MIRA
INFORM REPORT
|
Report Date : |
19th
May 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GOAN
REAL ESTATE AND CONSTRUCTION LTD |
|
|
|
|
Registered Office : |
Aldeia
De Goa, Next to Goa University, P O Goa University, Nauxim Bambolim Goa,
403206, India |
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|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2005 |
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|
|
|
Date of Incorporation : |
26-10-1989 |
|
|
|
|
Com. Reg. No.: |
24-001000 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U00082GA1989PLC001000 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG02141G |
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|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Engaged
in the business of Real Estate |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject
is an established company having moderate track. Payments are reported as
slow but correct. The
company is switching over to restaurant business. Financial position is
moderate. The
company can be considered for small and moderate business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Aldeia
De Goa, Next to Goa University, P O Goa University, Nauxim Bambolim Goa,
403206, India |
|
Tel. No.: |
91-832-2459667 |
|
|
|
|
Branch Office : |
Dynamix
House, Yas Hodham Gen A K, Vaidya Marg, Goregaon (East), Mumbai - 400063 |
|
Tel. No.: |
91-22-28402304/2459667 |
DIRECTORS
|
Name : |
Mr.
Pascoal Trindade |
|
Designation : |
Whole
Time Director |
|
Address : |
Pastina
Villa, Dona Paula Circle, Goa – 403004 |
|
Date of Appointment : |
07/02/1990 |
|
|
|
|
Name : |
Mr.
Mohan Kurade |
|
Designation : |
Director |
|
Address : |
Amogh,
2nd Floor, Prabhadevi, Mumbai – 400025, Maharashtra |
|
Date of Appointment : |
06/04/1991 |
|
|
|
|
Name : |
Mr.
Krishnamurari Goenka |
|
Designation : |
Director
|
|
Address : |
501
Kings Apartment Juhu Tara Road, Mumbai – 400049 |
|
Date of Birth/Age : |
06/12/1936 |
|
Date of Appointment : |
14/12/1991 |
|
|
|
|
Name : |
Mr.
Gobind Daryanani |
|
Designation : |
Director |
|
Address : |
131/132
Madhuli, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra |
|
Date of Birth/Age : |
02/11/1942 |
|
Date of Appointment : |
10/02/1992 |
|
|
|
|
Name : |
Mr.
Russel Mehta |
|
Designation : |
Director |
|
Address : |
2A,
Swapna Lok 57-L Jagmohandas, Marg, Mumbai – 400006, Maharashtra |
|
Date of Birth/Age : |
06/12/1961 |
|
Date of Appointment : |
07/01/1994 |
|
|
|
|
Name : |
Mr.
Arunkumar R. Mehta |
|
Designation : |
Director
|
|
Address : |
2A,
Swapna Lok, 57-L Jagmohandas, Marg, Mumbai – 400006, Maharshtra |
|
Date of Birth/Age : |
09/01/1940 |
|
Date of Appointment : |
19/08/1997 |
|
|
|
|
Name : |
Mr.
Prakash K. Dalmia |
|
Designation : |
Director
|
|
Address : |
7
Santushti, Janki Kutir, Juhu Church Road, Mumbai – 400049, Maharashtra |
|
Date of Birth/Age : |
07-09-1954 |
|
Date of Appointment : |
28/08/2003 |
|
|
|
|
Name : |
Mr.
Hargovind G. Jalani |
|
Designation : |
Company
Secretary |
|
Address : |
B/1306
Upvan Tower, Upper Govindnagar, Malad East, Mumbai – 400097, Maharashtra. |
|
Date of Birth/Age : |
13/09/1952 |
|
Date of Appointment : |
06/12/2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Pascoal i. Traindade |
1500 |
|
Mr.
Muguel joao gernandes |
1500 |
|
Mrs.
Elvira rodirgues |
1500 |
|
Mrs.
Sheila s. padhye |
1500 |
|
Mr.
Cyprian nunes |
1500 |
|
Mr.
Newton dias |
1400 |
|
Mr.
Riva rindade |
1500 |
|
Mr.
Mohan gopinath kurade |
1500 |
|
Mr.
Gabriel Pereira |
1500 |
|
Mr
Edward rodirgues |
1500 |
|
Mrs. Maria arangela |
1500 |
|
Mr.
Ravi j m menezes |
250 |
|
Mr.
Terrance saldhana |
1500 |
|
Mr.
Victor b. monteiro |
1500 |
|
Mr. Pedro rodirgues |
1500 |
|
Mr.
Royan Jerald almeida |
1500 |
|
Mr.
Joseph l. d’souza |
1500 |
|
Mr.
Gair albert monteiro |
1500 |
|
Mr.
Edward s. fleury |
1500 |
|
Mr.
Pratap manilal shah |
1500 |
|
Mr.
Anthony f. olivera |
1500 |
|
M/s.
hamcon engg. Private limited |
1500 |
|
Mr.
Gratian a. Nazareth |
1500 |
|
Mr.
Askiri n. hashmukh |
1500 |
|
Mr.
Narendra h. kale |
1500 |
|
Mr.
Gobind k. daryanani |
37200 |
|
Mr.
Ram k. daryanani |
37252 |
|
Aditya
costruction and developers private limited |
73452 |
|
Ms.
Albertina trindade |
1500 |
|
Mrs
justina a . rodrigues |
1500 |
|
Mr. P
G ramanathan |
50 |
|
Mr.
Alvu Dias C/o Alvarino Dias |
1500 |
|
Mr.
Salvadore Trindade |
500 |
|
Mr
Claudia B. P Pereira |
1500 |
|
Mr.
Menino cardoz |
1500 |
|
Eversmile
construction company private limited |
130297 |
|
Mr.
Russel a mehta |
1000 |
|
Mr.
Vinod k. goenka |
5000 |
|
Mrs.
Shanita jain |
2500 |
|
Mr.
K.M. Goenka and Mr. Vinod K. Goenka |
40950 |
|
Rosy
Blue Investments Private Limited |
199000 |
|
Conwood
Agencies Private Limited |
105500 |
|
Mr.
Raka Devi P. Dalmia |
32500 |
|
Mrs.
Shonit P. Dalmia |
18600 |
|
Mrs.
Sunita Bali and Miss Shruti Bali |
2500 |
|
Total
|
729951 |
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Engaged
in the business of Real Estate |
|
|
|
|
Products : |
Real
Estate |
GENERAL
INFORMATION
|
|
|
|
Bankers : |
Not
Divulged |
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
M. A.
Parikh and Company Chartered
Accountants, Yusuf
Building, Mahtam Gandhi Road, Fort, Mumbai – 4000 023 Tel
No. 91-22-22041018 Fax No.
91-22-874524 Email
: maparikh@vsnl.net |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 100 each |
Rs. 100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
Issued
Capital |
|
|
|
729951 |
Equity
Shares |
Rs. 100 each |
Rs. 72.995 millions |
|
|
Subscribed
Capital |
|
|
|
729951 |
Equity
Shares |
Rs. 100 each |
Rs. 72.995 millions |
|
|
Paid-up
Capital |
|
|
|
729951 |
Equity
Shares |
Rs. 100 each |
Rs. 72.995 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
72.995 |
72.995 |
|
|
3] Reserves & Surplus |
1.750 |
1.750 |
|
|
4] (Accumulated Losses) |
(6.558) |
(6.654) |
|
|
NETWORTH |
68.187 |
68.091 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
135.174 |
99.860 |
|
|
2] Unsecured Loans |
-- |
38.000 |
|
|
TOTAL BORROWING |
135.174 |
137.860 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
TOTAL |
203.361 |
205.951 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.350 |
1.994 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Project Work |
466.715
|
375.523 |
|
|
Inventories |
1.351
|
2.586 |
|
|
Cash & Bank Balances |
6.667
|
1.127 |
|
|
Loans & Advances |
56.452
|
1.179 |
|
Total Current Assets |
531.185
|
380.415 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
229.679
|
72.539 |
|
|
Equity Share A |
99.950
|
102.327 |
|
|
Provisions |
1.557
|
1.602 |
|
Total Current Liabilities |
331.186
|
176.468 |
|
|
Net Current Assets |
200.001
|
203.947 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
-- |
-- |
|
|
|
|
|
|
|
TOTAL |
203.361 |
205.951 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
469.557 |
383.643 |
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.105 |
(0.335) |
|
Provision
for Taxation |
0.008 |
-- |
|
Profit/(Loss)
After Tax |
0.097 |
(0.335) |
|
|
|
|
|
Total
Expenditure |
469.452 |
383.978 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.021
|
(0.091) |
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
0.022
|
(0.091) |
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
0.019
|
(0.087) |
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.001
|
(0.004) |
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
6.839
|
4.616 |
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.603
|
2.155 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATION
During the year under review, the development
of a part of the property into sub-plots with all the infrastructure facilities
and amenities as per the approved plant at Bambolim has been progressing
satisfactory. The response from the public for purchase of developed plot has
been promising.
In
accordance with the completed construct method of accounting followed by the
company for recognising profit in respect of the project undertaken for
development and construction, the expenditure incurred inclusive of
depreciation and recoveries and other income are accounted and adjusted to the
project work in progress. Accordingly the sum of Rs. 466.716 millions incurred
upto 31st March 2005 has been carried to the Balance Sheet under the
head “Project Work in Progress”.
During
the year ended 31/3/2005 the company has sold flats valued Rs. 1.360 millions
and after adjusting the expenditure incurred
and providing Rs. 0.008 towards taxation, the working of the company has
resulted in a profit of Rs. 0.097 millions. After setting of the loss brought
forward from the previous against the profit for current year, the net deficit
of Rs. 6.558 millions has been carried
to the balance.
SHIFTING
OF THE REGISTERED OFFICE
The
Hon’ble Bench of Western Region, Company Low Board approved the Petition filed
by the Company u/s 17 of the Companies Act, 1956 for shifting of the registered
office from the State of Goa to the State of Maharashtra at its hearing held on
28th March, 2005. Accordingly the Registered Office of the company
has been shifted to Dynamix Houe, Yashodham Gem A K Vaidya Marg, Goregaon
(East), Mumbai – 400063, Maharashtra
CONVERSION
OF THE COMPANY FROM A PUBLIC LIMITED COMPANY TO A PRIVATE LIMITED COMPANY
The
company is a closely held public limited company and the entire paid – up
equity shares are held by members less than fity. In View of the fact that
there is no public interest involved an
also the number of members are less than fifty, the directors have proposed to
convert the company from a public limited company to a private limited company
subject to the applicable provisions of the Companies Act, 1956 and all approvals an compliance as may be
necessary in this regard. As required under the provision of the company act,
1956, approval of the members have been sought for the purpose at the ensuring
general meeting and further necessary applications to the concerned authorities
will be initiated thereafter.
Fixed
Assets :
- Furniture and Fixtures
- Office Equipments Tools
- Vehicles
- Air Conditioner
- Electrical Installation
- Computers
- Machinery
The
company has made strategic investment of Rs. 1.175 millions in 11758 equity
Shares of Rs. 100/- each of Almanac Hotels Private Limited (Formerly known as Dynamix Construction
Products Private Limited ). The said company was established to carry on the business of manufacture of Concrete
Blocks. On account of adverse economic scenario, the implementation of the
project for manufacture of block has been suspended. The said company has now ventured into
restaurant business in the current year and commenced operations. Pending
revival of the said company, appropriate provision made in the accounts for
estimated short fall in recoupment of the amount invested in the shares of the
said company is continued.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
NO |
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |