MIRA INFORM REPORT
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Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SADBHAV ENGINEERING LIMITED |
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Registered
Office : |
Sadbhav House, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.10.1988 |
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Com. Reg. No.: |
04-011322 |
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Capital
Investment / Paid-up Capital : |
Rs. 151.662 Millions |
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CIN No.: [Company Identification
No.] |
L45400GJ1988PLC011322 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS00707A |
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PAN No.: [Permanent Account No.] |
AADCS0852Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Developers and engineering, procurement and construction (EPC)
Contractors |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having fine track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Have very strong degree of safety and carry Lowest credit risk. |
|
Date |
December 10, 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
31-03-2014.
INFORMATION DENIED
Management is Non co-operative (91-79-26463384)
LOCATIONS
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Registered Office : |
Sadbhav House, |
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Tel. No.: |
91-79-26463384 |
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Fax No.: |
91-79-26400210 |
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E-Mail : |
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Web. |
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Corporate Office: |
1st Floor, “Sadbhav”, 1st Floor, “Sadbhav”, Nr. Havmor
Restaurant, B/H. Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, |
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Factory: |
Village Ognaj, Tal. Daskroi, Dist. Ahmedabad, |
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Branch: |
602/702, “C” Wing, Godrej
Coliseum, Nr. Lokmanya, Behind Everard Nagar, Sion (East) Mumbai - 400 022, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Vishnubhai Mafatlal Patel |
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Designation : |
Chairman and Managing Director |
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Address : |
11 Hindu Colony Opposite Sardar Patel Staudium Navrang Pura, Ahmedabad
– 380009, |
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Date of Birth/Age : |
27.01.1942 |
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Date of Appointment : |
01.07.2014 |
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DIN No. : |
00048287 |
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Name : |
Mr. Nitin Rameshchandra Patel |
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Designation : |
Executive Director and CFO |
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Address : |
“Keshav Laxmi” |
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Date of Birth/Age : |
04.08.1968 |
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Date of Appointment : |
01.07.2014 |
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DIN No. : |
00466330 |
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Name : |
Mr. Shashin Vishnubhai Patel |
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Designation : |
Joint Managing Director |
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Address : |
11 Hindu Colony Opposite Sardar patel Stadium Navrang Pura, Ahmedabad
– 380009, |
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Date of Birth/Age : |
02.04.1981 |
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Date of Appointment : |
01.07.2014 |
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DIN No. : |
00048328 |
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Name : |
Mr. Vikram Rasiklal patel |
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Designation : |
Executive Director |
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Address : |
1 Shipra Society Opposite Gauravbunglownr Vidhyalaymemnagar, Ahmedabad
– 380061, |
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Date of Birth/Age : |
02.04.1968 |
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Date of Appointment : |
01.10.2012 |
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DIN No. : |
00048318 |
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Name : |
Ms. Vasistha Chandubhai Patel |
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Designation : |
Executive Director |
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Address : |
27 Shaswat Bunglows, Sghighway B/Hrajpatn Club, Bodakdev, Ahmedabad –
3830059, Gujarat |
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Date of Birth/Age : |
25.07.1973 |
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Date of Appointment : |
01.10.2012 |
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DIN No. : |
00048324 |
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Name : |
Mr. Sandip Vinodkumar Patel |
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Designation : |
Independent Director |
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Address : |
D 302 Arjungreensnrme Naravhallnilkanthma Hadevrd Naranpura, Ahmedabad
– 380013, Gujarat, India |
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Date of Birth/Age : |
22.11.1967 |
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Date of Appointment : |
21.09.2006 |
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DIN No. : |
00449028 |
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Name : |
Mr. Atul Nandlalbhai Ruparel |
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Designation : |
Independent Director |
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Address : |
1 Aryaman Bunglow 10, Hirabaug Society, Ahmedabad – 380006, Gujarat,
India |
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Date of Birth/Age : |
22.11.1967 |
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Date of Appointment : |
29.09.2009 |
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DIN No. : |
00485470 |
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Name : |
Mr. Arunbhai Shankerlal Patel |
