MIRA INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
RAJSHI CONSTRUCTIONS PRIVATE LIMITED |
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Formerly Known As: |
ANKLESHWAR HOTELS PRIVATE LIMITED |
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Registered Office : |
4 – 6, Dun Shopping Centre, L A
Compound, 225/ 27, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.02.1990 |
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Com. Reg. No.: |
055381 |
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CIN No.: [Company
Identification No.] |
U55100MH1990PTC055381 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR10897F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Civil Contractors |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 154000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company in its field. Trade relations are fair. Business is
active. Payments are reported as slow due to the current recession. The company can
be considered for business dealings at usual trade terms and conditions. |
LOCATIONS
DIRECTORS
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Name : |
Mr. Chetan Kanji
Shah |
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Designation : |
Director |
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Address : |
3/ 4, Dun Shopping Centre, L A
Compound, 225/ 27, |
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Date of Birth/Age : |
21.12.1954 |
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Date of Appointment : |
12.09.1990 |
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Name : |
Mr. Shripal
Prabodh Shah |
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Designation : |
Director |
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Address : |
1801, Jaywant Apartments, |
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Date of Birth/Age : |
16.06.1956 |
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Date of Appointment : |
18.10.1995 |
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Name : |
Mr. Shrikunj
Prabodh Shah |
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Designation : |
Director |
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Address : |
1801, Jaywant Apartments, |
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Date of Birth/Age : |
05.04.1963 |
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Date of Appointment : |
11.12.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of
Shareholders |
No. of Shares |
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Chetan Shah HUF |
100 |
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Chetan K Shah |
67400 |
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Shripal Prabodh
Shah |
33750 |
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Shrikunj Prabodh
Shah |
20250 |
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Purnima Shah |
6750 |
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Sonal Shah |
6750 |
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Total |
135000 |
AS ON 29.09.2007
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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 : |
Civil Contractors |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Damji Merchant and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- Each |
Rs.2.500
Millions |
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Issued,
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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135000 |
Equity Shares |
Rs.10/- Each |
Rs.1.350
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.350 |
1.350 |
1.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.358 |
18.029 |
8.350 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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30.708 |
19.379 |
9.700 |
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LOAN FUNDS |
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1] Secured Loans |
7.772 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.180 |
4.700 |
0.050 |
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TOTAL BORROWING
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7.952 |
4.700 |
0.050 |
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DEFERREX TAX LIABILITIES
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0.855 |
0.275 |
0.047 |
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TOTAL
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39.515 |
24.354 |
9.797 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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27.079 |
7.894 |
3.311 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
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0.000 |
0.223 |
1.635 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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0.140 |
0.000 |
10.857 |
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Trade Debtors
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2.268 |
15.550 |
7.062 |
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Cash & Bank Balances
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34.390 |
7.968 |
3.505 |
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Other Current Assets
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0.000 |
0.000 |
0.000 |
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Loans & Advances
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21.025 |
25.121 |
3.256 |
Total Current Assets
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57.823
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48.639
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24.680 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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27.469 |
17.270 |
19.829 |
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Provisions
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17.918 |
15.132
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0.000 |
Total Current Liabilities
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45.387 |
32.402 |
19.829 |
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Net Current Assets
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12.436 |
16.237 |
4.851 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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39.515 |
24.354 |
9.797 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
109.466 |
139.534 |
85.872 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
109.466 |
139.534 |
85.872 |
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Profit/(Loss) Before Tax |
20.135 |
22.665 |
6.305 |
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Provision for Taxation |
5.602 |
6.828 |
2.318 |
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Profit/(Loss) After Tax |
14.533 |
15.837 |
3.987 |
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Imports : |
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Machinery |
12.385 |
NA |
NA |
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Stores & Spares |
0.020 |
NA |
NA |
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Total Imports |
12.405 |
NA |
NA |
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Expenditures : |
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Depreciation & Amortization |
1.604 |
0.590 |
0.543 |
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Other Expenditure |
87.727 |
116.279 |
79.024 |
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Total
Expenditure |
89.331 |
116.869 |
79.567 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.28
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11.35
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4.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.39
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16.24
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7.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.72
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39.93
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21.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.66
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1.17
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0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74
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1.91
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2.05 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.50
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1.24 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Plant and Machinery
- Computer
- Motor Bike
- Furniture and Fixtures
- Water Pumps
- Tools and Equipment
- Fax
- Air Condition Machine
- Office Premises
Operations:
The Directors report that there was a decline in income and pre-tax
profit for the year compared to previous year. The income for the year was
Rs.109.466 Millions as against Rs.139.534 Millions whereas the pre-tax profit
was Rs.20.135 Millions as against Rs.22.665 Millions in the last year.
