MIRA INFORM REPORT

 

 

Report Date :

30.10.2007

 

IDENTIFICATION DETAILS

 

Correct Name :

SHETH DEVELOPERS PRIVATE LIMITED

 

 

Registered Office :

11, Vora Palace, MG Road, Next to Dena Bank,  Kandivali ( West) , Mumbai – 400067, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

06.01.1993

 

 

Com. Reg. No.:

11-070335

 

 

CIN No.:

[Company Identification No.]

U45200MH1993PTC070335

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Construction and Allied Activities.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 6657996

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company in the Indian Construction Industry. Available information indicates high financial responsibility of the company . Fundamentals are strong and healthy. Payments are reported as usually correct and as per commitments.

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

11, Vora Palace, MG Road, Next to Dena Bank,  Kandivali ( West) , Mumbai – 400067, Maharashtra, India

Tel. No.:

91-22-28088363/28012171

Fax No.:

91-22-28086662

E-Mail :

sales@shethdevelopers.com / cs@shethdevelopers.com

Website :

http://www.developers.com

 

 

Administrative office:

Sheth House, Vasant Valley, Gen. A. K. Vaidya Marg, Malad (West), Mumbai-400097, Maharashtra, India

Tel No.

 91-22-28426227 (6 lines)

Fax No.

 91-22-28426234

E-Mail

 sales@shethdevelopers.com

Website:

 http://www.developers.com

 

 

Goregaon Office :

Vasant Galaxy, Jn. of M.G. Road and link Road, Bangur Nagar, Goregaon ( W), Mumbai – 400 097

Tel. No.:

91-22-28701231 /32

E-Mail :

sanjeevyadav@shethdevelopers.com

 

 

Corporate Office :

( India)

Sheth house, Vasant Valley, Gen. A.K. Vaidya Marg, Malad ( East), Mumbai  - 400 097

Tel. No.:

91-22-28426227-31

Fax No.:

91-22-28426234

E-Mail :

sales@shethdevelopers.com

 

 

Dubai Office: :

206, Montana Building, Next to G.P.O., Above options Furniture Store, Jabeel Road, O.O. Box No. 119593, Dubai, UAE.

Tel. No.:

91-971-4-3344115

Fax No.:

91-971-4-3344457

E-Mail :

Sheth_estate@rediffmail.com

 

 

Mulund office :

Hallmark, 2nd floor, Vasant Oscar, LBS Marg Mulund ( W), Mumbai – 400 080

Tel. No.:

91-22-25934489-91 / 25689451-52

Fax No.:

91-22-25620000

E-Mail :

vasantgarden@shethdevelopers.com

 

 

Vasant Marvel Office:

C-104, Crown, Vasant Marvel, W.E. Highway, Borivali ( E)Mumbai – 400 066

Tel. No.:

91-22-28701231/32

E-Mail :

sanjeevyadav@shethdevelopers.com

 

 

DIRECTORS

 

Name :

Mr. Ashwin N. Sheth

Designation :

Managing Director

Address :

Plot No. 7, Hatkesh Housing Society, Near Jalaram Hall, JVPD,Vile Parle ( W), Mumbai – 400 049, Maharashtra, India

Date of Birth:

07.07.1961

Date of Appointment :

30.03. 2003

Email ID:

Ashwin_sheth@hotmail.com

 

 

Name :

Mr. Jitendra N. Sheth

Designation :

Wholetime Director

Address :

Plot No. 7, Hatkesh Housing Society,Near Jalaram Hall, Vile Parle ( W), Mumbai-400 049, Maharashtra, India

Date of birth:

07.09.1963

Date of Appointment :

31.03.2003

Email ID:

JNS7963@hotmail.com

 

 

Name :

Mr. Vallabh N. Sheth

Designation :

Wholetime Director

Date of Birth:

04.06.1969

Address :

Plot No. 7, Hatkesh Housing Society, Vile Parle, Mumbai, Maharashtra, India

Date of Appointment :

31.03.2003

Email ID:

Vns_sdpl@vsnl.net

 

 

Name :

Mr. Manoj R. Kothari

Designation :

Director

Address :

Mumbai –400092, Maharashtra, India

Leasing Date :

10th February, 2003

Date of Appointment :

9th February, 200

 

 

Name :

Mr. Rajendra R. Bajaria

Designation :

Director

Leasing Date :

10.02.2003

Date of Appointment :

9th 02, 2003

 

 

Name:

Mr. Bipin V. Shah

Designation:

Director

Date of Appointment

9th 02. 2003

 

 

KEY EXECUTIVES

 

Name :

Ms. Nital K. Maniar

Designation :

Company Secretary

 

 

Name :

Mr. Ashwin N. Sheth

Designation :

Chief Executive

 

 

Name :

Ashok Srivastav

Designation :

Secretary

Address :
  • C/503 Omkar Apartments, Chogle Nagar, Borivali ( East), Mumbai – 400066, Maharashtra
  • Subhash Nagar, Beside HYDLE COLONY, Sidhari, Azamgarh - 276001,

       Uttar Pradesh

 

 

Name :

Satish Shrivastav

Designation :

Secretary

Address:

C-503, Omkar Appartments, Chogle Nagar, Borivali ( East), Mumbai – 400066

Date of birth:

15.03.1979

Date of Appointment:

27.06.2006

Email ID:

cs@shethdevelopers.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Equity Share holders:

 

 

 

 

 

Mr. Jitendra N. Sheth

 

48996

Mr. Vallabh N. Sheth

 

47060

Mrs. Renuka A. Sheth

 

18730

Mrs. Deepa V. Sheth

 

10

Mrs. Harsha J Sheth

 

24175

Mr. Natwarlal .G. Sheth

 

2700

Mrs. Vasantben N Sheth 

 

2700

Mrs. Hiral J. Sheth with Mr. Jitendra N Sheth

 

32400

Mr. Ashwin N. Sheth ( H U F )

 

990

Laxmiprabha Impex & Investments Private Limited

 

150865

Mr. Chintan A. Sheth jointly with Mr. Ashwin Sheth

 

54000

Mr. Maulik A. Sheth

 

27000

Mrs. Deepa V. Sheth jointly with Mr. Vallabh N Sheth

 

54000

Atlantis Enterprises Limited (Mauritius)

 

500000

Mr Vipin U. Shah jointly with Mr. Navin U Shah

 

1

Sheth Shelters Private limited

 

1

Lakshdeep Investments and Finance Private Limited

 

1

 

 

 

Preferences Shareholder:

 

 

Mr. Hitesh A Ramaiya

 

652000

Sheth Shelters Private Limited

 

1625500

 

Equity share break up :

 

S.No.

Category

 

Percentage

1

Directors or relatives of directors     

 

34.91

 

 

BUSINESS DETAILS

 

Line of Business :

Construction and Allieds Activities

 

 

GENERAL INFORMATION

 

No. of Employees :

150

 

 

Bankers :
  • The North Kanara GSB Co-operative Bank Limited, Dindoshi, Mumbai-400097, Maharashtra, India

 

(The concern enjoys Rs. 0.286 million as on 21st February, 1998 against Hypothecation of Vehicles)

 

  • Union Bank of India, Bombay Main Office Branch, Union Bank Bhavan, Mumbai-400021, Maharashtra, India

(Subject enjoys Rs. 30.000 millions as on 10th February, 1999 against hypothecation of Goods, Debts and Assets)

 

  • Bank of India

 

  • Bank of Baroda

             P.O. Box No. 5107, Deira,  Dubai United Areb Emirates

             Email ID : deira@bankofbaroda-uae.ae

 

 

  • Hongkong and Shanghai Bank Limited

 

  • The Jammu and Kashmir Bank Limited, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India

 

(Subject enjoys Rs. 100.000 millions as on 29th November, 2002 against assignment of the receivables to the tune of Rs. 198.000 millions of ongoing project “Vasant Marvel Phase-I” at Kandivli (East), Mumbai, Maharashtra, India

 

  • Syndicate Bank, Jolly Bhavan No. 1, 10 New Marine Lines, Mumbai-400020, Maharashtra, India

 

(Subject enjoys Rs.300.000 millions as on 20th February, 2004 against VREM of land and building of the project silver birch and project golden willow.)

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Bipin M. Sharda and Company

Chartered Accountants

Address :

Dhanwantey Building No.3 Plot No. 80, Dr. Anne Besant Road, Worli, Mumbai - 400018

 

 

Associates/Subsidiaries :

Associates :

v      Atlaz Disi – Tel Private Limited

v      Middle East Export Private Limited

Subsidiaries:

  • Precious Trading and Investments Limited
  • Hankel Switchgears Limited

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs. 100/- each

Rs.100.000 millions

3100000

Preference Shares

Rs.10/- each

Rs. 31.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.100/- each

Rs.100.000millions

2977200

Preference Share

Rs. 10/- each

Rs.29.772 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

129.772

114.302

2] Reserves & Surplus

 

1534.727

1132.772

NETWORTH

 

1664.499

1247.074

LOAN FUNDS

 

 

 

1] Secured Loans

 

1299.284

1336.714

2] Unsecured Loans

 

0.000

50.000

TOTAL BORROWING

 

1299.284

1386.714

DEFERRED TAX LIABILITIES

 

2.472

1.961

 

 

 

 

TOTAL

 