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Designation : |
Independent Director |
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Address : |
19 Pannapark Society, Near Vijay Nagar Soc. Navrangpura, Ahmedabad –
380009, Gujarat, India |
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Date of Birth/Age : |
15.07.1946 |
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Date of Appointment : |
29.09.2012 |
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DIN No. : |
06365699 |
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Name : |
Mr. Sabdip A. Sheth |
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Designation : |
Independent Director |
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Name : |
Mr. Mirat N. Bhadlawala |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Jamnadas Kalyani |
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Designation : |
Secretary |
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Address : |
9, Divyajyot Society, Bhairavnath Road Maninagar, Ahmedabad – 380008,
Gujarat, India |
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Date of Birth/Age : |
02.11.1958 |
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Date of Appointment : |
01.05.2006 |
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PAN No.: |
AEJPK5384A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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|
|
As a % of (A+B) |
|
(A) Shareholding of
Promoter and Promoter Group |
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|
52256765 |
34.41 |
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|
16545275 |
10.89 |
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|
3993840 |
2.63 |
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|
3993840 |
2.63 |
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|
72795880 |
47.94 |
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Total shareholding
of Promoter and Promoter Group (A) |
72795880 |
47.94 |
|
(B) Public
Shareholding |
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|
39388125 |
25.94 |
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|
18012 |
0.01 |
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|
23650370 |
15.57 |
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|
63056507 |
41.52 |
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|
11084739 |
7.30 |
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|
4108998 |
2.71 |
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|
500000 |
0.33 |
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|
315676 |
0.21 |
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|
159110 |
0.10 |
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|
156566 |
0.10 |
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|
16009413 |
10.54 |
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Total Public
shareholding (B) |
79065920 |
52.06 |
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Total (A)+(B) |
151861800 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
151861800 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Developers and engineering, procurement and construction (EPC)
Contractors |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWINGS: Interest Payable on Rupee Term Loan from Banks & Financial Institutions is ranging from 8.47% to 12.00%. Interest payable on ECB are Linked to LIBOR which are 215 basis point and 250 basis point over LIBOR. The Repayment Schedule of ECB are included in above Maturity Profile of Term Loans. SHORT TERM
BORROWINGS: SECURED BY
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Finance Institute |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surana Maloo and Company Chartered Accountants |
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Address : |
2nd Floor, Akash, Ganga Complex, Parimal Under Bridge, Near Suvidha Shopping Center, Paldi, Ahmedabad-380007, Gujarat, India |
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PAN No.: |
AAHFS7809J |
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Subsidiary: |
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Associate Companies |
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Joint Ventures: |
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Step-down Subsidiaries:- |
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Entities in which KMP / relatives of KMP can exercise significant
influence |
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CAPITAL STRUCTURE
As on: 31.03.2014
- Authorized
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
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|
- Issued,
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151662300 |
Equity Shares |
Rs.1/- each |
Rs.151.662 Millions |
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- Reconciliation of Nos. of Equity Shares with voting rights:
|
No. of Shares |
Type |
|
|
|
|
150945800 |
Outstanding at the beginning of the year |
|
716500 |
Addition during the year towards ESOP |
|
151662300 |
Outstanding at the
end of the year |
- Rights of Shareholders and Repayment of Capital:
- The Company has only one class of shares referred to as equity shares having a par value of Re. 1/-.
- Each holder of equity shares is entitled to one vote per share.
- In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.
- Shares with voting rights held by each shareholder holding more
than 5% Equity shares of the company:
|
Name of Share
Holder |
As at March 31,
2014 No. of shares
(%age) |
|
Vishnubhai M. Patel |
17829220 (11.76) |
|
Shantaben V. Patel |
14715375 (9.70) |
|
Sadbhav Finstock Private Limited |
16545275 (10.91) |
- Shares reserved for Issue under ESOP @ Rs50/- per share (Face
Value Re.1/-)
|
Particulars |
As at March 31, 2014 (Figure in Nos) |
|
Option outstanding in the beginning of the year |
1167500 |
|
Less: Exercised |
716500 |
|
Less: Forfeited/Lapsed |
68500 |
|
Option outstanding at year end |
382500 |
|
Option execisable at year end |
382500 |
As at March 31, 2014 382500 equity shares have been kept reserved for issue against the outstanding options.
All shares are vested and are exercisable at any point of time within three years from the date of vesting.
