MIRA
INFORM REPORT
|
Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOSHION VEOLIA WATER SOLUTIONS PRIVATE LIMITED (w.e.f. 15.05.2008) |
|
|
|
|
Formerly Known
As : |
DOSHION WATER SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai –
400037, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173486 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.144.880 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U41000MH2007PTC173486 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD16188E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD8958M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of the
Engineering, Procurement and Construction (EPC) segment of the Total Water
Treatment Business. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record.
Management of the company has not filed its latest financials (i.e. 2013)
with the government department. As per previous year financials it seems that the company borrowing of
the company seems to be increasing. The rating also take onto consideration
the pressure on the Doshion Group’s liquidity, because of its weak operating
cash flows and highly working-capital-intensive operation, which impede its
debt – servicing capability. The Doshion Group’s seems to have weak financial profile, constrained
working capital position and exposure to intense competition and cyclicality
in the water management business. Crisil rating agency had also downgraded this company from Crisil
(BBB-) to Crisil ‘C’. However, business is active. Payment are reported to be slow. The company can be considered for business dealing on a safe and
secured 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 narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
C (Long Term Rating) |
|
Rating Explanation |
Very high risk of default. |
|
Date |
August 14, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
August 14, 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 Co-Operative (91-22-64551300)
LOCATIONS
|
Registered Office : |
347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai –
400037, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Ashit Dhirajlal Doshi |
|
Designation : |
Managing Director |
|
Address : |
A-103, 10th Floor, Tirthbhoomi Apartment, Behind Law College,
Ahmedabad-380006, Gujarat, India |
|
Date of Birth/Age : |
18.08.1965 |
|
Qualification : |
B.Sc. |
|
Experience: |
26 Years |
|
Date of Appointment : |
27.08.2007 |
|
PAN No.: |
AACPD7752Q |
|
Din No.: |
00150851 |
|
|
|
|
Name : |
Mr. Dhirajlal Shivlal Doshi |
|
Designation : |
Director |
|
Address : |
71, Oceana Apartments, Shivaji Park, Dadar, Mumbai-400028,
Maharashtra, India |
|
Date of Birth/Age : |
08.05.1939 |
|
Date of Appointment : |
27.08.2007 |
|
PAN No.: |
ABBPD7019G |
|
Din No.: |
00158450 |
|
|
|
|
Name : |
Mr. Rakshit Dhirajlal Doshi |
|
Designation : |
Whole-time director |
|
Address : |
A/103, 10th Floor, Trithbhoomi Apartment, Behind Law College,
Ahmedabad-380006, Gujarat, India |
|
Date of Birth/Age : |
29.05.1969 |
|
Qualification : |
B.E. (Chemical) |
|
Experience: |
22 Years |
|
Date of Appointment : |
26.12.2008 |
|
PAN No.: |
AACPD8698R |
|
Din No.: |
00150910 |
|
|
|
|
Name : |
Mr. Prasad Gadkari |
|
Designation : |
Nominee Director |
|
Address : |
111, Laxmi Niketan, 4th Road, Hindu Colony, Dadar, Matunga,
Mumbai-400014, Maharashtra, India |
|
Date of Birth/Age : |
20.02.1974 |
|
Date of Appointment : |
25.11.2010 |
|
Din No.: |
02607255 |
|
|
|
|
Name : |
Mr. Ganapathy Viswanathan Iyer |
|
Designation : |
Director |
|
Address : |
7, Nilgiri, Chhed Nagar, Chembur, Mumbai-400089, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1953 |
|
Date of Appointment : |
29.09.2009 |
|
Din No.: |
00081038 |
|
|
|
|
Name : |
Mr. Fabrice Pascal Jacques Brochet |
|
Designation : |
Director |
|
Address : |
52, Allee Santos Dumont, Suresnes – 92150, France |
|
Date of Birth/Age : |
22.08.1966 |
|
Date of Appointment : |
14.05.2011 |
|
Din No.: |
03530334 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Kumar Mishra |
|
Designation : |
Secretary |
|
Address : |
B-1, 42, Nirman Complex, R C Tech, Road, Ghatlodia, Ahmedabad-380061, |
|
Date of Birth/Age : |
03.05.1970 |
|
Date of Appointment : |
02.12.2008 |
|
PAN No.: |
AJEPM8843L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Doshion Private Limited, India |
|
3500000 |
|
Veolia Water Solutions and Technologies, |
|
1500000 |
|
|
|
|
|
Total |
|
5000000 |
|
Name of
Preference Shareholder |
|
No.
