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|
MIRA INFORM REPORT
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Report No. : |
491999 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LIMITED (w.e.f.
04.01.2017) |
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Formerly Known
As : |
WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED |
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Registered
Office : |
201 and 202, 2nd Floor, Fitwell House, Opposite Home Town,
LBS Road, Vikhroli (West), Mumbai – 400083, Maharashtra |
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Tel. No.: |
91-22-21022072 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
31.10.1994 |
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Com. Reg. No.: |
11-082540 |
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Capital
Investment / Paid-up Capital : |
INR 163.562 Million |
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CIN No.: [Company Identification
No.] |
L45100MH1994PLC082540 |
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IEC No.: |
Not Divulged |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject engaged in the business of Construction of residential buildings/commercial complexes and activities connected and incidental thereto. (Registered Activity) |
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No. of Employees
: |
18 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 1400000 |
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|
Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1994. The company is engaged in
the business of construction. As per the financial records of 2017, the company has achieved a
massive growth in its top line and has reported an average profitability
margin. The company possesses healthy position marked by above average net
worth base along with low debt balance sheet profile and modest liquidity
position. Business is active. Payment terms to be slow but correct. In view of aforesaid, the company can be considered for 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans (BBB-) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
13.11.2017 |
|
Rating Agency Name |
CARE |
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Rating |
Short Term Loans (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
13.11.2017 |
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 16.02.2018
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 DENIED
Management non-cooperative (Tel No.: 91-9167720671)
91-22-21022072 (Number is continuously Ringing)
Given number (081088 11040) is not belongs to the subject
company.
LOCATIONS
|
Registered Office : |
201 and 202, 2nd Floor, Fitwell House, Opposite Home Town,
LBS Road, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
91-22-21022072 |
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Mob. No: |
91-9167720671 (Company) |
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Fax No.: |
91-22-21022072 |
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E-Mail : |
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Website : |
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Branches: |
Located At:
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Manish Ravilal Patel |
|
Designation : |
Managing Director |
|
Address : |
6 K K Chhaya Apartment, Pant Nagar Allahabad Bank Building, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
10.03.1971 (46 years) |
|
Qualification : |
B.com |
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Date of Appointment : |
27.02.2017 |
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DIN No: |
00195878 |
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|
Name : |
Mr. Jayesh Sheshmal Rawal |
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Designation : |
Director |
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Address : |
1302/ 1303, Sunrise Point, Neptune Living Point, L.B.S. Road, Bhandup (West), Mumbai-400078, Maharashtra, India |
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Date of Birth/Age : |
30.11.1973 (44 years) |
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Qualification : |
B.com, CA, D.I.S.A |
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Date of Appointment : |
11.08.2017 |
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DIN No: |
00464313 |
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Name : |
Mr. Tarak Bipinchandra Gor |
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Designation : |
Wholetime Director |
|
Address : |
B/1107, Sambhavnath Tower, Sudha Park, Off Eastern Express Highway, Ghatkopar East, Mumbai-400077, Maharashtra, India |
|
Date of Birth/Age : |
31.10.1978 (39 years) |
|
Qualification : |
B.com, CA, CS |
