MIRA
INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLN CONSTRUCTION LIMITED |
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Registered
Office : |
17-18, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.07.1997 |
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Com. Reg. No.: |
55-088400 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 millions |
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CIN No.: [Company Identification
No.] |
U74899DL1997PLC088400 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP08783F |
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PAN No.: [Permanent Account No.] |
AABFP1449B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Construction and Project Related Activity |
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 680000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of Punj Lioyd limited. It is an established company having satisfactory track. 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
17-18, |
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E-Mail : |
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Corporate Office : |
Sector 32, Institutional Area, Gurgaon – 122001, |
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Tel. No.: |
91-124-2620769/ 26200123 |
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Fax No.: |
91-124-2620777 |
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E-Mail : |
DIRECTORS
AS ON 27.07.2010
|
Name : |
Mr. Raju Kaul |
|
Designation : |
Director |
|
Address : |
D-40, Pamposh Enclave, New Delhi-110048, Delhi, India |
|
Date of Birth/Age : |
02.04.1960 |
|
DIN No : |
03051592 |
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|
|
|
Name : |
Mr. Atul Kumar Jain |
|
Designation : |
Director |
|
Address : |
86, SFS Phase IV, Ashok Vihar, |
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Date of Birth/Age : |
02.03.1961 |
|
Date of Appointment : |
06.06.2005 |
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DIN No : |
02208079 |
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|
|
|
Name : |
Mr. Pawan Kumar Gupta |
|
Designation : |
Director |
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Address : |
128, Laburnum Sushant Lok Phase-1, Sector-28, Gurgaon-122001, Haryana,
India |
|
Date of Birth/Age : |
24.08.1952 |
|
Date of Appointment : |
16.12.2009 |
|
DIN No : |
01520949 |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Gupta |
|
Designation : |
Secretary |
|
Address : |
E-634, Ganesh Nagar, New Delhi-110092, Delhi, India |
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Date of Birth/Age : |
17.03.1979 |
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Date of Appointment : |
15.02.2008 |
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PAN No : |
AKGPG5193C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.07.2010
|
Names of Shareholders |
No. of Shares |
|
Punj Lloyd Limited, India |
1999994 |
|
Punj Lloyd Limited JTLY Atul Punj |
1 |
|
Punj Lloyd Limited JTLY L Chhabra |
1 |
|
Punj Lloyd Limited JTLY Dinesh Thairani |
1 |
|
Punj Lloyd Limited JTLY Raju Kaul |
1 |
|
Punj Lloyd Limited JTLY Rajesh Nair |
1 |
|
Punj Lloyd Limited JTLY Rajiv Dudeja |
1 |
|
Total
|
2000000 |
AS ON 27.07.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction and Project Related Activity |
GENERAL INFORMATION
|
Bankers : |
·
Canara Bank, Corporate Services Branch, Ground
Floor, Ansal Tower, 38 Nehru Place, New Delhi – 110019, India ·
Canara Bank, Prime Corporate Branch-1, D D A
Building, Near Paras Cinema, Nehru place, New Delhi-110019, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Srivastava Kumar and Company Chartered Accountant |
|
Address : |
2/A, Nangali Rajapur, Near Sarai Kale Kahn, |
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|
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Holding Company : |
Punj Lloyd Limited CIN No.: L74899DL1988PLC033314 |
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Fellow Subsidiaries : |
Spectra Punj Lloyd Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000
Millions |
|
|
|
|
|
Note: (out of above 1999994 Equity shares (previous year
1989984) are held by Holding Company Punj Lloyd Limited and 8 shares are held
by Punj Lloyd Limited Jointly with other shareholders)
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
150.114 |
131.797 |
113.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
170.114 |
151.797 |
133.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.082 |
37.506 |
73.981 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
13.082 |
37.506 |
73.981 |
|
|
DEFERRED TAX LIABILITIES |
6.161 |
5.001 |
5.584 |
|
|
|
|
|
|
|
|
TOTAL |
189.357 |
194.304 |
213.465 |
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|
|
|
|
