MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRANAV CONSTRUCTION SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Plot No:C – 10, TTC Industrial Area, MIDC Estate, Pawne, Navi Mumbai
400705, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.09.2003 |
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Com. Reg. No.: |
11-142133 |
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CIN No.: [Company
Identification No.] |
U29246MH2003PTC142133 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16320D/MUMP16940A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Production of Construction Equipment like Formwork, Falsework and
Scaffolding |
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 566335 |
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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 having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi |
|
Designation : |
Accounts Manager |
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Date : |
02.10.2008 |
LOCATIONS
|
Registered/Corporate Office Works : |
Plot No: C – 10, TTC Industrial Area, MIDC Estate, Pawne Navi Mumbai
400705, Maharashtra. |
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Tel. No.: |
91-22-27632580/81/89 |
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Fax No.: |
91-22-27632762 |
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E-Mail : |
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Website : |
www.pranavinfra.com |
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Area : |
8098 sq m |
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Location : |
Leased |
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Branches :
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Bangalore No.1673, Ground Floor, 27th
Main, HSR Layout, IInd Sector, Bangalore 560034, Tel: 91-9343829823 E-Mail: marketing@pranavinfra.com Delhi Karor Apts, Flat No. 602/B Plot No. 39C,
Sector 6, Dwarka, New Delhi 110075. Tele Fax : 91-11-25080544 E-Mail: marketing@pranavinfra.com |
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INTERNATIONAL OFFICES: |
Ø Sharjah Pranav Formworks and Engineering(FZC),
P.O.Box.9631, Saif Zone Sharjah, UAE Tel: +971-65-575440 Fax:+971-65-575441 E-Mail: marketing@pranavinfra.com Ø Kuwait Agent Contact Person: Mr. Rajendra Rao/ Mr.
Abdul Museeb Siddique (Engr.) Ideal International P.O.Box: 54399 Jleeb,
85851 Kuwait Tel: +9654918435/6
Mobile:+9657228015 |
DIRECTORS
|
Name : |
Mr. Sushil Sudesh Sahani |
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Designation : |
Director |
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Date of Birth/Age : |
14.10.1965 |
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Qualification : |
B.COM |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mrs. Sunanda Sushil Sahani |
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Designation : |
Director |
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Date of Birth/Age : |
14.07.1968 |
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Qualification : |
B.COM |
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Date of Appointment : |
03.09.2003 |
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Name : |
Mr. Viswanathan Iyer Ganapathy |
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Designation : |
Director |
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Address : |
7 Nilgiri, Chheda Nagar, Chembur Mumbai 400089, Maharashtra-MH |
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Date of Birth/Age : |
58 Years |
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Directorship In Other Companies : |
DOSHIN LIMITED, CIN Of Company :
U24110GJ1995PLC025307 |
KEY EXECUTIVES
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Name : |
M/S. J H Ranade and Associates |
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Designation : |
Company Secretary |
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Tel No : |
91-22-26442434 |
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E Mail : |
Jbr assoc@rediffmail.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
( As on 30.09.2005 )
|
Names of Shareholders |
|
No Of Shares |
|
Mr. Sushil Sudesh Sahani |
|
534000 |
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Mrs. Sunanda Sushil Sahani |
|
126000 |
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Mr. Ramesh S Kataria |
|
10000 |
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Mr. Mansingh K Parmar |
|
10000 |
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Mr. Jayesh Ganeshmal Jain |
|
10000 |
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Mr. Girish Ganeshmal Jain |
|
10000 |
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Mr. Ajaysingh K Sisodia |
|
10000 |
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Mr. Mangilal S Chauhan |
|
10000 |
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Mr. Shankarlal O Mistry |
|
10000 |
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Mr. Narayanlal O Mistry |
|
10000 |
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Mr. Pavan Kishor Jain |
|
10000 |
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Mr. Bhavarlal H Jain |
|
10000 |
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Mrs. Lilavati Bhavarlal Jain |
|
10000 |
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Mrs. Indra M. Chauhan |
|
10000 |
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Mr. Shekhar C. Kataria |
|
10000 |
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Mr. Viresh Amritlal Parihar |
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10000 |
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Mr. Dinesh T. Rota |
|
10000 |
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Mr. Bharat Babulal Jain |
|
10000 |
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Mr. Kamlesh B. Jain |
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10000 |
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Mr. Akash Babulal Jain |
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10000 |
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Mr. Hemant Lalit Jain |
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10000 |
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Mrs. Hema A Bohara |
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10000 |
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Mrs. Seema Kiran Jain |
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10000 |
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Mrs Shaila Hasmukh Jain |
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10000 |
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Mr. Bhavesh S Jain |
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10000 |
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Mrs Bhavana Ramesh Kataria |
|
10000 |
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Mrs. Anita Suresh Jain |
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10000 |
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Mrs. Jyoti Jayantilal Jain |
|
10000 |
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Mr. Pravin R Mehta |
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10000 |
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Mrs. Purnima P Mehta |
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10000 |
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Mr. Mahendra D Joshi |
|
10000 |
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Total |
|
950000 |
Equity Share Breakup ( percentage of Total Equity ):
( As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
58.00 |
|
Others |
42.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Production of Construction Equipment like Formwork, Falsework and
Scaffolding |
GENERAL
INFORMATION
|
Bankers : |
·
Thane Janata Sahakari Bank Limited Vartak Nagar Branch, Thane- 400602,
Maharashtra, India. ·
ICICI Bank ·
Axis Bank Vardhaman Chambers premises
Co-Op.Soc.Limited Plot No.84, Sector17, Vashi, Navi
Mumbai-400705, Maharashtra, India |
|
Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Thar and Associates Chartered Accountant |
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Address : |
10, Ambe Ashish, 32, Dariyasthan Street, Masjid Bunder, Mumbai –
400003 |
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Associates/Subsidiaries : |
·
PRANAV CONSTRUCTION EQUIPMENTS PRIVATE LIMITED. ·
DOSHIN LIMITED. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- Each |
75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1660000 |
Equity Shares |
Rs. 10/-
Each |
16.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.600 |
16.600 |
9.600 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
96.667 |
3.208 |
2.247 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
113.267 |
19.808 |
11.847 |
|
|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
123.529 |
52.227 |
36.832 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.870 |
|
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TOTAL BORROWING |
123.529 |
52.227 |
38.702 |
|
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DEFERRED TAX LIABILITIES |
0.984 |
0.498 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
237.780 |
72.533 |
50.549 |
|
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|
|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
138.029 |
58.236 |
57.123 |
|
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Capital work-in-progress |
4.860 |
0.241 |
1.145 |
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|
|
|
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INVESTMENT |
2.077 |
1.678 |
0.401 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
34.103
|
11.149 |
0.696 |
|
|
Sundry Debtors |
117.211
|
13.354 |
5.619 |
|
|
Cash & Bank Balances |
18.530
|
1.047 |
0.014 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
35.275
|
10.677 |
4.526 |
|
Total
Current Assets |
205.119
|
36.227 |
10.855 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
92.172
|
22.942 |
17.013 |
|
|
Provisions |
21.904
|
3.312 |
2.300 |
|
Total
Current Liabilities |
114.076
|
26.254 |
19.313 |
|
|
Net Current Assets |
91.043
|
9.973 |
(8.458) |
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|
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MISCELLANEOUS EXPENSES |
1.771 |
2.405 |
0.338 |
|
|
|
|
|
|
|
|
TOTAL |
237.780 |
72.533 |
50.549 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 (Approximately) |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
600.000 |
63.102 |
14.629 |
|
|
Other Income |
0.000 |
4.165 |
0.688 |
|
|
Total Income |
600.000 |
67.267 |
15.317 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
42.804 |
1.885 |
0.567 |
|
|
Provision for Taxation |
15.088 |
0.924 |
0.217 |
|
|
Profit/(Loss) After Tax |
27.716 |
0.961 |
0.350 |
|
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|
|
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|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.000 |
4.443 |
1.763 |
|
|
Depreciation & Amortization |
6.656 |
3.803 |
1.434 |
|
|
Other Expenditure |
550.54 |
57.136 |
11.553 |
|
Total Expenditure |
557.196 |
65.382 |
14.750 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.62
|
1.43 |
2.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.13
|
2.99 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.01
|
18.90 |
6.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.09 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
3.96 |
4.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.38 |
0.56 |
LOCAL AGENCY
FURTHER INFORMATION
Note : The registered
office of the company has been shifted from 5/c Regency Park Eden Woodsgodrej
Complex Pokhran Road 2 Thane, Maharashtra, India 400601 to Present with effect
from 27/10/2007.
Form 8:
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge
identification number of the modified
|
10080220 |
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Corporate
identity number of the company |
U29246MH2003PTC142133 |
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Name of the
company |
PRANAV
CONSTRUCTION SYSTEMS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No.
