MIRA INFORM REPORT

 

 

Report Date :

02.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SHAPOORJI PALLONJI AND COMPANY LIMITED

 

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai-400023, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.01.1943

 

 

Com. Reg. No.:

11-3812

 

 

CIN No.:

[Company Identification No.]

U45200MH1943PLC003812

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS39398C / MUMS39389A

 

 

PAN No.:

[Permanent Account No.]

AAACS6994C / AAACS9383H

 

 

Legal Form :

A Closely Held Public Limited Liability Company.    

 

 

Line of Business :

Civil Construction Activity.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (79)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 30000000s

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Roshan

Designation :

Financial Controller

Contact No.:

91-22-67490000

Date :

30.04.2011

 

 

LOCATIONS

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai-400023, Maharashtra, India

Tel. No.:

91-22-22871040

Fax No.:

91-22-66338176

E-Mail :

kunal.antani@shapoorji.com

Website :

http://www.shapoorji.in

 

 

Administrative  Office :

Shapoorji Pallonji Centre, 41/44, MINOO Desai Marg, Colaba, Mumbai - 400 005, Maharashtra, India

Tel. No.:

91-22-22871040/41/22870197

Fax No.:

91-22-66338176

E-Mail :

rahul@bom2.vsnl.net.in

kunal.antani@shapoorji.com

roshen@shapoorji.com

 

 

Corporate office :

36, 2nd Floor, 1st Main Road, CIT Nagar, Above SBI Bank, Chennai, Tamilnadu, India

Tel. No.:

91-44-24341555

 

 

Kolkata - EPC Office :

Mira Tower, 2nd Floor, D.N. 27, Sector V, Salt Lake, Kolkata-700091 West Bengal India

Tel No.:

91-33 - 2367 5245 / 46 / 47

Email :

atanu.ranjan@shapoorji.com (Mr. Atanu Ranjan)

 

 

Regional Office :

Contractor Bldg, Basement, Ramjeebhai Kamani Marg, Ballard Estate,Mumbai-400038 Maharashtra India

Tel No.:

91-22-6623 3600

Fax No.:

91--22-6623 3563

Email :

paras.vishwakarma@shapoorji.com  (Mr.Vishvakarma)

 

 

Human Resources Department :

Gresham House 4th Floor Sir PM Road Fort Mumbai-400001
Mr. Varghese Mathew

Tel. No.:

91-22-67490000

Fax No.:

91-22-22662997

Email :

hrd@shapoorji.com

 

 

Showroom :

54, Abdul Rehman Street, Mumbai – 400003, Maharashtra

Tel. No.:

91-22-23421770

Fax No.:

91-22-23421517

 

 

Overseas Office:

Dubai
C/O Shapoorji Pallonji MiddleEast LLc P.O Box 118219, Block C (MC1) Al Naboodah Building, Hor-Al-Anz, Dubai. UAE

Mr. M D Saini

Tel. No.: 0097-14-2690334

Fax No.: 0097-14-2690335

Email : mohandass.saini@shapoorji.com

 

Abu Dhabi

Shapoorji Pallonji Mideast LLC P. Box 38/49, Bin Moosa Tower, Office # 304, Hamdan Street, Abu Dhabi, UAE

Mr. A. Vivek Anandarajah

Tel. No.: 0097-12-6275774

Email : vivek.anandarajah@shapoorji.com

 

Ghana
Seat of Government and Presidency - Ghana Private mail Bag: CT 463 Old Flag Staff House, Osu, Accra Republic of Ghana.
Mr. S K Singh
Tel. No.: 00233-21-782101
Email : sksingh@shapoorji.com

 

 

Branches :

·         Nasik   

·         Pune    

·         Hyderabad

·         Kolkata

·         Bangalore         

·         Chennai                       

·         Delhi    

·         Ahmadabad
           

 

 

DIRECTORS

 

As on : 30.09.2010

 

Name :

Mr. Pallonji Shapoorji Mistry

Designation :

Director

Address :

Sterling Bay, 103, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.06.1929

Date of Appointment :

07.04.1956

Other Directorship :

Ř       Afcons Infrastructure Limited

[CIN No.: U45200MH1976PLC019335]

 

