MIRA INFORM REPORT
|
Report No. : |
303258 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VALECHA ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
“Valecha Chambers”, 4th Floor, Plot No. B-6,
Andheri New |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.03.1977 |
|
|
|
|
Com. Reg. No.: |
11-019535 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 195.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74210MH1977PLC019535 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09361C /
MUMV09436A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV2288G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed of
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of construction and infrastructure
development of roads, dams, bridges and highways. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payments terms are
reported to be usually correct. The company can be considered for business at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
15 December, 2014 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
15 December, 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 NON – CO – OPERATIVE
LOCATIONS
|
Registered Office : |
“Valecha Chambers”, 4th Floor, Plot No. B-6,
Andheri New |
|
Tel. No.: |
91-11-2673 3625 to 29 |
|
Fax No.: |
91-11-2673 3945 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. J K Valecha |
|
Designation : |
Managing Director |
|
Age |
60 years |
|
Qualification |
Advocate |
|
Experience |
33 Years |
|
DIN: |
00013070 |
|
Other Directorship: |
Advani Hotels and Resorts (India) Limited., Ador Welding Limited., Ashok Leyland Limited., Future Consumer Enterprise Limited., Hotel Leela Venture Limited., Hinduja Global Solutions Limited., Hinduja Ventures Limited., Hinduja Leyland Finance Limited., Mukta Arts Limited., Mahindra Lifespace Developers Limited., Oberoi Reality Limited, Future Retail Limited., Unitech Limited. |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Chairman and Managing Director |
|
DIN: |
00001685 |
|
|
|
|
Name : |
Mr. Umesh H Valecha |
|
Designation : |
Whole-time Director |
|
DIN: |
00012991 |
|
|
|
|
Name : |
Mr. Dinesh H Valecha |
|
Designation : |
Whole-time Director |
|
Age: |
44 Years |
|
Qualification: |
B.E. (Electronics) D.B.M. |
|
Experience: |
21 Years |
|
DIN: |
00012945 |
|
Other
Directorship: |
Valecha Infrastructure Limited and Valecha Reality Limited (excluding private companies, foreign companies & section 25 companies) |
|
|
|
|
Name : |
Mr. G Ramachandran |
|
Designation : |
Director |
|
Age |
54 years |
|
Qualification |
Chartered Accountant |
|
Experience |
31 Years |
|
DIN: |
00102506 |
|
|
|
|
Name : |
Mr. Arvind Thakkar |
|
Designation : |
Director |
|
Age |
70Years |
|
Qualification |
Chartered Accountant |
|
Experience |
43 Years |
|
DIN: |
02208108 |
KEY EXECUTIVES
|
Name : |
Mrs. Kavita Valecha Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
607624 |
3.11 |
|
|
7806879 |
39.97 |
|
|
1004135 |
5.14 |
|
|
1004135 |
5.14 |
|
|
9418638 |
48.23 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
9418638 |
48.23 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
10012 |
0.05 |
|
|
1060 |
0.01 |
|
|
699772 |
3.58 |
|
|
371250 |
1.90 |
|
|
371250 |
1.90 |
|
|
1082094 |
5.54 |
|
|
|
|
|
|
1573452 |
8.06 |
|
|
|
|
|
|
3944572 |
20.20 |
|
|
3123860 |
16.00 |
|
|
387409 |
1.98 |
|
|
387409 |
1.98 |
|
|
9029293 |
46.23 |
|
Total Public shareholding (B) |
10111387 |
51.77 |
|
Total (A)+(B) |
19530025 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19530025 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group:
|
l. No. |
Name of the Shareholder |
