MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ORIENTAL STRUCTURAL ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
21/48, Commercial Complex, Malcha Marg, Diplomatic
Enclave, New Delhi – 110021 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.06.1971 |
|
|
|
|
Com. Reg. No.: |
55-5680 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210DL1971PTC005680 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELO00110F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the business of Building Construction and Civil
Engineering Works of all types. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. Business is active. General
financial position is good. Payments are reported as usually correct and as
per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long-run.
|
LOCATIONS
|
Registered Office : |
21/48, Commercial Complex, Malcha Marg, Diplomatic
Enclave, New Delhi – 110021, India |
|
Tel. No.: |
91-11-4604 4604 / 26874470 / 5168 0224-26 |
|
Fax No.: |
91-11-2611 4421 |
|
E-Mail : |
oseltd@vsnl.com / info@orientalindia.com / oscltd@gias101.vsnl.net.in / gaurav.puri.ose@gmail.com |
|
Website : |
DIRECTORS
|
Name : |
Mr. Amarjit Singh Bakshi |
|
Designation : |
Director |
|
Address : |
D-78 Malcha Marg, New Delhi – 110021, India |
|
Date of Birth/Age : |
29.05.1944 |
|
Date of Appointment : |
18.06.1971 |
|
|
|
|
Name : |
Mr. Kanwaljit Singh Bakshi |
|
Designation : |
Director |
|
Address : |
4 Kautilya Marg, Chanakya Puri, New Delhi – 110021, India |
|
Date of Birth/Age : |
26.10.1946 |
|
Date of Appointment : |
04.08.2005 |
|
|
|
|
Name : |
Mr. Prehlad Singh Sethi |
|
Designation : |
Director |
|
Address : |
22/66 Punjabi Bagh, New Delhi – 110021, India |
|
Date of Birth/Age : |
18.10.1943 |
|
Date of Appointment : |
01.07.1997 |
|
|
|
|
Name : |
Mr. Krishna Chandra Agarwala |
|
Designation : |
Whole Time Director |
|
Address : |
E – 88 South Extension Part I, New Delhi – 110049, India |
|
Date of Birth/Age : |
29.08.1922 |
|
Date of Appointment : |
01.07.1997 |
|
|
|
|
Name : |
Mr. Amit Burman |
|
Designation : |
Additional Director |
|
Address : |
E – 83, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
16.07.1969 |
|
Date of Appointment : |
15.05.2006 |
|
Other Directorship : |
Dabur India Limited CIN No.: L24230DL1975PLC007908 Dabur Pharma Limited CIN No.: U24231DL2003PLC119441 Dabur Foods Limited CIN No.: U15202DL1996PLC083594 Apollo Health Street Private Limited CIN No.: U85110TN1999PTC043316 Emedlif Insurance Broking Services Limited CIN No.: U74899DL2000PLC104726 Pasadensa Foods Limited CIN No.: U92120DL2000PLC104539 QH Talbros Limited CIN No.: U31909HR1980PLC010226 Radico Khaitan Limited CIN No.: L26941UP2003PLC027278 Burmans Finvest Limited CIN No.: U24239DL1989PLC034593 PVR Limited CIN No.: L74899DL1995PLC067827 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjit Bakshi |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.04.1976 |
|
Date of Appointment : |
23.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2003
|
Names of Shareholders |
|
No. of Shares |
|
K. S. Bakshi |
|
407707 |
|
Minu Bakshi |
|
375573 |
|
Sanjit Bakshi |
|
404747 |
|
Reaunaq Bakshi |
|
214027 |
|
K S Bakshi and Sons [HUF] |
|
239620 |
|
P S Sethi |
|
150785 |
|
Maninder Sethi |
|
271309 |
|
Sahiba Sethi |
|
128393 |
|
Mahima Sethi |
|
84187 |
|
P S Sethi [HUF] |
|
258003 |
|
Setwant Kaur Sethi |
|
88880 |
|
A S Sethi [HUF] |
|
147769 |
|
A S Sethi |
|
46524 |
|
Bakshi Construction Engineering Private Limited |
|
324104 |
|
Bombay Builders [India] Private Limited |
|
333333 |
|
Oval Constructions Private Limited |
|
66667 |
|
Oxford Engineers Private Limited |
|
55547 |
|
Indian Technocrat Limited |
|
44453 |
|
Bakshi Investment Limited |
|
57760 |
|
Oriental Securities Private Limited |
|
199280 |
|
Fortune Victory Limited |
|
1000000 |
|
Total |
|
4898668 |
AS ON 30.09.2006
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
29.87 |
|
Directors or relatives of directors |
|
70.13 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Building Construction and Civil
Engineering Works of all types. |
GENERAL
INFORMATION
|
Bankers : |
ABN Amro Bank NV DLF Centre, Sansad Marg, New Delhi – 110001, India ABN Amro Bank NV 9th Floor, Tower C, Cyber Greens, DLF Cyber City, Sector –
25A, Gurgaon – 122002, Haryana, India
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
H K Khanna and Company Chartered Accountants |
|
Address : |
B – 19, Greater Kailash, New Delhi – 110048, India |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18778228 |
