MIRA
INFORM REPORT
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Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAN INFRACONSTRUCTION LIMITED |
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Registered Office : |
12th Floor, Krushal Commercial Complex, Above Shoppers Stop,
GM Road, Chembur [West], Mumbai 400089, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.08.2002 |
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Com. Reg. No.: |
136849 |
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CIN No.: [Company
Identification No.] |
U70200MH2002PLC136849 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19213F |
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PAN No.: [Permanent
Account No.] |
AADCM1611P |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Provider of construction services for port infrastructure,
residential, industrial and other commercial projects. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2830000 |
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Status : |
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. Trade relations are fair. General financial position is good. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. Mr. Rajiv Sheth of the Company declined to part with any information. |
INFORMATION
DECLINED BY
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Name : |
Mr. Rajiv Sheth |
LOCATIONS
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Registered Office : |
12th Floor, Krushal Commercial Complex, Above Shoppers
Stop, GM Road, Chembur [West], Mumbai 400089, Maharashtra, India |
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Tel. No.: |
91-22-25260582-88 |
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Fax No.: |
91-22-25260589 / 91 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Subhash Dalmia |
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Designation : |
Director |
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Address : |
204, Muktangan, Upper Govind Nagar, Malad [East], Mumbai 400097,
Maharashtra, India |
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Date of Birth/Age : |
20.03.1948 |
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Date of Appointment : |
24.08.2006 |
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Name : |
Mr. Vinod Kumar Goenka |
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Designation : |
Director |
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Address : |
Karmayog, 6th Floor, Plot No. 11, N. S. Road No. 6, Hatkesh
Society, Juhu Scheme, Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Suketu Ramesh Shah |
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Designation : |
Director |
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Address : |
148/1, Rasik Kunj, Jain Society, Sion [West], Mumbai 400022,
Maharashtra, India |
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Date of Birth/Age : |
11.10.1971 |
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Date of Appointment : |
01.06.2003 |
BUSINESS DETAILS
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Line of Business : |
Provider of construction services for port infrastructure,
residential, industrial and other commercial projects. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
Ghatkopar [West], Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Atul Shah Chartered Accountants |
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Address : |
36B, Tamarind House, Tamarind Lane, Fort, Mumbai 400001, Maharashtra,
India |
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Name : |
Rajiv Sheth Chartered Accountant |
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Address : |
4, Gitanjali, 1st Floor, 116A, Road No. 24 –A, Sion [West],
Mumbai 400022, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25634900 |
Equity Shares |
Rs. 10/-
each |
Rs. 256.349
Millions |
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 |
256.349 |
0.500 |
0.500 |
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2] Share Application Money |
20.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
432.223 |
208.325 |
171.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
708.572 |
208.825 |
171.500 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
17.700 |
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TOTAL BORROWING |
0.000 |
0.000 |
17.700 |
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DEFERRED TAX LIABILITIES |
0.279 |
0.269 |
0.000 |
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TOTAL |
708.851 |
209.094 |
189.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.665 |
38.107 |
30.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
204.635 |
99.001 |
35.800 |
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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 |
46.149
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0.000 |
20.500 |
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Sundry Debtors |
431.915
|
75.936 |
154.500 |
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Cash & Bank Balances |
245.764
|
13.401 |
67.200 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
200.679
|
108.992 |
141.600 |
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Total
Current Assets |
924.507
|
198.329 |
383.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
331.637
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44.671 |
260.400 |
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Provisions |
182.667
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81.684 |
0.000 |
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Total
Current Liabilities |
514.304
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126.355 |
260.400 |
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Net Current Assets |
410.203
|
71.974 |
123.400 |
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MISCELLANEOUS EXPENSES |
11.348 |
0.012 |
0.000 |
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TOTAL |
708.851 |
209.094 |
189.200 |
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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 |
855.654 |
1008.556 |
1474.000 |
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Other Income |
39.886 |
22.068 |
45.400 |
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Total Income |
895.540 |
1030.624 |
1519.400 |
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Profit/(Loss) Before Tax |
208.328 |
234.482 |
279.700 |
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Provision for Taxation |
65.213 |
80.237 |
102.800 |
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Profit/(Loss) After Tax |
143.115 |
154.245 |
176.900 |
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Expenditures : |
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Raw Material Consumed |
130.195 |
305.629 |
414.100 |
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Increase/(Decrease) in Finished Goods |
[2.596] |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.000 |
760.900 |
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Administration Expenses |
0.000 |
0.000 |
59.600 |
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Salaries, Wages, Bonus, etc. |
27.025 |
13.341 |
0.000 |
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Managerial Remuneration |
5.779 |
18.450 |
0.000 |
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Payment to Auditors |
0.575 |
0.100 |
0.000 |
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Interest |
0.161 |
0.000 |
0.300 |
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Insurance Expenses |
1.503 |
0.843 |
0.000 |
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Power & Fuel |
0.463 |
1.115 |
0.000 |
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Depreciation & Amortization |
7.637 |
5.626 |
4.800 |
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Other Expenditure |
516.470 |
451.038 |
0.000 |
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Total Expenditure |
687.212 |
796.142 |
1239.700 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
15.98
|
14.96 |
11.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.34
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23.24 |
18.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.68
|
99.17 |
67.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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1.12 |
1.63 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.72
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0.60 |
1.51 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
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1.56 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
PROFILE
Man Infraconstruction Limited is a construction company headquartered in
Mumbai. Their operations are currently in the three States of Maharashtra, Tamil
Nadu and Gujarat. They provide construction services for port infrastructure,
residential, industrial and other commercial projects. Port infrastructure
projects are complex and their execution generally requires strict adherence to
exacting international quality standards and tight timelines. In light of their
past experience in port infrastructure projects, they have expertise in
providing high quality services, in both basic as well as complex construction
projects.
The Company’s success is due to its dedication to excellent work, an
outstanding record of timely deliveries, customer service that exceeds
expectations, a strong commitment to Quality, Health Safety and Environment and
an unwavering culture of transparency and integrity.
Man Infraconstruction Limited is committed to deliver and perform to ensure the
success of its clients. As they look back with pride on the achievements of the
past, they remain keenly aware that the challenges and accomplishments to come
will further define the fundamental character of the company.
They continue to challenge theirselves to be the pioneers in their business and
eagerly look forward to growing their business on strong foundations.
HISTORY
Originally incorporated as Man Construction Limited, the
Company changed its name to Man Infraconstruction Limited, in
the current fiscal year to signify its range of activities and its focus on the
infrastructure and realty sectors.
The
company in the current year merged Pathare Real Estate & Developers Limited
into itself. The company has one 100% subsidiary Man Infraproject Limited which
is currently undergoing the amalgamation procedure.
In
1997, major breakthrough was made when Pathare Real Estate & Developers
Limited was awarded a contract by Nhava Sheva International Container Terminal
Pvt. Ltd. at Jawaharlal Nehru Port, Navi Mumbai for building India’s first
premier private port. Since then, it has been a story of continued growth and
success.
The
company also has the distinction of providing operational services for a port
project for Chennai Container Terminal Pvt. Ltd, Chennai.
The
company was also awarded a contract for construction of a Container Freight
Station, Ports Operation Center building and a Township for Mundra
International Container Terminal Pvt. Ltd. at Mundra, Gujarat.
The
third port project was awarded to Man Infraproject Limited,
now their wholly subsidiary to construct pavements, provide railway network,
construct office building and for reclamation work by Gateway Terminal India Pvt.
Ltd (A P Moller Terminal and container corporation of India Ltd., JV) at
Jawaharlal Nehru Port, Navi Mumbai.
The
Company is involved in other residential, industrial and commercial projects
also having executed contracts worth Rs.4325 million in the last three years.
The
Promoter Group was established in 1964 by Mr. Kishore Shah,
father of Parag Shah (MD) with Mr. Prabodh Shah,
both engineers, and was engaged in industrial construction in its earlier
years. Parag Shah joined the Promoter Group in 1991. The group also did
business in name and style of P.D. Construction, Bactra Housing &
Infrastructural Pvt. Ltd., and has other group entities Sharda construction and
Sharda developers.
Disclaimers :
- The Company is proposing, subject to receipt
of requisite approvals, market conditions and other considerations a
public issue of its equity shares and to file a Draft Red Herring
Prospectus with SEBI.
