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MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARANJAPE SCHEMES (CONSTRUCTION) LIMITED |
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Registered Office : |
1 Somnath CTS No. 988 Ram Mandir Road, Vile Parle, Mumbai-400057,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.09.1987 |
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Com. Reg. No.: |
11-44721 |
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CIN No.: [Company
Identification No.] |
U70100MH1987PLC044721 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP01566F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Construction Activity |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Good |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. General financial position
is good. Payments are reported as usually made as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
|
Registered Office : |
1 Somnath CTS No. 988 Ram Mandir Road, Vile Parle, Mumbai-400057,
Maharashtra, India |
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E-Mail : |
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Corporate Office : |
PSC House, Off. Prabhat Road, Near Suvarnarekha Dining Hall, Dr.
Ketkar Road, Erandavane, Pune-411004, Maharashtra, India |
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Tel. No.: |
91-20-30223344/ 25440986 |
DIRECTORS
|
Name : |
Mr. Shashank Paranjpe |
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Designation : |
Managing Director |
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Address : |
Paranjpe Bunglow, 34, MG Road, Vile Parle ( East), Mumbai-400057
Maharashtra, India |
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Date of Appointment : |
01.12.2006 |
|
Other Directorship : |
Paranjpe Griha Niman Private Limited U45200MH1989PTC052502 Leonardo Shelter Private Limited] U70100MH1997PTC10592 Megavision Exports Private Limited U51900MH1996PTC097349 Paranjape Estate And Development Company Private Limited U70101MH1990PTC055855 Paranjpe Premises Private Limited U45200MH1990PTC059177 Sanis Estates Private Limited U45200MH1998PTC114207 Shree Bal Land Developers Private Limited U45201MH2002PTC138023 Shopping Glory Private Limited U74130PN2000PTC014697 Nalanda Shelter Private Limited U45202PN1997PTC106403 Pacific Alloys Limited U27203MH2005PLC151845 Athashree Foundation U91990MH2002PTC137726 Flagship Infrastructure Private Limited U45200MH2005PTC157377 |
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Name : |
Mr. Shrikant Paranjpe |
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Designation : |
Whole-time Director |
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Address : |
Paranjpe Bunglow, 34, MG Road, Vile Parle ( East), Mumbai-400057 Maharashtra,
India |
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Date of Appointment : |
01.12.2006 |
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Other Directorship : |
Athashree Foundation U91990MH2002PTC137726 Leonardo Shelter Private Limited] U70100MH1997PTC10592 Megavision Exports Private Limited U51900MH1996PTC097349 |
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Name : |
Mr. Arun Phansalkar |
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Designation : |
Whole Time Director |
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Address : |
Flat No.02, Vrudnawan Apatrment, Gangote Path, Behind Joshi Hospital,
Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
08.07.1934 |
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Date of Appointment : |
21.03.2005 |
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Name : |
Mrs. Revati Kalele |
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Designation : |
Flat C-20, Shilpa Society, Paud Road, Pune-411038, Maharashtra, India |
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Address : |
23.10.1980 |
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Date of Appointment : |
24.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Name of shareholders |
|
No of Shares |
|
Shashank Paranjpe |
|
1620 |
|
Varsha Paranjpe |
|
1620 |
|
Purushottam Paranjpe |
|
150 |
|
Purushottam Paranjpe ( HUF) |
|
24 |
|
Pushpa Paranjpe |
|
150 |
|
Heenal Paranjpe |
|
18 |
|
Shrikant Parnajpe |
|
240000 |
|
Total |
|
243582 |
As on 09.05.2007
|
List of Allottees |
|
No. of Shares Allotted |
|
Paranjpe Griha Nirman Private Limited |
|
21600000 |
|
Pushpa Paranjpe |
|
27000 |
|
Purshottam Paranjpe (HUF) |
|
2160 |
|
Shirkant Paranjpe |
|
1620 |
|
Shashank Paranjpe |
|
145800 |
|
Varsha Paranjpe |
|
145800 |
|
Meenal Paranjpe |
|
1620 |
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Total |
|
21924000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Venture Capital |
|
9.87 |
|
Directors or relatives of directors |
|
90.13 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity |
GENERAL
INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemant P Puri and Associates Chartered Accountant |
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Address : |
3, Subhash Niketan, Tejpal Schemes, Main Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
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|
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Associates/Subsidiaries : |
Neopro Technologies Private Limited U72200MH1999PTC117777 Paranjape Premises Private Limited U45200MH1990PTC059177 Paranjape Griha Nirman Private Limited U45200MH1989PTC052502 Matrix Developers Private Limited U452500MH1997PTC106328 |
CAPITAL STRUCTURE
As on 29.9.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28500000 |
Equity Shares |
Rs. 10/- each |
Rs. 285.000 Millions |
|
150000 |
Preference shares |
Rs. 100/- each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27028545 |
Equity Shares |
Rs. 10/-
each |
Rs. 270.285
Millions |
|
100000 |
Preference Shares |
Rs. 100/-
each |
Rs. 10.000
Millions |
|
|
Total |
|
Rs. 280.285 Millions |
As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2436000 |
Equity Shares |
Rs. 10/-
each |
Rs. 24.360
