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|
|
MIRA INFORM REPORT
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Report No. : |
503772 |
|
Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
REINFORCED EARTH INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-11/B-1, Extension (Opposite NTPC Badarpur), Mohan Cooperative
Industrial Estate, Mathura Road, New Delhi-110044 |
|
Tel. No.: |
91-11-46457600/ 7601 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2017 |
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|
Date of
Incorporation : |
01.10.1997 |
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|
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Com. Reg. No.: |
55-089961 |
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Capital
Investment / Paid-up Capital : |
INR 1.500
Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U45203DL1997PTC089961 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
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GSTN : [Goods & Service Tax
Registration No.] |
07AAACR7414A1ZV |
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TIN No.: |
07790313008 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACR7414A |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of contract activites
related to soil (earth) reinforcement techniques like construction of
retaining/landscape walls, bridge abutments. structures for industrial
applications, ground improvement and stabilization etc. for basic
infrastructure like roads, highways, bridges, flyovers and tunnels all over
India. The activities of the company involves prepration and submission of
design and drawings, supply of contract materials, casting and erection of
reinforced earth wall and supervision of construction at site. The company
functions as a sub-contractor to various main contractors engaged in
construction of infrastructures. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Reinforced Earth India Private Limited was incorporated in the year 1997.
It is engaged in contract activities related to Soil (Earth) Reinforcement
Technique like Construction of Retaining, Landscape Walls, Bridge Abutments
and Structure for Industrial Applications. For the financial year 2017, the revenue of the company has increased
by 13.44% along with decent profit margin of 6.19%. The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to low debt
balance sheet profile. The company has favourable Earning Per Share (EPS) of INR 214.73
against a face value (FV) of INR 10. The rating takes into consideration the subject’s long established
track record of business operations along with extensive experience of its
promoters. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 14.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Rakesh |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-11-46457618 |
|
Date : |
13.04.2018 |
|
|
|
|
Name : |
Mr. Rohit |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-11-46457600 |
|
Date : |
13.04.2018 |
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-11-40538630/ 31]
LOCATIONS
|
Registered Office : |
E-11/B-1, Extension (Opposite NTPC Badarpur), Mohan Cooperative
Industrial Estate, Mathura Road, New Delhi-110044, India |
|
Tel. No.: |
91-11-46457600/ 7601/ 46457618/ 40538630/ 31 |
|
Fax No.: |
91-11-4645 7630 |
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E-Mail : |
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Website : |
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Regional Offices : |
16, SNS Chambers, 239 Sankey Road Sadashivanagar, Bengaluru-560080, Karnataka, India Tel. No.: 91-80-41672469-72 Fax No.: 91-80-23611526 1109, Mayuresh Cosmos, Plot No. 37, Sector 11 C.B.D. Belapur, Navi Mumbai 400614, Maharashtra, India Tel. No.: 91-22-69001851-53 Fax No.: 91-22-27574746 8C, 8th Floor, Poonam Building 5/2 Russel Street, Kolkata-700071, West Bengal, India Tel. No.: 91-33-40565555 Fax No.: 91-33-40565502 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Somnath Biswas |
|
Designation : |
Managing Director |
|
Address : |
B-350, Chittranjan Park, New Delhi – 110019, India |
|
Date of Birth/Age : |
26.01.1969 |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
01178474 |
|
|
|
|
Name : |
Philippe Marie Hery |
|
Designation : |
Director |
|
Address : |
11, Boulevard DU, General Liclerc, Limours - 91470, France |
|
Date of Birth/Age : |
04.01.1960 |
|
Date of Appointment : |
21.11.2006 |
|
DIN No.: |
03524691 |
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|
|
|
Name : |
Mr. Vincent Oudin |
|
Designation : |
Additional Director |
|
Address : |
9 Rue De Trappes 78117 Chateaufort France France 78117 |
|
Date of Birth/Age : |
28.10.1962 |
|
Date of Appointment : |
14.11.2017 |
|
DIN No.: |
08049473 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Teree Armee Internationale |
149855 |
99.90 |
|
Freyssinet Participations, France |
145 |
0.10 |
|
|
|
|
|
Total |
150000 |
100.00 |
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of contract activites related
to soil (earth) reinforcement techniques like construction of
retaining/landscape walls, bridge abutments. structures for industrial
applications, ground improvement and stabilization etc. for basic
infrastructure like roads, highways, bridges, flyovers and tunnels all over
India. The activities of the company involves prepration and submission of
design and drawings, supply of contract materials, casting and erection of
reinforced earth wall and supervision of construction at site. The company functions
