MIRA
INFORM REPORT
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Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAX INFRA INDIA LIMITED (w.e.f. 04.05.2012) |
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Formerly Known
As : |
UAN MAX INFRA LIMITED (w.e.f. 19.01.2009) UANR INFRASTUCTURE LIMITED (w.e.f. 21.12.2006) U A N RAJU CONSTRUCTION LIMITED |
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Registered
Office : |
4th Floor. Plot No. 319 and 320, Ayyappa Society, Madhapur,
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.01.1999 |
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Com. Reg. No.: |
01-030861 |
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Capital
Investment / Paid-up Capital : |
Rs. 300.000 millions |
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CIN No.: [Company Identification
No.] |
U45200AP1999PLC030861 |
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PAN No.: [Permanent Account No.] |
AAACU3999B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is a civil engineer contractor. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3855000 |
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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 an established company having a satisfactory track record.
Performance capacity of the company has increased during the current
financial position of the company is improving. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB- (Long Term Fund Based Facilities) |
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Rating Explanation |
Have moderate risk of default regarding timely servicing of financial
obligation |
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Date |
September 2012 |
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.
LOCATIONS
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Registered Office : |
4th Floor. Plot No. 319 and 320, Ayyappa Society, Madhapur,
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Tel. No.: |
91-40-66248240/41 |
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Fax No.: |
91-40-66248242 |
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E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Varaha Venkata Suryanarayana Raju Bhupathiraju |
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Designation : |
Executive director |
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Address : |
Plot No.3&4, 8-2-338,
Panchavati Society, Road No.3, Banjara Hills, |
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Date of Birth/Age : |
15.09.1958 |
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Experience : |
5 Years |
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Date of Appointment : |
27.05.2010 |
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DIN No.: |
00164006 |
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Name : |
Mr. Subramanyam Reddy Puthana |
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Designation : |
Director |
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Address : |
8-2-469/C, C-2, Road No. 5, BAnjara Hills, |
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Date of Birth/Age : |
01.05.1945 |
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Date of Appointment : |
07.03.2011 |
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DIN No.: |
00268514 |
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Name : |
Sree Phani Kumar Reddy Mallidi |
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Designation : |
Chairman |
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Address : |
Survey No. 133, Plot No.3, S. L. N.
Lumbini Springs, Kothaguda, Kondapur, |
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Date of Birth/Age : |
26.10.1971 |
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Experience : |
13 Years |
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Date of Appointment : |
14.05.2012 |
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DIN No.: |
00307899 |
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Name : |
Ms. Sunitha Lingareddy |
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Designation : |
Additional director |
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Address : |
Survey No. 133, Plot No.3,
S.LN.Lumbini Springs, Kothaguda, Kondapur, |
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Date of Birth/Age : |
01.07.1973 |
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Date of Appointment : |
04.09.2012 |
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DIN No.: |
01314240 |
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PAN No.: |
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Name : |
Mr. Venkateswara Pradeep Karumuru |
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Designation : |
Managing director |
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Address : |
Plot No.5, Lumbini SLN Springs
Near Botanical Gardens, Gachibowli, |
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Date of Birth/Age : |
01.05.1963 |
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Date of Appointment : |
14.05.2012 |
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DIN No.: |
02331853 |
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Name : |
Mr. Vishnu Reddy Avuthu |
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Designation : |
Director |
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Address : |
8-3-681/A/C1, |
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Date of Birth/Age : |
500 073 |
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Date of Appointment : |
23.12.2011 |
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DIN No.: |
05149513 |
KEY EXECUTIVES
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Name : |
Monisha Gupta |
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Designation : |
Company Secretary |
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Address : |
