MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEENAKSHI INFRASTRUCTURES PRIVATE LIMITED |
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Registered Office : |
8-2-418, Meenakshi House, Road,
No.7, Banjarahills, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.07.2004 |
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Com. Reg. No.: |
01-43603 |
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CIN No.: [Company
Identification No.] |
U45200AP2004PTC043603 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM02983B |
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PAN No.: [Permanent
Account No.] |
AAECM0206D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction and Development |
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 2000000 |
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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 company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
8-2-418, Meenakshi House, Road,
No.7, Banjarahills, |
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Tel. No.: |
91-40-23358111/ 23001356 |
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Fax No.: |
91-40-23351133 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. C. S. Prasad |
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Designation : |
Managing Director |
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Address : |
Flat No.303, Meenakshi’s |
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Date of Birth/Age : |
25.07.1964 |
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Date of Appointment : |
07.07.2004 |
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Email: |
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Name : |
Mr. K Sreenivasa
Rao |
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Designation : |
Chairman and
Managing Director |
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Address : |
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Date of Birth/Age : |
05.10.1964 |
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Date of Appointment : |
07.07.2004 |
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Email : |
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Name : |
Mr. D. Suresh |
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Designation : |
Director |
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Address : |
The |
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Date of Birth/Age : |
16.09.1957 |
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Date of Appointment : |
07.07.2004 |
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Email: |
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Name : |
Mr. B. Srinivas |
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Designation : |
Director |
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Address : |
302, Meenakshi’s Parkside, 97 Sri Nagar Colony, |
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Date of Birth/Age : |
19.10.1963 |
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Date of Appointment : |
07.07.2004 |
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Email: |
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Name : |
Mrs. Sujatha Roa |
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Designation : |
Director |
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Address : |
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Name : |
Mrs. Radha Rani |
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Designation : |
Director |
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Address : |
Flat No.303, Meenakshi’s |
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Name : |
Mr. Nagalakshmi |
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Designation : |
Director |
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Address : |
The |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(AS ON
28.09.2007)
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Names of
Shareholders |
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No. of Shares |
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K Sreenivasa Rao |
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48000 |
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C. S. Prasad |
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48000 |
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B. Srinivas |
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48000 |
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Suresh |
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48000 |
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Sujatha Roa |
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27000 |
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Radha Rani |
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27000 |
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Anuradha Devi |
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27000 |
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Nagalakshmi |
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27000 |
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Total |
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300000 |
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Names of
Allotted |
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No. of Shares Allotted |
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K Sreenivasa Rao |
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674500 |
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C. S. Prasad |
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570500 |
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B. Srinivas |
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253000 |
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Suresh |
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477000 |
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Sujatha Roa |
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139000 |
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Radha Rani |
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243000 |
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Anuradha Devi |
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145000 |
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Nagalakshmi |
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198000 |
(AS ON
31.03.2007)
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
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GENERAL
INFORMATION
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Bankers : |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013,
Industrial
Finance Branch,
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Facilities : |
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Banking
Relations : |
- |
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Financial Institution : |
3rd to 6th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station complex, Vashi Navi Mumbai – 400703, India
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Auditors : |
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Name : |
S. V. Rao Associates Chartered Accountant |
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Address : |
215 and 216, 2nd Floor, Model House, Punjagutta, |
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Group Companies : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.000 |
30.000 |
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2] Share Application Money |
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35.970 |
73.450 |
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3] Reserves & Surplus |
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282.667 |
16.256 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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348.637 |
119.706 |
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LOAN FUNDS |
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1] Secured Loans |
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73.956 |
30.328 |
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2] Unsecured Loans |
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0.872 |
1.998 |
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TOTAL BORROWING |
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74.828 |
32.326 |
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DEFERRED TAX LIABILITIES |
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1.380 |
1.513 |
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TOTAL |
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424.845 |
153.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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148.198 |
36.066 |