No. of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
1 |
Alka Vasudev Valecha |
8775 |
0.04 |
|
2 |
Bela Madanlal Valecha |
143100 |
0.73 |
|
3 |
Bhavana R Valecha |
82850 |
0.42 |
|
4 |
Dinesh H Valecha |
2812 |
0.01 |
|
5 |
Dinesh H Valecha -Karta for Hariram
Pyarelal Valecha (HUF) |
4500 |
0.02 |
|
6 |
Geeta Dinesh Valecha |
337 |
0.00 |
|
7 |
Geeta Prakash Valecha |
33625 |
0.17 |
|
8 |
Gopaldas Lilaram Valecha |
185000 |
0.98 |
|
9 |
Gopaldas Vasudev Construction Private
Limited |
424 |
0.00 |
|
10 |
Jagdish Kishanchand Valecha (HUF) |
118000 |
0.60 |
|
11 |
Jagdish Kishanchand Valecha |
50625 |
0.26 |
|
12 |
K P Valecha HUF |
131000 |
0.67 |
|
13 |
Kapil Jagdish Valecha |
99000 |
0.51 |
|
14 |
Karan Jagdish Valecha |
100000 |
0.51 |
|
15 |
Kavita Vasudev Valecha |
12362 |
0.06 |
|
16 |
Lata Vasudev Valecha |
7199 |
0.04 |
|
17 |
Madanlal Lilaram Valecha |
405225 |
2.07 |
|
18 |
Pavitra Ramchandra Valecha |
43000 |
0.22 |
|
19 |
Ramchand Hemandas Valecha |
147500 |
0.67 |
|
20 |
Sharda Hariram Valecha |
10125 |
0.05 |
|
21 |
Umesh Hariram Valecha |
2587 |
0.01 |
|
22 |
Valecha Investment Private LImited |
7806455 |
40.07 |
|
23 |
Vanita S Valecha |
15025 |
0.08 |
|
24 |
Vasudev Pyarelal Valecha HUF |
9112 |
0.05 |
|
|
Total |
9418638 |
48.27 |
shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares:
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Mahesh Awatrai Bhojwani |
742485 |
3.80 |
|
|
2 |
General Insurance Corporation of India |
699772 |
3.58 |
|
|
3 |
Ajay Kumar Kayan |
448914 |
2.30 |
|
|
4 |
Orange Mauritius Investments Limited |
371250 |
1.90 |
|
|
5 |
Arvind Maganlal Thakkar |
300687 |
1.54 |
|
|
6 |
Darshana Umakant Rege |
300000 |
1.54 |
|
|
7 |
Atul Umakant Rege HUF |
200000 |
1.02 |
|
|
|
Total |
3063108 |
15.68 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of construction and infrastructure
development of roads, dams, bridges and highways |
|
|
|
|
Products/Services : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Long-term
Borrowings: Nature of Security
and Terms of Repayment for Long Term Borrowings
Installments falling due
in respect of all the above loans up to 31.3.2015 aggregating to Rs.522.933
Millions have been grouped under “Current maturities of long term debts-Banks Short Term
Borrowing:
|
|
|
|
|
Finance Institute: |
Srei Equipment Finance Limited,
'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India |
|
|
|
|
Auditors : |
|
|
Name : |
D. M. Jani and Company Chartered Accountant |
|
|
|
|
Solicitors: |
|
|
Name: |
|
|
|
|
|
Associates: |
|
|
|
|
|
Wholly Owned Subsidiary Company: |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture: |
|
CAPITAL STRUCTURE
As on 31.03.2014
- Authorized
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
- Issued,
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19530025 |
Equity Shares |
Rs.10/- each |
Rs. 195.300
Millions |
|
|
|
|
|
- Reconciliation of number of shares:
|
Particulars |
No.
of Shares
held |
(Amount
in Rs.) |
|
Equity
Shares : |
|
|
|
Shares
at the beginning of the year |
19530025 |
Rs. 195.300
Millions |
|
Add: Shares issued during the year |
- |
- |
|
Shares at the end of the year |
19530025 |
Rs. 195.300 Millions |
- Right, Preferences and restrictions
attached to shares:
The Company has only one
class of Equity Shares having a par value of ` 10/- per share. Each shareholder
is eligible for one vote per share. The Dividend proposed by the Board of
Directors is subject to the approval of shareholders. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company, after distribution of all preferential amounts, in
proportion of their shareholding.
Details
of Shares held by Shareholders holding more than 5% of the aggregate shares in
the Company:
|
Name of the Shareholder |
No.
of Shares |
% held |
|
Valecha
Investment Private Limited. |
78,25,000 |
40.07 |
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 |
195.300 |
195.300 |
195.300 |
|
(b) Reserves & Surplus |
3034.562 |
2865.920 |
2694.652 |
|
(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) |
3229.862 |
3061.220 |
2889.952 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1796.177 |
1542.913 |
1114.394 |
|
(b) Deferred tax liabilities (Net) |
259.404 |
247.200 |
229.790 |
|
(c) Other long term
liabilities |
1964.091 |
1740.515 |
1996.300 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
4019.672 |
3530.628 |
3340.484 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
866.821 |
758.090 |
928.474 |
|
(b) Trade
payables |
1259.808 |
1135.929 |
1025.560 |
|
(c) Other
current liabilities |
1723.745 |
1359.404 |
1263.320 |
|
(d) Short-term
provisions |
17.137 |
22.698 |
22.698 |
|
Total Current
Liabilities (4) |
3867.511 |
3276.121 |
3240.052 |
|
|
|
|
|
|
TOTAL |
11117.045 |
9867.969 |
9470.488 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1564.631 |
1623.718 |
1671.886 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.045 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
962.668 |
730.751 |
729.084 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.394 |
8.316 |
9.518 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2540.693 |
2362.785 |
2410.533 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
581.895 |
527.866 |
445.821 |
|
(c) Trade
receivables |
2505.134 |
2043.519 |
2107.564 |
|
(d) Cash
and cash equivalents |
718.197 |
714.304 |
550.452 |
|
(e) Short-term
loans and advances |
4697.223 |
4197.794 |
3892.796 |
|
(f) Other
current assets |
73.903 |
21.701 |
63.322 |
|
Total
Current Assets |
8576.352 |
7505.184 |
7059.955 |
|
|
|
|
|
|
TOTAL |
11117.045 |
9867.969 |
9470.488 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2002 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6702.706 |
7397.196 |
7046.242 |
|
|
|
Other Income |
137.279 |
144.476 |
153.923 |
|
|
|
TOTAL (A) |
6839.985 |
7541.672 |
7200.165 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Expenses |
5639.595 |
6333.188 |
6068.278 |
|
|
|
Change in Investment |
(54.029) |
(82.046) |
(24.808) |
|
|
|
Extraordinary Income |
0.000 |
0.000 |
(2.409) |
|
|
|
Employee Benefit |
369.297 |
380.062 |
349.441 |
|
|
|
Other Expenses |
80.488 |
125.032 |
99.916 |
|
|
|
TOTAL (B) |
6035.351 |
6756.236 |
6490.418 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
804.634 |
785.436 |
709.747 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
416.606 |
374.956 |
279.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
388.028 |
410.480 |
430.231 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
110.806 |
106.044 |
104.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
277.222 |
304.436 |
325.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
89.704 |
97.409 |
101.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
187.518 |
207.027 |
223.827 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1618.653 |
1486.690 |
1330.076 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR YEAR ADJUSTMENT
|
(1.045) |
(12.366) |
(4.515) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
40.000 |
40.000 |
|
|
|
Proposed Dividend |
14.648 |
19.530 |
19.530 |
|
|
|
Tax on Dividend |
2.489 |
3.168 |
3.168 |
|
|
BALANCE CARRIED
TO THE B/S |
1747.989 |
1618.653 |
1486.690 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Stores parts |
1.819 |
2.083 |
3.240 |
|
|
|
Capital Goods |
3.587 |
60.173 |
184.248 |
|
|
TOTAL
IMPORTS |
5.406 |
62.256 |
187.488 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
- with Extraordinary Income |
9.60 |
10.60 |
11.46 |
|
|
|
- without Extraordinary Income |
9.60 |
10.60 |
11.34 |
|
|
|
Diluted |
|
|
|
|
|
|
- With Extraordinary Income |
9.60 |
10.60 |