Equity Shares |
Rs. 10/- each |
Rs. 187.782
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
56.335 |
48.987 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
960.253 |
718.609 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1016.588 |
767.596 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
915.428 |
706.860 |
|
|
2] Unsecured Loans |
|
10.000 |
10.000 |
|
|
TOTAL BORROWING |
|
925.428 |
716.860 |
|
|
DEFERRED TAX LIABILITIES |
|
155.352 |
157.842 |
|
|
|
|
|
|
|
|
TOTAL |
|
2097.368 |
1642.298 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1259.544 |
881.534 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
29.828 |
35.042 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
474.998 |
317.891 |
|
|
Sundry Debtors |
|
343.600 |
391.668 |
|
|
Cash & Bank Balances |
|
64.965 |
82.315 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
563.246 |
625.115 |
|
Total
Current Assets |
|
1446.809 |
1416.989 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
620.298 |
685.273 |
|
|
Provisions |
|
18.515 |
5.994 |
|
Total
Current Liabilities |
|
638.813 |
691.267 |
|
|
Net Current Assets |
|
807.996 |
725.722 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2097.368 |
1642.298 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Contract Work |
|
3212.270 |
2936.160 |
|
|
Other Income |
|
53.860 |
40.760 |
|
|
Total Income |
|
3266.130 |
2976.920 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
319.920 |
175.510 |
|
|
Provision for Taxation |
|
69.900 |
59.290 |
|
|
Profit/(Loss) After Tax |
|
250.020 |
116.220 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
104.870 |
80.480 |
|
|
Other Expenditure |
|
2841.340 |
2720.93 |
|
Total Expenditure |
|
2946.210 |
2801.410 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
|
7.65 |
3.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.96 |
5.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.82 |
7.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.31 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.54 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.26 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ORIENTAL
STRUCTURAL ENGINEERS PRIVATE LIMITED |
|
Presented By |
Mr. B Sawhney |
|
Date and description of instrument creating the change |
Deed of
hypothecation dated 27.12.2006 executed by ORIENTAL STRUCTURAL ENGINEERS PRIVATE
LIMITED in favour of ICICI Bank Limited |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.696
Millions |
|
Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall pay / repay all amounts in respect of the facilities and pay interest
and all other monies in accordance with the loan terms and the other
transaction documents The assets were
thereby hypothecated inter alia to ICICI as and by way of exclusive / first /
second / first and exclusive charge as security for and be charged with the
repayment of the facilities, all interest and other monies payable by the
Borrower to ICICI as specified under the Loan Terms and the other Transaction
Documents. The borrower to
keep the assets in marketable and good condition and also insured provided in
the deed of hypothecation / the loan terms Power of entry,
power to take charge and / or procession of seize, recover, receive, appoint
receives of and remove and sale by auction or private contract, dispatch for
relisation or other wise dispose of or deal with all or any part of the
Assets etc as provided in the deed of hypothecation All other terms
and conditions in the deed of hypothecation. |
|
Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited |
|
Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
Corporate
identity number of the company |
U74210DL1971PTC005680 |
|
Name of the
company |
ORIENTAL STRUCTURAL ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
21/48, Commercial Complex, Malcha Marg, Diplomatic Enclave,
New Delhi – 110021, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
ABN Amro Bank NV 9th Floor, Tower C, Cyber Greens, DLF Cyber City, Sector –
25A, Gurgaon – 122002, Haryana, India |
|
Nature of
instrument creating charge |
Facility cum
hypothecation agreement |
|
Date of
instrument Creating the charge |
01.06.2006 |
|
Amount secured by
the charge |
Rs. 1.418
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @ 8.53 %
repayable in 35 installments of Rs. 0.046 Millions each. |
|
Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
|
Particulars of
the property charged |
One No. JCB 3D,
Backhoe Loader Invoice No.