H.No.21-2-579, Urdu Galli, Patel
Market, Charkaman, |
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Date of Birth/Age : |
04.02.1987 |
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Date of Appointment : |
01.05.2009 |
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Audit Committee : |
v
P Subramanyam Reddy v
A. Vishnu Reddy v
K. V. Pradeep |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
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No. of Shares |
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K.V.S.Sridevi |
|
750000 |
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Datla Swetha Radhika |
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750000 |
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Kakarlapudi Sneha Radhika |
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750000 |
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Uppalapati Srirama Raju |
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750000 |
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Kakarlapudi Radha Devi |
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750000 |
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Uppalapati Satyavani |
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750000 |
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Uppalapati Rajeswari |
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750000 |
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Gullapalli Sunitha Rao |
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750000 |
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M.S. Phani Kumar Reddy |
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9300000 |
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Avuthu Rami Reddy |
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600000 |
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Avuthu Srinivasa Reddy |
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1200000 |
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Nandigala Venkata Reddy |
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2250000 |
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P. Subramanyam Reddy |
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750000 |
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B.V.V.S.N. Raju |
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9000000 |
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K.V. Pradeep |
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900000 |
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TOTAL |
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30000000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
66.50 |
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Other top fifty shareholders |
33.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a civil engineer contractor. |
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Products / Services : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227 D, Nariman Point, Mumbai – 400021, Maharashtra, India v
Andhra Bank, Somajiguda Branch, 6-3-352/2, Astral
Heights, Road No. 1, Banjara Hills, v
Union Bank of India, Plot No. 1129, Road No. 36,
Madhapur Road, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
v
GE Capital Transportation Financial Services
Limited, Aifacs Building, 1, Rafi Marg, New Delhi – 110 001, India v
SREI Infrastucture Finance Limited, Vishwakarma,
86C, |
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Auditors : |
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Name : |
Ramana Reddy and Associates Chartered Accountants |
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Address : |
10-5-6/B, My Home Plaza,103,II Floor, Masab Tank, Hyderabad - 500028,
Andhra Pradesh, India |
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PAN No.: |
AADFA6113F |
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Associates: |
v
UAN Raju Constructon – IVRCL (JV) v
UANR – AHM (JV) v
UANRIL-CPPL-APEX (JV) v
UANRCL-SMSL (JV) v
UANMAX-Sarala (JV) v
UAN Raju Const. – Vijaya Nirman (JV) v
Coramandal Infrastructures Private Limited v
Mukunda Dairy Farms Private Limited |
CAPITAL STRUCTURE
As on 28.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
300.000 |
300.000 |
300.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
663.975 |
532.124 |
459.364 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
963.975 |
832.124 |
759.364 |
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LOAN FUNDS |
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1] Secured Loans |
651.554 |
626.242 |
1068.532 |
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2] Unsecured Loans |
67.030 |
150.775 |
28.494 |
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TOTAL BORROWING |
718.584 |
777.017 |
1097.026 |
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DEFERRED TAX LIABILITIES |
32.881 |
40.086 |
46.159 |
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TOTAL |
1715.440 |
1649.227 |
1902.549 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
743.056 |
830.132 |
995.663 |
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Capital work-in-progress |
0.000 |
0.000 |
20.986 |
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INVESTMENT |
71.370 |
71.446 |
52.075 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
756.887
|
631.654 |
621.027 |
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Sundry Debtors |
641.340
|
1018.067 |
834.555 |
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Cash & Bank Balances |
482.662
|
438.184 |
346.416 |
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Other Current Assets |
322.060
|
378.766 |
6.209 |
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Loans & Advances |
509.807
|
454.096 |
814.671 |
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Total
Current Assets |
2712.756
|
2920.767 |
2622.878 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