The exercise price of option is Rs.50/- per option granted.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.662 |
150.946 |
150.368 |
|
(b) Reserves &
Surplus |
9189.053 |
8174.241 |
7472.696 |
|
(c) Money received
against share warrants |
231.500 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.0000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
9572.215 |
8325.187 |
7623.064 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4215.271 |
3121.594 |
1305.663 |
|
(b) Deferred tax
liabilities (Net) |
356.681 |
316.917 |
234.531 |
|
(c) Other long term
liabilities |
491.714 |
781.919 |
754.188 |
|
(d) long-term provisions |
25.111 |
22.685 |
18.283 |
|
Total Non-current
Liabilities (3) |
5088.777 |
4243.115 |
2312.665 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4417.824 |
3609.569 |
2722.410 |
|
(b) Trade payables |
3763.145 |
3290.660 |
3212.943 |
|
(c) Other current
liabilities |
6247.929 |
3300.386 |
3667.044 |
|
(d) Short-term provisions |
1189.523 |
2139.390 |
1855.969 |
|
Total Current Liabilities
(4) |
15618.421 |
12340.005 |
11458.366 |
|
|
|
|
|
|
TOTAL |
30279.413 |
24908.307 |
21394.095 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4981.857 |
3294.307 |
2878.424 |
|
(ii) Intangible Assets |
0.000 |
8.339 |
2.274 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5210.041 |
5384.528 |
3287.321 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4816.809 |
1519.631 |
730.343 |
|
(e) Other Non-current
assets |
198.752 |
416.779 |
436.643 |
|
Total Non-Current Assets |
15207.459 |
10623.584 |
7335.005 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
35.429 |
|
(b) Inventories |
1638.210 |
1021.902 |
883.933 |
|
(c) Trade receivables |
7318.716 |
7364.915 |
7474.169 |
|
(d) Cash and cash
equivalents |
761.724 |
217.551 |
563.381 |
|
(e) Short-term loans and
advances |
4889.703 |
5523.610 |
4923.061 |
|
(f) Other current assets |
463.601 |
156.745 |
179.117 |
|
Total Current Assets |
15071.954 |
14284.723 |
14059.090 |
|
|
|
|
|
|
TOTAL |
30279.413 |
24908.307 |
21394.095 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
23581.236 |
18109.98 |
26755.491 |
|
|
Other Income |
364.222 |
103.478 |
108.206 |
|
|
TOTAL (A) |
23945.458 |
18213.458 |
26863.697 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3778.837 |
2683.835 |
3296.641 |
|
|
Construction Expenses |
15670.762 |
12512.873 |
19162.053 |
|
|
Employees benefits
expense |
602.198 |
428.074 |
400.231 |
|
|
Extraordinary Items |
383.476 |
(609.398) |
0.000 |
|
|
Other expenses |
1035.402 |
927.725 |
993.736 |
|
|
TOTAL (B) |
21470.675 |
15943.109 |
23852.661 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2474.783 |
2270.349 |
3011.036 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1181.149 |
843.697 |
651.119 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1293.634 |
1426.652 |
2359.917 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
473.997 |
318.225 |
274.39 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
819.637 |
1108.427 |
2085.527 |
|
|
|
|
|
|
|
Less |
TAX (I) |
(241.997) |
367.691 |
679.911 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
1061.634 |
740.736 |
1405.616 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
4297.824 |
3737.369 |
2636.610 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
100.000 |
75.000 |
140.000 |
|
|
Transfer to Debenture
Redemption Reserve |
20.000 |
0.000 |
60.000 |
|
|
Proposed Dividend |
106.454 |
90.570 |
90.221 |
|
|
Tax on Proposed Dividend |
18.791 |
14.711 |
14.636 |
|
|
Total (M) |
245.245 |
180.281 |
304.857 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
5114.213 |
4297.824 |
3737.369 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital goods (Machineries) |
27.353 |
41.770 |
119.973 |
|
|
Construction Material (Bitumen) |
0.000 |
0.000 |
0.550 |
|
|
TOTAL IMPORTS |
27.353 |
41.770 |
120.523 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
7.01 |
4.91 |
9.36 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
4.50 |
4.09 |
5.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.49 |
12.54 |
11.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.27 |
5.68 |
11.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.13 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt
/Networth) |
|
0.90 |
0.81 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.16 |
1.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
150.368 |
150.946 |
151.662 |
|
Reserves & Surplus |
7472.696 |
8174.241 |
9189.053 |
|
Money received against
share warrants |
0.000 |
0.000 |
231.500 |
|
Net worth |
7623.064 |
8325.187 |
9572.215 |
|
|
|
|
|
|
long-term borrowings |
1305.663 |
3121.594 |
4215.271 |
|
Short term borrowings |
2722.410 |
3609.569 |
4417.824 |
|
Total borrowings |
4028.073 |
6731.163 |
8633.095 |
|
Debt/Equity ratio |
0.528 |
0.809 |
0.902 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2021 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
26755.491 |
18109.980 |
23581.236 |
|
|
|
(32.313) |
30.211 |
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 |
26755.491 |
18109.980 |
23581.236 |
|
Profit |
1405.616 |
740.736 |
1061.634 |
|
|
5.25% |
4.09% |
4.50% |
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 |
No |
|
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 |
No |
|
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 |
FINANCIAL OVERVIEW:
Income Analysis
The Company’s revenues for the current year stood at Rs.23581.200 Millions as against Rs.18109.900 Millions in the previous year, there by registering a decline of 30.21%.