6610000601 Engine No.
4H.2465/060029, Chassis No. 1245648 |
AS PER WEBSITE
INTRODUCTION:
Subject is the constituents of BAKSHI ENTERPRISE, a large
industrial group located at Delhi with annual turnover of Rs.15,000
million (US$ 375 million). Other constituents of the group are M/s. L. P.
Castings Limited, one of the most sophisticated aluminum die casting units,
engaged in manufacture of aluminum castings for automotive industry, M/s.
Continental Engines Limited, engaged in internal and external machining of
intricate cylinder heads for indigenous and imported cars, exporting the
products all over the world and M/s. Central Park Estates Private Limited, in
the field of Real Estate Development i.e. Hotels, Residential and Commercial
Complexes. Financial soundness of the
Group gives us additional financial backing in case any shortfall does arise in
implementation of Contracts.
EXPERTISE:
Subject is the construction companies having expertise in
construction of rigid and flexible pavements for roads / highways and
airfields, including bridges, flyovers, embankment with reinforced earth and
earthwork.
During 35 years of its existence Subject
have executed pavement works, both rigid and
flexible, at 39 airfields and major national / state highways in India and
abroad, for National Highways Authority of India, Ministry of Road Transport
& Highways, Roads & Highway Department, Govt. of Bangladesh, Indian Air
Force, Central Public Works Department, Airports Authority of India, State
Public Works Departments and Municipal Corporations etc.
Subject have a unique distinction of construction experience
having constructed a Greenfield airport at Lengpui,
Mizoram in far East, Suratgarh in West, Trichi in South, Car Nicobar
Island in Bay of Bengal and Agatti
Island in Arabian Sea thereby enriching its experience in working any where in
India in diverse climatic conditions and geographical environment.
STRENGTH:
Subject completed most of the
works of large magnitude and complex nature in 1-6 months ahead of contracted
schedule and never delayed any work even for a day. It has earned a reputation of earning bonus for early completion
of Projects.
PROJECT EXPORT
Subject have been cleared by
the Screening Committee of Project Exports Promotion Council of India, a
Government of India Agency under
Ministry of Commerce for undertaking Road / Highway and Airfield projects
abroad without any financial limit.
IN POLICY MAKING BODIES
In the national scene, subject
is actively represented in number of policy
making bodies of Government of India:-
(i) On
the Board of Governors of Construction Industry Development Council.
(ii) On the
Working Committee of Project Export Promotion Council of India.
(iii) On the
Council of Indian Roads Congress.
(iv) On the Core
Committee on Road Infrastructure of Planning Commission, Govt.
of India for formulation of XIth Plan.
STEADY GROWTH
Subject are a professional
body having on its roll 130 graduate Engineers, 140 Diploma holders and
other qualified financial and administrative managers with experiences varying
from two to thirty six years. With a
meager turnover of Rs.40,000/- in 1971 the company
achieved a gross turnover of Rs.4,337.80 million (US$ 110.00 million) in
the year 2006 – 2007 which is expected to go upto Rs.8,000.00 million (US$
200.00 million) in the year 2007-2008.
This had been possible only because of:
i) Effective
team work of their dedicated Engineers and Technicians;
ii) Zeal for
developing new technique for completing a job ahead of schedule with high
degree off quality and with minimum possible; and
iii) Keeping
themselves abreast of the developments in the activities they are
involved in and this, in turn, keeps us in touch with the latest
technology.
FUTURE PLANS
Subject, with its sound
finances, rich experience in executing highway projects in India and abroad
with large fleet of relevant Plant & Machinery, now propose to venture by
undertaking Highway, Airport, Railway and Hydroelectric Power Development
Projects on Build, Operate and Transfer (BOT) basis and propose to invest
substantial amount of funds into it in the form of equity.
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|