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MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASPHALT
CONSTRUCTION (INDIA) PRIVATE LIMITED |
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Registered
Office : |
59, Bombay
Samachar Marg, Sonawala Building, 1st Floor, Fort, Mumbai 400 023,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
10.10.1991 |
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Com. Reg. No.: |
11-63553 |
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CIN No.: [Company
Identification No.] |
U45202MH1991PTC063553 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA07307G |
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Legal Form : |
Private limited liability company |
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Line of
Business : |
To construct, erect,
build, repair, re-model, demolish, develop, improve and maintain buildings,
structures, houses, apartments, hospitals, schools, places of worship,
highways, roads, paths, streets, sideways, platforms, runways, courts,
alleys, pavements and to other similar construction leveling. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 66000 |
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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
engaged in the business of construction, maintenance, repairs etc of buildings,
streets, pavements, roads, highways etc. Though the Company’s business is
progressing satisfactorily its profitability is very thin. Financial position
is satisfactory. Trade relations are reported as fair. Payments are reported
as slow, but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
59, Bombay
Samachar Marg, Sonawala Building, 1st Floor, Fort, Mumbai – 400
023, Maharashtra, India |
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Tel. No.: |
91-22-22662885/
22702232/ 22702350 |
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Fax No.: |
91-22-24925037/24927513 |
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91-22-24921849 |
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E-Mail : |
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Area : |
Rented - 400 sq. ft |
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Branches : |
Located at :- 2, Baretto Lane,
1st Floor, Kolkata – 700 069, West Bengal, India Tel.
91-33-2436130 Fax.
91-33-2435532 |
DIRECTORS
|
Name : |
Mr. Vinay S.
Jhunjhunwala |
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Designation : |
Director |
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Address : |
D-103, Poonam Apartments, 1st Floor, A.B.Road, Worli,
Mumbai – 400018, Maharashtra |
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Date of Birth
: |
31.01.1951 |
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Date of
Appointment : |
10.10.1992 |
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|
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Name : |
Mr. Purshottam
Rameshwarlal Sharma |
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Designation : |
Director |
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Address : |
59, Sonawala Building, 1st Floor, Bombay Samachar Marg,
Fort, Mumbai – 400023, Maharashtra |
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Date of Birth
: |
03.06.1958 |
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Date of
Appointment : |
10.10.1992 |
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|
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Name : |
Mr. Aditya
Jhunjhunwala |
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Designation : |
Director |
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Address : |
D-103, Poonam Apartments, 1st Floor, A.B.Road, Worli,
Mumbai – 400018, Maharashtra |
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Date of Birth
: |
02.02.1977 |
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Date of
Appointment : |
03.05.1999 |
KEY EXECUTIVES
|
Name |
Mr. Vinay Banwarilal
Jhunjhunwala |
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Designation |
Director |
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Address |
Juhu Tara Road,
Jhunjhunwala Cottage, Mumbai – 400 049, Maharashtra |
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Name : |
Mr. Mahesh Soni |
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Designation : |
Company Secretary |
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Qualification
: |
B.Com, A.C.A.,
F.C.S. |
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Address : |
8, Navi Wadi,
Off. No. 6, Dadiseth Agiary Lane, Mumbai – 400002, Maharashtra, India |
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Tel.No. : |
91-22-22060788/22019270 |
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Fax No. : |
91-22-22091374 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names
of Shareholders |
No. of Shares |
|
Mr. Vinay S.
Jhunjhunwala |
10100 |
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Mr. Purshottam
Sharma |
100 |
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Ms. Minakshi V.
Jhunjhunwala |
192950 |
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Ms. Ishiram Kumar |
10000 |
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Mr. Aditya V.
Jhunjhunwala |
5000 |
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Ms. Anisha V.
