MIRA
INFORM REPORT
|
Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHIRISH PATEL AND ASSOCIATES CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Balsara House, 41-45, Nagindas Master Road,
Mumbai 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.01.1976 |
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Com. Reg. No.: |
11-18775 |
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CIN No.: [Company
Identification No.] |
U74140MH1976PTC018775 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37326C |
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PAN No.: [Permanent
Account No.] |
AAACS9973M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides Civil Engineering and Structural
Consultancy Services in India and Abroad. |
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 250756 |
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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 meeting its normal
commitments, timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
3rd Floor, Balsara House, 41-45, Nagindas Master Road,
Mumbai 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22630193/ 4/ 5/ 6/ 22663730/ 22661989 |
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Fax No.: |
91-22-22652011/ 22630751 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajani Shirish Patel |
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Designation : |
Director |
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Address : |
2-A, Nanda Deep, Carmichael Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
18.11.1933 |
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Date of Appointment : |
01.08.1980 |
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Name : |
Mr. Shirish Bhailal Patel |
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Designation : |
Chairman |
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Address : |
2-A, Nanda Deep, Carmichael Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
07.03.1932 |
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Date of Appointment : |
21.01.1976 |
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Name : |
Mr. Baburao Shrinivas Joshi |
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Designation : |
Director |
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Address : |
Garden View Apartments, 701, Sector 16A, Plot No. 13, Vashi, New
Mumbai 400 705, Maharashtra, India |
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Date of Birth/Age : |
16.03.1929 |
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Date of Appointment : |
28.02.2001 |
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Name : |
Mr. Pandubittu Haridasachar Srinivasachar |
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Designation : |
Director and Senior Technical Consultant |
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Address : |
Hansadhawani CHS Limited, C-23/5, Jeevan Bima Nagar, Borivali, Mumbai
400 103, Maharashtra, India |
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Date of Birth/Age : |
05.04.1936 |
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Date of Appointment : |
28.02.2001 |
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Name : |
Mr. Ram Dharamdas Vaswani |
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Designation : |
Managing Director |
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Address : |
41, Gitanjali, 4th Floor, Near Radio Club House, Colaba,
Mumbai 400 005, Maharashtra, India |
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Date of Birth/Age : |
02.11.1938 |
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Date of Appointment : |
28.02.2001 |
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Name : |
Mr. Vasudev Vithal Nori |
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Designation : |
Director |
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Address : |
13, Vasant Mahal, 2nd Floor, C Road, Churchgate, Mumbai 400
020, Maharashtra, India |
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Date of Birth/Age : |
25.04.1938 |
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Date of Appointment : |
28.02.2001 |
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Name : |
Mr. Narendra Mohanlal Ajugia |
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Designation : |
Managing Director |
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Address : |
203, Amartru IV, Off New Nagardas Road, Andheri (East), Mumbai 400
069, Maharashtra, India |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
27.10.2003 |
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Name : |
Dr. V V Nori |
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Designation : |
Chairman |
KEY EXECUTIVES
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Name : |
Mr. P S Badrinarayan |
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Designation : |
Director - Senior Associate |
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Name : |
Mr. Joseph D’Souza |
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Designation : |
Director (Associate – Project Management) |
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Name : |
Mr. Haroon Shaikh |
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Designation : |
Director - Associate |
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Name : |
Mr. Samir D’Monte |
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Designation : |
Director - Associate |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
|
Names of Shareholders |
|
No. of Shares |
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SPA Education Foundation |
|
14880 |
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Mrs. Rajni Shirish Patel |
|
146 |
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Mr. Sudhir Bhailal Patel |
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10 |
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Mrs. Sonal D Nanavati |
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1 |
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Mrs. Yashoda Shirish Patel |
|
1 |
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Mr. Krishna Vasudev Nori |
|
1 |
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Mrs. Aparna V Nori |
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1 |
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Mr. Shirish Bhailal Patel |
|
925 |
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Mrs. Rajni Shirish Patel / Mrs. Jayashree Ladiwala (Joint) |
|
3094 |
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Mrs. Neeta R Vaswani |
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1 |
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Mr. Balamani Haridasachar Srinivasachar |
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1 |
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Mrs. Malashree G Patel |
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1 |
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Mrs. Meera V Nori |
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1 |
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Ms. Pooja Acharaya |
|
1 |
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Ms. Silavanti Vaswani |
|
1 |
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Mr. Ram Dharamdas Vaswani |
|
920 |
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Mr. Srinivasachar Pandubettu Haridasachar |
|
920 |
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Mr. Vasudev Vithal Nori |
|
920 |
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Mr. Narendra M Ajugia |
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750 |
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Mr. Baburao S Joshi |
|
250 |
As on 30.09.2007
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Names of Shareholders |
|
Percentage of
Holding |
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|
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Bodies Corporate |
|
78.00 |
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Directors or Relatives of Directors |
|
22.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides Civil Engineering and Structural
Consultancy Services in India and Abroad. |
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Products : |