as a sub-contractor to various main contractors engaged in construction of
infrastructures. [Registered Activity] |
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Products/ Services : |
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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
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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 : |
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Auditors : |
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|
Name : |
Vishwanath Singh and Associates Chartered Accountants |
|
Address : |
Flat No. 109, New Delhi House (11th Floor), 27, Barakhamba Road, New
Delhi-110001, India |
|
Tel. No.: |
91-11-23313016/ 41511495-96 |
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PAN No.: |
AAAFV4795R |
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|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding (Parent) Company : |
Terre Armee Internationale, France |
|
|
|
|
Intermediary Holding Companies : (of the Parent Company) |
·
Soletanche
FreySsinet S.A. ·
VINCI
Constructions |
|
|
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|
Ultimate Holding Company : |
VINCI S.A |
|
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|
Fellow Subsidiaries : (by virtue of being step down
subsidiaries of the same intermediate or the ultimate holding company) |
·
Reinforced
Earth Pty Ltd., Australia ·
Reinforced
Earth Co. (Ireland) ·
Reinforced
Earth Co. Ltd (Telford) ·
Reinforced
Earth Malaysia Sdn Bhd ·
Reinforced
Earth Ins, Proje ve TiCAS |
|
|
|
|
Associate Companies : |
·
Freyssinet
Menard India Pvt. Ltd. [U7499DL2007FTC158599] · Freyssinet · NAPC Limited ·
Swift
AMT SOLDATA · ETF |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
INR 10/- each |
INR 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
INR 10/- each |
INR 1.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.500 |
1.500 |
1.500 |
|
(b) Reserves & Surplus |
229.970 |
197.761 |
218.533 |
|
(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) |
231.470 |
199.261 |
220.033 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.933 |
15.512 |
24.149 |
|
(d)
long-term provisions |
4.672 |
4.622 |
4.010 |
|
Total
Non-current Liabilities (3) |
5.605 |
20.134 |
28.159 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
30.361 |
28.164 |
0.000 |
|
(b)
Trade payables |
161.312 |
111.132 |
137.171 |
|
(c)
Other current liabilities |
104.804 |
81.102 |
81.949 |
|
(d)
Short-term provisions |
3.682 |
5.443 |
8.724 |
|
Total
Current Liabilities (4) |
300.159 |
225.841 |
227.844 |
|
|
|
|
|
|
TOTAL |
537.234 |
445.236 |
476.036 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
61.975 |
73.049 |
83.183 |
|
(ii)
Intangible Assets |
0.181 |
0.541 |
1.016 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.175 |
0.175 |
0.175 |
|
(c) Deferred tax assets
(net) |
29.970 |
33.113 |
32.260 |
|
(d) Long-term Loan
and Advances |
3.874 |
1.982 |
2.093 |
|
(e)
Other Non-current assets |
0.003 |
0.718 |
1.026 |
|
Total
Non-Current Assets |
96.178 |
109.578 |
119.753 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
119.568 |
76.552 |
113.351 |
|
(c)
Trade receivables |
188.351 |
109.744 |
105.912 |
|
(d)
Cash and cash equivalents |
30.339 |
23.634 |
45.689 |
|
(e)
Short-term loans and advances |
28.209 |
34.272 |
29.486 |
|
(f)
Other current assets |
74.589 |
91.456 |
61.845 |
|
Total
Current Assets |
441.056 |
335.658 |
356.283 |
|
|
|
|
|
|
TOTAL |
537.234 |
445.236 |
476.036 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
520.336 |
458.710 |
465.020 |
|
|
|
Other Income |
10.320 |
5.457 |
14.399 |
|
|
|
TOTAL |
530.656 |
464.167 |
479.419 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
211.926 |
205.858 |
229.472 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
3.049 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.012) |
10.542 |
(18.867) |
|
|
|
Employees benefits expense |
96.018 |
88.920 |
88.212 |
|
|
|
Other expenses |
158.874 |
152.366 |
158.039 |
|
|
|
TOTAL |
463.806 |
457.686 |
459.905 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
66.850 |
6.481 |
19.514 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.067 |
5.315 |
2.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
57.783 |
1.166 |
17.323 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
19.148 |
22.180 |
27.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
38.635 |
(21.014) |
(10.197) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.426 |
(0.242) |
(3.377) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
32.209 |
(20.772) |
(6.820) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sale on FOB basis |
5.806 |
1.515 |
4.737 |
|
|
|
Foreign exchange gains- net |
4.681 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
10.487 |
1.515 |
4.737 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Contract Materials |
124.897 |
93.058 |
20.263 |
|
|
|
Capital Goods |
0.237 |
0.491 |
39.203 |
|
|
TOTAL IMPORTS |
125.134 |
93.549 |
59.466 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
214.73 |
(138.48) |
(45.47) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from/ (used in) operations |
31.356 |
(41.358) |
15.425 |
|
|
|
|
|
|
Net Cash from/ (used in) Operating Activities |
39.199 |
(46.043) |
8.792 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
132.12 |
87.32 |
83.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.76 |
4.18 |
4.39 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