Jhunjhunwala |
5000 |
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|
|
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Total |
213150 |
As on 30.09.2007
|
Names of Shareholders |
Percentage of
Holding |
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Director or Relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To construct, erect,
build, repair, re-model, demolish, develop, improve and maintain buildings,
structures, houses, apartments, hospitals, schools, places of worship,
highways, roads, paths, streets, sideways, platforms, runways, courts,
alleys, pavements and to other similar construction leveling. |
GENERAL
INFORMATION
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No. of Employees : |
124 persons -- 4
persons as office staff, 20 persons at sites and 100 persons on temporary
basis |
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Bankers : |
·
Bank of
Maharashtra 1st Floor,
Janmangal, 45/ 47, Mumbai Samachar Marg, Fort Branch, Mumbai – 400 023,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Saboo and
Company Chartered
Accountants |
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Address : |
D-9/002, Yogi
Nagar, Borivali (West), Mumbai – 400091, Maharashtra |
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Tel. No.: |
91-22-28980943/28983624 |
CAPITAL STRUCTURE
Authorised Capital :
|
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 :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
213150 |
Equity Shares |
Rs.10/- each |
Rs. 2.131
millions |
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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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|
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1] Share Capital |
2.131 |
2.131 |
2.131 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.322 |
11.438 |
8.989 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
16.453 |
13.569 |
11.120 |
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LOAN FUNDS |
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1] Secured Loans |
17.981 |
11.249 |
11.499 |
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2] Unsecured
Loans |
8.599 |
7.929 |
6.584 |
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TOTAL BORROWING
|
26.580 |
19.178 |
18.083 |
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DEFERRED TAX
LIABILITIES |
0.234 |
0.720 |
1.412 |
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TOTAL
|
43.267 |
33.467 |
30.615 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
10.855 |
8.849 |
11.386 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
8.468 |
6.240 |
8.313 |
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Sundry Debtors
|
36.408 |
26.755 |
26.507 |
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Cash & Bank Balances
|
1.451 |
2.437 |
3.033 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
19.242 |
9.477 |
11.369 |
Total Current Assets
|
65.569
|
44.909
|
49.222 |
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Less : CURRENT
LIABILITIES & PROVISIONS
|
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Current Liabilities
|
29.888 |
17.680 |
27.096 |
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Provisions
|
3.269 |
2.611 |
2.897 |
Total Current Liabilities
|
33.157
|
20.291
|
29.993 |
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Net Current Assets
|
32.412
|
24.618
|
19.229 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
43.267 |
33.467 |
30.615 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
92.146 |
79.963 |
90.466 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
92.146 |
79.963 |
90.466 |
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Profit/(Loss) Before Tax |
3.056 |
3.042 |
2.486 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
3.056 |
3.042 |
2.486 |
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Expenditures : |
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Interests |
3.381 |
3.063 |
0.000 |
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Depreciation & Amortization |
1.657 |
1.434 |
0.000 |
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Other Expenditure |
84.052 |
72.424 |
87.980 |
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Total Expenditure |
89.090 |
76.921 |
87.980 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.32
|
3.80 |
2.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.32
|
3.80 |
2.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.99
|
5.66 |
4.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.63
|
2.91 |
4.32 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.21 |
1.64 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90346927 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U45202MH1991PTC063553 |
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Name of the company |
ASPHALT
CONSTRUCTION (INDIA) PRIVATE LIMITED |
|
Address |
59, Bombay
Samachar Marg, Sonawala Building, 1st Floor, Fort, Mumbai 400 023,
Maharashtra, India |
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Type of Charges |
Book debts,
movable property (not being pledge), floating charge |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Bank of
Maharashtra 1st
Floor, Janmangal, 45/ 47, Mumbai Samachar Marg, Fort Branch, Mumbai – 400
023, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities |
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Date of the instrument creating charge |
07.03.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 40.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: @ 12.50% p.a. Terms of repayment: Term Loan 1 – Rs. 0.072 million per month commencing after one month from the date of disbursement plus interest to be paid as and when applied. Term Loan 2 – Rs. 0.097 million commencing from April, 2007 plus interest to be paid as and when applied Margin: 25% Extent and operation of the charge: security to cover principal amount together with interest, costs, charges and expenses, etc. Others: Cash Credit – Rs. 16.000 millions Term Loan I – Rs. 3.200 millions Term Loan II – Rs. 5.800 millions Foreign Letter of Credit – Rs. 10.000 millions Bank Guarantee – Rs. 5.000 millions Total - Rs. 40.000 millions |
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Short particulars of the Property charged |
Hypothecation of stock, book dents and plant and machinery |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
11.04.2005 |
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Particulars of the present modification |
Charge enhanced from Rs. 33.358 millions to Rs, 40.000 millions |
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Name of the company |
ASPHALT CONSTRUCTIONS INDIA PRIVATE LIMITED |
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Presented By |
Mr. Vinay kumar Jhunjhunwala |
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1) Date and description of instrument creating the change |
Composite Deed of Hypothecation for all facilities dated 10.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.26.075 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 |
First and exclusive charges and security by way of hypothecation security charges in favour of the Bank over the Borrower s present and future movables, Plants, Machineries, Goods, stock in process, semi finished and finished goods, stores and spares, stock in trade, goods in process movable in transit, Bills receivable and book debts and all the Borrower’s other movable assets and properties both present and future situated or located at any place and now lying, being affixed or installed at any time and the borrower’s goodwill and all outstanding monies, claims receivables, book debts due or become due to the borrower at any time or from time to time and all of the Borrower’s rights, titles or interest therein goods under L.C. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Details of Facilities
Repayment of term loan as per schedule and security to cover principal amount together with interest, cost and expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra Fort Branch, Mumbai-400023 |
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6) Date and brief description of instrument modifying the charge |
Composite deed of hypothecation for all facilities dated 11.04.2005 |
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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. |
Vide aforesaid agreement dated 11.04.2005 the following credit facilities aggregating to Rs.33.358 millions are sanctioned to the company by the aforesaid bank and hence present extend and operation of the charges is enhanced/modified upto Rs.33.358 milllions, the deatails of which are as under:
|
Fixed Assets :
Ø
Factory Shed
Ø
Plant and
Machinery
Ø
Plant and
Machinery
Ø
Furniture and
Fixtures
Ø
Motor Car
Ø
Office
Equipments
Ø
Computer
The company’s
generic names of principal products/services is Civil Construction.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
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 |
|