MIRA INFORM REPORT
|
Report No. : |
326734 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
B E BILLIMORIA AND COMPANY LIMITED |
|
|
|
|
Formerly Known
As : |
B. E. BILLIMORIA AND COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shivsagar Estate A Block 2nd Floor, Dr A B Road Worli, Mumbai -
400018, Maharashtra |
|
Tel. No.: |
91-22-66545000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.02.1962 |
|
|
|
|
Com. Reg. No.: |
11-012268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
RS. 115.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1962PLC012268 |
|
|
|
|
IEC No.: |
0394008626 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB1542P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
in business in civil engineering construction undertaking contracts to
execute a wide variety of construction work all over the country. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1962 having
moderate track record. Subject is dealing in civil engineering construction contracts. The rating take into consideration company’s moderate financial risk
profile and loss that company has incurred from its operational activities
during the year 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing with some
caution. |
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 |
ICRA |
|
Rating |
CR3 |
|
Rating Explanation |
Moderate Contract Execution Capacity |
|
Date |
May, 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 BY
|
Name : |
Mr. Mohini Shirodkar |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-66545000 |
|
Date : |
09.06.2015 |
LOCATIONS
|
Registered Office/ Regional Office 1 : |
Shivsagar Estate A Block 2nd Floor, Dr A B Road Worli, Mumbai -
400018, Maharashtra, India |
|
Tel. No.: |
91-22-66545000 |
|
Fax No.: |
91-22-66545050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office 2 : |
311, DLF Tower ‘A’ 3rd Floor,
Jasola, New Delhi - 110044, India |
|
Tel. No.: |
91-11-4913 5000 |
|
Fax No.: |
91-11-4913 5001 |
|
E-Mail : |
|
|
|
|
|
Regional Office 3 : |
401-402, 4th Floor, Sigma Wing, Raheja Tower, 177 Anna Salai, Chennai - 600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28608000 |
|
Fax No.: |
91-44-28608010 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
102, Imperial Apartment, H.
No.6-3-866/2, Greenlands, Begumpet Ameer Pet Road, Hyderabad - 500016, Andhra Pradesh, India |
|
Tel. No.: |
91-40-66139908 |
|
Fax No.: |
91-40-66669907 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
MIllennium Star, Office No. 2, 2nd Floor 153, Bund Garden – Dhole Patil Road |
|
Tel. No.: |
91-22-66545000 |
|
Fax No.: |
91-22-66545050 |
|
E-Mail : |
DIRECTORS
AS ON 03.11.2014
|
Name : |
Mr. Parthasarathy Jagannathan |
|
Designation : |
Additional director |
|
Address : |
5/168, First floor, Sakthi, Sion East, Mumbai-400022, Maharashtra,
India |
|
Date of Birth/Age : |
02.03.1956 |
|
Date of Appointment : |
03.11.2014 |
|
DIN No.: |
01895867 |
|
|
|
|
Name : |
Mr. Digant Laxmidas
Kapadia |
|
Designation : |
Managing Director |
|
Address : |
152, Ramanuj, Road
No.9, Wadala, Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
05.03.1957 |
|
Qualification : |
BE
(Civil) from VJTI, Mumbai |
|
Date of Appointment : |
14.07.1994 |
|
PAN No.: |
AADPK1511G |
|
DIN No.: |
00021310 |
|
|
|
|
Name : |
Mr. Jeet Digant Kapadia |
|
Designation : |
Whole-Time Director |
|
Address : |
152, Ramanuj, Road
No.9, Wadala, Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1987 |
|
Qualification : |
B Tech from VJTI, Mumbai
and MS in Construction Engineering and Management from Columbia University. |
|
Date of Appointment : |
07.02.2014 |
|
DIN No.: |
02633453 |
KEY EXECUTIVES
|
Name : |
Mr. Mohini Shirodkar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.11.2014
|
Names of Shareholders |
No. of Shares |
|
Consolidated Infrastructure Company Private Limited, |
3620000 |
|
Indivision |
3300000 |
|
Digant Laxmidas
Kapadia and Nayana Digant Kapadia jointly |
2311127 |
|
Devata Properties Private Limited, |
480000 |
|
Jeet Digant Kapadia,
Nayana Digant Kapadia and Digant Laxmidas Kapadia Jointly |
24 |
|
DLK Commercial Private Limited, India
|
1848800 |
|
Mukti Anil Thakkar Anil Pratapral Thakkar Jointly |
1 |
|
Tunisha Digant Kapadia
and Digant Laxmidas Kapadia Jointly |
24 |
|
Nayana Digant
Kapadia and Digant Laxmidas Kapadia Jointly |
24 |
|
Total |
11560000 |
AS ON 03.11.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
28.55 |
|
Bodies
corporate |
51.46 |
|
Directors
or relatives of directors |
19.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
in business in civil engineering construction undertaking contracts to
execute a wide variety of construction work all over the country. |
|
|
|
|
Products : |
-- |
|
|
|
|
Brand Names : |
---- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
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 : |
· Bank of India Free Press Journal Marg Nariman Point, Mumbai-400021, Maharashtra, India |
||||||||||||||||||||||||||||||
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|
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Thacker
Butala Desai Chartered Accountant |
|
Address : |
418, Dalamal Tower B Wing, 4th Floor, Free Press
Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT2158E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Joint Venture: |
Gammon