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|
|
APPLICATION OF FUNDS |
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|
|
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|
|
|
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|
FIXED ASSETS [Net Block] |
275.152 |
181.750 |
146.845 |
|
|
Capital work-in-progress |
0.000 |
35.235 |
0.000 |
|
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
81.035
|
34.451 |
133.579
|
|
|
Cash & Bank Balances |
40.851
|
23.489 |
82.455
|
|
|
Other Current Assets |
0.000
|
38.959 |
16.715
|
|
|
Loans & Advances |
38.667
|
30.239 |
29.523
|
|
Total
Current Assets |
160.553
|
127.138 |
262.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
235.749
|
140.238 |
175.284 |
|
|
Other Current Liabilities |
12.599
|
9.581 |
20.368
|
|
|
Provisions |
0.000
|
0.000 |
0.000
|
|
Total
Current Liabilities |
246.348
|
149.819 |
195.652 |
|
|
Net Current Assets |
(85.795)
|
(22.681) |
66.620
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
189.357 |
194.304 |
213.465 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
318.424 |
194.559 |
479.690 |
|
|
|
Other Income |
2.137 |
3.580 |
2.683 |
|
|
|
TOTAL (A) |
318.561 |
198.139 |
482.373 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Expenses |
188.420 |
180.376 |
362.565 |
|
. |
|
Increase (Decrease) Job in Progress |
38.959 |
(53.605) |
(0.579) |
|
|
|
Administrative Expenses |
16.529 |
12.697 |
19.603 |
|
|
|
TOTAL (B) |
243.908 |
139.468 |
381.589 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74.653 |
58.671 |
100.784 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.630 |
8.113 |
12.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65.023 |
50.558 |
88.512 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.708 |
25.935 |
25.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
25.315 |
24.623 |
62.816 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
7.000 |
6.726 |
20.745 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
18.315 |
17.897 |
42.071 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
129.587 |
111.690 |
69.619 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
147.902 |
129.587 |
11.690 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
48.812 |
15.500 |
46.667 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.16 |
8.95 |
21.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.75
|
9.03 |
8.72
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.95
|
12.66 |
13.10
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.81
|
7.97 |
15.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.16 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.27 |
2.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.85 |
1.34
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U74899DL1997PLC088400 |
|
Name of the
company |
PLN
CONSTRUCTION LIMITED |
|
Address of the
registered office or of the principal place of business in |
17-18, Nehru Place, New Delhi – 110019, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge Others |
|
Particular of
charge holder |
Canara Bank, Prime Corporate Branch-1, D D A Building, Near Paras
Cinema, Nehru place, New Delhi-110019, Delhi, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement And Supplemental Collateral Security Agreement |
|
Date of
instrument Creating the charge |
02.02.2011 |
|
Amount secured by
the charge |
Rs. 220.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of
repayment Payable on demand Extent and
operation of the charge To
secure credit facilities up to Rs. 220.000 millions sanctioned to the company
together with interest and all other costs as
applicable from time to tile. Other The above to secure fund based limit OCC/ODBD limit of Rs.
20.000 millions and Non-fund Based limit of Rs. 200.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Prime:
First pari-passu charge over all present and future stocks and Book-Debts of
the company Collateral:
First pari-passu charge over all Plant & Machinery of the company having
w.d.v of Rs. 183.900 millions as per ABS 31.3.2010, excluding the machinery
exclusively hypothecated to the HDFC bank. |
|
Charge
identification number of the charge to be modified |
80030005 |
|
Particulars of
the present modification |
Extent
of operation of First pari-passu charge over all present and future STOCKS,
BOOK-DEBTS, AND PLANT and MACHINERY stands enhanced from Rs. 170.000 millions
to Rs. 220.000 millions, to secure various fund based limit of Rs. 20.000
millions and Non-Fund Based limits of Rs. 200.000 millions sanctioned to the
company. Other T and C remain unchanged. |
FIXED ASSETS
-
Computers
-
Plant and Machinery
-
Office Equipments
-
Vehicle
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. 44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.