2966.255

2635.749

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

21.449

28.267

Capital work-in-progress

 

5.456

0.000

 

 

 

 

INVESTMENT

 

8.750

7.923

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

105.996

105.959

 

Sundry Debtors
 

22.499

24.710

 

Cash & Bank Balances
 

244.244

72.562

 

Other Current Assets
 

2535.587

2566.443

 

Loans & Advances
 

125.836

121.080

Total Current Assets
 

3034.162

2890.754

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

543.881

625.849

 

Provisions
 

135.411

92.083

Total Current Liabilities
 

679.292

717.932

Net Current Assets
 

2354.870

2172.822

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.025

0.000

 

 

 

 

FUNDS IN FOREIGN SUBSIDIARY

 

575.705

426.737

 

 

 

 

TOTAL

 

2966.255

2635.749

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.18

1.68

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

4.46

4.02

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:

 

Subject was incorporated on 6h January, 1993 at Mumbai in Maharashtra having company registration number 11-70355.

 

BUSINESS:

 

Subject is engaged in the business as Construction and Allied Activities.

 

profile:

 

Subject was started a decade back as a small developer and expanded within very short span & in this span it could exceed a target of selling more than 9000 premises. At Sheth Group it believe in offering best of comforts & facilities for it know customer satisfaction is the key to success. Subject never compromise on quality, so today it can say it set high standards of living. Each project is well planed right from choosing location to each amenities. The location we choose are close to School, Market, Colleges as well as slightly away from the maddening around to offer comforts. The complex have systematically planed layout considering your privacy at the same time allow maximum inflow of fresh air and sunlight. Facilities like swimming pool, Health Club, Gymnasium, Children's Park and car parking are easily accessible to match your living standard.

 

Luxurious Aminities:

 

  • Italian Marble / GraniteFlooring in the Living room.
  • Elegant Granite / Ceramic tiles in the Bed room.
  • Granite Kitchen Platform, Granite / Ceramic Tiles Flooring and Stainless Steel Sink
  • High quality socity system

 

  • Beautiful tiles, Geyser and hot n' cold water mixer in the bath room. High Quality Anodized Aluminium sliding windows.
  • For we consider it to be basic amenities.
  • Reputed brand lift.
  • Common dish antenna with cable connection

 

 

Joint Ventures :

 

v      Renuka Builders & Developers Private Limited

v      Laxmi Prabha Impex & Investments Private Limited

v      Lohitka Properties Private Limited

v      Sheth Shelters Private Limited

 

The Company’s Fixed Assets of important value are Buildings, Vehicles, Office Equipments, Furniture & fixtures, Machinery, Vehicle Lease.

 

 

Corporation identity number or foreign company registrations number of the company 

U5200MH1993PLC070335

Name of the company

SETH DEVELOPERS LIMITED

Address

11 Vora Palace M G Road Kandivali ( West), Mumbai – 400 067, India

This Form is for

Creation of Charge

Nature or description of the instrument creating charge  

Creation of Equitable Mortgage in favour of Bank of Baroda and Bank of India for the loan availed by Seth Estate ( International ) limited : Memorandum of Entry Relating to deposit of titles deeds in respect of identifiable and distintictive residential flats being constructed at project Voltas, Thane, Mumbai belonging to Seth Developers private limited for securing loans advanced in consortium by Bank Of Baroda, Deira Branch, Dubai and bank of India , Singapore Branch.

Date of the instrument creating charge

29.03.2006

Amount Secure by the charge

Rs.590.531 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest:

a) Bank of Baroda ( lead bank ): applicable rate of interest @ 2.5% overs 3 month IBLR

b) Bank of India : Applicable rate of interest 3 months LIBOR + 225bps

B) Loans to be repaid in 7 quarterly installments after initials period of 12 months from the date of disbursement.

C) Charge by way of equitable mortgage on identifiable and distinct residential flat at project Voltas, Thane, of Sethj developers private limited on pari passu basis with bank of India.

Description of the property charge whether it is a charge on

  • Immovable property
  • Furnitures and fixtures

Particulars of the Property charged  

Charge created by way of eqitable mortgage of idebntifiable and distinct flats being constructed at Voltas Project, Village : Panchpakhadi, Thane, Mumbai, belonging to Sheth Developers Private Limited  ( SDPL) approximately Market Value: of Rs.3350.000 millions/- ( Rs. Thirty Five Crores) Equvt. to AED 29.16 Mn for securing the repayment of consortium loan availed by seth Estate ( International ) Limited, An overseas Subsidiary of SDPL, From Bank of Baroda, Deira branch and Bank of India, Singapore Branch

 

 

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 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.39.38

UK Pound

1

Rs.80.96

Euro

1

Rs.56.81

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

62

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions