MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEW CONSOLIDATED CONSTRUCTION COMPANY LIMITED |
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Registered Office : |
Rahimtoola House, 7 Homji Street
Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.10.1946 |
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Com. Reg. No.: |
11-05262 |
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CIN No.: [Company
Identification No.] |
U45202MH1946PLC005262 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09430B |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Construction Activities |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Available information indicates high financial responsibility of the company
and its management. Trade relations are fair. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
Rahimtoola House, 7 Homji Street
Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22660056 |
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Fax No.: |
91-22-22664953 |
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E-Mail : |
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Branches : |
Located at Pune, Indore, Bangalore, Goa |
DIRECTORS
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Name : |
Mr. Abbas
Yahyabhai Jasdanwalla |
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Designation : |
Chairman cum
Managing Director |
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Address : |
G-4, Breach Candy Apartments, Bhulabhai Desai Road, Mumbai
– 400026, Maharashtra, India |
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Date of Birth/Age : |
20.10.1935 |
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Name : |
Mr. Saleem Abbas
Jasdanwalla |
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Designation : |
Director |
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Address : |
G-4, Breach Candy Apartments, Bhulabhai Desai Road, Mumbai
– 400026, Maharashtra, India |
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Date of Birth/Age : |
24.04.1969 |
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Name : |
Mr. Mahesh
Mahadappa Mudda |
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Designation : |
Director |
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Address : |
52, Oceana Apartments, Keluskar Marg, Shivaji Park, Dadar,
Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
11.07.1997 |
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Name : |
Mr. Nana Chudasama
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Designation : |
Director |
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Address : |
Shanti Cottage No. 2, Narayan Shabolkar Road, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
17.06.1933 |
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Name : |
Mr. Adil S. Kajiji |
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Designation : |
Director |
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Address : |
Puran NivasArthur Bunder Road, Colaba, Mumbai – 400005, Maharashtra,
India |
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Date of Birth/Age : |
11.08.1936 |
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Name : |
Mr. Akshaykumar
Chudasama |
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Designation : |
Director |
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Address : |
Shanti Cottage No. 2, Narayan Shabolkar Road, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
30.09.1969 |
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Name : |
Mr. Shahu
Chhatrapati |
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Designation : |
Director |
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Address : |
New Palace, Kolhapur – 416003, Maharashtra, India |
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Date of Birth/Age : |
07.01.1948 |
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Name : |
Mr. Essaji G.
Vehanvali |
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Designation : |
Director |
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Address : |
15/16, Joyeden, Mereweather Road, Mumbai – 400039,
Maharashtra, India |
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Date of Birth/Age : |
01.02.1980 |
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Name : |
Mr. Subrahmanian
Kugalur Ramaseshah Venkata |
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Designation : |
Director |
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Address : |
8 Rushilla, 17 C, Carmichael Road, Mumbai – 400025,
Maharashtra, India |
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Date of Birth/Age : |
26.09.1933 |
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Directorship in other companies : |
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Name : |
Mr. Yogndra
Premkrishna Trivedi |
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Designation : |
Director |
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Address : |
62 A Nepean Sea Road, Mistry manor, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
06.01.1929 |
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Directorship in other companies : |
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Name : |
Mr. Divakar
Madhusudan Gavaskar |
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Designation : |
Director |
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Address : |
B-5, Orchids Cooperative Housing Society, north Main Road,
Koregaon Park, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
05.02.1943 |
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Directorship in other companies : |
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Name : |
Mr. Shariq Mohsin Contractor |
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Designation : |
Director |
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Address : |
Rewa Apartments, 2nd Floor, Flat No. 23,
Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
28.03.1958 |
KEY EXECUTIVES
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Name : |
Mr. Makarand Madhav
Patwardhan |
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Designation : |
Secretary |
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Address : |
B – 503, Prestige park CHS, Ganeshwadi, Panchpakhadi,
Thane – 400601, Maharashtra India |
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Date of Birth/Age : |
04.02.1961 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Abbas Yahyabhai
Jasdanwalla |
7504720 |
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Abbas Yahyabhai
Jasdanwalla |
87480 |
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Saleem Abbas
Jasdanwalla |
306120 |
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Zaibunissa
Yahyabhai Jasdanwalla |
200 |
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Ismail Nazir
Shakoor |
240 |
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Suresh Ramniklal Maniar
|
360 |
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Jatin Jaswant
Gandhi |
360 |
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Viren Panachand
Vora |
120 |
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Zehra H Badani |
200 |
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Shamshad H.