Expense Analysis
Manufacturing and Construction expenses Material consumed for the year ended March 31st, 2014 amounted to Rs.3778.800 Millions, construction expenses increased from Rs.12512.900 Millions incurred during 2012-13 to Rs.15670.800 Millions.
Depreciation,
Interest and Finance cost
Depreciation during 2013-14 amounted to Rs.474.000 Millions as against Rs.318.200 Millions recorded in 2012-13. Finance cost increased from Rs.843.700 Millions in 2012-13 to Rs.1181.100 Millions in 2013-14.
Profit Analysis
EBDITA during 2013-14 stood at Rs.2858.300 Millions as against Rs.1660.900 Millions recorded during 2012-13. Profit after tax for 2013-14 stood at Rs.1061.600 Millions as compared to Rs.740.700 Millions during 2012-13.
Net Worth
The company also saw a rise in the Net worth from Rs.8325.200 Millions in 2012-13 to Rs.9572.200 Millions in 2013-14.
Dividend
In view of the company’s remarkable performance, the Company declared a final dividend of 70%.
LITIGATION DETAILS
|
HIGH COURT OF GUJARAT CIVIL APPLICATION (FOR
DIRECTION) NO. 12063 OF 2014 IN LETTERS PATENT APPEAL /
1070 / 2014 ( PENDING ) |
|
Status:
PENDING (Converted from : C/CAST/12089/2014 ) CCIN No : 001003201412063 Next Listing Date : 03.02.2015 Coram HONOURABLE MR.JUSTICE M.R. SHAH Note Before: HONOURABLE MR.JUSTICE C.L. SONI HONOURABLE
MR.JUSTICE R.D.KOTHARI |
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
MONTECARLO LIMITED |
SINGHI & CO for: Petitioner(s) |
|
S.NO. |
Name of the Respondent |
Advocate On Record |
|
1 |
SADBHAV INFRASTRUCTURE PROJECT LIMITED |
M/S WADIAGHANDY & CO for :Respondent(s) |
|
|
|||
|
Presented On |
: 16/10/2014 |
Registered On |
: 16/10/2014 |
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 3 times |
|
Stage Name |
: FOR FINAL HEARING |
||
|
Classification |
DB - CIVIL MISC. APPLICATION - CODE
OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF
TIME / CLARIFICATION |
||
|
Act |
CIVIL PROCEDURE CODE, 1908 |
||
|
Office Detail |
|
S. No. |
Filing
Date |
Document
Name |
Advocate
Name |
Court
Fee on Document |
Document
Details |
|
1 |
16/10/2014 |
ADVANCE COPY OF PETITION |
M/S WADIAGHANDY & CO ADVOCATE |
0 |
M/S WADIAGHANDY & CO(5679) for R:1 - 2 |
|
2 |
16/10/2014 |
ADVANCE COPY OF PETITION |
MR PREMAL R JOSHI ADVOCATE |
0 |
MR PREMAL R JOSHI(1327) for R:5 |
|
3 |
16/10/2014 |
ADVANCE COPY OF PETITION |
MRS MAUNA M BHATT ADVOCATE |
0 |
MRS MAUNA M BHATT(174) for R:4 |
|
4 |
16/10/2014 |
APPEARANCE NOTE |
SINGHI & CO ADVOCATE |
0 |
SINGHI & CO(2725) for P:1 - 3 |
|
5 |
16/10/2014 |
MEMO OF APPEAL/PETITION/SUIT |
SINGHI & CO ADVOCATE |
20 |
SINGHI & CO(2725), for P:1 - 3 |
|
Court Proceedings |
|||||
|
S. No. |
Notified
Date |
Court
Code |
Board
Sr. No. |
Stage |
Action |
Coram |
|
1 |
11/11/2014 |
4 |
41 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
|
|
2 |
20/11/2014 |
51 |
15 |
NOTICE & ADJOURNED MATTERS |
NEXT DATE |
|
|
3 |
03/02/2015 |
51 |
- |
FOR FINAL HEARING |
|
|
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgment |
Questions |
Transferred |
Download |
|
|
|
1 |
LETTERS PATENT APPEAL/1070/2014 |
HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MR.JUSTICE VIPUL M PANCHOLI |
11/11/2014 |
N |
ORDER |
- |
Y |
Download |
|
|
|
|
LETTERS PATENT APPEAL/1070/2014 |
HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MR.JUSTICE R.D.KOTHARI |
20/11/2014 |
N |
ORDER |
- |
Y |
Download |
|
|
CORPORATE INFORMATION:
