MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABIR CONSTRUCTIONS PRIVATE LIMITED |
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Registered Office : |
Block C, Ground Floor, 14, Factory Road, Near Safdarjung Hospital, New
Delhi – 110 029 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.08.2005 |
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Com. Reg. No.: |
55-139695 |
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CIN No.: [Company
Identification No.] |
U45201DL2005PTC139695 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA16782D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Civil Construction |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 290000 |
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Status : |
Satisfactory |
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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. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Trathasarathy |
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Designation : |
Accountants [Deputy Manager] |
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Contact No.: |
91-9868838475 |
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Date : |
20.05.2008 |
LOCATIONS
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Registered Office : |
Block C, Ground Floor, Plot No. 14, Factory Road, Near Safdarjung
Hospital, New Delhi – 110 029, India |
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Tel. No.: |
91-11-46569634 / 36 |
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Fax No.: |
91-11-46566950 |
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E-Mail : |
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Website: |
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Area : |
Rented |
DIRECTORS
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Name : |
Mr. Gumma Sanyasi Raju |
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Designation : |
Managing Director |
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Address : |
Door No. 7 – 11 – 15, Opposite A. U. Outgate, Visakhapatnam, Andhra
Pradesh, India |
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Date of Birth/Age : |
25.06.1957 |
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Date of Appointment : |
16.08.2005 |
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Name : |
Mrs. Meka Vijaya Bhaskar |
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Designation : |
Director |
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Address : |
Lake View Complex, Bhuntar, District – Kullu, Himachal Pradesh, India |
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Name : |
Mr. Tulada Subramanyam |
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Designation : |
Director |
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Address : |
EWS- 8 – 400 Buildings, Srinagar, Kakinada – 533 003, Andhra Pradesh,
India |
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Date of Birth/Age : |
15.06.1965 |
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Date of Appointment : |
02.01.2006 |
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Directorship in
other Company: |
Annapurna Hydro Power Private Limited |
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Name : |
Mr. R. P. Selvam |
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Designation : |
Director |
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Address : |
104, Suryalakshmi Apartments, East Point Colony, Visakhapatnam – 530
023, Andhra Pradesh, India |
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Date of Birth / Age : |
38 Years |
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Name : |
Mr. Dhayalan Perumal Naidu |
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Designation : |
Independent Director |
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Address : |
3 – 6 – 51/ 3, Plot No. 9, BIT – 2, V V Nagar Colony, Kukatpally,
Hyderabad – 500 072, Andhra Pradesh, India |
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Date of Birth/Age : |
20.03.1955 |
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Date of Appointment : |
17.01.2007 |
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Name : |
Mr. Swatankar Kumar Soni |
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Designation : |
Independent Director |
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Address : |
Type – 5 House, Power House Colony, Totu, Shimla – 171 011, Himachal
Pradesh, India |
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Date of Birth/Age : |
10.10.1948 |
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Date of Appointment : |
17.01.2007 |
MAJOR SHAREHOLDERS
/SHAREHOLDING PATTERN
As on 31.03.2006
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Names of Shareholders |
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No. of Shares |
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Sanyasi Raju Gumma |
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5000 |
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Meka Vijaya Bhaskar |
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5000 |
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Total |
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10000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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50.00 |
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Other top fifty (50) shareholders |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Civil Construction |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Ø Navayuga
Engineering Company Limited Ø Everest Power
Private Limited Ø Teesta Urja
Limited |
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No. of Employees : |
550 [50 in corporate office and 500 all together] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Srei Infrastructure Finance Limited |
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Auditors : |
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Name : |
Manohar Chowdhary and Associates Chartered Accountants |
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Address : |
Rednam Plaza, 3rd Floor, D No. 47 – 10 – 13 / 15,
Dwarakanagar 2nd Lane, Visakhapatnam – 530 016, Andhra Pradesh,
India |
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Tel No.: |
91-891-2505993 / 2562403 |
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E –mail : |
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Head Office : |
No. 21 [Old No. 9], Main Street, Dr. Thirumurthy Nagar, Nungambakkam,
Chennai – 600034 |
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Tel No.: |
91-44-28272728 / 28255245 |
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Fax No.: |
91-44-28235645 |
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E –mail : |
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Branches : |
