MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
B E BILLIMORIA AND COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Shiv Sagar Estate A Block, 2nd Floor, Dr. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
12.02.1962 |
|
|
|
|
Com. Reg. No.: |
11-12268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.115.600 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1962PLC012268 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11823A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB1542P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Civil Engineering Construction Contractors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Maximum Credit Limit : |
USD 9000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. 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 good for normal 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Shiv Sagar Estate A Block, 2nd Floor, Dr. |
|
Tel. No.: |
91-22-66545000 |
|
Fax No.: |
91-22-66545050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at ·
Ahmedabad ·
Chennai ·
·
Pune ·
·
·
|
DIRECTORS
As on 05.08.2010
|
Name : |
Mr. Nemarra C
Parameswaran |
|
Designation : |
Chairman |
|
Address : |
9/10, Gandev CHS Limited,
Plot No. 283-B, 5th Road, Chembur, Mumbai – 400 071, |
|
Date of Birth/Age : |
21.06.1938 |
|
Qualification : |
B.Sc.
(Engineering) |
|
Date of Appointment : |
01.05.1976 |
|
Election Commission Identity Card No. : |
MT/07/047/558025 |
|
DIN No. : |
00021353 |
|
|
|
|
Name : |
Mr. Kaiyoze Beji
Billimoria |
|
Designation : |
Managing Director |
|
Address : |
Kamal Mahal, Flat
No. 1, 17, M L Dahanukar Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
25.05.1955 |
|
Qualification : |
B.Com, BA, ACA |
|
Date of Appointment : |
14.07.1994 |
|
Election Commission Identity Card No. : |
MT/04/024/267446 |
|
DIN No. : |
00021204 |
|
|
|
|
Name : |
Mr. Digant
Laxmidas Kapadia |
|
Designation : |
Managing Director |
|
Address : |
152, Ramanuj, Road
No.9, Wadala, Mumbai – 400 031, |
|
Date of Birth/Age : |
05.03.1957 |
|
Qualification : |
B.E. (Civil) |
|
Date of Appointment : |
14.07.1994 |
|
Election Commission Identity Card No. : |
MT/06/033/135269 |
|
DIN No. : |
00021310 |
|
|
|
|
Name : |
Mr. Thothathri Ramakrishnan |
|
Designation : |
Executive Director |
|
Address : |
501, Anant Ashram, 9th Road, Chembur, Mumbai – 400 071, |
|
Date of Birth/Age : |
29.09.1951 |
|
Qualification : |
B.Sc., PGDFM, COM (Diploma) |
|
Date of Appointment : |
01.06.2003 |
|
Election Commission Identity Card No. : |
MT/07/047/465006 |
|
DIN No. : |
00021389 |
|
|
|
|
Name : |
Mr. Indru Bhagwandas Hingorani |
|
Designation : |
Director |
|
Address : |
71, Le Chateau, Plot No.90, |
|
Date of Birth/Age : |
20.11.1931 |
|
Date of Appointment : |
20.03.2006 |
|
Election Commission Identity Card No. : |
MT/08/031/196054 |
|
DIN No. : |
00286234 |
|
|
|
|
Name : |
Mr. Kiran Indru Hingorani |
|
Designation : |
Director |
|
Address : |
71, Le Chateau, Plot No.90, |
|
Date of Birth/Age : |
21.09.1962 |
|
Date of Appointment : |
20.03.2006 |
|
DIN No. : |
00142652 |
|
|
|
|
Name : |
Ms. Dimple Sanghi |
|
Designation : |
Director |
|
Address : |
201, Oberoi Crest, |
|
Date of Birth/Age : |
28.08.1970 |
|
Date of Appointment : |
27.12.2006 |
|
DIN No. : |
00898592 |
|
|
|
|
Name : |
Mr. Vijay Kundanmal Choraria |
|
Designation : |
Director |
|
Address : |
Choraria House, 5 Pali Hill, Bandra (West), Mumbai – 400 050, |
