MIRA INFORM REPORT

 

 

Report Date :

10.10.2013

 

IDENTIFICATION DETAILS

 

Name :

JMC PROJECTS (INDIA) LIMITED

 

 

Registered Office :

A-104, Shapath-4, Opposite Karnavati Club, S G Road, Ahmedabad-380051, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

05.06.1986

 

 

Com. Reg. No.:

04-008717

 

 

Capital Investment / Paid-up Capital :

Rs. 261.183 Millions

 

 

CIN No.:

[Company Identification No.]

L45200GJ1986PLC008717

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMJ00518A

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Construction Activities

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (59)

 

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 17480000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a part of KALPATARU GROUP.

 

It is an established company having five track record.

 

There appears sharp dip in profit of the company during the year 2013.

 

However, liquidity position of the company appears to be good. Over all fundamentals of the company appears to be strong and healthy.

 

Trade relations are fair. Business is active. Payments are regular and as per commitments.

 

The company can be considered 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

A1+ = Short Term Debt

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

26.03.2013

 

 

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-Cooperative (Tel No. 91-22-30051500)

 

 

LOCATIONS

 

Registered Office / Corporate Office :

A-104, Shapath-4, Opposite Karnavati Club, S G Road, Ahmedabad-380051, Gujarat, India

Tel. No.:

91-79-30011500

Fax No.:

91-79-30011600/30011700

E-Mail :

secr@jmcprojects.com

jmcho@jmcprojects.com

Website :

www.jmcprojects.com

 

 

Branches :

Mumbai Office

 

Kalpataru Synergy

(8th Floor) Opp. Grand Hayatt Hotel, Santacruz (East), Mumbai – 400055, Maharashtra, India

Phone: 91-22-30051500

Fax: 91-22-30643888

Email: infra@jmcprojects.com

          mumbaibd@jmcprojects.com

 

Bangalore Office ( Building and Factory )

Gold Tower, # 50, 2nd Floor, Residency Road, Near Konark Hotel, Bangalore –

560 025, Karnataka, India

Phone: 91-80–30771500

Fax: 91-80-3077 1600/3077 1700

Email: blore@jmcprojects.com

 

Mumbai Office (Building and Factory )

Mysore Chemical Compound, Road No.2, Scheme No.6, Nr Ghasitaram Halwai Shop, Nr Cine Planet Cinema (Roopam), Sion (East), Mumbai – 400022, Maharashtra, India

Phone: 91-22-32541625

Fax: 91-22-24014030

Email: mumbai@jmcprojects.com

 

Delhi Office (Power Division, Building and Factory )

Plot No.B-21, Sector-58 Noida - 201 301 Uttar Pradesh

Phone: 91-120 – 4018300

Fax: 91-120—4018310

Email: delhi@jmcprojects.com

 

Hyderabad Office (Building and Factory)

 4th Floor, Celina Plaza, Plot No.140, Prendergast Road, Secunderabad – 500003.
Phone: 91-40-32955269

Fax: 91-40-39187118

Email: hyd@jmcprojects.com

 

Kolkata Office (Building and Factory )

Suite No.A-10, 5th Floor,  Chatterjee International Centre 33-A J.L. Nehru Road, Kolkata – 700071, West Bengal, India

Phone: 91-33-32465707 / 32550652

Fax: 91-33-40062752

Email: kolkata@jmcprojects.com

 

 

DIRECTORS

 

As on 03.08.2012

 

Name :

Mr. D. R. Mehta

Designation :

Chairman

 

 

Name :

Mr. Hemant Modi

Designation :

Chief Executive Officer, Chairman and Managing Director (Upto 31.03.2013)

Non Executive Director (w.e.f. 01.04.2013)

Address:

363/A, Lane 18, Satyagrah Chhavni Soc. Satelite Road, Ahmedabad -380015, Gujarat

Date of Birth/Age :

23.06.1955

Qualification :

Civil Engineering

Date of Appointment :

05.06.1986

 

 

Name :

Mr. Suhas Vasantrao Joshi

Designation :

Managing Director (Upto 31.03.2013)

Whole Time Director (w.e.f. 01.04.2013)

Address

14, Vrindavan Bunglows – II, Thaltej Shilaj Road, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

12.03.1955

Qualification :

Civil Engineering

 