of Shares |
|
Doshion Private Limited, India |
|
9488000 |
|
|
|
|
|
Total |
|
9488000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
30.00 |
|
Bodies corporate |
|
70.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of the
Engineering, Procurement and Construction (EPC) segment of the Total Water
Treatment Business. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
|
Licensed
Capacity |
Actual
Production |
|
Resin |
Ltrs |
|
1476326 |
2160000 |
|
Pharma Grade Resins |
Kgs |
|
98350 |
168000 |
|
Water Treatment Chemicals |
Kgs. |
|
453120 |
1800000 |
|
WT Plants |
Nos. |
|
46 |
46 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
The Karur Vysya Bank Limited, Motilal Centre,
Ashram Road, Ahmedabad – 380009, Gujarat, India ·
Bank of Baroda, Corporate Financial Services,
Ahmedabad Branch, 1st Floor, Bank of Baroda Towers, Near Law
Garden, Ahmedabad – 380006, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
“Heritage”, 3rd Floor, Near Gujarat Vidhyapith, Off |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Other Related party : |
Veolia Water Solutions and Technology |
|
|
|
|
Subsidiary Company
: |
· PT Doshion Veolia Water Solutions · Gondwana Engineers Limited CIN No.: U28920MH1982PLC027105 |
|
|
|
|
Holding Company : |
Doshion Private Limited U24110GJ1995PTC025307 |
|
|
|
|
Associate : |
· Nagaur Water Supply Company Private Limited CIN No.: U41000GJ2008PTC053373 · Pacific Pipe Systems Private Limited CIN No.: U28110GJ2008PTC053182 · Thomson Nusa Metals Private Limited CIN No.: U31501TN1992PTC023326 · Doshion Infrastructure Development Private Limited CIN No.: U45203GJ2008PTC055416 · Doshion Fabrication Company Private Limited CIN No.: U29100GJ2008PTC055415 · Shivpuri Water Infrastructure Private Limited CIN No.: U41000GJ2009PTC057906 · Doshion Water Umbrella (Cuddalore) Private Limited CIN No.: U41000GJ2011PTC064934 |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Fivebro International Private Limited CIN No.: U41000GJ2002PTC041470 · De Aryans Private Limited CIN No.: U74999GJ2006PTC049658 · Fivestar Management Services Private Limited CIN No.: U74999GJ2009PTC056044 · Penta Aqua Private Limited CIN No.: U41000GJ2003PTC043178 · Doshi and Company · Fivebro Water Services |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.175.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
9488000 |
Preference Shares |
Rs.10/- each |
Rs.94.800
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.144.800 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
144.880 |
50.000 |
|
(b) Reserves & Surplus |
|
1519.787 |
1057.476 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1664.667 |
1107.476 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
138.889 |
0.682 |
|
(b) Deferred tax liabilities (Net) |
|
9.514 |
11.367 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
38.086 |
38.761 |
|
Total Non-current
Liabilities (3) |
|
186.489 |
50.810 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1093.275 |
868.762 |
|
(b) Trade payables |
|
1088.495 |
452.923 |
|
(c) Other current liabilities |
|
542.069 |
410.849 |
|
(d) Short-term provisions |
|
122.049 |
17.057 |
|
Total Current
Liabilities (4) |
|
2845.888 |
1749.591 |
|
|
|
|
|
|
TOTAL |
|
4697.044 |
2907.877 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
338.411 |
232.762 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
111.739 |
39.394 |
|
(iv) Intangible assets under development |
|
0.105 |
0.000 |
|
(b) Non-current Investments |
|
487.203 |
11.437 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
90.370 |
92.327 |
|
(e) Other Non-current assets |
|
4.785 |
4.210 |
|
Total Non-Current
Assets |
|
1032.613 |
380.130 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
449.772 |
417.358 |
|
(c) Trade receivables |
|
1951.675 |
1463.251 |
|
(d) Cash and cash equivalents |
|
185.642 |
143.915 |
|
(e) Short-term loans and advances |
|
438.870 |
131.870 |
|
(f) Other current assets |
|
638.472 |
371.353 |
|
Total Current
Assets |
|
3664.431 |
2527.747 |
|
|
|
|
|
|
TOTAL |
|
4697.044 |
2907.877 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
50.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
991.364 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1041.364 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
343.104 |
|
|
2] Unsecured Loans |
|
|
250.000 |
|
|
TOTAL BORROWING |
|
|
593.104 |
|
|
DEFERRED TAX LIABILITIES |
|
|
12.866 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1647.334 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
229.804 |
|
|
Capital work-in-progress |
|
|
0.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
10.856 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
