|
|
|
MIRA INFORM REPORT
|
Report No. : |
516196 |
|
Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
RELCON INFRAPROJECTS LIMITED (w.e.f. 20.07.2010) |
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|
|
|
Formerly Known
As : |
RELCON INFRAPROJECTS PRIVATE LIMITED |
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Registered
Office : |
105/C, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai –
400057, Maharashtra |
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Tel. No.: |
91-22-67339933 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
04.12.2006 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 90.000 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U45201MH2006PLC165973 |
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|
|
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IEC No.: [Import-Export Code No.] |
0307044009 |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
27AADCR4459E1ZB |
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PAN No.: [Permanent Account No.] |
AADCR4459E |
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|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of Civil Construction, engineering, industrial and technical consultancy, supply of civil materials, construction and development of real estate properties and other related ancillary activities. [Registered Activity] |
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|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2006 and it is engaged in business of construction of building. As per the financials of March 2017, the company has registered sharp
decline in its revenue and has reported average profit margin. Rating takes into consideration the company’s moderate financial risk
profile along with and its promoter in relation to the alleged irregularities
in road construction works and uncertainties pertaining to the ability of the
company to source orders across business segments. Rating further constrained on account of company’s
working-capital-intensive operations and its exposure to intense competition. Further, subject has been blacklisted by BMC for Seven years and it is
suspended to participate in any BMC contracts for Seven years due to
involvement of 352 crores road scam. Payments seems to be slow and delayed. In view of aforesaid, the subject can be considered for business
dealings at safe and secured trade terms and conditions. Note 1: Mr. Dipan Shah (Director) along with four other people were taken into
police custody who involved in BMC Road Scam and subject was blacklisted by
the BMC in November 2016 as subject’s directors appointed their mother as
partner in another firm to bid for new projects. Note 2: In view of blacklisted and contract biding scam, we don’t recommend any credit limited to the company. |
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
05.05.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
05.05.2017 |
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
31-03-2018.
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 23.06.2018.
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 BY
|
Name : |
Ms. Sarika |
|
Designation : |
Office executive |
|
Contact No.: |
91-22-67339999 |
|
Date : |
20.06.2018 |
MANAGEMENT NON-COOPERATIVE (Tel. No.:
91-22-61273601)
LOCATIONS
|
Registered Office : |
105/C, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
|
Tel. No.: |
91-22-67339933/ 61273601/ 67339999 |
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Fax No.: |
91-22-26113815/ 67339900/ 61273609 |
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E-Mail : |
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Website : |
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Corporate Office : |
A 01/ 101, Krishna Co-Operative Housing Society Limited, Opposite
Mahavir Jain Vidyalaya, C.D. Barfiwala Marg, Juhu Cross Lane, Andheri (West),
Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-67339999 |
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Fax No.: |
91-22-67339900 |
|
|
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|
Site 1 : |
Near Wadala Truck Terminal, Opposite Imax Theatre, Anik Wadala Link
Road, Wadala (East), Mumbai – 400037, Maharashtra, India |
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|
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Site 2 : |
Plot No.36, Chandivali Industrial Estate, Sangarsh Nagar, Next to BASF
Office, Chandivali, Mumbai – 400072, Maharashtra, India |
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Site 3 : |
Near Krishna Restaurant, Opposite Shah Industries, Deonar Village,
Govandi (East), Mumbai – 400088, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rakesh Pravin Shah |
||||||||||||||||||||
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Designation : |
Managing Director |
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|
Address : |
Flat No 201, 2nd Floor, Krishna Niwas, Plot No. 9, JVPD Road, S, Suvarna Nagar, CHS Vile Parle (West), Mumbai - 400049, Maharashtra, India |
||||||||||||||||||||
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Date of Birth/Age : |
18.09.1966 |
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Date of Appointment : |
03.03.2008 |
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PAN No.: |
AAEPS1610E |
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DIN No.: |
00482647 |
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Other Directorship:
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|
||||||||||||||||||||
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Name : |
Mr. Tejas Pravin Shah |
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Designation : |
Director |
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Address : |
501, Ketan Villa, Plot No.25, N.S Road No.6, Jvpd Scheme, Vile Parle West, Mumbai - 400056, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
03.10.1970 |
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Date of Appointment : |
04.12.2006 |
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PAN No.: |
AAEPS1609R |
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DIN No.: |
00482588 |
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Other Directorship:
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|
||||||||||||||||||||
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Name : |
Mr. Dipan Pravin Shah |
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|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
Flat No. 401, 4th Floor, Shantam Building, Plot No. 108, NS Road. No. 9,
JVPD Scheme Vile Parle (West), Mumbai - 400056, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
06.07.1969 |
||||||||||||||||||||
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Date of Appointment : |
03.03.2008 |
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PAN No.: |
AAEPS1612G |
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DIN No.: |
00482614 |
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Other Directorship:
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|||||||||||||||||||||
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|
|
||||||||||||||||||||
|
Name : |
Mr. Jainendra Pravin Shah |
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|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
5th Floor, Uday Plot No.52, Swastik Society, N.S Road, No.4, JVPD
Scheme, Vile Parle (East), Mumbai - 400056, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
08.12.1964 |
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Date of Appointment : |
04.12.2006 |
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PAN No.: |
AAEPS1611F |
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DIN No.: |
00482719 |
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Other Directorship:
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|||||||||||||||||||||
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|
||||||||||||||||||||
|
Name : |
Ms. Amita Sachin Karia |
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|
Designation : |
Director |
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|
Address : |
A/24, Sneha Sadan, JSS Road, Mangal Wadi, Girgaum, Mumbai – 400004, Maharashtra, India |
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Date of Birth/Age : |
09.10.1987 |
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Qualification : |
CS, LLB |
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Date of Appointment : |
26.03.2016 |
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DIN No.: |
07068393 |
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Other Directorship:
|
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|
||||||||||||||||||||
|
Name : |
Mr. Jignesh Hansraj Gala |
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Designation : |
Director |
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Address : |
A-07, Natraj Society, Sodawala Road, Borivali (West), Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
30.06.1969 |
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Date of Appointment : |
14.03.2017 |
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DIN No.: |
07463896 |
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KEY EXECUTIVES
|
Name : |
Mr. Jignesh Pravinchandra Sanghavi |
|
Designation : |
Chief Executive Officer |
|
Address : |
601, Simran, Veer Baji Prabhoo Deshpande Marg, Opposite Tejpal Scheme Road No. 4, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
31.05.1986 |
|
Date of Appointment : |
28.12.2015 |
|
PAN No.: |
ADFPS8856G |
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|
|
|
Name : |
Hoshang Farokh Kapadia |
|
Designation : |
Company Secretary |
|
Address : |
Albless Building, Plot 691, Floor 3, D.M. Road Dadar (East), Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1962 |
|
Date of Appointment : |
11.06.2009 |
|
PAN No.: |
ACRPK3456B |
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|
|
|
Name : |
Ms. Sarika |
|
Designation : |
Office executive |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Pravin Shah |
|
2194990 |
|
Dipan Pravin Shah |
|
2194990 |
|
Jainendra Pravin Shah |
|
2145000 |
|
