|
Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIJAY M. MISTRY CONSTRUCTION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501, Swagat C. G. Road, Ellisbridge, Ahmedabad-380006, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.07.1988 |
|
|
|
|
Com. Reg. No.: |
04-011033 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 9.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201GJ1988PTC011033 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
They provide Construction of Rail and |
|
|
|
|
No. of Employees
: |
26 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Atul |
|
Designation : |
Accountant |
|
Contact No.: |
91-79-26560095 |
|
Date : |
20.03.2012 |
LOCATIONS
|
Registered Office : |
501, Swagat, C. G. Road, Ellisbridge, Ahmedabad-380006, Gujarat, India
|
|
Tel. No.: |
91-79-26560095 / 26569545 / 32916260 |
|
Fax No.: |
91-79-26560934 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Site Office : |
Gammon India Limited, Cable
Stayed Bridge Site, Near Fire Station, Surat, Gujarat |
|
Tel. No.: |
91-79-26569545 |
DIRECTORS
AS ON 21.09.2011
|
Name : |
Mr. Vijay Manilal Mistry |
|
Designation : |
Whole Time Director |
|
Address : |
11, Shyamkunj Society, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
26.07.1988 |
|
DIN No.: |
00081379 |
|
|
|
|
Name : |
Mr. Nirajbhai Vijaybhai Mistry |
|
Designation : |
Managing Director |
|
Address : |
11, Shyamkunj Society, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
26.07.1988 |
|
DIN No.: |
00081476 |
|
|
|
|
Name : |
Mr. Ketankumar Manilal Mistry |
|
Designation : |
Managing Director |
|
Address : |
6, Behind Apang Manav Mandal, Opposite Manali Apartment, Atira,
Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
20.11.1990 |
|
DIN No.: |
00081563 |
|
|
|
|
Name : |
Ms. Rekha Ketan Mistry |
|
Designation : |
Whole Time Director |
|
Address : |
Opposite Atira, Behind Shaligram Apartment, Dr. Vikram Sarabhai Road,
Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
03033401 |
|
|
|
|
Name : |
Ms. Anjali Niraj Mistry |
|
Designation : |
Whole Time Director |
|
Address : |
11, Shyamkunj Society, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
03033423 |
KEY EXECUTIVES
|
Name : |
Mr. Atul |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2011
|
Names of Shareholders |
No. of Shares |
|
Vijay Manilal Mistry |
330901 |
|
Ketankumar Manilal Mistry |
350001 |
|
Nirajbhai Vijaybhai Mistry |
119100 |
|
Ruche Ketan Mistry |
50000 |
|
Rekha Ketan Mistry |
50000 |
|
Total |
900002 |
AS ON 21.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They provide Construction of Rail and Road Bridges across rivers and
creak |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Ultratech Cement |
|
|
|
|
Customers : |
End Uses ·
SMG ·
Gammon India Limited ·
Ahmedabad
Municipal Corporation ·
Central
Public Works Department ·
Gujarat
Irrigation Department ·
Gujarat
Maritime Board ·
Public Works
Department (GOA) ·
Surat
Municipal Corporation ·
Urban
Improvement Trust, Kota ·
Ambica
Mills (Ahmedabad) ·
Andradh
Civil Construction Company (Hydrabad) ·
Ashvika
Construction Private Limited (Baroda) ·
B. G.
Shirke Construction Technology Private Limited (Pune) ·
Goodearth
Maritime Limited (Chennai) ·
M. S.
Khurana (Ahmedabad) ·
Sadbhav
Engineering Limited (Ahmedabad) ·
Surat
Electricity Board (Surat) ·
Torrent
Power Generation Limited (Ahmedabad) |
|
|
|
|
No. of Employees : |
26 (Approximately) |
|
|
|
|
Bankers : |
Oriental Bank of Commerce, Aslali Branch, Ahmedabad-382427, Gujarat,
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M T Desai Chartered Accountant |
|
Address : |
G-21/22, Tanariri Apartment, Asha Baug, Navsari-396445, Gujarat, India
|
|
Tel. No.: |
91-2637-257207 |
|
Pan No.: |
AAAFT2158E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900002 |
Equity Shares |
Rs.10/- each |
Rs. 9.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
319.231 |
240.566 |
226.973 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
328.231 |
249.566 |
235.973 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.126 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.126 |
|
|
DEFERRED TAX LIABILITIES |
2.174 |
1.250 |
1.559 |
|
|
|
|
|
|
|
|
TOTAL |
330.405 |
250.816 |
237.658 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
168.860 |
80.309 |
72.663 |
|
|
Capital work-in-progress |
21.181 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.002 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.049
|
30.517 |
16.811 |
|
|
Sundry Debtors |
94.645
|
25.673 |
67.559 |
|
|
Cash & Bank Balances |
75.394
|
118.815 |
66.568 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
99.175
|
58.505 |
37.342 |
|
Total
Current Assets |
300.263
|
233.510 |
188.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.899 |
63.003 |
23.287 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
159.899
|
63.003 |
23.287 |
|
|
Net Current Assets |
140.364
|
170.507 |
164.993 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
330.405 |
250.816 |
237.658 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
664.882 |
560.190 |
340.186 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
118.698 |
89.879 |
91.607 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.194 |
0.311 |
2.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
117.504 |
89.568 |
89.347 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.936 |
13.920 |
12.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
99.568 |
75.648 |
77.043 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.000 |
26.563 |
8.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
79.568 |
49.085 |
68.301 |
|
|
|
|
|
|
|
|
|
|
Deferred Tax |
(0.924) |
0.309 |
0.000 |
|
|
|
Earlier year’s
excess provision w/off |
0.021 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
177.469 |
168.876 |
100.575 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
5.000 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
30.600 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
5.201 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
256.134 |
177.469 |
168.876 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
88.41 |
54.54 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
14.98
|
13.50 |
22.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.22
|
24.11 |
29.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.30 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.26 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
3.71 |
8.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
159.899 |
63.003 |
23.287 |
REVIEW OF
OPERATIONS
The Company’s performance has been excellent during the year. The Company
has secured business of Rs. 664.882 Millions i.e. increase of about 19% over
previous years business of Rs. 560.190 Millions. The Company has also secured
prestigious orders on hand. The Company has purchased new machineries including
Mails for better results. The site and administrative expenses were also
increased. The company has earned a profit of Rs. 99.568 millions as against
profit of Rs. 75.647 Millions earned during the previous year.
FORM 8
|
Corporate
identity number of the company |
U45201GJ1988PTC011033 |
|
Name of the
company |
VIJAY M. MISTRY
CONSTRUCTION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
501, Swagat, C. G. Road, Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Oriental Bank of Commerce, Aslali Branch, Ahmedabad-382427, Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement to secure credit facilities dated 6.6.2011 |
|
Date of
instrument Creating the charge |
06.06.2011 |
|
Amount secured by
the charge |
Rs. 150.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest N.A. Commission as per
Bank Rules Terms of repayment Bank Guarantee -
As per Sanction Letter Margin 10% in the shape
of unencumbered duly discharged FDRs/CDRs Extent and operation of the charge The Charge
operates to secure overall bank guarantee/facilities of Rs.150.000 Millions
enhanced from Rs.75.000 Millions. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
stock, book debts, counter guarantees, plant and machineries of the Company
at 501, Swagat, C G Road, Ahmedabad or its sites or as per Deed of
Hypothecation. |
|
Charge
identification number of the charge to be modified |
80019123 |
|
Date of
instrument modifying the charge |
14.02.2011 |
|
Particulars of
the present modification |
The existing bank
guarantee of 75.000 Millions is enhanced to Rs.150.000 Millions |
TRADE REFERENCES
·
SMG
· Gammon India Limited
· Ultratech Cement
FIXED ASSETS
·
Land
·
Store Building
·
Office Building
·
Pre Fabricated Site
Office
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
Other Equipment
·
Electric Installation
·
Computer
·
Air Conditions
·
Vehicles
·
Heavy 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. 50.59 |
|
|
1 |
Rs. 80.34 |
|
Euro |
1 |
Rs. 67.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.