MIRA INFORM REPORT

 

 

Report Date :

14.04.2014

 

 

IDENTIFICATION DETAILS

 

Name :

SHAPOORJI PALLONJI AND COMPANY LIMITED

 

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.01.1943

 

 

Com. Reg. No.:

11-003812

 

 

Capital Investment / Paid-up Capital :

Rs.2050.204 Millions

 

 

CIN No.:

[Company Identification No.]

U45200MH1943PLC003812

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS39398C/ MUMS39389A

 

 

PAN No.:

[Permanent Account No.]

AAACS6994C/ AAACS9383H

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Civil Construction Activity

 

 

No. of Employees :

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

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 63421000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects company’s proven track record in the construction, infrastructure and real estate space support by its well diversified order book, healthy revenue visibility over the and adequate liquidity position.

 

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

 

The company can be considered good 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

 

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

 

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

AA+ [Proposed Non-Convertible Debenture]

Rating Explanation

High degree of safety and very low credit risk.

Date

07.02.2014

 

 

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 DECLINED

 

Management non co-operative [91-22-22871040]

 

 

LOCATIONS

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India

Tel. No.:

91-22-22871040

Fax No.:

91-22-66338176

E-Mail :

kunal.antani@shapoorji.com

prachi.kelkar@shpoorji.com

ganesh.iyer@shapoorji.com

Website :

http://www.shapoorji.in

 

 

Head/ Administrative  Office/ Construction Division/ EPC Division 2/ Real Estate Division :

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

Tel. No.:

91-22-22871040/ 41/ 22870197/ 67490000

Fax No.:

91-22-66338176

E-Mail :

rahul@bom2.vsnl.net.in

kunal.antani@shapoorji.com

roshen@shapoorji.com

 

 

Corporate Office :

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

Tel. No.:

91-44-24341555

 

 

EPC Division 2 :

Mira Tower, 2nd Floor, DN-27, Sector V, Salt Lake, Kolkata – 700 091, West Bengal, India

Tel No.:

91-33-66111200

Fax No.:

91-33-23675248/ 66336442

 

 

Email :

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

 

 

Design and Build Division :

Contractor Building, Basement, Ramjeebhai Kamani Marg, Ballard Estate, Mumbai – 400 038, Maharashtra, India

Tel No.:

91-22-66233600

Fax No.:

91--22-66233563

Email :

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

 

 

Human Resources Department :

Gresham House, 4th Floor, Sir PM Road, Fort, Mumbai – 400 001,
Maharashtra, India

Tel. No.:

91-22-67490000

Fax No.:

91-22-22662997

Email :

hrd@shapoorji.com

 

 

Showroom :

54, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India

Tel. No.:

91-22-23421770

Fax No.:

91-22-23421517

 

 

Design and Build Office :

Design and Build Contractor Building, 1st Floor, Ramjibhai Kamani Marg, Ballared estate, Mumbai – 400 038, Maharashtra, India

Tel No.:

91-22-66233500 

Fax No.:

91-22-66233533

 

 

Regional Offices :

Located at:

 

·         Ahmedabad

·         Bangalore

·         Chennai

·         Delhi

·         Hyderabad

·         Kolkata

·         Mumbai

·         Nagpur

·         Nasik

·         Pune

 

 

Overseas Office:

Located at:

 

·         Dubai

·         Abu Dhabi

·         Kuwait

·         Algeria

·         Ghana

·         Saudi

·         Qatar

·         Libya

·         Sri Lanka

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Managing Director

Address :

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

Date of Birth/Age :

06.09.1964

Qualification :

B.A. (England) Business and Economics Richmond College, London

Date of Appointment :

29.09.2009

DIN No.:  

00010114

PAN No.:

AAEPM2061M

 

 

Name :

Mr. Khushroo Burjor Captain

Designation :

Director

Address :

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

Date of Birth/Age :

24.04.1930

Qualification :

B.A. LLB

Date of Appointment :

18.07.1984

DIN No.:  

00007518

 

 

Name :

Mr. Firoze Kavshah Bhathena

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

18.07.1948

Qualification :

B. Com., M. Com

Date of Appointment :

31.08.2009

DIN No.:  

00010075

 

 

Name :