|
Date of Birth/Age : |
10.08.1964 |
|
Date of Appointment : |
22.03.2007 |
|
DIN No. : |
00021446 |
|
|
|
|
Name : |
Mr. Dhanpal Arvind Jhaveri |
|
Designation : |
Director |
|
Address : |
2, Sumangal, 13, |
|
Date of Birth/Age : |
20.12.1968 |
|
Date of Appointment : |
02.06.2010 |
|
DIN No. : |
02018124 |
|
|
|
|
Name : |
Mr. Shridhar Narayan |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
23.09.1965 |
|
Date of Appointment : |
27.12.2006 |
|
Date of Ceasing : |
20.04.2010 |
|
Election Commission Identity Card No. : |
MT/07/052/789093 |
|
DIN No. : |
00019087 |
|
|
|
|
Name : |
Mr. Prakash Chandra Kundalia |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 1, Ground Floor, Sorab House, Garde4n Road, Colaba, Mumbai –
400 039, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1946 |
|
Date of Ceasing : |
26.07.2007 |
|
DIN No. : |
00323801 |
|
|
|
|
Name : |
Mr. Manthena Subba Raju |
|
Designation : |
Additional Director |
|
Address : |
44, |
|
Date of Birth/Age : |
07.11.1943 |
|
Date of Ceasing : |
26.07.2007 |
|
DIN No. : |
00557435 |
|
|
|
|
Name : |
Mr. Ramakrishna Reddy Madadi |
|
Designation : |
Additional Director |
|
Address : |
312, Road No. 25, Jubilee Hills, |
|
Date of Birth/Age : |
09.08.1943 |
|
Date of Ceasing : |
26.07.2007 |
|
DIN No. : |
00008347 |
KEY EXECUTIVES
|
Name : |
Ms. Manisha Sadanand Phadke |
|
Designation : |
Company Secretary |
|
Address : |
Gurukrupa, A Wing, Flat – 602, |
|
Date of Birth/Age : |
03.11.1973 |
|
Qualification : |
09.10.2007 |
|
PAN No. : |
AOQPP3265E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Consolidated Infrastructure Company Private Limited, |
|
3620000 |
|
Indivision |
|
3300000 |
|
Kaiyoze Beji Billimoria
and Jiloo Kaiyoze Billimoria jointly |
|
2079952 |
|
Digant Laxmidas
Kapadia and Nayana Digant Kapadia jointly |
|
2079952 |
|
Devata Properties Private Limited, |
|
480000 |
|
Beji Edulji Billimoroa and Kaiyoze Beji Billimoria jointly |
|
24 |
|
Jeet Digant Kapadia,
Nayana Digant Kapadia and L Kapadia jointly |
|
24 |
|
Jiloo Kaiyoze
Billimoria and Kaiyoze Beji Billimoria jointly |
|
24 |
|
Nayana Digant
Kapadia and Digant Laxmidas Kapadia jointly |
|
24 |
|
Total |
|
11560000 |
As on 05.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
28.55 |
|
Bodies
corporate |
|
35.46 |
|
Directors
or relatives of directors |
|
35.99 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Civil Engineering Construction Contractors. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Axis Bank Limited Corporate Banking, Branch Axis House, ·
Standard Chartered Bank 90, M ·
BNP Paribas ·
ICICI Bank Limited Zenith House, Keshav Rao Khyade
Marg, Mahalaxmi, Mumbai – 400 034, ·
IDBI Bank Limited ·
HSBC Limited ·
Indian Bank · HDFC Bank ·
Central Bank of |
FACILITIES :
|
Secured Loans |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
As
on 31.03.2007 Rs.
in millions |
|
Term loans from banks * |
37.875 |
66.134 |
26.743 |
24.155 |
|
Buyers Credit * |
79.246 |
38.518 |
30.286 |
0.000 |
|
Short Term Loans from Bank (Working Capital) # |
50.000 |
0.000 |
0.000 |
0.000 |
|
Total |
167.121 |
104.652 |
57.029 |
24.155 |
* Term loan from
Bank and Buyers Credit Secured for first charge by way of hypothecation of
the equipments / Vehicles Second charge
by way of lien on all property and assets of Company and charge over all
stocks, shares and marketable or other securities of the Company.