|
Date of Appointment : |
27.02.2017 |
|
PAN No.: |
AEJPG9330E |
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DIN No: |
01550237 |
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|
|
|
Name : |
Mr. Rajesh Khatavji Ladhad |
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Designation : |
Director |
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Address : |
B-1001, Lords, Plot-35/35A, Sector-15 , CBD Belapur, Navi Mumbai- 400614, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1969 (48 years) |
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Date of Appointment : |
27.02.2017 |
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DIN No: |
05241238 |
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|
Name : |
Mrs. Sheetal Bhavin Nagda |
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Designation : |
Director |
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Address : |
303, Satguru Sharan, 1, Chafekar Bandhu Road, Mulund East, Mumbai -400081, Maharashtra, India |
|
Date of Appointment : |
01.06.2016 |
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DIN No: |
07179841 |
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|
Name : |
Mr. Jaymin Piyushbhai Modi |
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Designation : |
Director |
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Address : |
C-111, Saraswatikrupa CHSL, Opposite Nirmal Park, Navghar Cross SV Road, Thane-401105, Maharashtra, India |
|
Date of Appointment : |
12.02.2016 |
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DIN No: |
07352950 |
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Name : |
Mrs. Trupti Mitul Patel |
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Designation : |
Director |
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Address : |
6 K K Chhaya Apartment, Pant Nagar Allahabad Bank Building, Ghatkopar (East), Mumbai-400077, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1979 (37 years) |
|
Qualification : |
TYBSE |
|
Date of Appointment : |
29.05.2017 |
|
DIN No: |
07822208 |
KEY EXECUTIVES
|
Name : |
Mr. Tarak Bipinchandra Gor |
|
Designation : |
Chief Finance Officer |
|
Address : |
B/1107, Sambhavnath Tower, Sudha Park, Off Eastern Express Highway, Ghatkopar East, Mumbai-400077, Maharashtra, India |
|
Date of Birth/Age : |
31.10.1978 (39 years) |
|
Qualification : |
B.com, CA, CS |
|
PAN No: |
AEJPG9330E |
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Date of Appointment : |
27.02.2017 |
|
|
|
|
Name : |
Mr. Ami Kanubhai Shah |
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Designation : |
Company Secretary |
|
Address : |
B-29, Lallal CHS, Dahanukarwadi, Kandivali (West), Mumbai-400067, Maharashtra, India |
|
Date of Appointment : |
01.11.2016 |
|
PAN No.: |
CFCPS5519F |
MAJOR SHAREHOLDERS
As on DECEMBER 2017
|
Category of
shareholder |
No. of fully paid up
equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
9383400 |
57.37 |
|
|
(B) Public |
6972800 |
42.63 |
|
|
Grand Total |
16356200 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
991600 |
6.06 |
|
|
HEMLATA MANISH PATEL |
160000 |
0.98 |
|
|
MANISH RAVILAL PATEL |
291600 |
1.78 |
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|
TRUPTI MITUL PATEL |
160000 |
0.98 |
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|
RANJAN DINESH PATEL |
160000 |
0.98 |
|
|
NAYANABEN RAVILAL PATEL |
160000 |
0.98 |
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|
KRUPA MANISH PATEL |
60000 |
0.37 |
|
|
Any Other (specify) |
8391800 |
51.31 |
|
|
GENERIC ENGINEERING AND CONSTRUCTION PRIVATE LIMITED |
8391800 |
51.31 |
|
|
Sub Total A1 |
9383400 |
57.37 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
9383400 |
57.37 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
million |
1336526 |
8.17 |
|
|
Individual share capital in excess of INR
0.200 million |
3885895 |
23.76 |
|
|
RUPA NIKHIL PATEL |
233000 |
1.42 |
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Any Other (specify) |
1750379 |
10.70 |
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NRI – Non- Repat |
32916 |
0.20 |
|
|
NRI – Repat |
1295437 |
7.92 |
|
|
SYED WAJID ALI |
490238 |
3.00 |
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|
DILIP JERAM BHAI PATEL |
270508 |
1.65 |
|
|
ASHOK SADHWANI |
181932 |
1.11 |
|
|
HUF |
273323 |
1.67 |
|
|
Bodies Corporate |
116184 |
0.71 |
|
|
Overseas corporate bodies |
1800 |
0.01 |
|
|
Clearing Members |
30719 |
0.19 |
|
|
Sub Total B3 |
6972800 |
42.63 |
|
|
B=B1+B2+B3 |
6972800 |
42.63 |
BUSINESS DETAILS
|
Line of Business
: |
Subject engaged in the business of Construction of residential buildings/commercial complexes and activities connected and incidental thereto. (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 : |
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 : |
18 (Approximately) |
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Bankers : |
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Facilities : |
Security and repayment
details for cash credit facilities including working capital demand loans is
as follows: The cash credit is repayable on demand and is/to be secured against first pari passu hypothecation charge on Stocks and Book Debts of the company, EQM of Property at Gurudutt CHS of Mr. Ravilal S Patel, EQM of Property at Kesar Solitaire of Ranjan D Patel, Hemlata M Patel, Trupti M Patel INR 61.646 million The Letter of credit/Bank Gaurntee is repayable on demand and is /to be secured against Fixed Deposit of the Company (ie. as 15% Margin) INR 49.680 million. The Overdraft with Yes Bank for Working Capital is repayable on demand and is /to be secured against first pari passu hypothecation charge on Current Assets and Movable Fixed Assets of the company both present and Future and Immovable Fixed assets of Holding Company Located at Vikhroli INR 38.201 million. Personal Guarantee of Manish R Patel and his Relative namely, Navin M Ramjiyani, Ravilal S Patel, Ranjan D Patel, Hemlata M Patel, Trupti M Patel to the Bank of India Limited Personal Guarantee of Manish R Patel and Navin M Ramjiyani to the Yes Bank Limited The above loans are received on takeover of Business from
Generic Engineering and Constructions Private Limited, but due to procedural
part pending with Bank it is not transferred in the name of Company, i.e. all
the above loans are still in the name of Generic Engineering and
Constructions Private Limited. The Charge on ROC is also in the Name of
Generic Engineering and Construction Private Limited |
|
Auditors 1: |
|
|
Name : |
SDA and Associates Chartered Accountants |
|
Address : |
G-6/2, Janata Housing Complex, Jesal Park, Bhayander (East), Thane –
401105, Maharashtra, India |
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Tel. No.: |
91-22-28175946 |
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Mobile No.: |
91-9820849808 |
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E-Mail : |
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Auditors 2: |
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|
Name : |
Koshal and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Generic Engineering and Construction Private Limited - 51.31% (U45200MH2004PTC148999) |
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|
Enterprise where
Individual i.e. KMP and their relatives have significant influence |
Manish Patel HUF - Karta Mr. Manish Patel |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
INR 10/- each |
INR 180.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16356200 |
Equity Shares |
INR 10/- each |
INR 163.562 Million |
|
|
|
|
|
a)
Terms
/ rights attached to equity shares:
The Company has only one class of Equity Shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuring Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assests 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.
b) Details of Shares
Held by Holding Company and their subsidiaries:
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Generic Engineering and Construction Private Limited (the Holding Company) |
8391800 |
83.918 |
|
|
|
|
|
Total |
8391800 |
83.918 |
c) Details of
shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.03.2017 |
|
|
Number |
% of holding |
|
|
Generic Engineering and Construction Private Limited (the Holding Company) |
8391800 |
51.31% |
d) Aggregate number
of shares issued for consideration other than cash during the period of 5 years
immediately preceding the Balance Sheet date:
|
Particulars |
31.03.2017 |
|
|
|
Number |
|
|
Shares allotted to Generic Engineering and Constructions Private Limited pursuant to a Business Transfer and Share Subscription Agreement dated 7th November, 2016 |
|
8391800 |
e. Reconciliation of the
number of equity shares and amount outstanding at the beginning and at the end
of the year:
|
Particulars |
31.03.2017 |
|
|
Number |
INR In Million |
|
|
Opening Balance |
5100400 |
51.004 |
|
Add: Shares issued |
|
|
|
For Consideration other than cash through |
8391800 |
83.918 |
|
Preferential allotment |
|
|
|
For Cash through Preferential allotment |
2864000 |
28.640 |
|
Closing Balance |
16356200 |
163.562 |
f. Increase in
Authorised
During the year company had increased its authorised capital from INR 52.500 million to INR 180.000 million vide ordinary resolution passed in EGM dated 07.12.2016.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
163.562 |
51.004 |
51.004 |
|
(b) Reserves & Surplus |
312.715 |
(5.711) |
(8.514) |
|
(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) |
476.277 |
45.293 |
42.490 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
12.250 |
9.039 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
12.250 |
9.039 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
150.096 |
0.000 |
0.000 |
|
(b) Trade
payables |
165.232 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
11.262 |
0.115 |
0.056 |
|
(d) Short-term
provisions |
28.680 |
0.447 |
0.096 |
|
Total Current
Liabilities (4) |
355.270 |
0.562 |
0.152 |
|
|
|
|
|
|
TOTAL |
831.547 |
58.105 |
51.681 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8.772 |
0.150 |
0.255 |
|
(ii)
Intangible Assets |
191.900 |
0.000 |
0.000 |
|
(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 |
0.008 |
0.008 |
0.008 |
|
(c) Deferred tax assets (net) |
0.057 |
0.822 |
0.000 |
|
(d) Long-term Loan and Advances |
126.769 |
54.128 |
48.738 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.014 |
|
Total Non-Current
Assets |
327.506 |
55.108 |
49.015 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
176.605 |
0.034 |
0.005 |
|
(c) Trade
receivables |
193.087 |
2.077 |
1.632 |
|
(d) Cash
and cash equivalents |
127.836 |
0.886 |
1.029 |
|
(e)
Short-term loans and advances |
6.513 |
0.000 |
0.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
504.041 |
2.997 |
2.666 |
|
|
|
|
|
|
TOTAL |
831.547 |
58.105 |
51.681 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
381.422 |
4.668 |
1.759 |
|
|
Other Income |
4.202 |
0.915 |
0.000 |
|
|
TOTAL |
385.624 |
5.583 |
1.759 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
518.610 |
1.622 |
0.962 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(176.571) |
(0.028) |
0.000 |
|
|
Employees benefits
expense |
2.944 |
0.425 |
0.172 |
|
|
Exceptional Items |
0.000 |
(0.750) |
0.000 |
|
|
Other expenses |
9.589 |
2.008 |
0.184 |
|
|
TOTAL |
354.572 |
3.277 |
1.318 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
31.052 |
2.306 |
0.441 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
7.402 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
23.650 |
2.306 |
0.441 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.187 |
0.105 |
0.189 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
22.463 |
2.201 |
0.252 |
|
|
|
|
|
|
|
Less |
TAX |
5.965 |
0.284 |
0.052 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
16.498 |
1.917 |
0.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.01 |
0.38 |
0.04 |
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 operations |
(78.715) |
0.342 |
0.028 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
(79.448) |
0.241 |
0.469 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
433.470 |
217.290 |
375.270 |
|
Total Expenditure |
383.590 |
183.540 |
331.670 |
|
PBIDT (Excl OI) |
49.880 |
33.750 |
43.600 |
|
Other Income |
1.860 |
2.760 |
0.550 |
|
Operating Profit |
51.740 |
36.510 |
44.150 |
|
Interest |
3.620 |
5.230 |
5.550 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
48.120 |
31.280 |
38.600 |
|
Depreciation |
5.390 |
5.410 |
5.460 |
|
Profit Before Tax |
42.730 |
25.870 |
33.140 |
|
Tax |
12.730 |
5.140 |
5.380 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
30.430 |
20.730 |
27.760 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
30.430 |
20.730 |
27.760 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
184.77 |
162.40 |
338.65 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.98 |
2.25 |
1.08 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
116.29 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.18 |
67.82 |
88.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.15 |
15.37 |
1.73 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.43 |
0.22 |
0.18 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.32 |
0.27 |
0.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.75 |
0.01 |
0.00 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.42 |
0.00 |
0.01 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.20 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.33 |
41.07 |
11.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.98 |
3.30 |
0.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.46 |
4.23 |
0.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.42 |
5.33 |
17.54 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.92 |
5.27 |
17.51 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.57 |
0.78 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.92 |
0.24 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.42 |
5.33 |
17.54 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 217.00/- |
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 |
51.004 |
51.004 |
163.562 |
|
Reserves & Surplus |
(8.514) |
(5.711) |
312.715 |