Tejas Pravin Shah |
|
2145000 |
|
Kamakshi Pravin Shah |
|
170000 |
|
Tejas Pravin Shah (HUF) |
|
50000 |
|
Jainendra Pravin Shah (HUF) |
|
50000 |
|
Pravin Chotalal Shah (HUF) |
|
50000 |
|
Rakesh Pravin Shah (HUF) |
|
10 |
|
Dipan Pravin Shah (HUF) |
|
10 |
|
Total |
|
9000000 |
AS ON 29.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Individual/Hindu Undivided Family – Indian |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Civil Construction, engineering, industrial and technical consultancy, supply of civil materials, construction and development of real estate properties and other related ancillary activities. [Registered Activity] |
||||
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Products / Services
: |
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||||
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||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Divulged |
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|
||||
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Imports : |
Not Divulged |
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|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
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No. of Employees : |
Information denied by the management |
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|
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Jogish Mehta and Company Chartered Accountants |
|
Address : |
807, Dev Plaza, S.V. Road, Andheri West, Mumbai – 400058, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAMPM0190K |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies : |
CIN No.: U45203GJ2011PTC067165
CIN No.: U70109MH2008PTC183547
CIN No.: U45202MH2010PTC198528 |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
INR 10/- each |
INR 90.000
Million |
|
|
|
|
|
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 |
90.000 |
90.000 |
90.000 |
|
(b) Reserves and Surplus |
2122.428 |
2060.208 |
1778.475 |
|
(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) |
2212.428 |
2150.208 |
1868.475 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20.372 |
74.250 |
203.738 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
273.569 |
155.756 |
211.894 |
|
(d) long-term
provisions |
20.762 |
22.938 |
21.446 |
|
Total Non-current Liabilities
(3) |
314.703 |
252.944 |
437.078 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
160.437 |
284.723 |
370.772 |
|
(b) Trade
payables |
1015.808 |
1466.299 |
1700.284 |
|
(c) Other
current liabilities |
360.027 |
833.348 |
908.668 |
|
(d) Short-term
provisions |
3.912 |
2.932 |
3.149 |
|
Total Current
Liabilities (4) |
1540.184 |
2587.302 |
2982.873 |
|
|
|
|
|
|
TOTAL |
4067.315 |
4990.454 |
5288.426 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
262.118 |
352.249 |
454.084 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
2.345 |
0.712 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
163.473 |
164.332 |
116.139 |
|
(c) Deferred tax assets (net) |
71.245 |
55.671 |
44.128 |
|
(d)
Long-term loans and advances |
555.023 |
553.196 |
609.204 |
|
(e) Other
Non-current assets |
21.394 |
19.232 |
83.753 |
|
Total Non-Current
Assets |
1075.598 |
1145.392 |
1307.308 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
45.000 |
33.841 |
40.000 |
|
(b)
Inventories |
526.257 |
538.844 |
636.079 |
|
(c) Trade
receivables |
1143.229 |
1788.089 |
2433.216 |
|
(d) Cash and
bank balances |
320.164 |
370.072 |
368.643 |
|
(e)
Short-term loans and advances |
340.360 |
447.168 |
472.197 |
|
(f) Other
current assets |
616.707 |
667.048 |
30.983 |
|
Total
Current Assets |
2991.717 |
3845.062 |
3981.118 |
|
|
|
|
|
|
TOTAL |
4067.315 |
4990.454 |
5288.426 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3250.099 |
6482.900 |
7713.764 |
|
|
Other Income |
73.699 |
105.502 |
108.385 |
|
|
TOTAL |
3323.798 |
6588.402 |
7822.149 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2581.359 |
5243.007 |
6614.708 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.587 |
97.236 |
(133.258) |
|
|
Employee benefit expense |
282.807 |
411.469 |
337.750 |
|
|
Other expenses |
190.024 |
224.692 |
220.151 |
|
|
TOTAL |
3066.777 |
5976.404 |
7039.351 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
257.021 |
611.998 |
782.798 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
66.675 |
80.029 |
104.129 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
190.346 |
531.969 |
678.669 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
85.147 |
119.056 |
154.636 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
105.199 |
412.913 |
524.033 |
|
|
|
|
|
|
|
Less |
TAX |
42.979 |
131.181 |
163.756 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
62.220 |
281.732 |
360.277 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.91 |
31.30 |
40.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
195.212 |
295.920 |
0.000 |
|
Net cash flows from (used in) operations |
251.493 |
238.961 |
159.958 |
|
Net cash flows from (used in) operating activities |
228.918 |
95.674 |
(33.502) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
128.39 |