# Short Term Loans
from Bank (Working Capital) First pari pasu charge over stocks and receivables.
|
Unsecured Loans |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
As
on 31.03.2007 Rs.
in millions |
|
Short term loan from Bank (Amount payable within one year Rs.100.000 millions) |
100.000 |
0.000 |
0.000 |
0.000 |
|
Total |
100.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountant |
|
Address : |
Ground Floor, Jallan Mill Compound, 95, G. K. Marg, Lower Parel,
Mumbai –
400 013, Maharashtra, India |
|
|
|
|
Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Associates : |
·
Consolidated infrastructure Company Private
Limited ·
lndivision India Partners, ·
Devatta Properties Private Limited ·
Mahindra Bebanco Developers limited ·
Billimoria Properties Private Limited ·
Gammon and Billimoria LLC |
|
|
|
|
Subsidiaries : |
·
Bebanco Northern Contracts Limited CIN No. : U45400DL2007PLC165127 ·
Bebanco Developers Limited CIN No. : U70102MH2010PLC199734 ·
Bebanco Infrastructure Limited CIN No. : U45202MH2010PLC199623 ·
Modern Tollroads Limited CIN No. : U45203MH2007PLC173503 ·
Bebanco Technical Services FZE |
|
|
|
|
Joint Venture : |
Gammon and Billimoria Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11560000 |
Equity Shares |
Rs.10/- each |
Rs.115.600
millions |
Of Which 999000 Equity Shares of Rs.10/- each,
fully paid up, have been issued for consideration other than cash in the
earlier years;
4200000 Equity Shares of Rs.10/- each, fully paid
up, have been allotted as fully paid up Bonus Shares by capitalization of
General Reserve, Capital Reserve and Capital Redemption Reserve in the previous
years.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
115.600 |
110.000 |
110.000 |
110.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2145.789 |
1563.843 |
1216.212 |
1027.007 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2261.389 |
1673.843 |
1326.212 |
1137.007 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
167.121 |
104.652 |
57.029 |
24.155 |
|
|
2] Unsecured Loans |
100.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
267.121 |
104.652 |
57.029 |
24.155 |
|
|
DEFERRED TAX LIABILITIES |
26.204 |
23.320 |
13.272 |
14.778 |
|
|
|
|
|
|
|
|
|
TOTAL |
2554.714 |
1801.815 |
1396.513 |
1175.940 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
997.750 |
1061.824 |
420.699 |
344.524 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
173.725 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
86.339 |
82.173 |
263.120 |
264.880 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
563.379
|
652.399 |
400.712
|
125.372 |
|
|
Sundry Debtors |
1307.225
|
944.760 |
498.800
|
345.830 |
|
|
Cash & Bank Balances |
81.230
|
94.755 |
22.399
|
21.848 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
1.144 |
|
|
Loans & Advances |
1079.068
|
946.333 |
678.375
|
559.142 |
|
Total
Current Assets |
3030.902
|
2638.247 |
1600.286 |
1053.336
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
581.529
|
568.823 |
213.306 |
81.139 |
|
|
Other Current Liabilities |
916.417
|
1376.993 |
804.245 |
397.061 |
|
|
Provisions |
62.331
|
34.613 |
43.766 |
8.600 |
|
Total
Current Liabilities |
1560.277
|
1980.429 |
1061.317 |
486.800 |
|
|
Net Current Assets |
1470.625
|
657.818 |
538.969 |
566.536 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
2554.714 |
1801.815 |
1396.513 |
1175.940 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Contract Revenue |
6242.254 |
4775.786 |
2175.899 |
1804.636 |
|
|
|
Other Income |
72.622 |
74.610 |
85.186 |
45.836 |
|
|
|
TOTAL (A) |
6314.876 |
4850.396 |
2261.085 |
1850.472 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Construction Expenses |
5239.967 |
4054.580 |
1799.632 |
1551.407 |
|
|
|
Personnel Expenses |
100.692 |
76.732 |
64.022 |
40.227 |
|
|
|
Operating and Other Expenses |
50.621 |
43.186 |
43.997 |
31.750 |
|
|
|
TOTAL (B) |
5391.280 |
4174.498 |
1907.651 |
1623.384 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