Located at :
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Subsidiaries : |
E G Power Private Limited |
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Associates : |
Ø Annapurna Hydro
Power Private Limited
CIN No.: U40101DL2006PTC144818 Ø Countrywide Power
Transmission Limited Ø Hightec Propcon
Private Limited Ø Himshakti
Projects Private Limited Ø Red Brick
Consulting Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1410000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.100 Millions |
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Share Application Money Pending Allotment |
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Rs. 0.392 Million |
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Total |
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Rs. 14.492
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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14.492 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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58.299 |
7.430 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
72.791 |
7.530 |
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LOAN FUNDS |
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1] Secured Loans |
|
99.392 |
1.167 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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99.392 |
1.167 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.155 |
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TOTAL |
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172.183 |
8.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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152.210 |
7.196 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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3.500 |
0.000 |
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DEFERREX TAX ASSETS |
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0.269 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.325 |
1.313 |
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Sundry Debtors |
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163.957 |
47.134 |
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Cash & Bank Balances |
|
138.594 |
3.781 |
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Other Current Assets |
|
115.760 |
74.495 |
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Loans & Advances |
|
271.608 |
87.535 |
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Total
Current Assets |
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723.244 |
214.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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677.791 |
208.085 |
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Provisions |
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29.257 |
4.527 |
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Total
Current Liabilities |
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707.048 |
212.612 |
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Net Current Assets |
|
16.196 |
1.646 |
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MISCELLANEOUS EXPENSES |
|
0.008 |
0.010 |
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TOTAL |
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172.183 |
8.852 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Contract Receipts |
|
859.012 |
139.837 |
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Other Income |
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0.981 |
0.002 |
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Total Income |
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859.993 |
139.839 |
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Profit/(Loss) Before Tax |
|
79.770 |
11.561 |
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Provision for Taxation |
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28.901 |
4.131 |
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Profit/(Loss) After Tax |
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50.869 |
7.430 |
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Import Value |
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1.890 |
0.000 |
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Expenditures : |
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Direct Expenses |
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679.888 |
125.505 |
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Employees Costs |
|
41.691 |
1.414 |
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Administrative Expenses |
|
70.419 |
2.267 |
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Financial Charges |
|
3.628 |
0.136 |
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Depreciation & Amortization |
|
16.610 |
0.268 |
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Increase/(Decrease) in Finished Goods |
|
[32.012] |
[1.313] |
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Total Expenditure |
|
780.224 |
128.277 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
5.92 |
5.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.29 |
8.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.11 |
5.22 |
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Return on Investment (ROI) (PBT/Networth) |
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|
1.10 |
1.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.08 |
28.40 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.02 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject carries out the business of assemblies installation errection and
commissioning of hydro Power plant electro mechanical section sub-sector /
sub-section thereof including turbin.
FIXED ASSETS
- Land
- Building and
Civil Works
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment s
- Misc. Fixed
Assets
- Vehicles
AS PER WEBSITE
DETAILS:
PROFILE
Subject
is a young dynamic and rapidly growing company in the infrastructure space.
Deriving strength from its name, Abir which literally means 'strength' the
company has grown from humble beginnings. Subject was incorporated in 2005 and
is actively engaged in construction of various civil and structural works like
dams, roads and bridges, Hydro Power Projects in the States of Himachal Pradesh
and Sikkim, Maintenance of Civil structures for thermal plants and Development
of Real Estate Projects in Andhra Pradesh & Tamil Nadu.
The
Company has undertaken Hydro Power Projects in Himachal Pradesh and Sikkim in
India. ACPL has completed design and development of Civil Structures for
thermal plants in Andhra Pradesh, India. The Company is implementing real
estate projects, both residential and commercial, in the states of Andhra
Pradesh, Tamil Nadu and Haryana. It has capable manpower and modern equipment
for executing all construction works including underground works.