Kekoo Homji Colah

Designation :

Whole Time Director

Address :

10, 2nd Floor, Meher Building, Opposite Dady Seth Road, Chowpatty, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

03.10.1953

Date of Appointment :

29.09.2012

DIN No.:  

00377478

 

 

Name :

Jai Laxmikant Mavani

Designation :

Whole Time Director

Address :

G-401, Royal Classic, Next to Fame Adlabs, New Link Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

04.09.1971

Date of Appointment :

29.09.2012

DIN No.:  

05260191

 

 

KEY EXECUTIVES

 

Name :

Mr. Roshen Minocher Nentin

Designation :

Secretary

Address :

King’s Building, Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India 

Date of Birth/Age :

12.12.1952

Date of Appointment :

20.10.1978

PAN No.:

AAAPN6921F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Equity Shares

No. of Preferences Shares

Shapoor Pallonji Mistry

1081100

50000100

Cyrus Pallonji Mistry

1081100

50000100

Sterling Investment Corporation Private Limited, India

1346100

--

Cyrus Investments Limited, India

1346100

--

SC Finance and Investments Private Limited, India

50080900

--

SP Finance Private Limited, India

50080900

--

Blue Arrow Finance Company Private Limited , India

4000

--

 

 

 

TOTAL

105020200

100000200

 

AS ON 30.09.2013

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

97.94

Directors or relatives of directors

 

2.06

TOTAL

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Civil Construction Activity

 

 

Products :

Item Code No. (ITC Code)

99531211

Product Description

Buildings used for production (This includes buildings used for assembly activities of industrial establishments).

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

·         Deutsche Bank AG, 222, Kodak House, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India

 

·         Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110 001, India

 

·         The Zoroastrian Co-Operative Bank Limited, Mumbai Main Branch, Yusuf Building, Ground Floor, V.N. Road, Fort, Mumbai – 400 001, Maharashtra, India

 

·         Standard Chartered Bank, 90, M.G. Road, Post Box No. 141, Fort, Mumbai-400001, Maharashtra, India

 

·         The Central Bank of India Limited, M.G. Road, Mumbai-400001, Maharashtra, India

 

·         ICICI Limited, C-15, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

 

·         HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

Rupee term loans from banks

78.427

161.045

Term loans from others

8500.000

623.691

 

 

 

Short Term Borrowings

 

 

Loans repayable on demand from banks

173.776

0.000

TOTAL

8752.203

784.736

 

 

 

Banking Relations :

--

 

 

Financial Institution :

SREI Equipment Finance Private Limited, Vishwakarma, 86c, Topsia Road, Kolkata-700046, West Bengal, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400 018, Maharashtra, India

Tel. No.:

91-22-66679000

Fax No.:

91-22-66679100

PAN No:

AACFD4815A

 

 

Associates/Subsidiaries :
  • Sunny View Estates Private Limited [U70100MH1998PTC114964]
  • Relationship Properties Private Limited [U45200MH2008PTC178830]
  • Afcons Infrastructure Limited [U45200MH1976PLC019335]
  • Floreat Investments Limited [U65990MH1989PLC050983]
  • Flooraise Developers Private Limited [U45200MH2005PTC158340]
  • Manjri Horse Breeders' Farm Private Limited [U01210MH2007PTC174746]
  • S.D. Suburban Development Private Limited [U70109MH2010PTC202849]
  • Sharus Building Services India Private Limited [U51432MH1999PTC121951]
  • Sterling and Wilson Limited [U31200MH1974PLC017538]
  • S P Fabricators Private Limited [U25192MH1993PTC072591]
  • Forvol International Services Limited [U55100MH1977PLC019660]
  • Forbes & Company Limited [L17110MH1919PLC000628]
  • Eureka Forbes Limited [U27109WB1931PLC007010]
  • United Motors (India) Limited [U28100MH1920PLC000807]
  • Corporate Apparel USA Inc
  • Shapoorji Pallonji Energy (Gujarat) Private Limited [U40100GJ2008PTC054060]
  • Shapoorji Pallonji Infrastructure Capital Company Limited [U65990MH1997PLC108596]
  • Shapoorji Pallonji Power Projects Private Limited [U40103TN2010PTC088516]
  • SP Ports Private Limited [U45400GJ2010PTC069101]
  • Gokak Textiles Limited [L17116KA2006PLC038839]
  • Shapoorji Pallonji Roads Private Limited [U45203MH2010PTC202625]
  • Sterling Industries FZ LLC
  • Bengal Shapoorji Housing Development Private Limited [U65990MH1988PTC049619]
  • S D Corporation Private Limited [U70109MH1998PTC116091]
  • Sterling Motors
  • Shapoorji Pallonji Mid-East (LLC)
  • Natural Oil Ventures Company Limited
  • Grand View Estates Private Limited [U70100MH1998PTC114764]
  • Shapoorji Pallonji International FZE
  • SP Advanced Engineering Materials Private Limited [U25200MH1999PTC122842]
  • Khvafar Investments Private Limited [U67120MH1995PTC084747]
  • Shapoorji Pallonji (Gwalior) Private Limited [U51900MH1944PTC020365]
  • Sterling and Wilson Middle East Electromechanical LLC

 

 

Other Related Parties :

  • Sterling Investment Corporation Private Limited [U70100MH1943PTC003997]
  • Cyrus Investments Private Limited [U65920MH1923PTC001053]
  • Shapoorji Pallonji Foundation Trust
  • Pallonji Shapoorji Charity Trust
  • Goswami Infratech Private Limited [U45209DL2012PTC241323]
  • Galina Consultancy Services Private Limited [U93030MH2012PTC236764]
  • Pallonji Shapoorji And Company Private Limited [U45200MH1951PTC008529]
  • Anand Agencies Private Limited

 

 

Joint Venture :

  • Larsen and Toubro Limited Shapoorji Pallonji and Co Limited
  • Armada D1 Pte Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

105050000

Equity Shares

Rs.10/- each

Rs.1050.500 Millions

100000200

Preferences Shares

Rs.10/- each

Rs.1000.002 Millions

 

TOTAL

 

Rs.2050.502 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

105020200

Equity Shares

Rs.10/- each

Rs.1050.202 Millions

100000200

Preferences Shares

Rs.10/- each

Rs.1000.002 Millions

 

TOTAL

 

Rs.2050.204 Millions

 

 

 

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

2050.204

2050.204

2040.204

(b) Reserves & Surplus

13805.227

13274.160

8678.955

(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)

15855.431

15324.364

10719.159

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11578.427

5284.736

8815.699

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

4056.785

3546.148

5730.086

(d) long-term provisions

659.354

529.732

413.866

Total Non-current Liabilities (3)

16294.566

9360.616

14959.651

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

20829.161

13375.182

8931.234

(b) Trade payables

10508.377

8822.920

6539.300

(c) Other current liabilities

16294.603

19808.352

14199.293

(d) Short-term provisions

600.250

629.710

288.989

Total Current Liabilities (4)

48232.391

42636.164

29958.816

 

 

 

 

TOTAL

80382.388

67321.144

55637.626

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2511.748

2420.555

2225.801

(ii) Intangible Assets

1.287

2.574

1.707

(iii) Capital work-in-progress

2.584

2.584

13.741

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

15017.811

14424.269

11044.989

(c) Deferred tax assets (net)

568.876

541.727

334.542

(d)  Long-term Loan and Advances

9979.409

8474.004

7396.867

(e) Other Non-current assets

2741.337

2636.598

1454.183

Total Non-Current Assets

30823.052

28502.311

22471.830

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.005

0.005

0.000

(b) Inventories

10066.695

9685.215

8993.442

(c) Trade receivables

19650.825

14673.832

10346.918

(d) Cash and cash equivalents

1883.804

1800.282

2316.940

(e) Short-term loans and advances

13080.462

10301.561

10230.158

(f) Other current assets

4877.545

2357.938

1278.338

Total Current Assets

49559.336

38818.833

33165.796

 

 

 

 

TOTAL

80382.388

67321.144

55637.626

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

45158.826

41181.935

32206.823

 

 

Other Income

3440.669

3295.973

2944.885

 

 

TOTAL                                     (A)

48599.495

44477.908

35151.708

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

37099.371

35341.210

26870.858

 

 

Purchases of stock-in-trade

5.543

7.136

41.383

 

 

Changes in inventories of finished goods, work-in-progress and

stock-in-trade

1142.670

401.545

407.473

 

 

Employee benefit expense

4159.621

3529.304

2717.854

 

 

Other expenses

997.464

917.805

1063.600

 

 

TOTAL                                     (B)

43404.669

40197.000

31101.168

 

 

 

 

 

Less

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

5194.826

4280.908

4050.540

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4255.595

3330.334

2176.104

 

 

 

 

 

 

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

939.231

950.574

1874.436

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

422.589

426.741

347.068

 

 

 

 

 

 

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

516.642

523.833

1527.368

 

 

 

 

 

Less

TAX                                                                  (H)

(14.425)

(197.572)

40.187

 

 

 

 

 

 

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

531.067

721.405

1487.181

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

6690.599

5203.418

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

NA

NA

6690.599

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Technical Know-how fees

31.252

28.555

8.964

 

 

Construction income

1959.136

434.513

72.360

 

 

Interest income

0.390

1.196

24.910

 

 

Miscellaneous income

0.000

0.317

0.501

 

TOTAL EARNINGS

1990.778

464.581

106.735

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

705.725

117.046

46.935

 

 

Components and spare parts

63.453

5.265

6.071

 

 

Capital Goods

0.000

309.654

20.845

 

TOTAL IMPORTS

769.178

431.965

73.851

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

-       Basic

5.06

6.93

14.40

 

-       Diluted

5.06

6.87

14.32

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
1.09

1.62

4.23

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.14

1.27

4.74

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.80

1.00

3.45

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.03

0.03

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.05

1.22

1.65

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.03

0.91

1.11

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

2040.204

2050.204

2050.204

Reserves & Surplus

8678.955

13274.160

13805.227

Net worth

10719.159

15324.364

15855.431

 

 

 

 

long-term borrowings

8815.699

5284.736

11578.427

Short term borrowings

8931.234

13375.182

20829.161

Total borrowings

17746.933

18659.918

32407.588

Debt/Equity ratio

1.656

1.218

2.044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

32206.823

41181.935

45158.826

 

 

27.867

9.657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

32206.823

41181.935

45158.826

Profit

1487.181

721.405

531.067

 

4.62%

1.75%

1.18%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

 

Particulars

 

31.03.2013

[Rs. in millions]

31.03.2012

[Rs. in millions]

31.03.2011

[Rs. in millions]

 

 

 

 

Current Maturities of Long Term Debt

5080.034

11575.625

NA

 

 

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]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

 

 

CASE DETAILS

 

BENCH: BOMBAY

 

PRESENTATION DATE: 29/07/2013

 

LODGING NO.: CPL/507/2013                                                                                 FILING DATE: 29/07/2013

 

REG. NO.: CP/43/2014                                                                                             REG. DATE: 23/01/2014

 

PETITIONER : BALAJEE INFRATECH AND CONSTRUCTIONS PRIVATE LIMITED

RESPONDENT : SHAPOORJI PALLONJI AND COMPANY LIMITED

 

 

PENT. ADV.: GAURI S. RAO (216)

RESP. ADV.: DESAI AND DIWANJI (814)

 

 

DISTRICT: MUMBAI

 

 

 

BENCH:  SINGLE

 

 

 

STATUS: PRE-ADMISSION

CATEGORY: COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT

 

 

NEXT DATE: 22/04/2014

STAGE: COMPANY PETITIONS FOR ADMISSION

 

 

CORAM: HON’BLE SHRI JUSTICE G.S. PATEL

 

 

 

LAST DATE: 29/01/2014

STAGE: FOR ACCEPTANCE

 

 

LAST CORAM: HON’BLE SHRE JUSTICE G.S. PATEL

 

 

 

ACT: COMPANIES ACT AND RULES 1956

UNDER SECTION: 433 (E), 434 (A) AND 439 (B)

 

 

 

 

 

Unsecured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

Rupee term loans from banks

3000.000

4500.000

 

 

 

Short Term Borrowings

 

 

Rupee term loans from banks

4276.923

6487.387

Term loans from others

800.000

300.000

Loans and advances from related parties

565.493

340.000

Commercial paper

14994.918

6247.795

Loans repayable on demand from banks

18.051

0.000

TOTAL

23637.334

17875.182

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10434046

03/06/2013

250,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B78383668

2

10417385

25/02/2013

75,000,000.00

THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED

FORT BRANCH, YUSUF BUILDING, GROUND FLOOR, V.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B72470800

3

10392361

30/10/2012

2,000,000,000.00

AXIS BANK LIMITED

2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA

B64287147

4

10366529

29/06/2012

10,000,000,000.00

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA

B44178556

5

10330131

25/11/2011

100,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA

B30008064

6

10314329

06/09/2011

44,000,000.00

THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED

FORT BRANCH,, YUSUF BUILDING, GROUND FLOOR, V.N.
ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA

B23990948

7

10289700

23/05/2011

200,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B14088462

8

10267033

21/01/2011

250,000,000.00

SREI EQUIPMENT FINANCE PRIVATE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA

B05577572

9

10267034

21/01/2011

250,000,000.00

SREI EQUIPMENT FINANCE PRIVATE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA

B05577606

10

10267035

21/01/2011

250,000,000.00

SREI EQUIPMENT FINANCE PRIVATE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA

B05577689

11

10267036

21/01/2011

250,000,000.00

SREI EQUIPMENT FINANCE PRIVATE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA

B05577747

12

10257080

07/12/2010

600,000,000.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR
MARG, MUMBAI, MAHARASHTRA - 400023, INDIA

B00046557

13

10259242

29/11/2010

85,800,000.00

TATA CAPITAL LIMITED

ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B02470383

14

10255871

13/05/2011 *

173,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M
UMBAI, MAHARASHTRA - 400021, INDIA

B12721759

15

10231785

08/07/2010

110,000,000.00

BANK OF BAHRAIN AND KUWAIT B.S.C

JOLLY MAKER CHAMBER II, GROUND FLOOR 225, NARIMAN POINT, MUMBAI - 400 021, MUMBAI, MAHARASHTRA - 400021, INDIA

A90028069

16

10211506

22/03/2010

50,000,000.00

BANK OF BAHRAIN AND KUWAIT B.S.C

JOLLY MAKER CHAMBER II, GROUND FLOOR 225, NARIMAN POINT, MUMBAI - 400 021, MUMBAI, MAHARASHTRA - 400021, INDIA

A82714395

17

10220554

18/03/2010

500,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

A85108710

18

10156978

24/04/2009

250,000,000.00

BANK OF INDIA

MUMBAI LARGE CORPORATE BRANCH , 70/80 M G ROAD, 4TH FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, IN
DIA

A62063813

19

10135907

16/10/2010 *

200,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

A96956404

20

10032820

22/02/2013 *

1,016,000,000.00

DEUTSCHE BANK AG

222, KODAK HOUSE, D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B69507812

21

10016447

06/08/2007 *

100,000,000.00

STANDARD CHARTERED BANK

90, M G ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA

A19894575

22

90235146

09/01/2006

1,750,000,000.00

STANDARD CHARTERED BANK

MUMBAI BRANCH, M.G. ROAD; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

-

23

90213714

21/05/2001

423,052.00

CITICORP FINANCE INDIA LIMITED

1ST FLOOR; PLOT NO. C-61, G- BLOCK BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA

-

24

90213302

31/12/1998

150,000,000.00

ANZ GRINDLAYS BANK

90; M.G. ROAD, POST BOX NO.141; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA

-

25

90211251

29/03/1978

2,000,000.00

MISHRA DHATU NIGAM LIMITED

KANCHENBAGH, HYDERABAD, ANDHRA PRADESH - 500258, INDIA

-

26

90211224

17/09/1975

2,000,000.00

THE VYSYA BANK LIMITED

586; CHIRA BAZAR, BOMBAY, MAHARASHTRA - 400002, INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS:

 

Tangible Assets:

 

·         Land and Land Improvements

·         Building and Building Improvements

·         Plant and Machinery

·         Office Equipments

·         Computer Equipments

·         Furniture and Fixtures

·         Vehicles

 

Intangible Assets:

 

·         Computer Software

 

 

 

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 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]         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.60.27

UK Pound

1

Rs.101.10

Euro

1

Rs.83.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

66

 

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.