Ř       Shapoorji Pallonji and Company Limited

[CIN No.: U45200MH1943PTC003812]

 

Ř       Pallonji Shapoorji and Company Private Limited

[CIN No.: U45200MH1951PTC008529]

 

Ř       Cyrus Investments Limited

[CIN No. : U65920MH1923PLC001053]

 

Ř       Shapoorji Pallonji Finance Limited

[CIN No.: L65920MH1994PLC077480]

 

Ř       Shapoorji Pallonji Infrastructure Capital Company Limited

[CIN No.: U65990MH1997PLC108596]  

 

Ř       Shapoorji Pallonji Power Company Limited

[CIN No.: U31100MH1995PLC084278]

 

Ř       Forbes Gokak Limited

[CIN No.: L17110MH1919PLC000628]

 

Ř       United Motors (India) Limited

[CIN No.: U28100MH1920PLC000807]

 

Ř       Forvol International Services Limited

[CIN No.: U55100MH1977PLC019660]

 

Ř       Gokak Textiles Limited

[CIN No. U17116KA2006PLC038839]

 

 

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Managing Director

Address :

Sterling Bay, 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

06.09.1964

Date of Appointment :

22.04.1987

 

 

Name :

Mr. Cyrus Pallonji Mistry

Designation :

Managing Director

Address :

Sterling Bay, 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.07.1968

Date of Appointment :

27.03.1991

 

 

Name :

Mr. Patsy Pallonji Mistry

Designation :

Director

Address :

Sterling Bay, 103 Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

19.09.1939

Date of Appointment :

31.03.2007

Other Directorship :

Shapoorji Pallonji [Gwalior] Private Limited

CIN No.: U51900MH1944PTC020365

 

 

Name :

Mr. Khushroo Burjor Captain

Designation :

Director

Address :

D/4, Palm Springs, 157, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

24.04.1930

Date of Appointment :

18.07.1984

 

 

Name :

Mr. Firoze Kavshah Bhathena

Designation :

Director

Address :

C/203, Shapoorji Pallonji Mistry Building, Dr. D.K. Shirodkar Road, Parel, Mumbai – 400 012, Maharashtra, India

Date of Birth/Age :

18.07.1948

Date of Appointment :

18.07.1984

 

 

Name :

Mrs. Jimmy Jehangir Parakh

Designation :

Director

Address :

502, Sterling Tower, Harishchandra Goregaonkar Marg, Gamdevi, Mumbai - 400 007, Maharashtra

Date of Birth/Age :

01.10.1949

Date of Appointment :

22.04.1987

 

 

KEY EXECUTIVES

 

Name :

Mr. Roshen Minocher Nentin

Designation :

Secretary

Address :

King’s Building, Dr. Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India 

Date of Birth/Age :

12.12.1952

Date of Appointment :

20.10.1978

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2010

 

Names of Shareholders (Equity Shares)

 

No. of Shares

 

Shapoor Pallonji Mistry

 

1081100

Cyrus Pallonji Mistry

 

1081100

Shapoorji Pallonji and Company (Rajkot) Private Limited, Mumbai

 

346000

Shapoorji and Company [Rajkot] Private Limited, Mumbai

 

346000

SC Finance and Investments Private Limited, Mumbai

 

50080900

SP Finance Private Limited, Mumbai

 

50080900

Blue Arrow Finance Private Limited, Mumbai 

 

4000

 

 

 

Total

 

103020000

 

As on : 30.09.2010

 

Names of Shareholders (Preference Shares)

 

No. of Shares

 

Shapoor Pallonji Mistry

 

50000000

Cyrus Pallonji Mistry

 

50000000

 

 

 

Total

 

100000000

 

AS ON 30.09.2010

 

Category

Percentage

 

 

Bodies corporate

97.90

Directors or relatives of directors

2.10

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Civil Construction Activity.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

7000 (Approximately)

 

 

Bankers :

Ř         Bank of Bahrain and Kuwait B.S.C., Jolly Maker Chambers II, Nariman Point, Mumbai-400021, Maharashtra, India 

Ř         Standard Chartered Bank Limited

Ř         IDBI Bank Limited

Ř         Union Bank of India

Ř         Bank Milk - Afghanistan, Kabul

Ř         Da Afghanistan Bank, Kabul

Ř         State Bank of Manrithu, Mauritius

Ř         State Bank of Mauritius (Joint Venture), Mauritius

Ř         Standard Chartered Grindlays Bank, M. G. Road, Fort, Mumbai-400 001, Maharashtra, India 

Ř         ICICI Limited, C 15, Bandra-Kurla Complex, Bandra [East], Mumbai-51, Maharashtra, India

Ř         Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra

Ř         Bharat Overseas Bank Limited, Bharat Chamber, 22/26 K Dubash Marg, Rampart Row, Kalaghoda Fort, Mumbai-400023

Ř         Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

Ř         The Zoroastrian Co-operative Bank Limited, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai-400001, Maharashtra, India 

 

 

Facilities :

Secured Loans :

 

As on 31.03.2010

Rs. in Millions

As on 31.03.2009

Rs. in Millions

From Bank

 

 

Overdraft / Working Capital demand Loan

(Secured by English Mortgage on Flats under construction owned by the company, hypothecation of nook debts of project at Bangladesh and by hypothecation of the company’s stock and book debts)

684.270

0.000

Term Loan

(Secured by hypothecation of specific assets)

(Amount due within a year Rs.390.932 millions)

358.449

605.929

From Others

(Secured by pledge of shares and Wilson Limited, a subsidiary and the leasehold rights of the company in the immovable property owned by sterling investment corporation private limited a subsidiary.

1500.000

4200.000

Total

2542.719

4805.929

 

 

 

Unsecured Loans :

 

As on 31.03.2010

Rs. In Millions

As on 31.03.2009

Rs. In Millions

From Bank

6436.007

3297.621

From others

1793.447

1849.000

Including Rs. 646.417 : Previous Year Rs. 349.000 from Directors and loan of Rs. 300.000 : previous year Rs. Nil Covered by an understanding of non – disposal of certain investments by managing directors)

 

 

Commercial Papers

1954.200

0.000

Others Loans

 

 

From Banks

3.500

1200.000

 

 

 

Total

13683.655

6346.621

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

12, Dr. Annie Beseant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India

Tel. No.:

91-22-66679000

Fax No.:

91-22-66679100

 

 

Subsidiaries :

·         Abhipreet Trading Private Limited

·         Afcons (Overseas) Constructions Investments Private Limited

·         Afcons Construction Mideast LLC

·         Afcons Gulf International Projects Services FZE

·         Afcons Gunnnusn Joint Venture (from I6 September 2000) (also  jointly controlled entity)

·         Afcons Infrastructure International Limited

·         Afcons Infrastructure Limited

·         Afctrns Madagescar Overseas SARL

·         Afcons Offshore and Marine Services Private Limited

·         Alaya Properties Private Limited

·         Manjri Horse Breeders' Fam) Private Limited

·         Mazson Builders and Developers Private Limited

(CIN : U70100MH1996PTC098263)

·         Meriland Estates Private Limited

·         Mileage Properties Private Limited

·         Miracletouch Developers Private Limited

·         Mydream Propertics Private Limited

·         Neil Properties Private Limited

·         Next Gen Publishing Ltd (from 26 May 2009)

·         Palchin Real Estates Private Limited

·         Phenomenon Developers Private Limited

·         Aquadiagnostics Water Research and Technology

·         Precaution Properties Private Limited

·         Centre Limited

·         Aquamall Water Solutions Limited

·         Archaic Properties Private Limited

(CIN No. : U70100MH2006PTC161140)

·         PSC Engineers Private Limited . (from 23 April 2009)

·         Radiant Energy Systems Private Limited  (from 18 June 2009)

·         Range Consultation Private Limited

·         Relationship Properties Private Limited

·         Bengal Shapoorji Business Parks Private Limited

·         Bengal Shapoorji infrastructure Development Private Limited

·         Blue Riband Properties Private Limited

·         Cama Properties Private Limited

·         Chinsha Property Private Limited

(CIN : U70200MH1995PTV085932)

·         Corporate Apparel USA, Inc.

·         Cyrus Engineers Private Limited

·         Delna Finance and investments Private Limited (CIN : U65990MH1991PTC063703)

·         Renaissance Commerce Private Limited

·         S. C. lmpex Private Limited

·         Shachin Real Estates Private Limited

(CIN No.: U70200MH1995PTC084876)

·         Shapoorji and Co (Partnership firm)

·         Shapoorji and Co Private Limited

(CIN No.: U51101MH1943PTC003837)

·         Shapoorji Data Processing Private Limited

·         Shapoorji Drilling Enterprise Private Limited

·         Shapoorji Hotels Private Limited

·         Shapooji Pallonji investment  Advisors Private Limited (Formerly Euphoria Properties Private Limited)

·         Shapoorji Pallonji Ports Private Limited

·         Delphi Properties Private Limited

·         Devine Realty and Construction Private Limited

·         Doris Properties Private Limited

·         Drashti Developers Private Limited

·         E 4 Development and Coaching Limited

·         East View Estates Private Limited

(CIN No.: U70100MH2005PTC157587)

·         Empower Builders Private Limited

·         Eureka Forbes Limited

·         Euro Forbes International Pte. Limited

·         Fayland Estates Private Limited

·         First Future Air Services Private Limited  (upto19 January 2010)

·         Firstrock Infrastructures Private Limited

·         Shapoorji Pallonji Power Co Limited

·         Shapoorji Pallonji (Gwalior) Private Limited

·         Shapoorji Pallonji Biotech Park Private Limited

·         Shapoorji Pallonji Cement (Gujarat) Private Limited

·         Shapoorji Pallonji Energy (Gujarat) Private Limited

·         Shapoorji Pallonji Finance Limited

·         Shapoorji Palloriji lndustnal Park Private Limited

·         Shapoorji Pallonji Infrastructure (Gujarat) Private Limited

·         Shapooji Pallonji Infrastructure Capital Limited

·         Shapoorji Pallonji International FZE, Dafia

·         Shapoorji Pallonji international FZE, Fujairah

·         Shapoorji Pallonji Libya JSC

·         Shapoorji Pallonji Pipelines Engineering Company Private Limited

·         Shams Building Services India Private Limited

·         Shatranj Properties Private Limited

·         Simar Energy (Gujarat) Private Limited

·         Sirnar Port Private Limited

·         Flarilboyant Developers Private Limited

·         Flooraise Developers Private Limited

·         Floral Finance Private Limited

·         Floreat investments Limited 

·         Flotilla Finance Private Limited

·         Forbes and Company Limited

·         Forbes Aquamall Limited

·         Forbes Burni Armada Limited

·         Forbes Campbell Finance Limited (Formerly Latham India Limited)

·         Forbes Campbell Services Limited

·         Forbes Container Lines Pte. Limited

·         SP Agri Management Services Private Limited

·         SY Aluminium Systems Private Limited

·         Forbes Doris and Naess Maritime Limited (wound up on SP Architectural Coatings Private Limited

·         Forbes Edumetry Limited SP Biofuel Ventures Private Limited

·         SP Biosciences Private Limited

·         SP Fabricators Private Limited

·         SP lnfocity Developers Private Limited

·         SF International

·         SP Simar Infrastructure Zone Private Limited

·         SSS Electricals (India) Private Limited

·         Steppe Developers Private Limited

·         Sterling and Wilson International FZE

·         Sterling and Wilson Limited

·         Sterling and Wilson Power gen Private Limited

·         Sterling Generators Private Limited

·         Sterling industries FZ LLC

·         Sunny View Estates Private. Limited

·         Forbes Enviro Solutions Limited

·         Forbes Facility Service Private Limited

·         Forbes Smart Data Limited

·         Forbes Technosys Limited

·         Forbes Tinslcy Company Limited (upto 23 June 2009)

·         Forvol International Service Limited (CIN No.: U55100MH1977PLC019660)

·         Gallops Developers Private Limited

·         Gokak Textiles Limited (CIN No.: L17116KA2006PLC038839)

·         Gossip Properties Private Limited

·         Hlazarat and Co Private Limited

·         Hermes Commerce Limited

·         High Point Properties Limited

·         High street Developers Private Limited  (upto 25 October 2009)

·         Joy Car Care Private Limited  Think Ahead Properties Private Limited

·         Khajrana Ganesh Properties Private Limited  (upto 25 March 2010) (also a jointly controlled entity)

·         Khvafar Investments Private Limited 

·         United Motors (India) Limited

·         Lucrative Properties Private Limited

·         Magpie Finance Private Limited

·         Universal Mine Developers and Services Providers Private Limited Formerly SP Laboratories Private Limited )

·         Volkart Fleming Shipping Semices Limited

·         Make Home Realty and Construction Private Limited 

·         Waterwings Equipments Private Limited (from 19 June 2009)

·         Manjri Developers Private Limited

 

 

Joint Venture :

Ř         LCI – Shapoorji Pallonji Joint Ventures

Ř         Larsen and Turbo Limited - Shapoorji Pallonji and Company Limited Join Ventures

Ř         Forbes Infotainment Limited

 

 

Associates :

Ř       Awesome Properties Private Limited (from 9 September 2008)

Ř       Bengal Shapoorji Housing Development Private Limited

Ř       Blessing Properties Private Limited (from 9 September 2008)

Ř       Cyrus Chemicals Private Limited

Ř       Grnad View Estates Private Limited (from 17 December 2008)

Ř       New Heights Properties Private Limited (from 9 September 2008)

Ř       Joyous Housing Limited

Ř       New Gen Publishing Limited

Ř       Shapoorji Pallonji Mid East (LLC)

Ř       Shapoorji Pallonji Qatar WLL (from 26 June, 2008)

Ř       Sharus Steel Products Private Limited

Ř       Sterling Motors (Partnership Concern)

Ř       SP Trading Tollway Private Limited

Ř       Trichy Tollway Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

105050000

Equity Share

Rs.10/- Each

Rs. 1050.500 Millions

100000200

Preference Shares

Rs.10/- Each

Rs. 1000.002 Millions

 

 

 

 

 

Total

 

Rs. 2050.502 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

103020000

Equity Share

Rs.10/- Each

Rs. 1030.200 Millions

100000000

0.5% Non-Cumulative, Non-Convertible, Redeemable Preference Shares

Rs.10/- Each

Rs. 1000.000 Millions

 

 

 

 

 

Total

 

Rs. 2030.200 Millions

 

Note:

 

Of the above 700,000 shares of Rs. Rs.10/- Each are allotted as fully paid up bonus shares by capitalization of general reserve.

 

The preference shares shall be redeemable at par at the option of the company at any time after allotment but not later than 20 years from the date of allotment viz; January 28, 2008.

 

 

 

 

 

 

 

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

2030.200

2030.200

2030.200

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5519.473

4179.917

2977.991

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7549.673

6210.117

5008.191

LOAN FUNDS

 

 

 

1] Secured Loans

2542.719

4805.929

2534.473

2] Unsecured Loans

13683.655

6346.621

3972.031

TOTAL BORROWING

16226.374

11152.550

6506.504

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

Share capital Suspense

0.004

0.000

0.000

 

 

 

 

TOTAL

23776.051

17362.667

11514.695

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1854.323

1797.875

1766.689

Capital work-in-progress

62.346

9.658

3.103

 

 

 
 

INVESTMENT

7623.397

2317.660

935.941

DEFERREX TAX ASSETS

288.713

187.222

47.537

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1977.553
3398.815
4452.845

 

Sundry Debtors
10918.614
10564.902

7536.650

 

Cash & Bank Balances
1783.543
1634.695
1701.537

 

Other Current Assets
3320.294
316.608
122.645

 

Loans & Advances
13232.784
9185.649
5987.991

Total Current Assets
31232.788
25100.669

19801.668

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Current Liabilities
10572.569
5413.078
4838.235

 

Sundry Creditors

6316.333

6335.417

5969.083

 

Provisions
396.614
301.923
232.925

Total Current Liabilities
17285.516
12050.418

11040.243

Net Current Assets
13947.272
13050.251
8761.425

 

 

 
 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

23776.051

17362.667

11514.695

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sale of Trading Goods

54.509

53.643

49.668

 

 

Construction Revenue

26725.345

30832.707

22910.221

 

 

Income From Investments / Loans

1023.217

423.822

406.054

 

 

Other Income

815.499

660.855

936.627

 

 

TOTAL                                     (A)

28618.570

31971.027

24302.570

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Construction Expenses

22640.230

26404.151

19911.710

 

 

Cost of Traded Goods

16.181

47.403

10.402

 

 

Personnel Expenses

751.375

847.882

759.880

 

 

Other Expenses

1504.854

1123.243

948.230

 

 

TOTAL                                     (B)

24912.640

28422.679

21630.222

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

3705.930

3548.348

2672.348

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1656.094

1405.808

641.012

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2049.836

2142.540

2031.336

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

294.296

303.423

273.189

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1755.540

1839.117

1758.147

 

 

 

 

 

Less

TAX                                                                  (I)

636.799

637.191

496.221

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

1118.741

1201.926

1261.926

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3863.862

2661.936

1400.034

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

5203.418

3863.862

2661.936

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Technical Know-how Fees

14.248

4.720

5.044

 

 

For Services Rendered

0.105

0.294

0.849

 

 

Construction work Income

56.197

946.565

1463.106

 

 

Interest Income

5.600

23.723

12.628

 

TOTAL EARNINGS

76.150

975.302

1481.627

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Trading Goods

81.962

65.302

20.048

 

 

Construction Materials

482.647

167.631

32.635

 

 

Capital Goods

10.355

30.617

2.976

 

TOTAL IMPORTS

574.964

263.550

55.659

 

 

 

 

 

 

Earnings Per Share (Rs.)

10.86

11.67

12.34

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
3.90
3.76

5.45

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
6.13
5.75

7.59

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.30
6.84

8.15

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23
0.30

0.35

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.28
3.74

3.50

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.80
2.08

1.79

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Details :

(Rs. In Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors – Micro and Small Enterprises 

5.413

5.984

8.688

Others

6310.920

6329.433

5960.395

 

 

 

 

Total

6316.333

6335.417

5969.083

 

Form : 8

 

Corporate identity number of the company

U45200MH1943PLC003812

Name of the company

SHAPOORJI PALLONJI AND COMPANY LIMITED

Address of the registered office or of the principal place of  business in India of the company

70  Nagindas Master Road, Fort, Mumbai - 400023, Maharashtra, India

This form is for

Modification of charge

Type of charge

Movable property (not being pledge)

Particular of charge holder

Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, India

Nature of instrument creating charge

Agreement of Hypothecation.

Date of instrument Creating the charge

21/02/2011

Amount secured by the charge

Rs. 173.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

9.25% p.a.

 

Terms of repayment

Each tranche of loan disbursed by the Bank to the Borrower shall be repayable in monthly installments as per the repayment schedule to be agreed between the Borrower and the Bank before each disbursal and each such repayment schedule shall deemed to be an integral part of this Agreement.

However repayments of all the tranches disbursed to the Borrower shall be made within the tenure of this facility

 

Margin

NIL

 

Extent and operation of the charge

First and exclusive charge by way of hypothecation in favour of Kotak Mahindra Bank Limited on the moveable assets. More particularly described in the annexure attached in Agreement of Hypothecation.

 

Other

Nil

Short particulars of the property charged (Including location of the property)

First and exclusive charge in favour of  Kotak Mahindra Bank Ltd on Moveable assets. Details of the property in more particularly described in annexure attached to the Agreement of Hypothecation.

Date of instrument modifying the charge

25/01/2011

Particulars of the present modification

Bank had granted facilities of Rs.173.000 millions to the Borrower which was secured by hypothecation on Plant and machinery, Receivables of the Company on 24/11/2010. Said charge was modified on 25/01/2011. Now additional security is created by way of hypothecation on further other moveable assets and said charge is modified accordingly. Details of the additional property is more specifically described in attached annexure to Term Loan Agreement.

 

Fixed Assets

 

Ř       Land

Ř       Ownership Premises

Ř       Building on Freehold Land

Ř       Flats in cooperative Housing Society

Ř       Staff Quarters

Ř       Machinery

Ř       Furniture and Fixture

Ř       Motor Car

Ř       Motor Trucks

Ř       Motor Cycles

Ř       Office Equipments

Ř       Computer  

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 44.38

UK Pound

1

Rs. 73.87

Euro

1

Rs. 65.83

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--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

 

79

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.