100.67 |
115.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
2.84 |
3.63 |
3.17 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
143.63 |
102.08 |
93.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.49 |
1.14 |
1.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.97 |
1.73 |
1.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.59 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.17 |
0.30 |
0.31 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.70 |
1.20 |
1.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.12 |
0.16 |
0.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.85 |
7.65 |
7.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
1.91 |
4.35 |
4.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.53 |
5.65 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.81 |
13.10 |
19.28 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.94 |
1.49 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.60 |
1.28 |
1.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.43 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.18 |
7.28 |
6.38 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.94 |
1.49 |
1.33 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
1778.475 |
2060.208 |
2122.428 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1868.475 |
2150.208 |
2212.428 |
|
|
|
|
|
|
Long-term borrowings |
203.738 |
74.250 |
20.372 |
|
Short term borrowings |
370.772 |
284.723 |
160.437 |
|
Current maturities of
long-term debts |
0.000 |
295.920 |
195.212 |
|
Total
borrowings |
574.510 |
654.893 |
376.021 |
|
Debt/Equity
ratio |
0.307 |
0.305 |
0.170 |
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 |
7713.764 |
6482.900 |
3250.099 |
|
|
|
(15.957) |
(49.867) |
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 |
7713.764 |
6482.900 |
3250.099 |
|
Profit/ (Loss) |
360.277 |
281.732 |
62.220 |
|
|
4.67% |
4.35% |
1.91% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
90.000 |
90.000 |
|
(b) Reserves and Surplus |
|
2008.744 |
2001.092 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2098.744 |
2091.092 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
213.668 |
285.845 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
273.569 |
171.337 |
|
(d) long-term
provisions |
|
20.762 |
22.937 |
|
Total Non-current
Liabilities (3) |
|
507.999 |
480.119 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
160.437 |
284.723 |
|
(b) Trade
payables |
|
1292.313 |
1969.086 |
|
(c) Other
current liabilities |
|
466.308 |
960.743 |
|
(d) Short-term
provisions |
|
3.912 |
2.932 |
|
Total Current
Liabilities (4) |
|
1922.970 |
3217.484 |
|
|
|
|
|
|
TOTAL |
|
4529.713 |
5788.695 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
265.719 |
356.556 |
|
(ii)
Intangible Assets |
|
241.490 |
271.676 |
|
(iii) Tangible assets
capital work-in-progress |
|
2.345 |
0.712 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
52.364 |
52.369 |
|
(c) Deferred tax assets (net) |
|
71.261 |
55.686 |
|
(d)
Long-term loans and advances |
|
336.058 |
325.339 |
|
(e) Other
Non-current assets |
|
122.160 |
116.540 |
|
Total Non-Current
Assets |
|
1091.397 |
1178.878 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
742.863 |
811.667 |
|
(c) Trade
receivables |
|
1454.961 |
2355.625 |
|
(d) Cash and
bank balances |
|
344.335 |
385.583 |
|
(e)
Short-term loans and advances |
|
277.687 |
389.809 |
|
(f) Other
current assets |
|
618.469 |
667.133 |
|
Total
Current Assets |
|
3438.315 |
4609.817 |
|
|
|
|
|
|
TOTAL |
|
4529.712 |
5788.695 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
3637.520 |
7877.308 |
|
|
Other Income |
|
48.596 |
54.501 |
|
|
TOTAL |
|
3686.116 |
7931.809 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2872.618 |
6562.206 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
68.805 |
70.289 |
|
|
Employee benefit expense |
|
285.266 |
413.925 |
|
|
Other expenses |
|
198.495 |
233.307 |
|
|
TOTAL |
|
3425.184 |
7279.727 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
260.932 |
652.082 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
90.916 |
103.859 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
170.016 |
548.223 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
116.039 |
146.852 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
53.977 |
401.371 |
|
|
|
|
|
|
|
Less |
TAX |
|
46.326 |
154.868 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
7.651 |
246.503 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
|
0.85 |
27.39 |
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 |
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 |
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 |
CORPORATE INFORMATION
The 'company' was incorporated on 4th December, 2006 under part IX of the Companies Act 1956 and w.e.f. 20th July, 2010 the company has been converted into a Public Company. The Company is engaged in the business of Civil Construction, engineering, industrial and technical consultancy, supply of civil materials, construction and development of real estate properties and other related ancillary activities.
FUTURE OUTLOOK:
After recording impressive growth in the early part of this decade, the construction sector in India has witnessed steady decline in growth. After an impressive 10.8% growth in 2011-12, the sector has seen growth plummet down. In fact, in 2016-17 growth was further reduced. This slowdown in activity has had an adverse effect on the entire construction industry in India
Given India’s ambition for sustained economic growth of over 8%, there are several gaps prevailing today in terms of urban infrastructure in India. Bridging these gaps is essential to create a more competitive economy that can cater to domestic and global demand. The Government of India (GoI) has recognised this and launched several reform measures to boost sectors like roads, railways, power distribution, rural and urban development. In addition, the Government has initiated several policy reform measures to support the sector. This includes promotion of hybrid method of road development, reform measures for state electricity boards and power distribution, redeveloping inland waterways and thrust on renewable energy. Unfortunately, much of the measures are yet to translate into development work on the ground.
While the sector has opportunities and the GoI is making attempts to revive it, 2016-17 remained a disappointing year in terms of on-ground development. However, early signals suggest that better is expected in 2017. The Directors are continuously looking for avenues for future growth of the Company in the Infrastructure Sector and are geared up to address any opportunities available. The Company’s plans for securing the growth is under way and appropriate action will be taken in future at appropriate time for future development.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Term loans |
11.197 |
17.892 |
|
Total |
11.197 |
17.892 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G79514568 |
100160672 |
HDFC BANK LIMITED |
05/02/2018 |
- |
25607967.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
2 |
G88460944 |
100181911 |
HDFC BANK LIMITED |
05/01/2018 |
- |
11049730.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
3 |
G55116610 |
100125874 |
The Bharat Co-operative Bank (Mumbai) Ltd. |
26/09/2017 |
- |
980000000.0 |
Vile Parle East Branch, 1st Floor, "Suncity Theatres" Opposite Shaan Talkies, M.G. Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
4 |
G42244103 |
100094113 |
HDFC BANK LIMITED |
11/04/2017 |
- |
2973000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
5 |
C71593578 |
10605100 |
HDFC BANK LIMITED |
21/11/2015 |
- |
10608000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
6 |
C66723016 |
10596121 |
3i Infotech Trusteeship Services Limited |
15/09/2015 |
- |
1250000000.0 |
3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
7 |
C65359036 |
10593596 |
HDFC BANK LIMITED |
07/08/2015 |
- |
42270000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
8 |
C53651527 |
10569453 |
HDFC BANK LIMITED |
07/05/2015 |
- |
2980000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
9 |
G44185502 |
10539687 |
ICICI BANK LIMITED |
11/12/2014 |
09/05/2017 |
1250000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India |
|
10 |
C36793164 |
10536419 |
HDFC BANK LIMITED |
02/12/2014 |
- |
3505000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
FIXED ASSETS:
Tangible assets
- Plant and equipment
- Furniture and Fixture
- Office equipment
- Computer
- Vehicles
PRESS RELEASE / WEBSITE DETAILS
AFTER SPOUSES, TAINTED
CONTRACTORS NOW USING MOMS TO WIN TENDERS
Date: Mar 24, 2018
Blacklisted in Nov 2016, Relcon’s directors appointed their
mother as partner in another firm to bid for new projects.
When it comes to bagging BMC contracts, firms, it seems, will stop at
nothing to remain in the game. Even the ones who have been blacklisted by the
civic body.
After using their wives as mules to piggy-back into new bids (read Mirror’s
March 21 report: BMC scams get spousal support), it has now emerged that
tainted contractors are using their mothers too to bid for tenders.
According to documents accessed by this paper, Ms Relcon Infraprojects Limited was blacklisted in a 2015 roads scam in November 2016. Earlier, an FIR was also registered against its directors Rakesh Shah and Dipan Shah by the BMC for cheating and fraud in April 2016.
Last year, when the BMC floated two tenders – one for redevelopment of
the Topiwala Municipal Market worth around INR 1220.000 Million, and the
other worth INR 600.000 Million for widening of the Nahur stretch of
the Goregaon-Mulund Link Road – a firm Ms Sunrise Stone Industries
(SSI), one of the directors of which is the mother of two directors of Relcon,
was shortlisted.
Apparently, Rakesh and Dipan, who were also partners in SSI since 2010,
resigned from the firm, transferred their shares in the name of their mother
Kamakshi and made her one of the partners on November 21, 2016, right after
Relcon was issued a show-cause notice.
BMC takes action
As soon as the familial scam to light, the BMC consulted its legal department,
which pointed out that since Relcon’s directors were partners in SSI on the
date of the suspension, SSI should be barred for bidding in any BMC tenders.
The BMC then sought a second opinion from senior advocate EP Bharucha last
month who told them that once Relcon’s registration was suspended, SSI’s
registration automatically followed suit.
“Even if the reconstitution of SSI is taken into account, it is clear from the
reconstitution deed dated November 21, 2016 that the erstwhile partners of SSI
and current directors of Relcon, Rakesh Shah and Dipan Shah have given way to
Kamakshi Shah who now has 95 per cent share in profits/losses to the firm.
There appears to be a prima facie family relationship between the individuals
concerned. If the same were to be ascertained as a fact, it is impossible to
escape the conclusion that SSI would ‘come within the sphere of effective
influence’ of Relcon,” Bharucha’s opinion read.
To avoid a legal puddle, the BMC scrapped the road-widening tender
immediately. Additional Municipal Commissioner Sanjay Mukherjee, who is
heading the project, said, “We have scrapped the tenders for GMRL’s Nahur
road-widening work since the tainted contractor had bid.” He added that SSI has
since been barred from bidding.
However, there is no decision on the Topiwala project tender yet.
Additional Municipal Commissioner Idzes Kundan, incharge of the BMC’s Building
Construction Department, said that efforts are on to junk the tender. “Since
our own legal department says the firm must be barred, we will scrap the
current tender and re-invite the bids.”
When contacted, Rakesh Shah denied knowledge of the scam.
“I don’t look after these issues and can’t respond to your questions,” Shah
said refusing to comment further.
STAY ON ORDER GOING
SOFT ON TAINTED CONTRACTORS
Date: May 12, 2018
MUMBAI: A TOI report on a BMC internal committee allowing three contractors to bid again for works despite facing road scam FIRs made municipal commissioner Ajoy Mehta come down heavily on the officials concerned on Friday.
Mehta stayed the committee order and called it one that had been passed
“without proper application of mind”.
After giving six contractors a hearing, the panel had decided to “demote” three instead of blacklisting them, meaning they could bid for works up to INR 75.000 Million.
The officer who passed the order was sent on forced leave.
“The order was not brought to my notice,” Mehta said. “Such a move was
unacceptable. With civic engineers suspended and in jail, police cases lodged
and probe underway, allowing the contractors involved in the scam to bid again
cannot be tolerated.”
TOI on Friday reported that the BMC internal committee had decided to merely
demote M/s RK Madhani and Co, M/s Mahavir Roads and
Infrastructure Pvt Ltd and M/s Relcon Infraprojects Ltd as it
concluded that the quantum of losses caused by these firms in the road scam was
significantly lower than that caused by the other three.
Before the scam, the contractors could bid for works of any amount.
Mehta sought a report to be submitted by to him by the road department director
immediately; a confidential report was submitted to him in the morning
explaining the status. After perusing it, Mehta passed some hard-hitting
orders.
The report, a copy of which is with the TOI, said: “The impact of the order passed by the deputy municipal commissioner (environment) will be that these same contractors would be back again to execute works of the MCGM... Hence, it would only be proper that the contractors involved in the phase I and II remain suspended.”
It also said that in view of the seriousness of the issue, the deputy municipal
commissioner (environment) should be forthwith asked to proceed on leave and an
inquiry should be conducted against the official by the additional municipal
commissioner (eastern suburbs).
Citizen activists said that such a stern move was much needed. “The immediate
action taken by the civic chief is laudable. Such attempts to resist action
against errant contractors need to be nipped in the bud,” G R Vora, an
activist from Sion.
Samajwadi Party leader in the BMC Rais Shaikh said there were many attempts
made to bring back tainted contractors and such strict actions were necessary.
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 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
AKY |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
BHG |
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 |
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.