MIRA INFORM REPORT
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Report No. : |
333629 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRATIBHA INDUSTRIES LIMITED |
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|
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Registered
Office : |
Shrikant Chambers, Phase II, 5th Floor, Sion-Trombay Road,
Next to R.K. Studio, Chembur, Mumbai – 400 071, Maharashtra |
|
Tel. No.: |
91- 22-39559999 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.07.1995 |
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Com. Reg. No.: |
11-090760 |
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Capital
Investment / Paid-up Capital : |
Rs.
202.111Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1995PLC090760 |
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|
|
|
IEC No.: |
0303012650 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP08929E |
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PAN No.: [Permanent Account No.] |
AAACP4709N |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into infrastructure development and also engaged in manufacturing and coating of Saw Pipes. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an old established company incorporated during the year
1995 having a satisfactory track record. The company is progressing well. General financial position of the
company is sound and healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. In view of long track record and acceptable financial base, the
company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank facilities fund based BBB+ |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
Nov 13, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Bank facilities non fund based A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
Nov 13, 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
31-03-2013.
INFORMATION DECLINED
Management non-cooperative (91-22-39559999)
LOCATIONS
|
Registered Office : |
Shrikant Chambers, Phase II, 5th Floor, Sion-Trombay Road,
Next to R.K. Studio, Chembur, Mumbai – 400 071, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9930458515 (Mr. Pankaj Chourasia) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Head Office/ Corporate Office : |
14th
Floor, Universal Majestic, P.L Lokhande Marg, Off. Ghatkopar Mankhurd Link
Road, Govandi (West), Mumbai – 400 043, Maharashtra, India |
|
Tel. No.: |
91- 22-39559999 |
|
Fax No.: |
91- 22-39559900 |
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E-Mail : |
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Factory : |
Plot No.215, Vljaypur,
P.O. Kone, Bhiwandi-Wada Road, Tal Wada, District Thane-421303, Maharashtra,
India |
|
|
|
|
Site Office : |
Magnum Developers,
Lalbaug Plant, Chewda Galli, Opposite Lalbaug Raja, Lok Satta Campus, Mumbai,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mrs. Usha B. Kulkarni |
|
Designation : |
Chairperson |
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|
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|
Name : |
Mr. Ajit B. Kulkarni |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Ravi A. Kulkarni |
|
Designation : |
Whole Time Director |
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Name : |
Mr. Sharad P. Deshpande |
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Designation : |
Whole Time Director |
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Name : |
Mr. Awinash M. Arondekar |
|
Designation : |
Director |
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|
Name : |
Mr. Shrikant T. Gadre |
|
Designation : |
Director |
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|
Name : |
Dr. S. L. Dhingra |
|
Designation : |
Director |
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|
Name : |
Mr. V. Sivakumaran |
|
Designation : |
Director |
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|
Name : |
Mr. Vilas B. Parulekar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Chourasia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
No. of Shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
47447512 |
46.95 |
|
|
47447512 |
46.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
47447512 |
46.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6167084 |
6.10 |
|
|
244327 |
0.24 |
|
|
10904423 |
10.79 |
|
|
17315834 |
17.13 |
|
|
|
|
|
|
11555242 |
11.43 |
|
|
|
|
|
|
