MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNCITY PROJECTS PRIVATE LIMITED |
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Registered Office : |
N-49, First Floor , Janpath , |
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Country : |
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Financial: |
31.03.2006 |
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Date of Incorporation : |
18.12.1996 |
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Com. Reg. No.: |
11-83915 |
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CIN No.: [Company
Identification No.] |
U45201DL1996PTC083915 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21808D |
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PAN No.: [Permanent
Account No.] |
AAVCS8906D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Real Estate Activities |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 227000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and
established company having moderate track records. Company’s
profitability is under severe pressure. It has some accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings
at usual trade terms and conditions, with slight
caution initially. |
LOCATIONS
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Registered Office : |
N-49, First Floor , Janpath , |
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Tel. No.: |
91-11-41523164 to 68 |
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Fax No.: |
91-11-23324536 |
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E-Mail : |
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Website : |
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Corporate Office : |
N-49 , First Floor , |
DIRECTORS
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Name : |
Ms.Laxmi Narain Goel |
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Designation : |
Director |
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Address : |
Essel Farm House, Chhatarpur, |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr. Subhash Chander Aggarwal |
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Designation : |
Director |
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Address : |
BN-104, Shalimar Bagh. , |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr.Amit kumar |
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Designation : |
Director |
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Address : |
B-10, |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr. Raj Kumar |
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Designation : |
Director |
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Address : |
15/17,East Punjabi Bagh, |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr. Ashok Bansal |
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Designation : |
Director |
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Address : |
A-26 , Preet Vihar , |
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Date of Appointment : |
05.10.2003 |
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Date Of Ceasing |
30.09.2004 |
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Name : |
Mr. Tarun Aggarwal |
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Designation : |
Director |
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Address : |
BN-104, Shalimar Bagh, |
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Date of Appointment : |
03.05.2004 |
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Date Of Ceasing |
30.09.2004 |
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Name : |
Mr. Ajay Aggarwal |
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Designation : |
Director |
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Address : |
12/22, East Punjabi Bagh, |
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Date of Appointment : |
10.09.2004 |
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Date Of Ceasing |
30.09.2004 |
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Name : |
Mr. Gaurav Bansal |
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Designation : |
Director |
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Address : |
D-113 ,Preeet Vihar , |
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Date of Appointment : |
02.08.2006 |
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Directorship In
Other Companies : |
U40107DL2005PTC142703 Innovative Bio- Chem Private Limited |
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Name : |
Mr. Amit Goenka |
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Designation : |
Director |
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Address : |
Jolly Maker , Bungalow No.1 Jolly Maker Apartments, Cuffe Parade, Mumbai-400005 |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr.Raj Kumar Gupta |
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Designation : |
Director |
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Address : |
15/17 East Punjabi Bagh, New Delhi-110026 |
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Date of Appointment : |
18.12.1996 |
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Name : |
Mr.Ankit Goel |
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Designation : |
Director |
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Address : |
Essel House , |
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Date of Appointment : |
01.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Kedar Nath Gupta |
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Designation : |
Secretary |
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Address : |
117,Seemant vihar, |
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Date of Appointment : |
10.02.2000 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Laxmi Narain Goel |
6600 |
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Jawahar lal Goel |
6000 |
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Jawahar lal & Sons |
6000 |
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Atul Goel |
3640 |
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Amit Goel |
1000 |
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Ankit Goel |
50640 |
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Ashok Kumar Goel |
182800 |
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Ashok Kumar (HUF) |
5600 |
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Sushila Devi |
4000 |
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Sulochna Devi |
94200 |
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Sushila Goel |
106000 |
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Kavita Goel |
126800 |
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Nand Kishore Goel |
26000 |
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Tara Devi |
40600 |
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Nand Kishore Goel(HUF) |
64000 |
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Subhash Chander (HUF) |
14000 |
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Subhash Chander |
3200 |
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Subhash Aggarwal |
994000 |
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Raj Kumar Aggarwal |
11000 |
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Naresh Aggarwal |
56000 |
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Asha Devi |
250000 |
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Shanti Devi |
1250000 |
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Nand Kishore |
11000 |
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Arpit Goel |
560 |
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Ajay Aggarwal |
56040 |
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Amit Aggarwal |
40000 |
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Vinod Kumari |
180000 |
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Odeon Builders Private Limited |
54000 |
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Anu Fashions Private limited |
20000 |
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Supreme Structures Private Limited |
8000 |
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Rama Associates Limited |
16000 |
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Churu Trading Company Private
Limited |
