|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA EPC SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-207854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 38.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH2010PTC207854 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM39229B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM8122L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing
Engineering, Procurement and Construction Services. |
|
|
|
|
No. of Employees
: |
More than 30 (Contract Basis) [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of ‘Mahindra Holdings Limited’.
It is a relatively new company having moderate track. The latest financials of the company are not made available. As per
previous years, we found that the subject has just commenced its operations
during 2011. The management denied to disclose any details to us. However, business
is active. Payment terms are unknown. In view of strong holding, the company can be considered for business
dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-24825060)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24917006/ 24901441/ 24905616 Extn: 2259 |
|
Fax No.: |
91-22-24966573/ 24900833 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 07.08.2012
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
05.10.2010 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Satish Keshav Kamat |
|
Designation : |
Director |
|
Address : |
F/6 Union House, First Floor, |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
24.09.2011 |
|
DIN No.: |
01536698 |
KEY EXECUTIVES
|
Name : |
J. P. Fernandes |
|
Designation : |
Company Secretary in Whole-time practice |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Holdings Limited, |
|
11299999 |
|
Mahindra Holdings Limited, |
|
1 |
|
Total |
|
11300000 |
AS ON 07.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering,
Procurement and Construction Services. |
GENERAL INFORMATION
|
No. of Employees : |
More than 30 (Contract Basis) [Approximately] |
|
|
|
|
Bankers : |
Standard Chartered Bank, 23, Narain Manzil, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai, |
|
Income-tax
PAN of auditor or auditor's firm : |
ASDFG1234H |
|
|
|
|
Holding Company
: |
Mahindra
Holdings Limited Address: |
|
|
|
|
Fellow
Subsidiaries : |
v
Mahindra Consulting Engineers Limited v
Mahindra World City Jaipur Limited |
CAPITAL STRUCTURE
AFTER 07.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,300,000 |
Equity Shares |
Rs.10/- each |
Rs. 113.000
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,800,000 |
Equity Shares |
Rs.10/- each |
Rs. 38.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
19.09.2010 to
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
38.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(2.184) |
|
|
NETWORTH |
|
|
35.816 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
35.816 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.211 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
35.296 |
|
|
Other Current Assets |
|
|
0.167 |
|
|
Loans & Advances |
|
|
1.322 |
|
Total
Current Assets |
|
|
36.785 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.137 |
|
|
Other Current Liabilities |
|
|
0.169 |
|
|
Provisions |
|
|
0.874 |
|
Total
Current Liabilities |
|
|
1.180 |
|
|
Net Current Assets |
|
|
35.605 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
35.816 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
19.09.2010 to
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.187 |
|
|
|
TOTAL (A) |
|
|
0.187 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials and Finished Products |
|
|
0.000 |
|
|
|
Personnel |
|
|
0.000 |
|
|
|
Other Expenses |
|
|
2.353 |
|
|
|
TOTAL (B) |
|
|
2.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(2.166) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST, COMMITMENT AND FINANCE CHARGES (D) |
|
|
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(2.183) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
|
|
(2.184) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
|
(2.184) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(2.184) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
|
0.108 |
|
|
TOTAL IMPORTS |
|
|
0.108 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(4.54) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
19.09.2010 to
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
(1167.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(5.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
31.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
19.09.2010 to
31.03.2011 (Rs. in millions) |
|
Sundry Creditors: |
|
|
(i) Total outstanding dues of micro and
small enterprises |
-- |
|
(ii) Total outstanding dues of creditors other than micro and small
enterprises |
0.137 |
|
Total |
0.137 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS
The Company commenced its operations
during the current year and aspires to be a trusted name in providing
Engineering, Procurement and Construction services in renewable energy space in
During the period, the Company carried evaluation of relevant business
parameters and is now ready to place bids for upcoming Renewable Energy
Projects in
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74990MH2010PTC207854 |
|
Name of the
company |
MAHINDRA EPC SERVICES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email: bhat.aparna@mahindra.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Floating Charge Others (Stock) |
|
Particular of
charge holder |
Standard Chartered Bank, 23, Narain Manzil, barakhamba Road, New Delhi
– 110001, India Email: pandurang.shanbhag@sc.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Memorandum
of Hypothecation dated 27th July, 2012. |
|
Date of
instrument Creating the charge |
27.07.2012 |
|
Amount secured by
the charge |
Rs. 420.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
mutually agreed from time to time. Terms of Repayment As may be
mutually agreed from time to time. Margin As may be
mutually agreed from time to time. Extent and Operation of the charge Pari Passu charge
over all present and future current assets. |
|
Short particulars
of the property charged |
All present and
future book debts, outstanding moneys receivable, claims and bills which are now
due and owing or which may at any time during the continuance of this
security become due and owing in the course of its business by any person,
firm, company or body corporate or by the Government Department or office or
any Municipal or Local or Public or Semi Government body or authority or any
body corporate or undertaking or project whatever in the public sector. All present and future stock in trade
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise whatsoever, being movable properties now
or at any time after this memorandum (more detailed in attached Unattested
Memorandum of Hypothecation dt 27.07.2012). |
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. 54.34 |
|
|
1 |
Rs. 86.97 |
|
Euro |
1 |
Rs. 69.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.