923.596 |
675.898 |
353.434 |
227.088 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.958 |
17.641 |
4.958 |
8.898 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
887.638 |
658.257 |
348.476 |
218.190 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.626 |
111.580 |
48.821 |
43.173 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
734.012 |
546.677 |
299.655 |
175.017 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
257.628 |
188.864 |
100.656 |
56.836 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
476.384 |
357.813 |
198.999 |
118.181 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
867.747 |
519.586 |
329.596 |
218.304 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Proposed Dividend |
9.248 |
8.250 |
7.700 |
0.000 |
|
|
|
Tax on Proposed Dividend |
1.572 |
1.402 |
1.309 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
0.000 |
6.042 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
0.847 |
|
|
BALANCE CARRIED
TO THE B/S |
1333.311 |
867.747 |
519.586 |
329.596 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Construction Materials |
262.462 |
5.129 |
NA |
NA |
|
|
|
Capital Goods |
1.900 |
186.016 |
NA |
NA |
|
|
TOTAL IMPORTS |
264.362 |
191.145 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.86 |
32.53 |
18.09 |
13.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
7.54
|
7.38 |
8.80 |
6.39 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.76
|
11.45 |
13.77 |
9.70 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.22
|
14.77 |
14.83 |
12.52 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.33 |
0.23 |
0.15 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
1.25 |
0.84 |
0.45 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.33 |
1.51 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
NATURE OF
OPERATIONS
Subject ('the
Company') was incorporated in 1962. The Company is in business as civil engineering
construction contractors undertaking contracts to execute a wide variety of
construction work.
OPERATIONS AND BUSINESS PROSPECTS
During the year,
the Company has recorded total Income of Rs.6314.875 millions (Previous Year:
Rs. 4850.396 millions), registering a growth of 30.19%.
Profit after Tax
has been Rs.476.387 millions (Previous Year: Rs.357.81 3 millions) registering
a growth of 33.14%.
The Earnings Per
Share (EPS) for the year is Rs.42.86. (Previous Year: Rs.32.53.)
The Company has secured
new jobs having a total contract value Rs.2348.300 millions during the current
year. Presently, the Company has on hand contracts to construct residential
projects, six commercial projects, three institutional projects, one IT
Building, two sports stadiums, Industrial and two infrastructural projects. It
is also constructing one hospital.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
1.
Outstanding guarantees given by banks on behalf of
the Company aggregate Rs.4218.944 millions (Previous year Rs.2221.195 millions)
in respect of its construction contracts
2.
Guarantees given to financial institutions on
behalf of subsidiary/associate company – Bebanco Northern Contracts Limited
Rs.370.000 millions (Previous year Rs.370.000 millions) and Gammon and
Billimoria, LLCRs.612.485 millions (Previous year Rs.704.420 millions)
3.
The Company has entered into two seperate contracts
with Delhi Development Authority (DDA) to construct two indoor stadiums for the
Commonwealth Games at
·
reconciling the differing views in respect of issue
whether activities of construction of the indoor stadium are or are not liable
to Service Tax.
·
directing not to demand Service Tax from the
Company or DDA be directed to pay I reimburse the Service Tax along with all
related and consequential amounts on the services rendered to it by the
Company.
Pending the
outcome of the above writ petition, no adjustments have been made in the
financial statements for the service tax liability which is estimated to be
Rs.99.277 millions.