|
Net
worth |
42.490 |
45.293 |
476.277 |
|
|
|
|
|
|
long-term borrowings |
9.039 |
12.250 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
150.096 |
|
Total
borrowings |
9.039 |
12.250 |
150.096 |
|
Debt/Equity
ratio |
0.213 |
0.270 |
0.315 |
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 |
1.759 |
4.668 |
381.422 |
|
|
|
165.378 |
8,070.994 |
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 |
1.759 |
4.668 |
381.422 |
|
Profit |
0.200 |
1.917 |
16.498 |
|
|
11.37% |
41.07% |
4.33% |
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 |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
Yes |
|
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC
SCENARIO
With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade, world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. The US has led this improvement by growing at 2-3%. Fiscal easing is also likely under the Trump administration. Europe’s growth forecast is 1.5%, which is consistent with the gradual improvement in the labour market. Japan’s growth rate is in the range of 1% due to a weakness in its demographics and a decline in its working age population. China is expected to grow by 6.5%; long term concerns remain due to the continued rapid debt growth, which has a potential for financial weakness. Growth is projected to pick up from 2017 onwards, almost entirely on account of developments in emerging markets and developing economies. Emerging markets are fast growing economies undergoing fundamental changes with sustainable growth prospect. These economies are expected to be global growth drivers contributing to 55% of the world GDP by 2020, a substantial rise from the 40% today. By 2020, the combined GDP of emerging economies is projected to be around USD 20 trillion with a consumer base of 3 billion.
This primarily reflects two factors: the gradual normalization of macroeconomic conditions in several countries experiencing deep recessions and the increasing weight of fast-growing countries in this group, in the world economy. Multinationals are looking at emerging markets for the next surge of growth as momentum slows in developed markets.
INDIAN ECONOMY
India’s GDP grew at 7.1% for FY17 but Moody’s Investors Service projects India’s economy to accelerate to grow at 7.5% in 2017-18 and 7.7% in 2018-19 as the government has been able to limit the negative impact of last year’s demonetization on the economy.
Nominal per capita income have recorded a CAGR of 8.87 % over 2000–15. Rising incomes and the consequent positive impact on the consumer base across the country will be the key growth driver for the construction industry. As the proportion of working age population in the total population increases, the GDP is expected to grow higher. Per capita income is expected to expand at a CAGR of 5.6 % for the period 2010-20.
The introduction of GST and the recent demonetization programme are likely to boost the country’s GDP. Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and the government’s efforts in infrastructure investments and public-private partnerships.
Economic activity is beginning to firm after demonetization shocked the economy, resulting in massive cash shortages and economic disruptions at the end of the last year. The manufacturing PMI crossed into expansionary territory in January 2017, and imports rebounded. Despite the backdrop of more moderate growth, the government stuck to a market-friendly budget for FY 2017. The budget pursued growth-supportive policies while targeting a narrower deficit of 3.2% of GDP, and was met with a positive market reaction.
Capital account balance surged by USD 10.4 bn i.e. 1.7% of GDP primarily due to sharp increase in net FII inflows of USD 11.1 bn in Q4. FII flows shows the strong belief that investors hold in India growth story, India has witnessed highest FII flows amongst all the BRICS nations, especially in the debt segment, where most of the economies has witnessed outflow. This shows India as an attractive avenue for foreign investors as Indian market offer better stability, growth and attractive spreads to the US key interest rate.
INDIAN CONSTRUCTION
INDUSTRY
After Agriculture, it is the construction industry which is making a significant contribution to the Indian economy by accounting for about 8% of India’s GDP. The Indian Construction Industry is currently valued at $126 billion and employing around 40 million people, accounts for approx. 8% of the country’s GDP. The construction industry ranks third in terms of direct, indirect and induced effects in all sectors of the economy. After the Government’s relaxation in FDIs, the construction sector has witnessed second highest inflow of FDI after the services sector.