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
24.360 |
24.360 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
370.290 |
253.576 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
394.650 |
277.936 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
427.615 |
334.010 |
|
|
2] Unsecured Loans |
|
0.532 |
2.355 |
|
|
TOTAL BORROWING |
|
428.147 |
336.365 |
|
|
DEFERRED TAX LIABILITIES |
|
1.188 |
0.081 |
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|
|
|
|
|
|
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TOTAL |
|
823.985 |
614.382 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
69.161 |
63.214 |
|
|
Capital work-in-progress |
|
2.606 |
2.579 |
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|
|
|
|
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INVESTMENT |
|
503.263 |
113.919 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
|
1325.508 |
1294.583 |
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Sundry Debtors |
|
69.066 |
25.080 |
|
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Cash & Bank Balances |
|
59.575 |
23.494 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
246.619 |
488.208 |
|
Total
Current Assets |
|
1700.768 |
1831.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1445.863 |
1321.094 |
|
|
Provisions |
|
5.950 |
75.601 |
|
Total
Current Liabilities |
|
1451.813 |
1396.695 |
|
|
Net Current Assets |
|
248.955 |
434.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
823.985 |
614.382 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
914.601 |
858.452 |
|
|
Other Income |
|
34.352 |
32.992 |
|
|
Total Income |
|
948.953 |
891.444 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
137.071 |
51.797 |
|
|
Provision for Taxation |
|
0.000 |
18.500 |
|
|
Profit/(Loss) After Tax |
|
137.071 |
33.297 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
720.906 |
|
|
Salaries, Wages, Bonus, etc. |
|
45.823 |
33.203 |
|
|
Managerial Remuneration |
|
15.136 |
5.180 |
|
|
Payment to Auditors |
|
0.562 |
0.417 |
|
|
Interest |
|
13.923 |
5.184 |
|
|
Insurance Expenses |
|
11.311 |
0.711 |
|
|
Power & Fuel |
|
1.992 |
1.149 |
|
|
Depreciation & Amortization |
|
12.656 |
11.897 |
|
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Other Expenditure |
|
710.479 |
60.100 |
|
Total Expenditure |
|
811.882 |
839.647 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
14.44 |
0.37 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
14.99 |
6.03 |
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.74 |
2.73 |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.35 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.76 |
6.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.17 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90236448 |
|
Corporate
identity number of the company |
U70100MH1987PLC044721 |
|
Name of the
company |
PARANJAPE SCHEMES (CONSTRUCTION) LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1 Somnath CTS No. 988 Ram Mandir Road, Vile Parle, Mumbai-400057,
Maharashtra, India |
|
Type of charge |
Any interest in
immovable property Others |
|
Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Karve Road Branch, Pune-411004,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Indeture of
Mortgage Dated 3rd July 2008 |
|
Date of
instrument Creating the charge |
03.07.2008 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR- 0.25%
=13.25% p.a. with monthly rests, or at such rates as may be prescribed in
future by the bank from time to time present PLR is 13.50% Terms of
Repayment Repayable on
Demand Margin 30.00% Extent and
Operation of the charge Type of Facility
:- Cash Credit Others Other terms and
conditions as per Agreement |
|
Short particulars
of the property charged |
Develment Right
of all the piece and parcel of land bearing S. No. 19/1 ADM. 50 Areas (I)
Land Admeasuring 20 Areas out of the land bearing S.No. 19/5 (II) Land
Admeasuring 67 Area Plus Plot Kharba 1 Areas Total Adm 68 Ares Bearing S. No.
19/4 (III) land Admeasuing 41 areas out of the land bearing S No. 19/54 (V)
Land Admeasuring 17 Ares out of The Land bearing S No. 19/5 at baner, Pune
Along with all rights, titles, interest theron. As described in schedule
attached. |
|
Particulars of
the present modification |
Additional Cash
Credit Limit of Rs. 220.000 Millions sanctioned making total Cash Credit
limit of Rs. 300.000 Millions and 1)
Land
Admeasuring 84.4 Areas or 8440 sq mtr bearing S No. 30/1 2)
Land
Admeasuring 5 Areas 500 sq ft bearing s No. 30/1/13 property situated
villbaner district- Pune Along with Building and Structure thereon with all
rights, title interest theron. |
|
Name of the company |
PARANJAPE SCHEMES (CONSTRUCTION) LIMITED |
|
Presented By |
Mr. Shrrekant P
Paranjpe Director |
|
1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Current Assets dated 27th December 2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
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 its Assets
relating to its residential Flat project a Kothrud, Pune comprising of all
the Stock in trade both present and future consisting stock including raw
material, Stock in process, cash and other Current Assets whatsoever, being
movable properties and outstanding monies receivables, claims and Bills |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Penal Interest :
Original interest + 2% Repayment : On
Demand |
|
5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited,
“Sterling Plaza”, Ground Floor, 1262/B, Jangli- Maharaj Road, Deccan
Gymkhana, Pune-411004, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Indenture of
Mortgage dated 12.01.2005 |
|
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. |
Additional
Security Provided to the property as follows Mortgage over the development
rights under the agreement in relation to the following property- all piece
and parcel of the land Bearing S No. 25 Hissa Nos. 29/1 admeasuring 6572.29
sq mtrs. Situated at Village Kothrud, Pune |
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
|
66 |
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 |
|