 

Name :

Mr. Shailendra Kumar Tripathi

Designation :

Independent Director

 

 

Name :

Mr. Mahendra G Punatar

Designation :

Independent Director

Address:

1302, 13th Floor, Raheja Majestic Nr. Star City Cinema Matunga Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

23.10.1935

Qualification :

Structural Engineer

 

 

Name :

Mr. Shailendra Raj Mehta

Designation :

Dy Managing Director (w.e.f. 18.05.2012)

Chief Executive Officer and Dy Managing Director (w.e.f. 01.04.2013)

 

 

Name :

Mr. Manoj Kumar Singh

Designation :

Executive Director (w.e.f. 18th May 2012)

 

 

Name :

Mr. Manish Dashrathmal Mohnot

Designation :

Non-Executive Director

Address:

C/4/11, Sunder Nagar, S V Road, Malad West, Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

15.05.1972

Date of Appointment:

29.05.2009

 

 

Name :

Mr. Kamal Kishore Jain

Designation :

Non-Executive Director

Address:

Ninad C-24, GIDC, Opp Videocon Factory K Road, Sector 26, Gandhinagar – 382044, Gujarat

Date of Birth/Age :

05.06.1957

Qualification :

Chartered Accountant

Date of Appointment :

05.02.2005

 

 

KEY EXECUTIVES

 

 

Name :

Mr. Rahul Shah (upto 27/01 /2013)

Designation :

Chief Financial Officer

 

 

Name :

Mr. Manoj Tulsian (w.e.f. 28/01 /2013)

Designation :

Chief Financial Officer

 

 

Name :

Mr. Amit Raval

Designation :

Company Secretary

 

 

ADIT COMMITTEE

 

 

 

Name :

Mr. D. R. Mehta

Designation :

Chairman

 

 

Name :

Mr. Mahendra G Punatar

Designation :

Member

 

 

Name :

Mr. Kamal Jain

Designation :

Member

 

 

Name :

Mr. Shailendra Raj Mehta

Designation :

Member (w.e.f. 03.08.2012)

 

 

SHAREHOLDERS’ GRIEVANCE COMMITTEE:

 

 

Name :

Mr. Kamal Jain

Designation :

Chairman

 

 

Name :

Mr. Suhas Joshi (upto 31 /03/2013)

Designation :

Member

 

 

Name :

Mr. Hemant Modi (upto 31/03/2013)

Designation :

Member

 

 

Name :

Mr. S K Tripathi (w.e.f. 01/04/2013)

Designation :

Member

 

 

Name :

Mr. Manoj Kumar Singh (w.e.f. 01 /04/2013)

Designation :

Member

 

 

Name :

Mr. Manish Mohnot (w.e.f. 01 /04/2013)

Designation :

Member

 

 

REMUNERATION COMMITTEE:

 

 

Name :

Mr. D. R. Mehta

Designation :

Chairman

 

 

Name :

Mr. Kamal Jain

Designation :

Member

 

 

Name :

Mr. Mahendra G Punatar

Designation :

Member

 

 

Name :

Mr. Shailendra Raj Mehta

Designation :

Member (w.e.f. 16/05/2013)

 

 

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2013

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

360049

1.38

http://www.bseindia.com/include/images/clear.gifBodies Corporate

17548908

67.19

http://www.bseindia.com/include/images/clear.gifSub Total

17908957

68.57

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

17908957

68.57

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

338147

1.29

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

1319873

5.05

http://www.bseindia.com/include/images/clear.gifSub Total

1658020

6.35

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

855557

3.28

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

3723649

14.26

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

1089551

4.17

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

882614

3.38

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

711825

2.73

http://www.bseindia.com/include/images/clear.gifTrusts

114071

0.44

http://www.bseindia.com/include/images/clear.gifClearing Members

56718

0.22

http://www.bseindia.com/include/images/clear.gifSub Total

6551371

25.08

Total Public shareholding (B)

8209391

31.43

Total (A)+(B)

26118348

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

26118348

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Names of Shareholders

No. of Shares

Percentage of Holding

Kalpataru Power Transmission Limited

17548908

67.19

Hemant I Modi

189187

0.72

Suhas Joshi

100473

0.38

Sonal Hemant Modi

47696

0.18

Ami Hemant Modi

11088

0.04

Rasila Vinodchandra Modi

6749

0.03

Varsha Hiren Gandhi

4856

0.02

Total

17908957

68.57

The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Names of Shareholders

No. of Shares

Percentage of Holding

Acacia Partners LP

513628

1.97

Dr Sanjeev Arora

371515

1.42

SBIMF - Magnum Midcap Fund

337547

1.29

Acacia Institutional Partners LP

365001

1.40

Total

1587691

6.08

 

Details of Locked-in Shares

 

Names of Shareholders

No. of Shares

Percentage of Holding

Kalpataru Power Transmission Limited

4350000

16.65

Total

4350000

16.65

 

 

BUSINESS DETAILS

 

Line of Business :

Construction Activities

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by management

 

 

Bankers :

·         Oriental Bank of Commerce

·         State Bank of India

·         Indian Bank

·         Karur Vysya Bank Limited

·         Union Bank of India

·         Punjab National Bank

·         Axis Bank

 

 

Facilities :

Secured Loans :

 

As on 31.03.2013

Rs. in Millions

As on 31.03.2012

Rs. in Millions

LONG TERM BORROWINGS

 

 

Debentures

 

 

500 (500) 9.5% Secured Redeemable Non - Convertible Debentures of Rs. 1.000 Million each

350.000

500.000

Term Loans:

 

 

Foreign Currency Loans

 

 

From Banks

422.231

499.000

Rupee Loans

 

 

From Banks

876.402

340.173

Loan against Vehicles / Equipments

8.490

7.380

SHORT TERM BORROWINGS

 

 

Working Capital Loans Repayable on Demand from Banks #

1488.861

885.569

Overdraft from Bank against Fixed Deposits

0.000

1.168

Bills Payables #

138.824

244.022

Total

3284.808

2477.312

 

Note:

 

LONG TERM BORROWINGS

 

Nature of Security

Terms of Repayment

(a) 9.5% Secured Redeemable Non-Convertible Debentures (NCDs) :-

 

First charge on movable fixed assets of the Company to the extent of 1.25 times of the amount of NCDs in pari passu with consortium term lender Banks, a Bank in (b) (2) (I) (ii) and another Bank in (b) (2) (I) (iii), and first charge by mortgage of a land at Maharajpura, Kadi, Gujarat.

NCDs are repayable in trenches at the end of 3rd, 4th and 5th Year

Rs. 150.000 Millions, Rs. 200.000 Millions and Rs. 150.000 Millions, respectively, from date of allotment i.e. July 15, 2010.

(b) (1) Foreign Currency Term Loans from Banks :-

 

External Commercial Borrowing of US $ 10 Million (P.Y. US $ 10 Million) is secured by first charge on specific movable fixed assets financed by them.

13 quarterly installments of US $ 769,230.77 each from 25th October, 2013 and carry interest @ 6 months LIBOR plus spread.

(b) (2) Rupee Term Loans from Banks :-

 

(b) (2) (I) (i)

 

Term Loans from three consortium Banks amounting to Rs. 289.439 Millions (P.Y. Rs. 194.058 Millions) are secured by first charge on movable fixed assets except financed by others in pari passu with Debenture holders upto 1.25 times of the amount of NCDs, a Bank in (b) (2) (I) (ii) and another Bank in (b) (2) (I) (iii) & Second charge on current assets on which the first charge is to consortium bankers as mentioned in Note No. 7.

First Term Loan is repayable in 16 quarterly installments of Rs. 16.875 Millions each from March, 2010 with varying rate of interest linked to base rate of Bank from time to time.

 

Second Term Loan is repayable in 16 quarterly installments of Rs. 4.717 Millions each from February, 2011 with varying interest rate linked to base rate of Bank from time to time.

 

Third Term Loan is repayable in 16 quarterly installments of Rs. 3.750 Millions each from March, 2010 with

(b) (2) (I) (ii)

 

Term Loan from a Bank amounting to Rs. 250.000 Millions (P.Y. Rs. 0.004 Millions) is secured by first charge on movable fixed assets except financed by others in pari passu with three consortium term loan lenders, debenture holders to the extent of 1.25 times of the amount of NCDs and a Bank in (b) (2) (I) (iii).

Term Loan is repayable in 12 quarterly installments of Rs. 41.667 Millions each from October, 2011 and carries interest @ 11 % p.a. on Rs. 300.000 Millions and @ 11.35 % p.a. on Rs. 200.000 Millions.

(b) (2) (I) (iii)

 

Term Loan from a Bank amounting to Rs. 650.000 Millions (P.Y. Rs. Nil) is secured by first pari passu charge on movable fixed assets except financed by others in pari passu with three consortium term loan lenders, debenture-holders to the extent of 1.25 times of the amount of NCDs and a bank in (b) (2) (I) (ii).

Term Loan is repayable in 16 equal quarterly installments after initial

moratorium period of 1 year commencing after 3 months from

December 29, 2012 with varying interest rate linked to base rate of

Bank from time to time.

(b) (2) (II) Loan against Vehicles / Equipments :

 

Loans of Rs. 13.122 Millions (P.Y. Rs. 11.020 Millions) are secured by way of charge on specific equipments and vehicles financed by them on different loans.

60 monthly instalments beginning from the month subsequent to

Disbursement, along with interest ranging from 8.20% to 12.50% p.a. for different loans.

 

SHORT TERM BORROWINGS

 

# Working Capital Loans and Bills Payables are secured in favour of consortium bankers, by way of :

 

  1. First charge against hypothecation of stocks, work in progress, stores and spares, bills receivables, book debts and other current assets subject to second charge on current assets in favour of a bank for Bank Guarantee of Rs. 490.100 Millions provided on behalf of Joint Venture in which the Company is one of the members and three consortium bankers for term loan financed by them.
  2. Second charge on fixed assets except in (c) hereunder.
  3. First charge on the office premises of the Company.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Kishan M Mehta and Company

Chartered Accountant

Address:

6th Floor, Premchand House Annexe, Ashram Road, Ahmedabad – 380006, Gujarat, India

 

 

Holding Company:
  • Kalpataru Power Transmission Limited.

 

 

Subsidiary, Fellow Subsidiary Companies and Fellow Associates:
  • JMC Mining and Quarries Limited  -  Subsidiary Company
  • Brij Bhoomi Expressway Private Limited -  Subsidiary Company
  • Wainganga Expressway Private Limited  -  Subsidiary Company
  • Vindhyachal Expressway Private Limited  -  Subsidiary Company Subsidiary Company
  • Energylink (India) Limited   - Subsidiary of Holding Company
  • Shree Shubham Logistics Limited  - Subsidiary of Holding Company
  • Amber Real Estate Limited  - Subsidiary of Holding Company
  • Adeshwar Infrabuild Limited  - Subsidiary of Holding Company
  • Kalpataru Power Transmission Nigeria Limited   - Subsidiary of Holding Company
  • Kalpataru Power Transmission (Mauritius) Limited  - Subsidiary of Holding Company
  • Kalpataru SA (Proprietary) Limited   - Subsidiary of Holding Company
  • Kalpataru Power Transmission – USA, INC. v - Subsidiary of Holding Company
  • Jhajjar Power Transmission Private Limited  - Subsidiary of Holding Company
  • Kalpataru Power Transmission International B.V.  - Subsidiary of Holding Company
  • LLC Kalpataru Power Transmission Ukraine - Subsidiary of Holding Company
  • Brafer Kalpataru Industria E Commercio S.A., Brazil - JV - Subsidiary of Holding Company
  • Kalpataru Power JLT, UAE - Subsidiary of Holding Company
  • Saicharan Properties Limited   - Subsidiary of Holding Company
  • Gestamp Kalpataru Solar Steel Structures Private Limited  -  Associate of Holding Company
  • Jhajjar KT Transco Private Limited – JV -  Associate of Holding Company

 

 

Joint Venture:
  • JMC - Associated JV
  • Aggrawal - JMC JV
  • JMC - Sadbhav JV
  • JMC - Taher Ali JV (Package I, II and III)
  • JMC - PPPL JV
  • Kurukshetra Expressway Private Limited 
  • KPTL-JMC-Yadav JV
  • JMC - GPT JV
  • JMC - CHEC JV

 

 

Enterprises over which significant influence exercised (EKMP):
  • JMC Infrastructure Limited  - Significant Influence of Mr. Hemant Modi and Mr. Suhas Joshi
  • Kalpataru Properties Private Limited  - Enterprise under significant influence of Holding Company
  • SAI Consulting Engineers Private Limited   - Significant Influence of Mr. Hemant Modi

 

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

35000000

Equity Shares

Rs.10/- each

Rs. 350.000 Millions

1500000

Preference Shares

Rs.100/- each

Rs. 150.000 Millions

 

Total

 

Rs. 500.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

26118348

Equity Shares

Rs.10/- each

Rs. 261.183 Millions

 

  1. Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Rs. In Millions

At the beginning of the year

26118348

261.183

Issued during the year

-

-

Bought back during the year

-

-

Outstanding at the end of the year

26118348

261.183

 

 

  1. Terms / Rights attached to Equity Shares

 

The Company has only one class of Equity Shares having par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend is declared and paid on being proposed by the Board of Directors after the approval of the Shareholders in the ensuing Annual General Meeting.

 

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all liabilities. The distribution will be in proportion to the number of Equity Shares held by the shareholders

 

 

  1. Shares held by Holding Company and its Subsidiaries / Associates.

 

Name of Shareholder

Number of Shares

 

 

Kalpataru Power Transmission Limited

17548908 (17548908) Equity Shares of Rs.10/- each fully paid

175.489

 

  1. Details of shareholders holding more than 5% shares in the Company

 

Name of Shareholder

Number of Shares

% holding

 

 

 

Equity Shares of Rs. 10/- each fully paid

Kalpataru Power Transmission Limited., the Holding Company

17548908

67.19%

 

 

  1. Shares reserved for issue under options

 

The Company has reserved issuance of 1000000 (1000000) Equity Shares of Rs. 10/- each for offering to the eligible employees of the Company under Employee Stock Option Plan (ESOP). On 21st July, 2007, the Company granted 600,000 Options to the eligible employees at a price of Rs.  217/- each, and these Options have been vested over the period of 4 years from the date of grant based on specified criteria. As at March 31, 2013 the total number of options vested but not exercised by employees stood at 245751 (P.Y. 360032).

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

261.183

261.183

261.183

(b) Reserves & Surplus

4109.938

3963.495

3505.246

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

4371.121

4224.678

3766.429

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1778.374

1375.516

802.211

(b) Deferred tax liabilities (Net)

0.000

0.000

37.573

(c) Other long term liabilities

1144.340

733.098

1443.927

(d) long-term provisions

352.662

259.682

203.362

Total Non-current Liabilities (3)

3275.376

2368.296

2487.073

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1643.879

1144.266

723.145

(b) Trade payables

4653.871

3961.062

3220.891

(c) Other current liabilities

1551.990

1576.346

2230.202

(d) Short-term provisions

137.701

142.734

203.478

Total Current Liabilities (4)

7987.441

6824.408

6377.716

 

 

 

 

TOTAL

15633.938

13417.382

12631.218

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2556.879

2719.847

2260.424

(ii) Intangible Assets

3.119

0.579

0.000

(iii) Capital work-in-progress

36.432

22.070

51.167

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1706.801

1178.121

569.014

(c) Deferred tax assets (net)

174.857

77.807

0.000

(d)  Long-term Loan and Advances

1403.896

938.290

419.596

(e) Other Non-current assets

540.867

491.135

530.811

Total Non-Current Assets

6422.851

5427.849

3831.012

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

300.000

(b) Inventories

2114.414

2119.934

1301.012

(c) Trade receivables

3215.252

3028.243

5092.523

(d) Cash and cash equivalents

244.716

186.412

271.736

(e) Short-term loans and advances

1556.576

1145.624

580.618

(f) Other current assets

2080.129

1509.320

1254.317

Total Current Assets

9211.087

7989.533

8800.206

 

 

 

 

TOTAL

15633.938

13417.382

12631.218

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

25419.131

20703.070

13800.867

 

 

Other Income

72.210

111.527

43.792

 

 

TOTAL                                     (A)

25491.341

20814.597

13844.659

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Construction Materials Consumed

8506.024

8070.649

 

 

 

(Increase) / Decrease in Inventories of Work-in-Progress

(147.221)

(372.537)

 

 

 

Employee Benefit Expense

1479.739

1420.748

 

 

 

Other Expenses

14395.454

10107.855

 

 

 

TOTAL                                     (B)

24233.996

19226.715

12590.390

 

 

 

 

 

Less

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

1257.345

1587.882

1254.269

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

549.532

473.613

338.162

 

 

 

 

 

 

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

707.813

1114.269

916.107

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

548.572

470.608

395.016

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

159.241

643.661

521.091

 

 

 

 

 

Less

TAX                                                                  (H)

(24.070)

124.299

120.743

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

183.311

519.362

400.348

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1473.610

1099.960

829.700

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend On Equity Shares

26.120

52.240

52.240

 

 

Transfer To General Reserve

22.500

52.500

45.000

 

 

Corporate Dividend Tax  Equity Dividend

4.440

8.470

8.470

 

 

Transfer to debenture redemption reserves

32.500

32.500

24.380

 

BALANCE CARRIED TO THE B/S

1571.361

1473.610

1099.960

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

2.355

31.497

53.000

 

 

Construction Material

52.984

35.578

84.113

 

TOTAL IMPORTS

55.339

67.075

137.113

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.02

19.88

17.16

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
0.72
2.50

2.89

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
0.63
3.10

3.78

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.43
6.83

5.34

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03
0.15

0.14

 

 
 
 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.78
0.60

0.40

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.15
1.17

1.38

 

 

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

Yes

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

 

 

CASE DETAILS:

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 561 of2011

Status: PENDING                             ( Converted from : ST/1039/2011 )                 CCIN No : 001092201100561

 

Last Listing Date : 27/06/2012

 

 

Coram       HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

                 HONOURABLE MR.JUSTICE N.V.ANJARIA

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-II

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

S.NO.

Name of the Respondant

Advocate On Record

1

JMC PROJECTS (INDIA)LIMITED

MR RK PATEL for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

Presented On                : 08/03/2011                                  Registered On : 08/03/2011

Bench Category            : DIVISION BENCH                        District            : RAJKOT

Case Originated From   : THROUGH ADVOCATE              Listed              : 1 times

Stage Name                   : FOR REGULAR ADMISSION

 

Classification : DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

 

Act                  : INCOME-TAX ACT, 1961

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

08/03/2011

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT:1

2

08/03/2011

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT:1

3

15/08/2011

VAKALATNAMA

MR RK PATEL ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MR RK PATEL:1

4

15/08/2011

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS MAUNA M BHATT:1

5

03/08/2012

VAKALATNAMA

MR RK PATEL ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR RK PATEL:1

 

COURT PROCEEDINGS

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

23/03/2011

3

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

ADDITIONAL REGISTRAR (JUDICIAL)

2

27/06/2012

3

-

FOR REGULAR ADMISSION

NEXT DATE

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgment/Order

1

TAX APPEAL/561/2011

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

27/06/2012

N

ORDER

 

CERTIFIED COPY

 

S. No

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

28/06/2012

O/19524/2012

27/06/2012

29/06/2012

02/07/2012

Delivered

-

 

 

UNSECURED LOANS:

 

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

Fixed Deposits from Public

121.251

28.963

Short Term Borrowings

 

 

Fixed Deposits from Public

16.194

13.507

Total

137.445

42.470

 

Note:

 

Unsecured Loan - Fixed Deposits :

 

Fixed Deposits from public

Fixed deposits maturing at 12, 24 and 36 months from the date of deposit carry interest @ 9.50%, 10% and 10.50% p.a. respectively.

Deposits by senior citizen carry additional interest @ 0.50% p.a.

 

 

CURRENT MATURITY OF LONG TERM DEBT DETAIL:

(Rs. In Millions)

Particulars

31.03.2013

31.03.2012

31.03.2011

9.5% Secured Redeemable Non - Convertible Debentures of Rs. 1.000 Million each

150.000

0.000

0.000

Term Loans from Banks

389.806

268.036

315.327

Loan against Vehicles / Equipments

4.632

3.639

4.791

Fixed Deposits from Public

12.715

91.956

21.158

Interest Accrued but not due on Borrowings

30.116

36.034

17.640

Unclaimed Dividend

0.824

0.683

0.521

Unclaimed Matured Fixed Deposits and Interest

2.855

1.613

0.703

 

622.1793

433.1922

391.3711

 

INDEX OF CHARGE:

 

Sr .No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10398016

28/12/2012

250,000,000.00

THE KARUR VYSYA BANK LIMITED

SAKAR-VII, B BLOCK, NEHRU BRIDGE CORNER, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA

B66228305

2

10397738

27/12/2012

650,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA

B66148586

3

10382484

25/09/2012

704,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA

B60444759

4

10373258

01/08/2012

1,180,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B56683055

5

10365968

05/07/2012

700,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B43860576

6

10365976

26/06/2012

2,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B43866920

7

10336366

26/12/2011

499,000,000.00

DBS Bank Limited 

Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi, Delhi - 110001, INDIA

B32469785

8

10300023

12/07/2011

500,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B18009522

9

10284645

20/04/2011

835,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA

B11844560

10

10278178

26/02/2011

530,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA

B09632217

* Date of modification charge

 

 

RESULTS OF OPERATION

 

During the year ended March 31, 2013, your Company has achieved Total Revenue (i.e. Revenue from Operations and Other income) of Rs.  25,491.300 millions as against Rs.  20,814.600 millions for the previous year ended March 31, 2012. The Company has achieved Profit before tax of Rs.  159.200 millions for the current year as against Rs.  643.700 millions for the previous year.

 

NEW CONTRACTS

 

During the year, the Company has received new contracts of approximately Rs.  24,410 millions. The details of some of the major contracts received during the year are provided in Management Discussion and Analysis section of this Annual Report. As on March 31, 2013 the aggregate value of orders on hand stands at Rs.  55,770 millions.

 

FUTURE PROSPECTS

 

The Company has sufficient order book position to achieve the growth in both top line as well as bottom line in the coming years. The Company has already entered into international business by securing a road project and is looking for better opportunities in International market. Looking at the current scenario of global as well as Indian economy, the Company is well poised for growth in turnover and some improvement in margins in the next year.  The Company is taking all necessary steps for improvement inproductivity of key resources and reduction in costs wherever required.

 

MANAGEMENT DISCUSSION AND ANALYSIS 

 

ECONOMIC SCENARIO

 

During FY 2012-13, the global economic scenario continued to be in despair, however there has been partial rebound in some of the developing countries. Major economies have registered slower growth in view of uncertain and difficult business environment. Indian economy also remained largely affected by the slump in global macroeconomic environment. India’s Gross Domestic Product (GDP) growth rate for FY 2012-13 is below 5%, which is lowest in the decade. The impact of the slowdown has been felt across all the sectors of economy. The growth in agriculture is estimated at 1.8% in 2012-13 as compared to 3.6% in previous year.

 

The manufacturing sector witnessed a decline in growth to 1.9% in 2012-13 as against 2.7% in previous year. The growth in service sector outperformed other two sectors but could not maintain double digit growth rate achieved in previous six years. Although, Wholesale Price Index (WPI) has moderated during the recent months, food inflation continues to be high. This has severely affected consumption demand, savings and flow of investments. The Union Govt. has recently announced several measures aimed at restoring fiscal health and improving growth rate which should help in improving the Indian economy’s outlook for FY 2013-14.

 

 

SEGMENT WISE PERFORMANCE

 

The Management Information System of the Company recognizes and monitors “construction” as the only Business Segment and hence requirement of disclosure of segment wise performance is not applicable to the Company as required under clause 41 of the Listing Agreement.

 

 

 

 

OUTLOOK

 

Infrastructure development activities are expected to roll further as India plans to double its investments in infrastructure sector during 12th Five Year plan to Rs.  55 trillion which is approximately the size of current GDP. In view of the various initiatives and policy measures being taken by the Govt., the outlook for overall growth of Indian economy and construction industry in particular seems to be healthy and promising.

 

 

RESULTS OF OPERATION

 

OPERATIONAL HIGHLIGHTS / ACHIEVEMENTS

 

The value of the order booked during the FY 2012-13 was over Rs.  24,410 millions and value of orders on hand as on March 31, 2013 stood at around Rs.  55,770 millions. During the year the Company has been awarded certain prestigious orders, some of which are highlighted as under:

 

INFRASTRUCTURE

 

  • Design and Construction of elevated Viduct and 6 stations including finishing work for Delhi Metro Rail Corporation Limited.
  • Construction work of Mombasa – Nairobi – Addis Ababa Road corridor in Ethiopia Factories and Buildings
  • Civil work and finishing services for Indian Institute of Public Health at Gandhinagar.
  • Civil work for exhibition hall and multipurpose utility building for India – International Textile Machinery Exhibition Society at Gift City at Gandhinagar.
  • Construction of Residential Complex for Mahindra Lifespaces at Pune.
  • Construction of Civil structure and finishing works of “Mahagun Mezzaria” for Nextgen Infracon Private Limited at Noida.
  • Construction of Regional office for Maruti Suzuki India Limited at Jaipur.
  • Civil and structural works of Krescent home towers for Jaiprakash Associates Limited at Noida.
  • Civil work for Hinduja Software Technology Park at Bangalore.
  • Construction of academic blocks and residential towers for International centre for Theoretical Sciences of Tata Institute of Fundamental Research at Bangalore.
  • Construction of Residential complex “Embassy Lake Terraces” at Bangalore for Synergy Property Development Services Private Limited 
  • Construction of Residential and Commercial building “Prestige Silversun and Trinity Centre” at Bangalore for Prestige Group
  • Civil works at Prestige Misty Waters for Prestige group at Bangalore

 

POWER

 

  • Construction of foundation, power blocks and coal handling packages at Raigarh, Chhattisgarh, for Cethar Construction Limited

 

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE QUARTER ENDED ON JUNE 30, 2013

 

 (Rs. In Millions)

Particulars

Quarter Ended

( Unaudited)

 

30.06.2013

1. Income form operations

 

a) Net sales/ Income from operation (net of excise duty)

6747.200

b) Other operating income

19.700

Total income from Operations(net)

6766.900

2.Expenditure

 

a) Cost of material consumed

1975.300

b) Purchases of stock in trade

0.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(17.700)

d) Employees benefit expenses

365.800

(e) Construction expense

3820.000

(f) Depreciation and amortization expense

144.900

(g) Other expenses

298.900

Total expenses

6587.200

3. Profit from operations before other income and financial costs

179.700

4. Other income

5.100

5. Profit from ordinary activities before finance costs

184.800

6. Finance costs

146.900

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

37.900

8. Exceptional item

0.000

9. Profit from ordinary activities before tax Expense:

37.900

10.Tax expenses

4.600

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

33.300

12.Extraordinary Items (net of tax expense)

0.000

13.Net Profit / (Loss) for the period (11 -12)

33.300

14.Paid-up equity share capital (Nominal value Re. 1/- per share)

261.200

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

-

16.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):

-

(a) Basic and diluted

1.27

ii) Earnings per share (after extraordinary items)

 

(a) Basic and diluted

1.27

 

 

INFORMATION FOR THE QUARTER ENDED JUNE 30, 2013

 

A. Particulars of shareholding

30.06.2013

1. Public Shareholding

 

- Number of shares

8209391

- Percentage of shareholding

31.43%

2. Promoters and Promoters group Shareholding-

 

a) Pledged /Encumbered

 

Number of shares

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

N.A.

Percentage of shares (as a % of total share capital of the company)

N.A.

 

 

b) Non  Encumbered

 

Number of shares

17908957

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00%

Percentage of shares (as a % of total share capital of the company)

68.57%

 

 

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

 

Notes:

 

1.     The above results were having been taken on record by the Board of Directors on July 25, 2013 after a review by Audit Committee and the statutory Auditors of the Company has carried out the "Limited Review".

2.     The figures for the quarter ended March 31,2013 are the balancing figures between audited figures in respect of full financial year and the published year to date figures upto the third quarter of the financial year ended March 31, 2013

3.     During the quarter ended June 30, 2013, none of the employee has exercised the stock options granted under Employee Stock Option Scheme, 2007 and hence no share has been allotted.

4.     The previous year's figures have been regrouped and/or rearranged wherever considered necessary.

5.     The Management identifies and monitors 'Construction' as the only Business Segment.

 

 

FIXED ASSETS

 

  • Freehold Land
  • Office Premises
  • Store Building
  • Furniture and Fixtures
  • Plant and Machinery
  • Vehicles
  • Electrical installation
  • Office Equipments

 

 

 

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 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. 61.92

UK Pound

1

Rs. 99.45

Euro

1

Rs. 83.92

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

VNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

59

 

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.