MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
M PALLONJI AND COMPANY PRIVATE LIMITED |
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Registered Office : |
87, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.03.1950 |
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Com. Reg. No.: |
11-008043 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 million |
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CIN No.: [Company
Identification No.] |
U24100MH1950PTC008043 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM28367D / MUMM20461A |
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PAN No.: [Permanent
Account No.] |
AAACM3525B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemical, Fertiliser Factories, Petroleum Refineries,
Offshore Oil and Gas Platform etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 23000000 |
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Status : |
Good |
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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 and a part of Pallonji
Group. Trade relations are reported as fair. General financial position is
good. Business is active. Payments are reported to be 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
87, |
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Tel. No.: |
91-22-22853080 |
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Fax No.: |
91-22-22042432 |
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E-Mail : |
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Website : |
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Corporate Office: |
46/A, Vitraag Chambers, Cawasji Patel Street, Fort, Mumbai – 400001,
Maharashtra, India |
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Tel. No.: |
91-22-66100000/ 22855308/22/ 2042432/ 2854218/ 2853058/ 2853080 |
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Fax No.: |
91-22-22855325/ 2152998 |
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E-Mail : |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Mehli Kearsasp Mistry |
|
Designation : |
Director |
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Address : |
902, Bakhtavar, Colaba, Mumbai – 400005, |
|
Date of Birth/Age : |
28.03.1960 |
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Date of Appointment : |
26.10.2005 |
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Din No.: |
00344555 |
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Name : |
Mr. Pheroze Kearsasp Mistry |
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Designation : |
Director |
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Address : |
901, Bakhtavar, 9th Floor, |
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Date of Birth/Age : |
30.12.1962 |
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Date of Appointment : |
26.10.2005 |
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Din No.: |
00344590 |
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Name : |
Mr. Maki Kearsasp Mistry |
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Designation : |
Director |
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Address : |
Bakhtaver Opposite Colaba Post Office, Mumbai – 400 005, |
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Date of Birth/Age : |
15.09.1936 |
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Date of Appointment : |
11.02.2002 |
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Din No.: |
00344474 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
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|
Mehli Kearsasp Mistry |
|
2450 |
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Pheroze Kearsasp Mistry |
|
2450 |
|
Maki Kearsasp Mistry |
|
100 |
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|
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Total |
|
5000 |
As on : 30.09.2010
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemical, Fertiliser Factories, Petroleum Refineries,
Offshore Oil and Gas Platform etc. |
GENERAL INFORMATION
|
Customers : |
·
Associated Cement Companies Limited ·
Gujarat State Fertilisers Company Limited ·
Hindustan Petroleum Corporation Limited ·
Indian Smelting and Refining Company Limited ·
Mahindra and Mahindra ·
National Fertilizers and Chemicals Limited ·
Nagarjuna Fertilisers and Chemicals Limited ·
Oil and Natural Gas Corporation ·
R.C.F. Limited ·
Reliance Industries Limited ·
Special Steels Limited ·
Tata Engineering and Locomotive Company
Limited ·
Tata Electric Companies ·
Western India Shipyard Limited |
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|
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Bankers : |
36-38 A, Nariman Bhavan 227 D, Nariman Point,
Mumbai – 400021,
A R Street Branch, 176/180, Bhagat
Mansion, 1st, 2nd and 3rd Floor, Abdul
Rehman Street, Mumbai – 400003, Maharashtra, India
|
Facilities :
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Secured Loan |
|
|
|
|
|
From Bank on Overdraft A/c Secured Against
Hypothecation of bank Debts and lien on Mutual Fun units |
|
|
|
|
|
Union Bank Of India |
104.245 |
0.000 |
0.000 |
45.397 |
|
HDFC Bank Limited |
27.088 |
16.035 |
53.081 |
0.000 |
|
HDFC Bank Limited – Term Loan |
424.999 |
60.000 |
116.701 |
0.000 |
|
Kotak Bank Limited – Term Loan |
150.000 |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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Total |
706.332 |
76.035 |
289.783 |
45.397 |
|
Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sethy and Company Chartered Accountant |
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Address : |
63, Swatik Plaza, V L Mehta Road, Villeparle (West), Mumbai – 400049,
Maharashtra, India |
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|
|
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Subsidiary Company : |
·
Pallonji Leasing Private Limited ·
M. Pallonji Logistics Private Limited |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.500
million |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.500
million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
1385.688 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5140.504 |
3298.343 |
2781.730 |
2166.262 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5141.004 |
4684.531 |
2782.230 |
2166.762 |
|
|
LOAN FUNDS |
|
|
|
|
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|
1] Secured Loans |
