MIRA
INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
RAJDEEP BUILDCON PRIVATE LIMITED |
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Registered
Office : |
“Rajdeep House”, Savedi, Ahmednagar – 414001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.08.1997 |
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Com. Reg. No.: |
11-110101 |
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Paid-up Capital
: |
Rs. 40.458 Millions |
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CIN No.: [Company Identification
No.] |
U45202PN1997PTC110101 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER05483C PNER06193F |
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PAN No.: [Permanent Account No.] |
AAACR8605D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They are engaged in Civil Construction |
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No. of Employees
: |
500 (approximately) [In Office + Site] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1992 as a partnership concern
under the name of ‘Rajdeep Constructions’ and later it converted into private
limited company in the year 1997. It is an established company having fine track. The company is doing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Dilip |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-241-2424072 |
|
Date : |
30.07.2011 |
LOCATIONS
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Registered Office : |
“Rajdeep House”, Savedi, Ahmednagar – 414001, |
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Tel. No.: |
91-241-2424072/2424101 |
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Fax No.: |
91-241-2424101 |
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E-Mail : |
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Website : |
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Branch Office : |
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DIRECTORS
As On 31.08.2010
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Name : |
Mr. Dilip Popatlal Dhadiwal |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
11.07.1968 |
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Qualification : |
D.C.E |
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Experience : |
22 Years |
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Date of Appointment : |
18.08.1997 |
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DIN No.: |
00330476 |
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Name : |
Mr. Rajesh Mannalal Katariya |
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Designation : |
Whole Time Director |
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Address : |
Tushar Plot No 49, Sr No. 9/1A Opposite Rajdeep House, Savedi,
Ahmednagar – 414003, |
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Date of Birth/Age : |
25.08.1970 |
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Qualification : |
D.C.E |
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Experience : |
18 Years |
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Date of Appointment : |
18.08.1997 |
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DIN No.: |
00330662 |
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Name : |
Mr. Kishor Popatlal Dhadiwal |
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Designation : |
Director |
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Address : |
Pratham Plot No. 3, S No 25/2 Bhist Baug Pipe Line Road, Savedi,
Ahmednagar – 414003, Maharashtra, India |
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Date of Birth/Age : |
05.06.1963 |
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Date of Appointment : |
22.08.1998 |
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DIN No.: |
00330868 |
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Name : |
Mr. Sachin Biyani |
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Designation : |
Project Director |
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Date of Birth/Age : |
43 Years |
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Qualification : |
D.C.E |
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Experience : |
22 Years |
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Date of Appointment : |
01.04.2004 |
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Last Employment : |
Ashoka Buildcon Private Limited |
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Name : |
Mr. Kulkarni Ajay |
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Designation : |
Project Director |
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Date of Birth/Age : |
37 Years |
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Qualification : |
D.C.E |
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Experience : |
18 Years |
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Date of Appointment : |
17.05.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Dilip |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.08.2010
|
Names of Equity Shareholders |
|
No. of Shares |
|
Dilip Popatlal Dhadiwal |
|
37356 |
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Rajesh Mannalal Katariya |
|
20900 |
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Kishor Popatlal Dhadiwal |
|
6850 |
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Sangita Kishor Dhadiwal |
|
4200 |
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Seema Dilip Dhadiwal |
|
3150 |
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Savita Rajesh Katariya |
|
1200 |
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Rajdeep Road Developers Private Limited – |
|
58790 |
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Total |
|
132446 |
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Names of
Preference Shareholders |
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Rajdeep Road Developers Private Limited – |
|
87135 |
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Rajdeep Publicity Private Limited – |
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185000 |
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Total |
|
272135 |
As On 31.08.2010
|
Category |
Percentage |
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Bodies corporate |
44.38 |
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Directors or relatives of Directors |
55.62 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
They are engaged in Civil Construction |
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GENERAL INFORMATION
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No. of Employees : |
500 (approximately) [In Office + Site] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
3rd to 6th Floor, International
Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai
– 400703, Maharashtra, India |
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Auditors : |
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Name : |
Ghaisas and Associates Chartered Accountant |
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Address : |
A 303, Prerana Arcode, Opposite Tarakpur Bus Stand, Ahmednagar - 414003,
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Pan No.: |
AAGFG3790B |
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Joint Venture : |
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Joint Venture Firm : |
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Associates : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
300000 |
9% Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
132446 |
Equity Shares |
Rs. 100/- each |
Rs. 13.244
Millions |
|
272135 |
9% Non Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 27.214
Millions |