The Company is engaged in the business of development of infrastructure facilities in areas of canals, irrigations projects, roads, bridge, dams which includes civil, electrical and mechanical contractor, designer and engineers, structural contractor, earthwork contractor for repairing, reconstruction, renovation, demolitions and construction of canals, irrigations projects, roads, bridge, dams. Company also establish, maintain, operate, lease or transfer the above infrastructure facilities on BOT, BOLT and BOOT basis. Company is also engaged in mining activities on contract basis and business of energy generation through Wind Power Project.
MANAGEMENT DISCUSSION & ANALYSIS:
The company presents its annual report for the year 2013 - 14 and a perspective for the future on the foundation of the existing scenario, given the variants of economic standing, political situation and all other global developments.
ECONOMIC:
The Indian economy recovered in the second quarter (Q2) of 2013-14 recording a growth of 4.8 per cent. This follows a growth rate of 4.4 per cent in the first quarter (Q1) of the current financial year - the lowest in 16 quarters. Particularly encouraging is the fact that the recovery in Q2 is noticed on the face of significant fiscal consolidation by the Government and tighter liquidity conditions to moderate aggregate demand. The economy went through challenging times since the crisis in the Euro area in 2011-12 with a cyclical down turn with growth slowdown, elevated current account deficit, persistent inflation, and the need to restore fiscal policy to a sustainable path. While the Government delivered on the announced fiscal targets in 2012-13, current account deficit (CAD) continued to remain elevated in Q1 of 2013-14 and in tandem with market misperception of an imminence of the rollback of quantitative easing in US, assumed a serious dimension with the sharp depreciation of the rupee. The Government put in place a series of measures and there has been a significant let-up in the challenges on the trade and balance of payments front, particularly in the Q2 2013-14. Domestic impediments like elevated levels of food and retail inflation, high input costs and pressure on profit margins and infrastructural bottlenecks continued, with the Government addressing them through appropriate calibration of fiscal policy, administrative measures and institutional mechanisms like Cabinet Committee on Investment to fast track projects. The recovery in growth, although weak, is expected to gather pace in the coming quarters. Broadly summarized, the indications to this effect are a sharp moderation in CAD composed of both a moderation in imports and pickup in exports; a moderation on year-on-year WPI inflation in the first half over that in the previous year; fiscal consolidation that is broadly on track; and accelerated growth in agriculture and a mild recovery in manufacturing.
INDUSTRY SYNOPSIS:
According to Moody’s Investor Services, inflation will be key as they go ahead and supply will remain a concern.
The government has announced a slew of proposals, including raising the limit on foreign direct investment in defense and insurance ventures to 49 per cent from 26 per cent, which is expected to help the rupee in the medium - to longer - term. The Budget includes measures to support faster economic growth, such as allowing greater foreign direct investment in insurance and defiance, increasing spending on infrastructure, and introducing tax incentives for savings and investment.
According to statements made by Moody’s representative, these policies are credit positive for the corporate and infrastructure sectors. However, their effect on overall gross domestic product growth will be muted without a decline in inflation, interest rates and regulatory constraints on private investment.
The tight fiscal deficit targets are expected to help keep a lid on prices, a critical factor in a country where consumer price inflation was 8.28.