277.83 |
197.04 |
215.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.56 |
0.08 |
0.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.08 |
0.09 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.56 |
0.51 |
0.48 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.13 |
0.14 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.30 |
1.13 |
1.04 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.27 |
0.37 |
0.38 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.37 |
1.22 |
8.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.19 |
(4.53) |
(1.47) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.00 |
(4.67) |
(1.43) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.91 |
(10.42) |
(3.10) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.47 |
1.49 |
1.56 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.07 |
1.15 |
1.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.43 |
0.45 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
20.24 |
18.78 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.47 |
1.49 |
1.56 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1.500 |
1.500 |
1.500 |
|
Reserves & Surplus |
218.533 |
197.761 |
229.970 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
220.033 |
199.261 |
231.470 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
28.164 |
30.361 |
|
Total
borrowings |
0.000 |
28.164 |
30.361 |
|
Debt/Equity
ratio |
0.000 |
0.141 |
0.131 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
465.020 |
458.710 |
520.336 |
|
|
|
(1.357) |
13.435 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
465.020 |
458.710 |
520.336 |
|
Profit/ (Loss) |
(6.820) |
(20.772) |
32.209 |
|
|
(1.47%) |
(4.53%) |
6.19% |
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 |
No |
|
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 |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loan from Bank – Unsecured |
30.000 |
26.500 |
|
|
|
|
|
Total |
30.000 |
26.500 |
COMPANY OVERVIEW
The Company was incorporated on 1 October 1997 under the
Companies Act, 1956 at New Delhi and has been allotted corporate identity
number (CIN) U45203DL1997PTC089961
The Company is the subsidiary of a foreign company, M/S Terre Armee Internationale of France. The Company is engaged in contract activites related to soil (earth) reinforcement techniques like construction of retaining/landscape walls, bridge abutments. structures for industrial applications, ground improvement and stabilization etc. for basic infrastructure like roads, highways, bridges, flyovers and tunnels all over India. The activities of the company involves prepration and submission of design and drawings, supply of contract materials, casting and erection of reinforced earth wall and supervision of construction at site. The company functions as a sub-contractor to various main contractors engaged in construction of infrastructures of the aforesaid nature.
The company also operates a manufacturing facility situated in a leased premises in the State of Gujarat for the manufacture of geo synthetics products for in-house consumption,
REVIEW OF BUSINESS
OPERATIONS AND FUTURE PROSPECTS
The Net Profit for the financial year is INR 32.209 Million as compared
to the Net Loss of INR 20.772 Million for the previous financial year. Further,
the Directors are looking for growth of the company in future.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Income-tax demands under contest and not provided for |
0.030 |
0.030 |
|
System
generated defaults of tax deducted at source for the periods
till the reporting date as reflected in the database of the income-tax department TRACES website |
10.342 |
9.875 |
|
Demands towards Tamil Nadu Value Added Tax under contest and not povided for |
2.714 |
2.714 |
|
Demand
towards Tamil Nadu Value Added Tax paid under protest and not provided for |
3.860 |
3.460 |
|
Further demands likely to arise towards Tamil Nadu Value Added Tax based on proceedings initiated by the authorities |
8.545 |
8.545 |
|
Demands
towards Madhya Pradesh Value Added Tax and Entry Tax under contest and not
provided for |
0.000 |
0.103 |
|
Demands
towards Madhya Pradesh Value Added Tax paid under protest and not povided for |
0.000 |
0.052 |
|
The company has fumished bank guarantees to its customers aggregating to INR 86.033 Million (previous year INR 97.965 Million) that are outstanding at the balance sheet date. However, there being no circumstances warranting any of the customers to invoke a claim against the said guarantees, the management does not foresee any contingencies in respect of such outstanding guarantees at the balance sheet date. |
||
|
The management believes that the above claims on the company are untenable and are being/will be contested. As of the reporting date, the management is unable to determine the utlimate outcome of above matters. However, the management does not believe, based on current available information the outcomes of the demands/litigation will have material adverse effect on the company's financial condition, though the outcomes could be material to be the company's operating results for any particular period, depending, in part, upon operating results of the company. |
||
FIXED ASSETS:
Tangible Assets
· Plant and Machinery
·
Furniture and Fixtures
·
Office and Electrical Equipment
·
Motor Vehicles
· Leasehold Improvements
· Computer, Servers, etc
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
UK Pound |
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.