Civil Engineering and Structural Consultancy Services |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dayal and Lohia Chartered Accountants |
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Address : |
Kamawala Chambers, 1st Floor, Office No. 6 and 7, Sir P M
Road, Fort, Mumbai 400 001, Maharashtra, India |
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Holding Company : |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 million |
|
10,000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.100 million |
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Total |
|
Rs. 0.400
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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19,065 |
Equity Shares |
Rs. 10/- each |
Rs. 0.190 million |
|
1,670 |
Preference Shares |
Rs. 10/- each |
Rs. 0.016 million |
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Total |
|
Rs. 0.206 million |
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 |
0.207 |
0.228 |
0.228 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.482 |
57.858 |
54.556 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.689 |
58.086 |
54.784 |
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LOAN FUNDS |
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1] Secured Loans |
2.637 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.300 |
0.515 |
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TOTAL BORROWING |
2.637 |
0.300 |
0.515 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.326 |
58.386 |
55.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.885 |
5.816 |
4.259 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
51.749 |
45.639 |
43.550 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.284 |
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Cash & Bank Balances |
4.505
|
3.145 |
5.331 |
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Other Current Assets |
0.236
|
0.253 |
6.016 |
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Loans & Advances |
43.065
|
39.832 |
0.000 |
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Total
Current Assets |
47.806
|
43.230 |
11.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.208
|
2.413 |
4.141 |
|
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Provisions |
39.906
|
33.886 |
0.000 |
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Total
Current Liabilities |
44.114
|
36.299 |
4.141 |
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Net Current Assets |
3.692
|
6.931 |
7.490 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.326 |
58.386 |
55.299 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover (including Other Income) |
|
77.297 |
58.051 |
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Total Income |
|
77.297 |
58.051 |
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Profit/(Loss) Before Tax |
|
18.472 |
10.676 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
18.472 |
10.676 |
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Expenditures : |
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Interest |
|
0.050 |
0.064 |
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Depreciation & Amortization |
|
3.412 |
2.023 |
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Other Expenditure |
|
55.363 |
45.288 |
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Total Expenditure |
|
58.825 |
47.375 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
23.89
|
18.39 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
23.89
|
18.39 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.87
|
11.27 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.18 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.74
|
1.63 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.19 |
2.81 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the Company has been shifted from 2nd
Floor, United India Building, Sir P M Road, Fort, Mumbai 400 001, Maharashtra,
India to the present w. e. f. 21.12.2006.
FORM 8
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Name of the company |
SHIRISH PATEL AND ASSOCIATES CONSULTANTS PRIVATE LIMITED |
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Presented By |
Bank of India 70/80, M G Road, Mumbai 400 023, Maharashtra, India |
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1) Date and description of instrument creating the change |
Principal agreement of hypothecation of tangible movable property dated 01.02.1983 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.490 million |
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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 |
All those the tangible movable assets of the company including in particular, air conditioning machines, printing machines, calculator, motor car and furniture and fixtures, etc. including therein the stocks thereof for the time being whether raw or manufacturer or in process of manufacturer and also all producers goods and any every tangible movable property of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation by way of first charge over the assets described in coloumn no. 3 and such other assets of the nature mentioned in coloumn no. 3 as are or may at any time be in the possession or power of the company with power to the bank to seize and realize such assets fo the bank of all amounts due in the overdraft account with a limit of Rs. 0.490 million together with interest at 9.50% OBR. Minimum 19.50% p.a. or at such other rate as may be fixed by the bank and notified to the company from time to time. Company whether now lying or at any time hereafter during the continuance of this security lying or being in or about the company’s premises and godowns at Mumbai or wherever else the same may be or held by any party anywhere to the order and disposition of the company or in course of transit to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India 70/80, M G Road, Mumbai 400 023, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEB:
Profile
Subject was formed in 1974, by the staff of a group that had grown since
its founding in 1960 by Mr. Shirish B Patel. The senior-most Associates have
been with the firm since the early 1960's.
The Company functions on a profit-sharing basis, at all levels, from peon to
senior-most Associate. Associateship is open to every engineer in the Company.
Senior Associates have a shareholding in the Company.
Since it started the firm has focused exclusively on civil engineering. The decision
not to branch out into complementary areas of mechanical or electrical
engineering, despite the expressed desire of many clients for ancillary
services in these areas, has been a conscious one: it has been felt that
remaining an exclusively civil engineering firm is important so as not to
dilute the quality of work that is being done in this field.
The pursuit of quality has been the driving force central to SPA’s work.
This applies from overall concepts through every stage of work to the thoroughness
of final drawings. The aim is that the client should feel satisfied with every
aspect of SPA’s service, but in particular appreciate the quality of the
finished product.
Initially a design and consultancy firm, since 1992 the firm has expanded its project
management capability, and has added full-time project supervision to the range
of services it offers.
Subject was one of the earliest civil engineering firms to introduce computers
into its day-to-day functioning. It is now heavily computerised. In 1983 a
separate company was formed, SPA Software Private Limited, to expand SPA’s
skills in computer usage. This firm developed many software products for the
construction industry; unfortunately they were ahead of their time as the
industry was not computerised at that time. SPA Software has been shut down as
of late 2005.
Services Provided:
- Planning
- Engineering Design
- Specifications
- Tender Documents
- Detailing
- Estimates/Bill of Quantities (BOQ)
- Project Construction Management
- Site Supervision
- Proof Consultancy
Sectors of operation:
- Bridges
- High Rise buildings
- Hotels
- Industrial
- Institutional Buildings
- Marine Structures
- Mass Housing
- Railway Stations
- Township & Urban Planning
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 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.42.67 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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 |
|