292.970
|
|
|
Sundry Debtors |
|
|
1626.235
|
|
|
Cash & Bank Balances |
|
|
150.779
|
|
|
Other Current Assets |
|
|
14.298
|
|
|
Loans & Advances |
|
|
248.208
|
|
Total
Current Assets |
|
|
2332.490 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
692.595
|
|
|
Other Current Liabilities |
|
|
199.031
|
|
|
Provisions |
|
|
35.090
|
|
Total
Current Liabilities |
|
|
926.716 |
|
|
Net Current Assets |
|
|
1405.774 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1647.334 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
3465.168 |
2016.974 |
2919.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
3259.141 |
1930.031 |
2839.900 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
206.027 |
86.943 |
79.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
51.261 |
15.001 |
9.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
154.766 |
71.942 |
69.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
209.200 |
143.100 |
79.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend ( on preference shares) |
51.235 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
10.693 |
5.000 |
5.000 |
|
|
|
Corporate Tax on Interim Dividend |
8.311 |
0.000 |
0.000 |
|
|
|
Corporate Tax on Final Dividend |
0.923 |
0.000 |
0.000 |
|
|
|
Corporate Tax on Proposed Dividend |
0.811 |
0.830 |
0.800 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
209.200 |
143.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
210.296 |
142.522 |
219.186 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
236.728 |
319.578 |
|
|
|
Capital Goods |
|
2.395 |
0.250 |
|
|
TOTAL IMPORTS |
NA |
239.123 |
319.828 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.95 |
14.39 |
13.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.47 |
3.57 |
2.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03 |
3.04 |
3.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.74 |
0.79 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.44 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
61.793 |
111.575 |
NA |
|
|
|
|
|
|
Total |
61.793 |
111.575 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been
shifted from Office No. 3, 2nd Floor, A Wing, Godrej Coliseum,
Eastern Express Highway, Sion, Mumbai - 400022, Maharashtra, India to present
address w.e.f. 22.02.2008
|
LITIGATION DETAILS |
|||||
|
Bench:- Bombay |
|||||
|
Presentation Date: 17/12/2013 |
|||||
|
Stamp No:- |
ARBPL/2230/2013 |
Failing Date:- |
17/12/2013 |
||
|
|
|||||
|
Petitioner:- |
TATA CAPITAL FINANCIAL SERVICE LTD |
Respondent:- |
DOSHION VEOLIA WATER SOLUTIONS PVT. LTD. |
||
|
Petn.Adv:- |
MDP AND PARTNERS (I3989) |
||||
|
District:- |
MUMBAI |
||||
|
|
|||||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION ACT |
||
|
Status:- |
Pre-Admission |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 9 |
||
|
Next Date:- |
29/01/2014 |
|
|||
|
Coram :- |
HON’BLE SHRI JUSTICE N.M. JAMDAR |
||||
|
Last Date :- |
23/12/2013 |
Stage :- |
ARBP FOR AD-INTERIM RELIEF |
||
|
Last Coram:- |
HON’BLE SHRI JUSTICE R. D. DHANUKA |
||||
|
|
|
||||
|
Act:- |
Arbitration and Conciliation Act 1996 |
||||
FUTURE OUTLOOK:
The Indian Economy is passing through the rough patch and all the state and central Government and Local authorities have reduced their developmental expenditure. The same has been felt by the Company too which has affected the growth potential. Nevertheless in such circumstances the Company has managed its order book at reasonable level and project execution is in the process .Some of the new clients are from Private Sector also have been added.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10468559 |
26/11/2013 |
3,500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B92877455 |
|
2 |
10435676 |
12/06/2013 |
58,756,425.00 |
INDUSIND BANK LTD. |
WORLD BUSINESS HOUSE, M. G. ROAD, NR. PARIMAL GARDEN, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380015, INDIA |
B79121620 |
|
3 |
10425468 |
19/03/2013 |
180,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, C.U. SHAH CHAMBERS, NEAR GUJARAT VIDYAPITH, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
B75049262 |
|
4 |
10406260 |
25/02/2013 |
290,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR, BANK OF BARODA TOWERS, NEAR LAW GARDEN, AHMEDABAD, GUJARAT - 390006, INDIA |
B68817352 |
|
5 |
10320931 |
13/07/2012 * |
200,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B44557155 |
|
6 |
10173713 |
30/09/2011 * |
3,330,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR, B ANK OF BARODA TOWERS, NEAR LAW GARDEN, AHMEDABAD, GUJARAT - 390006, INDIA |
B23042724 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
16 |
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.