |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mr. Vinod Kumar Goenka |
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Designation : |
Non-Executive Director |
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Address : |
Karmayog, 6th Floor, Plot No. 11, N. S. Road
No. 6, Hatkesh Society, Juhu Scheme, Mumbai 400049, |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Suketu Ramesh Shah |
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Designation : |
Whole time Director |
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Address : |
148/1, Rasik Kunj, Jain Society, Sion [West], Mumbai
400022, Maharashtra, |
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Date of Birth/Age : |
11.10.1971 |
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Date of Appointment : |
01.06.2003 |
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Name : |
Mr. Parag K Shah |
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Designation : |
Managing Director |
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Name : |
Mr. Ravi K Sheth |
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Designation : |
Director |
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Name : |
Mr. Mukesh M Patel |
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Designation : |
Director |
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Name : |
Mr. Pramod
Chaudhari |
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Designation : |
Director |
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Name : |
Mr. Sailesh T
Desai |
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Designation : |
Director |
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Name : |
Mr. Vijay B Raheja |
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Designation : |
Director |
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Name : |
Mr. Sivaranmakrishnan
S Iyer |
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Designation : |
Director |
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Name : |
Mr. Dharmesh Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Durgesh S
Dingankar |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Provider of
construction services for port infrastructure, residential, industrial and
other commercial projects. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Atul Shah Chartered Accountants |
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Address : |
36B, Tamarind House, |
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Name : |
Rajiv Sheth Chartered Accountant |
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Address : |
4, Gitanjali, 1st Floor, 116A, Road No. 24 –A,
Sion [West], Mumbai 400022, |
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Solicitors: J Sagar Associates |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26949900 |
Equity Shares |
Rs.10/- each |
Rs.269.499
Millions |
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Note:
Out of the above,
11950000 shares issued as bonus shares. This 3820910 shares are issued out of
the General Reserve and balance shares are issued out of credit balance in the
profit and loss account)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
269.499 |
256.349 |
0.500 |
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2] Share Application Money |
0.000 |
20.000 |
0.000 |
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3] Reserves & Surplus |
1027.898 |
432.223 |
208.325 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1297.397 |
708.572 |
208.825 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.279 |
0.269 |
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TOTAL |
1297.397 |
708.851 |
209.094 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
453.204 |
82.665 |
38.107 |
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Capital work-in-progress |
31.249 |
0.000 |
0.000 |
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INVESTMENT |
530.511 |
204.635 |
99.001 |
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DEFERREX TAX ASSETS |
4.677 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
101.473 |
46.149 |
0.000 |
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Sundry Debtors |
830.087 |
431.915 |
75.936 |
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Cash & Bank Balances |
235.353 |
245.764 |
13.401 |
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Other Current Assets |
13.661 |
0.000 |
0.000 |
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Loans & Advances |
225.406 |
200.679 |
108.992 |
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Total
Current Assets |
1405.980 |
924.507 |
198.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1125.147 |
331.637 |
44.671 |
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Provisions |
12.976 |
182.667 |
81.684 |
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Total
Current Liabilities |
1138.123 |
514.304 |
126.355 |
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Net Current Assets |
267.857 |
410.203 |
71.974 |
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MISCELLANEOUS EXPENSES |
9.899 |
11.348 |
0.012 |
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TOTAL |
1297.397 |
708.851 |
209.094 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2210.967 |
837.621 |
1474.000 |
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Other Income |
94.559 |
46.090 |
45.400 |
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Total Income |
2305.526 |
883.711 |
1519.400 |
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Profit/(Loss) Before Tax |
