MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PUNE PAUD TOLL ROAD COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Hincon House L B S Margvikroli (W), Mumbai – 400083, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.03.2005 |
|
|
|
|
Com. Reg. No.: |
11-152028 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.60.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH2005PLC152028 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP21150D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP5730A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Engineering and Construction |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behavior : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.
|
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 : |
Hincon House L B S Margvikroli (W), Mumbai – 400083, Maharashtra,
India |
|
Tel. No.: |
91-22-25751000 |
|
Fax No.: |
91-22-25775950 |
|
E-Mail : |
DIRECTORS
AS ON 07.06.2011
|
Name : |
Mr. Krishna Tendulkar |
|
Designation : |
Director |
|
Address : |
6 Annapurna Farms, Lake Bouvela Road, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra, India |
|
Date of Birth/Age : |
04.12.1954 |
|
Date of Appointment : |
17.03.2005 |
|
Din No.: |
00017995 |
|
|
|
|
Name : |
Mr. Praveen B Sood |
|
Designation : |
Director |
|
Address : |
Flat No. 2103, Glencroft Building, Hiranandani Gardens, Powai, Mumbai
– 400087, Maharashtra, India |
|
Date of Birth/Age : |
01.02.1958 |
|
Date of Appointment : |
24.08.2005 |
|
Din No.: |
00018013 |
|
|
|
|
Name : |
Mr. Rajgopal J Nogja |
|
Designation : |
Director |
|
Address : |
32 Deepti, Apartment Bunder Road, Near Siddhivinayak, Temple, Thane East
– 400603, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
21.04.2008 |
|
Din No.: |
01722795 |
KEY EXECUTIVES
|
Name : |
Mr. Devanand P Mojidra |
|
Designation : |
Secretary |
|
Address : |
A 504, Kamala Ashish, Building 3rd Near HDFC Bank, Mahavir, Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1973 |
|
Date of Appointment : |
20.04.2009 |
|
PAN No.: |
AHRPM7047F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ajit Gulabchand |
|
100 |
|
Shalaka Gulabchand Dhawan |
|
100 |
|
Krishna Tendulkar |
|
100 |
|
Vithal Kulkarni |
|
100 |
|
Hindustan Construction Company Limited, India |
|
5444500 |
|
Lavasa Corporation Limited, India |
|
605000 |
|
Nogja J Rajgopal |
|
100 |
|
|
|
|
|
Total |
|
6050000 |
AS ON 07.09.2011
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Engineering and Construction |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
K.S. Aiyer and Company Chartered Accountant |
|
Address : |
F-7, Laxmi Mills Shakti Mills, Off Dr. E. Moses Road, Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
|
|
|
|
Holding Company : |
·
Hindustan Construction Company Limited Cin No.: L45200MH1926PLC001228 |
|
|
|
|
Fellow Subsidiary : |
·
Western Securities Limited ·
Hincon Techno Consult Limited ·
HCC Singapore Enterprises Pte Limited ·
HCC Mauritius Enterprises Pte Limited ·
HCC Real Estate Limited ·
HCC Aviation Limited ·
Badarpur Faridabad Tollway Limited ·
HCC Infrastructure Limited ·
Nirmal BOT Limited ·
HCC Construction Limited ·
Panchkutir developers Limited ·
Highber Technologies Limited ·
Baharampore Farakka Highways Limited ·
Farakka Raiganj Highway Limited ·
Raiganj – Dalkhola Highway Limited |
|
|
|
|
Subsidiary of Fellow Subsidiary : |
·
Lavasa Corporation Limited ·
HRL Township Developers Limited ·
HRL (Thane) Real Estate Limited ·
Maan Township Developers Limited ·
Nashik Township Developers Limited ·
Charosa Wineries Limited ·
Lavasa Hotel Limited ·
Ecomotel Hotel Limited ·
Dasve Business Hotel Limited ·
Dasve Conventional Centre Limited ·
Lakeshore Watersports Company Limited ·
Lakeview Clubs Limited ·
Dasve Hospitality Institutes Limited ·
Sporties Laundry Services Limited ·
Lavasa Bamboocraft Limited ·
Green Hill Residencies Limited ·
Knowledge Vista Limited ·
Powai Real Estate Developers Limited ·
Full Spectrum Adventure Limited ·