Badani |
200 |
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Total |
7900000 |
As On 31.03.2007
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities |
GENERAL
INFORMATION
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Bankers : |
Vijaya Bank Fort Branch, EMCA
House, 289, S. B. S. Road, Fort, Mumbai – 400001, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
N. M. Raiji and Company Chartered Accountants |
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Address : |
Universal Insurance Building, Pherozeshah Mehta Road,
Mumbai – 400001, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7900000 |
Equity Shares |
Rs. 10/-
each |
Rs. 79.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
79.000 |
79.000 |
39.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
170.142 |
103.659 |
78.083 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
249.142 |
182.659 |
117.583 |
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LOAN FUNDS |
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1] Secured Loans |
341.131 |
261.864 |
189.392 |
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2] Unsecured Loans |
0.000 |
150.000 |
0.000 |
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TOTAL BORROWING |
341.131 |
411.864 |
189.392 |
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DEFERRED TAX LIABILITIES |
0.332 |
1.536 |
2.191 |
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TOTAL |
590.605 |
596.059 |
309.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.545 |
61.029 |
64.576 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
173.905 |
159.812 |
2.419 |
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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 |
183.320 |
141.999 |
112.474 |
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Sundry Debtors |
572.484 |
544.652 |
386.260 |
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Cash & Bank Balances |
58.056 |
69.520 |
40.888 |
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Other Current Assets |
1.514 |
1.429 |
0.701 |
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Loans & Advances |
137.143 |
95.449 |
62.679 |
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Total
Current Assets |
952.517
|
853.049
|
603.002 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
498.026 |
413.300 |
340.827 |
|
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Provisions |
113.336 |
64.531 |
20.004 |
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Total
Current Liabilities |
611.362
|
477.831 |
360.831 |
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Net Current Assets |
341.155 |
375.218 |
242.171 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
590.605 |
596.059 |
309.166 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
1819.992 |
1280.760 |
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Other Income |
|
8.358 |
3.774 |
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Total Income |
|
1828.350 |
1284.534 |
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Profit/(Loss) Before Tax |
|
117.211 |
25.142 |
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Provision for Taxation |
|
40.345 |
9.573 |
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Profit/(Loss) After Tax |
|
76.866 |
15.569 |
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Expenditures : |
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Raw Material Consumed |
|
1545.022 |
1130.684 |
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Salaries, Wages, Bonus, etc. |
|
31.561 |
26.301 |
|
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Interest |
|
20.466 |
12.753 |
|
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Depreciation & Amortization |
|
12.117 |
11.857 |
|
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Other Expenditure |
|
101.973 |
77.797 |
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Total Expenditure |
|
1711.139 |
1259.392 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%) |
NA
|
4.20
|
1.21
|
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Net Profit Margin
(PBT/Sales)
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(%) |
NA
|
6.44
|
1.96 |
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|
|
Return on Total Assets
(PBT/Total Assets}
|
(%) |
NA
|
12.82
|
3.77 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth)
|
|
NA
|
0.64
|
0.21 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth)
|
|
3.82
|
4.87
|
4.68 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current Liability)
|
|
1.56
|
1.79
|
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
NEW CONSOLIDATED CONSTRUCTION COMPANY LIMITED |
|
Presented By |
Jointly by company and chargehodler |
|
1) Date and description of instrument creating the change |
Agreement for
hypothecation of machinery / vehicles / goods and other movables dated 30.12.1986 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Overdraft Limit
Rs. 3.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all existing movable assets of the company such as stock construction
materials plant and machinery, vehicles etc. with 30 % margin, loose tools,
spares equipments, vehicles, work in progress etc. wheresoever situated in
India, book debts of the company not older than 60 days with 50 % margin and
other goods and movable. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 18.75
% p.a. subject by giving 7 days notice |
|
5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Fort Branch, EMCA
House, 289, S. B. S. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Supplementary
agreement dated 14.12.2000 [For O.D.] Supplementary
agreement dated 14.12.2000 [For Bank Guarantee] A letter of
request dated 14.12.2000 [Continuing security] Memorandum dated
14.12.2000 Agreement for
hypothecation of supply bills and book debts dated 14.12.2000 Agreement to
extend charge on movable property dated 14.12.2000 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90239173 |
|
Corporate
identity number of the company |
U45202MH1946PLC005262 |
|
Name of the
company |
NEW CONSOLIDATED CONSTRUCTION COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Rahimtoola House, 7 Homji Street
Fort, Mumbai – 400001, Maharashtra, India |
|
Type of charge |
|
|
Particular of
charge holder |
Vijaya Bank Fort Branch, EMCA
House, 289, S. B. S. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum Agreement for
hypothecation of supply bills and book debts Supplementary
agreement Letter to provide
cash margins etc and under taking to execute necessary documents. [All the above
agreements constitute a single charge] |
|
Date of
instrument Creating the charge |
15.06.2007 |
|
Amount secured by
the charge |
Rs. 1550.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As situated by
bank from time to time Terms of
Repayment As situated by
bank from time to time Margin As situated by
bank from time to time Extent and
Operation of the charge First charge
[present and future] total limit : Rs. 1550.000 Millions [Cash Credit] Rs.
700.000 Millions, Bank Guarantee : Rs. 750.000 Millions, ILC / FLC Rs. 50.000
Millions and Secured Loan : Rs. 50.000 Millions Others As stipulated by
bank from time to time and as agreement and as per sanction letter of the
bank |
|
Short particulars
of the property charged |
First charge
[present and future] [1] Hypothecation of all stock [2] hypothecation of book
debts and receivables [3] hypothecation of all movable fixed and current
assets [4] EMG of office premises at 204/205 at parmar chamber ¾, B. J. Road,
Sadhu Vaswani Chowk, Pune – 1, [5] Hypothecation of all plant and machinery,
furniture and fixture, office equipments, vehicles, spares, tools and other
fixed assets [6] Cont. Security of securities charged to each of the other
limits [7] Hypothecation of all assets / goods / machinery purchased out of
bank finance |
|
Particulars of
the present modification |
By this
modification limit stands to Rs. 1550.000 Millions continued security as
given by original charge as well as by modifications. |
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.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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 |
|