Large
numbers of professionals are enrolled as Civil Engineers, Structural Engineers,
Geologists and other specialists who are richly experienced in the actual
on-site construction works. To meet the requirements of the industry, they have
been working hard to develop a variety of innovative technologies and to create
related engineering methods or applications to provide quality and excellent
products.
SERVICES
- Construction
of Hydro Power Plants, Dams, Roads, Bridges, Tunnels.
- EPC
Contracts.
- Construction
of Real Estate Projects such as Residential, Commercial and retail spaces.
- Construction
of Thermal Power Plants.
- Design &
Engineering Services for the above.
- Maintenance
(Operational) for the above.
CURRENT PROJECT:
|
Name of the Project |
Name of the Project / Scope of Job |
|
16 MW Patikari HEP situated at Pandoh, Mandi District, Himachal
Pradesh. |
Ø
Construction of Approach Roads. Ø
Civil & Hydro Mechanical Works. |
|
100 MW Malana - II HEP situated at Malana, Kullu District, Himachal Pradesh.
|
Ø
Enabling Works including roads, bridges and ropeways. Ø
EPC of main Civil works. Ø
EPC of E & M works. |
|
1200 MW Teesta - III HEP situated at Mangan, Sikkim. |
Ø
Drilling & Boring Holes for Geological Investigations, Survey
& taking samples, Diversion works contract. |
|
5 MW Sainj Hydro Power Project. |
Ø
Turn key execution of the Project. |
|
17.2Srivathsa Gas
Based TPS in Andhra Pradesh. |
Ø
Civil Maintenance Works for Gas Based Thermal Power Plant. |
|
Real Estate Development. |
Ø
Expecting orders for developing real estate projects in Gurgaon,
Hyderabad, Visakhapatnam & Chennai. |
Abir has achieved a turnover of Rs 140 million it’s in first year of operation and has contracts valued more than Rs 60 billion on hand to be executed over the next three years.
CLIENTS:
|
Name of the
Client |
Name of the
Project / Scope of Job |
|
Navayuga Engineering Company Limited |
Construction of Approach Roads, Civil & Hydro Mechanical Works for
16 MW Patikari Hydro Power Project situated at Pandoh, Mandi District,
Himachal Pradesh |
|
Navayuga Engineering Company Limited |
Formation of approach Roads, Construction of Bridges, ropeways for 100
MW Malaa-II, Hydro Elecrical Power Project situated at Malana, Kullu
District, Himachal Pradesh. |
|
Everest Power Private Limited |
Supply and erection of electomechanical equipment worth Rs 1.30
billion |
|
Teesta Urja Limited |
Drilling & Boring Holes for Geological Investigations, Survey
& taking samples for 1200 WM Teesta-III, Hydro Electric Power Project
situated at Mangan, Sikkim |
Abir made it to the list of Indian Contractors working for Power Sector after
successfully accomplishing the works of Approach Roads for M/s. Navayuga Engineering
Company Limited (NEC) at their 16 MW Patikari Hydro Power Project during
2005-06 and completion of 80% of the civil work. The plant is scheduled for
commissioning by May 2007.
They are associated with Navayuga Engineering Company Limited of Visakhapatnam,
Andhra Pradesh for two of their Hydro Power Projects viz.- Construction of
approach roads ,Ropeways, Civil & Hydro Mechanical Works, Bridges etc in
Himachal Pradesh for a value of Rs. 1450 millions.
Teesta Urja Limited has awarded them Drilling & Boring Holes for Geological
Survey & taking samples for their 1200 MW Teesta-III, Hydro Electric Power
Project situated at Mangan, Sikkim. The value of work orders received for this
project so far is Rs.1.57 millions, for constructing diversion tunnel and issue
of further major work orders of Rs.450 millions is in process.
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. 42.59 |
|
UK Pound |
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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/normal. |
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 |
|