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Total |
|
Rs. 40.458 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
40.458 |
40.458 |
40.458 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
587.376 |
469.190 |
322.486 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
627.834 |
509.648 |
362.944 |
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LOAN FUNDS |
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1] Secured Loans |
298.645 |
171.236 |
201.559 |
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2] Unsecured Loans |
98.120 |
58.608 |
59.625 |
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TOTAL BORROWING |
396.765 |
229.844 |
261.184 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1024.599 |
739.492 |
624.128 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
235.385 |
150.714 |
141.831 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
491.598 |
341.026 |
186.757 |
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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 |
210.222
|
281.759 |
60.358 |
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Sundry Debtors |
471.980
|
289.487 |
278.513 |
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Cash & Bank Balances |
55.424
|
34.734 |
53.042 |
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Other Current Assets |
163.608
|
148.052 |
81.544 |
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Loans & Advances |
120.191
|
186.009 |
166.491 |
|
Total
Current Assets |
1021.425
|
940.041 |
639.948 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
349.978
|
280.439 |
162.395 |
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Other Current Liabilities |
243.290
|
269.262 |
95.141 |
|
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Provisions |
130.612
|
142.676 |
86.976 |
|
Total
Current Liabilities |
723.880
|
692.377 |
344.512 |
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Net Current Assets |
297.545
|
247.664 |
295.436 |
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MISCELLANEOUS EXPENSES |
0.071 |
0.088 |
0.104 |
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TOTAL |
1024.599 |
739.492 |
624.128 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
2739.780 |
2978.037 |
1635.877 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
2517.982
|
2733.953
|
1478.048
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
221.798 |
244.083 |
157.829 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
38.724 |
25.942 |
19.552 |
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PROFIT BEFORE
TAX |
183.074 |
218.141 |
138.277 |
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Less |
TAX |
64.888 |
71.438 |
NA |
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PROFIT AFTER TAX |
118.186 |
146.703 |
NA |
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Earnings Per
Share (Rs.) |
892.33 |
NA |
NA |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
2790.000 |
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|
The above information has been parted by Mr. Dilip (Accounts Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.31
|
4.93 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.57
|
20.00 |
17.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.43 |
0.38 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
1.81 |
1.67 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.36 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors (Due to MSMEs Units Rs. Nil) |
349.978
|
280.439 |
162.395 |
Financial Results:
The company is engaged
in the business of construction of roads, bridges and industrial projects. The company has successfully completed the
various projects. Based on the experience and financial strength gained from
these projects, the company has entered, during the past few years, into a few
strategic joint ventures for the
purpose of executing infrastructure projects. Most of the projects have already started yielding
substantial revenues, more specifically described in notes forming parts of
accounts.
Contingent Liabilities
not provided for:
i)
Guarantees provided by banks for the company Rs.
788.527 millions and corporate guarantees provided by the company for bank
guarantees of associate and joint venture firms and companies Rs. 370.763
millions.
ii)
The guarantees given in respect of loans taken by
joint ventures and associate companies, the amount outstanding of which as on
31.03.2010 is Rs. 4135.710 millions.
There are no over dues or defaults in respect of the above loan, BG and
LC accounts and the company does not expect any liability in this regard. This
has been disclosed in accordance with AS 29 “Provisions, Contingent Liabilities
and Contingent Assets” issued by ICAI.
FORM 8:
|
Corporate
identity number of the company |
U45202PN1997PTC110101 |
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|
Name of the
company |
RAJDEEP BUILDCON
PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
''Rajdeep
House''savedi Ahmednagar-414001, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Current Assets
and construction equipments |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
02.04.2011 |
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Amount secured by
the charge |
Rs. 640.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC: I-Base and "Spread" p.a Subject to minimum rate is I-Base +
3.25 % p.a plus applicable interest tax or other statutory levy. Bank
Guarantee: Commission 0.525% p.a. Terms of
Repayment - Cash Credit : 12 months Bank Guarantee:
Maximum period of BG(including claim period, if any) to be restricted to 3
years except for all Government dept. BGs where the period is to be
restricted to five years. Margin - Cash
Credit : Uniform margin of 25% against all components of inventory. Cover period : 90
days, Margin : 25% Bank Guarantee:
Guarantees covering disputed liabilits-100%. Performance
guarantees- 5.00% and Financial guaratnees-5.00%. Extent and
Operation of the charge - 1. First charge by way of hypothecation of the company's
entire stocks of raw materials, semi-finished and finished goods, consumable
stores and spares and such other movables including book-debts, bill whether
documentary or clean, outstanding monies, receivables, both present and
future, ranking pari passu with other participating banks 2.Exclusive First
charge on Current assets of the co. present and future of Others - 3. First
charge by way of hypothecation of construction equipments |
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|
Particulars of
the property charged |
First charge by
way of hypothecation of the company's entire stocks of raw materials,
semi-finished and finished goods, consumable stores and spares and such other
movables including book-debts, bill whether documentary or clean, outstanding
monies, receivables, both present and future, ranking pari passu with other
participating banks. Exclusive
First charge on Current assets of the co. present and future of |
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|
Date of
instrument modifying the charge |
01.04.2011 |
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|
Particulars of
the present modification |
The working
capital facility of Rs.555.000 million has been enhanced to Rs.640.000
million. Accordingly security documents
executed to secure enhanced working capital facility of Rs.85.000
million. As on dated total amount secured by the charge is Rs.640.000
million. All other terms
and conditions remains unchanged. |
Fixed Assets:
- Land
- Admn. Building
- Plant and machinery
- Centering material
- Vehicles
- Computers
- Furniture and fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.