MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
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Name : |
MODERN ROAD MAKERS PRIVATE LIMITED |
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Registered Office : |
IRB Complex, Chadivali Farm, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.03.1994 |
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Com. Reg. No.: |
077075 |
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CIN No.: [Company
Identification No.] |
U45203MH1994PTC077075 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM10038A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development of various
infrastructure projects in the road sector through several Special Purpose
Vehicles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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 9863000 |
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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 subsidiary of IRB Infrastructure Developers Limited. It
is a well established company having fine track. Financial position of the
company is good. Trade relations are reported as fair. 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. Anil Yadav |
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Designation : |
Chief Financial officer |
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Contact No. : |
91-22-67336400 |
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Date : |
17.02.2011 |
LOCATIONS
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Registered Office : |
IRB Complex, Chadivali Farm, |
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Tel. No.: |
91-22-66404220 |
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Fax No.: |
91-22-66751024 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. (Approximately) |
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Location : |
Owned |
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Corporate Office : |
17 and 18, Nirmiti Eminence, Saint Gulavani Maharaj Path, Erndwane,
Pune – 411004, |
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Tel. No.: |
91-20-25457480 |
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Fax No. : |
91-20-25459582 |
DIRECTORS
As on 20.05.2010
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Name : |
Mr. Virendra Dattraya Mhaiskar |
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Designation : |
Managing Director |
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Address : |
IRB Complex, Chadivali Farm, |
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Date of Birth/Age : |
38 years |
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Qualification : |
Diploma in Civil Engineering |
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Date of Appointment : |
15.03.1994 |
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Directorship in other Companies : |
CIN No. U65910MH1998PTC115967
CIN No. U45200MH2003PTC138894
CIN No. U72200MH2005PTC155334
CIN No. U45200MH2002PTC135512 CIN No. U70101MH2004PTC019903 CIN No. U45200MH2003PTC140999 CIN No. U45200MH2003PTC138808 CIN No. U45200MH2004PTC144258 CIN No. U99999MH2006PTC158784 CIN No. U45202MH2000PTC130112 CIN No. U28920MH1997PTC112628 CIN No. U45200MH2002PTC136779 CIN No. 45203MH2005PTC155349 |
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Partnership Held in Partnership Firm : |
Dattakrupa Enterprises (Firm) Address : IRB Complex, Chadivali Farm, |
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Name : |
Mrs. Deepali Virendra Mhaiskar |
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Designation : |
Whole Time Director |
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Address : |
IRB Complex, Chadivali Farm, |
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Date of Birth/Age : |
36 years |
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Qualification : |
B.A. |
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Date of Appointment : |
15.03.1994 |
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Name : |
Mr. Chandrashekhar S Kaptan |
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Designation : |
Director |
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Address : |
Kaptan Wada, Zenda Chowk Mahal, |
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Qualification : |
B.A., L.L.B. |
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Date of Appointment : |
10.09.2007 |
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Name : |
Mr. Mukeshlal P Gupta |
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Designation : |
Technical Director |
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Address : |
B – 903, Runwal Heights, Opposite Shoppers Stop, LBS Marg, Mulund –
(West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/ Age: |
54 Years |
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Qualification: |
B.E. Civil |
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Experience: |
31 Years |
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Date of Appointment : |
20.03.2000 |
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Name : |
Mr. Ajay Deshmukh |
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Designation : |
Additional Director |
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Address : |
1302, Bloomingdale, Hiranandani Estate, Patilpada, Thane
(West)-400607, |
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Date of Birth/Age : |
17.05.1968 |
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Date of Appointment : |
21.09.2009 |
KEY EXECUTIVES
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Name : |
Mr. M. A Abraham |
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Designation : |
General Manager Project |
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Date of Birth/Age : |
64 Years |
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Qualification : |
B.E. Civil and M.B.A |
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Experience : |
39 Years |
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Date of Appointment : |
05.01.2008 |
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Previous Employment: |
Oriental Structural Engineers (Private) Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.05.2010
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Names of Shareholders |
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No. of Shares |
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IRB Infrastructure Developers Limited |
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3109499 |
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Mr. Virendra Dattraya Mhaiskar |
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1 |
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Total |
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3109500 |
As on 20.05.2010
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Sr.No. |
Category |
Percentage |
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1. |
Bodies Corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Development of various
infrastructure projects in the road sector through several Special Purpose
Vehicles. |
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Terms : |
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Selling : |
Cash and Credit
(30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit
(30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Financial Institute: |
SREI Infrastructure Finance Limited, Vishwakarma, 86C, |
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Auditors : |
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Name : |
A J Kotwal and Company Chartered Accountant |
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Address : |
14, Ambalal Doshi Marg, |
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Tel. No.: |
91-22-30209614/ 24380537 |
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Holding Company : |