and Billimoria Limited (U42200MH2002PLC138442) |
|
|
|
|
Subsidiary: |
·
Bebanco Northern Contracts Limited
(U45400DL2007PLC165127) ·
Modern Tollroads Limited
(U45203MH2007PLC173503) ·
Bebanco Developers Limited
(U70102MH2010PLC199734) ·
Bebanco Infrastructure Limited
(U45202MH2010PLC199623) |
|
|
|
|
Associates: |
Mahindra
Bebanco Developers Limited |
|
|
|
|
Other Related Parties: |
·
National Saving Certificates ·
Sardar Sardar Narmada Nigam Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11560000 |
Equity Shares |
Rs. 10/- each |
Rs.115.600
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
115.600 |
115.600 |
115.600 |
|
(b) Reserves & Surplus |
1777.267 |
2091.991 |
2689.733 |
|
(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) |
1892.867 |
2207.591 |
2805.333 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
178.985 |
506.411 |
508.571 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
35.793 |
33.783 |
|
(c)
Other long term liabilities |
733.881 |
833.002 |
1031.070 |
|
(d)
long-term provisions |
0.000 |
2.734 |
1.070 |
|
Total
Non-current Liabilities (3) |
912.866 |
1377.940 |
1574.494 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2648.224 |
2253.752 |
1467.952 |
|
(b)
Trade payables |
2258.799 |
1325.479 |
1058.817 |
|
(c)
Other current liabilities |
2083.198 |
1653.427 |
2322.438 |
|
(d)
Short-term provisions |
0.000 |
8.629 |
11.423 |
|
Total
Current Liabilities (4) |
6990.221 |
5241.287 |
4860.630 |
|
|
|
|
|
|
TOTAL |
9795.954 |
8826.818 |
9240.457 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1459.865 |
1519.259 |
1510.624 |
|
(ii)
Intangible Assets |
17.299 |
13.545 |
11.773 |
|
(iii)
Capital work-in-progress |
210.755 |
189.192 |
186.396 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12.345 |
12.345 |
14.181 |
|
(c) Deferred tax assets
(net) |
32.458 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1492.151 |
1035.406 |
44.412 |
|
(e)
Other Non-current assets |
0.000 |
2.700 |
2.700 |
|
Total
Non-Current Assets |
3224.873 |
2772.447 |
1770.086 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2484.053 |
2814.812 |
2954.358 |
|
(c)
Trade receivables |
2337.759 |
2382.649 |
2268.608 |
|
(d)
Cash and cash equivalents |
45.143 |
83.49 |
162.438 |
|
(e)
Short-term loans and advances |
1702.410 |
772.116 |
2084.179 |
|
(f)
Other current assets |
1.716 |
1.304 |
0.788 |
|
Total
Current Assets |
6571.081 |
6054.371 |
7470.371 |
|
|
|
|
|
|
TOTAL |
9795.954 |
8826.818 |
9240.457 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5237.510 |
6503.923 |
7146.366 |
|
|
|
Other Income |
34.112 |
60.595 |
52.399 |
|
|
|
TOTAL (A) |
5271.622 |
6564.518 |
7198.765 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
0.000 |
0.000 |
6150.000 |
|
|
|
Purchases of Stock-in-Trade |
2581.778 |
3380.904 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
70.933 |
34.119 |
0.000 |
|
|
|
Employees benefits expense |
475.692 |
667.158 |
205.636 |
|
|
|
Other expenses |
2016.417 |
2408.086 |
88.099 |
|
|
|
Exceptional Items |
(31.603) |
0.000 |
0.000 |
|
|
|
Extraordinary Items |
1.430 |
125.666 |
0.000 |
|
|
|
TOTAL (B) |
5114.647 |
6615.933 |
6443.735 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
156.975 |
(51.415) |
755.030 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
315.043 |
323.645 |
157.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(158.068) |
(375.060) |
597.843 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
224.533 |
231.019 |
198.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(382.601) |
(606.079) |
399.590 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(68.250) |
2.011 |
127.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(314.351) |
(608.090) |
271.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
46.959 |
124.247 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
5.26 |
2.35 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
536.979 |
283.597 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(6.00) |
(9.35) |
3.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.00 |
(0.79) |
10.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.01) |
(7.03) |
4.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.27) |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.49 |
1.49 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
1.16 |
1.54 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debt
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
115.600 |
115.600 |
115.600 |
|
Reserves & Surplus |
2689.733 |
2091.991 |
1777.267 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2805.333 |
2207.591 |
1892.867 |
|
|
|
|
|
|
Long-term borrowings |
508.571 |
506.411 |
178.985 |
|
Short term borrowings |
1467.952 |
2253.752 |
2648.224 |
|
CURRENT MATURITIES OF LONG-TERM
DEBTS |
283.597 |
536.979 |
0.000 |
|
Total
borrowings |
2260.120 |
3297.142 |
2827.209 |
|
Debt/Equity
ratio |
0.806 |
1.494 |
1.494 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7146.366 |
6503.923 |
5237.510 |
|
|
|
(8.990) |
(19.472) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7146.366 |
6503.923 |
5237.510 |
|
Profit |
271.915 |
(608.090) |
(314.351) |
|
|
3.80% |
(9.35)% |
(6.00)% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10477269 |
18/12/2013 |
3,410,336,482.00 |
BANK OF INDIA LIMITED |
FREE PRESS HOUSE 9TH FLOOR, FREE PRESS
JOURNAL MA |
