MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE UTILITY ENGINEERS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
UTILITY ENERGYTECH AND ENGINEERS PRIVATE LIMITED (w.e.f.05.03.2007) PENGIUN INTERNATIONAL VENTURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Chatered House, 304, Maharshi Karve Marg, Marine Lines, Mumbai-400002,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation
: |
26.06.2006 |
|
|
|
|
Com. Reg. No.: |
11-162861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 20.080 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140MH2006PTC162861 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP22429B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCP9412D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged
in the Engineering, Procurement and Construction activities connected with
the construction of power plants and other allied activities connected with
the Transmission of electricity. It is also engaged in constructing roads for
National Highways Authority of India. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 : |
Chatered House, 304, Maharshi Karve Marg, Marine Lines, Mumbai-400002,
Maharashtra, India |
|
Tel. No.: |
91-22-30386290 |
|
Fax No.: |
91-22-30376633 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Bharat Jagannath Ambekar |
|
Designation : |
Director |
|
Address : |
Gorai Swapna Co-operative Society Limited, Flat No.A/2, 2nd
Floor, Plot No.12, Gorai, Borivali (West), Mumbai-400092, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1958 |
|
Date of Appointment : |
26.03.2009 |
|
DIN No : |
00004677 |
|
|
|
|
Name : |
Mr. Ashish Sudhakar Karyekar |
|
Designation : |
Director |
|
Address : |
704, BSES Quarters, Chembur Receiving Station, Near Deonar Depot,
Chembur, Mumbai-400088, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1972 |
|
Date of Appointment : |
26.06.2006 |
|
DIN No : |
00021508 |
KEY EXECUTIVES
|
Name : |
Ms. Shubha Sushil Dalmia |
|
Designation : |
Company Secretary |
|
Address : |
B/503, Nilgiri Apartments, Opposite N L High School, S. V. Road, Malad
(West), Mumbai-400064, Maharashtra, India |
|
Date of Birth/Age : |
08.11.1980 |
|
Date of Appointment : |
20.06.2007 |
|
Date of Ceasing : |
07.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ramesh Shenoy jointly with Reliance Commerce and Trade Private Limited |
1 |
|
Reliance Commerce and Trade Private Limited, India |
4999999 |
|
Reliance Trade Enterprises Private Limited, India |
5000000 |
|
|
|
|
Total
|
10000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
engaged in the Engineering, Procurement and Construction activities connected
with the construction of power plants and other allied activities connected
with the Transmission of electricity. It is also engaged in constructing
roads for National Highways Authority of India. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M S Sethi and Associates Chartered Accountant |
|
Address : |
191-R, Cavel Cross Lane No.9, 2nd Floor, Dr. Viegas Road,
Kalbadevi, Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100
Million |
|
9990000 |
Equity Shares |
Rs. 2/- each |
Rs. 19.980
millions |
|
|
Total |
|
Rs. 20.080 millions |
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 |
20.080 |
20.080 |
20.080 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
479.714 |
265.413 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(5.637) |
|
|
NETWORTH |
499.794 |
285.493 |
14.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
13372.986 |
14906.094 |
450.000 |
|
|
TOTAL BORROWING |
13372.986 |
14906.094 |
450.000 |
|
|
DEFERRED TAX LIABILITIES |
2.208 |
2.209 |
0.558 |
|
|
|
|
|
|
|
|
TOTAL |
13874.988 |
15193.796 |
465.001 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
256.974 |
291.948 |
55.514 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2383.754 |
974.135 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.661
|
65.646 |
54.241 |
|
|
Sundry Debtors |
3580.728
|
2442.937 |
548.521 |
|
|
Cash & Bank Balances |
540.729
|
379.814 |
21.830 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
56194.958
|
31413.020 |
2449.389 |
|
Total
Current Assets |
60344.076
|
34301.417 |
3073.981 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4660.944
|
2198.420 |
2298.822 |
|
|
Other Current Liabilities |
44253.697
|
18087.784 |
365.672 |
|
|
Provisions |
195.175
|
87.500 |
0.000 |
|
Total
Current Liabilities |
49109.816
|
20373.704 |
2664.494 |
|
|
Net Current Assets |
11234.260
|
13927.713 |
409.487 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13874.988 |
15193.796 |
465.001 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contracts Revenue |
13112.036 |
9335.083 |
2015.975 |
|
|
|
Other Income |
1058.704 |
457.503 |
6.960 |
|
|
|
TOTAL (A) |
14170.740 |
9792.586 |
2022.935 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
11024.005 |
8410.247 |
1877.903 |
|
|
|
Staff Welfare |
2.637 |
1.459 |
18.415 |
|
|
|
Insurance |
1.729 |
3.792 |
0.360 |
|
|
|
Rent, Rates and Taxes |
26.338 |
32.166 |
16.864 |
|
|
|
Electricity Charges |
22.518 |
3.601 |
14.253 |
|
|
|
Legal and Professional Charges |
298.380 |
183.645 |
42.135 |
|
|
|
Deputation of Manpower |
816.708 |
365.136 |
0.000 |
|
|
|
Repairs and Maintenance |
1.986 |
6.947 |
14.215 |
|
|
|
Travelling Expenses |
20.435 |
13.869 |
2.461 |
|
|
|
Donations |
0.876 |
3.110 |
6.391 |
|
|
|
Remuneration to Auditors |
0.450 |
0.335 |
0.112 |
|
|
|
Telephone Expenses |
1.434 |
2.327 |
0.895 |
|
|
|
Miscellaneous Expenses |
42.806 |
37.092 |
21.823 |
|
|
|
TOTAL (B) |
12260.302 |
9063.726 |
2015.827 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1910.438 |
728.860 |
7.108 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1540.818 |
343.404 |
5.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
369.620 |
385.456 |
1.570 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.435 |
27.464 |
6.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
324.185 |
357.992 |
(4.758) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
107.675 |
89.151 |
0.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
216.510 |
268.841 |
(5.316) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
263.204 |
(5.637) |
(0.321) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
479.714 |
263.204 |
(5.637) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
107.82 |
133.89 |
(0.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.53
|
2.74 |
(0.26) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
3.83 |
(0.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.53
|
1.03 |
(0.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
1.25 |
(0.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
125.02
|
123.58 |
215.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.68 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 7TH Floor, Raheja point I, Jawaharlal
Nehru Marg, Vakola Market, Santacruz (East), Mumbai-400055, Maharashtra, India
to the present address w.e.f. 06.09.2010
OPERATIONS:
The Company is
engaged in the Engineering, Procurement and Construction activities connected
with the construction of power plants and other allied activities connected
with the Transmission of electricity. It is also engaged in constructing roads
for National Highways Authority of India.
The Company
significantly expanded its operations during the year and earned an aggregate
income of Rs 14170.740 millions (previous year Rs 9792.586 millions). The
Company is currently executing several projects in the power sector and for
construction of roads.
FIXED ASSETS
·
Buildings
·
Plant and Machinery
·
Computers and Accessories
·
Office Equipments
·
Furniture and Fixtures
·
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. 44.37 |
|
|
1 |
Rs. 70.83 |
|
Euro |
1 |
Rs. 62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.