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|
|
MIRA INFORM REPORT
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Report No. : |
497710 |
|
Report Date : |
21.03.2018 |
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) : |
31.03.2016 |
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Date of
Incorporation : |
04.12.2006 |
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Com. Reg. No.: |
11-165973 |
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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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IEC No.: [Import-Export Code No.] |
0307044009 |
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TIN No.: |
27570578773/ 24073302492 |
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CST No.: |
27570578773/ 24573302492 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Civil Construction, supply of civil materials and services and realty business. (Registered Activity) |
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No. of Employees
: |
Information declined 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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated in the year 1973 and it is engaged in business of construction of building. Management has failed to file its latest financials with Government Registry. As per available financials of March 2016, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported average profit margin. Rating takes into consideration the company’s moderate financial risk profile along with unfavourable gap between its trade payables to its trade receivables 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 is 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 350 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: Mr. Dipan Shah (Director) was involved in BMC Road Scam in July 2016 and he was taken into police custody. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
05.05.2017 |
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|
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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
31-03-2016.
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 21.03.2018.
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.: 91-22-6127360 / 67339999)
LOCATIONS
|
Registered Office : |
105/C, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai –
400057, Maharashtra |
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Tel. No.: |
91-22-67339933/ 61273601 |
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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 |
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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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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. Tejas Pravin Shah |
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Designation : |
Managing 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 |
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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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Name : |
Mr. Dipan Pravin Shah |
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Designation : |
Director |
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Address : |
Flat No. 401, 4th Floor, Shantam Building, Plot No. 108, NS Road. No.
9, JVPD Scheme Vile Parle (West), Mumbai - 400056, Maharashtra, India |
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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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Name : |
Mr. Rakesh Pravin Shah |
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Designation : |
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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Name : |
Mr. Jainendra Pravin Shah |
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Designation : |
Director |
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Address : |
5th Floor, Uday Plot No.52, Swastik Society, N.S Road, No.4, JVPD
Scheme, Vile Parle (East), Mumbai - 400056, Maharashtra, India |
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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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Name : |
Ms. Amita Sachin Karia |
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Designation : |
Additional 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 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 Appointment : |
14.03.2017 |
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DIN No.: |
07463896 |
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KEY EXECUTIVES
|
Name : |
Mr. Jignesh Pravinchandra Sanghavi |
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Designation : |
Chief Executive Officer |
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Address : |
601, Simran, Veer Baji Prabhoo Deshpande Marg, Opposite Tejpal Scheme Road No. 4, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Date of Appointment : |
28.12.2015 |
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PAN No.: |
ADFPS8856G |
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Name : |
Hoshang Farokh Kapadia |
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Designation : |
Company Secretary |
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Address : |
Albless Building, Plot 691, Floor 3, D.M. Road Dadar (East), Mumbai – 400014, Maharashtra, India |
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Date of Appointment : |
11.06.2009 |
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PAN No.: |
ACRPK3456B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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 |