The construction industry has strong backward and forward linkages with various other sectors like cement, steel, bricks, capital goods, urban infrastructure, agriculture and irrigation, telecommunications etc. which emphasises its importance. So the construction industry’s growth has a significant bearing on employment generation in several other industries and also on their performance albeit in an indirect way. There are mainly three segments in the construction industry: real estate construction which includes residential and commercial construction; infrastructure building which includes roads, railways, power etc; and industrial construction that consists of oil and gas refineries, pipelines, textiles etc.
Opportunities in building construction like residential & commercial space and educational & medical facilities have seen an increase in the past couple of years, largely driven by public sector spending. A potent game changer for the industry is Government’s thrust on affordable housing (“Housing for All”) and urban infra improvement (Smart Cities/AMRUT schemes). Besides these, redevelopment of government colonies is also likely to generate significant orders for construction companies. Key beneficiaries of this construction boom and burgeoning opportunities in the segment would be the incumbents anchored by their extensive experience.
Construction of buildings led by Government spending on housing, education, urban infrastructure etc, is increasingly becoming a substantial opportunity for civil contractors. One of the major reasons behind the surge in expenditure is the increasing allocation for numerous schemes/programmes run by various ministries to ensure that the funding burden does not fall on any single ministry.
The government aims to tackle problems of urban housing shortage and dilapidated urban infra via programmes like Housing for All, Smart Cities and AMRUT as India’s urban population is projected to touch 814mn by 2050. These schemes are run by various ministries:
* Under the umbrella scheme for ‘Housing for All’, rural housing falls under the ambit of Ministry of Rural Development (MoRD).
* Urban housing schemes under HFA are run by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA).
* Urban infrastructure programmes like Smart Cities/AMRUT etc., are run by the Ministry of Urban Development (MoUD).
* Ministry of Health (MoH) funds construction of healthcare institutes like AIIMS.
The government has set an ambitious target of achieving Housing for all by 2022. Completion of 20mn houses in urban areas and 40mn in rural areas have been envisaged under this programme. The sharpening focus on housing is evident from the fact that the budget for rural housing at INR 230 bn in FY18 is 2.3x the expenditure incurred in FY16.
The government launched the Pradhan Mantri Awas Yojana (Urban) in June 2015 on the urban housing front. By 2022, the scheme targets building 20mn affordable houses in urban areas (for slum dwellers and people from EWS & LIG segments). The targeted spending on urban housing at INR 60 bn in FY18 is 4x the expenditure incurred in FY16.
RERA is expected to benefit the Real Estate Sector by eliminating the unorganized players and making it more quick and transparent in its processes.
To revitalise urban India, the central government has launched 2 flagship schemes—Smart Cities and AMRUT with total central outlay of INR 1 tn. However, the total quantum will be at least INR2tn, which will come with an equal or more contribution specified from state governments.
* Smart City project: The project seeks to develop a ‘model area’ within select 100 cities in the country which can drive economic growth and improve the quality of life of people. The broad idea is to provide core infrastructure, a clean & sustainable environment and application of ‘Smart’ solutions. The mission was launched in June 2015.
The central government will provide INR 500 bn for the scheme i.e., each city will get INR 1 bn per annum for 5 years. An equal amount, on matching basis, will have to be mobilised by a Special purpose vehicle, created specifically to implement the mission at the city level (50:50 joint venture between state government and the city corporation).
For development of Smart Cities, therefore a total of INR 1 tn of government funds will be available. The SPV has to raise additional funds from the financial market as debt or equity. 90 cities have been selected to be part of the mission with total investment of INR 1.9 tn, as of June 2017. Till March 2017, the amount released is INR 60 bn.
AMRUT: The project, launched in June 2015, has evolved from the erstwhile Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The scheme aims to ensure basic infrastructure for 500 cities with central government outlay of INR 500 bn. The central government will provide assistance to the extent of 50% of project cost for cities/towns with a population of up to 1mn and one-third of the project cost for those with population 1mn plus; balance investments will have to come from the state government/urban local bodies (ULB). Thus, the total quantum of investments under AMRUT will be INR 1,000 bn at the minimum.