CIN No.: L65910MH1998PLC115967 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 20.05.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3110000 |
Equity Shares |
Rs. 100/- each |
Rs.311.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3109500 |
Equity Shares |
Rs. 100/- each |
Rs.310.950 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 |
310.950 |
310.950 |
310.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2154.759 |
1419.362 |
1069.136 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2465.709 |
1730.312 |
1380.086 |
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LOAN FUNDS |
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1] Secured Loans |
553.424 |
1106.953 |
215.211 |
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2] Unsecured Loans |
897.028 |
1984.656 |
998.220 |
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TOTAL BORROWING |
1450.452 |
3091.609 |
1213.431 |
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DEFERRED TAX LIABILITIES |
219.713 |
143.413 |
0.000 |
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TOTAL |
4135.874 |
4965.334 |
2593.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2756.671 |
2917.644 |
763.342 |
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Capital work-in-progress |
14.035 |
232.922 |
0.000 |
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INVESTMENT |
339.267 |
0.340 |
0.296 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.278 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
394.904 |
698.060 |
318.199 |
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Sundry Debtors |
2120.215 |
1158.259 |
86.585 |
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Cash & Bank Balances |
411.128 |
178.794 |
293.276 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
4478.630 |
3534.044 |
2431.310 |
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Total
Current Assets |
7404.877 |
5569.157 |
3129.372 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
654.296 |
427.236 |
264.374 |
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Other Current Liabilities |
5695.044 |
3303.815 |
979.255 |
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Provisions |
29.636 |
23.678 |
58.141 |
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Total
Current Liabilities |
6378.976 |
3754.729 |
1301.770 |
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Net Current Assets |
1025.901 |
1814.428 |
1827.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4135.874 |
4965.334 |
2593.517 |
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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 (A) |
10208.922 |
5802.900 |
3884.088 |
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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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TOTAL (B) |
9110.262 |
5254.202 |
3093.771 |
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PROFIT BEFORE
TAX (A-B) (C) |
1098.660 |
548.698 |
790.317 |
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Less |
TAX (D) |
363.263 |
192.324 |
275.548 |
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PROFIT AFTER TAX
(C-D) (E) |
735.397 |
356.374 |
514.770 |
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Earnings Per
Share (Rs.) |
236.50 |
112.50 |
165.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.20 |
6.14 |
13.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.81 |
6.47 |
20.30 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.32 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.17 |
3.96 |
1.82 |
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Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.48 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
654.296 |
427.236 |
264.374 |
|
Total |
654.296 |
427.236 |
264.374 |
Note:
The Registered Address of the Company has been
changed from M/12 Yashovardhan, Off.
Operations :
The
Company along with its Holding Company IRB Infrastructure Limited co-promoted
following 4 Special Purpose Vehicles (SPVs) during the year.
1. IRB
Pathankot Amritsa. Toll Road Private Limited (Pathankot Arnritsar BOT Project)
2. IRB
Talegaon Arnravati Tollway Private Limited, (Talegaon Amravati BOT Project)
3. IRB
Jaipur Deoli Tollway Private Limited (Jaipur Deoli Tollway Project)
4. IRB
Goa Tollway Private Limited (Panaji Goa BOT Project).
The said
SPVs are the subsidiary companies of the Holding Company.
Further,
10 wind mills of 1.25MW each installed by the Company near Jesalmer, Rajasthan
have operated through the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45203MH1994PTC077075 |
|
Name of the
company |
MODERN ROAD MAKERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
IRB Complex, Chadivali Farm, |
|
This form is for |
Creation of
Charge |
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Type of charge |
Movable Property (not being pledge) |
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Particular of
charge holder |
SREI Infrastructure Finance Limited, Vishwakarma, 86C, |
|
Nature of
instrument creating charge |
Deed of
Hypothecation (LAR 195) |
|
Date of
instrument Creating the charge |
08.01.2010 |
|
Amount secured by
the charge |
Rs. 1.333
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 8.32 percent per
annum Terms of
Repayment Amount repayable
in 35 nos. installment of Rs. 0.043 Million each per month. Margin Rs. 0.148 Million Extent and
Operation of the charge As per attached
deed of hypothecation |
|
Short particulars
of the property charged |
1 No. Ashok
Leyland Comet 1611 (Within 1 No. Hot Bitumen
Pressure Distributor (Within |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10123451 |
|
Corporate
identity number of the company |
U45203MH1994PTC077075 |
|
Name of the
company |
MODERN ROAD MAKERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
IRB Complex, Chadivali Farm, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard Chartered Bank 90, M |
|
Nature of
description of the instrument creating or modifying the charge |
Letter dated :
07.03.2009 |
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Date of
instrument Creating the charge |
07.03.2009 |
|
Amount secured by
the charge |
Rs. 1505.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest /
Commission – As agreed by and with the Bank time to time. Terms of
Repayment As agreed by and
with the Bank time to time. Margin As applicable, if
any Extent and
Operation of the charge The Bank is
having exclusive and first charge on the security offered by the Company. Others |
|
Short particulars
of the property charged |
Secured by way of
an exclusive and first charge by way of hypothecation of the equipment
including its body, engine, accessories, spare parts, tools, substituted,
additions, replacements, conversions, in relations to the same whether lying
loose or fixed to the equipments and wherever the same may be stored or
situated at or lying and irrespective of whether the same is the course of
transit or otherwise. |
|
Name of the company |
MODERN ROAD MAKERS PRIVATE LIMITED |
|
Presented By |
S V Joshi |
|
1) Date and description of instrument creating the change |
Deed of Hypothecation dated 08.12.2005 Agreement no LOP626 dated
08.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 4.271 Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
2 Nos BEML BE 100 Hydraulic Excavator |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First Charge Amount repayment in 35 Nos. Installments of Rs. 0.134 Million each pm
interest charged as per the rate of bank as agreed. |
|
5) Name and Address and description of the person entitled to the
charge. |
SREI Infrastructure Finance Limited, Vishwakarma, 86C, |
Fixed Assets :
- Land
- Building
- Plant And Machinery
- Furniture and Fixtures
- Office Equipments
- Computer Systems
- Laboratory Equipments
- Vehicles
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
54 |
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.