MIRA
INFORM REPORT
|
Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANDHE INFRACONS PRIVATE LIMITED |
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Formerly Known
As : |
A.V. PANDHE, A PARTNERSHIP FIRM |
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Registered
Office : |
802, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.12.2008 |
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Com. Reg. No.: |
11-189029 |
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CIN No.: [Company Identification
No.] |
U45202MH2008PTC189029 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP26239D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAECP9086A |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Construction, Real Estate and
Infrastructure. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1463000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of A.V. Pandhe, a partnership firm started in
the year 1982. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small to mediocre 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 : |
802, |
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E-Mail : |
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|
Head Office : |
157, Railway Lines, Near Kaljapur Maruthi Mandir, Solapur – 413 001, |
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Tel. No.: |
91-217-2310442/ 2743400 |
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Fax No.: |
91-217-2311458 |
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|
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Corporate Office : |
234, ‘PRANEET’ Co-Operative Housing Society, Jaywant Palkar Marg,
Worli, Mumbai – 400 030, |
|
Tel. No.: |
91-22-61483200 |
|
Fax No.: |
91-22-61483201 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Anil Vasantrao Pandhe |
|
Designation : |
Director |
|
Address : |
157, Susheela Apartmens, Railway Lines, Solapur – 413 001, |
|
Date of Birth/Age : |
18.10.1951 |
|
Date of Appointment : |
18.12.2008 |
|
DIN No.: |
01666337 |
|
|
|
|
Name : |
Mr. Ankur Anil Pandhe |
|
Designation : |
Director |
|
Address : |
157, Kaljapur Maruti Mandir, Railway Lines, Solapur – 413 001, |
|
Date of Birth/Age : |
21.12.1981 |
|
Date of Appointment : |
18.12.2008 |
|
DIN No.: |
02362490 |
|
|
|
|
Name : |
Mrs. Rohini Anil Pandhe |
|
Designation : |
Director |
|
Address : |
157, Susheela Apartmens, Railway Lines, Solapur – 413 001, |
|
Date of Birth/Age : |
10.12.1953 |
|
Date of Appointment : |
18.12.2008 |
|
DIN No.: |
01666334 |
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|
|
|
Name : |
Mrs. Pooja Ankur Pandhe |
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Designation : |
Director |
|
Address : |
157, Kaljapur Maruti Mandir, Railway Lines, Solapur – 413 001, |
|
Date of Birth/Age : |
14.05.1981 |
|
Date of Appointment : |
20.02.2009 |
|
DIN No.: |
02555681 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil Vasantrao Pandhe |
|
11000000 |
|
Sumanbai Vasantrao Pandhe |
|
1300000 |
|
Ankur Anil Pandhe |
|
10960000 |
|
Pooja Ankur Pandhe |
|
850000 |
|
Amruta Anil Pandhe |
|
340000 |
|
Rohini Anil Pandhe |
|
340000 |
|
Vinayak Balwantrao Jadhav |
|
1210000 |
|
Total
|
|
26000000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Construction, Real Estate and
Infrastructure. |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
G.M. Pawle Chartered Accountant |
|
Address : |
327, Sakhar Peth, Near Nagri Bank, Solapur – 413 005, |
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Tel. No.: |
91-217-2741800 |
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Mobile No.: |
91-9422459687 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26000000 |
Equity Shares |
Rs.10/- each |
Rs.260.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
260.000 |
100.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
105.777 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
365.777 |
100.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
981.973 |
611.509 |
|
|
2] Unsecured Loans |
|
83.299 |
171.091 |
|
|
TOTAL BORROWING |
|
1065.272 |
782.600 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1431.049 |
882.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
170.120 |
96.314 |
|
|
Capital work-in-progress |
|
22.675 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5.294 |
4.069 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
481.776 |
524.153 |
|
|
Sundry Debtors |
|
1397.637 |
594.792 |
|
|
Cash & Bank Balances |
|
130.210 |
96.752 |
|
|
Other Current Assets |
|
265.349 |
238.976 |
|
|
Loans & Advances |
|
310.007 |
139.267 |
|
Total
Current Assets |
|
2584.979 |
1593.940 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
760.598 |
771.697 |
|
|
Other Current Liabilities |
|
523.155 |
32.911 |
|
|
Provisions |
|
70.396 |
7.924 |
|
Total
Current Liabilities |
|
1354.149 |
812.532 |
|
|
Net Current Assets |
|
1230.830 |
781.408 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
2.130 |
0.809 |
|
|
|
|
|
|
|
|
TOTAL |
|
1431.049 |
882.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Contract Receipts |
|
|
2241.164 |
|
|
|
|
|
|
88.701 |
|
|
|
Other Income |
|
|
18.599 |
|
|
|
TOTAL (A) |
|
|
2348.464 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
970.777 |
|
|
|
Administration and Other Expenses |
|
|
195.182 |
|
|
|
Direct Expenses on Works |
|
|
863.179 |
|
|
|
TOTAL
(B) |
|
|
2029.138 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
319.326 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST ON
LOANS (D) |
|
|
136.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
182.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
8.572 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
174.102 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
59.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
114.902 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
|
7.800 |
|
|
|
Dividend Distribution Tax |
|
|
1.326 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
105.776 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
4.42 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
4.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.47 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.32 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.48 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.61 |
15.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.91 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Note:
A.V. Pandhe was a Partnership Firm established in the year 1982. In
December 2008, it has been taken over by Pandhe Infracons Private Limited.
OPERATING RESULTS:
The company has come into existence upon conversion
of partnership firm of A.V. Pandhe into Company. The directors duly confirm
that all the assets and liabilities of the erstwhile partnership firm of A.V.
Pandhe have been taken over by the company at its book value. For the year the
company has achieved a turnover of Rs.2289.900 millions and profit before tax
of Rs.174.100 millions. After making the provisions for tax to the extent of
Rs.59.200 millions the post tax profit is reported at Rs.114.900 millions. The
company has contracts worth Rs.5000.000 millions on hand and is trying its
level best to secure more prestigious jobs.
FORM 8:
|
Corporate
identity number of the company |
U45202MH2008PTC189029 |
|
Name of the
company |
PANDHE INFRACONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
802, E-Mail: apandhe@hotmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge Others (Current Assets) |
|
Particular of
charge holder |
Barclays Bank Plc, 601/603, Ceejay House, Shivsagar
Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India E-Mail: Banerjee.Kanakendu@barclays.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
08/12/2010 |
|
Amount secured by
the charge |
Rs.200.000 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 from time to
time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: Hypothecation by way of first ranking
pari passu charge on the current assets of the company as particularly
described for the repayment of Rs.200.000 millions and all other amounts due
and payable by the Company to the
Bank. Others: The hypothecated assets shall be the continuing security for payment
of the facility together with all interest and all other monies due to the
Bank and any future loans provided by the Bank. |
|
Short particulars
of the property charged |
First ranking pari passu charge on all the stocks of raw materials,
semi finished and finished goods, o/s receivables, investments, deposits,
book debts, monies receivable, claims, bills and consumable stores and other
movables, whether installed or not and whether lying loose or in cases or
which are now lying or stored in or about or shall hereafter from time to
time during the continuance of these present be brought into or be stored in
the borrowers factories, premises and godown and / or wherever else the same
may be and / or be held by any party to the order and / or disposition of the
borrower and / or in course of transit and / or on high seas and / or
otherwise and / or on order or delivery, whersoever in the possession of the
borrower and either by way of substitution or addition. |
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Motor 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 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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.