OUTLOOK
The construction industry plays a pivotal role in the economic growth of the nation. Finance Minister Arun Jaitley is seeking more private investments in the infrastructure sector and has announced an 80% increase in Infrastructure allocation to $58.64 billion in the Union budget 2017-2018, released on 1st February 2017. In regards to the Government’s aim of the ‘Housing for All by 2022’, the Finance Minister in his Budget speech proposed to give ‘infrastructure’ status to affordable housing. Banks can now lend money to affordable housing projects under infrastructure category – this move is expected to boost the volume of construction activity across the country. This demonstrates that the priority for infrastructure development is high. On this backdrop, there exists ample growth opportunities for a well-established player like Generic, a leading company with proven competencies in the construction services sector.
The Company’s order book of INR 3600 Million as on 31st March 2017 provides robust revenue visibility over the next few years. This demonstrates the continued faith the clients have in the Company’s expertise. Further, with infrastructure development in the fast lane, huge order pipeline exists which further strengthens future growth prospects. Even margins are expected to improve driven by addition of Design and Build concept, value added services and better operating efficiencies.
In conclusion, segments such as real estate are witnessing growth due to government support. Other segments in the infrastructure space have witnessed an increase in activity due to Smart cities project. In the medium and long term, the overall prospects for the construction and infrastructure industry remain robust. Generic with its inherent strengths is well positioned to seize this opportunities and move upwards on its growth trajectory.
REVIEW OF OPERATION:-
During the year, company’s revenue from operations on a Standalone basis was INR 381.422 Million.
The Company has earned a profit of INR 16.498 Million as compared to INR 1.917 Million for the previous financial year.
CORPORATE INFORMATION
Subject the Company is Public Limited Company incorporated under the Provisions of Companies Act, 1956. The Company is formerly known as Welplace Portfolio and Financial Consultancy Services Limited and change the name and main object from Financial Service to construction activities by special resolution passed through postal ballet dated 19th December, 2016.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Other Loans & Advances |
0.000 |
12.250 |
|
Total |
0.000 |
12.250 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Outstanding Guarantees given by the Bank in favour of various clients |
37.006 |
0.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND 9 MONTHS 31ST DECEMBER 2017
(INR In Million)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
375.269 |
217.291 |
1026.031 |
|
Other Operating Income |
0.548 |
2.758 |
5.160 |
|
Total income from operations (net) |
375.817 |
220.049 |
1031.191 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
17.328 |
12.402 |
44.253 |
|
Purchases of stock-in trade |
276.360 |
155.830 |
750.776 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
24.134 |
5.824 |
68.593 |
|
Employee benefits expense |
10.810 |
6.229 |
22.790 |
|
Depreciation and Amortization Expenses |
5.464 |
5.412 |
16.266 |
|
Other Expenses |
3.030 |
3.257 |
12.370 |
|
Finance Costs |
5.552 |
5.227 |
14.402 |
|
Total expenses |
342.678 |
194.181 |
929.450 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
33.139 |
25.868 |
101.741 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
33.139 |
25.868 |
101.741 |
|
Tax expenses |
5.383 |
5.143 |
22.825 |
|
Net Profit / (Loss) from ordinary activities after tax |
27.756 |
20.725 |
78.916 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
27.756 |
20.725 |
78.916 |
|
Comprehensive Income |
0.000 |
0.000 |
0.000 |
|
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates |
27.756 |
20.725 |
78.916 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
163.562 |
163.562 |
163.562 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
- |
- |
- |
|
(a) Basic |
1.70 |
1.27 |
4.82 |
|
(b) Diluted |
1.70 |
1.27 |
4.82 |
FIXED ASSETS
TANGIBLE ASSETS
- Air Conditioner
- Motor Car – Innova
- Motor Car – Ertiga
- Motor Car – Swift
- Motor Car
- Motor Bike
- Office Equipment
- Building Container
- Machinery
- Mobile Phone
- Winget Bar Cutting Machine
- Fax Machine
- Furniture & Fixtures
- Paper Shredder
- Software
- Printer
INTANGIBLE ASSETS
- Goodwill
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 records 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 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
YES |
|
--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.