14237737 |
14.09 |
|
|
3991474 |
3.95 |
|
|
6507593 |
6.44 |
|
|
553545 |
0.55 |
|
|
518765 |
0.51 |
|
|
500 |
0.00 |
|
|
5434783 |
5.38 |
|
|
36292046 |
35.91 |
|
Total Public shareholding (B) |
53607880 |
53.05 |
|
Total (A)+(B) |
101055392 |
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) |
101055392 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Usha B Kulkarni |
1,40,97,250 |
13.95 |
|
2 |
Ajit B Kulkarni |
1,63,16,554 |
16.15 |
|
3 |
Ajit Bhagwan Kulkarni HUF |
43,17,750 |
4.27 |
|
4 |
Ramdas Bhagwan Kulkarni |
17,00,000 |
1.68 |
|
5 |
Sunanda Datta Kulkarni |
1,00,00,000 |
9.90 |
|
6 |
Ravi Ajit Kulkarni |
10,00,000 |
0.99 |
|
7 |
Radha Ramdas Kulkarni |
2,500 |
0.00 |
|
8 |
Samidha Ajit Kulkarni |
2,500 |
0.00 |
|
9 |
Anand A Kulkarni |
6,250 |
0.01 |
|
10 |
Manohar Dattatraya Kulkarni |
4,700 |
0.00 |
|
11 |
Shyam Ramdas Kulkarni |
8 |
0.00 |
|
|
Total |
4,74,47,512 |
46.95 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Warhol Limited |
9775324 |
9.67 |
9.67 |
|
|
2 |
Reliance Capital Trustee Company Limited A/c Reliance
Regular Saving Fund - Equity Option |
6000000 |
5.94 |
5.94 |
|
|
3 |
Van Dyck |
5434783 |
5.38 |
5.38 |
|
|
4 |
Bajaj Allianz Life Insurance Company Limited |
1953770 |
1.93 |
1.93 |
|
|
5 |
Jay-Vijay Resources Private Limited |
1527371 |
1.51 |
1.51 |
|
|
6 |
Aadi Financial Advisors LLP |
1390780 |
1.38 |
1.38 |
|
|
7 |
Vinayak Bhagwan Kulkarni |
1059471 |
1.05 |
1.05 |
|
|
8 |
IIFL Asset Revival Fund |
1100000 |
1.09 |
1.09 |
|
|
|
Total |
28241499 |
27.95 |
27.95 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Warhol Limited |
9775324 |
9.67 |
9.67 |
|
|
2 |
Reliance Capital Trustee Co Ltd A/c Reliance Regular
Saving Fund - Equity Option |
6000000 |
5.94 |
5.94 |
|
|
3 |
Van Dyck |
5434783 |
5.38 |
5.38 |
|
|
|
Total |
21210107 |
20.99 |
20.99 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into infrastructure development and also engaged in manufacturing and coating of Saw Pipes. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
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 : |
NOTES:
vii.
Fixed Deposit from Public are repayable within a year from the date of
deposit at an interest rate of 11.50% p.a. and 11.75% p.a. These deposits are
unsecured in nature. |
|
Statutory
Auditors : |
|
|
Name : |
Jayesh Sanghrajka and Company Chartered Accountants |
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|
|
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Internal Auditors
: |
|
|
Name : |
Choksi and Choksi Chartered Accountants |
|
|
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Cost Auditors : |
|
|
Name : |
Narasimha Murthy and Company Cost Accountants |
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Subsidiary Companies (As on 31.03.2014) : |
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|
|
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|
Associates and Enterprises over which Key Managerial Personnel are
able to exercise significant influence (As on 31.03.2014) : |
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|
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Joint Ventures (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.202.111 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Million |
|
1631000 |
Compulsorily Convertible Participatory Preferences Shares |
Rs.92/- each |
Rs.150.052 Million |
|
|
Total
|
|
Rs.400.052
Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101055392 |
Equity Shares |
Rs.2/- each |
Rs.202.111
Million |
|
|
|
|
|
NOTES:
Reconciliation of Shares
Outstanding At The Beginning And At The End Of The Reporting Period Equity
Shares
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
|
No. of Shares |
Amount in
Million |
|
Number
of Shares at the beginning |
101055392 |
202.111 |
|
Add:-
CCPPS Converted into Equity Share |
-- |
-- |
|
Number
of Shares at the end |
101055392 |
202.111 |
Terms/Rights Attached To
Equity Shares
Equity shares are having a
par value of Rs.2 per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
The Board of Directors in
their meeting held on 27th May 2014, proposed final dividend of
Rs.0.60 per share. The proposal is subject to approval of shareholders at next
Annual General Meeting to be held. The total appropriation for the year ended
March 31, 2014 amounted to Rs.23.646 Million including corporate dividend tax
of Rs.3.435 Million.