40000 |
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Ganjam Trading Company Private Limited |
20000 |
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Prajatma trading Company Private Limited |
16000 |
Equity Share Breakup (percentage of total equity)
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Categorty |
Percentage |
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Bodies Corporate |
18.01 |
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Directors or relatives of directors. |
81.99 |
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BUSINESS DETAILS
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Line of Business : |
Real Estate Activities |
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GENERAL INFORMATION
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Bankers : |
State Bank Of Patiyla 2nd Housing Development Finance Corporation Limited Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai Punjab National Bank State Bank of ICICI Bank Limited State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ms. Ashok Kumar Aggarwal and Company Chartered Accountan any ts |
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Address: |
3288, Haug Quazi, |
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Tel No.: |
91-11-23260137/ 23282398 |
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Associates: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10 each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4390152 |
Equity Shares |
Rs.10 each |
Rs.43.901
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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43.902 |
42.822 |
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2] Share Application Money |
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1045.124 |
68.000 |
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3] Reserves & Surplus |
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358.662 |
298.656 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1447.688 |
409.478 |
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LOAN FUNDS |
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1] Secured Loans |
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1023.957 |
922.917 |
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2] Unsecured Loans |
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225.510 |
106.400 |
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TOTAL BORROWING |
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1249.467 |
1029.317 |
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DEFERRED TAX LIABILITIES |
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0.297 |
0.830 |
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TOTAL |
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2697.452 |
1439.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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37.964 |
35.224 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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41.007 |
40.347 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2346.303
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1306.384 |
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Sundry Debtors |
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44.726
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0.000 |
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Cash & Bank Balances |
|
127.946
|
52.427 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
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4989.604
|
964.612 |
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Total
Current Assets |
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7508.579 |
2323.423
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4867.775
|
951.460 |
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Provisions |
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22.338
|
7.939 |
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Total
Current Liabilities |
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4890.113 |
959.399
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Net Current Assets |
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2618.466 |
1364.024
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MISCELLANEOUS EXPENSES |
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0.015 |
0.030 |
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TOTAL |
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2697.452 |
1439.625 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
|
296.437 |
235.311 |
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Total Income |
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296.437 |
235.311 |
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Profit/(Loss) Before Tax |
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55.883 |
20.727 |
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Provision for Taxation |
|
21.787 |
8.147 |
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Profit/(Loss) After Tax |
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34.096 |
12.580 |
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Imports : |
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Total Imports |
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8.126 |
3.217 |
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Total Expenditure |
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199.222 |
191.400 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
11.50 |
5.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
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18.85 |
8.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.74 |
0.86 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.04 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.24 |
4.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.54 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number (CIN) Foreign company registration number |
U45201DL1996PTC083915 |
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Name of the
Company |
Suncity Projects Private Limited |
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Address |
N-49 1st Floor, |
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Type of Charge |
Immovable
Property Book Debts |
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Particulars of
the charge holder |
L70100MH1977PLCO19916 Housing
Development Finance Corporation Limited Ramon House 169 Backbay Reclamation H T Parekh Marg Mumbai – 400020, |
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Amount secured by
the charge |
Rs. 500.000
millions |
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Brief of the
principal terms and conditions |
On Rs.250.000millions (Tranche 1)the applicable rate of interest shall be10%p.a.
and linked to HDFC’s Corporate Prime Lending Rate(CPLR)and shall always be
at a spread of basis points lower the
HDFC’s CPLR. On Rs.
250.000millions (Tranche 2) the applicable rate of interest shall be 11.00%
and linked to HDFC’s corporate Prime Lending Rate(CPLR) and shall always be at a spread of 25basis points higher the HDFC’s CPLR. Terms of
repayment
Extent and
operation of the charge M/s Suncity
Projects Private Limited has hypothecated And charged to
HDFC byway of charge to the book debt outstanding , money receivables , claims
and bills which are now due and owing
or which may at any time
hereafter during the continuance of loan shall become due and owing to
M/s. Suncity Projects Private Limited
for the said project by any persons all of which referred to as
receivables, as security for the due repayment of the loan to HDFC Limited. |
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Description of
the property charged indicating |
All receivables
(all payments due including Lease
Rentals , advance rents, deposits, sale consideration towards any partial sale ) for Suncity Heights Project. North Square Mall
project land situated at plot no.1,2and 3 at Netaji Subhash Place, Distt
Centre , Wazirpur ,Delhi and construction thereon, present and future. Property being |
WEBSITE DETAILS ATTACHED:
COMPANY PROFILE:
The company ,
a joint venture of 3 business giants , namely, Essel, Action and Odeon
an evoulation in the realm of Real Estate development.
Over the year suncity has given many outstanding
housing and commercial projects, bringic perfect change in the lives of
many civilians across the country. With break- through development mediums the group has with every step , progressed towards
giving an outstanding result.
Subject Challenges the counterparts; the very name is a gainful
deal . The name of the company means commitment and class . The fastest growing promoter brigining a world class evolution to the way people live; a change which still has to be
manifested by many. The remodeling of
lifestyle has successfully been achieved only.
Their Vision
To bring about a sea -change in the field of Real Estate and to
provide an upbeat standard delivering quality.
The edifice will be a touch of class and
design brigining in a vast difference to
the way we see living.
Their
To be the best in the area of Real Estate both
within and outside the country and
while bring success for their patrons and the community. To build the walls of
every architecture mortality and quality.
Directors profile
Mr. L. N . Goel (Chairman)
Mr. L.N. Goel , Chairman , Suncity Projects
Private Limited comments projects , we assure
providing quality experience to
all our building edifices’ according to
the need of the market.”
Mr. Subhash Aggarwal (Directors )
“Suncity Projects redefines perception of quality for population . We
cater to new generation of uncompromising
demand quality. Keeping in mind the retail
industry’s expone the company has state of the art facilities to boost
retailers also make shopping a cherish able experience for the consume
Subhash Aggarwal , Director Suncity
Projects Private Limited
Mr. Ashok Bansal (Director)
Mr. Ashok Bansal , “ With the aim to change
the landscape of the deliver lifestyle projects. We are particular about the dreams our clients and that’s what makes us build emotions brick by brick”
Mr. Ajay Aggarwal (Director)
At suncity
projects belive in long term
relationships, trust , respect , outstanding service and commitment
Focus on people, innovative designs, superior
standards of customer service and community values as our core ethics,
create a culture of trust that respect the diginity , diversity and life of all
associated with us.” , says Mr. Ajay Aggarwal , project Private Limited
PROMOTERS
Subject is promoted by the ESSEL GROUP ,
ACTION GROUP BUILDERS who have an outstanding , well- entrenched and highly
credible entrepreneurial businesses that have
done
Essel Group
The Group is a front runner in a multiple
industrial & consumer goods and services
categories. It comporises market leaders like Zee Telefilms, Essel
packing , pan
Action Group
Renowned
leaders in the footwear industry, Actions is synomous with quality shoes
for the entire family . Besides footwear
, the group has also pioneered various other successful consumer brands such as
(API) chemicals and plasticizers , computer monitors and peripherals , power
Backl-up (OKAYA)Batteries and (SRI
BALAJI ACTION MEDICAL INSTITUTE) Health care . The recent ventures of the group are two integrated steel – plant action Ispat private
limited In Orissa &A. P.I. Ispat private limited at
Odeon Builders
Odeon
builders has developed and delivered state of the art group housing company and quality construct bound completion . Odeon builders
comprehensive value added services in the area of the design.
Homely Space
Subject builds homes that their occupants are
truly proud to own. Homes that
include virtually every feal would wish
to have and carefully preclude those
that he wouldn’t.
Generous landscape greens that are delight to
relax in. suncity homes come attached with all this and more. Whether you get
an penthouse , an individual floor, a
built –up villa, or even a plot.
The suncity township is spread over 140 acres
of lush green environs in gurgaon, &
the best quality residential & commercial possession. It facilities drip irrigation and water harvesting systems, for group housing and commercial,
ample parking space.
An architectural wondern built on 6.16 acres
of land offering personal comfort and conveince. A condominium of one hundred and sixty luxury apartments.
Good Living Experience
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Fully self sufficient
ownership
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16 Kms from airport
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Located at sector 54,
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Pollution free
environment with Aravallis in the backdrop.
Features
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Three and four bad rooms
apartments area from 2341 sq. ft. to 2300 sq. ft.
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Premium building finishes
. power back up , 24 – hour , three tier security.
Special attention are given to personal training aggregate growth of the
child. They are installed with virtuous ideas and be man and women of honor,
distinction and wisdom.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|