478.327 |
208.328 |
279.700 |
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Provision for Taxation |
154.630 |
65.214 |
102.800 |
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Profit/(Loss) After Tax |
323.697 |
143.114 |
176.900 |
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Export Value |
80.291 |
4.863 |
NA |
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Import Value |
156.105 |
1.016 |
NA |
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Expenditures : |
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Opening Work in Progress |
2.597 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.000 |
760.900 |
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Administrative Expenses |
166.751 |
58.427 |
59.600 |
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Raw Material Consumed |
761.696 |
139.229 |
414.100 |
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Sub Contract/ Labour Charges |
740.482 |
455.084 |
0.000 |
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Other Direct Cost |
81.453 |
12.731 |
0.000 |
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Financial Charges |
5.714 |
2.275 |
0.000 |
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Diminution in the Value of Current Investment |
13.527 |
0.000 |
0.000 |
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Depreciation & Amortization |
54.979 |
7.637 |
4.800 |
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Total Expenditure |
1827.199 |
675.383 |
12139.700 |
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KEY RATIOS
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
0.00 |
0.00 |
0.05 |
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Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.05 |
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Current Ratio |
1.43 |
1.96 |
1.63 |
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TURNOVER RATIOS |
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Fixed Assets |
7.41 |
11.15 |
23.57 |
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Inventory |
31.74 |
37.12 |
98.40 |
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Debtors |
3.71 |
3.37 |
8.76 |
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Interest Cover Ratio |
76.89 |
79.17 |
469.80 |
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Operating Profit Margin(%) |
23.02 |
22.17 |
23.84 |
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Profit Before Interest And Tax Margin(%) |
20.68 |
21.28 |
23.29 |
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Cash Profit Margin(%) |
16.17 |
15.33 |
15.84 |
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Adjusted Net Profit Margin(%) |
13.82 |
14.44 |
15.29 |
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Return On Capital Employed(%) |
49.31 |
41.11 |
118.04 |
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Return On Net Worth(%) |
32.60 |
27.55 |
81.09 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING
PERFORMANCE:
The Company has achieved a turnover or Rs.2342.747 Millions during the
year reflecting an increase of 173.80% over the previous year’s turnover of
Rs.855.654 Millions and has earned a profit of Rs.323.697 Millions reflecting
an increase of 126.18% over previous year’s profit of Rs.143.114 Millions.
DIVIDEND:
The directors have not recommended any dividend for the year ended 31st
March 2008
The board of Directors in their meeting held on 29.05.2008 declared first
Interim Dividend for year 2008-09 @ Rs.2/- per Equity Shares of Rs.10/- each.
The total payout of dividend was Rs.63.100 Millions including dividend tax.
PROPOSED INITIAL
PUBLIC OFFER:
The company is in the process of making an initial public offer ( IPO) of
5300100 Equity Shares of Rs. Each. The company and its promoters are intending
to make Pre-IPO placement of 1600000 Equity Shares to Private Equity. Once such
Pre-IPO placing is completed, the number of equity shares in the issue will be
reduced by the number of equity share issued in the Pre-IPO placement. The
Company has filed the Updated Draft Red Herring Prospectus with SEBI on March 14, 2008. The Company has
received an principal approval from NSE Vide their letter No. NSE/LIST/465308-5
dated May 15, 2007 and From BSE vide their letter DCS/ IPO/ NP/
UPO-IP/1233/2007-08 dated November2, 2007. further the Company has also
received a SEBI observation Letter No. CFD/DIL/PB/EHM/126783/2008 dated May 28,
2008, to make an initial public issue within 3 months form aforesaid date.
TRADE REFERENCE:
· Chennai Container Terminal Private Limited
· Nhava-Sheva International Container Terminal Private Limited
· Mundra International Container Terminal Private Limited
· Gateway Terminal India Private Limited (A.P.Moller Terminal & container corporation of India Limited JV)
· Maersk India Limited (A.P.Moller Group Company)
· Zim Integrated Shipping Services India Private Limited
·
Simplex Concrete Piles (
· Neelkanth Group
· Jindal Stainless Steelway Limited
· G.R. Engineering Works Limited
· Dynamix Group
· Praj Industries Limited
FIXED
ASSETS:
·
Office Premises
·
Plant and Machineries
·
Shuttering Material
·
Furniture and Fixtures
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Office Equipments
·
Computers
·
Vehicle Commercial
·
Vehicle Others
AS PER WEBSITE
DETAILS:
HISTORY
Originally incorporated as Man Construction Limited, the Company changed its name to Man Infraconstruction Limited, in the current fiscal year to signify its range of activities and its focus on the infrastructure and realty sectors.