571.103
|
884.305 |
1459.268 |
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Other Current Liabilities |
1176.872
|
1234.647 |
253.610 |
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Provisions |
63.767
|
54.166 |
76.639 |
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Total
Current Liabilities |
1811.742
|
2173.118 |
1789.517 |
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Net Current Assets |
901.014
|
747.649 |
833.361 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.464 |
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TOTAL |
1715.440 |
1649.227 |
1902.549 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
2861.763 |
2247.924 |
3367.447 |
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Other Income |
30.543 |
27.996 |
42.020 |
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TOTAL (A) |
2892.306 |
2275.920 |
3409.467 |
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Less |
EXPENSES |
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Cost of materials consumed |
324.698 |
297.531 |
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Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(68.960) |
(21.664) |
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Employee benefit expense |
149.580 |
126.236 |
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Other expenses |
2070.495 |
1486.930 |
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TOTAL (B) |
2475.813 |
1889.033 |
2942.468 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) |
416.493 |
386.887 |
466.999 |
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Less |
FINANCIAL
EXPENSES (D) |
112.909 |
113.526 |
139.071 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
303.584 |
273.361 |
327.928 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
119.003 |
131.742 |
123.368 |
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Add |
EXCEPTIONAL
ITEMS |
6.174 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
190.755 |
141.621 |
204.560 |
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Less |
TAX (H) |
58.904 |
68.859 |
94.780 |
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PROFIT AFTER TAX
(G-H) (I) |
131.851 |
72.760 |
109.780 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
528.123 |
455.363 |
345.583 |
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BALANCE CARRIED
TO THE B/S |
659.974 |
528.123 |
455.363 |
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Earnings Per
Share (Rs.) |
4.4 |
2.43 |
3.66 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.55
|
3.19 |
3.22 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.66
|
6.30 |
6.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.52
|
3.77 |
5.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
3.54 |
3.80 |
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Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.34 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
Note:
The registered office of the company has been shifted from H. No.
8-2-348/2, Road No. 3, Beside Administrative Staff College, Banjara Hills,
Hyderabad – 500 034, Andhra Pradesh, India to 4th Floor, Plot o. 319
and 320, Ayappa Society, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India
w.e.f. 18.03.2011
|
Unsecured Loan |
As on 31.03.2012 (Rs. in Millions) |
As on 31.03.2011 (Rs. in Millions) |
|
Deposits |
11.585 |
28.495 |
|
Loans and Advances from related parties |
55.445 |
122.280 |
|
Total |
67.030 |
150.775 |
|
|
|
|
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
Outstanding Bank guarantees issued by Bankers, Financial Institutions
on behalf of the company |
2688.061 |
|
|
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U45200AP1999PLC030861 |
|
Name of the
company |
MAX INFRA (I)
LIMITED |
|
Address of the
registered office or of the principal place of business in |
4th Floor, Plot
No.319 and 320, Ayyappa Society, Madhapur, e-mail : knreddy@maxinfra.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10314194 |
|
Type of charge |
Book Debts Immovable
Property Floating Charge |
|
Particular of
charge holder |
Union Bank of India, Plot No. 1129, Road No. 36, Madhapur Road,
Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India e-mail : cbsjubileehills@unionbankofindia.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
hypothecation deed Memorandum of
entry |
|
Date of
instrument Creating the charge |
26.10.2012 |
|
Amount secured by
the charge |
Rs. 600.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit-base
rate+550%- presently 16% Letter of
guarantee- usual commission Terms of Repayment As per the Agreement Margin Cc limit I) book debts-30% II) raw material:
25% Letter of
guarantee-15% Extent and Operation of the charge The charge shall
operate to the extent of loan amount plus interest, commission, costs,
expenses and other charges thereon. |
|
Short particulars
of the property charged |
Hypothecation of
stock and book debts of the company on pari passu basis with State Bank of
India, Andhra Bank and Axis Bank All part and
parcel of non agricultural land admeasuring a 1-06 guntas in survey no.85
sitated at kompally village and gram panchyat, qutubullapur mandal, RR
district registered in name of G Venkateswara Verma All part and
parcel of non agricultural land admeasuring a 1-39 guntas in survey no.86/a
sitated at kompally village and gram panchyat, qutubullapur mandal, RR
district registered in name of G Venkateswara Verma |
|
Particulars of
the present modification |
The amount of
charge is enhanced from Rs. 450.000 millions to Rs. 600.000 millions divided
into Rs. 50.000 millions as cash credit and Rs. 550.000 millions as letter of
guarantee |
FIXED ASSETS:
v
v Building
v Plant and Machinery
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 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.53.95 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.