OPPORTUNITIES &
STRENGTHS
Roads and Highways:
Road network provides the arterial network to facilitate trade, transport, social Integration and economic development. It facilitates specialization, extension of markets and exploitation of economies of scale.
The total road length in India increased more than 11 times during the 60 years between 1951 and 2011. India has the world’s third largest road network, aggregating over 33 lakh kilometers and account for 65 per cent of freight and 80 per cent of passenger traffic, according to the National Highway Authority of India (NHAI). The Government of India estimated approximately that US$ 90 billion investment would be required during FY07-FY12 to improve the country’s road infrastructure. Plans have been announced by the Government to increase investments for the development of road infrastructure in the country. The Government would increase funds from around US$ 15 billion per year to over US$ 23 billion in 2011-12 for the same. The amount of funds invested as part of these programs will considerably exceed that invested in the past. Such programs are being funded via a mix of public and private initiatives. At present, the onus of financing road projects is mainly on commercial banks. However, insurance and pension funds, External Commercial Borrowings and Infrastructure Development Funds (IDFs) may be increasingly tapped to meet the financing requirements of road projects.
Irrigation:
The water resource potential of the country, which occurs as a natural runoff in the rivers is 1869 BCM as per the latest CWC estimates. Of this, only 1122 cubic Km is utilizable. Over 90 % of annual runoff in peninsular rivers = and over 80% of the annual runoff in Himalayan rivers occur during four monsoon months of June to September. The largest increase in Irrigated area across the world in next few years is expected in India, with 17.3 M Ha, as public investment in irrigation has remained relatively strong and private investment in groundwater has been rapid. However, even in India, the projected 1995 to 2020 rate of growth in irrigated area of 1.2% per year is well below the rate of 2.0% per year during the past years. Even India, as we will see, the per annum increase in canal irrigated areas has to be rapidly developed.
Mining:
There is a requirement of 300 million tons of coal per annum in India which translates into removal of six to eight times of consolidated or unconsolidated materials called overburden that overlies a coal deposit. Currently, Sadbhav is executing 14 Mining projects with a balance work order of Rs.22685.100 Millions.
Major ongoing
projects:
- Overburden removal and Lignite excavation at GHCL Ltd. Bhavnagar, Gujarat
- Overburden removal and Lignite excavation at GIPCL, Gujarat
- Overburden removal and Coal excavation at Navinkunada OCP, WCL, Maharashtra
- Overburden removal and Coal excavation at Basantimata OCP, BCCL, Jharkhand
- Overburden removal and Coal excavation at Dhansar OCP, BCCL, Jharkhand
- Overburden removal and Coal excavation at Katras OCP, BCCL, Jharkhand
- Overburden removal at Amlohri OCP, NCL and M.P.
- Overburden removal and Coal extraction of ore at Banduhurang mines, UCIL, Jharkhand
- Overburden removal at Lakhanpur OCP, MCL and M.P.
- Overburden removal and lignite excavation at Kapurdi mines, Rajasthan
Therefore the market for such projects is huge in the country and abroad in any coal project.
OUTLOOK:
So far infrastructure development in India was lagging. With new government in place and its PPP initiative, we foresee opportunity for considerable growth. Our past experience in the infrastructure industry has enriched us tremendously and with our skills as well as organizational set up, they have set our sights on other growth centric projects like development of ports, laying of pipelines and airports.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10529510 |
05/11/2014 |
93,522,592.00 |
ICICI BANK LIMITED |
Landmarkrace Course Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C32508756 |
|
2 |
10531291 |
22/10/2014 |
75,225,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India |
C33616046 |
|
3 |
10528557 |
08/10/2014 |
7,251,809.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C31895683 |
|
4 |
10528558 |
08/10/2014 |
13,865,486.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C31896012 |
|
5 |
10527540 |
06/10/2014 |
44,386,422.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, |
C30999742 |
|
6 |
10527381 |
30/09/2014 |
22,193,211.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, |
C30854053 |
|
7 |
10525264 |
29/09/2014 |
7,875,420.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C28993582 |
|
8 |
10529645 |
29/09/2014 |
7,875,420.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C32622375 |
|
9 |
10528560 |
29/09/2014 |
43,510,854.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C31896756 |
|
10 |
10528556 |
29/09/2014 |
