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|
MIRA INFORM REPORT
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Report No. : |
508575 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PARSHWANATH CORPORATION LIMITED (w.e.f. 18.01.2011) |
|
|
|
|
Formerly Known
As: |
PARSHWANATH HOUSING FINANCE CORPORATION LIMITED |
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Registered
Office : |
50, 3rd Floor, Harisiddha Chambers, Near Income Tax
Circle, Ashram Road, Ahmedabad-380014, Gujarat |
|
Tel. No.: |
91-79-27540848/ 27540647 |
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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 : |
31.12.1985 |
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Com. Reg. No.: |
04-008361 |
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Capital
Investment / Paid-up Capital : |
INR 31.318 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L45201GJ1985PLC008361 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
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TIN No : |
Not Available |
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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 is engaged in the
business of housing finance, construction and development of housing projects (Registered Activity) |
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|
No. of Employees
: |
04 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 253000 |
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|
|
|
Status : |
Moderate |
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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 1985 and it is having moderate
track records. The company is engaged in real estate development. For the financial year 2017, the company has reported modest scale of
revenue from its operations as compared to previous year but shown decent
profitability margin of 51.85%. Rating takes into consideration moderate financial risk profile of the
company marked by modest networth base. Rating is constrained on account of modest as well as declining scale
of revenue from operation from last few years, very low earning per share
during the year and slowdown in the real estate industry. Further, share price are quoted low on stock exchange (share price of
INR 12 with face value of INR 10.) Business is active. Payments are seems to be slow but correct. In view of the aforesaid, the company can be considered for business
dealings with some cautions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 14.05.2018
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 : |
Mr. Chandrakant Shah |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-79-27540647 |
|
Date : |
10.05.2018 |
LOCATIONS
|
Registered Office : |
50, 3rd Floor, Harisiddha Chambers, Near Income Tax
Circle, Ashram Road, Ahmedabad - 380014, Gujarat, India |
|
Tel. No.: |
91-79-27540848/ 27540647 |
|
Fax No.: |
91-79-27540144 |
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E-Mail : |
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Website : |
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Branch Office : |
5th Floor, 506 to 508, Amarnath Business Centre - 1 (ABC-1),
Beside Gala Business Centre, Near St. Xavier’s College Corner, Off C G Road,
Ellisbridge, Amedabad – 380006, Gujarat, India |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Rushabhbhai N. Patel |
|
Designation : |
Managing Director |
|
Address : |
"Ambica", Dhoribhai Park, Near Bhagirath Society, Naranpura, Ahmedabad – 380013, Gujarat, India |
|
Date of Birth/Age : |
17.06.1973 |
|
Qualification : |
B.E Civil, M.B.A |
|
Expertise in
Specific Functional areas : |
21 years in the construction Business |
|
Date of Appointment : |
22.03.1996 |
|
DIN No : |
00047374 |
|
|
|
|
Name : |
Mrs. Riddhiben R. Patel |
|
Designation : |
Joint Managing Director & Chief Finance Officer |
|
Address : |
"Ambica", Dhoribhai Park, Near Bhagirath Society, Naranpura, Ahmedabad – 380013, Gujarat, India |
|
Date of Birth/Age : |
22.10.1974 |
|
Qualification : |
B.Com, MBA from London School of Management |
|
Experience : |
18 years |
|
Date of Appointment : |
30.7.1999 |
|
DIN No : |
00047238 |
|
PAN No : |
AAWPP0985D |
|
|