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Dipan Pravin Shah (HUF) |
|
10 |
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Total |
|
9000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Civil Construction,
supply of civil materials and services and realty business. (Registered
Activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Jogish Mehta and Company Chartered Accountants |
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Address : |
807, Dev Plaza, S.V. Road, Andheri West, Mumbai – 400058, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAMPM0190K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Companies : |
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Joint Ventures : |
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Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2016
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 |
|
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|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET – STANDALONE
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
90.000 |
90.000 |
90.000 |
|
(b) Reserves &
Surplus |
2060.208 |
1778.475 |
1427.114 |
|
(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) |
2150.208 |
1868.475 |
1517.114 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
74.250 |
203.738 |
162.970 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
155.756 |
211.894 |
125.105 |
|
(d) long-term provisions |
22.938 |
21.446 |
14.367 |
|
Total Non-current
Liabilities (3) |
252.944 |
437.078 |
302.442 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
284.723 |
370.772 |
159.643 |
|
(b) Trade payables |
1466.299 |
1700.284 |
1274.995 |
|
(c) Other current
liabilities |
833.348 |
908.669 |
601.640 |
|
(d) Short-term provisions |
2.932 |
3.148 |
2.875 |
|
Total Current Liabilities
(4) |
2587.302 |
2982.873 |
2039.153 |
|
|
|
|
|
|
TOTAL |
4990.454 |
5288.426 |
3858.709 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
352.249 |
454.084 |
485.024 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.712 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
164.332 |
116.139 |
50.838 |
|
(c) Deferred tax assets
(net) |
55.671 |
44.128 |
12.865 |
|
(d) Long-term Loan and Advances |
553.196 |
609.204 |
354.436 |
|
(e) Other Non-current
assets |
19.232 |
83.753 |
85.565 |
|
Total Non-Current Assets |
1145.392 |
1307.308 |
988.728 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
33.841 |
40.000 |
40.500 |
|
(b) Inventories |
538.844 |
636.079 |
502.821 |
|
(c) Trade receivables |
2432.071 |
2433.216 |
1717.583 |
|
(d) Cash and cash
equivalents |
370.072 |
368.642 |
318.941 |
|
(e) Short-term loans and
advances |
447.168 |
472.197 |
269.445 |
|
(f) Other current assets |
23.066 |
30.984 |
20.691 |
|
Total Current Assets |
3845.062 |
3981.118 |
2869.981 |
|
|
|
|
|
|
TOTAL |
4990.454 |
5288.426 |
3858.709 |
PROFIT
& LOSS ACCOUNT– STANDALONE
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
6482.650 |
7713.764 |
5633.891 |
|
|
Other Income |
109.793 |
108.385 |
60.481 |
|
|
TOTAL |
6592.443 |
7822.149 |
5694.372 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5243.007 |
6614.708 |
4953.768 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
97.236 |
(133.258) |
(242.891) |
|
|
Employees benefits
expense |
411.469 |
337.750 |
233.828 |
|
|
Other expenses |
228.733 |
220.151 |
165.238 |
|
|
TOTAL |
5980.445 |
7039.351 |
5109.943 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
611.998 |
782.798 |
584.429 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
80.029 |
104.129 |
57.159 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
531.969 |
678.669 |
527.270 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
119.056 |
154.636 |
81.462 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
412.913 |
524.033 |
445.808 |
|
|
|
|
|
|
|
Less |
TAX |
131.181 |
163.756 |
266.476 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
281.732 |
360.277 |
179.332 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
31.30 |
40.03 |
19.93 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
152.813 |
159.958 |
376.646 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
136.94 |
115.13 |
111.28 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.67 |
3.17 |
3.28 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
102.08 |
93.82 |
93.94 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.14 |
1.23 |
1.16 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.73 |
1.72 |
1.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.53 |
0.60 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.17 |
0.31 |
0.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.20 |
1.60 |
1.34 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.16 |
0.24 |
0.32 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.65 |
7.52 |
10.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.35 |
4.67 |
3.18 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.65 |
6.81 |
4.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.10 |
19.28 |
11.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.49 |
1.33 |
1.41 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.28 |
1.12 |
1.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.43 |
0.35 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.99 |
6.38 |
3.58 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.49 |
1.33 |
1.41 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
1427.114 |
1778.475 |
2060.208 |
|
Net worth |
1517.114 |
1868.475 |
2150.208 |
|
|
|
|
|
|
long-term borrowings |
162.970 |
203.738 |
74.250 |
|
Short term borrowings |
159.643 |
370.772 |
284.723 |
|
Total borrowings |
322.613 |
574.510 |
358.973 |
|
Debt/Equity ratio |
0.213 |
0.307 |
0.167 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
5633.891 |
7713.764 |
6482.650 |
|
|
|
36.917 |
(15.960) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
5633.891 |
7713.764 |
6482.650 |
|
Profit |
179.332 |
360.277 |
281.732 |
|
|
3.18% |
4.67% |
4.35% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
90.000 |
90.000 |
|
(b) Reserves &
Surplus |
|
2001.092 |
1754.590 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
2091.092 |
1844.590 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
285.845 |
418.185 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
171.336 |
227.474 |
|
(d) long-term provisions |
|
22.937 |
21.446 |
|
Total Non-current
Liabilities (3) |
|
480.118 |
667.105 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
284.723 |
373.654 |
|
(b) Trade payables |
|
1969.086 |
2168.995 |
|
(c) Other current
liabilities |
|
960.743 |
1089.822 |
|
(d) Short-term provisions |
|
2.932 |
3.148 |
|
Total Current Liabilities
(4) |
|
3217.484 |
3635.619 |
|
|
|
|
|
|
TOTAL |
|
5788.694 |
6147.314 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
356.556 |
459.270 |
|
(ii) Intangible Assets |
|
271.676 |
327.350 |
|
(iii) Capital work-in-progress |
|
0.712 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
52.369 |
7.527 |
|
(c) Deferred tax assets
(net) |
|
55.686 |
44.132 |
|
(d) Long-term Loan and Advances |
|
325.339 |
402.788 |
|
(e) Other Non-current
assets |
|
116.540 |
174.778 |
|
Total Non-Current Assets |
|
1178.878 |
1415.845 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
811.667 |
881.956 |
|
(c) Trade receivables |
|
2999.606 |
2999.713 |
|
(d) Cash and cash
equivalents |
|
385.583 |
390.445 |
|
(e) Short-term loans and
advances |
|
389.808 |
427.392 |
|
(f) Other current assets |
|
23.152 |
31.963 |
|
Total Current Assets |
|
4609.816 |
4731.469 |
|
|
|
|
|
|
TOTAL |
|
5788.694 |
6147.314 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
7877.308 |
9432.388 |
|
|
Other Income |
|
66.443 |
35.259 |
|
|
TOTAL |
|
7943.751 |
9467.647 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
6562.206 |
8315.644 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
70.289 |
(244.147) |
|
|
Employees benefits
expense |
|
413.925 |
337.750 |
|
|
Other expenses |
|
245.249 |
223.352 |
|
|
TOTAL |
|
7291.669 |
8632.599 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
652.082 |
835.048 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
103.859 |
111.576 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
548.223 |
723.472 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
146.852 |
181.450 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
401.371 |
542.022 |
|
|
|
|
|
|
|
Less |
TAX |
|
154.868 |
190.646 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
246.503 |
351.376 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
27.39 |
39.04 |
LEGAL
CASE
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 |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Subject was incorporated on 04.12.2006 under part IX of the Companies Act 1956 and w.e.f. 20.07.2010 the company has been converted into a Public Company. The Company is engaged in the business of Civil Construction, supply of civil materials and services & realty business.
OVERVIEW OF COMPANY’S
FINANCIAL PERFORMANCE:
The Company has earned revenue from operations of INR 6482.600 Million during the current year, as against INR 7713.700 Million during the previous year. The profit during the year has been INR 412.900 Million as against INR 524.000 Million during the previous year 2014-15.
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 2015-16 growth reduced to 3.7% compared to 4.4% in 2014-15. 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, 2015-16 remained a disappointing year in terms of on-ground development. However, early signals suggest that better is expected in 2016. Your 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 LOAN
|
Unsecured Loan |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
17.892 |
36.364 |
|
|
|
|
|
Total |
17.892 |
36.364 |
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G79514568 |
100160672 |
HDFC BANK LIMITED |
05/02/2018 |
- |
- |
25607967.0 |
HDFC Bank House,Senapati Bapat Marg, Lower Parel WestMumbaiMH400013IN |
|
2 |
G55116610 |
100125874 |
The Bharat Co-operative Bank (Mumbai) Ltd. |
26/09/2017 |
- |
- |
980000000.0 |
Vile Parle East Br, 1st Floor, "Suncity Theatres"Opp. Shaan Talkies, M.G. Road, Vile Parle (E),MumbaiMH400057IN |
|
3 |
G42244103 |
100094113 |
HDFC BANK LIMITED |
11/04/2017 |
- |
- |
2973000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
4 |
C71593578 |
10605100 |
HDFC BANK LIMITED |
21/11/2015 |
- |
- |
10608000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
5 |
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, VashiNavi MumbaiMH400703IN |
|
6 |
C65359036 |
10593596 |
HDFC BANK LIMITED |
07/08/2015 |
- |
- |
42270000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMUMBAIMH400013IN |
|
7 |
C53651527 |
10569453 |
HDFC BANK LIMITED |
07/05/2015 |
- |
- |
2980000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
G44185502 |
10539687 |
ICICI BANK LIMITED |
11/12/2014 |
09/05/2017 |
- |
1250000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
9 |
C36793164 |
10536419 |
HDFC BANK LIMITED |
02/12/2014 |
- |
- |
3505000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN |
|
10 |
C32651598 |
10529696 |
HDFC BANK LIMITED |
28/10/2014 |
- |
- |
1047922.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
FIXED ASSETS
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
PRESS RELEASE
BLACKLISTED SIX BARRED BY BMC FOR SEVEN
YEARS
Road scam: Stern action against contractors comes after a decade, registration cancelled.
For the first time in 10 years, the Brihanmumbai Municipal Corporation (BMC) has blacklisted six top contractors for seven years after a probe into the INR 3500.000 Million road scam nailed them for shoddy and substandard work.
The order bars the contractors from participating in any BMC tender for seven years. Besides, the civic body has suspended the registration of the six, who already figure in an FIR filed by it last year. The case is being investigated by a Special Investigation Team (SIT) of Mumbai police.
The last time the corporation had taken such a stern action against road contractors was in 2007.
This time around, the contractors that have been punished are Ms RPS Infraprojects Private Limited, Ms KR Construction, Ms J Kumar Infraprojects Limited, Ms Relcon Infraprojects Limited, Ms RK Madhani and Ms Mahavir Roads and Infrastructure Private Limited. They were indicted in the first phase of the road scam report.
BMC officials said that while the blacklisting orders had been issued to Ms J Kumar and Ms KR Construction on Monday, the other four would get the orders later this week.
“We had issued them show cause notices and a hearing was given to each and every one of them. After completing all technical formalities, we sent the draft blacklisting order for legal opinion. Once that was done, we issued the final order. Till now, they were not blacklisted and were bidding for new works. But once, they are de-registered they can’t get new work in BMC,” said a senior civic official.
He added that this was the first time in a decade that such severe action had been taken against road construction companies.
“This was done as the probe report had clearly pointed out that these contractors had duped the BMC,” the official said.
The scam came to light last year when former Mayor Snehal Ambekar alleged malpractices in road repair works in a confidential letter to Municipal Commissioner Ajoy Mehta.
While the inquiry was conducted by Deputy Municipal Commissioner Vasant Prabhu and Chief Engineer (Bridges) S.O. Kori, it was led by Additional Municipal Commissioner Sanjay Deshmukh.
The team submitted the first phase of the report to Mehta in April last year, which listed inspection of 34 roads that were fixed at a cost of INR 3521.600 Million.
Of the 34 roads, 17 were repaired at a cost of INR 50.000 Million and above, and the purchase order of the remaining 17 roads amounted to less than INR 50.000 Million.
The work on almost all 34 roads was found to be shoddy, almost up to 53 per cent on an average.
In one case, the probe team was shocked to find no sub-base (a layer that sits under the top layer of the road) in place as per specifications given to the contractor, while in another, only 10-15 per cent of the total road-filling was done.
Mehta was scathing in his observations about the inferior quality of repair work after the first report.
“All six contractors and even the third-party auditors have completely failed in their duties and are involved in perpetuating irregularities. This could not have taken place without the active and passive involvement of senior officials and officials of all ranks,” he had said.
Two senior civic officials — Ashok Pawar (chief engineer, building and maintenance) and Uday Murudkar (chief engineer, vigilance) — were suspended and later arrested for their complicity in the scam.
Once the blacklisting period of seven years is complete, contractors can apply for fresh registration with the BMC.
BMC SCRAPS TENDERS TO OUST TAINTED
CONTRACTOR
Tainted contractors refuse to give up and continue to attempt a comeback in the BMC in different avatars. One such bid was thwarted last week when the civic body scrapped tenders worth INR 1200.000 Million that were a part of the road-widening project of the ambitious Goregaon Mulund Link Road (GMLR) to keep a tainted contractor out.
A contractor whose firm, Ms Relcon Infraprojects, was blacklisted by the BMC in the INR 3500.000 Million roads scam in 2016 bid for the GMLR’s roadwidening tenders with a new company called Ms Sunrise Stone Industries. When the BMC scrutinised the bids, it found that one of the directors of the Sunrise Stone Industries was also a director in the blacklisted Relcon Infraprojects. “There were two tenders and we had just two bidders. One of the bidders had a director who was a director of a blacklisted company in the roads scam. So Sunrise Stone Industries was disqualified. As there was only one bidder left, the tenders were scrapped. We have called for fresh tenders,” said a senior civic official.
The 16-km route GMLR will be one of the most important links for the east-west connectivity in the city. As per the plan, the road will begin at Oberoi Mall and end at the Eastern Express Highway near Nahur station.
The only element of uncertainty in the entire project is a 4.7-km proposed tunnel that will run under the Sanjay Gandhi National Park. The Ministry of Environment and Forests (MoEF) is yet to clear the stretch, BMC officials said they were confident of getting a favourable response.
Tenders were floated to widen the AN Vaidya Road, which runs from Oberoi Mall junction to Film City, and the Khindipada Road on the other end of the proposed tunnel. After widening, each of the roads will have four lanes.
Once completed, the corridor, estimated to cost nearly Rs 1,300 crore, will reduce the distance between the two points from current 19.6 km and save motorists nearly 20 minutes of commute time.
Once completed, the corridor, estimated to cost nearly Rs 1,300 crore, will reduce the distance between the two points from current 19.6 km and save motorists nearly 20 minutes of commute time.
“We have re-invited the tenders. But it will not affect the project in any way since the other components are all on track. We will appoint a new contractor soon. This was done to keep ther tainted contractor out and ensure fair competition,” said Sanjay Mukherjee, Additional Municipal Commissioner.
Same modus operandi in garbage contract
Just in January, three months after the civic standing committee rejected the BMC administration’s proposal to award a garbage transportation contract to KavirajMBB Waste Management, saying it’s the same firm that was blacklisted in the 2016 desilting scam, it cleared the proposal. In 2016, the BMC blacklisted Shree Kaviraj Infratech Pvt Ltd for seven years for its involvement in the desilting scam and barred the company and its directors – Vinod Kantilal Jain, Soniya Jain and Tansukh Tekchand Jain – from participating in any civic contract. But the contractor, in the same year, came in a new avatar – KavirajMBB Waste Management – with his wife as the firm’s director to bid for the garbage transfer contract. He claimed that as his wife was a minor shareholder in the blacklisted company, KavirajMBB Waste Management should not be held liable of the act committed by the erstwhile company. Surprisingly, the BMC accepted their explanation.
The opposition has slammed the BMC for adopting double standards. “It’s good that the BMC has scrapped the GMLR road-widening tenders. But the BMC must fix rules for all departments. If it wants to keep tainted contractors out, then it must be done in all departments. The BMC is just using legal and technical loopholes to favour tainted contractors. The BMC must ensure no tainted contractor bags new contracts,” said Congress corporator Ravi Raja.
In the GMLR, the bigger challenge for the BMC is the tunnel, which will be built nearly 30-40 metres below ground level. The corporation has appointed a consultant to conduct a geothermal survey and also design the underpass.
The tunnel was conceptualised after the earlier proposed route of the GMLR met with resistance. At that time, the corridor was to come up on stilts and pass through the IIT campus, defence land and the Bhandup water treatment complex.
Meanwhile, the contractor for the construction of a flyover in Nahur, the last phase of the project, has been finalised and work has already begun.
“Road-widening is just one of the components of the project. The Nahur flyover is already underway and we are conducting environment impact assessment study that will take 12 months or three seasons. So by the time the study is over, the road- widening will have taken off,” the official said.
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 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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.