706.332 |
76.035 |
289.783 |
45.397 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
706.332 |
76.035 |
289.783 |
45.397 |
|
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DEFERRED TAX LIABILITIES |
0.212 |
4.446 |
0.000 |
0.000 |
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|
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|
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TOTAL |
5847.548 |
4765.012 |
3072.013 |
2212.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
679.452 |
264.841 |
283.238 |
330.324 |
|
|
Capital work-in-progress |
9.654 |
1.175 |
16.770 |
8.305 |
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INVESTMENT |
4774.860 |
4258.527 |
2084.259 |
1917.437 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
11.095
|
10.638
|
12.879 |
0.000
|
|
|
Sundry Debtors |
404.736
|
323.390
|
383.242 |
139.059
|
|
|
Cash & Bank Balances |
13.389
|
16.360
|
9.142 |
13.151
|
|
|
Other Current Assets |
0.000
|
0.000
|
4.893 |
35.333
|
|
|
Loans & Advances |
1269.290
|
1163.471
|
1358.617 |
638.420
|
|
Total
Current Assets |
1698.510
|
1513.859
|
1768.773 |
825.963 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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|
Current Liabilities |
173.023
|
206.530
|
273.219 |
317.165
|
|
|
Provisions |
1141.905
|
1066.858
|
807.808 |
552.705
|
|
Total
Current Liabilities |
1314.928
|
1273.388
|
1081.027 |
869.870 |
|
|
Net Current Assets |
383.582
|
240.471
|
687.746 |
(43.907) |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
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TOTAL |
5847.548 |
4765.012 |
3072.013 |
2212.159 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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|
|
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SALES |
1280.015 |
1404.632 |
143.199 |
411.031 |
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EXPENSES |
|
|
|
|
|
|
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|
Office Expenses |
|
|
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
|
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Advertising Expenses |
572.907 |
6245.230 |
228.617 |
141.963 |
|
|
|
Interest |
|
|
|
|
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|
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Depreciation |
|
|
|
|
|
|
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TOTAL |
572.907 |
6245.230 |
228.617 |
141.963 |
|
|
|
|
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|
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PROFIT BEFORE
TAX |
707.108 |
780.109 |
870.571 |
269.068 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
250.636 |
263.497 |
255.104 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
456.472 |
516.612 |
615.467 |
269.068 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
91294.40 |
103322.40 |
123093.40 |
53813.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
35.66 |
36.77
|
429.79 |
65.46
|
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.73 |
43.85
|
42.99 |
8.73
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.16
|
0.31 |
0.12
|
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46 |
0.28
|
0.49 |
0.42
|
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.18
|
1.63 |
0.95 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE DURING
THE FINANCIAL YEAR. :
The company has made a profit of Rs. 707.107 millions during the current
financial year 2009-10 as against a profit of Rs. 780.109 millions made during the
previous financial year 2008-09. The board is hopeful of better performance
during the ensuring financial year 2010-11.
FORM 8:-
|
Corporate identity number of the company |
U24100MH1950PTC008043 |
|
Name of the company |
M PALLONJI AND COMPANY PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
87, Abdul Rehman Street, Mumbai – 400003,
Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
HDFC BANK LIMITED, HDFC Bank House,
Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra, INDIA |
|
Nature of instrument creating charge |
Letter of Hypothecation of Stocks and Book
debts dated 22/01/2011 |
|
Date of instrument Creating the charge |
22/01/2011 |
|
Amount secured by the charge |
Rs. 70.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest As decided by the Bank from time to time Terms
of repayment As decided by the Bank from time to time Margin As decided by the Bank from time to time Extent
and operation of the charge First pari passu charge on the Stock and
Book Debts of the company both present and future Other
nil |
|
Short particulars of the property charged
(Including location of the property) |
First pari passu charge on the Stock and
Book Debts of the company both present and future |
FIXED ASSETS :
- Building
- Furniture and
Fixture and Office Equipments
- Ships
- Plant and
Machinery
WEBSITE DETAILS:
Profile:
Subject is the Flagship Company of their
group. It is primarily engaged in contracting and has site offices all over
Their company is the pioneer contractor in
Subject is one of the select groups of contractors in
- Internal and
external epoxy lining/coating of urea prilling towers in fertiliser
plants, having a diameter of 24-28 metres and a height of over 100 metres.
- Turnkey
painting/coating for ONGC offshore platforms.
- Internal and
External speciality coatings of large penstocks carrying water to
hydro-electric power stations.
- Repairs and
gunniting of concrete marine jetty structures,
- Complete
Blasting and Painting works for integrated ship repair yards.
They are registered with various national and international
consultants and have completed a number of turnkey contracts through them. The
national consultants are Engineers India Limited, Udhe India Limited.,
Engineering Projects India Limited, Bridge and Roof Company (India)Limited,
Hindustan Dorr-Oliver Limited, DCM Consultants Ltd. and Tata Consulting
Engineers among others. The leading international consultants are Bechtel Corporation,
Stone and Webster, Brown and Root, Snam Progetti SPA., Technip, Toyo
Engineering Corporation, Humphreys and Glasgow and Chiyoda, among others.
They are Patron Members of The Steel
Structures Painting Council,
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 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. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
64 |
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.