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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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110.270 |
30.000 |
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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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258.291 |
159.292 |
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Sundry Debtors |
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26.104 |
23.098 |
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Cash & Bank Balances |
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10.619 |
9.737 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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380.691 |
101.813 |
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Total
Current Assets |
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675.705
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293.940 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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509.255 |
204.492 |
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Provisions |
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0.160
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2.067 |
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Total
Current Liabilities |
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509.415 |
206.559 |
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Net Current Assets |
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166.290 |
87.381 |
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MISCELLANEOUS EXPENSES |
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0.087 |
0.098 |
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TOTAL |
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424.845 |
153.545 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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882.781 |
140.995 |
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Other Income |
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18.965 |
0.124 |
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Total Income |
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901.746 |
141.119 |
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Profit/(Loss) Before Tax |
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272.314 |
21.448 |
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Provision for Taxation |
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6.903 |
5.192 |
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Profit/(Loss) After Tax |
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266.411 |
16.256 |
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Expenditures : |
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Financial Charge |
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24.218 |
7.075 |
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Depreciation & Amortization |
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5.879 |
4.016 |
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Other Expenditure |
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599.335 |
108.580 |
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Total Expenditure |
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629.432 |
119.671 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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29.54
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11.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
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30.85
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15.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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33.05
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6.50
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Return on Investment (ROI) (PBT/Networth) |
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0.78
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0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.68
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1.99 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
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1.42 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name
of the company |
MEENAKSHI INFRASTRUCTURES PRIVATE LIMITED |
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Presented By |
Jointly
by the Bankers and the Company |
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1) Date and description of
instrument creating the change |
Dated:
04.04.2005 |
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2) Amount secured by the charge/amount
owing on the securities of charge |
Term
Loan of Rs.215.000 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 |
All
future rent receivable on the proposed project “e park: Plot NO.1, Hypothecation
of Fixed Assets of the company |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Rate
of Interests: 3.5% below
SBHPLR presently 7.5% p.a. (Floating) payable at monthly rests. Repayment: The
term loan is to be repaid in 90 monthly installment commencing from Oct 05. |
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5) Name and Address and
description of the person entitled to the charge. |
State
Bank of |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U45200AP2004PTC043603 |
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Name
of the company |
MEENAKSHI INFRASTRUCTURES PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in |
8-2-418, Meenakshi House, Road,
No.7, Banjarahills, |
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This
form is for |
Creation of Charge |
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Type
of charge |
Book Debts Hypothecation of Current Assets |
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Particular
of charge holder |
3i Infotech Trusteeship Services Limited 3rd to 6th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station complex, Vashi Navi Mumbai – 400703, India CIN No:
U72900MH2001PLC132441 Email:
mahalingam.s@3i-itsl.com |
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Nature
of instrument creating charge |
Deed
of Hypothecation Dated: 23.06.2008 |
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Date
of instrument Creating the charge |
23.06.2008 |
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Amount
secured by the charge |
Rs.175.000
Millions |
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Brief
of the principal terms an conditions and extent and operation of the charge |
Rate
of Interests: As
per Credit Arrangement Letter Dated. 13.12.2007 and 12.06.2008 Terms
of repayment: Repayable
on Demand Tenable for 12 months Margin: Guarantee
Covering dispute Liabilities – 100% For
BG upto Financial
Guarantee – 10% Performance
Guarantee – 10% Extent
and Operation of the charge: Subservient
charges on current assets of the company both present and future, detail is
mentioned in schedule II of DOH, ranking pari passu with other participating
banks. |
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Particulars
of the property charged |
Subservient
charges on current assets of the company both present and future, detail is
mentioned in schedule II of DOH, ranking pari passu with other participating
banks. |
FIXED ASSETS:
- Land
- Office Equipment
- Vehicles
- Furniture and Fixtures
- Computers
- Site Equipment
WEBSITE DETAILS:
GROUP PROFILE:
Taken birth over a decade and half ago the Meenakshi Group of Companies has made its mark in different sectors of Property Development, Power Projects & Road works. Meenakshi Group started on a humble note but was backed by highly seasoned Businessmen, with depth of management and integrity and quality consciousness. Under this able entrepreneurship, the Group flourished to grow to today’s heights.
The group has companies in the various fields of its operations as listed
below:
- Meenakshi
Infrastructure Private
- Meenakshi Power Limited
- Meenakshi Energy
Private Limited
- SDE Engineers Limited
The Meenakshi Group of companies shares a set of 3 core values: integrity,
Quality and Excellence. These values, which have been part of the Group's beliefs
and convictions from its earliest days, continue to guide and drive the
business decisions of Meenakshi Group companies. The Group and its enterprises
have been steadfast and distinctive in their adherence to business ethics and
their commitment to corporate social responsibility.
The 1990s saw
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.48.50 |
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|
1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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
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 |
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