The company in the current year merged Pathare Real Estate & Developers Limited into itself. The company has one 100% subsidiary Man Infraproject Limited which is currently undergoing the amalgamation procedure.
In 1997, major breakthrough was made when Pathare Real
Estate & Developers Limited was awarded a contract by Nhava Sheva
International Container Terminal Private Limited at
The company also has the distinction of providing operational services for a port project for Chennai Container Terminal Private Limited, Chennai.
The company was also awarded a contract for construction of
a Container Freight Station,
The third port project was awarded to Man
Infraproject Limited,
now their wholly subsidiary to construct pavements, provide railway network,
construct office building and for reclamation work by Gateway Terminal India
Private Limited (A P Moller Terminal and container corporation of India
Limited, JV) at
The Company is involved in other residential, industrial and commercial projects also having executed contracts worth Rs.4325 million in the last three years.
The Promoter Group was established in 1964 by Mr. Kishore Shah, father of Parag Shah (MD) with Mr. Prabodh Shah, both engineers, and was engaged in industrial construction in its earlier years. Parag Shah joined the Promoter Group in 1991. The group also did business in name and style of P.D. Construction, Bactra Housing & Infrastructural Private Limited, and has other group entities Sharda construction and Sharda developers.
PROFILE
Man Infraconstruction Limited is a construction company
headquartered in Mumbai. Their operations are currently in the three States of
Maharashtra, Tamil Nadu and
The Company’s success is due to its dedication to excellent work, an
outstanding record of timely deliveries, customer service that exceeds expectations,
a strong commitment to Quality, Health Safety and Environment and an unwavering
culture of transparency and integrity.
Man Infraconstruction Limited is committed to deliver and perform to ensure the
success of its clients. As they look back with pride on the achievements of the
past, they remain keenly aware that the challenges and accomplishments to come
will further define the fundamental character of the company.
They continue to challenge theirselves to be the pioneers in their business and
eagerly look forward to growing their business on strong foundations.
Board of Directors
Mr. Vinod Goenka, (Non-Executive Chairman )
Mr. Vinod Goenka holds a bachelor's degree in Commerce from
the
Mr. Parag Shah, (Managing Director)
A Commerce Graduate with over 15 years of experience in construction. Well networked and enjoys a strong reputation in the infrastructure and construction industry. Widely respected for his vision, dynamism and strategic capabilities.
Mr. Suketu R. Shah ,
(Executive Director (Technical) and Chief Operating
Officer)
Mr. Suketu Shah holds a Licentiate in Civil & Sanitary Engineering (Diploma Civil) from Victoria Jubilee Technical Institute, Mumbai. He has been associated with the Company since inception. He has executed varied projects and has versatile experience of 16 years working on port infrastructure projects, residential, industrial and commercial projects.
Mr.
MBA from
Mr. Mukesh M. Patel (Non Executive Director)
Mr. Mukesh Patel has a degree in civil engineering from the
Mr. Pramod Chaudhari
(Non-Executive Director)
Mr. Pramod Chaudhari has a degree in mechanical engineering
from Indian Institute of Technology
Mr. Sivaramakrishnan
S. Iyer (Independent
Director)
He is a Chartered Accountant based in Mumbai. He assists companies in setting up of an integrated financial accounting and management reporting system. He also advises companies on capital structuring for new / expansion projects.
Mr. Sailesh T. Desai (Independent Director)
Mr. Sailesh Desai has a bachelor's degree in science from
the
Mr. Vijay B. Raheja (Independent Director)
Mr. Vijay B. Raheja holds a bachelor's degree in
Architecture from
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.48.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|