FORM 8
|
Corporate identity number of the company |
U45200MH1962PLC012268 |
|
Name of the company |
B E BILLIMORIA AND COMPANY LIMITED |
|
Address of the registered office or of the principal place of business in |
Shiv Sagar Estate A Block, 2nd Floor, Dr. |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
BNP Paribas |
|
Nature of instrument creating charge |
First Exclusive Charge on Specific Fixed Assets of the Company by
entering in to a Hypothecation Agreement dated 28th May, 2011. Specific Fixed Assets shall include unencumbered construction
equipment/ machinery of the Company
with net book value adequate to cover the aggregate amount of Term Loan drawn
by at least 1.33 times. |
|
Date of instrument Creating the charge |
28.05.2011 |
|
Amount secured by the charge |
Rs.350.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Mutually agreed rate of interest subject to the minimum of the base
rate. Presently, 7.25% Terms of Repayment 12 equal quarterly installments commencing from the end of moratorium
period (i. e. from end of 3 months from the first draw down) Margin Nil Extent and Operation of the charge First Exclusive Charge on Specific Fixed Assets of the Company |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Specific Fixed Assets shall include unencumbered construction
equipment/ machinery of the Company with
net book value adequate to cover the aggregate amount of Term Loan drawn by
at least 1.33 times. |
FIXED ASSETS
·
·
Office and Workshop
·
Plant and Machinery
·
Office Equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Electrical Installation
WEB DETAILS
Profile
The company has its origin in the partnership firm of B E
Billimoria and Company which was established by Mr. Beji E Billimoria and Mr.
Laxmidas K Kapadia.
The business is quality construction and the work speaks
for itself
Since the inception of the Company in 1958, Subject has
enjoyed solid, consistent growth and financial stability and is well known as
one of
At Subject they are not just capable General Contractors;
they are partners committed to building an empowering environment for the
clients through creative and value-oriented building solutions. The business
philosophy and the relationships are based on trust and integrity and these
principles embody what they stand for as a Company, as Partners and as
Individuals.
The Company's reputation and position of strength is founded
on its history, its people, its passion for quality and customer service, and
the outstanding client list.
Our greatest assets are:
·
Reputation throughout the industry as an
organisation built on honesty and integrity.
·
Capability to deliver superior construction quality
through
o
consistently disciplined work methods with
commitment to high standards of workmanship;
o
ability to mobilize resources and execute quality
projects within stringent completion schedules;
o
deployment of sophisticated building systems and
adoption of current innovation in construction technology - to innovate and
provide real value.
·
Financial Strength, based on sound financial
practices; the excellent credit rating is among the highest in the country's
construction industry.
·
People power of dedicated and well experienced
Civil Engineers and technical and supervisory staff empowered with resources to
get the job well done. The people are professionals who are motivated to build
exciting and challenging projects. They have initiative. They explore new
ideas. They seek better solutions. They are enthusiastic, hardworking and committed
to quality and excellence.
·
Wealth of management know-how and strength to each
project; long-term strategies are formulated by managers who grew up in the
business.
·
Safety is a core value and providing a safe work
environment consistent with good construction practices is a priority.
·
Relationships the clients and associates enjoy
working with them. They apply the extensive knowledge of construction to
maximize the value of the clients' investments. They have faith in the ability
to take on challenges, provide solutions and work to schedule without
compromising the quality.
Committed to
innovation, excellence and ethical business conduct, subject is ideally
positioned to move confidently towards even greater achievement.
Management
Team
Chairman
Graduated as a Civil Engineer in 1959 and
joined the Company in 1960. His responsibilities include bid evaluation,
negotiation with clients, purchasing, appointment of specialized agencies, as
well as overseeing of particular projects
Mr. Digant L Kapadia
Managing Director
Graduated as a Civil Engineer in 1980 and
started his career with the Company soon after. His responsibilities include
tender preparation, negotiating with clients, purchasing, procurement and the
appointment of Sub-contractors and specialised agencies as well as overseeing
of particular projects.
Mr. Kaiyoze B
Billimoria
Managing Director
A member of The Institute of Chartered
Accountants in
Mr. T.R.
Ramakrishnan
Executive
Director
Graduated in Science and Post Graduate
Diploma in Financial Management, Qualified Lead Assessor and a Member of the
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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
65 |
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.