HCC Realty Limited ·
Warasgaon Lake View Hotels Limited ·
Apollo Lavasa Health Corporation Limited ·
Reasonable Housing Limited ·
My City Technology Limited ·
Minfur Interior Technologies Limited ·
Verzon Hospitality Limited ·
Rhapsody Hospitality Limited ·
Sirrah Palace Hotels Limited ·
Andromeda Hotels Limited ·
Valley View Entertainment Limited ·
Whislling Thrush Facilities Services Limited ·
Warasgaon Power Supply Limited ·
Sahyadri City Management Limited ·
Warasgaon Tourism Limited ·
Dasve Retails Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6050000 |
Equity Shares |
Rs.10/- each |
Rs.60.500
Millions |
|
|
|
|
|
Note :
Of the above 5445000 Equity Shares of Rs. 10/-
each are held by the Holding Company viz Hindstan Construction Company Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
60.500 |
60.500 |
60.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(216.466) |
(111.929) |
(8.725) |
|
|
NETWORTH |
(155.966) |
(51.429) |
51.775 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
169.660 |
210.770 |
252.892 |
|
|
2] Unsecured Loans |
199.680 |
126.580 |
49.330 |
|
|
TOTAL BORROWING |
369.340 |
337.350 |
302.222 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
213.374 |
285.921 |
353.997 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
235.280 |
296.563 |
364.578 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
2.400
|
2.400 |
0.200 |
|
|
Cash & Bank Balances |
6.786
|
3.341 |
6.180 |
|
|
Other Current Assets |
0.120
|
0.096 |
0.115 |
|
|
Loans & Advances |
0.318
|
0.319 |
0.014 |
|
Total
Current Assets |
9.624
|
6.156 |
6.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
31.530
|
16.798 |
17.090 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
31.530
|
16.798 |
17.090 |
|
|
Net Current Assets |
(21.906)
|
(10.642) |
(10.581) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
213.374 |
285.921 |
353.997 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
23.197 |
20.109 |
5.259 |
|
|
|
TOTAL |
23.197 |
20.109 |
5.259 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating, Administration and General Expenses |
21.363 |
9.970 |
1.691 |
|
|
|
TOTAL (B) |
21.363 |
9.970 |
1.691 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.834 |
10.139 |
3.568 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.089 |
41.224 |
7.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(43.255) |
(31.085) |
(4.417) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.281 |
72.118 |
4.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(104.536) |
(103.203) |
(8.725) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
(104.536) |
(103.203) |
(8.725) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(111.929) |
(8.725) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(216.466) |
(111.929) |
(8.725) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(17.28) |
(17.06) |
(1.44) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(450.64)
|
(513.21) |
(165.90) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(450.64)
|
(513.21) |
(165.90) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(42.68)
|
(34.09) |
(2.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67)
|
(2.00) |
(0.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.57)
|
(6.88) |
6.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.30
|
0.36 |
0.38 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year, the Company reported toil
revenues of Rs.23.197 millions for
the year ended 31st March 2010. Due to lower than expected traffic
on the road and higher major maintenance cost, the Company has reported a loss of Rs.104.536
millions for the year ended 31st March, 2010.
In the absence of
any divisible profits the Board is unable to recommend any dividend for the
year.
FIXED ASSETS
·
Intangible Assets
·
Toll Plaza Equipments
·
Diesel generator
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. 45.37 |
|
|
1 |
Rs. 73.53 |
|
Euro |
1 |
Rs. 64.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.