- The site includes details and
photographs of various projects, which have been executed by their other
promoter group companies viz. P D Construction, Bactra Housing &
Infrastructural Pvt. Ltd, Sharda Construction and Sharda Developers.
Board of Directors
Mr. Vinod Goenka, (Non-Executive
Chairman )
Mr. Vinod Goenka holds a bachelor's degree in
Commerce from the University of Mumbai. He is a managing director in Crystal
Granite & Marble Private Limited, Goan Real Estate and Constructions
Private Limited and Hillside Construction Co. Private Limited. He is also the
joint managing director of BD & P Hotels (India) Private Limited Mr. Goenka
has 20 years of experience in project management and the construction and
development of residential townships and commercial complexes. Mr. Goenka has
interests in real estate, dairy products, hospitality, granite & marbles
and cement pavers & concrete blocks with a vast land bank.
Mr. Parag Shah, (Managing
Director)
A Commerce Graduate with over 15 years of experience in construction.
Well networked and enjoys a strong reputation in the infrastructure and construction
industry. Widely respected for his vision, dynamism and strategic capabilities.
Mr. Suketu R. Shah , (Executive Director (Technical) and Chief
Operating Officer)
Mr.
Suketu Shah holds a Licentiate in Civil & Sanitary Engineering (Diploma
Civil) from Victoria Jubilee Technical Institute, Mumbai. He has been
associated with the Company since inception. He has executed varied projects
and has versatile experience of 16 years working on port infrastructure
projects, residential, industrial and commercial projects.
Mr. Ravi K. Sheth (Non Executive Director)
MBA from Babson College, USA. Executive Director of Great Eastern
Shipping Co. Ltd., India's largest private sector shipping company. Director in
Business Standard and Financial Technologies.
Mr. Mukesh M. Patel (Non
Executive Director)
Mr. Mukesh Patel has a degree in civil engineering from the University of
Mumbai. He is a director in Neelkanth Developers Private Limited and various
other companies of Neelkanth Group. A third generation developer in the group
with an experience of 21 years in the construction field having developed many
large scale residential and commercial complexes. He is a board member of
Maharashtra chambers of Housing Industry, Thane.
Mr. Pramod Chaudhari (Non-Executive Director)
Mr. Pramod Chaudhari has a degree in
mechanical engineering from Indian Institute of Technology Bombay. He is
currently the chairman of Praj Industries Limited. Mr. Chaudhari is also the
recipient of the Jagatik Marathi Chamber of Commerce 'National Level
Entrepreneurship Award' in the Year 2004 and the 'Distinguished Alumnus Award
of Indian Institute of Technology, Bombay' in the Year 2005. He is the Chairman
of CII, Pune Chapter. Mr. Chaudhari has an experience of 35 years and he
established Praj Industries Limited in 1985. With specialization in Ethanol
& Beer plants, equipments & technology and environmental engineering
Praj Industries Limited today has a global leadership in Alcohol technology and
Brewery engineering.
Mr. Sivaramakrishnan S. Iyer (Independent
Director)
He is a Chartered Accountant based in
Mumbai. He assists companies in setting up of an integrated financial
accounting and management reporting system. He also advises companies on
capital structuring for new / expansion projects.
Mr. Sailesh T. Desai (Independent
Director)
Mr. Sailesh Desai has a bachelor's degree
in science from the University of Calcutta. He is a whole time director
in Sun Pharmaceutical Industries Limited. He is a successful entrepreneur
with over 30 years of wide industrial experience including 20 years in the
pharmaceutical industry itself which has contributed in taking the company
forward globally.
Mr. Vijay B. Raheja (Independent
Director)
Mr. Vijay B. Raheja holds a bachelor's degree
in Architecture from University of Texas at Austin, USA. He is a Joint managing
director of Juhu Beach Resort Private Limited and is a Director of various
other companies of the B. Raheja group. He has over 33 years of experience in
residential and commercial projects. He is a practicing Architect and real
estate developer with innumerable projects in Mumbai like the S L Raheja
hospital at Mahim and J W Marriot a 7 star hotel at Juhu.
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. 42.40 |
|
UK Pound |
1 |
Rs. 82.57 |
|
Euro |
1 |
Rs. 65.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
64 |
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 |
|