In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
DETAILS OF SHAREHOLDERS
HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
|
No. of Shares |
% |
|
Equity
shares of Rs.2
each fully paid |
|
|
|
Usha
Bhagwan Kulkarni |
14044750 |
13.90% |
|
Ajit
B. Kulkarni |
16316554 |
16.15% |
|
Sunanda
Datta Kulkarni |
10000000 |
9.90% |
|
Warhol
Limited |
6097561 |
6.03% |
|
Reliance
Capital Trustee Co Ltd A/c Reliance |
6000000 |
5.94% |
|
Van
Dyck |
5434783 |
5.38% |
Company has neither issued any
bonus shares nor any shares (apart from above) pursuant to contract without
payment being received in cash during preceding five years. It has also not
bought back any shares during these years.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
202.111 |
202.111 |
202.111 |
|
(b) Reserves & Surplus |
7191.410 |
6616.805 |
6275.246 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
7393.521 |
6818.916 |
6477.357 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
5732.970 |
5316.057 |
4930.615 |
|
(b) Deferred tax liabilities (Net) |
527.904 |
431.887 |
335.107 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
6260.874 |
5747.944 |
5265.722 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
6756.889 |
3388.609 |
5242.680 |
|
(b) Trade payables |
6261.592 |
4946.458 |
3148.226 |
|
(c) Other current liabilities |
12080.403 |
12140.263 |
4616.544 |
|
(d) Short-term provisions |
240.021 |
145.524 |
347.427 |
|
Total Current Liabilities (4) |
25338.905 |
20620.854 |
13354.877 |
|
|
|
|
|
|
TOTAL |
38993.300 |
33187.714 |
25097.956 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8874.652 |
9147.018 |
6709.867 |
|
(ii) Intangible Assets |
0.000 |
68.507 |
85.047 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
5.029 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
81.206 |
47.561 |
51.370 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1007.006 |
713.711 |
1040.763 |
|
(e) Other Non-current assets |
373.805 |
379.352 |
258.832 |
|
Total Non-Current Assets |
10336.669 |
10356.149 |
8150.908 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9615.036 |
6792.348 |
6408.262 |
|
(c) Trade receivables |
8452.560 |
6474.291 |
2573.810 |
|
(d) Cash and cash equivalents |
1929.755 |
1088.749 |
967.408 |
|
(e) Short-term loans and advances |
8043.556 |
7895.517 |
6346.561 |
|
(f) Other current assets |
615.724 |
580.660 |
651.007 |
|
Total Current Assets |
28656.631 |
22831.565 |
16947.048 |
|
|
|
|
|
|
TOTAL |
38993.300 |
33187.714 |
25097.956 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
24049.492 |
15511.971 |
16496.398 |
|
|
Other Income |
211.238 |
177.234 |
115.254 |
|
|
TOTAL
(A) |
24260.730 |
15689.205 |
16611.652 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
17124.242 |
4697.480 |
7337.854 |
|
|
Purchases
of stock in trade |
711.64 |
1443.339 |
0.000 |
|
|
Manufacturing, construction and operating expenses |
3237.269 |
4099.238 |
5349.814 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(3332.829) |
90.847 |
(1840.251) |
|
|
Employees benefits expense |
836.689 |
874.784 |
1132.447 |
|
|
Other expenses |
2153.266 |
1941.061 |
1871.150 |
|
|
|
158.645 |
|
|
|
|
TOTAL
(B) |
20888.922 |
13146.749 |
13851.014 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION
(C) |
3371.808 |
2542.456 |
2760.638 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1881.457 |
1535.843 |
1161.424 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1490.351 |
1006.613 |
1599.214 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
559.906 |
418.038 |
291.223 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
930.445 |
588.575 |
1307.991 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
306.354 |
223.371 |
356.324 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
624.091 |
365.204 |
951.667 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
3784.566 |
3479.608 |
2694.179 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
|
36.600 |
95.300 |
|
|
Proposed Dividend on Equity
Shares |
|
20.211 |
60.633 |
|
|
Proposed Dividend on
CCPPS |
|
0.000 |
0.000 |
|
|
Annual Fixed Dividend |
|
0.000 |
0.000 |
|
|
Corporate Dividend Tax |
|
3.435 |
10.305 |
|
|
Total |
|
60.246 |
166.238 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
B/S |
|
3784.566 |
3479.608 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Consultancy Fees |
|
34.165 |
19.428 |
|
|
Overseas Contract Revenue
|
|
9.227 |
1650.867 |
|
|
TOTAL EARNINGS |
NA |
43.392 |
1670.295 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.18 |
3.61 |
9.44 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
6774.642 |
2121.589 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
NA |
4896.690 |
(1623.733) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.60 |
2.35 |
5.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
14.02 |
16.39 |
16.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.39 |
1.78 |
5.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.09 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.69 |
2.27 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.11 |
1.27 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.46.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
202.111 |
202.111 |
202.111 |
|
Reserves & Surplus |
6275.246 |
6616.805 |
7191.410 |
|
Net
worth |
6477.357 |
6818.916 |
7393.521 |
|
|
|
|
|
|
long-term borrowings |
4930.615 |
5316.057 |
5732.970 |
|
Short term borrowings |
5242.680 |
3388.609 |
6756.889 |
|
Total
borrowings |
10173.295 |
8704.666 |
12489.859 |
|
Debt/Equity
ratio |
1.571 |
1.277 |
1.689 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
16496.398 |
15511.971 |
24049.492 |
|
|
|
(5.968) |
55.038 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
16496.398 |
15511.971 |
24049.492 |
|
Profit |
951.667 |
365.204 |
624.091 |
|
|
5.77% |
2.35% |
2.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
|
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 28/05/2013 |
||||||||
|
Lodging No. : |
ITXAL/756/2013 |
Failing Date:- |
28/05/2013 |
Reg. No.:- |
ITXA/1646/2013 |
Reg Date :- |
29/08/2013 |
|
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX CENTRAL |
Respondent:- |
PRATIBHA
INDUSTRIES LIMITED |
|||||
|
Petn. Adv:- |
PADMA DIVAKAR (0) |
|
|
|||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
SINGLE |
Category:- |
TAX APPEALS |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
|||||
|
Last Date:- |
24.03.2014 |
|||||||
|
Last Coram:- |
|
|||||||
|
Act. : |
Income Tax Act,1961 |
Under Section :- |
260A |
|||||
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10534746 |
20/10/2014 |
1,300,000,000.00 |
YES BANK LIMITED |
IFC, Tower 2, 23rd Floor, Senapti Bapat Marg,, El |
C35878529 |
|
2 |
10522642 |
06/09/2014 |
7,600,000,000.00 |
BANK OF BARODA |
CHEMBUR, MUMBAI, Maharashtra - 400071, INDIA |
C23230477 |
|
3 |
10514428 |
22/07/2014 |
1,000,000,000.00 |
Bank Of Maharashtra |
Industrial Finance Branch, Apeejay House,, Dr. V. |
C16104044 |
|
4 |
10506423 |
24/06/2014 |
2,156,800,000.00 |
UNION BANK OF INDIA LIMITED |
INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN,, 23 |
C09558768 |
|
5 |
10508225 |
18/06/2014 |
200,000,000.00 |
BHARATIYA MAHILA BANK |
GR. FLOOR, AIR INDIA BLDG,, NARIMAN POINT, MUMBAI |
C10687044 |
|
6 |
10486447 |
26/03/2014 |
700,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDERLOK BUILDING, 36, JANPATH, NEW DELHI, Delhi
- 110001, INDIA |
C01016625 |
|
7 |
10479493 |
11/02/2014 |
200,000,000.00 |
State Bank of Travancore |
Corporate Finance Branch, 112-115 Tulsiani Chambers Free Press Journal
Marg, Mumbai, Maharashtra - |
B97160121 |
|
8 |
10470862 |
24/12/2013 |
1,950,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, Allahabad Bank Building,2nd Floor, 37,
Mumbai Samachar Marg, Fort, MUMB |
B93771400 |
|
9 |
10448842 |
19/11/2013 * |
600,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra -
400005, INDIA |
B90609363 |
|
10 |
10455706 |
31/08/2013 |
52,500,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne,
Navi Mumbai, Maharashtra - 4007 10, INDIA |
B87775201 |
* Date of charge modification
UNSECURED LOAN
|
Unsecured Loan |
As
on 31.03.2014 (Rs.