11.46 |
|
|
|
- Without Extraordinary Income |
9.60 |
10.60 |
11.34 |
|
QUARTERLY RESULTS
|
Particular |
|
30.06.2014 |
30.09.2014 |
|
|
|
FIRST QUARTER |
SECOND QUARTER |
|
Revenue |
|
1491.900 |
1351.000 |
|
Other Income |
|
28.200 |
24.400 |
|
Total Income |
|
1520.000 |
1375.400 |
|
Expenditure |
|
(1347.600) |
(1271.400) |
|
Interest |
|
(108.100) |
(98.400) |
|
PBDT |
|
64.400 |
5.600 |
|
Depreciation |
|
(71.600) |
(71.500) |
|
PBT |
|
(7.200) |
(65.900) |
|
Tax |
|
2.900 |
(20.200) |
|
Net Profit |
|
(4.300) |
(45.800) |
|
Equity |
|
195.300 |
195.300 |
|
EPS |
|
(2.200) |
(23.400) |
|
CEPS |
|
34.500 |
13.200 |
|
OPM % |
|
115.600 |
77.000 |
|
NPM % |
|
(2.900) |
(33.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.80 |
2.80 |
3.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.00 |
10.62 |
10.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.73 |
3.33 |
3.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82 |
0.75 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22 |
2.29 |
2.18 |
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 |
195.300 |
195.300 |
195.300 |
|
Reserves & Surplus |
2694.652 |
2865.920 |
3034.562 |
|
Net worth |
2889.952 |
3061.220 |
3229.862 |
|
|
|
|
|
|
long-term borrowings |
1114.394 |
1542.913 |
1796.177 |
|
Short term borrowings |
928.474 |
758.090 |
866.821 |
|
Total borrowings |
2042.868 |
2301.003 |
2662.998 |
|
Debt/Equity ratio |
0.707 |
0.752 |
0.824 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
7046.242 |
7397.196 |
6702.706 |
|
|
|
4.981 |
(9.389) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
7046.242 |
7397.196 |
6702.706 |
|
Profit |
223.827 |
207.027 |
187.518 |
|
|
3.18% |
2.80% |
2.80% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
522.934 |
293.843 |
336.009
|
|
|
|
|
|
|
Total |
522.934 |
293.843 |
336.009
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
YES |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
LITIGATIONS
DETIALS:
|
LITIGATION DETAILS |
||||
|
BOMBAY HIGH COURT |
||||
|
LODGING NO.: FAST/2937/2013 |
FILLING DATE: 28/01/2013 |
REG. NO.: FA/111/2013
|
REG.: 30.01.2013 |
|
|
PETITIONER:- |
M/S SALVA CONSTRUCION |
RESPONDENT. |
M/S MAGNUM BUILDERS AND ORS |
|
|
RESP. ADV.: |
MR. S.K. DUBEY FOR RESPONDENT NO. 11 |
|||
|
PETN.: ADV. |
M/S NIRANJAN AND COMPANY |
|||
|
DISTRICT |
PMUMBAI |
|||
|
|
|
|||
|
BENCH |
SINGLE |
|||
|
STATUS |
PRE- ADMISSION |
|
||
|
LAST DATE: |
03.02.2015 |
STAGE: AO FOR ADMISIION |
||
|
LAST CORAM: |
HON’BLE SHRI JUSTICE K.K TATED |
|||
|
LAST DATE |
13.11.2013 |
|||
|
STAGE: |
FOR ADMISSION – FINAL DISPOSAL (FIRST APPEALS) |
|||
|
LAST CORAM: |
HON’BLE SHRI JUSTICE R.Y.GANOO |
|||
|
ACT. |
SPECIFIC RELIEF ACT |
|||
OPERATIONS:
The Profit Before Tax without Extraordinary Income (PBT) has decreased by 8.94% from Rs. 304.437 Millions in the previous year to Rs. 277.222 Millions for the year 2013-2014, and the turnover has decreased by 9.39%. The Profit After Tax without Extraordinary Income (PAT) was Rs. 187.518 Millions for the year 2013-2014 as compared to PAT of Rs. 207.027 Millions (without extraordinary income) for the previous year Representing decrease by 9.42%.
OUTLOOK AND REVIEW:
Infrastructure sector plays a very significant role in economic development. The growth of this sector is necessary to create employment opportunities, mobilize resources, generate revenue, which will help reviving the economy.
Infrastructure has got a huge facelift in the Union Budget, 2014. There is a lot of thrust which the government intends giving to the Infrastructure Sector through the Public Private Partnership rout to channel funds for investment & FDI. In a bid to attract large-scale investments in infrastructural sector, the Union Budget has proposed to provide a conductive tax regime for the investors by setting up Infrastructural Investment Trusts (InvITs) and Real Estate Investments (REITs) in accordance with the regulations of the Securities and Exchange Board of India (SEBI).
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Industry Structure
and Developments:
Infrastructure sector has got a huge facelift in the Union Budget 2014. To create infrastructure in agriculture sector, the Union Budget has proposed to raise the corpus of Rural Infrastructure Development Fund (RIDF) by an Additional ` 5,000 crore. In addition, an amount of ` 100 crores has been set aside for the Agri-tech infrastructural funds.
Segment wise
performance and outcome:
The Company is involved in different segments of Infrastructure such as Highways & Expressways, Bridges & Tunnels, Airports, Irrigation Dams, Reservoirs & Canals, Railways, Foundation & Piling Works and Building Works and not restricted to one client thus spreading its risk. Also, the company is focused on niche markets where there is high growth potential such as underground tunneling and elevated structures with specialized equipment. During the financial year the Company has bagged projects worth more than ` 1,000 crores and got a high Pre-Qualification with government and private clients.
Outlook:
With as many as 900 projects are in various stages of development, India has emerged as the largest PPP (Public Private Partnership) market. But the PPP has its grey areas. To streamline the PPP models, the Union Budget has proposed an institution called 3P and earmarks ` 500 crores. The Union Budget has announced creation of Infrastructural Investment Trusts (InvITs), a modified REITS-type structure. This will have a similar tax pass through status for PPP and other infrastructure projects. There is no doubt that the series of measures for infrastructural development, as presented in the Union Budget 2014, will raise adequate resources for the economic development of the country. This will certainly help reviving the ailing sector.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Fixed Deposits |
345.964 |
250.955 |
|
|
|
|
|
Total |
345.964 |
250.955 |
CONTINGENT LIABILITIES:
- Bank Guarantees and Letter of Credits outstanding amounting to Rs. 4026.855 Millions. (Previous Year Rs. 3716.378 Millions).
- Corporate Guarantee issued in favor of the lenders on behalf of Company’s subsidiaries towards the Project Finance of BOT/Annuity Road Projects. As against the aggregate Project Finance amounts outstanding of Rs. 5375.000 Millions (Previous year Rs. 4131.000 Millions), Counter Guarantee issued in favor of the lenders is to the extent of Rs. 5039.750 Millions (Previous Year Rs. 4131.000 Millions). Company also holds the Corporate Guarantee of the Minority Share Holder amounting to Rs.87.165 Millions (Previous Year Rs. 193.700 Millions), in its favor.
- Claims against the Company and disputed liabilities not acknowledged as debts are insignificant.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
|
1 |
10526093 |
08/08/2014 |
6,312,855.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri,
Baroda, Gujarat - 390015, India |
|
2 |
10482979 |
24/02/2014 |
25,250,000.00 |
ICICI BANK |
Adyar Branch, No 2 L B Road, Adyar,
Chennai, Tamilnadu - 600020, India |
|
3 |
10488643 |
20/02/2014 |
650,000,000.00 |
SYNDICATE BANK |
Syndicate Bank, 82-B, Pokar Mansion, N.G.
Acharya |
|
4 |
10474843 |
22/01/2014 |
167,209,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'Vishwakarma', 86c, Topsia Road,, Kolkata,
West Bengal - 700046, India |
|
5 |
10474846 |
22/01/2014 |
247,373,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'Vishwakarma', 86c, Topsia Road,, Kolkata,
West Bengal - 700046, India |
|
6 |
10474849 |
22/01/2014 |
249,854,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'Vishwakarma', 86c, Topsia Road,, Kolkata,
West Bengal - 700046, India |
|
7 |
10478164 |
20/01/2014 |
2,317,500.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda,
Gujarat - 390015, India |
|
8 |
10474373 |
21/12/2013 |
200,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
Commercial Network Branch,, 239, Pd Mello
Road, Opp Gpo, Fort,, Mumbai, Maharashtra - 400001, India |
|
9 |
10435837 |
07/06/2013 |
2,035,264.00 |
AXIS BANK LIMITED |
Trishul 3rd Floor Opp Samartheshwar Temple,
Law G |
|
10 |
10418259 |
26/03/2013 |
300,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
Swapna Sadan, Ground Floor, Azad Road,
Andheri East, Mumbai, Maharashtra - 400069, India |
* Date of Charge Modification
FIXED ASSTES:
·
Land
·
Buildings
·
Plant
And Machinery
·
Furniture
, Fixtures And Office Equipments
·
Vehicles
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.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
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 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.