B96207592 |
|
2 |
10463994 |
11/11/2013 |
15,429,840.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW G |
B91040717 |
|
3 |
10441651 |
27/07/2013 |
19,133,240.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW G |
B81501777 |
|
4 |
10428740 |
02/05/2013 |
6,918,962.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW G |
B76115039 |
|
5 |
10413213 |
09/03/2013 |
8,328,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE,
LAW G |
B71264790 |
|
6 |
10406416 |
31/01/2013 |
10,978,188.00 |
AXIS BANK LIMITED |
1ST FLOOR, JANMABHOOMI BHAVAN, JANMABHOOMI
MARG, |
B68971464 |
|
7 |
10390104 |
23/10/2012 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA,, DR. |
B63350326 |
|
8 |
10355889 |
14/01/2015 * |
700,000,000.00 |
ICICI BANK LIMITED |
ICICI TOWER BANDRA KURLA COMPLEX, BANDRA
EAST, MU |
C41289091 |
|
9 |
10313040 |
18/10/2011 |
150,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI-400001,
MAHARASHTRA, INDIA |
B23503659 |
|
10 |
10291173 |
13/05/2011 |
100,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BR, AXIS HOUSE, BOMBAY
DYEING M |
B14615421 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from other |
49.500 |
0.000 |
|
Rupee term loan from bank |
180.000 |
260.000 |
|
Total |
229.500 |
260.000 |
NATURE OF OPERATIONS
The Company was
incorporated in 1962. The Company is in business in civil engineering
construction undertaking contracts to execute a wide variety of construction work
all over the country.
OPERATIONS
The Company has been facing
slow down or stoppage of work in some of its projects which have adversely
affected top and bottom line due to unabsorbed overheads, interest costs on
bank borrowings.
During the year, the
Company secured new orders for a total contract value of Rs. 79955.000 Million,
comprising of two residential projects.
The Company expects to
improve performance in the current year, barring unforeseen circumstances.
Construction Industry and
current economic situation
The Construction industry
of India is an important indicator of the development as it creates investment
opportunities across various related sectors
After the election of Mr
Narendra Modi as a Prime Minister of India, he has promised the industry in
many ways like to speed up the approvals for new projects, more investment
proposals etc and recently his government has cleared seven big infra projects
worth Rs. 21000.000 Million, some of whom have been held up for decades.
Construction sector
accounts for most inflow of FDI after the services sector and employs more than
35 million people in the country. Nearly, 50% of the demand for construction
activities in India comes from the Infrastructure sector, while the rest comes
from Industrial activities, residential and commercial development etc. The
Indian Infrastructure and Construction Sectors have moved out of their emerging
stages.
Demand from Real Estate has
currently plateaued after unprecedented boom in the last decade. The real
estate developers have traditionally employed contractors for construction of
projects. However, several large contractors are now transitioning towards
becoming real estate developers.
The Indian Construction
sector offers quite an attractive proposition for foreign developers. The
Indian Government has decided to allow 100% Foreign Direct Investment (FDI) in
the real estate industry, thereby stimulating construction activities throughout
the country
Indian infrastructure and
construction industry has grown exponentially, in part due to massive
governmental drive and in part due to high market sentiments. The focus has
moved from cost efficiency to time and competence. This has created excellent
opportunities for foreign construction companies to conduct business in India.
The Indian regulatory environment is expected to further boost the construction
industry in order to provide the basic physical infrastructure for the nation.
FUTURE OUTLOOK OF THE COMPANY
The management is hopeful
about the future outlook of the Company, mainly due to the following reasons –
1. During the current year
the Company manage to close/ foreclose most of the loss making projects of
southern region, which were causing problems and affected the working of the
Company. The Directors are hopeful of recovery in the overall functioning and
profitability of the Company after closure of these projects.
2.The Company initiated
Arbitrations with some of the Clients for its legitimate dues. Unfortunately,
the arbitration proceedings of couple of the projects are still not concluded
due to pending submissions/ actions from the Clients’ side.
3. After long wait and
struggle, the Company has been successful in getting a notification in respect
of conversion of agricultural land at Lohegaon, Pune to residential zone. Now,
the Company is in a process of embarking various statutory and other required
permissions in order to commence the construction activity of Lohegaon Project
within next 6-8 months.
FIXED ASSETS:
· Land
· Buiding
· Plant and Equipment
· Plant and Machinery
· Furniture and Fixture
· Vehicles Equipment
· Office Equipment
· Computer Equipment
· Other 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. 63.88 |
|
|
1 |
Rs. 98.47 |
|
Euro |
1 |
Rs. 72.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
32 |
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.