in Million) |
As
on 31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed
Deposit from Public |
|
306.550 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed
Deposit from Public |
|
111.690 |
|
Total
|
NA |
418.240 |
PERFORMANCE REVIEW (As on 31.03.2014)
As you are aware that the overall infrastructure industry in India is passing through a very difficult phase and many infrastructure players are finding difficult to survive in the testing time, you may be aware that many big names, in this field, have taken distress steps to keep themselves floating in the challenging scenario which include resorting to Corporate Debt Restructuring (CDR) mechanism, substantial reduction in operations etc. The Company is no exception to this harsh timeand evenly facing tough condition. The Company has employed continued and dedicated measures to keep operations floated coupled with cost cutting measures to survive the testing time without resorting to distressed measures such as CDR or curtailing operations etc. During the year, the consolidated turnover of the Company has gone up to Rs. 23204.100 Million as compared to Rs. 21821.500 Million in the previous financial year. However, net profit shrunk to Rs. 153.900 Million as compared to Rs. 827.000 Million due to rising commodity prices and higher borrowing cost. However, despite of competition and sluggish market conditions, the Company was awarded new orders of Rs. 43310.000 Million during the year which shall minimize strain on profitability of the Company in years to come. The Company has stepped up its efforts to get some international projects which will improve the profitability and cash flows of the Company and rationalizes its geographical reach and risks. The Directors expect improvement in the performance of the Company in the current year due to slew of measures adopted by the Company coupled with new orders received.
COMPANY OVERVIEW:
The
Company, is one of
the fastest growing Infrastructure Company in India. The Company undertakes
infrastructure projects, which includes designing, engineering and
execution/construction of complex and integrated water transmission and
distribution projects, water treatment plants, elevated and underground
reservoirs, mass housing projects, commercial complexes, pre-cast design and
construction, road construction and urban infrastructure.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE –
GENERAL
Total USD 55 to 60 trillion in infrastructure investment is needed worldwide between 2013 and 2030 to keep up with global growth momentum. Developed countries will have to invest to maintain aging transport, power, water and telecom networks, while India need to focus on just getting basic infrastructure in place. India could create approx. 4 million new direct and indirect jobs with an increase in infrastructure spending equivalent to 1% of gross domestic product.
India's Planning Commission has projected an investment of US$ 1 trillion for the infrastructure sector during the 12th Five-Year Plan (2012–17), with 40 per cent of the funds coming from the country’s private sector. India's focus on infrastructure make it the second fastest growing economy in the world. The country’s constant growth gives investors, domestic and foreign, a tremendous opportunity for investment in its infrastructure sector.
Government has announced plans for various infrastructure developments across the country including two major ports, three airports, nearly 6,000 miles of new road projects, 100 new smart cities and an elevated rail-corridor and diamond corridor, bullet train projects etc.
A strong infrastructure sector is vital to the development of a country's economy. Here, the Indian government has played an important role. Just recently, it allowed 100 per- cent foreign direct investment (FDI) under the automatic route for port development projects etc. The government has also, this year, decided to convert roads into national highways.
OUTLOOK – GENERAL
The outlook for the infrastructure sector looking bright for the financial year 2014-15, largely due to stable government in Center and its focus for overall infrastructure development which will reduce project level stresses.
The growing economy will have a positive impact on transportation assets. A sizeable proportion of power, road and other mega infra projects will completed on time and new projects will be announced very soon.
The Government's numerous policy measures are positive for the sector but their impact on infrastructure and credit quality will be reflected only over the medium term. The long-term credit fundamentals for infrastructure projects remain positive due to India's massive infrastructure deficit.
FIXED ASSETS:
· Office Premises
· Plant and Machinery
· Furniture and Fixture
· Electrical Installation
· Office Equipment
· Vehicles
· Computer Software
· Factory Building
· Land
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.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.