Future
Prospects:
The Company’s order book position is satisfactory. In the current year
the Directors expect to turn out better results in view of the completion of
projects on hand. Considering the construction industry having received the
status of infrastructure industry. The Directors foresee a bright future of the
Company.
WEBSITE DETAILS:
Profile:
The Company was
established in 1986 and has since maintained a consistent growth. They
undertake all type of construction works viz. Soil Investigation, Pile
Foundation, Complicated R.C.C. Structures, Steel Structures, Multi storeyed
buildings, Masonry, Plumbing, Interiors, Repairs and Restoration etc. They
specialize in undertaking turnkey projects of multi storeyed residential
buildings.
They have developed in house capabilities to cater to all aspects of
construction work. They have an impressive list of clientel, which comprise of
leading Public limited companies, Builders, Architects and Institutions.
To maintain high standard of quality and ensure timely completion of projects
they have dedicated technical staff and team of subcontractors.
Name of Plant/Machinery, Equipment And Accessories
- Self Erecting Crane Of German Make Suitable For
11
- Mixer Of 2 Bag Capacity Of Reversible Drum Type
- Concerete Mixers With Capacity.- 7/10 Electric And Diesel
- Vibrators ( Electri C and Petrol )
- Needles 60 mm and 40 mm
- Surface Vibrators
- Skim Floater
- Concerte Weigh Batcher
- Cocrete Cube Testting Equipment - Capacity - 100 Mt
- Steel - Tubular Scaffolding
- Slab Shuttering
a) Steel Plates
b) Steel Props
c) Steel Spans - Dewatering Pumps
- Welding Machine
- Bar Cutting and Bending
- Floor Polishing Machine
- Builder's Hoist
- Wall - Form Shuttering
- Drilling Machines
- JCB
- Concrete Breakers
- Internal Climbing Tower Crane suitable for 45 storyed building
- Batching Plant 20 m3/hr Capacity
- L & T Formwork " Doka Type"
Residential
Projects Completed:
- Angel
- Dhavalgiri
- ITC
- Jupiter Tower
- Krushal Tower
- Navneet House
- Padmavati
Heights
- Savita Sadan
- Shankheshwar
Darshan
- Sun Crest
- Vasudha
Apartments
- Venus Tower
Commercial Projects Completed:
- Brady Glady's Plaza, Lower Parel, Mumbai
- Elegant Business Park
- EPC 1
- EPC 2
- Krushal Annex
- Navbharat
- PSL Holding
NEW PROJECTS
Residential Projects
Commercial Projects
SPECIAL PROJECTS
Club Recreation
Showrooms
Multiplex
CLIENTS:
|
Client Name |
Project Name & Description |
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Orbit Constructions |
Angle |
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Aseem Corpn., Mumbai |
Dhavalgiri |
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ITC Ltd |
ITC |
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Rajshi Constructions |
Savita
Sadan |
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Darshan Builders |
Shankheshwar
Darshan |
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Amar Dharna Co.Op. Hsg. Society |
Navneet
House |
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Vasudha Enterprise |
Vasudha
Apartments |
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Versova Venus CHS Ltd. |
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Sunjana Developers |
Sun
Megnetica |
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Krushal Developers |
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Jainam Construction |
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K.D. Developers |
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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
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Indian Rupees |
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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 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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