|
|
Name : |
Mr. Navnitbhai Chunibhai Patel |
|
Designation : |
Director |
|
Address : |
"Ambica", Dhoribhai Park, Near Bhagirath Society, Naranpura, Ahmedabad – 380013, Gujarat, India |
|
Date of Appointment : |
18.02.1995 |
|
DIN No : |
00042153 |
|
|
|
|
Name : |
Mr. Ramanbhai Hathibhai Patel |
|
Designation : |
Director |
|
Address : |
14, Raj Vilas Bungalows, Near Krishna Bungalows, Opposite Prahladnagar Auda Garden, Vejalpur, Ahmedabad - 380051, Gujarat, India |
|
Date of Appointment : |
27.06.2003 |
|
DIN No : |
00308077 |
|
|
|
|
Name : |
Mr. Navinchandra Shivabhai Patel |
|
Designation : |
Director |
|
Address : |
Shiva Sadan S Nagar So, BGP 2172, Village Bakrol (Part),Taluka: Anand Vidyanagar - 388120, Gujarat, India |
|
Date of Appointment : |
31.12.1985 |
|
DIN No : |
01602139 |
KEY EXECUTIVES
|
Name : |
Ms. Hetanshi Shah |
|
Designation : |
Company Secretary |
|
Address : |
4, Mahavir Apartment, Chandranagar Society, Narayannagar Road, Paldi, Ahmedabad - 380007, Gujarat, India |
|
Experience : |
GCIPS5750M |
|
Date of Appointment : |
12.02.2016 |
|
|
|
|
Name : |
Mr. Navnitbhai C. Patel |
|
Designation : |
Chairman |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
2339029 |
74.69 |
|
|
(B) Public |
792808 |
25.31 |
|
|
Grand Total |
3131837 |
100.00 |
"STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND
PROMOTER GROUP"
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
|||
|
Individuals/Hindu undivided Family |
2339029 |
74.69 |
|
|
Navnitbhai Chunibhai Patel |
1085206 |
34.65 |
|
|
Rushabh Navnitbhai Patel |
701692 |
22.41 |
|
|
Riddhi Rushabh Patel |
322900 |
10.31 |
|
|
Indiraben Navnitbhai Patel |
118526 |
3.78 |
|
|
Raj Rushabh Patel |
68929 |
2.20 |
|
|
Minal N Patel |
10400 |
0.33 |
|
|
Hema N Patel |
10250 |
0.33 |
|
|
Manisha Pratik Patel |
10125 |
0.32 |
|
|
Chunibhai D Patel |
600 |
0.02 |
|
|
Preeti Suhrud Patel |
10376 |
0.33 |
|
|
Dipak Indravadanbhai Patel |
25 |
0.00 |
|
|
Sub Total A1 |
2339029 |
74.69 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2339029 |
74.69 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDERS
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
664771 |
21.23 |
|
|
Individual share capital in excess of INR 0.200 Million |
72740 |
2.32 |
|
|
Suhrud Chimanbhai Patel |
52250 |
1.67 |
|
|
Any Other (specify) |
55297 |
1.77 |
|
|
HUF |
2761 |
0.09 |
|
|
Non-Resident Indian (NRI) |
670 |
0.02 |
|
|
Clearing Members |
1 |
0.00 |
|
|
Bodies Corporate |
51865 |
1.66 |
|
|
Rajyog Share And Stock Brokers Limited |
36000 |
1.15 |
|
|
Sub Total B3 |
792808 |
25.31 |
|
|
B=B1+B2+B3 |
792808 |
25.31 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
business of housing finance, construction and development of housing projects (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 : |
04 (Approximately) |
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Bankers : |
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Auditors : |
|
|
Name : |
Manubhai and Shah LLP Chartered Accountants |
|
Address : |
G-4, Capstone, Opposite Chirag Motors, Sheth Mangaldas
Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
|
|
|
Secretarial Auditor : |
K.A. Shukla and Associates Practicing Company Secretary |
|
Address : |
F-506, Titanium City Center, Near Sachin Tower, 100 ft
Road, Anand Nagar, Satellite, Ahmedabad- 380015, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Key Management Personnel
having control significant influence over enterprises : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3131837 |
Equity Shares |
INR 10/- each |
INR 31.318 Million |
|
|
|
|
|
Reconciliation of number of shares outstanding :
|
Particulars |
No of Share |
|
At the beginning of the
period |
3131837 |
|
At
the end of the period |
3131837 |
Rights, preferences and restrictions attached to shares Equity Shares :
The company has only one class of equity shares having a par
value of INR 10 per share. Each shareholder is eligible for one vote per share
held. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amount in proportion to their shareholding.
Details of shareholders holding more than 5% shares in the Company
|
Particulars |
No of Share |
% of Holding |
|
Rushabh Navnitbhai C.
Patel |
701692 |
22.41 |
|
Navnitbhai Chunibhai P |
1085206 |
34.65 |
|
Riddhi Rushabhbhai N. Patel |
322900 |
10.31 |
The Company Issued 131837 Bonus Equity Shares of INR 10/- each to the existing shareholders other than promoters in the ratio of 1 share for every 5 share held in F.Y. 2014-15.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
31.318 |
31.318 |
31.318 |
|
(b) Reserves & Surplus |
57.285 |
56.022 |
53.094 |
|
(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 |
88.603 |
87.340 |
84.412 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.137 |
0.101 |
0.076 |
|
Total Non-current
Liabilities |
0.137 |
0.101 |
0.076 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.571 |
0.775 |
0.751 |
|
(c) Other
current liabilities |
0.042 |
0.066 |
0.081 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities |
0.613 |
0.841 |
0.832 |
|
|
|
|
|
|
TOTAL |
89.353 |
88.282 |
85.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3.390 |
4.427 |
5.472 |
|
(ii)
Intangible Assets |
0.000 |
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 |
0.175 |
0.175 |
0.185 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.087 |
4.087 |
4.087 |
|
(e) Other
Non-current assets |
0.470 |
0.435 |
0.405 |
|
Total Non-Current
Assets |
8.122 |
9.124 |
10.149 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.502 |
0.513 |
0.013 |
|
(b)
Inventories |
0.070 |
0.042 |
0.522 |
|
(c) Trade
receivables |
0.301 |
0.301 |
0.301 |
|
(d) Cash
and cash equivalents |
78.468 |
76.643 |
73.275 |
|
(e)
Short-term loans and advances |
1.890 |
1.659 |
1.060 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
81.231 |
79.158 |
75.171 |
|
|
|
|
|
|
TOTAL |
89.353 |
88.282 |
85.320 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2.436 |
2.777 |
5.961 |
|
|
Other Income |
6.081 |
6.220 |
7.401 |
|
|
TOTAL
|
8.517 |
8.997 |
13.362 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.027) |
(0.029) |
(0.013) |
|
|
Employees benefits expense |
1.876 |
1.742 |
2.300 |
|
|
Other expenses |
4.404 |
3.776 |
4.363 |
|
|
Project Expenses |
0.027 |
0.029 |
0.013 |
|
|
Exceptional item |
(0.424) |
(0.430) |
0.000 |
|
|
TOTAL |
5.856 |
5.088 |
6.663 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.661 |
3.909 |
6.699 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.037 |
1.045 |
1.473 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1.624 |
2.864 |
5.226 |
|
|
|
|
|
|
|
Less |
TAX |
0.361 |
(0.064) |
(0.848) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1.263 |
2.928 |
6.074 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
55.657 |
52.729 |
46.655 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
56.920 |
55.657 |
52.729 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.40 |
0.94 |
1.94 |
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 |
(3.611) |
(1.991) |
11.198 |
|
Net cash flows from (used in) operating activity |
(4.215) |
(2.725) |
9.798 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
0.710 |
0.010 |
1.330 |
|
Total Expenditure |
1.470 |
1.460 |
1.910 |
|
PBIDT (Excl OI) |
(0.760) |
(1.450) |
(0.580) |
|
Other Income |
1.470 |
1.390 |
1.140 |
|
Operating Profit |
0.710 |
(0.060) |
0.560 |
|
Interest |
NA |
NA |
(0.170) |
|
Exceptional Items |
0.070 |
NA |
NA |
|
PBDT |
0.780 |
(0.060) |
0.740 |
|
Depreciation |
0.260 |
0.260 |
0.260 |
|
Profit Before Tax |
0.520 |
(0.320 |
0.480 |
|
Tax |
0.100 |
(0.060 |
0.090 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
0.420 |
(0.260) |
0.390 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
0.420 |
(0.260) |
0.390 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
45.10 |
39.56 |
18.43 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.09 |
9.23 |
19.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
38.01 |
93.07 |
12.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.78 |
0.88 |
1.22 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.04 |
0.05 |
0.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
51.85 |
105.44 |
101.90 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.41 |
3.32 |
7.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.43 |
3.35 |
7.20 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
132.51 |
94.12 |
90.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
132.40 |
94.07 |
89.72 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.99 |
0.99 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
132.51 |
94.12 |
90.35 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 12.00/- |
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 |
31.318 |
31.318 |
31.318 |
|
Reserves & Surplus |
53.094 |
56.022 |
57.285 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
84.412 |
87.340 |
88.603 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
5.961 |
2.777 |
2.436 |
|
|
|
(53.414) |
(12.279) |
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 |
5.961 |
2.777 |
2.436 |
|
Profit |
6.074 |
2.928 |
1.263 |
|
|
101.90% |
105.44% |
51.85% |
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF OPERATION:
The Company has earned total revenue of INR 8.517 Million which is quit lower than the previous year revenue and incurred expense of INR 7.317 Million which is higher than the previous year expenses. Currently company does not have any project and major part of the earning of the company is from the interest income.
FUTURE OUTLOOK:
The company is engaged in the business of housing finance, construction and development of housing projects in India. The company was highly depended on the interest income. The Directors of the company are working hard to earn more profit and tremendous growth in future.
MANAGEMENT DISCUSSION
ANALYSIS REPORT:
GLOBAL OVERVIEW:
The construction industry is the second largest industry in India after agriculture. It accounts for about 11% of India as GDP. It makes significant contribution to the national economy and provides employment to large number of people.
The construction industry in India is highly fragmented. There are number of unorganised players in the industry which work on the subcontracting basis. To execute more critical projects, nowadays bids are increasing placed in consortium. But the profitability of the construction projects varies across different segments. Complex technology savvy projects can fetch higher profit margins for construction companies as compared to low technology projects like road construction. Various projects in Construction industry are working capital intensive. Working capital requirement for any company depends on the order mix of the companies.
The construction industry operates on the basis of contractual agreements. Over the years different types of contracts have been developed. It mainly depends on the magnitude and nature of work, special design needs, and annual requirements of funds and complexities of job. Construction projects can be materialised through number of smaller contracts which mainly depends upon size of the project and diversified nature of activities to be carried out in the project. As a result, Subcontracting is a common phenomenon in the construction industry.
COMPANIES OUTLOOK:
Parshwanath Corporation Limited is engaged in the business of housing finance, Construction and development of housing projects in India. In current situation Company do not envisage any business in the near Future.
PERFORMANCE OVERVIEW:
Parshwanath Corporation Limited is engaged in the business
of housing finance, Construction and development of housing projects in India.
As per the current market scenario, directors doesn't found any good
opportunity in new projects which is beneficial to the company.
INDEX OF CHARGES No
Charges Exists for Company
CONTINGENT
LIABILITIES:
(INR
in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claim Against the company
not acknowledge as debts |
|
|
|
Disputed Income Tax Matter |
1.409 |
7.374 |
UNAUDITED
FINANCIAL RESULT FOR QUARTER ENDED AND NINE MONTHS ENDED AS ON 31ST
DECEMBER 2017
|
PARTICULARS |
Quarter
Ended |
9
Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
1.329 |
0.006 |
2.048 |
|
Other Operating Income |
1.141 |
1.389 |
3.998 |
|
Total income from operations (net) |
2.470 |
1.395 |
6.046 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(0.458) |
(0.058) |
(0.661) |
|
Employee benefits expense |
0.615 |
0.471 |
1.550 |
|
Depreciation and Amortization Expenses |
0.259 |
0.259 |
0.778 |
|
Other Expenses |
1.286 |
0.989 |
3.286 |
|
Project Expenses |
0.458 |
0.057 |
0.661 |
|
Total expenses |
2.160 |
1.718 |
5.614 |
|
Profit/ (Loss) from before exceptional item |
0.310 |
(0.323) |
0.432 |
|
Exceptional items |
(0.174) |
0.000 |
(0.248) |
|
Profit/ (Loss) from before tax |
0.484 |
(0.323) |
0.680 |
|
Tax expenses |
0.096 |
(0.063) |
0.135 |
|
Net Profit / (Loss) for the period |
0.388 |
(0.260) |
0.545 |
|
Earning per share |
|
|
|
|
Basic and Diluted |
0.12 |
(0.08) |
0.17 |
- The above results were reviewed by the Audit Committee and thereafter approved at the Meeting of the Board of Directors held on Date February 12, 2018.
2. The Company adopted Indian Accounting Standards ("Ind AS")
notified by Ministry of Corporate Affairs with effect from April 01, 2017 and
accordingly the financial results for all periods presented have been prepared
in accordance with the recognition and measurement principles laid down in the
Ind AS-34 "Interim Financial Reporting" prescribed under Section 133
of the Companies Act, 2013 read with the relevant rules issued there under and
the other accounting principles generally accepted in India. The date of
transition to Ind AS is April 01, 2016. The impact of transition has been
accounted for in opening reserves and the comparative period results have been
restated accordingly.
FIXED ASSETS
- Land
- Building
- Computer
- Plant and
Machinery
- Office Equipment
- Vehicles
- Air Conditioner
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 67.22 |
|
|
1 |
INR 90.87 |
|
Euro |
1 |
INR 80.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
TEJ |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.