C-10.T.T.C. INDL ESTATE M.I.D.C Pawne Navi Mumbai,
Maharashtra India 400705. |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge
holder |
CIN :
L65110GJ1993PLC020769 Name: Axis Bank
Limited Address:
Vardhaman Chambers Premises Co-
Op.Soc.Limite, Plot No.84, Sector17, Vashi. Navi Mumbai,
Maharashtra-MH ISO Country Code:
IN Pin Code: 400705 E-Mail :
suyashri@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation (SDH) Dated25.03.2008. |
|
Date of
instrument Creating the charge |
25.03.2008 |
|
Amount secured by
the charge |
14.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of
Interest On : adhoc CC @1.50% below
BPLR b) Terms of
Repayment : CC on demand, TL to be repaid in 60 monthly installments
commencing from April, 2008 c) Margin CC 25%,
TL 28.50% d) Extent and
Operation of the charge Adhoc CC limit of Rs.2.000 Millions granted therby
increasing the amount secured the charge from Rs.12.000 Millions to Rs.
14.000 Millions, to secure the foolowing Facillities. Cash Credit Rs.
4.000 Millions Term Loan Rs.
1.000 Millions The Security by
way of hypothecation stock, book debts, Movable Plant and machinery given
Earlier shall continue for the enhanced limit. |
|
Short particulars
of the property charged |
Hypo. By way of 1st
charge ranking pari passu withThane Janta Sahakari Bank A Closely Held Public Limited Liability
Company. On all present and future stock of RM, sip, FG such as steel
structurals, plates and formworks and other Cureent Assets whatsoever, being
movable properties lying at co’s premises or elsewhere and outstanding
monies, receivable etc which are due and owing in the course of its business
and all tangible movable PandM, Fixtures, fittings etc. lying at co’s godown
at Mumbai or elsewhere. |
|
Particulars of the
present modification |
Now vide this
modification the credit facilities granted by bank increased from Rs. 12.000
Millions to Rs.14.000 Millions. The security by way of hypothecation stock,
book debts, movable plant and machinery etc. des. In schedule to sdh, given
earlier shall continue for the enhanced limit. |
|
Name of the company |
PRANAV
CONSTRUCTION SYSTEMS PRIVATE LIMITED |
|
Presented
By |
THANE BHARAT
SAHAKARI BANK LIMITED |
|
1) Date and description of instrument creating the change |
Deed of Mortgage Date:10.02.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000
Millions ( Rs. Twenty Five
Millions ) |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece or
parcel of land known as Plot No. c-10, admeasuring area 8098 sq. mtrs, in the
T.T.C.Industrial Area, within the Village limit of pawne and with in the
limits of Navi Mumbai Muncipal Corporation Taluka and District and
Registration Dist. Thane and the structures thereon and structures to be
constructed thereon. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The change for
total amount of Rs. 25.000 Millions on the Property Stipulated against Plot
No. 3 above is to cover the following Loan: ·
Term Loan
Facility:Rs.25.000 Millions. ·
Rate of
Interest Stipulated: 14% P.A. |
|
5) Name and Address and description of the person entitled to the charge. |
Thane Bharat
Sahakari Bank Limited Having its
Registered office at; ‘Shatataraka’ Baji Prabhu
Deshpande Marg Vishnu Nagar, Naupada, Thane – 400602. |
|
6) Date and brief description of instrument modifying the charge |
Deed of Mortgage Date: 03.10.2005 |
|
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. |
Vide this
modification additional Loan facilities totaling Rs. 5.000 Millions is
sanctioned to the company making total Loan facility of Rs. 35.000 millions
on the property stipulated against point No 3 above is to cover the following
additional Term Loan facility: ·
Terms Loan
Facility Rs. 3.500 Millions Rate of interest stipulated 14% P.A ·
Cash Credit
Facility rs. 1.500 Millions Rate of Interest stipulated 14% P.A |
Website Details Attached:
Subject takes on a variety of projects from
Metros- Bridges-Flyovers-Residential-Commercial and many more. In the recent
Past, They have Bagged Prestigious Projects like the Dubai Metro, Delhi Metro,
Bangalore International Airport, India Bulls, Adani(SEZ) Etc. Their Systems are
known for their quality Performance, light weight yet ready to take on site
abuse.
Today, the Construction Industry has Undergone
a Phenomenal change. A change for the better. With increased necessity for
accuracy and quality through qualitative support systems. Support in a broader
sense.
From architects to construction equipment manufactures.
History:
A decade old company dedicated to production of
construction equipment like Formwork, /falsework and Scaffolding. From the days
of inception, They have grown systematically and steadi;y. With one factor
remaining constant ‘QUALITY’.
Today They have manufacturing set ups spread
over an area of 10,000 sq. meters., They have State-of-the art, in house
manufacturing facilities coupled with the latest Methocad Software. So, 3D
designing of form work, site layout, Stages of casting and installation of
material can be done very precisely. No wonder, their Clients including the top
notch ones have repeatedly placed their faith in them.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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 |
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 |
NO |
|
--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. |
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 |
|