55,461,944.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellis bridge, Ahmedabad, Gujarat - 380006, India |
C31895105 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Term Loans from Banks |
1074.800 |
250.000 |
|
Loans and Advances from directors |
14.747 |
379.925 |
|
Loans and Advances from Others |
5.699 |
5.230 |
|
Total |
1095.246 |
635.155 |
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Machineries
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer Equipments
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
(Rs.in
Millions)
|
Particulars |
Three months ended |
6 Months Ended Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
5946.207 |
6855.083 |
12801.290 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total income from operations (net) |
5946.207 |
6855.083 |
12801.290 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4828.370 |
5713.185 |
10541.555 |
|
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
0.000 |
0.000 |
0.000 |
|
|
(d) Employee benefits expense |
245.361 |
195.342 |
440.703 |
|
|
(e) Depreciation and Amortization Expenses |
223.128 |
219.513 |
442.641 |
|
|
(f) Other Expenses |
276.552 |
231.476 |
508.028 |
|
|
Total expenses |
5573.411 |
6359.516 |
11932.927 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
372.796 |
495.567 |
868.363 |
|
4 |
Other Income |
18.023 |
15.566 |
33.589 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
390.819 |
511.133 |
901.952 |
|
6 |
Finance Costs |
221.017 |
221.107 |
442.124 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
169.802 |
290.026 |
459.828 |
|
8 |
Exceptional items |
- |
- |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
169.802 |
290.026 |
459.828 |
|
10 |
Tax expenses |
68.432 |
20.088 |
88.520 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
101.370 |
269.938 |
371.308 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
101.370 |
269.938 |
371.308 |
|
14 |
Share of profit' (loss) of associates |
|
|
|
|
15 |
Minority Interest |
|
|
|
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
101.370 |
269.938 |
371.308 |
|
17 |
Paid up equity share capital (Face Value of Rs 1/-each) |
159.862 |
151.795 |
159.862 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
|
|
|
|
19 |
Weighted average Number of Equity Share |
151858772 |
151782482 |
151851202 |
|
20 |
Weighted average Number of Dilutive Equity Share |
155636180 |
154176007 |
155026350 |
|
21.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized): |
|
|
|
|
|
(a) Basic |
0.67 |
1.78 |
2.45 |
|
|
(b) Diluted |
0.65 |
1.75 |
2.40 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
79065920 |
78998920 |
79065920 |
|
|
- Percentage of shareholding |
52.06 |
52.04 |
52.06 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
7768572 |
0.000 |
7768572 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
10.67 |
0.000 |
10.67 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
5.12 |
0.000 |
5.12 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
65027308 |
72795880 |
65027308 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
89.33 |
100.00 |
89.33 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
42.82 |
47.96 |
42.76 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
|
Received during the quarter |
- |
|
|
|
|
Disposed off during the quarter |
- |
|
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2014
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
159.862 |
|
|
b) Reserves & Surplus |
10250.936 |
|
|
c) Money received against share warrants |
1.900 |
|
|
Sub Total- Shareholders funds |
10412.698 |
|
2 |
Share application money pending allotment |
0.000 |
|
3 |
Minority Interest |
0.000 |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
4580.153 |
|
|
(b) Other long term liabilities |
241.931 |
|
|
(c) Differed Tax |
515.699 |
|
|
(d) long term Provision |
25.111 |
|
|
Sub Total- Non Current Liabilities |
5362.894 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
6632.520 |
|
|
(b) Trade Payables |
3983.074 |
|
|
(c) Other current liabilities |
5895.340 |
|
|
(d) Short term provisions |
1260.494 |
|
|
Sub Total- Current Liabilities |
17771.428 |
|
|
TOTAL-EQUITY AND LIABILITIES |
33547.020 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
4881.661 |
|
|
(b) Long term loans and advances |
5215.495 |
|
|
(c)Non-Current Investment |
194.903 |
|
|
(d)Other Non-current Assets |
5509.219 |
|
|
Sub-Total- Noncurrent assets |
15801.278 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
1956.887 |
|
|
c) Trade Receivables |
9357.051 |
|
|
d) Cash and cash equivalents |
310.340 |
|
|
(e) Short term loans and advances |
5693.220 |
|
|
(f) Other current assets |
428.244 |
|
|
Sub-Total- current assets |
17745.742 |
|
|
TOTAL ASSETS |
33547.020 |
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 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.62.65 |
|
|
1 |
Rs. 98.53 |
|
Euro |
1 |
Rs. 78.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.